Jyske Bank A/s · OMXCOP:JYSK
Jyske Bank A/s — Jyske Bank A/S Ord — Q3 2025 Earnings Presentation
48 slides from Jyske Bank A/s's earnings presentation, Oct 29, 2025
Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025 29 October 2025
Slide 2: Summary
1 Summary 2 2 Highlights 6 3 Financials 14 4 Volumes 22 Q3 2025 Summary 5 Sustainability 28 Executive summary 6 Jyske Bank in brief 32 Financial highlights Outlook 7 Macroeconomics 43 8 Calendar and contacts 46
Slide 3: Improved outlook for 2025
Improved outlook Net customer inflow in Focused cost for 2025 target segments management EPS outlook for 2025 upgraded on 9 Oct. Private banking customer satisfaction #1 Total costs down 6% y/y in Q3 2025, to DKK 77-84 from upper end of DKK 60-73 for the 10th consecutive years. -2% y/y adjusted for
Slide 4: Increasing EPS 7% y/y as short term interest rates decrease
Summary | Financial highlights Increasing EPS 7% y/y as short term interest rates decrease Strong value adjustments, sustained fee income momentum and diligent cost management Q3 2025 12.0% 45% 0bp DKK 23.2 16.2% Return on tangible equity (p.a.) Cost/income Cost of risk Earnings per share CET1 ratio
Slide 5: Earnings per share expected to reach DKK 77-84 in 2025
Summary | Outlook Earnings per share expected to reach DKK 77-84 in 2025 Outlook upgraded on 9 October 2025 from previously “upper end of DKK 60-73” Earnings per share Lower in 2025 than in 2024 Core income DKK Lower net interest income due to the lower level of interest rates 100 90 77-84 Approxima
Slide 6: Highlights
1 Summary 2 2 Highlights 6 3 Financials 14 4 Volumes 22 Q3 2025 Highlights 5 Sustainability 28 Strong asset management momentum 6 Jyske Bank in brief 32 Underlying deposit growth of 5% y/y Balanced outlook for Danish economy Stabilising short-term interest rates 7 Macroeconomics 43 Value adjustments
Slide 7: Strong asset management momentum
Highlights | Assets under management Assets under management has increased 10% p.a. in the last decade DKKbn 350 +10% p.a. 300 Strong asset management 250 momentum Assets under management 200 supported by private banking inflow 150 100 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 7
Slide 8: Underlying deposit growth of 5% y/y
Highlights | Deposits Underlying deposit growth of 5% y/y when excluding more volatile corporate time deposits DKKbn 196 191 Corporate time Normalisation of deposits market share +5% y/y Underlying deposit growth of 5% y/y Deposits excl. Normalisation of market share for corporate time deposits corp
Slide 9: Balanced outlook for Danish economy
Highlights | Macroeconomy Danish employment has shown strong trend and is expected to show resilience 2019=100, projections for 2025-2027 by Nationalbanken 110 Denmark Euro area USA 105 Balanced outlook for 100 Danish economy Strong GDP growth, higher 95 employment and stable inflation Danish GDP gr
Slide 10: Stabilising short-term interest rates
Highlights | Interest rates 3-month CIBOR has decreased from c. 4% in 2023 to c. 2% p.a. 5% 4% Stabilising short-term 3% interest rates 2% 3-month CIBOR has shown a stable trend since the beginning of June 1% 0% COVID-19 Acquisition of SHB DK -1% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 202
Slide 11: Value adjustments averaging DKK 0.9bn p.a.
