Danske Bank A/s · OMXCOP:DANSKE
Danske Bank A/s — Q3 2025 Earnings Presentation
64 slides from Danske Bank A/s's earnings presentation, October 2025
Slide 1: Financial results Q3 2025
Financial results Q3 2025 Investor Presentation
Slide 2: Contents
Investor Presentation – Q32025 Contents Danske Bank – brief overview 03 – 11 Financial highlights 11 – 17 Business & Product Units 18 – 23 Credit Quality & Impairments 24 – 31 Capital 32 – 35 Funding & Liquidity 36 – 40 ESG, Sustainability, Financial Crime Prevention 41 – 53 Credit & ESG Ratings 54
Slide 3: Danske Bank - a brief overview
Danske Bank - a brief overview Danske Bank 3
Slide 4: We are a focused Nordic bank with strong regional roots
Investor Presentation – Q32025 We are a focused Nordic bank with strong regional roots Finland (AA+) >2.9m 2,000+ ~20,000 3rd largest personal and business large corporate and employees in Share of Group lending: 8% customers institutional customers 9 countries GDP growth 2025E: 0.9% DKK >900bn* >DK
Slide 5: Nordic Outlook September 2025: Caution, not crisis
Investor Presentation – Q32025 Nordic Outlook September 2025: Caution, not crisis Denmark Sweden 2024 Forecast 2025 Forecast 2026 2024 Forecast 2025 Forecast 2026 GDP Growth 3.5% 1.8% (3.2%) 2.3% (2.5%) GDP Growth 0.8% 1.1% (1.6%) 2.0% (2.5%) Inflation 1.4% 1.9% (1.5%) 1.2% (1.6%) Inflation 1.9% 2.7
Slide 6: Macroeconomic development and outlook in the Nordics
Investor Presentation – Q32025 Macroeconomic development and outlook in the Nordics GDP development (%) Unemployment (%) House prices (index 100=2006) 8 14 280 6 260 12 4 240 10 220 2 200 0 8 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 180 -2 6 160 -4 4 140 -6 120 2 -8 100 80 2006 2008 20
Slide 7: Our commitments for 2026
Investor Presentation – Q32025 Our commitments for 2026 Growth in focus segments Strategic KPIs for ‘26 Financial targets for ‘26 13% Leading wholesale and business bank in the Nordics Personal Number of meetings per Customers advisor (Index: 2023 = 100) 163 Leading retail bank in Denmark and Finlan
Slide 8: Highlights: Consistent financial performance supported by resilient NII and fee income
Investor Presentation – Q32025 Highlights: Consistent financial performance supported by resilient NII and uplift in fee income from healthy activity in solid Nordic economies Commercial highlights ➢ Benign operating environment and economic backdrop, particularly in Denmark, underpin strong asset q
Slide 9: Danske Bank's strong and liquid balance sheet underpins our resilient business model
Investor Presentation – Q32025 Danske Bank’s strong and liquid balance sheet underpins our resilient business model Danske Bank has a sound funding structure and remains very well capitalised with a prudent CET1 capital buffer to the current regulatory requirements. Further, our liquidity is underpi
Slide 10: Our strategic approach and priorities for sustainability
Investor Presentation – Q32025 Our strategic approach and priorities for sustainability To be a leading Nordic bank in supporting the sustainability transition of Our strategic ambition customers, companies we invest in and Nordic societies Create lasting value for our customers, business and societ
Slide 11: Financial highlights
Financial highlights Danske Bank 11
Slide 12: Solid financial performance on core lines
Investor Presentation – Q32025 Solid financial performance on core lines Highlights Income statement (DKK m) 9M 25 9M 24 Index Q3 25 Q2 25 Index Y/Y: Solid total income supported by resilient NII and higher fee Net interest income 27,157 27,452 99 9,074 9,063 100 income. Trading income reflects high
Slide 13: NII: Resilient NII underpinned by volumes and structural hedge
Investor Presentation – Q32025 NII: Resilient NII underpinned by volumes and structural hedge mitigating policy rate impact on deposit margins and lower yield on equity Highlights NII 9M25 vs 9M24 (DKKm) Deposit margin development** (%) PC NO Adj, +0.5% 3.0 NII stability both Y/Y and Q/Q when adjust
