SpareBank 1 SMN

Investor Presentation • Aug 7, 2025

Second quarter 2025

1. August 2025

Trond Søraas CFO

Q2 2025 Profitable and solid

• Return on equity of 16.2% in Q2 and 15.0% year-to-date
• Solid operational results and strong contributions from ownership interests

Revenue growth partly offset by increased costs in the quarter due to a court ruling in the legal process with Tietoevry

• High level of activity across business areas Improved results from EiendomsMegler 1 Midt-Norge and SpareBank 1 Regnskapshuset SMN
• Low loan losses and strong capital position CET1-ratio of 18.8% after implementation of CRR3. Outlook for continued growth and strong dividend capacity
• The leading financial group in Mid-Norway Offering a comprehensive range of financial services, marketleading digital solutions, local presence, and strong regional roots as its foundation

High value creation over time

Strengthened position within retail in Trondheim

Kantar market position survey, retail banking 2025

Primary bank share Trondheim (per cent) «Which bank do you consider as your primary bank?»

Strong performance in the high-net-worth segment

Capital as at Q225 (NOK mill)

• Full-service financial provider for high-net-worth clients
• Private Banking is well established in the market, and now the Platinum concept is being launched as the next level
• Strong execution capabilities have led to rapid growth
• Estimated return on allocated capital exceeds the defined target for SpareBank 1 SMN
• Significant synergies and continued growth potential

Strong foothold in the SME segment

Market shares (per cent)

Corporate banking Share of corporate loans

Corporate banking Share of newly established companies

Accountancy Market share # businesses

Strategic positions for further growth in the corporate market

Commercial real estate brokerage

• Market leader in Trøndelag and Møre & Romsdal
• Strong local presence and market insight
• Ambition to establish a national position

Accounting and advisory services

• One-stop shop seamless delivery of banking, accounting, and advisory services
• A sparring partner with in-depth knowledge of our customers and their businesses
• Creates mutual value for both customers and SpareBank 1 SMN

Agriculture

• The preferred bank for agricultural customers in Mid-Norway
• Fully integrated into the corporate banking division with a comprehensive service offering
• Strengthens advisory services for sustainable and profitable operations

Strategic ownership with financial strength

Profit contribution from SB1 Gruppen (NOK mill)

Fremtind driving growth

• SpareBank 1 Gruppen holds a 51.44% ownership stake in Fremtind
• A unified platform for growth and integration between banking and insurance
• Robust financial returns to the owner banks

Fremtind strengthened its results with 150 per cent

Fremtind is showing strong positive momentum in Q2

Finanswatch 11. July 2025, translated from Norwegian

The leading finance centre, both physically and digitally

Strong presence with 26 finance centres

Skilled advisors with a solid local presence

Comprehensive financial service offering

Reliable, smart, and user-friendly digital solution

Supporting the summer festival season

Financial Information

Q2 2025

First half 2025

16.2 % Return on equity

NOK 1,131 mill Profit after tax

18.8% CET1-ratio Lending growth 1.2% Retail banking 1.4% Corporate banking 0.9%

Deposit growth 0.9% Retail banking 6.2% Corporate banking - 1.1%

15.0% Return on equity

NOK 2,134 mill Profit after tax

Operating margin subsidiaries

Regnskapshuset SMN 22.8% Eiendomsmegler 1 Midt-Norge 24.2% SB1 Finans Midt-Norge 13.0% (ROE)

