Slides
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Capital Markets Day 2026 Kristiansand , 11 August 2026 Sparebanken Norge
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Agenda CFO Hans Olav Ingdal Introduction14:00 CEO Jan Erik Kjerpeseth Part 1: Presentation of the results for the second quarter of 2026 and Q/A14:05 14:50 Break Frende Forsikring, CEO Vegar Styve Brage Finans, CFO Bodil Huus Bolstad Borea Asset Management, CEO Hilde Nødseth Norne Securities, CEO Stig Sevaldsen Part 2: Presentations by the bank's partly-owned product companies15:10 Nelly Sundfer Maske, Regional Director Trondheim Raymond Brendeløkken, Regional Director Tromsø Pål Ekberg, Head of Southern Norway and EVP Retail Market South Stine Egeli Øvrebø, Head of AI Acceleration Part 3: Panel discussion on the realisation of Sparebanken Norge16:10 CEO Jan Erik Kjerpeseth Closing remarks16:30
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Q2 2026 Quarterly presentation CEO Jan Erik Kjerpeseth Kristiansand, 11 August 2026
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investorrelations@sbnorge.no Questions will be addressed after the presentation
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2026 Laying the foundation for a strong national savings bank The results in 2026 are impacted by • CET1 well above target • Significant merger-related costs • Only partial realization of synergies • In the most intensive investment phase of national distribution
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At the same time, we achieve strong financial results * Pro forma ROE 2025 for Sparebanken Norge, prior to that for Sparebanken Vest 14,2 % 12,2 % 13,7 % 13,1 % 11,0 % 11,9 % 13,5 % 12,3 % 14,0 % 14,6 % 16,5 % 20,1 % 15,5 % 15,0 % 2013 2 014 2015 2016 2 017 2018 2019 2020 2021 2022 2023 2024 2025* YTD 2026 ROE ROE target Target 13.0%
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Strengthening our position in both retail and corporate banking 8,7 % 8,7 % 5,0 % 5,0 % 5,0 % 1,6 % Sparebanken Norge Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 12-month growth in retail lending1.2 7,1 % 5,6 % 5,4 % 3,5 % 1,4 % -0,1 % Sparebanken Norge Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 12-month growh in corporate lending1.2 1Pro forma as of Q1 2026 2 Peers: DNB (for corporate customers – Corporate Customers Norway), SB1 Sør-Norge, SB1 Østlandet, SB1 SMN and SB1 SNN
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01 | Solid banking performance
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Strong return on equity in the first half of the year 16,2 % 14,4 % 13,4 % 16,1 % 14,0 % 17,8 % 16,5 % 15,2 % 18,3 % 16,0 % Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 ROE ROTE 4,33 4,02 3,87 4,48 3,87 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Return on equity1 Result per equity certificate1 NOK 1 Pro forma ROTE = Return on Tangible Equity . In the measurement, both effects on the result and balance sheet related to bank mergers, will be adjusted for.
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Strong lending growth over time – continuing to gain market share 300 306 312 317 325 335 341 345 352 10,3 % 9,0 % 9,2 % 8,6 % 8,3 % 9,5 % 9,3 % 8,7 % 8,2 % -8,0 % -3,0 % 2,0 % 7,0 % 12,0 % 100 150 200 250 300 350 400 450 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Retail customer lending Year-on-year growth 133 134 135 139 142 144 146 149 153 10,1 % 10,4 % 7,5 % 7,1 % 7,4 % 7,9 % 8,2 % 7,1 % 7,4 % -14,0 % -9,0 % -4,0 % 1,0 % 6,0 % 11,0 % 80 90 100 110 120 130 140 150 160 170 180 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Corporate customer lending Year-on-year growth 1 Pro forma 2 Year-on-year growth in lending excluding Bulder is approx. 5.6 % Retail customers1.2 NOK billion Corporate customers1 NOK billion
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2609 2671 2679 2604 2749 2800 2768 2641 2529 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Higher money market rates put short-term pressure on NII Net interest income1 NOK million 1 Pro forma
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Positive development in real estate brokerage, insurance commissions, payments and Borea Strong growth in net commission income 118 134 147 105 124 151 152 136 139 44 45 87 51 62 59 158 81 7440 39 40 38 38 37 45 43 44 26 28 31 36 41 46 57169 127 113 137 190 148 133 114 193 26 38 36 51 33 22 27 14 14 397 384 447 410 478 452 556 435 521 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Payment fees Insurance Savings and investment Borea AM Real estate broking Other Net commission income1 NOK million 1 Pro forma
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1 050 - 33 15 21 1 053 Operating costs Q2 2025* Merger costs Increased amortization of intangible assets Other cost increase Operating costs Q2 2026 * Pro forma Cost/income ratio of 30.8% in the quarter (excluding merger costs) Underlying cost growth of about 2.2% including investment in new market areas Low underlying cost growth
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37% 18% 14% 6% 10% 15% Increased geographical diversification lowers concentration risk Vestland Agder Rogaland Vestfold og Telemark Others Oslo og Akershus 25% 6% 53% 15% Mortgages account for ~68 % of the lending portfolio and >99% of the retail customer portfolio. Corporate customers, bank Brage Finans Retail customers, bank Bulder Conservative loan portfolio with low risk
