Interim report
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Q3 Quarterly report 2025
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Contents Key figures ............................................................................................................................ 3 Report of the Board of Directors .................................................... 5 Quarterly financial report ......................................................................... 16 Income statement ..................................................................................................................... 16 Balance sheet ................................................................................................................................ 17 Statement of changes in equity ....................................................................................... 18 Cash flow statement ................................................................................................................ 19 Notes ▷ Note 1 Accounting policies ....................................................................................... 20 ▷ Note 2 Critical estimates and judgements concerning use of the accounting policies ....................................... 20 ▷ Note 3 Impairments on loans and financial commitments recognised in the income statement ..................... 23 ▷ Note 4 Impairment provisions on loans and financial commitments recognised in the balance sheet .......................... 24 ▷ Note 5 Customer deposits .......................................................................................... 26 ▷ Note 6 Loans and other financial commitments to customers .............. 27 ▷ Note 7 Capital adequacy .............................................................................................. 31 ▷ Note 8 Financial derivatives ....................................................................................... 33 ▷ Note 9 Securities issued, non-preferred bonds and subordinated loan .................................................................................. 34 ▷ Note 10 Segment reporting .......................................................................................... 35 ▷ Note 11 Net income/losses from financial investments ............................... 36 ▷ Note 12 Liquidity risk ......................................................................................................... 36 ▷ Note 13 Information about fair value ...................................................................... 37 ▷ Note 14 Pro forma results .............................................................................................. 38 ▷ Note 15 Events after the balance sheet date ..................................................... 39 Additional information Quarterly overview .................................................................................................................. 40 Contacts and financial calendar .......................................................................................42 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited2
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Q3 2025 Q3 2024 01.01 - 30.09 Year 2024MAIN FIGURES 2025 2024 Net interest income 2,328 1,768 6,948 5,224 7,517 Net commission and other income 778 473 2,423 1,497 2,286 Net income on financial investments 443 514 1,210 812 937 Total income 3,549 2,755 10,581 7,533 10,739 Total operating expenses 1,314 891 4,010 2,561 3,936 Operating profit before impairment 2,235 1,864 6,571 4,972 6,803 Impairment losses on loans and financial commitments 115 160 215 298 387 Pre-tax profit 2,120 1,704 6,356 4,675 6,415 Tax expense 423 254 1,254 872 1,222 Profit after tax 1,697 1,450 5,102 3,803 5,193 BALANCE SHEET Gross loans to customers 393,747 289,320 375,678 Gross loans to customers incl. transfers to credit institutions 1) 414,549 289,320 405,062 Deposits from customers 223,294 146,478 204,006 Total assets 507,768 380,039 479,336 Average total assets 515,000 382,817 500,282 377,632 401,406 Selected key figures Return on equity 1) 13.0 % 17.5 % 13.1 % 15.6 % 14.1 % Return on equity adjusted for goodwill from merger and merger costs 1) 14.5 % 14.5 % 14.8 % Cost to income ratio 1) 37.0 % 32.3 % 37.9 % 34.0 % 36.7 % Cost to income ratio Banking Group 1) 35.7 % 34.3 % 36.5 % 32.4 % 34.2 % Average net interest margin 1) 1.79% 1.84% 1.86% 1.85% 1.87% Average net interest margin incl. transfers to credit institutions 1) 1.74% 1.84% 1.79% 1.85% 1.85% Balance growth Growth in loans over last 12 months 1) 36.1 % 7.3 % 38.1 % Growth in loans incl. transfers to credit institutions over last 12 months 1) 43.3 % 7.3 % 48.9 % Growth in deposits over last 12 months 1) 52.4 % −2.7 % 36.8 % Solidity Common equity Tier 1 capital ratio 18.51% 17.75% 18.01% Tier 1 capital ratio 20.48% 20.56% 20.21% Capital ratio 23.19% 23.84% 23.03% Tier 1 capital 44,572 31,675 42,635 Risk weighted balance 217,641 154,067 210,950 Leverage ratio 7.4 % 7.5 % 7.7 % Liquidity Liquidity Coverage Ratio (LCR) 2) 148% 172% 189% Deposit to loan ratio 1) 56.7 % 50.6 % 54.3 % Deposit to loan incl. transfers to credit institutions ratio 1) 53.9 % 50.6 % 50.4 % Impairments on loans and financial commitments 1) Impairment ratio 1) 0.12% 0.22% 0.08% 0.14% 0.12% Loans and financial commitments in Stage 2 and Stage 3 1) Loans and financial commitments in Stage 2, % of gross loans and financial commitments 1) 7. 20 % 8.27% 8.21% Loans and financial commitments in Stage 3, % of gross loans and financial commitments 1) 0.57% 0.62% 0.63% Key figures SpareBank 1 Sør-Norge Group (MNOK) 3 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited KEY FIGURES
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SpareBank 1 Sør-Norge share 30.09.25 31.12.24 31.12.23 31.12.22 31.12.21 Market price 177.80 146.60 128.90 120.70 133.20 Market capitalisation (MNOK) 66,756 55,042 34,064 30,869 34,066 Book equity per share (group) 1) 133.34 128.77 115.07 106.32 99.05 Earnings per share, NOK 12.89 13.08 16.27 12.88 12.08 Dividends per share - 8.50 7.50 7.00 6.00 Price / Earnings per share 1) 10.31 11.21 7.92 9.37 11.03 Price / Book equity 1) 1.33 1.14 1.12 1.14 1.34 Effective return 3) 27.1 % 19.6 % 12.6 % −4.9 % 55.8 % 1) Defined as alternative performance targets (APMs), see the appendix to the interim report 2) High quality liquid assets divided by total net cash outflows in a 30-day, serious stress scenario 3) %- change in the market price in the last period, including paid share dividend 4 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited KEY FIGURES
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Synergy estimate raised after solid quarter The group’s results for Q3 2025 In the following, the result figures for the third quarter of 2025 are compared with the second quarter of 2025 and the pro forma figures for the third quarter of 2024. The pro forma information represents the figures as if the merger between SpareBank 1 SR-Bank ASA and SpareBank 1 Sørøst- Norge AS had taken place on 01.01.2023 og therefore includes pro forma figures for 2023 and 2024. The group delivered operating profit before tax of NOK 2,120 million for the third quarter of 2025. Compared to the previous quarter, there is a reduction of NOK 4 mill, adjusted for the provision charged in connection with a court judgment in the case versus Tietoevry Norway AS in the second quarter. The decrease is driven by a moderate increase in impairments, which is offset by a NOK 26 million reduction in costs. Operating profit before tax increased by NOK 280 million compared with the third quarter of 2024, adjusted for the following one-off effects: NOK 577 million gain from merger of Eika Forsikring and Fremtind Forsikring and NOK 105 million writedown of Folkeinvest. The improvement in profit was due to increased net interest income, commissions and other income, net income from financial investments and a decline in impairments. The return on equity after tax was 13.0% for the quarter (14.5% adjusted for goodwill from the merger and merger cost). Fig. 1, Financial performance Q3 2025 Pre-tax profit NOK 2,120 million NOK 2,312 million Profit after tax NOK 1,697 million NOK 1,959 million Return on equity after tax 13.0% 16.9% Return on equity after tax adjusted for goodwill from merger and merger costs 14.5% 17.5% Earnings per share NOK 4.29 NOK 4.99 Net interest income NOK 2,328 million NOK 2,308 million Net commissions and other income NOK 778 million NOK 694 million Net income from financial investments NOK 443 million NOK 743 million Operating expenses NOK 1,314 million NOK 1,268 million Impairments on loans and financial commitments NOK 115 million NOK 166 million Growth in loans over last 12 months incl. transfers to credit institutions 4.4% 6.1% Growth in deposits over last 12 months 9.7% -1.4% Common Equity Tier 1 capital ratio 18,51% Capital ratio 23,19% Pro forma Q3 2024Q3 2025 5 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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Net interest income Net interest income amounted to NOK 2,328 million for the third quarter of 2025, an increase of NOK 18 million from the previous quarter. Corrected for number of days, this represents a reduction of NOK 7 million. The reduction was due to a slightly lower net interest margin. Compared with the same quarter last year, net interest income increased by NOK 20 million, which was mainly due to growth in lending and deposits. Fig. 2, Net interest income The average net interest margin was 1.79% in the third quarter of 2025, compared with 1.86% in the second quarter of 2025 and 1.93% in the same quarter last year. Net commission and other income Table 1, Commission and other income Q3 25 Q2 25 Q3 24 Payment facilities 142 117 153 Insurance products 125 118 103 Savings/placements 46 51 37 Guarantee commission 30 29 32 Commitment fee 26 29 27 Arrangement- and customer fees 27 28 30 Commission income - Real estate agencies 242 292 171 Commission income - Accounting firms 90 139 91 Commission income - Credit institutions 35 42 31 Other 14 13 19 Net commission and other income 778 858 694 Net commission and other income amounted to NOK 778 million for the third quarter of 2025, a decrease of NOK 80 million compared with the previous quarter. The decrease was mainly due to decreased commissions from the real estate agencies and accounting firms, due to sesonal effects. This was partly offset by increased income from payment facilities and insurance, amounting to NOK 25 million and NOK 8 million. Compared with the third quarter of 2024, there is an increase of NOK 84 million. The increase was mainly due to higher commissions from the real estate agencies as a result of the incorporation of Ullevål Eiendomsmegling AS and Kaland & Partners AS and higher activity. Income from insurance increased by NOK 22 million, this was partly offset by a NOK 11 million reduction in income from payment facilites. Net income on financial investments Table 2, Income on financial investments Q3 25 Q2 25 Q3 24 Dividends 11 99 23 Income from ownership interests 266 256 819 Net gains/losses on financial instruments 165 18 −99 - shares and equity certificates 19 52 −42 - certificates and bonds 9 −32 −44 - interests and currency trading 37 38 37 - derivatives 101 −40 −50 Net income on financial investments 443 373 743 Net income on financial investments amounted to NOK 443 million in the third quarter of 2025, an increase of NOK 70 million compared with the previous quarter. The increase were mainly due to positive MtM changes for derivatives and certificates and bonds of NOK 141 million and NOK 41 million, but was partially offset by negative MtM change for shares and equity certificates. Dividends was reduced by NOK 87 million and income from ownership interests are increased by NOK 10 million. Dividends were received from SpareBank 1 Boligkreditt AS, SpareBank Næringskreditt AS and Rogaland Sparebank AS in the second quarter. See table 3 for details on income from ownership interests. Please also see the later sections for detailed descriptions of the performance of the individual companies. Compared with the same quarter last year, adjusted for one-off items in the third quarter of 2024, net income from financial investments rose by NOK 171 million. The increase was mainly due to positive MtM change in derivatives and certificates and bonds by NOK 150 million and NOK 53 million respectively. 