Jyske Bank A/s · OMXCOP:JYSK
Jyske Bank A/s — Q4 2025 Earnings Presentation
44 slides from Jyske Bank A/s's earnings presentation, Feb 5, 2026
Slide 1: Q4 2025 Investor Presentation
Q4 2025 Investor Presentation 5 February 2026
Slide 2: Contents
Investor Presentation 2 Contents 1 Summary 2 2 Highlights 6 Q4 2025 3 Financials 14 Summary 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 42
Slide 3: Highlights
Summary (1/3) | Highlights 3 Highlights Strong end to 2025 – Record-setting Outlook for 2026 and above guidance capital distribution new capital targets Net profit of DKK 5.4bn and EPS of DKK 85 Increasing capital distribution 20% y/y to Outlook for net profit of DKK 4.3bn-5.1bn in 2025, above outlo
Slide 4: Increasing EPS 18% y/y despite lower policy rates
Summary (2/3) | Financials 4 Increasing EPS 18% y/y despite lower policy rates EPS up 18% y/y in Q4 2025 Net profit of DKK 1,422m in Q4 2025 Strong asset management momentum Earnings per share (DKK) Profit/loss statement Business volumes (index) DKKm Q4’25 Index, y/y Index, q/q 130 Net interest inco
Slide 5: Outlook for earnings per share of DKK 71-85 in 2026
Summary (3/3) | Outlook 5 Outlook for earnings per share of DKK 71-85 in 2026 Normalising value adjustments and cost of risk in 2026 Lower in 2026 than in 2025 Core income Primarily caused by lower level of value adjustments Earnings per share (DKK) Slightly lower in 2026 than in 2025 71-85 Core exp
Slide 6: Highlights
Investor Presentation 6 Contents 1 Summary 2 2 Highlights 6 Q4 2025 3 Financials 14 Highlights 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 43 8 Calendar and contacts 46
Slide 7: 2028 strategy progressing well
Highlights (1/7) 7 2028 strategy progressing well Financial targets Priorities Select deliveries and initiatives in 2025 • Automated data collection for credit processing – higher quality and speed #1 Private Banking customer satisfaction • Comprehensive training programme in customer focused leader
Slide 8: Net interest income stabilising
Highlights (2/7) 8 Net interest income Net interest income increased 1% q/q in Q4 2025 stabilising Net interest income (DKKm) 2,800 2,600 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1,000 Note: Please note that a positive tax-related one-off of DKK 38m was booked in Q4 2025, entailing a slight 2020 20
Slide 9: Improved personal customer momentum
Highlights (3/7) 9 Improved personal Gaining market share amid higher customer satisfaction customer momentum Mortgage loans for personal customers (nominal, y/y) 8% 6% 4% 2% 0% Handelsbanken Denmark acquisition -2% -4% First mover on negative deposit rates, several organisational changes, significa
Slide 10: Higher activity levels
Highlights (4/7) 10 Higher activity Net fee income up 11% in 2025 and 45% in five years levels Net fee and commission income (DKKm) 3,039 2,738 2,529 2,579 2,308 2,091 Note: Growth in 2025 mainly caused by higher fee and commission income from asset management as well as 2020 2021 2022 2023 2024 202
Slide 11: Total costs to decrease in 2026
Highlights (5/7) 11 Total costs to Total costs increased 1% y/y amid elevated level of one-off items decrease in 2026 Core expenses and Integration/restructuring costs (DKKbn) 2028 target Aiming to keep costs flat from 2024 level of DKK 6.6 6.5 6.5bn, with primary target of C/I ratio <50%. 6.3 Acqui
Slide 12: Record-setting capital distribution
Highlights (6/7) 12 Record-setting Total capital distribution up 20% y/y to DKK 4.5bn capital distribution Capital distribution (DKKm) 5,000 Dividend Share repurchase programme 4,500 Record-setting DKK 3bn share buyback announced in addition to all-time high DKK 25 dividend per share. 4,000 Updated
Slide 13: Capital targets lowered
Highlights (7/7) 13 Capital targets Targeting c. 15% CET1, entailing a strong capital position lowered CET1 capital requirement vs. capital position 17.5% Reservations for expected payouts 1.4% CET1 target c. 15.0% CET1 ratio 16.1% Systemic risk buffer1 0.9% Countercyclical buffer 2.4% Capital conse
Slide 14: Financials
Investor Presentation 14 Contents 1 Summary 2 2 Highlights 6 Q4 2025 3 Financials 14 Financials 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 42
Slide 15: Net interest income showing signs of stabilisation
Financials (1/7) | Net interest income 15 Net interest income showing signs of stabilisation Stable policy rates Net interest income down 2% y/y Net interest income up 1% q/q The average Danish policy rate was unchanged in Q4 vs. Q3 2025, leaving limited impact from rate changes. Net interest income