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50 39 32 52 19 60 61 42,6 85 -3 80 18 22 20 16 19 13 17 18 36 0,12% 0,05% 0,05% 0,06% 0,03% 0,07% 0,06% 0,05% 0,08% 0,03% -0,14% -0,09% -0,04% 0,01% 0,06% 0,11% 0,16% -20 0 20 40 60 80 100 120 140 160 180 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25* Q3 25 Q4 25** Q1 26 Q2 26 Parent bank and boligkreditt Brage Finans AS Loan losses in % of total gross loans Consistently low losses Losses on loans NOK million Pro forma *Q2 2025 is adjusted for a one-off effect related to the merger of NOK 114 million. **Q4 2025 is adjusted for a one-off effect related to the merger of minus NOK 12 millIon.
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18,4 % 18,1 % 17,5 % 18,1 % 18,1 % Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Strong capital position Common Equity Tier 1 (CET1) ratio¹ The CET1 requirement will increase by 1 percentage point from 31 March 2027, when the bank becomes systemically important CET1 target 15.9% 1 CET1 ratio including retained earnings. For the CET1 ratio excluding retained earnings, please refer to the interim reports.
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02 | Strategic direction
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Similar expectations for subsidiaries and affiliates Ambitious growth targets for 2026-2028 Brage Finans > 12% annual growth Frende Forsikring > 6 billion. insurance portfolio by the end of 2028 Borea Asset Management > 50 billion. AUM by the end of 2029, adjusted upwards from NOK >34 million Corporate market 8 – 10% annual loan growth incl. geographical expansion Retail market (ex. Bulder) 6 – 8 % annual loan gwoth incl. geographical expansion Bulder 100 bn. home mortgage volume by year-end 2028
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Strategy hierarchy for Sparebanken Norge Long-term goals Strategic positions next 2-3 years Strategic priorities Vision Norway's best savings bank Strong nationwide brand and present in Norway's largest cities Strong and profitable product platform as a basis for long-term alliance independence An attractive consolidator in the Norwegian savings bank sector built on strong savings bank values Leading in digital sales and efficient work processes Low complexity and Norway's most cost- effective bank Bulder is profitable and established as Norway's leading digital banking challenger Among the best Norwegian savings banks in terms of banking operations and return on equity Best customer experiences and customer satisfaction in Norway Among the most attractive expertise environments in the Norwegian financial industry Realized cost synergies of > NOK 425 million Joint performance culture in Sparebanken Norway Realized Norway's most efficient retail/corporate loan processes Successful technical integration Maintain growth and increase retail and corporate market share Successful establishment in Oslo, Tønsberg, Romsdalen, Tromsø, Mo i Rana and Trondheim Bulder with NOK 86 billion in lending Realized capital synergies of NOK 3.4 billion A key contributor to society that Norway would be poorer without
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Egenkapitalavkastning Financial targets Return on equity adjusted for merger effects (ROTE)Return on equity (ROE) >13,0 % >15,0 % Cost percentage excluding merger costs <30 % CET1 capital ratio >15.9 % Distribution of results ~50 % Operating cost synergies from 2027 >425 MNOK Funding synergies from 2025-2030 >200-250 MNOK Capital synergies from 2028 Merger costs 2024-2027 >3 400 MNOK <380 MNOK 2026-2028 Be among the top three savings banks on ROE and among the top two on ROTE
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Merger costs according to plan • Merger costs are estimated at NOK 380 million. This includes the mergers between Sparebanken Vest and Sparebanken Sør and between Sparebanken Norge and Oslofjord Sparebank • A large proportion of the remaining merger costs are related to technical integration. Technical integration between the former Sparebanken Sør and Sparebanken Vest will take place in the fourth quarter of 2026. 254 49 52 25 380 2024-2025 H1 2026 H2 2026 2027 Total Merger costs NOK million Forecast of remaining costs
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Cost synergy realisation on track • Expects cost synergies of NOK 425 million, including merger with Oslofjord Sparebank • A significant proportion of synergies relate to technical integration planned towards the end of 2026. This will provide a higher synergy rate into 2027. • Sparebanken Norge will second the withdrawal of cost synergies on a quarterly basis, with the goal of fully phasing in the synergies by the end of 2027 at the latest 175 375 425 Status Q2 2026 Q4 2026 Q4 2027 Annualised synergy run-rate NOK million
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03 | Transformation 2028
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A strong foundation for Sparebanken Norge AI accelerator – amplified action New head office Kristiansand Workforce adjustment National distribution Redefined strategic partnership with Tieto Digital credit approval Transformation Program 2028
