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 Q4 2025 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 Q4 2025 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 Q4 2025 Cover pool summary Loans in cover pool SEK 756.0bn Outstanding covered bonds SEK 344.9bn 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) Q4 2025 Cover pool balance by loan category Cover pool balance by region** 0.03% 4% Single family houses Greater Stockholm 4% 13% 4% Tenant owner units Greater Gothenburg Tenant owner associations 10% Greater Malmoe Multi-family houses 9% 37% South Sweden Commercia
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)* Q4 2025 Weighted Average LTV – Indexed – 54.1% 696.1 100% 517.6 74% Nominal % Residential Loans 72.8 52.1 34.8 11% 8% 5% 18.7 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 Q4 2025 Rate type* Repayment* 100% 100% 80% 80% 63% 63% 63% 63% 63% 63% 70% 70% 70% 71% 73% 74% 60% 60% Floating rate Amortising Fixed rate Bullet / interest only 40% 40% 20% 20% 37% 37% 37% 37% 37% 37% 30% 30% 30% 29% 27% 26% 0% 0% 24Q3 24Q4 25Q1 25Q2 25Q3 25Q4 24Q3 24Q4 25Q1 25Q2 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: Northern lights
Nordic economic development Northern lights GDP Unemployment rate • Reduced uncertainty around international trade and GDP, % y/y, Economic Outlook January 2026 more accommodative financial conditions support the Country 2024 2025E 2026E 2027E global economy which stands on firmer grounds. However,
Slide 17: On hold
Nordic economies On hold Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB, Riksbank and Norges kept their policy rate unchanged in December at 2.00%, 1.75% and 4.00%, respectively • The ECB is expected to leave its policy rate unchanged at 2.00% until year-end. Thereafter, two rate
Slide 18: Normalising
Households Normalising Household debt Household savings Private consumption • Consumer confidence gradually improved for most Nordic households during the latter part of last year • However, the levels still remain below historical normal, particular for Danish households, thus indicating continued
Slide 19: 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 Q4 2025 Breakdown by ISIN Serial no. Currency Amount (m) Maturity Coupon 5536 SEK 71 846 16/09/2026 0.5% 5537 SEK 80 300 16/06/2027 1% 5731 SEK 6 000* 25/11/2027 3.375% 5538 SEK 81 776 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