Danske Bank A/s · OMXCOP:DANSKE
Danske Bank A/s — Q1 2026 Earnings Presentation
58 slides from Danske Bank A/s's earnings presentation, May 29, 2026
Slide 1: Financial results Q1 2026
Financial results Q1 2026 Investor Presentation
Slide 2: Contents
Investor Presentation – Q12026 Contents Danske Bank – brief overview 03 – 11 Forward ’28 strategy update 10 – 12 Financial highlights 13 – 19 Business & Product Units 20 – 23 Credit Quality & Impairments 24 – 31 Capital 32 – 35 Funding & Liquidity 36 – 40 ESG, Sustainability, Financial Crime Prevent
Slide 3: Danske Bank - a brief overview
Danske Bank - a brief overview Danske Bank 3
Slide 4: We are a focused Nordic bank with strong regional roots
Investor Presentation – Q12026 We are a focused Nordic bank with strong regional roots Finland (AA+) 3rd largest DKK >1,000bn* DKK >1,770bn DKK ~1,100bn Share of Group lending: 9% Assets under Management Loans & Mortgages Deposits GDP growth 2026E: 1.6% Unemployment 2026E: 9.9% Leading central bank
Slide 5: Nordic Outlook March 2026: Volatile environment, solid economies
Investor Presentation – Q12026 Nordic Outlook March 2026: Volatile environment, solid economies Denmark Sweden Forecast Forecast Forecast Forecast 2024 2025 2026 2027 2024 2025 2026 2027 GDP Growth 3.5% 2.9% 3.0% (2.7%) 2.1% (2.1%) GDP Growth 1.0% 1.8% 2.8% (2.8%) 2.5% (2.6%) Inflation 1.4% 1.9% 1.0
Slide 6: Macroeconomic development and outlook in the Nordics
Investor Presentation – Q12026 Macroeconomic development and outlook in the Nordics GDP development (%) Unemployment (%) House prices (index 100=2006) 8 14 280 6 260 12 4 240 10 220 2 8 200 0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 180 -2 6 160 -4 4 140 -6 120 2 -8 100 80 2006 20
Slide 7: Executive summary: Solid start to the year driven by commercial momentum
Investor Presentation – Q12026 Executive summary: Solid start to the year driven by commercial momentum; new financial targets announced Raising ambitions with new 2028 targets Q1 26 highlights ➢ Beneficial operating environment and macro backdrop in the Nordics underpin sustained commercial momentu
Slide 8: Danske Bank's strong and liquid balance sheet underpins our resilient business model
Investor Presentation – Q12026 Danske Bank’s strong and liquid balance sheet underpins our resilient business model Danske Bank has a sound funding structure and remains very well capitalised with a prudent CET1 capital buffer to the current regulatory requirements. Further, our liquidity is underpi
Slide 9: Our strategic approach to sustainability enables us to capture commercial opportunities
Investor Presentation – Q12026 Our strategic approach to sustainability enables us to capture commercial opportunities, while also managing material risks and impacts Danske Bank 9
Slide 10: Forward '28 strategy update
Forward ’28 strategy update Danske Bank on track to fulfill its 2028 ambitions Danske Bank 10
Slide 11: Strengthening our position as a focused Nordic leader; Targets for 2028
Investor Presentation – Q12026 Strengthening our position as a focused Nordic leader Targets for 2028 with strong profitability and leading digital solutions >14.5% Return on Equity Growth across High productivity Strong capital segments and markets across organisation generation & risk mgmt. DKK ~6
Slide 12: Forward '28 - Updated commitments
Investor Presentation – Q12026 Forward ’28 - Updated commitments Growth across segments and markets Strategic targets for Business Unit for ’28 (vs. 2025) Continue to grow in focus segments across Nordics, Personal Increase in number of customers with +10% building on strong momentum in LC&I, Mid- C
Slide 13: Financial highlights
Financial highlights Danske Bank 13
Slide 14: Solid financial performance in the core income lines and cost management in line with plan
Investor Presentation – Q12026 Solid financial performance in the core income lines and cost management in line with plan Highlights Income statement (DKK m) Q1 26/Q1 25: Total income Q1 26 Q1 25 Index Q4 25 Index supported by growing core income with NII and fee income underpinned Net interest inco
Slide 15: NII: Growing NII underpinned by solid trend in volumes and structural hedge
Investor Presentation – Q12026 NII: Growing NII underpinned by solid trend in volumes and stability derived from structural hedge Highlights NII Q126 vs Q125 (DKKm) Deposit margin development** (%) 3.0 +4% Growing NII trajectory +4% Y/Y from improved 2.68 2.5 2.50 2.44 business volumes and structura
