Slides
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Q3 2026 Quarterly presentation CEO Jan Erik Kjerpeseth Bergen, 30 October 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 realisation of synergies • Peak investment phase for national distribution
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01 | Solid banking performance as we build a new national bank
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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 % 14,2 % Target 13% 2013 2 014 2015 2016 2 017 2018 2019 2020 2021 2022 2023 2024 2025* YTD 2026 ROE ROE target
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Return on equity above target year-to-date 14,4 % 13,4 % 16,1 % 14,0 % 12,7 % 16,5 % 15,2 % 18,3 % 16,0 % 14,5 % Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 ROE ROTE 4,02 3,87 4,48 3,87 3,66 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Return on equity1 Earnings per equity certificate1 NOK 1 Pro forma ROTE = Return on Tangible Equity. The measure adjusts for the income statement and balance sheet effects of bank mergers.
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Higher market rates continue to put short-term pressure on NII Net interest income1 NOK million 1 Pro forma 2671 2679 2604 2749 2800 2768 2641 2529 2664 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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Strong growth in Borea and savings and investment Strong growth in net commission income 134 147 105 124 151 152 136 139 153 45 87 51 62 59 158 81 74 6339 40 38 38 37 45 43 44 48 0 26 28 31 36 41 46 57 53127 113 137 190 148 133 114 193 160 38 36 51 33 22 27 14 14 16 384 447 410 478 452 556 435 521 493 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Payment fees Insurance Savings and investment Borea AM Real estate brokerage Other Net commission income1 NOK million 1 Pro forma
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1 004 - 6 14 32 1 044 Operating costs Q3 2025* Merger costs Increased in costs in Eiendomsmegler Norge - variable with sale Other cost increase Operating costs Q3 2026 * Pro forma Cost/income ratio of 31.0 % in the quarter (excluding merger costs) Underlying cost growth of about 3.2 % including investment in new market areas Low underlying cost growth
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37% 18% 14% 6% 10% 15% Increased geographical spread lowers concentration risk Vestland Agder Rogaland Vestfold and Telemark Other Oslo and Akershus 26% 7% 52% 15% Mortgages account for ~67% of the loan book and >97% of the retail customer portfolio Corporate customers, bank Brage Finans Retail customers, bank Bulder Conservative loan portfolio with low risk
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39 32 52 19 60 61 43 85 -3 59 18 22 20 16 19 13 17 18 37 38 0,05% 0,05% 0,06% 0,03% 0,07% 0,06% 0,05% 0,08% 0,03% 0,08% -0,14% -0,09% -0,04% 0,01% 0,06% 0,11% -20 0 20 40 60 80 100 120 140 160 180 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25* Q3 25 Q4 25** Q1 26 Q2 26 Q3 26 Parent bank and covered bond subsidiary Brage Finans AS Loan losses in % of total gross loans, annualised 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 NOK -12 million
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18,1 % 17,5 % 18,1 % 18,1 % 18,1 % Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Strong capital position supports future growth and dividends 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 | On track to realise the ambitions for Sparebanken Norge
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Strategy hierarchy for Sparebanken Norge Long-term goals Strategic positions next 2-3 years Strategic priorities 2026 - 2028 Vision Norway's best savings bank Strong nationwide brand with a presence 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 earnings- accretive and established as Norway's leading digital banking challenger Among the best Norwegian savings banks in terms of banking operations and return on equity Among Norway's best for customer experience and satisfaction Among the most attractive centres of expertise in Norwegian finance Realised cost synergies of NOK 425 million Shared performance culture Realised Norway's most efficient loan processes for retail and corporate banking Successful technical integration Maintain growth and increase market share in retail and corporate banking Successful establishment in Oslo, Tønsberg, Romsdalen, Tromsø, Mo i Rana and Trondheim Bulder has achieved NOK 100 billion in lending Realised capital synergies of NOK 3.4 billion A key contributor to society that Norway would be poorer without
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Financial targets 2026-2028 > 13.0 % Return on equity, ROE > 15.0 % Return on equity adjusted for merger effects, ROTE >3 400 MNOK Capital synergies from 2028 > 425 MNOK Operating cost synergies from 2027 >200-250 MNOK Funding synergies from 2025-2030 < 380 MNOK Merger costs 2024-2027 < 30 % Cost/income ratio excluding merger costs > 15.9 % CET1 capital ratio ~50 % Payout ratio
