Interim report
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January–September 2026
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• The loan portfolio amounted to SEK 56,933m (49,051) • Total income amounted to SEK 1,042m (919) • The C/I ratio amounted to 29.6% (30.0) and the adjusted C/I ratio 1) amounted to 28.9% • The credit loss level amounted to 1.6% (1.7) • Operating profit amounted to SEK 512m (434) and the adjusted operating profit 1) amounted to SEK 520m • Net profit amounted to SEK 397m (340) and the adjusted net profit 1) amounted to SEK 404m • Earnings per share 2) amounted to SEK 2.18 (1.70) and adjusted earnings per share 1) amounted to SEK 2.22 • Return on equity amounted to 16.4% (14.0) and adjusted return on equity 1) amounted to 16.7% • Adjusted return on equity 1), excluding excess capital 3) amounted to 17.0% (15.4) • The CET1 ratio amounted to 13.1% (16.1) and the total capital ratio amounted to 16.1% (18.1) • The loan portfolio amounted to SEK 56,933m (49,051) • Total income amounted to SEK 2,943m (2,919) • The C/I ratio amounted to 35.7% (29.1) and the adjusted C/I ratio 4) amounted to 31.8% • The credit loss level amounted to 1.7% (1.7) • Operating profit amounted to SEK 1,231m (1,431) and the adjusted operating profit 4) amounted to SEK 1,346m • Net profit amounted to SEK 931m (1,121) and the adjusted net profit 4) amounted to SEK 1,040m • Earnings per share 2) amounted to SEK 4.88 (5.52) and adjusted earnings per share 4) amounted to SEK 5.48 • Return on equity amounted to 12.6% (16.0) and adjusted return on equity 4) amounted to 14.1% • Adjusted return on equity 4), excluding excess capital 3) amounted to 15.2% (17.4) • The CET1 ratio amounted to 13.1% (16.1) and the total capital ratio amounted to 16.1% (18.1) Interim report January–September 2026 Photo: Anna Roström 1) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning. 2) See pages 4-5. 3) Excess capital calculated relative to the midpoint of the financial target to maintain capital buffers of 200-400bps. 4) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee and transaction costs related to the acquisitions of Consensus Asset Management and Strand Kapitalförvaltning. 5) See more information on page 24. This report has been published in Swedish and English. In the event of any differences between the English translation and the Swedish original, the Swedish report shall prevail. Third quarter of 2026 January-September 2026 (Compared to the third quarter of 2025) (Compared to January-September 2025) Significant events during the quarter Completed acquisition of Strand Kapitalförvaltning On 17 August 2026, Norion Bank announced the completion of the acquisition of Strand Kapitalförvaltning. Together with the previously completed acquisition of Consensus Asset Management, the bank has established the business area Norion Wealth. Sale of NPL portfolio On 3 August 2026, Norion Bank announced an agreement to sell a portfolio of NPL loans to subsidiaries of Brocc Finance AB. The portfolio comprises non-performing loans with a gross value of approximately SEK 6.2 billion at the time the agreement was entered into. The transaction reduces risk, improves capital adequacy and enhances balance sheet efficiency. Significant events after the end of the quarter Decision to reduce the number of shares and votes During the period January-September 2026, Norion Bank repurchased approximately 17 million of its own shares for a total amount of approximately SEK 1 billion. The Board therefore resolved to propose a reduction of the share capital through cancellation of the repurchased shares. The purpose of the proposal is to reduce the number of own shares held by the bank to provide greater flexibility when establishing potential new share buyback programs. The proposal was adopted at an Extraordinary General Meeting on 20 October 2026. As of the date of publication of the quarterly report, the number of shares and votes in Norion Bank amounted to 189,782,534. Intention to initiate an additional share buyback program In line with the dividend policy, to return potential surplus capital relative to the capital adequacy target to shareholders, the Board intends to initiate an additional share buyback program of up to SEK 500 million 5) after the completion of the NPL sale. 2 Norion Bank AB (publ) 556597-0513
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1.76 2.22 1.70 1.59 1.54 1.19 2.18 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 14.9% 17.0% 14.0%15.4% 14.9% Highlights third quarter of 2026 (Compared to the third quarter of 2025) 520 Adjusted operating profit 1) (SEKm) 1,042 Total income (SEKm) 13.1% CET1 ratio 17.0% Adjusted return on equity 2) 56,933 Loan portfolio (SEKm) 28.9% Adjusted C/I ratio 1) Loan portfolio (SEKm) and NIM (%) EPS 3) (SEK) and adjusted RoE 4) (%) +1.6 +16% -1.1 percentage points percentage points +20% +13% -3.1 percentage points 1) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning. 2) 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. 3) Earnings per share before and after dilution. 4) Adjusted for excess capital, calculated relative to the midpoint of the financial target, to maintain capital buffers of 200–400bps. 5) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee and transaction costs related to the acquisition of Consensus Asset Management. 49,051 49,675 51,458 54,421 56,933 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 6.6%6.5%6.8% 6.8% 6.4% 1) 5) 2) 5) 3 Interim report January - September 2026
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Key ratios Group SEKm Q3 2026 Q2 2026 ∆ Q3 2025 ∆ Income statement Net interest income 914 864 6% 833 10% Total income 1,042 988 6% 919 13% Operating profit 512 329 56% 434 18% Net profit 397 232 71% 340 18% Earnings per share before dilution, SEK 2.18 1.19 83% 1.70 28% Earnings per share after dilution, SEK 2.18 1.19 83% 1.70 28% Balance sheet Loans to the public 56,933 54,421 5% 49,051 16% Deposits and borrowings from the public 54,521 54,298 0% 54,979 -1% Debt securities in issue 1,904 1,799 6% 1,800 6% Subordinated liabilities 1,097 1,096 0% 1,096 0% Total equity (shareholders of Norion Bank AB) 9,371 9,208 2% 9,672 -3% Key ratios1) Net interest margin (NIM) - Period 2) 6.6% 6.5% 6.8% Net interest margin (NIM) - LTM 2) 6.5% 6.4% 7.1% Credit loss level - Period 2) 1.6% 1.7% 1.7% Credit loss level - LTM 2) 1.6% 1.6% 1.8% C/I ratio - Period 2) 29.6% 44.2% 30.0% C/I ratio - LTM 2) 35.4% 35.7% 30.0% Return on equity (RoE) - Period 2) 16.4% 9.3% 14.0% Return on equity (RoE) - LTM 2) 12.6% 12.3% 15.4% Return on total assets (RoA) – Period 2) 2.2% 1.3% 2.0% Return on total assets (RoA) – LTM 2) 1.7% 1.7% 2.2% CET1 ratio 3) 13.1% 13.2% 16.1% Tier 1 ratio 3) 14.3% 14.5% 16.1% Total capital ratio 3) 16.1% 16.3% 18.1% Average number of shares outstanding before dilution 4) 174,708,009 184,330,084 -5% 199,755,991 -13% Average number of shares outstanding after dilution 4) 174,708,009 184,330,084 -5% 199,755,991 -13% Average number of full-time employees 486 480 1% 420 16% Adjusted key numbers 1) Operating profit 520 5) 436 6) 19% 434 20% Net profit 404 5) 336 6) 20% 340 19% Earnings per share before dilution, SEK 2.22 5) 1.76 6) 26% 1.70 31% Earnings per share after dilution, SEK 2.22 5) 1.76 6) 26% 1.70 31% Net interest margin (NIM) - Period 2) 6.6% 6.5% 6.8% Net interest margin (NIM) - LTM 2) 6.5% 6.4% 7.1% Credit loss level - Period 2) 1.6% 1.7% 1.7% Credit loss level - LTM 2) 1.6% 1.6% 1.8% C/I ratio - Period 2) 28.9% 5) 33.3% 6) 30.0% C/I ratio - LTM 2) 32.4% 5) 32.8% 6) 30.0% Return on equity (RoE) - Period 2) 16.7% 5) 13.6% 6) 14.0% Return on equity (RoE) - LTM 2) 13.7% 5) 13.3% 6) 15.4% Return on total assets (RoA) – Period 2) 2.2% 5) 1.9% 6) 2.0% Return on total assets (RoA) – LTM 2) 1.9% 5) 1.8% 6) 2.2% Group key ratios 1) See Definitions, pages 25-26, and norionbank.se/en-se/investor-relations-en/financial-information/key-financials for more information about key ratios 2) Key ratios that have not been prepared in accordance with IFRS but are deemed to facilitate the analysis of Norion Bank’s development. See Definitions, pages 25-26 3) Key ratios according to capital adequacy rules (CRR). See note 13, pages 51-53 4) As of 30 September 2026, the total number of issued shares amounted to 189,782,534, of which 16,993,100 were own shares, corresponding to 172,789,434 shares outstanding. As of 30 June 2026, the total number of issued shares amounted to 189,782,534, of which 13,746,000 were own shares, corresponding to 176,036,534 shares outstanding. As of 30 September 2025, the total number of issued shares amounted to 205,381,004, of which 8,334,739 were own shares, corresponding to 197,046,265 shares outstanding. 5) Adjusted for non-recurring transaction costs related to the acquisition of Strand Kapitalförvaltning. 6) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee and transaction costs related to the acquisition of Consensus Asset Management. 4 Norion Bank AB (publ) 556597-0513
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1) See Definitions, pages 25-26, and norionbank.se/en-se/investor-relations-en/financial-information/key-financials for more information about key ratios 2) Key ratios that have not been prepared in accordance with IFRS but are deemed to facilitate the analysis of Norion Bank’s development. See Definitions, pages 25-26 3) Key ratios according to capital adequacy rules (CRR). See note 13, pages 51-53 4) As of 30 September 2026, the total number of issued shares amounted to 189,782,534, of which 16,993,100 were own shares, corresponding to 172,789,434 shares outstanding. As of 30 September 2025, the total number of issued shares amounted to 205,381,004, of which 8,334,739 were own shares, corresponding to 197,046,265 shares outstanding. As of 31 December 2025, the total number of issued shares amounted to 205,381,004, of which Norion Bank’s holding of own shares amounted to 15,598,470 and the number of shares outstanding amounted to 189,782,534. 5) Adjusted for non-recurring costs related to the Swedish Financial Supervisory Authority’s administrative fee and transaction costs related to the acquisitions of Consensus Asset Management and Strand Kapitalförvaltning. SEKm Jan-Sep 2026 Jan-Sep 2025 ∆ Full year 2025 Income statement Net interest income 2,590 2,621 -1% 3,460 Total income 2,943 2,919 1% 3,847 Operating profit 1,231 1,431 -14% 1,838 Net profit 931 1,121 -17% 1,438 Earnings per share before dilution, SEK 4.88 5.52 -12% 7.12 Earnings per share after dilution, SEK 4.88 5.52 -12% 7.12 Balance sheet Loans to the public 56,933 49,051 16% 49,675 Deposits and borrowings from the public 54,521 54,979 -1% 53,121 Debt securities in issue 1,904 1,800 6% 1,800 Subordinated liabilities 1,097 1,096 0% 1,096 Total equity (shareholders of Norion Bank AB) 9,371 9,672 -3% 9,477 Key ratios1) Net interest margin (NIM) - Period 2) 6.5% 7.0% 6.9% Net interest margin (NIM) - LTM 2) 6.5% 7.1% 6.9% Credit loss level - Period 2) 1.7% 1.7% 1.7% Credit loss level - LTM 2) 1.6% 1.8% 1.7% C/I ratio - Period 2) 35.7% 29.1% 30.4% C/I ratio - LTM 2) 35.4% 30.0% 30.4% Return on equity (RoE) - Period 2) 12.6% 16.0% 15.5% Return on equity (RoE) - LTM 2) 12.6% 15.4% 15.5% Return on total assets – Period 2) 1.7% 2.2% 2.1% Return on total assets – LTM 2) 1.7% 2.2% 2.1% CET1 ratio 3) 13.1% 16.1% 15.6% Tier 1 ratio 3) 14.3% 16.1% 16.5% Total capital ratio 3) 16.1% 18.1% 18.4% Average number of shares outstanding before dilution 4) 182,946,344 202,981,958 -10% 200,949,353 Average number of shares outstanding after dilution 4) 182,946,344 202,981,958 -10% 200,949,353 Average number of full-time employees 473 409 16% 416 Adjusted key ratios 1) Operating profit 1,346 5) 1,431 -6% 1,838 Net profit 1,040 5) 1,121 -7% 1,438 Earnings per share before dilution, SEK 5.48 5) 5.52 -1% 7.12 Earnings per share after dilution, SEK 5.48 5) 5.52 -1% 7.12 Net interest margin (NIM) - Period 2) 6.5% 7.0% 6.9% Net interest margin (NIM) - LTM 2) 6.5% 7.1% 6.9% Credit loss level - Period 2) 1.7% 1.7% 1.7% Credit loss level - LTM 2) 1.6% 1.8% 1.7% C/I ratio - Period 2) 31.8% 5) 29.1% 30.4% C/I ratio - LTM 2) 32.4% 5) 30.0% 30.4% Return on equity (RoE) - Period 2) 14.1% 5) 16.0% 15.5% Return on equity (RoE) - LTM 2) 13.7% 5) 15.4% 15.5% Return on total assets – Period 2) 1.9% 5) 2.2% 2.1% Return on total assets – LTM 2) 1.9% 5) 2.2% 2.1% Key ratios Group, cont. 5 Interim report January - September 2026
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Norion Bank Group Norion Bank Group is a business-oriented Nordic financing bank. The Group’s brands – Norion Bank, Walley and Collector – offer customized financing solutions that meet distinct needs in three customer segments: medium-sized corporates and real estate companies, merchants and private individuals. Norion Bank also offers Wealth Management services. As a specialist in financing solutions, Norion Bank Group is a leading complement to traditional large banks, with a vision of being the leading Nordic financing bank in its chosen segments. Norion Bank Group was founded in 1999 and has offices in Gothenburg, Stockholm, Helsingborg, Oslo and Helsinki. Business is conducted through Norion Bank AB (publ), which is listed on Nasdaq Stockholm. COMPANY Walley Payment and checkout solutions for merchants and private customers BRAND Norion Bank Corporate and real estate loans, as well as factoring solutions, for medium-sized corporates and real estate companies BRAND Collector Personal loans and credit cards for private individuals as well as savings accounts for private individuals and corporates Norion Wealth Wealth management and professional advisory services for private and corporate customers through Consensus Asset Management and Strand Kapitalförvaltning. BRAND SUBSIDIARY 6 Norion Bank AB (publ) 556597-0513
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A comment from our CEO The economic recovery continued during the quarter, with stronger activity in the Swedish economy and increased household consumption. Inflation remained at a relatively low level and the Swedish Riksbank left its policy rate unchanged. Towards the end of the quarter, uncertainty increased as a result of geopolitical developments and rising energy prices, making the outlook for inflation and future interest rate developments more difficult to predict. The Swedish Riksbank therefore indicated that an interest rate increase could be implemented towards the end of the year. As always, we are closely monitoring geopolitical and economic developments. With a stable financial foundation and good activity across all business segments, we continue to develop the bank with a clear focus on long-term profitable growth. Strong loan book growth The third quarter was characterised by continued strong business activity, despite the seasonally quieter summer period. At the end of the quarter, the loan book amounted to nearly SEK 57 billion, an increase of 16% compared with the third quarter of 2025 and 5% compared with the previous quarter. Growth was broad-based, with increased lending volumes across all segments. This development is well in line with the long-term trend, with the loan book having grown by approximately 60% over the past five years. This demonstrates the strength of our diversified business and our ability to generate long-term growth even under changing market conditions. Credit quality remained stable as the business continued to grow. The credit loss level amounted to 1.6%, compared with 1.7% in both the previous quarter and the corresponding quarter of 2025. The net interest margin also remained stable at 6.6%, compared with 6.5% in the previous quarter. The positive business development was also reflected in earnings. Adjusted operating profit increased by 20% compared with the third quarter of 2025, while adjusted earnings per share increased by 31%. The strong development in earnings per share reflects both the improved earnings and the effect of our continued share buybacks. So far in 2026, we have repurchased nearly 17 million own shares for a total amount of approximately SEK 1 billion. Overall, the positive earnings development contributed to improved profitability, with an adjusted return on equity of 17.0% during the quarter. Continued high activity in the Corporate Segment The third quarter was characterised by high activity and a large number of dialogues with both new and existing customers. Following the strong volume development during the first half of the year, customer activity remained high even during the seasonally quieter summer months. At the end of the quarter, the Corporate segment’s loan book amounted to just over SEK 14 