Interim report
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Interim report 2025 Unaudited Q3 1
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Financial highlights - Group Income statement (Amounts in percentage of average assets) Q3 2025 Q3 2024 30.09.2025 30.09.2024 2024 NOK million % NOK million % NOK million % NOK million % NOK million % Net interest income 515 1.88 523 2.08 1 503 1.88 1 549 2.09 2 071 2.08 Net commission and other operating income 81 0.30 80 0.32 235 0.29 204 0.27 287 0.29 Net result from financial instruments 17 0.06 23 0.09 45 0.06 59 0.08 43 0.04 Total income 613 2.24 626 2.49 1 783 2.23 1 812 2.44 2 401 2.41 Total operating expenses 251 0.91 243 0.96 755 0.94 720 0.97 955 0.96 Profit before impairment on loans 362 1.33 383 1.53 1 028 1.29 1 092 1.47 1 446 1.45 Impairment on loans, guarantees etc. 24 0.09 17 0.07 71 0.09 -1 0.00 20 0.02 Pre-tax profit 338 1.24 366 1.46 957 1.20 1 093 1.47 1 426 1.43 Taxes 80 0.29 86 0.35 224 0.28 258 0.34 340 0.34 Profit after tax 258 0.95 280 1.11 733 0.92 835 1.13 1 086 1.09 Balance sheet (NOK million) 30.09.2025 YTD-change 2025 (%) 31.12.2024 Change last twelve months (%) 30.09.2024 Total assets 4) 107 982 5.5 102 335 1.0 106 889 Average assets 4) 106 436 6.7 99 776 7.6 98 926 Loans to and receivables from customers 89 429 2.9 86 875 3.7 86 272 Gross loans to retail customers 59 217 2.3 57 872 3.9 57 001 Gross loans to corporate and public entities 30 502 4.3 29 255 3.3 29 516 Deposits from customers 52 572 6.1 49 550 6.8 49 203 Deposits from retail customers 31 533 4.6 30 149 4.1 30 277 Deposits from corporate and public entities 21 039 8.4 19 401 11.2 18 926 2
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Key figures and Alternative Performance Measures (APMs) Q3 2025 Q3 2024 30.09.2025 30.09.2024 2024 Return on equity (annualised) 3) 4) 12.2 13.8 11.7 14.0 13.7 Cost/income ratio 4) 40.8 38.7 42.3 39.7 39.8 Losses as a percentage of loans and guarantees (annualised) 4) 0.11 0.08 0.11 0.00 0.02 Gross credit-impaired commitments as a percentage of loans/guarantee liabilities 0.45 0.53 0.45 0.53 0.58 Net credit-impaired commitments as a percentage of loans/guarantee liabilities 0.32 0.41 0.32 0.41 0.45 Deposit-to-loan ratio 4) 58.6 56.9 58.6 56.9 56.9 Liquidity Coverage Ratio (LCR) 174 165 174 165 167 NSFR (Net Stable Funding Ratio) 124 121 124 121 122 Lending growth as a percentage 4) 0.0 1.4 3.7 8.2 6.5 Deposit growth as a percentage 4) 0.2 -0.1 6.8 5.5 4.5 Capital adequacy ratio 1) 22.7 21.3 22.7 21.3 21.1 Tier 1 capital ratio 1) 20.6 19.2 20.6 19.2 19.0 Common Equity Tier 1 capital ratio (CET1) 1) 18.7 17.3 18.7 17.3 17.2 Leverage Ratio (LR) 1) 7.5 7.3 7.5 7.3 7.4 Man-years 405 409 405 409 402 Equity Certificates (ECs) 30.09 .2025 30.09.2024 2024 2023 2022 2021 Profit per EC (Group) (NOK) 2) 5) 6.79 7.92 9.95 10.12 7.50 31.10 Profit per EC (parent bank) (NOK) 2) 5) 7.02 7.90 9.55 10.34 8.48 30.98 Number of ECs 5) 49 795 520 49 434 770 49 795 520 49 434 770 49 434 770 9 886 954 Nominal value per EC (NOK) 5) 20.00 20.00 20.00 20.00 20.00 100.00 EC fraction 1.1 as a percentage (parent bank) 49.1 49.7 49.1 49.7 49.7 49.7 EC capital (NOK million) 995.90 988.70 995.90 988.70 988.70 988.70 Price at Oslo Stock Exchange (NOK) 107.6 83.6 97.0 84.0 84.4 444 Stock market value (NOK million) 5 356 4 130 4 830 4 153 4 173 4 390 Book value per EC (Group) (NOK) 4) 5) 82.3 81.0 81.5 80.7 74.8 350 Dividend per EC (NOK) 5) 6.25 7.50 6.25 7.50 4.00 16.00 Price/Earnings (Group, annualised) 11.9 7.9 9.8 8.3 11.3 14.3 Price/Book value (P/B) (Group) 2) 4) 1.31 1.03 1.19 1.04 1.13 1.27 1) Incl. 50 % of the comprehensive income after tax 2) Calculated using the EC-holders' share of the period's profit to be allocated to equity owners 3) Calculated using the share of the profit to be allocated to equity owners 4) Defined as Alternative Performance Measure (APM), see www.sbm.no/IR 5) Our EC(MORG) was split 1:5 in April 2022 3
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Interim report from the Board of Directors All figures relate to the Group. Figures in brackets refer to the corresponding period last year. The financial statements have been prepared in accordance with IFRS, and the interim report has been prepared in conformity with IAS 34 Interim Financial Reporting. RESULTS AS PER Q3 2025 Sparebanken Møre’s profit before tax for the first three quarters of 2025 was NOK 957 million, compared with NOK 1,093 million for the same period in 2024, a decrease of 12.4 per cent. Total income was NOK 29 million lower than for the same period in 2024. Net interest income decreased by NOK 46 million and other income increased by NOK 17 million. Capital gains in the bond portfolio amounted to NOK 22 million, compared with capital gains of NOK 15 million in the first three quarters of 2024. Capital gains from equities amounted to NOK 7 million, compared with capital losses of NOK 5 million in the first three quarters of 2024. Income from foreign exchange and interest rate business for customers amounted to NOK 11 million in the first three quarters, NOK 25 million less than in the same period last year. Income from other financial instruments decreased from NOK 6 million in the first three quarters of 2024 to NOK 5 million in the first three quarters of 2025. Expenses amounted to NOK 755 million and were NOK 35 million higher in the first three quarters of 2025 than in the first three quarters of 2024. Personnel expenses were NOK 15 million higher than last year and other operating expenses NOK 20 million higher. Losses on loans and guarantees amounted to NOK 71 million, compared with reversals of losses amounting to NOK 1 million for the same period last year. At the end of the third quarter, the cost income ratio was 42.3 per cent, an increase of 2.6 percentage points in relation to the first three quarters of 2024. Profit after tax amounted to NOK 733 million, compared with NOK 835 million for the same period last year. The return on equity after the first three quarters of 2025 was 11.7 per cent, compared with 14.0 per cent after the first three quarters of 2024. Earnings per equity certificate were NOK 6.79 (NOK 7.92) for the Group and NOK 7.02 (NOK 7.90) for the parent bank. RESULTS FOR Q3 2025 Profit before losses amounted to NOK 362 million for the third quarter of 2025, or 1.33 per cent of average assets, compared with NOK 383 million, or 1.53. per cent, for the corresponding quarter last year. The profit after tax for the third quarter of 2025 amounted to NOK 258 million, or 0.95 per cent of average assets, compared with NOK 280 million, or 1.11 per cent, for the corresponding quarter last year. Return on equity was 12.2 per cent in the third quarter of 2025, compared with 13.8 per cent in the third quarter of 2024, and the cost income ratio was 40.8 per cent compared with 38.7 per cent for the third quarter of 2024. Earnings per equity certificate were NOK 2.40 (NOK 2.66) for the Group and NOK 1.84 (NOK 2.21) for the parent bank. Net interest income Net interest income was NOK 515 million for the quarter, which is NOK 8 million, or 1.5 per cent, lower than 4
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5 in the corresponding quarter of last year. This represents 1.88 per cent of total assets, which is 0.20 percentage points lower than for the corresponding quarter last year. Interest rate margins contracted in both the retail and corporate markets compared with the third quarter of 2024. The lending margin in the corporate market was stable compared with the same period in 2024, opposed to an improvement of the lending margin in the retail market. Other income Other income was NOK 98 million for the quarter, which is NOK 5 million less than in the third quarter of last year. The net result from financial instruments of NOK 17 million for the quarter was NOK 6 million less than in the third quarter of 2024. Capital gains from bond holdings were NOK 3 million in the quarter, compared with capital losses of NOK 1 million in the third quarter of 2024. Capital gains from equities amounted to NOK 1 million, compared with capital losses of NOK 2 million in the third quarter of 2024. No change in value for fixed-rate lending, compared with a change in value of NOK 3 million in the same quarter last year. Income from foreign exchange and interest rate business for customers amounted to NOK 7 million in the quarter, NOK 10 million less than in the same quarter last year. Other income excluding financial instruments increased by NOK 1 million compared with the third quarter of 2024. The increase was mainly attributable to income from guarantee commissions and money-transfer services. Expenses Operating expenses amounted to NOK 251 million for the quarter, which is NOK 8 million higher than for the same quarter last year. Personnel expenses accounted for NOK 4 million of the rise in relation to the same period last year and totalled NOK 137 million. Other operating expenses increased by NOK 4 million from the same period last year. Provisions for expected credit losses and credit-impaired commitments Losses on loans and guarantees amounted to NOK 24 million in the quarter (NOK 17 million), corresponding to 0.09 per cent of average assets (0.07 per cent of average assets). Losses in the corporate segment amounted to NOK 21 million in the quarter, while losses in the retail segment amounted to NOK 3 million. At the end of third quarter of 2025, provisions for expected credit losses totalled NOK 303 million, equivalent to 0.33 per cent of gross lending and guarantee commitments (NOK 250 million and 0.28 per cent). Of the total provision for expected credit losses, NOK 38 million relates to credit-impaired commitments more than 90 days past due (NOK 34 million), which represents 0.04 per cent of gross loans and guarantee commitments (0.04 per cent), while NOK 85 million relates to other credit-impaired commitments (NOK 74 million), corresponding to 0.09 per cent of gross lending and guarantee commitments (0.08 per cent). Net credit-impaired commitments (commitments more than 90 days past due and other credit-impaired commitments) have decreased by NOK 63 million in the past 12 months. At end of the third quarter of 2025, the corporate market accounted for NOK 121 million of net credit-impaired commitments and the retail market NOK 174 million. In total, this represents 0.32 per cent of gross lending and guarantee commitments (0.41 per cent). Lending to customers At the end of the third quarter of 2025, net lending to customers amounted to NOK 89,429 million (NOK 86,272 million). In the past 12 months, gross customer lending has increased by a total of NOK 3,157 million, equivalent to 3.7 per cent. Retail lending has increased by 3.9 per cent and corporate lending has increased by 3.3 per cent in the past 12 months. Retail lending accounted for 66.0 per cent of total lending at the end of the third quarter of 2025 (65.9 per cent). Customer deposits Customer deposits have increased NOK 3,369 million, or 6.8 per cent, in the past 12 months. At the end of the third quarter of 2025, deposits amounted to NOK 52,572 million (NOK 49,203 million). Retail deposits have increased by 4.1 per cent in the past 12 months, while corporate deposits and public sector deposits
