SpareBank 1 SR-Bank

Investor Presentation • Aug 7, 2025

Quarterly presentation 2025

A strong challenger in the Norwegian banking market

The integration of SpareBank 1 Sør-Norge is proceeding as planned

Financial targets

Long-term target ROE

14%

Cost- and capital effective

Customer growth in South of Norway

Growth in other income

Joint effort in the SpareBank 1 alliance Diversified portfolio

CET 1 Capital ratio

< 40%

Cost to income

~ 50%

Dividend share

Operational synergies

Continued optimism among businesses

• Expects growth, but reduced investments
• Good demand for labor
• High optimism among companies in the South West region
• Reduced uncertainty related to customs and trade agreements

Corporates expect growth and more employees in 2025

SpareBank 1 Sør-Norge's business survey

Unemployment remains low

(Percent)

SpareBank 1 Sør-Norge

Solid result driven by good operations, growth and high activity

Result 30 June 2025

13.3%

14.9% excl. one-off effects* Return on equity after tax

MNOK 4,236

Pre-tax profit

Result 2. quarter 2025

12.9%

14.9% excl. one-off effects* Return on equity after tax

Impairments on lending and

financial commitments

0.08% of gross lending

5.5%

12 months lending growth

Retail market 7.0% Corporate market -0.9% SME and Agriculture 9.1%

8.4%**

12 months deposit growth

Retail market 9.7% Corporate market 6.2% SME and Agriculture 6.1%

39.9%

Cost to income ratio 35.9% excl. one-off effects*

18.6% CET 1 capital ratio

*Adjusted for cost related to verdict in legal case against Tietoevry Norway AS (MNOK 74), merger costs (MNOK 68) (YTD MNOK 90) and goodwill from merger (3.6 NOK billion) **12 month deposit growth including deposits in treasury is 5.0%

MNOK 76

Key figures – quarterly development

*CET 1 capital ratio SpareBank 1 SR-Bank ASA. * Pro forma

Good underlying operations

Group Income statement Change from last quarter

(MNOK)	Q2 2025	Of 2025	Q4 2024	Q3 2024*	Q2 2024*
Net interest income	2,310	2.310	2,293	2,308	2,262
Net commission and other income	858	787	789	694	782
Net income on financial investments	373	394	125	743	173
Total income	3,540	3,492	3,206	3,745	3,217
Total operating expenses	1,414	1,282	1,376	1,268	1,193
Operating profit before ımpaırments	2,126	2,209	1,830	2,478	2,025
Impairments on loans and financial commitments	76	23	90	166	98
Pre-tax profit	2,050	2,186	1,741	2,312	1,927
Tax expense	382	449	350	353	417
Profit after tax	1,668	1,737	1,390	1,959	1,510

(MNOK)

Change from Q2 2024 (MNOK)

Group

*Pro forma

Retail market

Lending volume** Deposit volume** Margins

*Pro forma

**Including loans and deposits to employees.

Corporate market

*Pro forma

**12 months lending growth in Corporate market excluding currency effect is -0.6%.

SME and Agriculture

*Pro forma

Well-diversified lending portfolio

• Gross loans increased to NOK 413 billion from NOK 391 billion year over year
• 12 months lending growth is 5.5%
• Low offshore, oil and gas exposure
• Commercial real estate low concentration risk and good credit quality

Net commission and other income

74

Change from previous quarter (MNOK)

Change from Q2 2024

(MNOK)

Net income on financial investments

74

Change from previous quarter (MNOK)

74

Change from Q2 2024

(MNOK)

When a basisswap is defined as a hedging instrument, changes in "basis spread" is recognized through other comprehensive income. *Pro forma

Income from ownership interests

SpareBank 1 Gruppen AS BN Bank AS	114 104	ਦਰ 89	ਰੇਰੇ 83	686	1
				ਰੇਤੇ	89
SpareBank 1 Forvaltning AS	27	27	34	22	22
SpareBank 1 Markets AS	16	17	16	17	22
Kredittbanken ASA	4	-1	-7	-3	1
SpareBank 1 Betaling AS	-9	-5	-5	-1	-2
Others	1	7	2	4	2
Total income from ownership interests	256	193	223	819	136

