First quarter 2025

May 8th 2025

Trond Søraas CFO

Q1 2025 Profitable and solid

Return on equity of 14.0 per cent Strong NII, broad growth and reduced costs
Seasonally strong results from subsidiaries YoY top line growth in Regnskapshuset SMN and EM1 Midt-Norge alike.
Increased contribution from SpareBank 1 Gruppen compared to Q1 2024, particularly good development in Fremtind Forsikring
Low loan losses and solid capitalisation Diversified lending book with high credit quality, rigged for further growth and good dividend capacity
Leading finance centre in Mid-Norway complete financial service offering with physical presence, digital solutions and regional knowledge as the foundation

Prepared to navigate a world of significant uncertainty

High value creation over time

The leading finance centre, both physically and digitally

Phygital relationship «One SMN»

We offer our customers the best of both worlds: personalised service combined with modern and user-friendly digital solutions

We engage with our customers through comprehensive journeys that include products, services, and expertise to address all financial needs

Mortgage customers are choosing SpareBank 1

Norion Commercial Real Estate becomes part of SpareBank 1 SMN

Corporate market

Profit before tax (NOKm)

Expanding nationally after acquiring T ' largest CRE broker

Adresseavisen, 18.February 2025 Translated text

From left: Kjetil Reinsberg, Jan-Frode Janson and Knut Efskin.

Photo: Gunnar Okstad

New division for Economic Crime and Business Support

Creating better customer experiences with simpler processes
Streamlining with digitalization and artificial intelligence
Reducing risk and losses from economic crime

The merger in Sunnmøre benefits customers, owners, and the community

Customer offer and presence

Enhanced service spectrum and increased lending capacity
Finance centres in Ålesund, Ørsta, Volda, and Sykkylven

Return to owners

Capital relief with IRB
Increased return on equity from ~ 9% in SpareBank 1 Søre Sunnmøre to targeted ROE of 13 % as a part of SMN

SpareBank Foundation Søre Sunnmøre

Dividend of ~130 NOKm in 2024
Managed capital increased from 1.4 NOKbn to 2.5 NOKbn

Financial Information

Q1 2025

14.0% Return on equity

1,004 mill Profit after tax

18.1% CET1-ratio

21 mill Loan losses Lending growth 0.2% Retail banking 0.7% Corporate banking -0.9%

Deposit growth 5.2% Retail banking 3.4% Corporate banking 5.5%

Operating margin subsidiaries

Regnskapshuset SMN 21.3% Eiendomsmegler 1 Midt-Norge 6.1% SB1 Finans Midt-Norge 13.3 % (ROE)

Achieving financial targets

Cost/income bank ex. finance (per cent)

Cost/income subsidiaries ex. finance (per cent)

Growth and margins in Retail Banking - quarterly

Lending volume (NOKbn) Deposit volume (NOKbn)

-

Margins vs NIBOR3M

-

Growth and margins in Corporate Banking - quarterly

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

-

Results

mill NOK	Q1 25	Q4 24	Q3 24	Q2 24	Q1 24	Change from Q4 24	Change from Q1 24
interest income Net	321 1 ,	372 1 ,	355 1 ,	310 1 ,	336 1 ,	-51	-15
Commission income income and other	648	580	553	680	579	68	69
Operating Income	969 1 ,	953 1 ,	908 1 ,	990 1 ,	915 1 ,	17	54
operating Total expenses	859	901	810	801	789	-42	7 0
business Pre-loss result of core	1 111 ,	1 052 ,	1 098 ,	1 190 ,	1 126 ,	59	-15
loans and Losses guarantees on	21	3 0	7 5	47	24	-9	-3
business of Post-loss result core	1 090 ,	1 022 ,	1 023 ,	1 143 ,	1 103 ,	68	-12
Related companies	191	227	685	148	194	-36	-3
Securities foreign derivates and currency ,	-12	5 6	-14	5	5 7	-68	-69
Result before tax	1 269 ,	1 305 ,	1 693 ,	1 296 ,	1 353 ,	-36	-84
Tax	262	253	252	276	273	9	-11
investment for Result held sale	-3	-1	0	-5	3	-3	-6
profit Net	004 1 ,	052 1 ,	1 441 ,	015 1 ,	084 1 ,	-48	-80
equity Return on	14 0 %	14 4 %	21 0 %	15 4 %	16 0 %	-0 4 %	-1 9 %

