Instabank — Investor Presentation 2025

Aug 15, 2025

INTERIM PRESENTATION Q2-2025

Highlights

Record-high growth in gross lending of 835 MNOK

Driven by strong organic growth (467 MNOK) and mortgage portfolio acquisition (368 MNOK)

Successful credit card launch in Germany

Marks a major step in the bank's European growth strategy

Profit before tax of 28.9 MNOK

36,7 MNOK adjusted for extraordinary events:

Profits were impacted mainly by two extraordinary events directly related to our strategic growth investments. First, the successful launch and high growth in the German market drives higherthan-usual loss provisions, due to the nature of IFRS 9 provisioning. Moreover, the Finnish banking license application process requires significant investments in external advisory and legal fees.

Gross lending and margin developments

Segments | Unsecured consumer lending

HIGHLIGHTS

• In its first quarter, Instabank's new German credit card generated 106 MNOK of a total of 178 MNOK in segment growth.
• This launch is a key strategic move, expanding Instabank's unsecured lending from traditional consumer loans to credit cards – now available in three different countries.
• Germany was also the first market to use Instabank's AI-first interactive customer service, already handling more than 75% of customer communication - both written and verbal, creating the foundation of a highly scalable customer service operation.
• The German credit card portfolio is on track to become profitable by Q4 2025 and had as expected a negative profit before tax of 5.8 MNOK in Q2 2025.

SEGMENT DESCRIPTION

• Consumer loans in Norway, Finland and Sweden. Sweden has been in runoff since Q3-2022 due to weak profitability
• Credit Cards in Norway, Finland and Germany: Lower interest rates than market averages, fully digital onboarding, and interest from day one.
• Sales Finance in Norway: In run-off due to weak profitability

Segments | Mortgages

HIGHLIGHTS

• 8.7 % Completed acquisition of mortgage portfolio valued at ³⁶⁸ MNOK from ^a Norwegian bank in Q2-2025.
• The portfolio mirrors Instabank's existing mortgage portfolio in terms of interest rates, credit risk, and loan-to-value ratios.
• The acquisition underscores Instabank's capacity to leverage structural opportunities alongside its organic growth strategy.

SEGMENT DESCRIPTION SHARE OF GROSS LOANS: SHARE OF OPERATING PROFIT* *share of sum profits from segments 47% 43%

• First or second priority mortgages for refinancing of unsecured debt or house improvements
• Currently offered in Norway only
• Became Instabank largest segment from Q2-2025

Segments | Business lending

HIGHLIGHTS

• Business lending celebrates its two-year anniversary since launch and has proven to be Instabank's most profitable segment
• In the second quarter, the growth continued, increasing lending by 114 MNOK to 701 MNOK, representing 9 % of total lending.

SEGMENT DESCRIPTION

• Launched in Q2-2023 as a forward-thinking digital-first alternative to traditional business lending schemes.
• Credit line and repayment loans tailored to small and medium-sized businesses in Norway
• Fully digital application process, loans are secured by individual owner guarantees or business collateral, such as property or listed shares.
• The business segment is focused on scalable, yet tailored solutions for our clients. With a dedicated business team onboarding and managing client engagements throughout the entire life-cycle.

Gross loans development | Well diversified loan book

GROSS LOANS VOLUME (MNOK)

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000

KEY COMMENTS:

• Record-high lending growth of 835 MNOK, driven by a substantial organic increase of 467 MNOK and the acquisition of a mortgage portfolio of 368 MNOK
• Business lending celebrates its two-year anniversary since launch. In the second quarter, the steady growth path continued, reaching a growth of 114 MNOK to 701 MNOK, representing 9 % of total lending
• In the unsecured consumer lending segment, the introduction of the credit card in Germany accounted for 106 MNOK of the total growth of 178 MNOK in this segment

GROSS LOANS DISTRIBUTION

Yields and funding cost | Attractive margins

LENDING AND LIQUIDITY YIELD, INTEREST RATE DEPOSITS:

KEY COMMENTS:

• Highly attractive yield for business lending at 17.8 %
• The increase in yield for unsecured consumer lending is because of increased share of credit card volume in this segment
• The interest rate for deposits is continuing to decline, influenced by the drop in EUR interest rates
• Liquidity yield of 5.0 %, is well above the cost of funding at 3,6 %

33 consecutive quarters with profits

In Q2-2025, profits were impacted mainly by two extraordinary events directly related to our strategic growth investments. First, the successful launch and high growth in the German market drives higher-than-usual loss provisions, due to the nature of IFRS 9 provisioning. Moreover, the Finnish banking license application process requires significant investments in external advisory and legal fees.