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A strong foundation for Sparebanken Norge AI accelerator – amplified action New head office Kristiansand Workforce adjustment National distribution Redefined strategic partnership with Tieto Digital credit approval Transformation Programme 2028
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One team in two cities– new head office in Southern Norway TransformationProgramme2028 | New head officein Kristiansand An attractive employer that draws top talent A community builder that helps develop the region Creates pride and contributes to a strong performance culture Expected to be completed by the end of 2028
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A strong foundation for Sparebanken Norge AI accelerator – amplified action New head office Kristiansand Workforce adjustment National distribution Redefined strategic partnership with Tieto Digital credit approval Transformation Program 2028
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The most modernand scalablebanking platformin Norway One common, scalable and modern platform built on a robust technology foundation A long-term strategic partnership with Tieto, supporting our ambition to become the most cost-efficient bank in Norway A catalyst for achieving growth targets and delivering industry-leading, in-house developed customer experiences Technical integration Sparebanken Sør, Vest and Oslofjord H2 2026 H1 2027 H2 2027 Core banking modernisation New technology platform Sør + Vest Oslofjord TransformationProgramme2028 | RedefinedpartnershipwithTieto Synergies from Sør + Vest
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A strong foundation for Sparebanken Norge AI accelerator – amplified action New head office Kristiansand Workforce adjustment National distribution Redefined strategic partnership with Tieto Digital credit approval Transformation Program 2028
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Amplified action through AI acceleration Transformation Programme 2028 | AI acceleration Ambition With Norway's most ambitious technology platform as the foundation, AI will accelerate our transformation journey toward becoming Norway's best savings bank. What we have done Systematic deployment of AI across the organisation The next step Redesigning processes with AI built in from the outset >70 employees across the bank are dedicated «AI- champions» >300 agents Developed by «AI-champions» to improve the efficiency of current processes We are deploying AI where it creates the greatest value today Initial focus areas: Anti-Money Laundering Credit Resource-intensive areas characterised by routine and information-synthesis work – making them well suited for AI- powered decision support
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A strong foundation for Sparebanken Norge AI accelerator – amplified action New head office Kristiansand Workforce adjustment National distribution Redefined strategic partnership with Tieto Digital credit approval Transformation Program 2028
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The question comes at 9 p.m. on a Sunday, the day before a round of bidding for an apartment. The answer comes in seconds – without anyone in the bank lifting a finger. Petter 27 years old "How much can I increase the certificate by, if I provide 50,000 more in equity?" Transformation Programme 2028 | Digital creditapproval
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The groundwork has been done and the first gains have been delivered... Autumn 2023 Pre-project for the loan processes of the future 2024–2025 "Hand on the wheel": full control of the decision and process in the loan case 2025–2026 Efficient flows, tools and work methodology are rolled out for all the bank's credit processes 2026–2027 Digital decisions become as precise as advisors, and automated maintenance The expectation is tailor-made in the second - a future we have been building towards since 2023 … Now they are working on the transformative towards the customer In the final phase In the start- up phase Transformation Programme 2028 | Digital creditapproval
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A strong foundation for Sparebanken Norge AI accelerator – amplified action New head office Kristiansand Workforce adjustment National distribution Redefined strategic partnership with Tieto Digital credit approval Transformation Programme 2028
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Aligning capacity with our strategy and target state Transformation Programme 2028 | Workforceadjustment Ensure that we have the right dimensioning and expertise A national footprint enables greater scalability of fixed costs Increasing revenue-generating capacity through a leaner staff and support organization to be competitive going forward We free up capacity Staff and support, Retail Market South and Direct Banking Ongoing process, reduction of 100-120 FTEs from Q1 2026 Customer divisions to be defined The Technology Division To be defined
