Instabank

Quarterly Report • Oct 31, 2025

Key highlights Q3 2025

Profit before tax reached a record NOK 40.5 million

Up 11.6 MNOK from the previous quarter, driven by strong lending growth and solid cost control

Gross lending expanded by 368 MNOK

Marking the second consecutive quarter of all-time-high growth

Business lending rose to 858 MNOK

Now representing 10% of total lending and delivering an attractive 17.7% yield

German credit card portfolio gained strong traction

Supported by the launch of AI-driven customer service – a key milestone in scaling our European operations

Successful private placement of 186.6 MNOK after the balance date

Providing ample capital to accelerate profitable growth across all segments

Instabank continues to strengthen its position as a Nordic challenger bank

— combining profitability, digital innovation, and disciplined growth

The Nordic game changer

About Instabank ASA

Founded in 2016, Instabank is a fully digital, Nordic challenger bank committed to transforming traditional banking. With a focus on simplicity, accessibility, and innovation, we deliver tailored financial solutions to private and corporate customers. From flexible loans and savings products to user-friendly credit cards and insurance offerings, our mission is to remove barriers and redefine the banking experience.

Instabank operates in Norway, Finland, Germany and Sweden, offering competitive savings, insurance, credit cards, mortgages, and unsecured loan products to consumers and small and medium-sized businesses.

The bank's products and services are distributed primarily through agents and its website and mobile app.

Instabank is a proud sponsor of the Norwegian Athletics Federation.

Instabank has 53 full-time and 9 part-time employees.

At the end of Q3 2025, the bank had 118,572 customers, of which 67,414 lending customers and 51,158 deposit customers.

Instabank is admitted to trading at Euronext Growth at Oslo Børs, ticker INSTA.

Operational Developments

In the third quarter, Instabank achieved growth in gross lending of 368 MNOK, marking the highest quarterly increase in the last two years, except for the previous quarter.

Growth total gross loans (MNOK):

There was strong growth in both credit card volume in Germany and business lending.

In the unsecured consumer lending segment, the credit card lending volume in Germany accounted for 183 MNOK of the 242 MNOK total growth in this segment. The lending growth in Germany increased from 106 MNOK in the previous quarter, which was the first full operating quarter after its launch. The German credit card extends Instabank's unsecured consumer lending offerings, marking a shift from traditional consumer loans to credit cards. The Instabank Visa card is available in three countries: Norway, Finland, and Germany.

Germany represents the largest banking market in Europe. Instabank offers German customers a modern, transparent, and fully digital credit card experience. Additionally, Germany is the first market where we implemented our newly developed AI customer service. This innovation enables us to assist customers effectively in both verbal and written communication, ensuring a highly scalable and competitive operation in Germany.

In the mortgages segment, there was a slight decline in gross lending of 32 MNOK to 3,636 MNOK, representing 44 % of total lending.

44 %

Mortgages share of total lending

Business lending continued its growth trajectory, with gross lending increasing by 157 MNOK to 858 MNOK, representing 10 % of total lending. This segment has proven to be Instabank's most profitable, driven by an attractive yield of 17.7%, low loan losses of 3.3 % for the quarter and a scalable operation.

10 %

Business lending share of total lending

Our business customers typically seek working capital to either expand their operations or address short-term funding needs.

Profit and Loss

Instabank reports a record-high profit before tax of 40.5 MNOK in the third quarter, representing an increase of 11.6 MNOK from the previous quarter.

40.5 MNOK

Profit before tax Q3 2025

The increase in profits can be attributed to strong lending growth late in the previous

quarter and throughout Q3 2025. This resulted in a total interest income increase of 21.2 MNOK from the prior quarter, bringing the total to 223.5 MNOK in Q3 2025.

Interest expenses totaled 79.5 MNOK, which is an increase of only 2.2 MNOK from the previous quarter. This was positively influenced by a reduction in funding costs of 0.2 percentage points.

Net interest income rose to 144.1 MNOK, an increase of 19.0 MNOK or 15% compared to the previous quarter.

+ 15 %

Growth in net interest income

The net other income for the quarter was 12.3 MNOK, a decrease of 6.8 MNOK compared to the previous quarter. The decrease was driven by increased currency losses and a reduction in the yield on securities.

Total income in Q3 2025 was 156.3 MNOK, an increase of 12.2 MNOK from the previous quarter.

Operating expenses reached 66.1 MNOK, an increase of 1.8 MNOK from the previous quarter. The cost-to-income ratio decreased by 2 % points to 42 %, due to economies of scale.

Loan losses amounted to 49.7 MNOK or 2.5 %, representing a decrease of 1.3 MNOK/ +0.2 % points from the previous quarter. The positive developments are attributed to a decrease in losses for mortgages and consumer loans, partly offset by an increase in loan losses for business lending and credit cards in Germany.

Profits before tax were 40.5 MNOK, and profit after tax was 30.4 MNOK, representing a return on equity of 12.3 %.

Balance Sheet

Gross loans to customers increased by 368 MNOK in the quarter to 8,226 MNOK at the end of the quarter.

Deposits from customers decreased by 247 MNOK in the quarter to 8.062 MNOK at the end of the quarter.

Total assets at the end of Q3 2025 were 9,515 MNOK.

Regulatory capital

On September 25th, Instabank successfully completed a private placement and retail offering via Primary bid, raising gross proceeds of 186.6 MNOK. The new share capital was registered on October 2nd and is not included in the calculation of the capital ratios per end of Q3-2025.

At the end of the quarter, the Common Equity Tier 1 Capital (CET1) ratio was 16.8 %, 0.8 % points above the regulatory capital requirement including the expected capital buffer (P2G) of 2 %. The total capital ratio was 22.9 %, 1.3 % points above the total regulatory capital requirement including P2G buffer.

The new capital will increase capital ratios by 3,2 % points based on the situation per end of Q3-2025.

Instabank proudly paid its first dividend for 2024 — a key milestone reflecting both solid profitability and confidence in sustained earnings capacity. The expected dividends for 2025 has been deducted from the calculation of CET1 capital.

Strategic Move Towards Europe

Instabank's application process for a banking license in Finland is ongoing, and the application was submitted in the second quarter to the Finnish Financial Supervisory Authority (FSA) by the Company's wholly owned subsidiary, Instafin Oy ("Instabank Finland").

