Jyske Bank A/s · OMXCOP:JYSK
Jyske Bank A/s — Q1 2026 Earnings Presentation
43 slides from Jyske Bank A/s's earnings presentation, May 6, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation 6 May 2026
Slide 2: Contents
Investor Presentation 2 Contents 1 Summary 2 2 Highlights 6 Q1 2026 3 Financials 14 Summary 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 41
Slide 3: Highlights
Summary (1/3) | Highlights 3 Highlights Healthy Q1 amid Strong fee income Targeting embedded challenging markets momentum AI at scale by 2028 EPS of DKK 17 in Q1 2026 as developments Net fee and commission income of the last Now → Next: Focus on scaling proven AI in financial markets had negative im
Slide 4: Solid underlying Q1, supported by higher business volumes, strong credit quality and disciplined cost management
Summary (2/3) | Financials 4 Solid underlying Q1, supported by higher business volumes, strong credit quality and disciplined cost management Challening financial markets in Q1 2026 Net profit of DKK 1,049m in Q1 2026 Deposits +5% in the last two quarters Earnings per share (DKK) Profit/loss stateme
Slide 5: Unchanged outlook for EPS of DKK 71-85 in 2026
Summary (3/3) | Outlook 5 Unchanged outlook for EPS of DKK 71-85 in 2026 Normalising value adjustments and cost of risk in 2026 Lower in 2026 than in 2025 Core income Primarily caused by lower level of value adjustments Earnings per share (DKK) Slightly lower in 2026 than in 2025 89 71-85 Core expen
Slide 6: Highlights
Investor Presentation 6 Contents 1 Summary 2 2 Highlights 6 Q1 2026 3 Financials 14 Highlights 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 43 8 Calendar and contacts 46
Slide 7: Continued strong personal customer momentum
Highlights (1/7) 7 Continued strong Gaining mortgage market share amid higher customer satisfaction personal customer Mortgage loans for personal customers (nominal, y/y) momentum 8% 6% 4% 2% 0% Handelsbanken Denmark acquisition -2% -4% First mover on negative deposit rates, several organisational c
Slide 8: Strong momentum in pension and insurance commissions
Highlights (2/7) 8 Strong momentum in Pension and insurance commissions outpacing overall fee growth pension and insurance Net fee and commission income (trailing four quarters, 2020=100) commissions 300 13% of net fee and commission income in Q1 2026 250 200 150 100 50 0 2021 2022 2023 2024 2025 20
Slide 9: Stable underlying value adjustments
Highlights (3/7) 9 Stable underlying Spread widening of callable mortgage bonds, lower bank shares value adjustments Value adjustments and dividends (DKKm) 512 480 453 363 265 279 172 216 25 Value adjustments decreased significantly in Q1 2026 due to Underlying spread widening of callable Danish mor
Slide 10: Low cost of risk despite higher post-model adjustments
Highlights (4/7) 10 Low cost of risk Post-model adjustments increased DKK 136m in Q1 2026 despite higher post- Cost of risk and post-model adjustments buffer (bp) model adjustments 45 40 35 30 Current buffer: 34bp 25 20 COVID-19 15 10 5 IFRS 9 Avg: 0bp p.a. 0 -5 -10 Post-model adjustments amount to
Slide 11: Forward rates impacted by higher energy prices
Highlights (5/7) 11 Forward rates Higher interest rate expectations for 2026-2028 impacted by higher Forward rate curve (3-month CIBOR) 5% energy prices 4% 3% 2% 1% 3-month CIBOR End-2025 End-April 2026 0% From a relatively stable rate outlook for 2026 at the beginning of -1% the year, the higher en
Slide 12: Net interest income sensitivity
Highlights (6/7) 12 Net interest Long-term net interest income sensitivity of DKK 0.9bn per 1pp income sensitivity Net interest income sensitivity per 100bp parallel shift of interest rate curves c. DKK 0.2bn c. DKK 0.7bn The updated net interest income sensitivity reflects developments observed in
Slide 13: AI at Jyske Bank
Highlights (7/7) 13 AI at Jyske Bank Now Next By 2028 Foundation in place Scaling proven value Embedded AI at scale Staff powered with AI AI as a productivity force Service excellence with AI AI available to all employees, Assistants and automation deployed Autonomous agents support complex supporte
Slide 14: Financials
Investor Presentation 14 Contents 1 Summary 2 2 Highlights 6 Q1 2026 3 Financials 14 Financials 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 41
Slide 15: Net interest income showing stable underlying development