6 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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Table 3, Income from ownership interests Q3 25 Q2 25 Q3 24 SpareBank 1 Gruppen AS 136 114 686 BN Bank AS 85 104 93 SpareBank 1 Forvaltning AS 27 27 22 SB1 Markets AS 11 16 17 Kredittbanken ASA 4 4 −3 SpareBank 1 Betaling AS 3 −9 −1 Other 1 1 4 Total income from ownership interests 266 256 819 Operating expenses Table 4, Operating expenses Q3 25 Q2 25 Q3 24 Personnel expenses 791 779 749 IT expenses 190 265 176 Marketing 35 36 34 Administrative expenses 108 136 103 Operating expenses 53 69 53 Depreciation and impairments 59 60 56 Total operating expenses 1,236 1,345 1,171 Merger expenses 78 69 96 Total operating expenses 1,314 1,414 1,268 The group’s operating expenses amounted to NOK 1,314 million in the third quarter of 2025, a reduction of NOK 100 from the previous quarter. In the third quarter of 2025, NOK 78 million was related to merger expenses, compared with NOK 69 million in the previous quarter. In the previous quarter a provision of NOK 74 million was made in connection with a court judgment in the case against Tietoevry Norway AS. Corrected for the aforementioned one-off items, costs declined by NOK 35 million. The reduction is due to effective cost control within the group. Compared with the third quarter of 2024, costs increased by NOK 46 million. Adjusted for merger costs, the increase was NOK 64 million and is primarily attributable to higher costs from the real estate agencies, in connection with mergers and higher activity levels. The group’s cost to income ratio was 37.0% in the third quarter of 2025, compared with 39.9% in the second quarter of 2025 and 33.8% in the same quarter last year. The banking group’s cost to income ratio 1 was 35.7% for the third quarter of 2025, compared with 39.1% for the previous quarter. Impairments on loans and financial commitments, and loans and financial commitments in Stage 3 The group recognised impairments on loans and financial commitments totalling NOK 115 million in the third quarter of 2025, compared with NOK 76 million for the previous quarter and NOK 166 million for the third quarter of 2024. In the third quarter of 2025, NOK 88 million of the impairments were individual impairments, while NOK 28 million were model-based impairments. The increase in individual impairments is mainly related to exposures in the corporate market. The group’s impairment on loans and financial commitments amounted to 0.12% of gross loans in the third quarter of 2025, compared with 0.08% in the second quarter of 2025 and 0.18% in the third quarter of 2024. The group’s loans and financial commitments are classified into three groups: Stage 1, Stage 2 and Stage 3. Stage 3 is used for loans and financial commitments that have seen a significant rise in credit risk since being granted and where there is objective evidence of a loss event on the balance sheet date. The loss provision must cover expected losses over their lifetime for these loans and financial commitments. Gross loans and financial commitments classified as Stage 3 amounted to NOK 2,735 million at the end of the third quarter of 2025, compared with NOK 2,702 million in the previous quarter and NOK 3,006 million in the third quarter of 2024. The reduction compared with the same period last year was mainly due to the phasing out of exposures. 1 The consolidated cost to income ratio equals total income less net income from financial investments divided by costs in the banking group. The banking group includes SpareBank 1 Sør-Norge (parent bank) and SR-Boli- gkreditt AS. 7 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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Fig. 3, Gross loans and financial commitments in Stage 3 The Group’s performance year to date As of 30 September 2025, the group reported an operating profit before tax of NOK 6,356 million, an increase of NOK 730 million compared with the corresponding period in 2024 adjusted for one-off items. One-off items in 2024; NOK 577 million gain from merger of Eika Forsikring and Fremtind Forsikring and NOK 105 million writedown of Folkeinvest- One off items in 2025; a NOK 45 million increase in merger costs and NOK 74 million related to a court judgment in the case against Tietoevry Norway AS. The improved result was due to an increase in net interest income of NOK 122 million due to growth in lending and deposits. Net commissions and other income increased operating profit by NOK 271 million due to the increase in commissions from real estate agencies and insurance. Net income on financial investments was up by NOK 499 million. The increase was due to positive MtM change in financial instruments and increased income from ownership interests. Operating expenses totaled NOK 4,010 million, an increase of NOK 270 million compared with the same period last year. The increase is primarily attributable to higher costs in the real estate agencies, in connection with mergers and higher activity levels. The group’s year to date cost to income was 37.9%, compared with 35.6% for the same period last year. Impairments on loans and financial commitments amounted to NOK 215 million, compared with NOK 323 million for the same period last year. Impairments on loans and financial commitments are mainly related to exposures in the corporate market. The group’s return on equity after tax was 13.1% (14.7% adjusted for goodwill from the merger and one-off items) compared with 14.7% for the same period last year. Important events SpareBank 1 Sør-Norge ASA has been admitted as a panel bank by Norske Finansielle Referanser (NoRe), and will be contributing to the determination of the NIBOR rate. Moody’s Rating has assigned a P-1 rating to SpareBank 1 Sør-Norge ASA’s Commercial Paper program. S&P initiates coverage of SpareBank 1 Sør-Norge ASA and assigns A1 short-term rating. The general meeting of SpareBank 1 Sør-Norge ASA, held on 30 September 2025, decided to grant the board authorization to repurchase own shares with a total nominal value of up to 2 percent of current share capital. On October 1, 2025 EiendomsMegler 1 Sørøst-Norge AS merged with EiendomsMegler 1 Sør-Norge AS. The banks in the SparBank 1 Alliance and Swedbank have established SB1 Markets AS. The business is part of a partnership between SpareBank 1 and Swedbank aimed at establishing a leading Nordic investment bank. SpareBank 1 Markets has changed its name to SB1 Markets and has taken over Swedbank’s Investment Banking and DCM High Yield operations. In connection with Norges Bank reduction in its policy rate in September, SpareBank 1 Sør-Norge ASA has announced a reduction in rates for mortgages and deposits of up to 0.25 percentage points, with effect for the existing portfolio from 18 November 2025. Regulatory changes Effective 1 July 2025, The Ministry of Finance increased the IRB risk-weighted floor for mortgages from 20% to 25%. On 28 September 2025, the Financial Supervisory Authority granted SpareBank 1 Sør-Norge ASA permission to include portfolios from the merged SpareBank 1 Sørøst-Norge AS in its A-IRB model. At its meeting on May 7, 2025, Norges Bank commitee for monetary policy and financial stability decided to maintain the countercyclical capital buffer requirement at 2.5 percent. 8 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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Loans and deposits from customers In the following, volume figures for the third quarter of 2025 are compared with pro forma figures for previous periods. Gross lending amounted to NOK 415 billion, including loans sold to the credit institutions at the end of the third quarter of 2025 (NOK 397 billion). Gross lending growth in the past 12 months was 4.4% (6.1%). In the past 12 months, Retail Market (incl. loans to employees), SME and Agriculture and Corporate Market have seen lending growth of 6.1%, 9.1% and -2.3% (-1.8% adjusted for foreign exchange effects), respectively. Fig. 4, Lending growth (12 months) Loans to the retail market accounted for 66.7% of total loans at the end of the third quarter of 2025 (65.6%). The group’s total loan exposure of NOK 462.4 billion includes a majority of exposures with a probability of default of less than 0.5%. These commitments accounted for 66.9% (66.0%) of the portfolio. The overall loan portfolio largely consists of exposures of less than NOK 10 million. These accounted for 66.1% (66.7%) of loan exposure and 97.6% (97.7%) of customers. Of the total loan exposure, 19.9% (18.8%) was to customers with exposures in excess of NOK 100 million. Deposits from customers amounted to NOK 223 billion at the end of the third quarter of 2025 (NOK 204 billion). Deposit growth was 9.7% in the past 12 months (-1.4%). Retail Market, SME and Agriculture and Corporate Market reported lending growth of 10.4%, 5.9% and 14.6%, respectively. At the end of the third quarter of 2025, deposits in Retail Market accounted for 55.6% (55.3%) of the group’s deposits. Deposit coverage, including loans sold to the credit institutions, was 53.9% at the end of the third quarter of 2025 (51.2%). Business areas SpareBank 1 Sør-Norge ASA is divided into different business areas, which are defined on the basis of their form of distribution, products and customers. The reporting format is based on the risk and return profile of the assets and is split into Retail Market, SME and Agriculture, Corporate Market and significant subsidiaries. Retail Market’s income statement and balance sheet items include figures from SR-Boligkreditt AS and SpareBank 1 Boligkreditt AS. Similarly, the volume from SpareBank 1 Næringskreditt AS is included in SME and Agriculture, as well as Corporate Market. Retail Market2 Retail Market, including Private Banking, posted an operating profit before impairments of NOK 931 million for the third quarter of 2025, compared with NOK 957 million in the previous quarter. The decrease was mainly due to higher costs. The increase in costs is primarily due to payment of holiday allowance in June, which lowers the payroll costs in the business area in the second quarter. Table 5, Retail Market Q3 25 Q2 25 Interest income 913 865 Commission and other income 290 276 Net income on financial investments 7 7 Total income 1,210 1,148 Operating expenses 279 191 Operating profit before impairments 931 957 Impairments on loans and financial commitments 3 −8 Pre-tax profit 927 965 The volume of lending in Retail Market was NOK 269 billion at the end of the third quarter of 2025. Retail Market is seeing very high demand for loans. Lending has grown by 6.2% (NOK 16 billion) in the past 12 months. On a national basis, the 12-month growth figure for Norwegian household debt was 4.4% at the end of September. The deposit volume was NOK 124 billion at the end of the third quarter of 2025, corresponding to 12-month growth of 11.1% (NOK 12 billion). Net interest income increased by NOK 40 million compared to the previous quarter, mainly due to increased balance sheet growth, decreased nibor and an additional interest rate day. Other income increased by NOK 21 million, primarily due to increased income from insurance and payment facilities. NOK 3 million in impairments on loans and financial liabilities were posted in the third quarter of 2025. 2 The interest on intracompany receivables for Retail Market, SME and Agri- culture and Corporate Market is fixed based on expected observable mar- ket interest rates (NIBOR) plus expected additional costs for the group’s long-term funding (credit premium). Deviations between the group's actual funding costs and the applied interest on intercompany receivables are eliminated at the group level. 9 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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The quality of the retail market portfolio is considered very good and the potential for losses low. The proportion of loan exposure within 85% of the loan to value ratio was 91.9% at end of the third quarter of 2025 (95.4%). SME and Agriculture 2 SME and Agriculture posted an operating profit before impairments of NOK 430 million for the third quarter of 2025, compared with NOK 435 million for the previous quarter. Table 6, SME and agriculture Q3 25 Q2 25 Interest income 411 397 Commission and other income 69 66 Net income on financial investments 14 15 Total income 494 478 Operating expenses 64 43 Operating profit before impairments 430 435 Impairments on loans and financial commitments 28 52 Pre-tax profit 402 383 Operating profit decreased by NOK 5 million, mainly due to higher costs. The increase in costs is primarily attributable to the payment of holiday allowance in June, which lowers the payroll costs in the business area in the second quarter. In the third quarter of 2025, NOK 28 million was charged as impairments on loans and financial liabilities, mainly due to individual losses. The lending volume in the division was NOK 42 billion at the end of the third quarter of 2025, corresponding to growth over the past 12 months of 9.1%. The deposit volume amounted to NOK 39 billion and the 12-month deposit growth rate was 5.9%. The quality of the SME and Agriculture portfolio is considered good. The proportion of exposures with a probability of default of less than 2.5% through a full loss cycle was 85.5% of the portfolio at the end of the third quarter of 2025 (85.4%). Corporate Market 2 Corporate Market posted an operating profit before impairments of NOK 649 million for the third quarter of 2025, compared with NOK 677 million for the previous quarter. Table 7, Corporate market Q3 25 Q2 25 Interest income 608 602 Commission and other income 99 94 Net income on financial investments 4 22 Total income 712 717 Operating expenses 63 39 Operating profit before impairments 649 677 Impairments on loans and financial commitments 84 33 Pre-tax profit 565 645 The reduction in operating profit was due to a decrease in income from financial investments, increased costs and impairments. Net income on financial investments declined due to negative MtM change on shares and reduced income from foreign exchange trading. Increased costs in the third quarter are primarily due to the payment of holiday allowance in June, which lowers the payroll costs in the business area in the second quarter. The lending volume in the division amounted to NOK 96 billion at the end of the third quarter of 2025. Lending growth for the last 12 months was -2.3%. The lending growth reflects low overall market credit growth and strong competition, however there are signs of higher activity at the beginning of the fourth quarter. The deposit volume was NOK 62 billion, corresponding to growth in the past 12 months of 14.6%. The quality of the Corporate Market portfolio is considered good. The proportion of exposures with a probability of default of less than 2.5% through a full loss cycle was 87.1% of the portfolio at the end of the third quarter of 2025 (89.1%). The property sector portfolio represents the group’s largest concentration in a single sector and accounted for 12.2% (12.7%) of total loan exposure. A large portion of this portfolio consists of financing commercial properties for leasing. 10 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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Subsidiaries EiendomsMegler 1 Sør-Norge AS The company reported revenue of NOK 153 million for the third quarter of 2025, compared to NOK 183 million for the previous quarter. The profit before tax decreased from NOK 43 million to NOK 7 million. The decrease is attributed to seasonal effects. Compared with the third quarter of 2024, revenue increased by NOK 45 million and profit before tax improved by NOK 5 million. 