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have increased by 11.2 per cent. The retail market’s relative share of deposits amounted to 60.0 per cent (61.5 per cent), while deposits from the corporate market accounted for 40.0 per cent (38.5 per cent). LIQUIDITY AND FUNDING Sparebanken Møre’s liquidity and funding are managed based on frameworks for its liquidity coverage ratio (LCR), net stable funding ratio (NSFR), deposit-to-loan ratio and others. The regulatory minimum LCR and NSFR requirements are both 100 per cent. The Group has established minimum internal targets that exceed the regulatory requirements for LCR and NSFR as well as an internal target corridor for its deposit-to-loan ratio. Sparebanken Møre’s liquidity coverage ratio (LCR) was 174 per cent (165 per cent) for the Group and 161 per cent (165 per cent) for the parent bank at the end of the quarter. The NSFR ended at 124 per cent (121 per cent) at the end of the third quarter of 2025 (consolidated figure), while the bank’s and Møre Boligkreditt AS’s NSFRs ended at 122 per cent (126 per cent) and 118 per cent (105 per cent), respectively. Both LCR and NSFR meet both external and internal requirements by good margin. Deposits from customers represent the bank’s main source of funding. The deposit-to-loan-ratio was 58.6 per cent (56.9 per cent) at the end of the third quarter of 2025, and this is within the established target corridor. Total net market funding amounted to NOK 41.8 million at the end of the quarter. Senior bonds with a remaining term to maturity of more than 1 year have a weighted remaining term to maturity of 2.21 years, while covered bond funding through Møre Boligkreditt AS correspondingly has a weighted remaining term to maturity of 2.99 years – overall for market funding in the Group (inclusive of T2 and T3) the remaining term to maturity is 2.89 years. Møre Boligkreditt AS issues bonds based on the transfer of loans from the parent bank. Gross retail lending transferred to Møre Boligkreditt AS amounted to NOK 36,311 million at the end of the quarter, which corresponds to 40.5 per cent of the bank’s total lending. RATING In a Credit Opinion published on 17 January 2025, the rating agency Moody's confirmed Sparebanken Møre’s counterparty, deposit and issuer ratings as A1 with a stable outlook. Møre Boligkreditt has the same issuer rating as the parent bank, while the mortgage credit company’s issuances are rated Aaa. CAPITAL ADEQUACY Capital adequacy is calculated and reported in line with the EU capital requirements for banks and investment firms – CRD /CRR. Sparebanken Møre has authorisation from the Financial Supervisory Authority of Norway to use internal rating methods, the IRB (Internal Rating Based) Foundation, for credit risk. Market risk calculations are based on the standard method and operational risk calculations on the basic method. The use of IRB involves comprehensive requirements for the bank’s organisation, expertise, risk models and risk management systems. CRR3 entered into force in Norway on 1 April 2025. The bank has implemented CRR3 in its calculation of capital adequacy as at the end of the second quarter of 2025. The new LGD forcorporates, elimination of the scaling factor in the risk-weighted formula and a lower conversion factor for undrawn commitments for corporates had a positive effect on the bank’s capital adequacy. The Ministry of Finance has decided to increase the risk-weighted floor for mortgages from 20 to 25 per cent with effect from 1 July 2025. The bank implemented a new mortgage floor from and including the third quarter 2025. The floor is having a negative effect on the bank's capital adequacy in the order of 1.5 percentage points. 6
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In January 2025, a new application was submitted for the acquisition of equity certificates. Sparebanken Møre received a response to this application on 25 February 2025. New permission to acquire equity certificates was granted for a total amount of up to NOK 42 million. Authorisation was granted on the condition that the buybacks would not reduce CET1 capital by more than NOK 42 million. Sparebanken Møre deducted NOK 42 million from CET1 capital between the date authorisation was granted and its expiry on 30 June 2025. On 7 July 2025, a new application was submitted for the acquisition of equity certificates. At the end of the third quarter of 2025, the CET1 capital ratio was 18.7 per cent (17.3 per cent), including 50 per cent of the result for the year to date. This is 2.55 percentage points higher than the total minimum requirement and the Financial Supervisory Authority of Norway’s expected capital adequacy margin (P2G) totalling 16.15 per cent. The primary capital ratio, including 50 per cent of the result for the year to date, was 22.7 per cent (21.3 per cent) and the Tier 1 capital ratio was 20.6 per cent (19.2 per cent). Sparebanken Møre’s total internal minimum CET1 capital ratio requirement is 16.15 per cent. The requirement consists of a minimum requirement of 4.5 per cent, a capital conservation buffer of 2.5 per cent, a systemic risk buffer of 4.5 per cent and a countercyclical buffer of 2.5 per cent. The Financial Supervisory Authority conducted a SREP in 2023. The individual Pillar 2 requirement for Sparebanken Møre has been set at 1.6 per cent, and the expected capital adequacy margin has been set at 1.25 per cent. At least 56.25 per cent of the Pillar 2 requirement (P2R) that resulted from the aforementioned SREP must be met with CET1 capital (0.9 per cent), while a minimum of 75 per cent must be met with Tier 1 capital. The capital requirement (P2G) margin must be met with CET1 capital. The leverage ratio (LR) at the end of the third quarter of 2025 was 7.5 per cent (7.3 per cent). The regulatory minimum requirement (3 per cent) was met by a good margin. MREL On 1 January 2025, the Financial Supervisory Authority of Norway set Sparebanken Møre’s effective MREL requirement at 35.7 per cent of the risk-weighted assets at any given time. The minimum subordination requirement was set at 28.7 per cent. At the end of the quarter, Sparebanken Møre’s actual MREL level was 45.4 per cent, while the level of subordination was 34.2 per cent of the risk-weighted assets. Sparebanken Møre had issued NOK 3,750 million in subordinated bond debt at the end of third quarter of 2025. SUBSIDIARIES The aggregate profit of the bank's subsidiaries amounted to NOK 147 million after tax after the first three quarters of 2025 (NOK 133 million). Møre Boligkreditt AS was established as part of the Group’s long-term funding strategy. The main purpose of the covered bond company is to issue covered bonds for sale to Norwegian and international investors. At the end of the third quarter of 2025, the company had nominal outstanding covered bonds of NOK 30.6 billion in the market. Around 38 per cent was issued in a currency other than NOK. At the end of the quarter, the parent bank held no bonds issued by the company. Møre Boligkreditt AS has contributed NOK 140 million to the Group’s result so far in 2025 (NOK 130 million). Møre Eiendomsmegling AS provides real estate brokerage services to both retail and corporate customers. The company has made a profit contribution of NOK 0.3 million so far in 2025(NOK 0.6 million). At the end of the quarter, the company employed 27 FTEs. The purpose of Sparebankeiendom AS and Storgata 41-45 Molde AS is to own and manage the bank’s own commercial properties. The companies have made a profit contribution of NOK 6.6 million so far in 2025 (NOK 2.7 million). The companies have no staff. EQUITY CERTIFICATES At the end of the third quarter of 2025, there were 7,532 holders of Sparebanken Møre's equity certificates. The proportion of equity certificates owned by foreign nationals and enterprises amounted to 3.7 per cent at the end of the quarter. 49,795,520 equity certificates have been issued. 7
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8 Note 14 includes a list of the 20 largest holders of the bank’s equity certificates. As at 30 September 2025, the bank owned 171,741 equity certificates. These were purchased on the Oslo Børs at market price. At the end of the third quarter of 2025, equity certificate capital accounted for 49.1 per cent of the bank’s total equity. FUTURE PROSPECTS Sentiment in the international financial markets continued to improve throughout the third quarter. As well as the fact that US trade policy appears to be taking shape, lower interest rates and falling inflation rates are contributing to increased optimism and consumption amongst households internationally. Overall, economic performance has been slightly better than expected, both in the US and Europe, which has helped to support a further rise in the global equity markets. Despite the positive developments, uncertainty is higher than normal. It is still too early to say how higher tariffs will impact inflation and global economic growth over time. The security and geopolitical landscape is also a continuing source of uncertainty and risk. As a small, open economy, changes in the international landscape could also impact Norway. So far, however, economically, Norway has also performed stronger than expected. Low unemployment combined with increasing purchasing power are supporting household consumption. This is a key driver behind the cautious but broad-based upturn currently being seen in the Norwegian economy. The fact that interest rate cuts have begun to materialise is probably an important factor behind the increased optimism seen amongst companies and households. Norges Bank cut interest rates for the second time this year in September. However, the indications are that somewhat higher interest rates will be needed going forward than were envisaged few months ago. Activity levels in our region, Nordvestlandet, remain high, and the outlook for the maritime cluster is good. The region's shipyards have solid order books for the coming years, which will have significant ripple effects for other business sectors. The challenge many players will face is finding sufficient qualified labour locally, and attracting relevant expertise will be key for the region in the years to come. Sparebanken Møre's 12-month lending growth amounted to 3.7 per cent at the end of the third quarter of 2025. The corresponding growth rate at the end of 2024 was 6.5 per cent. Growth in lending to the retail market ended at 3.9 per cent at the end of the third quarter, while lending growth in the corporate market amounted to 3.3 per cent. Deposits have increased by 6.8 per cent in the past 12 months and the deposit- to-loan ratio remains high. The bank has a solid capital base and good liquidity, and will remain a strong, and commited supporter of our customers also going forward. The focus will always be on good operations and profitability. Sparebanken Møre’s long-term strategic financial performance targets are a return on equity of above 13 per cent and a cost income ratio below 40. The bank's return on equity after the first three quarters of 2025 was 11.7 per cent, and the cost income ratio was 42.3. The Board’s expectation for 2025 is that these financial results will be in line with the results as per the third quarter. Ålesund, 30 September 2025 22 October 2025 THE BOARD OF DIRECTORS OF SPAREBANKEN MØRE ROY REITE, Chair of the Board KÅRE ØYVIND VASSDAL, Deputy Chair JILL AASEN TERJE BØE BIRGIT MIDTBUST ANNE JORUNN VATNE MARIE REKDAL HIDE BJØRN FØLSTAD TROND LARS NYDAL, CEO
