Slides
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1 Q3 2026 Quarterly report presentation
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Y-o-Y comparison: Summary of Q3 2026 1) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning of SEK 8m 2) Quarterly annualized 3) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning and adjusted for excess capital, calculated relative to the midpoint of the financial target, to maintain capital buffers of 200 –400bps 4) Subject to completion of the NPL sale, the cancellation of the previously repurchased shares and the approval from the Swedish Financial Supervisory Authority 2 Loan book SEK 56,933m +16% Adjusted C/I 1) 28.9% -1.1 p.p. Adjusted operating profit 1) SEK 520m +20% Strategic sale of NPL portfolio Adjusted EPS 1) SEK 2.22 +31% Adjusted ROE 2,3) 17.0% +1.6 p.p. CET1 / Total capital ratio 13.1% / 16.1% Intention to launch additional SEK 500m share buyback program 4)
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• Loan book currently at SEK 56.9bn • All segments growing lending volumes during the quarter • Loan book increase of SEK 7.9bn during last 12 months and SEK 2.5bn during Q3 Loan book development Q-o-Q: +5% Y-o-Y: +16% 3 Currency effects Q3 26 vs. Q3 25Loan book development (SEKm) 49,051 49,675 51,458 54,421 56,933 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 7,079 803 56,933 49,051 Q3 25 UL growth FX Q3 26
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• High activity level • Initial outflows during Q3 as expected compensated during the latter part of the quarter • Continued positive sentiment among clients • Selective approach • Strategic focus area Corporate Loan book (SEKm) Industry split1 1) Based on the Corporate loan book as of Q3 2026 2) Based on the Corporate lending loan book as of Q3 2026 4 Average loan2 Geographic split1 Average remaining maturity2 Manufacturing 20% Business services 23% Wholesale & Retail 16% Financial services & Investment companies 19% Other 22% Sweden 38% Finland 21% Norge 20% Other 21% SEK 52m 20 months 10,963 11,526 11,959 14,078 14,238 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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Real Estate (1/3) 5 Improving market conditions Broader addressable market Growth with lower risk • Gradual recovery in the real estate financing market • Higher demand and improving risk appetite • Broader real estate offering expands the addressable market • Basel IV enabler for adjustment of real estate portfolio strategy • Increased focus on lower-risk lending provides access to broader client base • Gradual shift towards senior lending • Lower-risk lending • Expected to support lower credit losses over time Increased stability • More stable income flow • Lower volatility
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• Strong activity across all sub- segments of the real estate market • High levels of in- and outflows during the quarter • Positive market sentiment • Selective approach • Strategic focus area Real Estate (2/3) Loan book (SEKm) Industry split1 1) Based on the Real Estate loan book as of Q3 2026 6 Geographic split1 Office 32% Residential 26% Warehouse 8% Hotel 9% Other 18% Sweden 44% Finland 24% Germany 20% Other 5%Average loan Average remaining maturity SEK 113m 16 months Denmark 7% Retail 8% 21,010 20,504 21,604 21,769 23,192 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• Norion Bank acting as a leading complement to the client’s primary bank • Low share of the client’s total debt financing • Professional clients • Several listed companies as well as funds Real Estate (3/3) Portfolio overview 7 Share of senior loans Share of junior loans 69% 31% Average LTV – Senior loans 62% Average LTV – Junior loans 78% Increasing share of senior loans (%) 58% 63% 63% 69% 2023 2024 2025 Q3 26