Slide 16: Net fee income at all-time high level in Q4 2025
Financials (2/7) | Net fee and commission income 16 Net fee income at all-time high level in Q4 2025 Asset management and custody +6% y/y to DKK 507m in Q4 Net fee income up 7% y/y Higher AuM and mortgage fees Continued growth of assets under management. Net fee and commission income (DKKm) Net fee
Slide 17: Continued positive development in financial markets
Financials (3/7) | Value adjustments and investment portfolio earnings 17 Continued positive development in financial markets Value adjustments remained at a strong level in Q4 2025 Investment portfolio earnings also underpinned by healthy value adjustments in Q4 2025 Value adjustments (DKKm) Invest
Slide 18: High level of other income in Q4 2025
Financials (4/7) | Other income 18 High level of other income in Q4 2025 Other income rose significantly compared to the year before Impairment charges for operating lease assets at higher level due to changed seasonality of dividends from shares in Q4 2025 Other income (DKKm) Income from operating
Slide 19: Healthy underlying cost development
Financials (5/7) | Costs 19 Healthy underlying cost development Significant one-off expense booked Underlying expenses up 2% y/y Significant one-off item in Q4 2025 Covering up to DKK 200m of expected expenses for the expansion of Bankdata with AL and Vestjysk Bank. Core expenses (DKKm) Core expense
Slide 20: Credit quality remains solid
Financials (6/7) | Credit quality 20 Credit quality remains solid Loan impairment charges amounted to DKK 24m in Q4 2025, Cost of risk at 0bp in Q4 2025 Lower share of non-performing loans equivalent to a cost of risk of 0bp. Cost of risk and post-model adjustments buffer (bp) Exposure by IFRS 9 sta
Slide 21: Strong capital position following historic payout
Financials (7/7) | Capital and funding 21 Strong capital position following historic payout Solid capital position: CET1 ratio incl. reservations for Underlying CET1 build of 0.1pp q/q REA increased 3% q/q expected payouts of 17.5% vs. c. 15% target. REA up 3% q/q due to (1) changed timing of the ye
Slide 22: Volumes
Investor Presentation 22 Contents 1 Summary 2 2 Highlights 6 Q4 2025 3 Financials 14 Volumes 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 42
Slide 23: Higher business volumes in Q4 2025
Volumes (1/5) | Business volumes 23 Higher business volumes in Q4 2025 Mortgage loans (nominal) Assets under management up 6% y/y Total lending volumes up 2% y/y +1% q/q underpinned by personal customers. Business volumes (index) Business volumes (DKKbn) Bank loans 130 +2% q/q as higher lending to l
Slide 24: Focused on structurally growing, low-risk lending for housing
Volumes (2/5) | Lending composition 24 Focused on structurally growing, low-risk lending for housing Mortgage-like lending consitutes 75% of total lending Well-diversified lending portfolio with emphasis on housing Split of net lending volumes (excl. repo) Loans, advances and guarantees by sector (D
Slide 25: Robust mortgage portfolio with average LTV of 44%
Volumes (3/5) | Mortgage exposures 25 Robust mortgage portfolio with average LTV of 44% Mortgage lending mainly at LTV below 60% Well-diversified mortgage product mix Loan-to-value distribution of mortgage exposures Product split of mortgage exposures 80%-100% 100% 100% 60%-80% Non-capped 90% 90% fl
Slide 26: Prudent LTV of CRE exposures
Volumes (4/5) | Commercial property 26 Prudent LTV of Manageable share of overall exposure RRE/CRE exposure as share of loans and guarantees Non-performing loans at low level Key figures1 on RRE/CRE exposure CRE exposures Residential rental property mortgages Office, business property mortgages 0.01
Slide 27: Attractive Danish mortgage market
Volumes (5/5) | Main exposure: The Danish mortgage market 27 Attractive Danish Balance principle reduces funding risks Balance sheet of Jyske Bank, incl. Danish match funding principle High and resilient growth of mortgage loans Danish lending (DKKbn) mortgage market Other assets Equity Other liabil
Slide 28: Sustainability
Investor Presentation 28 Contents 1 Summary 2 2 Highlights 6 Q4 2025 3 Financials 14 Sustainability 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 42
Slide 29: Sustainability at Jyske Bank
Sustainability (1/3) | In brief 29 Sustainability ESG ratings in upper half of banks Select ESG ratings at Jyske Bank AA MSCI ESG rating (‘CCC’ to ‘AAA’) “ Low Risk Sustainalytics ESG rating (‘Negligible Risk’ to ‘Severe Risk’) B CDP climate change score (‘D-’ to ‘A’) C Prime We are committed to mak
Slide 30: Net-zero CO₂ emissions at the latest by 2050