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Successful technical integration of Sør and Vest Efficient collaboration with Tieto to minimise downtime in online and mobile banking Strong in-house IT team that handled the technical merger quickly and smoothly Stronger foundation to develop the bank and deliver even better customer and employee experiences Scalable, robust platform for higher volumes during the merger and beyond Success criteria for implementation A strong starting point for the way forward
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• 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 was completed in the early fourth quarter of 2026. Technical integration of Sparebanken Norge and the former Oslofjord Sparebank will take place in 2027. 254 75 26 25 380 2024-2025 Q1-Q3 2026 Q4 2026 2027 Total Merger costs NOK million Forecast of remaining costs Merger costs according to plan
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• We expect cost synergies of NOK 425 million, including the merger with Oslofjord Sparebank • A significant proportion of synergies relate to technical integration between Sør and Vest, completed in Q4 2026. This will increase the synergy run-rate heading into 2027. • Sparebanken Norge will report quarterly on cost synergy realisation, with the goal of achieving the full synergy run- rate by the end of 2027 at the latest 175 375 425 Status Q3 2026 Q4 2026 Q4 2027 Annualised synergy run-rate NOK million Cost synergy realisation on track
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First phase of workforce adjustment on track 100-120 FTEs from Q1 2026 To be defined as part of the transformation programme To be defined as part of the transformation programme 01 02 03 Staff/Support, Direct Banking, Retail South Customer divisions T echnology and development 2028 Phase 1 • On track for completion by 1 November • Severance agreements cover 96 FTEs as of October 2026. • Parent-bank FTEs also fell by 28 from Q1 to Q3 2026 Phase 2 • Capacity planning underway • Expected completion in spring 2027 Phase 3 • Expected completion by the end of 2027
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Workforce adjustment on track 1 221 53 - 70 1 204 - 96 25 1 133 Parent bank FTEs – Vest+Sør Q1 2025 Staff increases in new geographical markets and Oslofjord Sparebank Realised synergy reductions Parent bank FTEs Q3 2026 Staffing adjustments autumn 2026 Planned staff increases in new geographical markets Parent bank FTEs
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Targeting flat cost development from 2026 to 2028 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 60-70 million, to be recognised 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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New head office in Kristiansand on track Building one team in two cities We invest in the region and will build its most important head office Creating skilled jobs We will build the strongest centre of expertise in Southern Norway and strengthen our attractiveness as an employer A place for value creation The building will bring together the local community, businesses, entrepreneurs and partners to share knowledge and expertise and create value
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03 | National challenger with strong growth and increased market share
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Our community engagement is something no one can replicate We develop digital services that are easy and efficient to use We will give customers the confidence that they chose the right bank We delight our customers with customer dividends, paid straight into their accounts Personal touch World-class digital solutions Community engagement Customer dividends Our value proposition:
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Sustainedstrongcommunityengagement NOK 50 million for a new sports hall in Bergen city centre NOK 16 million for gender equality boost at Brann stadium NOK 24 million for girls' football in different parts of the country NOK 27 million for a multi-purpose arena in Bjørnafjorden Selected donations in Q3 NOK 5 million for Start women’s team and increased investment in women's football
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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 NOK in-force premiums by year-end 2028 Borea Asset Management > 50 billion NOK AuM by year-end 2029 Corporate market 8 – 10 % annual loan growth incl. geographic expansion Retail market (excl. Bulder) 6 – 8 % annual loan growth incl. geographic expansion Bulder 100 billion NOK home mortgage volume by year-end 2028
