Annual

Report 2025

Table of contents

The SpareBank Alliance ...............................................................................................................................................................................................................3

Statement of the Board of Directors ...................................................................................................................................................................................7

Cover pool ..................................................................................................................................................................................................................................7

Key developments in 2025 .............................................................................................................................................................................................. 10

Accounts as per 31.12.2025 .............................................................................................................................................................................................. 10

Risk aspects..............................................................................................................................................................................................................................14

Employees and the working environment ............................................................................................................................................................... 15

Corporate governance ...................................................................................................................................................................................................... 15

Sustainability Report ............................................................................................................................................................................................................16

Macroeconomic development and outlook ..........................................................................................................................................................16

Future prospects ................................................................................................................................................................................................................... 17

Management’s statement ..................................................................................................................................................................................................... 22

SpareBank 1 Boligkreditt ...................................................................................................................................................................................................22

Norwegian residential mortgages ..............................................................................................................................................................................24

Norwegian savings banks ................................................................................................................................................................................................25

Covered Bonds .....................................................................................................................................................................................................................27

Green Covered Bonds .......................................................................................................................................................................................................29

Green Asset Ratio ................................................................................................................................................................................................................29

Developments in residential real estate market .................................................................................................................................................29

Capital requirements ........................................................................................................................................................................................................... 31

Cover Pool ............................................................................................................................................................................................................................... 33

Funding and Outlook for 2026 ...................................................................................................................................................................................... 34

Financial statements .................................................................................................................................................................................................................. 36

Notes to the accounts ..............................................................................................................................................................................................................43

Auditors Report ...........................................................................................................................................................................................................................90

Contact information ...................................................................................................................................................................................................................93

12 BANKS. HUNDREDS OF YEARS OF EXPERIENCE:

The SpareBank Alliance

Early in the 19th century the savings banks grew up all across Norway, by and from the communities

themselves, to have a savings vehicle and to help grow local economies and infrastructure.





were founded.











cooperation offers.











investor-owned, to the extent that a savings bank has issued equity in the public market. The opportunity

to do so was legally created in 1987.





regional banking principle, intimate knowledge of the customer base and in the last couple of years a

strong focus on sustainability.











local initiatives all over the country – and they still do. Today the one-time traditional saving account



  











other currencies as well.

Even though a successful alliance always is dependent on its members, we highlight one bank member



just to the north west of Oslo. The region has a long history and place in a Norwegian context as well as











The cover photo of this report is from a beautiful winter day in Jevnaker.

Name of SpaBol owner bank Vision statement

Included in SpaBol’s

annual report

SpareBank 1 Østlandet The bank with a customer dividend 

SpareBank 1 SMN Together we make things happen 

SpareBank 1 Nord-Norge For Northern Norway 

SpareBank 1 Nordmøre  

SpareBank 1 Ringerike Hadeland



local community



SpareBank 1 Gudbrandsdal



local communities

SpareBank 1 Hallingdal Valdres 

SpareBank 1 Helgeland 

SpareBank 1 Lom og Skjåk Your local bank – where you are

SpareBank 1 Sogn og Fjordane We are with you all of the way

SpareBank 1 Sør-Norge



businesses reach their goals

SpareBank 1 Østfold Akershus Together we make things happen

SpareBank 1 Banks in SpareBank 1

Boligkreditt’s Annual Reports



regions, where private households and small and medium sized enterprises comprise the core

customer base.



core customer base. The non-core banking activities are taking place in one of two holding





share is a direct consequence of that lender’s relative share of residential mortgages sold and



From the year 2021, each of SpaBol’s annual reports highlights one owner bank and its

regional home market. In 2025, we get to know better SpareBank 1 Ringerike Hadeland.







Annual Statement 2025 of the Board of

Directors of SpareBank 1 Boligkreditt AS

SpareBank 1 Boligkreditt



institution for the issuance of covered bonds













its owner banks. These banks transfer residential mortgages when covered bond funding is sought, and





bank.















Cover pool and outstanding covered bonds





the latest quarter-end. The balances are based on a nominal principle where bonds are presented at par.

This means that derivatives hedging these instruments are effectively incorporated within the nominal values















The required minimum amount of liquid assets

. Liquid assets



cash deposits and repos (please see the cover pool statistical reports on spabol.no for exact details



The table below provides an overview of the residential mortgages in the cover pool, as well as the



while the original LTV was as originated for the mortgages.



Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024

     

     

 1,979,123 1,962,927 1,933,617  

     

     

Overcollateralization     

December 31, 2025

NOK bn

Covered Bonds outstanding

Liquid assets

Residential mortgages

100

150

200

250

300

350

Covered bondsCover assets



Solid Development Across Generations



Through the consolidation of local banks, the institution has developed into a

strong regional bank with a clear local foundation and solid capital position.



businesses and local communities. Its objective is to create durable value and

contribute to sustainable development for customers, owners and society.





Key developments in 2025













owner banks will increase. These payments to the owner banks are deducted from mortgage interest





The actual result may differ from this target. The change is effectuated by the net interest contribution



Accounts as of 31.12.2025





Numbers in brackets refer to the corresponding period last year for comparison.







assets are also on the balance sheet as a function of swap collateral received from counterparties. Other







• 



• 











Culture in the Region





and local initiatives contribute to regional identity and attractiveness.



helping to ensure a broad and accessible cultural offering across the region.

1111

Nybruket Gallery in Jevnaker.

1212

Close and Diverse



of Norway’s capital, Oslo, providing proximity to the country’s most dynamic





This geography combines high-growth urban markets near Oslo with stable rural











today functions as the primary administrative and commercial centre for a broad

catchment area.

• 







as well as personnel-related expenses.

• 

2 bps of lending. These are modelled losses under assumptions about future developments. No actual





1313



1414

Risk aspects







control.

Credit risk







Market risk

























Liquidity risk





portfolio, which is a part of the cover pool assets.

Operational risk





to be low.



a way that this contributes to meeting its strategic goals. The risk notes in the annual reports provide further

information.



Employees and the working environment













further operational activities.













reported during the year.











Corporate Governance





Norwegian accounting law and regulations and the Norwegian practice for corporate governance.





































1616

Sustainability Policies





and limited without material negative consequences for the external environment. Necessary business travel

takes place.

Environmental sustainability

to produce and transfer green mortgages to the cover pool, as the basis for green covered bonds, by



is a rebalancing of a small portion of net interest income from conventional mortgages and to green













follows the periodically reviewed legal framework for mortgage lending in Norway. The banks have

developed a suite of lending products and initiatives to address environmental sustainability, also green



Social sustainability





Governmental sustainability

Macroeconomic development and outlook





The labour market is strong. Economy wide investments are not a main contributor however, and are





year-on-year investments.

With expected lower oil and gas energy prices and consumption driven import, the trade surplus as a share of





driving public spending.



and this indicates limited decline potential in interest rate policy, with mortgage rates likely restrictive for new

home investments, alongside relatively high prices for building materials.

