DNB Bank ASA

Quarterly Report • Oct 22, 2025

Third quarter report 2025

Unaudited

Financial highlights

Income statement Amounts in NOK million	3rd quarter 2025	3rd quarter 2024	JanSept. 2025	JanSept. 2024	Full year 2024
Net interest income	15 990	16 129	48 552	47 472	64 190
Net commissions and fees	3 916	3 038	11 786	9 179	12 466
Net gains on financial instruments at fair value	1 387	1 660	3 099	3 853	4 225
Net insurance result	521	318	1 158	955	1 421
Other operating income	876	1 706	2 499	3 362	4 235
Net other operating income	6 700	6 722	18 542	17 349	22 347
Total income	22 691	22 851	67 094	64 821	86 537
Operating expenses	(8 428)	(7 431)	(24 985)	(22 240)	(30 032)
Restructuring costs and non-recurring effects	(55)	(0)	(130)	19	(415)
Pre-tax operating profit before impairment	14 208	15 419	41 979	42 600	56 089
Net gains on fixed and intangible assets	2	0	23	(4)	(2)
Impairment of financial instruments	(862)	(170)	(1 950)	(1 052)	(1 209)
Pre-tax operating profit	13 347	15 250	40 052	41 544	54 878
Tax expense	(2 669)	(3 050)	(8 010)	(8 309)	(9 074)
Profit from operations held for sale, after taxes	6	(40)	(67)	(106)	0
Profit for the period	10 684	12 160	31 974	33 129	45 804
Balance sheet Amounts in NOK million			30 Sept. 2025	31 Dec. 2024	30 Sept. 2024
Total assets			3 801 152	3 614 125	3 851 957
Loans to customers			2 467 848	2 251 513	2 074 352
Deposits from customers			1 536 884	1 487 763	1 573 719
Total equity			284 050	283 325	280 112
Average total assets			4 278 998	3 980 927	3 968 572
Total combined assets1			4 959 952	4 362 348	4 562 159
Key figures and alternative performance measures	3rd quarter 2025	3rd quarter 2024	JanSept. 2025	JanSept. 2024	Full year 2024
Return on equity, annualised (per cent)1	15.8	18.9	15.7	17.0	17.5
Earnings per share (NOK)	6.98	7.83	20.81	21.14	29.34
Combined weighted total average spreads for lending and deposits (per cent)1	1.35	1.39	1.36	1.41	1.40
Average spreads for ordinary lending to customers (per cent)1	1.73	1.62	1.70	1.64	1.64
Average spreads for deposits from customers (per cent)1	0.84	1.07	0.90	1.10	1.08
Cost/income ratio (per cent)1	37.4	32.5	37.4	34.3	35.2
Ratio of customer deposits to net loans to customers at end of period, customer segments (per cent)1	73.6	72.7	73.6	72.7	74.3
Net loans at amortised cost and financial commitments in stage 2, per
cent of net loans at amortised cost1	6.58	8.69	6.58	8.69	7.22
Net loans at amortised cost and financial commitments in stage 3, per cent of net loans at amortised cost1	0.82	1.06	0.82	1.06	0.97
Impairment relative to average net loans to customers at amortised cost, annualised (per cent)1	(0.15)	(0.03)	(0.11)	(0.07)	(0.06)
Common equity Tier 1 capital ratio at end of period (per cent)	17.9	19.0	17.9	19.0	19.4
Leverage ratio at end of period (per cent)	6.3	6.3	6.3	6.3	6.9
Share price at end of period (NOK)	271.50	216.40	271.50	216.40	226.90
Book value per share at end of period (NOK)	177.93	168.36	177.93	168.36	176.16
Price/book value1	1.53	1.29	1.53	1.29	1.29
Dividend per share (NOK)					16.75
Sustainability: Lending and facilitation of funding to the sustainable transition
(NOK billion, accumulated) Total assets invested in mutual funds and portfolios with a sustainability	877.3	690.5	877.3	690.5	751.8
profile at end of period (NOK billion)	225.6	141.8	225.6	141.8	137.8
Score from Traction's reputation survey in Norway (points)	59	55	59	55	57
Customer satisfaction index, CSI, personal customers in Norway (score)	70.9	71.1	70.9	71.1	73.0
Female representation at management levels 1-4 (per cent)	37.5	37.4	37.5	37.4	36.5

¹ Defined as alternative performance measure (APM). APMs are described on ir.dnb.no.

For additional key figures and definitions, please see the Factbook on ir.dnb.no.

Contents

Direct	ors' report	4
Accou	ints for the DNB Group
Income sta	atement	12
Comprehe	nsive income statement	12
Balance sl	heet	13
Statement	of changes in equity	14
Cash flow	statement	15
Note G1	Basis for preparation	16
Note G2	Acquisitions	17
Note G3	Segments	18
Note G4	Capital adequacy	19
Note G5	Development in gross carrying amount and maximum exposure	20
Note G6	Development in accumulated impairment of financial instruments	21
Note G7	Loans and financial commitments to customers by industry segment	22
Note G8	Financial instruments at fair value	24
Note G9	Debt securities issued, senior non-preferred bonds and subordinated loan capital	25
Note G10	Contingencies	26
A	unto for DND Donk ACA (novent company)
ACCOU	ints for DNB Bank ASA (parent company)
	atement
Comprehe	nsive income statement	27
Balance sl	heet	28
Statement	of changes in equity	29
Note P1	Basis for preparation	30
Note P2	Capital adequacy	30
Note P3	Development in accumulated impairment of financial instruments	31
Note P4	Financial instruments at fair value
Note P5	Information on related parties	32
Inform	nation about DNB	33

There has been no full or partial external audit of the quarterly directors' report and accounts.

Directors' report

DNB's results in the third quarter were solid, supported by a resilient Norwegian economy. Economic activity increased further and was stronger than projected, with business and housing investment in particular picking up. Employment continued to rise, and capacity utilisation was slightly higher than previously assumed. Following its decision to lower the key policy rate on 18 September, the Norwegian central bank, Norges Bank, signalled continued monetary easing, although the updated interest rate path indicated a slightly higher trajectory than previously projected. The capital situation for DNB remained sound, and the portfolio well diversified and robust.

Third quarter financial performance

The Group delivered profits of NOK 10 684 million in the third quarter, a decrease of NOK 1 476 million, or 12.1 per cent, from the corresponding quarter of last year. Compared with the second quarter, profits increased by NOK 242 million, or 2.3 per cent.

Earnings per share were NOK 6.98 in the quarter, compared with NOK 7.83 in the year-earlier period and NOK 6.79 in the second quarter.

The common equity Tier 1 (CET1) capital ratio was 17.9 per cent at end-September, down from 18.3 per cent at end-June. The CET1 capital ratio has been calculated according to the new Capital Requirements Regulation (CRR3), which became effective on 1 April 2025.

The leverage ratio was 6.3 per cent at end-September, at the same level as in the year-earlier period and up from 6.2 per cent at end-June.

Annualised return on equity (ROE) was 15.8 per cent in the third quarter, driven by strong performance and high activity across the Group. The corresponding figures were 18.9 per cent in the third quarter of 2024, and 15.4 per cent in the second quarter of 2025.

Net interest income was down NOK 139 million, or 0.9 per cent, from the third quarter of 2024. Compared with the previous quarter, net interest income decreased by NOK 162 million, or 1.0 per cent. There was profitable loan growth in all customer segments, offset by customer repricing and product mix effects.

Net other operating income amounted to NOK 6 700 million in the quarter, at the same level as in the corresponding period of 2024, and up NOK 361 million, or 5.7 per cent, from the previous quarter. The increase from the previous quarter was primarily driven by positive exchange rate effects on other mark-to-market adjustments and basis swaps.

Operating expenses totalled NOK 8 483 million in the third quarter, up NOK 1 051 million, or 14.1 per cent, from the corresponding period a year earlier, mainly as a result of the acquisition of Carnegie. Compared with the previous quarter, operating expenses were down NOK 242 million, or 2.8 per cent, reflecting seasonally lower activity.

Impairment of financial instruments amounted to NOK 862 million in the third quarter, mainly related to company specific events, an expected credit loss (ECL) model update and the legacy portfolio in Poland.

Sustainability

The third quarter of 2025 saw continued global complexity, with sustainability efforts evolving in a landscape shaped by shifting economic priorities and geopolitical developments. While the pace and direction of the transition vary across regions, the importance of climate adaptation and long-term resilience remains clear, and renewable energy adoption continues to accelerate.

During the quarter, the Group's double materiality assessment (DMA) and transition plan remained key focus areas. The DMA underwent an annual review in the quarter, with topics identified as material in 2024 being further integrated into the strategy. In parallel, the transition plan is being reviewed in light of the European Banking Authority's Guidelines on the management of environmental, social and governance (ESG) risks, with the aim of identifying potential gaps and appropriate measures for further strengthening the Group's approach. This work will continue into the fourth quarter.

As of end-September, DNB has mobilised a cumulative total of NOK 877 billion to the sustainable transition, through lending and facilitation. DNB is still on track to reach the target of NOK 1 500 billion to the sustainable transition by 2030. So far this year, DNB Carnegie has seen a record volume in sustainable bond issuance, and remains a market leader in the Norwegian sustainable bond market. The target of increasing the total assets under management in mutual funds and portfolios with a sustainability profile to NOK 200 billion by 2025, was achieved in the second quarter. As of 30 September, NOK 226 billion qualifies towards this target.

Other events in the third quarter

Rasmus Figenschou is taking over the role of Chief Financial Officer (CFO) from Ida Lerner, who is leaving the bank. He has held the position of Group Executive Vice President of Corporate Banking Norway (CBN), and will take over as CFO on 24 October, while Marianne Wik Sætre took over as Group Executive Vice President of CBN on 18 August.

The share buy-back programme of up to 1.0 per cent was announced on 17 June and completed on 26 September with a total of 9 752 192 shares repurchased in the open market. A proposal will be made at the Annual General Meeting in 2026 to cancel these shares. In addition, according to an agreement with the Norwegian government, represented by the Ministry of Trade, Industry and Fisheries, a proportion of the Norwegian government's holding of 5 023 856 shares will be proposed redeemed at the same meeting. Furthermore, on 21 October, a new share buy-back programme of 1.0 per cent was approved by the Board of Directors.

In the third quarter, a solution was launched for automatic approval of remortgaging to DNB for loans up to NOK 7 million.

The European Banking Authority (EBA) published the results from the European stress test for 2025 in the third quarter. The stress test assesses banks' resilience during a sharp economic downturn. DNB was the only Norwegian bank to participate, together with the largest Nordic banks. The results show that DNB is among the best capitalised banks in Europe, being able to withstand significant credit losses and market shocks during a predicted sharp economic downturn. The stress test covers approximately 75 per cent of the total assets in the banking sector in the EU and Norway.

In the third quarter, DNB Carnegie strengthened its position as Sweden's leading equity research house in FH's annual sector report. In the report, DNB Carnegie's analysts were ranked number one in 16 out of 21 sectors and were among the top three across all remaining categories.

Furthermore, DNB Carnegie secured first place for overall performance in the Kantar Prospera Nordic Equity 2025 survey, based on interviews with 71 Nordic institutions with Nordic portfolios. DNB Carnegie secured top positions in 8 out of 9 categories.

In the third quarter, Startuplab and the DNB NXT Accelerator programme received applications from 280 companies. The programme is a collaboration between DNB and Startuplab for entrepreneurs seeking investors. There has been a marked increase in applications from women entrepreneurs and a clear increase in companies with a business idea relating to Artificial intelligence.

DNB won the Stockman Prize in the open class, and for best investor relations team in 2024. The Stockman Prize is awarded to companies that demonstrate excellence through open, credible and long-term communication with the financial market. DNB achieved the highest score for criteria such as financial targets, dividend policy, strategy, market information and consistent reporting.

DNB achieved top results in a customer service survey for personal customers carried out by Kantar. Since starting up in 2014, Kantar has conducted almost 250 000 interviews of customers that have been in contact with customer service centres in the preceding 14 days.

Following the decision made in the third quarter by the Norwegian central bank, Norges Bank, to lower the key policy rate by 0.25 percentage point to 4.00 per cent, DNB decided to reduce its interest rates by up to 0.25 percentage points.

In Traction's reputation survey for the third quarter, DNB achieved a score of 59 points, at the same level compared with the previous quarter. The target is a score of over 65 points, indicating that DNB is a well-liked bank.

Financial performance in the three first quarters

DNB recorded profits of NOK 31 974 million in the first three quarters of 2025, down NOK 1 155 million, or 3.5 per cent, from the corresponding period in 2024.

