Danske Bank A/s · OMXCOP:DANSKE
Danske Bank A/s — Q4 2025 Earnings Presentation
64 slides from Danske Bank A/s's earnings presentation, Mar 13, 2026
Slide 1: Financial results Q4 2025
Financial results Q4 2025 Investor Presentation
Slide 2: Contents
Investor Presentation – Q42025 Contents Danske Bank – brief overview 03 – 11 Financial highlights 11 – 17 Business & Product Units 18 – 23 Credit Quality & Impairments 24 – 31 Capital 32 – 35 Funding & Liquidity 36 – 40 ESG, Sustainability, Financial Crime Prevention 41 – 53 Credit & ESG Ratings 54
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 – Q42025 We are a focused Nordic bank with strong regional roots Finland (AA+) >2.9m 2,000+ ~20,000 3rd largest personal and business large corporate and employees in Share of Group lending: 8% customers institutional customers 9 countries GDP growth 2025E: 0.3% DKK >1,000bn* >
Slide 5: Nordic Outlook December 2025: Volatile politics, steady economies
Investor Presentation – Q42025 Nordic Outlook December 2025: Volatile politics, steady economies Denmark Sweden Forecast Forecast Forecast Forecast Forecast Forecast 2024 2025 2026 2027 2024 2025 2026 2027 GDP Growth 3.5% 2.6% (1.8%) 2.7% (2.3%) 2.1% GDP Growth 0.9% 1.9% (1.1%) 2.6% (2.0%) 2.4% Infl
Slide 6: Macroeconomic development and outlook in the Nordics
Investor Presentation – Q42025 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: Forward '28 - Our commitments
Investor Presentation – Q42025 Forward ’28 - Our commitments Growth in focus segments Strategic KPIs for ‘26 Financial targets for ‘26 13% Leading wholesale and business bank in the Nordics Personal Number of meetings per Customers advisor (Index: 2023 = 100) 163 Leading retail bank in Denmark and F
Slide 8: Highlights: Financial performance underpinned by record-high core banking income
Investor Presentation – Q42025 Highlights: Financial performance underpinned by record-high core banking income, driven by strategy execution and continued business momentum Commercial highlights ➢ Beneficial operating environment and macro backdrop in the Nordics underpin financial performance and
Slide 9: Danske Bank's strong and liquid balance sheet underpins our resilient business model
Investor Presentation – Q42025 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 10: Our strategic approach to sustainability enables us to capture commercial opportunities
Investor Presentation – Q42025 Our strategic approach to sustainability enables us to capture commercial opportunities, while also managing risks and impacts To be a leading Nordic bank in supporting the sustainability transition of Our strategic ambition customers, companies we invest in and Nordic
Slide 11: Financial highlights
Financial highlights Danske Bank 11
Slide 12: Solid financial performance driven by income trajectory and cost management
Investor Presentation – Q42025 Solid financial performance driven by income trajectory and cost management Highlights Income statement (DKK m) FY/FY: Total income supported by 2025 2024 Index Q4 25 Q3 25 Index resilient NII and record fee income. Trading income reflects higher Net interest income 36
Slide 13: NII: Resilient NII underpinned by continued growth in volumes
Investor Presentation – Q42025 NII: Resilient NII underpinned by continued growth in volumes and stability derived from structural hedge Highlights NII 2025 vs 2024 (DKKm) Deposit margin development** (%) PC NO Adj. +1% 3.0 NII stability Y/Y from growing business volumes 568 2.68 431 2.5 2.50 2.44 a
Slide 14: Fee income: Record fee income driven by Asset Management and corporate activity
Investor Presentation – Q42025 Fee income: Record fee income driven by strong performance in Asset Management and corporate activity Highlights Net fee income (DKK m) Everyday banking fees (e.g. transfers, accounts) +3% Sustained high customer activity and good 15,423 demand for our cash management
Slide 15: Trading income: Slightly lower customer activity and valuation adjustments
Investor Presentation – Q42025 Trading income: Slightly lower customer activity and impact of valuation adjustments Highlights Net trading income (DKK m) LC&I +8% Y/Y: Stable development as robust customer 2,872 activity in Fixed Income & Currencies business helped to partially offset lower activity