Slide 14: Fee income: Higher fee income driven by solid customer activity
Investor Presentation – Q32025 Fee income: Higher fee income driven by solid customer activity; all time high AuM drive rebound in investment fees in Q3 Highlights Net fee income (DKK m) +3 (adj.) Everyday banking fees (e.g. transfers, accounts) Y/Y: Solid development due to high activity among 10,5
Slide 15: Trading income: Stable customer activity; valuation adjustments
Investor Presentation – Q32025 Trading income: Stable customer activity; valuation adjustments affect Group result Highlights Net trading income (DKK m) LC&I +12% Y/Y: Improved development in LC&I supported by 2,362 customer activity and in line with fixed income strategy, offset by adjustments of t
Slide 16: Expenses: Cost trajectory in line with full-year guidance
Investor Presentation – Q32025 Expenses: Cost trajectory in line with full-year guidance Highlights Expenses (DKK m) 0% Y/Y: Stable cost development as higher staff costs, performance-based compensation and 121 -107 79 digitalisation investments were offset by lower resolution fund fees and lower FC
Slide 17: Financial outlook for 2025: Guidance range of DKK 21-23bn maintained
Investor Presentation – Q32025 Financial outlook for 2025: Guidance range of DKK 21 – 23bn maintained; net profit expected to be in the upper end of range We continue to expect total income to be slightly lower in 2025 than in 2024, driven by lower, albeit resilient, NII. Core banking income to be s
Slide 18: Business & Product Units
Business & Product Units Danske Bank 18
Slide 19: Personal Customers: Stable financial performance
Investor Presentation – Q32025 Personal Customers: Stable financial performance as deposit growth and customer activity mitigate impact of lower central bank rates Highlights* Financial performance KPIs Y/Y total income decreased 2% when Total income PC NO ROAC (%) Cost/income (%) adjusted for the d
Slide 20: Business Customers: Increased commercial momentum
Investor Presentation – Q32025 Business Customers: Increased commercial momentum supported by expanding customer base and strong growth in lending volumes Highlights Financial performance KPIs Y/Y NII resilient and fee income up Total income ROAC (%) Cost/income (%) 16%, underpinning the trend in to
Slide 21: Large Corporates & Institutions: Strong financial performance
Investor Presentation – Q32025 Large Corporates & Institutions: Strong financial performance with sustained uplift in lending and solid appetite for investment products Highlights Financial performance KPIs Total income up 8% Y/Y, driven by NII Total income ROAC (%) Cost/income (%) from strong lendi
Slide 22: Business units: Northern Ireland and Danica
Investor Presentation – Q32025 Business units: Sustained business momentum in Northern Ireland; continued focus to improve Health and Accident business at Danica Our focus in Northern Ireland is to remain a strong bank, consolidating our market- Profit before imp. (DKK m) Lending (index) leading pos
Slide 23: Realkredit Danmark portfolio overview
Investor Presentation – Q32025 Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Retail loans, Realkredit Danmark, Q325 (%) Portfolio facts, Realkredit Danmark, Q325 Fixed rate (10 yrs-30 yrs) Interest-only ( ) = Q225 Approx. 279,000 loans (residential and commercial)
Slide 24: Credit quality & Impairments
Credit quality & Impairments Danske Bank 24
Slide 25: Asset quality: Strong credit quality underpinned by few single-name impairments
Investor Presentation – Q32025 Asset quality: Strong credit quality underpinned by few single-name impairments; prudent macro scenarios and PMA buffer in place Highlights Impairment charges by category (DKK bn) Credit quality deterioration PMAs Macro models Strong credit quality and few single-name
Slide 26: IFRS9 macro scenarios
Investor Presentation – Q32025 IFRS9 macro scenarios: Prudently capturing a severe downside scenario Base (50%) Upside (25%) Downside (5%) Severe downside (20%) Denmark 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 GDP 1.8 2.3 2.3 1.9 1.8 3.1 2.4 1.4 1.7 1.1 1.3 1.9
