Slides
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Quarterly presentation 2026 Q3
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Sharpening focus on core operations – completed sale of Forretningspartner The transaction provides Forretningspartner with stronger opportunities for growth and further development Continued development of SpareBank 1 Regnskap ensure a broad and attractive service offering Strengthens the bank’s focus on its core business, improves capital efficiency and supports higher returns ~45% ownership with an option to reduce the stake. Gain of NOK 80 million in Q3.
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Unemployment rate House pricesInflation and wage growth Source: Norges Bank and Statistisk Sentralbyrå (SSB) • Unemployment remains low • Inflation declining, still above the target level • High wage growth, moderate going forward • House price growth is slowing, with significant regional differences Macro
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© OpenStreetMap Leveres av Bing 58 54 51 46 50 51 49 • Slower business activity, but continued employment growth • Strong activity in industry and oil, challenging conditions in construction • Geopolitical uncertainty and rising energy prices affect sectors differently SpareBank 1 Sør-Norge’s Business survey
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5 Operational synergies Funding synergiesPersonnel synergies • The Group is on track with the planned FTE reduction of 150 in relation to the merger • Automation/efficiency • SR-Boligkreditt • Senior debt • Commercial Paper Programme • Cost efficiency • Product harmonisation Operational efficiency Merger synergy target: NOK 550 million 500 mnok Target merger synergies 87 % 400 mnok100 mnok 300 mnok200 mnok 2027 550 mnok
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Financial targets Cost to income Long-term target < 35% Dividend share ~ 50% CET 1 Capital ratio > 16.71% Long-term target ROE Customer growth in South of Norway Growth in other income Joint effort in the SpareBank 1 alliance Diversified portfolio > 14% Cost- and capital effective Operational synergies > NOK 550 million
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7 SpareBank 1 Sør-Norge Lending volume in NOK billion % CAGR *Pro forma
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Solid quarter with strong lending growth and good cost control 17.70 % CET 1 capital ratio NOK 4.5 Earnings per share 12.6 % Return on equity after tax MNOK 6,264 Pre-tax profit 8 13.5% excl. goodwill from merger Result 30 September 2026 34.8 % Cost to income ratio 6.7 % 12 month lending growth Retail market 7.0 % Corporate market 6.5 % MNOK 85 Impairment losses 0.08 % impairment ratio Result 3. quarter 2026 13.2 % 14.2% excl. goodwill from merger Return in equity after tax
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9 Solid quarterly result Return on equity Earnings per share
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10 Change from previous quarter Net interest income (MNOK) Net interest margin
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11 Group Lending volume MarginsDeposit volume Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission received.
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12 Retail market* Lending volume MarginsDeposit volume *Including loans and deposits to employees Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission received.
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v 13 Corporate market Lending volume Deposit volume Margins 12 months lending growth adjusted for currency effects 7.2 %. Definition margins: Average customer rate including fees, compared with money market rates. Figures include transferred loans to credit institutions and commission received.
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14 Change from previous quarter Net commission and other income Change from Q3 2025 (MNOK) (MNOK) Seasonal variations Strong performance in Eiendoms- Megler 1 • A clear ambition to become the market leader in Southern Norway
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15 Strong growth in mutual fund savings Net subscriptions SB1NO NOK bill Net subscriptions include SpareBank 1 Funds, Odin Funds, external funds generating fee income, and discretionary portfolio management for SpareBank 1 Sør-Norge. Excludes SpareBank 1 Insurance (pensions) and Odin's direct distribution in Norway and Sweden. Total AUM SB1NO NOK bill • Attractive product offering and strong distribution network • Strong growth in AUM strengthens the foundation for future earnings and customer loyalty 42,6 % SB1NO ownership stake SpareBank 1 Forvaltning Alliance company with a dynamic ownership model
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16 Income from ownership interests Net income from financial instruments Net income on financial investments
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Significant synergies 17 The Group is on track in realisation of funding, operational and personnel synergies. Total synergies are estimated at NOK 550 million annually by 2027. Et Personnel synergies The Group is on track with the ongoing FTE reduction. The total planned reduction amounts to 150 FTEs.