Slide 16: Fee income: Up 7% Y/Y driven by healthy customer activity
Investor Presentation – Q12026 Fee income: Up 7% Y/Y driven by healthy customer activity and Asset Management performance Highlights Net fee income (DKK m) Everyday banking fee income (e.g. transfers, +7% accounts) 3,918 Customer activity and demand for our cash 97 -88 108 management solutions and h
Slide 17: Trading income: Positive effect from stronger customer activity offset by valuation adjustments
Investor Presentation – Q12026 Trading income: Positive effect from stronger customer activity offset by valuation adjustments in Treasury Highlights Net trading income (DKK m) LC&I -56% Y/Y: Down from a strong Q125 driven by lower 882 customer activity in fixed income trading amid uncertainty in Q1
Slide 18: Expenses: Q1 cost lower Q/Q due to seasonality
Investor Presentation – Q12026 Expenses: Q1 cost lower Q/Q due to seasonality Highlights Expenses (DKK m) +2% Trajectory in line with full-year guidance 6,405 Y/Y: Lower FCRP costs and remediation costs were lower with higher digital investments as planned -11 101 Q/Q: improvement related to seasona
Slide 19: Financial outlook for 2026: Reiterating net profit guidance
Investor Presentation – Q1 2026 Financial outlook for 2026: Reiterating net profit guidance for the full year We expect total income to be around DKK 58 billion driven by growing core banking income and our continued efforts to drive commercial momentum and growth in line with our financial targets
Slide 20: Business & Product Units
Business & Product Units Danske Bank 20
Slide 21: Business units: Good customer activity across segments drives higher volumes
Investor Presentation – Q12026 Business units: Good customer activity across segments drives higher deposit and loan volumes Personal Customers Business Customers Large Corporate & Institutions Highlights ➢ Higher income driven by deposit and bank lending ➢ Stable financial performance primarily due
Slide 22: Business units: Northern Ireland growth; Danica impacted by volatile markets
Investor Presentation – Q12026 Business units: Growth in market share in Northern Ireland; Danica’s financial result impacted by volatile financial markets Profit before imp. (DKK m) Lending (index) In Northern Ireland, we have grown our customer numbers and market share, welcoming over 4,000 new pe
Slide 23: Realkredit Danmark portfolio overview: Continued strong credit quality
Investor Presentation – Q12026 Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Retail loans, Realkredit Danmark, Q126 (%) Portfolio facts, Realkredit Danmark, Q126 Fixed rate (10 yrs-30 yrs) Interest-only ( ) = Q425 Approx. 269,500 loans (residential and commercial)
Slide 24: Credit quality & Impairments
Credit quality & Impairments Danske Bank 24
Slide 25: Asset quality: Strong credit quality and prudent macro scenarios
Investor Presentation – Q12026 Asset quality: Strong credit quality and prudent macro scenarios Highlights Impairment charges by category (DKK bn) Credit quality deterioration PMAs Macro models Strong credit portfolio and limited credit quality deterioration coupled by workout 0.22 0.04 cases lead t
Slide 26: IFRS9 macro scenarios: Prudently capturing a severe downside scenario
Investor Presentation – Q12026 IFRS9 macro scenarios: Prudently capturing a severe downside scenario Base (50%) Upside (25%) Downside (5%) Severe downside (20%) Denmark 2026 2027 2028 2029 2026 2027 2028 2029 2026 2027 2028 2029 2026 2027 2028 2029 GDP 3,0 2,1 1,9 1,9 3,0 2,4 2,7 2,5 2,0 -0,1 2,2 2,
Slide 27: Strong regional footprint and diversified balance sheet
Investor Presentation – Q12026 Strong regional footprint and diversified balance sheet Lending by segment1 Q1 26 (%) Credit exposure by industry Q1 26 (%, rounded) Personal customers 30 4% 1% Commercial and residential real estate² 13 Northern Ireland of which residential (6%) LC&I Other Public inst
Slide 28: Overall strong credit quality in portfolios exposed to macro cyclicality
Investor Presentation – Q12026 Overall strong credit quality in portfolios exposed to macro cyclicality CRE: Well diversified & prudently managed portfolio Agriculture: Well-provisioned agriculture book Housing: Low leverage, strong household finances DKK 325 bn in credit exposure and ECL ~1% DKK 57
Slide 29: Commercial property: Prudently managed and cash-flow based underwriting standards