billion, an increase of 30% compared with the third quarter of 2025. Our close customer relationships and short decision-making processes provide us with strong opportunities to meet companies’ financing needs even when overall market activity is lower. At the same time, the strong growth has been combined with improved credit quality and increased stability in the portfolio. This is reflected in longer maturities, with the average remaining maturity amounting to 20 months at the end of the quarter, compared with 15 months two years ago. Interest in the segment’s factoring solution also remained strong. Our focus on attracting new customers has contributed to steady growth in Sweden, while the business in Norway continues to develop positively. Strengthened organisation and broader real estate offering Activity remains high in the Real Estate Segment, with a large number of customer dialogues and a growing inflow of business inquiries. At the end of the quarter, the loan book amounted to just over SEK 23 billion, an increase of 7% compared with the previous quarter and 10% compared with the third quarter of 2025. The organisational enhancements we have made over the past year put us in a strong position to meet the higher level of activity and capitalise on new business opportunities. In parallel, we are continuing our establishment in Norway, with the ambition of gradually building long-term relationships with professional real estate customers. The new Basel IV capital framework was implemented in January 2025. The new rules have provided us with greater opportunities to broaden both our offering and customer base through more differentiated pricing, while maintaining returns through lower capital requirements. As a result, we have become relevant to a larger and broader part of the real estate financing market than before. While this may result in a lower net interest margin during certain periods, we can maintain or improve the bank’s risk- adjusted returns. This also contributes to greater stability, improved credit quality, longer duration in our loan portfolio and, over time, lower credit losses. Our work on the Real Estate segment’s more challenged exposures is progressing and remains a high priority. We are working methodically with each individual exposure to achieve sustainable long-term solutions. We saw positive effects from this work during the quarter, including approximately SEK 30 million in retrospective interest income. The prospects for ongoing interest payments for the specific exposure have also improved. Overall, this shows a continued move in the right direction, although developments may vary between individual quarters. Continued strong development in the Consumer segment The Consumer segment continues to develop very well, with a good balance between growth and credit quality. At the end of the quarter, the loan book amounted to approximately SEK 15 billion, an increase of 15% compared with the third quarter of 2025 and 6% compared with the previous quarter. The improved credit quality and lower risk level are reflected in somewhat lower margins, in line with our ambition to develop a stable long-term portfolio with lower credit losses. 7 Interim report January - September 2026
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During the quarter, we took another step in the development of our credit card business by completing the migration of the credit card portfolio to Visa and establishing new infrastructure for card management. The new platform strengthens the conditions for a scalable and efficient card business that can continue to develop over time. Walley - continued double-digit growth in transaction volumes Our payment solution Walley continues to develop strongly. During the quarter, transaction volumes showed double-digit growth for the thirteenth consecutive quarter, with the highest growth rate during the period, demonstrating continued strong momentum in the business. At the same time, we continue to make Walley’s offering available in additional markets. Walley Checkout is now available to merchants in Germany and the Netherlands, enabling existing customers to use the same checkout solution as they expand into new markets. The partner and customer base also continues to grow. Following several established partnerships during the year, Walley went live with, among others, Nordic Feel, Eleven and Intersport during the third quarter. The number of active customers also continued to increase and amounted to 7.6 million at the end of the third quarter, compared with 6.2 million one year ago. During the fourth quarter, new requirements linked to CCD2 will be introduced, affecting parts of the consumer credit market. We are closely monitoring developments and will evaluate the effects on Walley over the coming quarters. Further steps in the establishment of Norion Wealth During the quarter, we took further steps in the establishment of Norion Wealth, which is developing according to plan. Through the acquisitions of Consensus Asset Management and Strand Kapitalförvaltning, we have established a platform with approximately SEK 16 billion in assets under management and strong prospects for continued growth. The next step is to bring the companies together under a common structure, which creates opportunities for economies of scale, a more consistent customer offering and closer collaboration with the bank’s other business areas. We see strong potential to broaden and deepen relationships with existing customers also within the Corporate and Real Estate segments. The merger is planned to be completed during the first half of 2027. Strategically important divestment of the majority of NPL volumes During the quarter, we took an important step in the bank’s long-term transformation through the agreement to sell the majority of our NPL volumes within consumer. The transaction will reduce risk while releasing capital to support the continued development and growth of the bank. Upon completion, the CET1 ratio is expected to improve by approximately 1.5 percentage points and the bank’s surplus capital to increase by approximately SEK 900 million. In addition, the transaction means that we will avoid approximately SEK 700 million in future net deductions over the next three years. This is a transformative transaction that significantly strengthens our ability to deliver continued profitable growth. Continued share buybacks We have continued to repurchase our own shares during 2026, reflecting our strong capital position and focus on creating value for shareholders. In line with the dividend policy, we intend to initiate an additional share buyback program of up to SEK 500 million, which is expected to commence following completion of the NPL sale. In conclusion, we leave the third quarter with strong business activity, solid growth and a stable financial position. At the same time, we have taken several important strategic steps that strengthen the bank and position us well for continued development going forward. Martin Nossman CEO 8 Norion Bank AB (publ) 556597-0513
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“Strategically important sale of the majority of NPL volumes within consumer and continued share buybacks” MARTIN NOSSMAN, CEO Photo: Anna Roström
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Financial targets Norion Bank’s strategy is to maintain good risk adjusted profitability. In line with the strategy, the Board of Norion Bank has adopted the following financial targets: Norion Bank aims to achieve a sustainable return on equity above 15% over time.Profitability Norion Bank’s aim is that all capital ratios shall exceed the regulatory requirement by 200-400 basis points.Capital adequacy Norion Bank’s policy is to distribute potential surplus capital in relation to the capital adequacy target, subject to the bank’s future outlook and capital planning, to its shareholders. Dividend policy 10 Norion Bank AB (publ) 556597-0513
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Photo: Anna Roström 11 Interim report January - September 2026
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The Group’s development Total income for the third quarter of 2026 Total income amounted to SEK 1,042 million (919), corresponding to an increase of 13% compared to last year. Net interest increased by 10% compared to last year and amounted to SEK 914 million (833). The increase is partly attributable to approximately SEK 30 million in higher interest income in the Real Estate segment. Net interest income has been negatively affected by high volumes in Stage 3, primarily within the Real Estate segment. The net interest margin amounted to 6.6% (6.8). Net commission income amounted to SEK 104 million (73), corresponding to an increase of 41%. Net gains and losses on financial items amounted to SEK 13 million (-5). Other income amounted to SEK 12 million (18). Total income for the period January-September 2026 Total income amounted to SEK 2,943 million (2,919) during the period January–September 2026, corresponding to an increase of 1% compared to last year. Net interest income amounted to SEK 2,590 million (2,621) during the period January–September 2026, corresponding to a decrease of 1% compared to last year. The third quarter of 2026 was positively impacted by approximately SEK 30 million in higher interest income within the Real Estate segment. The comparative period January–September 2025 was positively impacted by interest payments received of approximately SEK 140 million from borrowers in Stage 3. The net interest margin amounted to 6.5% (7.0). Net commission income amounted to SEK 282 million (228) during the period, corresponding to an increase of 24% compared to last year. Net gains and losses on financial items amounted to SEK 47 million (4). Other income amounted to SEK 24 million (65). Total expenses Total expenses amounted to SEK 1,049 million (849) during the period January-September 2026, of which SEK 309 million (275) pertain to the third quarter of 2026. Operating expenses are seasonally lower in the third quarter. Adjusted total expenses amounted to SEK 935 million 1) for the period January-September 2026 and SEK 301 million 2) for the third quarter of 2026. Of the operating expenses, SEK 36 million was attributable to the operating activities of Consensus and Strand during the period January-September 2026, of which SEK 19 million related to the third quarter of 2026. On a comparable basis, operating expenses therefore amounted to SEK 899 million for the period January- September 2026 and SEK 282 million for the third quarter of 2026. The C/I ratio amounted to 35.7% (29.1) for the period January- September 2026 and 29.6% (30.0) for the third quarter of 2026. Adjusted for non-recurring items, the C/I ratio amounted to 31.8% 1) for the period January-September 2026 and 28.9% 2) for the third quarter of 2026. Loan portfolio The total loan portfolio amounted to SEK 56,933 million (49,051) by the end of the third quarter of 2026, corresponding to an increase of 16% compared to last year and an increase of 5% compared to the previous quarter. The Corporate loan portfolio has increased by 30% compared to the previous year and has increased by 1% compared to the previous quarter. The Real Estate loan portfolio has increased by 10% compared to the previous year and increased by 7% compared to the previous quarter. The Consumer loan portfolio has increased by 15% compared to the previous year and increased by 6% compared to the previous quarter. The Payments loan portfolio has increased by 13% compared to the previous year and increased by 2% compared to the previous quarter. Out of the total loan portfolio, Corporate amounted to 25% (22), Real Estate amounted to 41% (43), Consumer amounted to 27% (27), Payments amounted to 7% (7) and Other amounted to 1% (1) by the end of the quarter. Credit losses The credit loss level has gradually decreased over an extended period and amounted to 1.7% (1.7) during the period January- September 2026 and to 1.6% (1.7) in the third quarter of 2026. Operating profit, net profit, EPS and RoE Operating profit amounted to SEK 1,231 million (1,431) during the period January-September 2026 and to SEK 512 million (434) in the third quarter of 2026. Excluding non-recurring costs, operating profit amounted to SEK 1,346 million 1) during the period January- September 2026 and to SEK 520 million 2) in the third quarter. Net profit amounted to SEK 931 million (1,121) during the period January-September 2026 and to SEK 397 million (340) in the third quarter. Excluding non-recurring costs, net profit amounted to SEK 1,040 million 1) during the period January-September 2026 and to SEK 404 million 2) in the third quarter. The result for the period January–September 2025 was positively impacted by received interest payments of approximately SEK 140 million from Stage 3 borrowers, which affects the comparability of the periods. Earnings per share amounted to SEK 4.88 (5.52) during the period January- September 2026 and to SEK 2.18 (1.70) in the third quarter of 2026. Excluding non-recurring costs, EPS amounted to SEK 5.48 1) during the period January-September 2026 and to SEK 2.22 2) in the third quarter of 2026. Return on equity amounted to 12.6% (16.0) during the period January-September 2026 and to 16.4% (14.0) in the third quarter of 2026. Adjusted return on equity amounted to 14.1% 1) during the period January-September 2026 and to 16.7% 2) in the third quarter of 2026. Adjusted return on equity, excluding excess capital 3), amounted to 15.2% (17.4) during the period January-September 2026 and to 17.0% (15.4) in the third quarter of 2026. 1) Adjustment for the period January-September 2026 relates to non-recurring costs totalling SEK 115 million. The non-recurring costs comprise the Swedish Financial Supervisory Authority’s administrative fee of SEK 90 million and transaction costs related to the acquisitions of Consensus Asset Management, of SEK 17 million, and Strand Kapitalförvaltning, of SEK 8 million. 2) Adjusted for non-recurring transaction costs related to the acquisition of Strand Asset Management of SEK 8 million. 3) Excess capital calculated relative to the midpoint of the financial target to maintain capital buffers of 200-400bps. 12 Norion Bank AB (publ) 556597-0513
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Non-recurring items Non-recurring items are defined as income and expenses that are not expected to appear on a regular basis. 2026 The period January-September 2026 was negatively impacted by non-recurring items totaling SEK 115 million, of which SEK 107 million pertained to the second quarter of 2026 (Swedish Financial Supervisory Authority’s administrative fee of SEK 90 million and transaction costs of SEK 17 million related to the acquisition of Consensus Asset Management). SEK 8 million pertained to the third quarter of 2026 (transaction costs related to the acquisition of Strand Kapitalförvaltning). There were no non-recurring items recognized in the first quarter of 2026. 2025 There were no non-recurring items in the first, second, third or fourth quarter of 2025. Liquidity Norion Bank’s total liquidity amounted to SEK 11,060 million (19,165) as of 30 September 2026. The liquidity has decreased following the completion of the Avanza migration. Total liquidity consists of a liquidity portfolio and other liquid assets. The liquidity portfolio consists of highly liquid assets, e.g. municipal bonds, covered bonds and government issued securities, and amounted to SEK 9,094 million (15,091) as of 30 September 2026. Other liquid assets mainly consist of deposit accounts with Nordic banks and amounted to SEK 1,966 million (4,074) as of 30 September 2026. As of 30 September 2026, Norion Bank’s liquidity coverage ratio (LCR) amounted to 254% (404) and net stable funding ratio (NSFR) to 123% (126). Funding Deposits and borrowings from the public amounted to approximately 78% (79) of Norion Bank’s balance sheet, which by the end of the period amounted to SEK 54,521 million (54,979). This is the primary source of funding for the Group. Senior unsecured bonds issued amounted to SEK 1,904 million (1,800). Commercial papers issued amounted to SEK 0 million (0). Norion Bank has issued three green senior unsecured bonds totalling SEK 1,900 million. The bonds were issued in 2024 and 2026 and mature in November 2027, September 2029 and July 2030, respectively. The green asset register amounted to SEK 4,200 million (4,400) as at 30 September 2026. Capital adequacy Norion Bank has received permission from the Swedish Financial Supervisory Authority to include net profit for the period in own funds. During the third quarter of 2025, Norion Bank AB issued a Tier 2 Bond of SEK 500 million and during the fourth quarter of 2025, Additional Tier 1 (AT1) capital instruments of SEK 500 million were issued. Furthermore, an additional SEK 300 million of AT1 capital instruments was issued during the second quarter of 2026. Norion Bank aims to work with an efficient capital planning strategy, which includes issuance of both Additional Tier 1 and Tier 2 instruments, over time. At the end of the period, the risk-weighted exposure amount was SEK 62,615 million (55,667). As of 30 September 2026, the CET1 ratio amounted to 13.1% (16.1), the Tier 1 ratio to 14.3% (16.1) and the total capital ratio to 16.1% (18.1). Relative to the midpoint of the financial target, to maintain capital buffers of 200–400bps, the difference amounted to SEK -3 million (1,149) as of 30 September 2026. Other information Completed acquisition of Strand Kapitalförvaltning On 22 April 2026, Norion Bank announced the agreement to acquire all outstanding shares in Strand Kapitalförvaltning. The acquisition was completed during the third quarter of 2026 and resulted in non-recurring transaction costs of SEK 8 million. Sale of an NPL portfolio On 3 August 2026, Norion Bank announced an agreement to sell an NPL portfolio to a subsidiary of Brocc Finance AB. The portfolio comprises non-performing loans in Sweden, Norway and Finland with a gross carrying amount of approximately SEK 6.2 billion. The purchase price amounted to approximately SEK 2.6 billion, exceeding the portfolio’s carrying amount. The transaction is not expected to have any material impact on Norion Bank’s earnings. 13 Interim report January - September 2026