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18 Change from previous quarter (parent bank) Operating expenses Change from Q3 2025 (parent bank) (MNOK) (MNOK) Cost to income ratio (Group) Effective cost management and seasonal lower activity The Group is ahead of Plan with the FTE reduction
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19 Loans and financial commitments Change in gross loans and financial commitments Impairments on loans and financial commitments Changes in gross loans and financial commitments defined as Stage 3
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v 20 Capital adequacy Solid capital ratio • The CET 1 capital ratio is 17.70% as of 30 september 2026 • The minimum requirement for the CET 1 capital ratio is 16.71% as of 30 September 2026, including Pillar 2 guidance requirement of 1.0% • The leverage ratio is 7.38% as of 30 September 2026, well above the minimum requirement at 3.0% • ’ net profit as cash dividends • In August, SpareBank 1 Sør-Norge ASA launched a new share buyback programme of up to 1.0% of outstanding shares. At the end of the third quarter, 1 269 116 shares had been repurchased, corresponding to 0.34% • SpareBank 1 Sør-Norge ASA is well positioned for profitable growth and strong capital distribution v Capital ratios Tier 2 2.29% CET 1 17.70% Tier 1 1.80%
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21 Solid liquidity Liquidity coverage ratio 56.3% Net stable funding ratio Annual funding maturity 159% 125% Deposit to loan ratio • Average duration of funding is 2.7 years • NOK 60 billion net refinancing need over the next 12 months SB1 Sør-Norge Ticker: SRBANK Moodys: Aa3 & P-1 S&P: A-1 SR-Boligkreditt Ticker: SRBANK Moodys: Aaa € bn. € bn. ~ € bn. € bn. OMF (Covered Bonds) ~ € bn.
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A profitable and efficient financial group 1 Industry-leading return on equity target of above 14 % 2 Cost-efficient operations 3 Disciplined and profitable risk management 4 Efficient capital management 5 Modern relationship banking
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APPENDIX 1) Loan portfolio 2) Risk 3) SB1NO 23
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• Gross loans increased to NOK 443 billion from NOK 415 billion year over year • 12 months lending growth is 6.7% • Low offshore, oil and gas exposure • Commercial real estate – low concentration risk and good credit quality 24 Well-diversified lending portfolio Loans before impairments, nominal amounts. Industry distribution based on standard division from Statistics Norway (SSB).
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Market – Commercial real estate Office vacancy Prime yield Rental prices (TNOK per sq.m) Transaction volume (NOK billion) 25 Source: Entra, WPS, og EM1 Sør-Norge AS
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26 Lending to commercial real estate Commercial real estate for lease Well differentiated across regions 90% of volume has a PD under 2.5%Low concentration risk Commercial real estate portfolio 11.9% of total lending volume • Lending volume for commercial real estate for lease is NOK 49 billion, 11.2% of ’ • The portfolio is characterized by lending to commercial properties for lease with long-term contracts and financially solid tenants. NOK Bill Commercial real estate for lease Commercial real estate for sale NOK Bill (NOK billion)
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APPENDIX 1) Loan portfolio 2) Risk 3) SB1NO 27
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binding 28 Loan to value ratio and RWA on home mortgage loans • The proforma figures for SpareBank 1 Sør-Norge show that 91.0% of the exposure is within 85% of the assessed value of collateral. • RWA on home mortgages reflects a solid portfolio with a moderate loan-to-value ratio and low potential loss. • Risk weights on home mortgage loans are subject to a regulatory floor of 25%. Loan to value ratio on home mortgage loans Risk weight home mortgages In a total-distributed loan to value ratio, the entire loan is allocated to one and the same interval. Home mortgages as defined in the Norwegian IRB framework; the value of the residential property must be at least 30% of a loan’s security. 18,5 % 18,1 % 18,5 % 18,7 %18,5 % 18,1 % 18,5 % 18,7 %