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• Continued good progress from investments in proprietary distribution model • Reduced risk profile in new lending • New lending at attractive risk- adjusted margins Consumer Loan book (SEKm) 1) Based on the Consumer loan book as of Q3 2026 8 Geographic split1 Average customer Age: 51 years Income in SEK (at approval/current): 460,000 / 520,000 Women: 54% / Men: 46% Average loan new sales (LTM) Average loan Sales through own distribution channels SEK 213,000 SEK 163,000 45% Sweden 97% Finland 2% 13,298 13,661 13,956 14,488 15,334 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• 13th consecutive quarter with double digit growth in transaction volumes • Continued outperformance of the underlying market • 7.6 million active customers • Several new merchants signed during the year with positive business momentum Transaction volumes (SEKm) Geographic split1 1) Based on the Payments loan book as of Q3 2026 9 Selected merchantsLoan book (SEKm) Active customers (LTM): 7.6 million Sweden 43% Finland 38% Norway 19% Payments 3,386 3,605 3,576 3,735 3,827 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 4,973 6,406 5,519 6,433 6,617 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• New business area within wealth management - growth and diversification of Norion Bank Group • Platform with approximately SEK 16bn in AUM provides a solid foundation for continued growth 10 SUBSIDARY COMPANY Asset under management (SEKbn) Next phase in the development Platform established for continued growth Consensus SEK 10bn Strand SEK 6bnSEK 16bn • Strand and Consensus to be merged, forming a wholly owned subsidiary of Norion Bank • New brand name – Norion Wealth • Fund offering to be consolidated under the common Strand Fonder brand • Merger expected to be completed during H1 2027 Wealth Management
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• Strand consolidated from mid August • Reported NIM affected by SEK 2.5bn growth, of which SEK 2bn+ in September • Total income positively affected by c. SEK 30m retroactive interest income Strong income and margin development Total income (SEKm) NIM – Quarter1 Q-o-Q: +6% Y-o-Y: +13% Q-o-Q: - Y-o-Y: -0.2 p.p 1) Quarterly annualized 11 919 928 913 988 1,042 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 6.8% 6.8% 6.4% 6.5% 6.6% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• Interest income positively affected by c. SEK 30m retroactive interest income booked in Q3 • Reported NII and NIM negatively affected by cash accounting principle applied to Stage 3 volumes primarily within Real Estate • Run rate cash accounting effect impacted by Stage 3 volumes, IBOR rates and FX NIM negatively impacted by c. 30bps due to cash accounting of Stage 3 volumes 12 NIM and impact from cash accounting Impact from cash accounting over time 0.1% 0.1% 0.4% 0.3% 0.5% 0.9% 0.9% 1.0% -0.3% 0.6% 0.7% 0.6% 0.6% 0.6% 0.3% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 6.6% 0.3% 6.8% Reported NIM Q3 26 Impact from cash accounting Underlying NIM Q3 26
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• IBOR rate volatility • ECB rate hikes in Q2 and Q3 • Calibration of excess liquidity back to normalized levels following successful migration of Avanza volumes in H1 2026 • Funding costs have developed in line with expectations Rate changes affecting both yield and funding costs NIM, yield and funding costs1 1) Quarterly annualized 13 NIM Yield Funding costs 6.85% 7.12% 8.09% 7.78% 7.88% 7.35% 7.71% 7.34% 7.29% 6.72% 6.73% 7.59% 7.11% 6.77% 6.80% 6.43% 6.53% 6.56% 7.87% 8.29% 9.72% 10.00% 10.74% 10.77% 11.45% 11.45% 11.47% 10.88% 10.58% 11.33% 10.53% 10.04% 9.96% 9.45% 9.60% 9.61% Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1.01% 1.17% 1.63% 2.23% 2.86% 3.42% 3.73% 4.11% 4.18% 4.16% 3.85% 3.74% 3.42% 3.27% 3.17% 3.02% 3.08% 3.04%
