Slides
Page 1
Results DNB Group Third quarter 2026 Kjerstin R. Braathen (CEO) Rasmus T. Figenschou (CFO) Q3 21 October 2026
Page 2
Committed to delivering customer value: selected highlights 2 All-time high net flow and AUM, solidifying our position as the preferred savings and investments provider Another quarter with a record-high overall customer satisfaction score (CSI) for SMEs in Norway Implementing AI-driven KYC processes, enabling better customer experiences, with fewer interactions, higher quality and less manual work New digital voice portal – 92 per cent of customers connected to right adviser on first attempt Montrose first in Europe to launch MCP integration, enabling customers to connect their portfolios to AI assistants for personalised insights DNB Carnegie ranked as Norway’s no. 1 brokerage house by customers – top position within sales and research Sources: Annual survey from Norwegian financial magazine Kapital. DNB customer survey. KYC: Know Your Customer. MCP: Model Context Protocol. AUM: Assets under management.
Page 3
26.9 51.610.8 14.9 .0 2 .0 4 .0 6 .0 8 .0 1 0. 0 1 2. 0 1 4. 0 1 6. 0 1 8. 0 2 0. 0 .0 1 0. 0 2 0. 0 3 0. 0 4 0. 0 5 0. 0 6 0. 0 7 0. 0 8 0. 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 3Q26 R12 Pre-tax operating profit ROE R12: Rolling 12-month figures. CET1: Common equity Tier 1. Bps: Basis points. FSA: Financial Supervisory Authority of Norway. YTD: Year-to-date. Strong third quarter result Net interest income up 2.5 per cent from 2Q26 Profitable loan growth across customer segments. Net commissions and fees up 14.6 per cent from 3Q25 Particularly strong results within investment banking and asset management, up 38.7 and 11.5 per cent, respectively. All-time high net flow of NOK 54.5 billion – of which NOK 6.8 billion from retail customers. Robust and well-diversified portfolio 99.4 per cent of portfolio in stages 1 and 2. Impairment provisions of NOK 529 million in the quarter. Robust capital position ~100 bps headroom to FSA’s expectation New share buy-back programme of 0.75 per cent announced today. Earnings per share NOK 6.57 in 3Q26 (YTD NOK 19.58) Earnings per share NOK 7.07 adjusted for Luminor sale. Return on equity (ROE) of 14.5 per cent in the quarter Adjusted for Luminor sale – ROE of 15.5 per cent. Strong performance NOK billion, per cent 3 Profit for the period NOK billion 9.8 CET1 capital ratio Per cent 17.3
Page 4
Strong macroeconomic backdrop Mainland GDP growth expected to remain around 1.5 per cent from 2027 – balanced labour market with low unemployment continues Core inflation expected to remain above target, but trend downwards – solid household economy supported by continued real wage growth Key policy rate expected to remain at 4.50 per cent for the remainder of 2026, followed by two cuts in the second half of 202 7 (Sept. and Dec.) Mainland GDP growth and unemployment Actual and DNB Carnegie forecast, per cent Key policy rate Actual and DNB Carnegie forecast, per cent Core inflation and wage growth Actual and DNB Carnegie forecast, per cent Sources: DNB Carnegie, Norwegian central bank (Norges Bank), Statistics Norway, Nav (Norwegian Labour and Welfare Administration). 4 1.7 3.9 6.2 3.6 3.1 3.1 2.7 2.6 2.4 3.5 4.4 5.2 5.6 4.9 4.6 4.1 3.8 3.5 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F Core inflation Wage growth 5.0 1.8 1.9 2.1 2.1 2.3 2.2 2.1 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F Mainland GDP Unemployment rate 4.7 5.2 0.9 0.6 1.7 1.1 1.5 1.6 1.6 (2.7) 4.50 4.00 4.50 4.25 4.00 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F Policy rate DNB Carnegie forecast
Page 5
Profitable lending growth in all segments – YoY lending growth 5.0 per cent Strong DNB Carnegie results – income up 16.8 per cent from 3Q25 reflecting high activity across ECM, DCM and M&A All-time high income in Wealth Management – up 20.4 per cent from 3Q25, AUM up NOK 68.0 billion from 2Q26 to NOK 1,849 billion YoY: Year-on-year. ECM: Equity Capital Markets. DCM: Debt Capital Markets. M&A: Mergers & Acquisitions. Personal customers (PC) NOK million Corporate customers Norway (CCN) NOK million Large corporates and international customers (LCIC) NOK million Strong and diversified product offering 5 Pre-tax operating profit before impairment Pre-tax operating profit 3,764 3,763 3,741 3Q25 2Q26 3Q26 4,668 3,945 4,386 3Q25 2Q26 3Q26 3,506 3,895 3,976 3Q25 2Q26 3Q26