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Loan portfolio distributed by risk class Loan portfolio distributed by size of loan 29 Profile of the loan portfolio • SpareBank 1 Sør-Norge has a solid loan portfolio. • The loan portfolio consists mainly of small and medium- sized loans. Probability of default (PD) through a full cycle of loss. Probability of Default (PD) %
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Corporate market 30 Risk profile • The quality of the retail market portfolio is considered to be very good and has low potential losses. • The low risk profile is achieved through prudent costumer selection and requirements for moderate LTV. Most of the portfolio is secured against a mortgage on real estate, and lending is overall moderate compared to asset value. Probability of default (PD) through a full cycle of loss. - Portfolio distributed by risk class Retail market 13,8 % 14,4 % 14,8 % 44.7% 14.1% 43.1% 15.0% 14.0% 46.5% 14.6% 14.1% 15.2% • The quality of the corporate market portfolio is considered to be good. • There is a clearly defined framework that sets limits on what is funded and conditions for particular funding purposes. This ensures a robust portfolio.
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31 Impairments on loans and financial commitments Impairments on loans and financial commitments in the income statement Impairments on loans and financial commitments in the balance sheet Impairments on loans and financial commitments in the income statement (MNOK) *Pro forma
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APPENDIX 1) Loan portfolio 2) Risk 3) Other 32
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33 SpareBank 1 Sør-Norge ASA EiendomsMegler 1 Sør-Norge Real estate agency SR-Boligkreditt Covered bond funding FinStart Nordic Investmentportfolio FinTec BN Bank 42.5 % Kreditt- banken 22.6 % SpareBank 1 Betaling* 26.2 % SB1 Markets 28.1 % SpareBank 1 Forvaltning 42.6 % SpareBank 1 Gruppen 19.5 % 33 ECIT Forretnings- partner 44.8 % *Owns 25 % in Vipps AS Fully owned companies Partly owned companies
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34 Balance sheet
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• Total market value at 3. quarter 2026 is NOK 84,2 billion 35 SB1NO Development in Price/Book Relative share price development Trading volume development 0,0 1,0 2,0 3,0 4,0 0,0 0,2 0,4 0,6 0,8 1,0 1,2 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Millions Millions Volum (# shares) (r.s.) Volume (20-day moving average) (l.s.) Indeks 100 = 30 sept 2025 Sep 26Sep 25Sep 25 Sep 26
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• Number of shares issued 371.70 million • Trading volume in Q3 2026: 2.8% (2.5%) 36 SB1NO Figures in parentheses as of 30 September 2025.
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• Ownership interests: • International: 18.1% (16.8%) • 10 largest: 55.1% (54.9%) • 20 largest: 63.7% (63.0%) • Number of shareholders: 23.050 (22.791) • Employees owning 1.5% (1.5%) as at 30 September 2026 37 20 largest shareholders as at 30 September 2026 Figures in parentheses as of 30 September 2025.
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Disclaimer This presentation contains forward looking statements that reflect ’ potential financial performance. Although SpareBank 1 Sør-Norge believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward looking statements as a result of various factors. Important factors that may cause such a difference for SpareBank 1 Sør- Norge include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels. This presentation does not imply that SpareBank 1 Sør-Norge has undertaken to revise these forward looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. 38
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Contact Details Management Inge Reinertsen CEO +47 909 95 033 inge.reinertsen@sb1sornorge.no Eirik Børve Monsen CFO +47 916 39 831 eirik.monsen@sb1sornorge.no Morten Forgaard Investor Relations +47 916 21 425 morten.forgaard@sb1sornorge.no Christen Tranes Gate 35 Postboks 250 4068 Stavanger Tel: +47 915 02002 www.sb1sornorge.no Investor Relations