Ownership interests

Operating expenses

Operating expenses

(MNOK)	Q2 2025			Q1 2025 Q4 2024 Q3 2024 Q2 2024
Personnel expenses	537	531	545	538	496
IT expenses	175	167	164	165	174
Marketing	34	33	বা	32	36
Administrative expenses	74	97	101	76	83
Operating expenses	53	46	51	49	63
Depreciation and impairments	49	47	49	47	45
Sum operating expenses	923	922	951	908	895
Merger expenses	68	22	90	97	18
Provision Tietoevry case	74
Total operating expenses parent bank	1,065	944	1,042	1,005	913
Total operating expenses group	1,414	1,282	1,376	1,268	1,193

Change from previous quarter (parent bank) (MNOK)

Change from Q2 2024 (parent bank)

(MNOK)

Synergies

Capital synergies

The introduction of new capital requirements in 2025 for A-IRB banks has reduced the previously assumed capital synergies from around NOK 2.5 billion to NOK 1.7 billion.

Operational synergies

The Group is on track in realisation of funding, operations and cost synergies. Total synergies are estimated at NOK 300 million annually by 2027.

*Excl. Temporary summer employees

Personnel synergies

Full-time equivalents have been reduced according to plan, and the technical merger in September 2025 will release additional resources.

Merger costs

• Estimated merger costs have been increased by NOK 30 million as a result of updated estimates

(MNOK)

• The majority of remaining merger costs will occur in the third quarter in connection with the technical merger

Capital adequacy

Solid capital ratio

• The CET 1 capital ratio is 18.63% as of 30 June 2025
• The minimum requirement for the CET 1 capital ratio is 17.55% as of 30 June 2025, including a temporary Pillar 2 requirement of 0.28% and a Pillar 2 guidance requirement of 1.25%
• The leverage ratio is 7.33% as of 30 June 2025, well above the minimum requirement at 3.0%

Regulatory changes

• CET 1 capital ratio
  • v • The Ministry of Finance has decided to increase the IRB risk weight floor for mortgage loans from 20 to 25 percent with effect from 1 July 2025
  • A-IRB approval of the former SpareBank 1 Sørøst-Norge portfolio is expected by September 30
• CET 1 Capital Ratio Requirement
  • In connection with this e r's SREP process, the Norwegian S 's preliminary assessment is that the Pillar 2 Premium in the CET 1 capital will be reduced from 1.35 to 1.13 percent and the expectation for the Pillar 2 Guidance will be changed from 1.25 to 1.00 percent
• Based on expected effects of regulatory changes, SpareBank 1 Sør-Norge ASA is well positioned for profitable growth and strong capital distribution
• As a tool for the gro 's capital optimization, the board plan to establish a share buy-back programme

r os e re e

re re e

e e

Loans and financial commitments

Change in gross loans and financial commitments

Impairments on loans and financial commitments

Changes in gross loans and financial commitments defined as Stage 3

o s o e s S ge N

Strong liquidity

Key figures

• LCR 209%
• NSFR 135%
• Average duration of funding is 3.6 years
• NOK 25.4 billion net refinancing need over the next 12 months
• Deposit to loan incl. transfers to credit institutions ratio 54.1%
• MREL-requirement 39.2%, MREL-subordination requirement 31.3%
  • As of 30 June 2025, SpareBank 1 Sør-Norge has issued NOK 22.9 billion in senior nonpreferred. The requirement is approx. NOK 17 billion.

Annual funding maturity

Bonds and certificates

• The average duration of the portfolio is 2 years
• All fixed interest exposure is hedged to floating rate

Outlook

• Strong position in Southern Norway with growth opportunities
• Stable earnings and profitable growth
• Good prospects for the group and the region
• Reduced uncertainty related to customs and trade agreements

APPENDIX

1) Macro

• 2) Loan portfolio
• 3) Risk
• 4) SB1NO

Macro in Southern Norway

Unemployment rate

Number of bankruptcies

CET 1 capital

2025

Nor

S ger reg o erge r s s s o

Index change 12 month (%) Prices by city per square meter

Sources: Eiendom Norge, Eiendomsverdi, NAV, Brønnøysundregisteret, SB1 Sør-Norge Business survey

APPENDIX

• 1) Macro
• 2) Loan portfolio
• 3) Risk
• 4) SB1NO

Market – Commercial real estate

Rental prices

(TNOK per sq.m)

Source: Entra, WPS, og EM1 SR-Eiendom AS

Transaction volume

(NOK billion)

Lending to commercial real estate

Commercial real estate portfolio 11.6% of total lending volum

• Lending volume for commercial real estate for lease is NOK 44.6 billion, 10.8% of the 's total lending volume

• The portfolio is characterized by lending to commercial properties for lease with long-term conctracts and financially solid tenants.