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Statement of income - Group STATEMENT OF INCOME - GROUP (COMPRESSED) (NOK million) Note Q3 2025 Q3 2024 30.09.2025 30.09.2024 2024 Interest income from assets at amortised cost 1 298 1 299 3 850 3 819 5 100 Interest income from assets at fair value 260 202 725 615 868 Interest expenses 1 043 978 3 072 2 885 3 897 Net interest income 3 515 523 1 503 1 549 2 071 Commission income and revenues from banking services 76 75 218 195 271 Commission expenses and charges from banking services 8 10 24 30 40 Other operating income 13 15 41 39 56 Net commission and other operating income 7 81 80 235 204 287 Dividends 0 4 0 8 14 Net change in value of financial instruments 17 19 45 51 29 Net result from financial instruments 7 17 23 45 59 43 Total other income 7 98 103 280 263 330 Total income 613 626 1 783 1 812 2 401 Salaries, wages etc. 137 133 409 394 525 Depreciation and impairment of non-financial assets 16 14 46 40 55 Other operating expenses 98 96 300 286 375 Total operating expenses 8 251 243 755 720 955 Profit before impairment on loans 362 383 1 028 1 092 1 446 Impairment on loans, guarantees etc. 5 24 17 71 -1 20 Pre-tax profit 338 366 957 1 093 1 426 Taxes 80 86 224 258 340 Profit after tax 258 280 733 835 1 086 Allocated to equity owners 243 265 688 788 1 023 Allocated to owners of Additional Tier 1 capital 15 15 45 47 63 Profit per EC (NOK) 1) 2.40 2.66 6.79 7.92 9.95 Diluted earnings per EC (NOK) 1) 2.40 2.66 6.79 7.92 9.95 Distributed dividend per EC (NOK) 0.00 0.00 6.25 7.50 7.50 9
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STATEMENT OF COMPREHENSIVE INCOME - GROUP (COMPRESSED) (NOK million) Q3 2025 Q3 2024 30.09.2025 30.09.2024 2024 Profit after tax 258 280 733 835 1 086 Items that may subsequently be reclassified to the income statement: Basisswap spreads - changes in value 5 1 19 -10 -38 Tax effect of changes in value on basisswap spreads -1 -1 -4 2 8 Items that will not be reclassified to the income statement: Pension estimate deviations 0 0 0 0 9 Tax effect of pension estimate deviations 0 0 0 0 -2 Total comprehensive income after tax 262 280 748 827 1 063 Allocated to equity owners 247 265 703 780 1 000 Allocated to owners of Additional Tier 1 capital 15 15 45 47 63 1) Calculated using the EC-holders' share (49.1 %) of the period's profit to be allocated to equity owners (49.7 % per 30.09.2024). 10
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Balance sheet - Group ASSETS (COMPRESSED) (NOK million) Note 30.09.2025 30.09.2024 31.12.2024 Cash and receivables from Norges Bank 9 10 13 403 358 447 Loans to and receivables from credit institutions 9 10 13 1 008 3 692 702 Loans to and receivables from customers 4 5 6 9 11 13 89 429 86 272 86 875 Certificates, bonds and other interest-bearing securities 9 11 13 14 803 13 903 12 144 Financial derivatives 9 11 1 522 1 885 1 393 Shares and other securities 9 11 155 202 199 Intangible assets 60 58 61 Fixed assets 297 212 220 Overfunded pension liability 83 68 80 Other assets 222 239 214 Total assets 107 982 106 889 102 335 LIABILITIES AND EQUITY (COMPRESSED) (NOK million) Note 30.09.2025 30.09.2024 31.12.2024 Loans and deposits from credit institutions 9 10 13 2 275 2 473 1 994 Deposits from customers 4 9 10 13 52 572 49 203 49 550 Debt securities issued 9 10 12 41 396 43 218 38 906 Financial derivatives 9 11 467 485 719 Other provisions for incurred costs and prepaid income 101 127 101 Pension liabilities 23 28 23 Tax payable 230 333 349 Provisions for guarantee liabilities 13 5 11 Deferred tax liabilities 147 162 148 Other liabilities 805 1 185 651 Subordinated loan capital 9 10 857 857 857 Total liabilities 98 886 98 076 93 309 EC capital 14 996 989 996 ECs owned by the bank -3 -4 -5 Share premium 380 360 379 Additional Tier 1 capital 750 750 750 11
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Paid-in equity 2 123 2 095 2 120 Primary capital fund 3 690 3 474 3 687 Gift fund 125 125 125 Dividend equalisation fund 2 310 2 205 2 306 Liability credit reserve -43 -13 -43 Other equity 143 100 831 Comprehensive income for the period 748 827 - Retained earnings 6 973 6 718 6 906 Total equity 9 096 8 813 9 026 Total liabilities and equity 107 982 106 889 102 335 12
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Statement of changes in equity - Group GROUP 30.09.2024 Total equity EC capital Share premium Additional Tier 1 capital Primary capital fund Gift fund Dividend equalisation fund Liability credit reserve Other equity Equity as at 31.12.2023 8 680 985 359 650 3 475 125 2 205 -13 894 Changes in own equity certificates 0 1 -1 Distributed dividends to the EC holders -371 -371 Distributed dividends to the local community -376 -376 Issued Additional Tier 1 capital 350 350 Redemption of Additional Tier 1 capital -250 -250 Interests on issued Additional Tier 1 capital -47 -47 Comprehensive income for the period 827 827 Equity as at 30.09.2024 8 813 985 360 750 3 474 125 2 205 -13 927 GROUP 30.09.2025 Total equity EC capital Share premium Additional Tier 1 capital Primary capital fund Gift fund Dividend equalisation fund Liability credit reserve Other equity 9 026 991 379 750 3 687 125 2 306 -43 831 10 2 1 3 4 -311 -311 -332 -332 -45 -45 Equity as of 31.12.2024 Changes in own equity certificates Distributed dividends to the EC holders Distributed dividends to the local community Interests on issued Additional Tier 1 capital Comprehensive income for the period 748 748 Equity as at 30.09.2025 9 096 993 380 750 3 690 125 2 310 -43 891 13
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GROUP 31.12.2024 Total equity EC capital Share premium Additional Tier 1 capital Primary capital fund Gift fund Dividend equalisation fund Liability credit reserve Other equity 8 680 985 359 650 3 475 125 2 205 -13 894 -7 -1 1 -5 -2 -371 -371 -376 -376 350 350 -250 -250 -63 -63 0 7 19 -26 Equity as at 31.12.2023 Changes in own equity certificates Distributed dividends to the EC holders Distributed dividends to the local community Issued Additional Tier 1 capital Redemption of Additional Tier 1 capital Interests on issued Additional Tier 1 capital Convertion of ECs to Sparebankstiftelsen Sparebanken Møre Order of corretion to the primary capital fund 132 132 8 095 991 379 750 3 576 125 2 203 -13 84 107 107 1 00 100 63 63 41 41 311 311 Allocated to the primary capital fund Allocated to the dividend equalisation fund Allocated to owners of Additional Tier 1 capital Allocated to other equity Proposed dividend allocated for the EC holders Proposed dividend allocated for the local community 332 332 Profit for the year 954 0 0 0 107 0 100 0 747 -38 -38 8 8 9 5 4 Changes in value - basis swaps Tax effect of changes in value - basis swaps Pension estimate deviations Tax effect of pension estimate deviations -2 -1 -1 Total other income and costs from comprehensive income -23 0 0 0 4 0 3 -30 0 Total profit for the year 931 0 0 0 111 0 103 -30 747 Equity as at 31.12.2024 9 026 991 379 750 3 687 125 2 306 -43 831 Equity before allo cation of profit for the year 14
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Statement of cash flow - Group (NOK million) 30.09.2025 30.09.2024 31.12.2024 Cash flow from operating activities Interest, commission and fees received 4 345 4 305 5 758 Interest, commission and fees paid -1 546 -1 471 -1 943 Interest received on certificates, bonds and other securities 488 393 542 Interest paid on debt securities and subordinated loan capital -1 621 -1497 -2 038 Dividend and group contribution received 0 7 14 Operating expenses paid -626 -625 -883 Income taxes paid -348 -193 -269 Receipts/payments(-) on loans to and receivables from other financial institutions -335 -2 743 245 Receipts/payments(-) on loans/leasing to customers -2 608 -3 867 -4 810 Receipts/payments(-) on customers utilised credit facilities 16 -816 -484 Receipts/payments(-) on deposits from customers 3 022 1 793 2 140 Proceeds from the sale of certificates, bonds and other securities 17 715 12 205 18 640 Purchase of certificates, bonds and other securities -21 238 -16 857 -19 221 Receipts of other assets 0 10 0 Payments of other assets -10 0 -7 Net cash flow from operating activities -2 743 -9 356 -2 316 Cash flow from investing activities Proceeds from the sale of fixed assets and intangible assets 0 0 0 Purchase of fixed assets and intangible assets -122 -28 -71 Receipts/payments(-) on investment i subsidiaries 0 0 0 Net cash flow from investing activities -122 -28 -71 Cash flow from financing activities Receipts/payments(-) on deposits from Norges Bank and other financial institutions 281 747 268 Redemption of debt securities -4 814 -1 638 -7 819 Proceeds from bonds issued 7 992 10 675 10 675 Redemption of Additional Tier 1 capital 0 -250 -250 Proceeds from Additional Tier 1 capital issued 0 350 348 15
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Interest paid on issued Additional Tier 1 capital -45 -47 -63 Payment of cash dividends to EC owners -311 -371 -371 Payment of dividend funds -203 -110 -515 Payment upon sale of own equity certificates 10 9 9 Payment upon purchase of own equity certificates 0 -7 -15 Receipts/payments(-) of other debt -118 148 330 Net cash flow from financing activities 2 792 9 506 2 597 Net change in cash and cash equivalents -72 121 210 Cash balance, OB 563 266 353 Cash balance, CB 491 387 563 16
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Note 1 Accounting principles The Group`s interim accounts have been prepared in accordance with adopted International Financial Reporting Standards (IFRS), approved by the EU as at 30 September 2025. The interim report has been prepared in compliance with IAS 34 Interim Reporting and in accordance with accounting principles and methods applied in the 2024 Financial statements. The accounts are presented in Norwegian kroner (NOK), which is also the parent bank`s and subsidiaries` functional currency. All amounts are stated in NOK million unless stated otherwise. In case of any discrepancies between the English and Norwegian versions of this report, the Norwegian version shall prevail. 17
