Nn Group N.v. · EURONEXT:NN
Nn — Nationale-Nederlanden Bank — Debt Investor Presentation (April 2026)
51 slides from Nn's debt investor presentation, Apr 16, 2026
Slide 1: Nationale-Nederlanden Bank Investor presentation - covered bonds
Nationale-Nederlanden Bank Investor presentation - covered bonds FY 2025 financials
Slide 2: Executive summary
Executive summary Strong Dutch retail bank Purpose, ambition and strategy Sound financials¹ Diversified funding mix • Top 5 retail bank in the • Purpose: to help people care for • Total assets of EUR 25.8bn; • Well-diversified funding mix, in Netherlands (based on balance what matters most to them r
Slide 3: Contents
Contents 1 Business and strategy 5 2 Financials, capital, liquidity and funding 10 3 Sustainability and society 19 4 Covered bond programme 24 5 Mortgage business NN Bank 30 6 Dutch economy and housing market 36 Appendices 41 A Mortgage loans: origination and underwriting criteria 42 B NN Bank fundi
Slide 4: Business and strategy
1 Business and strategy 4
Slide 5: NN Bank profile
NN Bank profile • Nationale-Nederlanden Bank (‘NN Bank’) is the fifth largest Dutch retail bank, based on balance sheet size • Established in 2011 • 100% subsidiary of NN Group N.V. • Built around long-standing Nationale-Nederlanden mortgage business (since 1963) • Domestic player in Dutch residenti
Slide 6: Parent company: NN Group
Parent company: NN Group NN Group is a financial services company with leading market positions Insurance Europe Netherlands Life Key facts and figures • Top 3 life player in most of 8 markets; • #1 position in group pensions with number 1 pension player in Slovakia, Poland ~40% market share and Rom
Slide 7: NN Bank's added value to NN Group
NN Bank’s added value to NN Group NN Bank is highly strategically important for NN Group • Operating under the Nationale-Nederlanden brand since its start in 2011 • Fully-owned subsidiary of NN Group N.V. and a fellow subsidiary of the Dutch insurance entities, i.e. NN Life and NN Non-life • NN Bank
Slide 8: Transparent retail-focused business model
Transparent retail-focused business model NN Bank is the fifth largest Dutch retail bank • Providing retail customers with mortgage loans, payment services, (internet) savings, bank annuities, bancassurance and retail investment products • National player, with coverage of all Dutch regions, operati
Slide 9: New strategy positions NN Bank for strong performance
New strategy positions NN Bank for strong performance Focused balance sheet growth Enhanced fee business • Profitably grow mortgage loan book on own balance sheet • Build a market-leading OTD1 capability • Strengthen proposition across savings, pensions and investments to become • Become a reliable,
Slide 10: Financials, capital, liquidity and funding
2. Financials, capital, liquidity and funding 10
Slide 11: Financially sound bank with a diversified income model
Financially sound bank with a diversified income model Net interest margin • Net interest margin was lower year-on- Summary profit and loss account year mainly driven by lower net interest income (Amounts in EUR m)1 2025 2024 Interest income 1,166 1,301 • The latter is mainly driven by lower Interes
Slide 12: Long-term financial targets
Long-term financial targets Total capital ratio (Basel IV) • Steering capital on Total Cost/income ratio • Total expenses decreased in capital ratio (TCR) and meeting 2025, driven by decreased staff all capital targets expenses and lower regulatory levies • The increase in capital ratios Axis Title
Slide 13: Well-diversified balance sheet composition
Well-diversified balance sheet composition Assets Balance sheet at 31 December 2025 (in EUR bn) • Dutch residential mortgage loans (89% of total assets) 25.8 25.8 • High Quality Liquid Assets (HQLA) portfolio of EUR 0.4bn consisting of (semi) 0,4 0,4 1,2 0,1 0,6 0,0 sovereign bonds and covered bonds
Slide 14: Solid capital position
Solid capital position Total capital ratio (TCR, Basel IV) Risk weighted assets (EUR bn) Leverage ratio 20.8% 17.8% 18.5% 0,3% > 18.5% 1,3% 0,7% 20,5% 6,5 6,5 4,5% 16,5% 17,8% 4,2% 4,1% 5,3 > 3,0% 2023 2024 2025 TCR target 2023 2024 2025 2023 2024 2025 Regulatory CET1 Tier 2 minimum Solid capital po
Slide 15: Conservative approach to liquidity management
Conservative approach to liquidity management Liquidity adequacy (31 December 2025) Measurement and monitoring of funding position • NSFR ratio1: o Incentive to fund NN Bank’s activities from stable sources of funding on 149% an ongoing basis 141% 134% o NSFR ratio of 141% at 31 December 2025, well
Slide 16: Funding strategy geared to optimisation and diversification
Funding strategy geared to optimisation and diversification Wholesale funding strategy Funding mix (as at 31 December 2025) Attract 2%1% retail funding Retail 22% Secured Savings, deposits bank annuities Unsecured Allocate 75% Diversification newly originated 2Subordinated of wholesale mortgage loan
Slide 17: Minimum Required Eligible Liabilities