Annualised return on equity was 15.7 per cent, compared with 17.0 per cent in the year-earlier period, and earnings per share were NOK 20.81, down from NOK 21.14.

Net interest income increased by NOK 1 080 million, or 2.3 per cent, driven by profitable volume growth. There was an average increase in performing loans of 4.9 per cent, and a 4.2 per cent increase in average deposit volumes from the first three quarters of 2024. The combined spreads narrowed by 5 basis points, compared with the year-earlier period. Average lending spreads for the customer segments widened by 6 basis points and deposit spreads narrowed by 20 basis points.

Net other operating income increased by NOK 1 193 million,

or 6.9 per cent. Net commissions and fees showed a strong development and increased by NOK 2 607 million, or 28.4 per cent, further supported by the acquisition of Carnegie.

Total operating expenses were up NOK 2 894 million, or 13.0 per cent, due to higher activity and expenses relating to the acquisition of Carnegie.

There were impairment provisions of NOK 1 950 million, compared with impairment provisions of NOK 1 052 million in the corresponding period of last year. For the personal customers industry segment, there were impairment provisions of NOK 202 million in the first three quarters of 2025. The impairment provisions could be seen across all three stages, mainly driven by an ECL model update affecting stage 1 and 2, and consumer finance within stage 3. The corporate customers industry segments saw impairment provisions of NOK 1 747 million in the first three quarters of 2025, including a provision relating to the legacy portfolio in Poland. Additional impairment provisions were mainly driven by specific customers in stage 3, spread across various industry segments.

Third quarter income statement – main items

Net interest income

Amounts in NOK million	3Q25	2Q25	3Q24
Interest margin on performing loans - customer segments	8 713	8 189	7 760
Interest margin on deposits - customer segments	3 148	3 531	3 855
Amortisation effects and fees	1 420	1 370	1 211
Equity and non-interest bearing items	2 534	2 736	2 860
Operational leasing	697	721	791
Contributions to the deposit guarantee and resolution funds	(339)	(341)	(327)
Other net interest income	(181)	(55)	(21)
Net interest income	15 990	16 152	16 129

There was profitable loan growth in all customer segments in the quarter, offset by customer repricing and product mix effects.

Compared with the third quarter of 2024, net interest income decreased by NOK 139 million, or 0.9 per cent. There was an average increase of NOK 99.2 billion, or 5.2 per cent, in performing loans. Adjusted for exchange rate effects, volumes were up NOK 107.9 billion, or 5.7 per cent. During the same period, deposits were up NOK 59.3 billion, or 4.1 per cent. Adjusted for exchange rate effects, deposits were up NOK 75.2 billion, or 5.3 per cent. Average lending spreads widened by 10 basis point, and average deposit spreads narrowed by 23 basis points. Volume-weighted spreads for the customer segments narrowed by 4 basis points.

Compared with the second quarter, net interest income decreased by NOK 162 million, or 1.0 per cent. There was an average increase in performing loans of NOK 24.4 billion, or 1.2 per cent, and deposits were down NOK 4.7 billion, or 0.3 per cent. Average lending spreads widened by 7 basis points, and average deposit spreads narrowed by 11 basis points. Volume-weighted spreads for the customer segments narrowed by 1 basis point.

Net other operating income

Amounts in NOK million	3Q25	2Q25	3Q24
Net commissions and fees	3 916	4 370	3 038
Basis swaps	264	(97)	(194)
Exchange rate effects related to additional Tier 1 capital	(136)	(222)	(19)
Net gains on other financial instruments at fair value	1 259	838	1 873
Net insurance result	521	357	318
Net profit from associated companies	361	394	1 016
Other operating income	516	699	690
Net other operating income	6 700	6 339	6 722

Net other operating income remained at the same level, compared with the third quarter of 2024. Net commissions and fees increased by NOK 879 million, or 28.9 per cent. The increase can primarily be attributed to investment banking and asset management services, following the acquisition of Carnegie.

Compared with the previous quarter, net other operating income increased by NOK 361 million, or 5.7 per cent, mainly due to positive exchange rate effects on other mark-to-market adjustments and basis swaps. Net commissions and fees decreased by NOK 454 million due to seasonally lower activity.

Operating expenses

Amounts in NOK million	3Q25	2Q25	3Q24
Salaries and other personnel expenses	(5 028)	(5 173)	(4 399)
Restructuring expenses	(55)	(30)	(0)
Other expenses	(2 460)	(2 549)	(2 123)
Depreciation of fixed and intangible assets	(941)	(949)	(910)
Impairment of fixed and intangible assets		(23)
Total operating expenses	(8 483)	(8 725)	(7 431)

Operating expenses were up NOK 1 051 million, or 14.1 per cent, compared with the third quarter of 2024, mainly due to higher personnel costs, as a result of the acquisition of the Carnegie Group.

Compared with the second quarter, operating expenses were down NOK 242 million, or 2.8 per cent, due to seasonally lower activity and reduced personnel expenses.

The cost/income ratio was 37.4 per cent in the quarter.

Impairment of financial instruments by industry segment

Amounts in NOK million	3Q25	2Q25	3Q24
Personal customers	(103)	(18)	(44)
Commercial real estate	(153)	(115)	9
Residential property	(53)	(108)	(93)
Power and renewables	(8)	(15)	6
Oil, gas and offshore	41	2	137
Other	(585)	(423)	(185)
Total impairment of financial instruments	(862)	(677)	(170)

Impairment of financial instruments amounted to NOK 862 million in the quarter.

Impairment provisions in the personal customers industry segment amounted to NOK 103 million. For stages 1 and 2, the increase from previous periods was primarily due to an (ECL) model update for the mortgage portfolio, while for stage 3, the increase was related to consumer finance.

The corporate customers industry segments saw impairment provisions of NOK 759 million. The impairment included an increased provision relating to the legacy portfolio in Poland and additional impairment provisions relating to customers spread across various industry segments, primarily within real estate related segments. In the corresponding quarter of 2024, impairment provisions amounted to NOK 126 million, while the previous quarter saw impairment provisions of NOK 660 million. The macro forecasts remained relatively stable during the quarter and did not have a significant impact on the impairment of the portfolio. The Group's loan portfolio remains robust, with 99.2 per cent in stages 1 and 2. Net stage 3 loans and financial commitments amounted to NOK 19.8 billion at end-September 2025, which was a decrease of NOK 1.7 billion from the corresponding period in 2024, and a decrease of NOK 1.5 billion from the previous quarter.

Taxes in the quarter

The DNB Group's tax expense for the third quarter is estimated at NOK 2 669 million, or 20.0 per cent of the pre-tax operating profit.

Financial performance – segments

Financial governance in DNB is adapted to the different customer segments. Reported figures reflect total sales of products and services to the relevant segments.

Personal customers

Income statement in NOK million	3Q25	2Q25	3Q24
Net interest income	5 806	5 630	5 580
Net other operating income	2 089	2 039	1 600
Total income	7 895	7 670	7 180
Operating expenses	(3 116)	(3 088)	(2 781)
Pre-tax operating profit before impairment	4 779	4 582	4 399
Net gains on fixed and intangible assets	0	0
Impairment of financial instruments	(140)	(12)	(34)
Profit from repossessed operations	29	(18)
Pre-tax operating profit	4 668	4 552	4 365
Tax expense	(1 167)	(1 138)	(1 091)
Profit for the period	3 501	3 414	3 274
Average balance sheet items in NOK billion
Loans to customers	969.7	965.8	943.1
Deposits from customers	634.8	622.9	582.3
Key figures in per cent
Lending spreads1	1.20	1.04	0.98
Deposit spreads1	1.30	1.53	1.82
Return on allocated capital	19.6	19.2	21.1
Cost/income ratio	39.5	40.3	38.7
Ratio of deposits to loans	65.5	64.5	61.7

1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).

The personal customers segment delivered strong profits and a return on allocated capital of 19.6 per cent in the third quarter. Average loans to customers increased by 2.8 per cent from the third quarter of 2024, and by 0.4 per cent from the second quarter of 2025. There was good momentum in lending activity towards the end of the third quarter. Average deposits from customers rose by 9.0 per cent from the third quarter of 2024, and by 1.9 per cent from the previous quarter. Combined spreads on loans and deposits narrowed by 6 basis points from the third quarter of last year and 1 basis point from the previous quarter.

The inclusion of Carnegie contributed to a solid increase in net other operating income, compared with the corresponding period last year. In addition, there was a positive development in income from real estate broking activities and commissions from insurance sales. Seasonal variations explain the changes from the previous quarter.

Operating expenses rose by 12.1 per cent from the corresponding quarter of last year, mainly due to the inclusion of Carnegie. Compared with the previous quarter, costs were relatively stable.

Impairment of financial instruments amounted to NOK 140 million in the personal customers segment in the quarter, compared with impairment provisions of NOK 34 million and NOK 12 million in the corresponding quarter of 2024 and the previous quarter, respectively. The impairment provisions were spread across all stages. Stage 1 and 2 mortgages were affected by a onetime increase due to an update of the ECL model. The macro effect on the impairment provisions for the quarter was insignificant. Overall, the portfolio remained robust.

DNB's market share of credit to households in Norway was 22.5 per cent at end-August 2025. The market share of total household savings was 28.6 per cent at the same point in time, while the market share of savings in mutual funds amounted to 38.2 per cent. DNB Eiendom had an average market share of 13.9 per cent in the third quarter.

Corporate customers Norway

Income statement in NOK million	3Q25	2Q25	3Q24
Net interest income	4 860	4 859	4 889
Net other operating income	1 054	982	1 113
Total income	5 914	5 841	6 002
Operating expenses	(1 778)	(1 754)	(1 755)
Pre-tax operating profit before impairment	4 137	4 087	4 247
Impairment of financial instruments	(373)	(203)	(148)
Profit from repossessed operations			(6)
Pre-tax operating profit	3 764	3 884	4 094
Tax expense	(941)	(971)	(1 023)
Profit for the period	2 823	2 913	3 070
Average balance sheet items in NOK billion
Loans to customers	545.8	540.3	523.2
Deposits from customers	418.7	418.4	390.1
Key figures in per cent
Lending spreads1	2.18	2.19	2.18
Deposit spreads1	0.92	1.01	1.15
Return on allocated capital	20.9	21.9	24.5
Cost/income ratio	30.1	30.0	29.2
Ratio of deposits to loans	76.7	77.4	74.6

1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).

The third quarter showed solid performance in the corporate customers Norway segment, with stable net interest income and increased other operating income compared with the previous quarter. Net interest income remained stable compared with the previous quarter, despite narrowing spreads for both lending and deposits. The negative margin effects were offset by increased average lending volumes and one additional interest day compared with the previous quarter.

The return on allocated capital was 20.9 per cent in the third quarter, down from 24.5 per cent in the corresponding quarter of 2024 and from 21.9 per cent in the previous quarter.

Net interest income amounted to NOK 4 860 million in the third quarter and decreased by NOK 29 million, or 0.6 per cent, compared with the corresponding quarter of last year. Compared with the previous quarter, net interest income remained stable. Average loans to customers increased by 4.3 per cent from the third quarter of 2024 and 1.0 per cent from the previous quarter. Lending spreads remained stable compared with the corresponding quarter of last year and narrowed by 1 basis point compared with the previous quarter. Average deposit volumes increased by 7.3 per cent from the third quarter of 2024, and were at the same level as in the previous quarter. Deposit spreads narrowed by 22 basis points from the corresponding quarter of last year, and by 8 basis points from the previous quarter. The ratio of deposits to loans was 76.7 per cent in the quarter.

Net other operating income totalled NOK 1 054 million in the third quarter, down 5.3 per cent compared with the third quarter of 2024, and up 7.4 per cent from the previous quarter.

Operating expenses increased by 1.4 per cent from the previous quarter, and the cost/income ratio remained stable at 30.1 per cent.

Impairment of financial instruments amounted to NOK 373 million in the quarter. This was an increase from both the corresponding quarter of 2024 and the previous quarter of NOK 225 million and NOK 170 million, respectively. The impairment provisions were spread across various industry segments but could primarily be seen in stage 3 and was related to customer-specific situations within real estate-related segments.