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Note 2 Capital adequacy Sparebanken Møre calculates and reports capital adequacy in compliance with the EU’s capital requirements regulation and directive (CRD/CRR). Sparebanken Møre has authorisation from the Financial Supervisory Authority of Norway (FSA) to use internal rating methods, the foundation IRB (Internal Rating Based Approach) approach for credit risk. Calculations regarding market risk are performed using the standardised approach (SA) and for operational risk the basic indicator approach is used. The use of IRB involves comprehensive requirements for the bank’s organisation, expertise, risk models and risk management systems. CRR3 entered into force in Norway on 1 April 2025. The bank has implemented CRR3 in its calculation of capital adequacy as of the second quarter of 2025. A new LGD for corporates, elimination of the scaling factor in the risk-weighted formula and a lower conversion factor for undrawn commitments for corporates have a positive effect on the bank’s capital adequacy. The Ministry of Finance has decided to increase the risk-weighted floor for mortgages from 20 to 25 per cent with effect from 1 July 2025. The bank will thus report in line with the new mortgage floor as at the end of the third quarter of 2025 and expects a negative effect on the bank’s capital adequacy of around 1.5 percentage point as a result of this. On 21 December 2021, Sparebanken Møre applied to the FSA to make changes to the bank’s IRB models and calibration framework. The bank received a response to the application 22 June 2023, in which the FSA approved the proposed models for the corporate market. On 18 January 2024, the bank received a response to the proposed models for the retail market. The FSA believes that the applied for models for the retail market do not satisfy the requirements for an adequate level of calibration, ref. the Capital Requirements Regulation Articles 179-182. The FSA therefore found no basis for permitting the applied for amendments. Based on the feedback from the FSA, the bank has adjusted new models and sent an application to the FSA 9 May 2025 concerning model- and calibration changes for retail customers. A new application was submitted in January 2025 for the acquisition of own equity certificates (ECs). Sparebanken Møre received an answer to this application on 25 February 2025. New permission to acquire own ECs was granted for a total amount of up to NOK 42 million. The authorisation was granted on the condition that the buybacks did not reduce the Common Equity Tier 1 capital by more than NOK 42 million. Sparebanken Møre has made deductions in the Common Equity Tier 1 capital of NOK 42 million from the date the authorisation was granted and for the duration of the authorisation until 30 June 2025. A new application for acquisition of own equity certificates was submitted on 7 July 2025. Sparebanken Møre has an internal minimum CET1 capital ratio requirement of 16.15 per cent. The requirement consists of a minimum requirement of 4.5 per cent, a capital conservation buffer of 2.5 per cent, a systemic risk buffer of 4.5 per cent and a countercyclical buffer of 2.5 per cent. The Financial Supervisory Authority conducted a SREP in 2023. The individual Pillar 2 requirement for Sparebanken Møre has been set at 1.6 per cent, and the expected capital adequacy margin (P2G) has been set at 1.25 per cent. At least 56.25 per cent of the new Pillar 2 requirement that resulted from the aforementioned SREP must be met with Common Equity Tier 1 capital (0.9 per cent), and minimum 75 per cent must be met with Tier 1 capital. Sparebanken Møre has an internal target for the CET1 ratio to minimum equal the sum of Pillar 1, Pillar 2 and the Pillar 2 Guidance. MREL One key element of the BRRD II (Bank Recovery and Resolution Directive) is that capital instruments and debt can be written down and/or converted to equity (bail-in). The Financial Institutions Act, therefore, 18
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requires the bank to meet a minimum requirement regarding the sum of its own funds and convertible debt at all times (MREL – minimum requirement for own funds and eligible liabilities) such that the bank has sufficient primary capital and convertible debt to cope with a crisis without the use of public funds. The MREL requirement, applicable from 1 January 2025, must be covered by own funds or debt instruments with a lower priority than ordinary, unsecured, non-prioritised debt (senior debt). In its letter dated 17 December 2024, the FSA set Sparebanken Møre’s effective MREL-requirement as of 01.01.2025 at 35.7 per cent and the minimum subordination requirement at 28.7 per cent. Equity 30.09.2025 30.09.2024 31.12.2024 EC capital 996 989 996 - ECs owned by the bank -3 -4 -5 Share premium 380 360 379 Additional Tier 1 capital (AT1) 750 750 750 Primary capital fund 3 690 3 474 3 687 Gift fund 125 125 125 Dividend equalisation fund 2 310 2 205 2 306 Proposed dividend for EC holders 0 0 311 Proposed dividend for the local community 0 0 332 Liability credit reserve -43 -13 -43 Other equity 143 100 188 Comprehensive income for the period 748 827 - Total equity 9 096 8 813 9 026 Tier 1 capital (T1) 30.09.2025 30.09.2024 31.12.2024 Goodwill, intangible assets and other deductions -60 -58 -63 Value adjustments of financial instruments at fair value -21 -20 -19 Deduction of overfunded pension liability -62 -51 -60 Deduction of remaining permission for the acquisition of own equity certificates 0 -74 -73 Additional Tier 1 capital (AT1) -750 -750 -750 Expected IRB-losses exceeding ECL calculated according to IFRS 9 -213 -354 -376 Deduction for proposed dividend 0 0 -311 Deduction for proposed dividend for the local community 0 0 -332 Deduction of comprehensive income for the period -748 -827 Total Common Equity Tier 1 capital (CET1) 7 242 6 679 7 042 Additional Tier 1 capital - classified as equity 750 750 750 Additional Tier 1 capital - classified as debt 0 0 0 Total Tier 1 capital (T1) 7 992 7 429 7 792 th 19
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Tier 2 capital (T2) 30.09.2025 30.09.2024 31.12.2024 Subordinated loan capital of limited duration 857 857 857 Total Tier 2 capital (T2) 857 857 857 Net equity and subordinated loan capital 8 849 8 286 8 649 Risk weighted assets (RWA) by exposure classes Credit risk - standardised approach 30.09.2025 30.09.2024 31.12.2024 Central governments or central banks 0 0 0 Local and regional authorities 738 604 370 Public sector companies 0 0 0 Institutions 346 365 270 Covered bonds 625 610 607 Equity 650 348 348 Other items 497 582 515 Total credit risk - standardised approach 2 855 2 509 2 109 Credit risk - IRB Foundation 30.09.2025 30.09.2024 31.12.2024 Retail - Secured by real estate 16 595 12 693 12 910 Retail - Other 268 311 256 Corporate lending 17 025 21 685 21 630 Total credit risk - IRB-Foundation 33 888 34 689 34 797 Market risk (standardised approach) 125 174 135 Operational risk (basic indicator approach) 3 661 3 424 3 962 Risk weighted assets (RWA) 40 530 40 796 41 003 Minimum requirement Common Equity Tier 1 capital (4.5 %) 1 824 1 836 1 845 Buffer requirements 30.09.2025 30.09.2024 31.12.2024 Capital conservation buffer , 2.5 % 1 013 1 020 1 025 Systemic risk buffer, 4.5 % 1 824 1 836 1 845 Countercyclical buffer, 2.5 % 1 013 1 020 1 025 Total buffer requirements for Common Equity Tier 1 capital 3 850 3 876 3 895 Available Common Equity Tier 1 capital after buffer requirements 1 568 968 1 302 20
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Capital adequacy as a percentage of risk weighted assets (RWA) 30.09.2025 30.09.2024 31.12.2024 Capital adequacy ratio 21.8 20.3 21.1 Capital adequacy ratio incl. 50 % of the profit 22.7 21.3 Tier 1 capital ratio 19.7 18.2 19.0 Tier 1 capital ratio incl. 50 % of the profit 20.6 19.2 Common Equity Tier 1 capital ratio 17.9 16.4 17.2 Common Equity Tier 1 capital ratio incl. 50 % of the profit 18.7 17.3 Leverage Ratio (LR) 30.09.2025 30.09.2024 31.12.2024 Basis for calculation of leverage ratio 111 421 106 639 105 407 Leverage Ratio (LR) 7.2 7.0 7.4 Leverage Ratio (LR) incl. 50 % of the profit 7.5 7.3 - 21
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Note 3 Operating segments Result - Q3 2025 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Interest income 1 558 -52 707 372 530 1 Interest expenses 1 043 -40 618 165 300 0 Net interest income 515 -12 89 207 230 1 Total other income 98 -16 32 31 38 13 Total income 613 -28 121 238 268 14 16 11 1 6 0Depreciations Other operating expenses 235 -2 2 26 47 146 14 Total operating expenses 251 0 37 48 152 14 362 84 190 116 0Profit before impairments on loans Impairment on loans, guarantees etc. 24 -28 0 0 21 3 0 Pre-tax profit 338 -28 84 169 113 0 Taxes 80 Profit after tax 258 Result - 30.09.2025 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Interest income 4 575 -182 2 084 1 106 1 566 1 Interest expenses 3 072 -171 1 834 509 900 0 Net interest income 1 503 -11 250 597 666 1 Total other income 280 -56 105 86 104 41 Total income 1 783 -67 355 683 770 42 46 -8 32 3 19 0Depreciations Other operating expenses 709 -2 118 134 417 42 Total operating expenses 755 -10 150 137 436 42 1 028 205 546 334 0Profit before impairments on loans Impairment on loans, guarantees etc. 71 -57 1 0 53 17 0 Pre-tax profit 957 -58 205 493 317 0 Taxes 224 Profit after tax 733 22
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Key figures - 30.09.2025 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Gross loans to customers 1) 89 719 0 1 499 28 531 59 689 0 Expected credit loss on loans -290 -1 0 -206 -83 0 Net loans to customers 89 429 -1 1 499 28 325 59 606 0 Deposits from customers 1) 52 572 -443 1 601 17 458 33 956 0 Guarantee liabilities 2 525 0 0 2 524 1 0 Expected credit loss on guarantee liabilities 13 0 0 13 0 0 The deposit-to-loan ratio 58.6 0.0 106.8 61.2 56.9 0.0 Man-years 405 0 157 55 166 27 Result - Q3 2024 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Interest income 1 501 -183 793 366 526 -1 Interest expenses 978 -183 706 162 293 0 Net interest income 523 0 87 204 233 -1 Total other income 103 -17 33 37 34 16 Total income 626 -17 120 241 267 15 Depreciations 14 -4 11 1 6 0 Other operating expenses 229 -13 37 47 145 13 Total operating expenses 243 -17 48 48 151 13 Profit before impairments on loans 383 0 72 193 116 2 Impairment on loans, guarantees etc. 17 0 1 15 1 0 Pre-tax profit 366 0 71 178 115 2 Taxes 86 Profit after tax 280 23
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Result - 30.09.2024 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Interest income 4 434 -182 1 991 1 079 1 546 0 Interest expenses 2 885 -183 1 720 478 870 0 Net interest income 1 549 1 271 601 676 0 Total other income 263 -52 104 82 93 36 Total income 1 812 -51 375 683 769 36 Depreciations 40 -11 31 2 18 0 Other operating expenses 680 -40 139 133 413 35 Total operating expenses 720 -51 170 135 431 35 Profit before impairments on loans 1 092 0 205 548 338 1 Impairment on loans, guarantees etc. -1 0 0 32 -33 0 Pre-tax profit 1 093 0 205 516 371 1 Taxes 258 Profit after tax 835 Key figures - 30.09.2024 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Gross loans to customers 1) 86 517 -104 1 601 27 601 57 419 0 Expected credit loss on loans -245 0 -1 -175 -69 0 Net loans to customers 86 272 -104 1 600 27 426 57 350 0 Deposits from customers 1) 49 203 -181 971 16 013 32 400 0 Guarantee liabilities 1 757 0 0 1 757 0 0 Expected credit loss on guarantee liabilities 4 0 0 4 0 0 The deposit-to-loan ratio 56.9 174.0 60.6 58.0 56.4 0.0 Man-years 409 0 148 60 177 24 24
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Result - 31.12.2024 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage Interest income 5 968 1 2 450 1 456 2 061 0 Interest expenses 3 897 0 2 095 643 1 159 0 Net interest income 2 071 1 355 813 902 0 Total other income 330 -70 101 113 138 48 Total income 2 401 -69 456 926 1 040 48 55 -15 43 3 24 0Depreciations Other operating expenses 900 -54 160 180 564 50 Total operating expenses 955 -69 203 183 588 50 1 446 0 253 743 452Profit before impairments on loans Impairment on loans, guarantees etc. 20 0 0 59 -39 -2 0 Pre-tax profit 1 426 0 253 684 491 -2 Taxes 340 Profit after tax 1 086 Key figures - 31.12.2024 Group Eliminations Other 2) Corporate Retail 1) Real estate brokerage 87 127 1 553 27 423 58 254 0 -252 -103 0 0 -188 -64 0 86 875 -103 1 553 27 235 58 190 0 49 550 1 234 16 104 32 362 0 2 208 -150 0 0 2 207 1 0 11 0 0 11 0 0 56.9 145.6 79.5 58.7 55.6 0.0 Gross loans to customers 1) Expected credit loss on loans Net loans to customers Deposits from customers 1) Guarantee liabilities Expected credit loss on guarantee liabilities The deposit-to-loan ratio Man-years 402 0 155 59 166 22 1) The subsidiary, Møre Boligkreditt AS, is part of the bank’s retail segment. The mortgage company's main objective is to issue covered bonds for both national and international investors, and the company is part of Sparebanken Møre's long-term financing strategy. Key figures for Møre Boligkreditt AS are displayed in a separate table. 2) Consists of head office activities not allocated to reporting segments, customer commitments towards employees as well as the subsidiaries Sparebankeiendom AS and Storgata 41-45 Molde AS, managing the buildings owned by the Group. 25