Minimum Required Eligible Liabilities NN Bank meeting MREL requirements Total Risk Exposure Amount (TREA)1 Total Exposure Measure (TEM)2 • Intending to meet MREL requirements with a 32.1% 6.5% combination of equity, Tier 2 and senior (non) preferred 1,9% Sr pref 0,4% Sr pref • Effective MREL require
Slide 18: Sound S&P credit ratings
Sound S&P credit ratings Credit rating reflects NN Bank’s “highly strategic importance” for NN Group Nationale-Nederlanden Bank N.V. ST issuer rating, A-1 outlook stable • Long-term credit rating of A (stable outlook) by S&P, reflecting that NN Bank: LT issuer rating, A o is a fully owned subsidiary
Slide 19: Sustainability and society
3. Sustainability and society 19
Slide 20: Sustainability is one of the cornerstones of our strategy
Sustainability is one of the cornerstones of our strategy Our sustainability strategy Our climate journey: • Incorporating climate action across NN Bank’s business. Not only to the benefit of the environment, but also creating sustainable long-term value for all our stakeholders • As a large mortgag
Slide 21: Improving sustainability of our mortgage portfolio
Improving sustainability of our mortgage portfolio Actual emission intensity versus 2021 CRREM pathway NL 1.5° Intermediate target setting and progress 35 NN Bank Performance2 2021 • Our aim is to steer our mortgage portfolio towards net zero by 2050. We set an 30 27,8 kg CO2/m 2021 CRREM pathway NL
Slide 22: NN Bank's Green Bond Framework
NN Bank’s Green Bond Framework The NN Bank Green Bond Framework follows the ICMA Green Bond Principles (GBP) 2021 edition Use of Proceeds Process for Project Management of Proceeds Reporting External Review Green Buildings Evaluation and Selection Portfolio approach: the Eligible On the allocation o
Slide 23: Use of Proceeds
Use of Proceeds Green Buildings that meet one of the following criteria: Definition top 15% low-carbon residential buildings in the Netherlands CFP green buildings is a specialised consultant who developed a methodology for identifying the top 15% in the Netherlands. See also the Green Residential B
Slide 24: Covered bond programme
4. Covered bond programme 24
Slide 25: Soft Bullet covered bond features
Soft Bullet covered bond features Robust structure Regulatory treatment for investors Issuer Nationale-Nederlanden Bank • Dutch law and Dutch Central Bank registered • Covered Bond Directive and CRR article 129 compliant Programme size EUR 12.5 bn • European Covered Bond (Premium) compliant • Soft b
Slide 26: Soft Bullet programme structure
Soft Bullet programme structure Indicative transaction structure Key transaction parties Originators NN Bank and NN Life2 Swap provider1 Servicing Transferor, Issuer NN Bank agreement Swap Servicer Director CBC Servicer NN Bank agreements Administrator NN Bank Administration NN Covered Bond Security
Slide 27: Soft Bullet mechanism
Soft Bullet mechanism Going concern Event diagram of a single series • Under going-concern conditions, the covered bonds (CBs) are bullet securities due on the Final Maturity Date and the Issuer will ensure the coupon and principal payments to the investors Issuer Event No Bullet • The Asset Cover T
Slide 28: Asset Cover Test
Asset Cover Test Asset Monitoring Agreement Calculation specification: 1. Adjusted Aggregate Asset Amount ≥ outstanding Covered Bonds ‘A’ includes: 2. First regulatory current balance amount ≥ 105% of outstanding Covered • 96% Asset Percentage Bonds • 80% Indexed LTV cut-off 3. Second regulatory cur
Slide 29: Cover pool composition
Cover pool composition Cover pool stratifications Cover pool eligibility criteria Interest type NHG guarantee • Each mortgage is either a Bank Savings Mortgage Loan, Life Mortgage Loan, Redemption type Investment Mortgage Loan, Linear Mortgage Loan, Annuity Mortgage Loan, 0,3% Interest-only Mortgage
Slide 30: Mortgage business NN Bank
5. Mortgage business NN Bank 30
Slide 31: Long-standing history in mortgage business
Long-standing history in mortgage business Successful NN-labelled mortgage business can be traced back to 1963 • Nationale-Nederlanden was founded in 1845, and evolved as a well-known brand in the Netherlands • In 1963, Nationale-Nederlanden started originating mortgage loans (‘NN-labelled mortgage
Slide 32: Distribution and servicing of mortgage loans
Distribution and servicing of mortgage loans Distribution of newly-originated mortgage loans in 2025 (EUR 5.1bn) Mortgage loan portfolio serviced at 31 December 2025 (EUR 55.1bn) 8% NN Bank 10% NN Bank 8% 8% NN Life NN Life 41% 49% NN Non-life + NN Belgium NN Non-life 1 + NN Belgium 35% 41% Third pa
Slide 33: Amortising mortgage loans with long fixed reset tenors
Amortising mortgage loans with long fixed reset tenors Redemption types as % of NN Bank mortgage portfolio (31 December 2025)1 Majority of new mortgage origination is annuity type (average last 12 months) 2 2% Annuity and linear 9% Annuity and linear Bank savings and insurance savings 15% 32% Bank s
Slide 34: Strong historical mortgage loan performance
Strong historical mortgage loan performance Moderate Loan-to-Values … Moderate weighted average current loan-to-indexed market value1 • Since 2018 LTV-cap is 100% and 106% including sustainability measures • As per year-end 2025 the current loan-to-indexed market value is 53% • Trend in LTV down due