By applying for a banking license in Finland, Instabank will have the opportunity to operate within a European regulatory framework, fostering a more competitive and growth-oriented banking environment. Finland's regulatory stability and alignment with EU banking standards make it a compelling choice, supporting Instabank's strategy of scaling across European markets.

To prepare for the transition, the boards of directors of Instabank ASA and Instabank Finland have signed a merger plan, to merge Instabank ASA into Instabank Finland, making Instabank Finland the surviving entity. Upon completion of the merger, Instabank Finland will assume all assets, rights, and obligations of Instabank ASA, which will be dissolved as a legal entity

The merger's implementation is conditional on the Finnish Financial Supervisory Authority (FSA) granting the banking license and other necessary permits.

The application process is expected to be concluded in the first half of 2026.

Outlook

Instabank enters the final quarter of 2025 from a position of strength. Following the successful private placement after the balance date, the bank is well-capitalized to pursue ambitious yet sustainable growth across its core markets.

We now target lending growth in the range of NOK 1.8–2.0 billion for 2025, reflecting continued expansion in consumer finance, business lending, and the German credit card portfolio. Profit after tax for 2025 is expected to remain around NOK 117-120 million, depending on market conditions and the pace of new loan origination.

The ongoing Finnish banking license process marks a decisive step toward establishing a pan-Nordic banking platform under EU regulation. This transformation will enhance scalability, competitiveness, and capital efficiency.

Instabank's continued investment in AI and automation across customer service, underwriting, and operations strengthens both efficiency and customer experience. The Board has also approved a new dividend policy, ensuring that capital not required for growth will be returned to shareholders — balancing reinvestment and value creation.

Instabank's strategy remains clear: profitable growth, technological leadership, and European expansion.

Other information

Regarding capital requirement, there has been a limited review of the accounts in accordance with ISRE 2410 as of 30.09.25 by the bank's auditors and the result after tax for the quarter is added to retained earnings, net expected dividend for 2025.

Oslo, October 30th, 2025 Board of Directors, Instabank ASA

Condensed statements of profit or loss and other comprehensive income:

NOK 1000	Note	Q3-2025	Q3-2024	YTD 2025	YTD 2024
Interest Income effective interest method	3	215 059	174 406	587 306	509 360
Other interest income		8 478	10 376	25 784	25 854
Interest expenses	3	79 477	75 885	228 833	222 531
Net interest income		144 059	108 897	384 257	312 683
Income commissions and fees		18 335	12 507	45 385	38 698
Expenses commissions and fees		637	1 463	2 646	4 173
Net gains/loss on foreign exchange and securities
classified as current assets		-5 432	8 452	7 962	18 563
Net other income		12 266	19 495	50 700	53 087
Total income		156 326	128 392	434 957	365 770
Salary and other personnel expenses		23 523	23 609	71 980	60 631
Other administrative expenses, of which:		35 872	24 181	99 857	68 073
- direct marketing cost		8 389	5 240	24 647	15 576
Other expenses		3 219	2 197	10 044	6 912
Depreciation and amortisation		3 452	3 303	10 440	9 643
Total operating expenses		66 065	53 289	192 320	145 259
Losses on loans	2, 3	49 713	39 868	142 347	125 103
Profit before tax		40 548	35 235	100 290	95 408
Tax expenses		10 137	8 809	25 072	23 852
Profit and other comprehensive income for the period		30 411	26 426	75 217	71 556
Earnings per share (NOK)		0,08	0,07	0,20	0,19
Diluted earnings per share (NOK)		0,08	0,07	0,19	0,18

Condensed statement of financial position:

NOK 1000	Note	30.09.2025	30.09.2024	31.12.2024
Loans and deposits with credit institutions	5	380 964	422 913	438 305
Loans to customers	2, 3, 5	7 922 415	6 353 508	6 500 203
Certificates and bonds	5	1 123 817	1 102 220	1 002 496
Derivatives		2 783	3 243	2 326
Shares and other equity instruments		6 000	6 000	6 000
Other intangible assets		31 635	28 631	30 668
Fixed assets		10 574	13 204	12 539
Deferred tax assets		0	1 883	0
Other receivables	5	36 832	40 607	15 917
Total assets		9 515 020	7 972 209	8 008 454
Deposit from and debt to customers	5	8 061 550	6 768 449	6 746 553
Other debts		55 124	28 464	55 039
Accrued expenses and liabilities		29 729	29 901	37 790
Derivatives		7 802	4 712	3 029
Deferred tax		8 256	0	8 256
Tax payable		25 072	31 761	20 186
Subordinated loan capital	4, 5	190 000	96 000	96 000
Total liabilities		8 377 534	6 959 287	6 966 852
Share capital	4	378 262	378 262	378 262
Share premium reserve	4	200 430	200 430	200 430
Retained earnings	4	413 794	353 330	377 911
Additional Tier 1 capital	4	145 000	80 900	85 000
Total equity		1 137 486	1 012 921	1 041 603
Total liabilities and equity		9 515 020	7 972 209	8 008 454

Statement of changes in equity:

				Retained
				earnings
	Share	Share	Tier 1	and other	Total
NOK 1000	capital	premium	capital	reserves	equity
Equity per 01.01.2024	378 262	200 430	80 900	288 547	948 139
Capital issuanse					-
Tier 1 capital issued			20 000		20 000
Tier 1 capital settled			-15 900		-15 900
Profit for the period				98 124	98 124
Changes in equity due to share option programs				1 985	1 985
Paid interest on Tier 1 Capital				-10 745	-10 745
Equity per 31.12.2024	378 262	200 430	85 000	377 911	1 041 603
Equity per 01.01.2025	378 262	200 430	85 000	377 911	1 041 603
Profit for the period				75 217	75 217
Dividend paid out				-30 261	-30 261
Changes in equity due to share option programs				1 367	1 367
Paid interest on Tier 1 Capital				-10 440	-10 440
Additional Tier 1 capital issued			60 000		60 000
Equity per 30.09.2025	378 262	200 430	145 000	413 794	1 137 486

Notes

Note 1: General accounting principles

The interim report is prepared in accordance with chapter 8 in regulations for annual accounts of banks, credit companies and financial institutions, which means interim financial statement in accordance with IAS 34 and those exceptions included in the regulations for annual accounts of banks, credit companies and financial institutions, as presentation of statement of cashflows. For further information, see note 1 accounting principles in the annual report of 2024. The interim report was approved by the board of directors on October 30th, 2025.

