DNB Bank ASA

Earnings Release • Jul 11, 2025

Results DNB Group

Second quarter 2025

Kjerstin R. Braathen (CEO)

Relentless focus on delivering customer value: Key highlights from Q2

1 Number of deals ranked by Dealogic. M&A: Mergers and acquisitions – ECM: equity capital market.

2 Ranked by Boost.ai.

Strong performance and high activity level during the quarter

Return on equity (ROE) of 15.4 per cent in the quarter

Solid result with high and increasing activity across customer segments and product areas.

Net interest income down 1.6 per cent from 1Q25 (up 2.1 from 2Q24) Profitable loan growth in all customer segments, accelerated in latter part of quarter. Strong deposit growth in personal customer segment.

Net commissions and fees up 27.1 per cent from 2Q24 Strong results across product areas, particularly within asset management and investment banking. 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 677 million in the quarter.

Robust capital position

Share buy-back programme of 1.0 per cent initiated. Earnings per share of NOK 6.79 in 2Q25 (year to date NOK 13.83, up NOK 0.52 from 1H24).

Solid outlook for a resilient Norwegian economy

• Steady growth expected in mainland economy throughout forecast period
• Inflation continuing to decline, and solid wage growth supporting household purchasing power and savings growth
• DNB Carnegie expecting two additional rate cuts in 2025 in September and December bringing key policy rate to 3.75 per cent

Sources: DNB Carnegie, Statistics Norway, NAV (Norwegian Labour and Welfare Administration).

High level of activity across all customer segments

• Solid volume growth for Personal customers and strong interest in moving mortgages to DNB. Net other income up 29.9 per cent from 2Q24
• Profitable loan and deposit growth for Corporate customers Norway, with return on allocated capital of 21.9 per cent in the quarter
• Net other income up 17.0 per cent from 2Q24 for Large corporates and international customers, and accelerating loan growth throughout the quarter

Strong and diversified product offering

• Acquisition of Carnegie contributing to already strong, broad-based product offering across investment banking services and wealth management
• Strong activity within Equities, FICC1 and bonds, and solid net inflow of NOK 10.2 billion in asset under management
• Committed to deliver on previously communicated revenue synergies

• 1 FICC: Fixed income currencies and commodities.
• 2 Including four months of Carnegie income.

3 Restated from 2024 to include DNB Asset mgmt. and adv./distrib. services via DNB Bank ASA, and as of 2025, incl. Carnegie Fonder, Holberg and DNB Carnegie PB.

Continued profitable loan growth in all customer segments

• Currency-adjusted loan growth of 1.7 per cent in the quarter (unadjusted 1.7 per cent)
  • ‒ up 0.8 per cent in Personal customers (PC), 1.8 in Corporate customer Norway (CCN) and 3.3 in Large corporates and international customers (LCIC)
• Currency-adjusted deposits down 1.8 per cent in the quarter (unadjusted down 1.9 per cent)
  • ‒ up 5.9 per cent in PC, up 2.0 in CCN and down 13.9 in LCIC

Stable customer spreads

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 down 1.6 per cent from 1Q25

Commissions and fees – step change following Carnegie acquisition

Expenses impacted by full integration of Carnegie and seasonally high activity

1 The closed defined-benefit pension scheme is partly hedged and recognised in financial instruments.

Robust and well-diversified portfolio – 99.3 per cent in stages 1 and 2

• Personal customer portfolio: ~50 per cent of total exposure continued strong credit quality
• Corporate customer portfolios: stage 3 impairment provisions relating to customer-specific events

Impairment of financial instruments by customer segment NOK million
	2Q25	1Q25	2Q24
Total	(677)	(410)	(560)
Of which:
Personal customers - Stages 1 and 2 - Stage 3	22 (34)	(33) (30)	20 (101)
Corporate customers Norway
- Stages 1 and 2	21	40	(20)
- Stage 3	(224)	(159)	(460)
Large corporates and international customers
- Stages 1 and 2	(164)	(189)	(3)
- Stage 3	(298)	(36)	(16)

1 On- and off-balance sheet items, net of accumulated impairment provisions.

Continued strong capital position

• CET1 capital ratio of 18.3 per cent 180 basis point (bps) headroom to Financial Supervisory Authority's (FSA's) current expectation
• Solid profit generation increased CET1 capital ratio by 35 bps, offset by announced share buy-back programme of 1.0 per cent (~40 bps)
• CET1 capital ratio outlook 3Q25: negative effect of risk weight floors on residential mortgages of ~60 bps

1 Norwegian Financial Supervisory Authority's (FSA's) current expectation: 16.5 per cent.

2 FSA's current requirement: 15.2 per cent.

Appendix

Income statement

NOK million	2Q25	1Q25	2Q24	Change from 1Q25	Change from 2Q24
Net interest income	16 152	16 410	15 817	(258)	335
Other operating income	6 339	5 503	5 756	836	583
Total income	22 491	21 913	21 572	578	918
Operating expenses	(8 725)	(7 907)	(7 505)	(818)	(1 220)
Pre-tax operating profit before impairment	13 766	14 006	14 067	(240)	(301)
Impairment of loans and guarantees and gains on assets	(674)	(392)	(562)	(283)	(112)
Pre-tax operating profit	13 091	13 614	13 504	(523)	(413)
Tax expense	(2 618)	(2 723)	(2 701)	105	83
Profit from operations held for sale, after taxes	(31)	(43)	(37)	12	6
Profit for the period	10 442	10 849	10 766	(407)	(324)
Portion attributable to shareholders	10 049	10 434	10 271	(385)	(222)

Other operating income

NOK million	2Q25	1Q25	2Q24	Change from 1Q25	Change from 2Q24
Net commissions and fees	4 370	3 500	3 439	870	931
Customer revenues in DNB Carnegie	898	786	851	112	47
Trading revenues in DNB Carnegie	189	212	225	(23)	(36)
Hedging of defined-benefit pension scheme	118	(8)	39	126	78
Credit spreads on bonds	17	(7)	57	24	(40)
Credit spreads on fixed-rate loans	3	16	110	(13)	(107)
CVA/DVA/FVA	(60)	39	42	(99)	(102)
Other mark-to-market adjustments	(327)	406	55	(733)	(381)
Basis swaps	(97)	209	(290)	(306)	192
Exchange rate effects related to additional Tier 1 capital	(222)	(459)	(79)	237	(142)
Net gains on financial instruments at fair value	519	1 193	1 010	(674)	(491)
Net life insurance result	357	280	433	77	(76)
Profit from investments accounted for by the equity method	394	27	258	367	136
Other	699	503	615	196	84
Net other operating income, total	6 339	5 503	5 756	836	583

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.