PROFIT AFTER TAX (NOKM) & RETURN ON EQUITY:

Total income | High growth in income

TOTAL INCOME (MNOK):

TOTAL INCOME DETAILED (MNOK):

KEY COMMENTS:

▪ Solid growth in Total income of 9.6 MNOK from the previous quarter to 144.1 MNOK

• Total interest income increased by 15.1 MNOK from the previous quarter, reaching 202.3 MNOK in Q2 2025.
• This increase resulted from a quarterly gross lending growth of 835 MNOK.
• Interest expenses were 77.3 MNOK, up 5.3 MNOK from the previous quarter.
• The increase came from a quarterly deposit growth of 883 MNOK, partly offset by a decrease in the average deposit rate of 0.2 % points.

Operating expenses | Economy of scale

OPERATING EXPENSES BREAKDOWN (MNOK):

COST/INCOME RATIO:

KEY COMMENTS:

• Operating expenses reached 64.2 MNOK, representing an increase of 2.1 MNOK from the previous quarter.
• The increase in expenses comes from cost of marketing and operations of the credit card offering in Germany, amounting to 4.6 MNOK in Q2-2025
• Advisory and legal fees related to the Finnish banking license application amounted to 2 MNOK in Q2-2025
• The cost-to-income ratio, excluding marketing costs, decreased by 3 percentage points from the previous quarter.

0.0 10.0 20.0 30.0 40.0 50.0 60.0

-1.0 %

1.0 %

3.0 %

5.0 %

7.0 %

Credit risk | Mortgages represent low credit risk

0.0 % 2.0 % 4.0 % 6.0 % 8.0 % 10.0 %

0.0 %

10.0 %

20.0 %

30.0 %

40.0 %

IMPAIRMENT LOSSES (MNOK):

LOAN LOSS RATIO PER TYPE OF LOAN: LOANS PAST DUE:

KEY COMMENTS:

• Loan losses amounted to 51.0 MNOK or 2.7 %, representing an increase of 9.3 MNOK/ +0.3 % points from the previous quarter.
• This increase is attributed to loan loss allowances for credit cards in Germany in its first quarter operation (3.8 MNOK) and an increase in loan loss allowances for consumer loans in Finland (+4.6 MNOK).

-30.0 %

-20.0 %

-10.0 %

0.0 %

Regulatory Capital | Solid capital adequacy

DEVELOPMENTS IN CAPITAL ADEQUACY RATIOS: KEY COMMENTS:

CET1 REQUIREMENTS PER COUNTRY AND TOTAL:

Systemic risk buffer Countercyclical buffer Capital conservation buffer

Minimum requirement

• CET1 ratio was 17.4 %, 1.3 % points above the regulatory capital requirement including the expected capital buffer (P2G) of 2 %. The total capital ratio was 23.8 %, 2.0 % points above the total regulatory capital requirement including P2G buffer.
• In the second quarter, Instabank strengthened its capital position by issuing an additional Tier 1 bond of 60 MNOK and a subordinated Tier 2 bond of 80 MNOK. As a result of these actions, and despite significant growth in lending, the bank maintained a strong capital position.
• On April 1st, CRR3 came into effect, introducing changes to risk weights and a new method for calculating operational risk. As a result, there was an overall reduction of approximately 120 MNOK in the calculation basis.

Strategy and ambitions

Strategic move towards Europe | Redomiciliation to Finland

• Instabank's application process for a banking license in Finland is ongoing, and the application has been submitted 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 signed a merger plan on June 27th, 2025, to merge Instabank ASA into Instabank Finland, making Instabank Finland the surviving entity.
• The merger's implementation will depend on the Finnish Financial Supervisory Authority (FSA) granting the banking license and other necessary permits.
• The application process is expected to take approximately one year

Product strategy | Continued expansion and diversification

▪ Instabank has successfully launched its fully digital credit card in Germany, achieving a significant strategic milestone

Financials | Guiding as per Q2-25

Key value propositions| The Nordic Challenger Bank

A dynamic and innovative challenger bank with a solid market position, a customer-centric approach, and significant growth potential in the fintech sector

Lean operational platform and organisation with significant scalability enabling cross border operations from one location.