Note 2: Loans to customers

GROSS AND NET LENDING;

NOK 1000	30.09.2025	30.09.2024	31.12.2024
Unsecured consumer loans	3 732 273	3 260 215	3 209 173
Mortgages	3 636 414	2 962 437	3 018 148
Business loans	857 548	294 195	462 009
Prepaid agent commission	158 850	138 427	135 603
Establishment fees	-92 124	-89 528	-88 291
Gross lending	8 292 961	6 565 746	6 736 643
Impairment of loans	-370 546	-212 238	-236 440
Net loans to customers	7 922 415	6 353 508	6 500 203

CREDIT IMPAIRED AND LOSSES:

NOK 1000	30.09.2025	30.09.2024	31.12.2024
Gross credit impaired loans (stage 3)	780 165	486 760	540 754
Impairment of credit impaired loans (stage 3)	-283 300	-144 728	-167 003
Net credit impaired loans	496 866	342 032	373 752

Gross credit impaired loans are loans which are more than 90 days in arrear in relation to the agreed payment schedule.

AGEING OF LOANS:

NOK 1000	30.09.2025	30.09.2024	31.12.2024
Loans not past due	6 181 583	4 991 491	4 891 903
Past due 1-30 days	836 212	694 338	891 014
Past due 31-60 days	350 394	300 676	322 679
Past due 61-90 days	93 286	55 339	53 274
Past due 91+ days	764 759	475 005	530 461
Total	8 226 235	6 516 848	6 689 330
	30.09.2025	30.09.2024	31.12.2024
Loans not past due	75,1 %	76,6 %	73,1 %
Past due 1-30 days	10,2 %	10,7 %	13,3 %
Past due 31-60 days	4,3 %	4,6 %	4,8 %
Past due 61-90 days	1,1 %	0,8 %	0,8 %
Past due 91+ days	9,3 %	7,3 %	7,9 %
Total	100,0 %	100,0 %	100,0 %

GEOGRAPHIC DISTRIBUTION:

NOK 1000	30.09.2025	30.09.2024	31.12.2024
Norway	5 689 751	4 667 042	4 820 592
Finland	2 169 937	1 768 466	1 789 237
Sweden	77 792	81 339	79 501
Germany	288 755	0	0
Gross lending excl. prepaid agent provisions and establishment fees	8 226 235	6 516 848	6 689 330

LOAN LOSS PROVISIONS IN THE PERIOD:

NOK 1000	Q3-2025	Q3-2024	YTD 2025	YTD 2024	Year 2024
Loan loss provisions stage 1	351	59	-7 758	336	2 536
Loan loss provisions stage 2	-10 650	-203	-10 281	920	-3 128
Loan loss provisions stage 3	-38 702	110 331	-115 882	107 579	85 099
Total loan loss provisions in the period	-49 001	110 187	-133 921	108 834	84 507
Realised losses in the period	-712	-150 055	-8 426	-233 937	-241 822
Losses on loans in the period	-49 713	-39 868	-142 347	-125 103	-157 315

RECONCILIATION OF GROSS LENDING TO CUSTOMERS, TOTAL LOANS

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 01.07.25	5 947 893	1 192 409	718 253	7 858 555
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-551 743	567 761	-	16 018
Transfer from stage 1 to stage 3	-16 840	-	15 307	-1 533
Transfer from stage 2 to stage 1	233 708	-256 027	-	-22 319
Transfer from stage 2 to stage 3	-	-103 191	102 874	-318
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	2 277	-3 016	-738
New assets	1 070 902	96 004	1 679	1 168 585
Assets derecognised	-549 795	-95 406	-44 400	-689 602
Changes in foreign exchange and other changes	-78 537	-13 346	-10 531	-102 414
Gross carrying amount as at 30.09.25	6 055 588	1 390 481	780 165	8 226 235

Q3 2024:

Gross carrying amount as at 01.07.24	4 991 351	814 393	682 955	6 488 700
Transfers in Q3 2024:
Transfer from stage 1 to stage 2	-316 978	317 136	-	158
Transfer from stage 1 to stage 3	-13 877	-	14 099	223
Transfer from stage 2 to stage 1	113 466	-122 008	-	-8 542
Transfer from stage 2 to stage 3	-	-113 846	113 530	-317
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	1 622	-1 594	28
New assets	879 305	21 441	158	900 903
Assets derecognised	-505 098	-68 498	-335 355	-908 951
Changes in foreign exchange and other changes	23 420	8 259	12 966	44 646
Gross carrying amount as at 30.09.24	5 171 589	858 499	486 760	6 516 848

Gross carrying amount as at 01.01.24	4 770 460	839 793	663 605	6 273 858
Transfers in 2024:
Transfer from stage 1 to stage 2	-509 820	495 079	-	-14 742
Transfer from stage 1 to stage 3	-178 416	-	178 837	421
Transfer from stage 2 to stage 1	129 093	-149 420	-	-20 326
Transfer from stage 2 to stage 3	-	-178 654	169 045	-9 609
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	1 466	-1 387	78
New assets	2 374 673	333 816	39 437	2 747 925
Assets derecognised	-1 584 405	-244 120	-514 601	-2 343 126
Changes in foreign exchange and other changes	37 769	11 262	5 819	54 850
Gross carrying amount as at 31.12.24	5 039 353	1 109 222	540 754	6 689 330

RECONCILIATION OF LOAN LOSS ALLOWANCES, TOTAL LOANS

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Expected credit losses as 01.07.25	36 159	41 230	245 455	322 844
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-7 607	21 688	-	14 081
Transfer from stage 1 to stage 3	-328	-	2 843	2 516
Transfer from stage 2 to stage 1	1 969	-6 440	-	-4 470
Transfer from stage 2 to stage 3	-	-7 620	16 680	9 060
Transfer from stage 3 to stage 1	4	-	-47	-43
Transfer from stage 3 to stage 2	-	23	-368	-345
New assets originated or change in provisions	7 659	4 482	758	12 899
Assets derecognised or change in provisions	-1 916	-1 923	-6 014	-9 853
Changes in foreign exchange and other changes	-318	183	23 993	23 858
Expected credit losses as at 30.09.25	35 623	51 623	283 300	370 546

