Slides
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Background Chart x axes Company colour Charts Fourth quarter results 2025 4 February 2026 Jacob Lundblad, CEO Patrick MacArthur, CFO
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Background Chart x axes Company colour Charts – 2 – Key events during Q4’25 Note: 1) Adjusted for transformation costs, amortization of transaction surplus values, and the segment “Other”. ▪ Solid end to an eventful 2025: During the final stages of a transformative period, NOBA has managed to deliver attractive financial progress, maintain a strong business momentum and reach ATH for customer satisfaction as well as employee satisfaction ▪ Acquisition of DBT Capital AB: In line with NOBA’s previously communicated ambition to expand in the SME segment. DBT’s strong team and attractive platform will be a good match with NOBA’s diversified funding and scale-up experience ▪ NPL sales confirming our asset quality: Divesting several NPL portfolios (gross amount of SEK 1.1bn) above book value ▪ Improved funding spreads and rating outlook: AT1 and unsecured bonds issued at lower spread than previous comparable issuances. Confirmed BBB rating (Investment grade) by Nordic Credit Rating, outlook raised to “Positive”. ▪ Solid underlying financial development in the quarter: Q4 Adj. core operating profit of SEK 1.3bn (+38% YoY) and Core RoTE of 25%1) (+2.3pp YoY) / 27% excl. accrued dividend — Underlying portfolio growth of 10% YoY:Reported volumes negatively impacted by FX — Adj. C/I ratio of 24% (+0.1pp y/y). Adj. operating expenses grow somewhat above historic trend (+8% YoY) due to business investments and lumpy realisation from cost-takeout programmes. Reiterated outlook: cost growth is expected to remain somewhat above historic trend in coming quarters — Positive development in cost of risk: 2.8% in Q4 with some support from NPL sales — Strong capital position underpinned by inaugural dividend: CET1 at 13.7%. Board proposing to the AGM ordinary dividend of SEK 1.60 per share and extra dividend of SEK 1.50 per share ▪ Medium-term financial targets reiterated
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Background Chart x axes Company colour Charts – 3 – Acquisition of DBT Capital AB (DBT) ▪ SME expansion in line with NOBA’s previously communicated strategy — Expansion into Nordic SME lending is one of the strategies communicated in NOBA's target to reach SEK 250bn in lending by 2030 (with new initiatives expected to reach approximately SEK 10bn) — SME market is large1 and underserved by traditional lenders. Challengers are expected to gain market share ▪ DBT offers collateralised term loans to Swedish SMEs — Target loan size: SEK 3–35m, with an average contractual maturity of 4 years — SMEs choose DBT due to speed, flexibility, relationship, and professionalism — Cost-efficient, multichannel distribution ▪ NOBA and DBT are a good match — DBT has a highly digitalised and automated platform, built by a strong team committed to staying with the company — DBT’s future growth will benefit from NOBA’s diversified funding mix and experience with successful scale-ups ▪ Limited near-term financial impact Note: 1) The Swedish micro and SME credit market is estimated at ~SEK 750 billion, according to a management estimate.
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Background Chart x axes Company colour Charts – 4 – ▪ Private loans portfolio SEK 93.0bn ‒ YoY growth of 10% in local currencies, while negative FX impact was 4pp ‒ QoQ growth (annualised) of 8% in local currencies, while negative FX impact was 6pp ‒ Strong growth continuing in Sweden and Denmark. Somewhat softer demand in Norway ‒ Some signs of increased competition ▪ Operating income SEK 2,101m ‒ YoY growth of 10%, driven by higher lending volumes and improved NIM ▪ Adj. C/I ratio1) 21% (21% Q4’24) ▪ Cost of risk 3.3% (4.6% Q4’24), with trend of underlying improvement continuing ▪ Adj. RoTE2) 22% (16% Q4’24) Segment overview – Private loans Quarterly, % NIM and Cost of risk Key takeaways Quarterly, SEKbn Loan book Note: 1) Costs adjusted for transformation costs. 