Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Hypotek — Debt Investor Presentation (2026)
22 slides from Nordea Bank Abp's debt investor presentation, Aug 12, 2026
Slide 1: Nordea Hypotek Covered Bonds
Nordea Hypotek Covered Bonds Q2 2026 Debt investor presentation
Slide 2: Table of contents
Table of contents 1. In brief 3 2. Cover pool key characteristics 6 3. Asset quality 9 4. Covered bond framework 13 5. Macroeconomy 16 6. Further information 20 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 Hypotek – overview
Nordea Hypotek– overview Q2 2026 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution Grants long-term loans with key emphasis on financing homes to Swedish households, public sector and corporates Licensed by the Swedish Financial Supervisory Authority to issue covere
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics 6
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q2 2026 Cover pool summary Loans in cover pool SEK 776.1bn Outstanding covered bonds SEK 389.0bn Cover pool content Mortgage loans secured by residential or commercial property. Loans to public sector Geographic distribution Throughout Sweden with concentration to urba
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** 0.3% Single -family houses Greater Stockholm 11% 13% Tenant owner units 3% Greater Gothenburg Multi-family houses 4% 9% Greater Malmoe Commercial* 4% 39% South Sweden Public 49% Tenant owner
Slide 9: 3. Asset quality
3. Asset quality 9
Slide 10: Loan To Value (LTV)
Continuous distribution where each loan can exist in multiple buckets Loan To Value (LTV)* Q2 2026 Weighted Average LTV – Indexed – 54.3% 718.2 100% 531.8 74% Nominal % Residential Loans 75.4 54.6 36.6 11% 8% 5% 19.8 3% 0-40% 40-50% 50-60% 60-70% 70-80% Total 0-40% 40-50% 50-60% 60-70% 70-80% Total
Slide 11: Loan structure
Loan structure Q2 2026 Rate type* Repayment* 100% 100% 80% 80% 63% 63% 63% 63% 63% 63% 70% 71% 73% 74% 75% 75% 60% 60% Floating rate Amortising Fixed rate Bullet / interest only 40% 40% 20% 20% 37% 37% 37% 37% 37% 37% 30% 29% 27% 26% 25% 25% 0% 0% 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 25Q1 25Q2 25Q3 25Q4 26
Slide 12: Underwriting criteria
Underwriting criteria Private households • Track record and income checked via UC and Tink • Always household budget ”before-after” with buffer requirement and stress test including behavioral analysis • Individual valuation of the pledged property Corporates/ Municipalities • Financial analysis wit
Slide 13: 4. Covered bond framework
4. Covered bond framework 13
Slide 14: Swedish covered bond framework
Swedish covered bond framework Legal framework • Swedish Covered Issuance Act (SFS 2003:1223), came into force 1 July 2004 and amended on 8 July 2022 in order to implement the European covered bond directive Registration • An issuing institution is required to maintain a register on covered bonds, t
Slide 15: 5. Macroeconomy
5. Macroeconomy 15
Slide 16: 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 17: 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 18: 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 19: 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 20: 6. Further information
6. Further information 20
Slide 21: Nordea Hypotek – outstanding benchmark covered bonds
Nordea Hypotek – outstanding benchmark covered bonds Q2 2026 Breakdown by ISIN Serial no. Currency Amount (m) Maturity Coupon 5536 SEK 63 140 16/09/2026 0.5% 5537 SEK 60 150 16/06/2027 1% 5731 SEK 6 000* 25/11/2027 3.375% 5538 SEK 83 026 20/09/2028 3.5% 5733 SEK 6 000* 27/10/2028 4% 5734 SEK 6 000*
Slide 22: 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 Cecilia Tannerfeldt Morten Keil Lead Dealer Head of Covered bonds Tel: +46 8 407 91 05 Tel: +45 3333 1875 Mobile: +46 733