Q3 2024:

Expected credit losses as at 01.07.24	29 598	36 357	255 289	321 243
Transfers in Q3 2024:	-	-	-	-
Transfer from stage 1 to stage 2	-3 143	13 389	-	10 246
Transfer from stage 1 to stage 3	-277	-	2 923	2 646
Transfer from stage 2 to stage 1	1 606	-5 519	-	-3 912
Transfer from stage 2 to stage 3	-	-7 375	18 880	11 505
Transfer from stage 3 to stage 1	0	-	- 8	- 8
Transfer from stage 3 to stage 2	-	185	-551	-366
New assets originated or change in provisions	3 601	824	57	4 481
Assets derecognised or change in provisions	-1 603	-1 288	-137 792	-140 683
Changes in foreign exchange and other changes	313	843	5 931	7 087
Expected credit losses as at 30.09.24	30 096	37 415	144 728	212 238

Expected credit losses as at 01.01.24	29 577	37 170	277 168	343 915
Transfers in 2024:
Transfer from stage 1 to stage 2	-4 969	22 692	-	17 723
Transfer from stage 1 to stage 3	-2 551	-	43 057	40 506
Transfer from stage 2 to stage 1	1 404	-5 892	-	-4 488
Transfer from stage 2 to stage 3	-	-10 590	40 011	29 420
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	115	-636	-521
New assets originated or change in provisions	11 124	8 074	7 427	26 626
Assets derecognised or change in provisions	-6 981	-11 244	-198 502	-216 727
Changes in foreign exchange and other changes	336	1 172	-1 522	-14
Expected credit losses as at 31.12.24	27 940	41 497	167 003	236 440

RECONCILIATION OF GROSS LENDING TO CUSTOMERS, UNSECURED CONSUMER LOANS

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 01.07.25	2 633 334	395 496	460 923	3 489 753
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-156 850	160 836	-	3 986
Transfer from stage 1 to stage 3	-10 248	-	10 602	355
Transfer from stage 2 to stage 1	69 083	-73 985	-	-4 902
Transfer from stage 2 to stage 3	-	-56 993	56 856	-137
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	219	-913	-694
New assets	501 509	37 885	1 679	541 072
Assets derecognised	-211 389	-19 312	-8 457	-239 158
Changes in foreign exchange and other changes	-51 145	-3 995	-2 862	-58 002
Gross carrying amount as at 30.09.25	2 774 295	440 150	517 828	3 732 273

Q3 2024:

Gross carrying amount as at 01.07.24	2 691 376	356 199	518 778	3 566 353
Transfers in Q3 2024:
Transfer from stage 1 to stage 2	-133 305	133 344	-	39
Transfer from stage 1 to stage 3	-10 124	-	10 342	218
Transfer from stage 2 to stage 1	64 584	-69 359	-	-4 774
Transfer from stage 2 to stage 3	-	-60 245	60 229	-15
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	1 622	-1 594	28
New assets	252 709	9 347	158	262 214
Assets derecognised	-264 058	-20 161	-321 904	-606 124
Changes in foreign exchange and other changes	24 011	8 259	10 006	42 276
Gross carrying amount as at 30.09.24	2 625 195	359 006	276 015	3 260 215

Gross carrying amount as at 01.01.24	2 755 348	364 469	561 522	3 681 338
Transfers in 2024:
Transfer from stage 1 to stage 2	-250 709	241 691	-	-9 018
Transfer from stage 1 to stage 3	-131 229	-	131 887	658
Transfer from stage 2 to stage 1	63 422	-72 754	-	-9 331
Transfer from stage 2 to stage 3	-	-100 900	97 688	-3 212
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	1 466	-1 387	78
New assets	833 292	78 833	28 248	940 373
Assets derecognised	-854 803	-103 371	-470 804	-1 428 978
Changes in foreign exchange and other changes	27 186	11 262	-1 183	37 265
Gross carrying amount as at 31.12.24	2 442 508	420 696	345 970	3 209 173

RECONCILIATION OF LOAN LOSS ALLOWANCES, UNSECURED CONSUMER LOANS

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Expected credit losses as 01.07.25	25 088	34 592	200 150	259 830
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-2 853	14 887	-	12 035
Transfer from stage 1 to stage 3	-293	-	2 735	2 443
Transfer from stage 2 to stage 1	1 314	-5 171	-	-3 858
Transfer from stage 2 to stage 3	-	-6 516	13 696	7 180
Transfer from stage 3 to stage 1	4	-	-47	-43
Transfer from stage 3 to stage 2	-	14	-302	-288
New assets originated or change in provisions	5 519	4 010	758	10 286
Assets derecognised or change in provisions	-1 555	-1 512	-2 924	-5 991
Changes in foreign exchange and other changes	61	-397	17 119	16 783
Expected credit losses as at 30.09.25	27 286	39 906	231 185	298 377

Q3 2024:

Expected credit losses as at 01.07.24	25 435	32 691	234 964	293 090
Transfers in Q3 2024:	-	-	-	-
Transfer from stage 1 to stage 2	-2 815	11 478	-	8 663
Transfer from stage 1 to stage 3	-264	-	2 765	2 500
Transfer from stage 2 to stage 1	1 514	-5 104	-	-3 590
Transfer from stage 2 to stage 3	-	-6 901	16 140	9 239
Transfer from stage 3 to stage 1	0	-	- 8	- 8
Transfer from stage 3 to stage 2	-	185	-551	-366
New assets originated or change in provisions	1 997	744	57	2 798
Assets derecognised or change in provisions	-1 441	-880	-142 907	-145 227
Changes in foreign exchange and other changes	313	843	2 935	4 091
Expected credit losses as at 30.09.24	24 739	33 056	113 394	171 189