1717





Recent data and forecast (per cent) 2023 2024 2025 2026 2027

   1.9 1.8 2.3

  1.3  3.1 2.6

Investments growth  -1.4   

 3.6   4.3 4.2

  3.1 3.1  2.8

   4.8 3.8 3.7

 17.1  14.2 8.6 6.9

Source: Statistics Norway (SSB) December 16, 2025

Future prospects of the Company













this become necessary (i.e. if residential price declines increase LTVs above the eligibility limit for mortgages





cover pool.



19.78 per cent against a total requirement, including all regulatory buffers, of 18.1 per cent plus a manage-











qualifying process for loans to become part of the cover pool (both mortgage lending regulations and



and granularity of the mortgages, as well as low unemployment and household real income growth. The



in arrears, and a strong history and institutional framework in Norway for mortgage loan performance.

Glass and Crystal



destinations and a well-established centre for Norwegian craftsmanship and

design. Founded in 1762, it is Norway’s oldest industrial company in continuous

operation. The destination offers year-round activities, including live glassblowing,

exhibitions, retail and cultural events, all set within historic surroundings along Lake



1818



1919

* * *





including notes are produced under the assumption of a going concern.





/s/ Bengt Olsen



/s/ Geir-Egil Bolstad

/s/ Trond Søraas

/s/ Bjørn Rune Rindal

/s/ Heidi Aas Larsen

/s/ Inger Eriksen

/s/ Herborg Aanestad



SpareBank 1 Boligkreditt AS











accordance with applicable accounting standards and give a true and fair view of the assets, liabilities,





quarterly report gives a true and fair view of the development and performance of the business of the



Stavanger, March 27, 2026

The Board of Directors of SpareBank 1 Boligkreditt AS

/s/ Bengt Olsen



/s/ Geir-Egil Bolstad

/s/ Trond Søraas

/s/ Heidi Aas Larsen

/s/ Inger Eriksen

/s/ Herborg Aanestad

/s/ Bjørn Rune Rindal

/s/ Arve Austestad



From Agriculture and Industry to a Modern Business

Community





industries developed along the river systems, while agriculture established a

strong and enduring presence.

Over time, the regional economy has evolved in line with broader structural



community spanning industry, trade, real estate, high-technology sectors and



infrastructure and local expertise, provides a solid platform for sustainable

growth and long-term value creation.

2121

Norderhov

2222

Management Statement Annual Report 2025

SpareBank 1 Boligkreditt











Norwegian residential mortgage collateral



































the automatic valuation of residential dwelling units for all lenders in Norway. The chart is based on the





Norwegian residential mortgage market.

Liquidity and hedging swaps are also part of cover pool assets

Ambitious Goals



has long been a committed supporter of local clubs and associations. Through



engagement, participation and development.







2323



2424

Source: Eiendomsverdi

Norwegian residential mortgages



per cent. There are tax advantages to owning, which are deductions of 22 per cent of interest paid and a

lower than market value assessment of house values for wealth tax purposes. For several decades prior to

1992, tax deductibility of interest paid was much higher than today, but a tax reform of that year changed



Nevertheless, the tax system helped create and probably also continuous to give a strong impulse for the



reset interest rates with an eight-week delay for these to become effective when increased. Fixed interest

rate mortgage products are available to Norwegian households, but represents a marginal fraction of the

overall market.











• 



• 



• 

• 



• 

may be exempted from one or more rules, provided that deviations are reasoned and documented.

Chart 1: Relative market share SpareBank 1 Alliance banks in

the aggregate

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

22 %

23 %

24 %

25 %

26 %





probably been partially responsible for a stable development of low non-performing loans at a low level.



macroeconomic backdrop, including a strong employment market and wage growth, as well as the interest

paid tax deduction and annuity feature of variable rate mortgage loans.

Norwegian savings banks















part of the 19th century.

























Economic return on the internal capital is typically given as gifts to a variety of societal initiatives

and organizations, which strengthen and build the local communities where the banks are located,





banks use some of the income allocatable to the internal capital for a customer bonus. The majority of















The Twist



contemporary art, sculpture, architecture and industrial heritage converge in a









that has positioned the region on the international art and architecture map.

2626

The Twist

2727

The savings banks are focused on residential mortgage lending as well as lending to small and medium

sized businesses and commercial property. The know your customer aspect is strong in banks that are







Covered Bonds















 

 

 

 

 

 



covered bond benchmark bonds outstanding, when comparing European countries. This result comes

from both the high home-owner ship rate, but also from the fact that Norwegian households do to a smaller

extent use bank deposits as savings vehicles, compared to several other European countries. In addition,

Norway’s sovereign wealth fund, built by a high government tax on the oil and gas extracting industry, can



Chart 2: SpareBank 1 Alliance banks aggregate relative lending by category

Retail and hotels

Utilities

Oil & gas

Industry

Fish farming

Transport, logistics

Construction

Other

Primary industries

Business Services

Commercial real estate

Residential mortgages

0 %

10 %

20 %

30 %

40 %

50 %

60 %

70 %

2828





Source: The Covered Bond Report, February 2026

The red bar of the Norwegian issued covered bond volume represents the volume of covered bonds issued















Source: The Covered Bond Label and own calculations, February 2026

Chart 3: Outstanding EUR denominated covered bonds,

mortgage collateral, by country

Germany

France

Rest of Europe

Netherlands

Austria

Norway

Finland

Italy

Sweden

Spain

0 %

2 %

4 %

6 %

8 %

10 %

12 %

14 %

16 %

18 %

20 %

22 %

24 %

Chart 4: EUR denominated covered bonds outstanding

by Norwegian issuer

Sparebanken

Norge 16,6 %

Sp.B More BK

2,0 %

DNB 27,4 %

SpaBol 31,7 %

SR-BK 12,4 %

Eika 9,6 %

Nordea 0,2 %

2929





been less economically attractive, probably related to different regulatory treatment of covered bonds









is positive for investors as it represents a sound and full mitigation of both market and counterparty risk on

a collateralized basis. It also explains the presence of collateral assets and swap valuation positions on the



Green Covered Bonds









• Buildings built ≥2021: Near Zero Energy Buildings -10 %

• Buildings built <2021: Buildings within the top 15 % low carbon buildings in Norway







Green Asset Ratio







out above. The model has been developed by Eiendomsverdi, and is broadly used in the Norwegian market,







Developments in residential real estate market



has been stable since. The policy rate is guiding the variable mortgage rate, which is set by the lending



















Source: Eiendomsverdi







-



years from strong wage growth.

Source: SSB, Eiendomsverdi

Chart 5: Residential real estate nominal price index changes,

last twelve months (left) and last several years (right):

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sept

Oct

Nov

Dec

Jan

-2 %

0 %

2 %

4 %

6 %

2021

2022

2023

2024

2025

LTM jan.26

0 %

2 %

4 %

6 %

8 %

10 %

Chart 6: National house price index adjusted for

after-tax household income

House price index adj. for HH income

100

110

120

130

140

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

3131



The illustration below shows the shares of households in the country by debt-to-income interval (total debt







households. This can indicate a focus on debt repayment as interest rates increased.