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Continued high activity The loan portfolio of the Corporate segment amounted to SEK 14,238 million (10,963), corresponding to an increase of 30% over the previous year and an increase of 1% over the previous quarter. The Corporate segment accounted for 25% (22) of Norion Bank’s loan portfolio by the end of the quarter. Total income amounted to SEK 222 million (206) during the quarter and to SEK 623 million (656) during the period January-September 2026. The net interest margin (NIM) amounted to 5.9% compared to 6.7% in the same quarter last year and 6.2% in the previous quarter. The NIM amounted to 6.0% (6.9) during the period January-September 2026. The total income margin amounted to 6.3% compared to 7.4% in the same quarter last year and 6.5% in the previous quarter. The total income margin amounted to 6.4% (7.8) during the period January-September 2026. The NIM and total income margins can vary between periods depending on when amortizations and disbursements of new loans are made during the respective period. The Corporate segment continues to demonstrate a high level of business activity and strong demand. Following strong volume growth during the first half of the year, customer activity remained high also during the seasonally quieter summer months. The segment’s customer-oriented approach provides favourable conditions for meeting companies’ financing needs and capturing business opportunities even during periods of generally lower market activity. Demand for the factoring offering remains strong, with a clear focus on attracting new customers contributing to solid growth in Sweden, while the development in Norway is positive. Norion Bank’s Corporate segment is a strategic focus area and offers financing solutions primarily to medium-sized companies. The market for medium-sized companies is considered attractive and the bank sees good long-term growth potential. Through specialisation and flexibility, the bank can provide tailored solutions that complement the more standardised offerings of traditional banks THE CORPORATE SEGMENT Photo: Anna Roström Corporate Norion Bank offers corporate loans and factoring solutions with particular focus on medium-sized companies in Sweden, Norway and Finland in a wide range of industries. Corporate loans are issued to companies against collateral. Factoring solutions primarily comprise purchasing of invoices both with and without right of recourse. Loan portfolio 25% 14,238 SEKm 14 Norion Bank AB (publ) 556597-0513
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THE CORPORATE SEGMENT Geographic split 1) 1) Based on the Corporate loan portfolio as of 30 September 2026 2) Corporate lending 52 SEKm Average loan in the portfolio 1) 20 Average remaining maturity (months) 2) Industry split 1) Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%) 10,963 11,526 11,959 14,078 14,238 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 6.2% 5.9%5.9% 6.7% 7.5% 206 233 190 211 222 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 6.5% 6.3%6.5% 7.4% 8.3% Sweden, 38% Finland, 21% Norway, 20% Other, 21% Business services, 23% Manufacturing, 20% Financial services & Investment companies, 19% Wholesale & Retail, 16% Other, 22% 15 Interim report January - September 2026
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Strengthened organization and broader offering The loan portfolio of the Real Estate segment amounted to SEK 23,192 million (21,010), corresponding to an increase of 10% over the previous year and an increase of 7% over the previous quarter. The Real Estate segment accounted for 41% (43) of Norion Bank’s loan portfolio by the end of the quarter. Total income amounted to SEK 284 million (285) during the quarter and to SEK 784 million (990) during the period January-September 2026. The third quarter of 2026 was positively impacted by approximately SEK 30 million in higher interest income. The period January-September 2025 was positively impacted by received interest payments of approximately SEK 140 million from borrowers in Stage 3. The net interest margin (NIM) amounted to 5.0% compared to 5.3% in the same quarter last year and 4.6% in the previous quarter. The NIM amounted to 4.8% (6.0) during the period January-September 2026. Net interest income was still negatively affected by high volumes in Stage 3, and the segment is actively working to reduce these volumes. The total income margin amounted to 5.1% compared to 5.3% in the same quarter last year and 4.6% in the previous quarter. The total income margin amounted to 4.8% (6.0) during the period January-September 2026. The margins can vary between periods depending on when amortisations and disbursements of new loans are made during the respective period. The positive development during the first half of the year has continued, with a high number of customer dialogues and an increasing inflow of business enquiries. The organisational enhancements implemented over the past year have improved the conditions for capturing these business opportunities. In parallel, steps are being taken to establish operations in Norway, with the ambition of gradually building long-term relationships with professional real estate customers. The segment also continues to broaden its offering to reach additional customer groups and enable more differentiated pricing based on the risk profile. The broader offering may, during certain periods, entail a somewhat lower net interest margin, while risk- adjusted return remains in line with previous levels. The bank maintains a disciplined and selective approach to lending. Norion Bank continues to provide financing to professional counterparties, with a clear focus on cash flow strength and the quality of underlying assets. The majority of the portfolio consists of senior loans, which accounted for 69% (64) at the end of the quarter. THE REAL ESTATE SEGMENT Photo: Anna Roström Real Estate Norion Bank offers real estate loans focusing on metropolitan areas and university cities in the Nordic region. Real estate loans are issued to companies against collateral. Norion Bank offers both junior and senior lending. Financing is provided against a diversified portfolio of properties Loan portfolio 41% 23,192 SEKm 16 Norion Bank AB (publ) 556597-0513
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THE REAL ESTATE SEGMENT Industry split 1) Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%) 1) Based on the Real Estate loan portfolio as of 30 September 2026 2) Average loan to value 113 SEKm Average loan in the portfolio 16 Average remaining maturity (months) 62% 31% 69% 78% Share of senior loans Average LTV 2) – senior loans Average LTV 2) – junior loans Share of junior loans Geographic split 1) 21,010 20,504 21,604 21,769 23,192 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 4.6%4.8% 5.0%5.3% 5.0% 285 260 251 248 284 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 4.6%4.8% 5.1%5.3% 5.0% Office, 32% Residential, 26% Hotel, 9% Retail, 8% Warehouse, 8% Other, 18% Sweden, 44% Finland, 24% Germany, 20% Denmark, 7% Other, 5% 17 Interim report January - September 2026
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Strong loan book growth and improved quality The loan portfolio of the Consumer segment amounted to SEK 15,334 million (13,298), corresponding to an increase of 15% over the previous year and an increase of 6% over the previous quarter. The Consumer segment accounted for 27% (27) of Norion Bank’s loan portfolio by the end of the quarter. Total income amounted to SEK 287 million (272) during the quarter and to SEK 876 million (806) during the period January-September 2026. The net interest margin (NIM) amounted to 7.2% compared to 7.9% in the same quarter last year and 8.0% in the previous quarter. The NIM amounted to 7.6% (7.8) during the period January- September 2026. The total income margin amounted to 7.7% compared to 8.3% in the same quarter last year and 8.6% in the previous quarter. The total income margin amounted to 8.1% (8.4) during the period January-September 2026. The Consumer segment offers a broad range of services to private customers within personal loans, credit cards and savings and continues to develop well with strong demand. The consumer loan business has demonstrated strong volume growth, while maintaining its focus on credit quality and profitability. The Consumer segment continues to broaden its offering to address additional customer groups and financing needs, making it relevant to a larger part of the market. Greater diversification also provides better conditions for differentiating pricing. Although the broader offering may result in a somewhat lower net interest margin during certain periods, risk-adjusted return remains in line with previous levels. Over time, the ambition is for this to contribute to a portfolio with longer maturities, improved credit quality and lower credit losses. The expansion of the consumer loan offering in Finland continues at a controlled pace, with the ambition of gradually increasing growth while maintaining risk discipline. During the quarter, the migration of the credit card portfolio to Visa was completed and a new card processing infrastructure was established. The new platform is intended to create conditions for strengthened competitiveness through, among other things, increased flexibility and operational efficiency. THE CONSUMER SEGMENT Consumer Collector offers unsecured loans to private individuals of up to SEK 600,000 in Sweden and up to EUR 20,000 in Finland. Sales are conducted through own channels as well as loan intermediaries. Collector offers credit cards - both under its own brand and in partnership with others, with a maximum credit limit of SEK 100,000, and savings accounts. Loan portfolio 27% 15,334 SEKm 18 Norion Bank AB (publ) 556597-0513
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Strong loan book growth and improved quality THE CONSUMER SEGMENT Average customer Personal loans Sweden, 97% Finland, 2% 51years SEK 460,000 / 520,000 Average salary (At approval / Current) 54% / 46% Women Men Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%) Geographic split 1) 1) Based on the Consumer loan portfolio as of 30 September 2026 213,000 Average loan new sales (SEK, LTM) 45% Sales through own channels 163,000 Average loan in the portfolio (SEK) 113,000 Cards outstanding 59,500 Customers Personal loans Credit cards 13,298 13,661 13,956 14,488 15,334 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 8.0% 7.2%7.8%7.9% 7.6% 272 272 285 304 287 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 8.6% 7.7%8.3%8.3% 8.1% 19 Interim report January - September 2026
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Continued strong growth in transaction volumes The loan portfolio of the Payments segment amounted to SEK 3,827 million (3,386), corresponding to an increase of 13% over the previous year and an increase of 2% over the previous quarter. The Payments segment accounted for 7% (7) of Norion Bank’s loan portfolio by the end of the quarter. Total income amounted to SEK 171 million (134) during the quarter and to SEK 488 million (384) during the period January–September 2026. The net interest margin (NIM) amounted to 10.4% compared to 9.3% in the corresponding quarter of the previous year and 10.0% in the previous quarter. The NIM amounted to 10.1% (8.0) during the period January–September 2026. The total income margin amounted to 18.1% compared to 17.1% in the corresponding quarter of last year and 18.0% in the previous quarter. The total income margin amounted to 17.5% (16.0) during the period January– September 2026. Transaction volumes amounted to SEK 6,617 million (4,973) during the third quarter of 2026, representing an increase of 33% compared to the corresponding quarter of the previous year. Transaction volumes thereby recorded double-digit growth for the thirteenth consecutive quarter. Walley continues to develop successfully and expand both in Sweden and across the Nordic region. Following several new partnerships established during the year, Walley went live with, among others, Nordic Feel, Eleven and Intersport during the third quarter. The number of active customers continued to increase and amounted to 7.6 million at the end of the third quarter, compared with 6.2 million at the end of the corresponding period of the previous year. Walley’s flexible and modular checkout enables tailored solutions that meet the needs of both merchants and end customers. Walley continues to differentiate itself through its holistic approach to the payment experience, from checkout to loyalty-building post- purchase experiences, creating added value for both customers and merchants. THE PAYMENTS SEGMENT Payments Walley offers payment and checkout solutions to e-commerce and retail chains, primarily in Sweden, Finland and Norway, as well as invoicing and payment by instalment services for private individuals. Walley offers specialized solutions focusing on the merchant’s strategy and brand, primarily targeting larger merchants. Loan portfolio 7% 3,827 SEKm 20 Norion Bank AB (publ) 556597-0513
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THE PAYMENTS SEGMENT 1) Based on the Payments loan portfolio as of 30 September 2026 7.6 M Active customers (LTM) 1,100 Average ticket size (SEK) Sweden, 43% Finland, 38% Norway, 19% Loan portfolio (SEKm) and NIM (%) Total income (SEKm) and margin (%) Geographic split 1) Transaction volumes (SEKm) 3,386 3,605 3,576 3,735 3,827 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 10.0% 10.4%10.1% 9.3% 9.0% 134 143 153 164 171 Q3 2026Q2 2026Q1 2026Q4 2025Q3 2025 18.0% 18.1% 17.0%17.1% 16.4% 4,973 6,617 14,507 18,570 Jan-Sep 2026Jan-Sep 2025Q3 2026Q3 2025 Q3 2026 (Q3 2025) Jan-Sep 2026 (Jan-Sep 2025) +33% % change +28% % change 21 Interim report January - September 2026
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WEALTH MANAGEMENT Wealth Management Norion Wealth comprises personal advisory services and active asset management for business owners, entrepreneurs, elite athletes, private clients and institutional clients in Sweden. SEK 16b AuM Through the completed acquisitions of Consensus Asset Management and Strand Kapitalförvaltning in 2026, Norion Bank has continued the establishment of the business area 1) Norion Wealth. The companies are intended to be merged during the first half of 2027 and will operate as a wholly owned subsidiary of Norion Bank 2) . Furthermore, the fund offering is intended to be consolidated under the common brand Strand Fonder. Until the mergers have been completed, both the operations and fund management activities will continue to be conducted within their respective companies. Consensus Asset Management offers discretionary and advisory asset management, as well as management of its own funds, with a strong regional presence in central and southern Sweden. Strand offers discretionary asset management and fund management, with a primary focus on the Stockholm region. Both Consensus and Strand showed stable development during the third quarter and total assets under management amounted to SEK 16 billion as of 30 September 2026. Consensus’ assets under management amounted to SEK 10 billion as of 30 September 2026, while the corresponding figure for Strand amounted to SEK 6 billion. Wealth Management remains a strategic growth area for Norion Bank going forward, and the planned merger will create the conditions for a unified and customer-oriented offering, an efficient organisation and closer collaboration with the bank’s other business areas. Further steps in establishing Norion Wealth Photo: Anna Roström 1) The business area is not reported as a separate segment but is included within the “Other” segment. 2) Subject to relevant regulatory approvals. 22 Norion Bank AB (publ) 556597-0513
