Danske Bank A/s · OMXCOP:DANSKE
Danske Bank A/s — Barclays Yankee Financials Credit Forum 2025
65 slides from Danske Bank A/s's conference presentation, Sep 10, 2025
Slide 1: Danske Bank – Investor Presentation
Danske Bank – Investor Presentation Barclays Yankee Financials Credit Forum 10th – 11th September 2025
Slide 2: Contents
Investor Presentation Contents Danske Bank – brief overview 03 – 10 Financial highlights – Q2 2025 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 – 54 Credit & ESG Ratings 55
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 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* >DKK 1,700bn
Slide 5: Nordic Outlook September 2025: Caution, not crisis
Investor Presentation 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% (2.3%)
Slide 6: Macroeconomic development and outlook in the Nordics
Investor Presentation 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 2010 2012 2
Slide 7: Our commitments for 2026
Investor Presentation 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 Finland Grow sh
Slide 8: Highlights: Solid financial performance and progress on Forward '28 strategy
Investor Presentation Highlights : Solid financial performance and progress on Forward ’28 strategy as we further enhance our market position in strong Nordic economies Commercial highlights ➢ Strong operating environment and economic backdrop, particularly in Denmark with GDP growth of 1.8% expecte
Slide 9: Danske Bank's strong and liquid balance sheet underpins our resilient business model
Investor Presentation 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 underpinned by a
Slide 10: Our strategic approach and priorities for sustainability
Investor Presentation 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 society Our str
Slide 11: Financial highlights – second quarter 2025
Financial highlights – second quarter 2025 Danske Bank 11
Slide 12: Solid financial performance supported by core lines
Investor Presentation Solid financial performance supported by core lines. Profit before impairments stable Y/Y as rate cuts are mitigated by growing volumes and hedge benefit Highlights Income statement (DKK m) Y/Y: Solid total income supported H1 25 H1 24 Index Q2 25 Q1 25 Index by resilient NII a
Slide 13: NII: Resilient NII underpinned by positive volumes and deposit hedge
Investor Presentation NII: Resilient NII underpinned by positive volumes and deposit hedge, mitigating rate impact on deposit margins and lower yield on equity Highlights NII H125 vs H124 (DKKm) Deposit margin development** (%) PC NO 3.0 Adj. +0.5% NII stable both Y/Y and Q/Q when adjusting for day
Slide 14: Fee income: Stable fee income development Y/Y
Investor Presentation Fee income: Stable fee income development Y/Y, however, Q2 impacted by volatile financial markets and seasonality in lending activity Highlights Net fee income (DKK m) Everyday banking fees (e.g. transfers, accounts) +2% adj. Customer demand for everyday banking solutions, 7,07
Slide 15: Trading income: Customer activity in Q2 impacted by volatile market conditions
Investor Presentation Trading income: Customer activity in Q2 impacted by volatile market conditions Highlights Net trading income (DKK m) LC&I +26% Y/Y: Higher customer activity offset by 1,736 adjustments of the fair value of the derivatives portfolio (xVA) 356 Q/Q: Lower customer activity in Q2 1
Slide 16: Expenses: Cost trajectory in line with full-year guidance
Investor Presentation Expenses: Cost trajectory in line with full-year guidance Highlights Expenses (DKK m) -1% Y/Y: Costs down 1% as higher staff costs, 117 -68 performance-based compensation and -82 digitalisation investments were more than offset 136 12,818 by lower resolution fund fees and struc
Slide 17: Financial outlook for 2025 affirmed
Investor Presentation Financial outlook for 2025 affirmed 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 supported by our focus on fee income and our continued efforts to Income drive commercial momentum
Slide 18: Business & Product Units
Business & Product Units Danske Bank 18
Slide 19: Personal Customers: Performance supported by deposit growth and customer activity
Investor Presentation Personal Customers: Performance supported by deposit growth and customer activity partially offsetting rate impact and lower fee income Highlights* Financial performance KPIs Y/Y total income decreased, in part Total income PC NO ROAC (%) Cost/income (%) due to the divestment o
Slide 20: Business Customers: Solid growth in lending volumes
Investor Presentation Business Customers: Solid growth in lending volumes and expanding customer base underpin increased commercial momentum Highlights Financial performance KPIs Y/Y NII resilient and fee income up Total income ROAC (%) Cost/income (%) 3%. Total income affected by lower (DKK m) 2026
Slide 21: Large Corporates & Institutions: Strong financial performance
Investor Presentation Large Corporates & Institutions: Strong financial performance from continued lending growth and customer activity despite capital markets uncertainty Highlights Financial performance KPIs Total income up (+8% Y/Y), Total income ROAC (%) Cost/income (%) supported by volume growt
Slide 22: Business units: Northern Ireland and Danica
Investor Presentation Business units: Continued business momentumin Northern Ireland, with health and accident business improving at Danica Profit before imp. (DKK m) Lending (index) Our focus in Northern Ireland is to remain a strong bank, consolidating our market- leading position 553 566 106 102
Slide 23: Realkredit Danmark portfolio overview: Continued strong credit quality
Investor Presentation Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Retail loans, Realkredit Danmark, Q225 (%) ( ) = Q125 Portfolio facts, Realkredit Danmark, Q225 Fixed rate (10 yrs-30 yrs) Interest-only Approx. 283,000 loans (residential and commercial) Variable
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 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 0.22 0.32 Strong credit quality and modest single-n
Slide 26: IFRS9 macro scenarios: Prudently capturing a severe downside scenario
Investor Presentation IFRS9 macro scenarios: Prudently capturing a severe downside scenario Base (55%) Upside (20%) Downside (5%) Severe downside (20%) Denmark 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 GDP 3.2 2.5 2.3 1.9 3.3 2.8 2.6 2.0 3.0 1.1 1.5 1.9 -3.4 -2.
