Danske Bank A/s · OMXCOP:DANSKE
Danske Bank A/s — Q1 2026 Earnings Presentation
48 slides from Danske Bank A/s's earnings presentation, Apr 30, 2026
Slide 1: Financial results Q1 2026 – Conference call, Strategy Update
Financial results Q1 2026 Conference call – Strategy Update April 30, 2026 Danske Bank 1
Slide 2: Executive summary: Solid start to the year; new financial targets announced
Executive summary: Solid start to the year driven by commercial momentum; new financial targets announced Raising ambitions with new 2028 targets Q1 26 highlights ➢ Beneficial operating environment and macro backdrop in the Nordics underpin sustained commercial momentum, notwithstanding market volat
Slide 3: Business units: Good customer activity drives higher deposit and loan volumes
Business units: Good customer activity across segments drives higher deposit and loan volumes Personal Customers Business Customers Large Corporate & Institutions Highlights ➢ Higher income driven by deposit and bank lending ➢ Stable financial performance primarily due to ➢ Total income supported by
Slide 4: Solid financial performance in the core income lines and cost management in line with plan
Solid financial performance in the core income lines and cost management in line with plan Income statement (DKK mn) Highlights Q1 26 Q1 25 Index Q4 25 Index ➢ Q1 26/Q1 25: Total income supported by growing core income Net interest income 9,340 9,020 104 9,453 99 with NII and fee income underpinned
Slide 5: Core banking income: Solid trajectory driven by NII and fee income
Core banking income: Solid trajectory driven by positive trend in NII and fee income, from higher business volumes and continued customer-driven activity Resilient NII underpinned by continued growth in volumes and Fee income lower due to seasonality and market dynamics – structural hedge continued
Slide 6: Trading income & expenses
Trading income & expenses: Positive effect from stronger customer activity in Q1 offset by valuation adjustments in Treasury; Q1 cost lower Q/Q due to seasonality Trading income: Underlying customer activity is sound - Expenses: Disciplined cost management with Q1 trajectory in impacted by valuation
Slide 7: Credit quality & capital: Strong credit quality; robust capital generation
Credit quality & capital: Strong credit quality and prudent macro scenarios; robust capital generation Impairments: Strong credit quality drives net reversals Solid capital generation with CET1 capital ratio of 17.7% Credit quality deterioration PMAs Macro models CET1 capital requirement CET1 buffer
Slide 8: Forward '28 strategy update
Forward ’28 strategy update Danske Bank on track to fulfill its 2028 ambitions Strategy Update April 30, 2026 Danske Bank 8
Slide 9: Forward '28 strategy communicated in June '23
Forward ’28 strategy communicated in June ’23 Business plan for growth and profitability Original 2026 targets Three strategic priorities from June ’23 from June ’23 Growth in focus segments Disciplined capital return & cost Strong capital generation & low risk 13% Return on Equity ➢ Leading wholesa
Slide 10: Strong financial performance with raised ambitions for 2028
Strong financial performance… ...with raised ambitions for 2028 Financial strength and resilience Financial targets for 2028 Return on Equity On track for 2026 target 12.7% 13.3% >14.5% ≤43% 13% Return on Equity Cost-to-Income ratio Cost-to-Income 48.5% 45.5% DKK ~63 bn ~16% ~45% Total income CET1 r
Slide 11: Focused and profitable growth agenda
Focused and profitable growth agenda Key financials above market growth (2023-25) Accelerating momentum in focus customer segments +5% +10% +30% total lending growth total income growth total AUM growth ➢ Growing Affluent and Private Banking with +11% bank lending growth1 with +19% fee income growth
Slide 12: Forward '28 execution well on track across business units
Forward ’28 execution well on track, with standout achievements across business units On track for 2026 target2 Execution progress across business units since 2023 Status in FY2025 Personal • Strengthened Affluent & Private Banking momentum (+8% net growth in Return on Allocated Capital3 of 32% Priv
Slide 13: Clear strategic focus areas to continue scalable growth towards 2028
Clear strategic focus areas to continue scalable growth towards 2028 Personal Customers Business Customers Large Corporates & Institutions Elevating customer engagement Boosting commercial strength Accelerating our momentum Strategic Continue growth in Private Banking, Continue growth in prioritised
Slide 14: Strategic investments in digital and technology establish a platform for AI and growth
Strategic F’28 investments in digital and technology have established a future-ready platform for AI and growth On track for 2026 target Execution progress of One Platform strategy - examples Targets for 2028 vs. 2023 Digital Data and AI capabilities Technology For our customers For our engineers Fo
Slide 15: A leading AI and tech bank in the Nordics