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23 Interim report January - September 2026
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Other information Material risks and uncertainty factors Through its operations, Norion Bank is exposed to several different risks: primarily credit risk, market risk (currency risk and interest rate risk), liquidity and financing risks as well as operational risk and other business risks. The Group’s overall risk management policy focuses on the unpredictability of the financial markets and strives to minimize potentially unfavorable influences on the Group’s financial results. Risk management is handled by the Group’s management team according to policies established by the Board of Directors. The Board establishes written policies for overall risk management and for specific areas such as currency risk, interest rate risk, credit risk, operational risk and the use of derivatives and similar financial instruments. The Group’s risk structure and its risk, liquidity and capital management are described in note 3 in Norion Bank’s annual report. There have been no significant changes since the publication of the annual report for the fiscal year 2025, except as reported in this interim report. A company regulated by the Swedish Financial Supervisory Authority Norion Bank AB (publ) has a license to conduct banking operations. The Bank conducts business in Sweden and through branches in Norway and Finland. Norion Bank AB (publ) is under the supervision of the Swedish Financial Supervisory Authority and is covered by its rules for capital adequacy and large exposures. Employees During the quarter, the average number of full-time employees (FTE) amounted to 486, which corresponds to an increase of 16% compared to the corresponding quarter last year. The increase is attributable to employees added through the acquisition of Consensus Asset Management. The number of full-time employees includes employees on fixed-term contracts, but not employees on parental leave or a leave of absence. The Norion Bank share Norion Bank’s share (“NORION”) is listed on Nasdaq Stockholm. As of 30 September 2026, the closing price for the Norion Bank share was SEK 67.60, corresponding to a market capitalization of SEK 13bn. There were approximately 25,300 shareholders at the end of the period. Share capital As of 30 September 2026, the share capital amounted to SEK 149,422,000 divided into 189,782,534 ordinary shares. Norion Bank held 16,993,100 own shares and the number of outstanding shares thus amounted to 172,789,434. The Company has a single share series. Each share entitles the shareholder to one vote at the General Meeting. Presentation for investors and analysts A conference call will be held on 22 October 2026 at 10.00 a.m. (CET), during which CEO Martin Nossman and CFO Peter Olsson will present the report. The presentation will be held in Swedish and will be broadcasted live here. For those who wish to participate in the conference call, please register here. After registration, you will be provided a phone number and a conference ID to access the conference call. The presentation material will be in English and will be available prior to the presentation. Shareholders at 30 September 2026 % Erik Selin 1) 37.9% State Street Bank and Trust Company 9.2% Provobis Holding Aktiebolag 3.3% JME Invest AB 2.2% JP Morgan Chase Bank NA 1.9% Svensson Enterprises AB 1.8% Sanda Gruppen AB 1.8% Swedbank Robur Folksams Lo Sverige 1.7% Avanza Pension 1.7% The Bank of New York Mellon SA/NV 1.2% Other shareholders 37.1% Total 100.0% of which shares are held by Norion Bank 9.0% Dividend Norion Bank’s policy is to distribute potential surplus capital in relation to the capital adequacy target, subject to the bank’s future outlook and capital planning, to its shareholders. Share buybacks In line with the bank’s dividend policy and strong financial position, Norion Bank has continued to repurchase its own shares. During the period 23 April to 3 June 2026, a share buyback program of approximately SEK 500 million was carried out, corresponding to approximately 9 million own shares. Subsequently, an additional share buyback program was carried out during the period 5 June to 17 September 2026, amounting to approximately SEK 500 million and corresponding to approximately 8 million shares. During the period January–September 2026, the bank has thereby repurchased a total of approximately 17 million own shares, corresponding to an amount of approximately SEK 1 billion. During the quarter, the Board resolved to propose a reduction of the share capital through the cancellation of the repurchased shares. The purpose is to reduce the number of own shares held by the bank and thereby provide greater flexibility in establishing new potential share buyback programs. The resolution was adopted at an Extraordinary General Meeting on 20 October 2026. In line with the bank’s dividend policy and strong financial position, the Board intends to initiate an additional share buyback program of up to SEK 500 million. The intention is to commence the share buyback program once the NPL sale has been completed, the previously repurchased shares have been cancelled and the necessary approval from the Swedish Financial Supervisory Authority has been obtained. 1) Privately and through wholly owned companies. 24 Norion Bank AB (publ) 556597-0513
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Alternative performance measures (APMs) are financial measures of past or future earnings trends, financial position or cash flow that are not defined in the applicable accounting regulatory framework (IFRS), in the Capital Requirements Directive (CRD IV), or in the EU’s Capital Require- ment Regulation number 575/2013 (CRR). APMs are used by Norion Bank when relevant for monitoring and describing the bank’s financial situation and enhance comparability between the periods. Norion Bank believes that these APMs provide valuable information and enhance the analysis of the Group’s financial development. These are not necessarily comparable to similar APMs presented by other companies. See norionbank.se/en-se/investor-relations-en/financial-information/key-financials for more information about key ratios. Definitions Net interest margin (NIM) Net interest margin (NIM) - Period Net interest income for the period in relation to average loans to the public for the period. Net interest margin (NIM) - LTM Net interest income for the last twelve months in relation to average loans to the public for the last twelve months. Adjusted net interest margin (NIM) - Period Net interest income for the period, adjusted for non-recurring items, in relation to average loans to the public for the period. Adjusted net interest margin (NIM) - LTM Net interest income for the last twelve months, adjusted for non-re- curring items, in relation to average loans to the public for the last twelve months. C/I ratio C/I ratio - Period Total expenses for the period in relation to total income for the period. C/I ratio - LTM Total expenses for the last twelve months in relation to total income for the last twelve months. Adjusted C/I ratio - Period Total expenses for the period, adjusted for non-recurring items, in relation to total income for the period, adjusted for non-recurring items. Adjusted C/I ratio - LTM Total expenses for the last twelve months, adjusted for non-recurring items, in relation to total income for the last twelve months, adjusted for non-recurring items. Credit loss level Credit loss level - Period Credit losses, net for the period in relation to average loans to the public for the period. Credit loss level - LTM Credit losses, net for the last twelve months in relation to average loans to the public for the last twelve months. Adjusted credit losses, net - Period Credit losses, net, adjusted for non-recurring items, for the period in relation to average loans to the public for the period. Adjusted credit losses, net - LTM Credit losses, net for the period, adjusted for non-recurring items, in relation to average loans to the public for the last twelve months. Earnings per share 1) Earnings per share after dilution 1) Net profit for the period attributable to the shareholders of Norion Bank AB in relation to average number of shares outstanding after dilution for the period. Earnings per share before dilution 1) Net profit for the period attributable to the shareholders of Norion Bank AB in relation to average number of shares outstanding before dilution for the period. 1) Not alternative performance measures. 25 Interim report January - September 2026
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Definitions cont. 2) Key ratios according to capital adequacy rules (CRR). Return on equity (RoE) Return on equity (RoE) - Period Net profit for the period attributable to the shareholders of Norion Bank AB in relation to average equity attributable to the shareholders of Norion Bank AB for the period. Return on equity (RoE) - LTM Net profit attributable to the shareholders of Norion Bank AB for the last twelve months in relation to average equity attributable to the shareholders of Norion Bank AB for the last twelve months. Adjusted return on equity (RoE) - Period Net profit for the period attributable to the shareholders of Norion Bank AB, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Norion Bank AB for the period. Adjusted return on equity (RoE) - LTM Net profit attributable to the shareholders of Norion Bank AB for the last twelve months, adjusted for non-recurring items, in relation to average equity attributable to the shareholders of Norion Bank AB for the last twelve months. Total income margin Total income margin - Period Total income for the period in relation to average loans to the public for the period. Return on total assets (RoA) Return on total assets (RoA) - Period Net profit attributable to the shareholders, for the period, of Norion Bank AB, in relation to average total assets in Norion Bank AB. Return on total assets (RoA) - LTM Net profit attributable to the shareholders, for the last twelwe months, of Norion Bank AB, in relation to average total assets in Norion Bank AB. Other Adjusted net interest income Net interest income adjusted for non-recurring items. Adjusted total income Total income adjusted for non-recurring items. Adjusted total expenses Total expenses adjusted for non-recurring items. Adjusted operating profit Operating profit adjusted for non-recurring items. Adjusted net profit Net profit attributable to the shareholders of the parent company adjusted for non-recurring items. Non-recurring items Income and expenses that are not expected to appear on a regular basis. See The Group’s development, pages 12-13. CET1 ratio (Common Equity Tier 1 ratio) 2) Common Equity Tier 1 capital in relation to total risk-weighted expo- sure amount. Refers to the consolidated situation. See note 13, pages 51-53. Tier 1 ratio 2) Tier 1 capital in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 13, pages 51-53. Total capital ratio 2) Total own funds in relation to total risk-weighted exposure amount. Refers to the consolidated situation. See note 13, pages 51-53. Average number of full-time employees Including employees on fixed-term contracts, but not on parental leave or leave of absence. 26 Norion Bank AB (publ) 556597-0513
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Alternative performance measures SEKm Q3 2026 Q2 2026 Q3 2025 Jan-Sep 2026 Jan-Sep 2025 Total operating expenses -309 -436 -275 -1,049 -849 SFSA administrative fee n/a -90 n/a -90 - Transaction costs Consensus Asset Management n/a -17 n/a -17 - Transaction costs Strand Kapitalförvaltning -8 n/a n/a -8 - Adjusted operating expenses -301 -329 -275 -935 -849 Total income 1,042 988 919 2,943 2,919 C/I ratio (%) 29.6% 44.2% 30.0% 35.7% 29.1% Adjusted C/I ratio(%) 28.9% 33.3% 30.0% 31.8% 29.1% Operating profit 512 329 434 1,231 1,431 SFSA administrative fee n/a 90 n/a 90 - Transaction costs Consensus Asset Management n/a 17 n/a 17 - Transaction costs Strand Kapitalförvaltning 8 n/a n/a 8 - Adjusted operating profit 520 436 434 1,346 1,431 Net profit attributable to shareholders 382 220 340 893 1,121 Adjusted net profit attributable to shareholders 388 324 340 1,003 1,121 Equity attributable to shareholders 9,371 9,208 9,672 9,371 9,672 Average equity attributable to shareholders 9,289 9,489 9,707 9,424 9,362 Adjusted equity attributable to shareholders 9,377 1) 9,311 2) 9,672 9,481 3) 9,672 Average adjusted equity attributable to shareholders 9,293 9,540 9,707 9,479 9,362 Total assets 69,749 69,188 69,381 69,749 69,381 Average total assets 69,468 68,828 69,691 68,638 68,294 Return on equity (%) 16.4% 9.3% 14.0% 12.6% 16.0% Adjusted return on equity (%) 16.7% 13.6% 14.0% 14.1% 16.0% Adjusted equity, excluding excess capital, attributable to shareholders 4) 9,381 8,891 8,523 9,381 8,523 Average adjusted equity, ex. excess capital, attributable to shareholders 9,136 8,692 8,830 8,773 8,582 Adjusted return on equity excluding excess capital (%) 17.0% 14.9% 15.4% 15.2 17.4% Return on total assets (%) 2.2% 1.3% 2.0% 1.7% 2.2% Adjusted return on total assets (%) 2.2% 1.9% 2.0% 1.9% 2.2% Net profit attributable to shareholders 382 220 340 893 1,121 Adjusted net profit attributable to shareholders 388 324 340 1,003 1,121 Average number of shares outstanding before dilution 174,708,009 184,330,084 199,755,991 182,946,344 202,981,958 Earnings per share before dilution, SEK 2.18 1.19 1.70 4.88 5.52 Adjusted earnings per share before dilution, SEK 2.22 1.76 1.70 5.48 5.52 1) Equity adjusted by SEK 6 million, attributable to the difference between reported and adjusted profit attributable to shareholders. 2) Equity adjusted by SEK 103 million, attributable to the difference between reported and adjusted profit attributable to shareholders. 3) Equity adjusted by SEK 110 million, attributable to the difference between reported and adjusted profit attributable to shareholders. 4) Excess capital calculated relative to the midpoint of the financial target of maintaining capital buffers of 200–400 bps. 27 Interim report January - September 2026
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GROUP Norion Bank AB (publ) 556597-0513 28 Income statement Group Q3 Q2 Q3 Jan - Sep Jan - Sep Full Year SEKm Note 2026 2026 2025 2026 2025 2025 Interest income 1) 1 337 1 271 1 235 3 803 3 896 5 126 Interest expense 2) -424 -407 -403 -1 213 -1 275 -1 665 Net interest income 4 914 864 833 2 590 2 621 3 460 Commission income 130 125 95 355 289 389 Commission expense -26 -23 -22 -73 -61 -86 Net commission income 5 104 103 73 282 228 303 Net gains and losses on financial items 13 13 -5 47 4 0 Other income 3) 12 8 18 24 65 83 Total income 1 042 988 919 2 943 2 919 3 847 Personnel expenses 6 -125 -155 -109 -412 -344 -476 Other expenses 7 -160 -167 -146 -478 -446 -613 Depreciation/amortization and impairment of tangible and intangible assets -24 -24 -21 -70 -60 -81 Administrative fees 7 - -90 - -90 - - Total expenses -309 -436 -275 -1 049 -849 -1 171 Profit before credit losses 733 552 643 1 893 2 070 2 676 Credit losses, net 8 -221 -222 -209 -663 -639 -838 Operating profit 512 329 434 1 231 1 431 1 838 Tax expense -115 -97 -94 -300 -309 -400 Net profit for the period 397 232 340 931 1 121 1 438 Net profit for the period attributable to: shareholders of Norion Bank AB 382 220 340 893 1 121 1 431 additional Tier 1 capital holders 15 12 - 37 - 7 Earnings per share, before dilution, SEK 2,18 1,19 1,70 4,88 5,52 7,12 Earnings per share, after dilution, SEK 2,18 1,19 1,70 4,88 5,52 7,12 1) Consists mainly of interest income calculated according to the effective interest rate method. 2) Interest expenses for issued tier 1 capital instruments are reported in equity.