80% of the growth in earnings year to date is linked to mergers. Overall, the company is the largest actor in real estate brokerage in the counties of Rogaland, Vestland and Agder, with a stable market share of just under 20%. On October 1, 2025 EiendomsMegler 1 Sørøst-Norge AS merged with EiendomsMegler 1 Sør-Norge AS. EiendomsMegler 1 Sørøst-Norge AS The company reported revenue of NOK 70 million for the third quarter of 2025, compared to NOK 84 million for the previous quarter. The decrease is due to seasonal effects. The profit before tax amounted to NOK 5 million, compared to NOK 16 million for the previous quarter. Compared to the third quarter of 2024, revenue increased by NOK 8 million and profit before tax increased by NOK 4 million. Overall, the company is the largest player in real estate brokerage in the counties of Buskerud and Vestfold, with a stable market share of the used homes market of just over 22%. EiendomsMegler 1 Telemark AS The company reported revenue of NOK 33 million for the third quarter of 2025, an increase of NOK 10 million compared with the previous quarter. The profit before tax rose from NOK 7 million to NOK 13 million. Compared to the third quarter of 2024, revenue increased by NOK 5 million and profit before tax by NOK 2 million. During the third quarter, SpareBank 1 Sør-Norge ASA acquired Skien Boligbyggelag’s shares in the company, thereby increasing its total ownership to 100 percent. At the same time, a strategic partnership was established with Skien Boligbyggelag. SpareBank 1 Sør-Norge ForretningsPartner AS The company reported revenue of NOK 104 million for the third quarter of 2025, compared to NOK 154 million for the previous quarter og NOK 107 million for the third quarter of 2024. Profit before tax amounted to NOK -7 million for the third quarter of 2025, compared with NOK 20 million for the previous quarter and NOK -8 million for the third quarter of 2024. The decline in revenue and decrease in earnings from the previous quarter are attributable to seasonal variations. SpareBank 1 Sør-Norge ForretningsPartner AS enjoys a solid market position in accounting services, with offices in Rogaland, Vestland, Oslo and Agder. SR-Boligkreditt AS The company’s purpose is to purchase residential mortgages from SpareBank 1 Sør-Norge ASA, and it funds this by issuing covered bonds. SR-Boligkreditt AS enables the parent company to diversify and optimise its funding. Moody’s has given SR-Boligkreditt AS its best rating, Aaa. At the end of the third quarter of 2025, the company had issued covered bonds with a nominal value of NOK 123 billion (NOK 101 billion) and bought loans worth NOK 122 billion (NOK 106 billion) from SpareBank 1 Sør-Norge ASA. The company reported a profit before tax of NOK 351 million for the third quarter of 2025, compared with NOK 221 million for the previous quarter and NOK 158 million for the third quarter of 2024. High volatility in the results due to large fluctuations in the market value of basisswaps. Net interest income amounted to NOK 254 million for the third quarter of 2025, an increase of NOK 14 million from the previous quarter. Compared to the third quarter of 2024, net interest income increased by NOK 29 million. FinStart Nordic AS FinStart Nordic AS has invested in, and contributed to the development and growth of, innovative financial technology companies. The aim is to strengthen and expand the group’s value chains and help streamline the group by supplying innovative products and services. The company also manages the portfolio of a former subsidiary that primarily had investments linked to the oil industry. FinStart Nordic AS will going forward focus on extracting value from existing portfolios. Profit before tax amounted to NOK 3 million for the third quarter of 2025, compared with NOK 35 million for the previous quarter and NOK -10 million for the third quarter of 2024. The decrease from the previous quarter is due to the sale of the company Aritma in the second quarter of 2025. Associated companies SpareBank 1 Sør-Norge ASA’s profit contributions from associated companies were incorporated using the equity method. These totalled NOK 266 million for the third quarter of 2025, compared with NOK 256 million for the previous quarter and NOK 819 million for the third quarter of 2024. In the third quarter 2024 NOK 577 million relates to the gain from the merger of Eika Forsikring and Fremtind Forsikring. SpareBank 1 Alliance The SpareBank 1 Alliance is Norway’s second largest financial group and is a banking and product partnership in which the SpareBank 1 banks in Norway cooperate in order to keep them strong and independent. The purpose of the Alliance is to procure and provide competitive financial services and products, and to exploit economies of scale in the form of lower costs and/or higher quality. The Alliance 11 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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is run through its ownership and participation in SpareBank 1 Utvikling DA, while the development and operation of product companies are organised through the banks’ ownership of the holding company SpareBank 1 Gruppen AS. SpareBank 1 Gruppen AS SpareBank 1 Gruppen AS owns 100% of the shares in SpareBank 1 Forsikring AS, SpareBank 1 Factoring AS, and SpareBank 1 Spleis AS. SpareBank 1 Gruppen AS also owns 51% of the shares in Fremtind Holding AS, 69% of the shares in Kredinor AS, and 49% of the shares in LO Favør AS. SpareBank 1 Sør-Norge ASA owned a 19.5% stake in SpareBank 1 Gruppen AS. SpareBank 1 Gruppen AS posted a profit after tax of NOK 1,292 million for the third quarter of 2025, compared with NOK 1,034 million for the previous quarter and NOK 825 million for the third quarter of 2024. The majority’s share for the third quarter of 2025 was NOK 697 million, compared with NOK 585 million for the previous quarter and NOK 442 million for the third quarter of 2024. The increase compared with the previous quarter was mainly due to the higher insurance result in Fremtind Holding AS. SpareBank 1 Utvikling DA SpareBank 1 Utvikling DA delivers business platforms and common management and development services to the Alliance banks. The company contributes to joint activities that provide the banks with benefits in the form of economies of scale and expertise. The company also owns and manages the Alliance’s intellectual property rights under a common brand name, SpareBank 1. SpareBank 1 Sør-Norge ASA owned a 18.0% stake in SpareBank 1 Utvikling DA. SpareBank 1 Forvaltning AS SpareBank 1 Forvaltning AS delivers products and services designed to streamline and simplify savings for its customers. SpareBank 1 Forvaltning is a licensed investment firm and owns 100% of the shares in the subsidiary ODIN Forvaltning. SpareBank 1 Forvaltning AS is owned by the SpareBank 1 Alliance and the Norwegian Confederation of Trade Unions (LO). SpareBank 1 Sør-Norge ASA’s stake is 42.0%. SpareBank 1 Forvaltning AS posted a profit after tax of NOK 66 million for the third quarter of 2025, compared with NOK 63 million for the previous quarter and NOK 57 million for the third quarter of 2024. BN Bank ASA BN Bank ASA is a nationwide bank with its head office in Trondheim. The bank is owned by the banks in the SpareBank 1 Alliance. SpareBank 1 Sør-Norge ASA’s stake is 42.5%. BN Bank ASA reported a profit after tax of NOK 210 million for the third quarter of 2025, a decrease of NOK 44 million from the previous quarter. The decline is attributable to lower income from financial investments, primarily due to dividend from SpareBank 1 Boligkreditt AS in the second quarter of 2025. The profit after tax for the third quarter of 2024 was NOK 229 million. The return on equity after tax was 12.4% compared with 15.8% for the previous quarter and 13.8% for the third quarter of 2024. SB1 Markets AS On 1 September 2025, the banks in the SpareBank 1 Alliance and Swedbank established SB1 Markets AS, a nordic investment bank. SpareBank 1 Sør-Norge ASA’s stake is 28.1%. SB1 Markets AS is a leading Norwegian investment bank offering services within equity and credit analysis and trading in equities and bonds, as well as services within corporate finance, including raising capital in the equity and debt market, mergers and acquisitions, restructuring and advisory. SB1 Markets AS posted a profit after tax of NOK 32 million for the third quarter of 2025, compared with NOK 45 million for the previous quarter and NOK 51 million for the third quarter of 2024. Kredittbanken ASA Kredittbanken ASA is owned by the SpareBank 1 banks and the Eika Alliance, where SpareBank 1 Sør-Norge ASA’s stake is 23.3%. The company offers unsecured financing to the retail market and offers credit cards and repayment. The company posted a profit after tax of NOK 17 million for the third quarter of 2025, compared with NOK 16 million for the previous quarter and NOK -16 million for the third quarter of 2024. The total portfolio in the company was NOK 13 billion at the end of the third quarter of 2025, compared to NOK 12 billion in the previous quarter, and NOK 10 billion for the third quarter of 2024. SpareBank 1 Betaling AS The SpareBank 1 banks jointly own SpareBank 1 Betaling AS. SpareBank 1 Sør-Norge ASA's stake is 26.7%. SpareBank 1 Betaling AS owns a 25.0% stake in Vipps Holding AS. SpareBank 1 Betaling AS posted a profit after tax of NOK 10 million for the third quarter of 2025, compared with NOK 11 million for the previous quarter and NOK -6 million for the third quarter of 2024. The increase from the third quarter of 2024 was due to the improved operating profit in Vipps AS. For more information about the accounts of the various companies, please refer to their quarterly reports, which are available on the websites of the various companies. 12 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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Funding and liquidity SpareBank 1 Sør-Norge ASA has a solid liquidity position at the end of the third quarter of 2025 and expects to maintain good access to long-term funding at competitive prices. The group strives for a balanced maturity profile for funding and emphasises strong relations with Norwegian and international investors and banks. The liquidity buffer 3 was NOK 81.6 billion at the end of the third quarter of 2025 (NOK 65.4 billion) and would cover normal operations for 29 months (32 months) in the event of closed markets and without net lending growth. NOK 25 billion of the bank’s external funding will come due in the next 12 months. In addition to the liquidity buffer, the bank has NOK 66 billion in residential mortgages ready for covered bond funding. Over the past 12 months, the group has maintained a high proportion of long-term funding. The group’s net stable funding ratio (NSFR) 4 was 133% at the end of the third quarter of 2025 (134%), which confirms the group’s good funding situation. SpareBank 1 Sør-Norge ASA has an Aa3 (stable) long-term rating and a P-1 short-term rating from Moody’s. SpareBank 1 Sør-Norge ASA’s has in addition a A1 short-term rating from S&P. Capital ratio Table 8, Capital adequacy Q3 25 Q2 25 Q1 25 CET1 capital ratio 18.51 18.63 18.29 Tier 1 capital ratio 20.48 20.67 20.13 Capital ratio 23.19 23.47 22.93 Leverage ratio 7.4 4 7.33 7.54 At the end of the third quarter of 2025, the CET1 capital ratio was 18.51%, and the capital adequacy ratio was 23.19%. This exceeds the current CET1 capital ratio requirement of 17.53% and the capital adequacy requirement of 22.08%. The total requirement for SpareBank 1 Sør-Norge ASA’s CET1 capital ratio was 17.53% at the end of the third quarter of 2025. The requirement includes the systemic risk buffer (4.45%), the countercyclical buffer (2.48%), the Pillar 2 premium (1.07%), the temporary Pillar 2 premium (0.28%), the systemic importance buffer (1.0%) and the Pillar 2 guidance (1.25%). 3 Liquidity buffer: cash, short-term investments, and drawing rights in Norges Bank (bonds, including covered bonds). Assuming deposits and lending remain unchanged and no new borrowing during the period. 4 NSFR is calculated in accordance with guidelines from the Financial Super- visory Authority of Norway and is calculated as available stable funding relative to necessary stable funding. The Financial Supervisory Authority's preliminary assessment is that the bank’s CET 1 capital ratio requirement will be reduced from 17.53% to 17.06% at the end of the year. The Pillar 2 premium in the CET1 capital is reduced from 1.35 % to 1.13% and the expectation for the Pillar 2 guidance will be changed from 1.25% to 1.00%. EU’s crisis management directive and MREL Based on the EU Crisis Management Directive (BRRD), the group must meet a minimum requirement for own funds and eligible liabilities (MREL). SpareBank 1 Sør-Norge ASA has an effective MREL requirement of 39.2% of the adjusted risk-weighted assets. In addition, subordinated capital and non-preferred liabilities must account for at least 31.3%. At the end of the third quarter of 2025, SpareBank 1 Sør-Norge ASA had issued senior non-preferred debt equivalent to NOK 21.8 billion and thus satisfies the subordination requirement by a good margin. The bank’s share The price of the bank’s share (SB1NO) was NOK 177.80 at the end of the third quarter of 2025. This results in an effective return of 27.1% since year end 2024. The Oslo Børs’s main index rose by 15.4% in the corresponding period (not corrected for dividends). 