Slide 27: Strong regional footprint and diversified balance sheet
Investor Presentation Strong regional footprint and diversified balance sheet Lending by segment1 Q2 25 (%) Credit exposure by industry Q2 25 (%, rounded) Personal customers 31 4% 2% Commercial property 13 Northern Ireland LC&I Other Public institutions 9 of which residential (6%) 25% Private housin
Slide 28: Overall strong credit quality in portfolios exposed to macro cyclicality
Investor Presentation 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 60bn in gro
Slide 29: Commercial property: Prudently managed and cash-flow based underwriting
Investor Presentation 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* Danske Ban
Slide 30: Fossil fuels (coal, oil and gas) exposure
Investor presentation Fossil fuels (coal, oil and gas) exposure Key points Q2 2025 ▪ Exposure towards exploration and production (E&P) of oil and gas has decreased to below 1 DKK bn. and is down by 89% compared to end 2020. ▪ Other oil-related net exposures, i.e. offshore and services, are down by 3
Slide 31: Credit quality: Remains strong
Investor Presentation 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 9 19.4 2.0 8 3.2
Slide 32: Capital
Capital Danske Bank 32
Slide 33: Capital: Strong capital base with CET1 ratio of 18.7%
Investor Presentation Capital: Strong capital base with CET1 ratio of 18.7% Capital ratios (%) Current capital buffer structure (%) Tier 2 AT1 Pillar II component (total 3,1%) CET1 Systemic risk buffer 23.1 Countercyclical capital buffer 22.4 22.4 22.4 2.5 Capital conservation buffer 14.6 3.3 2.7 2.
Slide 34: Strong CET1 capital generation and build-up of reserves
Investor Presentation 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 +65bn accrual) 152 149 155 150 144 145 Regulatory impact from EBA guidelines and 130 13
Slide 35: Fully compliant with MREL and subordination requirement
Investor Presentation 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 Q225 DKK bn (% of Group REA) Comments +51 PS > 1y (+6.3%) NPS > 1y The Group has to meet a MREL r
Slide 36: Funding & Liquidity
Funding & Liquidity Danske Bank 36
Slide 37: Funding structure and sources: Danish mortgage system is fully pass-through
Investor Presentation Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding Q225 (DKK bn) Funding sources* (%) 2,181 Q125 62% Senior & Q225 59% 155 NPS bonds 1,726 1,073 Deposits Bank loans 664 11% 12% 10% 10% 9% 9% 8% 8% Bank mortgages 308
Slide 38: Funding programmes and currencies
Investor Presentation Funding programmes and currencies Covered bonds by currency Q225 Largest funding programmes Q225 56% Utilisation SEK EMTN Programme 47% Limit – EUR 35bn Total Global Covered Bond 38% DKK 143 bn Limit – EUR 30bn 42% EUR ECP Programme 1% 23% CHF Limit – EUR 13bn Senior debt1 by c
Slide 39: Funding plan
Investor Presentation Funding plan Changes in funding* 2025 (DKK bn and bp) Long-term funding excl. RD (DKK bn)** Cov. bonds Senior Non-Preferred Senior Completed (H1-25)** Funding plan 84bp 95 5bp 139bp 40bp 76bp 112bp 79 60-80 26 105bp 154bp 78 21 75 17 17 11 12 13 21 10 1 61 Redemptions 2025: Red
Slide 40: Danske Bank covered bond universe
Investor Presentation 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, Danske M
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 Sustainability is an integrated element of our Forward ’28 strategy Our starting point What we will do Large Corporates & Institutions Personal Customers Sustainable finance advisory services, Housing, investments, pensions, Advisory transition finance and project finance mobil
Slide 43: We have set targets and ambitions covering each of our sustainability agendas
Investor Presentation 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 rights due di
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 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 1 2030 t
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 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% above li
Slide 46: We are continuing our work on nature & biodiversity
Investor Presentation We are continuing our work on nature & biodiversity, building on 2024 results TARGET EXECUTION INSIGHTS AND COMMUNICATION Lending engagement targets reached and asset management target on track Two publications launched Business Customers Large Corporations & Institutions Asset
Slide 47: Overview of our latest sustainability-related publications
Investor Presentation Overview of our latest sustainability-related publications Annual Report 2024 incl. Climate Progress Report 2024 Human Rights Report 2024 Sustainability statement Danske Bank 47