Slide 27: Strong regional footprint and diversified balance sheet
Investor Presentation – Q32025 Strong regional footprint and diversified balance sheet Lending by segment1 Q3 25 (%) Credit exposure by industry Q3 25 (%, rounded) Personal customers 31 4% 2% Commercial property 13 Northern Ireland LC&I Other Private housing co-ops and non-profit associations 9 of w
Slide 28: Overall strong credit quality in portfolios exposed to macro cyclicality
Investor Presentation – Q32025 Overall strong credit quality in portfolios exposed to macro cyclicality CRE: Well diversified & prudently managed portfolio Agriculture: Well-provisioned agriculture book Housing: Low leverage, strong household finances DKK 310 bn in credit exposure and ECL ~1% DKK 60
Slide 29: Commercial property: Prudently managed underwriting standards
Investor Presentation – Q32025 Commercial property: Prudently managed and cash-flow based underwriting standards; sound credit quality & adequate buffers in place to mitigate tail risks Highlights Lending to CRE segment by major peer banks (index)* CRE share of total portfolio by major peer banks* D
Slide 30: Fossil fuels (coal, oil and gas) exposure
Investor presentation – Q32025 Fossil fuels (coal, oil and gas) exposure Key points for Q3 2025 ▪ Exposure towards exploration and production (E&P) of oil and gas is low around 0.8 DKK bn. and is down by 89% compared to end 2020. ▪ Other oil-related exposures, i.e. offshore and services, are down by
Slide 31: Credit quality: Remains strong
Investor Presentation – Q32025 Credit quality: Remains strong Stage 2 and 3 as % of net exposure Allowance account by business unit (DKK bn) 3,0 12 Stage 3 net exposure (% of Total, rhs) PC BC LC&I N.I. 11 2,5 Stage 2 net exposure (% of Total, lhs) 10 19.9 20.1 20.3 20.5 20.2 20.0 20.1 20.2 19.8 9 2
Slide 32: Capital
Capital Danske Bank 32
Slide 33: Capital: Strong capital base with CET1 ratio of 18.7%
Investor Presentation – Q32025 Capital: Strong capital base with CET1 ratio of 18.7% Capital ratios (%) Current capital buffer structure (%) Tier 2 AT1 Pillar II component (total 3.4%) CET1 Systemic risk buffer 23.1 Countercyclical capital buffer 22.4 22.4 2,5 Capital conservation buffer 14.8 3,3 2,
Slide 34: Strong CET1 capital generation and build-up of reserves
Investor Presentation – Q32025 Strong CET1 capital generation and build-up of reserves Highlights Common Equity Tier 1, 2010 – 2025 (DKK bn) Strong capital generation of above 270bps annualised since 2024 (before dividend +64bn accrual) 152 149 155 149 144 145 Regulatory impact from EBA guidelines a
Slide 35: Fully compliant with MREL and subordination requirement
Investor Presentation – Q32025 Fully compliant with MREL and subordination requirement; expect to cover MREL need with both preferred and non-preferred senior MREL & subordination requirement* and eligible funds Q325 DKK bn (% of Group REA) Comments +44 (+5.5%) The Group has to meet a MREL requireme
Slide 36: Funding & Liquidity
Funding & Liquidity Danske Bank 36
Slide 37: Funding structure and sources: Danish mortgage system is fully pass-through
Investor Presentation – Q32025 Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding Q325 (DKK bn) Funding sources* (%) 2,180 Q225 61% Senior & Q325 59% 147 NPS bonds 1,743 1,073 Deposits Bank loans 673 12% Bank mortgages 317 11% 9% 9% 10% 1
Slide 38: Funding programmes and currencies
Investor Presentation – Q32025 Funding programmes and currencies Covered bonds by currency Q325 Largest funding programmes Q325 61% Utilisation SEK EMTN Programme 46% Limit – EUR 35bn Total Global Covered Bond 45% DKK 135 bn Limit – EUR 30bn 37% EUR ECP Programme 2% 32% CHF Limit – EUR 13bn Senior d
Slide 39: Funding plan
Investor Presentation – Q32025 Funding plan Changes in funding* 2025 (DKK bn and bp) Long-term funding excl. RD (DKK bn)** Cov. bonds Senior Non-Preferred Senior Completed (9M-25)** Funding plan 99bp 95 84bp 90bp 5bp 39bp 139bp 140bp 76bp 79 60-80 23 9 25 78 19 21 19 75 16 16 10 12 Redemptions 2025:
Slide 40: Danske Bank covered bond universe
Investor Presentation – Q32025 Danske Bank covered bond universe – A transparent pool structure, with EUR issuance by Danske Mortgage Bank & Danske Bank A/S D-pool and C-pool Danske Bank A/S C-pool1 S&P AAA Scope AAA Residential mortgages Denmark, D-pool and I-pool Sweden, Danske Hypotek AB Finland,
Slide 41: ESG, Sustainability, Financial Crime Prevention
ESG, Sustainability, Financial Crime Prevention Danske Bank 41
Slide 42: Sustainability is an integrated element of our Forward '28 strategy
Investor Presentation – Q32025 Sustainability is an integrated element of our Forward ’28 strategy Our starting point Our commercial focus Large Corporates & Institutions Personal Customers Sustainable finance advisory services, Housing, investments, pensions, transition finance and project finance
Slide 43: We have set targets and ambitions covering each of our sustainability agendas
Investor Presentation – Q32025 We have set targets and ambitions covering each of our sustainability agendas Climate change Nature & biodiversity Human rights & social impact We reduce emissions across our value chain We engage with high-impact sector companies We continuously develop our human righ
Slide 44: Our Climate Action Plan is aligned with the Paris Agreement
The disclaimer for the Climate Progress Report 2024 applies to all information shown on this slide Investor Presentation – Q32025 Our Climate Action Plan is aligned with the Paris Agreement More than 99% of our carbon footprint relates to financed emissions from our lending and investment activities
Slide 45: Our Climate Progress Report shows positive traction across targets
The disclaimer for the Climate Progress Report 2024 applies to all information shown on this slide Investor Presentation – Q32025 Our Climate Progress Report shows positive traction across targets, though some targets do not follow linear trajectories Below or within 5% above linear trajectory 5–10%
Slide 46: Continuing our work on nature & biodiversity
Investor Presentation – Q32025 We are continuing our work on nature & biodiversity, building on 2024 results TARGET EXECUTION INSIGHTS AND ANALYSIS Lending engagement targets reached and asset management target on track Examples of publications Business Customers Large Corporations & Institutions As
Slide 47: Overview of our latest sustainability-related reporting
Investor Presentation – Q32025 Overview of our latest sustainability-related reporting Annual Report 2024 incl. Climate Progress Report 2024 Human Rights Report 2024 Sustainability statement Danske Bank 47
Slide 48: Deep dive – ESG integration in lending operations
Investor Presentation – Q32025 Deep dive – Overview of ESG integration in Danske Bank’s lending operations 1. Position statements 2. Single-name ESG analysis 3. Portfolio-level ESG analysis Our position statements are a key tool for ESG analysis is conducted for all large corporate Carbon disclosure
Slide 49: Committed to a range of sustainability initiatives
Investor Presentation – Q32025 Danske Bank is committed to a range of sustainability initiatives – including these key examples Principles for Principles for Net-Zero Asset Net Zero Asset Finance for Responsible Banking Responsible Investment Owner Alliance Managers Initiative Biodiversity Pledge Th
Slide 50: Testing and strengthening the Financial Crime Programme
Investor Presentation – Q32025 Testing and continuing to strengthen the Financial Crime Programme Maintaining a sustainable Financial Crime control framework remains one of the Bank’s strategic priorities. In 2024, Danske Bank focused In 2020, the Bank launched the Financial Crime Plan (FC Plan), a
Slide 51: The Financial Crime Framework after completion of the FC Plan