Commercial real estate for lease

Well differentiated across regions

APPENDIX

• 1) Macro
• 2) Loan portfolio
• 3) Risk
• 4) SB1NO

Our customers are doing well

interest-only per month

remarks

*Proportion of Exposure of default that has payment notice externally/Bisnode.

Loan to value ratio and RWA on home mortgage loans

Loan to value ratio on home mortgage loans Risk weight home mortgages*

• The proforma figures for SpareBank 1 Sør-Norge show that 93.3% of the exposure is within 85% of the assessed value of collateral.

• RWA on home mortgages reflects a solid portfolio with a moderate loan-to-value ratio and low potential loss.
• Risk weights on home mortgage loans are subject to a regulatory floor of 20%.

18,5 % 18,1 % 18,5 % 18,7 %

*IRB framework only applied to former SB1 SR-Bank and SR-Boligkreditts loan portfolio, the former portfolio of SB1 Sørøst-Norge is based on the standard method In a total-distributed loan to value ratio, the entire loan is allocated to one and the same interval. Home mortgages as defined in the Norwegian IRB framework; the value of the residential property must be at least 30% of a loan's security. Historical figures before 31.12.2024 are pro forma

Profile of the loan portfolio

• SpareBank 1 Sør-Norge has a solid loan portfolio.
• The loan portfolio consists mainly of small and mediumsized loans.

Risk profile – loan portfolio

• Portfolio distributed by risk class

• The quality of the retail market portfolio is considered to be very good and has low potential losses.
• The low risk profile is achieved through prudent costumer selection and requirements for moderate LTV. Most of the portfolio is secured against a mortgage on real estate, and lending is overall moderate compared to asset value.

• The quality of the SME and Agriculture market portfolio is considered to be good.
• There is a clearly defined framework that sets limits on what is funded and conditions for particular funding purposes. This ensures a robust portfolio.

• The quality of the corporate market portfolio is good.
• There is a clearly defined framework that sets limits on what is funded and conditions for particular funding purposes. This ensures a robust portfolio.

Probability of default (PD) through a full cycle of loss.

Impairments on loans and financial commitments

Impairments on loans and financial commitments in the income statement

(MNOK)	Q2 2025	Q1 2025		Q4 2024	Q2 2024*
Corporate Market	33	37	85	86	83
SME and agriculture	52	48	- 35	85	- 12
Retail market	- 8	- 62	41	- 5	27
Total impairments	76	23	90	166	98

Impairments on loans and financial commitments in the balance sheet

(MNOK)	Q2 2025	Q1 2025	Q4 2024	03 2024*	Q2 2024*
Corporate Market	852	848	873	923	918
SME and agriculture	554	515	495	503	422
Retail market	234	248	313	254	266
Total impairments	1,639	1,611	1,681	1,680	1,606

Impairments on loans and financial commitments in the income statement (MNOK)

APPENDIX

• 1) Macro
• 2) Loan portfolio
• 3) Risk
• 4) SB1NO

Sustainable financing

Retail market

• Green residential buildings
• Green car loans

Corporate market

• Lending to the corporate market which qualifies as sustainable according to the internal sustainable product framework
• Sustainability-linked lending

SpareBank 1 Sør-Norge among top 9 % of banks globally

*Sustainable lending according to the internal sustainable product framework

.