Slide 48: Deep dive – Overview of ESG integration in lending operations
Investor Presentation 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 disclosures for bus
Slide 49: Danske Bank is committed to a range of sustainability initiatives
Investor Presentation Danske Bank is committed to a range of sustainability initiatives – including these key examples Principles for Principles for Net-Zero Banking Alliance Net-Zero Asset Net Zero Asset Responsible Banking Responsible Investment Owner Alliance Managers Initiative The world’s forem
Slide 50: Testing and continuing to strengthen the Financial Crime Program
Investor Presentation Testing and continuing to strengthen the Financial Crime Program In 2020, the Bank launched the Financial Crime Plan (FC Plan), a comprehensive transformation program, and successfully met its ambitious target of completion Maintaining a sustainable Financial Crime control fram
Slide 51: The Financial Crime Framework after completion of the FC Plan
Investor Presentation 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 tolerance while a
Slide 52: Regulatory Engagements
Investor Presentation 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 the Bank. D
Slide 53: Committee Governance for Financial Crime Compliance Risks
Investor Presentation Committee Governance for Financial Crime Compliance Risks Joint Financial Crime Risk & Compliance Committee Conduct and Compliance Committee • Functions as a discussion and decision forum on Financial Crime risk and related • Board level committee that oversees the Bank’s manag
Slide 54: The Resolutions with the Danish and U.S. Authorities
Investor Presentation 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 investigations in
Slide 55: Credit & ESG Ratings
Credit & ESG Ratings Danske Bank 55
Slide 56: Danske Bank's credit ratings – Scope revises outlook to Positive
Investor Presentation Danske Bank’s credit ratings – Scope revises outlook on Danske Bank to Positive from Stable Long-term instrument ratings Rating summary Fitch Moody’s Nordic Credit Rating S&P Scope • On 27 May 2025, Scope affirmed its AAA Aaa AAA AAA AAA ratings of Danske Bank and revised its A
Slide 57: Danske Bank's credit ratings – No changes by Fitch or Moody's in Q2 2025
Investor Presentation Danske Bank’s credit ratings – No changes by Fitch or Moody’s in Q2 2025 Rating methodology Danske Bank’s rating Operating Business Risk Asset Earnings & Capitalisation & Funding & Viability Government Issuer + + + + + + = + = environment Profile Profile Quality Profitability L
Slide 58: Danske Bank's credit ratings – S&P Global, no changes
Investor Presentation Danske Bank’s credit ratings – In Q2 2025, Scope revised its outlook on Danske Bank to Positive from Stable, there were no changes by S&P Global Rating methodology Danske Bank’s rating Extraordinary Anchor Potential CRA** + 1 + 2 + 3 + 4 = = SACP* + external + ALAC*** = Issuer
Slide 59: Danske Bank's ESG ratings – No changes in Q2 2025
Investor Presentation Danske Bank’s ESG ratings – No changes in Q2 2025 We have chosen to focus on four ESG rating providers based on their importance to our investors ESG rating agency Q2-2025 Q1-2025 End-2024 End-2023 End-2022 End-2021 Range CDP1 B 2% of the 22,400 climate scored B B B B B A to D
Slide 60: Tax & Material one-offs
Tax & Material one-offs Danske Bank 60
Slide 61: Tax
Investor Presentation Tax Actual and adjusted tax rates (DKK m) Tax drivers, Q2 2025 The actual tax rate of 25.1% (excluding prior- Line Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q1 2024 year's adjustments) is lower than the Danish rate of 26% - due to the differences in statuary tax 1 Profit before tax accor
Slide 62: Material extraordinary items, 2023 – 2025
Investor Presentation 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 Q223 Reversa
Slide 63: Contacts
Investor Presentation Contacts Investor Relations Group Treasury and Funding Claus Ingar Jensen Mobile +45 25 42 43 70 Bent Callisen Mobile: +45 30 10 23 05 Head of IR clauj@danskebank.dk Head of Group Funding call@danskebank.dk Nicolai Brun Tvernø Mobile +45 31 33 35 47 Thomas Halkjær Jørgensen Mob
Slide 64: Disclaimer for Danske Bank's Climate Progress Report 2024
Investor Presentation 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 is for inf
Slide 65: Disclaimer
Investor Presentation 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, or an in
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