SpareBank 1 SMN

Investor Presentation • Oct 29, 2025

Third quarter 2025

1. October 2025

Trond Søraas CFO

Q3 2025 Profitable and solid

• Return on equity of 15.9% in Q3 and 15.3% YTD
• High activity levels in banking and realtor accountancy reflects normal seasonal variations
• Strong contributions from ownership interests solid insurance results and a gain of NOK 42 million related to the establishment of SB1 Markets
• Low loan losses, strong credit quality and solid capitalization provide room for growth and dividend capacity
• The leading financial group in Mid-Norway Offering a comprehensive range of financial services, digital solutions and local presence

High value creation over time

Solid profitability growth across all business segments

Pre-tax profit year-to-date (mill NOK)

Our most profitable synergy is providing financing

• We have one customer not four. By working across units, we create added value for both customers and the group
• Synergies flow in all directions, but the greatest impact comes when we offer financing to more customers
• When a customer moves from accounting to banking, our profit increased by more than 500%
• When a customer chooses SMN for a mortgage after meeting a broker, the value of the customer relationship increases by more than 200% in the first year – and we establish a relationship that creates lasting value

One SMN – the strategy is to be further refined

The foundation remains firm

We aim to be an independent regional bank with strong rooths in Central Norway

Our strategy builds on our identity

Valuable human interactions combined with leading digital solutions

Key development areas

Finance centres

World-class customer experiences

Mobile banking

The ' first choice – simple, fast, and relevant

Artificial Intelligence

Simplifying and improving for customers and employees

SpareBank 1 Alliance

Added value through collaboration

Opening the doors for customers in Nordmøre region

Opening of finance centre in Kristiansund Breakfast meeting Cultural events

• Advice for individuals at all stages of life
• Buying and selling private homes, holiday properties, and commercial real estate
• Comprehensive business advisory services for both banking and accounting
• Support schemes for clubs and associations

Strong presence in Trondheim

Close and accessible with three finance centres

City centre / Søndre gate

Moholt / Lyngården

Heimdal / Blomkvartalet

Strengthened market position

Source: Kantar Position survey retail market 2025

Going Nordic with SB1 Markets

• Strategic partnership with Swedbank
• Goal: establish a leading Nordic investment bank
• Stockholm office opened on September 1, 2025
• Significant opportunities for cross-selling between banking and capital markets
• Strenghtened expertise also boosts operations in Norway
• Back-office operations consolidated in Norway for effiency

The meeting place for all of Central Norway

Valuable days

This autumn, we have hosted a series of gatherings across Central Norway. The goal has been to give customers better insight into their own finance through a broad program of expert sessions and social events

Offer to purchase equity certificates for Executive Management

• The Board of Directors has resolved to offer the Group CEO and other members of the executive management team a one-time opportunity to purchase equity certificates in SpareBank 1 SMN
• Under the scheme, the Group CEO may acquire up to 30,000 equity certificates, while other members of the executive management team may aquire up to 15,000 equity certificates, at a 30% discount to the ' acquisition cost
• SpareBank 1 SMN will purchase the required number of equity certificates in the market, which will subsequently be sold to the executive management team. Implementation of the scheme is subject to approval by the Financial Supervisory Authority of Norway (Finanstilsynet)
• The equity certificates will be subject to a lock-up period of three years from the date of acquisition

Financial Information

Q3 2025

Year-to-date

15.9 % Return on equity Lending growth 0.8% Retail banking 1.3% Corporate banking - 0.2%

15.3% Return on equity

NOK 1,171 mill Profit after tax

Deposit growth -0.3% Retail banking -2.0% Corporate banking 2.1%

NOK 3,305 mill Profit after tax

17.8% CET1-ratio Operating margin subsidiaries Regnskapshuset SMN -3.8%

Eiendomsmegler 1 Midt-Norge 13.9% SB1 Finans Midt-Norge 12.2% (ROE) NOK 80 mill Loan losses

Adjusted for the one-off effect from the merger between Fremtind and Eika Insurance, return on equity in Q3 2025 is 1.5 percentage points higher than in Q3 2024.The impact of the risk-weight floor for mortgages is a 1.4 percentage point reduction in the Common Equity Tier 1 (CET1) ratio

Achieving financial targets

Solidity (per cent)

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)

