Slide 1: Fourth-quarter and full-year results 2023
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that reflect management's current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance
Slide 3: Fourth-quarter highlights 2023
Fourth-quarter highlights 2023 Executive summary Continued high-quality income growth - Net interest income up 19%, net fee and commission income down 3% and net fair value result down 61%. Total income up 1% Return on equity* 15.9% excluding write-offs; earnings per share EUR 0.31 Volumes stable in
Slide 4: Key financials: Fourth-quarter results 2023
Key financials Fourth-quarter results 2023 4 income statement and key ratios Q423 Q422 Q4/Q4 Q323 Q4/03 Net interest income 1,946 1,641 19% 1,909 2% Net fee and commission income 763 785 -3% 742 3% Net insurance result 40 47 -15% 63 -37% Net fair value result 154 396 -61% 225 -32% Other income 12 28
Slide 5: Key financials: Full-year results 2023
Key financials Full-year results 2023 income statement and key ratios FY23 FY22* EY/FY Net interest income 7,451 5,664 32% Net fee and commission income 3,021 3,186 -5% Net insurance result 217 173 25% Net fair value result 1014 1,160 -13% Other income 40 75 -47% Total operating income 11,743 10,258
Slide 6: Net interest income
Net interest income Stable volumes, improved margins Year-over-year bridge, EURm <> * Net interest income up 19% y cee 24 . . 159 170 128 _1,946 * Continued growth in corporate 400 lending 1,641 + = — —— - Corporate lending up 1% ae i oe - Mortgage volumes stable Q422 Volumes Margins Deposit Treasur
Slide 7: Net fee and commission income
Net fee and commission income Stable underlying income, negative FX effects Year-over-year bridge, EURm 4 . 785 fi — aa 2 —— Q422 Asset Brok. & Pay.& Lending Other FX Q423 mgmt. advisory cards Quarter-over-quarter bridge, EURm = , — 763 a an a 3) Moo 9 742 7 —_ _ Q323 Asset Brok. & Pay.& Lending Oth
Slide 8: Net fair value result
Net fair value result Market-making and treasury down after very strong Q422 Net fair value result, EURm 396 345 7 7 290 | - | - =e -47 + Q422 Q123 Q223 Q323 Q423 Hl Customer areas* Treasury & other** 1 Market-making operations 8 * Excludes fair value adjustments to loans held at fair value in Norde
Slide 9: Costs
Costs Costs in line with plan: up 2% excluding write-offs Year-over-year bridge, EURm — 7 1,212 5 os 240 51 - rt Q422 Underlying Tech & risk M&A — Regulatory FX Q423 Intangible = = Q423 costs mgmt. integration fees asset including investments costs write-offs write-offs Quarter-over-quarter bridge,
Slide 10: Technology and risk management investments
Technology and risk management investments Continued additional investments Financial crime prevention - Transaction monitoring, sanctions screening & KYC - Increased efficiency through technology and automation Full-year 2023 additional investments, EURm Business continuity & crisis mgmt. - Cybercr
Slide 11: Net loan losses and similar net result
Net loan losses and similar net result Continued strong credit quality Net loan losses and similar net result, EURm 95 83 Individual Collective Net loan losses Fair value adj. Total provisions provisions (net) incl. Nordea and write-offs Kredit Impaired (stage 3) loans and PD of total loans, % 10 5
Slide 12: Capital
Capital Strong position; continued focus on capital excellence CET1 capital ratio development, % 0.9 0.1 17.0 163 i : 0:2 : -0.5 ~15 15 ~15 Q323 Profit Dividend Securitisation Other Q423 Requirement / target WM Current CET1 requirement Upcoming changes to Finnish and Norwegian SRBs (Q324) Capital po
Slide 13: Personal Banking
Personal Banking Continued income growth, driven by net interest income Total income, EURm 1,077 1,115 1,146 1,188 1,190 764 811 842 870 887 Q422 Q123 Q223 Q323 Q423 Net interest income 1) Net insurance result I Net fee and commission income | _ Net fair value result and other 167 167 167 167 Lendin
Slide 14: Business Banking
Business Banking Continued income growth in slower corporate market Total income, EURm . +10%) * Total income up 10% 813 834 864 862 894 + Lending and deposit volumes up 1% + Net interest income up 16%, supported by volume growth and improved deposit margins 548 Wm. PEL; rm EES,, La? I * Continued s
Slide 15: Large Corporates & Institutions
Large Corporates & Institutions Strong net interest and net fee and commission income, lower net fair value result Total income, EURm 665 626 564 569 599 352 345 361 368 380 oe = =170 =193 *., am... =, Q422 Q123 Q223 Q323 Q423 Net interest income Ill Net fee and commission income Net fair value resu
Slide 16: Assets under management, EURbn