Slide 16: Expenses: 2025 costs in line with full-year guidance
Investor Presentation – Q42025 Expenses: 2025 costs in line with full-year guidance Highlights Expenses (DKK m) FY/FY: Flat cost development as higher staff costs, 0% -134 performance-based compensation and -70 investments were offset by lower FCRP costs, lower remediation costs and lower resolution
Slide 17: Financial outlook for 2026
Investor Presentation – Q42025 Financial outlook for 2026 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 for 2026 Income Income from trading and insurance ac
Slide 18: Business & Product Units
Business & Product Units Danske Bank 18
Slide 19: Personal Customers: Financial performance supported by improving volumes
Investor Presentation – Q42025 Personal Customers: Financial performance supported by improving volumes and good customer activity Highlights Financial performance KPIs Q425/Q424 total income increase of Total income ROAC (%) Cost/income (%) 2% as NII stability was supplemented (DKK m) +2% 2026 targ
Slide 20: Business Customers: Sustained commercial momentum
Investor Presentation – Q42025 Business Customers: Sustained commercial momentum supported by expanding customer base and strong growth in business volumes Highlights Financial performance KPIs Q425/Q424 total income up 8%, Total income ROAC (%) Cost/income (%) driven by 10% higher NII and 5% (DKK m
Slide 21: Large Corporates & Institutions: Record-high total income
Investor Presentation – Q42025 Large Corporates & Institutions: Record-high total income driven by corporate lending activity and fees from Asset Management Highlights Financial performance KPIs Total income up 24% Q/Q, driven by Total income ROAC (%) Cost/income (%) NII from strong lending growth a
Slide 22: Business units: Strong momentum in Northern Ireland; Danica Health and Accident
Investor Presentation – Q42025 Business units: Strong business momentum in Northern Ireland; continued focus to improve Health and Accident business at Danica Profit before imp. (DKK m) Lending (index) In Northern Ireland, we have grown our customer numbers and market share, welcoming over 14,000 ne
Slide 23: Realkredit Danmark portfolio overview: Continued strong credit quality
Investor Presentation – Q42025 Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Retail loans, Realkredit Danmark, Q425 (%) Portfolio facts, Realkredit Danmark, Q425 Fixed rate (10 yrs-30 yrs) Interest-only ( ) = Q325 Approx. 274,000 loans (residential and commercial)
Slide 24: Credit quality & Impairments
Credit quality & Impairments Danske Bank 24
Slide 25: Asset quality: Strong credit quality drives below-cycle impairments
Investor Presentation – Q42025 Asset quality: Strong credit quality drives below-cycle level of impairments; prudent macro scenarios and PMA reversals Highlights Impairment charges by category (DKK bn) Credit quality deterioration PMAs Macro models Strong credit quality and few single-name impairmen
Slide 26: IFRS9 macro scenarios: Prudently capturing a severe downside scenario
Investor Presentation – Q42025 IFRS9 macro scenarios: Prudently capturing a severe downside scenario Base (50%) Upside (25%) Downside (5%) Severe downside (20%) Denmark 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 GDP 2.6 2.7 2.1 1.9 2.6 2.9 2.6 2.5 2.5 1.5 1.1 1.8
Slide 27: Strong regional footprint and diversified balance sheet
Investor Presentation – Q42025 Strong regional footprint and diversified balance sheet Lending by segment1 Q4 25 (%) Credit exposure by industry Q4 25 (%, rounded) Personal customers 30 4% 2% 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 – Q42025 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 321 bn in credit exposure and ECL ~1% DKK 58
Slide 29: Commercial property: Prudently managed and cash-flow based underwriting
Investor Presentation – Q42025 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: Fossil fuels (coal, oil and gas) exposure
Investor presentation – Q42025 Fossil fuels (coal, oil and gas) exposure Key points for Q4 2025 ▪ Since end 2020, exposure towards exploration and production (E&P) of oil and gas has been decreasing and is now close to zero ▪ Exposure to other oil-related activities, i.e. offshore and services, is d
Slide 31: Credit quality: Remains strong