Well diversified loan portfolio across markets, products and customers segments

Continued strong growth in net loans at attractive margins

Proven track record delivering profits 33 consecutive quarters

Experienced team with significant track record within consumer and business lending

Thank you for your attention

Continue to see lists of management, board of directors, share holders, income statement and balance sheet.

Management | Experienced and competent

ROBERT BERG | CHIEF EXECUTIVE OFFICER

Berg is one of the Co-founders who established Instabank in 2016 . Prior to that he has been CEO in yA Bank, Commercial Director in Ikano Bank and has held various positions in Gjensidige, Santander Consumer Bank, SEB and Europay et al. Berg holds a BSc in Marketing from the Norwegian Business School.

PER KRISTIAN HAUG | CHIEF FINANCIAL OFFICER

Haug was recruited to the Instabank team in 2018. He has previously held positions as CFO in yA Bank, Navigea Securities and LUUP. Haug has also been a board member in Kredinor. He holds an MSc in Management from the Norwegian Business School

KJETIL KNUDSEN | CHIEF RISK OFFICER

Knudsen joined the Company in 2018. He has previously held various positions in Santander Consumer Finance, including Risk Manager for Analytics & Controlling and Risk Manager for Cards, and has also worked as a senior analyst for Lindorff. Holds an MSc in Finance and Investments from The University of Edinburgh.

ANNE JØRGENSEN | CHIEF OPERATING OFFICER

Jørgensen has been with Instabank since 2019. Prior to joining the Company, she held the position as Head of Contracts in Waterlogic. She has also been Service Delivery Manager and Head of Operations in Ikano Bank. Jørgensen is educated at the Norwegian School of Sport Sciences.

JØRGEN RUI | CHIEF MARKETING OFFICER

Rui was recruited to the Instabank team in 2020. He has previously served as Director for Consumer Loans in Resurs Bank, been CMO in yA Bank and held various positions in Santander Consumer Bank. Rui holds an MSc in Marketing from the Norwegian Business School.

FARZAD JALILY | CHIEF TECHNOLOGY OFFICER

Jalily has been with the Company since 2016. Prior to joining the Instabank team, he held the position as Enterprise Architect in SpareBank 1. Jailiy holds an MSc in Computer Science from the Norwegian School of IT.

ROBERT LEINDERS-KROG| CHIEF COMMERCIAL OFFICER

Leinders-Krog joined Instabank in August 2024. He has more than 20 years of strategic brand and commercialization advisory experience. As a sought-after advisor for boards and management teams across Europe he has helped both national and international scaleups and corporates find new growth, develop new verticals and claim a more competitive position in their market.

KAREN THERESE EDELBERG | CHIEF COMPLIANCE & RISK OFFICER

Edelberg joined the Instabank team in 2025. With more than 20 years of experience, she has held various roles within Governance, Risk & Compliance across banks, financial institutions, and startups. Additionally, she has managed her own consultancy firm specializing in Governance, Risk & Compliance. Edelberg holds a law degree (cand.jur.) from the University of Oslo."

Board of directors | Seasoned and diligent

THOMAS BERNTSEN | CHAIR PERSON

Berntsen is the owner, chairman and managing partner in F2 Management. Furthermore, he is the chairman of the board in Skeidarliving Group and a board member in Birkelunden Investeringsselskap (which owns 5.5% of the outstanding shares in Instabank). Berntsen holds an MSc in Business Administration from the Norwegian Business School.

SIV FELLING GALLIGANI | BOARD MEMBER

Galligani is the owner and chairman in Engø Gård (hotel and restaurant). Her previous experiences include positions as Head of Treasury and Deputy CEO in Kommunalbanken. Furthermore, she served as a board member in yA Bank from 2015 to 2018. Galligani holds an MSc in Business Administration from the Norwegian Business School.

