DNB Bank ASA

Investor Presentation • Oct 22, 2025

Results DNB Group

Third quarter 2025

Kjerstin R. Braathen (CEO)

Committed to delivering customer value: Key highlights from Q3

Lead adviser in Verisure's IPO – Europe's largest listing since 2022

AUM hit NOK 1 579 billion – new high, even after sale of Holberg

Successfully launched 4 new mutual funds – net flow of NOK 5 billion

Fully digital process for establishing private limited companies launched – saving customers up to 18 days

All-time high customer satisfaction in corporate customers Norway segment among SMEs

AI and simplified customer journeys have reduced service enquiries by 18 per cent last 12 months

Solid third quarter result – return on equity (ROE) of 15.8 per cent in the quarter

Net interest income down 1.0 per cent from 2Q25

Impacted by key policy rate cut, customer repricing and product mix effects. Profitable currency adjusted loan growth of 0.3 per cent in the quarter.

Net commissions and fees up 28.9 per cent from 3Q24

Solid and well-diversified fee platform. Underlying AUM growth of NOK 54 billion in the quarter. Lower contribution from M&A, strong investment banking pipeline into 4Q25.

Robust and well-diversified portfolio across industries and geographies

99.4 per cent of portfolio in stages 1 and 2. Impairment provisions of NOK 862 million in the quarter – underlying NOK 431 million.

CET1 ratio 17.9 per cent – 135 bps headroom to FSA's expectation

Announced new share buy-back programme of 1.0 per cent. Completed programme of 1.0 per cent announced last quarter.

Earnings per share up 2.8 per cent from 2Q25

Earnings per share of NOK 6.98 in the quarter, year to date (YTD) NOK 20.81.

Norwegian economy remains resilient – growth is picking up

• Regional Network survey indicates positive outlook on growth and investment sentiment
• Declining inflation, solid real wage growth and high employment expected to boost consumer spending and savings growth
• DNB Carnegie expects one additional rate cut in June 2026, bringing key policy rate to 3.75 per cent for the remainder of the forecast period

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

Strong profitability in all segments – increasing activity throughout the quarter

• Loan growth 2.7 per cent year over year in PC, strong finish to the quarter solid cross-sales activity, net other income up 30.6 per cent from 3Q24
• Other income in CCN up 7.4 per cent from 2Q25, strong contribution from defined-contribution pensions
• Loan growth of 6.2 per cent year over year in LCIC, seasonally slower 3Q increasing activity throughout the quarter drives a strong pipeline into 4Q25

Building on our strengthened growth platform in the Nordics

• DNB Carnegie solidifies its position as the leading Nordic investment Bank advised on 3 of the 4 largest IPOs in Europe 2025 YTD
• Leading equity research house with top position in 16 out of 21 sectors1
• All-time high result in Wealth Management strong development in AUM +NOK 15 billion (+NOK 54 billion including Holberg) stable margins

¹ Source: FH's annual sector report.

² Including seven months of Carnegie income.

Continued strong momentum in PC, and seasonality impacting CCN and LCIC

• Currency-adjusted loan growth of 0.3 per cent in the quarter (unadjusted stable)
• ‒ up 0.4 per cent in PC, stable in CCN and up 0.5 in LCIC
• Currency-adjusted deposits up 0.6 per cent in the quarter (unadjusted up 0.2 per cent)
• ‒ down 1.8 per cent in PC, down 3.9 in CCN and up 8.5 in LCIC

Stable combined spreads and net interest margin affected by interest on equity

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.

NII down 1.0 per cent mainly due to product-mix and repricing effects

• Interest on equity affected by lower money market rates in the quarter and lower average equity
• Partial effect of first customer repricing implemented on 25 August
• DNB announcement of one additional repricing, effective 18 November, following September key policy rate cut of 25 bps

Commissions and fees – up 28.9 per cent from corresponding quarter last year

10 DCM: Debt capital market.

Operating expenses reflecting seasonally lower activity level

• One-off effects in the quarter: NOK 25 million relating to reduction in full-time equivalents and ~NOK 30 million relating to Carnegie integration cost
• Seasonally low fixed salaries relating to NOK 45 million holiday pay disbursement in Sweden

Robust and well-diversified portfolio – 99.4 per cent in stages 1 and 2

• Impairment provisions of NOK 862 million in the quarter NOK 150 million relating to update of expected credit loss (ECL) model
• No systematic negative migration within any segment or industry

Impairment of financial instruments by customer segment NOK million
	3Q25	2Q25	3Q24
Total	(862)	(677)	(170)
Of which:
Personal customers
- Stages 1 and 2	(81)	22	52
- Stage 3	(59)	(34)	(86)
Corporate customers Norway
- Stages 1 and 2	(74)	21	1
- Stage 3	(299)	(224)	(148)
Large corporates and international customers
- Stages 1 and 2	(362)	(164)	(26)
- Stage 3	3	(298)	38

Continued strong capital position

• CET1 capital ratio of 17.9 per cent 135 basis point (bps) headroom to FSA's current expectation
• Solid profit generation increased CET1 capital ratio by ~30 bps, offset by higher risk weight floors on mortgages introduced on 1 July (~60 bps as expected)
• Announced share buy-back programme of 1.0 per cent (~40 bps) completed programme of 1.0 per cent announced last quarter

• 1 FSA's current expectation: 16.6 per cent.
• 2 FSA's current requirement: 15.3 per cent.

Solid third quarter result

Appendix

Income statement

NOK million	3Q25	2Q25	3Q24	Change from 2Q25	Change from 3Q24
Net interest income	15 990	16 152	16 129	(162)	(139)
Other operating income	6 700	6 339	6 722	361	(22)
Total income	22 691	22 491	22 851	200	(160)
Operating expenses	(8 483)	(8 725)	(7 431)	242	(1 051)
Pre-tax operating profit before impairment	14 208	13 766	15 419	442	(1 212)
Impairment of loans and guarantees and gains on assets	(860)	(674)	(169)	(186)	(691)
Pre-tax operating profit	13 347	13 091	15 250	256	(1 903)
Tax expense	(2 669)	(2 618)	(3 050)	(51)	381
Profit from operations held for sale, after taxes	6	(31)	(40)	37	46
Profit for the period	10 684	10 442	12 160	242	(1 476)
Portion attributable to shareholders	10 268	10 049	11 632	219	(1 364)

Other operating income

NOK million	3Q25	2Q25	3Q24	Change from 2Q25	Change from 3Q24
Net commissions and fees	3 916	4 370	3 038	(454)	879
Customer revenues in DNB Carnegie	700	898	921	(198)	(221)
Trading revenues in DNB Carnegie	97	189	138	(93)	(42)
Hedging of defined-benefit pension scheme	91	118	42	(26)	49
Credit spreads on bonds	30	17	32	12	(2)
Credit spreads on fixed-rate loans	6	3	(55)	3	60
CVA/DVA/FVA	51	(60)	(153)	112	204
Other mark-to-market adjustments	284	(327)	947	611	(663)
Basis swaps	264	(97)	(194)	361	458
Exchange rate effects related to additional Tier 1 capital	(136)	(222)	(19)	86	(117)
Net gains on financial instruments at fair value	1 387	519	1 660	868	(273)
Net life insurance result	521	357	318	164	202
Profit from investments accounted for by the equity method	361	394	1 016	(33)	(656)
Other	516	699	690	(183)	(174)
Net other operating income, total	6 700	6 339	6 722	361	(22)

DISCLAIMER

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.

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