Sustainability (2/3) | Climate transition plan 30 Net-zero CO₂ emissions at the latest by 2050 2050 targets Long-term objective to obtain net-zero CO₂e emissions made by both our customers and ourselves by 2050. Since 2020, the emission intensity of total lending and asset mgmt. has been reduced by
Slide 31: Mitigating climate change via financing
Sustainability (3/3) | Green Finance Framework 31 Mitigating climate Green financing increased 96% since 2019 change via financing Green Finance Framework lending (DKKbn) DKK 139bn (27% of lending excl. repo) Sustainable production, etc.1 Low-emission vehicles, etc. Renewable energy Low-energy build
Slide 32: Jyske Bank in brief
Investor Presentation 32 Contents 1 Summary 2 2 Highlights 6 Q4 2025 3 Financials 14 Jyske Bank 4 5 Volumes Sustainability 22 28 in brief 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 42
Slide 33: One of the largest financial institutions in Denmark
Jyske Bank in brief (1/5) | Summary 33 One of the largest Nationwide in AAA economy Large in capabilities, High customer satisfaction close in relationships financial institutions Jyske Bank at a glance1 On track to realising 2028 targets3 “ DKK 5.4bn in Denmark #1 Net profit Private Banking custome
Slide 34: History of Jyske Bank
Jyske Bank in brief (2/5) | History 34 History of Jyske Bank Solid consolidator with strong track record Founded Post-2008 acquisitions Focus on core business 1967 Consolidator Divesting non-priority activities Jyske Bank founded by merger of four local 2011: FinansNord, Easyfleet 2013-2015: Interna
Slide 35: Structurally attractive banking environment
Jyske Bank in brief (3/5) | Denmark 35 Structurally Outgrowing peers GDP, chain-linked volumes (2010=100) A digital frontrunner attractive banking 140 130 Denmark environment 120 Euro area 1st vs. Euro area 110 IMD World Digital Competitiveness Ranking of 2025 (5 th overall) 100 90 2004 2008 2012 20
Slide 36: EPS more than quadrupled since 2020
Jyske Bank in brief (4/5) | Financials 36 89 EPS more than quadrupled since 2020 85 80 2015-2019: The first years following acquisition of mortgage credit institution, heavily influenced by negative interest rate environment in Denmark. 2019-2022: Positive deposit margin restored as first mover, fee
Slide 37: 2028 strategy
Jyske Bank in brief (5/5) | Strategy 37 2028 strategy Targets 10% <50% ~15% Capital distribution Potential for more Return on Cost/income ratio CET1 ratio Share buybacks tangible equity and 30% dividend Personal & Private Banking #1 Top 3 +35% Assets under management Private banking customer satisfa
Slide 38: Macroeconomics
Investor Presentation 38 Contents 1 Summary 2 2 Highlights 6 Q4 2025 3 Financials 14 Macroeconomics 4 5 Volumes Sustainability 22 28 6 Jyske Bank in brief 32 7 Macroeconomics 38 8 Calendar and contacts 42
Slide 39: Balanced economic development
Macroeconomics (1/3) | Select key figures 39 Balanced Moderate GDP growth Real gross domestic product (2010=100) Inflation under control HICP (year/year) economic 140 130 Denmark 12% 10% development 120 Euro area 8% 6% 110 4% Euro area 2% 100 0% Denmark 90 -2% 2004 2008 2012 2016 2020 2024 2004 2008
Slide 40: Healthy sector volume development
Macroeconomics (2/3) | Select key figures 40 Healthy sector Real estate prices up c. 5% in the last year Danish real estate prices (year/year) Housing remains affordable vs. history House prices to disposable income (2015=100) volume 30% 140 130 development 20% Euro area 120 10% Owner-occupied flats
Slide 41: Balanced outlook for the Danish economy
Macroeconomics (3/3) | Forecast 41 Balanced outlook for Danish economy DKKbn 2024 2023 Real growth (%) 2024 2025 2026 2027 the Danish economy Consumer spending Public spending 1,276 672 -2.5 0.2 1.0 1.0 2.0 1.0 1.4 6.2 2.0 2.3 Fixed gross investment 683 -3.8 3.0 -0.8 2.4 2.5 1 Inventory investment -
Slide 42: Financial calendar 2026
Calendar and contacts 42 Financial calendar 2026 05 Feb. Announcement of the 2025 results 05 Feb. Annual report 2025 05 Feb. Risk management report 2025 17 Mar. Annual general meeting 06 May Interim report for the first quarter of 2026 19 Aug. Interim report for the first half of 2026 28 Oct. Interi
Slide 43: Disclaimer
43 Disclaimer This presentation and the information contained therein is furnished and has advice, or a representation that any investment or strategy is suitable or index, currency, credit, political, liquidity, time value, commodity and market been prepared solely for information purposes by Jyske
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