Financials (1/7) | Net interest income 15 Net interest income showing stable underlying development Flat net interest income from lending and deposits Net interest income down 4% y/y NII from lending and deposits flat q/q Net interest income from lending and deposits was unchanged q/q, when adjusted
Slide 16: Net fee income up 5% y/y in Q1 2026
Financials (2/7) | Net fee and commission income 16 Net fee income up 5% y/y in Q1 2026 Asset management and custody +7% y/y to DKK 342m in Q1 Net fee income up 5% y/y Healthy overall fee momentum Continued growth of assets under management despite financial turmoil towards the end of Q1 2026. Net f
Slide 17: Spread widening of mortgage bonds, lower bank shares
Financials (3/7) | Value adjustments and investment portfolio earnings 17 Spread widening of mortgage bonds, lower bank shares Value adjustments heavily impacted by negative returns on Investment portfolio earnings at neutral level in Q1 2026 amid bank shares in Q1 2026 spread widening of callable D
Slide 18: High income from operating lease in Q1 2026
Financials (4/7) | Other income 18 High income from operating lease in Q1 2026 Other income showing an overall stable development over Impairment charges for operating lease assets at lower level recent years with no significant items impacting Q1 2026 in Q1 2026 as underlying income remains on the
Slide 19: A continued flat cost development
Financials (5/7) | Costs 19 A continued flat cost development Cost initiatives offset impact from inflation Core expenses unchanged y/y No significant changes to cost base Core expenses were unchanged y/y, as cost initiatives helped offset the impact from inflation. Core expenses (DKKm) Core expense
Slide 20: Low cost of risk despite DKK 136m PMA increase
Financials (6/7) | Credit quality 20 Low cost of risk despite DKK 136m PMA increase Loan impairment charges amounted to DKK 29m in Q1 2026, Cost of risk at 0bp in Q1 2026 Lower share of non-performing loans equivalent to a cost of risk of 0bp. Cost of risk and post-model adjustments buffer (bp) Expo
Slide 21: Historic share repurchase programme lowers CET1 ratio
Financials (7/7) | Capital and funding 21 Historic share repurchase programme lowers CET1 ratio Solid capital position: CET1 ratio incl. reservations for Capital distribution lowers CET1 ratio REA increased 2% q/q expected payouts of 15.9% vs. c. 15% target. REA up 2% q/q due to higher REA for marke
Slide 22: Volumes
Investor Presentation 22 Contents 1 Summary 2 2 Highlights 6 Q1 2026 3 Financials 14 Volumes 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 41
Slide 23: Higher business volumes in Q1 2026
Volumes (1/5) | Business volumes 23 Higher business volumes in Q1 2026 Mortgage loans (nominal) Assets under management up 6% y/y Lending up 2% y/y, deposits up 5% y/y +1% q/q underpinned by increased lending to both personal and corporate customers. Business volumes (index) Business volumes (DKKbn)
Slide 24: Focused on structurally growing, low-risk collateralised lending
Volumes (2/5) | Lending composition 24 Focused on structurally growing, low-risk collateralised lending Mortgage-like lending consitutes 75% of total lending Well-diversified lending portfolio with emphasis on housing Split of net lending volumes (excl. repo) Loans, advances and guarantees by sector
Slide 25: Robust mortgage portfolio with average LTV of 44%
Volumes (3/5) | Mortgage exposures 25 Robust mortgage portfolio with average LTV of 44% 95% of mortgage lending below 60% LTV Well-diversified mortgage product mix Loan-to-value distribution of mortgage exposures Product split of mortgage exposures 80%-100% 100% 100% 60%-80% Non-capped 90% 90% float
Slide 26: Prudent LTV of CRE exposures
Volumes (4/5) | Commercial property 26 Prudent LTV of Manageable share of overall exposure RRE/CRE exposure as share of loans and guarantees Non-performing loans at low level Key figures1 on RRE/CRE exposure CRE exposures Residential rental property mortgages Office, business property mortgages 0.01
Slide 27: Attractive Danish mortgage market
Volumes (5/5) | Main exposure: The Danish mortgage market 27 Attractive Danish Balance principle reduces funding risks Balance sheet of Jyske Bank, incl. Danish match funding principle High and resilient growth of mortgage loans Danish lending (DKKbn) mortgage market Other assets Equity Other liabil
Slide 28: Sustainability
Investor Presentation 28 Contents 1 Summary 2 2 Highlights 6 Q1 2026 3 Financials 14 Sustainability 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 41