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GROUP Interim report January - September 2026 29 Statement of comprehensive income Group Q3 Q2 Q3 Jan - Sep Jan - Sep Full Year SEKm Note 2026 2026 2025 2026 2025 2025 Net profit for the period reported via income statement 397 232 340 931 1 121 1 438 Items that have been or may be reclassified to the income statement Exchange rate differences on translation of foreign currency 1 0 0 2 -1 -2 Other comprehensive income for the period, net of tax 1 0 0 2 -1 -2 Total comprehensive income for the period 398 232 340 933 1 121 1 437 Total comprehensive income for the period attributable to: shareholders of Norion Bank AB 383 220 340 896 1 121 1 430 additional Tier 1 capital holders 15 12 - 37 - 7
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GROUP Norion Bank AB (publ) 556597-0513 30 Balance sheet Group Sep 30 Dec 31 Sep 30 SEKm Note 2026 2025 2025 ASSETS Treasury bills and other bills eligible for refinancing with central banks, etc. 15 7 160 4 068 6 898 Loans to credit institutions 2 135 4 704 4 074 Loans to the public 9, 10 56 933 49 675 49 051 Bonds and other interest-bearing securities 15 1 933 7 857 8 193 Shares and participating interests 15 689 679 679 Intangible assets 372 162 155 Tangible assets 45 54 55 Derivatives 15 13 5 - Other assets 121 136 108 Prepaid expenses and accrued income 348 187 168 TOTAL ASSETS 69 749 67 527 69 381 LIABILITIES AND EQUITY Deposits and borrowings from the public 11 54 521 53 121 54 979 Debt securities in issue 12 1 904 1 800 1 800 Derivatives 15 - - 10 Other liabilities 969 761 788 Accrued expenses and prepaid income 1 088 772 1 036 Subordinated liabilities 12 1 097 1 096 1 096 Total liabilities 59 578 57 550 59 708 Tier 1 instruments 800 500 - Equity attributable to the shareholders of Norion Bank AB 9 371 9 477 9 672 Total equity 10 171 9 977 9 672 TOTAL LIABILITIES AND EQUITY 69 749 67 527 69 381
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GROUP Interim report January - September 2026 31 Statement of changes in equity Group Jan - Sep 2026 Equity attributable to the shareholders of Norion Bank AB SEKm Share capital Other contribut - ed capital Exchange differences, subsidiaries and associates Retained earnings, incl. net profit for the period Total Additional Tier 1 instruments holders 1) Total equity Opening balance 1 January 2026 149 5 -8 9 331 9 477 500 9 977 Comprehensive income for the period Profit for the period 893 893 37 931 Other comprehensive income for the period 2 2 2 Total comprehensive income for the period 2 893 896 37 933 Transactions reported directly in equity Issue of Tier 1 instruments 300 300 Cost additional Tier 1 instruments -2 -2 -2 Transaction costs, issue of Tier 1 instruments -37 -37 Capitalisation issue 2) 11 -11 - - Repurchase of own shares 2) -11 -989 -1 000 -1 000 Total transactions reported directly in equity - -1 002 -1 002 263 -739 Closing balance 30 September 2026 149 5 -6 9 222 9 371 800 10 171
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GROUP Norion Bank AB (publ) 556597-0513 32 Group Jan - Dec 2025 Equity attributable to the shareholders of Norion Bank AB SEKm Share capital Other contribut - ed capital Exchange differences, subsidiaries and associates Retained earnings, incl. net profit for the period Total Additional Tier 1 instruments holders 1) Total equity Opening balance 1 January 2025 149 5 -6 8 904 9 052 - 9 052 Comprehensive income for the period Profit for the period 1 431 1 431 7 1 438 Other comprehensive income for the period -2 -2 -2 Total comprehensive income for the period -2 1 431 1 430 7 1 437 Transactions reported directly in equity Issue of Tier 1 instruments 500 500 Transaction costs, issue of Tier 1 instruments -4 -4 -4 Cost additional Tier 1 instruments -7 -7 Repurchase of own shares 2) -1 000 -1 000 -1 000 Total transactions reported directly in equity -1 004 -1 004 493 -511 Closing balance 31 December 2025 149 5 -8 9 331 9 477 500 9 977 Group Jan - Sep 2025 Equity attributable to the shareholders of Norion Bank AB SEKm Share capital Other contribut - ed capital Exchange differences, subsidiaries and associates Retained earnings, incl. net profit for the period Total Additional Tier 1 instruments holders 1) Total equity Opening balance 1 January 2025 149 5 -6 8 904 9 052 - 9 052 Comprehensive income for the period Profit for the period 1 121 1 121 1 121 Other comprehensive income for the period -1 -1 -1 Total comprehensive income for the period -1 1 121 1 121 1 121 Transactions reported directly in equity Repurchase of own shares 2) -500 -500 -500 Total transactions reported directly in equity -500 -500 -500 Closing balance 30 September 2025 149 5 -7 9 525 9 672 - 9 672 1) The issued Tier 1 instrument is deemed to fulfil the conditions of an equity instrument since the instrument, according to the conditions, does not have a set time to maturity, meaning that the issuer has an unconditional right to refrain from making repayments and the issuer of the instrument has full discretion regarding interest payments, that is to say no obligation to pay interest. 2) During February 2026, the number of shares and votes in Norion Bank AB (publ) decreased by 15 598 470 following the resolution passed at the extraordinary general meeting on 13 February 2026 to cancel repurchased treasury shares. The share capital was reduced by SEK 11 348 443 through the cancellation of the 15 598 470 shares that Norion Bank had held in treasury. The share capital remains unchanged, as the meeting also resolved on a bonus issue without the issu- ance of new shares. As at 30 September 2026, the total number of shares issued amounted to 189 782 534. Norion Bank’s holding of treasury shares amounted to 16 993 100 shares. Consequently, the number of shares outstanding was 172 789 434. Statement of changes in equity, cont.
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GROUP Interim report January - September 2026 33 Group Jan - Sep Full Year Jan - Sep SEKm 2026 2025 2025 Operating activities Operating profit 1 231 1 838 1 431 Adjustments for non-cash items in operating activities 1 086 818 826 Income taxes paid -242 -327 -248 Increase/decrease in assets and liabilities from operating activities -3 962 -1 017 -1 414 Cash flow from operating activities -1 887 1 312 595 Investing activities Acquisitions of subsidiaries -251 - - Acquisitions/disposals of tangible assets - 0 0 Acquisitions/disposals of intangible assets -50 -71 -51 Investments and disposals of financial assets -9 -8 - Cash flow from investing activities -310 -79 -51 Financing activities Decrease of liabilities -28 -31 -23 Additional Tier 1 instruments 263 496 - Redemption of interest-bearing securities -1 301 -518 -518 Issuance of interest-bearing securities 1 405 498 498 Repurchase of own shares -1 000 -1 000 -500 Cash flow from financing activities -661 -555 -543 Cash and cash equivalents at the start of the period 4 704 4 164 4 164 Cash flow for the period -2 858 678 1 Exchange rate differences in cash and cash equivalents 120 -138 -91 Cash and cash equivalents at the end of the period 1 966 4 704 4 074 interest paid and received included in the cash flow from operating activities Interest paid 866 1 738 1 140 Interest received 3 787 5 138 3 897 Cash flow statement
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PARENT COMPANY Norion Bank AB (publ) 556597-0513 34 Income statement Norion Bank AB Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm Note 2026 2026 2025 2026 2025 2025 Interest income 1) 1 337 1 271 1 235 3 803 3 896 5 126 Interest expense 2) -424 -407 -403 -1 214 -1 275 -1 665 Net interest income 4 913 864 833 2 589 2 621 3 460 Commission income 111 111 95 322 289 389 Commission expense -26 -22 -22 -72 -61 -86 Net commission income 5 85 88 73 249 228 303 Net gains and losses on financial items 13 12 -5 46 4 0 Other income 11 8 18 24 65 83 Total income 1 024 971 919 2 908 2 919 3 847 Personnel expenses 6 -112 -144 -109 -387 -344 -476 Other expenses 7 -148 -147 -146 -445 -446 -613 Depreciation/amortization and impairment of tangible and intangible assets -22 -23 -21 -67 -60 -81 Administrative fees 7 - -90 - -90 - - Total expenses -281 -403 -275 -989 -849 -1 170 Profit before credit losses 742 569 643 1 919 2 070 2 677 Credit losses, net 8 -221 -222 -209 -663 -639 -838 Operating profit 521 346 434 1 257 1 431 1 838 Appropriations 0 - - 0 -484 Tax expense -115 -97 -94 -300 -309 -300 Net profit for the period 406 249 340 956 1 121 1 054 Net profit for the period attributable to: shareholders of Norion Bank AB 390 237 340 919 1 121 1 047 additional Tier 1 capital holders 15 12 - 37 - 7 1) Consists mainly of interest income calculated according to the effective interest rate method. 2) Interest expenses for issued tier 1 capital instruments are reported in equity.
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PARENT COMPANY Interim report January - September 2026 35 Statement of comprehensive income Norion Bank AB Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm Note 2026 2026 2025 2026 2025 2025 Net profit for the period reported via income statement 406 249 340 956 1 121 1 054 Items that have been or may be reclassified to the income statement Exchange rate differences on translation of foreign currency 1 0 0 2 -1 -2 Other comprehensive income for the period, net of tax 1 0 0 2 -1 -2 Total comprehensive income for the period 407 249 340 958 1 121 1 052 Total comprehensive income for the period attributable to: shareholders of Norion Bank AB 392 237 340 921 1 121 1 045 additional Tier 1 capital holders 15 12 - 37 - 7
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PARENT COMPANY Norion Bank AB (publ) 556597-0513 36 Balance sheet Norion Bank AB 30 Sep 31 Dec 30 Sep SEKm Note 2026 2025 2025 ASSETS Treasury bills and other bills eligible for refinancing with central banks, etc. 15 7 160 4 068 6 898 Loans to credit institutions 2 086 4 703 4 074 Loans to the public 9, 10 56 933 49 675 49 051 Bonds and other interest-bearing securities 15 1 933 7 857 8 193 Shares and participating interests 15 687 679 679 Shares and participating interests in group entities 341 0 0 Intangible assets 169 162 155 Tangible assets 36 54 55 Derivatives 15 13 5 - Other assets 110 136 108 Prepaid expenses and accrued income 333 187 168 TOTAL ASSETS 69 802 67 527 69 381 LIABILITIES AND EQUITY Deposits and borrowings from the public 11 54 581 53 121 54 979 Debt securities in issue 12 1 904 1 800 1 800 Derivatives 15 - - 10 Other liabilities 504 320 447 Accrued expenses and prepaid income 1 078 772 1 036 Subordinated liabilities 12 1 097 1 096 1 096 Total liabilities 59 165 57 110 59 368 Tax allocation reserve 2 135 2 135 1 651 Untaxed reserves 2 135 2 135 1 651 Tier 1 instruments 800 500 - Equity attributable to the shareholders of Norion Bank AB 7 702 7 783 8 362 Total equity 8 502 8 283 8 362 TOTAL LIABILITIES AND EQUITY 69 802 67 527 69 381
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PARENT COMPANY Interim report January - September 2026 37 Statement of changes in equity Norion Bank AB Jan - Sep 2026 Restricted equity Unrestricted equity SEKm Share capital Statutory reserve Development expenditure fund Additional Tier 1 instruments 1) Retained earnings, incl. net profit for the period Total equity Opening balance 1 January 2026 149 5 153 500 7 476 8 283 Transfer of development expenses 9 -9 - Issue of Tier 1 instruments 300 300 Transaction costs, issue of Tier 1 instruments -2 -2 Cost additional Tier 1 instruments -37 -37 Capitalisation issue 2) 11 -11 - Purchase of own shares 2) -11 -989 -1 000 Profit for the period 956 956 Other comprehensive income for the period 2 2 Closing balance 30 September 2026 149 5 162 800 7 386 8 502 Norion Bank AB Jan - Dec 2025 Restricted equity Unrestricted equity SEKm Share capital Statutory reserve Development expenditure fund Additional Tier 1 instruments 1) Retained earnings, incl. net profit for the period Total equity Opening balance 1 January 2025 149 2 131 - 7 459 7 741 Transfer of development expenses 3 22 -25 - Issue of Tier 1 instruments 500 500 Transaction costs, issue of Tier 1 instruments -4 -4 Cost additional Tier 1 instruments -7 -7 Purchase of own shares -1 000 -1 000 Profit for the period 1 054 1 054 Other comprehensive income for the period -2 -2 Closing balance 31 December 2025 149 5 153 500 7 476 8 283 Norion Bank AB Jan - Sep 2025 Restricted equity Unrestricted equity SEKm Share capital Statutory reserve Development expenditure fund Additional Tier 1 instruments 1) Retained earnings, incl. net profit for the period Total equity Opening balance 1 January 2025 149 2 131 - 7 459 7 741 Transfer 3 14 -17 - Purchase of own shares -500 -500 Profit for the period 1 121 1 121 Other comprehensive income for the period -1 -1 Closing balance 30 September 2025 149 5 145 - 8 063 8 362 1) The issued Tier 1 instrument is deemed to fulfil the conditions of an equity instrument since the instrument, according to the conditions, does not have a set time to maturity, meaning that the issuer has an unconditional right to refrain from making repayments and the issuer of the instrument has full discretion regarding interest payments, that is to say no obligation to pay interest. 2) During February 2026, the number of shares and votes in Norion Bank AB (publ) decreased by 15 598 470 following the resolution passed at the extraordinary general meeting on 13 February 2026 to cancel repurchased treasury shares. The share capital was reduced by SEK 11 348 443 through the cancellation of the 15 598 470 shares that Norion Bank had held in treasury. The share capital remains unchanged, as the meeting also resolved on a bonus issue without the issu- ance of new shares. As at 30 September 2026, the total number of shares issued amounted to 189 782 534. Norion Bank’s holding of treasury shares amounted to 16 993 100 shares. Consequently, the number of shares outstanding was 172 789 434.
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PARENT COMPANY Norion Bank AB (publ) 556597-0513 38 Cash flow statement Norion Bank AB Jan - Sep Full Year Jan - Sep SEKm 2026 2025 2025 Operating activities Operating profit 1 257 1 838 1 431 Adjustments for non-cash items in operating activities 1 085 818 826 Income taxes paid -240 -327 -248 Increase/decrease in assets and liabilities from operating activities -3 973 -1 018 -1 414 Cash flow from operating activities -1 871 1 311 595 Investing activities Acquisition of subsidiaries -319 - - Acquisitions/disposals of tangible assets - 0 0 Acquisitions/disposals of intangible assets -50 -71 -51 Acquisitions/disposals of financial assets -9 -8 - Cash flow from investing activities -378 -79 -51 Financing activities Decrease of liabilities -25 -31 -23 Additional Tier 1 instruments 263 496 - Redemption of interest-bearing securities -1 301 -518 -518 Issuance of interest-bearing securities 1 405 498 498 Group contributions paid/received 0 0 - Repurchase of own shares -1 000 -1 000 -500 Cash flow from financing activities -658 -555 -543 Cash and cash equivalents at the start of the period 4 703 4 164 4 164 Cash flow for the period -2 907 677 1 Exchange rate differences in cash and cash equivalents 121 -138 -91 Cash and cash equivalents at the end of the period 1 917 4 703 4 074 Paid and received interest of which is included in the cash flow from operating activities Interest paid 867 1 738 1 140 Interest received 3 787 5 138 3 897
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NOTES Interim report January - September 2026 39 Notes Note 1. General information The stated amounts in the notes are in millions of SEK (SEKm) and at book value unless otherwise stated. Norion Bank AB (publ) company registration number 556597 -0513, is a bank limited company with its registered office in Gothen- burg. The company has a license to conduct banking opera- tions and is listed on Nasdaq Stockholm. The Bank conducts business in Sweden and through branches in Norway and Finland. The address of the headquarters is Lilla Bommens Torg 11, SE- 411 09 Gothenburg, Sweden. Norion Bank AB (publ) is under the supervision of the Swedish Financial Supervisory Authority and is covered by its rules for capital adequacy and large exposures. Note 2. Accounting policies Accounting policies The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, taking into account the Swedish Fi- nancial Supervisory Authority’s regulations and general guidelines regarding annual accounts in credit institutions and investment firms (FFFS 2008:25, Chapter 7, Sections 2–3 and Chapter 8), the Swedish Annual Accounts Act for Credit Institutions and Invest- ment Firms (ÅRKL, Chapter 7, Sections 7–8), and the require- ments set out in the Swedish Corporate Reporting Board’s re- commendation RFR 1 Supplementary Accounting Rules for Groups. The Parent Company has prepared its financial statements in accordance with the Swedish Annual Accounts Act for Credit In- stitutions and securities companies, the Swedish Financial Super- visory Authority’s regulations and general guidelines (FFFS 2008:25) regarding annual accounts in credit institutions and in- vestment firms, and the Swedish Corporate Reporting Board’s re- commendation RFR 2 Accounting for Legal Entities. The accounting policies, measurement bases and presentation applied by the Group and the Parent Company are, in all material respects, unchanged from those applied in the 2025 Annual Report. Goodwill Goodwill represents the amount by which the cost exceeds the fair value of the Group’s share of the acquired subsidiary’s identi- fiable net assets at the acquisition date. Goodwill arising on the acquisition of subsidiaries (business) is recognised as an intan- gible asset. Goodwill, which is recognised separately, is tested annually, and more often when there is an indication of an impair- ment requirement, to identify any impairment requirement and is recognised at cost less accumulated impairment losses. Impairment of goodwill is not reversed. Gains or losses on the disposal of an entity include the remaining carrying amount of the goodwill relating to the divested entity. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made on the cash-generating units or groups of ca- sh-generating units that are expected to benefit from the busi- ness acquisition that gave rise to the goodwill. Acquisitions Acquisitions of subsidiaries and other businesses are accounted for using the acquisition method. This means that identifiable as- sets acquired, liabilities assumed and contingent liabilities are measured at fair value at the acquisition date. Any excess of the consideration transferred for the acquired interests over the fair value of the acquired identifiable net assets is recognised as goodwill IFRS 18 Presentation and Disclosure in Financial Statements On 9 April 2024, the IASB issued the new standard IFRS 18 Pre- sentation and Disclosure in Financial Statements, which replaces IAS 1 Presentation of Financial Statements. The standard is effec- tive for annual reporting periods beginning on or after 1 January 2027. IFRS 18 introduces new requirements for presentation and disclosure in financial statements, with particular focus on the statement of profit or loss and disclosures relating to manage- ment-defined performance measures. The standard is not expected to have any significant impact on Norion Bank, as IFRS 18 primarily concerns presentation and disclosure in the financial statements. An analysis of the effects of the new standard is currently ongoing. Other changes in IFRS None of the changes in the accounting regulations issued for app- lication 2026 are deemed to have a significant impact on Norion Bank and its financial reports, capital adequacy or large exposures.
