Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea — Q4 2025 Earnings Presentation
24 slides from Nordea Bank Abp's earnings presentation, Jan 29, 2026
Slide 1: Fourth-quarter and full-year results 2025
Fourth-quarter and full-year results 2025
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: Executive summary
Fourth-quarter highlights 2025 Executive summary Resilient and strong performance despite muted consumer sentiment due to geopolitical tensions - Return on equity* 14.4% and earnings per share EUR 0.34 Continued solid growth in lending and deposit volumes and assets under management - Corporate lend
Slide 4: 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 ~10bp* 1bp 5bp CET1 ratio ~15%, 150bp mg
Slide 5: Fourth-quarter results 2025
Key financials Fourth-quarter results 2025 Income statement and key ratios Q425 Q424 Q4/Q4 Q325 Q4/Q3 EURm Net interest income 1,765 1,854 -5% 1,775 -1% Net fee and commission income 853 825 3% 811 5% Net insurance result 64 69 -7% 66 -3% Net fair value result 257 201 28% 245 5% Other income 9 6 50%
Slide 6: Full-year results 2025
Key financials Full-year results 2025 Income statement and key ratios FY25 FY24 FY/FY EURm Net interest income 7,167 7,594 -6% Net fee and commission income 3,249 3,157 3% Net insurance result 242 253 -4% Net fair value result 1,045 1,023 2% Other income 40 57 -30% Total operating income 11,743 12,0
Slide 7: Strong business volume growth, lower margins as expected
Net interest income Strong business volume growth, lower margins as expected Year-over-year bridge, EURm • Net interest income down 5% y/y, -5% as expected 1,854 86 1,765 355 40 • Strong lending and deposit growth 20 21 99 - Corporate lending up 8% - Mortgages up 1% Q424 Volumes Margins Deposit Trea
Slide 8: Continued growth, driven by savings and payments
Net fee and commission income Continued growth, driven by savings and payments Year-over-year bridge, EURm • Net fee and commission income up 3% y/y +3% 853 • Savings fee income up 1 7 3 3 5 - AuM up 13%, to EUR 478bn 18 825 - Net flows in Nordic channels (86% of AuM) EUR 4.8bn Q424 Asset Brok. & Pa
Slide 9: Higher customer activity and stronger market making
Net fair value result Higher customer activity and stronger market making Net fair value result, EURm • High customer activity in FX and +28% interest rate hedging 289 254 257 • Market making up, mainly driven 245 77 46 by rates products. Good activity 54 201 across different products 75 30 • Treasu
Slide 10: Costs down in line with plan
Costs Costs down in line with plan Year-over-year bridge, EURm • Total costs down due to stabilised -3% 1,434 strategic investment levels and 24 1,386 active cost management 30 21 5 16 - Underlying costs down, primarily driven 6 by reduction in number of employees - Investment levels in strategic ar
Slide 11: Very strong credit quality
Net loan losses and similar net result Very strong credit quality • Net loan losses and similar net result EUR 49m (5bp) Net loan losses and similar net result, EURm - Individual provisions and write-offs in line with normal fourth quarter and driven by corporates (mainly SMEs), -23 49 with no indus
Slide 12: Strong capital position
Capital Strong capital position • CET1 capital ratio 15.7% CET1 capital ratio development, % - 1.9 percentage points above regulatory requirement 15.9 -0.4 - Strong capital generation, with excess 0.7 -0.1 15.7 -0.5 0.1 0.1 ~15 deployed for volume growth and two new 1.5 share buy-back programmes 13.
Slide 13: Volume and NCI growth partly offset impact of lower deposit margins
Personal Banking Volume and NCI growth partly offset impact of lower deposit margins Total income, EURm -3% 1 188 1 184 • Mortgage volumes up 1%, deposit volumes up 5% and net 1 172 1 163 1 148 flows into retail funds strong at EUR 1.7bn 832 845 827 795 779 • Net interest income down 6% due to lower
Slide 14: Continued strong business volume growth partly offset lower deposit margins
Business Banking Continued strong business volume growth partly offset lower deposit margins Total income, EURm -3% • Lending volumes up 6% and deposit volumes up 5% 827 822 811 795 802 • Net interest income down 5% due to lower deposit margins 556 548 537 528 528 • Net fee and commission income up
Slide 15: Continued strong lending volume growth and strong ancillary income
Large Corporates & Institutions Continued strong lending volume growth and strong ancillary income Total income, EURm • Lending volumes up 10% +4% • Net interest income down 9% due to lower interest rates 620 581 586 561 554 • Net fee and commission income up 10%, driven by equities 349 334 318 326
Slide 16: Continued strong net flows in Nordic channels and high customer activity in Private Banking
Asset & Wealth Management Continued strong net flows in Nordic channels and high customer activity in Private Banking Total income, EURm • Continued high customer activity in Private Banking, with net flows of EUR 1.6bn, driven by Sweden and Finland -2% • Higher margin wholesale distribution channel
Slide 17: Why own Nordea
2030 financial targets Why own Nordea Return on equity >15% The best-performing financial services throughout period and significantly higher in 20301 group in the Nordics in 2030 Cost-to-income ratio2 40–42% Leading customer experience and faster-than- Supported by market income growth High credit
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Slide 19: Strong capital generation supporting returns
Supplementary information 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 divi
Slide 20: Net interest income sensitivity to policy rate changes
Supplementary information 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 rates*, EURm EURbn rates and pass-through ~100–150 31 32 33 34 36 - Act
Slide 21: Well-diversified portfolio, high-quality lending
Supplementary information Credit portfolio – real estate management industry (REMI)* Well-diversified portfolio, high-quality lending • Well-diversified portfolio across Lending volumes increasing slightly Diversified across countries Nordic markets Finland 36 38 35 32 34 8 17% • 91% of exposure tow
Slide 22: Solid LTVs, resilient interest coverage, high occupancy
Supplementary information 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 • 85% of exposures with LTV below 60% 68 65 62 62 64 47% - In event of 20% decline in mar
Slide 23: Low levels of risk exposure
Supplementary information Credit portfolio – real estate management industry (REMI)* Low levels of risk exposure Strong credit quality, with 96% of IFRS 9 Minimal REA impact even from 3-notch • Continued strong credit quality portfolio in stage 1 downgrade due to risk weight floors 53% • Only 4% of
Slide 24: Further reduction in high-risk exposure
Supplementary information Impairments and provisioning coverage Further reduction in high-risk exposure • Stage 2 loans stable at 5% of total Stage 2 and 3 loans at amortised cost, EURm loans - Decrease of EUR 1bn, driven by improved economic environment Stage 2 16,366 16,208 16,207 15,355 14,316 St