Large corporates and international customers

Income statement in NOK million	3Q25	2Q25	3Q24
Net interest income	4 864	4 880	4 690
Net other operating income	2 272	2 878	1 878
Total income	7 135	7 758	6 569
Operating expenses	(3 234)	(3 327)	(2 685)
Pre-tax operating profit before impairment	3 901	4 430	3 883
Impairment of financial instruments	(359)	(463)	11
Profit from repossessed operations	(36)	(23)	(52)
Pre-tax operating profit	3 506	3 944	3 843
Tax expense	(877)	(986)	(961)
Profit for the period	2 630	2 958	2 882
Average balance sheet items in NOK billion
Loans to customers	506.1	500.1	460.3
Deposits from customers	449.8	462.3	472.1
Key figures in per cent
Lending spreads1	2.25	2.30	2.31
Deposit spreads1	0.12	0.12	0.10
Return on allocated capital	15.0	17.6	18.3
Cost/income ratio	45.3	42.9	40.9
Ratio of deposits to loans	88.9	92.4	102.6

1 Calculated relative to the corresponding money market rate. See ir.dnb.no for additional information on alternative performance measures (APMs).

The third quarter was in line with expectations for the large corporates and international customers segment, considering seasonal effects. The reduction in net other operating income from the previous quarter can be attributed to mark-to-market effects and reduced income from DNB Carnegie. However, the income from DNB Carnegie was up 25 per cent from the corresponding quarter of 2024. The portfolio quality continues to be sound, with low customer-related losses.

The return on allocated capital was 15.0 per cent in the quarter, down from 18.3 per cent in the corresponding quarter of 2024 and from 17.6 per cent in the previous quarter. The decrease can be attributed to a reduction in net other operating income from the previous quarter, mainly due to seasonal variations, and an increase in allocated capital compared with both the corresponding quarter of 2024 and the previous quarter.

Net interest income amounted to NOK 4 864 million in the third quarter, which was an increase of NOK 173 million, or 3.7 per cent, compared with the corresponding quarter of 2024. Compared with the previous quarter, net interest income was stable. Average loans to customers rose by 1.2 per cent from the previous quarter. Lending spreads narrowed by 5 basis points compared with the previous quarter. Average deposit volumes declined by 2.7 per cent from the previous quarter. Deposit spreads widened by 2 basis points compared with the corresponding quarter of last year, but remained stable compared with the previous quarter. The ratio of deposits to loans was 88.9 per cent in the third quarter.

Net other operating income amounted to NOK 2 272 million in the third quarter, which was an increase of 21.0 per cent compared with the third quarter of 2024, but a decrease of 21.1 per cent from the previous quarter.

Operating expenses amounted to NOK 3 234 million in the third quarter, down NOK 93 million, or 2.8 per cent, from the previous quarter.

Impairment of financial instruments amounted to NOK 359 million in the quarter and included an increased provision relating to the legacy portfolio in Poland of NOK 281 million. In the previous quarter, there were impairment provisions of NOK 463 million, while the corresponding quarter of 2024 showed net reversals of NOK 11 million.

Other operations

This segment includes the results from risk management in DNB Carnegie and from traditional pension products with a guaranteed rate of return. In addition, the other operations segment includes Group items not allocated to the customer segments.

Income statement in NOK million	3Q25	2Q25	3Q24
Net interest income	461	783	969
Net other operating income	1 828	996	2 462
Total income	2 289	1 779	3 431
Operating expenses	(899)	(1 113)	(542)
Pre-tax operating profit before impairment	1 390	666	2 889
Net gains on fixed and intangible assets	2	2	0
Impairment of financial instruments	9	1	1
Profit from repossessed operations	8	41	58
Pre-tax operating profit	1 409	711	2 949
Tax expense	315	477	25
Profit from operations held for sale, after taxes	6	(31)	(40)
Profit for the period	1 730	1 157	2 934
Average balance sheet items in NOK billion
Loans to customers	246.1	231.8	126.1
Deposits from customers	95.5	170.0	177.9

The profit for the other operations segment was NOK 1 730 million in the third quarter.

Risk management income remained at a good level in the third quarter, reaching NOK 343 million, up from NOK 267 million in the corresponding quarter of last year. The increase can be attributed to reduced counterparty risk (XVA) reserves and repurchase agreements (repos), but was partly offset by lower interest rate trading income.

Compared with the previous quarter, risk management income was stable.

The pre-tax operating profit for guaranteed pension products was NOK 489 million in the third quarter, compared with NOK 493 million in the corresponding period of last year, and NOK 559 million in the second quarter. The decrease in profit compared with the previous quarter can be ascribed to lower returns on the company's own funds. The solvency margin without transitional rules was 265 per cent as of 30 September, an increase from 264 per cent at the end of the second quarter. In the third quarter, subordinated debt was reduced by NOK 1 500 million, which weakened the solvency margin by 7 percentage points. Strong financial resilience and decreasing interest rate sensitivity over time lay the foundation for continued capital optimisation.

DNB's share of the profit in associated companies (most importantly Luminor, Vipps and Fremtind) is included in this segment. There was a decrease in profit from these companies of NOK 657 million from the third quarter of 2024, and of NOK 34 million compared with the previous quarter. The decrease compared with the corresponding quarter of last year can be ascribed to the merger between Fremtind and Eika resulting in a positive gain.

Funding, liquidity and balance sheet

For DNB, the short-term US Commercial Paper (USCP) programme remains the largest and most important programme, with the highest liquidity, with issues in all of the programmes during the quarter, and in several currencies, in order to maintain good capacity and diversification.

During the third quarter, there were positive developments in the credit markets for financial issuers, with a general decline in credit risk premiums. The level of activity at the beginning of the quarter was affected by the summer holiday, with relatively few new issues, which gave extra support for lower credit risk premiums in the secondary market. Even after activity relating to new issues picked up as the quarter progressed, the market proved to be very robust and fairly unaffected by geopolitical uncertainty or negotiations regarding trade tariffs. The positive market sentiment

during the quarter resulted in credit risk premiums at the end of the quarter being considerably lower than at the beginning of the quarter. DNB issued long-term debt instruments totalling NOK 20 billion in the quarter, divided between covered bonds in SEK, senior preferred bonds in EUR, SEK and USD, and senior nonpreferred bonds in USD.       

The total nominal value of long-term debt securities issued by the Group was NOK 552 billion at end-September, compared with NOK 529 billion a year earlier. The average remaining term to maturity for long-term debt securities issued was 3.5 years, compared with 3.7 years a year earlier.

The short-term liquidity requirement, the Liquidity Coverage Ratio (LCR), remained stable at above 100 per cent throughout the quarter, and was 129 per cent at the end-September. The net longterm stable funding ratio (NSFR) was 115 per cent, which was well above the minimum requirement of 100 per cent for stable and long-term funding.

Total combined assets in the DNB Group were NOK 4 960 billion at the end of September, up from NOK 4 562 billion a year earlier. Total assets in the Group's balance sheet were NOK 3 801 billion at end-September, compared with NOK 3 852 billion at end-September 2024.

The ratio of customer deposits to net loans to customers, for the customer segments, was 73.6 per cent, up from 72.7 per cent a year earlier.

Capital position

The risk weight floors for mortgages increased from 20 to 25 per cent from 1 July, while the implementation of the Capital Requirements Regulation 3 (CRR3) into Norwegian law became effective on 1 April.

The common equity Tier 1 (CET1) capital ratio was 17.9 per cent at end-September, a reduction from 18.3 per cent at end-June. The increased risk weights on mortgages had a negative effect of around 60 basis points, as forecasted, while retained earnings in the quarter contributed positively with 30 basis points. In addition, the announced share buy-back programme of 1.0 per cent had a negative impact of 40 basis points on the CET1 capital ratio.

The CET1 capital ratio requirement for DNB at end-September was 15.3 per cent, while the expectation from the supervisory authorities was 16.6 per cent including Pillar 2 Guidance. The Group thus had a solid 135 basis points headroom above the current supervisory authorities' capital level expectation.

The risk exposure amount increased by NOK 32 billion from end-June and amounted to NOK 1 162 billion at end-September.

The leverage ratio was 6.3 per cent, at the same level as in the year-earlier period, and up from 6.2 per cent at end-June.

Capital adequacy

The capital adequacy regulations specify a minimum requirement for own funds based on a risk exposure amount that includes credit risk, market risk and operational risk. In addition to meeting the Pillar 1 minimum requirement, DNB must meet the Pillar 2 requirements and the combined buffer requirements under Pillar 1.

Capital and risk

	3Q25	2Q25	3Q24
CET1 capital ratio, per cent	17.9	18.3	19.0
Tier 1 capital ratio, per cent	19.7	20.1	20.9
Capital ratio, per cent	22.3	22.7	23.4
Risk exposure amount, NOK billion	1 162	1 130	1 110
Leverage ratio, per cent	6.3	6.2	6.3

As the DNB Group consists of both a credit institution and a life insurance company, DNB has to satisfy a cross-sectoral calculation test to demonstrate that it complies with sectoral requirements: the capital adequacy requirement, in accordance with the Capital Requirements Regulation / Capital Requirements Directive (CRR/CRD), and the Solvency 2 requirement. At the end of

September, DNB complied with these requirements by a good margin, with excess capital of NOK 43.9 billion.

New regulatory framework

Countercyclical capital buffer

At its meeting on 13 August, the Monetary Policy and Financial Stability Committee of the Norwegian central bank, Norges Bank, decided to maintain the countercyclical capital buffer requirement at 2.5 per cent.

The Committee pointed to the risk that uncertainty concerning the framework conditions for international trade may lead to major movements in the financial markets, and that vulnerabilities in the financial system may amplify a possible downturn in the Norwegian economy and result in bank losses.

The committee emphasised that Norwegian banks have high profitability and comfortably meet the capital and liquidity requirements. There was some increase in corporate loan losses during last year, but overall, losses remain low. The solvency stress test in the Financial Stability Report 2025 H1 illustrates that banks are able to withstand large credit losses while maintaining the capacity to lend.

Strengthened ability to share information to combat financial crime

On 17 September, the Norwegian Ministry of Finance sent a memorandum prepared by Finanstilsynet (the Financial Supervisory Authority of Norway) regarding regulatory changes to the duty of confidentiality and information sharing of financial institutions for public consultation. The goal is to strengthen the fight against financial crime and to have more means to address the financial aspect of organised crime.

In the memorandum, Finanstilsynet proposes simplifying and clarifying the rules, by expanding the ability to share confidential information with other financial institutions, the police, and providers of electronic communication services when necessary to prevent or detect financial crime and other serious crime. Steps must be taken to allow information sharing through dedicated digital platforms.

If the proposal is adopted, this will improve cooperation between DNB, the authorities and other financial institutions, and DNB will be able to respond more quickly when it suspects fraud or scams that target DNB or its customers.

Notification of systemically important institutions

As part of its annual routine, on 15 August, the Ministry of Finance notified the relevant EU/EEA authorities which financial institutions are to be considered systemically important in Norway.

Based on advice from Finanstilsynet, and in line with the requirements and procedures in the CRR/CRD framework, the Ministry determines which institutions are to be designated as systemically important in Norway and thus must meet specific capital buffer requirements. For DNB Bank ASA, as a systemically important institution, the buffer is 2 per cent, and has remained unchanged since 2023.

Implementation of the securitisation framework in Norway

On 24 June, the Ministry of Finance adopted amendments to the Norwegian Financial Institutions Act, to implement two EU regulations relating to securitisation. On 1 July, the Ministry adopted three regulations to complete the implementation of the securitisation rules in Norway. The amendments and the regulations entered into force on 1 August.

The changes in the securitisation rules will give DNB competitive terms that are more equal to those of players in neighbouring countries. This will also allow DNB to draw on the benefits of the securitisation instrument to enable the best possible credit flow in the market.

Full reciprocation of the Norwegian systemic risk buffer On 26 June, the Finnish Financial Supervisory Authority decided to

fully reciprocate the Norwegian systemic risk buffer requirement of 4.5 per cent. This decision will apply from 1 October, following a decision in June 2023 to partly reciprocate the buffer at 3.5 per cent.

Macroeconomic developments

In Norway, mainland GDP rose by 0.6 per cent from the first to the second quarter, following 1.2 per cent growth in the first quarter. The cyclical upturn in the Norwegian economy has primarily been driven by increased demand from households and an expansive fiscal policy.

A clear increase in retail sales continued into the third quarter. After eight quarters of decline, residential investments rose slightly in the first quarter, and continued at 4 per cent, quarter-on-quarter, in the second quarter. This indicates that the bottom has been reached, and that a gradual recovery has begun.

Norges Bank's regional network referred to an increase in the building and construction sectors in the third quarter and prospects of a continued increase in the fourth quarter. In general, the network supported the image of an upturn in the economy. However, inflation remains well above target, and core inflation in the third quarter was slightly above 3 per cent. Higher wage growth may curb the decline in inflation, but higher real wage growth contributes to the upswing in household demand.

