SpareBank 1 Nordmore · OSL:SNOR
SpareBank 1 Nordmore — SpareBank 1 Boligkreditt — Debt Investor Presentation (October 2026)
60 slides from SpareBank 1 Nordmore's debt investor presentation, Oct 15, 2026
Slide 1: SpareBank 1 Boligkreditt (SpaBol)
SpareBank 1 Boligkreditt (SpaBol) Covered Bond Issuer of the SpareBank 1 Banks Oktober 2026 15.10.2026
Slide 2: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 Covered Bond Funding 6 SpareBank 1 banks financial performance Appendix: Green Bonds 2
Slide 3: SpareBank 1 Alliance Banks – local presence and national integration
SPAREBANK 1 ALLIANCE BANKS SpareBank 1 Alliance Banks – local presence and national integration The Alliance was founded in 1996 and consists today of 12 banks SpareBank 1 Lom og Skjåk (1873) SpareBank 1 Helgeland (1860) SpareBank 1 Nord Norge (1836) Tromsø, Moodys: Aa3 SpareBank 1 Hallingdal (1860)
Slide 4: Balance sheet size and volume residential mortgage lending
SPAREBANK 1 ALLIANCE BANKS Balance sheet size and volume residential mortgage lending 4 Total Assets exclude SpareBank 1 Gruppen (i.e. insurance assets). NOK converted to EUR
Slide 5: Balance Sheet and Market Share
SPAREBANK 1 ALLIANCE BANKS Balance Sheet and Market Share Aggregated SpareBank 1 lending Development market shares residential mortgages Source: SpareBank 1 Banks financial reporting Source: Eiendomsverdi: • figures are based on the number of financed properties • Figures are pro forma for additions
Slide 6: SpareBank 1 Alliance overview
SPAREBANK 1 ALLIANCE BANKS SpareBank 1 Alliance overview 8 other SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 SMN Sør-Norge SNN Østlandet Banks Retail and corporate banking in Norway Holdco: SpareBank 1 Group Holdco: SpareBank 1 IT Direct operating subsidiaries & Operations** Product
Slide 7: Norwegian savings banks – characteristics
SPAREBANK 1 ALLIANCE BANKS Norwegian savings banks – characteristics • w ’ 1820ies, retains local and regional character today • Sparebanks are universal banks, but only domestic lending, focus on residential mortgage lending • Savings banks are self-owned institutions, as well as investor owned • ‘
Slide 8: Financing and growth of the SpareBank 1 banks
SPAREBANK 1 ALLIANCE BANKS Financing and growth of the SpareBank 1 banks Liabilities and capital of SpareBank 1, 2Q 2026 Aggregated SpareBank 1 lending and deposit growth Note: Partial years are annualized Note: aggregated from all SpareBank 1 Alliance banks financial reporting. 8
Slide 9: Banks in Norway
SPAREBANK 1 ALLIANCE BANKS Banks in Norway Savings banks (Sparebank) • Banks compete for the same customer • 71 Banks (2026) base, but with larger commercial banks • 3 alliances/groups focusing on larger corporations • Independent banks • ’ Commercial banks: larger Nordic banking or regional market
Slide 10: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 Covered Bond Funding 6 SpareBank 1 banks financial performance Appendix: Green Bonds 10
Slide 11: GDP and policy rate
MACROECONOMIC OVERVIEW GDP and policy rate GDP change and central bank policy rate GDP: Annual change and forecast ( ) 11 Source: Statistics Norway, Norges Bank. Policy rate expectations as per Norges Bank, GDP forecasts by SSB
Slide 12: GDP Change
MACROECONOMIC OVERVIEW GDP Change GDP development (at fixed prices, seasonally adjusted) GDP components 2025 12 Source: Statistics Norway, Norges Bank. Policy rate expectations as per Norges Bank, GDP forecasts by SSB
Slide 13: Labour Market
MACROECONOMIC OVERVIEW Labour Market Registered unemployment Long-term survey unemployment rate ( ) ( w ) The peak in the survey unemployment rate happened during the recession of the early 1990ies, while the oil price decline in 2014-16 and the covid pandemic caused unemployment peaks 13 Source: St
Slide 14: Interest rates, inflation and bank sector losses
MACROECONOMIC OVERVIEW Interest rates, inflation and bank sector losses Interest rates and inflation Loan provisions and losses aggregated banking sector ( ) ( ) Part years are last twelve months 14 Source: SSB, SIFO