2.5% of outstanding SB1NO shares were traded in the third quarter of 2025 (3.5%). Fig. 5, Share price and price/book There were 22,791 shareholders of SB1NO at the end of the third quarter of 2025 (19,504). The proportion held by companies and people abroad was 16.8% (22.7%); the 20 largest holders owned a total of 63.0% (59.5%). The bank held 35,463 treasury shares, while group employees owned 1.5% (1.8%). (The figures in brackets are for the SRBNK share in the same period last year) 13 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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The table below lists the 20 largest shareholders as at 30.9.2025: Table 9, 20 largest shareholders Number of shares (1,000) % Sparebankstiftelsen SR-Bank 78,677 21.0 % SpareBank 1 Stiftelsen BV 32,667 8.7 % Folketrygdfondet 26,125 7.0 % Sparebankstiftelsen Telemark 25,034 6.7 % Sparebankstiftelsen Modum 15,624 4.2 % Swedbank AB 7,507 2.0 % SpareBank 1-stiftinga Kvinnherad 6,527 1.7 % Sparebankstiftelsen Nøtterøy-Tønsberg 5,263 1.4 % Sparebankstiftelsen Nome 4,949 1.3 % Skandinaviska Enskilda Banken AB 3,865 1.0 % State Street Bank and Trust Co, U.S.A. 3,525 0.9 % Verdipapirfondet Alfred Berg Gambak 3,523 0.9 % J.P.Morgan SE, Luxembourg 3,100 0.8 % J.P.Morgan SE, Luxembourg 3,099 0.8 % Verdipapirfondet KLP AksjeNorge 3,068 0.8 % JPMorgan Chase Bank, N.A., London 3,027 0.8 % Pareto Aksje Norge Verdipapirfond 2,965 0.8 % Verdipapirfond Odin Norge 2,836 0.8 % State Street Bank and Trust Co, U.S.A. 2,638 0.7 % State Street Bank and Trust Co, U.S.A. 2,561 0.7 % Total 20 largest 236,577 63.0 % The group has a special share savings scheme for the group’s employees. All permanent employees have an opportunity to purchase shares for a specified savings amount, limited to a maximum of NOK 5,000 per employee per month, at a 30% discount and with a lock-in period of 2 years. Around 76% of the group’s employees have signed a regular savings agreement for the share savings scheme in 2025. Sustainable development The sustainability strategy is part of the group Strategy and was revised in autumn 2025. The revised strategy places increased emphasis on integrating sustainability into the commercial strategy and business development. Social sustainability in relation to customers, suppliers, and society is a key focus area. SpareBank 1 Sør-Norge ASA aims to contribute to achieving the Paris Agreement goal of limiting global warming to 1.5°C. To support this ambition, the group has set a target of net zero greenhouse gas emissions by 2050, both from its own operations and from its lending and investment portfolios. For material industries—measured by lending volume, greenhouse gas emissions, and energy consumption—as well as for the group’s own operations, specific emission pathways have been adopted with emission trajectories toward 2050. International shipping, commercial real estate, and residential real estate have annual targets, including for 2030 and 2050. Oil and gas have targets for 2030 and 2050, while agriculture has targets only for 2030. The new strategy places greater emphasis on translating the transition plans into concrete actions for advisors and customers. The transition plan is available on the group’s website. As part of this work, a target has been set to increase the share of lending that qualifies under the group’s sustainable finance framework to 25 percent by 2030. At the end of the third quarter of 2025, the bank had financed approximately NOK 72 billion that qualifies, corresponding to 18.3 percent of total lending. Targets have also been set related to the social dimension, our employees, and our customers, and active efforts are being made to follow up on these. For an overview of all the group’s targets, please refer to the 2024 annual report. Increased synergies The estimated synergies from the merger have been revised upwards, due to stronger effects from operational and funding synergies. This contributes positively to the group’s cost development and operating profits. Total synergies are increased by NOK 150 million from the previous quarter and the total estimate is NOK 450 million annually from and including 2027. The group is on schedule with respect to realising funding, operational and personnel synergies. Synergies are being realised in line with plans and were approximately NOK 126 million at the end of the third quarter of 2025 (on an annualized basis). Outlook Uncertainty surrounding economic growth persists, driven by developments in trade policy and geopolitical instability. While increased tariffs are constraining growth among trading partners, their impact on inflation has so far been limited. Norges Bank reduced its policy rate from 4.25% to 4.00% at its interest rate meeting in September. The central bank also indicated that the policy rate can be cut further down to 3,2% by the end of 2028. The inflation rate is declining, but remains above target. Our surveys of companies in the group’s market area show strong optimism among companies in the Southern Norway, particularly in Rogaland and Vestland. The companies are expecting higher employment and increased revenue, but global trade conditions and rising tariffs are creating uncertainty around investments and profitability. 14 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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The board considers the quality of the loan portfolio to be good, despite the trade turmoil and uncertainty in the international market. The group’s long-term financial target for the return on equity is higher than 14% and to be among the top three comparable banking groups in Norway. This will be achieved through profitable growth in lending and other income, cost and capital efficiency and realising of synergies. The group’s cost to income ratio target is less than 40%. The group’s dividend policy is to distribute above 50% in cash dividend of the profit for the year. The group has established a share buyback program as a supplement to cash dividends. Consideration must be given to financial needs, including capital adequacy requirements and the group’s targets and strategic plans, when determining the annual dividend. Based on the authorities’ CET1 capital ratio requirements and the Pillar 2 guidance, the group’s CET1 capital ratio target is a minimum of 17.53%. The CET1 capital ratio is expected to be reduced to 17.06% in connection with the Norwegian FSA’s notice of its decision on the Pillar 2 premium and Pillar 2 Guidance. Based on the calculated effects of the regulatory changes, the board believes that SpareBank 1 Sør-Norge ASA is well-positioned for profitable growth and strong capital distribution. The board is of the opinion that the drivers of structural change in the savings bank sector remain highly relevant, and it will take a proactive approach to structural changes in the sector in order to safeguard and create value for customers, employees, owners and local communities. Stavanger, 29.10.2025 The Board of Directors of SpareBank 1 Sør-Norge ASA 15 SpareBank 1 Sør-Norge, Q3 2025 – Unaudited REPORT OF THE BOARD OF DIRECTORS
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Income statement Parent bank Group 2024 01.01.24 - 30.09.24 01.01.25 - 30.09.25 Q3 2024 Q3 2025 Income statement (MNOK) Note Q3 2025 Q3 2024 01.01.25 - 30.09.25 01.01.24 - 30.09.24 2024 14,978 10,319 13,545 3,553 4,515 Interest income using effective interest method 6,113 4,949 18,136 14,463 20,565 3,189 2,316 2,653 762 896 Other interest income 876 781 2,656 2,372 3,250 11,573 8,111 10,002 2,778 3,343 Interest expense 4,661 3,962 13,843 11,610 16,298 6,594 4,525 6,197 1,537 2,068 Net interest income 2,328 1,768 6,948 5,224 7,517 1,490 983 1,443 330 497 Commission income 811 492 2,518 1,566 2,392 116 75 115 21 41 Commission expenses 41 21 115 75 116 16 11 21 3 9 Other operating income 8 2 20 6 10 1,390 919 1,349 312 465 Net commission and other income 778 473 2,423 1,497 2,286 52 27 95 1 1 Dividends 11 14 110 52 78 277 289 853 13 95 Income from ownership interests 11 266 655 715 918 1,140 -31 47 238 -110 80 Net gains/losses on financial instruments 11 165 -154 384 -158 -282 299 364 1,187 -96 176 Net income on financial investments 443 514 1,210 812 937 8,283 5,807 8,733 1,753 2,709 Total income 3,549 2,755 10,581 7,533 10,739 1,676 1,119 1,640 389 552 Salaries and other personell expense 796 532 2,369 1,553 2,364 1,184 749 1,210 281 386 Other operating expenses 459 316 1,465 880 1,386 149 100 147 34 50 Depreciation and impairment of fixed and intangible assets 59 43 176 127 186 3,010 1,968 2,997 704 989 Total operating expenses 1,314 891 4,010 2,561 3,936 5,273 3,839 5,736 1,049 1,720 Operating profit before impairment 2,235 1,864 6,571 4,972 6,803 375 292 233 161 116 Impairment losses on loans and financial commitments 3, 4 115 160 215 298 387 4,898 3,547 5,503 888 1,604 Pre-tax profit 10 2,120 1,704 6,356 4,675 6,415 1,072 762 1,055 213 357 Tax expense 423 254 1,254 872 1,222 3,826 2,785 4,448 675 1,248 Profit after tax 1,697 1,450 5,102 3,803 5,193 3,543 2,586 4,186 595 1,162 Shareholders’ share of the profit 1,612 1,371 4,840 3,604 4,911 282 199 262 80 85 Hybrid capital owners’ share of the profit 85 80 262 199 282 3,826 2,785 4,448 675 1,248 Profit after tax 1,697 1,450 5,102 3,803 5,193 Other comprehensive income -10 0 0 0 0 Unrecognised actuarial gains and losses 0 0 0 0 -8 2 0 0 0 0 Deferred tax concerning changed estimates/pension plan changes 0 0 0 0 2 -7 0 0 0 0 Total items not reclassified through profit or loss 0 0 0 0 -6 -0 -0 6 0 2 Change in ECL1) 12 months 0 0 0 0 0 Basis swap spread 53 -29 127 -101 -247 Deferred tax concerning basis swap spread -13 7 -32 25 62 Share of profit associated companies and joint ventures -0 -4 4 5 17 -0 -0 6 0 2 Total items reclassified through profit or loss 39 -26 99 -70 -168 -8 -0 6 0 2 Other comprehensive income 39 -26 99 -70 -174 3,818 2,785 4,454 675 1,249 Total comprehensive income 1,736 1,424 5,202 3,732 5,019 Earnings per share (group) 4.29 5.19 12.89 13.64 13.08 1) ECL - Expected credit loss 16 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Balance sheet Parent bank Group 2024 30.09.24 30.09.25 Balance sheet (MNOK) Note 30.09.25 30.09.24 2024 119 689 785 Cash and balances with central banks 785 689 119 17,199 20,442 18,365 Balances with credit institutions 11,093 7,800 12,711 267,795 182,537 270,672 Loans to customers 4, 6, 10 392,208 288,025 374,119 60,274 57,252 75,585 Certificates and bonds 73,554 58,957 60,825 17,029 17,894 14,960 Financial derivatives 8 10,015 11,881 11,444 2,391 435 2,057 Shares, ownership stakes and other securities 13 2,286 691 2,643 5,050 3,908 5,009 Investment in associates 8,329 6,753 8,144 7,677 7,479 8,699 Investment in subsidiaries 0 0 0 3,569 70 3,569 Intangible assets 4,071 405 4,074 2,287 2,538 2,287 Deferred tax assets 2,407 2,618 2,404 581 327 621 Fixed assets 1,273 955 1,242 1,070 964 1,021 Right-of-use assets 443 353 478 569 569 651 Other assets 1,304 912 1,132 385,610 295,105 404,282 Total assets 10 507,768 380,039 479,336 715 5,554 11,268 Balances with credit institutions 3,578 509 695 204,434 146,888 223,883 Deposits from customers 5, 10 223,294 146,478 204,006 78,640 62,757 67,728 Listed debt securities 9 186,197 162,892 180,850 20,963 21,612 19,539 Financial derivatives 8 8,403 8,894 9,339 1,020 762 1,049 Taxes payable 1,280 862 1,178 1,136 1,028 1,094 Lease liabilities 468 377 505 423 254 430 Pension liabilities 437 262 431 109 109 109 Impairment on financial commitments 4 110 109 109 841 609 1,204 Other liabilities 1,686 803 1,271 22,539 17,705 22,481 Senior non-preferred bonds 9 22,481 17,705 22,539 5,776 5,035 5,774 Subordinated loan capital 9 5,774 5,035 5,776 336,597 262,312 354,559 Total liabilities 453,708 343,925 426,699 9,386 6,607 9,386 Share capital 9,386 6,607 9,386 14,719 2,354 14,719 Premium reserve 14,719 2,354 14,719 3,191 0 0 Proposed dividend 0 0 3,191 4,300 4,169 4,000 Hybrid capital 4,000 4,169 4,300 17,417 19,663 21,618 Other equity 25,955 22,984 21,041 49,013 32,794 49,723 Total equity 54,060 36,114 52,637 385,610 295,105 404,282 Total liabilities and equity 10 507,768 380,039 479,336 17 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Statement of changes in equity Share- capital Premium reserve Hybrid- capital Value of basis swap defined as hedging instrument Other equity Total equitySpareBank 1 Sør-Norge Group (MNOK) Equity as at 31.12.23 6,607 2,354 3,155 -19 21,463 33,561 Profit after tax 199 3,604 3,803 Basisswap spread after tax -76 -76 Share of profit associated companies and joint ventures 5 5 Total comprehensive income 199 -76 3,609 3,732 Issued hybrid capital 1,200 1,200 Repayments in debt established by issuing hybrid capital -187 -187 Interest on hybridcapital -199 -199 Transactions against equity in subsidiaries and associated companies -11 -11 Transactions with shareholders -1,982 -1,982 Equity as at 30.09.24 6,607 2,354 4,169 -95 23,079 36,114 Equity as at 31.12.24 9,386 14,719 4,300 -204 24,437 52,637 Profit after tax 262 4,840 5,102 Basisswap spread after tax 95 95 Share of profit associated companies and joint ventures 4 4 Total comprehensive income 262 95 4,844 5,202 Issued hybrid capital 400 400 Repayments in debt established by issuing hybrid capital -700 -700 Interest on hybridcapital -262 -262 Transactions against equity in subsidiaries and associated companies -35 -35 Dividend 2024, resolved in 2025 -3,191 -3,191 Trade in treasury shares 10 10 Transactions with shareholders - - - - -3,182 -3,182 Equity as at 30.09.25 9,386 14,719 4,000 -109 26,064 54,060 18 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Cash flow statement 2024 01.01.24 - 30.09.24 01.01.25 - 30.09.25 Cash flow statement 01.01.25 - 30.09.25 01.01.24 - 30.09.24 2024 -17,337 -11,879 -5,449 Change in gross lending to customers -20,650 -17,319 -23,626 13,447 9,254 12,965 Interest receipts from lending to customers 17,716 13,778 19,498 -2,033 -2,421 15,452 Change in deposits from customers 15,307 -2,599 -2,229 -5,947 -4,191 -1,672 Interest payments on deposits from customers -1,670 -4,180 -5,932 9,413 6,852 7,624 Change in receivables and debt from credit institutions 2,738 303 -267 1,047 933 517 Interest on receivables and debt to financial institutions 460 561 409 2,354 -1,187 -14,882 Change in certificates and bonds -12,729 -1,276 3,100 2,973 2,292 2,114 Interest receipts from commercial paper and bonds 2,143 2,358 3,051 1,359 910 1,323 Commission receipts 2,400 1,496 2,248 199 941 1,238 Capital gains from sale of trading 1,263 975 177 -2,648 -1,832 -2,783 Payments for operations -3,795 -2,538 -3,496 -2,557 -2,549 -1,020 Taxes paid -1,178 -2,697 -2,706 30 1,784 1,675 Other accruals 2,336 1,970 2,052 300 -1,094 17,103 