Financial statement 2025

Income statement

INCOME STATEMENT

(Amounts in NOK 1 000 000)	Note	2025	2024
Interest income from assets measured at amortised cost		19 983	19 557
Interest income from assets measured at fair value		5 754	7 375
Total interest income		25 737	26 931
Interest expense		23 271	24 678
Net interest income	1	2 466	2 253
Fees and commission expenses	2	117	125
Net gain/(loss) on financial instruments	3	501	157
Increased/(reduced) provision for expected credit loss	14	4	(9)
Total other operating income		380	41
Salaries and administrative expenses	4,5	247	221
Depreciation of fixed and intangible assets		54	48
Other operating expenses	7	136	115
Total operating expenses		437	383
Profit before tax		2 409	1 911
Income tax	6	515	437
Profit for the year		1 894	1 474
Portion allocated to shareholder		1 733	1 312
Portion allocated to owners of additional Tier 1 capital		161	162

STATEMENT OF COMPREHENSIVE INCOME

(Amounts in NOK 1 000 000)	Note	2025	2024
Profit for the year		1 894	1 474
Other comprehensive income
Items which will not be reclassified to profit or loss
Change in fair value of liabilities due to changes in own credit risk	18	(224)	(305)
Actuarial gain/(loss) on pension liability		19	11
Tax		51	73
Total other comprehensive income		(154)	(220)
Total comprehensive income for the year		1 740	1 254
Portion allocated to shareholder		1 579	1 091
Portion allocated to owners of additional Tier 1 capital		161	162

Statement of financial position

(Amounts in NOK 1 000 000)	Note	2025	2024
Assets
Deposits with credit institutions	8,10,12,20	22 862	37 787
Loans to customers	8,9,10,13	373 655	367 495
Commercial paper and bonds	8,9,10,11,15	120 109	139 971
Hereof commercial paper and bonds lent	15	6 766	7 688
Financial derivatives	8,9,10,11,19,20	14 380	20 133
Deferred tax asset	6	771	1 954
Other assets	16	1 462	303
Total assets		533 239	567 644
Liabilities and equity
Due to credit institutions	8,10,17,20	4 554	17 539
Commercial paper issued	8,10,18	5 793	26 713
Debt securities issued	8,9,10,11,18	482 499	472 917
Financial derivatives	8,9,10,11,19,20	16 197	27 443
Other liabilities	16	175	177
Pension commitments	5	(8)	11
Subordinated loan capital	8,9,10,11	787	769
Total liabilities		510 285	545 569
Share capital	22	3 895	3 895
Additional Tier 1 capital	23	3 484	3 484
Other equity		15 575	14 696
Total equity		22 954	22 075
Total liabilities and equity		533 239	567 644

Oslo, 12 March 2026

The Board of Directors and Chief Executive Officer of Kommunalbanken AS

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Statement of changes in equity

2025	Note	Share capital	Additional Tier 1 capital	Financial liabilities, changes in own credit risk	Other equity	Total equity
Equity as of 31 December 2024		3 895	3 484	(170)	14 865	22 075
Profit for the year		0	0	0	1 894	1 894
Other comprehensive income after tax - financial liabilities, changes in own credit risk		0	0	(168)	0	(168)
Other comprehensive income after tax - actuarial gain/loss		0	0	0	14	14
Interest paid on additional Tier 1 capital	23	0	0	0	(158)	(158)
Call of Tier 1 capital		0	(1 196)	0	(4)	(1 200)
Issuance of additional Tier 1 capital		0	1 196	0	0	1 196
Dividends for 2024		0	0	0	(700)	(700)
Equity as of 31 December 2025	22	3 895	3 484	(338)	15 913	22 954

2024	Note	Share capital	Additional Tier 1 capital	Financial liabilities, changes in own credit risk	Other equity	Total equity
Equity as of 31 December 2023		3 895	3 484	59	14 245	21 683
Profit for the year		0	0	0	1 474	1 474
Other comprehensive income after tax - financial liabilities, changes in own credit risk		0	0	(229)	0	(229)
Other comprehensive income after tax - actuarial gain/loss		0	0	0	8	8
Interest paid on additional Tier 1 capital	23	0	0	0	(162)	(162)
Dividends for 2023		0	0	0	0	0
Equity as of 31 December 2024	22	3 895	3 484	(170)	14 865	22 075

Statement of cash flows

(Amounts in NOK 1 000 000)	2025	2024
Cash flows from operating activities
Interest received	25 913	26 751
Interest paid	(22 905)	(23 392)
Fees and commissions paid	(113)	(122)
Cash payments for operations	(383)	(336)
Paid taxes	0	0
Net disbursement of loans to customers	(4 143)	(15 805)
Net (payment)/disbursement short-term investments	1 680	10 686
Net payment/(disbursement) from purchase/sale of securities	15 157	(18 131)
Net (payment)/disbursement other assets	54	0
Net payment/(disbursement) other liabilities	(17)	(8)
Net (payment)/disbursement financial derivatives	(31 526)	32 142
Net cash flows from operating activities	(16 283)	11 784
Cash flows from investing activities
Disbursment from sale of fixed assets	(40)	(45)
Net cash flows from investing activities	(40)	(45)
Cash flows from financing activities
Payments on issued commercial paper	84 610	132 316
Repayment of commercial paper issued	(104 386)	(148 789)
Lease payments	(9)	(10)
Payments on issued debt securities	128 049	91 909
Repayment of debt securities issued	(91 065)	(86 499)
Proceeds from issuance of additional Tier 1 capital	1 196	0
Repayment of Tier 1 capital	(1 200)	0
Interest Paid on additional Tier 1 capital	(158)	(162)
Dividends paid	(700)	(700)
Net cash flows from financing activities	16 337	(11 935)
Net cash flows	14	(196)
Adjusment of exchange rate changes	(4)	83
Net cash flows after effects of exchange rate changes	10	(113)
Cash and cash equivalents at 1 January	243	356
Net changes of cash and cash equivalents	10	(113)
Cash and cash equivalents at 31 December	253	243
Whereof deposits with credit institutions without agreed time to maturity	253	243