Slide 15: Outlook Indicators
MACROECONOMIC OVERVIEW Outlook Indicators Economic Sentiment Indicator Consumer Confidence Central Bank Business Survey w w w ’ Consumer confidence reflects quarterly The Norwegian CB business survey reflects Indicator is a composite arithmetic net household financial expectations (for activity and
Slide 16: Household sector debt by income intervals
MACROECONOMIC OVERVIEW Household sector debt by income intervals • Highest indebted households are reducing their indebtedness on average • The data is available annually in December for the previous year (2025 data in Dec 2026) 16 Source: Statistics Norway
Slide 17: Household sector income, savings and mortgage affordability
MACROECONOMIC OVERVIEW Household sector income, savings and mortgage affordability Aggregate Household income, consumption and savings Mortgage affordability ( ) ( )( ) • Savings are the net difference between disp. Income and consumption, but adjusted for pensions flow • Net financial investments i
Slide 18: Sovereign Wealth Fund
MACROECONOMIC OVERVIEW Sovereign Wealth Fund The spending rule: ’ -oil & gas fiscal deficit ’ w w The combined government surplus + fund cash income (interest and dividend income) ( ) ( ) 18 Source: Norges Bank Investment Management, Norwegian Finance Ministry
Slide 19: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 Covered Bond Funding 6 SpareBank 1 banks financial performance Appendix: Green Bonds 19
Slide 20: Specialized credit institution
SPAREBANK 1 BOLIGKREDITT Specialized credit institution Covered Bond Issuing Model EUR covered bonds outstanding Q2 2026 SpareBank 1 Banks • Mortgage originators, customer service • 100% Equity owners of Boligkreditt SpareBank 1 Boligkreditt • Mortgage acquiror • Licensed Credit Institution • Covere
Slide 21: Structure and mortgage loans transfer
SPAREBANK 1 BOLIGKREDITT Structure and mortgage loans transfer SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 Net interest SMN Ostlandet SNN Other banks Commitments by Boligkreditt pays 24.0% 24.1% 16.9% 35.0% the SpareBank 1 nearly the entire Banks: Ownership shares in Boligkreditt as net interest
Slide 22: Balance sheet and cover pool
SPAREBANK 1 BOLIGKREDITT Balance sheet and cover pool Relative Balance Sheet 30.06.2026 Cover Pool composition 30.06.2026 q q q > (106.4%) • SpaBol issues European Covered Bonds (Premium) in accordance with CRR Art. 129: • Liquid assets cover 180 days of maturities and planned outflows. Liquidity al
Slide 23: Cover pool mortgages of high quality
SPAREBANK 1 BOLIGKREDITT Cover pool mortgages of high quality Mortgages current average loan-to-value Geographical distribution North 19% Middle 18% West 12% East 48% South 3% Mortgage loan arrears (in pct. of pool balance) Granularity of mortgages (size, EUR in 1000) 23 23 Source: SpaBol Cover pool
Slide 24: Further cover pool mortgage statistics
SPAREBANK 1 BOLIGKREDITT Further cover pool mortgage statistics Residential occupancy status Employment status w Mortgages and covered bonds remaining tenor (yrs) Mortgage payment frequency 24 24 Source: SpaBol Cover pool report: https://spabol.sparebank1.no/coverpool
Slide 25: SpaBol Balance sheet & P&L
SPAREBANK 1 BOLIGKREDITT SpaBol Balance sheet & P&L q Liquidity is governed by minimum 180 days of planned outflows q Current total capital requirement 18.1%, CET1 16.1% Net interest paid out to SpareBank 1 banks are deducted from mortgage interest income ( ) ( ) ( ) ( ) ( ) ( ) Loss provisions are
Slide 26: Cover pool development
SPAREBANK 1 BOLIGKREDITT Cover pool development ’ mortgages and cover pool Liquidity in the cover pool Liquidity in EUR means some EUR denominated issued bonds are hedged with natural hedges 26
Slide 27: Credit Quality
SPAREBANK 1 ALLIANCE BANKS Credit Quality Loan P&L write down charge: all lending (1) IFRS 9, Stage 3 of all lending (NPL): gross and net Loan P&L write down: lending to households (1) SpareBank 1 pre-loss results vs. credit charge w (w ) 27 Source: financial reporting. Weighted averages of all Alli