Expected credit losses as at 01.01.24	27 271	33 526	265 396	326 193
Transfers in 2024:
Transfer from stage 1 to stage 2	-4 693	20 661	-	15 968
Transfer from stage 1 to stage 3	-2 466	-	39 518	37 052
Transfer from stage 2 to stage 1	1 311	-5 420	-	-4 110
Transfer from stage 2 to stage 3	-	-9 874	33 179	23 305
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	115	-636	-521
New assets originated or change in provisions	6 081	6 066	6 909	19 057
Assets derecognised or change in provisions	-6 607	-10 014	-199 251	-215 872
Changes in foreign exchange and other changes	455	1 173	-8 524	-6 897
Expected credit losses as at 31.12.24	21 352	36 232	136 591	194 175

RECONCILIATION OF GROSS LENDING TO CUSTOMERS, MORTGAGES

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 01.07.25	2 719 017	700 718	248 251	3 667 987
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-220 128	219 251	-	-877
Transfer from stage 1 to stage 3	-4 125	-	4 120	- 5
Transfer from stage 2 to stage 1	124 719	-139 046	-	-14 327
Transfer from stage 2 to stage 3	-	-32 242	32 221	-21
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	2 058	-2 103	-44
New assets	443 730	37 566	-	481 296
Assets derecognised	-335 066	-75 753	-35 943	-446 762
Changes in foreign exchange and other changes	-33 328	-9 118	-8 387	-50 833
Gross carrying amount as at 30.09.25	2 694 820	703 434	238 160	3 636 414

Q3 2024:

Gross carrying amount as at 01.07.24	2 117 802	452 996	163 904	2 734 702
Transfers in Q3 2024:	-	-	-	-
Transfer from stage 1 to stage 2	-177 368	177 358	-	-10
Transfer from stage 1 to stage 3	-3 015	-	3 009	- 7
Transfer from stage 2 to stage 1	47 194	-50 857	-	-3 663
Transfer from stage 2 to stage 3	-	-50 528	50 506	-21
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets	502 685	12 094	-	514 779
Assets derecognised	-226 143	-48 149	-13 450	-287 742
Changes in foreign exchange and other changes	1 492	-	2 908	4 400
Gross carrying amount as at 30.09.24	2 262 647	492 914	206 876	2 962 437

Gross carrying amount as at 01.01.24	1 949 833	472 222	102 084	2 524 138
Transfers in 2024:
Transfer from stage 1 to stage 2	-255 162	248 600	-	-6 562
Transfer from stage 1 to stage 3	-43 546	-	43 173	-372
Transfer from stage 2 to stage 1	62 696	-73 875	-	-11 180
Transfer from stage 2 to stage 3	-	-77 754	71 357	-6 397
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets	1 149 744	248 033	9 921	1 407 697
Assets derecognised	-715 262	-140 436	-43 797	-899 495
Changes in foreign exchange and other changes	3 657	-	6 662	10 319
Gross carrying amount as at 31.12.24	2 151 960	676 788	189 399	3 018 148

RECONCILIATION OF LOAN LOSS ALLOWANCES, MORTGAGES

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Expected credit losses as 01.07.25	1 834	3 826	41 761	47 420
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-200	1 260	-	1 060
Transfer from stage 1 to stage 3	- 3	-	38	35
Transfer from stage 2 to stage 1	124	-752	-	-629
Transfer from stage 2 to stage 3	-	-160	509	350
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	9	-66	-57
New assets originated or change in provisions	286	164	-	450
Assets derecognised or change in provisions	-250	-393	-3 090	-3 734
Changes in foreign exchange and other changes	13	1	5 150	5 163
Expected credit losses as at 30.09.25	1 804	3 954	44 302	50 059

Q3 2024:

Expected credit losses as at 01.07.24	1 296	3 454	20 295	25 045
Transfers in Q3 2024:
Transfer from stage 1 to stage 2	-258	1 530	-	1 272
Transfer from stage 1 to stage 3	- 2	-	70	68
Transfer from stage 2 to stage 1	71	-391	-	-320
Transfer from stage 2 to stage 3	-	-303	2 361	2 057
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets originated or change in provisions	245	80	-	325
Assets derecognised or change in provisions	-32	-398	5 096	4 665
Changes in foreign exchange and other changes	-	-	2 908	2 908
Expected credit losses as at 30.09.24	1 320	3 972	30 728	36 020

Expected credit losses as at 01.01.24	957	3 586	11 772	16 314
Transfers in 2024:
Transfer from stage 1 to stage 2	-190	1 569	-	1 379
Transfer from stage 1 to stage 3	-24	-	2 762	2 738
Transfer from stage 2 to stage 1	58	-422	-	-364
Transfer from stage 2 to stage 3	-	-716	6 831	6 115
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets originated or change in provisions	832	1 321	220	2 374
Assets derecognised or change in provisions	-41	-1 222	748	-514
Changes in foreign exchange and other changes	-	-	6 662	6 662
Expected credit losses as at 31.12.24	1 592	4 117	28 996	34 704

RECONCILIATION OF GROSS LENDING TO CUSTOMERS, BUSINESS LOANS

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 01.07.25	595 542	96 195	9 079	700 816
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-174 766	187 675	-	12 910
Transfer from stage 1 to stage 3	-2 468	-	585	-1 883
Transfer from stage 2 to stage 1	39 907	-42 997	-	-3 090
Transfer from stage 2 to stage 3	-	-13 956	13 797	-160
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets	125 663	20 553	-	146 217
Assets derecognised	-3 341	-341	-	-3 682
Changes in foreign exchange and other changes	5 935	-232	717	6 420
Gross carrying amount as at 30.09.25	586 473	246 897	24 178	857 548

Q3 2024:

	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 01.07.24	182 173	5 199	274	187 645
Transfers in Q3 2024:
Transfer from stage 1 to stage 2	-6 305	6 434	-	128
Transfer from stage 1 to stage 3	-737	-	748	11
Transfer from stage 2 to stage 1	1 687	-1 792	-	-105
Transfer from stage 2 to stage 3	-	-3 074	2 794	-280
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets	123 910	-	-	123 910
Assets derecognised	-14 898	-187	-	-15 085
Changes in foreign exchange and other changes	-2 083	-	53	-2 030
Gross carrying amount as at 30.09.24	283 747	6 580	3 869	294 195