Source: SSB

Capital requirements











out the net interest margin per mortgage to the originating bank during the year, and any remaining surplus

-







Chart 7: Household indebtedness by debt to income

2022

2023

2024

No debt

Annual

Income >

Debt

Debt 1-2x

Income

Debt 2-3x

Income

Debt 3-4x

Income

Debt 4-5x

Income

Debt

at/above 5x

0 %

10 %

20 %

30 %

40 %

National history in the Region











3232



3333

Cover Pool

In terms of mortgage collateral, the cover pool consists solely of residential mortgage loans, which had a



deposits make up the liquidity portion of the cover pool, the purpose of which is to cover a minimum of



physical liquidity, as opposed to addressing it by referencing the 12-month extension possibility if covered

-







in the cover pool. This replacement of mortgages is caused by whenever the mortgage customer wishes to

change something material with regards to their mortgage, such as increasing it or moving house etc.

The real estate values are updated for the entire cover pool each quarter based on an automated valuation



is independently tested and validated, and has certain parameters built into its valuation settings which

includes a cautious margin or buffer for valuations in less liquid part of the market. The chart below shows





means that negative price migration has taken place since the transfer of such mortgages to the cover pool.



mortgage portfolio is stress tested for sharp house price declines monthly, which shows ample reserves of

mortgages in the banks with low LTVs. The stress test provides the amount of low LTV mortgages that each

bank has available, to add to the cover pool, in case of house price declines and resulting higher LTV,

in order to keep the overall pool overcollateralization amount constant.

Chart 8: SpareBank 1 Boligkreditt cover pool: number of loans

by LTV interval

0-30 %

30-40 %

40-50 %

50-60 %

60-70 %

70-75 %

75-80 %

80-90 %

0 %

10 %

20 %

30 %

3434

-







base, downside and upside scenario. Expected modelled losses represents a small amount as a share of





Funding and Outlook for 2026







banks have been low.











selection of mortgages for the pool follows strict criteria. The Norwegian economy remains strong, with

continued low unemployment. This supports the quality of the mortgage pool.

Close to Our Customers







in the region and possess strong local market knowledge. This proximity enables



operations.

The bank combines a strong physical presence with advanced digital solutions,

placing emphasis on personal advisory services, accessibility and long-term

customer relationships.







3636

Financial statements 2025

Income Statement 2025

NOK 1 000 Note 2025 2024

Interest income effective interest method   

Other interest income  1,346,817 1,969,762

Interest expenses   

Net interest income 783,232 857,873

 6  -11,833

Net other operating income -19,759 -11,833

Total operating income 763,473 846,040

 7,8,9  

Other operating expenses  -49,987 

Total operating expenses -65,674 -47,241

Operating result before loan loss provisions 697,799 798,799

Loan loss provisions 14 2,379 -2,672

Pre-tax operating result 700,178 796,127

Taxes 11 -151,232 -182,093

 548,945 614,034

  



 71,363

 548,945 614,034



3737

Overview of Comprehensive Income

NOK 1 000 2025 2024

  



  -223

Tax effect 141 



  -893,481

Tax effect  

Other comprehensive income for the period  

Comprehensive income for the period 919,934 -56,244

A Key Contributor



acting as co-owner, sponsor, advisor and long-term partner to a wide range of

businesses and organisations. Engagement spans business development and

education, as well as sports, culture and voluntary initiatives.

This commitment supports vibrant local communities, economic activity and

sustainable long-term value creation across the region.

3838



3939

Balance sheet

NOK 1 000 Note 2025 2024

Assets

Lending to and deposits with credit

institutions   8,642,224

   

   

Financial derivatives   

 11 396,711 

Other assets   

Total assets 369,617,209 357,386,425

Liabilities and equity

Liabilities

   

  11,641,843 

 16,197

Financial derivatives   3,293,482

Tax payable 11 221,728 48,631

   1,743,676

Other liabilities  1,179,619 1,142,244

Total liabilities 351,950,909 342,602,760

Equity

Share capital 15 11,164,349 9,297,349

Share premium 5,584,822 4,651,322

Declared dividends 453,435 542,543

Basis swap valuation reserve -632,643 -1,004,053

Other equity -3,663 -3,496

Hybrid capital 15,20 1,100,000 1,300,000

Total equity 17,666,300 14,783,665

Total liabilities and equity 369,617,209 357,386,425

Stavanger, March 27, 2026

/s/ Bengt Olsen



/s/ Geir-Egil Bolstad

/s/ Trond Søraas

/s/ Heidi Aas Larsen

/s/ Inger Eriksen

/s/ Herborg Aanestad

/s/ Bjørn Rune Rindal

/s/ Arve Austestad





Supporting Local Businesses



supporting both established companies and new ventures. The bank provides



lifecycle.

Through its dedicated business development foundation, the bank actively supports

          

stakeholders and development environments strengthens innovation, structural

adaptation and long-term economic resilience.

Changes in Equity

NOK 1 000

capital

premium Dividend

Basis swap

valuation reserve

Other

equity

Hybrid

capital

Total

equity

Balance as of 31 December, 2023 7,797,215 3,901,255 416,371 -333,942 -3,456 900,000 12,677,443



  

 - - -416,371 - -416,371

   

 - -  71,491 -71,363 



capital - directly against equity - - - -71,363 71,363 



- - -  

 -167 -167

Other - - - -

Balance as of 31 December, 2024 9,297,349 4,651,322 542,543 -1,004,053 -3,496 1,300,000 14,783,665

 - -  - 

   

 - -    



capital - directly against equity - - -  



- - -  

 -422 -422



 - - -  

Balance as of 31 December, 2025 11,164,349 5,584,822 453,435 -632,643 -3,663 1,100,000 17,666,300









which amongst other things stipulates when additional capital must be contributed.

4141



4242

Cash Flow Statement

NOK 1 000 Note 2025 2024



 13 -22,187,197 

Interest receipts from lending to customers   

  

  

 -939,481 

Interest on deposits with credit institutions  -162,728

 2,746,369 

  

   -49,818

Other payments, net  

Taxes paid 11  -239,727

Net change in liquidity from operations 972,898 -9,530,510



Investments in intangible assets  

  

 0 0



 18  

 18  

Interest payment on covered bonds  

  

Interest payment on sr. unsec. debt  2,418

 18  

 18  

Interest payment on subordinated debt -118,268 -117,493

Equity capital subscription  

  

  

Interest payment on hybrid capital  -71,363

  -416,371

 -3,774,687 17,109,408

 -2,801,789 7,578,898

Cash and cash equivalents at 1 January 8,642,224 1,063,325

  

Cash and cash equivalents at the end of the period 5,840,434 8,642,224

4343

Notes to the Accounts

Note 1 General information



established according to the specialist banking principle within the Norwegian legislation for covered bonds.



