Highlights | Value adjustments Value adjustments mainly reflect customer-driven activities Value adjustments, DKKm Lower interest rates, adding c. 20% from SHB DK acquisition Value adjustments averaging DKK 0.9bn p.a. Average: DKK 926m p.a. Including negative impact from COVID-19 interest rate incre
Slide 12: Total costs of last four quarters down 2% y/y
Highlights | Cost management Total expenses have shown nearly stable underlying trend for a decade Trailing four quarters, DKKm 7,000 6,000 5,000 Total costs of last four quarters down 2% y/y 4,000 Underlying increase of 0.6% y/y, 3,000 adjusted for one-off items 2,000 1,000 Acquisition of Acquisiti
Slide 13: Solid credit quality
Highlights | Credit quality Averaging 0bp p.a. cost of risk for the last decade, -3bp p.a. excl. post-model adj. buffer Cost of risk, bp 25 COVID-19 PMA 20 15 Solid credit quality 10 IFRS9 Continued low level of loan 5 0bp impairment charges in Q3 2025 Average 0 -5 -10 2016 2017 2018 2019 2020 2021
Slide 14: Financials
1 Summary 2 2 Highlights 6 3 Financials 14 4 Volumes 22 Q3 2025 Financials 5 Sustainability 28 Net interest income 6 Jyske Bank in brief 32 Net fee and commission income Value adjustments and investment portfolio earnings Other income and operating lease 7 Macroeconomics 43 Core expenses Loan impair
Slide 15: Deposit margin shows resilience as short-term interest rates decrease
Financials | Net interest income Deposit margin shows resilience as short-term interest rates decrease Lower policy rates and higher funding costs partly offset by deposit rate repricing Net interest income Net interest income down 1% q/q Net interest income bridge DKKm Quarter/quarter, DKKm Lower p
Slide 16: Continued strong fee income momentum
Financials | Net fee and commission income Continued strong fee income momentum Higher assets under management contributes to significant growth Net fee and commission income Net fee income increased 10% y/y Net fee and commission income bridge DKKm Year/year, DKKm Asset management and custody +10%
Slide 17: Significant spread tightening underpinned value adjustments
Financials | Value adjustments and investment portfolio earnings Significant spread tightening underpinned value adjustments Investment portfolio earnings also at a high level Value adjustments DKK 511m of value adjustments Investment portfolio earnings DKKm Other DKKm Significant spread tightening
Slide 18: Normalising income from operating lease, etc. (net)
Financials | Other income and income from operating lease Normalising income from operating lease, etc. (net) Other income decreased due to a seasonally lower level of dividends Income from operating lease (net) DKK 19m of operating lease income (net) Other income DKKm DKKm The level of gains from s
Slide 19: Low level of costs in Q3 2025
Financials | Costs Low level of costs in Q3 2025 Cost outlook for 2025 improved, entailing an approximately stable development Core expenses Underlying costs -2% y/y Core expenses bridge DKKm Year/year, DKKm Core expenses excl. one-off items One-off items Lower level of one-off items as the integrat
Slide 20: Credit quality remains solid
Financials | Loan impairment charges Credit quality remains solid Outlook for a low level of loan impairment charges in 2025, having booked DKK 22m in Q1-Q3 Cost of risk DKK 25m (0bp) cost of risk in Q3 2025 Exposure by IFRS 9 stages bp %/DKKbn Post-model adjustments increased DKK 4m to DKK 1,881m (
Slide 21: CET1 ratio significantly above target level
Financials | Capital and funding CET1 ratio significantly above target level Systemic Risk Council has recommended a reduction of the CRE buffer Common equity tier 1 ratio bridge 16.2% CET1 ratio vs. 13.7% requirement Risk exposure amount Quarter/quarter DKKbn Capital distribution progressing Low-to
Slide 22: Volumes
1 Summary 2 2 Highlights 6 3 Financials 14 4 Volumes 22 Q3 2025 Volumes 5 Sustainability 28 Business volumes 6 Jyske Bank in brief 32 Lending composition Mortgage portfolio 7 Macroeconomics 43 Commercial property deep dive Main exposure: The Danish mortgage market 8 Calendar and contacts 46
Slide 23: Continued strong asset management momentum