Slide 28: Norwegian covered bond issuers
SPAREBANK 1 BOLIGKREDITT Norwegian covered bond issuers ( ) w ( ) w 28
Slide 29: Covered Bonds and Issuers in Norway
SPAREBANK 1 BOLIGKREDITT Covered Bonds and Issuers in Norway • Solid, diversified AAA economy of 5.6 million • Mortgages with a history of a well people, trade and government surpluses, EU performing asset class inner market (EEA) member • Sound underwriting - also mandated by • EU Covered Bond Dire
Slide 30: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 Covered Bond Funding 6 SpareBank 1 banks financial performance Appendix: Green Bonds 30
Slide 31: Overview and development
RESIDENTIAL REAL ESTATE MARKET Overview and development • (€ ) -100% of mainland GDP • Private banks are the dominant suppliers of mortgages Mortgage market • Scheduled repayment mortgages: ca.87% (flexible repayment 13%) • Maturity for repayment, typical: 25-30 years • First priority security marke
Slide 32: Price development
RESIDENTIAL REAL ESTATE MARKET Price development w ( ) ( ) w w w • Several regulatory rules / affordability tests for lending to households apply • House price drivers are population and construction growth, urbanization, income growth and the labour market and interest rates • Interest rates, which
Slide 33: Affordability
RESIDENTIAL REAL ESTATE MARKET Affordability ( ) (w ) q • Average house prices for Norway, as adjusted by HH after-tax income are not much changed • Drivers of the real increase is primarily the price development in Oslo w 33 Source: Eiendomsverdi, SSB
Slide 34: New builds and population change
RESIDENTIAL REAL ESTATE MARKET New builds and population change w w w • Population increases are mainly driven by immigration • New construction is low in comparison to the requirement, driving prices in central locations • The relatively low new builds influences the pricing on the market for used
Slide 35: Transactions and inventory residential units
RESIDENTIAL REAL ESTATE MARKET Transactions and inventory residential units w • Transactions: sum over the last twelve months • For sale: cumulative – an unsold unit offered for sale is counted for 270 days and then leaves the statistics 35 Source: Eiendomsverdi, SSB
Slide 36: Household Sector Debt
RESIDENTIAL REAL ESTATE MARKET Household Sector Debt ( ) Assets do not include any pension claims * Disposable income is after tax and interest payments ( ) ( ) ( ) ( ) 36 Source: Statistics Norway, w y‘ Central Bank
Slide 37: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 Covered Bond Funding 6 SpareBank 1 banks financial performance Appendix: Green Bonds 37
Slide 38: SpareBank 1 Boligkreditt Covered Bonds
COVERED BOND FUNDING SpareBank 1 Boligkreditt Covered Bonds Further information at spabol.no 38
Slide 39: SpaBol benchmark covered bonds (excl. NOK)
COVERED BOND FUNDING SpaBol benchmark covered bonds (excl. NOK) ( ) ( ) Excludes private placements 39
Slide 40: SpaBol NOK covered
COVERED BOND FUNDING SpaBol NOK covered ( ) 40 Excludes bonds originally issued by Totens BK / SPB1 Ostlandet. NOK bonds are generally tapped.
Slide 41: SpaBol covered bonds
COVERED BOND FUNDING SpaBol covered bonds • EUR bonds are not tapped, but longer dated PPs possible • EUR benchmark bonds are generally fixed rate and up to 10 years and EUR 1 bn size • NOK FRN Bonds are regularly tapped to target LCR cat. 1 size • Floating and fixed series available in NOK • Additi
Slide 42: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 Covered Bond Funding 6 SpareBank 1 banks financial performance Appendix: Green Bonds 42
Slide 43: Balance Sheet
SPAREBANK 1 ALLIANCE BANKS Balance Sheet Aggregated SpareBank 1 lending Aggregated SpareBank 1 lending and deposit growth Partial year periods are annualized Source: SpareBank 1 Banks financial reporting 43
Slide 44: Financing of the SpareBank 1 banks
SPAREBANK 1 ALLIANCE BANKS Financing of the SpareBank 1 banks Liabilities and capital of SpareBank 1, 2Q 2026 44 Note: aggregated from all SpareBank 1 Alliance banks financial reporting.