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NOTES Norion Bank AB (publ) 556597-0513 40 Note 3. Operating segments Group and Norion Bank AB Q3 2026 SEKm Corporate Real estate Consumer Payments Other 1) Total Group Total Norion Bank AB Net interest income 209 283 269 99 54 914 913 Net commission income 1 - 19 66 182) 104 85 Net gains and losses on financial items 8 1 0 - 43) 13 13 Other income 4 0 0 7 0 12 11 Total income 222 284 287 171 76 1 042 1 024 Total expenses -36 -27 -53 -82 -1114) -309 -281 Credit losses, net -46 -48 -86 -41 - -221 -221 Operating profit 141 209 149 48 -35 512 521 Net interest margin (NIM) 5,9% 5,0% 7,2% 10,4% - 6,6% 6,6% Total income margin 6,3% 5,1% 7,7% 18,1% - 7,5% 7,4% Loans to the public 14 238 23 192 15 334 3 827 341 56 933 56 933 Group and Norion Bank AB Q2 2026 SEKm Corporate Real estate Consumer Payments Other 1) Total Group Total Norion Bank AB Net interest income 201 248 285 92 38 864 864 Net commission income 2 - 19 67 155) 103 88 Net gains and losses on financial items 6 - 0 0 76) 13 12 Other income 2 0 0 5 - 8 8 Total income 211 248 304 164 60 988 971 Total expenses -40 -21 -60 -90 -2257) -436 -403 Credit losses, net -40 -33 -127 -21 0 -222 -222 Operating profit 131 194 117 53 -165 329 346 Net interest margin (NIM) 6,2% 4,6% 8,0% 10,0% - 6,5% 6,5% Total income margin 6,5% 4,6% 8,6% 18,0% - 7,5% 7,3% Loans to the public 14 078 21 769 14 488 3 735 351 54 421 54 421 1) Including eliminations. 2) The line item Net fee and commission income for Norion Bank AB for Q3 2026 amounted to SEKm 0. 3) The line item Net gains/losses on financial transactions for Norion Bank AB amounted to SEKm 4 in Q3 2026. 4) The line item Operating expenses for Norion Bank AB amounted to SEKm -84 in Q3 2026. 5) The line item Net fee and commission income for Norion Bank AB for Q2 2026 amounted to SEKm 0. 6) The line item Net gains/losses on financial transactions for Norion Bank AB amounted to SEKm 6 in Q2 2026. 7) The line item Operating expenses for Norion Bank AB amounted to SEKm -191 in Q2 2026.
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NOTES Interim report January - September 2026 41 Note 3. Operating segments, cont. Group and Norion Bank AB Q3 2025 SEKm Corporate Real estate Consumer Payments Other 1) Total Group Total Norion Bank AB Net interest income 186 285 257 73 32 833 833 Net commission income 2 0 15 56 02) 73 73 Net gains and losses on financial items 5 - - - -10 3) -5 -5 Other income 12 0 0 6 0 18 18 Total income 206 285 272 134 22 919 919 Total expenses -39 -29 -50 -76 -814) -275 -275 Credit losses, net -70 -29 -78 -31 - -209 -209 Operating profit 148 242 124 18 -60 434 434 Net interest margin (NIM) 6,7% 5,3% 7,9% 9,3% - 6,8% 6,8% Total income margin 7,4% 5,3% 8,3% 17,1% - 7,5% 7,5% Loans to the public 10 963 21 010 13 298 3 386 394 49 051 49 051 Group and Norion Bank AB Jan - Sep 2026 SEKm Corporate Real estate Consumer Payments Other 1) Total Group Total Norion Bank AB Net interest income 584 783 822 281 120 2 590 2 589 Net commission income 4 0 54 190 335) 282 249 Net gains and losses on financial items 28 1 0 - 186) 47 46 Other income 7 0 0 17 0 24 24 Total income 623 784 876 488 171 2 943 2 908 Total expenses -112 -76 -168 -260 -4337) -1 049 -989 Credit losses, net -102 -145 -329 -87 0 -663 -663 Operating profit 409 562 380 142 -262 1 231 1 257 Net interest margin (NIM) 6,0% 4,8% 7,6% 10,1% - 6,5% 6,5% Total income margin 6,4% 4,8% 8,1% 17,5% - 7,4% 7,3% Loans to the public 14 238 23 192 15 334 3 827 341 56 933 56 933 1) Including eliminations. 2) The line item Net fee and commission income for Norion Bank AB for Q3 2026 amounted to SEKm 0. 3) The line item Net gains/losses on financial transactions for Norion Bank AB for Q3 2026 amounted to SEKm -10. 4) The line item Operating expenses for Norion Bank AB for Q3 2026 amounted to SEKm -81. 2) The line item Net fee and commission income for Norion Bank AB for January to September 2026 amounted to SEKm 1. 3) The line item Net gains/losses on financial transactions for Norion Bank AB amounted to SEKm 16 for the period January to September 2026. 4) The line item Operating expenses for Norion Bank AB amounted to SEKm -373 for the period January to September 2026.
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NOTES Norion Bank AB (publ) 556597-0513 42 Group and Norion Bank AB Jan - Sep 2025 SEKm Corporate Real estate Consumer Payments Other 1) Total Net interest income 586 990 748 192 105 2 621 Net commission income 7 0 41 180 0 228 Net gains and losses on financial items 25 - - 0 -21 4 Other income 37 0 17 12 -1 65 Total income 656 990 806 384 83 2 919 Total expenses -113 -82 -151 -237 -265 -849 Credit losses, net -116 -40 -386 -84 -13 -639 Operating profit 426 868 269 62 -194 1 431 Net interest margin (NIM) 6,9% 6,0% 7,8% 8,0% - 7,0% Total income margin 7,8% 6,0% 8,4% 16,0% - 7,8% Loans to the public 10 963 21 010 13 298 3 386 394 49 051 Group and Norion Bank AB Full-Year 2025 SEKm Corporate Real estate Consumer Payments Other 1) Total Net interest income 799 1 249 1 005 271 136 3 460 Net commission income 10 0 55 239 -1 303 Net gains and losses on financial items 32 - - 0 -32 0 Other income 49 0 17 18 -1 83 Total income 889 1 249 1 078 527 104 3 847 Total expenses -157 -107 -211 -324 -372 -1 171 Credit losses, net -158 -49 -506 -113 -12 -838 Operating profit 574 1 094 361 91 -281 1 838 Net interest margin (NIM) 6,9% 5,7% 7,8% 8,2% - 6,9% Total income margin 7,7% 5,7% 8,3% 15,9% - 7,7% Loans to the public 11 526 20 504 13 661 3 605 379 49 675 1) Including eliminations. Note 3. Operating segments, cont.
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NOTES Interim report January - September 2026 43 Note 4. Net interest income Group Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Loans to the public 1 259 1 193 1 115 3 558 3 531 4 671 Interest-bearing securities 68 67 105 207 314 392 Loans to credit institutions 10 10 15 38 52 63 Total interest income 1 337 1 271 1 235 3 803 3 896 5 126 of which Interest income according to effective rate method 1 327 1 203 1 130 3 765 3 583 4 898 Deposits and borrowings from the public -382 -369 -364 -1 094 -1 157 -1 507 Subordinated liabilities -22 -21 -15 -64 -41 -63 Debt securities in issue -19 -17 -23 -55 -76 -96 Other interest expenses 0 0 0 0 0 0 Total interest expense -424 -407 -403 -1 213 -1 275 -1 665 Net interest income 914 864 833 2 590 2 621 3 460 Norion Bank AB Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Loans to the public 1) 1 259 1 193 1 115 3 558 3 531 4 671 Interest-bearing securities 68 67 105 207 314 392 Loans to credit institutions 10 10 15 38 52 63 Total interest income 1 337 1 271 1 235 3 803 3 896 5 126 of which Interest income according to effective rate method 1 327 1 203 1 130 3 765 3 583 4 898 Deposits and borrowings from the public -383 -370 -364 -1 095 -1 157 -1 507 Subordinated liabilities -22 -21 -15 -64 -41 -63 Debt securities in issue -19 -17 -23 -55 -76 -96 Other interest expenses 0 0 0 0 0 0 Total interest expense -424 -407 -403 -1 214 -1 275 -1 665 Net interest income 913 864 833 2 589 2 621 3 460
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NOTES Norion Bank AB (publ) 556597-0513 44 Note 5. Net commission income Group Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Loan and deposits 51 51 46 147 152 196 Payments 62 60 48 174 135 190 Securities 9 9 - 19 0 - Insurance 5 5 - 10 0 - Other 4 0 1 4 2 3 Total fee and commission income 130 125 95 355 289 389 Payments -26 -23 -22 -73 -61 -86 Securities 0 0 - 0 0 - Other 0 0 0 1 0 0 Total fee and commission expense -26 -23 -22 -73 -61 -86 Net commission income 104 103 73 282 228 303 Norion Bank AB Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Loan and deposits 51 51 46 147 152 196 Payments 61 59 48 173 135 190 Securities - - - - 0 - Insurance - - - - 0 - Other 0 0 1 1 2 3 Total fee and commission income 111 111 95 322 289 389 Payments -26 -23 -22 -73 -61 -86 Securities - - - - 0 - Other 0 0 0 1 0 0 Total fee and commission expense -26 -22 -22 -72 -61 -86 Net commission income 85 88 73 249 228 303
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NOTES Interim report January - September 2026 45 Note 6. Personnel expenses Group Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Salaries and other remuneration -82 -106 -67 -278 -226 -316 Social security costs -30 -37 -24 -98 -79 -110 Pension costs -14 -13 -10 -37 -29 -40 Other staff-related costs 0 0 -8 1 -9 -10 Total personnel expenses -125 -155 -109 -412 -344 -476 Norion Bank AB Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Salaries and other remuneration -73 -98 -67 -261 -226 -316 Social security costs -27 -34 -24 -92 -79 -110 Pension costs -12 -11 -10 -34 -29 -40 Other staff related costs 0 0 -8 1 -9 -10 Total personnel expenses -112 -144 -109 -387 -344 -476 Note 7. Other expenses and administrative fees Administrative fees During the second quarter 2026, the Swedish Financial Supervisory Authority issued Norion Bank with a remark and imposed an admi- nistrative fee of SEKm 90 relating to compliance with anti-money laundering regulations. Group Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Consultancy expenses -39 -43 -39 -122 -126 -167 IT expenses -40 -39 -35 -117 -102 -142 Other purchased services -44 -43 -41 -125 -116 -163 Postage and telephone expenses -5 -4 -4 -14 -16 -21 Marketing expenses -11 -14 -7 -34 -24 -35 Rent and property expenses -4 -5 -5 -14 -15 -20 Card issuing expenses -4 -4 -5 -13 -12 -17 Banking costs -5 -5 -3 -13 -11 -15 Consumable equipment 0 0 0 -1 -1 -1 Other operating expenses -8 -9 -6 -24 -21 -31 Total other expenses -160 -167 -146 -478 -446 -613
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NOTES Norion Bank AB (publ) 556597-0513 46 Note 7. Other expenses, cont. Norion Bank AB Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Consultancy expenses -31 -26 -39 -96 -126 -167 IT expenses -39 -38 -35 -115 -102 -142 Other purchased services -43 -43 -41 -125 -116 -163 Postage and telephone expenses -5 -4 -4 -14 -16 -21 Marketing expenses -11 -14 -7 -34 -24 -35 Rent and property expenses -5 -5 -5 -14 -15 -20 Card issuing expenses -4 -4 -5 -13 -12 -17 Banking costs -5 -4 -3 -13 -11 -15 Consumable equipment 0 0 0 -1 -1 -1 Other operating expenses -6 -8 -6 -20 -21 -31 Total other expenses -148 -147 -146 -445 -446 -613 Note 8. Credit losses, net Group and Norion Bank AB Q3 Q2 Q3 Jan - Sep Jan - Sep Full-Year SEKm 2026 2026 2025 2026 2025 2025 Loans at amortised cost Credit impairment provisions - Stage 1 2 -22 19 6 3 53 Credit impairment provisions - Stage 2 8 18 -60 19 -36 16 Credit impairment provisions - Stage 3 -39 -92 -48 -266 -186 134 Total expected credit losses on balance sheet items -29 -97 -89 -242 -219 204 Portfolio revaluation - POCI - - - - -13 -13 Total impairment gains and losses - POCI - - - - 13 -13 Actual credit losses for the period -192 -127 -121 -424 -408 -1 031 of which utilised share of previous provision -161 -100 -112 -344 -345 -791 Total write-offs -192 -127 -121 -424 -408 -1 031 Recoveries 0 1 0 3 1 2 Total recoveries 0 1 0 3 1 2 Total credit losses, net -221 -222 -209 -663 -639 -838
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NOTES Interim report January - September 2026 47 Note 9. Loans to the public Group and Norion Bank AB Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 PRIVATE CUSTOMERS 3) Total gross carrying amount 23 803 21 803 21 513 of which Stage 1 16 494 14 601 13 871 of which Stage 2 499 510 489 of which Stage 3 6 478 6 326 6 774 of which Stage 3 - POCI 1) 333 366 379 Total credit impairment provisions -4 331 -4 182 -4 459 of which Stage 1 -251 -232 -247 of which Stage 2 -147 -157 -160 of which Stage 3 -3 933 -3 793 -4 052 of which Stage 3 - POCI 1) - - - Total carrying amount, private customers 19 472 17 621 17 053 Private customers Provision ratio for loans Stage 1 1,5% 1,6% 1,8% Provision ratio for loans Stage 2 29,4% 30,8% 32,8% Provision ratio for loans Stage 3 60,7% 60,0% 59,8% Provision ratio for loans Stage 3 - POCI 1) 0,0 % 0,0 % 0,0 % Total provision ratio, private customers 2) 18,5% 19,5% 21,1% CORPORATE CUSTOMERS 4) Total gross carrying amount 38 760 33 137 33 267 of which Stage 1 32 114 26 926 26 790 of which Stage 2 2 510 2 254 2 561 of which Stage 3 4 137 3 957 3 917 Total credit impairment provisions -1 300 -1 083 -1 269 of which Stage 1 -131 -150 -188 of which Stage 2 -88 -90 -141 of which Stage 3 -1 081 -843 -940 Total carrying amount, corporate customers 37 461 32 055 31 998 Corporate customers Provision ratio for loans Stage 1 0,4% 0,6% 0,7% Provision ratio for loans Stage 2 3,5% 4,0% 5,5% Provision ratio for loans Stage 3 26,1% 21,3% 24,0% Total provision ratio, corporate customers 3,4% 3,3% 3,8%
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NOTES Norion Bank AB (publ) 556597-0513 48 Group and Norion Bank AB Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 TOTAL Total gross carrying amount 62 563 54 940 54 780 of which Stage 1 48 607 41 527 40 661 of which Stage 2 3 008 2 763 3 049 of which Stage 3 10 615 10 283 10 691 of which Stage 3 - POCI 1) 333 366 379 Total credit impairment provisions -5 630 -5 264 -5 729 of which Stage 1 -382 -382 -435 of which Stage 2 -235 -247 -302 of which Stage 3 -5 013 -4 636 -4 992 of which Stage 3 - POCI 1) - - - Total carrying amount, Total 56 933 49 675 49 051 Stage 3 loans / Total loans, gross, % 2) 17,1% 18,8% 19,7% Stage 3 loans / Total loans, net, % 2) 9,9% 11,5% 11,7% Total Provision ratio for loans Stage 1 0,8% 0,9% 1,1% Provision ratio for loans Stage 2 7,8% 8,9% 9,9% Provision ratio for loans Stage 3 47,2% 45,1% 46,7% Provision ratio for loans Stage 3 - POCI 1) 0,0 % 0,0 % 0,0 % Total provision ratio 2) 9,0% 9,6% 10,5% 1) Purchased credit-impaired assets are subject to net accounting from the time of acquisition, consequently no explicit provisioning is shown for these receivables. 2) Excluding purchased credit-impaired assets. 3) Includes the segments Consumer, Payments and parts of Other. 4) Includes the segments Corporate and Real Estate and parts of Other. Note 9. Loan to the public, cont.