Investor Presentation – Q12026 Commercial property: Prudently managed and cash-flow based underwriting standards; sound credit quality & adequate buffers in place to mitigate tail risks Highlights Lending to CRE segment by major peer banks (index)* CRE share of total portfolio by major peer banks* D
Slide 30: High-carbon energy supply financing and power generation
Investor presentation – Q12026 High-carbon energy supply financing and power generation Key points for Q1 2026 ▪ The Group monitors its exposure towards fossil fuel-related activities across the value chain, i.e. the so-called high-carbon energy supply financing. ▪ Since end 2020, exposure towards e
Slide 31: Credit quality: Remains strong
Investor Presentation – Q12026 Credit quality: Remains strong Stage 2 and 3 as % of net exposure Allowance account by business unit (DKK bn) 3.0 12 Stage 3 net exposure (% of Total, rhs) PC BC LC&I N.I. 11 2.5 Stage 2 net exposure (% of Total, lhs) 10 20.3 20.5 20.2 20.0 20.1 20.2 19.8 19.8 19.5 9 2
Slide 32: Capital
Capital Danske Bank 32
Slide 33: Capital: Strong capital base with CET1 ratio of 17.7%
Investor Presentation – Q12026 Capital: Strong capital base with CET1 ratio of 17.7% Capital ratios (%) Current capital buffer structure (%) Tier 2 AT1 Pillar II component (total 3.4%) CET1 Systemic risk buffer 23.1 Countercyclical capital buffer 22.4 21.7 14.8 21.2 Capital conservation buffer 2.5 0
Slide 34: Strong CET1 capital generation and build-up of reserves
Investor Presentation – Q12026 Strong CET1 capital generation and build-up of reserves Highlights Common Equity Tier 1, 2010 – 2026 (DKK bn) Consistent strong capital generation of above 275bps (annualised) +63bn 152 155 Regulatory impact from EBA guidelines and 144 149 145 142 148 initial phase of
Slide 35: Fully compliant with MREL and subordination requirement
Investor Presentation – Q12026 Fully compliant with MREL and subordination requirement; expect to cover MREL need with both preferred and non-preferred senior MREL & subordination requirement* and eligible funds Q126 DKK bn (% of Group REA) Comments +47 PS > 1y NPS > 1y CET1, AT1, T2 (+5.7%) The Gro
Slide 36: Funding & Liquidity
Funding & Liquidity Danske Bank 36
Slide 37: Funding structure and sources: Danish mortgage system is fully pass-through
Investor Presentation – Q12026 Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding Q126 (DKK bn) Funding sources* (%) Q425 2,279 60% 61% Senior & Q126 169 NPS bonds 1,777 1,141 Deposits Bank loans 706 11% 11% 11% 10% 9% 10% 8% 9% Bank mort
Slide 38: Funding programmes and currencies
Investor Presentation – Q12026 Funding programmes and currencies Covered bonds by currency Q126 Largest funding programmes Q126 52% Utilisation SEK EMTN Programme 51% Limit – EUR 35bn Total DKK 154 bn Global Covered Bond 54% 47% Limit – EUR 30bn EUR 1% CHF ECP Programme 40% Limit – EUR 13bn Senior d
Slide 39: Funding plan
Investor Presentation – Q12026 Funding plan Changes in funding* 2026 (DKK bn and bp) Long-term funding excl. RD (DKK bn)** Cov. bonds Senior Non-Preferred Senior Completed (Q1-26) ** Funding plan 74bp 90-110 15bp 95 28bp 86bp 91 76bp 27 22 99bp 78 91bp 18 18 75 14 8 6 0 0 Redemptions 2026: Redeemed
Slide 40: Danske Bank covered bond universe
Investor Presentation – Q12026 Danske Bank covered bond universe – A transparent pool structure, with EUR issuance by Danske Mortgage Bank & Danske Bank A/S D-pool and C-pool Danske Bank A/S C-pool S&P AAA Scope AAA Residential mortgages Denmark, D-pool and I-pool Sweden, Danske Hypotek AB Finland,
Slide 41: ESG, Sustainability, Financial Crime Prevention
ESG, Sustainability, Financial Crime Prevention Danske Bank 41
Slide 42: Sustainability is an integrated part of our Forward '28 strategy
Investor Presentation – Q12026 Sustainability is an integrated part of our Forward ’28 strategy Our position today Our commercial focus Large Corporates & Institutions Personal Customers Financing the climate transition and Supporting customers with housing energy providing sustainable finance solut
Slide 43: Material sustainability topics in accordance with CSRD / ESRS
Investor Presentation – Q12026 We have identified material sustainability topics for our business in accordance with CSRD / ESRS regulation, as outlined in our Annual Report Sustainability dimension Material ESRS topics Detailed overview in Sustainability Statement Climate change (E1) section of our
Slide 44: Continued progress across our climate targets in 2025