Page 6
Currency-adjusted lending growth of 1.2 per cent in the quarter (unadjusted 0.2 per cent) ‒ up 0.4 per cent in PC, 0.8 per cent in CCN and 3.4 per cent in LCIC Currency-adjusted deposits down 1.9 per cent in the quarter (unadjusted down 3.0 per cent) ‒ down 1.2 per cent in PC, down 6.3 per cent in CCN and up 1.1 per cent in LCIC Loans by customer segment NOK billion Deposits by customer segment NOK billion Profitable lending growth in the quarter 6 30 Sept. 2025 30 June 2026 30 Sept. 2026 976 986 989 PC 546 502 574 534 576 533 CCN LCIC 629 662 653 PC 392 468 430 456 399 450 CCN LCIC
Page 7
Net interest margin1 Per cent Spreads in customer segments Per cent Positive development in net interest margin 7 1. Total net interest income relative to average loans and deposits in customer segments. 1.90 1.94 1.90 1.85 1.80 1.81 1.74 1.70 1.71 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 1.62 1.65 1.72 1.66 1.73 1.61 1.52 1.30 1.33 1.07 1.03 0.90 0.95 0.84 0.86 0.87 1.02 1.03 1.39 1.39 1.36 1.35 1.35 1.29 1.24 1.18 1.20 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Lending spreads Deposit spreads Combined spreads – weighted average
Page 8
15,132 173 71 58 115 (45) 15,504 2Q26 Spreads Interest on equity Volume Interest day Other 3Q26 Partial impact of customer repricing effective 12 July Following Norges Bank’s rate hike of 25 basis points in September, DNB announced customer repricing, effective 29 November Net interest income NOK million 1. Effect of repricings, portfolio-mix effects and competition. Net interest income up 2.5 per cent 8 1
Page 9
Commissions and fees NOK million / Change in per cent from 3Q25 Strong contribution from commissions and fees – up 14.6 per cent from corresponding quarter last year 9 -7% Real estate broking Lower market activity. +39% Investment banking services Strong results within corporate finance, up 57.4 per cent – driven by high activity across ECM, DCM and M&A. +13% Asset management and custodial services All-time high net flow of NOK 54.5 billion in the quarter, of which NOK 6.8 billion from retail customers. AUM up NOK 68.0 billion from 2Q26, to NOK 1,849 billion. 0% Guarantee commissions Stable demand. -9% Money transfer and banking services Increased income from money transfer services offset by increased costs related to credit insurance. +16% Sale of insurance products Mainly driven by increased income from non-life insurance and continued positive development in defined-contribution pensions. 429 512 497 634 440 576 263 297 264 1,209 1,322 1,368 1,093 1,641 1,516 289 357 267 3,916 4,569 4,489 3Q25 2Q26 3Q26
Page 10
8,989 51 (86) (70) (190) (60) 8,634 2Q26 IT Fixed salaries Variable salaries Closed defined-benefit pension scheme Other 3Q26 Operating expenses NOK million 10 1 1. The closed defined-benefit pension scheme is partly hedged and recognised in financial instruments. Delivering improved cost efficiency – supported by seasonality and market-driven pension effects
Page 11
Personal customer portfolio – continued strong credit quality Corporate customer portfolio – increase in stage 3 impairment provisions relating to customer-specific events Maximum exposure1 Changes from 2Q26 in parentheses Robust and well-diversified portfolio – 99.4 per cent in stages 1 and 2 11 NOK 3,012 billion (-82) Stage 1 Stage 2 Stage 3 NOK 167 billion (+14) NOK 19 billion (0) 0.6% 94.2% 5.2% Impairment of financial instruments by customer segment NOK million 1. On- and off-balance sheet items, net of accumulated impairment provisions. 3Q26 2Q26 3Q25 Total (529) (338) (862) Of which: Personal customers - Stages 1 and 2 (19) 16 (81) - Stage 3 (48) 41 (59) Corporate customers Norway - Stages 1 and 2 (34) (36) (74) - Stage 3 (253) (174) (299) Large corporates and international customers - Stages 1 and 2 (83) (143) (362) - Stage 3 (88) (34) 3
