SpareBank 1 SMN

Investor Presentation • Feb 12, 2025

Fourth quarter 2024 Preliminary annual accounts

February 12th 2025

Trond Søraas CFO

Q4 2024 Profitable and solid

• Return on equity of 14.4% in Q4 and 16.6% in 2024 High revenues, solid contributions from most business areas, and gains from the merger between Fremtind and Eika Insurance
• The leading finance group in Mid-Norway Strengthened market position with new initiatives, an innovative financial house concept, and the foremost digital solutions as a foundation
• Moderate loan losses and well-capitalised Diversified loan portfolio with good credit quality, prospects for further growth, and dividend capacity
• Record-high dividend

The Board proposes a dividend of NOK 12.50 per equity certificate and the allocation of NOK 896 million as community dividend

High value creation over time

Realised effects from «One SMN» in 2024

Strengthened market position across all business areas*

* Market shares in Central Norway. Retail banking: share of mortgages (number). Development from march to december 2024 due to noise in the data set. EM1: share of sold used homes (number), Corporate banking: share of commercial loans (number), SpareBank 1 Regnskapshuset SMN: Share of businesses (number)

4

Growth from synergies and strategic initiatives

Growth in 2024

Merger with SB1 Søre Sunnmøre

Total lending growth in Sunnmøre and Fjordane (NOKbn)

Private Banking

Net subscription for funds and asset management (NOKbn) and share of SB1Forvaltning (%)

Deposits Deposit growth retail banking (NOKbn)

Advisory services

Revenue growth advisory services (NOKm)

Valuable ownership and collaboration in the SpareBank 1 Alliance

SpareBank 1 Gruppen Results from ownership (NOKm)

Norway's second largest financial group

Robust professional communities with effective knowledge sharing

Innovative strength and economies of scale

Strong product companies

Leading digital solutions

Joint effort against financial crime

Strong and visible brand

The finance centre is the core of our local presence

World class customer experiences 26 finance centres where the customer meets «One SMN», with expertise in banking, accounting and real estate brokerage

Digital leader through SpareBank 1 and associated companies

Well-equipped to handle periods with market volatility

MING – a robust investment

Home market with low unemployment, moderate housing price development, and diversified business sector

Robust loan portfolio with a high share of mortgages

Conservative loan provisions

Strong solidity

Local presence and industry knowledge

Savings banks contribute to stability, safety and active local communities

With a commitment to our societal mission

Community dividends contribute to vibrant local communities Over 3,000 NOKm for public benefit purposes in the last five years

* Average share of customer dividends and donations to public benefit purposes for 2022-2023, for the largest Norwegian savings banks with customer dividends

Leading in Central Norway Among the top performers in the Nordic region

41.1 % Owned by the society (incl. ECC owned by the savings banks foundations)

29.3 %

MING total return including dividend 2024

Norway's best mobile bank

«A good and user-friendly mobile bank that takes care of everyone» Cicero report 2024

95 % Of loans to businesses scored on ESG criteria (loans > 10 NOKm)

332 NOKm to over 2,000 good causes in the region in 2024

375,000 Daily logins to the mobile bank

26 Finance centres with complete service offering

800 Suspicious transactions reported to Økokrim in 2024

Økokrim: National Authority for Investigation and Prosecution of Economic and Environmental Crime

Financial Information

14.4 % Return on equity

1,052 mill Profit after tax

18.3 % CET1-ratio

16.6 % Return on equity Lending growth 5.5 % Retail banking 5.0 % Corporate banking 7.5 %

4,591 mill Profit after tax

176 mill

Loan losses

Deposit growth	6.0 %
Retail banking	7.5 %
Corporate banking	10.7 %

Operating margin subsidiaries

Regnskapshuset SMN 9.7 % Eiendomsmegler 1 Midt-Norge 13.8 % SB1 Finans Midt-Norge 13.7 % (ROE)

14

Achieving financial targets

Cost/income bank ex. finance (per cent)

Cost/income subsidiaries ex. finance (per cent)

High value creation over time allows for record-high dividends

12.50 NOK dividend per ECC 61 % pay-out ratio 896 NOKm community dividends

Growth and margins in Retail Banking - quarterly

Lending volume (NOKbn) Deposit volume (NOKbn)

w

• s
• w

Margins vs NIBOR3M

• s

Growth and margins in Corporate Banking - quarterly

Lending volume (NOKbn) Deposit volume (NOKbn) Margins vs NIBOR3M

w

• s
• w

-

* Lending margin for Q4 23 is adjusted for previously unrecognised interest due to redemption of an exposure previously acquired at a discount