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Targeting flat cost development from 2026 to 2028 Transformation Programme 2028 | Workforceadjustment 2026 2027 2028 4.400 4.300 4.300 4.150 4.400 4.300 High estimate Low estimate High estimate Low estimate High estimate Low estimate MNOK MNOK MNOK 2026 figures include estimated workforce adjustment costs of NOK 60-80 million, expected to be recognized in Q4 2026. Wage and inflation assumptions are based on Norges Bank's Monetary Policy Report 2/2026. Figures are presented for the Sparebanken Norge Group, including Eiendomsmegler Norge, Brage Finans and Frende Kapitalforvaltning/Borea Asset Management. Estimates of Group operating costs
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A strong foundation for Sparebanken Norge AI accelerator – amplified action New head office Kristiansand Workforce adjustment National distribution Redefined strategic partnership with Tieto Digital credit approval Transformation Programme 2028
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In line with the work communicated in April... … Since then, we've ... ... Within a year, we will be in place in Strong leadership team in place Managers with solid experience from the industry will lead the investments in the new areas Strong advisors on the team Advisors with extensive experience, strong market knowledge and a good network locally Started to gain market shares We are making our mark and growing in new areas 1Q 2Q We are building a national savings bank at record speed Tromsø Q3 2026 Mo i Rana Q4 2026 Trondheim During the first half of 2027 Transformation Programme 2028 | National distribution
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A strong foundation for Sparebanken Norge AI accelerator – amplified action National distributionWorkforce adjustment New head office Kristiansand Redefined strategic partnership with Tieto Digital credit approval Transformation Programme 2028
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01 | Solid banking performance 02 | Strategic direction 03 | Transformation 2028
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Q&A investorrelations@sbnorge.no
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Break
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Part 2: Presentations of the bank's partly owned product companies
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Q&A investorrelations@sbnorge.no
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Frende Forsikring What we aim to achieve How we get there What we have achieved
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Frende Forsikring combines the power of strong, local savings banks with profitable, customer-oriented and forward-leaning insurance operations Established by savings banks with strong local roots Focus on insurance through banks and the very best customer experiences Simple and human in everything we do Over 230,000 customers, approximately 80% of them retail customers Head office in Bergen and approximately 400 employees Owners (and distributors) Independent savings banks Independent insurance companies and mutual fire insurance associations Sparebanken Norge is the largest owner. Simple, human and close to the customer since launch in 2007 Frende Liv 18% 82% Frende SkadePremium volume Frende Group 4 895 MNOK per Q2 2026 What we have achieved
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We have grown significantly in recent years and are strengthening our market position Strengthening our market positionSignificant growth in premium volume Premium volume over the past 5 years, Frende Group 2021 2022 2023 2024 2025 per Q2 2.800 4.895 75% Market share trend (%), non-life insurance What we have achieved Retail Corp- orate Total
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Solid results and high returns - over time High returns over timeProfit more than doubled in the past year Profit before tax for the last 5 years, Frende Group Return on equity (ROE) last 5 years, Frende Group 667 432 146 384 785 2021 2022 2023 2024 2025 104% Average ROE over the past 5 years 20.1 29,4 2021 2022 2023 2024 2025 What we have achieved
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Q2 results show that Frende continues to grow significantly and is markedly improving profitability Per Q2 2025 Per Q2 2026 Frende Group level 4.264 4.895 14,8%Solid growth in premium volume Improvement in loss ratio Operating expense ratio* 72 67 Per Q2 2025 Per Q2 2026 Frende Group level -4,7 Main drivers: New distributors Digital sales Premium increases 12 11 Per Q2 2025 Per Q2 2026 Frende Group level -0,9 *Operating cost ratio: Cost/income ratio excl. commission 14.8% growth in premium volume over the past 12 months Significant improvement in loss ratio of 4.7 pp Reduction in operating expense ratio* – 0.9 pp. Annualised ROE of 25.1% Annualised ROTE of 33% What we have achieved
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We have a strong distribution network across Norway. Together, we stay close to our customers Strong collaboration with our distributors • 27 distributors • 160 sales offices • Strong growth in self-service digital sales • Physical presence throughout Norway • Sparebanken Norge with local roots and national scale • Together, we are there for our customers = mutual fire insurance associations = bank High customer satisfaction over time • Won EPSI six times • Best-in-class claims handling; best in EPSI five times • Low attrition among Sparebanken Norge customers • bytt.no customer favourite for eight consecutive months • Six-time Customer Service Award winner in ten years (2025) What we have achieved
