Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Kredit — Debt Investor Presentation (2026)
27 slides from Nordea Bank Abp's debt investor presentation, 2026
Slide 1: Nordea Kredit Covered Bonds Q1 2026 Debt Investor Presentation
Nordea Kredit Covered Bonds Q1 2026 Debt Investor Presentation
Slide 2: Table of contents
Table of contents 1. Nordea covered bond operations 3 2. Nordea Kredit in brief 5 3. Cover pool key characteristics 7 4. Asset quality 14 5. Underwriting criteria 17 6. Danish covered bond framework 19 7. Macroeconomy 21 8. Relevant links and contacts 26 2
Slide 3: 1. Nordea covered bond operations
1. Nordea covered bond operations 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: 2. Nordea Kredit - in brief
2. Nordea Kredit - in brief alee fee: tly Nordea
Slide 6: Nordea Kredit – in brief
Nordea Kredit – in brief • 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution • Operates as a mortgage credit institution with the purpose of granting mortgage credit loans funded by issuing mortgage credit bonds (covered bonds) • Founded in 1993 and supervised by th
Slide 7: 3. Cover pool key characteristics
3. Cover pool key characteristics 7
Slide 8: Cover pool key characteristics
Cover pool key characteristics Q1 2026 Outstanding covered bonds EUR 57.5bn Mortgage credit loans secured by mainly residential property Cover pool content (total: EUR 61.9bn including substitute assets)1 Geographic distribution Throughout Denmark with concentration in urban areas Weighted average L
Slide 9: Loan portfolio
Loan portfolio Q1 2026 Market share1 by property category Market share1 – overall 9 1) Market share of the Danish mortgage credit market (Loan balance)
Slide 10: Total loan portfolio (CC1 and CC2)
Total loan portfolio (CC1 and CC2) Q1 2026 Loan portfolio by loan type Share of interest-only mortgages 33.7% 34.3% 34.8% 35.8% 35.6% 25.5% 25.4% 25.5% 25.3% 26.0% 54.7% 53.2% 53.5% 53.3% 54.2% 40.8% 40.3% 39.7% 38.9% 38.4% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2
Slide 11: Loan portfolio
Loan portfolio Q1 2026 Loan balance by region Loan balance by property category North DK Other properties 3% Agricultural properties 2% 8% Central DK 21% Commercial properties 9% 46% Captital region 14% Residential property for rent 13% Southern DK 67% 17% Owner occupied residential property Zealand
Slide 12: Green Bonds
Green Bonds Q1 2026 Green lending by asset category Green lending by property category - EURm EURm 2,440 12 Green mortgage loans in Nordea Kredit must meet the criteria set out in the Nordea Green Funding Framework.
Slide 13: Financed emissions – and portfolio by EPCs
Financed emissions – and portfolio by EPCs Q1 2026 Financed emissions 1) Portfolio by EPCs 1, 3) Total Total Financed Financed Total volume Coverage emission emission emission emission Volume Type of property DKKbn Q4 (volume) Q4 tCO2 Q4 tCO2 Q4 CO2/DKKbn Q4 CO2/sqm Q4 EPC DKKbn Q4 Owner. occ. dwell
Slide 14: 4. Asset quality
4. Asset quality 14
Slide 15: Loan to value (LTV) – loans for residential and commercial properties
Loan to value (LTV) – loans for residential and commercial properties Q1 2026 Loan type Mortgage credit loans (residential) Mortgage credit loans (commercial) Weighted average LTV – indexed 52.9% 40.4% LTV buckets Nominal (EURm) % Loans Nominal (EURm) % Loans > 0 - ≤ 40 % 33,299 74.0% 8,222 78.4% >
Slide 16: Asset quality
Asset quality Q1 2026 Arrears (owner occupied dwellings and holiday homes) 1) 2) Loan to value (LTV) weighted average (all loans) 1) Arrears as a percentage of the scheduled payments – 3½ months after due date 2) The development in arrears for Nordea Kredit has been influenced by a pause of legal co
Slide 17: 5. Underwriting criteria
5. Underwriting criteria alee fee: tly Nordea
Slide 18: Underwriting criteria
Underwriting criteria Private households Corporates, agriculture etc. • Behavioural score and individual credit assessment are • A financial analysis of the customer is made, including conducted based on income information, e.g. payslips and tax adjustments for current market conditions information
Slide 19: 6. Danish covered bond framework
6. Danish covered bond framework 19
Slide 20: Danish covered bond framework
Danish covered bond framework • Legal framework • The Financial Business Act • The Mortgage-Credit Loans and Mortgage-Credit Bonds, etc. Act with several implementing executive orders • Registration • An issuing institution is required to maintain a static cover pool • Mortgage deeds must be registe
Slide 21: 7. Macroeconomy
7. Macroeconomy alee fee: tly Nordea
Slide 22: Nordic economic development
Nordic economic development Uncertainty GDP Unemployment rate GDP, % y/y, Economic Outlook January 2026 • The war in the Middle East and escalating geopolitical Country 2024 2025 2026E 2027E tensions has resulted in heightened uncertainty and substantially higher energy prices. The impact on the Den
Slide 23: Nordic economies: Upside risks
Nordic economies Upside risks Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB, Riksbank and Norges Bank kept their policy rate unchanged in March at 2.0%, 1.75% and 4.0%, respectively • The ECB is expected to hike rates four times in 2026 to 3.0% and keep rates steady during 2027,
Slide 24: Households: Normalisation
Households Normalisation Household debt Household savings Private consumption • Consumer confidence is mixed among Nordic households • However, the levels still remain below historical normal, particular for Danish and Finnish households, thus indicating continued caution • Household purchasing powe
Slide 25: Housing markets: Increased activity
Housing markets Increased activity Housing prices Households’ credit growth • Housing price 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 sl
Slide 26: 8. Relevant links and Contacts
8. Relevant links and Contacts 26
Slide 27: Links for more information and Contacts
Links for more information Nordea Kredit Legislation • Nordea Kredit ECBC harmonised transparency templates. • Danish mortgage credit institutions are supervised by the Danish FSA ECBC harmonised transparency templates Link: https://www.nordea.com/en/investor-relations/reports-and-presentations/bond