	Stage 1	Stage 2	Stage 3	Total
Gross carrying amount as at 01.01.24	65 279	3 102	-	68 382
Transfers in 2024:
Transfer from stage 1 to stage 2	-3 949	4 788	-	838
Transfer from stage 1 to stage 3	-3 641	-	3 777	136
Transfer from stage 2 to stage 1	2 975	-2 790	-	185
Transfer from stage 2 to stage 3	-	-	-	-
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets	391 637	6 950	1 268	399 856
Assets derecognised	-14 341	-312	-	-14 653
Changes in foreign exchange and other changes	6 925	- 0	340	7 266
Gross carrying amount as at 31.12.24	444 886	11 738	5 385	462 009

RECONCILIATION OF LOAN LOSS ALLOWANCES, BUSINESS LOANS

Q3 2025:

NOK 1000	Stage 1	Stage 2	Stage 3	Total
Expected credit losses as 01.07.25	9 237	2 812	3 544	15 594
Transfers in Q3 2025:
Transfer from stage 1 to stage 2	-4 554	5 541	-	987
Transfer from stage 1 to stage 3	-33	-	70	38
Transfer from stage 2 to stage 1	532	-516	-	16
Transfer from stage 2 to stage 3	-	-945	2 475	1 530
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets originated or change in provisions	1 854	309	-	2 163
Assets derecognised or change in provisions	-111	-17	-	-128
Changes in foreign exchange and other changes	-392	580	1 724	1 911
Expected credit losses as at 30.09.25	6 534	7 763	7 813	22 110

Q2 2024:

	Stage 1	Stage 2	Stage 3	Total
Expected credit losses as at 01.07.24	2 867	211	30	3 108
Transfers in Q3 2024:
Transfer from stage 1 to stage 2	-70	381	-	310
Transfer from stage 1 to stage 3	-11	-	88	78
Transfer from stage 2 to stage 1	22	-24	-	- 2
Transfer from stage 2 to stage 3	-	-171	380	209
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets originated or change in provisions	1 359	-	-	1 359
Assets derecognised or change in provisions	-130	-10	19	-121
Changes in foreign exchange and other changes	-	-	88	88
Expected credit losses as at 30.09.24	4 037	387	605	5 029

Expected credit losses as at 01.01.24	1 349	58	-	1 408
Transfers in 2024:	-	-	-	-
Transfer from stage 1 to stage 2	-85	461	-	376
Transfer from stage 1 to stage 3	-62	-	777	716
Transfer from stage 2 to stage 1	35	-50	-	-15
Transfer from stage 2 to stage 3	-	-	-	-
Transfer from stage 3 to stage 1	-	-	-	-
Transfer from stage 3 to stage 2	-	-	-	-
New assets originated or change in provisions	4 211	687	298	5 196
Assets derecognised or change in provisions	-333	- 8	-	-341
Changes in foreign exchange and other changes	-118	- 1	340	221
Expected credit losses as at 31.12.24	4 997	1 148	1 415	7 561

EXPECTED CREDIT LOSS

Instabank apply the IFRS9 framework and methodology consisting of three stages of impairment when calculating Expected Credit Loss (ECL). The three stages include Stage 1 which consists of nonimpaired exposure, Stage 2 which consist of exposure where credit risk has significantly increased since its origination and Stage 3 which consist of observed impairment exposure following 90 days past due definition. The overall staging criteria is based on a combination of observed events, past due observations and submodels predicting the probability of default (PD), exposure at default (EAD) and loss given default (LGD). Predictions follow a 12-month accumulation in Stage 1, while Stage 2 and 3 follow a lifetime approach.

SIGNIFICANT INCREASE IN CREDIT RISK

Stage 2 consists of exposure where credit risk has significantly increased since origination following several different criteria's, including early past due observations (30 - 90 days), current forbearance history and increase in probability of default (PD) between origination and the reporting date. The latter predictive model employs historical behavior data to predict the probability of default in the next 12 months, where default is defined as 90 days past due. Loans that are more than 90 days past due transfer from Stage 2 to Stage 3. The table below shows the trigger thresholds that define a significant increase in PD origination and the reporting date. The thresholds for high and low risk at origination are 4% for Norway Unsecured, 3% for Norway Secured and 7 % for Sweden. In Finland there are three groups with thresholds <5%, >=5% to <12% and >=12% for low, medium and high PD at origination. The thresholds were updated in 2024 due to a new behavior model for secured loans, as well as a recalibration of all the subgroups. For B2B there is for now one group.

	Mortgages		Unsecured consumer lending
	Norway	Norway	Finland	Sweden	Germany	lending
Low Risk at origination		400% and 6pp increase 650% and 15pp increase		450% and 15pp increase 500% and 23pp increase	450% and 15pp increase
Medium Risk at origination			350% and 20pp increase		350% and 20pp increase	200% or 7pp increase
High Risk at origination		300% and 8pp increase 400% and 28pp increase		250% and 25pp increase 275% and 30pp increase	250% and 25pp increase

200% or 7pp increase

MACROECONOMIC INPUT TO ECL MODEL

Instabank conducts a quarterly expert assessment of how macroeconomic effects impact the bank's loan loss provisions. This assessment uses data from Moody's Analytics Global Macroeconomic Model (GMM) and takes into account indicators such as the "Unemployment Rate" (Labor Force Survey, %), "Interest Rate" (three-month money market rate), and "House Price Index" (nominal index, 2010 = 100). These indicators are used as inputs for the Loss Committee to determine a macro factor for each product area, which is applied to the calculated loan loss provisions. Climate risk is not considered in this assessment.

These indicators have been used as input for determining the macro factor.