2) Calculated based on operating profit adjusted for transformation costs a nd amortization of transaction surplus values. Margins OPEXLoan book Cost of risk Capital ReturnsOverview Quarterly, SEKm / % Operating income and Adj. C/I Ratio1) Quarterly, % Adj. return on tangible equity2) NIM (%)CoR (%) Operating Income (SEKm) Adj. C/I ratio1) (%) 87.4 86.8 89.7 92.5 93.0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 8.7 % 8.6 % 8.5 % 8.8 % 8.7 % 4.6 % 4.0 % 3.3 % 3.3 % 3.3 % Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 1,916 1,943 1,901 2,056 2,101 21% 20% 22% 21% 21% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 16% 20% 21% 23% 22% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
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Background Chart x axes Company colour Charts – 5 – Segment overview – Credit cards Note: 1) Costs adjusted for transformation costs. 2) Calculated based on operating profit adjusted for transformation costs a nd amortization of transaction surplus values. ▪ Credit cards portfolio SEK 19.6bn ‒ YoY growth of 12% in local currencies, while negative FX impact was 5pp ‒ QoQ growth (annualised) of 9% in local currencies, while negative FX impact was 8pp ‒ Solid growth across all Nordic countries and Germany, however with FX headwinds from appreciating SEK ▪ Operating income SEK 636m ‒ YoY growth of 10%, driven by NCI, volume growth and NIM ‒ Positive NIM impact from lower funding costs and higher revolver rates ▪ Adj. C/I ratio1) 28% (31% Q4’24) ‒ Continued YoY improvement in a seasonally slower quarter ▪ Cost of risk 3.8% (2.9% Q4’24) ‒ No deterioration of underlying credit quality, increase largely related to one- off model update ▪ Adj. RoTE2) 34% (44% Q4’24) ‒ Impacted by temporary and seasonal factors Key takeaways Quarterly, % NIM and Cost of risk Quarterly, SEKbn Loan book Quarterly, SEKm / % Operating income and Adj. C/I Ratio1) Quarterly, % Adj. return on tangible equity2) NIM (%)CoR (%) Margins OPEXLoan book Cost of risk Capital ReturnsOverview Operating Income (SEKm) Adj. C/I ratio1) (%) 18.2 18.3 18.8 19.5 19.6 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 10.6 % 10.4 % 10.4 % 10.5 % 11.0 % 2.9 % 2.9 % 3.0 % 2.9 % 3.8 % Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 578 602 610 662 636 31% 28% 22% 26% 28% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 44% 45% 48% 46% 34% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
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Background Chart x axes Company colour Charts – 6 – Segment overview – Secured Note: 1) Costs adjusted for transformation costs. 2) Calculated based on operating profit adjusted for transformation costs a nd amortization of transaction surplus values. 3) Volumes were SEK 8.7bn for mortgages and SEK 10.5bn for equity release mortgages. Quarterly, % NIM and Cost of risk Quarterly, SEKbn Loan book Quarterly, SEKm / % Operating income and Adj. C/I Ratio1) Quarterly, % Adj. return on tangible equity2) NIM (%)CoR (%) ▪ Secured portfolio SEK 19.2bn3) ‒ YoY growth of 8% in local currencies, while negative FX impact was 1pp ‒ QoQ growth (annualised) of 11% in local currencies, while negative FX impact was 2pp ‒ Segment with highest growth QoQ, particularly driven by mortgages in Sweden and Norway. Equity release loans still expected to recover gradually on the back of improved property markets ▪ Operating income SEK 179m ‒ YoY growth of 0%, where higher lending outstanding was offset by slightly lower NIM ▪ Adj. C/I ratio1) 26% (26% Q4’24) ▪ Cost of risk 0.4% (-0.1% Q4’24) ▪ Adj. RoTE2) 39% (45% Q4’24) Key takeaways Margins OPEXLoan book Cost of risk Capital ReturnsOverview Operating Income (SEKm) Adj. C/I ratio1) (%) 18.0 18.0 18.4 18.8 19.2 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 4.0% 3.8% 3.9% 3.9% 3.8% (0.1%) 0.2% 0.4% 0.3% 0.4% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 179 173 175 181 179 26% 22% 24% 22% 26% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 45% 45% 43% 46% 39% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
