Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Mortgage Bank — Debt Investor Presentation (2026)
24 slides from Nordea Bank Abp's debt investor presentation, 2026
Slide 1: Nordea Mortgage Bank Covered Bonds
Nordea Mortgage Bank Covered Bonds Q2 2026 Debt investor presentation – Cover pools 1 & 2
Slide 2: Table of contents
Table of contents 1. In brief 3 2. Cover pool key characteristics 6 3. Asset quality 10 4. Covered bond framework 14 5. Macroeconomy 17 6. Further information 22 2
Slide 3: 1. In brief
1. In brief 3
Slide 4: Nordea covered bond operations
Covered bonds Nordea covered bond operations Nordea Eiendomskreditt Nordea Hypotek Nordea Kredit Nordea Mortgage Bank Four aligned covered bond issuers with complementary roles Legislation Norwegian Swedish Danish Finnish Cover pool assets Norwegian residential Swedish residential Danish residential
Slide 5: Nordea Mortgage Bank Plc – overview
Nordea Mortgage Bank Plc – overview Q2 2026 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution Operates as a mortgage credit institution with the main purpose of issuing covered bonds Issuing covered bonds according to the Finnish covered bond legislation Legacy bond
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics 6
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q2 2026 Coverpool Cover poolsummary summary Cover Cover pool pool 11 (Legacy) (Legacy) Cover Cover Pool Pool 2 2 (New) (New) Pool notional EUR 5.3bn EUR 21.4bn Outstanding Covered Bonds EUR 4.6bn EUR 18.0bn Mortgage loans secured by residential property. Loans Mortgage
Slide 8: Cover pool key characteristics (2)
Cover pool key characteristics (2) Q2 2026 Cover pool balance by loan category Cover pool balance by region Loan Category 4% 0.2% 5% Single -family houses Greater Helsinki 15% Area Tenant owner units West Finland 43% Cover Multi-family houses 13% South Finland Pool 1 51% Summer Houses 48% North/ Eas
Slide 9: Cover pool key characteristics (3)
Cover pool key characteristics (3) Q2 2026 Distribution of collateral assets – Pool 1 Distribution of collateral assets – Pool 2 0.02% 0.01% 5% 4% Natural persons Natural persons Housing companies Housing companies Other housing Other housing associations associations 95% 96% 9
Slide 10: 3. Asset quality
3. Asset quality 10
Slide 11: Loan To Value (LTV)
Continuous distribution where each loan can exist in multiple buckets Loan To Value (LTV) Q2 2026 Cover Pool 1 - Weighted Average LTV – Indexed – 50.0% Nominal % Residential Loans 100% 79% 5.3 4.2 0.5 0.2 10% 7% 4% 0.4 0-40% 40-50% 50-60% 60-70% Total 0-40% 40-50% 50-60% 60-70% Total Cover Pool 2 -
Slide 12: Loan structure
Loan structure Q2 2026 Rate type Repayment 100% 100% 18% 17% 16% 16% 15% 15% 80% 80% Capped rate 60% 60% Amortising Cover Floating rate 98% 98% 98% 98% 98% 98% 40% 81% 82% 83% 83% 84% 84% 40% Bullet / interest only Pool 1 Fixed rate 20% 20% 1% 1% 1% 1% 1% 1% 2% 2% 2% 2% 2% 2% 0% 0% 25Q1 25Q2 25Q3 25
Slide 13: Underwriting criteria
Underwriting criteria Residential mortgage loans • Nordea’s credit decision is based on the borrower’s repayment capacity and collateral is always taken • Collateral must be in the form of mortgages in real estate or in shares in housing companies • Repayment ability of borrowers is calculated using
Slide 14: 4. Covered bond framework
4. Covered bond framework 14
Slide 15: Finnish covered bond framework
Finnish covered bond framework Cover pool 1 – old until July 2022 Cover pool 2 – new as per July 2022 Legal framework Finnish Covered Bond Act (statute 688/2010) Finnish Mortgage Banks and Covered Bonds Act (statute 151/2022) LTV ratios Limit on LTV ratio – based on the current value Limit on LTV ra
Slide 16: Finnish covered bond framework (2)
Finnish covered bond framework (2) Cover pool 1 & 2 Registration • Collateral assets remain on the balance sheet of the issuer • Covered bonds, collateral and relevant derivative contracts are entered in a separate register Bankruptcy remoteness Isolation of registered collateral assets and register
Slide 17: 5. Macroeconomy
5. Macroeconomy 17
Slide 18: Relief, but uncertainty remains
Nordic economic development Relief, but uncertainty remains GDP Unemployment rate • The memorandum of understanding signed in June GDP, % y/y, Economic Outlook May 2026 gave relief to global markets. Still, the outlook remains Country 2024 2025 2026E 2027E uncertain due to renewed hostilities in the
Slide 19: Eased risks
Nordic economies Eased risks Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB and Norges Bank hiked rates to 2.25% and 4.25%, respectively, in Q2. The Riksbank kept their rate unchanged at 1.75% • According to Nordea’s forecast, the ECB is expected to hike rates three times in 2026
Slide 20: Resilience
Households Resilience Household debt Household savings Private consumption • Consumer confidence among the Nordic households has improved at the end of the quarter, but remain below their historic normal • Despite low confidence and high savings rates in most countries, private consumption has been
Slide 21: Activity holds up
Housing markets Activity holds up Housing prices Households’ credit growth • Housing price development in Norway and Denmark have performed better than their Nordic counterparts. Prices in Sweden are increasing, but are still well below the previous peak. The development in Finland remain sluggish w
Slide 22: 6. Further information
6. Further information 22
Slide 23: Outstanding benchmark covered bonds
Nordea Mortgage Bank – outstanding benchmark covered bonds Q2 2026 Breakdown by ISIN ISIN Currency Amount (EURm) Maturity Coupon XS2673972795* EUR 1 000 31/08/2026 3.500% XS2758065010 EUR 750 31/01/2027 FRN XS1204140971 EUR 1 000 17/03/2027 0.625% XS2013525410 EUR 1 000 18/06/2027 0.125% XS303608036
Slide 24: Contacts
Contacts Investor Relations Juho-Pekka Jääskeläinen Head of Debt IR and Ratings Tel: +358 95 300 64 35 Mobile: +358 40 550 91 11 juho-pekka.jaaskelainen@nordea.com Group Treasury Christian Peschel Morten Keil Senior Dealer Head of Covered bonds Tel: +46 8 429 3251 Tel: +45 3333 1875 Mobile: +46 72 1
Nordea Mortgage Bank — Debt Investor Presentation (2026) on 6ix