Productivity has also increased in Norway, which dampens the inflation effects of high wage growth. In September, Norges Bank reduced the key policy rate to 4.00 per cent, and also presented an interest rate path where the interest rate will be reduced by 25 basis points in each of the next three years. The key policy rate will continue to be restrictive in the time ahead and contribute to lower inflation, while helping to keep employment high, according to Norges Bank.

Future prospects

The Group's overriding financial target is a return on equity (ROE) above 14 per cent. The following factors will contribute to the Group reaching the ROE target: growth in loans and in commissions and fees from capital-light products, combined with cost control and efficient capital management.

The ambition for annual organic loan growth for the Group is between 3 and 4 per cent over time, but it can be lower or higher in certain years. Norges Bank's reduction of the key policy rate in June, from 4.50 per cent to 4.25 per cent, followed by DNB's repricing announcements, have had full effect from 25 August, and is expected to impact net interest income negatively. In addition, Norges Bank reduced the policy rate in September by 0.25 percentage point to 4.00 per cent, and DNB's subsequent repricing will have additional negative effects on interest income from 18 November.

In the period 2025 to 2027, DNB has an ambition to increase net commissions and fees by more than 9 per cent annually, and to maintain a cost/income ratio below 40 per cent.

The long-term tax rate for the Group is expected to be 23 per cent. Due to the debt interest distribution between the US and Norway in Norwegian taxation, the tax rate is estimated to be 20 per cent for 2025.

The supervisory expectation for the common equity Tier 1 (CET1) capital ratio for DNB is above 16.6 per cent. In its capital planning, DNB has set the supervisory expectation plus some headroom as its target capital level. The headroom will reflect market-driven fluctuations, including in foreign exchange, and potential regulatory changes. The actual capital ratio achieved in the third quarter was 17.9 per cent.

The Group's dividend policy remains unchanged, with a payout ratio of more than 50 per cent in cash dividends and an ambition to increase the nominal dividend per share each year. In addition to

dividend payments, repurchases of own shares will be used as a flexible tool for allocating excess capital to DNB's owners. The Board has received authorisation from the Annual General Meeting to repurchase up to 3.5 per cent of outstanding shares for 2025. The share buy-back programme of 1 per cent announced on 17 June was completed on 29 September, and a new share buyback programme of 1.0 per cent was approved on 21 October by the Board of Directors.

As a small and open economy, Norway will be impacted by developments in surrounding countries as well as in the world economy as a whole.

Oslo, 21 October 2025 The Board of Directors of DNB Bank ASA

Olaug Svarva (Chair of the Board)

Jens Petter Olsen (Vice Chair of the Board)

Gro Bakstad

Berit Behring

Petter-Børre Furberg

Lillian Hattrem

Vivan Lund

Haakon Christopher Sandven

Eli Solhaug

Kim Wahl

Kjerstin R. Braathen (Group Chief Executive Officer, CEO)

Accounts for the DNB Group

G – INCOME STATEMENT

	3rd quarter 2025	3rd quarter 2024	JanSept. 2025	JanSept. 2024	Full year 2024
Amounts in NOK million Interest income, effective interest method	40 746	46 882	132 054	140 721	186 742
Other interest income	1 345	1 233	4 388	4 900	6 812
Interest expenses, effective interest method	(24 419)	(32 021)	(84 806)	(98 387)	(129 643)
Other interest expenses	(1 682)	35	(3 085)	238	279
Net interest income	15 990	16 129	48 552	47 472	64 190
Commission and fee income	5 388	3 951	15 785	11 942	16 298
Commission and fee expenses	(1 472)	(914)	(3 998)	(2 763)	(3 832)
Net gains on financial instruments at fair value	1 387	1 660	3 099	3 853	4 225
Net insurance result	521	318	1 158	955	1 421
Profit from investments accounted for by the equity method	361	1 016	781	1 462	1 719
Net gains on investment properties	5	5	11	2	103
Other income	511	685	1 706	1 898	2 413
Net other operating income	6 700	6 722	18 542	17 349	22 347
Total income	22 691	22 851	67 094	64 821	86 537
Salaries and other personnel expenses	(5 082)	(4 399)	(14 876)	(12 979)	(17 961)
Other expenses	(2 460)	(2 123)	(7 441)	(6 559)	(8 893)
Depreciation and impairment of fixed and intangible assets	(941)	(910)	(2 799)	(2 683)	(3 594)
Total operating expenses	(8 483)	(7 431)	(25 115)	(22 221)	(30 448)
Pre-tax operating profit before impairment	14 208	15 419	41 979	42 600	56 089
Net gains on fixed and intangible assets	2	0	23	(4)	(2)
Impairment of financial instruments	(862)	(170)	(1 950)	(1 052)	(1 209)
Pre-tax operating profit	13 347	15 250	40 052	41 544	54 878
Tax expense	(2 669)	(3 050)	(8 010)	(8 309)	(9 074)
Profit from operations held for sale, after taxes	6	(40)	(67)	(106)	0
Profit for the period	10 684	12 160	31 974	33 129	45 804
Portion attributable to shareholders	10 268	11 632	30 752	31 693	43 870
Portion attributable to non-controlling interests	25	(1)	24	5	33
Portion attributable to additional Tier 1 capital holders	390	529	1 199	1 432	1 901
Profit for the period	10 684	12 160	31 974	33 129	45 804
Earnings/diluted earnings per share (NOK)	6.98	7.83	20.81	21.14	29.34
Earnings per share excluding operations held for sale (NOK)	6.98	7.86	20.86	21.21	29.34

G – COMPREHENSIVE INCOME STATEMENT

	3rd quarter	3rd quarter	JanSept.	JanSept.	Full year
Amounts in NOK million Profit for the period	2025 10 684	2024 12 160	2025 31 974	2024 33 129	2024 45 804
Actuarial gains and losses					207
Property revaluation	(8)	0	(6)	(16)	(11)
Financial liabilities designated at FVTPL, changes in credit risk	(10)	(8)	(22)	(75)	(75)
Tax	2	2	5	19	(31)
Items that will not be reclassified to the income statement	(16)	(6)	(22)	(72)	89
Currency translation of foreign operations	(1 771)	1 898	(5 297)	4 560	7 150
Currency translation reserve reclassified to the income statement			(1)	(29)	(29)
Hedging of net investment	1 325	(1 527)	4 086	(3 698)	(5 686)
Financial assets at fair value through OCI	204	(76)	413	461	191
Tax	(382)	401	(1 125)	810	1 374
Items that may subsequently be reclassified to the income statement	(624)	695	(1 923)	2 104	3 000
Other comprehensive income for the period	(639)	690	(1 945)	2 032	3 089
Comprehensive income for the period	10 044	12 850	30 029	35 161	48 893

G – BALANCE SHEET

	Note	30 Sept. 2025	31 Dec. 2024	30 Sept. 2024
Amounts in NOK million
Assets
Cash and deposits with central banks		226 525	147 944	590 605
Due from credit institutions		101 246	165 563	160 038
Loans to customers	G5, G6, G7, G8	2 467 848	2 251 513	2 074 352
Commercial paper and bonds	G8	517 787	574 896	534 679
Shareholdings	G8	34 707	33 107	31 725
Assets, customers bearing the risk	G8	232 628	202 255	196 648
Financial derivatives	G8	105 211	141 144	114 526
Investment properties		5 937	8 205	8 571
Investments accounted for by the equity method		17 366	19 462	19 406
Intangible assets		21 761	10 735	10 585
Deferred tax assets		289	687	392
Fixed assets		21 141	21 006	21 421
Assets held for sale		2 081	1 399	1 395
Other assets		46 624	36 210	87 614
Total assets		3 801 152	3 614 125	3 851 957
Liabilities and equity
Due to credit institutions		381 248	237 089	413 816
Deposits from customers	G8	1 536 884	1 487 763	1 573 719
Financial derivatives	G8	110 760	117 032	108 672
Debt securities issued	G8, G9	825 673	854 765	837 010
Liabilities, customers bearing the risk		232 628	202 255	196 648
Insurance liabilities		189 585	189 877	193 920
Payable taxes		9 521	3 115	6 014
Deferred taxes		5 075	4 823	2 746
Other liabilities		71 500	70 589	92 209
Liabilities held for sale		475	548	385
Provisions		1 339	1 598	1 128
Pension commitments		5 966	5 594	5 849
Senior non-preferred bonds	G8, G9	110 708	119 484	104 805
Subordinated loan capital	G8, G9	35 740	36 269	34 924
Total liabilities		3 517 102	3 330 800	3 571 845
Additional Tier 1 capital		21 883	21 916	30 301
Non-controlling interests		688	218	190
Share capital		18 348	18 533	18 533
Share premium		18 733	18 733	18 733
Other equity		224 397	223 925	212 354
Total equity		284 050	283 325	280 112
Total liabilities and equity		3 801 152	3 614 125	3 851 957

G – STATEMENT OF CHANGES IN EQUITY

					Net
	Non- controlling	Share	Share	Additional Tier 1	currency translation	Liability credit	Other	Total
Amounts in NOK million	interests	capital	premium	capital	reserve	reserve	equity	equity
Balance sheet as at 31 December 2023	168	18 960	18 733	22 004	7 266	73	202 092	269 296
Profit for the period	5			1 432			31 693	33 129
Property revaluation							(16)	(16)
Financial assets at fair value through OCI							461	461
Financial liabilities designated at FVTPL, changes in credit risk						(75)		(75)
Currency translation of foreign operations					4 560			4 560
Hedging of net investment					(3 698)			(3 698)
Reclassified to the income statement on the liquidation of foreign operations					(29)			(29)
Tax on other comprehensive income					925	19	(115)	829
Comprehensive income for the period	5			1 432	1 758	(56)	32 023	35 161
Interest payments AT1 capital				(885)				(885)
AT1 capital issued				10 551				10 551
AT1 capital redeemed				(2 800)				(2 800)
Share buy-back programme		(427)					(6 674)	(7 101)
Non-controlling interests	17						27	44
Dividends paid for 2023 (NOK 16.00 per share)							(24 153)	(24 153)
Balance sheet as at 30 Sept. 2024	190	18 533	18 733	30 301	9 023	17	203 314	280 112
Balance sheet as at 31 December 2024	218	18 533	18 733	21 916	10 123	17	213 785	283 325
Profit for the period	24			1 199			30 752	31 974
Property revaluation							(6)	(6)
Financial assets at fair value through OCI							413	413
Financial liabilities designated at FVTPL, changes in credit risk						(22)		(22)
Currency translation of foreign operations					(5 297)			(5 297)
Hedging of net investment					4 086			4 086
Reclassified to the income statement on the liquidation of foreign operations					(1)			(1)
Tax on other comprehensive income					(1 022)	5	(103)	(1 119)
Comprehensive income for the period	24			1 199	(2 234)	(16)	31 056	30 029
Interest payments AT1 capital				(832)				(832)
AT1 capital redeemed1				(400)				(400)
Share buy-back programme		(185)					(3 502)	(3 687)
Non-controlling interests	446							446
Other equity transactions					(86)	7	81	3
Dividends paid for 2024 (NOK 16.75 per share)							(24 835)	(24 835)
Balance sheet as at 30 Sept. 2025	688	18 348	18 733	21 883	7 804	8	216 586	284 050

¹ Two additional Tier 1 capital instruments have been redeemed in the first three quarters of 2025. The first was issued by Sbanken ASA in 2020 and had a nominal value of NOK 300 million and was redeemed in June. The second was issued by Sbanken ASA in 2020 and had a nominal value of NOK 100 million and was redeemed in August.