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Background Chart x axes Company colour Charts – 7 – Summary financials Notes: 1) YoY: Constant currency as of 31 -Dec-2024 (NOK / SEK 0.971; DKK / SEK 1.537; EUR / SEK 11.463). 2) Adjusted for transformation costs. 3) Adjusted for transformation costs, amortization of transaction surplus values, and the segment “Other”. 4) Deduction of SEK 800m related to a proposed ordinary dividend in line with dividend policy (~40% of H2 2025 adj. core profit attributable to shareholders) as well as deduction of SEK 750m related to a proposed extra dividend. SEKm Q4’24 Q3’25 Q4’25 YoY Balance sheet Loan book 124,448 131,459 132,341 6% Constant currency1) 10% Income statement Net interest income 2,535 2,712 2,745 8% Net interest margin, % 8.3% 8.4% 8.3% 0.1 pp Net fee and commission income 169 234 200 18% Operating income 2,689 2,913 2,928 9% Adj. operating expenses2) (638) (646) (691) 8% Adj. C/I, % 24% 22% 24% (0) pp Net credit losses (1,141) (918) (930) (19%) Cost of risk, % 3.7% 2.8% 2.8% (0.9) pp Adj. core operating profit3) 929 1,357 1,279 38% Adj. core profit for shareholders3) 697 1,009 958 37% Core RoTE3), % 23% 28% 25% 2 pp Capital CET1 ratio 13.2% 14.1% 13.7% 0.5 pp Q4’25 summary Solid financial performance Margins OPEXLoan book Cost of risk Capital ReturnsOverview ▪ Loan book growth largely in line with target at 10% YoY in constant currency1) (or 6% on a reported basis) ▪ Solid NIM of 8.3% ▪ NCI growth outpaced loan growth, driven by credit card activity and improved supplier terms ▪ Maintained C/I ratio at 24% level vs. Q4’24, adj. costs +8% YoY. Growth above trend due to investments and lumpy realisation from cost-takeout programmes ▪ CoR down 0.9pp vs. Q4’24 to 2.8% with support from large NPL sales ▪ Core RoTE3) of 25% (27% excluding accrued dividend) ▪ CET1 of 13.7% after deduction of proposed dividend4) Key takeaways
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Background Chart x axes Company colour Charts – 8 – Loan book by segment Growth in line with medium-term targets Margins OPEXLoan book Cost of risk Capital ReturnsOverview Notes: QoQ growth is annualised. 1) Constant currency as of 30-Sep-2025 (NOK / SEK 0.944; DKK / SEK 1.481; EUR / SEK 11.052). 2) Constant currency as of 31-Dec-2024 (NOK / SEK 0.971; DKK / SEK 1.537; EUR / SEK 11.463). ▪ QoQ loan book growth of 8% in local currencies, with negative FX impact of 6pp and negative impact from NPL sales ‒ Growth in private loans, driven by momentum in Sweden and Denmark, ‒ Strong growth in Credit cards across all markets ‒ Secured pick-up continues with segment being the one seeing highest QoQ growth, driven by mortgages ▪ YoY growth of 10% in local currencies, with negative FX impact of 4pp driven by appreciation of SEK Key takeaways Q4’25 QoQ (ann.) Q4’25 YoY Q4’25 Reported Constant currency1) Reported Constant currency2) Private loans 2.2% 7.9% 6.4% 10.2% Credit cards 1.0% 9.2% 7.4% 12.4% Secured 8.3% 10.8% 7.0% 8.2% NOBA loan portfolio 2.7% 8.3% 6.3% 9.9% Loan book, YoYLoan book growth
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Background Chart x axes Company colour Charts – 9 – SEKm Net interest income and NIM Margins OPEXLoan book Cost of risk Capital ReturnsOverview Net interest marginNet interest income, quarterly ▪ Net interest income SEK 2,745m ‒ 8% YoY growth, driven by increased portfolio volume, higher net interest margin and partially offset by negative currency effects ‒ Positive NIM impact from lower policy rates and repricing of private loans is now largely realised Key takeaways 8.3% 8.1% 8.1% 8.4% 8.3% 7.9% 8.1% 8.2% 8.2% 8.2% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 2,535 2,527 2,549 2,712 2,745 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 NIM quarterly (%) NIM LTM (%)
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Background Chart x axes Company colour Charts – 10 – SEKmSEKm Net fee & commission income, LTM Net fee & commission income, quarterly Net fee & commission income Margins OPEXLoan book Cost of risk Capital ReturnsOverview ▪ Net fee & commission income SEK 200m ‒ Continued strong momentum in net fee & commissions, outpacing portfolio growth ‒ 30% YoY LTM growth mainly driven by increased number of customers and credit card activity as well as improved insurance contribution Key takeaways 645 717 743 810 840 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 169 209 198 234 200 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
