Fee engine remains intact

Research evidence excerpt

Fee engine remains intact

Norway | Nordic Banks

DNB EquityJulyResearch15, 2026

TARGET | ESTIMATE CHANGEFee engine remains intact

While the NII miss (in line with JEFe) was the focus on the day, we continue RATING HOLD

to see the fee engine delivering for DNB. AUMs saw another record quarter PRICE NOK298.50^

of net inflows (greater than 4Q25/1Q26 combined) while IB fees remained PRICE TARGET | % TO PT NOK319.00 (NOK313.00)

strong in 2Q. We continue to expect NII to recover in 3Q, benefitting from | +7%

52W HIGH-LOW NOK313.60 - NOK256.60

repricing actions to recover some of the lending spreads in PC. We increase

FLOAT (%) | ADV MM (USD) 48.0% | 532.09

our EPS estimates by 2%, increase our PT to NOK 319, and maintain our

MARKET CAP NOK462.8B | $47.3B

Hold rating.

TICKER DNB NO

^Prior trading day's closing price unless otherwise

Earnings changes: We have increased our EPS estimates by 2% in 2027/28, driven by higher noted.

fees and buybacks. As a result of earnings changes, we have increased our price target to

NOK 319 (from NOK 313) and maintain our Hold rating, as we continue to see better value

elsewhere in the sector. DNB trades at a 2028E P/TNAV of 1.6x for a ROTE of c15% (EU Banks FY (Dec) CHANGE TO JEFe JEF vs CONS

at 1.6x P/TNAV for a ROTE of c18%). 2026 2027 2026 2027

REV NA NA NA NA

Another record quarter for AUM net inflows: Total AUM was up 12% YoY, with DNB seeing EPS +3% +2% +1% -2%

NOK 46.3bn of net inflows during 2Q26, which was an all-time-high result. For context, this

is more than the combined net inflows in 4Q25 and 1Q26, which were the previous record 2026 (NOK) Q1 Q2 Q3 Q4 FY

quarters (NOK c20bn each). DNB commented that of this amount NOK 10.1bn was from retail EPS -- -- -- -- 26.96

customers. Total income from Wealth Management was +10% YoY.