Presentation currency





Recognition and de-recognition of assets and liabilities on the balance sheet



real control over the rights of ownership to assets and becomes effectively responsible for the discharge of

liabilities.



control over the rights to the assets has been terminated or expired. Liabilities are de-recognised when

they have been effectively discharged.

Residential mortgage loans



plus the cumulative amortisation using the effective interest rate method, adjusted for any loss allowance











4444

Expected credit loss on mortgage loans; evaluation of impairments (write downs)











• 

• 

• 





Model for loan loss provisioning





states of the economic cycle. The scenarios are weighted, with the most weight assigned to the base



while the downside scenario input variables are sourced from, but may not exactly replicate, the Financial







may be several years if the data is stable. Each scenario then develops, based on the macroeconomic input













maturities.

















mortgage loans against the commissions due to all banks for the remainder of the calendar year.











Segment







segment, in addition to the income effects from the liquidity portfolio. Nearly all of the net interest income





mortgage loans.

Securities











Fair value measurement







require or permit fair value measurements and disclosures about fair value measurements.









disclosure requirements.

Hedge accounting



currencies. These bonds are designated as hedged items in hedging relationships with individually tailored

interest rate swaps and cross currency interest rate swaps. The company values and documents the hedge





the measurement of the hedged item is adjusted for the change in fair value of the hedged risk which at





basis spread, which is only recognised in other comprehensive income.









Valuation of Derivatives and Other Financial Instruments







the opposite side of the balance sheet.

4646

Liabilities:

• 



• 



cent of par

• 



• 



• 

amortized cost.

Assets:

• 

is valued at fair value at observable market prices.

• Funds received for the purpose of collateralization of swap exposures which counterparties have to the





prices.

• 







• Temporary mark-to-market differences in the value of an interest rate swap may occur depending on the

-

der of this 3 month term using the rate level at the balance sheet date.

• There is a credit risk element which forms a part of the fair value of the assets in the trading portfolio,



portfolio assets.

• 







not the liability.









mitigated. The valuation change of basis swaps will only affect other comprehensive income and equity, and



over time and reaches zero at the derivatives maturity date.

4747

Intangible assets





of the asset. Expenses related to development or maintenance are expensed as incurred.

IFRS 16





asset balance in note 12.

Taxes

Tax in the income statement consists of tax payable on the annual taxable result before tax and deferred



taxes the liability or asset is calculated based on temporary differences, which is the difference between







Pensions





























Interest income and expense

Interest income and expense associated with assets and liabilities are recorded according to the effective



the calculation of an effective rate of interest, and as such will be amortised over the expected maturity.







Dividends





4848

Events after the balance sheet date



which affect conditions that were already known on the balance sheet date, will be incorporated into the





material.

Share capital and premium



will be recorded in the accounts as a reduction in the proceeds received.











FRS standards that have not yet been adopted





future periods' reporting.

Listed and Locally Anchored



base comprising local, regional and national investors. The bank emphasises



as an investor-friendly institution with solid dividend capacity.



regulatory requirements, with the objective of balancing attractive shareholder

returns with continued investment in growth, resilience and long-term

competitiveness.

4949





Note 3 Risk management

























• 

• 

• 

Organisation and organisational culture



by high awareness about risk management.





• 





• 



items or operational items of an unusual nature or importance are discussed with and presented to the







• 



management including risk models and risk management systems. The position is further responsible

for the independent evaluation and reporting of risk exposure in addition to maintain all relevant laws

and regulations.

• 









advisory council for the evaluation of counterparty exposure limits and for the composition of the liquidity





regarding credit limits for counterparties and individual investments.



Risk categories:



• Credit risk:





• Liquidity risk: 

• Market risks: The risk of loss as a result of changes in observable market variables such as interest rates,

foreign exchange rates and securities.

Further details about these risk categories are discussed in later Notes.

• Climate risk: The risk of loss as a result of assets becoming stranded, following regulatory changes or

market practice. In order to mitigate global warming, assets which are contributing to emissions of carbon



have a certain carbon footprint from the materials that to go into constructing the house and from the

heating and other sources of energy after construction (albeit that houses are heated with electricity in











are also engaged in incentivizing mortgage loan customers to upgrade to greener solutions, with interest

rate discounts. The climate risks of the country's housing stock is also carried by the society at large

and its government, and it is unlikely that legislation or regulation would suddenly render part of the

housing stock uninhabitable and thus making it a stranded asset, but that change processes take time.





if no further green covered bonds could be issued due to a lack of green mortgage collateral, but this risk





Interest rate benchmarks

















would probably lead to a larger implementation change, though it is not expected that this would have

either material nor adverse consequences.













existing benchmarks as appropriate and possible. This means that the interest rate on the bond in



investors in the bond, and the same interest rate will be attempted to be replaced with the swap hedge

counterparties at the same time. There are therefore no material changes to valuation of the instruments



accounting issues which are expected to arise.

Note 4 Important estimates and considerations regarding application of

accounting policies



and makes assumptions which affect the outcome of certain accounting principles, including the amounts

accounted for assets, liabilities, income and cost.

Loan losses

Estimates are made regarding the future path of probability of default rates and loss given default rates

under different economic scenarios. Each quarter the entire portfolio of mortgage loans are run through the





















values based on what it is reasonable to expect that market participants would use as a basis for valuation of



valuations, see below.

Basis swaps









This basis pricing element is valued at each balance sheet date, and its aggregate value is either an asset or





always held to maturity.

Annual result as a share of average assets















Note 5 Net interest income

NOK 1 000 2025 2024

Interest income

 1,346,817 1,969,762

Interest income from residential mortgage loans (Effective interest method) 15,235,145 15,041,083

Total interest income 16,581,962 17,010,845

Interest expense

Interest expense and similar expenses to credit institutions 346,133 390,845

Interest expense and similar expenses on issued bonds 15,285,966 15,576,231

Interest expense and similar expenses on subordinated debt 111,131 117,490

Recovery and Resolution Fund* 52,597 62,315

Other interest expenses 2,902 6,092

Total interest expense 15,798,730 16,152,972

Net interest income 783,232 857,873



residential mortgage loans.

Interest income from residential mortgage loans includes a deduction for an interest margin contribution

paid to the owner banks. Ownership by each of these banks is determined by the relative share of mort-





loan's interest rate. The interest margin contribution paid to the owner banks are transactional costs and



expense are also expressed as a rate and deducted from each mortgage loan's interest rate.



NOK 1 000 2025 2024

 



Technology, Business and Industrial Development



of the country’s most exciting areas for industrial development. The business park

          

nationally and internationally. On the customer side, it serves small and large national

and international companies across a broad range of industries, in addition to the





Technology



Note 6 Net Gains from Financial Instruments

NOK 1 000 2025 2024

 -9,792 -26,279

  

  

  

Net gains (losses) -19,759 -11,833











also be valuation differences between liabilities and hedges due to the the amortization of issuance costs and

bonds issued at or below par value.



expected maturities and keeping proceeds as a liquidity portfolio. Fixed rate bonds and bonds in other

currencies than Norwegian kroner are hedged using swaps, unless forming part of a natural hedge.