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Background Chart x axes Company colour Charts – 11 – SEKm Operating expenses Note: 1) Adjusted for transformation costs. Margins OPEXLoan book Cost of risk Capital ReturnsOverview Adj. C/I ratio1)Operating expenses, quarterly ▪ Adj. C/I1) ratio 24% (24% Q4’24) ▪ Progress towards medium-term C/I target of <20% not expected to be linear with near- term quarterly development expected to be impacted by: ‒ Temporarily lower realisation from cost- takeout-programs in 2026 compared to 2024-25 ‒ Investments in new business initiatives and medium-term efficiency programmes ‒ The SEK 691m in adj. operating expenses include SEK 15m in transaction costs related to the DBT acquisition (included in segment “Other”) ▪ Q4’25 transformation costs SEK 4m, reflecting the finalisation of the strategic review and listing of the NOBA share on Nasdaq Stockholm, impacting Reported C/I ‒ No additional transformation costs expected in the foreseeable future Key takeaways 638 595 587 646 691 744 630 629 803 695 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 24% 22% 22% 22% 24% 24% 23% 23% 22% 22% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Adj. C/I ratio quarterly (%) 1) Adj. C/I ratio LTM (%) 1)Adj. operating expense1) Reported operating expense
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Background Chart x axes Company colour Charts – 12 – Loan losses Margins OPEXLoan book Cost of risk Capital ReturnsOverview Cost of Risk, LTMCost of risk, quarterly ▪ Cost of risk 2.8% (3.7% Q4’24) ‒ Driven by continued underlying improvements – 7th straight quarter with falling YoY cost of risk ‒ Some positive impact from NPL sales in quarter of SEK ~70m – mainly affecting segment “Other” ‒ Partially offset by credit card model update ▪ Clear positive trajectory also visible for LTM cost of risk towards normalised level of 2.5- 3.0% ‒ Potential for further reduction as positive macro and continuous underwriting improvements filters through Key takeaways 3.7% 3.3% 2.9% 2.8% 2.8% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 3.5% 3.4% 3.3% 3.2% 3.0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25
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Background Chart x axes Company colour Charts – 13 – Capital position and liquidity Note: 1) Capital position reflects deduction of SEK 800m related to a proposed ordinary dividend in line with dividend policy (>40% of H2 2025 adj. core profit attributable to shareholders) as well as deduction of SEK 750m related to a proposed extra dividend. Reported capital vs regulatory capital requirement Margins OPEXLoan book Cost of risk Capital ReturnsOverview ▪ CET1 ratio of 13.7% ‒ 3.5pp buffer to CET1 requirement ‒ Within the CET1 ratio target of 13-15% ▪ Inaugural dividend to be paid out of H2’25 earnings ‒ Ordinary dividend of SEK 1.60 per share (~40% of H2 2025 adj. core profit attributable to shareholders) ‒ Extra dividend of SEK 1.50 per share ‒ In total, SEK 1,550m deducted from CET1 as of 31 December1) ▪ Strong position on funding and liquidity requirements ‒ LCR 151% ‒ NSFR 111% Key takeaways T1 T2CET1 13-15% CET1 Financial target 13.7% 10.2% 2.1% 1.8% 1.7% 2.3% 17.5% 14.3% Q4'25 Regulatory Capital Requirement incl. P2G
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Background Chart x axes Company colour Charts – 14 – Notes: 1) As per description on page 7. 