A Net change in liquidity from operations 4,339 -9,167 -7,721 -161 -77 -150 Investments in tangible fixed assets -174 -92 -184 44 43 17 Receipts from sale of tangible fixed assets 17 43 47 -125 -193 -1,057 Change in long-term investments in equities -11 -95 -124 156 0 473 Receipts from sales of long-term investments in equities 210 36 193 330 317 948 Dividends from long-term investments in equities 637 140 152 -903 0 0 Net cash outflows related to business integration 0 0 -903 -658 89 232 B Net cash flow, investments 678 31 -819 20,228 18,192 2,016 Debt raised by issuance of securities and senior non-preferred bonds 27,125 29,829 40,174 -14,665 -13,904 -13,094 Repayments - issued securities and senior non-preferred bonds -21,984 -13,904 -21,694 -4,465 -3,452 -3,473 Interest payments on securities issued and senior non-preferred bonds -7,412 -6,988 -9,239 2,900 2,900 0 Additional subordinated loan capital issued 0 2,900 2,900 -700 -700 0 Repayments - additional capital instruments 0 -700 -700 -266 -198 -270 Interest payments on subordinated loans -270 -198 -266 1,200 1,200 400 Issued hybrid capital 400 1,200 1,200 -405 -187 -700 Repayments in debt established by issuing hybrid capital -700 -187 -405 -282 -199 -262 Interest payments on debt established by issuing hybrid capital -262 -199 -282 -101 -69 -96 Lease payments -59 -48 -75 -1,982 -1,982 -3,191 Dividend to share holders -3,191 -1,982 -1,982 1,461 1,601 -18,670 C Net cash flow, financing -6,353 9,722 9,631 1,103 596 -1,335 A+B+C Net cash flow during the period -1,335 586 1,091 2,071 2,071 3,173 Cash and cash equivalents as at 1 January 3,174 2,082 2,082 3,173 2,666 1,838 Cash and cash equivalents at the end of the period 1,839 2,668 3,174 Cash and cash equivalents specified 119 689 785 Cash and balances with central banks 785 689 119 3,054 1,976 1,053 Balances with credit institutions 1,054 1,978 3,055 3,173 2,666 1,838 Cash and cash equivalents 1,839 2,668 3,174 The cash and cash equivalents includes cash and claims on central banks, plus the share of the total of claims on credit institutions that pertains to placement solely in credit institutions. The cash flow statement shows cash provided and used by the parent bank and the group. 19 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Notes to the financial statements (figures in NOK million unless otherwise stated) Note 1 Accounting policies 1.1 Basis of preparation These interim financial statements for SpareBank 1 Sør-Norge ASA cover the period 1 January - 30 September 2025. The interim financial statements were prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial statements are unaudited. These interim financial statements were prepared in accordance with the applicable IFRS® standards and IFRIC interpretations. The interim financial statements do not include all the information required for full annual financial statements and should be read in conjunction with the annual financial statements for 2024. On 29 August 2025, the Norwegian Financial Supervisory Authority granted permission to SpareBank 1 Sør-Norge ASA to include the portfolio from the former SpareBank 1 Sørøst- Norge in its IRB system. New and revised standards not yet implemented : There are no other new standards, amendments to standards or interpretations which has been implemented since 01.01.2025 with material effect on the group or parent bank’s financial statements. New standards and interpretations that have not been adopted yet: There are a number of new standards, changes to the standards and interpretations that are mandatory for future annual accounts.There are no standards or interpretations that have not been adopted yet, that are expected to have any material effects on the group’s statements. Note 2 Critical estimates and judgements concerning use of the accounting policies The preparation of the consolidated financial statements entails the group executive management making estimates, judgements and assumptions that affect the effect of the application of the accounting policies and thus the amounts recognised for assets, liabilities, income and costs. Note 3 of the annual financial statements for 2024 explains in more detail the use of critical estimates and judgements when applying the accounting policies. Impairments on loans The group’s assessment of critical estimates and judgements concerning the use of the accounting policies has not changed since 31.12.2024. The group conducts annual evaluation of its corporate market portfolio. High-risk exposures in the corporate market portfolio are evaluated on a quarterly basis. Loans to retail customers are subject to evaluation when they are more than 90 days past due; larger exposures in default are evaluated on a quarterly basis. The group’s risk classification systems are described under financial risk management in the annual report. The group carries out an impairment if there is objective evidence that can be identified for an individual exposure, and the objective evidence entails a reduction in future cash flows for servicing the exposure. Objective evidence may be default, bankruptcy, insolvency or other significant financial difficulties. 20 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Individual impairment provisions are calculated as the difference between the loan’s book (carrying) value and the present value of future cash flows based on the effective interest rate at the time of the calculation of the initial individual impairment. Account is taken of subsequent changes in interest rates for loan agreements with variable rates if these changes affect the expected cash flow. For smaller exposures, the general rule is that the difference between the actual exposure at the time of impairment and the realisation value (underabsorption) of the pledged collateral is written down, and that the impairment is based on one scenario. For larger exposures, the general rule is that the difference between the actual exposure and the bank’s assessment of the discounted value of the customer’s future cash flow is written down, and the impairment is based on three scenarios. According to IFRS 9, loss provisions are recognised for all exposures based on expected credit loss (ECL). The measurement of the provisions for expected losses on exposures that are not individually impaired depends on whether or not the credit risk has increased significantly since initial recognition. Upon initial recognitionn and when the credit risk has not increased significantly after initial recognition, provisions must be made for 12 months’ expected losses. If the credit risk has increased substantially after initial recognition, provisions must be made for expected losses over the entire lifetime. Expected credit loss is calculated on the basis of the present value of all cash flows over the remaining expected lifetime. Climate related issues are given increased attention in the credit assessments, and the related risiks are first and foremost uncovered through the utilisation of an ESG-module in the credit related work. Climate-related risk is also taken into account in the assessment of individual impairments. A need for specific, climate related impairment provisions has so far not been deemed neccessary. The scoring from the ESG-module is included in the stress test-model which is used, among other things, for the preparation of climate-related stress tests. Further development and clarifications regarding how expectations of climate related credit losses are to be included in the impairment provisions/IFRS 9-model are still needed. Also refer to note 6 in the annual financial statements for 2024. A probability weighted average is calculated for four different scenarios: an upside scenario, a base scenario, an sector crisis scenario and a stress scenario, respectively. The base scenario is based on the most recent editon of ”Monetary Policy Report”, and represents a normal business cycle. The upside scenario represents a period of economic growth with better macro economic prospects than the base scenario. The sector crisis scenario represents a sector-specific downturn period, currently based on a scenario involving a prolonged trade war. This selected sector crisis scenario is aligned with the group’s overall scenario framework. The stress scenario is linked to the group’s periodic internal capital adequacy assessment process (ICAAP) for a period of comprehensive economic decline. The scenarios are reviewed quarterly by an internal working group consisting of senior-level personnel and are adjusted if there are significant changes in the macroeconomic outlook. In Q3 2025, some model improvements were implemented, which, together with macroeconomic developments and a slight negative trend in credit risk, contribute to an increase in loan loss provisions. Additionally, the scenario weighting has been adjusted to reflect a more severe sector crisis scenario. The total impairment charges for exposures without individual write- downs have increased by NOK 28 million. This increase should be viewed in relation to exposures that were individually written down during the period. The choice of scenarios and their weighting are regularly reviewed (at least once a year) by the aforementioned working group. As at 30.09.2025, the upside scenario had a 5% weighting, the base scenario had a 85% weighting, the adverse scenario had a 7,5% weighting, and the stress scenario had a weighting of 2,5%. The weighting is the same for all portfolios and reflects the uncertainty associated with economic developments going forward. In order to illustrate the associated weight sensitivity, a simulation of the effects of a more conservative scenario weighting was conducted in which the weight of the update scenario is unchanged at 5%, base scenario was reduced to 75%, the adverse scenario werer increased to 10,0% and the stress scenario were increased to 10,0% . Such a change in the scenario weighting would, all else equal, increase the group’s expected impairment losses for commitments without individual impairment by NOK 236 million. (continued from Note 2) 21 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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(continued from Note 2) Sensitivity Calculations (NOK millions) Upside scenario Base scenario Sector crisis scenario Stress scenario Corporate market SME and agriculture Retail market SR-Bolig- kreditt Not distributed Total Group Change in applied scenario Weights used as at 30.09.2025 ECL in Upside scenario 308 301 79 19 4 711 ECL in Base scenario 427 378 92 24 5 926 ECL in Sector crisis scenario 965 713 330 111 13 2,132 ECL in Stress scenario 1,862 1,146 463 181 21 3,673 ECL with applied scenario weighting 5.0 % 85.0 % 7.5 % 2.5 % 498 418 121 34 3 1,074 (current, used from third quarter of 2025) Alternative scenario weighting I 10.0 % 80.0 % 7.5 % 2.5 % 491 415 118 34 6 1,064 -10 Alternative scenario weighting II 5.0 % 80.0 % 12.5 % 2.5 % 524 435 130 39 7 1,135 61 Alternative scenario weighting III 5.0 % 80.0 % 10.0 % 5.0 % 546 446 134 40 7 1,173 99 Alternative scenario weighting IV 5.0 % 75.0 % 15.0 % 5.0 % 573 463 146 45 7 1,234 160 Alternative scenario weighting V 5.0 % 75.0 % 10.0 % 10.0 % 618 484 152 48 8 1,310 236 Weights used as at 30.06.2025 ECL in Upside scenario 293 295 76 20 6 690 ECL in Base scenario 407 371 88 25 8 899 ECL in Sector crisis scenario 768 590 220 69 14 1,661 ECL in Stress scenario 1,725 1,108 453 187 32 3,505 ECL with applied scenario weighting 5.0 % 80.0 % 12.5 % 2.5 % 480 412 117 35 3 1,047 (current, used from third quarter of 2024) Alternative scenario weighting I 10.0 % 80.0 % 7.5 % 2.5 % 455 398 106 32 9 1,000 -47 Alternative scenario weighting II 5.0 % 85.0 % 7.5 % 2.5 % 462 402 106 32 32 1,034 -13 Alternative scenario weighting III 5.0 % 80.0 % 10.0 % 5.0 % 502 425 119 38 10 1,094 47 Alternative scenario weighting IV 5.0 % 75.0 % 15.0 % 5.0 % 520 437 125 40 10 1,132 85 Alternative scenario weighting V 5.0 % 75.0 % 10.0 % 10.0 % 569 462 137 46 11 1,225 178 Closely monitoring customers and prevention work are important measures actively employed by the group to maintain its good risk profile in the group’s loan portfolio. Fair value of financial derivatives and other financial instruments The fair value of derivatives is determined using valuation methods where the price of the underlying instrument, for example, interest rate or currency rate, is obtained from the market. When measuring financial instruments for which observable market data is not available, the group makes assumptions regarding what market actors would base their valuation on for equivalent financial instruments. Valuations require extensive use of discretion, including when calculating liquidity risk, credit risk and volatility. Any change in the aforementioned factors will affect the fair value determined for the group’s financial instruments. For more information see note 25 on the classification of financial instruments in the annual financial statements for 2024. In the case of options, volatility will be either observed implicit volatility or calculated volatility based on historical price movements for the underlying object. IT-infrastructure Furthermore, several measures have been implemented to secure the bank’s IT infrastructure and to prevent potential cyber-attacks on the most critical systems and processes. The group’s assessments of critical estimates and judgements regarding its use of accounting policies are challenging but are currently considered to be the best estimate 22 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 3 Impairments on loans and financial commitments recognised in the income statement Parent bank Group 2024 01.01.24 - 30.09.24 01.01.25 - 30.09.25 Q3 2024 Q3 2025 Q3 2025 Q3 2024 01.01.25 - 30.09.25 01.01.24 - 30.09.24 2024 -18 45 5 78 18 Change in impairments on loans 18 77 -13 51 -6 -31 -19 1 -7 9 Change in impairments on financial commitments 9 -7 1 -19 -31 463 271 321 91 167 Actual loan losses on commitments 167 91 321 271 463 6 5 9 1 2 Change in accrued interest 2 1 9 5 6 0 -0 0 0 1 