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• High activity level at the end of Q3 following expected outflows in July • Stable NIM development adjusted for timing effects • Selective approach • Strategic focus area Corporate Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 Q-o-Q: +1% Y-o-Y: +30% Q-o-Q: +6% Y-o-Y: +8% 1) Quarterly annualized 14 Loan book Total income 10,963 11,526 11,959 14,078 14,238 6.7% 7.5% 5.9% 6.2% 5.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 206 233 190 211 222 7.4% 8.3% 6.5% 6.5% 6.3% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• High activity level with high in- and outflows during the quarter • Income and NIM positively affected by c. SEK 30m retroactive interest income booked in Q3 • Continued selective approach • New lending at lower margins and lower risk weights Real Estate Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 1) Quarterly annualized 15 Q-o-Q: +7% Y-o-Y: +10% Q-o-Q: +15% Y-o-Y: - Loan book Total income 21,010 20,504 21,604 21,769 23,192 5.3% 5.0% 4.8% 4.6% 5.0% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 285 260 251 248 284 5.3% 5.0% 4.8% 4.6% 5.1% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• Continued strong performance with volume increase at attractive risk adjusted margins • Positive seasonality effect in Q2 – NIM developing in line with expectations • Payment patterns and credit quality remain at good levels – lowered risk profile expected to generate lower credit losses going forward Consumer Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 16 Q-o-Q: +6% Y-o-Y: +15% Q-o-Q: -6% Y-o-Y: +6% Loan book Total income 1) Quarterly annualized 13,298 13,661 13,956 14,488 15,334 7.9% 7.6% 7.8% 8.0% 7.2% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 272 272 285 304 287 8.3% 8.1% 8.3% 8.6% 7.7% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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• Strong increase in transaction volumes • Income from recently signed merchants increasingly visible • Sound profitability and lower capital intensity compared to other segments • Strong business momentum in 2025 continuing into 2026 Payments Loan book (SEKm) and NIM1 Total income (SEKm) and margin1 1) Quarterly annualized 17 Q-o-Q: +2% Y-o-Y: +13% Q-o-Q: +4% Y-o-Y: +28% Loan book Total income 3,386 3,605 3,576 3,735 3,827 9.3% 9.0% 10.1% 10.0% 10.4% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 134 143 153 164 171 17.1% 16.4% 17.0% 18.0% 18.1% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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109 133 132 155 125 146 168 151 150 152 21 21 22 24 24275 322 304 329 301 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 • Focus on profitability and efficiency • Q3 cost base seasonally low • Wealth management SEK 19m in total expenses during Q3 2026 affecting historical comparison • Lower cost increases going forward Seasonally low costs with C/I ratio improving Y-o-Y Total expenses (SEKm) C/I ratio (%) Q-o-Q: -4.5 p.p. Y-o-Y: -1.1 p.p. 18 D&A Other expenses Personnel expenses 1) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee of SEK 90m and transaction costs related to the acquisition of Consensus Asset Management of SEK 17m 2) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning of SEK 8m 1 1 2 2 30.0% 34.6% 33.3% 33.3% 28.9% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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309 -8 301 -19 282 Q3 26 Rep. Op.Ex One-off cost Strand Adj. Op.Ex WM Op.Ex Q3 26 Like-for-like • Non-recurring items of SEK 8m • Wealth management included with SEK 19m in total expenses • SEK 282m total operating expenses comparable to previously reported figures (before Q2 2026) • 2.5 p.p. improvement in comparable C/I Y-o-Y Bridge between reported and adjusted total expenses 19 Cost development (SEKm) 28.9% 27.5%
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• Solid payment patterns and credit quality in front book remain • Prudent provisioning maintained • Reduced risk profile in loan book gradually coming through • Provisioning ratio for Stage 3 private customers (own portfolios) at 60.7% (59.8% in Q3 2025) Continued prudent provisioning with lower risk profile yielding gradually lower credit losses Credit losses – Quarter1 1) Quarterly annualized 20 1.7% 1.6% 1.7% 1.7% 1.6% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 2.8% 3.1% 2.8% 2.7% 2.7% 2.7% 2.6% 2.3% 2.1% 2.4% 2.3% 2.5% 2.6% 2.5% 2.6% 2.4% 2.3% 2.3% 2.1% 1.9% 1.8% 1.8% 1.7% 1.6% 1.7% 1.7% 1.6% Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