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We will grow significantly, strengthen profitability and further deepen our customer relationships Minimum 18% return on equity NOK 6 billion in premium volume by 2028 The most satisfied customers What we aim to achieve
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Together, we will make Frende Forsikring the natural choice for Sparebanken Norge's banking customers. Increased strategic level of ambition sets new guidelines for cooperation with Sparebanken Norge Strengthen the joint value proposition for banking and insurance – “everything in one place” Significantly improve digital purchasing solutions – “one click” and AI-supported advice Increase relevance for customers at every life stage through greater use of shared data and customer insight How we get there The ambition is to significantly increase the coverage ratio in the bank, which contributes to the companies' overall targets for growth and ROE.
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Technology will be central in the future. Frende is well positioned ✓ Increased flexibility, including for partners ✓ Reduced operating and maintenance costs ✓ Less complexity ✓ Improved data management and analytics Establishing a new technology platform – among the most modern in the market • Continue to use AI to automate claims processes • AI in customer interactions for fast, effective and relevant follow-up • Further develop data-driven pricing and analytics • Streamline internal processes Forward-leaning and safe use of technology, AI and data How we get there
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Frende is evolving and will create significantly more value for customers, owners and distributors in the years ahead How we get there Leveraging modern technology and a new core system Build further on a forward- looking culture led by motivated employees and skilled leaders Unlock significantly more of the potential together with Sparebanken Norge
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Sparebanken Norge Capital Markets Day 11 August 2026
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This is what we have succeeded with at Brage Finans Nationwide finance company, owned by solid banks. Diversified, low-risk lending portfolio. Stable, positive, development in key figures. “A+” rating with a “Stable” outlook. Market share as of 30.06.2026 of 9.9% (new sales figures from finfo)
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Historical milestones Brage Finans AS 2010 Leasing/loans through owner banks 2015 Leasing/loans to corporate customers through dealers Distribution through car dealerships 2018 2019 2020 2021 10 banks in Lokalbank as shareholders Brage invests in factoring company 2022 Nationwide 2023 Financial group with Factoring Finans Concession 16 June 2010 3 331 9 248 11 973 14 150 16 956 20 375 23 390 25 957 29 834 Portfolio growth (NOK million) 2024 Rogaland Sparebank becomes owner 2025 Brage Finans becomes a subsidiary of Sparebanken Norge Jæren Sparebank and Trøndelag become Sparebank owners Scope: A+ Eco- Lighthouse Cicero: Dark Green Scope: A- Stable
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Key figures for Q2 2026 (Q2 2025) Net loan portfolio NOK 32.4 (28.4) bn New sales leasing and loans NOK 4.1 (3.5) bn. Profit before tax NOK 164 (160) mill. Return on Equity (RoE) 10.9 (11.5) % Cost percentage 25 (26) % Leverage ratio 14.1 (14.3) %
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Distribution strategy – Three channels Advisors Salespeople at Brage Finans Self-service Retailers of capital goods Car dealers Agents Owner banks Dealers Direct Own sales force Self-service Customers of other banks
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The owners of Brage Finans
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Brage Finans is represented all over the country • Tromsø • Trondheim • Ålesund • Bergen • Stavanger • Kristiansand • Arendal • Porsgrunn • Sandefjord • Oslo Brage Finans also has salespeople in Østfold, Innlandet and Buskerud. Brage Finans sales offices:
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Strategic goals
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Strategic goals 2026 - 2028 Brage Finans will be the preferred financing partner in Norway ≥13% Return on equity <25% Cost percentage ≥12% Portfolio growth Long-term Objectives
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Key strategic factors – the road to 2028 • All owner banks must contribute to a greater extent • Retain and work with profitable resellers Harnessing the potential of existing distribution channels • Continuing the good work that has been done • New owner banks • New dealer collaborations, national and international New distributors and partners • Streamline and automate processes • Scalability and robustness • Flexibility • Leverage technology, data, and customer insights • Increased and responsible use of AI Further develop IT systems Brage Finans will be the preferred financing partner in Norway Long-term Objectives
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From 10 to 30bn AuM in two years with large potential for further growth This presentation is considered marketing material Capital Markets Day, 11 August 2026
