Sparebanken Vest

Investor Presentation • Apr 30, 2025

Presentation of accounting figures Q1 2025

Bergen, 30 April 2025 JAN ERIK KJERPESETH

Presentation of accounting figures, Q1 2025

Questions will be addressed after the presentation.

Please send questions to: investorrelations@spv.no

On track to reach financial targets in 2025

	Target	Result
ROE after tax	> 13.0%	21.3%
Common Equity Tier 1 (CET1) ratio	> 16.05%*	17.9%
Cost-to-income ratio	< 30%	27.7%

Leading the field in ROE over time

The target is to be among the two best savings banks on ROE over time

High return on equity above target in the entire period

ROE target has been increased from 11 to 13 percent during the period

Agenda

• Sound banking operations
• Conservative loan book
• Sparebanken Norge

Strong ROE and solid CET1 ratio

Profit per equity certificate (NOK)

CET1 ratio¹ Book value per equity certificate (NOK)

¹Common Equity Tier 1 (CET1) capital adequacy at the end of the quarter includes 50% of the year-to-date capital in line with the dividend policy. CET1 capital adequacy excluding profit accumulation is 17.3 (16.9)%.

Good lending and deposit growth over the past 12 months increases net interest income

Nominal net interest income (NOK million) Net interest income as % of total assets

Solid lending growth to both retail and corporate customers

Retail customers Corporate customers ¹

¹Year-on-year growth in lending excluding Bulder is about 5.6%

Good growth in deposits within the personal customer segment

Retail customers¹

Lower credit spreads over time has made capital market financing more attractive

Corporate customers

-4,1 %

63,7 67,5 67,2 68,6 72,1 78,3 77,4 79,0 82,1 11,5 % 8,1 % 9,0 % 9,6 % 13,3 % 16,1 % 15,2 % 15,2 % 13,8 % Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Retail customer deposits Year-on-year growth 52,0 56,2 56,3 55,0 55,2 55,9 56,2 56,1 53,0 29,0 % 27,6 % 21,2 % 10,7 % 6,3 % -0,6 % -0,2 % 2,1 % Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Corporate customer deposits Year-on-year growth

¹Year-on-year growth in deposits from personal customers excluding Bulder is about 6.4%

Underlying cost growth is about 4.8% over the past 12 months

Sparebanken Norge chooses Tietoevry

Sparebanken Norge has entered into a long-term and strategic partnership agreement with Tietoevry

• Goal: Strengthen our position as the most cost-effective bank in Norway

Bedriftsinternt

Bedriftsinternt

• The agreement gives us the opportunity to strengthen our digital capacity and offer even better services to our customers

Improvement in all result lines except costs, which are characterized by merger costs and consolidation of Frende Kapitalforvaltning

Lending growth in Bulder of NOK 10.3bn last 12 months¹

64.0 bn.

Housing loan volume (NOK)

42% Average loan-to-value

Knowledge of the concept

117 400 Total number of

customers

1 Lending growth of NOK 10.3 billion is between Q1 2024 and Q1 2025. Other figures are per 29 April 2025.

Good growth combined with good profitability

Marginal return on equity is between 13 and 14% in Q1 2025 – compared to a target of 9-11%

Eiendomsmegler Vest with significant profit improvement

• Eiendomsmegler Vest has brokered about 40% more homes in the quarter compared to the first quarter of 2024
• In the market area, the market share in the quarter is 13.1%, compared to 11.9% in the first quarter of 2024
• Increased sales and implemented organizational measures result in an operating margin in the quarter of 14.7 (-5.6)% and a profit before tax of NOK 13 (-3) million in the quarter

Resilient liquidity portfolio and well diversified maturity profile

Sparebanken Vest Boligkreditt issued a covered bond of EUR 750 million in March 2025

Bn NOK

Resilient liquidity portfolio of 41 bn. Diversified maturity profile – with an average duration of 3.0 years

Covered bonds Senior bonds

Significant margin to regulatory capital requirements

Sparebanken Norge proposed as systemically important (SIFI) - entry into force of buffer requirements after 1 January 2027

¹Common Equity Tier 1 capital ratio at the end of the first quarter of 2024/2025 includes 50% of the year-to-date profit in line with the dividend policy. The Common Equity Tier 1 capital ratio without profit accumulation is 17.3 (16.9)%. ²Leverage Ratio at the end of the first quarter of 2024/2025 includes 50% of the profit so far this year in line with the dividend policy. Leverage Ratio excluding profit accumulation is 6.1 (6.0)%.