Income

Net interest income and other income (NOKm) Commission income

mill NOK	Q1 25	Q4 24	Q3 24	Q2 24	Q1 24	C hange fro m Q4 24	C hange fro m Q1 24
transmission income Payment	80	107	79	91	77	-27	3
Credit cards	13	18	18	17	18	-5	-5
Commissions savings and asset mgmt	12	13	13	12	11	-1	0
Commissions insurance	71	69	67	65	63	3	8
commissions Guarantee	17	17	16	17	15	0	2
Estate agency	125	112	127	151	115	13	10
services Accountancy	225	160	145	228	200	65	25
commissions Other	18	16	13	19	18	1	-1
Commissions ex. Bolig/Næringskreditt	560	512	479	599	517	48	44
Commissions Boligkreditt (cov bonds)	84	65	71	78	5 9	19	26
Commissions Næringskred (cov bonds)	4	3	3	4	4	1	0
commission income Total	648	580	553	680	579	68	69

Costs

Total operating expenses per quarter (NOKm) Costs per category

Total costs decreased by 42NOKm from the previous quarter. Costs in the bank decreased by 54NOKm. Q4 2024 included capital tax costs and higher national insurance contribution account of 60NOKm
Increased costs in EiendomsMegler 1 Midt-Norge due to changes in accounting for commission-based salaries
Compared to Q1 2024 the cost growth in the bank is at 2.0 per cent adjusted for insurance settlement in Q1 2024.

Mill kr	Q1 25	Q4 24	Q3 24	Q2 24	Q1 24	C hange fro m Q4 24	C hange fro m Q1 2 4
Staff costs	532	516	498	484	482	16	0 5
IT costs	109	83	108	109	110	26	-1
Marketing	25	30	23	25	26	-6	-1
Ordinary depreciation	46	48	44	44	41	-2	5
.ex., real properties Op estate	16	10	14	12	13	7	3
Purchased services	64	98	61	66	74	-34	-10
Other operating expense	67	116	62	62	43	-49	24
Total operating expenses	859	901	810	801	789	-42	70

Broad product range and a diversified income platform

Losses

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

Strong liquidity and balanced maturity structure

Diversified deposit base with deposit-to-loan ratio of 59 per cent
Solid regulatory headroom

**Capital markets funding (NOKbn) Maturity structure*) (NOKbn)**

Liquidity Coverage Ratio (LCR)

*) SP, SNP. Final maturity

Solidity

CET 1 Leverage ratio

T ' q T -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

SpareBank 1 Markets and Swedbank establish new nordic brokerage firm

Together with its long-time business partner and international competitor, Swedbank, SpareBank 1 Markets is launching a new initiative in Sweden.

Dagens Næringsliv, 4. March 2025

Photo: Mikaela Bergli

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

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

Diversified deposit portfolio

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 March 2025 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 78 % 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 Q4 2024

Robust mortgage portfolio

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

Risk weight mortgages

31

Problem loans

Subsidiaries

mill in share parentheses NOK SMN's ,	Q1 25	Q4 24	Q3 24	Q2 24	Q1 24	Change from Q4 24	Change from Q1 24
EiendomsMegler Midt-Norge (92 4%) 1	8	-1	8	43	20	8	-12
SpareBank Regnskapshuset SMN (93 3%) 1	2 5	-3	-7	5 4	3 5	5 5	17
Finans Midt-Norge SpareBank (64 8%) 1	69	87	68	76	66	-18	3
SpareBank (100%) 1 SMN Invest	4	27	-12	-13	48	-23	-44
companies Other	5	6	3	5	5	-1	0
subsidiaries Sum	138	117	60	165	174	21	-37