G – CASH FLOW STATEMENT

	JanSept.	JanSept.	Full year
Amounts in NOK million	2025	2024	2024
Operating activities
Net payments on loans to customers	(236 184)	(56 250)	(213 709)
Net receipts on deposits from customers	68 054	112 191	23 755
Receipts on issued bonds and commercial paper	1 233 896	792 659	1 220 860
Payments on redeemed bonds and commercial paper	(1 247 981)	(802 884)	(1 218 046)
Net receipts/(payments) on loans to credit institutions	209 137	151 070	(33 824)
Interest received	137 531	144 935	192 969
Interest paid	(70 810)	(71 942)	(118 200)
Net receipts on commissions and fees	13 797	9 902	12 672
Net receipts on the sale of financial assets in liquidity or trading portfolio	68 302	92 033	13 495
Payments to operations	(22 751)	(20 623)	(26 560)
Taxes paid	(2 412)	(10 564)	(10 122)
Receipts on premiums	16 345	15 694	21 565
Net receipts/(payments) on premium reserve transfers	1 352	(1 715)	(2 592)
Payments of insurance settlements	(12 390)	(12 069)	(16 099)
Other net payments	(4 716)	(42 754)	(2 609)
Net cash flow from operating activities	151 171	299 682	(156 444)
Investing activities
Net payments on the acquisition or disposal of fixed assets	(1 710)	(2 219)	(2 677)
Receipts on investment properties	1 517	85	882
Payments on and for investment properties		(6)	(17)
Investment in long-term shares	(15 393)	(75)	(139)
Disposals of long-term shares		314	314
Dividends received on long-term investments in shares Net cash flow from investing activities	(15 585)	756 (1 146)	756 (880)
Financing activities
Receipts on issued senior non-preferred bonds	9 297		11 780
Payments on redeemed senior non-preferred bonds	(13 321)	(1 185)	(1 163)
Receipts on issued subordinated loan capital	4 762		1 417
Redemptions of subordinated loan capital	(4 590)	(5 850)	(5 978)
Receipts on issued AT1 capital		10 551	10 524
Redemptions of AT1 capital Interest payments on AT1 capital	(400) (832)	(2 800) (885)	(12 313) (1 866)
Lease payments	(565)	(576)	(724)
Net purchase of own shares	(3 687)	(7 101)	(7 101)
Dividend payments	(24 835)	(24 153)	(24 153)
Net cash flow from financing activities	(34 170)	(31 998)	(29 575)
Effects of exchange rate changes on cash and cash equivalents	(5 772)	(1 020)	3 559
Net cash flow	95 643	265 519	(183 340)
Cash as at 1 January	152 240	335 580	335 580
Net receipts of cash	95 643	265 519	(183 340)
Cash at end of period*	247 883	601 099	152 240
*) Of which: Cash and deposits with central banks	226 525	590 605	147 944
Deposits with credit institutions with no agreed period of notice1	21 358	10 494	4 296

¹ Recorded under "Due from credit institutions" in the balance sheet.

NOTE G1 BASIS FOR PREPARATION

The quarterly financial statements for the Group have been prepared in accordance with IAS 34 Interim Financial Reporting, as issued by the International Accounting Standards Board and as adopted by the European Union. When preparing the consolidated financial statements, the management makes estimates, judgements and assumptions that affect the application of the accounting principles, as well as income, expenses, and the carrying amount of assets and liabilities. Estimates and assumptions are subject to continual evaluation and are based on historical experience and other factors, including expectations of future events that are believed to be probable on the balance sheet date. A description of the accounting policies, significant estimates, and areas where judgement is applied by the Group, can be found in Note G1 Accounting principles in the annual report for 2024. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the Group are in conformity with those described in the annual report.

Cash collateral pledged and received

As of 1 July 2025, the DNB Group has presented cash collateral pledged as a receivable under 'Other assets' and cash collateral received as a payable under 'Other liabilities'. Cash collateral pledged and received in relation to derivatives was previously presented under 'Financial derivatives'. The changes are reflected in the comparative figures.

NOTE G2 ACQUISITIONS

Acquisition of Carnegie Group

On 21 October 2024, DNB announced an agreement to acquire all the shares of Carnegie Holding AB, the parent company of the Carnegie Group. Following the fulfilment of all conditions precedent, including obtaining all required regulatory approvals, the transaction was completed on 6 March 2025. The purchase price was a cash consideration of SEK 13.8 billion. The cash consideration reflects a basic purchase price of SEK 12 billion, an adjustment relating to the winding up and subsequent acquisition of past non-controlling interests in Carnegie Group subsidiaries of SEK 0.3 billion, and an additional consideration of SEK 1.5 billion to reflect the excess capital in the Carnegie Group at the acquisition date.

Carnegie is a leading financial advisor and asset manager in the Nordics with 850 employees, deriving 56 per cent of its revenue from investment services and 44 per cent from wealth management. The company's organisation comprises four business units: Investment Banking, Securities, Private Banking and Asset Management. The investment banking services encompass mergers & acquisitions, equity capital markets services and advisory services for debt capital market products. Carnegie offers securities services relating to research, brokerage and sales trading, and equity capital market transactions. The asset management part of the group offers active asset management through its two fund companies, Carnegie Fonder AB and Holberg Fondsforvaltning AS. Holberg Fondsforvaltning AS has subsequently been divested to a third party. The private banking part of the group provides a comprehensive range of financial advisory services to high-net-worth individuals, small businesses, institutions and foundations. As at 31 December 2024, the Carnegie Group had assets under management amounting to SEK 480 billion, of which SEK 330 billion was related to fund management and discretionary asset management.

DNB's position within investment banking and wealth management has been strengthened through the acquisition of Carnegie, especially in the Nordic countries outside Norway. To reflect the strategic importance of the transaction, DNB Markets has been globally renamed DNB Carnegie. The transaction is expected to positively impact earnings per share and return on equity for DNB, and synergies are expected to be realised in both Carnegie and DNB.

The acquisition of Carnegie was completed on 6 March 2025, with accounting effect from 1 March 2025. The fair value of the identifiable assets and liabilities of the Carnegie Group at the acquisition date 1 March 2025 are presented in the following table.

Amounts in NOK million	1 March 2025
Assets
Cash and deposits with central banks	2 257
Due from credit institutions	1 391
Loans to customers	5 471
Commercial paper and bonds	6 616
Other financial assets	293
Other non-financial assets	4 759
Total assets	20 786
Liabilities
Deposits from customers	11 850
Other liabilities	3 068
Total liabilities	14 918
Net identifiable assets acquired	5 869
Goodwill	8 579
Total consideration for 100 per cent of shares, settled in cash	14 447

DNB has identified intangible assets and accounted for these separately in the final purchase price allocation. These comprise NOK 644 million relating to trademarks, NOK 1 476 million relating to customer relationships and NOK 260 million relating to distribution contracts. The intangible assets are presented under Other non-financial assets in the table above. Amortisation of the customer relationships and distribution contracts will be carried out over a period of 7 to 15 years. The brand name is considered to have an indefinite useful life.

The goodwill of NOK 8 579 million comprises the value of expected synergies arising from the acquisition, assembled workforce and deferred tax on excess values. The goodwill amount is not expected to be deductible for income tax purposes.

DNB used external advisers in the process to acquire the Carnegie Group, and NOK 167 million was recognised in the income statement for acquisition‑related costs, of which NOK 45 million was recognised in 2024. Contributions from Carnegie to the DNB Group's income statements are included as from 1 March 2025. If the business combination had taken place at the beginning of the year, the total income would be NOK 67 768 million and the pre-tax operating profit for the Group would have been NOK 40 197 million at end-September 2025.

Acquisition of Eksportfinans

During the second quarter, DNB acquired 60 per cent of the shares in Eksportfinans AS for a cash consideration of NOK 3 billion. Following this, DNB holds 100 per cent of the shares and as from the second quarter Eksportfinans AS is consolidated as a subsidiary in the DNB Group. The purchase price was based on the carrying amount of the equity in Eksportfinans AS as of 31 December 2024, and there were no material purchase price adjustments.

Eksportfinans AS was previously accounted for using the equity method. The carrying amount of the 40 per cent shareholding was NOK 2 billion at the end of first quarter.

NOTE G3 SEGMENTS

According to DNB's management model, the operating segments are independent profit centres that are fully responsible for their profit after tax and for achieving the targeted returns on allocated capital. DNB has the following operating segments: Personal customers, Large corporates and international customers, Corporate customers Norway, Risk management and Traditional pension products (with guaranteed rate of return). The Risk management and Traditional pension products segments are included in Other operations. DNB's share of profit in major associated companies (most importantly Luminor, Vipps and Fremtind) is included in Other operations.

Income statement, third quarter

			Corporate		Large corporates
		Personal	customers		and international			Other
		customers	Norway		customers			operations		Eliminations		DNB Group
		3rd quarter		3rd quarter		3rd quarter		3rd quarter		3rd quarter		3rd quarter
Amounts in NOK million	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Net interest income	5 806	5 580	4 860	4 889	4 864	4 690	461	969			15 990	16 129
Net other operating income	2 089	1 600	1 054	1 113	2 272	1 878	1 828	2 462	(544)	(331)	6 700	6 722
Total income	7 895	7 180	5 914	6 002	7 135	6 569	2 289	3 431	(544)	(331)	22 690	22 851
Operating expenses	(3 116)	(2 781)	(1 778)	(1 755)	(3 234)	(2 685)	(899)	(542)	544	331	(8 483)	(7 431)
Pre-tax operating profit before impairment	4 779	4 399	4 137	4 247	3 901	3 883	1 390	2 889			14 208	15 419
Net gains on fixed and intangible assets	0				0	0	2	0			2	0
Impairment of financial instruments	(140)	(34)	(373)	(148)	(359)	11	9	1			(862)	(170)
Profit from repossessed operations	29			(6)	(36)	(52)	8	58
Pre-tax operating profit	4 668	4 365	3 764	4 094	3 506	3 843	1 409	2 949			13 347	15 250
Tax expense	(1 167)	(1 091)	(941)	(1 023)	(877)	(961)	315	25			(2 669)	(3 050)
Profit from operations held for sale, after taxes							6	(40)			6	(40)
Profit for the period	3 501	3 274	2 823	3 070	2 630	2 882	1 730	2 934			10 684	12 160

Income statement, January-September

			Corporate		Large corporates
		Personal	customers		and international			Other
		customers	Norway			customers	operations			Eliminations		DNB Group
		JanSept.		JanSept.		JanSept.		JanSept.		JanSept.		JanSept.
Amounts in NOK million	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Net interest income	16 897	16 627	14 629	14 379	14 622	13 558	2 404	2 908			48 552	47 472
Net other operating income	5 777	4 528	2 960	2 955	7 735	6 098	3 648	4 297	(1 577)	(529)	18 542	17 349
Total income	22 674	21 154	17 588	17 334	22 357	19 657	6 052	7 204	(1 577)	(529)	67 094	64 821
Operating expenses	(8 943)	(8 621)	(5 209)	(4 977)	(9 588)	(8 142)	(2 953)	(1 010)	1 577	529	(25 115)	(22 221)
Pre-tax operating profit before impairment	13 731	12 534	12 379	12 357	12 769	11 515	3 099	6 194			41 979	42 600
Net gains on fixed and intangible assets	1	(2)			0	1	22	(3)			23	(4)
Impairment of financial instruments	(215)	(182)	(695)	(625)	(1 047)	(245)	7	1			(1 950)	(1 052)
Profit from repossessed operations	34			(6)	(149)	(149)	115	155
Pre-tax operating profit	13 550	12 349	11 684	11 727	11 574	11 121	3 244	6 347			40 053	41 544
Tax expense	(3 388)	(3 087)	(2 921)	(2 932)	(2 894)	(2 780)	1 192	490			(8 010)	(8 309)
Profit from operations held for sale, after taxes							(67)	(106)			(67)	(106)
Profit for the period	10 163	9 262	8 763	8 795	8 681	8 341	4 368	6 732			31 975	33 129

NOTE G4 CAPITAL ADEQUACY

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The implementation of the Capital Requirements Regulation (CRR3) entered into force in Norway with effect from 1 April 2025. The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata. DNB has complied in full with all its externally imposed capital requirements over the reported period.

Own funds

Amounts in NOK million	30 Sept. 2025	31 Dec. 2024	30 Sept. 2024
Total equity	284 050	283 325	280 112
Effect from regulatory consolidation	1 540	1 976	1 672
Adjustment to retained earnings for foreseeable dividends	(17 588)		(18 740)
Additional Tier 1 capital instruments included in total equity	(21 280)	(21 676)	(29 554)
Net accrued interest on additional Tier 1 capital instruments	(603)	(239)	(747)
Common equity Tier 1 capital instruments	246 119	263 386	232 743
Regulatory adjustments
Pension funds above pension commitments	(82)	(59)	(53)
Goodwill	(17 789)	(9 614)	(9 512)
Deferred tax assets that rely on future profitability, excluding temporary differences	(203)	(203)	(362)
Other intangible assets	(4 769)	(2 668)	(2 632)
Dividends payable and group contributions		(24 835)
Share buy-back program	(5 815)	(1 123)	(1 123)
Deduction for investments in insurance companies1	(3 728)	(2 904)	(3 244)
IRB provisions shortfall	(3 856)	(2 985)	(2 878)
Additional value adjustments (AVA)	(724)	(851)	(934)
Insufficient coverage for non-performing exposures	(401)	(358)	(463)
(Gains) or losses on liabilities at fair value resulting from own credit risk	(8)	(17)	(17)
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA)	(205)	(238)	(238)
Securitisation positions	(291)	(289)
Common equity Tier 1 capital	208 248	217 240	211 286
Additional Tier 1 capital instruments	21 626	21 680	29 554
Deduction of holdings of Tier 1 instruments in insurance companies2	(1 500)	(1 500)	(1 500)
Non-eligible Additional Tier 1 capital	(10)	(10)	(7 784)
Additional Tier 1	20 116	20 170	20 270
Tier 1 capital	228 364	237 410	231 556
Term subordinated loan capital	34 586	34 788	33 582
Deduction of holdings of Tier 2 instruments in insurance companies2	(4 088)	(5 588)	(5 588)
Non-eligible Tier 2 capital	(25)	(25)	(21)
Tier 2 capital	30 473	29 175	27 973
Own funds	258 838	266 585	259 529
Total risk exposure amount	1 161 647	1 121 130	1 109 919
Minimum capital requirement	92 932	89 690	88 794
Capital ratios (per cent):
Common equity Tier 1 capital ratio	17.9	19.4	19.0
Tier 1 capital ratio	19.7	21.2	20.9
Total capital ratio	22.3	23.8	23.4

¹ Deductions are made for significant investments in financial sector entities when the total value of the investments exceeds 10 per cent of common equity Tier 1 capital. The amounts that are not deducted are given a risk weight of 250 per cent.