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NOTES Interim report January - September 2026 49 Note 10. Reconciliation of credit losses provisions for loans The tables below show reconciliations of provisions for credit losses related to loans to the public measured at amortised cost. Group and Norion Bank AB Jan - Sep 2026 SEKm Stage 1 Stage 2 Stage 3 Total of which Private of which Corporate Opening balance 1 January 2026 382 247 4 636 5 264 4 182 1 082 New and derecognised financial assets, net 35 -81 30 -16 0 -16 Changes due to changed credit judgement - - - - - - Changes due to change in credit risk -41 62 236 258 84 174 Other adjustments 1) 6 7 111 124 65 60 Closing balance 30 September 2026 382 235 5 013 5 630 4 331 1 300 Group and Norion Bank AB Full - Year 2025 SEKm Stage 1 Stage 2 Stage 3 Total of which Private of which Corporate Opening balance 1 January 2025 442 268 4 824 5 535 4 245 1 289 New and derecognised financial assets, net 36 -74 -156 -194 6 -200 Changes due to changed credit judgement - - - - - - Changes due to change in credit risk -89 57 21 -10 -36 26 Other adjustments 1) -8 -5 -54 -66 -34 -33 Closing balance 31 December 2025 382 247 4 636 5 264 4 182 1 082 Group and Norion Bank AB Jan - Sep 2025 SEKm Stage 1 Stage 2 Stage 3 Total of which Private of which Corporate Opening balance 1 January 2025 442 268 4 824 5 535 4 245 1 289 New and derecognised financial assets, net 33 -70 146 109 250 -141 Changes due to changed credit judgement - - - - - - Changes due to change in credit risk -36 106 41 111 -24 134 Other adjustments 1) -4 -2 -19 -25 -12 -13 Closing balance 30 September 2025 435 302 4 992 5 729 4 459 1 269 1) Movements recognised outside Credit impairment line, foreign exchange effect, etc.
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NOTES Norion Bank AB (publ) 556597-0513 50 Note 11. Deposits and borrowings from the public Group Norion Bank AB Sep 30 Dec 31 Sep 30 Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 2026 2025 2025 EUR 26 563 28 524 29 271 26 563 28 524 29 271 SEK 25 562 23 449 24 423 25 622 23 449 24 423 NOK 2 396 1 148 1 286 2 396 1 148 1 286 Total 54 521 53 121 54 979 54 581 53 121 54 979 Note 12. Debt securities in issue and subordinated liabilities The terms and conditions for each bond and certificate listed in the tables below are set out in the prospectuses available on the bank’s website (https://www.norionbank.se/en-SE/investor-relations-en/financial-information/debt-investors). Group and Norion Bank AB DEBT SECURITIES IN ISSUE Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 ISIN Carrying amount Nominal amount Carrying amount Nominal amount Carrying amount Nominal amount SE0013362761 500 500 - - - - SE0013362829 904 906 - - - - SE0013106317 - - 700 700 699 700 SE0013361557 - - 600 600 600 600 SE0013361953 500 500 500 500 500 500 Total 1 904 1 906 1 800 1 800 1 800 1 800 SUBORDINATED LIABILITIES Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 ISIN Carrying amount Nominal amount Carrying amount Nominal amount Carrying amount Nominal amount SE0013362373 498 500 498 500 498 500 SE0013361664 299 300 299 300 299 300 SE0013361946 299 300 299 300 299 300 Total 1 097 1 100 1 096 1 100 1 096 1 100
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NOTES Interim report January - September 2026 51 Note 13. Capital adequacy Consolidated situation Norion Bank AB Sep 30 Sep 30 Dec 31 Sep 30 2026 2026 2025 2025 SEKm Amount Percentage of risk exposure amount Amount Percentage of risk exposure amount Amount Percentage of risk exposure amount Amount Percentage of risk exposure amount Common Equity Tier 1 capital requirement (Pillar 1) 2 818 4,5% 2 822 4,5% 2 533 4,5% 2 505 4,5% Other Common Equity Tier 1 capital requirement (Pillar 2) 389 0,6% 390 0,6% 339 0,6% 326 0,6% Buffer requirements 2 503 4,0% 2 507 4,0% 2 254 4,0% 2 216 4,0% Total Common Equity Tier 1 (CET1) capital requirement 5 710 9,1% 5 719 9,1% 5 125 9,1% 5 047 9,1% Common Equity Tier 1 (CET1) capital 8 182 13,1% 8 411 13,4% 8 762 15,6% 8 973 16,1% Tier 1 capital requirement (Pillar 1) 3 757 6,0% 3 763 6,0% 3 377 6,0% 3 340 6,0% Other tier 1 capital requirement (Pillar 2) 519 0,8% 520 0,8% 452 0,8% 435 0,8% Buffer requirements 2 503 4,0% 2 507 4,0% 2 254 4,0% 2 216 4,0% Total Tier 1 capital requirement 6 779 10,8% 6 790 10,8% 6 082 10,8% 5 991 10,8% Tier 1 capital 8 982 14,3% 9 211 14,7% 9 262 16,5% 8 973 16,1% Capital requirements (Pillar 1) 5 009 8,0% 5 017 8,0% 4 503 8,0% 4 453 8,0% Other capital requirement (Pillar 2) 691 1,1% 693 1,1% 602 1,1% 580 1,0% Buffer requirements 2 503 4,0% 2 507 4,0% 2 254 4,0% 2 216 4,0% Total capital requirement 8 204 13,1% 8 217 13,1% 7 358 13,1% 7 250 13,0% Own funds 10 079 16,1% 10 308 16,4% 10 358 18,4% 10 069 18,1%
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NOTES Norion Bank AB (publ) 556597-0513 52 Consolidated situation Norion Bank AB Sep 30 Sep 30 Dec 31 Sep 30 OWN FUNDS, SEKm 2026 2026 2025 2025 Capital instruments and the related share premium accounts: Equity 149 149 149 149 Retained earnings 8 291 8 291 8 274 8 396 Net profit for the period after deductions related to the consolidated situation and other foreseeable charges 930 956 1 054 1 121 Common Equity Tier 1 capital before regulatory adjustments 9 371 9 396 9 477 9 667 Deduction: Additional value adjustments -802 -802 -546 -533 Intangible assets -379 -176 -162 -155 Deferred tax assets -7 -7 -6 -6 Direct and indirect holdings of own CET1 instruments - - - - Total regulatory adjustments to Common Equity Tier 1 -1 189 -986 -715 -694 Common Equity Tier 1 (CET1) capital 8 182 8 411 8 762 8 973 Perpetual subordinated loan 800 800 500 - Additional Tier 1 instruments 800 800 500 - Tier 1 capital 8 982 9 211 9 262 8 973 Supplementary capital 1 097 1 097 1 096 1 096 Tier 2 capital 1 097 1 097 1 096 1 096 Total own funds 10 079 10 308 10 358 10 069 Consolidated situation Norion Bank AB Sep 30 Sep 30 Dec 31 Sep 30 RISK EXPOSURE AMOUNT, SEKm 2026 2026 2025 2025 Credit risks, using the standardized approach Central government or central banks exposures - - - - Municipalities and other associations - - - - Institutional exposures 413 404 931 841 Funds units exposures 797 797 774 787 Corporate exposures 18 652 18 652 14 417 14 531 Retail exposures 12 621 12 621 11 809 11 177 Exposures with mortgage in residential property and ADC exposures 19 020 19 020 17 218 17 435 Exposures in default 6 101 6 101 6 524 6 686 Exposures in the form of covered bonds 193 193 238 283 Equity exposures 158 496 82 62 Other exposures 589 553 399 328 Total 58 543 58 836 52 392 52 131 Risk exposure amount credit valuation adjustment risk (CVA) 19 19 25 23 Risk exposure amount market risk 46 46 56 36 Risk exposure amount operational risk 4 007 3 811 3 811 3 477 Total risk exposure amount 62 615 62 712 56 283 55 667 Note 13. Capital adequacy, cont.
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NOTES Interim report January - September 2026 53 Consolidated situation Norion Bank AB Sep 30 Sep 30 Dec 31 Sep 30 CAPITAL REQUIREMENTS, SEKm 2026 2026 2025 2025 Capital requirement for credit risk using the standardized approach Central government or central banks exposures - - - - Municipalities and other associations - - - - Institutional exposures 33 32 74 67 Funds units exposures 64 64 62 63 Corporate exposures 1 492 1 492 1 153 1 162 Retail exposures 1 010 1 010 945 894 Exposures with mortgage in residential property and ADC exposures 1 522 1 522 1 377 1 395 Exposures in default 488 488 522 535 Exposures in the form of covered bonds 15 15 19 23 Equity exposures 13 40 7 5 Other exposures 47 44 32 26 Total capital requirement for credit risk 4 683 4 707 4 191 4 170 Risk exposure amount credit valuation adjustment risk (CVA) 2 2 2 2 Risk exposure amount market risk 4 4 4 3 Risk exposure amount operational risk 321 305 305 278 Total Pillar 1 capital requirement 5 009 5 017 4 503 4 453 Concentration risk 385 387 345 329 Interest rate risk for the banking book 306 306 257 251 Total Pillar 2 capital requirement 691 693 602 580 Capital buffers Capital conservation buffer 1 565 1 568 1 407 1 392 Countercyclical capital buffer 938 939 847 824 Total capital requirement - Capital buffers 2 503 2 507 2 254 2 216 Total capital requirement 8 204 8 217 7 358 7 250 Consolidated situation Norion Bank AB Sep 30 Sep 30 Dec Sep 30 CAPITAL REQUIREMENT 2026 2026 2025 2025 Capital ratios and capital buffers CET1 ratio 13,1% 13,4% 15,6% 16,1% Tier 1 ratio 14,3% 14,7% 16,5% 16,1% Total capital ratio 16,1% 16,4% 18,4% 18,1% Institution-specific buffer requirement 4,0% 4,0% 4,0% 4,0% of which capital conservation buffer 2,5% 2,5% 2,5% 2,5% of which countercyclical capital buffer 1,5% 1,5% 1,5% 1,5% CET1 available to meet buffers 7,1% 7,4% 9,4% 9,1% A review has been carried out of the earnings for January - September 2026, which allows net profit for the period to be included in own funds. Note 13. Capital adequacy, cont.