These positions are valued at fair value though differences may occur because the valuation of the bonds



investments in short term, highly rated bonds from funds received from swap counterparties for collateral

 





Note 7 Salaries and Remuneration

NOK 1 000 2025 2024

 11,696 11,461

 784 748

 2,693 3,244

Employer’s social security contribution  

Other personnel expenses 1,137 

 -3,631 -3,778

Total salary expenses 15,687 16,340

Average number of full time equivalents (FTEs) 6.25 7.15

*The company’s employees have shared employment between SpareBank 1 Næringskreditt and SpareBank 1 Boligkreditt. All remuneration is effectuated

through SpareBank 1 Boligkreditt and a portion is reinvoiced to SpareBank 1 Næringskreditt. The company also buys administrative services from

SpareBank 1 SMN and SpareBank 1 Gruppen.



Note 8 Salaries and other Remuneration of Management

Paid in 2025

NOK 1 000

Wage

compensation

Bonus

Other

compensation

Pension cost

Employee

mortgage loan

Management

  - 242  

Total for Management 3,004 - 242 1,010 4,310

Paid in 2024

NOK 1 000

Wage

compensation

Bonus

Other

compensation

Pension cost

Employee

mortgage loan

Management

  - 191 932 

Total for Management 2,820 - 191 932 3,651

-









-





The Board of Directors Paid in 2025 Paid in 2024

 136 

  

 - 

  -

  

  

 

 

 - 

 - 

Total for the Board of Directors 784 748











Note 9 Pensions



pays the agreed contribution into the pension scheme and has no further obligations. The remaining

pension obligation on the balance sheet relates to survivor's pension, which has been accounted for



2025 2024

Net pension obligations on the balance sheet

  16,612

 4,373 

  

Employer payroll tax 2,616 

Net pension obligation recorded as of Dec 31 15,367 14,776

Pension expense in the period

  431

 1,333 

Pension expense accounted for in the income statement 1,899 1,996

*AFP is an abbreviation for the Company's membership in an optional early retirement program from age 62

The following economic assumptions have been made when calculating the value of the pension obligations



2025 2024

  

Expected return on pension assets  

Future annual compensation increases  

  

  

Employer payroll taxes  

Finance tax  

Note 10 Other Operating Expenses

NOK 1 000 2025 2024

IT and IT operations  

  

Other Operating Expenses 18,927 

 47 119

Total 49,987 30,901







Auditing



NOK 1 000 2025 2024

Legally required audit 873 

Other attestation services, incl. examination services, loan documents sample testing,

comfort letters

333 239

Other services outside auditing  

Total (incl VAT) 1,414 1,245

Note 11 Taxes

NOK 1 000 2025 2024

  796,127

  

 162,223 



shown in other comprehensive income

 -223

  

Tax base/taxable income for the year 766,590 74,200

 191,647 

 83,248 

Tax expense for the year 274,895 -41,333



  

 -23,812 -16,939

Correction for accrued tax previous years

Tax expense in income statement 151,232 182,093

  

 -141 

Total tax expense for the year 274,895 -41,333



Financial instruments  

  334,684

 3,842 3,694

Other assets 33 

Net deferred tax assets 396,711 479,959

Taxrate applied  

Taxrate applied for temporary differences  





Note 12 Other assets

NOK 1 000 2025 2024

Leases 4,192 -

Fixed assets  7

Intangible assets 81 121

  466

  

Other  

Total 37,140 1,578,776

2025

NOK 1 000 Leases Fixed assets Intangible assets Total

    

 - - - -

 - - - -

Acquisition cost 31.12. 5,240 385 1,957 7,581

 - 378 1,836 2,214

  7  

 - -

 - -

   1,876 

Book value as of 31.12. 4,192 0 81 4,273

Financial lifespan   

 linear linear linear

2024

NOK 1 000 Leases Fixed assets Intangible assets Total

    6,996

 - - - -

 - - - -

Acquisition cost 31.12. 4,655 385 1,957 6,996

 3,688   

 967 78  

 - -

 - -

  378 1,836 6,869

Book value as of 31.12. - 7 121 128

Financial lifespan   3 years

 linear linear linear



Note 13 Residential mortage loans

Lending to customers are residential mortgages only. The total amount of lending to customers at the end



NOK 1 000 2025 2024

  39,866,129

  

  

 316,006,643 293,838,539

Total accrual for loan losses -47,818 -50,169

Net loans 315,958,825 293,788,370

31 Dec 2025

NOK 1.000 Stage 1 Stage 2 Stage 3 Total

Opening balance   - 

Transfer to stage 1   -

Transfer to stage 2  4,812,192

Transfer to stage 3 - - -

  3,239,931 

New loans  - 

   

Net changes   - 

Closing balance 303,584,760 12,421,883 - 316,006,643

31 Dec 2024

NOK 1.000 Stage 1 Stage 2 Stage 3 Total

Opening balance   - 

Transfer to stage 1   -

Transfer to stage 2   -

Transfer to stage 3 - - -

   

New loans  - 

   

Net changes   - 

Closing balance 280,520,480 13,318,058 - 293,838,539

6161

Liability

NOK 1 000 2025 2024

  13,349,823

Total 13,756,693 13,349,823

Defaulted loans

  

  

Net defaulted loans 0.0 % 0.0 %

Loans at risk of loss

Loans not defaulted but at risk of loss  

- Write downs on loans at risk of loss  

Net other loans at risk of loss 0.0 % 0.0 %

*The entire customer loan balance is considered to be in default and will be included in overviews of defaulted loans when overdue instalments and

interest payments are not received within 90 days or if credit limits on revolving loans are exceeded for 90 days or more.

Loans sorted according to geography (Norwegian countries)

NOK 1 000 Lending 2025 Lending 2025 % Lending 2024 Lending 2024 %

 Oslo 44,833,394   

NO11    1,846,948 

     

NO18 Nordland    

NO21     

NO31 Østfold    

NO32     

NO33     

NO34 Innlandet    

NO39 Vestfold   12,418,363 

 Telemark    

NO42  971,499   

NO46 Vestland    

  47,426,373   

 Troms    

 Finnmark    

Total 315,958,825 100.0 % 293,788,370 100.0 %

6262

Loans sorted according to Risk Class: 12 months probability of default (NOK 1000)

Risk Class  2025 % share 2025 2024 % share 2024

     

B     

C    99,244,439 

D  29,272,671   

E     

F     

G     

H     

I  1,261,874   

J  126,717   

K  22,146   

Total 315,958,825 100 % 293,788,370 100 %

6363

Note 14 Provision for expected credit losses

The following table show reconciliations from the opening to the closing balance of the loss allowance.