² Investments in Tier 1 and Tier 2 instruments issued by the Group's insurance companies are deducted from the Group's Tier 1 and Tier 2 capital.

NOTE G5 DEVELOPMENT IN GROSS CARRYING AMOUNT AND MAXIMUM EXPOSURE

Loans to customers at amortised cost

			January-September 2025
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 1 Jan.	2 055 522	125 877	23 806	2 205 206	1 791 350	145 406	26 283	1 963 040
Transfer to stage 1	70 460	(68 108)	(2 352)		118 026	(115 018)	(3 008)
Transfer to stage 2	(103 119)	105 073	(1 954)		(142 399)	144 625	(2 226)
Transfer to stage 3	(4 745)	(6 062)	10 807		(3 346)	(9 525)	12 871
Originated and purchased	889 418	6 336	1 634	897 388	641 167	3 868	2 703	647 738
Derecognition	(633 397)	(31 487)	(7 586)	(672 470)	(364 136)	(44 008)	(12 955)	(421 100)
Acquisitions	5 560			5 560
Exchange rate movements	(8 292)	(74)	13	(8 353)	14 992	656	142	15 791
Other1	(309)	(338)	(15)	(662)	(131)	(127)	(5)	(263)
Gross carrying amount as at end of period	2 271 097	131 217	24 353	2 426 667	2 055 522	125 877	23 806	2 205 206

Financial commitments

			January-September 2025			Full year 2024
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Maximum exposure as at 1 Jan.	811 201	33 811	3 223	848 235	747 287	38 506	3 091	788 885
Transfer to stage 1	18 556	(17 359)	(1 197)		24 716	(24 509)	(207)
Transfer to stage 2	(18 214)	20 245	(2 031)		(26 628)	26 726	(98)
Transfer to stage 3	(3 886)	(344)	4 230		(349)	(611)	959
Originated and purchased	388 207	1 471	590	390 268	562 504	3 431	959	566 894
Derecognition	(316 025)	(8 338)	(3 773)	(328 136)	(511 944)	(10 318)	(1 501)	(523 763)
Acquisitions	9 869			9 869
Exchange rate movements	(12 307)	(503)	29	(12 781)	15 615	586	19	16 220
Maximum exposure as at end of period	877 401	28 984	1 070	907 455	811 201	33 811	3 223	848 235

¹ The reduction of the gross carrying value is related to a legacy foreign currency portfolio in Poland. See note G50 Contingencies in DNB Group's annual report 2024.

NOTE G6 DEVELOPMENT IN ACCUMULATED IMPAIRMENT OF FINANCIAL INSTRUMENTS

Loans to customers at amortised cost

			January-September 2025			Full year 2024
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(779)	(739)	(5 607)	(7 124)	(680)	(834)	(6 261)	(7 775)
Transfer to stage 1	(273)	264	9		(468)	438	30
Transfer to stage 2	103	(125)	21		111	(134)	23
Transfer to stage 3	5	55	(60)		5	102	(107)
Originated and purchased	(262)	(68)		(330)	(435)	(143)		(578)
Increased expected credit loss	(266)	(668)	(1 809)	(2 743)	(290)	(855)	(5 715)	(6 860)
Decreased (reversed) expected credit loss	711	259	1 069	2 039	933	454	4 925	6 311
Write-offs			799	799			1 370	1 370
Derecognition	6	129	7	141	51	238	158	447
Acquisitions	(28)			(28)
Exchange rate movements	4	(1)	(4)	(1)	(7)	(3)	(30)	(40)
Other
Accumulated impairment as at end of period	(779)	(892)	(5 576)	(7 247)	(779)	(739)	(5 607)	(7 124)

Financial commitments

			January-September 2025			Full year 2024
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(266)	(178)	(198)	(642)	(245)	(228)	(205)	(679)
Transfer to stage 1	(52)	50	2		(124)	122	2
Transfer to stage 2	21	(63)	42		26	(30)	5
Transfer to stage 3	4	3	(7)			13	(13)
Originated and purchased	(129)	(51)		(180)	(252)	(32)		(284)
Increased expected credit loss	(56)	(130)	(55)	(241)	(66)	(158)	(819)	(1 043)
Decreased (reversed) expected credit loss	234	90	164	489	383	89	751	1 223
Derecognition		81		82	15	52	83	149
Acquisitions	(1)			(1)
Exchange rate movements	2	4	(1)	6	(3)	(5)		(9)
Other
Accumulated impairment as at end of period	(242)	(193)	(52)	(487)	(266)	(178)	(198)	(642)

For explanatory comments about the impairment of financial instruments, see the directors' report.

NOTE G7 LOANS AND FINANCIAL COMMITMENTS TO CUSTOMERS BY INDUSTRY SEGMENT

Loans to customers as at 30 September 2025
	Gross
Amounts in NOK million	carrying amount	Stage 1	Accumulated impairment Stage 2	Stage 3	Loans at fair value	Total
Bank, insurance and portfolio management	467 502	(18)	(4)	(26)	185	467 639
Commercial real estate	257 891	(170)	(146)	(756)	113	256 932
Shipping	35 130	(23)	(3)	(1)		35 103
Oil, gas and offshore	34 893	(28)	(8)	(680)		34 178
Power and renewables	72 122	(28)	(26)	(831)		71 236
Healthcare	29 169	(17)	(4)	(140)		29 008
Public sector	3 484	(0)	(0)	(0)		3 484
Fishing, fish farming and farming	91 432	(21)	(44)	(209)	72	91 230
Retail industries	49 391	(34)	(87)	(286)		48 985
Manufacturing	58 033	(32)	(42)	(156)		57 804
Technology, media and telecom	48 343	(20)	(34)	(56)		48 233
Services	63 665	(48)	(79)	(407)	28	63 159
Residential property	119 133	(62)	(67)	(457)	277	118 824
Personal customers	1 005 414	(223)	(192)	(744)	47 745	1 051 999
Other corporate customers	91 064	(57)	(155)	(826)	7	90 034
Total1	2 426 667	(779)	(892)	(5 576)	48 427	2 467 848

¹ Of which NOK 402 777 million in repo trading volumes.

Loans to customers as at 30 September 2024

	Gross
	carrying		Accumulated impairment		Loans at
Amounts in NOK million	amount	Stage 1	Stage 2	Stage 3	fair value	Total
Bank, insurance and portfolio management	143 634	(30)	(9)	(38)		143 558
Commercial real estate	236 485	(167)	(88)	(543)	76	235 764
Shipping	35 604	(16)	(0)	(233)		35 354
Oil, gas and offshore	36 777	(11)	(3)	(855)		35 907
Power and renewables	64 152	(31)	(22)	(828)		63 271
Healthcare	34 970	(19)	(6)	(0)		34 944
Public sector	2 056	(0)	(0)	(0)		2 056
Fishing, fish farming and farming	84 420	(13)	(42)	(169)	85	84 280
Retail industries	53 084	(51)	(110)	(366)		52 558
Manufacturing	49 742	(39)	(44)	(183)		49 475
Technology, media and telecom	34 180	(15)	(16)	(397)		33 751
Services	86 937	(88)	(113)	(483)	23	86 277
Residential property	128 125	(67)	(61)	(541)	317	127 773
Personal customers	967 781	(146)	(167)	(670)	46 752	1 013 550
Other corporate customers	76 818	(90)	(128)	(775)	10	75 836
Total1	2 034 763	(783)	(809)	(6 080)	47 263	2 074 354

¹ Of which NOK 92 948 million in repo trading volumes.

NOTE G7 LOANS AND FINANCIAL COMMITMENTS TO CUSTOMERS BY INDUSTRY SEGMENT (continued)

Financial commitments as at 30 September 2025	Maximum		Accumulated impairment
Amounts in NOK million	exposure	Stage 1	Stage 2	Stage 3	Total
Bank, insurance and portfolio management	42 755	(15)	(1)	(0)	42 740
Commercial real estate	28 025	(20)	(4)	(6)	27 995
Shipping	19 620	(14)	(0)		19 606
Oil, gas and offshore	71 972	(23)	(32)	(0)	71 917
Power and renewables	79 399	(21)	(3)	(6)	79 368
Healthcare	30 070	(10)	(1)		30 060
Public sector	15 374	(0)	(0)		15 374
Fishing, fish farming and farming	32 032	(7)	(3)	(1)	32 020
Retail industries	41 929	(24)	(40)	(3)	41 863
Manufacturing	59 886	(24)	(34)	(5)	59 824
Technology, media and telecom	25 900	(12)	(29)	(0)	25 859
Services	35 326	(22)	(11)	(2)	35 290
Residential property	25 907	(15)	(5)	(14)	25 873
Personal customers	341 861	(11)	(13)	(2)	341 835
Other corporate customers	57 397	(23)	(17)	(13)	57 344
Total	907 455	(242)	(193)	(52)	906 968

Financial commitments as at 30 September 2024

Maximum Accumulated impairment
Amounts in NOK million	exposure	Stage 1	Stage 2	Stage 3	Total
Bank, insurance and portfolio management	38 748	(18)	(1)	(5)	38 723
Commercial real estate	25 274	(22)	(3)	(3)	25 246
Shipping	17 197	(5)	(0)		17 192
Oil, gas and offshore	69 407	(10)	(12)	(0)	69 385
Power and renewables	85 924	(24)	(8)		85 892
Healthcare	29 252	(8)	(29)	(0)	29 216
Public sector	16 103	(0)	(0)		16 103
Fishing, fish farming and farming	28 424	(3)	(2)	(0)	28 419
Retail industries	37 073	(28)	(28)	(64)	36 953
Manufacturing	65 929	(30)	(15)	(4)	65 879
Technology, media and telecom	23 153	(10)	(3)	(62)	23 078
Services	30 093	(34)	(21)	(5)	30 034
Residential property	26 726	(19)	(7)	(13)	26 686
Personal customers	303 551	(15)	(21)	(3)	303 513
Other corporate customers	43 111	(28)	(21)	(14)	43 048
Total	839 966	(256)	(170)	(173)	839 368

NOTE G8 FINANCIAL INSTRUMENTS AT FAIR VALUE

Amounts in NOK million	Level 1	Level 2	Level 3	Total
Assets as at 30 September 2025
Loans to customers			48 427	48 427
Commercial paper and bonds	9 968	488 191	712	498 872
Shareholdings	5 627	15 642	13 439	34 707
Assets, customers bearing the risk		226 288		226 288
Financial derivatives	557	102 394	2 260	105 211
Liabilities as at 30 September 2025
Deposits from customers		41 864		41 864
Debt securities issued		5 325		5 325
Senior non-preferred bonds		1 808		1 808
Subordinated loan capital		1 106		1 106
Liabilities, customers bearing the risk		232 628		232 628
Financial derivatives	439	108 333	1 988	110 760
Other financial liabilities1	1 261	1		1 261
Assets as at 31 December 2024
Loans to customers			53 431	53 431
Commercial paper and bonds	7 498	550 280	531	558 309
Shareholdings	6 369	12 818	13 920	33 107
Assets, customers bearing the risk		196 419		202 255
Financial derivatives	626	138 085	2 434	141 144
Liabilities as at 31 December 2024
Deposits from customers		40 621		40 621
Debt securities issued		3 740		3 740
Senior non-preferred bonds		1 776		1 776
Subordinated loan capital		1 100		1 100
Liabilities, customers bearing the risk		202 255		202 255
Financial derivatives	885	114 054	2 093	117 032
Other financial liabilities1	2 759	1		2 759

¹ Short positions, trading activities.

