Sparebanken Norge BoligkredittQ3 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 in the first nine months of 2026 totaled NOK 9,506 million, compared to NOK 8,403 million in the same period last year. Net interest income and credit commission income amounted to NOK 1,178 million in the first nine months of 2026, versus 1,373 million for the same period last year. Net other operating income totalled NOK -31 million.

Profit before write-downs and tax was NOK 1,136 million in the first nine months of 2026, versus NOK 1,154 million for the corresponding period in 2025. Net profit amounted to NOK 892 million, compared to NOK 865 million in the same period last year.

At the end of September 2026, SBNOB had total assets of NOK 268,158 million, compared to NOK 245,312 million at the same time last year. Net loans to customers were NOK 239,623 million, compared to NOK 213,490 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 September 2026 SBNOB had outstanding bonds amounting to NOK 224,368 million, compared to NOK 207,780 million at the same time last year. During the first nine months of 2026, new bond issues and taps amounted to nominal volumes of NOK 26,500 million, EUR 2,050 million, SEK 5,400 million and USD 50 million. During the first nine months of 2026, SBNOB also had three benchmark bonds maturing, one of EUR 500 million, one of EUR 750 million and one of NOK 10 billion. The company’s debt to financial institutions amounted to NOK 20,453 million at the end of September 2026, compared to NOK 21,414 million at same time last year.

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 September 2026, versus 22.1 % at the end of September 2025. The regulatory minimum requirement of capital adequacy for SBNOB is 17.5 %. The Common Equity Tier 1 capital ratio was 20.3 %, versus 22.1 % at the same period last year. The regulatory minimum requirement of Common Equity Tier 1 for SBNOB is 14.0 %. The capital adequacy is composed of Tier 1 capital. As of 30 September, 2026, the Leverage Ratio was 5.3 %, well above the regulatory requirement of 3 %. Year-to-date profits in 2026 are not included in the capital adequacy reporting.

At the end of September 2026 SBNOB had liquid assets of NOK 26,782 million, compared to NOK 22,094 million at the same time last year. The LCR was 262 % 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.