DNB Bank ASA

Earnings Release • May 7, 2025

Results DNB Group

First quarter 2025

Kjerstin R. Braathen (CEO)

7 May 2025

Continued strong performance and well positioned for future fee-related income

Return on equity of 15.9 per cent in the quarter Strong performance across customer segments and product areas. Return on equity

Net interest income down 1.8 per cent from 4Q24 (up 5.7 from 1Q24) Profitable growth in both loans and deposits offset by fewer interest days.

Net commissions and fees up 29.5 per cent from 1Q24 All-time high first quarter result – strong results across product areas. Solid and well-diversified fee platform.

Robust and well-diversified portfolio across industries and geographies 99.3 per cent of portfolio in stages 1 and 2. Impairment provisions of NOK 410 million in the quarter.

Robust capital position

Carnegie acquisition affected CET1 capital ratio by -120 basis points. Earnings per share of NOK 7.04 in 1Q25, up 8.6 per cent from 1Q24.

2

Norwegian economy remains robust, with a moderate growth outlook

• Moderate growth expected in mainland economy throughout forecast period
• Solid activity levels expected to sustain low unemployment rates moving forward
• Continued decline in inflation levels and positive wage development continue to ensure sound household spending capacity

Sources: DNB Markets, Statistics Norway. 3

Built-in stabilisers in Norwegian economy provide ample room to manoeuvre

• Around 8 per cent of Norwegian mainland exports go to the US, 58 per cent to the EU
  • ‒ Including oil and gas exports, around 3 per cent of Norwegian exports go to the US

Launching DNB Carnegie: leading Nordic investment bank and wealth manager

Combined offering of market leading products and services across the Nordics

Estimated net profit effect of Carnegie, including synergies SEK million

Sources: Prospera, MergerMarket, DNB Markets.

M&A: Mergers and acquisitions, ECM: Equity capital markets, IG: Investment grade, HY: High yield, CA: Corporate access.

Strong performance across customer segments

• PC: Profitable loan and deposit growth of 0.7 and 3.7 per cent from 4Q24, respectively. Request for financing certificates up 30 per cent
• CCN: Other income up 13 per cent from 1Q24 broad product offering and increasing activity level
• LCIC: Solid income from Markets products excl. Carnegie up 43 per cent from 1Q24 strong performance in IBD & FICC
• Robust and well-diversified portfolio across industries and geographies

Solid growth in loans and deposits

• Currency-adjusted loan growth of 0.5 per cent in the quarter (unadjusted down 0.3 per cent)
  • ‒ up 0.8 per cent in PC, 0.5 in CCN, 0.1 in LCIC
• Currency-adjusted deposit growth of 3.8 per cent in the quarter (unadjusted up 2.1 per cent)
  • ‒ up 4.1 per cent in PC, 2.3 in CCN and 4.7 in LCIC

7

Net interest margin reflecting increased average deposit volumes

1 Total net interest income relative to average loans and deposits in the customer segments.

2 The principles relating to calculation of margins on short-term deposits were revised in 2Q24 – adjusted for this change, combined spreads were stable from 1Q24.

Net interest income driven by profitable volume growth offset by fewer interest days

Commissions and fees – all-time high first quarter result

Operating expenses reflecting one month of Carnegie costs and efficiency measures

Robust portfolio – 99.3 per cent in stages 1 and 2

• Well-diversified portfolio across industries and geographies
• High-quality personal customer portfolio: ~50 per cent
• No systematic negative migration within any segment or industry

Impairment of financial instruments by customer segment NOK million
	1Q25	4Q24	1Q24
Total	(410)	(157)	(323)
Of which:
Personal customers
- Stages 1 and 2	(33)	3	(23)
- Stage 3	(30)	(58)	(44)
Corporate customers Norway
- Stages 1 and 2	40	5	14
- Stage 3	(159)	(49)	(200)
Large corporates and international customers
- Stages 1 and 2	(189)	(213)	(65)
- Stage 3	(36)	155	(4)