• • • • • Assets under management, EURbn +7pp 500 1,0 0,8 300 0,6 200 0,4 100 0,2 0 0,0
Slide 17: Higher target following strong performance
Higher target following strong @jiiemaiiiiais performance ; Return on equity includ Rat Supported in 2025 by | Raising the bar further . . Cost-to-income ratio | Strategic agenda reaffirmed Loan losses | Well equipped for sustainable high performance Capital and dividend policies
Slide 18: 2025 financial target update
2025 financial target update
Slide 19: Operating environment
Operating environment Structurally attractive banking environment Steady growth and structurally lower unemployment rates Nordic GDP growth steady and above European average, with lower unemployment supported by strong economies and social security nets GDP (Index: 2011=100) Unemployment rate, % 3 o
Slide 20: Profitability and capital generation
Profitability and capital generation Sustainably higher profitability and capital generation Improved performance enabling higher shareholder returns % % EUR per share % 5 18 (16 16 16 14 14 4 4 42 12 3 , 10 10 2 8 08 | = 8 1 6 06 6 4 04 4 0 7 [ 2 02 2 A 0 0.0 0 2019 2020 2021 2022 2023 2019 2020 20
Slide 21: Financial target
Financial target Sustained structurally higher profitability Return on equity, % 2pp increase ae 1 2 from CMD 2022 3 “1% 2021 Operating Costof Capital 2023 Operating Costof Capital 2025 performance risk performance risk target ad Drivers for improved 2025 target Focused and profitable growth; operat
Slide 22: Operating performance
Operating performance Focus on income growth and operational efficiency — continued investments in tech & risk capabilities Cost-to-income ratio drivers, % 45% ma __ 44-46% 2023 NII NCI Costs 2025 Cost-to-income ratio development Actual development + updated forecast 50% — — CMD 2022 expectations _—
Slide 23: Capital policy
• Capital policy Excess capital Capital Retail models Growth incl. Cumulated YE2023 requirements & Basel IV Norwegian 2024–25 profit • acquisition ~40 ~50 ~80 90*
Slide 24: Higher target following strong performance
Higher target following strong @jiiemaiiiiais performance ; Return on equity includ Rat Supported in 2025 by | Raising the bar further . . Cost-to-income ratio | Strategic agenda reaffirmed Loan losses | Well equipped for sustainable high performance Capital and dividend policies
Slide 25: Slide 25
Slide 26: Supplementary information: Nordea today
Supplementary information Nordea today Very well diversified pan-Nordic financial service provider with stable and sustainable returns Very well diversified portfolio — no Income and loan portfolio very well spread across Nordic countries, currencies, business areas and industries* 4% 26% Operating’
Slide 27: Supplementary information: Net interest income sensitivity
Supplementary information Net interest income sensitivity Net interest income sensitivity to policy rate changes + Nilimpact largely driven by policy Sensitivity to +50bp parallel rate shift in policy rates* rates and pass-through __ = - Actual pass-through to vary between Ea account types and count
Slide 28: Supplementary information: Real estate management industry
Supplementary information Real estate management industry (REMI)* Strong and well-diversified portfolio, high-quality lending Lending volumes stable 31 30 30 31 32 Q422 Q123 Q223 -Q323—- 0423 MMi cre MM Rre 90% of portfolio with low probability of default (PD) 29bn Hl 04 2022 BB ai 2023 Q22023 Q3 20
Slide 29: Loan-to-value and interest coverage by country
• 72 65 64 65 65 37% - 57 53 31% 28% 52 51 52 24% 27% 18% 10% 10% 12% 1% 1% 2% • DK FI NO SE Total Current 20% value decline Current 0–40% LTV 51–60% LTV 71–80% LTV - 20% value decline 41–50% LTV 61–70% LTV >80% LTV - 3.8 3.7 • 3.4 3.3 46% 40% 36% 2.3 1.9 1.9 1.7 25% - 1.5 1.5 15% 14% 15% 5% 2% 0% 0
Slide 30: Loan stages and impairment coverage
50 RW floor • 8 50% 6 30 6 98% 98% 96% 96% 94% • 1% 1% 1% 1% 5% 1% 2% 2% 3% 3% Q422 Q123 Q223 Q323 Q423 Q423 1-notch 2-notch 3-notch Impact Stage 1 Stage 2 Stage 3 • 60 61 59 57 55 55 51 51 53 52 • • Impairment rate Coverage ratio Q422 Q123 Q223 Q323 Q423
Slide 31: Quarterly data
• • • • Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223Q323Q423
Slide 32: Supplementary information: Financial target 2025 key assumptions
Supplementary information Financial target 2025 Key assumptions underpinning plans GDP growth*, % Policy rate forecast**, % 7 6 - 3 World 5 24 Sweden 4 USD Printers | — Inox 14 2" venmark > /SEK ¢) fe Norway 14 \EUR A 0 DKK 2023 2024 2025 a2 a4 a2 a4 QQ O 23 23 24 24 2% 2 Inflation*, % Unemployment