Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Debt Investor Presentation (2026)
51 slides from Nordea Bank Abp's debt investor presentation, 2026
Slide 1: Debt investor presentation Q1 2026
Debt investor presentation Q1 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. Strategy update 5 2. Quarterly update 14 3. Credit quality 21 4. Capital, liquidity and funding 28 5. ESG 41 6. Macroeconomy 46 3
Slide 4: The largest financial services group in the Nordics
Nordea today The largest financial services group in the Nordics Unique Nordic diversification and scale €679bn €1.4bn AA-/Aa2 Operating profit in Assets Credit rating Q1 2026 €354bn €464bn ~€50bn Assets under Loan portfolio management Market capitalisation ~29 000 EUR 0.96 EUR 0.26 Dividend per sha
Slide 5: 1. Strategy update
1. Strategy update Nordea
Slide 6: 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 7: 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 8: 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 9: 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 10: Structural cost efficiencies, driven by 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 11: 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 12: 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 13: 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 14: 2. Quarterly update
2. Quarterly update Nordea
Slide 15: Executive summary
First-quarter highlights 20261 Executive summary Resilient performance and solid profitability – markets negatively impacted by escalation in Middle East conflict - Return on equity2 15.4% and earnings per share EUR 0.36 Continued solid growth in lending and deposit volumes and assets under manageme
Slide 16: Net interest income
Net interest income Solid business volume growth, lower margins as expected Year-over-year bridge, EURm • Net interest income down 4% y/y, -4% as expected 1,829 80 1,759 276 • Strong lending and deposit growth 8 51 29 55 - Corporate lending up 11% - Mortgages up 2% Q125 Volumes Margins Deposit Treas
Slide 17: 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, • NII impact largely driven by policy rates1, EURm EURbn rates and pass-through ~100–150 34 36 38 - Actual pass-through varying between
Slide 18: Continued growth across fee types
Net fee and commission income Continued growth across fee types Year-over-year bridge, EURm +6% • Net fee and commission income 842 up 6% y/y 6 13 11 3 7 • Savings fee income up, driven by 793 23 higher AuM and positive net flows in investment products Q125 Asset Brok. & Pay. & Lending Other FX Q126
Slide 19: Net fair value result
Net fair value result Strong customer activity; market making affected by market turmoil Net fair value result, EURm • Strong customer activity -22% throughout quarter, driven by FX 289 and interest rate hedging. Equities 254 257 and securities financing also solid 77 245 46 226 54 19 • Market makin
Slide 20: Costs flat excluding FX
Costs1 Costs flat excluding FX Year-over-year bridge, EURm +2% • Total costs flat y/y excluding FX 1,375 due to stabilised investment levels 13 and firm cost management 1,354 20 24 5 4 - Underlying costs up, mainly due to salary inflation – mitigated by reduction in number of employees Q125 Underlyi
Slide 21: 3. Credit quality
3. Credit quality Nordea
Slide 22: Well diversified pan-Nordic financial service provider
Credit portfolio Well diversified pan-Nordic financial service provider Corporate lending 0.6% Accomodation and leisure 0.8% Land transportation Household lending 22% 0.8% Power production 0.9% Consumer durables 34% 0.9% Crops, plantations and hunting 1.0% Fishing and aquaculture 1.1% IT services Le
Slide 23: Very strong credit quality
Net loan losses and similar net result Very strong credit quality • Net loan losses and similar net result reversal of EUR 99m (losses Net loan losses and similar net result, EURm of EUR 61m or 6bp excluding MJ buffer release) 1 - Moderate individual provisions and 73 write-offs, mainly attributable
Slide 24: Reduction in impaired exposures
Impairments and provisioning coverage Reduction in impaired exposures • Stage 3 loans down at 0.96% of total Stage 2 and 3 loans at amortised cost, EURm loans - 5% decrease in stage 3 loans, driven by write-offs and decrease in exposure Stage 2 16,208 16,207 15,355 14,316 14,466 Stage 3 • Stage 2 lo
Slide 25: Well-diversified portfolio, high-quality lending
Credit portfolio – real estate management industry (REMI) 1 Well-diversified portfolio, high-quality lending Lending volumes increased Diversified across countries • Well-diversified portfolio across 40 Finland Nordic markets 36 38 34 35 18% 8 8 7 7 7 • 91% of exposure towards low- Sweden 39% risk c
Slide 26: Solid LTVs, resilient interest coverage, high occupancy
Credit portfolio – real estate management industry (REMI) 1 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 27: Low levels of risk exposure
Credit portfolio – real estate management industry (REMI) 1 Low levels of risk exposure Strong credit quality, with 96% of IFRS 9 Minimal REA impact from 3-notch portfolio in stage 1 downgrade due to risk weight floors • Continued strong credit quality 54% RW floor 8% 50% • Only 4% of portfolio in s
Slide 28: 4. Capital, liquidity and funding
4. Capital, liquidity and funding 28
Slide 29: Strong capital position
Capital Strong capital position CET1 capital ratio development, % • CET1 ratio stable at 15.7% 15.7 - 1.9 percentage points above regulatory 0.6 -0.4 15.7 ~15 -0.2 -0.1 0.1 requirement 1.5 - CET1 capital up EUR 0.3bn with 13.8 continued strong capital generation Q425 Profit Dividend Volumes Market O