Volumes | Business volumes Continued strong asset management momentum Assets under management up 7% y/y Business volumes Key takeaways Development of business volumes DKKbn Personal Corporate Index Mortgage loans (nominal) 140 Assets under management Q3'25 +1% q/q underpinned by both corporate and M
Slide 24: Strong footprint within structurally growing lending for housing purposes
Volumes | Lending composition Strong footprint within structurally growing lending for housing purposes Low-risk mortgage exposures constitute 76% of total lending Split of lending volumes Loans, advances and guarantees by sector Excl. repo (net) Leasing Personal customers 39% 4% Finance and insuran
Slide 25: Robust mortgage portfolio
Volumes | Mortgage portfolio Robust mortgage portfolio Low 45% loan-to-value of mortgage exposures at Jyske Realkredit Mortgage lending with low loan-to-value Product split of mortgage lending 0%-20% 20%-40% 40%-60% 60%-80% 80%-100% Avg. Fixed ARM 3-10Y ARM 1-2Y Capped floater Non-capped floater Int
Slide 26: Prudent loan-to-value levels of commercial property exposures
Volumes | Commercial property deep dive Prudent loan-to-value Manageable share of overall exposure Non-performing loans at low level levels of commercial Residential rental; office, business property mortgages Residential rental Office, business property mortgages property mortgages 0.02% property e
Slide 27: Danish mortgage market is structural, low-risk growth
Volumes | Main exposure: The Danish mortgage market Danish mortgage market is Balance principle reduces funding risks High and resilient growth of mortgage lending structural, low-risk growth Balance sheet of Jyske Bank DKKbn 3,500 Mortgage lending, Denmark +4.2% p.a. Bank lending, Denmark Equity 3,
Slide 28: Sustainability
1 Summary 2 2 Highlights 6 3 Financials 14 4 Volumes 22 Q3 2025 Sustainability 5 Sustainability 28 Approach 6 Jyske Bank in brief 32 Targets Next steps 7 Macroeconomics 43 8 Calendar and contacts 46
Slide 29: Strategic approach and priorities for sustainability
Sustainability | Approach Strategic approach and priorities for sustainability We are committed to making a difference and enabling our customers to become more sustainable 1 2 3 Starting point Commitments Approach We have a strong sustainability We are committed to making a difference We enable our
Slide 30: Targeting net zero emissions by 2050
Sustainability | Targets Targeting net zero emissions by 2050 Reducing emission intensity, financing green investments and improving employee engagement, diversity Emission intensity reduction targets: Lending 29% Realised vs. 2021 26% Realised vs. 2021 31% Realised vs. 2021 - vs. 2020 - vs. 2020 -
Slide 31: Current priorities and next steps for sustainability efforts
Sustainability | Next steps Current priorities and next steps for sustainability efforts Select examples include focus on helping SMEs, climate action planning and furthering biodiversity Encouraging and supporting SMEs’ ESG reporting efforts through inspirational materials. Helping SMEs Increasing
Slide 32: Jyske Bank in brief
1 Summary 2 2 Highlights 6 3 Financials 14 4 Volumes 22 Q3 2025 Jyske Bank in brief 5 Sustainability 28 One of the largest financial institutions in Denmark 6 Jyske Bank in brief 32 History of Jyske Bank Jyske Bank today The last decade 7 Macroeconomics 43 Equity story 8 Calendar and contacts 46
Slide 33: One of the largest financial institutions in Denmark
Jyske Bank in brief | Summary One of the largest Founded in 1967, now a Danish SIFI Structural, low-risk growth focus Leading presence in AAA economy financial institutions in DKKbn Private Corporate 1967 Founded by merger of four banks in Silkeborg 393 83 Denmark 1989 Seven acquisitions in 1970s an
Slide 34: History of Jyske Bank
Jyske Bank in brief | History History of Jyske Bank Solid consolidator with strong track record Founded Post-2008 acquisitions Focus on core business 1967 Consolidator Divesting non-priority activities Jyske Bank founded by merger of four 2011: FinansNord, Easyfleet 2013-2015: International asset mg
Slide 35: Jyske Bank today
Jyske Bank in brief | Overview Jyske Bank today One of the leading financial institutions in Denmark Top 5 >600,000 3,900 Banking Customers Colleagues Jyske Bank Top 4 3,851 DKK 745bn c. 12% Mortgage Colleagues Total assets Market share Jyske Realkredit Top 3 >130,000 Leasing Shareholders Jyske Fina