Strong capital position following completed Carnegie acquisition

• Strong profit generation and ordinary dividend of NOK 1.5 billion from DNB Liv. CET1 capital ratio 180 basis-point headroom to FSA's expectation
• CET1 capital ratio outlook 2Q25: neutral combined effect of CRR3 and IRB approval for Sbanken
• CET1 capital ratio outlook 3Q25: effect of risk weight floors on residential real estate of -60 basis points
• Board of Directors given authorisation by Annual General Meeting to repurchase up to 3.5 per cent of the company's share capital

1 Norwegian Financial Supervisory Authority's (FSA's) current expectation: 16.7 per cent according to new SREP.

2 FSA's current requirement: 15.4 per cent according to new SREP.

Strong first quarter result

Appendix

Income statement

NOK million	1Q25	4Q24	1Q24	Change from 4Q24	Change from 1Q24
Net interest income	16 410	16 718	15 526	(308)	884
Other operating income	5 503	4 998	4 872	505	631
Total income	21 913	21 716	20 398	197	1 515
Operating expenses	(7 907)	(8 227)	(7 284)	319	(623)
Pre-tax operating profit before impairment	14 006	13 489	13 113	516	892
Impairment of loans and guarantees and gains on assets	(392)	(155)	(324)	(237)	(67)
Pre-tax operating profit	13 614	13 334	12 789	280	825
Tax expense	(2 723)	(765)	(2 558)	(1 958)	(165)
Profit from operations held for sale, after taxes	(43)	106	(29)	(148)	(14)
Profit for the period	10 849	12 675	10 203	(1 826)	646
Portion attributable to shareholders	10 434	12 178	9 789	(1 744)	644

Other operating income

NOK million	1Q25	4Q24	1Q24	Change from 4Q24	Change from 1Q24
Net commissions and fees	3 500	3 287	2 702	213	798
Customer revenues in DNB Markets	786	894	715	(108)	71
Trading revenues in DNB Markets	212	268	227	(56)	(15)
Hedging of defined-benefit pension scheme	(8)	(5)	99	(3)	(107)
Credit spreads on bonds	(7)	(50)	87	43	(94)
Credit spreads on fixed-rate loans	16	(28)	54	44	(38)
CVA/DVA/FVA	39	77	42	(38)	(3)
Other mark-to-market adjustments	406	(930)	(344)	1 336	750
Basis swaps	209	(836)	(240)	1 045	449
Exchange rate effects related to additional Tier 1 capital	(459)	982	543	(1 441)	(1 002)
Net gains on financial instruments at fair value	1 193	372	1 183	821	10
Net life insurance result	280	467	203	(187)	77
Profit from investments accounted for by the equity method	27	256	188	(229)	(161)
Other	503	617	595	(114)	(92)
Net other operating income, total	5 503	4 998	4 872	505	631

Income statement Carnegie

	Included in DNB Group				Change	Change
NOK million	March 2025	1Q25	4Q24	1Q24	from 4Q24	from 1Q24
Net interest income	32	87	96	86	(10)	1
Other operating income	401	1 025	1 233	965	(208)	60
Total income	433	1 112	1 333	1 051	(221)	60
Operating expenses	(318)	(852)	(1 112)	(843)	260	(9)
Pre-tax operating profit before impairment	114	260	221	209	39	51
Impairment of loans and guarantees and gains on assets	(3)	(3)	(4)	(8)	1	5
Pre-tax operating profit	111	257	217	201	40	56
Tax expense	(27)	(58)	(49)	(45)	(8)	(13)
Profit for the period	84	199	167	156	32	44

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

The statements contained in this presentation may include forward-looking statements, such as statements of future expectations. These statements are based on the management's current views and assumptions and involve both known and unknown risks and uncertainties.

Although DNB believes that the expectations implied in any such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to be correct.

Actual results, performance or events may differ materially from those set out or implied in the forward-looking statements. Important factors that may cause such a difference include, but are not limited to: (i) general economic conditions, (ii) performance of financial markets, including market volatility and liquidity, (iii) the extent of credit defaults, (iv) interest rate levels, (v) currency exchange rates, (vi) changes in the competitive climate, (vii) changes in laws and regulations, (viii) changes in the policies of central banks and/or foreign governments, or supranational entities.

DNB assumes no obligation to update any forward-looking statement.

This presentation contains alternative performance measures, or non-IFRS financial measures. Definitions and calculations are presented on ir.dnb.no.