Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Debt Investor Presentation (2026)
49 slides from Nordea Bank Abp's debt investor presentation, 2026
Slide 1: Debt investor presentation Q3 2026
Debt investor presentation Q3 2026
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. Quarterly update 5 2. Credit quality 12 3. Capital, liquidity and funding 19 4. ESG 32 5. Macroeconomy 37 6. Appendix 42 3
Slide 4: Nordea today
Nordea today The largest financial services group in the Nordics Unique Nordic diversification and scale €705bn €1.5bn AA-/Aa3 Operating profit in Assets Credit rating Q3 2026 €358bn €509bn ~€59.5bn Assets under Loan portfolio management Market capitalisation ~28 400 EUR 0.96 EUR 0.26 Dividend per s
Slide 5: 1. Quarterly update
1. Quarterly update Nordea
Slide 6: Third-quarter highlights 2026: Executive summary
Third-quarter highlights 2026 Executive summary Solid performance amid seasonally more subdued activity levels - Return on equity1 15.1% and earnings per share EUR 0.35, broadly stable y/y Continued strong lending and deposit growth; assets under management at record EUR 509bn - Corporate lending up
Slide 7: Strong corporate volume growth; lower lending margins
Net interest income Strong corporate volume growth; lower lending margins Year-over-year bridge, EURm • Net interest income up 1% y/y +1% 76 1,799 • Strong lending and deposit growth 1,775 103 54 - Corporate lending up 8% 4 1 - Mortgages up 2% - Retail deposits up 4% Q325 Volumes Margins Deposit Tre
Slide 8: 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, rates1, EURm EURbn • NII impact largely driven by policy 36 38 38 39 rates and pass-through ~100–150 34 ~200–250 15 16 16 16 - Actual p
Slide 9: Continued strong growth in savings income
Net fee and commission income Continued strong growth in savings income • Net fee and commission income up Year-over-year bridge, EURm 9% y/y +9% • Savings fee income up 14%, driven 880 2 4 7 3 9 by higher average AuM 66 - Total AuM up 13%, to EUR 509bn – 811 all-time high - Investment product AuM u
Slide 10: Solid customer activity; market making affected by interest rate volatility
Net fair value result Solid customer activity; market making affected by extraordinary interest rate volatility in September Net fair value result, EURm • Stable contribution from -19% customer areas in seasonally 281 slower quarter 257 245 62 46 226 • Solid customer activity in FX and 75 19 198 rat
Slide 11: Costs flat before FX and regulatory fees
Costs Costs flat before FX and regulatory fees Year-over-year bridge, EURm +2% • Total costs flat y/y (excluding FX 1,353 and regulatory fees); strong cost 16 management 1,332 15 10 - Underlying costs up, mainly due to salary inflation and higher amortisation – partly mitigated by reduction in Q325
Slide 12: 2. Credit quality
2. Credit quality Nordea
Slide 13: Well diversified pan-Nordic financial service provider
Credit portfolio Well diversified pan-Nordic financial service provider Corporate lending 0.4% Media and entertainment Household lending 0.6% Accomodation and leisure 22% 0.7% Power production 0.7% Consumer durables 34% 0.8% Land transportation 0.9% Crops, plantations and hunting Lending 1.0% Retail
Slide 14: Strong credit quality
Net loan losses and similar net result Strong credit quality Net loan losses and similar net result, EURm • Net loan losses and similar net result EUR 74m (7bp) 74 74 0 - Moderate individual provisions, mainly 15 attributable to few closely monitored corporate customers 59 - Household net loan losse
Slide 15: Reduction in impaired exposures
Impairments and provisioning coverage Reduction in impaired exposures • Stage 3 ratio stable at 0.91% of total Stage 2 and 3 loans at amortised cost, EURm loans Stage 2 • Stage 2 loans unchanged at 5% of 15,355 14,316 14,466 14,526 14,809 Stage 3 total loans • Coverage ratio for stage 3 portfolio 3,
Slide 16: Well-diversified portfolio, high-quality lending
Credit portfolio – real estate management industry (REMI)* Well-diversified portfolio, high-quality lending Lending volumes increased Diversified across countries • Well-diversified portfolio across Denmark 40 41 41 Nordic markets 38 19% 36 8 8 8 8 7 Sweden • 92% of exposure towards low- 38% risk cu
Slide 17: 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 • 84% of exposures with LTV 66 61 62 66 64 49% below 60% 53 50 53 52 44% 49 - In event of 20% decline in market 27%
Slide 18: Low levels of risk exposure
Credit portfolio – real estate management industry (REMI)* Low levels of risk exposure Strong credit quality, with 97% of IFRS 9 portfolio in stage 1 • Continued strong credit quality • Only 3% of portfolio in stage 2 • 0.32% of portfolio impaired 95% 96% 96% 97% 97% - Few customers going into stage
Slide 19: 3. Capital, liquidity and funding
3. Capital, liquidity and funding 19
Slide 20: Strong capital position
Capital Strong capital position • CET1 ratio1 strong at 15.8% - 1.9 percentage points above regulatory requirement CET1 capital ratio1 development, % - CET1 capital1 up EUR 0.4bn – continued strong capital generation 15.7 0.7 -0.5 15.8 - Risk exposure amount up EUR 1.4bn, -0.1 0.1 -0.1 ~15.5 mainly
Slide 21: Strong capital position
Capital Strong capital position Capital position and requirements (%) • CET1 capital ratio1 15.8% 2.2% - 1.9 percentage points above regulatory requirement, corresponding to CET1 20.3% buffer of EUR 3.1bn 1.9% 18.1% 0.4% 15.8% 2.0% • Regulatory developments 0.3% 13.9% 1.5% - Amendments to Danish sys
Slide 22: Strong capital generation supporting returns
