Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Debt Investor Presentation (March 2026)
51 slides from Nordea Bank Abp's debt investor presentation, March 2026
Slide 1: Debt investor presentation Q4 2025
Debt investor presentation Q4 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: Table of contents
Table of contents 1. Strategy update 5 2. Quarterly update 14 3. Credit quality 21 4. Capital, liquidity and funding 27 5. ESG 39 6. Macroeconomy 44 3
Slide 4: Nordea today
Nordea today The largest financial services group in the Nordics Unique Nordic diversification and scale €654bn €6.3bn AA-/Aa2 Operating profit Assets Credit rating 2025 €346bn €478bn ~€55bn Assets under Loan portfolio management Market capitalisation ~29 000 EUR 0.96 EUR 0.26 Proposed dividend Shar
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 ~10bp* 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
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 16: Net interest income: strong volume growth, lower margins
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 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 rates*, EURm EURbn rates and pass-through ~100–150 31 32 33 34 36 - Actual pass-through varying b
Slide 18: Net fee and commission income
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 19: Net fair value result
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 20: 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 21: 3. Credit quality
3. Credit quality Nordea
Slide 22: Credit portfolio
Credit portfolio Well diversified pan-Nordic financial service provider Corporate lending 0.6% Accomodation and leisure 0.7% Power production Household lending 23% 0.7% Consumer durables 0.8% Land transportation 34% 0.9% Crops, plantations and hunting 1.0% Fishing and aquaculture 1.0% 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 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 24: Further reduction in high-risk exposure
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 Stage 3 • Stage 3 loans down
Slide 25: Credit portfolio – real estate management industry
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 towards low- 7 7 7 6 risk cus
Slide 26: Solid LTVs, resilient interest coverage, high occupancy
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 market 54 52 51 41% 50 49 val
Slide 27: 4. Capital, liquidity and funding
4. Capital, liquidity and funding 27
Slide 28: Strong capital position
Capital Strong capital position CET1 capital ratio development, % • CET1 capital ratio 15.7% 15.9 0.7 -0.4 -0.1 15.7 -0.5 0.1 0.1 ~15 - 1.9 percentage points above regulatory 1.5 requirement 13.8 - Strong capital generation, with excess deployed for volume growth and two new Q325 Profit Dividend Vol
Slide 29: Strong capital position: requirements
Capital Strong capital position Capital position and requirements (%) 3.2% • CET1 capital ratio 15.7% 21.2% - 1.9 percentage points above regulatory requirement, corresponding to CET1 1.9% 18.0% 0.4% buffer of EUR 3.1bn 15.7% 2.0% 13.8% 0.3% 1.5% • Regulatory developments 1.7% 1.7% - CET1 requiremen
Slide 30: 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 31: Strong balance sheet structure
Balance sheet Strong balance sheet structure Q4 2025 Other assets Other liabilities • Total assets EUR 654bn Q4 2025 Derivatives Derivatives Cash and balances - Strong balance sheet with with central banks Funding <1 year Short-term funding deposits as primary source of Liquid assets funding Liquidi
Slide 32: Strong liquidity position
Liquidity Strong liquidity position Liquidity buffer composition, EUR 118bn Currency split Asset split • Robust liquidity position - Liquidity coverage ratio (LCR) 171% 8% 16% SEK - Net stable funding ratio (NSFR) 123.7% 30% 36% Level 1 cash & central bank EUR 15% 33% Level 1 excl. covered bonds USD
Slide 33: Nordea global issuance and strong ratings
Long term funding Nordea global issuance 3% 12% 7% 2%3% 3% 4% 6% Strong ratings 74% Nordea Bank Abp NOK 85% • Moody’s Aa2 (stable outlook) (EUR 21bn eq.) SEK • S&P AA- (stable outlook) 96% (EUR 33bn eq.) • Fitch AA- (stable outlook) DKK 5% 13% 22% (EUR 53bn eq.) 16% 16% 28% 42% 23% 16% 18% 54% 23% N
Slide 34: Solid funding operations
Wholesale funding Solid funding operations Total wholesale funding, EUR 206bn 3% • Long-term issuance* 7% 4% Scandinavian covered bonds EUR covered bonds - EUR 5.1bn issued during Q4 8% 21% - EUR 2.9bn in covered bonds and EUR 2.2bn in senior format Senior preferred bonds 8% Senior non-preferred bon
Slide 35: Enhanced focus on sustainable funding
Sustainability at the core Enhanced focus on sustainable funding Nordea’s green bond asset portfolio, EUR 25.2bn • EUR 25.2bn 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 36: 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 Q3 Legislation Norwegian Swedish Danish Finnish Cover pool assets Norwegian residential Swedish residential Dan
Slide 37: 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 Hypotek Covered, Green SEK 7,000 Fixed Nov-25 Nov-30 Nordea Mortgage Bank Covered EUR 1,000 Fixed Nov-25 Nov-30 Nordea Bank Senior preferred, SLL SEK
Slide 38: MREL positions and requirements
Minimum requirements for own funds and eligible liabilities MREL positions and requirements, EUR bn Subordinated MREL – EUR 3.4bn above constraining requirement 12.0 7.3 of 27% of REA incl. combined buffer requirement 3.4 12.6 Total MREL 51.2 – EUR 7.3bn above constraining requirement 43.1 of 32.0%
Slide 39: 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 option in its capital instruments in 2021 to increase flexibility Start optional Type ISIN CCY Size (m) Coupon Issue date par call period Reset date in connection with refi
Slide 40: 5. ESG
5. ESG Nordea
Slide 41: Net-zero emissions bank by 2050 at the latest
Sustainability at the core Our long-term sustainability objectives supported by short-term targets Our sustainability objectives CO2 Become a net-zero emissions bank by 2050 at the latest Gender balance 40-50% 50% reduction in emissions across investment and lending portfolios reduction in emissions
Slide 42: 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 10 -0.5 5 0 Base ye
Slide 43: Continued progress on climate targets in 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 44: Engaging customers to drive sustainable growth
Sustainability at the core We engage with our customers to drive sustainable growth Green assets and sustainability-linked loans Sustainable finance facilitation1 • Facilitated EUR 235bn in Total volumes, EURbn Accumulated volumes, EURbn sustainable financing since 14.9% start of 2022 13.0% 235 11.8
Slide 45: 6. Macroeconomy
6. Macroeconomy Nordea
Slide 46: Uncertainty
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 47: Upside risks
Nordic economies Upside risks Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB, Riksbank and Norges kept their policy rate unchanged in March at 2.00%, 1.75% and 4.00%, respectively • The ECB and Riksbank is expected to leave their policy rates unchanged until year-end. Thereafter,
Slide 48: 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 49: 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 50: Economic strength, stable macro underpinning 2030 plan
Key planning assumptions1 Economic strength, stable macro underpinning 2030 plan Real GDP growth (%) Interest rates (3-month, %) Key assumptions 3 5 Nordic lending market growth 4 ~3% CAGR 2025–30 2 3 1 2 Equity market return 1 +7% CAGR 2025–30 0 0 2025 2026 2027 2028 2029 2030 2025 2026 2027 2028 2
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
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