2) Including M&A. 3) Includes accrued dividend – RoCE excluding accrued dividend will be higher. Loan book C/I Core RoTE CET1 and dividend KPI ▪ Multiple organic growth levers with strong support from embedded growth dynamics, targeting SEK 250bn in loan book by YE 2030 (incl. M&A) ▪ Solid progress towards <20% target, development not expected to be linear even though the underlying trends remain intact ▪ Continuation of current growth, operational and cyclical trends – supported by past performance and “as-is” segment marginal RoTE3 ▪ Dividend target corresponding to 40% of adjusted core profit attributable to shareholders ▪ Distribution of excess capital above CET1 target on an annual basis ▪ Proposal entails ordinary dividend (SEK 800m) in line with dividend policy (~40% of H2 2025 adj. core profit attributable to shareholders) and extra dividend (SEK 750m) Commentary +10% / +6% Like-for-like1) / Reported YoY 24% Q4’25 (-0.1pp YoY) 25% Q4’25 (+2.3pp YoY) 13.7% Q4’25 10.2% Requirement (Dec-25) SEK 1.60+1.50 Ordinary + Extra DPS Financial targets (medium-term) >10% p.a. organic (local currencies) SEK 250bn by YE 20302) <20% ~30% 13-15% CET1 ratio 40% payout ratio Q4 performance Performance vs. financial targets Margins OPEXLoan book Cost of risk CapitalOverview Returns
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Background Chart x axes Company colour Charts Q&A
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Background Chart x axes Company colour Charts Appendix
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Background Chart x axes Company colour Charts – 17 – Financial highlights – Group Continuation of solid growth and profitability Note: 1) Costs adjusted for transformation costs. 2) Adjusted for transformation costs, amortization of transaction surplus values, and the segment “Other”. 3) YoY: Constant currency as of 31 -Dec-2024 (NOK / SEK 0.971; DKK / SEK 1.537; EUR / SEK 11.463). LTM, % NIM and Cost of risk LTM, SEKbn Loan book LTM, SEKm / % Operating income and Adj. C/I Ratio1) LTM, % Adj. core operating profit2) and Core RoTE2) NIM (%)CoR (%) ▪ Loan book SEK 132.3bn ‒ YoY growth of 10% like-for-like3), while negative impact from FX was 4pp ‒ QoQ growth of 8% in local currencies, while negative FX impact was 6pp ▪ LTM operating income of SEK 11,276m ‒ YoY growth of 14%, driven by volume growth, higher NIM and increased card transaction volumes ▪ LTM Adj. C/I ratio1) 22% (24% Q4’24) ▪ LTM Cost of risk 3.0% (3.5% Q4’24) ▪ LTM Core RoTE2) 26% (22% Q4’24) Key takeaways Adj. core operating profit2) (SEK m) Adj. core RoTE2) (%)Operating Income (SEKm) Adj. C/I ratio1) (%) 124.4 123.9 127.6 131.5 132.3 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 7.9% 8.1% 8.2% 8.2% 8.2% 3.5% 3.4% 3.3% 3.2% 3.0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 3,445 3,920 4,240 4,628 4,978 22% 24% 25% 26% 26% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 9,884 10,342 10,645 11,036 11,276 24% 23% 23% 22% 22% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 APPENDIX
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Background Chart x axes Company colour Charts – 18 – 44%36% 10% 7% 4% Source: Company information. Overview of funding platform Overview of liquidity portfolio Liquidity ratios 57% 17% 14% 8% 1% 3% Solid liquidity ratios Low risk and short-dated liquidity portfolio Well-matched ALM Bond portfolio – credit rating 79% 21% AAA AA+Covered Local govt. Govt. Cred. Inst. Bond portfolio – issuer typeTotal liquidity portfolio Diversified and scalable funding and low risk liquidity portfolio Deposits – Consistent growth, built on broad platform footprint and diversified product offering SEK 15.3bn SEK 15.3bn 25% 21% 14% 14% 11% 10% 5% 1% SEK 108bn By country NO NL DE SE ESDK FI BBB rated by Nordic Credit Rating Diversified funding mix Long track record in the wholesale market Capital and wholesale – Long track-record in the wholesale market SEK 44bn AT1 T2 Tangible equity Secured debt Unsecured debt 61% 28% 10% 1% SEK 108bn On demand, external On demand, internal Term deposit, external 29%71% % of total funding By maturity and channel Other Multi, PSE & Int. OrgInterest bearing securities Covered bonds Cash balances with central banks Cash balances with credit institutions IR Term deposit, internal 40% 30% 25% 5% SEK 21.7bn 151% 111% Liquidity coverage ratio (LCR) Net stable funding ratio (NSFR)
