Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Hypotek — Debt Investor Presentation (2026)
22 slides from Nordea Bank Abp's debt investor presentation, 2026
Slide 1: Nordea Hypotek Covered Bonds
Nordea Hypotek Covered Bonds Q1 2026 Debt investor presentation
Slide 2: Table of contents
Table of contents 1. In brief 3 2. Cover pool key characteristics 6 3. Asset quality 9 4. Covered bond framework 13 5. Macroeconomy 16 6. Further information 20 2
Slide 3: 1. In brief
1. In brief 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: Nordea Hypotek – overview
Nordea Hypotek– overview Q1 2026 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution Grants long-term loans with key emphasis on financing homes to Swedish households, public sector and corporates Licensed by the Swedish Financial Supervisory Authority to issue covere
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics 6
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q1 2026 Cover pool summary Loans in cover pool SEK 768.3bn Outstanding covered bonds SEK 367.4bn Cover pool content Mortgage loans secured by residential or commercial property. Loans to public sector Geographic distribution Throughout Sweden with concentration to urba
Slide 8: Cover pool key characteristics (2)
Cover pool key characteristics (2) Q1 2026 Cover pool balance by loan category Cover pool balance by region** 0.3% 4% Single family houses Greater Stockholm 4% 13% 4% Tenant owner units Greater Gothenburg Tenant owner associations Greater Malmoe 10% Multi-family houses 9% 37% South Sweden Commercial
Slide 9: 3. Asset quality
3. Asset quality 9
Slide 10: Loan To Value (LTV)
Continuous distribution where each loan can exist in multiple buckets Loan To Value (LTV)* Q1 2026 Weighted Average LTV – Indexed – 54.3% 707.0 100% 523.8 74% Nominal % Residential Loans 74.2 53.3 35.9 11% 8% 5% 19.8 3% 0-40% 40-50% 50-60% 60-70% 70-80% Total 0-40% 40-50% 50-60% 60-70% 70-80% Total
Slide 11: Loan structure
Loan structure Q1 2026 Rate type* Repayment* 100% 100% 80% 80% 63% 63% 63% 63% 63% 63% 70% 70% 71% 73% 74% 75% 60% 60% Floating rate Amortising Fixed rate Bullet / interest only 40% 40% 20% 20% 37% 37% 37% 37% 37% 37% 30% 30% 29% 27% 26% 25% 0% 0% 24Q4 25Q1 25Q2 25Q3 25Q4 26Q1 24Q4 25Q1 25Q2 25Q3 25
Slide 12: Underwriting criteria
Underwriting criteria Private households • Track record and income checked via UC and Tink • Always household budget ”before-after” with buffer requirement and stress test including behavioral analysis • Individual valuation of the pledged property Corporates/ Municipalities • Financial analysis wit
Slide 13: 4. Covered bond framework
4. Covered bond framework 13
Slide 14: Swedish covered bond framework
Swedish covered bond framework Legal framework • Swedish Covered Issuance Act (SFS 2003:1223), came into force 1 July 2004 and amended on 8 July 2022 in order to implement the European covered bond directive Registration • An issuing institution is required to maintain a register on covered bonds, t
Slide 15: 5. Macroeconomy
5. Macroeconomy 15
Slide 16: Nordic economic development: 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 17: Nordic economies: Upside risks
Nordic economies Upside risks Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB, Riksbank and Norges Bank kept their policy rate unchanged in March at 2.0%, 1.75% and 4.0%, respectively • The ECB is expected to hike rates four times in 2026 to 3.0% and keep rates steady during 2027,
Slide 18: Households: 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 19: Housing markets: 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 20: 6. Further information
6. Further information 20
Slide 21: Nordea Hypotek – outstanding benchmark covered bonds
Nordea Hypotek – outstanding benchmark covered bonds Q1 2026 Breakdown by ISIN Serial no. Currency Amount (m) Maturity Coupon 5536 SEK 68 946 16/09/2026 0.5% 5537 SEK 69 650 16/06/2027 1% 5731 SEK 6 000* 25/11/2027 3.375% 5538 SEK 83 026 20/09/2028 3.5% 5733 SEK 6 000* 27/10/2028 4% 5734 SEK 6 000*
Slide 22: Contacts
Contacts Investor Relations Juho-Pekka Jääskeläinen Head of Debt IR and Ratings Tel: +358 95 300 64 35 Mobile: +358 40 550 91 11 juho-pekka.jaaskelainen@nordea.com Group Treasury Cecilia Tannerfeldt Morten Keil Lead Dealer Head of Covered bonds Tel: +46 8 407 91 05 Tel: +45 3333 1875 Mobile: +46 733