Investor Presentation – Q42025 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 20.1 20.3 20.5 20.2 20.0 20.1 20.2 19.8 19.7 9 2
Slide 32: Capital
Capital Danske Bank 32
Slide 33: Capital: Strong capital base with CET1 ratio of 17.6%
Investor Presentation – Q42025 Capital: Strong capital base with CET1 ratio of 17.6% 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 22.4 14.8 2.5 21.2 Capital conservation buffer 3
Slide 34: Strong CET1 capital generation and build-up of reserves
Investor Presentation – Q42025 Strong CET1 capital generation and build-up of reserves Highlights Common Equity Tier 1, 2010 – 2025 (DKK bn) Strong capital generation of above 270bps annualised since 2024 (before dividend +57bn accrual) 152 149 155 144 145 142 Regulatory impact from EBA guidelines a
Slide 35: Fully compliant with MREL and subordination requirement
Investor Presentation – Q42025 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 Q425 DKK bn (% of Group REA) Comments +43 PS > 1y NPS > 1y CET1, AT1, T2 (+5.3%) 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 – Q42025 Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding Q425 (DKK bn) Funding sources* (%) 2,240 Q325 61% 60% Senior & Q425 161 NPS bonds 1,758 1,110 Deposits Bank loans 687 11% 11% 11% 11% Bank mortgages 328 9%
Slide 38: Funding programmes and currencies
Investor Presentation – Q42025 Funding programmes and currencies Covered bonds by currency Q425 Largest funding programmes Q425 56% Utilisation SEK EMTN Programme 53% Limit – EUR 35bn Total Global Covered Bond 45% DKK 139 bn Limit – EUR 30bn 42% EUR ECP Programme 2% 44% CHF Limit – EUR 13bn Senior d
Slide 39: Funding plan
Investor Presentation – Q42025 Funding plan Changes in funding* 2025-26 (DKK bn and bp) Long-term funding excl. RD (DKK bn)** Cov. bonds Senior Non-Preferred Senior Completed ** Funding plan 35bp 90-110 94bp 74bp 95 15bp 89bp 91 4 58bp 138bp 76bp 33 27 30 78 22 19 22 20 75 14 16 Redemptions 2026: Re
Slide 40: Danske Bank covered bond universe
Investor Presentation – Q42025 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-pool1 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 element of our Forward '28 strategy
Investor Presentation – Q42025 Sustainability is an integrated element 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 so
Slide 43: We have set targets and ambitions covering each of our sustainability agendas
Investor Presentation – Q42025 We have set targets and ambitions covering each of our sustainability agendas Climate change Nature & biodiversity Human rights & social impact We support customers in the climate transition We advance our ability to support We continuously develop our human rights Amb
Slide 44: Our Climate Action Plan guides the management of our carbon footprint
The disclaimer for the Climate Progress Report 2025 applies to all information shown on this slide Investor Presentation – Q42025 Our Climate Action Plan guides the management of our carbon footprint More than 99% of our carbon footprint relates to financed emissions from our lending and investment
Slide 45: We observe 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 – Q42025 We observe continued progress across our climate targets in 2025 – driven by close collaboration with customers and investees Below or within 5% above linear trajectory 5
Slide 46: We continue to advance our insights and capabilities on nature & biodiversity
Investor Presentation – Q42025 We continue to advance our insights and capabilities on nature & biodiversity AMBITION AND EXECUTION INSIGHTS AND ANALYSIS We advance our ability to support our customers through… Examples of publications ▪ Ongoing development of data and insights on nature-related imp
Slide 47: Overview of our sustainability-related reporting
Investor Presentation – Q42025 Overview of our sustainability-related reporting Annual Report 2025 incl. Climate Progress Report 2025 Human Rights Report 2024 Sustainability Statement Danske Bank 47
Slide 48: Deep dive – Overview of ESG integration in lending operations
Investor Presentation – Q42025 Deep dive – Overview of ESG integration in Danske Bank’s lending operations 1. Position statements 2. Single-name ESG analysis 3. Portfolio-level ESG analysis Our position statements are a key tool for ESG analysis is conducted for all large corporate Carbon disclosure