Change in assets taken over for the period 1 0 0 -0 0 -45 -10 -103 -3 -81 Recoveries on commitments previously written-off -81 -3 -103 -10 -45 375 292 233 161 116 Total impairments on loans and financial commitments 115 160 215 298 387 23 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 4 Impairment provisions on loans and financial commitments recognised in the balance sheet Parent Bank 2025 Impairment provisions on loans and financial commitments 01.01.25 Changes in impairment provisions on loans Changes in impairment provisions on financial commitments Total 30.09.25 Impairment provisions after amortised cost, Corporate market 873 15 2 891 Impairment provisions after amortised cost, SME & agriculture 495 40 2 537 Impairment provisions after amortised cost, Retail market 112 5 -4 113 Mortgages at FVOCI 1) 149 -62 0 87 Total impairment provisions on loans and financial commitments 1,629 -1 0 1,628 Presented as Impairment provisions on loans 1,520 -1 0 1,519 Impairment provisions on financial commitments 109 0 0 109 Total impairment provisions on loans and financial commitments 1,629 -1 0 1,628 2024 Impairment provisions on loans and financial commitments 01.01.24 Total 30.09.24 Impairment provisions after amortised cost, Corporate market 967 -80 -23 864 Impairment provisions after amortised cost, SME & agriculture 261 102 3 366 Impairment provisions after amortised cost, Retail market 54 9 1 65 Home mortgages at FVOCI 1) 50 14 0 64 Total impairment provisions on loans and financial commitments 1,333 45 -19 1,359 Presented as Impairment provisions on loans 1,204 45 0 1,250 Impairment provisions on financial commitments 128 0 -19 109 Total impairment provisions on loans and financial commitments 1,333 45 -19 1,359 Group 2025 Impairment provisions on loans and financial commitments 01.01.25 Changes in impairment provisions on loans Changes in impairment provisions on financial commitments Total 30.09.25 Impairment provisions after amortised cost, Corporate market 873 15 2 891 Impairment provisions after amortised cost, SME & agriculture 495 40 2 538 Impairment provisions after amortised cost, Retail market 327 -75 -4 248 Mortgages at FVOCI 1) -14 0 0 -14 Total impairment provisions on loans and financial commitments 1,681 -20 1 1,662 Presented as Impairment provisions on loans 1,572 -20 0 1,552 Impairment provisions on financial commitments 109 0 1 110 Total impairment provisions on loans and financial commitments 1,681 -20 1 1,662 2024 Impairment provisions on loans and financial commitments 01.01.24 Total 30.09.24 Impairment provisions after amortised cost, Corporate market 967 -80 -23 864 Impairment provisions after amortised cost, SME & agriculture 262 102 3 366 Impairment provisions after amortised cost, Retail market 145 29 1 174 Home mortgages at FVOCI 1) 0 0 0 0 Total impairment provisions on loans and financial commitments 1,373 51 -19 1,405 Presented as Impairment provisions on loans 1,244 51 0 1,295 Impairment provisions on financial commitments 129 0 -19 109 Total impairment provisions on loans and financial commitments 1,373 51 -19 1,405 1) FVOCI - Fair value other comprehensive income 24 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Parent Bank Impairment provisions on loans per stage 01.01.25 - 30.09.25 01.01.24 - 30.09.24 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Impairment provisions on loans 01.01 294 551 674 1,520 225 396 584 1,204 Changes 01.01 - 30.09 Transfer to (from) stage 1 -28 25 3 0 -18 18 1 -0 Transfer to (from) stage 2 125 -147 22 0 71 -82 11 0 Transfer to (from) stage 3 1 6 -7 0 4 2 -6 0 Net new measurement of impairment provisions -126 118 69 61 -89 87 156 153 New issued or purchased loan 81 60 25 165 91 43 15 149 Loans that have been derecognised -48 -138 -41 -228 -42 -141 -75 -257 Impairment provisions on loans 30.09 299 474 745 1,519 242 322 686 1,250 Impairment provisions on financial commitments per stage Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Impairment provisions on financial commitments 01.01. 45 48 15 109 42 44 43 128 Changes 01.01 - 30.09 Transfer to (from) stage 1 -2 2 0 0 -3 3 0 -0 Transfer to (from) stage 2 20 -21 1 -0 9 -10 1 -0 Transfer to (from) stage 3 0 0 -0 0 0 0 -0 0 Net new measurement of impairment provisions -24 19 4 -1 -14 19 -7 -1 New issued or purchased loan 20 6 1 26 25 8 0 34 Loans that have been derecognised -14 -9 -2 -25 -16 -14 -23 -52 Impairment provisions on financial commitments 30.09 45 46 18 109 44 51 14 109 Group Impairment provisions on loans per stage 01.01.25 - 30.09.25 01.01.24 - 30.09.24 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Impairment provisions on loans 01.01 304 593 675 1,572 234 426 585 1,244 Changes 01.01 - 30.09 Transfer to (from) stage 1 -28 25 3 0 -19 18 1 -0 Transfer to (from) stage 2 135 -157 22 0 78 -88 11 0 Transfer to (from) stage 3 1 6 -7 0 4 2 -6 0 Net new measurement of impairment provisions -136 121 69 54 -95 97 157 159 New issued or purchased loan 84 64 25 173 96 52 15 163 Loans that have been derecognised -51 -155 -42 -247 -44 -152 -75 -270 Impairment provisions on loans 30.09 309 497 746 1,552 253 356 687 1,295 Impairment provisions on financial commitments per stage Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Impairment provisions on financial commitments 01.01. 45 49 15 109 42 44 43 129 Changes 01.01 - 30.09 Transfer to (from) stage 1 -2 2 0 0 -3 3 0 0 Transfer to (from) stage 2 20 -21 1 -0 9 -10 1 0 Transfer to (from) stage 3 0 0 -0 0 0 0 -0 0 Net new measurement of impairment provisions -24 19 4 -1 -14 19 -7 -1 New issued or purchased loan 20 6 1 26 25 8 0 34 Loans that have been derecognised -14 -9 -2 -25 -16 -14 -23 -52 Impairment provisions on financial commitments 30.09 45 46 18 110 45 51 14 109 (continued from Note 4) 25 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 5 Customer deposits Parent bank Group 31.12.24 30.09.24 30.09.25 Customer deposits by industry 30.09.25 30.09.24 31.12.24 1,243 1,148 1,871 Aquaculture 1,871 1,148 1,243 2,690 1,725 2,571 Industry 2,571 1,725 2,690 2,586 2,062 2,967 Agriculture/forestry 2,967 2,062 2,586 6,807 5,153 6,504 Financial and insurance services 5,916 4,743 6,379 3,118 2,987 2,915 Administrative and support services 2,915 2,987 3,118 40,007 32,930 46,428 Other service industry 46,428 32,930 40,007 6,158 4,399 5,744 Wholesale and retail trade, hotels and restaurants 5,744 4,399 6,158 1,777 3,660 1,975 Offshore, oil and gas E&P 1,975 3,660 1,777 2,342 2,206 2,806 Oilservices 2,806 2,206 2,342 6,990 4,101 5,712 Building and construction 5,712 4,101 6,990 6,198 6,026 8,437 Renewable, energy, water, and waste collection 8,437 6,026 6,198 10,773 8,435 13,620 Commercial real estate 13,620 8,435 10,773 3,668 2,553 2,973 Shipping 2,973 2,553 3,668 1,794 1,333 1,647 Other transport 1,647 1,333 1,794 96,151 78,721 106,170 Total corporate market 105,582 78,311 95,723 108,283 68,167 117,713 Retail customers 117,713 68,167 108,283 204,434 146,888 223,883 Deposits from customers 223,294 146,478 204,006 26 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 6 Loans and other financial commitments to customers Parent bank Group 31.12.24 30.09.24 30.09.25 Gross loans to customers by industry 30.09.25 30.09.24 31.12.24 5,408 5,338 6,520 Aquaculture 6,520 5,338 5,408 5,092 4,290 4,706 Industry 4,706 4,290 5,092 8,727 6,830 9,007 Agriculture/forestry 9,007 6,830 8,727 9,311 8,173 9,545 Financial and insurance services 9,545 8,173 9,311 5,121 4,942 4,477 Administrative and support services 4,477 4,942 5,121 12,118 10,299 15,801 Other service industry 15,647 10,146 11,967 4,455 3,743 3,974 Wholesale and retail trade, hotels and restaurants 3,974 3,743 4,455 5,351 5,605 3,991 Offshore, oil and gas E&P 3,991 5,605 5,351 1,476 3,186 3,556 Oilservices 3,556 3,186 1,476 13,855 11,807 14,676 Building and construction 14,676 11,807 13,855 6,379 5,787 7,731 Renewable, energy, water, and waste collection 7,731 5,787 6,379 52,555 36,611 47,700 Commercial real estate 47,700 36,611 52,555 7,164 6,483 5,864 Shipping 5,864 6,483 7,164 3,212 2,848 2,042 Other transport 2,042 2,848 3,212 140,224 115,943 139,588 Total corporate sector 139,435 115,789 140,072 129,070 67,836 132,573 Retail customers 254,312 173,531 235,605 269,294 183,779 272,162 Gross loans 393,747 289,320 375,678 -1,520 -1,250 -1,519 - Impairment provisions after amortised cost -1,552 -1,295 -1,572 21 8 29 - Home mortgages at FVOCI 1) 14 0 14 267,795 182,537 270,672 Loans to customers 392,208 288,025 374,119 269,294 183,779 272,162 Gross loans 393,747 289,320 375,678 28,100 19,538 Loans transferred to SB1 Boligkreditt 19,538 28,100 1,285 1,264 Loans transferred to SB1 Næringskreditt 1,264 1,285 298,678 183,779 292,964 Gross loans to customers incl. transferred to credit institutions 414,549 289,320 405,062 Financial commitments 2) 18,614 17,660 18,046 Guarantees customers 18,074 17,702 18,643 28,628 22,318 29,941 Unused credit lines for customers 42,471 32,279 38,652 18,535 15,295 24,178 Approved loan commitments 24,178 15,295 18,535 65,776 55,273 72,165 Total financial commitments 84,723 65,276 75,829 Other guarantees issued and liabilities 15,299 6,930 12,342 Unused credit lines for financial institutions 0 0 0 501 500 501 Guarantees other 501 500 501 3 4 17 Letters of credit 17 4 3 15,803 7,434 12,861 Total other guarantees issued and liabilities 519 504 504 1) FVOCI - Fair value other comprehensive income 2) Financial commitments not on the balance sheet that are the basis for impairments 27 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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(continued from Note 6) Parent bank 2025 Loans to customers by industry and stages Gross loans at amortised cost Loans at fair value Stage 1 Stage 2 Stage 3 Net loans 30.09.25 Aquaculture 6,492 27 -12 -10 -20 6,478 Industry 4,564 143 -11 -18 -34 4,644 Agriculture/forestry 6,108 2,899 -3 -6 -11 8,987 Financial and insurance services 9,538 7 -33 -26 -87 9,399 Administrative and support services 4,287 189 -17 -19 -61 4,380 Other service industry 14,256 1,545 -38 -38 -112 15,613 Wholesale and retail trade, hotels and restaurants 3,666 307 -9 -19 -35 3,910 Offshore, oil and gas E&P 3,991 0 -10 -3 0 3,979 Oilservices 3,552 4 -7 -11 -11 3,527 Building and construction 14,091 585 -26 -48 -137 14,464 Renewable, energy, water, and waste collection 7,717 14 -18 -9 -9 7,696 Commercial real estate 47,497 203 -87 -188 -124 47,301 Shipping 5,864 0 -6 -1 0 5,858 Other transport 1,777 264 -6 -12 -3 2,020 Total corporate market 133,401 6,188 -283 -407 -643 138,256 Retail customers 5,039 127,534 -16 -67 -103 132,387 Mortgages at FVOCI 29 29 Loans to customers 138,440 133,751 -299 -474 -746 270,672 2024 Loans to customers by industry and stages Gross loans at amortised cost Loans at fair value Stage 1 Stage 2 Stage 3 Net loans 30.09.24 Aquaculture 5,316 21 -21 -4 -18 5,295 Industry 4,233 58 -7 -7 -17 4,259 Agriculture/forestry 4,498 2,332 -1 -6 -3 6,819 Financial and insurance services 8,191 -18 -28 -18 -74 8,052 Administrative and support services 4,842 100 -23 -14 -83 4,822 Other service industry 9,780 520 -32 -44 -110 10,113 Wholesale and retail trade, hotels and restaurants 3,575 169 -6 -13 -90 3,635 Offshore, oil and gas E&P 5,605 0 -4 -3 0 5,597 Oilservices 3,182 4 -4 -25 -56 3,101 Building and construction 11,586 221 -24 -33 -101 11,649 Renewable, energy, water, and waste collection 5,778 9 -15 -1 -12 5,759 Commercial real estate 36,465 145 -59 -100 -53 36,398 Shipping 6,483 0 -4 -0 0 6,479 Other transport 2,749 99 -6 -14 -0 2,829 Total corporate market 112,283 3,659 -234 -284 -619 114,806 Retail customers 4,620 63,216 -8 -38 -67 67,723 Mortgages at FVOCI 8 8 Loans to customers 116,903 66,883 -242 -322 -686 182,537 28 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Group 2025 Loans to customers by industry and stages Gross loans at amortised cost Loans at fair value Stage 1 Stage 2 Stage 3 Net loans 30.09.25 Aquaculture 6,520 0 -12 -10 -20 6,478 Industry 4,687 20 -11 -18 -34 4,644 Agriculture/forestry 8,459 548 -3 -6 -11 8,987 Financial and insurance services 9,542 3 -33 -26 -87 9,399 Administrative and support services 4,462 15 -17 -19 -61 4,380 Other service industry 15,494 153 -38 -38 -112 15,459 Wholesale and retail trade, hotels and restaurants 3,943 30 -9 -19 -35 3,910 Offshore, oil and gas E&P 3,991 0 -10 -3 0 3,979 Oilservices 3,556 0 -7 -11 -11 3,527 Building and construction 14,634 42 -27 -48 -137 14,464 Renewable, energy, water, and waste collection 7,727 4 -18 -9 -9 7,696 Commercial real estate 47,619 80 -87 -188 -124 47,300 Shipping 5,864 0 -6 -1 0 5,858 Other transport 2,026 16 -7 -12 -3 2,020 Total corporate market 138,524 911 -283 -408 -643 138,101 Retail customers 242,509 11,803 -26 -89 -103 254,093 Mortgages at FVOCI 14 14 Loans to customers 381,033 12,727 -309 -497 -746 392,208 2024 Loans to customers by industry and stages Gross loans at amortised cost Loans at fair value Stage 1 Stage 2 Stage 3 Net loans 30.09.24 Aquaculture 5,338 0 -21 -4 -18 5,295 Industry 4,281 9 -7 -8 -17 4,259 Agriculture/forestry 6,198 632 -1 -7 -3 6,818 Financial and insurance services 8,173 0 -28 -18 -74 8,052 Administrative and support services 4,931 11 -23 -14 -83 4,821 Other service industry 10,085 61 -32 -45 -110 9,958 Wholesale and retail trade, hotels and restaurants 3,706 38 -6 -13 -90 3,635 Offshore, oil and gas E&P 5,605 0 -4 -3 0 5,597 Oilservices 3,186 0 -4 -25 -56 3,101 Building and construction 11,771 36 -24 -34 -101 11,649 Renewable, energy, water, and waste collection 5,782 5 -15 -1 -12 5,759 Commercial real estate 36,515 95 -59 -100 -53 36,398 Shipping 6,483 0 -4 -0 0 6,479 Other transport 2,839 9 -6 -14 -0 2,828 Total corporate market 114,892 897 -234 -287 -619 114,650 Retail customers 165,953 7,578 -19 -69 -68 173,375 Loans to customers 280,845 8,475 -253 -356 -687 288,025 (continued from Note 6) 29 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Parent bank 01.01.25 - 30.09.25 01.01.24 - 30.09.24 Gross loans per stage Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Gross loans 01.01. 