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1.70 1.59 1.54 1.19 2.22 1.76 2.18 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 434 407 389 436 520 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 • Strong earnings development with comparable operating profit up 20% Y-o-Y • EPS up 31% - positive impact from continued share buybacks Strong earnings and profitability level Adjusted operating profit (SEKm) EPS (SEK) 21 Q-o-Q: +19% Y-o-Y: +20% Q-o-Q: +26% Y-o-Y: +31% Operating profit EPS 1) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee of SEK 90m and Consensus Asset Management transaction costs of SEK 17m 2) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning of SEK 8m 1 1 2 2 1
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15.4% 14.9% 14.0% 14.9% 17.0% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 14.0% 13.0% 12.1% 13.6% 16.7% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 +1.9+1.4 • Gradual build-up of excess capital affecting reported RoE • Positive effect on RoE due to SEK 1bn share buybacks executed during Q2 and Q3 2026 Return on equity Adjusted RoE - Quarter1 RoE adjusted for excess capital - Quarter1,2 22 1) Quarterly annualized 2) Adjusted for excess capital, assuming lowest capital buffer at mid-point of target capital interval of 300bps 3) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee of SEK 90m and transaction costs related to the acquisition of Consensus Asset Management of SEK 17m 4) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning of SEK 8m Q-o-Q: +3.1 p.p. Y-o-Y: +2.6 p.p. Adjusted return on equity Q-o-Q: +2.1 p.p. Y-o-Y: +1.6 p.p. +0.3+1.3+1.9 Return on equity adjusted for excess capital 3 3 4 4
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16.1% 13.2% 13.1% 9.1% 14.5% 1.3% 10.8% 18.1% 16.3% 16.1% 13.1% Q3 25 Q2 26 Q3 26 Capital req. • Total capital ratio of 16.1% as of Q3 2026 • SEK 1bn deduction for share buybacks during Q2 2026 • Successful issuance of SEK 300m AT1 capital in Q2 2026 • Capital buffers within financial target range of 200- 400bps Strong capital position remains Capital adequacy ratios and requirements 23 Total capital ratio Tier 1 ratio CET1 ratio 14.5% 14.3% 10.8%
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Sale of SEK 6.2bn NPL portfolio within Consumer and Payments 24 • Sale of SEK 6.2bn (gross value) NPL portfolio within Consumer and Payments • Transaction price: SEK 2.6bn • Book value: SEK 2.5bn • No material P&L effect expected upon completion of the transaction • CET1 ratio expected to be strengthened by c. 1.5 p.p yielding c. SEK 900m in capital release • C. SEK 700m in future deductions from Prudential Backstop regulations avoided • Closing expected in Q4 2026 • Strategically important transaction reducing risk, optimizing capital allocation with increased profitability and significant capital release Significant capital release Improved profitability Lower risk
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EPS growth since Q3 2023 • SEK 2bn in share buybacks executed during 2025 and 2026 with positive EPS impact • Sale of NPL portfolio to release ~SEK 900m in capital upon closing • Capital buffers expected to be in excess of target range • Intention to initiate SEK 500m new buyback program when sale of NPL portfolio completed 25 COMPANY Intention to continue share buybacks after sale of NPL portfolio completed 1.49 1.51 1.53 1.59 1.50 1.46 2.01 1.81 1.70 1.59 1.54 1.19 2.18 1.76 2.22 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 • Intention to initiate new SEK 500m share buyback program to be launched following completion of NPL portfolio sale • EGM held on October 20, 2026 with decision to cancel shares from previous buybacks in 2026 • Subject to SFSA approval and final registration of cancellation of shares • Subject to SFSA approval to execute additional buybacks Intention to continue share buybacks 1) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee of SEK 90m and Consensus Asset Management transaction costs of SEK 17m 2) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning of SEK 8m 1 2
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Closing remarks 26