Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Debt Investor Presentation (2026)
51 slides from Nordea Bank Abp's debt investor presentation, Sep 4, 2026
Slide 1: Debt investor presentation Q2 2026
Debt investor presentation Q2 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance
Slide 3: Table of contents
Table of contents 1. Quarterly update 5 2. Credit quality 12 3. Capital, liquidity and funding 19 4. ESG 32 5. Macroeconomy 37 6. Appendix 42 3
Slide 4: Nordea today
Nordea today The largest financial services group in the Nordics Unique Nordic diversification and scale €712bn €1.6bn AA-/Aa2 Operating profit in Assets Credit rating Q2 2026 €357bn €505bn ~€56.5bn Assets under Loan portfolio management Market capitalisation ~28 400 EUR 0.96 EUR 0.26 Dividend per s
Slide 5: 1. Quarterly update
1. Quarterly update Nordea
Slide 6: Executive summary
Second-quarter highlights 2026 Executive summary Strong performance and high profitability – highlighting the strength of Nordea’s diversified business model - Return on equity1 15.9% and earnings per share EUR 0.36, up 3% y/y High business volume growth; assets under management at record EUR 505bn
Slide 7: High business volume growth, lower margins as expected
Net interest income High business volume growth, lower margins as expected Year-over-year bridge, EURm • Net interest income down 1% y/y -1% but turning to growth q/q (up 1%) 1,798 79 1,779 203 • Strong lending and deposit growth 50 2 25 28 - Corporate lending up 9% - Mortgages up 2% Q225 Volumes Ma
Slide 8: Net interest income sensitivity to policy rate changes
Net interest income sensitivity Net interest income sensitivity to policy rate changes Sensitivity to +50bp parallel shift in policy Deposit hedge – nominal volume, rates1, EURm EURbn • NII impact largely driven by policy 36 38 38 rates and pass-through ~100–150 33 34 ~200–250 15 16 16 - Actual pass
Slide 9: Continued growth across all fee categories
Net fee and commission income Continued growth across all fee categories Year-over-year bridge, EURm +11% • Net fee and commission income 880 up 11% y/y 6 7 6 8 10 64 • Savings fee income up 13%, driven 792 by higher average AuM - Total AuM up 16%, to EUR 505bn – Q225 Asset Brok. & Pay. & Lending Ot
Slide 10: Strong customer activity and market making
Net fair value result Strong customer activity and market making Net fair value result, EURm • Strong customer activity, driven +11% by FX, interest rate hedging, 281 equities and securities financing 254 257 245 62 46 226 • Market making strong in 54 75 19 normalised interest rate environment 211 2
Slide 11: Costs flat before FX and regulatory fees
Costs1 Costs flat before FX and regulatory fees Year-over-year bridge, EURm +2% • Total costs flat y/y (excluding FX 1,363 and regulatory fees) with stable 16 investment levels and strict cost 1,333 9 3 9 management - Underlying costs up, mainly due to salary inflation – mitigated by Q225 Underlying
Slide 12: 2. Credit quality
2. Credit quality Nordea
Slide 13: Well diversified pan-Nordic financial service provider
Credit portfolio Well diversified pan-Nordic financial service provider Corporate lending 0.6% Accomodation and leisure 0.7% Power production Household lending 22% 0.8% Consumer durables 0.8% Land transportation 34% 0.9% Crops, plantations and hunting 1.0% Fishing and aquaculture Lending 1.0% Retail
Slide 14: Strong credit quality
Net loan losses and similar net result Strong credit quality Net loan losses and similar net result, EURm 61 • Net loan losses and similar net 59 0 2 result EUR 61m (6bp) - Moderate individual provisions and 59 write-offs, mainly attributable to few corporates - Household net individual provisions a
Slide 15: Reduction in impaired exposures
