Sparebanken Norge BoligkredittQ2 2026

Sparebanken Norge Boligkreditt AS (¨SBNOB¨) is a wholly owned subsidiary of Sparebanken Norge and operates as a specialised covered bond issuer. The company holds a license as a finance company with the right to issue covered bonds and issues Covered Bonds in multiple currencies in domestic and international markets. The cover pool consists primarily of residential mortgage loans originated by the parent bank that meet regulatory and internal eligibility criteria. The cover pool is subject to ongoing monitoring and independent verification in accordance with regulatory requirements.

Funding is obtained through the issuance of covered bonds under the company’s EUR 25 billion EMTN covered bond programme. All outstanding covered bonds are rated Aaa by Moody’s. The company’s covered bonds qualify as European Covered Bonds (Premium) under applicable Norwegian and EU legislation.

Sparebanken Norge Boligkreditt AS was established following the merger between Sparebanken Vest Boligkreditt AS and Sparebanken Sør Boligkreditt AS, which became effective on 2 May 2025. Sparebanken Vest Boligkreditt AS was the acquiring entity and, through the merger, assumed all assets, rights, obligations and liabilities of Sparebanken Sør Boligkreditt AS, including all outstanding covered bonds. In connection with the merger, the company adopted the name Sparebanken Norge Boligkreditt AS.

The company’s interest income and similar income for the first half of 2026 totaled NOK 6,073 million, compared to NOK 5,176 million in the same period last year. Net interest income and credit commission income amounted to NOK 813 million for the first half of 2026, versus 816 million for the same period last year. Net other operating income the first half of 2026 totalled NOK 2 million. NOK 68 million of these expenses are related to commissions from banking services provided by the parent bank. The corresponding number for the same period in 2025 was NOK 340 million.

Profit before write-downs and tax was NOK 807 million for the first half of 2026, versus NOK 514 million for the corresponding period in 2025. Net profit amounted to NOK 642 million in the first half of 2026, compared to NOK 364 million in the same period last year.

At the end of June 2026, SBNOB had total assets of NOK 263,199 million, compared to NOK 250,107 million at the same time last year. Net loans to customers were NOK 235,413 million at the end of the first half year 2026, compared to NOK 213,069 at the same time last year. All eligible mortgages are bought from the parent bank, and the mortgages are financed through covered bonds and an overdraft facility with the parent bank.

At the end of June 2026 SBNOB had outstanding bonds amounting to NOK 218,986 million, compared to NOK 205,183 at the same time last year. SBNOB issued NOK 36,3 billion of new bonds during the first half year. During the first half of 2026, SBNOB also had three benchmark bonds maturing, one EUR 500 million, one EUR 750 million and one NOK 10 billion. The company’s debt to financial institutions amounted to NOK 26,406 million at the end of June 2026, compared to NOK 30,592 million at the end of June 2025.

Companies with licenses to issue covered bonds are required to keep their risk at low levels. The Board of Directors places great emphasis on risk management to ensure that the distinct types of risk are identified, measured, and reported. The company has adopted guidelines and parameters for the management and control of various kinds of risk.

Defaults in the mortgage portfolio remain low and there has been no negative development in the company’s other risk factors. It is the Board’s opinion that the company’s overall risk exposure is low.

The capital adequacy was 20.3 % at the end of June 2026, versus 23.2 % at the end of June 2025. The regulatory minimum requirement of capital adequacy for SBNOB is 17.5 %. The Core Equity Tier 1 capital ratio at mid-year 2026 was 20.3 %, versus 23.2 % at the same period last year. The regulatory minimum requirement of Core Equity Tier 1 for SBNOB is 14.0 %. The capital adequacy is composed of core Tier 1 capital. As of 30 June, 2026, the Leverage Ratio was 5.4 %, well above the regulatory requirement of 3 %. Semi-annual profits are not included in the capital adequacy reporting.

At the end of June 2026 SBNOB had liquid assets of NOK 23,870 million, compared to NOK - million at the same time last year. The LCR was 377 % and 483 % respectively, in the corresponding periods.

Transactions between SBNOB and the parent bank are conducted in accordance with normal business terms and principles. For other inquiries, please refer to note 13 for transactions with related parties.