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MØRE BOLIGKREDITT AS Statement of income Q3 2025 Q3 2024 30.09.2025 30.09.2024 31.12.2024 87 72 245 216 283 0 -5 -10 -12 -12 87 67 235 204 271 16 14 50 43 60 Net interest income Other operating income Total income Operating expenses Profit before impairment on loans 71 53 185 161 211 1 -1 5 -6 -6 70 54 180 167 217 Im pairment on loans, guarantees etc. Pre-tax profit Taxes 16 1 2 40 37 48 Profit after tax 54 42 140 130 169 MØ RE BOLIGKREDITT AS Balance sheet 30.09.2025 30.09.2024 31.12.2024 36 301 35 943 35 746Loans to and receivables from customers Total equity 2 262 1 759 1 776 26
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30.09.2024 GROUP Sector/industry Gross loans at amortised cost ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans at fair value Net loans Agriculture and forestry 729 0 -1 -8 43 763 Fisheries 5 282 -6 -34 0 2 5 244 Manufacturing 3 981 -5 -11 -22 6 3 949 Building and construction 1 432 -3 -4 -8 4 1 421 Wholesale and retail trade, hotels 1 215 -1 -4 -11 13 1 212 Supply/Oil services 1 210 -3 -1 0 0 1 206 Property management 9 350 -9 -6 -3 96 9 428 Professional/financial services 1 402 -2 -1 -4 34 1 429 Note 4 Loans and deposits broken down according to sectors The loan portfolio with agreed floating interest is measured at amortised cost, while the loan portfolio with fixed interest rates is measured at fair value. 30.09.2025 GROUP Sector/industry Gross loans at amortised cost ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans at fair value Net loans 808 0 0 37 829 5 777 -5 -52 -16 0 1 5 721 4 183 -4 -12 -10 4 4 161 1 304 -1 -1 3 1 297 1 116 16 1 125 1 008 -1 0 -6 0 -8 0 0 0 1 008 9 384 -9 -9 -12 18 9 372 1 458 -1 -9 -3 24 1 469 Agriculture and forestry Fisheries Manufacturing Building and construction Wholesale and retail trade, hotels Supply/Oil services Property management Professional/financial services Transport and private/public services/abroad 5 213 -9 -6 -12 148 5 334 30 251 -30 -95 -61 251 30 316Total corporate/public entities Retail customers 55 459 -8 -32 -64 3 758 59 113 Total loans to and receivables from customers 85 710 -38 -127 -125 4 009 89 429 Transport and private/public services/abroad 4 668 -3 -11 -5 49 4 698 29 269 -32 -73 -61 247 29 350Total corporate/public entities Retail customers 53 241 -9 -25 -45 3 760 56 922 Total loans to and receivables from customers 82 510 -41 -98 -106 4 007 86 272 27
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31.12.2024 GROUP Sector/industry Gross loans at amortised cost ECL Stage 1 ECL Stage 2 ECL Stage 3 Loans at fair value Net loans 769 0 0 49 806 4 993 -6 -39 -12 0 2 4 950 3 650 -4 -17 -11 6 3 624 1 371 -2 -3 -9 4 1 361 1 458 -1 -5 18 1 465 1 277 -2 -8 -5 0 0 1 267 9 588 -8 -5 -5 106 9 676 1 241 -1 -7 -3 35 1 265 Agriculture and forestry Fisheries Manufacturing Building and construction Wholesale and retail trade, hotels Supply/Oil services Property management Professional/financial services Transport and private/public services/abroad 4 627 -3 -14 -6 61 4 665 28 974 -27 -98 -51 281 29 079Total corporate/public entities Retail customers 53 602 -6 -16 -54 4 270 57 796 Total loans to and receivables from customers 82 576 -33 -114 -105 4 551 86 875 Deposits with agreed floating interest rates are measured at amortised cost, fixed-interest rate deposits with maturities less than one year are measured at amortised cost and fixed-interest rate deposits with maturities in excess of one year are classified at fair value and secured by interest rate swaps. DEPOSITS FROM CUSTOMERS GROUP Sector/industry 30.09.2025 30.09.2024 31.12.2024 382 331 332 1 784 1 672 1 727 3 789 3 633 3 820 1 102 842 861 1 518 1 298 1 196 3 385 2 637 2 690 5 777 5 858 6 111 Agriculture and forestry Fisheries Manufacturing Building and construction Wholesale and retail trade, hotels Property management Transport and private/public services Public administration 239 254 251 Others 3 063 2 401 2 413 21 039 18 926 19 401Total corporate/public entities Retail customers 31 533 30 277 30 149 Total 52 572 49 203 49 550 28
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Note 5 Losses and impairment on loans and guarantees Methodology for measuring expected credit losses (ECL) according to IFRS 9 For a detailed description of the bank’s loss model, please see note 9 in the annual report for 2024. Sparebanken Møre has developed an ECL model based on the Group’s IRB parameters and applies a three- stage approach when assessing ECL on loans to customers and financial guarantees in accordance with IFRS 9. Stage 1: At initial recognition and if there’s no significant increase in credit risk, the commitment is classified in stage 1 with 12-months ECL. Stage 2: If a significant increase in credit risk since initial recognition is identified, but without evidence of loss, the commitment is transferred to stage 2 with lifetime ECL measurement. Stage 3: If the credit risk increases further, including evidence of loss, the commitment is transferred to stage 3 with lifetime ECL measurement. The commitment is considered to be credit-impaired. As opposed to stage 1 and 2, the effective interest rate in stage 3 is calculated on net impaired commitment (total commitment less expected credit loss) instead of gross commitment. Staging is performed at account level and implies that two or more accounts held by the same customer can be placed in different stages. If a customer has one account in stage 3 (risk classes K, M or N), all of the customer’s accounts will migrate to stage 3. Customers in risk class N have been subject to individual loss assessment with impairment. In connection with individual loss assessment, 3 scenarios based on calculation of the weighted present value of future cash flow after realisation of collateral are prepared. If the weighted present value of cash flow after realisation of collateral is positive, model-based loss provisions according to the ECL model is used. An increase in credit risk reflects both customer-specific circumstances and development in relevant macro factors for the particular customer segment. The assessment of what is considered to be a significant increase in credit risk is based on a combination of quantitative and qualitative indicators. Significant increase in credit risk The assessment of whether a significant increase in credit risk has occured is based on a combination of quantitative and qualitative indicators. A significant increase in credit risk has occured when one or more of the critearia below are present: Quantitative criteria A significant increase in credit risk is determined by comparing the PD at the reporting date with PD at initial recognition. If the actual PD is higher than initial PD, an assessment is made of whether the increase is significant. Significant increase in credit risk since initial recognition is considered to have occurred when either PD has increased by 100 per cent or more and the increase in PD is more than 0.5 percentage points, or PD has increased by more than 2,0 percentage points The customer’s agreed payments are overdue by more than 30 days The weighted, macro adjusted PD in year 1 is used for comparison with PD on initial recognition to determine whether the credit risk has increased significantly. 29
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Qualitative criteria In addition to the quantitative assessment of changes in the PD, a qualitative assessment is made to determine whether there has been a significant increase in credit risk, for example, if the commitment is subject to special monitoring. Credit risk is always considered to have increased significantly if the customer has been granted forbearance measures, though it is not severe enough to be individually assessed in stage 3. Positive migration in credit risk A customer migrates from stage 2 to stage 1 if: The criteria for migration from stage 1 to stage 2 is no longer present, and this is satisfied for at least one subsequent month (total 2 months) A customer migrates from stage 3 to stage 1 or stage 2 if the customer no longer meets the conditions for migration to stage 3. Accounts that are not subject to the migration rules above are not expected to have significant change in credit risk and retain the stage from the previous month. Scenarios Three scenarios are developed: Best, Basis and Worst. For each of the scenarios, expected values of different parameters are given, for each of the next five years. The possibility for each of the scenarios to occur is also estimated. After five years, the scenarios are expected to converge to a long-term stable level. Changes to PD as a result of scenarios, may also affect the staging. Definition of default, credit-impaired and forbearance The definition of default is similar to that used in the capital adequacy regulation. A commitment is defined to be subject to forbearance (payment relief due to payment difficulties) if the bank agrees to changes in the terms and conditions as a result of the debtor having problems meeting payment obligations. Performing forbearance (not in default) is placed in stage 2 whereas non-performing (defaulted) forbearance is placed in stage 3. Management override Quarterly review meetings evaluate the basis for the accounting of ECL losses. If there are significant events that will affect an estimated loss which the model has not taken into account, relevant factors in the ECL model will be overridden. An assessment is made of the level of long-term PD and LGD in stage 2 and stage 3 under different scenarios, as well as an assessment of macro factors and weighting of scenarios. Consequences of increased macroeconomic uncertainty and measurement of expected credit loss (ECL) for loans and guarantees The bank’s loss provisions reflect expected credit loss (ECL) pursuant to IFRS 9. When assessing ECL, the relevant conditions at the time of reporting and expected economic developments are taken into account. The risk of a significant escalation of the trade war is perceived to be a little lower than in the previous quarter. The levels of US tariffs against several countries appear to have been clarified and there is still movement in the negotiations between the US and China. At the same time, both the outcome and the effects on the global economy remain uncertain, and there is reason to believe that political initiatives from the Trump administration will lead to fluctuations in financial markets going forward. In Norway, growth in mainland GDP surprised on the upside in the first half of the year. At the same time, unemployment remains at a low level, even though the two different measures differ somewhat more than before. The increase in LFS unemployment is primarily explained by an increase in the labour supply, not weaker demand. At the same time, price pressures continue to gradually ease, which has allowed Norges Bank to start the path towards a more normalised interest rate level. Together with increased household purchasing power, this will support the cautious upturn in the Norwegian economy. 30