For a further description of the instruments and valuation techniques, see the annual report for 2024.

Financial instruments at fair value, level 3

					Financial
		Financial assets			liabilities
Amounts in NOK million	Loans to customers	Commercial paper and bonds	Share- holdings	Financial derivatives	Financial derivatives
Carrying amount as at 31 December 2023	42 099	385	14 015	2 752	2 345
Net gains recognised in the income statement	(67)	7	535	214	(33)
Additions/purchases	19 890	847	960	1 752	1 664
Sales		(501)	(1 589)
Settled	(8 491)	(1)		(2 284)	(1 883)
Transferred from level 1 or level 2		29
Transferred to level 1 or level 2		(257)
Other		23	0
Carrying amount as at 31 December 2024	53 431	531	13 920	2 434	2 093
Net gains recognised in the income statement	516	20	(537)	(42)	16
Acquisition of Carnegie			234	63
Additions/purchases	2 312	1 631	539	635	670
Sales		(558)	(719)	(12)
Settled	(7 833)	(2)		(792)	(814)
Transferred from level 1 or level 2		155
Transferred to level 1 or level 2		(1 039)	(2)
Other		(26)	2	(26)	23
Carrying amount as at 30 September 2025	48 427	712	13 439	2 260	1 988

Sensitivity analysis, level 3

An increase in the discount rate on fixed-rate loans by 10 basis points will decrease the fair value by NOK 111 million. The effects on other Level 3 financial instruments are insignificant.

NOTE G9 DEBT SECURITIES ISSUED, SENIOR NON-PREFERRED BONDS AND SUBORDINATED LOAN CAPITAL

As an element in liquidity management, the DNB Group issues and redeems own securities issued by DNB Bank ASA and DNB Boligkreditt AS.

Debt securities issued 2025

	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
Amounts in NOK million	30 Sept. 2025	Issued 2025	redeemed 2025	movements 2025	changes 2025	31 Dec. 2024
Commercial papers issued, nominal amount	390 951	988 906	(1 036 723)	(11 868)		450 636
Bond debt, nominal amount1	90 675	21 241	(19 321)	(3 049)	142	91 663
Covered bonds, nominal amount1	350 736	223 749	(191 936)	(1 890)		320 813
Value adjustments2	(6 689)		(0)	(32)	1 690	(8 347)
Debt securities issued	825 673	1 233 896	(1 247 981)	(16 839)	1 831	854 765
DNB Bank ASA	481 004	1 010 147	(1 056 044)	(14 958)	1 520	540 340
Debt securities issued 2024
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2024	2024	2024	2024	2024	2023
Commercial papers issued, nominal amount	450 636	1 069 622	(1 057 545)	16 090		422 469
Bond debt, nominal amount	91 663	28 110	(61 742)	6 410		118 885
Covered bonds, nominal amount	320 813	123 128	(98 759)	11 587		284 857
Value adjustments2	(8 347)			33	9 904	(18 284)
Debt securities issued	854 765	1 220 860	(1 218 046)	34 120	9 904	807 928
DNB Bank ASA	540 340	1 097 732	(1 119 287)	22 533	4 439	534 923
Senior non-preferred bonds 2025
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	30 Sept.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2025	2025	2025	2025	2025	2024
Senior non-preferred bonds, nominal amount	110 368	9 297	(13 321)	(6 176)		120 568
Value adjustments2	340				1 424	(1 085)
Senior non-preferred bonds	110 708	9 297	(13 321)	(6 176)	1 424	119 484
DNB Bank ASA	110 708	9 297	(13 321)	(6 176)	1 424	119 484
Senior non-preferred bonds 2024
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2024	2024	2024	2024	2024	2023
Senior non-preferred bonds, nominal amount	120 568	11 780	(1 163)	7 798		102 153
Value adjustments2	(1 085)				1 220	(2 305)
Senior non-preferred bonds	119 484	11 780	(1 163)	7 798	1 220	99 848
DNB Bank ASA	119 484	11 780	(1 163)	7 798	1 220	99 848

NOTE G9 DEBT SECURITIES ISSUED, SENIOR NON-PREFERRED BONDS AND SUBORDINATED LOAN CAPITAL (continued)

Subordinated loan capital and perpetual subordinated loan capital securities 2025
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	30 Sept.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2025	2025	2025	2025	2025	2024
Term subordinated loan capital, nominal amount	34 586	4 762	(4 590)	(373)		34 788
Perpetual subordinated loan capital, nominal amount	674			(50)		724
Value adjustments2	479		(1)		(277)	757
Subordinated loan capital and perpetual
subordinated loan capital securities	35 740	4 762	(4 591)	(423)	(277)	36 269
DNB Bank ASA	35 740	4 762	(4 591)	(423)	(277)	36 269
Subordinated loan capital and perpetual subordinated loan capital securities 2024
	Balance			Exchange		Balance
	sheet		Matured/	rate	Other	sheet
	31 Dec.	Issued	redeemed	movements	changes	31 Dec.
Amounts in NOK million	2024	2024	2024	2024	2024	2023
Term subordinated loan capital, nominal amount	34 788	1 417	(255)	850	3	32 772
Perpetual subordinated loan capital, nominal amount	724		(5 723)	8		6 439
Value adjustments2	757		(4)		15	746
Subordinated loan capital and perpetual
subordinated loan capital securities	36 269	1 417	(5 982)	858	18	39 957

¹ Excluding own bonds. The total nominal amount of outstanding covered bonds in DNB Boligkreditt was NOK 527.9 billion as at 30 Sept 2025. The market value of the cover pool represented NOK 772.3 billion.

NOTE G10 CONTINGENCIES

Due to its extensive operations in Norway and abroad, the DNB Group is regularly a party to various legal actions and tax-related disputes. None of the current disputes are expected to have any material impact on the Group's financial position.

Notice of change in the tax assessment for DNB Bank ASA for 2018–2023

In 2023, DNB Bank ASA received a notice from the Norwegian tax authorities of a change in the tax assessment of dividends received from its US subsidiary in 2019 and 2020. The tax authorities also announced that payments from the subsidiary that relate to the company's share of tax payments under joint taxation with the US for the period 2018–2022 were to be considered taxable dividends. The notice resulted in a total tax exposure for DNB of about NOK 1.8 billion. DNB fully disputed the notice from the tax authorities, and no provisions have been recognised in the accounts.

In August 2025, the tax authorities decided not to proceed with the assessment of the US as a low-tax country, and the dividends received in 2019 and 2020 are thus covered by the tax exemption method. In the draft decision received in September 2025, the tax authorities maintained their view that the tax payments are to be classified as dividends, subject to 3 per cent tax. The total tax exposure has accordingly been reduced to approximately NOK 14 million.

See note G24 Taxes and G50 Contingencies and subsequent events in the annual report 2024.

² Including accrued interest, fair value adjustments and premiums/discounts.

Accounts for DNB Bank ASA

P – INCOME STATEMENT

	3rd quarter	3rd quarter	JanSept.	JanSept.	Full year
Amounts in NOK million	2025	2024	2025	2024	2024
Interest income, effective interest method	32 172	39 285	106 596	119 050	157 368
Other interest income	3 105	2 462	9 550	8 502	11 835
Interest expenses, effective interest method	(23 327)	(29 803)	(80 833)	(91 684)	(121 128)
Other interest expenses	115	415	1 314	979	1 655
Net interest income	12 064	12 358	36 629	36 847	49 731
Commission and fee income	2 717	2 698	8 330	8 320	11 367
Commission and fee expenses	(971)	(799)	(2 739)	(2 440)	(3 370)
Net gains on financial instruments at fair value	915	1 628	2 434	4 623	5 831
Other income	2 290	2 600	4 691	4 404	9 918
Net other operating income	4 952	6 128	12 715	14 908	23 746
Total income	17 016	18 486	49 343	51 754	73 477
Salaries and other personnel expenses	(3 789)	(3 773)	(11 306)	(11 129)	(15 460)
Other expenses	(2 080)	(1 995)	(6 445)	(6 202)	(8 384)
Depreciation and impairment of fixed and intangible assets	(874)	(914)	(2 660)	(2 721)	(3 669)
Total operating expenses	(6 743)	(6 682)	(20 412)	(20 052)	(27 513)
Pre-tax operating profit before impairment	10 273	11 804	28 932	31 702	45 964
Net gains on fixed and intangible assets	248	30	1 377	28	30
Impairment of financial instruments	(430)	26	(997)	(1 002)	(1 041)
Pre-tax operating profit	10 091	11 860	29 311	30 728	44 953
Tax expense	(2 018)	(2 372)	(5 862)	(6 146)	(3 844)
Profit for the period	8 072	9 488	23 449	24 582	41 109
Portion attributable to shareholders of DNB Bank ASA	7 682	8 960	22 250	23 150	39 209
Portion attributable to additional Tier 1 capital holders	390	529	1 199	1 432	1 901
Profit for the period	8 072	9 488	23 449	24 582	41 109

P – COMPREHENSIVE INCOME STATEMENT

Amounts in NOK million	3rd quarter 2025	3rd quarter 2024	JanSept. 2025	JanSept. 2024	Full year 2024
Profit for the period	8 072	9 488	23 449	24 582	41 109
Actuarial gains and losses					211
Financial liabilities designated at FVTPL, changes in credit risk	(4)	(7)	(10)	(36)	(43)
Tax	1	2	2	9	(41)
Items that will not be reclassified to the income statement	(3)	(5)	(7)	(27)	127
Currency translation of foreign operations	(23)	56	86	117	98
Financial assets at fair value through OCI	198	(79)	410	449	193
Tax	(50)	20	(102)	(112)	(48)
Items that may subsequently be reclassified to the income statement	125	(4)	393	454	243
Other comprehensive income for the period	122	(9)	386	427	369
Comprehensive income for the period	8 195	9 479	23 835	25 009	41 479

P – BALANCE SHEET

		30 Sept.	31 Dec.	30 Sept.
Amounts in NOK million	Note	2025	2024	2024
Assets
Cash and deposits with central banks		214 852	146 666	589 372
Due from credit institutions		485 574	616 146	633 462
Loans to customers	P3, P4	1 530 090	1 316 934	1 157 665
Commercial paper and bonds	P4	529 284	568 079	473 629
Shareholdings	P4	7 062	7 087	6 843
Financial derivatives	P4	125 069	160 220	135 035
Investments in associated companies		10 234	10 953	10 953
Investments in subsidiaries		148 929	133 529	131 563
Intangible assets		9 320	8 552	8 391
Deferred tax assets		387	474	1 066
Fixed assets		16 461	16 868	17 368
Other assets		55 087	51 383	98 801
Total assets		3 132 348	3 036 891	3 264 147
Liabilities and equity
Due to credit institutions		508 934	365 799	538 409
Deposits from customers	P4	1 517 272	1 483 414	1 568 016
Financial derivatives	P4	149 483	157 386	152 442
Debt securities issued	P4, G9	481 004	540 340	503 063
Payable taxes		6 565	1 325	4 748
Deferred taxes		1 050	1 016	979
Other liabilities		63 277	92 513	98 705
Provisions		836	1 114	676
Pension commitments		5 241	4 909	5 171
Senior non-preferred bonds	P4, G9	110 708	119 484	104 805
Subordinated loan capital	P4, G9	35 740	36 269	34 924
Total liabilities		2 880 109	2 803 569	3 011 939
Additional Tier 1 capital		21 883	21 916	30 301
Share capital		18 348	18 533	18 533
Share premium		18 733	18 733	18 733
Other equity		193 275	174 140	184 640
Total equity		252 238	233 322	252 207
Total liabilities and equity		3 132 348	3 036 891	3 264 147

P – STATEMENT OF CHANGES IN EQUITY

				Net
			Additional	currency	Liability
	Share	Share	Tier 1	translation	credit	Other	Total
Amounts in NOK million	capital	premium	capital	reserve	reserve	equity	equity
Balance sheet as at 31 December 2023	18 960	18 733	22 004	641	33	167 063	227 433
Profit for the period			1 432			23 150	24 582
Financial assets at fair value through OCI						449	449
Financial liabilities designated at FVTPL, changes in credit risk					(36)		(36)
Currency translation of foreign operations				117			117
Tax on other comprehensive income					9	(112)	(103)
Comprehensive income for the period			1 432	117	(27)	23 487	25 009
Interest payments AT1 capital			(885)				(885)
AT1 capital issued			10 551				10 551
AT1 capital redeemed			(2 800)				(2 800)
Share buy-back programme	(427)					(6 674)	(7 101)
Balance sheet as at 30 September 2024	18 533	18 733	30 301	758	5	183 876	252 207
Balance sheet as at 31 December 2024	18 533	18 733	21 916	739	0	173 401	233 322
Profit for the period			1 199			22 250	23 449
Financial assets at fair value through OCI						410	410
Financial liabilities designated at FVTPL,
changes in credit risk					(10)		(10)
Currency translation of foreign operations				86			86
Tax on other comprehensive income					2	(102)	(100)
Comprehensive income for the period			1 199	86	(7)	22 558	23 835
Interest payments AT1 capital			(832)				(832)
AT1 capital redeemed1			(400)				(400)
Repurchased under the share buy-back programme	(185)					(3 502)	(3 687)
Balance sheet as at 30 September 2025	18 348	18 733	21 883	825	(7)	192 457	252 238

¹ Two additional Tier 1 capital instruments have been redeemed in the first three quarters of 2025. The first was issued by Sbanken ASA in 2020 and had a nominal value of NOK 300 million and was redeemed in June. The second was issued by Sbanken ASA in 2020 and had a nominal value of NOK 100 million and was redeemed in August.