Slide 49: Danske Bank is engaged in a number of sustainability initiatives
Investor Presentation – Q42025 Danske Bank is engaged in a number of sustainability initiatives – including these key examples Principles for Principles for Net-Zero Asset Net Zero Asset Finance for Responsible Banking Responsible Investment Owner Alliance Managers Initiative Biodiversity Pledge The
Slide 50: Maintaining a sustainable Financial Crime
Investor Presentation – Q42025 Maintaining a sustainable Financial Crime The comprehensive transformation program launched in 2020, the Financial Crime Plan (FC Plan), was successfully completed by December 2023, In April 2025, Danske Leasing A/S received an order on customer due establishing a fram
Slide 51: Financial Crime Framework after the conclusion of the DoJ probation
Investor Presentation – Q42025 Financial Crime Framework after the conclusion of the DoJ probation The FC Plan established a robust Financial Crime Framework that meets regulatory requirements, manages risk within tolerance, and aligns with global best practices where appropriate. This framework was
Slide 52: Regulatory Engagements
Investor Presentation – Q42025 Regulatory Engagements • We engage in ongoing dialogue with our regulators through regular meetings with the Financial Supervisory Authorities (“FSAs”) and the AML Supervisory Ongoing College to ensure aligned expectations and transparency between our regulators and Da
Slide 53: The Resolutions with the Danish and U.S. Authorities
Investor Presentation – Q42025 The Resolutions with the Danish and U.S. Authorities In December 2022, Danske Bank reached the final resolutions with the U.S. Department of Justice (DoJ), the U.S. Securities and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investiga
Slide 54: Credit & ESG Ratings
Credit & ESG Ratings Danske Bank 54
Slide 55: Danske Bank's credit ratings – stable ratings in Q4 2025
Investor Presentation – Q42025 Danske Bank’s credit ratings – stable ratings in Q4 2025 Long-term instrument ratings Rating summary Fitch Moody’s Nordic Credit Rating S&P Scope • Fitch, Moody’s, Nordic Credit Rating and AAA Aaa AAA AAA AAA S&P, all have Stable outlooks for Danske AA+ Aa1 AA+ AA+ AA+
Slide 56: Danske Bank's credit ratings – Moody's rating methodology
Investor Presentation – Q42025 Danske Bank’s credit ratings – stable ratings in Q4 2025 Rating methodology Danske Bank’s rating Operating Business Risk Asset Earnings & Capitalisation & Funding & Viability Government Issuer + + + + + + = + = environment Profile Profile Quality Profitability Leverage
Slide 57: Danske Bank's credit ratings – S&P and Scope methodology
Investor Presentation – Q42025 Danske Bank’s credit ratings – stable ratings in Q4 2025 Rating methodology Danske Bank’s rating Extraordinary Anchor Potential CRA** + 1 + 2 + 3 + 4 = = SACP* + external + ALAC*** = Issuer rating SACP* adjustment support A+ bbb+ +1 +1 0 0 0 a 0 +1 (Stable) 1=Business
Slide 58: Danske Bank's ESG ratings – No changes in Q4 2025
Investor Presentation – Q42025 Danske Bank’s ESG ratings – No changes in Q4 2025 Q3 Q2 Q1 End- End- End- ESG rating agency Q4 2025 Range 2025 2025 2025 2024 2023 2022 CDP B 4% of the 22,100 climate scored B B B B B B A to D (A highest rating) companies made the 2025 CDP A List ISS ESG C+ Prime Decil
Slide 59: Tax & Material one-offs
Tax & Material one-offs Danske Bank 59
Slide 60: Tax
Investor Presentation – Q42025 Tax Actual and adjusted tax rates (DKK m) Tax drivers, Q4 2025 The actual tax rate of 23.7% (excluding prior- Line 2025 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 tax
Slide 61: Material extraordinary items, 2023 – 2025
Investor Presentation – Q42025 Material extraordinary items, 2023 – 2025 Quarter One-off items Effect (DKK m) P&L line affected Transaction costs and prudent valuation related to Personal Customers Norway -693 Other income Gain from sale of shares taken over in connection with a loan 327 Trading Q22
Slide 62: Contacts
Investor Presentation – Q42025 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 63: Disclaimer for Danske Bank's Climate Progress Report 2025
Investor Presentation – Q42025 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 64: Disclaimer
Investor Presentation – Q42025 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,