Impairments and provisioning coverage Reduction in impaired exposures • Stage 3 ratio down at 0.91% of total Stage 2 and 3 loans at amortised cost, EURm loans - 5% decrease in stage 3 loans, driven by Stage 2 rating upgrades 16,207 15,355 14,316 14,466 14,526 Stage 3 • Stage 2 loans unchanged at 5%
Slide 16: Well-diversified portfolio, high-quality lending
Credit portfolio – real estate management industry (REMI)* Well-diversified portfolio, high-quality lending Lending volumes increased Diversified across countries • Well-diversified portfolio across 40 41 Denmark Nordic markets 36 38 35 8 19% 8 8 7 7 Sweden • 92% of exposure towards low- 39% risk cu
Slide 17: Solid LTVs, resilient interest coverage, high occupancy
Credit portfolio – real estate management industry (REMI)* Solid LTVs, resilient interest coverage, high occupancy Solid LTV levels for all countries Majority of portfolio with low LTV • 83% of exposures with LTV below 60% 67 64 64 55 61 64 47% - In event of 20% decline in market 50 51 51 48 38% 32%
Slide 18: Low levels of risk exposure
Credit portfolio – real estate management industry (REMI)* Low levels of risk exposure Strong credit quality, with 97% of IFRS 9 Minimal REA impact even from 3-notch • Continued strong credit quality portfolio in stage 1 downgrade due to risk weight floors • Only 3% of portfolio in stage 2 55% RW fl
Slide 19: 3. Capital, liquidity and funding
3. Capital, liquidity and funding 19
Slide 20: Strong capital position
Capital Strong capital position CET11 capital ratio development, % • CET1 ratio strong at 15.7% 15.7 0.8 -0.5 15.7 - 1.9 percentage points above regulatory -0.3 0.1 ~15 -0.1 requirement 1.5 - CET1 capital up EUR 0.1bn – strong capital 13.8 generation supporting growth Q126 Profit Dividend Volumes Op
Slide 21: Strong capital position
Capital Strong capital position Capital position and requirements (%) • CET1 capital ratio 15.7% 2.9% - 1.9 percentage points above regulatory 20.9% requirement, corresponding to a CET1 1.9% 18.0% buffer of EUR 3.0bn 0.4% 15.7% 2.0% 13.8% 1.5% 0.3% • Regulatory developments 1.7% - Danish systemic ri
Slide 22: Strong capital generation supporting returns
Supplementary information Capital excellence Strong capital generation supporting returns Steady compounder with strong track record • Capital return commitment Year Dividends & buy-backs, EURbn Average quarterly capital generation, bp reaffirmed - Strong capital generation - Unchanged dividend poli
Slide 23: Strong balance sheet structure
Balance sheet Strong balance sheet structure Q2 2026 Other assets Other liabilities Derivatives Derivatives • Total assets EUR 712bn Cash and balances Funding <1 year with central banks - Strong balance sheet with Short-term funding deposits as primary source of Liquid assets Liquidity buffer fundin
Slide 24: Strong liquidity position
Liquidity Strong liquidity position Liquidity buffer composition, EUR 129bn Currency split Asset split • Robust liquidity position - Liquidity coverage ratio (LCR) 153% 8% 17% SEK - Net stable funding ratio (NSFR) 120.6% 29% 36% Level 1 cash & central bank EUR 12% 29% Level 1 excl. covered bonds USD
Slide 25: Nordea global issuance and strong ratings
Long term funding Nordea global issuance 11% 4% 6% 3 %4% 5% 5% Strong ratings 74% Nordea Bank Abp NOK 81 % • Moody’s Aa2 (negative outlook) (EUR 23bn eq.) SEK • S&P AA- (stable outlook) 95 % (EUR 36bn eq.) • Fitch AA- (stable outlook) DKK 7% 22 % (EUR 53bn eq.) 16% 15% 17% 21 % 41% 16% 12 % 37 % 56
Slide 26: Solid funding operations
Wholesale funding Solid funding operations Total wholesale funding, EUR 220bn • Long-term issuance* 3% 7% 4% - EUR 18.1bn issued during H1, of which EUR 13.9bn in covered CD & CP above 1Y 8% bonds and EUR 4.1bn in senior format CD & CP below 1Y 22% Scandinavian covered bonds - Of this, EUR 10.2bn we