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Overall, economic activity has held up relatively well, both in the US and Europe. However, there is still considerable uncertainty related to the effect of the ongoing trade conflict. At the same time, the geopolitical tension still poses a major risk. To sum up, there is still considerable uncertainty about future economic developments, both internationally and in Norway, and the weighting from Q2-2025 will be maintained. The ECL as at 30.09.2025 is based on a scenario weighting with 70 per cent weight on the baseline scenario (normal development), 20 per cent weight on the worst-case scenario and 10 per cent weight on the best- case scenario. Climate-related risk and calculating ECL The bank is in the process of enhancing the ECL model to simulate ECL resulting from climate-related risk in various scenarios. The ECL model has been used to simulate the financial consequences of climate-related risk for commercial property. Stress testing has been carried out on commitments in excess of a certain size related to the rental of commercial property. In the stress tests, PD (capacity to service debt) and LGD (collateral) were stressed in different scenarios. The bank has continued to identify and map climate-related risk in the loan portfolio and various industries. In 2025, transition plans will be established to ensure that the bank’s loan portfolios become emission-free by 2050. Climate-related risk has been integrated into the Sustainability Report/CSRD reporting. The ECL model must be expectation-oriented, and the bank is of the opinion that qualitative climate-related risk analyses currently involve a high degree of uncertainty, and these are thus not taken account of when assessing ECL, although the model is used for stress testing climate-related risk. The bank will strive to find good methods for implementing climate-related risk in the ECL model for the corporate portfolio. Specification of credit loss in the income statement GROUP Q3 2025 Q3 2024 30.09.2025 30.09.2024 2024 Changes in ECL - stage 1 (model-based) 0 -5 6 -6 -14 Changes in ECL - stage 2 (model-based) 3 17 15 -19 3 Changes in ECL - stage 3 (model-based) 3 -1 1 -4 7 Changes in individually assessed losses -10 3 18 13 3 Confirmed losses covered by previous individual impairment 26 3 37 24 30 Confirmed losses, not previously impaired 3 1 6 1 4 Recoveries -1 -1 -12 -10 -13 Total impairments on loans and guarantees 24 17 71 -1 20 31
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Changes in the loss provisions/ECL recognised in the balance sheet in the period GROUP - 30.09.2025 Stage 1 Stage 2 Stage 3 Total 34 123 106 263ECL 31.12.2024 New commitments 9 44 1 54 -25Disposal of commitments and transfer to stage 3 (individually assessed) Changes in ECL in the period for commitments which have not migrated -1 -7 1 -36 1 -4 1 4 -5-24 22 -2 Migration to stage 1 Migration to stage 2 Migration to stage 3 -1 15 Changes stage 3 (individually assessed) -4 0 - - 16 -25 16 14 16 ECL 30.09.2025 40 138 125 303 8 32 64 104 30 95 61 186 - of which expected losses on loans to retail customers - of which expected losses on loans to corporate customers - of which expected losses on guarantee liabilities 2 11 0 13 GROUP - 30.09.2024 Stage 1 Stage 2 Stage 3 Total 48 120 98 266 17 15 2 34 -13 ECL 31.12.2023 New commitments Disposal of commitments and transfer to stage 3 (individually assessed) Changes in ECL in the period for commitments which have not migrated -23 13 -9 0 -45 1-12 5 -5-40 19 -7 Migration to stage 1 Migration to stage 2 Migration to stage 3 -3 15 Changes stage 3 (individually assessed) -3 0 - - 13 -40 9 12 13 ECL 30.09.2024 42 101 107 250 9 25 45 79 32 73 61 166 - of which expected losses on loans to retail customers - of which expected losses on loans to corporate customers - of which expected losses on guarantee liabilities 1 3 1 5 32
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GROUP - 31.12.2024 Stage 1 Stage 2 Stage 3 Total 48 120 98 266 14 32 11 57 -15 ECL 31.12.2023 New commitments Disposal of commitments and transfer to stage 3 (individually assessed) Changes in ECL in the period for commitments which have not migrated -28 20 -10 1 -53 7-14 4 -6-47 30 Migration to stage 1 Migration to stage 2 Migration to stage 3 -4 Changes stage 3 (individually assessed) -3 0 - - -21 31 2 -49 6 27 2 ECL 31.12.2024 34 123 106 263 6 16 54 76 27 98 51 176 - of which expected losses on loans to retail customers - of which expected losses on loans to corporate customers - of which expected losses on guarantee liabilities 1 9 1 11 Commitments (exposure) divided into risk groups based on probability of default GROUP - 30.09.2025 Stage 1 Stage 2 Stage 3 Total 69 959 718 12 562 6 490 1 530 3 433 Low risk (0 % - < 0.5 %) Medium risk (0.5 % - < 3 %) High risk (3 % - <100 %) PD = 100 % - - 404 - 70 677 - 19 052 - 4 963 404 84 051 10 641 404 95 096Total commitments before ECL - ECL -30 -94 -126 -250 Total net commitments *) 84 021 10 547 278 94 846 Gross commitments with overridden migration 278 -278 0 0 GROUP - 30.09.2024 Stage 1 Stage 2 Stage 3 Total 68 778 426 14 563 6 503 1 817 2 564 Low risk (0 % - < 0.5 %) Medium risk (0.5 % - < 3 %) High risk (3 % - <100 %) PD = 100 % - - 451 - 69 204 - 21 066 - 4 381 451 85 158 9 493 451 95 102Total commitments before ECL - ECL -42 -101 -107 -250 Total net commitments *) 85 116 9 392 344 94 852 Gross commitments with overridden migration 0 0 0 0 33
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GROUP - 31.12.2024 Stage 1 Stage 2 Stage 3 Total 66 507 379 13 886 5 597 1 262 3 447 Low risk (0 % - < 0.5 %) Medium risk (0.5 % - < 3 %) High risk (3 % - <100 %) PD = 100 % - 91 420 - 66 886 - 19 483 - 4 709 511 81 655 9 514 420 91 589Total commitments before ECL - ECL -34 -123 -106 -263 Total net commitments *) 81 621 9 391 314 91 326 Gross commitments with overridden migration 0 91 -91 0 *) The tables above are based on exposure (incl. undrawn credit facilities and guarantee liabilities) and are not including fixed rate loans assessed at fair value. The figures are thus not reconcilable against the balance sheet nor with note 6. 34
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Note 6 Credit-impaired commitments The table shows total commitments in default for more than 90 days and other credit-impaired commitments (less than 90 days). Customers who have been in default must go through a probation period with 100 per cent PD for at least three months before they are scored as non-defaulted. These customers are included in gross credit-impaired commitments. 30.09.2025 30.09.2024 31.12.2024 GROUP Total Retail Corporate Total Retail Corporate Total Retail Corporate Gross commitments in default for more than 90 days 163 106 57 147 69 78 159 81 78 Gross other credit- impaired commitments 255 131 124 319 119 200 352 129 223 Gross credit-impaired commitments 418 237 181 466 188 278 511 210 301 ECL on commitments in default for more than 90 days 38 22 16 34 16 18 40 20 20 ECL on other credit- impaired commitments 85 41 44 74 29 45 76 31 45 ECL on credit-impaired commitments 123 63 60 108 45 63 116 51 65 Net commitments in default for more than 90 days 125 84 41 113 53 60 119 61 58 Net other credit- impaired commitments 170 90 80 245 90 155 276 98 178 Net credit-impaired commitments 295 174 121 358 143 215 395 159 236 Total gross loans to customers - Group 89 719 59 217 30 502 86 517 57 001 29 516 87 128 57 872 29 256 Guarantees - Group 2 525 1 2 524 1 771 1 1 770 2 208 1 2 207 Gross credit-impaired commitments in % of loans/guarantee liabilities 0.45% 0.40% 0.55% 0.53% 0.33% 0.89% 0.58% 0.36% 0.97% Net credit-impaired commitments in % loans/guarantee liabilities 0.32% 0.29% 0.37% 0.41% 0.25% 0.69% 0.45% 0.27% 0.77% 35
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Commitments with probation period 30.09.2025 30.09.2024 31.12.2024 GROUP Total Retail Corporate Total Retail Corporate Total Retail Corporate Gross commitments with probation period 95 56 39 44 37 7 147 44 103 Gross commitments with probation period in % of gross credit- impaired commitments 23% 24% 22% 9% 20% 3% 29% 21% 34% 36
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Note 7 Other income (NOK million) 30.09.2025 30.09.2024 2024 Guarantee commission 25 19 27 Income from the sale of insurance services (non-life/personal) 25 22 33 Income from the sale of fund saving products 13 11 15 Income from Discretionary Portfolio Management 48 41 55 Income from money-transfer services 80 73 99 Other fees and commission income 27 29 42 Commission income and income from banking services 218 195 271 Commission expenses and expenses from banking services -24 -30 -40 Income from real estate brokerage 40 34 47 Other operating income 1 5 9 Total other operating income 41 39 56 Net commission and other operating income 235 204 287 Interest hedging (for customers) 2 13 17 Currency hedging (for customers) 9 23 31 Dividend received 0 7 14 Net gains/losses on shares 7 -5 -9 Net gains/losses on bonds 22 15 -8 Change in value of fixed-rate loans 31 36 -6 Derivates related to fixed-rate lending -38 -34 -1 Change in value of issued bonds 11 -705 -252 Derivates related to issued bonds 2 710 259 Net gains/losses related to buy back of outstanding bonds -1 -1 -2 Net result from financial instruments 45 59 43 Total other income 280 263 330 37
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Note 7 Other income (NOK million) 30.09.2025 30.09.2024 2024 Guarantee commission 25 19 27 Income from the sale of insurance services (non-life/personal) 25 22 33 Income from the sale of fund saving products 13 11 15 Income from Discretionary Portfolio Management 48 41 55 Income from money-transfer services 80 73 99 Other fees and commission income 27 29 42 Commission income and income from banking services 218 195 271 Commission expenses and expenses from banking services -24 -30 -40 Income from real estate brokerage 40 34 47 Other operating income 1 5 9 Total other operating income 41 39 56 Net commission and other operating income 235 204 287 Interest hedging (for customers) 2 13 17 Currency hedging (for customers) 9 23 31 Dividend received 0 7 14 Net gains/losses on shares 7 -5 -9 Net gains/losses on bonds 22 15 -8 Change in value of fixed-rate loans 31 36 -6 Derivates related to fixed-rate lending -38 -34 -1 Change in value of issued bonds 11 -705 -252 Derivates related to issued bonds 2 710 259 Net gains/losses related to buy back of outstanding bonds -1 -1 -2 Net result from financial instruments 45 59 43 Total other income 280 263 330 38