NOK 1 000 2025

Accrual for losses on loans Stage 1 Stage 2 Stage 3 Total

Opening balance  33,763 - 

Originations or purchases  - - 

Transfer from stage 1 to stage 2   - -

Transfer form stage 2 to stage 1   - -

  -12,711 - 

 8,437 -114 - 8,323

Closing balance 17,258 30,560 - 47,818

Net loans 303,567,502 12,391,323 - 315,958,825

NOK 1 000 2024

Accrual for losses on loans Stage 1 Stage 2 Stage 3 Total

Opening balance  32,238 - 

Originations or purchases  - - 

Transfer from stage 1 to stage 2 -11,797 11,797 - -

Transfer form stage 2 to stage 1 647 -647 - -

   - -24,717

   - 21,417

Closing balance 16,407 33,763 - 50,169

Net loans 280,504,074 13,284,296 - 293,788,369















6464

   

Scenario / Year 1 2 3 4 5

Base

     

     

     

Downside

     

     

     

Upside

     

     

     

Sensitivity:





If both the level of unemployment and interest rates turns out to be 1 per centage point higher in the





Note 15 Share Capital and Shareholder Information

List of shareholders as of 2025 List of shareholders as of 2024

No of Shares Percent and votes No of Shares Percent and votes

    

    

 18,981,762   

   6,333,284 

 7,137,879   

    

    

 3,942,393   

    

    

    

 1,679,917  1,438,668 

   861,628 

Total 111,643,485 100 % 92,973,485 100 %



The per cent share allocation and share of vote are identical.



Hybrid capital

NOK 1000 ISIN Interest rate Issued year Call option 2025 2024

Perpetual

     - 

      

      

      

      

Book value 1,100,000 1,300,000



coverage ratio.

Note 16 Liabilities incurred by issuing securities

 

NOK 1 000 2025 2024

 - -

 - -

  

 - -

Total debt incurred by issuing securities  



Book value Book value

NOK 1 000 2025 2024

 - -

 - -

  

 - -

  -213,139

  

Total debt incurred by issuing securities 334,919,759 323,351,080

6666

Covered bonds

Due in 2025 2024

 - 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Total 319,753,568 306,465,748





NOK 1 000 2025 2024

  

  

  

  

  

Total 334,919,759 323,351,080

6767





non-cash changes.

NOK 1 000 2024

Issuance

of debts

Repayment

of debts

Changes

in foreign

exchange rates

Changes in

fair value

Other

changes

2025

Liabilities





      

 1,743,676 -  - - -7,137 

328,388,238      

NOK 1 000 2023

Issuance of

debts

Repayment of

debts

Changes in for-

eign exchange

rates

Changes in

fair value

Other

changes

2024

Liabilities





      

    - - -4 1,743,676

  -18,286,617    328,388,238

Note 17 Subordinated debt

NOK 1000

ISIN Interest rate

Issued

year

Call option

from Maturity

Nominal

amount

2025 2024

With maturity

       - 

        

        

        

        

  18,676

Book value 1,336,539 1,743,676



coverage ratio.

6868

Note 19 Financial Derivatives

NOK 1 000 2025 2024

Interest rate derivative contracts

Interest rate swaps

Nominal amount  23,761,998

  

Liability  

Currency derivative contracts

Currency swaps

Nominal amount  

  

Liability  



Nominal amount  194,724,186

  

Liability -1,791,699 



*Change due to basis swap spread adjustment 2025 2024

  

  -1,338,737

Net asset(+)/liability(-) derivates 12,728,611 13,727,852

Hedge accounting for debt created by issue of securities







spread are not taken to account when measuring hedge effectiveness. In the case of fair value hedging, both

the hedging instrument and the hedged object are recorded at fair value, and changes in these values from









that are included in the hedging portfolio, separate interest rate and foreign exchange rate swaps are entered



of random market variations in the evaluation of object and instrument.The hedging instruments (interest rate









basis.

6969

Nominal amount 31 Dec 2025

Amounts in 1 000 Hedging instrument Hedging object Ineffectivity

 

 Interest rate swaps

   

   

Issued debt in FX and at



Interest rate and

currency swaps



   

   

   

Book value 31 Dec 2025

Amounts in 1 000

Hedging instrument

(swaps)

Hedging object

(bonds issued)

Net gains/losses from



 

 1,946,719 231,488,926

   -49,181

P&L Line Item

Gain/Loss on Hedging

instruments

Gain/Loss on Hedged Item

attributable to hedged risk

Hedge Ineffectivness

recognised in P&L

Net value change in hedged bonds

and derivatives

1,136,866 -1,239,491











Nominal amount 31 Dec 2024

Amounts in 1 000 Hedging instrument Hedging object Ineffectivity

  

 Interest rate swaps

   

   





Interest rate and

currency swaps

   

   

   

Book value 31 Dec 2024

Amounts in 1 000

Hedging instrument

(swaps)

Hedging object

(bonds issued)

Net gains/losses from



 16,231,136

  

  9,143,786 

P&L Line Item

Gain/Loss on Hedging

instruments

Gain/Loss on Hedged Item

attributable to hedged risk

Hedge Ineffectivness

recognised in P&L

Net value change in hedged bonds

and derivatives

 

















comprehensive income and in equity.

7171







  

 

  

  

  

  



Hedging instruments used in debt issued, excluding NIBOR contracts, nominal values 2025 2024

  

  

Total 6,150,040 6,137,560













NOK 1 000 2025 2024

Collateral received under derivatives contracts 11,641,843 13,023,648

7272

NOK 1 000

Financial instruments

accounted for at fair

value

Financial assets and

debt accounted for

at amortised cost

2025

Assets

Lending to and deposits with credit institutions -  

  - 

 -  

Financial derivatives  - 

Total assets 47,384,098 321,799,259 369,183,357

Liabilities

 -  

 - 11,641,843 11,641,843

 16,197 16,197

Financial derivatives  - 

 -  

Total liabilities 2,635,223 347,914,339 350,549,561

Total equity - 1,100,000 1,100,000

Total liabilities and equity 2,635,223 349,014,339 351,649,561



    



7373

NOK 1 000

Financial instruments

accounted for at fair

value

Financial assets and debt

accounted for at amortised

cost

2024

Assets

Lending to and deposits with credit institutions - 8,642,224 8,642,224

  - 

 -  

Financial derivatives  - 

Total assets 52,897,096 302,430,594 355,327,690

Liabilities

 -  

 -  

Financial derivatives 3,293,482 - 3,293,482

 - 1,743,676 1,743,676

Total liabilities 3,293,482 338,118,404 341,411,886

Total equity - 1,300,000 1,300,000

Total liabilities and equity 3,293,482 339,418,404 342,711,886



      

7474

Note 21 Financial Instruments at Fair Value

Methods in order to determine fair value

General

The interest rate curve that is used as input for fair value valuations of hedging instruments and hedging



exceeding one year.

Interest rate and currency swaps



values. Valuation of currency swaps will also include the element of foreign exchange rates.

Bonds







Level 1:



the market prices are easily and readily available from an exchange, dealer, broker, industry group, pricing

service or regulating authority and that these prices represent actual and regular market transactions on an

arm's length basis.

Level 2: Valuation based on observable factors. Level 2 consist of instruments which are not valued based

on listed prices, but where prices are indirectly observable for assets or liabilities, but also includes listed

prices in not active markets.