Investor Presentation – Q32025 The Financial Crime Framework after completion of the FC Plan The FC Plan resulted in a Financial Crime framework which meets the regulatory requirements applicable to the Bank and is reasonably designed to manage the Bank’s inherent risk in line with its risk toleranc
Slide 52: Regulatory Engagements
Investor Presentation – Q32025 Regulatory Engagements • We engage in ongoing dialogue with our regulators through regular meetings with the Financial Supervisory Authorities (“FSAs”) and the AML Supervisory Ongoing College to ensure aligned expectations and transparency between our regulators and th
Slide 53: The Resolutions with the Danish and U.S. Authorities
Investor Presentation – Q32025 The Resolutions with the Danish and U.S. Authorities In December 2022, Danske Bank reached the final resolutions with the U.S. Department of Justice (DOJ), the U.S. Securities and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investiga
Slide 54: Credit & ESG Ratings
Credit & ESG Ratings Danske Bank 54
Slide 55: Danske Bank's credit ratings – No changes in Q3 2025
Investor Presentation – Q32025 Danske Bank’s credit ratings – No changes in Q3 2025 Long-term instrument ratings Rating summary Fitch Moody’s Nordic Credit Rating S&P Scope Fitch, Moody’s, Nordic Credit Rating and AAA Aaa AAA AAA AAA S&P, all have Stable outlooks for Danske Bank, while Scope Ratings
Slide 56: Credit ratings – No changes by Fitch or Moody's
Investor Presentation – Q32025 Danske Bank’s credit ratings – No changes by Fitch or Moody’s in Q3 2025 Rating methodology Danske Bank’s rating Operating Business Risk Asset Earnings & Capitalisation & Funding & Viability Government Issuer + + + + + + = + = environment Profile Profile Quality Profit
Slide 57: Credit ratings – No changes by S&P Global or Scope
Investor Presentation – Q32025 Danske Bank’s credit ratings – There were no changes by S&P Global or Scope Ratings in Q3 2025 Rating methodology Danske Bank’s rating Extraordinary Anchor Potential CRA** + 1 + 2 + 3 + 4 = = SACP* + external + ALAC*** = Issuer rating SACP* adjustment support A+ bbb+ +
Slide 58: Danske Bank's ESG ratings
Investor Presentation – Q32025 Danske Bank’s ESG ratings – Sustainalytics ESG Risk Rating score improved to 17.7 from 19.1 (Low Risk category unchanged) ESG rating Q3-2025 Q2-2025 Q1-2025 End-2024 End-2023 End-2022 Range agency CDP B 2% of the 22,400 climate scored B B B B B A to D (A highest rating
Slide 59: Tax & Material one-offs
Tax & Material one-offs Danske Bank 59
Slide 60: Tax
Investor Presentation – Q22025 Tax Actual and adjusted tax rates (DKK m) Tax drivers, Q3 2025 The actual tax rate of 25.2% (excluding prior- Line Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 year's adjustments) is lower than the Danish rate of 26% - due to the differences in statuary tax 1 Profit before
Slide 61: Material extraordinary items, 2023 – 2025
Investor Presentation – Q32025 Material extraordinary items, 2023 – 2025 Quarter One-off items Effect (DKK m) P&L line affected Transaction costs and prudent valuation related to Personal Customers Norway -693 Other income Gain from sale of shares taken over in connection with a loan 327 Trading Q22
Slide 62: Contacts
Investor Presentation – Q32025 Contacts Investor Relations Group Treasury and Funding Claus Ingar Jensen Mobile +45 25 42 43 70 Justin Fox Mobile: +45 23 47 92 27 Head of IR clauj@danskebank.dk Group Treasurer jfox@danskebank.dk Nicolai Brun Tvernø Mobile +45 31 33 35 47 Bent Callisen Mobile: +45 30
Slide 63: Disclaimer for Danske Bank's Climate Progress Report 2024
Investor Presentation – Q32025 Disclaimer for Danske Bank’s Climate Progress Report 2024 Danske Bank’s Climate Progress Report 2024 has been prepared by Danske Bank A/S (“Danske Bank”). Danske Bank is under supervision by the Danish Financial Supervisory Authority (Finanstilsynet). The publication i
Slide 64: Disclaimer
Investor Presentation – Q32025 Disclaimer Important Notice This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S in any jurisdiction, including the United States,