		Pessimistic scenario			Baseline scenario			Optimistic scenario
NORWAY	31.12.25	31.12.26	31.12.27	31.12.25	31.12.26	31.12.27	31.12.25	31.12.26	31.12.27
Unemployment Rate	4,1	4,5	4,4	4,0	3,8	3,6	4,0	3,7	3,5
Interest Rate	2,4	1,2	1,2	4,5	3,4	3,2	4,9	4,6	3,7
House Price Index	180,7	183,7	194,4	189,5	198,8	210,6	190,6	202,6	215,8
	Pessimistic scenario			Baseline scenario		Optimistic scenario
FINLAND	31.12.25	31.12.26	31.12.27	31.12.25	31.12.26	31.12.27	31.12.25	31.12.26	31.12.27
Unemployment Rate	10,2	10,8	9,7	9,7	9,1	8,3	9,4	8,5	7,8
Interest Rate	1,2	0,9	0,9	1,9	1,9	2,2	2,2	2,4	2,4
House Price Index	100,0	98,5	101,9	102,1	103,3	105,4	103,0	104,5	106,3
		Pessimistic scenario			Baseline scenario			Optimistic scenario
GERMANY	31.12.25	31.12.26	31.12.27	31.12.25	31.12.26	31.12.27	31.12.25	31.12.26	31.12.27
Unemployment Rate	7,2	7,8	6,9	6,5	6,2	5,8	5,8	5,4	5,3
Interest Rate	1,6	0,7	0,7	1,7	1,8	2,1	1,9	2,3	2,3
Consumer Price Index	121,6	122,9	125,2	122,4	124,8	127,3	122,8	125,6	128,2

The determined macro factor is then multiplied by the calculated loan loss provision. The following macro factors have been applied as of the balance sheet date.

	Secured	B2B		Unsecured
Factors pr. 30.09.2025	Norway	Norway	Norway	Finland		Sweden Germany
Pessimistic Scenario	1,325	1,309	1,285	1,391	1,531	1,350
Baseline Scenario	1,020	1,014	1,005	1,009	1,009	1,000
Optimistic Scenario	1,016	0,956	0,965	0,979	0,989	0,950

ECL SENSITIVITY BETWEEN MACRO SCENARIOS

The weighting of the scenarios is set at [30 % pessimistic - 40 % baseline - 30 % optimistic] for all portfolios. The indicators from the scenarios reflect the probability of the economy performing worse or better than the projection. For the baseline scenario, the probability that the economy performing better or worse than the projection is both equal at 50 % and is thereby the most likely outcome. For the optimistic scenario, there is a 10 % probability that the economy will perform better than projections and 90 % probability that it will perform worse and vice versa for the pessimistic scenario.

	Secured	B2B		Unsecured
NOK 1000	Norway	Norway	Norway	Finland	Sweden	Germany	Total
Pessimistic scenario	56 660	26 246	111 968	193 285	40 089	16 625	444 873
Baseline scenario	47 283	20 796	92 488	141 920	28 616	12 327	343 429
Optimistic scenario	47 160	19 724	89 705	137 887	28 176	11 700	334 352
Final ECL	50 059	22 110	97 497	156 120	31 926	12 835	370 546

Note 3: Operating segments

Instabank categorizes the lending portfolio into three segments, unsecured consumer loans, mortgages in Norway and business lending in Norway. Unsecured consumer loans consist of five lending products: Credit cards in Norway, Finland and Germany and consumer loans in Norway, Finland and Sweden. The three segments represent the Bank's focus and are included in reporting to management and the board. There is no significant differentiation in ongoing monitoring, management, and control within the various business segments. The presentations below are based on internal financial reporting. Segment results show revenues and costs that are directly attributable to the segments. Interest costs are calculated based on the gross loan volume for each segment and the bank's deposit rates.

Q3 2025:

	Unsecured
NOK 1000	consumer loans		Mortgages Business lending	Not allocated	Total
Interest Income effective interest method	100 524	79 109	35 426	-	215 059
Other interest income	-	-	-	8 478	8 478
Interest expenses	26 085	40 416	8 601	4 376	79 477
Net interest income	74 439	38 693	26 825	4 102	144 059
Income commissions and fees	14 265	1 328	862	1 881	18 335
Expenses commissions and fees	637	-	-	-	637
Net commissions & fees	13 628	1 328	862	1 881	17 698
Net gains/loss on foreign exchange and securities
classified as current assets	-	-	-	-5 432	-5 432
Total income	88 067	40 021	27 687	551	156 326
Salary and other personnel expenses	1 805	2 669	1 171	17 877	23 523
Other administrative expenses	18 464	2 836	3 694	10 877	35 872
Other expenses	59	-	-	3 161	3 219
Depreciation and amortisation		-	-	3 452	3 452
Total operating expenses	20 328	5 505	4 865	35 367	66 065
Losses on loans	39 986	3 201	6 526	-	49 713
Profit before tax	27 753	31 315	16 296	-34 816	40 548
Gross loans to customers	3 732 273	3 636 414	857 548	-	8 226 235
Impairment of loans	-298 377	-50 059	-22 110	-	-370 546
Net loans to customers	3 433 896	3 586 355	835 439	-	7 855 689

Q3 2024

	Unsecured
NOK 1000	consumer loans		Mortgages Business lending	Not allocated	Total
Interest Income effective interest method	97 572	65 051	11 783	-	174 406
Other interest income	-	-	-	10 376	10 376
Interest expenses	33 308	32 974	2 629	6 974	75 885
Net interest income	64 264	32 077	9 154	3 401	108 897
Income commissions and fees	10 493	1 313	353	348	12 507
Expenses commissions and fees	1 463	-	-	-	1 463
Net commissions & fees	9 029	1 313	353	348	11 044
Net gains/loss on foreign exchange and securities
classified as current assets	-	-	-	8 452	8 452
Total income	73 293	33 390	9 507	12 202	128 392
Salary and other personnel expenses	1 472	2 711	1 001	18 425	23 609
Other administrative expenses	9 906	2 157	2 442	9 676	24 181
Other expenses	311	-	-	1 886	2 197
Depreciation and amortisation	-	-	-	3 303	3 303
Total operating expenses	11 689	4 868	3 443	33 289	53 289
Losses on loans	26 993	10 989	1 886	-	39 868
Profit before tax	34 611	17 533	4 178	-21 087	35 235
Gross loans to customers	3 260 215	2 962 437	294 195	-	6 516 848
Impairment of loans	-171 189	-36 020	-5 029	-	-212 238
Net loans to customers	3 089 026	2 926 417	289 166	-	6 304 609