Level 3: The valuation is based on factors that are not found in observable markets (non-observable





valued at this level.



NOK 1 000

Level 1 Level 2 Level 3 Total

 32,020,264 - - 32,020,264

Financial derivatives - 15,363,834 - 15,363,834

Total assets 32,020,264 15,363,834 - 47,384,098

Financial derivatives - 2,635,223 - 2,635,223

Total liabilities - 2,635,223 - 2,635,223



Issued debt is formally accounted for at amortized cost, and is therefore not listed in the table above.







remaining debt are accounted for at amortized cost.



NOK 1 000

Level 1 Level 2 Level 3 Total

  - - 

Financial derivatives -  - 

Total assets 35,875,763 17,021,333 - 52,897,096

Financial derivatives - 3,293,482 - 3,293,482

Total liabilities - 3,293,482 - 3,293,482

Issued debt is formally accounted for at amortized cost, and is therefore not listed in the table above.





according to Level 2 above, while the remaining debt are accounted for at amortized cost.

Note 22 Other Liabilities

NOK 1 000 2025 2024

Employees tax deductions and other deductions 811 772

Employers national insurance contribution 786 

 1,427 

 98,982 96,428

  2,174

  14,776

  274

 38,123 11,418

Other accrued costs  

Total 1,179,619 1,142,244

 

 

   

7676

Note 23 Credit Risk













credit risk the company is exposed to.





to all of its parents banks by an amount equal to any incurred losses on individual mortgage loans.



against the commissions due to its parent banks.

Credit Exposure

NOK 1 000 2025 2024

Loans to customers  

Loans to and deposits with credit institutions  8,642,224

  

Financial derivatives  

Other assets  

Total assets 369,617,209 357,386,425

  

 -11,641,843 

Total credit exposure 397,661,040 357,823,210

7777

Lending to customers (residential mortgage loans)





• 

• 

• 

• -



• Location





the development of the mortgage portfolio's credit quality, details about missed payments, defaults and



• 

• 



1. 











2. 

point of default. This exposure is usually of lending volume and the approved but not utilized credit



factor.

3. 

potentially stands to lose if a customer defaults on his or her obligations. The assessment takes into

















below is an overview that shows how loans are allocated over the risk groups. The allocation in risk groups



7878



Distribution in % Total lending *

Risk group Lower limit Upper limit 2025 2024 2025 2024

Lowest      

Low      

      

      

      

Total 100.0 % 100.0 % 315,958,825 293,788,370

* Total presented as exposure at default (EAD) exclusive of expected credit loss provisions.

Bonds and deposits with credit intitutions

Rating class 2025 2024

  14,721,377 

 - -

Other government or gov

guaranteed bonds  

Financial institutions - -

Total 31,567,397 35,202,647

 Other government bonds  673,116

 - -

Financial institutions  8,642,224

Total 6,293,301 9,315,339

 Financial institutions - -

Total - -

Total 37,860,699 44,517,987



listed.

Financial derivatives





to a counterparty which has previously not been received.

7979

Liquidity risk - all amounts in 1000 NOK

 No set term



months



months



12 months



years





  3,732,361    

Lending to and deposits

with credit institutions

     

      

  68,877  6,918,889  

Other assets with no set

term

 

Total assets  6,274,286 9,719,893    441,348,149



securities

    -138,982,468 

Other liabilities with a set

term

-11,641,843 -11,641,843

    -346,277  

  

Other liabilities  

Total liabilities      -139,717,263 -63,774,131

Net total all items 4,856,741 -4,991,037 -44,317,074 -88,923,256 -80,739,618 377,574,018

Note 24 Liquidity Risk







arises is closely monitored. In order to manage the liquidity risk certain limits and liquidity reserves have







      



periods covered and to the maturity of each individual instrument or mortgage loan. This makes these

numbers larger than the corresponding numbers in the balance sheet.



Liquidity risk - all amounts in 1000 NOK

 No set term



months



months



12 months



years





  7,383,918    

Lending to and deposits

with credit institutions

8,642,224 8,642,224    

   17,439,732   431,326,629

  2,111,477    

Other assets with no set

term

 

Total assets      61,288,767 



securities

    -142,311,392 

Other liabilities with a set

term

 

 -3,293,482  -194,446  -994,612 

 -1,743,676 -1,743,676

Other liabilities  

Total liabilities -439,643,431      

Net total all items 9,510,084 -7,337,305 -10,019,716 -94,376,887 -82,017,237 354,398,254

8181

Interest rate risk - all amounts in 1 000 NOK

12/31/25 No set term

Maturity

0 to 3 month

Maturity

4 to 12

months

Maturity

2 to 3

years

Maturity

4 to 5

years

Maturity

more than

5 years

  16,981,421    

Lending to and deposits with

credit institutions

      

  

Other assets with no set term  

Total assets 594,146,490 6,274,286 16,981,421 563,612,409 4,513,067 2,200,534 564,773



securities

  -62,814,212 -93,717,171 -99,626,211 

Other liabilities with a set term -11,641,843 -11,641,843

Liabilities with no set term  

  

Equity  

Total liabilities and equity    -62,814,212 -93,717,171 -99,626,211 -62,343,438

Net interest rate risk

before derivatives

133,064,863 -24,451,402 -94,873,487 500,798,197

-89,204,103

-97,425,677

-61,778,665

Derivatives 12,728,611 - -205,288,106 29,321,918 68,050,957 70,715,891 49,927,951

Net interest rate risk -24,451,402 -300,161,593 530,120,115 -21,153,146 -26,709,786 -11,850,713

% of total assets 4 % 49 % 87 % 3 % 4 % 2 %

Note 25 Interest Rate Risk



















     

periods covered and to the maturity of each individual instrument or mortgage loan. This makes these

numbers larger than the corresponding numbers in the balance sheet.

8282

Interest Rate Risk - all amounts in 1000 NOK

12/31/24 No set term

Maturity

0 to 3

month

Maturity

4 to 12

months

Maturity

2 to 3

years

Maturity

4 to 5

years

Maturity

more than

5 years

      

Lending to and deposits with

credit institutions

8,642,224 8,642,224     

  

Other assets with no set term  

Total Assets 592,779,290 10,700,959 26,634,083 547,634,569 3,628,065 3,581,299 600,315



securities

     

Other liabilities with a set term  

Liabilities with no set term  

 -1,743,676 -1,743,676

Equity  

Total liabilities and equity  -28,998,188     

Net interest rate risk

before derivatives

141,645,676 -18,297,229 -103,944,041 535,076,123

-100,979,271

-92,576,250

-77,633,655

Derivatives 13,727,852 - -173,851,669 1,470,380 55,129,758 79,344,809 51,634,573

Net interest rate risk -18,297,229 -277,795,710 536,546,503 -45,849,514 -13,231,441 -25,999,081

% of total assets 3 % 46 % 88 % 8 % 2 % 4 %



given a one per cent parallel move of the interest rate curve. The effect on equity corresponds to the net



Sensitivity of net interest rate expense in NOK 1000

Currency Change in basis points 2025 2024

   



the recommendations from the local originating banks. The mortgage interest rates are set dependent

on collateral and LTV, customer risk category and the competitive mortgage lending landscape.