GUNN ISABEL WESTERLUND INGEMUNDSEN | BOARD MEMBER

Ingemundsen is Head of Compliance & Risk at Hafslund Oslo Celsio AS. Her previous experience includes positions as CRO at Danske Bank Norway and VP Head of Risk Management, Financial Services at Telenor. Board experience from various companies incl. listed. Ingemundsen holds a Master in Shipping, Trade and Finance from City, University of London

ODD HARALD HAUGE | BOARD MEMBER

Hauge is an investor, consultant and author. He is the founder of Nettavisen where he also served as Chief Editor. Furthermore, he has served as Business Editor in Aftenposten, Director Corporate Finance in ABG Sundal Collier and Chief Editor in Kapital. Hauge holds an MSc in Business Administration from the Norwegian School of Economics.

ALEXANDER FAROOQ | BOARD MEMBER

Farooq is currently Partner at Norselab. His previous experience includes four years as Investment Manager at Instabank's main shareholder, Kistefos ASA. Board experience from various companies. Farooq holds a Master in Finance & Private Equity from The London School of Economics

ANNE JØRGENSEN | EMPLOYEE REPRESENTATIVE

Jørgensen holds the position as COO in Instabank

Jørgensen has been with Instabank since 2019. Prior to joining the Company, she held the position as Head of Contracts in Waterlogic. She has also been Service Delivery Manager and Head of Operations in Ikano Bank. Jørgensen is educated at the Norwegian School of Sport Sciences.

Gross lending portfolio| Transparent and simple

	Gross Loans	# Customers	Avg Ticket Size	Yield
Mortgages First or second priority mortgages for refinancing of unsecured debt or house improvements	3,668''	3,421	1,072'	8.9 %
Consumer Loans Unsecured loans offered in Norway, Finland and Sweden	2,818''	24,981	113'	12.6%
Business lending Credit line product for small and medium sized enterprises	701''	502	1,396'	17.9 %
Credit Cards Most attractive credit card in the market for revolving credit customers	451''	12,997	35'	18.0 %
Sales Finance Product has been discontinued and are in run off	221''	26,529	8'	14.4%
Total Well diversified loan portfolio	7,859''	68,430	115'	11.5 %

Deposits volumes | Diversified funding

	Volume	# Customers	Avg. Deposit Size	Avg. deposit rate
Norway	4,183''	23,189	180'	4.7 %
Germany	3,548''	20,088	177'	2.5 %
Finland	74''	3,235	23'	1.1 %
Sweden	10''	1,270	8'	0.5 %
Total	7,814''	47,782	164'	3.6 %

The share | Oslo Euronext Growth, ticker "INSTA"

Top 20 shareholders (Per August 13th, 2025) Share price development (last 12 months)

#	Shareholders	# of shares	%
1	KISTEFOS AS	94,268,606	24.9%
2	HODNE INVEST AS	37,546,909	9.9%
3	VELDE HOLDING AS	30,044,521	7.9%
4	BIRKELUNDEN INVESTERINGSSELSKAP AS	20,758,140	5.5%
5	AF CAPITAL AS	14,000,000	3.7%
6	BJELLA INVESTMENTS AS	13,112,021	3.5%
7	HJELLEGJERDE INVEST AS	10,193,220	2.7%
8	TORSTEIN TVENGE	10,000,000	2.6%
9	KRISTIAN FALNES AS	8,500,275	2.2%
10	LEIKVOLLBAKKEN AS	8,500,000	2.2%
11	MOROAND AS	8,500,000	2.2%
12	NORDNET LIVSFORSIKRING AS	8,125,823	2.1%
13	ALTO HOLDING AS	6,116,498	1.6%
14	GOLDMAN SACHS BANK EUROPE SE	6,012,592	1.6%
15	SONSINVEST AS	5,108,195	1.4%
16	VESLESMEDEN HOLDING AS	4,000,000	1.1%
17	MAGDALENA HOLDING AS	4,000,000	1.1%
18	KAARE BERNTSEN AS	3,184,713	0.8%
19	LEIRIN HOLDING AS	3,076,944	0.8%
20	Jomaho As	2,670,000	0.7%
	Sum Top 20	297,718,457	78.7%
	Other shareholders	80,543,055	21.3%
	Total	378,261,512	100.0%