Slide 30: Strong capital position
Capital Strong capital position Capital position and requirements (%) • CET1 capital ratio 15.7% 2.4% - 1.9 percentage points above regulatory requirement, corresponding to a CET1 20.4% buffer of EUR 3.0bn 1.9% 18.0% 0.4% 15.7% 2.0% • Regulatory developments 13.8% 0.3% 1.5% - Updated Group MREL requ
Slide 31: Strong capital generation supporting returns
Capital excellence Strong capital generation supporting returns Shareholder returns supported by continued strong capital generation EUR ~17.4bn Year Average quarterly capital generation, bp • Capital return commitment reaffirmed - Strong capital generation - Unchanged dividend policy, with Executed
Slide 32: Strong balance sheet structure
Balance sheet Strong balance sheet structure Q1 2026 Other assets Other liabilities • Total assets EUR 679bn Q1 2026 Derivatives Derivatives Cash and balances with central banks Funding <1 year - Strong balance sheet with Short-term funding deposits as primary source of Liquid assets Liquidity buffe
Slide 33: Strong liquidity position
Liquidity Strong liquidity position Liquidity buffer composition, EUR 117bn Currency split Asset split • Robust liquidity position - Liquidity coverage ratio (LCR) 150% 6% 18% SEK - Net stable funding ratio (NSFR) 120.0% 33% 35% Level 1 cash & central bank EUR 14% 32% Level 1 excl. covered bonds USD
Slide 34: Nordea global issuance and strong ratings
Long term funding Nordea global issuance 11% 3% 6% 3%3% 5% 6% Strong ratings 76% Nordea Bank Abp NOK 86% • Moody’s Aa2 (negative outlook) (EUR 22bn eq.) SEK • S&P AA- (stable outlook) 95% (EUR 36bn eq.) • Fitch AA- (stable outlook) DKK 7% (EUR 53bn eq.) 16% 16% 23% 19% 23% 29% 42% 16% 12% 54% 23% No
Slide 35: Solid funding operations
Wholesale funding Solid funding operations Total wholesale funding, EUR 212bn 3% • Long-term issuance 1 7% 4% CD & CP above 1Y 8% - EUR 7.8bn issued during Q1, where of EUR 6.8bn in covered CD & CP below 1Y 22% bonds and EUR 1.1bn in senior format Scandinavian covered bonds 7% - EUR 7.1bn issued dur
Slide 36: Enhanced focus on sustainable funding
Sustainability at the core Enhanced focus on sustainable funding Nordea’s green bond asset portfolio, EUR 26.1bn • EUR 26.1bn assets available for green funding 2%5% Green buildings - EUR 9.1bn in NBAbp green bond asset portfolio 5% 23% Assets eligible for green covered bonds Renewable energy - EUR
Slide 37: 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 Q4 2025 Legislation Norwegian Swedish Danish Finnish Cover pool assets Norwegian residential Swedish residentia
Slide 38: 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 Mortgage Bank Covered, EUGB EUR 1,000 Fixed Apr-26 Apr-29 Nordea Bank Senior preferred SEK 3,250 Fixed/FRN Feb-26 Feb-29 Nordea Hypotek Covered SEK 5,
Slide 39: MREL positions and requirements, EUR bn
Minimum requirements for own funds and eligible liabilities MREL positions and requirements, EUR bn Updated MREL requirements – New requirements by Single Resolution Board (SRB) 5.1 12.2 Subordinated MREL – EUR 7.5bn above constraining requirement 7.5 of 23% of REA incl. combined buffer 11.7 require
Slide 40: 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 capital instruments in 2021 to increase flexibility Start End optional in connection with refinancings Type ISIN CCY Size (m) Coupon Issue date optional par p
Slide 41: 5. ESG
5. ESG Nordea
Slide 42: Our sustainability targets
Sustainability at the core Our sustainability targets 2050 2030 Science-based climate targets to reduce emissions across own Reduce operations, lending and investments portfolios. Achieve carbon • Own operations: -50% reduction of emissions in targeted areas net zero • Lending: 40-50% reduction of f
Slide 43: Well on-track to reach 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 44: 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 45: 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 • First Nordic bank to issue a Total volumes, EURbn Assets under management, EURbn green bond under the EU 14.9% 15.4% Green Bond Standard 13.0% 9.7 1
Slide 46: 6. Macroeconomy
6. Macroeconomy Nordea
Slide 47: Uncertainty
Nordic economic development Uncertainty GDP Unemployment rate GDP, % y/y, Nordic forecast updates May 2026 • The Middle East conflict remain a source of uncertainty. Energy prices are elevated. The impact on the Nordic Country 2024 2025 2026E 2027E GDP growth and inflation will ultimately depend on
Slide 48: Upside risks
Nordic economies Upside risks Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB and the Riksbank kept their policy rates unchanged at 2.0% and 1.75%, respectively. Norges Bank hiked rates in May to 4.25%, citing persistently high inflation • The ECB is expected to hike rates four tim
Slide 49: Resilience
Households Resilience Household debt Household savings • Consumer confidence among the Nordic households Private consumption has fallen and was below their historic normal already before the Middle East conflict started. • Despite low confidence, households consumption is gaining momentum, but from
Slide 50: Increased activity
Housing markets Increased activity Housing prices Households’ credit growth • Housing prices development in Norway and Denmark have fared better than their Nordic counterparts. Prices in Sweden have started to increase, but are still well below the previous peak. The development in Finland remains s
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