Slide 27: Enhanced focus on sustainable funding
ESG Deal of the Year Sustainability at the core Nordea EU Green Bond Enhanced focus on sustainable funding 2026 Nordea’s green bond asset portfolio, EUR 26.6bn • EUR 26.6bn assets available for green funding 2%5% Green buildings 5% 21 % - EUR 9.1bn in NBAbp green bond asset portfolio Assets eligible
Slide 28: 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 Data as per Q1 2026 Legislation Norwegian Swedish Danish Finnish Cover pool assets Norwegian residential Swedish residentia
Slide 29: Nordea recent benchmark transactions
Funding transactions Nordea recent benchmark transactions Issuer Type Currency Amount (m) FRN / Fixed Issue date Maturity date First call date Nordea Bank Tier 2, Green EUR 500 Fixed Jun-26 Jun-36 Jun-31 Nordea Mortgage Bank Covered EUR 1,500 Fixed Jun-26 Jun-30/Jun-36 Nordea Bank Senior preferred N
Slide 30: MREL positions and requirements, EUR bn
Minimum requirements for own funds and eligible liabilities MREL positions and requirements, EUR bn Updated MREL requirements – Requirements by Single Resolution Board (SRB) in Q1 2026 13.5 6.7 Subordinated MREL – EUR 6.7bn above constraining requirement 6.7 of 24% of REA (EUR 38.6bn) 11.3 – Subordi
Slide 31: Instruments including an optional par call period
Capital instruments Instruments including an optional par call period Optional par call period − Nordea introduced the par call period in its Start End optional capital instruments in 2021 to increase flexibility Type ISIN CCY Size (m) Coupon Issue date optional par par call period/ in connection wi
Slide 32: 4. ESG
4.ESG Nordea
Slide 33: Our sustainability targets
Sustainability at the core Our sustainability targets 2050 2030 Objective Objective Climate targets based on science-based pathways to reduce emissions across own operations, lending and investments portfolios. Achieve Reduce carbon • Own operations: -50% reduction of emissions in targeted areas net
Slide 34: Nordea is well on-track to reach its 2030 financed emissions target
Sustainability at the core Nordea is well on-track to reach its 2030 financed emissions target Portfolio-wide 2030 target for the lending portfolio Decarbonisation levers in the lending portfolio MtCO2e MtCO2e 19.3 25 -44% -40-50% 20 19.3 +2.6 -6.2 +0.9 10.9 15 9.7 10.9 -3.1 -3.3 -0.5 10 5 0 Base ye
Slide 35: Continued progress on climate targets in our lending portfolio
Sustainability at the core Continued progress on climate targets in our lending portfolio 2025 progress 40-50% reduction in financed emissions in our lending portfolio by 20301 -44% Sector Sub-sector Emissions scope Metric Base year Baseline Target year Target Residential real Households and tenant-
Slide 36: Supporting customers in the sustainability transition
Sustainability at the core Supporting customers in the sustainability transition Green assets and sustainability-linked loans Nordea Asset Management • ISS ESG rating upgraded to B- Total volumes, EURbn Assets under management, EURbn (industry best) 14.9% 15.5% 13.0% 353 • Included in the Dow Jones
Slide 37: 5. Macroeconomy
5. Macroeconomy Nordea
Slide 38: Resilience in motion
Nordic economic development Resilience in motion GDP Unemployment rate GDP, % y/y, Economic Outlook September 2026 • The Nordic economies are navigating higher energy prices and continued geopolitical uncertainty with Country 2025 2026E 2027E 2028E resilience. Growth patterns differ, but the common
Slide 39: On the path to rate hikes
Nordic economies On the path to rate hikes 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 two ti
Slide 40: Resilience
