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, Apr 7, 2026
Slide 1: Nordea Kredit Covered Bonds Q4 2025 Debt Investor Presentation
Nordea Kredit Covered Bonds Q4 2025 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 Q4 2025 Outstanding covered bonds EUR 57.0bn Mortgage credit loans secured by mainly residential property Cover pool content (total: EUR 61.4bn including substitute assets)1 Geographic distribution Throughout Denmark with concentration in urban areas Weighted average L
Slide 9: Loan portfolio
Loan portfolio Q4 2025 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) Q4 2025 Loan portfolio by loan type Share of interest-only mortgages 33.5% 33.7% 34.3% 34.8% 35.8% 25.4% 25.5% 25.9% 25.6% 25.3% 53.5% 53.2% 53.5% 53.3% 54.4% 41.1% 40.8% 40.3% 39.7% 38.9% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2
Slide 11: Loan portfolio
Loan portfolio Q4 2025 Loan balance by region Loan balance by property category North DK Other properties 3% Agricultural properties 3% 8% Central DK 21% Commercial properties 9% 46% Captital region Residential property for rent 13% 13% Southern DK 67% 17% Owner occupied residential property Zealand
Slide 12: Green Bonds
Green Bonds Q4 2025 Green lending by asset category Green lending by property category - EURm 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 Q4 2025 Financed emissions 1) Portfolio by EPCs 1, 3) Total Total Financed Financed Total volume Coverage emission emission emission emission Volume Type of property DKKbn Q3 (volume) Q3 tCO2 Q3 tCO2 Q3 CO2/DKKbn Q3 CO2/sqm Q3 EPC DKKbn Q3 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 Q4 2025 Loan type Mortgage credit loans (residential) Mortgage credit loans (commercial) Weighted average LTV – indexed 52.1% 40.3% LTV buckets Nominal (EURm) % Loans Nominal (EURm) % Loans > 0 - ≤ 40 % 32,958 72.8% 7,962 78.3% >
Slide 16: Asset quality
Asset quality Q4 2025 Arrears (owner occupied dwellings and holiday homes) 1) 2) Loan to value (LTV) weighted average (all loans) 3) 55% 50% 49.0% 48.6% 48.2% 48.2% 47.5% 45% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1) Arrears as a percentage of the scheduled payments – 3½ months after due date 2) Th
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: Improved outlook
Nordic economic development Improved outlook GDP Unemployment rate • Reduced uncertainty regarding international trade and GDP, % y/y, Economic Outlook September 2025 more accommodative financial conditions support the Country 2024 2025E 2026E 2027E global economy, which stands on firmer grounds. Ho
Slide 23: On hold
Nordic economies On hold Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB, Riksbank and Norges Bank kept their policy rates unchanged in December at 2.00%, 1.75% and 4.00%, respectively. • The ECB is expected to leave its policy rate unchanged at 2.00% until year-end 2026. Thereafte
Slide 24: Normalising
Households Normalising Household debt Household savings Private consumption • Consumer confidence recovered during 2025 in Sweden, Norway and Finland, but less so in Denmark • However, consumer confidence remain below historical levels, particular in Denmark, thus indicating continued caution among
Slide 25: Increased activity
Housing markets Increased activity Housing prices Households’ credit growth • Housing price developments 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. Home prices in Finland remains low w
Slide 26: 8. Relevant links and Contacts
8. Relevant links and Contacts 26
Slide 27: Links for more information 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