Capital excellence Strong capital generation supporting returns Steady compounder with strong track record • Capital philosophy reaffirmed Year Dividends & buy-backs, EURbn Average quarterly capital generation, bp - Strong capital generation; seek to deploy capital for profitable growth - Dividend p
Slide 23: Strong balance sheet structure
Balance sheet Strong balance sheet structure Q3 2026 Other assets Other liabilities Derivatives Derivatives • Total assets EUR 704bn Q3 2026 Cash and balances Funding <1 year Short-term funding with central banks - Strong balance sheet with Liquid assets deposits as primary source of Liquidity buffe
Slide 24: Strong liquidity position
Liquidity Strong liquidity position Liquidity buffer composition, EUR 129bn Currency split Asset split • Robust liquidity position - Liquidity coverage ratio (LCR) 160% 8% 15% SEK - Net stable funding ratio (NSFR) 120.5% 33% 34% Level 1 cash & central bank EUR 21% USD 32% Level 1 excl. covered bonds
Slide 25: Nordea global issuance; strong ratings
Long term funding Nordea global issuance 11% 6% 4% 7% 3 %3% 3% 4% 2% 5% Strong ratings 72% NOK 85 % Nordea Bank Abp (EUR 24bn eq.) • Moody’s Aa3 (stable outlook) 95 % SEK • S&P AA- (stable outlook) (EUR 31bn eq.) • Fitch AA (stable outlook) DKK 4% 15% 7% (EUR 53bn eq.) 13% 24 % 13% 17 % 51% 12 % 29
Slide 26: Solid funding operations
Covered Bond Awards 2026 Global Capital Wholesale funding Best ESG Issuer Solid funding operations Total wholesale funding, EUR 216bn • Long-term issuance* 3% 6% 3% - EUR 23.6bn issued year to date, where of EUR 17.9bn in covered CD & CP above 1Y 8% bonds and EUR 5.7bn in senior format CD & CP below
Slide 27: Enhanced focus on sustainable funding
Covered Bond Awards 2026 Sustainability at the core Global Capital ESG Deal of the Year Best ESG Deal Enhanced focus on sustainable funding Nordea’s green bond asset portfolio, EUR 26.6bn • EUR 26.6bn assets available for green funding 2%5% Green buildings 5% 21 % - EUR 9.1bn in NBAbp green bond ass
Slide 28: 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 Q2 2026 Legislation Norwegian Swedish Danish Finnish Cover pool assets Norwegian residential Swedish residentia
Slide 29: 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 Mortgage Bank Covered EUR 1,250 Fixed/FRN Sept-26 Sep-29/Sep-33 Nordea Bank Senior preferred, Green CHF 200 Fixed Aug-26 Aug-34 Nordea Bank Senior pre
Slide 30: MREL positions and requirements, EUR bn
Minimum requirements for own funds and eligible liabilities MREL positions and requirements, EUR bn MREL requirements – Set by Single Resolution Board (SRB) in Q1 2026 4.7 Subordinated MREL 13.8 – EUR 5.6bn above constraining requirement 5.6 of 23% of REA (EUR 37.9bn) 10.3 – Subordinated requirement
Slide 31: 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 period in its Start End optional capital instruments in 2021 to increase flexibility Type ISIN CCY Size (m) Coupon Issue date optional par par call period/ in connection wi
Slide 32: 4. ESG
4.ESG Nordea
Slide 33: Our sustainability targets
Sustainability at the core Our sustainability targets 2050 2030 Objective Objective Climate targets based on science-based pathways to reduce emissions across own operations, lending and investments portfolios. Achieve Reduce carbon • Own operations: -50% reduction of emissions in targeted areas net
Slide 34: Nordea is well on-track to reach its 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 -0.5 10 5 0 Base ye
Slide 35: Continued progress on climate targets in our 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 36: Supporting customers in the sustainability transition
Sustainability at the core Supporting customers in the sustainability transition Green assets and sustainability-linked loans Nordea Asset Management • MSCI ESG rating upgraded to AAA Total volumes, EURbn Assets under management, EURbn (industry best) 14.9% 15.6% 13.0% 355 • BetaPlus range one of Eu
Slide 37: 5. Macroeconomy
5. Macroeconomy Nordea
Slide 38: Resilience in motion
Nordic economic development Resilience in motion GDP Unemployment rate GDP, % y/y, Economic Outlook September 2026 • The Nordic economies are navigating higher energy prices and continued geopolitical uncertainty with Country 2025 2026E 2027E 2028E resilience. Growth patterns differ, but the common
Slide 39: Higher rates
Nordic economies Higher rates Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB and Norges Bank hiked rates to 2.50% and 4.50%, respectively, in Q3. The Riksbank kept its rate unchanged at 1.75% • According to Nordea’s forecast, the ECB is expected to hike rates once more in 2026 and
Slide 40: Resilience
Households Resilience Household debt Household savings Private consumption • Consumer confidence has strengthened in Sweden and Finland, while Denmark and Norway remain below their historic normal in Q3 • Private consumption is growing in most Nordic countries. Households’ savings rates are declinin
Slide 41: Activity holds up
Housing markets Activity holds up Housing prices Households’ credit growth • Housing prices continue to rise in Norway and Denmark. Prices in Sweden are increasing, but still below the previous peak. The development in Finland remain sluggish with falling prices • Policy rates are expected to rise,
Slide 42: 6. Appendix
6. Appendix Nordea
Slide 43: 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 ~10bp1 1bp 5bp CET1 ratio ~15%, 150bp mg
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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