Agenda

• Sound banking operations
• Conservative loan book
• Sparebanken Norge

Conservative loan portfolio dominated by retail customers

99.7% of retail portfolio is mortgages

Low-risk loan book consisting of residential mortgages

Our customers come from our primary market area¹. Other exposures are primarily in Bulder-segment

¹Within exposure in Oslo og Akershus, Bulder represents 73% of loans. Bulder represents 80% of the Other category.

Low default rate in retail market

Late payments for mortgages, 90 days

The need for installment exemptions is at moderate levels

* Loans where installment profile changes took place at a later stage

Interest-only mortgages, above 60% LTV*

Corporate customers are well-positioned in increased macroeconomic and geopolitical uncertainty

• The bank has low exposure to exporters to the USA, where tariff risk is highest.
• Salmon farming is considered the most vulnerable, but the tariff cost is largely expected to be passed on to consumers. Our customers in this segment have a solid financial position after many years of good earnings.
• Conservative banking practices over time limit the risk of losses in more challenging times:
  • Long-term customer relationships and competent customer managers with segment knowledge
  • The bank prioritizes industrial players with strong leadership and track-record
  • Financing structures that ensure sufficient solidity and liquidity at all times
  • Well-diversified portfolio

Defaults at a low level

Together with robust provisions, this provides a good starting point for continued low losses

The sample consists of DNB, SB1 SNN, SB1 SMN, SB1 Sør-Norge (SB1 SR-Bank) and SB1 Østlandet (Q4 2024) 1,60%

Agenda

• Sound banking operations
• Conservative loan book
• Sparebanken Norge

Customers FTEs 1 604 797 500 453bn.

Gross loans

Numbers as of Q1 2025 including Brage Finans and Borea Asset Management

OUR AMBITION:

Build Norway's largest and best savings bank at a time when the savings bank map is being redrawn.

Through strong performance, ensure that we stand strong as an alliance-free bank where decisions and expertise are built within the bank.

Strategy hierarchy for Sparebanken Norge

Sparebanken Norges vision

Norway's best savings bank

Long-term goals	Among the best Norwegian savings banks in terms of banking operations and return on equity				Among the most attractive Best customer experiences and expertise environments in the customer satisfaction in Norway Norwegian financial industry
Strategic positions next 2-3 years	Strong nationwide brand and present in Norway's largest cities	alliance independence	Strong and profitable product platform as a basis for long-term	An attractive consolidator in the Norwegian savings bank sector built on strong savings bank values	Leading in digital sales and efficient work processes	Low complexity and Norway's most cost effective bank		Bulder is profitable and established as Norway's leading digital banking challenger
Strategic priorities	Realized cost synergies of NOK 350-400 million	Realized capital		synergies of NOK 3.4 billion	Joint performance culture in Sparebanken Norge		Realized Norway's most efficient retail/corporate loan processes
2025 and 2026	Successful technical integration by Q4 2026		Maintain growth and increase retail and corporate market share	Successful establishment in Oslo, Romsdalen and Tromsø		Bulder with NOK 83 billion in lending

Norway's largest savings bank

Process towards legal merger on 2 May 2025

Sparebanken Norge's group management takes office on May 2

Group Management of Sparebanken Norge

Together we will build Norway's best savings bank

• Leading in customer satisfaction
  • Low complexity and low risk in the loan portfolio
• Proud performance culture and two strong headquarters
• • New strong brand built on savings bank values
• Significant gifts and high customer dividends
• Leading the field on digital development
• Among the best in terms of return on equity

Investor contacts

Jan Erik Kjerpeseth

CEO Tel.: (+47) 951 98 430 jan.kjerpeseth@spv.no

Frank Johannesen

CFO / EVP Tel.: (+ 47) 952 65 971 frank.johannesen@spv.no

Brede Borgen Kristiansen

Director Finance, Operations and Investor Relations

Tel.: (+47) 479 06 402

brede.kristiansen@spv.no

Questions may be sent to: investorrelations@spv.no

Disclaimer

The statements in this presentation may include forward-looking statements, e.g. about expectations of the future. These statements are based on the management's current views and assumptions and involve both known and unknown risks and uncertainties.

Although Sparebanken Vest believes that the expectations reflected in such forward-looking statements are reasonable, we cannot guarantee that they will turn out to be correct.

Actual results, performance and events may deviate significantly from that indicated or suggested in forwardlooking statements. Important factors that may lead to such deviations include but are not limited to: (i) the general economic situation, (ii) developments in the financial market, including volatility and liquidity, (iii) scope of credit default, (iv) interest rate levels, (v) exchange rates, (vi) changes in the competition climate, (vii) changes in laws and regulations, (viii) changes in the policy of central banks and/or foreign authorities, or supranational entities.

Sparebanken Vest is not obliged to update forward-looking statements.