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Borea at a glance Active manager with local roots and an integral part of the owner banks' savings initiatives 20+ years of history Experience gained through multiple market cycles Local anchoring Proximity to customers and businesses, from Western Norway and further nationally Own fund platform Own management, own funds and own distribution Part of the owner banks Savings and wealth management as a strategic focus area
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2026: New growth phase with strong capital inflows and good profitability Results that strengthen the owner banks' value creation Total assets (CB) 30.5 billion OB 2026: NOK 23.3 billion Net new subscriptions so far in 2026 NOK 5.4 billion Number of funds 17 Up from 5 (June 2024) Revenue so far this year NOK 103 million EBIT year-to-date 44 million EBIT margin year-to-date 43 %
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The results show that the strategy is working Three areas where we have delivered Growth Product Results • Strong growth in total assets • High net subscriptions throughout the period • Increased utilisation of specialist expertise in finance, high-yield and Norwegian/Nordic equities • Retail-adapted funds and separate Norwegian/Nordic share offering • Competitive returns over time • High customer satisfaction
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From ownership transaction to complete fund platform in less than two years Jun–Oct 2024 Ownership of Sparebanken Norge agreed, approved and completed Dec 2024 Fund roll-out starts with Norwegian/Nordic share offering Jan 2026 The local bank collaboration and Sparebanken Møre become owners Feb 2026 Fund rollout completed: 17 funds in the portfolio Organization Building: June 2024 → Today Retail adaptation: in parallel throughout the period, now in the final phase Oct 2026 Customer advisors employed in Oslo, starting 1 October Key milestones from June 2024 to the present
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The next phase: an even more important role in the owner banks' savings strategy One unified goal, with three ambitions that build on what we have delivered Target image Borea will be the natural first choice in savings for the customers of the owner banks, and one of the leading asset management environments outside Oslo Ambitions Become a significantly larger and more relevant asset manager NOK 50 billion in total assets Take a bigger role in the owner banks' savings strategy Increased share of the savings flow in the owner banks Continue to grow profitably Increased share of repeatable income for owner banks
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Now we will extract the full effect of the platform More capital in and continuous improvement of operations 1 Win more from existing customer base • Closer cooperation with the advisory system • Higher savings per customer 2 Strengthen distribution nationally • Distribution through the owner banks with national reach • More customers throughout the country 3 Scale the business efficiently • Technology and automation • Capacity to grow without corresponding cost growth
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What we have built gives the owner banks a higher return on ownership From the starting point in 2026 to the goal in 2030 2026 The starting point • Solid history and a strong foundation • Strong growth in assets under management • Clear ambitions for the road to 2030 2030 The goal • A significantly larger manager • A key part of the owner banks' savings strategy • Profitable growth that gives owner banks a higher return on ownership
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Norne Securities Sparebanken Norge Capital Markets Day N O R N E S E C U R I T I E S · A U G U S T 2 0 2 6
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ABOUT NORNE IN BRIEF The company consists of two primary business areas 1 Savings and investment platform for funds and shares 2 Norne Capital Markets Funds and shares in the same solution - 20 fund distributors - 55 share trading distributors Focus on the long-term saving customer - Simple and safe platform - Cost-effective deployment with low platform fees Advisory and capital markets services - Advice to savings banks - M&A for small and medium-sized businesses - Rights issues, IPOs and other selected equity transactions - DCM, LCR and other funding - Stock brokerage, analysis and investor distribution - Started in 2008 in Bergen - Owned by 21 savings banks, Must AS and the employees - Partner in savings, investments and capital market services for the owner banks, as well as direct customers - 2025: Turnover of NOK 159 million and profit after tax of NOK 20 million
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NORNE TODAY What have we succeeded with? 2 Key figures1 Our position Development last year (H1 26 vs. H1 25) Development last 5 years (5Y CAGR) No.1 No.1 No.1 No.1 Equity issuances for savings banks M&A for savings banks Divestment from foundations Market Making on the Oslo Stock Exchange Return on equity (ROE): >25% as of H1 2026 | > 20% in the last 5 years > NOK 40bn AUM - Doubled market share in the past year from 5% to 10% in bank bond issuance (T1/T2 and senior unsecured loans) - Record high order book for M&A and rights issues > 200,000 Total customers + 17 % in turnover + 40 % in profit + 17 % in turnover