NOK 52 mill Loan losses

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

-

2.51	2.47	2.41 - -	2.43	2.34
0.70 -	0.71	0.68	0.79	0.87
0.44	0.47	0.45	0.44	0.45
Q2 24	Q3 24	Q4 24	Q1 25	Q2 25

Results

mill NOK	Q2 25	Q1 25	Q4 24	Q3 24	Q2 24	Change from Q1 25	from Change Q2 24
interest income Net	1 335 ,	1 321 ,	1 372 ,	1 355 ,	1 309 ,	14	26
Commission income and other income	730	648	580	553	681	82	49
Operating Income	2 065 ,	1 969 ,	1 953 ,	1 908 ,	1 990 ,	96	75
Total operating expenses	917	859	901	810	800	5 9	117
business Pre-loss result of core	148 1 ,	1 111 ,	052 1 ,	098 1 ,	190 1 ,	37	-42
loans and Losses guarantees on	3 2	21	3 0	7 5	47	11	-15
business Post-loss result of core	116 1 ,	090 1 ,	022 1 ,	023 1 ,	143 1 ,	26	-27
companies Related	271	191	227	685	148	80	122
Securities foreign and derivates currency ,	19	-12	5 6	-14	5	3 1	14
Result before tax	405 1 ,	269 1 ,	305 1 ,	693 1 ,	296 1 ,	136	109
Tax	270	262	253	252	276	8	-7
Result investment held for sale	-5	-3	-1	0	-5	-2	0
profit Net	1 131 ,	1 004 ,	1 052 ,	1 441 ,	1 015 ,	127	115
equity Return on	16 2 %	14 0 %	14 4 %	21 0 %	15 4 %	2 2 %	0 8 %

Income

Net interest income and other income (NOKm) Commission income

mill NOK	Q2 25	Q1 25	Q4 24	Q3 24	Q2 24	C hange fro m Q1 25	C hange fro m Q2 24
transmission income Payment	80	80	107	79	91	0	-11
Credit cards	9	13	18	18	17	-4	-8
Commissions savings and asset mgmt	17	12	13	13	12	5	5
Commissions insurance	76	71	69	67	65	4	11
commissions Guarantee	21	17	17	16	17	5	4
Estate agency	173	125	112	127	151	47	22
services Accountancy	232	225	160	145	228	7	4
Other commissions	18	18	16	13	19	1	-1
Commissions ex. Bolig/Næringskreditt	625	560	512	479	599	65	26
Commissions Boligkreditt bonds) (cov	101	84	65	71	78	17	23
Commissions Næringskred bonds) (cov	4	4	3	3	4	0	0
commission income Total	730	648	580	553	680	8 2	50

Costs

Total operating expenses per quarter (NOKm) Costs per category

• The accrual for incurred costs to Tietoevry for the period 2023 through Q2 2025, amounting to NOK 47 million, increases IT expenses for the quarter
• Costs in the bank are in line with Q1, adjusted for the aforementioned accrual

Mill kr	Q2 25	Q1 25	Q4 24	Q3 24	Q2 24	C hange fro m Q1 25	C hange fro m Q2 24
Staff costs	526	532	516	498	484	-6	41
IT costs	161	109	83	108	109	5 2	5 2
Marketing	24	25	30	23	25	-1	-1
Ordinary depreciation	47	46	48	44	44	1	3
properties .ex., real Op estate	11	16	10	14	12	-5	-1
services Purchased	74	64	98	61	66	10	9
operating Other expense	74	67	116	62	62	7	13
operating Total expenses	917	859	901	810	801	58	116

Broad product range and a diversified income platform

Profit after tax (NOKm)

Losses

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

Solidity

CET 1 Leverage ratio

' q -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

22

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

Development in housing prices

Seasonally adjusted prices

Number of bankruptcies in Trøndelag, Møre & Romsdal

Sources: NAV, SSB housing prices, Brønnøysundregisteret and Eiendomsverdi

Profitable and solid

Return on equity

CET1 ratio

Result per ECC Loan losses in per cent of total lending

Diversified deposit portfolio

Deposits by sector (NOKbn)

Liquidity Coverage Ratio (LCR)

Public sector 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 30 of June 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 75 per cent 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 Q1 2025