Growth and margins in Corporate Banking - quarterly

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

0.71	0.68	0.79	0.87	0.94
0.47	0.45	0.44	0.45	0.43
Q3 24	Q4 24	Q1 25	Q2 25	Q3 25

Results

mill NOK	Q3 25	Q2 25	Q1 25	Q4 24	Q3 24	Change from Q2 25	Change from Q3 24
interest income Net	1 337	1 335	1 321	1 372	1 355	2	-18
Commission income income and other	619	730	648	580	553	-110	67
Operating Income	1 956	2 065	1 969	1 953	1 908	-109	48
Total operating expenses	833	917	859	901	810	-84	24
business of Pre-loss result core	1 123	1 148	1 111	1 052	1 098	-25	25
loans and Losses guarantees on	27	3 2	21	3 0	7 5	-4	-48
business Post-loss result of core	096 1	116 1	090 1	022 1	023 1	-21	73
companies Related	278	271	191	227	685	8	-406
Securities foreign and derivates currency ,	7 5	19	-12	6 5	-14	6 5	89
before Result tax	1 448	1 405	1 269	1 305	1 693	43	-245
Tax	275	270	262	253	252	5	23
investment Result held for sale	-2	-5	-3	-1	0	3	-2
profit Net	1 171	1 131	1 004	1 052	1 441	41	-270
equity Return on	15 9 % ,	16 2 % ,	14 0 % ,	14 4 % ,	21 0 % ,	-0 3 % ,	-5 1 % ,

Income

Net interest income and other income (NOKm) Commission income

mill NOK	Q3 25	Q2 25	Q1 25	Q4 24	Q3 24	C hange fro m Q2 25	C hange fro m Q3 24
transmission income Payment	87	80	80	107	79	7	8
Credit cards	11	9	13	18	18	2	-7
Commissions savings and asset mgmt	13	17	12	13	13	-4	0
Commissions insurance	80	76	71	69	67	4	13
commissions Guarantee	16	21	17	17	16	-5	0
Estate agency	148	173	125	112	127	-25	21
services Accountancy	152	232	225	160	145	-80	7
Other commissions	18	18	18	16	13	0	5
Commissions ex. Bolig/Næringskreditt	525	625	560	512	479	-100	46
Commissions Boligkreditt bonds) (cov	91	101	84	65	71	-10	20
Commissions Næringskred (cov bonds)	3	4	4	3	3	-1	0
commission income Total	619	730	648	580	553	-111	66

Costs

Total operating expenses per quarter (NOKm) Costs per category

• Cost reduction from Q2 mainly driven by accrual for incurred costs to Tietoevry for the period 2023 through Q2 2025, amounting to NOK 47 million, in Q2 2025
• Compared to Q3 2024 the group costs have increased by 2.9 per cent
• Adjusted for the aforementioned accrual we expect moderate cost growth in 2025

Mill kr	Q3 25	Q2 25	Q1 25	Q4 24	Q3 24	C hange fro m Q2 25	C hange fro m Q3 24
Staff costs	521	526	532	516	498	-5	23
IT costs	104	161	109	83	108	-57	-4
Marketing	23	24	25	30	23	-1	1
Ordinary depreciation	47	47	46	48	44	0	3
properties .ex., real Op estate	15	11	16	10	14	3	0
services Purchased	67	74	64	98	61	-7	6
operating Other expense	5 7	74	67	116	62	-18	-6
operating Total expenses	833	917	859	901	810	-84	24

Broad product range and a diversified income platform

Ownership interests

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

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

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)

Wage earners

Public sector

Corporate

Deposits covered by the deposit guarantee scheme as at 30.09.25 (NOKbn)

Not covered

Covered by the guarantee scheme

188%

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

196%

186%

183%

Well diversified lending portfolio dominated by mortgages

Loans per sector

as at 30. September 2025 and change last 12 months (NOKbn)

Commercial property, construction, building

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

^*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 Q2 2025

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

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 ,	Q3 25	Q2 25	Q1 25	Q4 24	Q3 24	Change from Q2 25	Change from Q3 24
EiendomsMegler Midt-Norge (92 4%) 1	21	42	8	-1	8	-21	13
SpareBank Regnskapshuset (93 3%) 1 SMN	-7	5 7	5 2	-3	-7	-64	0
Finans Midt-Norge SpareBank (64 8%) 1	66	68	69	87	68	-2	-2
SpareBank (100%) 1 SMN Invest	0	26	4	27	-12	-26	12
Other companies	3	5	5	6	3	-2	0
subsidiaries Sum	8 4	197	138	117	60	-114	24