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Strong lending growth over time – continuing to gain market share 306 312 317 325 335 341 345 352 357 9,0 % 9,2 % 8,6 % 8,3 % 9,5 % 9,3 % 8,7 % 8,2 % 6,7 % -10,0 % -8,0 % -6,0 % -4,0 % -2,0 % 0,0 % 2,0 % 4,0 % 6,0 % 8,0 % 10,0 % 100 150 200 250 300 350 400 450 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Retail customer lending Year-on-year growth 134 135 139 142 144 146 149 153 156 10,4 % 7,5 % 7,1 % 7,4 % 7,9 % 8,2 % 7,1 % 7,4 % 8,3 % -14,0 % -9,0 % -4,0 % 1,0 % 6,0 % 11,0 % 80 90 100 110 120 130 140 150 160 170 180 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Corporate customer lending Year-on-year growth 1 Pro forma 2 Year-on-year growth in retail lending excluding Bulder is approx. 6.3 % Retail customers1,2 NOK billion Corporate customers1 NOK billion
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Strengthening our position in both retail and corporate banking 1Pro forma as of Q2 2026 2 Peers: DNB (for corporate customers – Corporate Customers Norway), SB1 Sør-Norge, SB1 Østlandet, SB1 SMN and SB1 SNN 9,2 % 8,2 % 5,6 % 5,3 % 4,6 % 1,4 % Peer 1 SBNOR Peer 2 Peer 3 Peer 4 Peer 5 7,4 % 5,2 % 5,1 % 4,9 % 3,5 % 0,6 % SBNOR Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 12-month growth in lending to retail customers1,2 12-month growth in lending to corporate customers1,2
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We are building a national savings bank at record speed Tromsø Mo i Rana Oslo Kristiansund Molde Tønsberg Trondheim 3Q27 4Q26 Office established in Tønsberg Strengthening our position in Eastern Norway Soon in Trondheim and Mo i Rana A national challenger in new market areas
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Bulder has Norway's most satisfied bank customers Home purchases: from growth brake to a new distribution channel in Bulder Customers must leave Bulder when buying a home. This slows down growth in 2026. Source: EPSI Norge, banking survey 2026 (retail market). Customer satisfaction, retail market CSI 2026, scale 0–100 81.0 Bulder 69.6 Industry average No. 1 Four years in a row Q1–Q3 2026 Home purchases slow down growth Stricter requirements and fewer options than in adviser-led banks Q4 2026 Same credit mandate, digital rules Now Same practice for digital and manual processing Q1–Q2 2027 Automated mortgage pre-approvals in seconds Gradual rollout for all purchase purposes Q3 2027 New and improved home-buying process Target ✓ Competitive loan amounts ✓ Fastest response to loan applications ✓ Best support for choosing a home
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Frende on track for > NOK 6 billion in written premiums by end-2028 2,8 3,0 3,2 3,7 4,5 5,0 2021 2022 2023 2024 2025 Q3 2026 Written premiums (NOK billion) ~13% annual growth in in-force premiums since 2021
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Brage delivers loan growth above the 12 % target ~15 % annual lending growth since 2021 17,0 20,4 23,5 26,2 30,2 33,4 2021 2022 2023 2024 2025 Q3 2026 Net lending (NOK billion)
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Assets under management (AuM) NOK billion 11,7 12,9 14,3 18,7 20,9 23,4 25,3 30,5 32,6 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Borea grows towards > NOK 50 billion AuM and opens an Oslo office
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01 | Solid banking performance as we build a new national bank 02 | On track to realise the ambitionsfor Sparebanken Norge 03 | National challenger with strong growth and increased market share
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A strong culture has delivered high total returns over time Source: Bloomberg, as of 26 October 2026 Peers are DNB, SB1 Østlandet, SB1 Nord-Norge, SB1 Sør-Norge and SB1 SMN * The history before 2 May 2025 is for Sparebanken Vest 136% 128% 127% 88% 83% 77% Sparebanken Norge* Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Total return including dividends over the last 3 years 182% 164% 126% 118% 114% 100% 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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Uniquely positioned for further growth Leading in cost-effectiveness Low risk in the loan portfolio Leading in digital development Bulder, Norway's banking challenger Significant donations and customer dividends A strong performance culture Among the best for return on equity Why invest in Sparebanken Norge?
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Q&A investorrelations@sbnorge.no
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Investor contacts 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 statements about future expectations. 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 environment, (vii) changes in laws and regulations, (viii) changes in the policies of central banks and/or foreign governments, or supranational entities. Sparebanken Norge has no obligation to update forward-looking statements.