8383

Note 26 Currency Risk









hedges all currency risk, either by the utilisation of swaps or by way of asset liability management, i.e.

maintaining exposures in assets and liabilities of the same currency. Weekly risk reports are created by







end of the year.

Net currency exposure in NOK 1000

Currency 2025 2024

EUR 88,921 -35,868

  

- Issued bonds  

  174,634,191

  

USD 1 1

 1 1

- Issued bonds - -

 - -

 - -

SEK 748 988

 748 

- Issued bonds  

  

 - -

GBP 11 0

 11 

- Issued bonds - -

 - -

 - -

CHF 606 796

 - -

- Issued bonds -4,822,321 -4,796,934

 4,822,928 

 - -

Total 90,286 -34,083

8484

Note 27 Operational Risk





competency risks are also elements of operational risk.



residential real estate purposes, the placement of liquid assets in highly rated and liquid bonds and the

 











Evry is the provider of basic bank IT functions, as it is for most banks in Norway and all banks within the







-

pany annually holds a risk-works shop to discuss and look for risks and improvements in any aspects of the











      

P&L effect before tax, in NOK 1000

Currency Change in Exchange Rate (per cent) 2025 2024

  8,892 

   

   99

  1 

  61 

Total 9,029 -3,408



Note 28 Asset Coverage Test



The asset coverage test excludes as a cover pool asset any shares of mortgages representing loan to value

     

















calculating the level of overcollateralization presented below. The current overcollateralization requirement





 

NOK 1 000 2025 2024

  

Total covered bonds  

  292,886,214

  

  

  

  

Total cover pool  

  

Liquidity Coverage Ratio (LCR) 2025 2024

Liquid assets  

  

  

Net Stable Funding Ratio (NSFR) 2025 2024

  

  

  

8686

Note 29 Capital Adequacy



regulatory requirements. The company's owner banks pay in additional core capital on an as-needed basis,

 









decreaesed or increased. This measure had the effect of lowering the capitalization and to mitigate that,

 



•  

• 

 

•  

•  

•  

•  



    

8787

Capital. NOK 1 000 2025 2024

 11,164,349 9,297,349

  

Other equity capital  

  12,941,122

Intangible assets -81 -121

 - -

  

  



Core equity capital 15,684,685 12,335,078

  

Tier 1 equity capital 16,784,685 13,635,078

  

Total capital 18,109,685 15,360,078

Risk-weighted assets. NOK 1 000 2025 2024



First lien residential mortgages  64,494,768

Total credit risk IRB 82,444,013 64,494,768

Credit risk standardised approach

  

  2,169,891

 991,778 1,199,897

Other items 6,167 

Total credit risk standardised approach 4,865,408 7,569,149

 - -

Operational risk 1,174,887 1,161,617

  

Total risk-weighted assets 91,577,103 76,687,999

Capital coverage 2025 2024

  

  

  

  

8888

Note 30 Related Parties





SpareBank 1 SMN









SpareBank 1 Utvikling





SpareBank 1 Alliance banks



bank regulating amongst other things the servicing of mortgage loans.

SpareBank 1 Næringskreditt AS









Note 31 Collateral Received

NOK 1 000 2025 2024

 11,641,843 

Total 11,641,843 13,023,648







balance sheet, but represents restricted cash.

Note 32 Contingencies and events after balance sheet date



No events have taken place after the balance sheet date which are expected to have any material impact on









per share, depending on its average share of ownership through the year, calculated on the shares it holds



8989



PricewaterhouseCoopers AS, org.no.: 987 009 713 MVA, Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap

Advokatfirmaet PricewaterhouseCoopers AS, Org.no.: 988 371 084 MVA, Medlemmer av Advokatforeningen. advokatfirmaet@pwc.com

PwC Tax Services AS, Org.no.: 962 066 321 MVA, Autorisert regnskapsførerselskap, Medlem av Regnskap Norge

Kanalsletta 8, Postboks 8017, NO-4068 Stavanger, T: 02316 (+47 952 60 000) www.pwc.no

To the General Meeting of SpareBank 1 Boligkreditt AS

Independent Auditor’s Report

Opinion

We have audited the financial statements of SpareBank 1 Boligkreditt AS (the Company), which comprise the balance

sheet as at 31 December 2025, the income statement, overview of comprehensive income, changes in equity and cash

flow statement for the year then ended, and notes to the financial statements, including material accounting policy

information.

In our opinion the financial statements comply with applicable statutory requirements, and the financial statements give a

true and fair view of the financial position of the Company as at 31 December 2025, and its financial performance and its

cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those

standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our

report. We are independent of the Company as required by relevant laws and regulations in Norway and the International

Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including

International Independence Standards) (IESBA Code) as applicable to audits of financial statements of public interest

entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the

audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014)

Article 5.1 have been provided.

We have been the auditor of SpareBank 1 Boligkreditt AS for 7 years from the election by the general meeting of the

shareholders on 27 March 2019 for the accounting year 2019.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the

financial statements of the current period. These matters were addressed in the context of our audit of the financial

statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Other Information

The Board of Directors and the Managing Director (management) are responsible for the information in the Board of

Directors’ report and the other information accompanying the financial statements. The other information comprises

information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our

opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other

information accompanying the financial statements.

In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the

other information accompanying the financial statements. The purpose is to consider if there is material inconsistency

between the Board of Directors’ report and the other information accompanying the financial statements and the financial

statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information

accompanying the financial statements otherwise appears to be materially misstated. We are required to report if there is

a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements.

We have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report

 is consistent with the financial statements and

 contains the information required by applicable statutory requirements.

Our opinion on the Board of Directors' report applies correspondingly to the statement on Corporate Governance.

2 / 3

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with

IFRS Accounting Standards as adopted by the EU, and for such internal control as management determines is necessary

to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a

going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic

alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from

material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with

ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are

considered material if, individually or in aggregate, they could reasonably be expected to influence the economic

decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism

throughout the audit. We also:

 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error.

We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting

from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional

omissions, misrepresentations, or the override of internal control.

 obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the

Company's internal control.

 evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and

related disclosures made by management.

 conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on

the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast

significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material

uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the

financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on

the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may

cause the Company to cease to continue as a going concern.

 evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and

whether the financial statements represent the underlying transactions and events in a manner that achieves a

true and fair view.

3 / 3

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit

and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

From the matters communicated with the Board of Directors, we determine those matters that were of most significance

in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these

matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely

rare circumstances, we determine that a matter should not be communicated in our report because the adverse

consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Stavanger, 27 March 2026

PricewaterhouseCoopers AS

Arne Birkeland

State Authorised Public Accountant

9393

Contact Information

























Norway







Norway