Slide 29: Sustainability at Jyske Bank
Sustainability (1/3) | In brief 29 Sustainability ESG ratings in upper half of banks Select ESG ratings at Jyske Bank AA MSCI ESG rating (‘CCC’ to ‘AAA’) “ Low Risk Sustainalytics ESG rating (‘Negligible Risk’ to ‘Severe Risk’) B CDP climate change score (‘D-’ to ‘A’) C Prime We are committed to mak
Slide 30: Net-zero CO₂ emissions at the latest by 2050
Sustainability (2/3) | Climate transition plan 30 Net-zero CO₂ emissions at the latest by 2050 2050 targets Long-term objective to obtain net-zero CO₂e emissions made by both our customers and ourselves by 2050. Since 2020, the emission intensity of total lending and asset mgmt. has been reduced by
Slide 31: Mitigating climate change via financing
Sustainability (3/3) | Green Finance Framework 31 Mitigating climate Green financing increased 96% since 2019 change via financing Green Finance Framework lending (DKKbn) DKK 139bn (27% of lending excl. repo) Sustainable production, etc.1 Low-emission vehicles, etc. Renewable energy Low-energy build
Slide 32: Jyske Bank in brief
Investor Presentation 32 Contents 1 Summary 2 2 Highlights 6 Q1 2026 3 Financials 14 Jyske Bank 4 5 Volumes Sustainability 22 28 in brief 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 41
Slide 33: One of the largest financial institutions in Denmark
Jyske Bank in brief (1/5) | Summary 33 One of the largest Nationwide in AAA economy Large in capabilities, High customer satisfaction close in relationships financial institutions Jyske Bank at a glance1 On track to realising 2028 targets3 “ DKK 5.2bn in Denmark #1 Net profit Private Banking custome
Slide 34: History of Jyske Bank
Jyske Bank in brief (2/5) | History 34 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 local 2011: FinansNord, Easyfleet 2013-2015: Interna
Slide 35: Structurally attractive banking environment
Jyske Bank in brief (3/5) | Denmark 35 Structurally Outgrowing peers GDP, chain-linked volumes (2010=100) A digital frontrunner attractive banking 140 130 Denmark environment 120 Euro area 1st vs. Euro area 110 IMD World Digital Competitiveness Ranking of 2025 (5 th overall) 100 90 2004 2008 2012 20
Slide 36: EPS more than quadrupled since 2020
Jyske Bank in brief (4/5) | Financials 36 89 EPS more than quadrupled since 2020 85 80 2015-2019: The first years following acquisition of mortgage credit institution, heavily influenced by negative interest rate environment in Denmark. 2019-2022: Positive deposit margin restored as first mover, fee
Slide 37: 2028 strategy
Jyske Bank in brief (5/5) | Strategy 37 2028 strategy Targets 10% <50% ~15% Capital distribution Potential for more Return on Cost/income ratio CET1 ratio Share buybacks tangible equity and 30% dividend Personal & Private Banking #1 Top 3 +35% Assets under management Private banking customer satisfa
Slide 38: Macroeconomics
Investor Presentation 38 Contents 1 Summary 2 2 Highlights 6 Q1 2026 3 Financials 14 Macroeconomics 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 41
Slide 39: Balanced economic development
Macroeconomics | Select key figures (1/2) 39 Balanced Moderate GDP growth Real gross domestic product (2010=100) Inflation under control HICP (year/year) economic 140 130 Denmark 12% 10% development 120 Euro area 8% 6% 110 4% Euro area 2% 100 0% Denmark 90 -2% 2004 2008 2012 2016 2020 2024 2004 2008
Slide 40: Healthy sector volume development
Macroeconomics | Select key figures (2/2) 40 Healthy sector Real estate prices up 5-7% in the last year Danish real estate prices (year/year) Housing remains affordable vs. history House prices to disposable income (2015=100) volume 30% 140 130 development 20% Euro area 120 10% Owner-occupied flats
Slide 41: Financial calendar 2026
Calendar and contacts 41 Financial calendar 2026 05 Feb. Announcement of the 2025 results 05 Feb. Annual report 2025 05 Feb. Risk management report 2025 17 Mar. Annual general meeting 06 May Interim report for the first quarter of 2026 19 Aug. Interim report for the first half of 2026 28 Oct. Interi
Slide 42: Disclaimer
42 Disclaimer This presentation and the information contained therein is furnished and has advice, or a representation that any investment or strategy is suitable or index, currency, credit, political, liquidity, time value, commodity and market been prepared solely for information purposes by Jyske
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