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AMBITIONS TOWARDS 2031 NORNE in 2031 ROE-accretive for owners High customer satisfaction Further develop a common culture and specialist expertise First choice for the owner banks' corporate customers Leading platform for easy and long-term savings Double AUM on the savings platform Preferred advisor for savings banks
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The savings and investment platform Clearer strategic direction: - Discontinuing management of own funds - Reduces operational complexity Long-term savings → increased AUM per customer: - Savings agreements - EPK (Individual pension account) - Transfer of equity savings accounts and savings Norne Capital Markets Simple, clear and safe: - Shares and funds in the same solution - Increased focus on operational reliability Customer growth: - Bank distribution - Advisory channel THE WAY FORWARD How will we achieve our goals by 2031? Among the most affordable platforms on the market Advice for savings banks: - Develop your team M&A for small and medium-sized businesses: - In-depth expertise in selected sectors - Cooperation with owner banks Rights issues and IPOs: - Increased volume (more guarantors) - Broad customer base DCM, LCR and advice to foundations: - Own bond book - Strengthen placing power Stock Brokerage, Analysis, and Investor Distribution: - Capitalize on a good analysis product, experienced brokers and a broad investor base
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Further develop and strengthen cooperation with owner banks and sister companies Growth in the direct channel IN THE SHORT TERM Strategic priorities in 2026 and 2027 Build a strong and resilient organization and platform for future growth Further develop and strengthen the position in advising savings banks
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Part 3: Panel discussion on the realisation of Sparebanken Norge
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More people want to be part of Norway's most ambitious banking project Attracting the best people from all over the country National brand with a local affiliation A national community builder A savings bank that makes a difference to local communities in all parts of the country Building a national savings bank for customers and communities We will have the people who are passionate about the project and ensure profitable growth
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Nelly Sundfær Maske Regional Director, Trondheim Raymond Brendeløkken Regional Director, Tromsø Stine Egeli Øvrebø Head of AI Acceleration Pål Ekberg Head of Southern Norway and EVP Retail Banking South More people want to be part of Norway's most ambitious banking project
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Uniquely positioned for further growth Leading in cost-effectiveness Low risk in the loan portfolio Leading in digital innovation Bulder – the Norwegian challenger bank concept Significant donations and customer dividends A culture of high performance Among the best on return on equity Why invest in Sparebanken Norge?
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A strong culture driving superior long-term returns Source: Bloomberg, as of August 6, 2026 Peers are DNB, SB1 Eastern Norway, SB1 Northern Norway, SB1 Southern Norway and SB1 SMN * The history before 2 May 2025 is for Sparebanken Vest 137% 105% 94% 85% 81% 75% Sparebanken Norge* Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Total return including dividends over the last 3 years 212% 188% 141% 137% 127% 121% Sparebanken Norge* Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Total return including dividends over the last 5 years
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Thank you for your attention!
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Investor relations Jan Erik Kjerpeseth CEO T el.: (+47) 951 98 430 jan.kjerpeseth@spv.no Hans Olav Ingdal CFO T el.: (+47) 948 09 328 hans.ingdal@spv.no Brede Borgen Kristiansen Director of Finance and Investor Relations T el.: (+47) 479 06 402 brede.kristiansen@spv.no
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Disclaimers The statements in this presentation may include forward-looking statements, such as forward-looking statements. These statements are based on management's current views and assumptions, and involve both known and unknown risks and uncertainties. Although Sparebanken Norge believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct. Actual results, performance or events may differ materially from those expressed or implied by forward-looking statements. Important factors that may cause such a difference include, but are not limited to: (i) general economic conditions, (ii) financial market developments, including market volatility and liquidity, (iii) the extent of credit defaults, (iv) interest rates, (v) exchange rates, (vi) changes in the competitive climate, (vii) changes in laws and regulations, (viii) changes in the policie s of central banks and/or foreign governments, or supranational entities. Sparebanken Norge has no obligation to update forward-looking statements.