DNB Bank (DNB) Investor presentation summary

Capital structure and regulatory requirements

• Maintains a strong capital position with a CET1 ratio of 18.1% as of 31 March 2026, well above the regulatory expectation of 16.4%.

• SREP 2025 sets P2G at 1.0% and P2R at 1.7%, with a minimum CET1 of ~1.0%.

• Effective countercyclical buffer is ~2.19% and systemic risk buffer is ~3.21% as of 31 March 2026.

• Capital requirements can be met with ~1.8% AT1 and ~2.4% Tier 2 capital.

• MREL requirement is ~37% of adjusted REA, needing at least EUR ~14.1bn in eligible debt by Q1 2026.

Capital instruments and funding

• Outstanding AT1 and Tier 2 instruments are diversified across USD, NOK, SEK, EUR, and JPY, with various call and reset features.

• Senior Non-Preferred and Senior Preferred benchmark bonds issued in multiple currencies, including green bonds.

• All bonds coming up for call have been called, ensuring proactive capital management.

• Legacy perpetual bonds were redeemed in early 2024 following regulatory changes.

Profitability and capital generation

• Delivers resilient earnings, with pre-tax operating profit before impairment consistently strong.

• Net interest income constitutes 71% of total income for 2025, with net commissions and other income making up the rest.

• Built over 350 bps in CET1 capital annually on average over the last three years before shareholder distributions.

• Solid profitability supports AT1 coupon payments and regular shareholder distributions.