A leading AI and tech bank in the Nordics Key achievements so far Pre-2026 2026-28 AI embedded in software Setting up for success with first results Scaling AI across the bank development, with ~95% ➢ Developed bank-wide AI strategy Deploying agentic AI across Danske Bank to … developer adoption of
Slide 16: On track to deliver on our financial commitments
On track to deliver on our financial commitments Danske Bank 16
Slide 17: 2026 guidance and new targets for 2028
Current 2026 RoE guidance >13%, exceeds initial target from CMD’23; New targets for 2028 highlight raised ambition On track for 2026 target FY2025 Guidance for 2026 New targets for 2028 Return on Equity 13.3% >13% >14.5% (Initial Target1: 13%) Cost-to-Income 45.5% ~45% ≤43% Loan losses 2 bps DKK 1 b
Slide 18: Strengthening our financial position over the coming years
Strengthening our financial position over the coming years 2028 targets Sustainable income growth across ➢ Continue to grow in focus segments across the Nordics, building on strong momentum in LC&I, Mid-corporates, Private Banking & Affluent ~63 DKK bn segments and ➢ Continue to deepen customer rela
Slide 19: Sustainably growing our topline with diversified income streams
Sustainably growing our topline with diversified income streams Income development (DKK bn), 2025-2028T ~63 ~52 ~57 2023 FY2025 NII Fee income Trading, insurance 2028T and other income Share of 2028 NII contribution Share of 2028 fee income contribution Other Other • PC – Growing volumes especially
Slide 20: Focus on cost discipline and investments towards 2028
Focus on cost discipline and investments towards 2028 Cost efficiency improved Cost development (C/I ratio), 2025-2028T Total costs, DKK bn by ~3 pp. since 2023, ~25.5 ~25.8 <27.0 mitigating inflationary pressure and normalising Tech and AI benefits of FCRP and remediation costs 48.6% DKK ~2.0 bn Im
Slide 21: Capital update: New CET1 target, extraordinary dividend and revised dividend policy
Capital update: New CET1 target, extraordinary dividend and revised Strong capital position deployed for growth and shareholder distribution ordinary dividend policy ➢ Strong capital generation and reduced legacy risk position the Group to normalise capital levels, enable growth and sustainable shar
Slide 22: Focused growth, productivity and capital efficiency driving higher profitability
Focused growth, productivity and capital efficiency driving higher profitability Return on Equity development, 2025-2028T Disciplined reinvestment into growth in focus segments, driving profitable income >14.5% expansion Structural cost efficiencies driven by productivity benefits from tech and AI T
Slide 23: Concluding remarks
Concluding remarks Danske Bank 23
Slide 24: Strengthening our position as a focused Nordic leader
Strengthening our position as a focused Nordic leader Targets for 2028 with strong profitability and leading digital solutions >14.5% Return on Equity Growth across High productivity Strong capital segments and markets across organisation generation & risk mgmt. DKK ~63 bn total income ➢ Continue to
Slide 25: Q&A
Q&A Danske Bank 25
Slide 26: Supplementary investor material
Supplementary investor material Danske Bank 26
Slide 27: Main assumptions behind our 2028 plans
Main assumptions behind our 2028 plans Denmark Finland Sweden Norway Interest rates, 3 month, % Inflation, % 10 10 8 6 8 6 3-4% 4 4 2 2 Lending growth p.a. 0 0 2025 2026 2027 2028 2025 2026 2027 2028 Real GDP growth, % Unemployment, % 10 10 8 6 8 6 1-2% 4 4 Deposit growth p.a. 2 2 0 0 2025 2026 2027
Slide 28: Personal Customers Investor material
Personal Customers Investor material Strategy update Danske Bank 28
Slide 29: Personal Customers: Elevating customer engagement
Financial and strategic KPIs Personal Customers: On track for 2026 target Elevating customer engagement Financial targets Strategic targets ROAC1 Target2 for 2026 Targets2 for 2026 Targets for 2028 vs. 2025 >29% +40k +10% 29% 32% ~33% new customers with increase in number of business volumes custome
Slide 30: Personal Customers: Clear progress and commercial momentum in execution
Execution progress since 2023 Personal Customers: Clear progress and commercial momentum in execution Build new relationships PC market focus for F’28 strategy period Lower Higher ➢ Strengthened momentum in Affluent and Private Banking, with record-high customer satisfaction ➢ Reclaimed #1 leadershi
Slide 31: Personal Customers: Clear strategic focus areas towards 2028
Strategic focus towards 2028 Personal Customers: Clear strategic focus areas towards 2028 Broaden existing Make relationships more Growth targets Build new relationships 2025 2028T relationships efficient Income ROAC ➢ Win full customer relationships ➢ Scale holistic advisory through ➢ Scale agentic
Slide 32: Personal Customers: Financial outlook towards 2028
Impairment adjustment2 in 2025-28 Return on Allocated Capital1 (%) ~33% Financial outlook towards 2028 32% Personal 31% Customers: FY2025 Income Cost Capital effects 2028T Elevating Cost-to-Income ratio (%) customer engagement 52% ~48% FY2025 Income growth Inflation Cost of growth Productivity 2028T