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Background Chart x axes Company colour Charts – 19 – Historical financial performance: Quarter and full year Income statement (SEKm) Q4’24 Q3’25 Q4’25 YoY QoQ (ann.) 2024 2025 YoY Total net interest income 2,535 2,712 2,745 8% 5% 9,295 10,533 13% Total operating income 2,689 2,913 2,928 9% 2% 9,884 11,276 14% Total operating expenses excl. transformation costs (638) (646) (691) 8% 28% (2,374) (2,520) 6% Adjusted operating profit before credit losses 2,051 2,267 2,236 9% (6%) 7,510 8,755 17% Net credit losses (1,141) (918) (930) (19%) 5% (4,149) (3,780) (9%) Adjusted operating profit 910 1,349 1,306 43% (13%) 3,361 4,975 48% Amortization of transaction surplus values (33) (32) (32) (5%) (4%) (134) (128) (4%) Transformation costs and other (106) (157) (4) (96%) (391%) (349) (237) (32%) Operating profit 771 1,161 1,270 65% 37% 2,878 4,610 60% Tax (148) (257) (266) 80% 14% (676) (999) 48% Net income 623 903 1,005 61% 45% 2,202 3,611 64% Balance sheet (SEKm) Q4’24 Q3’25 Q4’25 YoY QoQ (ann.) 2024 2025 YoY Loan book 124,448 131,459 132,341 6% 3% 124,448 132,341 6% Tangible equity 12,549 14,859 15,737 25% 24% 12,549 15,737 25% KPIs Q4’24 Q3’25 Q4’25 YoY QoQ 2024 2025 YoY Net interest margin, % 8.3% 8.4% 8.3% 0.1 pp (0.1) pp 7.9% 8.2% 0.3 pp Adj. C/I 24% 22% 24% (0) pp 1 pp 24% 22% (2) pp CoR 3.7% 2.8% 2.8% (0.9) pp (0.0) pp 3.5% 3.0% (0.6) pp Adj. core RoTE 23% 28% 25% 2 pp (3) pp 22% 26% 5 pp APPENDIX
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Background Chart x axes Company colour Charts – 20 – Historical financial performance: Annual Income statement (SEKm) 2024 2025 Change Total net interest income 9,295 10,533 13% Total operating income 9,884 11,276 14% Total operating expenses excl. transformation costs (2,374) (2,520) 6% Adjusted operating profit before credit losses 7,510 8,755 17% Net credit losses (4,149) (3,780) (9%) Adjusted operating profit 3,361 4,975 48% Amortization of transaction surplus values (134) (128) (4%) Transformation costs and other (349) (237) (32%) Operating profit 2,878 4,610 60% Tax (676) (999) 48% Net income 2,202 3,611 64% Balance sheet (SEKm) 2024 2025 Change Loan book 124,448 132,341 6% Tangible equity 12,549 15,737 25% KPIs 2024 2025 Change Net interest margin, % 7.9% 8.2% 0.3 pp Adj. C/I 24% 22% (2) pp CoR 3.5% 3.0% (0.6) pp Adj. core RoTE 22% 26% 5 pp APPENDIX
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Background Chart x axes Company colour Charts – 21 – SEKm Q4’24 Q3’25 Q4'25 Total operating expenses excl. transformation costs and adj. C/I-ratio Total operating expenses (744) (803) (695) Transformation costs (106) (157) (4) Total operating expenses excl. transformation costs (638) (646) (691) Total operating income 2,689 2,913 2,928 Cost-to-income ratio (C/I ratio) (%) 28% 28% 24% Adj. cost-to-income ratio (C/I ratio) (%) 24% 22% 24% Adj. core operating profit Operating profit 771 1,161 1,270 Transformation costs (106) (157) (4) Amortization of transaction surplus values (33) (32) (32) Adj. operating profit from segment ‘Other’ (20) (8) 27 Adj. core operating profit 929 1,357 1,279 Adj. profit for the period attrib. to parent company shareholders Adj. core operating profit 929 1,357 1,279 Tax on adjusted Core operating profit (179) (301) (268) Adj. core profit for the period 750 1,056 1,011 Adj. core profit attributable to holders of AT1 (53) (48) (53) Adj. core profit attributable to parent company shareholders 697 1,009 958 Adj. core RoTE Adj. core profit attributable to parent company shareholders 697 1,009 958 Average tangible equity 12,165 14,323 15,219 Adj. core RoTE 23% 28% 25% Historical financial performance: Adjusted KPI reconciliation Reconciliation of alternative performance measures APPENDIX
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Background Chart x axes Company colour Charts – 22 – Historical financial performance: NRI breakdown SEKm 2023 2024 2025 Q1’25 Q2’25 Q3’25 Q4’25 Strategic review 16 192 232 29 42 157 4 IT re-platforming 112 106 6 6 - - - BANO integration 207 0 - - - - - Other transformation costs (57) - - - - - - Lilienthal write-downs 75 - - - - - - Transformation costs 354 298 237 35 42 157 4 Amortisation of transaction intangibles 136 134 128 33 31 32 32 NRI 490 432 365 68 73 189 35 APPENDIX
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Background Chart x axes Company colour Charts Contact: Rickard Strand, Head of Investor Relations ir@noba.bank Oliver Hofmann, Head of Communications & ESG press@noba.bank