	Unsecured
NOK 1000	consumer loans		Mortgages Business lending	Not allocated	Total
Interest Income effective interest method	390 885	251 767	44 182	-	686 833
Other interest income				35 516	35 516
Interest expenses	134 543	126 225	9 744	24 982	295 495
Net interest income	256 342	125 541	34 438	10 534	426 855
Income commissions and fees	42 642	4 605	1 211	3 970	52 428
Expenses commissions and fees	5 463	-	-	-	5 463
Net commissions & fees	37 180	4 605	1 211	3 970	46 965
Net gains/loss on foreign exchange and securities
classified as current assets	-	-	-	18 360	18 360
Total income	293 521	130 146	35 649	32 864	492 179
Salary and other personnel expenses	5 478	10 786	3 952	66 316	86 533
Other administrative expenses, of which:	37 990	7 799	9 624	41 519	96 932
Other expenses	1 071	-	-	8 878	9 949
Depreciation and amortisation	-	-	-	13 002	13 002
Total operating expenses	44 539	18 585	13 576	129 716	206 416
Losses on loans	132 513	18 489	6 313	-	157 315
Profit before tax	116 469	93 072	15 759	-96 852	128 448
Gross loans to customers	3 209 173	3 018 148	462 009	-	6 689 330
Impairment of loans	-194 175	-34 704	-7 561	-	-236 440
Net loans to customers	3 014 998	2 983 443	454 448	-	6 452 890

Note 4: Regulatory capital and LCR

NOK 1000	30.09.2025	30.09.2024	31.12.2024
Share capital	378,262	378,262	378,262
Share premium	200,430	200,430	200,430
Other equity	390,477	353,330	377,911
Deferred tax asset/intangible assets/other deductions	-37,390	-33,539	-34,094
Common equity tier 1 capital	931,778	898,482	922,509
Additional tier 1 capital	145,000	80,900	85,000
Core capital	1,076,778	979,382	1,007,509
Subordinated loan	190,000	96,000	96,000
Total capital	1,266,778	1,075,382	1,103,509
Calculation basis:
Credit risk:
Institutions	77,085	85,373	88,020
Corporates	730,897	217,811	344,001
Retail	2,437,139	2,245,230	2,150,115
Exposures secured by mortgages	1,346,304	1,003,485	1,043,619
Exposures in default	460,654	328,552	364,172
Collective investments undertakings (CIU)	78,753	90,051	84,937
Other items	56,189	63,054	36,782
Calculation basis credit risk	5,187,020	4,033,556	4,111,646
Calculation basis operational risk	339,732	559,889	645,423
Calculation basis cva risk	5,516	3,869	4,253
Total calculation basis	5,532,268	4,597,314	4,761,322
Capital ratios:
Common equity Tier 1 Capital ratio	16.8 %	19.5 %	19.4 %
Tier 1 capital ratio	19.5 %	21.3 %	21.2 %
Total capital ratio	22.9 %	23.4 %	23.2 %
Regulatory capital requirements:
Common equity Tier 1 Capital ratio	14.1 %	16.3 %	16.4 %
Tier 1 capital ratio	16.5 %	17.8 %	17.9 %
Total capital ratio	19.7 %	19.8 %	19.9 %
Leverage ratio	11.2 %	12.1 %	12.4 %
LCR Total	374 %	356 %	320 %
LCR NOK	399 %	318 %	362 %
LCR EUR	227 %	376 %	298 %

Note 5: Financial instruments

FINANCIAL INSTRUMENTS AT FAIR VALUE

Level 1: Valuation based on quoted prices in an active market.

Level 2: Valuation is based on observable market data, other than quoted prices. For derivatives the fair value is determined by using valuation models where the price of underlying factors, such as currencies.

Level 3: Valuation based on unobservable market data when valuation cannot be determined in level 1 or 2.

Assets

NOK 1000	30.09.2025		30.09.2024 31.12.2024
Certificates and bonds - level 1	1 123 817	1 102 220	1 002 496
Derivatives- level 2	2 783	3 243	2 326
Shares and other equity instruments - level 3	6 000	6 000	6 000
Liabilities
NOK 1000	30.09.2025		30.09.2024 31.12.2024
Derivatives - level 2	7 802	4 712	3 029

FINANCIAL INSTRUMENTS AT AMORTIZED COST

Financial instruments at amortized cost are valued at originally determined cash flows, adjusted for any impairment losses.

NOK 1000	30.09.2025		30.09.2024 31.12.2024
Loans and deposits with credit institutions	380 964	422 913	438 305
Net loans to customers	7 922 415	6 353 508	6 500 203
Other receivables	36 832	40 607	15 917
Total financial assets at amortised cost	8 340 211	6 817 028	6 954 425
Deposits from and debt to customers	8 061 550	6 768 449	6 746 553
Other debt	80 197	60 225	75 224
Subordinated loans	190 000	96 000	96 000
Total financial liabilitiies at amortised cost	8 331 747	6 924 674	6 917 777

Note 6: Subsequent Events

On September 25th, 2025, Instabank successfully completed a private placement and retail offering via Primary bid, raising gross proceeds of 186.6 MNOK. The new share capital was registered on October 2nd, 2025, and is not included in the calculation of the capital ratios per end of Q3-2025.

Fax

KPMG AS Dronning Eufemias gate 6A 0191 Oslo

To the Board of Directors of Instabank ASA

Report on Review of Interim Financial Information

Introduction

We have reviewed the accompanying interim condensed statement of financial position of Instabank ASA as of 30 September 2025, the condensed statements of profit or loss and other comprehensive income and the statement of changes in equity for the three-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation of this interim financial information in accordance with the accounting policies described in note 1. Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISAs), and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with the accounting policies described in note 1.

Oslo, October 30th, 2025

KPMG AS

Anders Sjöström

State Authorized Public Accountant

(This document is signed electronically)

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Dette dokumentet er forseglet med et kvalifisert elektronisk segl. For mer informasjon om Penneos kvalifiserte tillitstjenester, se https://eutl.penneo.com.

Slik kan du bekrefte at dokumentet er originalt

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Du kan bekrefte de kryptografiske bevisene ved hjelp av Penneos validator, https://penneo.com/validator, eller andre valideringsverktøy for digitale signaturer.