Results

mill NOK	2024	2023	Q4 24	Q3 24	Q2 24	Q1 24	Q4 23	Change from Q3 24	Change from Q4 23
interest income Net	5 373 ,	4 732 ,	1 372 ,	1 355 ,	1 310 ,	1 336 ,	1 345 ,	17	27
Commission income income and other	2 392 ,	2 085 ,	580	553	680	579	498	27	82
Operating Income	766 7 ,	6 816 ,	953 1 ,	908 1 ,	990 1 ,	915 1 ,	844 1 ,	45	109
operating Total expenses	3 300 ,	3 018 ,	901	810	801	789	866	91	3 5
business Pre-loss result of core	466 4 ,	3 799 ,	052 1 ,	098 1 ,	190 1 ,	126 1 ,	978	-46	74
loans and Losses guarantees on	176	14	3 0	7 5	47	24	20	-46	10
business Post-loss result of core	4 290 ,	3 785 ,	1 022 ,	1 023 ,	1 143 ,	1 103 ,	958	-1	64
companies Related	254 1 ,	297	227	685	148	194	90	-457	137
Securities foreign derivates and currency ,	103	402	5 6	-14	5	5 7	448	7 0	-392
Result before tax	647 5 ,	484 4 ,	305 1 ,	693 1 ,	296 1 ,	353 1 ,	496 1 ,	-388	-191
Tax	1 054 ,	904	253	252	276	273	262	1	-9
Result investment held for sale	-2	108	-1	0	-5	3	12	-1	-13
profit Net	591 4 ,	3 688 ,	052 1 ,	1 441 ,	015 1 ,	084 1 ,	247 1 ,	-390	-195
equity Return on	16 6 %	14 4 %	14 4 %	21 0 %	15 4 %	16 0 %	18 3 %	-6 6 %	-3 9 %

Income

s s

Net interest income and other income (NOKm) Commission income

2024	2023	Change	Q4 24	Q3 24	Q2 24	Q1 24	Q4 23
354	330	24	107	79	91	77	101
71	61	10	18	18	17	18	14
49	43	6	13	13	12	11	11
263	253	10	69	67	65	63	61
65	60	5	17	16	17	15	16
505	432	73	112	127	151	115	98
733	661	72	160	145	228	200	152
66	76	-10	16	13	19	18	23
2,106	1,770	336	512	479	599	517	475
272	155	117	65	71	78	9 5	19
14	15	-1	3	3	4	4	4
2,392	2,084	308	580	553	680	579	498

20

Costs

Total operating expenses per quarter (NOKm) Costs per category

s s

• Total costs increased by 91NOKm from the previous quarter
• Costs in the bank increased by 78NOKm of which capital tax and higher national insurance contributions account for 60NOKm
• When adjusted for higher capital tax and the one-time expense related to employer national insurance contributions mentioned above, cost growth in the bank comes to 4.5 per cent.
• Expecting a further reduction in the 's cost growth in 2025

Mill kr	2024	2023	Change	Q4 24	Q3 24	Q2 24	Q1 24	Q4 23
Staff costs	1 981 ,	1 691 ,	290	516	498	484	482	476
IT costs	410	413	-3	83	108	109	110	132
Marketing	104	93	11	30	23	25	26	21
Ordinary depreciation	176	153	23	48	44	44	41	47
real properties Op estate .ex.,	49	5 7	-8	10	14	12	13	11
Purchased services	298	238	60	98	61	66	74	71
Merger expenses	0	64	-64	0	0	0	0	18
Other operating expense	283	309	-26	116	62	62	43	90
operating Total expenses	3 300 ,	3 018 ,	282	901	810	801	789	866

Broad product range and a diversified income platform

Ownership interests

Losses

Loan losses (NOKm) Distribution of losses in the quarter (NOKm)

Solidity

CET 1 Leverage ratio

s' s s w s -capital. The bank is subject to a provisional add-on of 0.7 per cent to its Pillar 2 requirement. Until the application for adjustment of IRB models has been processed the CET1 requirement is 16.95%

MING – an attractive investment

Profitable, solid and with a shareholder-friendly dividend policy

Market leader in Central Norway

High share of commission income from subsidiaries and product companies

Significant value from ownership within and outside the SpareBank 1 Alliance

Well-positioned for structural changes

Visible and engaged community builder with a strong brand

Disclaimer

This presentation contains certain forward-looking statements relating to the business, financial performance and results of SpareBank 1 SMN and/or the industry in which it operates. Forward- looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions.

The forward-looking statements contained in this presentation, including assumptions, opinions and views of SpareBank 1 SMN, or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Important factors that may cause such a difference for SpareBank 1 SMN are but not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels.

SpareBank 1 SMN do not provide any assurance that the assumptions underlying such forward-looking statements are free from errors and do not accept any responsibility for the future accuracy of the opinions expressed in this presentation or the actual occurrence of the forecasted developments. SpareBank 1 SMN assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

Appendix

Macro in Mid-Norway

Unemployment

Wholly unemployed as a percentage of the labor force

Housing market dynamics Mid-Norway

s s s s

Development in housing prices

Seasonally adjusted prices

Number of bankruptcies in Trøndelag, Møre & Romsdal

Source: NAV, SSB Boligpriser, Brønnøysundregisteret og Eiendomsverdi

Profitable and solid

Return on equity

CET1 ratio

Result per ECC Loan losses in per cent of total lending

Growth and margins in Retail Banking - Yearly

Growth and margins in Corporate Banking - Yearly

Lending volume (NOKbn) Deposit volume (NOKbn)

w

• s
• w

Margins vs NIBOR3M

• s
• s s

Diversified deposit portfolio

Liquidity Coverage Ratio

Public deposits are not covered by the guarantee scheme, but are mostly bound by contractual obligations