Slide 35: Loan loss provisioning and stage classification
Loan loss provisioning and stage classification Loan loss provisions (LLP) Loan loss provisions (EURm) • In In 2025, the loan loss provisions slightly increased by EUR 0.1 million to EUR 2.3m due to a management overlay of EUR 0.3 million related to interest-only loans • The increase in provision wa
Slide 36: Dutch economy and housing market
6. Dutch economy and housing market 36
Slide 37: Dutch economy
Dutch economy • The Dutch economy recorded stable growth in 2025, with full-year GDP growth of 1.9%, primarily driven by exports and government consumption. Household demand also contributed, as private consumption increased by 1.4% over the year (Source: Statistics Netherlands, CBS). Unemployment i
Slide 38: Dutch mortgage market
Dutch mortgage market • Following two years of exceptional rebound growth (25–30% annually), the mortgage market is normalising toward a more sustainable pace, with projected growth of €5.7 billion (+3.3%) in 2026 and €6.6 billion (+3.7%) in 2027 (Source: NN Mortgages). • Underlying demand for owner
Slide 39: Dutch housing market
Dutch housing market • Housing transactions rose 16% in 2025 to 238,695, driven mainly by former rental sales, but growth is expected to ease in 2026. Forecasts diverge, with Rabobank and ABN Amro expecting declines, while ING anticipates modest growth on higher new-build completions. The first two
Slide 40: Performance Dutch housing market
Performance Dutch housing market • De Nederlandsche Bank (DNB) reports that total mortgage debt in the Netherlands increased by 4.6%, from €851 billion at year-end 2024 to €890 billion at year-end 2025. • Historically the Netherlands show low and stable proportions of payment arrears. In 2025, 2.0%
Slide 41: Appendices
Appendices 41
Slide 42: Mortgage loans: origination and underwriting process
A Mortgage loans: origination and underwriting process1 Loan origination Regular loan servicing Special loan servicing Borrower Interest rate renewals Preventive actions Client back on track Electronic archives Intermediary / own advisors Conversions Arrears Origination position Pre-screening Deposi
Slide 43: Mortgage loans: origination and underwriting criteria
A Mortgage loans: origination and underwriting criteria1 All mortgage production is originated via intermediary channels Intermediaries need to be licensed • NN Bank’s mortgage origination network comprises over 2,500 active • Dedicated team for initiating and maintaining contacts with intermediarie
Slide 44: Mortgage loans: origination and underwriting criteria
A Mortgage loans: origination and underwriting criteria1 Code of conduct Borrower criteria Collateral criteria • NN Bank complies with the Financial Supervision • Credit history is checked in several registers (e.g. • All properties must be located in the Act, the Mortgage Credit Directive and speci
Slide 45: NN Bank funding programmes
B NN Bank funding programmes Secured funding (collateralised by prime Dutch residential mortgage portfolios) Green Bonds Soft Bullet Covered Bond Programme Green Bond Framework • EUR 12.5bn programme, of which outstanding EUR 5.6bn for funding and EUR 2.0bn • Under the Green Bond Framework NN Bank i
Slide 46: Sustainability - Determining Green Asset Ratio
C Sustainability - Determining Green Asset Ratio Three pillars of EU Taxonomy regulation NN Bank’s activities of residential real estate lending, specifically providing mortgage loans to retail clients in The Netherlands, directly correspond to the EU Taxonomy definition of ‘acquisition and ownershi
Slide 47: Sustainability - Do No Significant Harm assessment
C Sustainability - Do No Significant Harm assessment DNSH assessment Risk Description Source Materiality • On a periodic basis for every property a physical climate risk- and treshold vulnerability assessment is performed by NN Bank to determine Flooding from different sources could Local flood map
Slide 48: Contact information
D Contact information Niek Allon Rolf-Pieter ter Horst Head of Treasury Funding Manager E: niek.allon@nn.nl E: rolf-pieter.ter.horst@nn.nl Dorianne van Dijk Sander Roling NN Group Investor Relations Manager Funding Manager E: investor.relations@nn-group.com E: sander.roling@nn.nl Web: NN Group - Inv
Slide 49: Disclaimer
Disclaimer This investor presentation, any information or opinion therein and any No representation, warranty, either express or implied, or undertaking of transmitted into the United States of America, its territories or possessions statement made in connection therewith (the “Information”), has be
Slide 50: Disclaimer
Disclaimer NN Bank’s Consolidated Annual Accounts are prepared in accordance with changes in operational practices or inadequate controls including in respect of No licence or conveyance of any rights in any intellectual property owned International Financial Reporting Standards as adopted by the Eu
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