Slide 33: Business Customers Investor material
Business Customers Investor material Strategy update Danske Bank 33
Slide 34: Business Customers: Boosting commercial strength
Financial and strategic KPIs Business Customers: On track for 2026 target Boosting commercial strength Financial targets Strategic targets ROAC1 Target2 for 2026 Targets2 for 2026 Targets for 2028 vs. 2025 >21% +5% +5% in annual growth in CAGR in Daily Banking 23% 22% Daily Banking fees fees across
Slide 35: Business Customers: Strong progress in Forward '28 strategy execution
Execution progress since 2023 Business Customers: Strong progress in Forward ’28 strategy execution Win prioritised segments & scale digital engagement BC growth focus for F’28 strategy period Lower Higher ➢ Accelerated acquisition of mid corporates with advanced and international needs ➢ Scaled glo
Slide 36: Business Customers: Clear strategic focus areas towards 2028
Strategic focus towards 2028 Business Customers: Clear strategic focus areas towards 2028 Win prioritized segments Strengthen & leverage Differentiate through Growth targets 2025 2028T & scale digital engagement One Corporate Bank leading advisory Income ROAC ➢ Accelerate growth in mid-sized ➢ Deliv
Slide 37: Business Customers: Financial outlook towards 2028
Impairment adjustment2 in 2025-28 Return on Allocated Capital1 (%) 22% Financial outlook towards 2028 ~19% Business 19% Customers: FY2025 Income Cost Capital effects 2028T Boosting Cost-to-Income ratio (%) commercial strength 38% ~36% FY2025 Income growth Inflation Cost of growth Productivity 2028T
Slide 38: Large Customers & Institutions Investor material
Large Customers & Institutions Investor material Strategy update Danske Bank 38
Slide 39: Large Corporates & Institutions: Accelerating our momentum
Financial and strategic KPIs Large Corporates & Institutions: On track for 2026 target Accelerating our momentum Financial targets Strategic targets ROAC1 Target2 for 2026 Targets2 for 2026 Targets for 2028 vs. 2025 >18% +5% +5% in annual growth in CAGR in Daily Banking 24% ~28% Daily Banking fees f
Slide 40: Large Corporates & Institutions: A competitive platform for profitable growth
Execution progress since 2023 Large Corporates & Institutions: A competitive platform for profitable growth Continue corporate growth journey LC&I growth focus for F’28 strategy period Lower Higher ➢ Onboarded ~90 new corporate customers outside Denmark with attractive profitability ➢ Strengthened c
Slide 41: Large Corporates & Institutions: Clear strategic focus areas towards 2028
Strategic focus towards 2028 Large Corporates & Institutions: Clear strategic focus areas towards 2028 Continue corporate Strengthen & leverage Deepen and scale Nordic Growth targets 2025 2028T growth journey One Corporate Bank institutional relationships Income ROAC ➢ Continue to grow market ➢ Unlo
Slide 42: Large Corporates & Institutions: Financial outlook towards 2028
Impairment adjustment2 in 2025-28 Return on Allocated Capital1 (%) ~28% Financial outlook towards 2028 26% Large Corporates 24% & Institutions: FY2025 Income Cost Capital effects 2028T Accelerating our Cost-to-Income ratio (%) momentum 40% ~38% FY2025 Income growth Inflation Cost of growth Productiv
Slide 43: Digital & Technology Investor material
Digital & Technology Investor material Strategy update Danske Bank 43
Slide 44: Digital & Technology: Forward '28 transformation building on the one platform foundation
Digital & Technology strategy Digital & Technology: Our Forward ’28 digital and technology transformation building on the one platform foundation Technology Digital Technology run cost Leading digital reduction solutions Productivity Extended increase partner offering One & client integrations platf
Slide 45: Digital & Technology: Strong execution on our secure and future-ready tech platform
Execution progress since 2023 Digital & Technology: Strong execution on our secure and future-ready tech platform On track for 2026 target Execution progress of One Platform strategy since 2023 Targets1 for 2026 Digital Improved customer journeys Data and AI capabilities Initiated high-impact AI use
Slide 46: Digital & Technology: Strategic investments in tech, with a growing focus on AI
Strategic focus towards 2028 Digital & Technology: Strategic investments in tech, with a growing focus on AI Strategic focus areas in One Platform strategy towards 2028 Targets for 2028 vs. 2023 >2x Digital Data and AI capabilities Technology Accelerate end-to-end digital Scale unified data platform
Slide 47: AI transformation already delivering impact at scale across the bank
AI transformation already delivering impact at scale across the bank EXAMPLES AI-enabled software Agentic AI in corporate credit AI-enabled service automation development ➢ Building an AI-native software delivery ➢ Transforming corporate credit into end-to- ➢ Scaling AI-powered customer assistance e
Slide 48: Danske Bank
Danske Bank