Slide 36: During the last decade, Jyske Bank has become larger, leaner, and stronger
Jyske Bank in brief | The last decade During the last decade, Jyske Bank has become larger, leaner, and stronger DKK 8.4bn DKK 13.3bn Core income +58% 63% 48% Cost/income -15pp. 9bp 0bp Cost of risk -10bp DKK 2.5bn DKK 5.3bn 2015 Q3’25 Net profit +112% DKK 355bn DKK 516bn Lending +46% Last four quar
Slide 37: Jyske Bank – Potential for more
Jyske Bank in brief | Equity story Jyske Bank – Potential for more Aiming to deliver attractive returns through the cycle Please see the five subsequent slides for further information. Operating in Denmark, a structurally attractive banking environment 1 AAA economy with stable growth, high digitali
Slide 38: Operating in a structurally attractive banking environment
Jyske Bank in brief | Equity story deep dive (1/5) 1 Operating in a structurally Financialized economy underpins market size Denmark is highly digitized… attractive banking 4th IMD World Digital Competitiveness Ranking of 2023 environment Loans per capita 3.3x … and a digital payments leader Jyske B
Slide 39: A solid financial profile with sound fundamentals
Jyske Bank in brief | Equity story deep dive (2/5) 2 A solid financial profile with sound fundamentals Exposed towards structurally growing, low risk Danish mortgage market 76% Strong operating performance Significant long-term value creation Attractive Danish mortgage exposure Last four quarters Bo
Slide 40: Resilient operations with low risk through-the-cycle
Jyske Bank in brief | Equity story deep dive (3/5) 3 Resilient operations with low risk through-the-cycle Highly collateralized exposures, low normalised cost of risk with significant buffers in place Low cost of risk and high post-model adj. Highly collateralised exposures Solid capital and liquidi
Slide 41: 2028 strategy
Jyske Bank in brief | Equity story deep dive (4/5) 4 2028 targets 10% <50% ~15% Capital distribution Return on Cost/income ratio CET1 ratio Share buybacks tangible equity and 30% dividend Personal & Private Banking #1 Top 3 +35% Potential for more Private banking customer satisfaction vs. top 7 larg
Slide 42: Growing capital returns to shareholders
Jyske Bank in brief | Equity story deep dive (5/5) 5 Growing capital returns to shareholders Capital generation underpinning yield potential from 30% dividend in addition to share buybacks Capital distribution Capital distribution policy Share of shareholders’ profit paid out in subsequent year 120%
Slide 43: Macroeconomics
1 Summary 2 2 Highlights 6 3 Financials 14 4 Volumes 22 Q3 2025 Macroeconomics 5 Sustainability 28 Select key figures 6 Jyske Bank in brief 32 Jyske Bank forecast 7 Macroeconomics 43 8 Calendar and contacts 46
Slide 44: Balanced Danish economic development
Macroeconomics | Select key figures (1/2) Balanced Danish economic Real gross domestic product Inflation rate development 2010=100 140 135 Denmark Euro area HICP, year/year 12% Denmark Euro area 10% 130 125 8% 120 6% Short term interest rates are 115 110 4% stabilising with inflation under control 1
Slide 45: Healthy sector volume development
Macroeconomics | Select key figures (2/2) Healthy sector volume Danish real estate prices House prices to disposable income development Year/year 40% One-family houses Owner-occupied flats 2015=100 140 Denmark Euro area 30% 130 20% 120 Sector bank lending up 8% y/y and 10% 110 sector deposits up 4%
Slide 46: Calendar and contacts
Calendar and contacts 1 Summary 2 Financial calendar 2026 2 Highlights 6 05 Feb. Announcement of the 2025 results 05 Feb. Annual report 2025 05 Feb. Risk management report 2025 3 Financials 14 17 Mar. Annual general meeting 06 May Interim report for the first quarter of 2026 19 Aug. Interim report f
Slide 47: Disclaimer
Disclaimer This presentation and the information contained the information presented herein. Those presentations investment. Jyske Bank A/S or its affiliates may also therein is furnished and has been prepared solely for or the information reflect the different assumptions, have investment banking o
Slide 48: Slide 48