238,463 26,859 2,643 267,965 152,119 17,298 2,483 171,900 Transfer to (from) stage 1 -11,162 10,111 1,051 0 -7,935 7,696 239 0 Transfer to (from) stage 2 7,003 -7,200 197 0 3,613 -3,867 254 0 Transfer to (from) stage 3 13 39 -51 0 407 204 -611 0 Net increase/(decrease) balance existing loans 21,661 1,705 61 23,427 6,083 419 211 6,712 Originated or purchased during the period 104,351 4,422 743 109,516 58,882 3,050 398 62,330 Loans that have been derecognised -115,470 -11,156 -2,120 -128,746 -51,322 -4,856 -985 -57,163 Gross loans 30.09 244,859 24,779 2,523 272,162 161,846 19,944 1,989 183,779 Financial commitments per stage 1) 2) Financial commitments 01.01. 62,209 3,388 180 65,776 44,499 2,832 785 48,116 Net increase / (decrease) during period 5,495 883 11 6,389 7,677 105 -626 7,157 Financial commitments 30.09 67,704 4,271 190 72,165 52,176 2,938 159 55,273 Group Gross loans per stage Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Gross loans 01.01. 339,919 33,076 2,683 375,678 246,544 22,935 2,522 272,001 Transfer to (from) stage 1 -12,940 11,877 1,063 0 -10,191 9,924 268 0 Transfer to (from) stage 2 8,897 -9,094 197 -0 5,117 -5,372 255 0 Transfer to (from) stage 3 13 40 -53 0 425 209 -634 0 Net increase/(decrease) balance existing loans 28,330 1,843 61 30,234 8,625 579 211 9,415 Originated or purchased during the period 146,144 5,289 746 152,179 70,068 3,119 379 73,567 Loans that have been derecognised -148,818 -13,371 -2,155 -164,344 -59,131 -5,571 -961 -65,663 Gross loans 30.09 361,544 29,660 2,543 393,747 261,458 25,823 2,039 289,320 Financial commitments per stage 1) 2) Financial commitments 01.01. 71,672 3,974 183 75,829 53,242 3,353 789 57,384 Net increase / (decrease) during period 5,495 883 11 8,894 8,354 165 -626 7,892 Financial commitments 30.09 79,757 4,774 192 84,723 61,596 3,518 162 65,276 1) Financial commitments include guarantees, undrawn credit and loan commitments 2) Financial commitments provide the basis for impairment losses under IFRS 9 (continued from Note 6) 30 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 7 Capital adequacy Capital adequacy is calculated and reported in accordance with the EU’s capital requirements for banks and securities undertakings (CRD IV/CRR).SpareBank 1 Sør-Norge has permission from the Financial Supervisory Authority of Norway to use internal measurement methods (Internal Rating Based Approach) for quantifying credit risk. The use of IRB requires the bank to comply with extensive requirements relating to organisation, expertise, risk models and risk management systems. The total requirement for SpareBank 1 Sør-Norge ASA’s Common Equity Tier 1 capital ratio was 17.53% at the end of the third quarter of 2025. Parent bank Group 31.12.24 30.09.24 30.09.25 30.09.25 30.09.24 31.12.24 9,386 6,607 9,386 Share capital 9,386 6,607 9,386 14,719 2,354 14,719 Premium reserve 14,719 2,354 14,719 3,191 0 0 Allocated to dividend 0 0 3,191 4,300 4,169 4,000 Hybrid capital 4,000 4,169 4,300 17,417 19,663 21,618 Other equity 25,955 22,984 21,041 49,013 32,794 49,723 Total equity 54,060 36,114 52,637 Deductions -3,569 -70 -3,569 Deferred taxes, goodwill and other intangible assets 1) -5,623 -1,604 -5,677 -3,191 0 0 Deduction for allocated dividends 0 0 -3,191 -481 -427 -587 Deduction in expected losses IRB less loss provisions -781 -662 -792 -6 -4 -6 Insufficient coverage for non-performing exposures -6 -5 -6 -4,300 -4,169 -4,000 Hybrid capital that cannot be included in CET 1 capital -4,000 -4,169 -4,300 0 -1,492 -2,355 Profit for the period that cannot be included in total Tier 1 capital -2,834 -2,001 -166 0 0 0 Deduction for CET 1 capital in essential investments in financial institutions 0 0 0 -496 -320 -496 Deduction for CET 1 capital in not essential investments in financial institutions -400 -233 -409 -85 -76 -100 Value adjustments due to the requirements for prudent valuation -121 -91 -95 36,884 26,236 38,610 Common equity Tier 1 capital 40,295 27,349 38,001 4,300 4,169 4,000 Hybrid capital 4,326 4,374 4,712 0 0 0 Hybrid capital that cannot be included in Tier 1 capital 0 0 0 -78 -48 -49 Deduction for essential investments in financial institutions -49 -48 -78 41,106 30,356 42,561 Tier 1 capital 44,572 31,675 42,635 Tier 2 capital 5,617 4,872 5,617 Term subordinated loan capital 6,139 5,283 6,215 -260 -227 -237 Deduction for essential investments in financial institutions -237 -227 -260 5,357 4,645 5,380 Tier 2 capital 5,902 5,056 5,955 46,463 35,002 47,941 Own funds 50,474 36,731 48,589 31 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Parent bank Group 31.12.24 30.09.24 30.09.25 30.09.25 30.09.24 31.12.24 91,534 84,287 93,369 Credit risk, IRB approach 118,099 98,637 107,586 73,606 37,736 53,190 Credit risk, standardised approach 48,813 39,702 81,257 Settlement risk 0 7 0 Debt risk 36 7 6 Equity risk 97 93 120 Foreign Exchange risk 29 16 12 930 1,054 41 Credit value adjustment risk (CVA) 574 1,206 1,443 14,942 8,903 13,977 Operational risk 19,853 13,370 20,526 0 0 6,951 Other risk exposures 2) 30,140 1,029 0 181,013 131,979 167,526 Total risk exposure amount 217,641 154,067 210,950 8,146 5,939 7,539 Minimum requirement for common equtiy Tier 1 capital ratio 4.5 % 9,794 6,933 9,493 Buffer requirement 4,525 3,299 4,188 Capital conservation buffer 2.5 % 5,441 3,852 5,274 8,091 5,886 7,455 Systemic risk buffer 4.5 % 9,685 6,871 9,408 4,507 3,286 4,155 Countercyclical capital buffer 2.5 % 5,397 3,852 5,274 1,810 1,320 1,675 Systemic risk buffer 1,0% 2,176 1,541 2,109 18,934 13,792 17,473 Total buffer requirement to common equity Tier 1 capital ratio 22,700 16,115 22,065 9,805 6,505 13,598 Available common equity Tier 1 capital ratio after buffer requirement 7,801 4,301 6,443 20.38% 19.88% 23.05% Common equity Tier 1 capital ratio 18.51% 17.75% 18.01% 22.71% 23.00% 25.41% Tier 1 capital ratio 20.48% 20.56% 20.21% 25.67% 26.52% 28.62% Capital ratio 23.19% 23.84% 23.03% 10.48% 9.93% 10.12% Leverage Ratio 7.4 4% 7.50 % 7.67 % 1) Common equity Tier 1 capital is affected by deductions linked to deferred tax assets (DTA). In addition, the total risk exposure amount under the item other assets is affected. DTA arise due to temporary differences between accounting and tax results.These differences will even out over time, but can significantly impact taxes payable and DTA recognised in the the balance sheet in certain periods, and thereby negativly affect the capital adequacy. 2) On 1 July 2025, the Ministry of Finance increased the IRB risk weigth floor for residential mortgages from 20% to 25%. 3) On 29 August 2025, the Norwegian Financial Supervisory Authority granted permission to SpareBank 1 Sør-Norge ASA to include the portfolio from the former SpareBank 1 Sørøst-Norge in its IRB system. (continued from Note 7) 32 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 8 Financial derivatives Group 30.09.25 Contract amount Fair value at At fair value through profit and loss Assets Liabilities Currency instruments Currency futures (forwards) 4,196 98 138 Currency swaps 8,857 149 47 Currency swaps (basis swaps) 69,226 45 621 Currency swaps (basis swaps hedging) 37,814 -92 261 Total currency instruments 120,093 199 1,067 Interest rate instruments Interest rate swaps 108,676 1,979 1,408 Other interest rate contracts 2,262 1 1 Total interest rate instruments 110,938 1,980 1,408 Interest rate instruments, hedging Interest rate swaps 159,809 1,373 5,340 Total interest rate instruments, hedging 159,809 1,373 5,340 Security Security 6,463 588 Totalt security 6,463 588 Total currency and interest rate instruments Total currency instruments 120,093 199 1,067 Total interest rate instruments 270,747 3,352 6,748 Total collateral 6,463 588 Total financial derivatives 390,840 10,015 8,403 Counterparty risk: Netting agreements 3,144 Considered collateral 7,051 Total exposure to financial derivatives -180 Counterparty risk associated with derivatives is reduced via ISDA agreements and CSA supplements. The CSA supplement regulates the counterparty risk through payments of margins in relation to exposure limits. 33 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 9 Securities issued, non-preferred bonds and subordinated loan Group Issued/ sale own Past due/ redeemed FX rate- and other changes Change in debt raised through securities issued 30.09.25 31.12.24 Bonds and certificates, nominal value 66,835 2,016 -13,039 -199 78,057 Covered bonds, nominal value 121,508 25,109 -8,890 -162 105,451 Adjustments and accrued interests -2,146 512 -2,658 Total debt raised through securities issued 186,197 27,125 -21,929 150 180,850 Past due/ redeemed FX rate- and other changes Change in debt raised by issuing non-preferred senior debts Issued/ sale own 30.09.25 31.12.24 Senior non-preferred bonds 22,453 0 0 -22 22,530 Adjustments and accrued interests 28 19 9 Total senior non-preferred bonds 22,481 0 0 -3 22,539 Past due/ redeemed FX rate- and other changes Change in debt raised through subordinated loan capital issued Issued/ sale own 30.09.25 31.12.24 Term subordinated loan capital, nominal value 5,732 0 0 -3 5,735 Adjustments and accrued interests 42 1 41 Total additional Tier 1 and Tier 2 capital instruments 5,774 0 0 -2 5,776 34 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 10 Segment reporting The executive management team has assessed which segments are reportable based on the form of distribution, products and customers. The primary reporting format is based on the risk and returnprofile of the assets, and it is divided between retail market, corporate market and SME & agriculture. Other activities covers all staff departments including treasury, subsidiaries and associated companies. SpareBank 1 Sør-Norge Group Q3 Income statement (MNOK) Retail market Corporate market SME & agriculture Other activities Eliminations Group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net interest income 1) 913 605 608 597 411 257 400 311 -3 -2 2,328 1,768 Net commission and other income 290 175 99 92 69 36 345 192 -24 -23 778 473 Net income on investment securities 7 6 4 27 14 12 417 471 0 0 443 514 Total net income 1,210 786 712 716 494 305 1,161 974 -28 -25 3,549 2,755 Total operating expenses 279 206 63 63 64 38 936 609 -28 -25 1,314 891 Operating profit before losses 931 579 649 653 430 267 226 364 0 0 2,235 1,864 Impairment losses on loans and other financial liabilities 3 -1 84 83 28 78 -0 0 0 0 115 160 Pre-tax profit 927 580 565 571 402 189 226 364 0 0 2,120 1,704 SpareBank 1 Sør-Norge Group 01.01 - 30.09 Income statement (MNOK) Retail market Corporate market SME & agriculture Other activities Eliminations Group 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net interest income 1) 2,580 1,769 1,836 1,719 1,201 753 1,342 991 -10 -7 6,948 5,224 Net commission and other income 828 504 297 293 200 109 1,168 652 -70 -60 2,423 1,497 Net income on financial investments 20 16 43 61 42 32 1,105 702 0 0 1,210 812 Total income 3,428 2,289 2,176 2,072 1,443 895 3,614 2,345 -79 -67 10,581 7,533 Total operating expenses 738 559 163 164 173 102 3,016 1,803 -79 -67 4,010 2,561 Operating profit before impairment 2,691 1,730 2,013 1,908 1,269 793 599 542 0 0 6,571 4,972 Impairment losses on loans and other financial liabilities -67 36 154 125 128 137 -0 0 0 0 215 298 Pre-tax profit 2,758 1,694 1,858 1,783 1,141 656 599 542 0 0 6,356 4,675 Balance sheet items (MNOK) Loans to customers 249,570 169,874 96,053 91,981 40,999 22,985 7,279 4,634 -153 -154 393,747 289,320 Loans transferred to SB1 Bolig- og Næringskreditt 19,230 344 1,226 2 0 20,802 Loans to customers incl. SB1 Bolig- and Næringskreditt 268,800 169,874 96,397 91,981 42,225 22,985 7,280 4,634 -153 -154 414,549 289,320 Impairment provisions on loans -217 -163 -826 -794 -496 -338 0 0 0 0 -1,539 -1,295 Deposits from customers 123,727 73,115 62,358 51,228 38,635 22,011 -837 534 -588 -410 223,294 146,478 1) Net interes income contains allocated arrangements between the segments. The interest on intercompany receivables for the retail market, corporate market and SME & agriculture is determined on the basis of expected observable market interest rates (NIBOR) plus expected additional costs in connection with the group’s long-term funding (credit premium). Deviations between the Group’s actual funding costs and the applied interest on intercompany receivables are eliminated in the parent bank. 35 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 11 Net income/losses from financial investments Parent bank Group 2024 01.01.24 - 30.09.24 01.01.25 - 30.09.25 Q3 2024 Q3 2025 Q3 2025 Q3 2024 01.01.25 - 30.09.25 01.01.24 - 30.09.24 2024 -7 -26 74 -68 -3 Net gains/losses on equity instruments 19 -92 118 -92 -76 103 316 132 419 -163 Net gains/lossses for bonds and certificates -166 417 128 314 98 -213 -331 -145 -462 175 Net derivatives bonds and certificates 175 -462 -145 -331 -213 -0 -1 1 -1 0 Net counterparty risk, inclusive of CVA 0 -1 1 -1 -0 11 11 2 9 -2 Net derivatives other assets -2 9 2 11 11 31 -13 -18 2 8 Net derivatives liabilities 36 -3 12 -17 15 -89 -9 79 -41 27 Net derivatives basis swap spread 66 -54 155 -140 -251 264 196 175 81 51 Net gain/losses currency 51 81 175 196 264 -130 -97 -60 -48 -14 Share of income to SB1 Markets -14 -48 -60 -97 -130 -31 47 238 -110 80 Net gains/losses on financial instruments 165 -154 384 -158 -282 99 112 527 13 91 Income from investments in associates 1) 266 655 715 918 1,140 178 177 327 0 4 Income from investments in subsidiaries 0 0 0 0 0 277 289 853 13 95 Income from ownership interests 266 655 715 918 1,140 1) In 2024 the group recognised its share of SpareBank 1 Gruppen’s profit of NOK 452 million from the merger of Fremtind Forsikring and Eika Forsikring Note 12 Liquidity risk Liquidity risk is the risk that the group is not able to refinance its debt or is not able to finance an increase in assets. The bank’s framework for managing liquidity risk shall reflect the bank’s conservative risk profile. The board has adopted internal limits such that the bank has as balanced a maturity structure for its borrowing as possible. Stress testing is conducted for the various terms of maturity for bank-specific crises, system crises and combinations of these. A contingency plan has also been put in place to manage liquidity crises. The average remaining term to maturity in the portfolio of senior bond funding and covered bonds was 3.5 years at the end of the third quarter of 2025. The total LCR was 148% at the end of the thid quarter, and the average total LCR was 169% in the quarter. The LCR in NOK and EUR at the end of the quarter was 126% and 215%, respectively. 