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25 3 24 0 13 1 11 0 48 24 22 0 80 21 51 0 Income from the sale of insurance services (non- life/personal) Income from the sale of fund saving products Income from Discretionary Portfolio Management Income from money-transfer services Other fees and commission income 27 -2 1 2 8 6 9 12 0 Commission income and income from banking services 218 14 84 120 0 Commission expenses and expenses from banking services -24 -5 -2 -17 0 40 0 0 0 40Income from real estate brokerage Other operating income 1 1 0 0 0 Total other operating income 41 1 0 0 40 Net commision and other operating income 235 10 82 103 40 Net commission and other operating income - 30.09.2024 Group Other Corporate Retail Real estate brokerage 19 1 18 0 0 22 3 20 0 11 1 9 0 41 20 19 0 73 17 50 0 Guarantee commission Income from the sale of insurance services (non- life/personal) Income from the sale of fund saving products Income from Discretionary Portfolio Management Income from money-transfer services Other fees and commission income 29 -1 1 2 6 9 13 7 0 Commission income and income from banking services 195 18 72 105 0 Commission expenses and expenses from banking services -30 -12 -2 -16 0 34 0 0 0 34Income from real estate brokerage Other operating income 5 1 0 4 0 Total other operating income 39 1 0 4 34 Net commision and other operating income 204 7 70 93 34 The following table lists commission income and expenses covered by IFRS 15 broken down by the largest main items and allocated per segment. Net commission and other operating income - 30.09.2025 Group Other Corporate Retail Real estate brokerage Guarantee commission 25 -1 26 0 0 39
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15 2 1 12 0 55 3 27 25 0 99 7 23 68 0 Income from the sale of fund saving products Income from Discretionary Portfolio Management Income from money-transfer services Other fees and commission income 42 3 21 18 0 Commission income and income from banking services 271 19 101 151 0 Commission expenses and expenses from banking services -40 -16 -2 -22 0 47 0 0 0 47Income from real estate brokerage Other operating income 9 5 0 4 0 Total other operating income 56 5 0 4 47 Net commision and other operating income 287 8 99 133 47 Net commission and other operating income - 2024 Group Other Corporate Retail Real estate brokerage 27 1 26 0 0Guarantee commission Income from the sale of insurance services (non- life/personal) 33 3 3 27 0 40
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Note 8 Operating expenses (NOK million) 30.09.2025 30.09.2024 2024 Wages 291 283 379 Pension expenses 28 23 24 Employers' social security contribution and Financial activity tax 64 63 88 Other personnel expenses 26 25 34 Wages, salaries, etc. 409 394 525 Depreciations 46 40 55 Operating expenses own and rented premises 17 13 17 Maintenance of fixed assets 5 5 7 IT-expenses 173 170 209 Marketing expenses 28 32 44 Purchase of external services 27 24 37 Expenses related to postage, telephone and newspapers etc. 7 6 9 Travel expenses 3 4 6 Capital tax 13 8 13 Other operating expenses 27 24 32 Total other operating expenses 300 286 375 Total operating expenses 755 720 955 41
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Note 9 Classification of financial instruments Financial assets and financial liabilities are recognised in the balance sheet at the date when the Group becomes a party to the contractual provisions of the instrument. A financial asset is derecognised when the contractual rights to the cash flows from the financial asset expire, or the company transfers the financial asset in such a way that risk and profit potential of the financial asset is substantially transferred. Financial liabilities are derecognised from the date when the rights to the contractual provisions have been extinguished, cancelled or expired. CLASSIFICATION AND MEASUREMENT The Group’s portfolio of financial instruments is at initial recognition classified in accordance with IFRS 9. Financial assets are classified in one of the following categories: Amortised cost Fair value with value changes through the income statement The classification of the financial assets depends on two factors: The purpose of the acquisition of the financial instrument The contractual cash flows from the financial assets Financial assets measured at amortised cost The classification of the financial assets assumes that the following requirements are met: The asset is acquired to receive contractual cash flows The contractual cash flows consist solely of principal and interest All lending and receivables, except fixed interest rate loans, are recorded in the group accounts at amortised cost, based on expected cash flows. The difference between the issue cost and the settlement amount at maturity, is amortised over the lifetime of the loan. Financial liabilities measured at amortised cost Debt securities, including debt securities included in fair value hedging, loans and deposits from credit institutions and deposits from customers, are valued at amortised cost based on expected cash flows. The portfolio of own bonds is shown in the accounts as a reduction of the debt. Financial instruments measured at fair value, any changes in value recognised through the income statement The Group's portfolio of bonds in the liquidity portfolio is classified at fair value through the income statement. The portfolio is held solely for liquidity management and is traded to optimize returns within current quality requirements for the liquidity portfolio. The Group’s portfolio of fixed interest rate loans is measured at fair value to avoid accounting mismatch in relation to the underlying interest rate swaps. Fixed interest rate deposits from customers with maturities in excess of one year are classified at fair value and secured by interest rate swaps. Financial derivatives are contracts signed to mitigate an existing interest rate or currency risk incurred by the Group. Financial derivatives are recognised at fair value through the income statement and recognised gross per contract as an asset or a liability. The Group’s portfolio of shares is measured at fair value with any value changes through the income statement. 42
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Losses and gains as a result of value changes on assets and liabilities measured at fair value, with any value changes being recognised in the income statement, are included in the accounts during the period in which they occur. LEVELS IN THE VALUATION HIERARCHY Financial instruments are classified into different levels based on the quality of market data for each type of instrument. Level 1 – Valuation based on prices in an active market Level 1 comprises financial instruments valued by using quoted prices in active markets for identical assets or liabilities. This category includes listed shares, as well as bonds and certificates in LCR-level 1, traded in active markets. Level 2 – Valuation based on observable market data Level 2 comprises financial instruments valued by using information which is not quoted prices, but where prices are directly or indirectly observable for assets or liabilities, including quoted prices in inactive markets for identical assets or liabilities. This category includes derivatives, as well as bonds which are not included in level 1. Level 3 – Valuation based on other than observable market data Level 3 comprises financial instruments which cannot be valued based on directly or indirectly observable prices. This category includes loans to customers, as well as shares. GROUP - 30.09.2025 Financial instruments at fair value through profit and loss Financial instruments measured at amortised cost Total book value Cash and receivables from Norges Bank 403 403 Loans to and receivables from credit institutions 1 008 1 008 Loans to and receivables from customers 4 009 85 420 89 429 Certificates and bonds 14 803 14 803 Shares and other securities 155 155 Financial derivatives 1 522 1 522 Total financial assets 20 489 86 831 107 320 Loans and deposits from credit institutions 2 275 2 275 Deposits from and liabilities to customers 126 52 446 52 572 Financial derivatives 467 467 Debt securities 41 396 41 396 Subordinated loan capital 857 857 Total financial liabilities 593 96 974 97 567 43
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3 692 3 692 4 007 82 265 86 272 13 903 13 903 202 202 Loans to and receivables from credit institutions Loans to and receivables from customers Certificates and bonds Shares and other securities Financial derivatives 1 885 1 885 Total financial assets 19 997 86 315 106 312 2 473 2 473 157 49 046 49 203 485 485 43 218 43 218 Loans and deposits from credit institutions Deposits from and liabilities to customers Financial derivatives Debt securities Subordinated loan capital 857 857 Total financial liabilities 642 95 594 96 236 GROUP - 31.12.2024 Financial instruments at fair value through profit and loss Financial instruments measured at amortised cost Total book value 447 447 702 702 4 551 82 324 86 875 12 144 12 144 199 199 Cash and receivables from Norges Bank Loans to and receivables from credit institutions Loans to and receivables from customers Certificates and bonds Shares and other securities Financial derivatives 1 393 1 393 Total financial assets 18 287 83 473 101 760 1 994 1 994 131 49 419 49 550 719 719 38 906 38 906 Loans and deposits from credit institutions Deposits from and liabilities to customers Financial derivatives Debt securities Subordinated loan capital 857 857 Total financial liabilities 850 91 176 92 026 GROUP - 30.09.2024 Financial instruments at fair value through profit and loss Financial instruments measured at amortised cost Total book value Cash and receivables from Norges Bank 358 358 44
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Note 10 Financial instruments at amortised cost GROUP 30.09.2025 30.09.2024 31.12.2024 Fair value Book value Fair value Book value Fair value Book value Cash and receivebles from Norges Bank 403 403 358 358 447 447 Loans to and receivables from credit institutions 348 348 3 692 3 692 702 702 Loans to and receivables from customers 85 393 85 393 82 265 82 265 82 324 82 324 Total financial assets 86 144 86 144 86 315 86 315 83 473 83 473 Loans and deposits from credit institutions 2 774 2 774 2 473 2 473 1 994 1 994 Deposits from and liabilities to customers 52 426 52 426 49 046 49 046 49 419 49 419 Debt securities issued 41 544 41 396 43 357 43 218 39 197 38 906 Subordinated loan capital 871 857 865 857 866 857 Total financial liabilities 97 615 97 453 95 741 95 594 91 476 91 176 45
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GRO UP - 30.09.2025 Based on prices in an active market Observable market information Other than observable market information Level 1 Level 2 Level 3 Total Cash and receivables from Norges Bank - Loans to and receivables from credit institutions - Loans to and receivables from customers 4 009 4 009 Certificates and bonds 9 802 5 001 14 803 Shares and other securities 6 149 155 Financial derivatives 1 521 1 521 Total financial assets 9 808 6 522 4 158 20 488 Loans and deposits from credit institutions - Deposits from and liabilities to customers 126 126 Debt securities - Subordinated loan capital - Financial derivatives 389 389 Total financial liabilities - 389 126 515 Note 11 Financial instruments at fair value A change in the discount rate of 10 basis points will have an impact of approximately NOK 8 million on loans with fixed interest rate. 46