Position	Name	# of shares	% of total
CEO	Robert Berg (Sonsinvest AS)	5,878,195	1.6 %
CTO	Jørgen Rui	1,767,514	0.5 %
CMO	Farzad Jalily	1,020,000	0.3 %
CFO	Per Kristian Haug	204,935	0.1 %
CRO	Kjetil Andre Welde Knudsen	141,678	0.0 %
COO	Anne Jørgensen	118,625	0.0 %
CCRO	Karen Therese Edleberg	36,000	0.0 %
CCO	Robert Leinders-Krog	18,000	0.0 %
	Sum management	9,184,947	2.4 %
	Other employees	2,886,148	0.8 %
	Board members	5,238,118	1.4 %
	Total	17,309,213	4.6 %

Share price (NOK) and volume

Income statement & Balance sheet | Overview

INCOME STATEMENT (NOK THOUSAND) BALANCE SHEET (NOK THOUSAND)

New
P&L	Q2-25	Q1-25	FY 2024	Q4-24	Q3-24	Q2-24
Total income:
Interest Income			202,345 187,208 722,350 187,135 184,782 179,267
Interest expenses	77,317		72,039 295,495	72,964	75,885	75,332
Net interest income			125,029 115,169 426,855 114,172 108,897 103,935
Net other income	19,075	19,359	65,325	12,237	19,495	16,916
Total income			144,104 134,527 492,179 126,409 128,392 120,851
Operating expenses:
Salary and other personnel expenses	23,415	25,042	86,533	25,901	23,609	18,215
Other administrative expenses, of which	34,095	29,890	96,932	28,859	24,181	22,030
- direct marketing cost	9,279	6,979	21,617	6,041	5,240	5,342
Other expenses	3,222	3,602	11,056	3,037	3,303	2,570
Depreciation and amortisation	3,450	3,539	11,896	3,359	2,197	3,199
Total operating expenses	64,182		62,073 206,416	61,157	53,289	46,014
Losses on loans	50,987		41,648 157,315	32,212	39,868	38,903
Operating profit before tax	28,935		30,807 128,448	33,040	35,235	35,934
Tax	7,234	7,702	30,325	6,472	8,809	8,984
Profit and other comprehensive income	21,702	23,105	98,124	26,568	26,426	26,951

Assets Loans and deposits with credit institutions 412,385 198,524 438,305 422,913 260,637 Loans to customers 7,594,769 6,807,588 6,500,203 6,353,508 6,219,526 Certificates and bonds 1,127,158 1,100,694 1,002,496 1,102,220 1,163,257 Derivatives 19,424 342 2,326 3,243 567 Shares and other equity instruments 6,000 6,000 6,000 6,000 6,000 Other intangible assets 32,300 32,237 30,668 28,631 29,196 Fixed assets 11,238 11,828 12,539 13,204 13,912 Deferred tax assets - - - 1,883 1,883 Other receivables 18,535 67,330 15,917 40,607 13,198 Total assets 9,221,808 8,224,543 8,008,454 7,972,209 7,708,176 Liabilities Deposits from and debt to customers 7,813,882 6,930,660 6,746,553 6,768,449 6,531,455 Other debts 55,602 64,217 55,039 28,464 39,610 Accrued expenses and liabilities 26,989 25,488 37,790 29,901 24,757 Derivatives 1,269 15,974 3,029 4,712 4,968 Deferred tax 8,256 8,256 8,256 - - Tax payable 14,936 7,702 20,186 31,761 22,953 Subordinated loan capital 190,000 110,000 96,000 96,000 96,000 Total liabilities 8,110,933 7,162,296 6,966,852 6,959,287 6,719,742 Equity Share capital 378,262 378,262 378,262 378,262 378,262 Share premium reserve 200,430 200,430 200,430 200,430 200,430 Retained earnings 387,183 398,555 377,911 353,330 328,842 Additional tier 1 capital 145,000 85,000 85,000 80,900 80,900 Total equity 1,110,875 1,062,247 1,041,603 1,012,921 988,433 Total liabilities and equity 9,221,808 8,224,543 8,008,454 7,972,209 7,708,176	Balance Sheet	30.06.25	31.03.25	31.12.24	30.09.24	30.06.24

Instabank is the Nordic challenger bank for corporate and private customers. Founded in 2016.