Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Mortgage Bank — Debt Investor Presentation (2026)
24 slides from Nordea Bank Abp's debt investor presentation, 2026
Slide 1: Nordea Mortgage Bank Covered Bonds
Nordea Mortgage Bank Covered Bonds Q1 2026 Debt investor presentation – Cover pools 1 & 2
Slide 2: Table of contents
Table of contents 1. In brief 3 2. Cover pool key characteristics 6 3. Asset quality 10 4. Covered bond framework 14 5. Macroeconomy 17 6. Further information 22 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 Mortgage Bank Plc – overview
Nordea Mortgage Bank Plc – overview Q1 2026 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution Operates as a mortgage credit institution with the main purpose of issuing covered bonds Issuing covered bonds according to the Finnish covered bond legislation Legacy bond
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics 6
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q1 2026 Coverpool Cover poolsummary summary Cover Cover pool pool 11 (Legacy) (Legacy) Cover Cover Pool Pool 2 2 (New) (New) Pool notional EUR 7.0bn EUR 19.8bn Outstanding Covered Bonds EUR 4.7bn EUR 15.5bn Mortgage loans secured by residential property. Loans Mortgage
Slide 8: Cover pool key characteristics (2)
Cover pool key characteristics (2) Q1 2026 Cover pool balance by loan category Cover pool balance by region Loan Category 3% 0.2% 6% Single -family houses Greater Helsinki 15% Area Tenant owner units West Finland 42% Cover Multi-family houses 13% South Finland Pool 1 51% Summer Houses 49% North/ Eas
Slide 9: Cover pool key characteristics (3)
Cover pool key characteristics (3) Q1 2026 Distribution of collateral assets – Pool 1 Distribution of collateral assets – Pool 2 0.06% 0.04% 8% 7% Natural persons Natural persons Housing companies Housing companies Other housing Other housing associations associations 92% 93% 9
Slide 10: 3. Asset quality
3. Asset quality 10
Slide 11: Loan To Value (LTV)
Continuous distribution where each loan can exist in multiple buckets Loan To Value (LTV) Q1 2026 Cover Pool 1 - Weighted Average LTV – Indexed – 50.0% Nominal % Residential Loans 100% 77% 7.0 5.3 0.7 0.4 10% 8% 6% 0.5 0-40% 40-50% 50-60% 60-70% Total 0-40% 40-50% 50-60% 60-70% Total Cover Pool 2 -
Slide 12: Loan structure
Loan structure Q1 2026 Rate type Repayment 100% 100% 19% 18% 17% 16% 16% 15% 80% 80% Capped rate 60% 60% Amortising Cover Floating rate 98% 98% 98% 98% 98% 98% 40% 80% 81% 82% 83% 83% 84% 40% Bullet / interest only Pool 1 Fixed rate 20% 20% 1% 1% 1% 1% 1% 1% 2% 2% 2% 2% 2% 2% 0% 0% 24Q4 25Q1 25Q2 25
Slide 13: Underwriting criteria
Underwriting criteria Residential mortgage loans • Nordea’s credit decision is based on the borrower’s repayment capacity and collateral is always taken • Collateral must be in the form of mortgages in real estate or in shares in housing companies • Repayment ability of borrowers is calculated using
Slide 14: 4. Covered bond framework
4. Covered bond framework 14
Slide 15: Finnish covered bond framework
Finnish covered bond framework Cover pool 1 – old until July 2022 Cover pool 2 – new as per July 2022 Legal framework Finnish Covered Bond Act (statute 688/2010) Finnish Mortgage Banks and Covered Bonds Act (statute 151/2022) LTV ratios Limit on LTV ratio – based on the current value Limit on LTV ra
Slide 16: Finnish covered bond framework (2)
Finnish covered bond framework (2) Cover pool 1 & 2 Registration • Collateral assets remain on the balance sheet of the issuer • Covered bonds, collateral and relevant derivative contracts are entered in a separate register Bankruptcy remoteness Isolation of registered collateral assets and register
Slide 17: 5. Macroeconomy
5. Macroeconomy 17
Slide 18: Nordic economic development
Nordic economic development Uncertainty GDP Unemployment rate GDP, % y/y, Economic Outlook January 2026 • The war in the Middle East and escalating geopolitical Country 2024 2025 2026E 2027E tensions has resulted in heightened uncertainty and substantially higher energy prices. The impact on the Den
Slide 19: Nordic economies: Upside risks
Nordic economies Upside risks Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB, Riksbank and Norges Bank kept their policy rate unchanged in March at 2.0%, 1.75% and 4.0%, respectively • The ECB is expected to hike rates four times in 2026 to 3.0% and keep rates steady during 2027,
Slide 20: Households: Normalisation
Households Normalisation Household debt Household savings Private consumption • Consumer confidence is mixed among Nordic households • However, the levels still remain below historical normal, particular for Danish and Finnish households, thus indicating continued caution • Household purchasing powe
Slide 21: Housing markets: 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 22: 6. Further information
6. Further information 22
Slide 23: Outstanding benchmark covered bonds
Nordea Mortgage Bank – outstanding benchmark covered bonds Q1 2026 Breakdown by ISIN ISIN Currency Amount (EURm) Maturity Coupon XS2673972795* EUR 1 000 31/08/2026 3.500% XS2758065010 EUR 750 31/01/2027 FRN XS1204140971 EUR 1 000 17/03/2027 0.625% XS2013525410 EUR 1 000 18/06/2027 0.125% XS303608036
Slide 24: 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 Christian Peschel Morten Keil Senior Dealer Head of Covered bonds Tel: +46 8 429 3251 Tel: +45 3333 1875 Mobile: +46 72 1
Nordea Mortgage Bank — Debt Investor Presentation (2026) on 6ix