Product companies

mill in share parentheses NOK SMN's ,	Q3 25	Q2 25	Q1 25	Q4 24	Q3 24	Change from Q2 25	Change from Q3 24
SpareBank (19 5%) 1 Gruppen	136	114	5 9	99	86	22	5 0
Gain Fremtind/Eika from between merger					452		-452
Boligkreditt SpareBank (22 2%) 1 ,	41	16	24	23	3 7	25	4
SpareBank Næringskreditt (12 7%) 1	2	3	3	4	3	-1	-1
Bank (35 0%) BN	70	85	74	68	77	-15	-7
Markets (31 9%) SB1 ,	12	18	19	19	20	-6	-8
Kredittbanken (15 1%)	3	3	-1	-5	-3	-0	6
Betaling SpareBank (20 9%) 1	2	-7	-4	-4	-1	9	3
SpareBank Forvaltning (21 5%) 1	14	13	14	17	13	1	1
companies Other	-1	25	4	4	1	-27	-2
associated companies Sum	278	270	191	226	685	8	-407

Return on financial investments

mill NOK	Q3 25	Q2 25	Q1 25	Q4 24	Q3 24	Change from Q2 25	Change from Q3 24
gain/(loss) stocks Net on	42	23	25	44	-1	19	43
gain/(loss) financial instruments Net on	26	-3	-39	-47	-45	29	71
gain/(loss) forex Net on	6	-5	-2	42	24	11	-19
financial instruments Net return on	73	14	-17	40	-22	59	95

Equity certificate, key figures

figures Key	Q3 2025	2024	2023	2022	2021
ratio ECC	66 8 % ,	66 8 % ,	66 8 % ,	64 0 % ,	64 0 % ,
issued (mill) Total ECCs	19 144 ,	21 144 ,	20 144 ,	129 29 ,	129 39 ,
price ECC	193 66 ,	171 32 ,	141 80 ,	127 40 ,	149 00 ,
Market value (NOKm)	27 923	24 706	20 448	16 471	19 279
equity capital Booked ECC per	131 03 ,	128 09 ,	120 48 ,	109 86 ,	103 48 ,
earnings in Post-tax ECC NOK per ,	14 49 ,	20 10 ,	16 88 ,	12 82 ,	13 31 ,
Dividend ECC per	-	12 50 ,	12 00 ,	6 50 ,	50 7 ,
P/E	10 00 ,	8 32 ,	8 40 ,	9 94 ,	11 19 ,
Price / Booked equity capital	1 48 ,	34 1 ,	1 18 ,	1 16 ,	1 44 ,

Balance sheet

NOKbn	30 9 25	30 9 24
receivables from Cash and central banks	1 1 ,	1 1 ,
Deposits with and loans credit institutions to	10 3 ,	8 1 ,
receivables loans and from Net to customers	184 3 ,	178 6 ,
Fixed-income and bonds CDs	35 1 ,	36 0 ,
Derivatives	6 1 ,	6 6 ,
, units equity interests Shares and other	1 0 ,	0 9 ,
in related companies Investment	10 8 ,	9 7 ,
held for sale Investment	0 2 ,	0 2 ,
Intangible assets	1 2 ,	1 2 ,
Other assets	0 4 ,	3 5 ,
Total assets	254 1 ,	246 0 ,
Deposits from credit institutions	10 4 ,	11 9 ,
Deposits from and debt to customers	149 0 ,	138 0 ,
issue of securities Debt created by	35 7 ,	37 8 ,
Subordinated debt (SNP)	15 1 ,	13 2 ,
Derivatives	4 7 ,	5 6 ,
Other debt	5 5 ,	6 9 ,
held for sale Investment	0 0 ,	0 0 ,
Subordinated capital loan	2 8 ,	2 9 ,
equity Tier Capital Total 1 ex	29 0 ,	27 6 ,
Additional Tier Capital 1	1 9 ,	2 1 ,
liabilities equity Total and	254 1 ,	246 0 ,

Maturity structure

SP, SNP. Final maturity

NOKbn

Development in CET1 capital and capital adequacy

CET1 ratio in per cent