Product companies

mill in share parentheses NOK SMN's ,	Q1 25	Q4 24	Q3 24	Q2 24	Q1 24	Change from Q4 24	Change from Q1 24
SpareBank (19 5%) 1 Gruppen	5 9	99	86	1	40	-40	19
Gain Fremtind/Eika from between merger			452
Boligkreditt SpareBank (23 2%) 1	24	23	3 7	3 5	3 3	0	-9
SpareBank Næringskreditt (12 7%) 1	3	4	3	3	4	-1	-1
Bank (35 0%) BN	74	68	77	73	84	6	-11
SpareBank Markets (39 9%) 1	19	19	20	26	25	0	-6
Kredittbanken (15 1%)	-1	-5	-3	1	-4	4	3
Betaling SpareBank (20 9%) 1	-4	-4	-1	-2	-12	1	8
SpareBank Forvaltning (21 5%) 1	14	17	13	13	10	-4	4
companies Other	4	4	1	-3	13	-0	-9
associated companies Sum	191	226	685	148	194	-35	-3

Return on financial investments

mill NOK	Q1 25	Q4 24	Q3 24	Q2 24	Q1 24	Change from Q4 24	Change from Q1 24
gain/(loss) stocks Net on	25	44	-1	4	42	-20	-18
gain/(loss) financial instruments Net on	-39	-47	-45	-17	-11	8	-28
gain/(loss) forex Net on	-2	42	24	11	22	-44	-25
financial instruments Net return on	-17	40	-22	-1	54	-57	-70

Equity certificate, key figures

figures Key	Q1 2025	2024	2023	2022	2021
ratio ECC	66 8 %	66 8 %	66 8 %	64 0 %	64 0 %
issued (mill) Total ECCs	144 17	144 21	144 20	129 29	129 39
price ECC	182 76	32 171	80 141	127 40	149 00
Market value (NOKm)	26 349 ,	24 706 ,	20 448 ,	16 471 ,	19 279 ,
Booked equity capital ECC per	122 57	128 09	120 48	109 86	103 48
earnings in ECC NOK Post-tax per ,	32 4	20 10	16 88	12 82	13 31
Dividend ECC per	-	12 50	12 00	6 50	7 50
P/E	10 43	8 32	8 40	9 94	19 11
Price equity capital / Booked	1 49	1 34	1 18	1 16	1 44

Balance sheet

NOKbn	31 3 25	31 3 24
Cash and receivables from central banks	2 1	2 0
Deposits with credit institutions and loans to	10 3	8 1
receivables from loans and Net to customers	178 9	168 4
Fixed-income and bonds CDs	37 6	36 1
Derivatives	6 6	7 3
Shares , units and other equity interests	1 0	1 2
in companies related Investment	10 0	9 0
for held sale Investment	0 2	0 1
Intangible assets	2 1	2 1
Other assets	3 0	2 3
Total assets	251 0	235 7
Deposits credit institutions from	10 8	9 14
Deposits from and debt to customers	148 2	134 4
issue securities Debt created by of	35 3	31 1
Subordinated debt (SNP)	13 6	12 7
Derivatives	6 2	7 1
Other debt	5 7	5 8
for held sale Investment	0 0	0 0
Subordinated loan capital	2 7	2 8
equity Tier Capital Total 1 ex	26 7	25 1
Additional Tier Capital 1	1 8	1 9
liabilities equity Total and	251 0	235 7

Maturity structure SP, SNP. Final maturity

NOKbn

Development in CET1 capital and capital adequacy

CET1 ratio in per cent

Strengthened position in the business market

Market shares

Trøndelag, Møre & Romsdal

Accountancy Corporate lending Newly established businesses

Development trends in Mid-Norway's business sector

Regional network, Norges Bank

Mid-Norway has a diversified economic structure

Staying on course during the transformation of the accounting sector

Solid growth in advisory revenus (NOKm)

CAGR of 25 per cent
The share of advisory revenues out of total revenues has increased from 11% to 18%

Customer in focurs with «Bank in accounting»

Development in the share of joint customers over the past two years*

Pilot – market area Molde

		Jan Mar May Jul Sep Nov Jan May Jul Sep Nov Jan Mar
2023					2024				2025

Joint customer: a customer of both SpareBank 1 SMN and Regnskapshuset SMN.

42 % Joint customers are more satisfied

We coordinate on behalf of the customer, rather than the customer having to coordinate on our behalf
Customer satisfaction increased from 7.5 to 8.0

Close interaction bertween bank and real estate agent

Tips from Real Estate Agent to Bank Advisor

Market area: Trondheim

Synergy from Real Estate Agent to Bank*