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GROUP - 30.09.2024 Based on prices in an active market Observable market information Other than observable market information Level 1 Level 2 Level 3 Total - - 4 007 4 007 9 499 4 404 13 903 5 197 202 Cash and receivables from Norges Bank Loans to and receivables from credit institutions Loans to and receivables from customers Certificates and bonds Shares and other securities Financial derivatives 1 885 1 885 Total financial assets 9 504 6 289 4 204 19 997 - 157 157 - - Loans and deposits from credit institutions Deposits from and liabilities to customers Debt securities Subordinated loan capital Financial derivatives 485 485 Total financial liabilities - 485 157 642 GROUP - 31.12.2024 Based on prices in an active market Observable market information Other than observable market information Level 1 Level 2 Level 3 Total - - 4 551 4 551 9 096 3 048 12 144 6 193 199 Cash and receivables from Norges Bank Loans to and receivables from credit institutions Loans to and receivables from customers Certificates and bonds Shares and other securities Financial derivatives 1 393 1 393 Total financial assets 9 102 4 441 4 744 18 287 - 131 131 - - Loans and deposits from credit institutions Deposits from and liabilities to customers Debt securities Subordinated loan capital Financial derivatives 719 719 Total financial liabilities - 719 131 850 47
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Reconciliation of movements in level 3 during the period GROUP Loans to and receivables from customers Shares Deposits from customers 4 551 193 131 185 11 999 -1 005-744 0 0 0 0 Book value as at 31.12.2024 Purchases/additions Sales/reduction Transferred to Level 3 Transferred from Level 3 Net gains/losses in the period 17 -66 0 0 11 1 Book value as at 30.09.2025 4 009 149 126 GROUP Loans to and receivables from customers Shares Deposits from customers 3 283 212 138 1 148 19 0-460 0 0 0 -10 0 0 0 0 Book value as at 31.12.2023 Purchases/additions Sales/reduction Transferred to Level 3 Transferred from Level 3 Net gains/losses in the period 36 -5 0 Book value as at 30.09.2024 4 007 197 157 GROUP Loans to and receivables from customers Shares Deposits from customers 3 283 212 138 1 869 4 0 -595 0 0 -13 0 0 -6 0 0 Book value as at 31.12.2023 Purchases/additions Sales/reduction Transferred to Level 3 Transferred from Level 3 Net gains/losses in the period -6 -10 -1 Book value as at 31.12.2024 4 551 193 131 48
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Note 12 Issued covered bonds The debt securities of the Group consist of covered bonds quoted in Norwegian kroner (NOK) and Euro (EUR) issued by Møre Boligkreditt AS, in addition to certificates and bonds quoted in NOK issued by Sparebanken Møre. The table below provides an overview of the Group’s issued covered bonds. Issued covered bonds in the Group (NOK million) ISIN code Curr. Nominal value in currency 30.09.2025 Interest Issued Maturity Book value 30.09.2025 Book value 30.09.2024 Book value 31.12.2024 NO0010588072 NOK - fixed NOK 4.75 % 2010 2025 - 1 049 1 060 XS0968459361 EUR 25 fixed EUR 2.81 % 2013 2028 299 301 299 NO0010836489 NOK 1 000 fixed NOK 2.75 % 2018 2028 973 976 940 NO0010853096 NOK - 3M Nibor + 0.37 % 2019 2025 - 3 015 2 010 XS2063496546 EUR - fixed EUR 0.01 % 2019 2024 - 2 940 - NO0010884950 NOK - 3M Nibor + 0.42 % 2020 2025 - 3 006 3 006 XS2233150890 EUR 30 3M Euribor + 0.75 % 2020 2027 356 360 359 NO0010951544 NOK 6 000 3M Nibor + 0.75 % 2021 2026 6 042 6 069 6 063 XS2389402905 EUR 250 fixed EUR 0.01 % 2021 2026 2 872 2 813 2 826 XS2556223233 EUR 250 fixed EUR 3.125 % 2022 2027 3 071 3 102 2 965 NO0012908617 NOK 6 000 3M Nibor + 0.54 % 2023 2028 6 039 6 045 6 043 XS2907263284 EUR 500 fixed EUR 2,63 % 2024 2029 5 944 5 998 5 932 NO0013571877 NOK 6 000 3M Nibor + 0.44 % 2025 2030 6 022 - - Total covered bonds issued by Møre Boligkreditt AS (incl. accrued interests) 31 618 35 674 31 503 As at 30.09.2025, Sparebanken Møre held NOK 0 million in covered bonds issued by Møre Boligkreditt AS (NOK 1,196 million). Møre Boligkreditt AS held no own covered bonds as at 30.09.2025 (NOK 0 million). 49
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Note 13 Transactions with related parties These are transactions between the parent bank and wholly-owned subsidiaries based on arm's length principles. The most important transactions eliminated in the Group accounts: PARENT BANK 30.09.2025 30.09.2024 31.12.2024 Statement of income Net interest and credit commission income from subsidiaries 137 85 131 Received dividend from subsidiaries 169 132 132 Administration fee received from Møre Boligkreditt AS 42 36 50 Rent paid to Sparebankeiendom AS and Storgata 41-45 Molde AS 8 11 15 Balance sheet Claims on subsidiaries 4 264 3 747 4 513 Covered bonds 0 1 196 281 Liabilities to subsidiaries 1 987 2 361 2 061 Intragroup right-of-use of properties in Sparebankeiendom AS and Storgata 41-45 Molde AS 13 62 59 Intragroup hedging 557 612 465 Accumulated loan portfolio transferred to Møre Boligkreditt AS 36 311 35 948 35 751 50
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Note 14 EC capital The 20 largest EC holders in Sparebanken Møre as at 30.09.2025 (grouped) Number of ECs Percentage share of EC capital Sparebankstiftelsen Tingvoll 4 837 594 9.71 Verdipapirfondet Eika egenkapital 3 285 728 6.60 Spesialfondet Borea utbytte 2 381 737 4.78 Wenaasgruppen AS 2 200 000 4.42 Kommunal Landspensjonskasse 1 692 107 3.40 MP Pensjon 1 672 018 3.36 Verdipapirfond Pareto Aksje Norge 1 464 542 2.94 Wenaas EFTF AS 1 000 000 2.01 VPF Fondsfinans utbytte 800 000 1.61 Beka Holding AS 750 500 1.51 J.P. Morgan SE (nominee) 659 187 1.32 Lapas AS 634 384 1.27 BKK Pensjonskasse 507 600 1.02 Forsvarets personellservice 461 000 0.93 Sparebankstiftelsen Sparebanken Møre 360 750 0.72 Hjellegjerde Invest AS 300 000 0.60 U Aandahls Eftf AS 250 000 0.50 PIBCO AS 229 500 0.46 Borghild Hanna Møller 201 438 0.40 Borea Nordisk Utbytte Verdipapirfond 200 476 0.40 Total 20 largest EC holders 23 888 561 47.97 Total number of ECs 49 795 520 100.00 The proportion of equity certificates held by foreign nationals was 3.7 per cent at the end of the 3rd quarter of 2025. During the 3rd quarter of 2025, Sparebanken Møre has not acquired own ECs. 51
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Note 15 Events after the reporting date No events have occurred after the reporting period that will materially affect the figures presented as at 30 September 2025. 52
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Statement of income - Parent bank STATEMENT OF INCOME - PARENT BANK (COMPRESSED) (NOK million) Q3 2025 Q3 2024 30.09.2025 30.09.2024 2024 Interest income from assets at amortised cost 852 911 2 588 2 659 3 524 Interest income from assets at fair value 201 159 570 497 702 Interest expenses 630 617 1 907 1 820 2 434 Net interest income 423 453 1 251 1 336 1 792 Commission income and revenues from banking services 77 75 218 195 271 Commission expenses and expenditure from banking services 9 9 24 29 39 Other operating income 15 11 46 40 58 Net commission and other operating income 83 77 240 206 290 Dividends 0 3 169 139 146 Net change in value of financial instruments 24 24 44 71 52 Net result from financial instruments 24 27 213 210 198 Total other income 107 104 453 416 488 Total income 530 557 1 704 1 752 2 280 Salaries, wages etc. 129 125 386 371 494 Depreciation and impairment of non-financial assets 15 16 50 48 65 Other operating expenses 91 89 274 266 347 Total operating expenses 235 230 710 685 906 Profit before impairment on loans 295 327 994 1 067 1 374 Impairment on loans, guarantees etc. 30 17 54 13 37 Pre-tax profit 265 310 940 1 054 1 337 Taxes 64 74 183 220 292 Profit after tax 201 236 757 834 1 045 Allocated to equity owners 186 221 712 787 982 Allocated to owners of Additional Tier 1 capital 15 15 45 47 63 Profit per EC (NOK) 1) 1.84 2.21 7.02 7.90 9.55 Diluted earnings per EC (NOK) 1) 1.84 2.21 7.02 7.90 9.55 Distributed dividend per EC (NOK) 0.00 0.00 6.25 7.50 7.50 53
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(NOK million) Q3 2025 Q3 2024 30.09.2025 30.09.2024 2024 201 236 757 834 1 045 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 Profit after tax Items that may subsequently be reclassified to the income statement: Basisswap spreads - changes in value Tax effect of changes in value on basisswap spreads Items that will not be reclassified to the income statement: Pension estimate deviations Tax effect of pension estimate deviations 0 0 0 0 -2 Total comprehensive income after tax 201 236 757 834 1 052 186 221 712 787 989Allocated to equity owners Allocated to owners of Additional Tier 1 capital 15 15 45 47 63 1) Calculated using the EC-holders' share (49.1 %) of the period's profit to be allocated to equity owners (49.7 % per 30.09.2024) STATEMENT OF COMPREHENSIVE INCOME - PARENT BANK (COMPRESSED) 54
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Balance sheet - Parent bank ASSETS (COMPRESSED) (NOK million) 30.09.2025 30.09.2024 31.12.2024 Cash and receivables from Norges Bank 403 358 447 Loans to and receivables from credit institutions 5 272 7 335 5 111 Loans to and receivables from customers 53 128 50 433 51 232 Certificates, bonds and other interest-bearing securities 14 522 12 272 12 217 Financial derivatives 1 051 1 030 985 Shares and other securities 155 202 199 Equity stakes in Group companies 2 622 1 671 1 671 Deferred tax asset 8 0 8 Intangible assets 59 57 59 Fixed assets 112 152 158 Overfunded pension liability 83 68 80 Other assets 220 233 205 Total assets 77 635 73 811 72 372 LIABILITIES AND EQUITY (COMPRESSED) (NOK million) 30.09.2025 30.09.2024 31.12.2024 Loans and deposits from credit institutions 3 080 3 521 3 116 Deposits from customers 53 015 49 384 49 699 Debt securities issued 9 778 8 741 7 683 Financial derivatives 953 1 036 1 080 Incurred costs and prepaid income 95 123 96 Pension liabilities 23 28 23 Tax payable 183 297 347 Provisions for guarantee liabilities 13 5 11 Deferred tax liabilities 0 45 0 Other liabilites 678 1 088 579 Subordinated loan capital 857 857 857 Total liabilities 68 675 65 125 63 491 55
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996 989 996EC capital ECs owned by the bank -3 -4 -5 380 360 379Shar e premium Additional Tier 1 capital 750 750 7 50 Paid-in equity 2 123 2 095 2 120 3 690 3 474 3 687 125 125 125 2 310 2 205 2 306 -45 -47 643 Primary capital fund Gift fund Dividend equalisation fund Other equity Comprehensive income for the period 757 834 - Retained earnings 6 837 6 591 6 761 Total equity 8 960 8 686 8 881 Total liabilities and equity 77 635 73 811 72 372 56
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Profit performance - Group QUARTERLY PROFIT (NOK million) Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net interest income 515 503 485 522 523 Other operating income 98 100 82 67 103 Total operating costs 251 252 252 235 243 Profit before impairment on loans 362 351 315 354 383 Impairment on loans, guarantees etc. 24 34 13 21 17 Pre-tax profit 338 317 302 333 366 Taxes 80 74 70 82 86 Profit after tax 258 243 232 251 280 As a percentage of average assets Net interest income 1.88 1.90 1.87 2.04 2.08 Other operating income 0.36 0.37 0.32 0.26 0.41 Total operating costs 0.91 0.95 0.98 0.92 0.96 Profit before impairment on loans 1.33 1.32 1.21 1.38 1.53 Impairment on loans, guarantees etc. 0.09 0.13 0.05 0.08 0.07 Pre-tax profit 1.24 1.19 1.16 1.30 1.46 Taxes 0.29 0.27 0.27 0.32 0.35 Profit after tax 0.95 0.92 0.89 0.98 1.11 57
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