Slide 45: Income and costs
SPAREBANK 1 ALLIANCE BANKS Income and costs Net interest margin (lending and deposits) Net interest and commission income split Cost to income • Commission (non-lending) income comes from: • Savings products and mutual funds • Property and casualty insurance • Real estate agency • Accountancy servic
Slide 46: Capital and return
SPAREBANK 1 ALLIANCE BANKS Capital and return Capital ratios Return on equity Capital requirements SpareBank 1 banks* Leverage ratios Q3 2025 w q 46 Source: weighted aggregate all SpareBank 1 Alliance banks financial reporting. * Pillar 2 may vary by bank
Slide 47: Credit Quality
SPAREBANK 1 ALLIANCE BANKS Credit Quality Loan P&L write down charge: all lending (1) IFRS 9, Stage 3 of all lending (NPL): gross and net Loan P&L write down: lending to households (1) SpareBank 1 pre-loss results vs. credit charge w (w ) 47 Source: financial reporting. Weighted averages of all Alli
Slide 48: Balance sheet size and key figures
SPAREBANK 1 ALLIANCE BANKS Balance sheet size and key figures As of June 30, 2026 SpareBank 1 SpareBank 1 SpareBank 1 SpareBank 1 All other Alliance Figures in NOK mill. SMN SNN Østlandet Sør-Norge SB1 banks Aggregate Moodys' Issuer/sr. rating Aa3 Aa3 Aa3 Aa3 NR Total assets (incl. covered bond loan
Slide 49: SpareBank 1 Banks equity total return
SPAREBANK 1 ALLIANCE BANKS SpareBank 1 Banks equity total return Results of the regional savings banks (SpareBank 1 Alliance banks) performance due to: Total return since 2001 (01.01.2001 = 100), dividend adjusted • Continued improvements in cost efficiencies (low cost to income) • Fewer bank branch
Slide 50: The Equity view
SPAREBANK 1 ALLIANCE BANKS The Equity view 50
Slide 51: Table of contents
Table of contents 1 SpareBank 1 Alliance Overview 2 Macroeconomic overview Norway 3 Boligkreditt – Covered Bond Structure 4 Residential Real Estate Market 5 Covered Bond Funding 6 SpareBank 1 banks financial performance Appendix: Green Bonds 51
Slide 52: SpareBank 1 Boligkreditt Green Bond Rating
SpareBank 1 Boligkreditt Green Bond Rating ISS – Oekom Green Bond Rating ’ SpaBol MSCI ESG rating SpaBol 52
Slide 53: ESG in the SpareBank 1 banks
ESG in the SpareBank 1 banks • ‘ teams and is inclusive in the credit modelling and lending decision process • SpareBank 1 Banks are foundational members of the UN Environmental Programme Principles of Responsible banking (which implements the Paris Agreement in the financial industry) and of the UN
Slide 54: SpaBol's European Green Bond
Inaugural European Green Bond SpaBol’s European Green Bond • Green mortgages represent environmental sustainability at SpaBol. SpaBol motivates its owner banks to produce and transfer green mortgages to the cover pool by offering a rebate1 for such assets Rationale • EuGBs align with SpaBol’s long s
Slide 55: EuGBs: an overview of the structure
Inaugural European Green Bond EuGBs: an overview of the structure Economic activity 7.7. ‘Acquisition and Robust management of proceeds ownership of buildings’1,2 Green building selection methodology – Links: • For residential buildings completed before • In accordance with the portfolio approach 31
Slide 56: SpaBol green mortgages portfolio at 30.06.2026
SpaBol green mortgages portfolio at 30.06.2026 • Share of green mortgages in the portfolio: 24.9% • Share of green mortgages originated from June 2025: 19% • Share of green mortgages originated from June 2023: 53% • EUR 1.75 bn and SEK 6 bn green covered bonds are outstanding (NOK 28.9 bn) – 36.2% o
Slide 57: Green bond impact
Green bond impact Calculated energy related CO2 emissions (kgCO2/m2) w ( ) ( ) 57 Source: Multiconsult August 2021
Slide 58: Green bond impact – national electricity production mix
Green bond impact – national electricity production mix 58 Source: Multiconsult August 2026, European Association of Issuing Bodies
Slide 59: New green mortgages offered
New green mortgages offered Increase energy efficiency Refurbishment of Construction of new in existing buildings older buildings energy efificent buildings (EPC A and B) Green Mortgage Terms Interest savings SpareBank 1 banks • Mortgages financing A and B EPC Generally / average 40 bps savings on a
Slide 60: SpareBank 1 Boligkreditt webpage & contact info
SpareBank 1 Boligkreditt webpage & contact info Arve Austestad Eivind Hegelstad Managing Director / CEO Director, CFO / Investor Relations Mobile: + 47 95 03 97 69 Mobile: + 47 95 41 33 79 [email protected] [email protected] SpaBol website for bond issues, cover pool statisti
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