Households Resilience Household debt Household savings Private consumption • Consumer confidence among the Nordic households has improved at the end of the second quarter, but remain below their historic normal • Despite low confidence and high savings rates in most countries, private consumption ha
Slide 41: Activity holds up
Housing markets Activity holds up Housing prices Households’ credit growth • Housing price development in Norway and Denmark have fared better than their Nordic counterparts. Prices in Sweden are increasing, but are still well below the previous peak. The development in Finland remains sluggish with
Slide 42: 6. Appendix
6. Appendix Nordea
Slide 43: Financial and supporting targets met and exceeded
Nordea 2022–25 Financial and supporting targets met and exceeded 2025financial 2025 financial andand supporting supporting targets targets 2021 2021 2025 2025 Return on equity >15% 11.2% 15.5% Cost-to-income ratio 44–46% 48.3% 46.0% Cost of risk normalised at ~10bp1 1bp 5bp CET1 ratio ~15%, 150bp mg
Slide 44: 2030 financial targets
2030 financial targets Superior EPS growth and market-leading profitability, driven by positive jaws 2030 financial targets Supported by Return on equity High credit quality >15% Loan losses ~10bp Capital excellence and EUR >20bn Throughout the period and significantly higher in 20301 in total share
Slide 45: Building blocks for 2030 performance
Nordea 2026–30 Building blocks for 2030 performance RoE >15% Market momentum 2025–30 • Growth at current market share, with income growing slightly faster than costs, resulting in positive jaws EPS (EUR) EUR ~2.0 Growth areas • Additional growth in targeted areas with low marginal cost-to-income rat
Slide 46: Six growth areas driving above-market income growth
Nordea 2026–30 Six growth areas driving above-market income growth 1 Win Sweden • Accelerate growth in largest market Accelerating growth and delivering Nordic scale benefits • Capitalise on momentum with high market shares across businesses Income • Expand growth effort to include LC&I and underpen
Slide 47: >10% gross cost reduction from Nordic scale
Nordea 2026–30 >10% gross cost reduction Structural cost efficiencies, driven by Nordic scale from Nordic scale Cost growth below inflation, driven by structural improvements Redesigning four key processes for streamlined end-to-end value CAGR streams ~2% • Automated, AI-enabled new mortgage Nordic
Slide 48: Better operating efficiency
Nordea 2026–30 Better operating efficiency Drive focused profitable growth Positive jaws with faster-than-market income growth improving C/I ratio1 • Market-driven income growth CAGR Income CAGR ~45%1 ~3% 2025–30 (market + growth areas) >3% • In addition, faster-than-market income growth through tar
Slide 49: Net loan losses and similar net result ~10bp or lower
Cost of risk Net loan losses and similar net result ~10bp or lower Excluding management Loan losses from portfolio ~10bp Loan loss ratio (bp) judgement provision release (~10bp) or lower, as expected1 • Purely Nordic low risk portfolio with more than half of exposure to households 8 9 • Corporate po
Slide 50: Continued capital excellence – generate, deploy, distribute
Capital Strong capital generation deployed Continued capital excellence – generate, deploy, distribute for growth and shareholder returns • Total distribution (dividend and buy- Stable CET1 requirements, with capital policy maintained at ~15.5% backs) above EUR 20bn1 2026–30 CET1 ratio development,
Slide 51: Contacts
Contacts Investor Relations Ilkka Ottoila Juho-Pekka Jääskeläinen Randie Atto Rhawi Head of Investor Relations Head of Debt IR and Ratings Senior IR Officer Tel: +358 9 53 00 70 58 Tel: +358 9 53 00 64 35 Tel: +46 73 866 17 24 Ilkka.ottoila@nordea.com Mobile: +358 40 550 91 11 randie.atto.rhawi@nord