Well diversified lending portfolio dominated by mortgages

Loans per sector

as at 31st of December 2024 and change last 12 months (NOKbn)

Commercial property, construction, building

Share of commercial real estate exposure in the corporate lending book*

Rental properties make up 77 % of the banks CRE exposure, mainly to retail trade, industry/storage and offices

*Gross lending to commercial real estate as a share of corporate lending.. National data from SSB. Data for individual banks are based on reported numbers as at Q3 2024

Robust mortgage portfolio

Loan-to-value ratio in the mortgage portfolio Share of mortgages by LTV

Granted interest-only periods

s s s

Number of loans granted interest-only periods in the Retail Banking portfolio

Problem loans

s s s

ss

Subsidiaries

mill in share parentheses NOK SMN's ,	Q4 24	Q3 24	Q2 24	Q1 24	Q4 23	Change from Q3 24	Change from Q4 23
EiendomsMegler Midt-Norge (92 4%) 1	-1	8	43	20	-7	-9	6
SpareBank Regnskapshuset SMN (93 3%) 1	-3	-7	5 4	3 5	8	4	-11
Finans Midt-Norge SpareBank (56 5%) 1	87	68	76	66	12	19	76
SpareBank (100%) 1 SMN Invest	27	-12	-13	48	66	3 9	-39
companies Other	6	3	5	5	4	3	3
subsidiaries Sum	117	60	165	174	8 3	57	33

Product companies

mill in share parentheses NOK SMN's ,	Q4 24	Q3 24	Q2 24	Q1 24	Q4 23	Change from Q3 24	Change from Q4 23
SpareBank (19 5%) 1 Gruppen	99	86	1	40	-51	13	150
Gain from between Fremtind/Eika merger		452				-452
Boligkreditt SpareBank (23 7%) 1	23	3 7	3 5	3 3	3 0	-14	-7
Næringskreditt SpareBank (14 8%) 1	4	3	3	4	1	1	3
Bank (35 0%) BN	68	77	73	84	73	-9	-5
SpareBank Markets (39 9%) 1	19	20	26	25	19	-1	0
SpareBank Kreditt (18 6%) 1	-5	-3	1	-4	-3	-2	-1
Betaling SpareBank (21 9%) 1	-4	-1	-2	-12	-8	-3	3
Forvaltning SpareBank (21 5%) 1	17	13	13	10	12	4	5
Other companies	4	1	-3	13	16	3	-12
associated companies Sum	226	685	148	194	90	-459	137

Return on financial investments

mill NOK	Q4 24	Q3 24	Q2 24	Q1 24	Q4 23	Change from Q3 24	Change from Q4 23
gain/(loss) stocks Net on	44	-1	4	42	472	45	-427
gain/(loss) financial instruments Net on	-47	-45	-17	-11	-41	-2	-6
gain/(loss) forex Net on	42	24	11	22	27	17	15
financial instruments Net return on	40	-22	-1	54	458	62	-418

Equity certificate, key figures

figures Key	2024	2023	2022	2021	2020
ratio ECC	66 8 %	66 8 %	64 0 %	64 0 %	64 0 %
issued (mill) Total ECCs	21 144	20 144	129 29	129 39	129 39
price ECC	171 32	141 80	127 40	149 00	97 60
Market value (NOKm)	24 706 ,	20 448 ,	16 471 ,	19 279 ,	12 629 ,
equity capital Booked ECC per	128 09	120 48	109 86	103 48	94 71
earnings in Post-tax ECC NOK per ,	20 60	16 88	12 82	13 31	8 87
Dividend ECC per	12 50	12 00	6 50	50 7	40 4
P/E	8 32	8 40	9 94	11 19	11 01
Price / Booked equity capital	34 1	18 1	16 1	1 44	03 1

Balance sheet

NOKbn	31 12 24	31 12 23
receivables Cash and from central banks	0 7	2 1
Deposits with credit institutions and loans to	9 2	8 7
loans and receivables from Net to customers	179 3	169 0
Fixed-income and bonds CDs	36 7	34 2
Derivatives	7 2	6 7
, units equity interests Shares and other	0 1	1 1
in companies related Investment	10 1	8 7
held for sale Investment	0 2	0 1
Intangible assets	1 2	1 2
Other assets	2 2	1 8
Total assets	247 7	232 7
Deposits from credit institutions	13 9	13 2
Deposits from and debt to customers	140 9	132 9
issue of securities Debt created by	36 6	33 4
Subordinated debt (SNP)	13 4	12 4
Derivatives	6 2	0 7
Other debt	3 5	3 0
held for sale Investment	0 0	0 0
Subordinated capital loan	2 7	2 2
Total equity Tier Capital 1 ex	28 5	26 7
Additional Tier Capital 1	2 0	9 1
liabilities equity Total and	247 7	232 7

Maturity structure SP, SNP. Final maturity

NOKbn

Development in CET1 capital and capital adequacy

CET1 ratio in per cent