Balance sheet

Balance sheet (MNOK)	30.06.2025	30.06.2024*
Cash and balances with central banks	819	196
Balances with credit institutions	20,959	13,677
Loans to customers	386,104	360,335
Certificates and bonds	73,891	70,572
Financial derivatives	11,042	15,049
Shares, ownership stakes and other securities	2,475	3,190
Investment in associates	8,157	7,664
Other	9,973	6,734
Total assets	513,420	477,417
Balances with credit institutions	2,748	3,564
Deposits from customers	223,293	212,687
Listed debt securities	192,777	170,916
Financial derivatives	8,646	12,569
Other liabilities	4,860	3,802
Senior non-preferred bonds	22,891	21,898
Subordinated loan capital	5,774	4,976
Total liabilities	460,989	430,412
Total equity	52,430	47,004
Total liabilities and equity	513,420	477,417

SB1NO

• International ownership is 16.1% per 2. quarter 2025
• Total market value at 2. quarter 2025 is NOK 69,6 billion

Development in Price/Book Relative share price development

Trading volume development

SB1NO

• Number of shares issued 375.46 million
• Trading volume in Q2 2025: 5.0% (4.0%)

SB1NO	30.06.2025	2024	2023	2022	2021
Share price	185.40	146.60	128.90	120.70	133.20
Stock value (MNOK)	69.610	55,042	34.064	30.869	34.066
Book value per share (incl. Dividends) (group)	129.00	128.77	115.07	106.32	99.05
Earnings per share	8.60	13.08	16.27	12.88	12.08
Dividend per share		8.50	7.50	7.00	6.00
P/E	10.69	11.21	7.92	9.37	11.03
P/BV	1.44	1.14	1.12	1.14	1.34

20 largest shareholders as at 30 June 2025

Investor	Number	Stake
Sparebankstiftelsen SR-Bank	78,677	21.0%
SpareBank 1 Stiftelsen BV	32,667	8.7%
Folketrygdtondet	25,859	6.9%
Sparebankstiftelsen Telemark	25,034	6.7%
Sparebankstiftelsen Modum	15,624	4.2%
Swedbank AB	6,736	1.8%
SpareBank 1-stiftinga Kvinnherad	6,527	1.7%
State Street Bank and Trust Co, U.S.A.	5,363	1.4%
Sparebankstiftelsen Nøtterøy-Tønsberg	5,263	1.4%
Sparebankstiftelsen Nome	4,949	1.3%
Skandinaviska Enskilda Banken AB	3,845	1.0%
Verdipapirfondet Alfred Berg Gambak	3,598	1.0%
J.P.Morgan SE, Luxembourg	3,361	0.9%
J.P.Morgan SE, Luxembourg	3,099	0.8%
Verdipapirfondet KLP AksjeNorge	3,046	0.8%
JPMorgan Chase Bank, N.A., London	2,987	0.8%
Pareto Aksje Norge Verdipapirfond	2,931	0.8%
Verdipapirfond Odin Norge	2,836	0.8%
State Street Bank and Trust Co, U.S.A.	2,626	0.7%
Spesialfondet Borea Utbytte	2,437	0.6%
Top 5	177,861	47.4%
Top 10	206,698	55.1%
Top 20	237.464	63.2%

Figures in parentheses as at 30 June 2024.

• Ownership interests:

• International: 16.1% (20.7%)

• 10 largest: 55.1% (50.5%)

• 20 largest: 63.2% (58.4%)

• Number of shareholders:

1.5% (1.8%) as at 30 June 2025

24.023 (18.943)

• Employees owning

Disclaimer

This presentation contains forward looking statements that reflect ge e 's rre e s res e o er re e e s potential financial performance.

Although SpareBank 1 Sør-Norge believes that the expectations reflected in such forward looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward looking statements as a result of various factors.

Important factors that may cause such a difference for SpareBank 1 Sør-Norge include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels.

This presentation does not imply that SpareBank 1 Sør-Norge has undertaken to revise these forward looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided.

Contact Details Management

Christen Tranes Gate 35 Postboks 250 4068 Stavanger

Tel: +47 915 02002 www.sr-bank.no

Inge Reinertsen CEO

+47 909 95 033 inge.reinertsen@sr-bank.no

Eirik Børve Monsen CFO

+47 916 39 831 eirik.monsen@sr-bank.no

Investor Relations

Morten Forgaard Investor Relations

+47 916 21 425 morten.forgaard@sr-bank.no