NOTE P1 BASIS FOR PREPARATION

DNB Bank ASA has prepared the financial statements according to the Norwegian Ministry of Finance's regulations on annual accounts. A description of the accounting principles applied by the company when preparing the financial statements can be found in Note 1 Accounting principles in the annual report for 2024. In the interim report, the accounting policies, significant estimates, and areas where judgement is applied by the company are in conformity with those described in the annual report.

See note G9 to the consolidated accounts for information about debt securities issued, senior non-preferred bonds and subordinated loan capital, and note G10 for information about contingencies.

Acquisition of Carnegie Holding AB

DNB Bank ASA acquired all the shares in Carnegie Holding AB as at 6 March 2025. Please refer to note G2 Acquisitions for further information.

Cash collateral pledged and received

As of 1 July 2025, DNB Bank ASA has presented cash collateral pledged as a receivable under 'Other assets' and cash collateral received as a payable under 'Other liabilities'. Cash collateral pledged and received was previously presented under 'Financial derivatives'. The changes are reflected in the comparative figures.

NOTE P2 CAPITAL ADEQUACY

Capital adequacy is calculated and reported in accordance with the EU capital requirements regulations for banks and investment firms (CRR/CRD). The implementation of the Capital Requirements Regulation (CRR3) entered into force in Norway with effect from 1 April 2025. The regulatory consolidation deviates from consolidation in the accounts and comprises the parent company, subsidiaries and associated companies, excluding insurance companies. Associated companies are consolidated pro rata. DNB has complied in full with all its externally imposed capital requirements over the reported period.

Own funds

Amounts in NOK million	30 Sept. 2025	31 Dec. 2024	30 Sept. 2024
Total equity	252 238	233 322	252 207
Adjustment to retained earnings for foreseeable dividends	(13 350)		(14 650)
Additional Tier 1 capital instruments included in total equity	(21 280)	(21 676)	(29 554)
Net accrued interest on additional Tier 1 capital instruments	(603)	(239)	(747)
Common equity Tier 1 capital instruments	217 005	211 407	207 256
Regulatory adjustments
Pension funds above pension commitments	(82)	(59)	(53)
Goodwill	(7 205)	(6 446)	(6 452)
Deferred tax assets that rely of future profitability, excluding temporary differences	(14)	(14)	(14)
Other intangible assets	(1 600)	(1 837)	(1 772)
Share buy-back program	(5 815)	(1 123)	(1 123)
IRB provisions shortfall	(2 170)	(1 525)	(1 481)
Additional value adjustments (AVA)	(773)	(826)	(910)
Insufficient coverage for non-performing exposures	(262)	(277)	(368)
(Gains) or losses on liabilities at fair value resulting from own credit risk	7	(0)	(5)
(Gains) or losses on derivative liabilities resulting from own credit risk (DVA)	(205)	(248)	(238)
Securitisation positions	(291)	(289)
Common equity Tier 1 capital	198 594	198 762	194 840
Additional Tier 1 capital instruments	21 280	21 680	29 554
Non-eligible Tier 1 capital	(10)	(10)	(7 784)
Additional Tier 1 capital	21 270	21 670	21 770
Tier 1 capital	219 864	220 432	216 609
Term subordinated loan capital	34 586	34 788	33 582
Deduction of holdings of Tier 2 instruments in insurance companies1	(1 500)
Non-eligible Tier 2 capital	(25)	(25)	(21)
Tier 2 capital	33 061	34 763	33 561
Own funds	252 925	255 195	250 170
Total risk exposure amount	1 012 076	966 936	965 070
Minimum capital requirement	80 966	77 355	77 206
Capital ratios (per cent):
Common equity Tier 1 capital ratio	19.6	20.6	20.2
Tier 1 capital ratio	21.7	22.8	22.4
Total capital ratio	25.0	26.4	25.9

¹ Investments in Tier 1 and Tier 2 instruments issued by the Bank's insurance companies are deducted from Tier 1 and Tier 2 capital.

NOTE P3 DEVELOPMENT IN ACCUMULATED IMPAIRMENT OF FINANCIAL INSTRUMENTS

Loans to customers at amortised cost

			January-September 2025			Full year 2024
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(643)	(665)	(5 222)	(6 530)	(569)	(761)	(5 442)	(6 771)
Transfer to stage 1	(223)	216	7		(386)	359	27
Transfer to stage 2	94	(110)	17		103	(124)	21
Transfer to stage 3	5	52	(57)		5	100	(104)
Originated and purchased	(197)	(64)		(260)	(365)	(100)		(465)
Increased expected credit loss	(177)	(500)	(1 495)	(2 172)	(256)	(740)	(5 148)	(6 145)
Decreased (reversed) expected credit loss	596	242	902	1 740	792	419	4 306	5 517
Write-offs			755	755			1 008	1 008
Derecognition (including repayments)	4	106	3	113	35	183	112	330
Acquisitions
Exchange rate movements	(1)	(2)	(4)	(8)	(1)	(1)	(3)	(6)
Accumulated impairment as at end of period	(543)	(725)	(5 094)	(6 362)	(643)	(665)	(5 222)	(6 530)

Financial commitments

			January-September 2025			Full year 2024
Amounts in NOK million	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Accumulated impairment as at 1 Jan.	(223)	(134)	(187)	(544)	(210)	(181)	(205)	(596)
Transfer to stage 1	(48)	46	2		(116)	115	2
Transfer to stage 2	21	(62)	42		23	(28)	5
Transfer to stage 3	4	3	(7)			13	(13)
Originated and purchased	(112)	(48)		(160)	(232)	(32)		(263)
Increased expected credit loss	(45)	(99)	(54)	(199)	(56)	(143)	(662)	(861)
Decreased (reversed) expected credit loss	215	73	153	442	355	75	604	1 034
Derecognition		58		58	14	47	83	144
Acquisitions
Exchange rate movements			(1)	(1)	(1)			(1)
Other
Accumulated impairment as at end of period	(188)	(163)	(52)	(403)	(223)	(134)	(187)	(544)

For explanatory comments about the impairment of financial instruments, see the directors' report.

NOTE P4 FINANCIAL INSTRUMENTS AT FAIR VALUE

Amounts in NOK million	Level 1	Level 2	Level 3	Total
Assets as at 30 September 2025
Loans to customers		209 548	11 689	221 237
Commercial paper and bonds	6 795	521 948	541	529 284
Shareholdings	4 685	1 454	923	7 062
Financial derivatives	557	122 304	2 208	125 069
Liabilities as at 30 September 2025
Deposits from customers		41 864		41 864
Debt securities issued		1		1
Senior non-preferred bonds		1 808		1 808
Subordinated loan capital		1 106		1 106
Financial derivatives	439	147 056	1 988	149 483
Other financial liabilities1	1 258	1		1 259
Assets as at 31 December 2024
Loans to customers		195 313	12 221	207 534
Commercial paper and bonds	4 218	563 503	358	568 079
Shareholdings	5 267	1 176	644	7 087
Financial derivatives	626	157 161	2 434	160 220
Liabilities as at 31 December 2024
Deposits from customers		40 621		40 621
Debt securities issued		2		2
Senior non-preferred bonds		1 776		1 776
Subordinated loan capital		1 100		1 100
Financial derivatives	885	154 409	2 093	157 386
Other financial liabilities1	2 759	1		2 759

¹ Short positions, trading activities.

Loans with floating interest rate measured at fair value through other comprehensive income are categorised within level 2, since the valuation is mainly based on observable inputs. The corresponding loans are measured at amortised cost in the Group, due to a hold to collect business model.

For a further description of the instruments and valuation techniques, see the annual report for 2024.

NOTE P5 INFORMATION ON RELATED PARTIES

DNB Boligkreditt AS

In the first three quarters of 2025, loan portfolios representing NOK 7.1 billion (NOK 40.9 billion in the first three quarters of 2024) were transferred from the bank to DNB Boligkreditt in accordance with the "Agreement relating to transfer of loan portfolio between DNB Bank ASA and DNB Boligkreditt AS".

At end-September 2025, the bank had invested NOK 177.9 billion in covered bonds issued by DNB Boligkreditt.

The servicing agreement between DNB Boligkreditt and DNB Bank ensures DNB Boligkreditt a minimum margin achieved on loans to customers. A margin below the minimum level will be at DNB Bank's risk, resulting in a negative management fee (payment from DNB Bank to DNB Boligkreditt). The management fee paid to the bank for purchased services amounted to NOK 751 million in the first three quarters of 2025 (a negative NOK 285 million in the first three quarters of 2024).

In the first three quarters of 2025, DNB Boligkreditt entered into reverse repurchasing agreements (reverse repos) with the bank as counterparty. The value of the repos amounted to NOK 25.3 billion at end-September 2025.

As of end-September 2025, DNB Bank had invested NOK 2.0 billion in additional tier 1 (AT1) instruments issued by DNB Boligkreditt.

At end-September, DNB Bank had placed cash collateral of NOK 15.7 billion related to the CSA-agreement on derivatives against DNB Boligkreditt. The cash collateral paid is presented as other assets in the balance sheet of DNB Bank. The amount has been placed by DNB Boligkreditt in a deposit account with DNB Bank and is presented as due to credit institutions.

DNB Boligkreditt has a long-term overdraft facility in DNB Bank with a limit of NOK 220 billion.

Information about DNB

Organisation number

Register of Business Enterprises NO 984 851 006 MVA

Board of Directors

Olaug Svarva Chair of the Board Jens Petter Olsen Vice Chair of the Board

Gro Bakstad Berit Behring Petter-Børre Furberg Lillian Hattrem Vivian Lund

Haakon Christopher Sandven

Eli Solhaug Kim Wahl

Group Management

Kjerstin R. Braathen Group Chief Executive Officer (CEO) Ida Lerner Group Chief Financial Officer (CFO)

Maria Ervik Løvold Group Executive Vice President of Personal Banking

Marianne Wik Sætre Group Executive Vice President of Corporate Banking Norway Harald Serck-Hanssen Group Executive Vice President of Large Corporates & International

Håkon Hansen Group Executive Vice President of Wealth Management Alexander Opstad Group Executive Vice President of DNB Carnegie

Per Kristian Næss-Fladset Group Executive Vice President of Products, Data & Innovation

Fredrik Berger Group Chief Compliance Officer (CCO) Eline Skramstad Group Chief Risk Officer (CRO)

Elin Sandnes Group Executive Vice President of Technology & Services Even Graff Westerveld Group Executive Vice President of People & Communication

Contact information

Rune Helland, Head of Investor Relations tel. +47 23 26 84 00 rune.helland@dnb.no Anne Engebretsen, Investor Relations tel. +47 23 26 84 08 anne.engebretsen@dnb.no Thor Tellefsen, Long Term Funding tel. +47 23 26 84 04 thor.tellefsen@dnb.no Head office tel. +47 91 50 48 00

Financial calendar

2026

4 February Q4 2025

11 March Annual report 2025 21 April Annual General Meeting 22 April Ex-dividend date

23 April Q1 2026

30 April Distribution of dividends

14 July Q2 2026 21 October Q3 2026

Other sources of information

Separate annual and quarterly reports are prepared for DNB Boligkreditt and DNB Livsforsikring. The reports and the Factbook are available on ir.dnb.no. Annual and quarterly reports can be ordered by sending an e-mail to Investor Relations.

The quarterly report has been produced by Group Financial Reporting in DNB. Cover design: Aksell

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