The disclaimer for the Climate Progress Report 2025 applies to all information shown on this slide Investor Presentation – Q12026 Across our climate targets, we have seen continued progress in 2025 – driven by close collaboration with customers and investee companies Below or within 5% above linear
Slide 45: Three prioritised sustainability agendas with targets and ambitions
Investor Presentation – Q12026 Across our business, we work with three prioritised sustainability agendas, and we have set targets and ambitions for each Climate change Nature & biodiversity Human rights & social impact We support customers in the climate transition We advance our ability to support
Slide 46: Effective Management of Financial Crime Risk
Effective Management of Financial Crime Risk A comprehensive and embedded Financial Crime Program Latest key achievements The Group has in place an effective Financial Crime Program consisting of elements which collectively • Financial Crime Plan successfully completed and proven effective, form a c
Slide 47: Financial Crime Compliance: Strategic focus and key priorities
Financial Crime Compliance: Strategic focus and key priorities Strategic focus on maintaining the Financial Crime Program Maintaining an effective and sustainable Financial Crime Program is a strategic priority. This is achieved through strong governance frameworks, active remediation of findings fr
Slide 48: Credit & ESG Ratings
Credit & ESG Ratings Danske Bank 48
Slide 49: Danske Bank's credit ratings - Moody's and Scope upgrades in Q1 2026
Investor Presentation – Q12026 Danske Bank’s credit ratings – Moody’s and Scope upgrades in Q1 2026 Long-term instrument ratings Rating summary Fitch Moody’s Nordic Credit Rating S&P Scope On 18 February 2026, Moody’s upgraded Danske AAA Aaa AAA AAA AAA Bank A/S’s Baseline Credit Assessment to a3 fr
Slide 50: Credit ratings - Moody's upgrade rationale
Investor Presentation – Q12026 Danske Bank’s credit ratings – Strengthening of Danske Bank Group’s standalone credit fundamentals results in Moody’s upgrade Rating methodology Danske Bank’s rating Operating Business Risk Asset Earnings & Capitalisation & Funding & Viability Government Issuer + + + +
Slide 51: Credit ratings - Scope upgrade rationale
Investor Presentation – Q12026 Danske Bank’s credit ratings – Scope upgrade driven by improvements in governance and risk management, coupled with a strengthened earnings profile Rating methodology Danske Bank’s rating Extraordinary Anchor Potential CRA** + 1 + 2 + 3 + 4 = = SACP* + external + ALAC*
Slide 52: Danske Bank's ESG ratings - No ESG rating changes in Q1 2026
Investor Presentation – Q12026 Danske Bank’s ESG ratings – No ESG rating changes in Q1 2026 End- End- End- End- ESG rating agency Q1 2026 Range 2025 2024 2023 2022 CDP B 4% of the 22,100 climate scored B B B B A to D (A highest rating) companies made the 2025 CDP A List ISS ESG C+ Prime Decile rank:
Slide 53: Tax & Material one-offs
Tax & Material one-offs Danske Bank 53
Slide 54: Tax
Investor Presentation – Q12026 Tax Actual and adjusted tax rates (DKK m) Tax drivers, Q1 2026 The actual tax rate of 25,1% (excluding prior- Line Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 year's adjustments) is lower than the Danish rate of 26% - due to the differences in statuary tax 1 Profit before
Slide 55: Material extraordinary items, 2024 - 2026
Investor Presentation – Q12026 Material extraordinary items, 2024 – 2026 Quarter One-off items Effect (DKK m) P&L line affected Q124 None Q224 None Q324 Reimbursement of insurance costs 179 Expense Q424 Management of 15 Danske Invest Horisont funds in Norway sold to Nordea 181 Other income Q125 Prov
Slide 56: Contacts
Investor Presentation – Q12026 Contacts Investor Relations Group Treasury and Funding Claus Ingar Jensen Mobile +45 25 42 43 70 Justin Fox Mobile: +45 23 47 92 27 Head of IR clauj@danskebank.dk Group Treasurer jfox@danskebank.dk Nicolai Brun Tvernø Mobile +45 31 33 35 47 Bent Callisen Mobile: +45 30
Slide 57: Disclaimer for Danske Bank's Climate Progress Report 2025
Investor Presentation – Q12026 Disclaimer for Danske Bank’s Climate Progress Report 2025 Danske Bank’s Climate Progress Report 2025 has been prepared by Danske Bank A/S (“Danske Bank”). Danske Bank is under supervision by the Danish Financial Supervisory Authority (Finanstilsynet). The publication i
Slide 58: Disclaimer
Investor Presentation – Q12026 Disclaimer Important Notice This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S in any jurisdiction, including the United States,