36 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 13 Information about fair value Group The table below shows financial instruments at fair value according to their valuation method. The different levels are defined as follows: Level 1: Listed price in an active market for an identical asset or liability Level 2: Valuation based on observable factors other than listed price (used in level 1) either direct (price) or indirect (deduced from prices) for the asset og liability. Level 3: Valuation based on factors not obtained from observable markets (non-observable assumptions) Fair value 30.09.25 Level 1 Level 2 Level 3 Total Assets Net lending to customers 1) 12,714 12,714 Commercial paper and bonds 44,955 22,219 67,175 Financial derivatives 10,015 10,015 Equities, units and other equity interests 622 81 1,583 2,286 Liabilities Financial derivatives 8,403 8,403 1) Net lending to customers in parent bank, level 3 133,721 Fair value 30.09.24 Level 1 Level 2 Level 3 Total Assets Net lending to customers 1) 8,475 8,475 Commercial paper and bonds 28,603 21,992 50,595 Financial derivatives 11,881 11,881 Equities, units and other equity interests 377 15 299 691 Liabilities Financial derivatives 8,894 8,894 No transfers between levels 1 and 2 1) Net lending to customers in parent bank, level 3 66,894 Change in holding during the financial year of assets valued on the basis of factors other than observable market data (level 3) Loans to customers Shares, ownership stakes and other securitiesGroup Balance 01.01 13,891 2,050 Additions 970 12 Disposals -2,277 -452 Change in value 1) 130 -27 Balance 30.09.25 12,714 1,583 Nominal value/cost price 13,031 1,673 Fair value adjustment -317 -90 Balance 30.09.25 12,714 1,583 1) Value changes are recognised in net income from financial instruments. Other assets are measured using various methods such as last known transaction price, earnings per share, dividend per share, EBITDA and discounted cash flows. Fixed-rate loans are measured on the basis of the interest rate agreed with the cus- tomer. Loans are discounted using the applicable having taken into account a market premium, which is adjusted for the profit margin. The conducted sensitivity analyses indicate an increas in the discount rate of 10 basis points would have a negative effevt on the result amounting to NOK 29 million. 37 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Note 14 Pro forma results Pro forma result is the result of SpareBank 1 SR-Bank og SpareBank 1 Sørøst-Norge combined, as if the merger had occurred on January 1, 2023 The income statement and balance sheet figures after 1 October 2024 are actual figures. Pro forma results Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 SpareBank 1 Sør-Norge Group 2025 2025 2025 2024 2024 2024 2024 2023 2023 Interest income 6,989 6,938 6,864 6,980 7,066 6,936 6,749 6,605 6,126 Interest expenses 4,661 4,628 4,554 4,688 4,758 4,673 4,493 4,346 4,007 Net interest income 2,328 2,310 2,310 2,293 2,308 2,262 2,256 2,258 2,119 Commission income 811 893 815 826 726 821 710 709 735 Commission expenses 41 42 33 41 36 42 39 58 38 Other operating income 8 7 5 4 3 4 5 5 4 Net commission and other income 778 858 787 789 694 782 676 656 701 Dividends 11 99 0 26 23 46 63 27 1 Income from ownership interests 266 256 193 223 819 136 174 90 57 Net gains/losses on financial instruments 165 18 201 -124 -99 -9 29 367 -39 Net income on financial investments 443 373 394 125 743 173 266 484 19 Total income 3,549 3,540 3,492 3,206 3,745 3,217 3,198 3,399 2,839 Salaries and other personell expense 796 799 774 811 749 708 702 800 697 Other operating expenses 459 555 451 506 463 429 403 464 355 Depreciation and impairment of fixed and intangible assets 59 60 57 59 56 55 56 57 55 Total operating expenses 1,314 1,414 1,282 1,376 1,268 1,193 1,161 1,321 1,107 Operating profit before impairment 2,235 2,126 2,209 1,830 2,478 2,025 2,037 2,077 1,732 Impairment losses on loans and financial commitments 115 76 23 90 166 98 59 -132 -60 Pre-tax profit 2,120 2,050 2,186 1,741 2,312 1,927 1,977 2,209 1,792 Tax expense 423 382 449 350 353 417 398 405 427 Profit after tax 1,697 1,668 1,737 1,390 1,959 1,510 1,580 1,804 1,365 (continued from Note 13) Fair value of financial instruments at amortised cost 30.09.25 Group Balance Fair value Assets Cash and balances with central banks 785 785 Balances with credit institutions 1) 11,093 11,093 Loans to customers 1) 379,494 379,494 Certificates and bond 6,380 6,378 Total assets at amortised cost 397,752 397,750 Liabilities Balances with credit institutions 1) 3,578 3,578 Deposits from customers 1) 223,294 223,294 Listed debt securities 186,197 186,889 Senior non-preferred bonds 22,481 22,853 Subordinated loan capital 5,774 6,126 Total liabilities at amortised cost 441,324 442,740 1) Loans and deposits at amortised cost, amount to book value best estimate at fair value 38 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 SpareBank 1 Sør-Norge Group 2025 2025 2025 2024 2024 2024 2024 2023 2023 Profitability Return on equity 1) 13.0 % 12.9 % 13.5 % 10.9 % 16.9 % 13.3 % 13.8 % 16.5 % 12.9 % Return on equity adjusted for goodwill from merger and merger costs 1) 14.5 % 14.4 % 14.7 % 12.3 % 17.5 % 13.4 % 13.9 % 16.8 % 12.9 % Cost-income ratio 37.0 % 39.9 % 36.7 % 42.9 % 33.8 % 37.1 % 36.3 % 38.9 % 39.0 % Average net interest margin 1) 1.79% 1.86% 1.92% 1.91% 1.93% 1.92% 1.97% 1.98% 1.85% Average net interest margin incl. transfers to credit institutions 1) 1.74% 1.79% 1.84% 1.82% 1.84% 1.83% 1.86% 1.86% 1.75% Statement of financial position figures Gross lending to customers 393,747 387,629 379,310 375,678 367,834 361,802 354,032 344,864 341,643 Gross lending to customers incl. transfers to credit institutions 414,549 412,721 408,435 405,062 397,251 391,244 383,676 377,206 374,524 Growth in loans over last 12 months 7.0 % 7.1 % 7.1 % 8.9 % 7.7 % 7.5 % 7.4 % 5.8 % 5.9 % Growth in loans incl. transfers to credit institutions over last 12 months 1) 4.4 % 5.5 % 6.5 % 7.4 % 6.1 % 5.9 % 5.8 % 5.3 % 5.8 % Deposits from customers 223,294 223,293 210,778 204,006 203,514 212,687 205,856 204,260 206,403 Deposit growth in the past 12 months 1) 9.7 % 5.0 % 2.4 % −0.1 % −1.4 % 2.3 % −0.7 % 0.5 % 3.2 % Total assets 507,768 513,420 488,597 479,336 472,127 477,417 469,882 452,189 453,704 Total assets, incl. transfers to credit institutions 528,570 538,512 517,722 508,720 501,560 506,858 499,526 484,531 486,585 Staffing Number of man-years 2,312 2,302 2,323 2,309 2,297 2,250 2,231 2,281 2,257 SpareBank 1 Sør-Norge share Earnings per share, NOK 4.29 4.23 4.37 3.48 4.99 3.86 4.01 4.64 3.47 1) Defined as alternative performance targets (APMs), see the appendix to the interim report Note 15 Events after the balance sheet date No material events have been registered after September 30, 2025 that affect the interim financial statements as prepared. (continued from Note 14) 39 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY FINANCIAL REPORT
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Quarterly overview SpareBank 1 Sør-Norge Group, MNOK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 2025 2025 2025 2024 2024 2024 2024 2023 2023 Interest income 6,989 6,938 6,864 6,980 5,731 5,622 5,482 5,355 4,961 Interest expense 4,661 4,628 4,554 4,688 3,962 3,895 3,752 3,639 3,365 Net interest income 2,328 2,310 2,310 2,293 1,768 1,726 1,729 1,715 1,596 Commission income 811 893 815 826 492 571 503 502 518 Commission expenses 41 42 33 41 21 28 26 39 24 Other operating income 8 7 5 4 2 1 3 2 2 Net commission and other income 778 858 787 789 473 544 480 465 496 Dividends 11 99 0 26 14 33 6 8 1 Income from ownership interests 266 256 193 223 655 120 143 93 47 Net gains/losses on financial instruments 165 18 201 -124 -154 -4 1 377 -37 Net income on financial investments 443 373 394 125 514 148 149 478 11 Total income 3,549 3,540 3,492 3,206 2,755 2,419 2,359 2,659 2,103 Salaries and other personell expense 796 799 774 811 532 513 508 570 513 Other operating expenses 459 555 451 506 316 289 275 322 231 Depreciation and impairment of fixed and intangible assets 59 60 57 59 43 42 43 43 41 Total operating expenses 1,314 1,414 1,282 1,376 891 844 826 935 786 Operating profit before impairment 2,235 2,126 2,209 1,830 1,864 1,575 1,533 1,724 1,317 Impairment losses on loans and financial commitments 115 76 23 90 160 103 35 -91 -78 Pre-tax profit 2,120 2,050 2,186 1,741 1,704 1,472 1,498 1,815 1,396 Tax expense 423 382 449 350 254 311 307 311 334 Profit after tax 1,697 1,668 1,737 1,390 1,450 1,162 1,191 1,503 1,062 Profitability Return on equity per quarter 1) 13.0 % 12.9 % 13.5 % 10.9 % 17.5 % 14.6 % 14.6 % 19.7 % 14.5 % Return on equity adjusted for goodwill from merger and merger costs 1) 14.5 % 14.4 % 14.7 % 12.3 % Cost to income ratio 1) 37.0 % 39.9 % 36.7 % 42.9 % 32.3 % 34.9 % 35.0 % 35.2 % 37.4 % Cost to income ratio Banking Group 1) 35.7 % 39.1 % 34.6 % 38.0 % 34.3 % 32.0 % 30.9 % 34.9 % 31.4 % Average net interest margin 1) 1.79% 1.86% 1.92% 1.91% 1.84% 1.82% 1.88% 1.87% 1.74% Average net interest margin incl. transfers to credit institutions 1) 1.74% 1.79% 1.84% 1.82% 1.84% 1.82% 1.88% 1.87% 1.74% Balance sheet figures from quarterly accounts Gross loans to customers 393,747 387,629 379,310 375,678 289,320 284,621 278,184 272,001 269,566 Gross loans to customers incl. transfers to credit institutions 414,549 412,721 408,435 405,062 289,320 284,621 278,184 272,001 269,566 Growth in loans over last 12 months 1) 36.1 % 36.2 % 36.4 % 38.1 % 7.3 % 7.5 % 7.7 % 7.5 % 8.6 % Growth in loans incl. transfers to credit institutions 1) 43.3 % 45.0 % 46.8 % 48.9 % 7.3 % 7.5 % 7.7 % 7.5 % 8.6 % Deposits from customers 223,294 223,293 210,778 204,006 146,478 154,975 150,706 149,076 150,534 Growth in deposits over last 12 months 1) 52.4 % 44.1 % 39.9 % 36.8 % −2.7 % 2.8 % −0.9 % 0.7 % 4.5 % Total assets 507,768 513,420 488,597 479,336 380,039 382,744 377,005 362,186 362,823 Average total assets 515,000 498,404 487,807 478,522 382,817 380,779 370,420 363,936 363,341 Impairments on loans and financial commitments Impairment ratio, annualized 1) 0.12% 0.08% 0.03% 0.11% 0.22% 0.15% 0.05% −0.13% −0.12% 1) Defined as alternative performance targets (APMs), see the appendix to the interim report 40 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY OVERVIEW
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Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 2025 2025 2025 2024 2024 2024 2024 2023 2023 Loans and financial commitments in Stage 2 and Stage 3 Loans and financial commitments in Stage 2 in % of gross loans and financial commitments 1) 7. 20 % 6.55% 7.31% 8.21% 8.27% 7.05% 7.30 % 7.98% 8.24% Loans and financial commitments in Stage 3 in % of gross loans and financial commitments 1) 0.57% 0.58% 0.55% 0.63% 0.62% 0.70% 0.82% 1.01% 1.10% Solidity Common equity Tier 1 capital ratio 18.51% 18.63% 18.29% 18.01% 17.75% 17.6 6 % 17.62 % 17.61% 17.8 8% Tier 1 capital ratio 20.48% 20.67% 20.13% 20.21% 20.56% 20.06% 19.70% 19.72% 20.11% Capital ratio 23.19% 23.47% 22.93% 23.03% 23.84% 22.75% 22.05% 21.58% 22.03% Tier 1 capital 44,572 43,961 42,692 42,635 31,675 30,740 29,833 28,864 27,809 Net primary capital 50,474 49,918 48,629 48,589 36,731 34,855 33,391 31,587 30,465 Risk weighted balance 217,641 212,696 212,064 210,950 154,075 153,214 151,404 146,371 138,291 Leverage ratio 7.4 % 7.3 % 7.5 % 7.7 % 7.5 % 7.3 % 7.1 % 7.2 % 7.1 % Liquidity Liquidity Coverage Ratio (LCR) 2) 148% 209% 163% 189% 172% 204% 216% 207% 191% Deposit to loan ratio 1) 56.7 % 57.6 % 55.6 % 54.3 % 50.6 % 54.4 % 54.2 % 54.8 % 55.8 % Deposit to loan incl. transfers to credit institutions ratio 1) 53.9 % 54.1 % 51.6 % 50.4 % 50.6 % 54.4 % 54.2 % 54.8 % 55.8 % Branches and staff Number of branches 55 55 55 55 36 36 36 36 36 Number of man-years 2,312 2,302 2,323 2,309 1,625 1,590 1,578 1,637 1,616 Number of man-years including temps 2,353 2,381 2,387 2,364 1,676 1,663 1,627 1,686 1,667 SpareBank 1 Sør-Norge share Market price at end of quarter 177.80 185.40 169.40 146.60 136.20 130.60 136.00 128.90 122.70 Market capitalisation (MNOK) 66,756 69,610 63,602 55,042 35,993 34,514 35,941 34,064 31,381 Number of shares issued, millions 375.46 375.46 375.46 375.46 264.27 264.27 264.27 264.27 255.75 Book equity per share 1) 133.34 129.00 133.29 128.77 120.90 115.81 119.30 115.07 109.57 Earnings per share, NOK (annualised) 4.29 4.23 4.37 3.48 5.19 4.20 4.26 5.48 3.94 Price/earnings per share 1) 10.44 10.93 9.55 10.58 6.60 7.74 7.95 5.93 7.85 Price / Book equity (group) 1) 1.33 1.44 1.27 1.14 1.13 1.13 1.14 1.12 1.12 Turnover rate in quarter 3) 2.5 % 4.8 % 4.9 % 4.2 % 3.5 % 4.0 % 2.8 % 6.8 % 2.7 % Effective return 4) −4.1 % 14.5 % 15.6 % 7.6 % 4.3 % 1.5 % 5.5 % 5.1 % −5.7 % 1) Defined as alternative performance targets (APMs), see the appendix to the interim report 2) High quality liquid assets divided by total net cash outflows in a 30-day, serious stress scenario 3) Turnover of the share during the period, measured as a percentage of the number of outstanding shares 4) Percentage change in the market price in the last period, including paid share dividend 41 SpareBank 1 Sør-Norge Group, Q3 2025 – Unaudited QUARTERLY OVERVIEW
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Group management Investor Relations Morten Forgaard EVP Finance / IR +47 916 21 425 morten.Forgaard@sb1sornorge.no Inge Reinertsen CEO +47 909 95 033 inge.reinertsen@sb1sornorge.no Eirik Børve Monsen CFO +47 916 39 831 eirik.monsen@sb1sornorge.no Address Christen Tranes Gate 35 P.O. Box 250, N-4068 Stavanger Contact info Tel. +47 915 02002 www.sb1sornorge.no Financial calendar 2025 Q4 2025: Thursday, 12 February 2026 Contact information and financial calendar QUARTERLY FINANCIAL REPORT