Robust mortgage portfolio

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

Risk weight mortgages

Problem loans

Subsidiaries

mill in share parentheses NOK SMN's ,	Q2 25	Q1 25	Q4 24	Q3 24	Q2 24	Change from Q1 25	Change from Q2 24
EiendomsMegler Midt-Norge (92 4%) 1	42	8	-1	8	43	3 4	-2
SpareBank Regnskapshuset SMN (93 3%) 1	5 7	2 5	-3	-7	5 4	5	4
Finans Midt-Norge SpareBank (64 8%) 1	68	69	87	68	76	-1	-9
SpareBank SMN (100%) 1 Invest	26	4	27	-12	-13	22	3 9
companies Other	5	5	6	3	5	-0	0
subsidiaries Sum	197	138	117	60	165	60	32

Product companies

mill in share parentheses NOK SMN's ,	Q2 25	Q1 25	Q4 24	Q3 24	Q2 24	Change from Q1 25	Change from Q2 24
SpareBank (19 5%) 1 Gruppen	114	5 9	99	86	1	5 5	113
Gain from between Fremtind/Eika merger				452
Boligkreditt SpareBank (23 2%) 1	16	24	23	3 7	3 5	-8	-19
SpareBank Næringskreditt (12 7%) 1	3	3	4	3	3	-0	-1
Bank (35 0%) BN	85	74	68	77	73	11	12
SpareBank Markets (39 9%) 1	18	19	19	20	26	-1	-8
Kredittbanken (15 1%)	3	-1	-5	-3	1	4	2
Betaling SpareBank (20 9%) 1	-7	-4	-4	-1	-2	-3	-5
SpareBank Forvaltning (21 5%) 1	13	14	17	13	13	-0	0
companies Other	25	4	4	1	-3	22	28
associated companies Sum	270	191	226	685	148	79	122

Return on financial investments

mill NOK	Q2 25	Q1 25	Q4 24	Q3 24	Q2 24	Change from Q1 25	Change from Q2 24
gain/(loss) stocks Net on	23	25	44	-1	4	-2	19
gain/(loss) financial instruments Net on	-3	-39	-47	-45	-17	3 5	13
gain/(loss) forex Net on	-5	-2	42	24	11	-3	-17
financial instruments Net return on	14	-17	40	-22	-1	31	15

Equity certificate, key figures

figures Key	Q2 2025	2024	2023	2022	2021
ratio ECC	66 8 %	66 8 %	66 8 %	64 0 %	64 0 %
issued (mill) Total ECCs	144 18	144 21	144 20	129 29	129 39
price ECC	193 94	32 171	80 141	127 40	149 00
Market value (NOKm)	27 962 ,	24 706 ,	20 448 ,	16 471 ,	19 279 ,
equity capital Booked ECC per	130 34	128 09	120 48	109 86	103 48
earnings in ECC NOK Post-tax per ,	9 31	20 10	16 88	12 82	13 31
Dividend ECC per	-	12 50	12 00	6 50	7 50
P/E	10 33	8 32	8 40	9 94	11 19
Price equity capital / Booked	49 1	34 1	18 1	16 1	1 44

Balance sheet

NOKbn	30 6 25	30 6 24
receivables Cash and from central banks	2 4	1 5
Deposits with credit institutions and loans to	11 5	12 4
receivables loans and from Net to customers	182 1	172 5
Fixed-income and bonds CDs	36 1	36 2
Derivatives	6 1	6 1
, units equity interests Shares and other	1 0	1 1
in companies related Investment	10 7	9 0
held for sale Investment	0 2	0 2
Intangible assets	1 3	1 2
Other assets	3 5	3 1
Total assets	254 8	243 5
Deposits from credit institutions	12 9	13 9
Deposits from and debt to customers	149 4	139 7
issue of securities Debt created by	35 9	35 3
Subordinated debt (SNP)	14 7	13 6
Derivatives	4 8	6 3
Other debt	4 6	3 9
held for sale Investment	0 0	0 0
Subordinated capital loan	2 8	2 8
Total equity Tier Capital 1 ex	27 7	26 2
Additional Tier Capital 1	1 9	1 8
liabilities equity Total and	254 8	243 5

Maturity structure SP, SNP. Final maturity

NOKbn

Development in CET1 capital and capital adequacy

CET1 ratio in per cent