Page 12
17.4 0.2 (0.2) 0.1 (0.3) 0.1 17.3 30 June 2026 Retained profits (34%) REA ex. FX FX Share buy-back programme (0.75%) Other 30 Sept. 2026 CET1 capital ratio Per cent 1. FSA’s current expectation: 16.3 per cent. 2. FSA’s current requirement: 15.3 per cent. REA: Risk Exposure Amount. FX: Foreign exchange Continued strong capital position Leverage ratio Per cent 12 CET1 capital ratio of 17.3 per cent ~100-basis-points headroom to FSA current expectation Solid profit generation offset by increased risk exposure amount due to volume growth Announcing new share buy-back programme of 0.75 per cent today – following completion of 2.0 per cent buy-back under current Annual General Meeting authorisation Excluding central bank deposits 15.3 6.6 6.6 6.66.3 6.3 6.3 30 Sept. 2025 30 June 2026 30 Sept. 2026 16.3 2 1
Page 13
14.5 3Q25 2Q26 3Q26 Return on equity Per cent Cost/income ratio Per cent Earnings per share NOK 1. Adjusted for sale of Luminor – return on equity: 15.5 per cent, earnings per share: NOK 7.07. Robust third quarter results 13 37.4 40.3 39.8 3Q25 2Q26 3Q26 6.98 6.50 6.57 3Q25 2Q26 3Q26 7.071 15.51 14.6 15.8
Page 14
Welcome to Capital Markets Day London, 10 November 2026 12:00 GMT
Page 15
Appendix
Page 16
Income statement 16 NOK million 3Q26 2Q26 3Q25 Change from 2Q26 Change from 3Q25 Net interest income 15,504 15,132 15,990 372 (486) Other operating income 6,189 7,191 6,700 (1,002) (511) Total income 21,693 22,323 22,691 (630) (998) Operating expenses (8,634) (8,989) (8,483) 355 (151) Pre-tax operating profit before impairment 13,059 13,333 14,208 (275) (1,149) Impairment of loans and guarantees and gains on assets (528) (325) (860) (203) 332 Pre-tax operating profit 12,530 13,008 13,347 (478) (817) Tax expense (2,757) (3,175) (2,669) 418 (87) Profit from operations held for sale, after taxes 71 (13) 6 83 65 Profit for the period 9,844 9,821 10,684 24 (839) Portion attributable to shareholders 9,371 9,404 10,268 (33) (897)
Page 17
Other operating income 17 NOK million 3Q26 2Q26 3Q25 Change from 2Q26 Change from 3Q25 Net commissions and fees 4,489 4,569 3,916 (80) 573 Customer revenues in DNB Carnegie 821 897 700 (76) 121 Trading revenues in DNB Carnegie 82 48 97 35 (14) Hedging of defined-benefit pension scheme 35 155 91 (120) (56) Credit spreads on bonds 14 54 30 (39) (15) Credit spreads on fixed-rate loans (2) 73 6 (74) (8) CVA/DVA/FVA 87 (59) 51 146 36 Other mark-to-market adjustments 101 (15) 284 116 (183) Basis swaps 151 (290) 264 441 (112) Exchange rate effects related to additional Tier 1 capital (534) 96 (136) (630) (398) Net gains on financial instruments at fair value 756 958 1,387 (202) (631) Net life insurance result 458 501 521 (43) (62) Profit from investments accounted for by the equity method (310) 550 361 (860) (670) Other 795 613 516 182 279 Net other operating income, total 6,189 7,191 6,700 (1,002) (511)
Page 18
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS DISCLAIMER The statements contained in this presentation may include forward-looking statements, such as statements of future expectations. These statements are based on the management’s current views and assumptions and involve both known and unknown risks and uncertainties. Although DNB believes that the expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. Important factors that may cause such a difference include, but are not limited to: (i) general economic conditions, (ii) performance of financial markets, including market volatility and liquidity, (iii) the extent of credit defaults, (iv) interest rate levels, (v) currency exchange rates, (vi) changes in the competitive climate, (vii) changes in laws and regulations, (viii) changes in the policies of central banks and/or foreign governments, or supranational entities. DNB assumes no obligation to update any forward-looking statement. This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented on ir.dnb.no. 18
Page 19
Q&A