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NOTES Norion Bank AB (publ) 556597-0513 54 Note 14. Liquidity Coverage The disclosures in this note describe Norion Bank’s exposure to liquidity risk, the principles applied in managing this risk, and the composition of the Bank’s available liquidity reserve. The disclosures have been prepared with due regard to IFRS 7 Financial Instru- ments: Disclosures and the regulations issued by the Swedish Financial Supervisory Authority (Finansinspektionen) concerning the management and disclosure of liquidity risks by credit institutions and investment firms (FFFS 2010:7). The information concerning the Bank’s liquidity coverage is presented on the basis of the consolidated situation. The liquidity re - serve is managed in accordance with the Bank’s liquidity risk management framework and applicable regulatory requirements, inclu- ding the Swedish Financial Supervisory Authority’s regulations concerning the management and disclosure of liquidity risks (FFFS 2010:7). The Bank maintains a liquidity reserve to ensure that it has sufficient capacity to meet its payment obligations in the event of an unexpected loss of, or a material deterioration in, its normally available sources of funding. The reserve comprises unencumbered, high-quality liquid assets and other readily available liquid funds. The assets must be capable of being monetised, either through sale or by being pledged as collateral, within a short period of time and without a material loss in value. Funds that are restricted, pledged or otherwise unavailable to the Bank are excluded from the available liquidity reserve. The Bank’s funding consists primarily of deposits from the public. In addition, its operations are funded through issued debt securi- ties, subordinated liabilities, Additional Tier 1 capital instruments and equity. The Bank seeks to maintain a well-diversified funding structure in terms of funding source, maturity, currency and counterparty. The table below sets out information as at the reporting date and comprises the disclosures required for quarterly reporting purposes. Group LIQUIDITY RESERVE Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 Securities issued by the Swedish central government - - - Securities issued by Swedish municipalities 3 347 3 867 3 306 Securities issued by Swedish mortgage institutions 637 1 247 1 486 Securities issued by other Swedish issuers - - 495 Securities issued by foreign governments 3 814 5 680 8 455 Securities issued by foreign mortgage institutions 1 296 1 132 1 349 Securities issued by other foreign issuers - - - Loans to credit institutions 1 966 4 514 4 074 Total liquidity reserve 11 060 16 440 19 165
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NOTES Interim report January - September 2026 55 Note 15. Financial instruments at fair value The table below contains financial instruments measured at fair value by valuation level. To determine the fair value for financial in- struments various methods are used, depending on the degree of observable market data in the valuation and activity in the market. The objective of the fair value measurement is to arrive at the price at which an orderly transaction would take place between mar - ket participants at the measurement date under current market conditions. No individual assumptions are considered to have a sig- nificant impact on the fair value of the assets or the bank’s results and equity. Group and Norion Bank AB SEKm Sep 30 2026 ASSETS Level 1 Level 2 Level 3 Total Derivative instruments - 13 - 13 Treasury bills and other bills eligible for refinancing with central banks, etc. 4 650 - - 4 650 Bonds and other interest-bearing securities 1 754 - - 1 754 Shares and participating interests - 5 6841) 689 Total financial assets 6 404 18 684 7 105 LIABILITIES Derivative instruments - - - - Other financial liabilities - - - - Total financial liabilities - - - - 1) As at 30 September 2026, Norion Bank AB’s shares and participations amounted to SEKm 682. SEKm Dec 31 2025 ASSETS Level 1 Level 2 Level 3 Total Derivative instruments - 5 - 5 Treasury bills and other bills eligible for refinancing with central banks, etc. 2 974 - - 2 974 Bonds and other interest-bearing securities 6 693 - - 6 693 Shares and participating interests 8 5 666 679 Total financial assets 9 676 10 666 10 351 LIABILITIES Derivative instruments - - - - Other financial liabilities - - - - Total financial liabilities - - - - The methods are divided into three different levels: Level 1: Quoted market values Valuations in Level 1 are determined by reference to unadjusted quoted market prices for identical asset- and liability instruments in active markets where the quoted prices are readily available and the prices represent actual and regularly occurring market transactions on an arm’s length basis. Level 2: Valuation techniques based on observable inputs In Level 2 valuation techniques, all significant inputs to the valua- tion models are observable either directly or indirectly. Level 2 valuation techniques include using discounted cash flows, op - tion pricing models, recent transactions and the price of another instrument that is substantially the same. Level 3: Valuation techniques with significant unobser - vable inputs Level 3 valuation techniques incorporate significant inputs that are unobservable. These techniques are generally based on extrapolating from observable inputs for similar instruments, analysing historical data or other analytical techniques. Significant transfers and reclassifications between levels Transfers between the different levels may take place where there are indications that market conditions have changed.
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NOTES Norion Bank AB (publ) 556597-0513 56 Note 15.Financial instruments at fair value, cont. SEKm Sep 30 2025 ASSETS Level 1 Level 2 Level 3 Total Derivative instruments - - - - Treasury bills and other bills eligible for refinancing with central banks, etc. 5 638 - - 5 638 Bonds and other interest-bearing securities 6 798 - - 6 798 Shares and participating interests - 5 674 679 Total financial assets 12 435 5 674 13 115 LIABILITIES Derivative instruments - 10 - 10 Other financial liabilities - - - - Total financial liabilities - 10 - 10 Group and Norion Bank AB Changes in level 3 Sep 30 2026 Dec 31 2025 Sep 30 2025 Assets Assets Assets SEKm Equity instruments Equity instruments Equity instruments Opening balance for the period 666 759 759 Acquisition 1 - - Divestment 0 -61 -61 Changes in unrealised gains or losses for items held at closing day 17 -32 -24 Closing balance for the period 684 666 674 Financial instruments in Level 3 refer to investments in funds. Norion Bank uses different measurement techniques depending on available data. The investment portfolio is measured quarterly in accordance with IPEV guidelines and primarily following an external measu- rement where a transaction in the company has been made in the past 12 months with at least one external party. If such mea- surement is not possible, or if there are objective reasons to do so, as a secondary option, an internal measurement is made ba- sed on assumed discounted cash flow. Financial instruments are transferred to or from level 3 de - pending on whether the internal assumptions have changed in significance to the valuation. There were no transfers of financial instruments to or from level 3 during the period.
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NOTES Interim report January - September 2026 57 Note 16. Financial assets and liabilities Norion Bank has classified its financial instruments by class taking into account the characteristics of the instruments. The fair value of each class of financial assets and liabilities is compared with its carrying amount. A description of the characteristics of the clas - ses can be found in note 36 in the 2025 Annual Report. Group Sep 30 2026 Dec 31 2025 Sep 30 2025 SEKm Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Loans1) 59 067 59 067 54 379 54 379 53 125 53 125 Debt securities 9 094 9 092 11 925 11 921 15 091 15 087 Equity instruments 684 684 674 674 674 674 Derivatives 13 13 5 5 - - Other 121 121 89 89 116 116 Financial assets 68 978 68 975 67 072 67 069 69 006 69 002 Norion Bank AB Sep 30 2026 Dec 31 2025 Sep 30 2025 SEKm Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Loans1) 59 019 59 019 54 379 54 379 53 125 53 125 Debt securities 9 093 9 092 11 925 11 921 15 091 15 087 Equity instruments 682 682 674 674 674 674 Derivatives 13 13 5 5 - - Other 109 109 89 89 116 116 Financial assets 68 915 68 914 67 072 67 069 69 006 69 002 Group Sep 30 2026 Dec 31 2025 Sep 30 2025 SEKm Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Deposits 54 521 54 521 53 121 53 121 54 979 54 979 Debt securities issued 1 904 1 904 1 800 1 800 1 800 1 800 Derivatives - - - - 10 10 Subordinated liabilities 1 097 1 097 1 096 1 096 1 096 1 096 Other 839 839 333 333 547 547 Financial liabilities 58 361 58 361 56 350 56 350 58 432 58 432 Norion Bank AB Sep 30 2026 Dec 31 2025 Sep 30 2025 SEKm Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Deposits 54 581 54 581 53 121 53 121 54 979 54 979 Debt securities issued 1 904 1 904 1 800 1 800 1 800 1 800 Derivatives - - - - 10 10 Subordinated liabilities 1 097 1 097 1 096 1 096 1 096 1 096 Other 822 822 333 333 547 547 Financial liabilities 58 404 58 404 56 350 56 350 58 432 58 432 1) Loans include Loans to credit institutions and Loans to the public.
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NOTES Norion Bank AB (publ) 556597-0513 58 Note 17. Related parties During the period normal business transactions were executed between companies in the Group and between other related parties. For further disclosures regarding related parties, see Note 38 in the 2025 Annual Report. Note 18. Pledged assets, contingent liabilities and commitments PLEDGED ASSETS Group and Norion Bank AB Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 For own liabilities and provisions None None None Total None None None CONTINGENT LIABILITIES Group and Norion Bank AB Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 Contingent liabilities None None None Total None None None COMMITMENTS Group and Norion Bank AB Sep 30 Dec 31 Sep 30 SEKm 2026 2025 2025 Unutilised credit limits 12 868 13 328 8 7461) Other commitments 161 154 154 Total 13 029 13 482 8 900 1) As of April 7, 2025, unutilised credit limits from acquired credit card portfolios are included in the bank’s private segment. .
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NOTES Interim report January - September 2026 59 Note 19. Changes in Group structure Acquisition Norion Bank completed the following business acquisition during the third quarter of 2026. Company Corporate identity no. Acquisition date Strand Kapitalförvaltning AB 556345-2266 2026-08-17 On 17 August 2026, Norion Bank acquired all outstanding shares in Strand Kapitalförvaltning AB for a purchase consideration of SEKm 145. The acquisition strengthens Norion Bank’s position within Wealth Management, broadens the customer offering and represents an important step in the Bank’s ambition to be a leading alternative to the major banks. As at 30 September 2026, the initial accounting for the acqui- sition is preliminary. Work to determine the fair values of, in particular, customer relationships, the brand, any distribution and insurance-related contractual relationships, deferred tax and certain accrued income, provisions and other liabilities is ongoing. The purchase price allocation may therefore be ad- justed during the measurement period. Transaction costs rela- ted to the acquisition are recognised in other operating expen- ses and amounted to SEKm 8 during the quarter. From the acquisition date to 30 September 2026, Strand con- tributed SEKm 4 to the Group’s total income and SEKm 0 to profit for the period. Had the acquisition taken place on 1 Janua- ry 2026, Strand would have contributed SEKm 31 to the Group’s total income and SEKm 8 to profit for the period for the nine months ended 30 September 2026. The table below presents the preliminary acquisition analysis relating to the acquisition of Strand Kapitalförvaltning AB, which was completed during the period, and shows how the acquisition affected Norion Bank’s statement of financial position. The calculation of goodwill is preliminary, pending the final valuation of the assets. Strand Kapitalförvaltning AB Acquired net assets Preliminary Purchase Price Allocation SEKm Carrying Amount in the Group recogni - sed at the Acquisition Date of 17 August 2026 Loans to credit institutions 30 Shares and participating interests 0 Tangible assets 0 Tax liabilities -2 Current assets 9 Current liabilities -4 Deferred tax liabilities -4 Net identifiable assets and liabilities 30 Goodwill 115 Purchase price 145 of which, paid in cash 145 Effect of the acquisition on cash flows Purchase price 145 Cash in the acquired companies -30 Effect on cash and cash equivalents 115
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NOTES Norion Bank AB (publ) 556597-0513 60 Acquisition During the first half of 2026, Norion Bank completed the follo - wing acquisition. Company Corporate identity no. Acquisition date Consensus Asset Management AB 556474-6518 2026-04-01 On 1 April 2026, Norion Bank obtained control of Consensus As - set Management AB (publ) through the public cash offer to the shareholders of Consensus. Consensus is a Swedish invest - ment firm with operations in discretionary and advisory asset management, foundation management, arranging structured products, fund management, insurance intermediation and cer - tain corporate finance activities. The acquisition strengthens Norion Bank’s product offering in savings, advisory services and asset management. As at 30 September 2026, the initial accounting for the acquisi- tion is preliminary. Work to determine the fair values of, in parti- cular, customer relationships, the brand, any distribution and in- surance-related contractual relationships, deferred tax and certain accrued income, provisions and other liabilities is ongo - ing. The purchase price allocation may therefore be adjusted during the measurement period. Transaction costs related to the acquisition are recognised in other operating expenses and amounted to SEKm 17. From the acquisition date to 30 September 2026, Consensus contributed SEKm 31 to the Group’s operating income and SEKm -1 to profit for the period. During the third quarter of 2026, Consensus contributed SEKm 15 to operating income and SEKm -1 to profit for the period. If the acquisition had occurred on 1 January 2026, management estimates that Consensus would have contributed SEKm 47 to the Group’s operating inco - me and SEKm -2 to profit for the period for the nine-month pe - riod ended 30 September 2026. The table below presents the preliminary acquisition analysis relating to the acquisition of Consensus Asset Management AB (publ), which was completed during the period, and shows how the acquisition affected Norion Bank’s statement of financial position. The calculation of goodwill is preliminary, pending the final valuation of the assets. Note 19. Change in Group structure, cont. Consensus Asset Management AB Acquired net assets Preliminary Purchase Price Allocation SEKm Carrying Amount in the Group recogni - sed at the Acquisition Date of 1 April 2026 Loans to credit institutions 23 Shares and participating interests 61 Tangible assets 1 Tax assets 4 Current assets 17 Current liabilities -13 Deferred tax liabilities -9 Net identifiable assets and liabilities 83 Goodwill 88 Purchase price 171 of which, paid in cash 171 Effect of the acquisition on cash flows Purchase price 171 Cash in the acquired companies -34 Effect on cash and cash equivalents 137
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Interim report January - September 2026 61 Note 20. After the end of the period Decision to reduce the number of shares and votes During the period January-September 2026, Norion Bank repurchased approximately 17 million of its own shares for a total amount of approximately SEK 1 billion. The Board therefore resolved to propose a reduction of the share capital through cancellation of the re - purchased shares. The purpose of the proposal is to reduce the number of own shares held by the bank to provide greater flexibility when establishing potential new share buyback programmes. The proposal was adopted at an Extraordinary General Meeting on 20 October 2026. As of the date of publication of the quarterly report, the number of shares and votes in Norion Bank amounted to 189 782 534.
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Norion Bank AB (publ) 556597-0513 62 Assurance by the Board of Directors and the CEO Gothenburg, October 22 2026 Board of Directors & CEO The Board of Directors and the CEO hereby certify that the interim report provides a fair and accurate overview of the operations, position and results of the parent company and the Group and describes the significant risks and uncertainties faced by the parent company and the companies in the Group. Review report To the Board of Directors in Norion Bank AB, org.nr 556597-0513. I ntroduction We have reviewed the condensed financial report Norion Bank AB as of September 30, 2026 and for the nine- month period ending as at this date, which can be found on page 12-62 in this document, containing income statement, statement of compre - hensive income, balance sheet, statement of changes in equity, statement of cash flow, notes and other condensed information in accordance with the Annual Accounts Act for Credit Institu- tions and Securities Companies. The Board of Directors, the Pre - sident and the Chief Executive Officer are responsible for the preparation and presentation of this interim report in accordan- ce with IAS 34 and the Annual Accounts Act for Credit Institu- tions and Securities Companies. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of per - sons responsible for financial and accounting matters, and app - lying analytical and other review procedures. A review differs from and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant mat - ters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed financial report is not prepared, in all material respects, in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies regarding the Group, and in accordance with the Annual Accounts Act for Credit Institutions and Securities Com- panies regarding the Parent Company. Stockholm, 22 October 2026 Ernst & Young AB Mona Alfredsson Authorized Public Accountant Arian Falck Raoof Board member Bengt Edholm Board member Per Lindblad Board member Martin Nossman CEO Marie Osberg Board member Erik Selin Chairman of the Board Frida Treschow Board member
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Interim report January - September 2026 63 Contact information CEO Martin Nossman Phone: +46 703 30 26 75 Email: martin.nossman@norionbank.se For more information, please contact: CFO Peter Olsson Phone: +46 737 12 04 46 Email: peter.olsson@norionbank.se IR MANAGER Jessica Almgren Phone: +46 76 946 45 13 Email: jessica.almgren@norionbank.se norionbank.se norionbank.no norionbank.fi Forthcoming corporate events Interim report January-December 2026 4 February 2027 Annual report 2026 9 April 2027 Interim report January-March 2027 22 April 2027 Annual General Meeting 4 May 2027 Interim report January-June 2027 14 July 2027 Interim report January-September 2027 21 October 2027 This is information that Norion Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, on October 22, 2026 at 7.30 a.m. CET.