Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Kredit — Debt Investor Presentation (2026)
27 slides from Nordea Bank Abp's debt investor presentation, 2026
Slide 1: Nordea Kredit Covered Bonds Q2 2026 Debt Investor Presentation
Nordea Kredit Covered Bonds Q2 2026 Debt Investor Presentation
Slide 2: Table of contents
Table of contents 1. Nordea covered bond operations 3 2. Nordea Kredit in brief 5 3. Cover pool key characteristics 7 4. Asset quality 14 5. Underwriting criteria 17 6. Danish covered bond framework 19 7. Macroeconomy 21 8. Relevant links and contacts 26 2
Slide 3: 1. Nordea covered bond operations
1. Nordea covered bond operations 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: 2. Nordea Kredit - in brief
2. Nordea Kredit - in brief alee fee: tly Nordea
Slide 6: Nordea Kredit – in brief
Nordea Kredit – in brief • 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution • Operates as a mortgage credit institution with the purpose of granting mortgage credit loans funded by issuing mortgage credit bonds (covered bonds) • Founded in 1993 and supervised by th
Slide 7: 3. Cover pool key characteristics
3. Cover pool key characteristics 7
Slide 8: Cover pool key characteristics
Cover pool key characteristics Q2 2026 Outstanding covered bonds EUR 56.8bn Mortgage credit loans secured by mainly residential property Cover pool content (total: EUR 61.0bn including substitute assets)1 Geographic distribution Throughout Denmark with concentration in urban areas Weighted average L
Slide 9: Loan portfolio
Loan portfolio Q2 2026 Market share1 by property category Market share1 – overall 9 1) Market share of the Danish mortgage credit market (Loan balance)
Slide 10: Total loan portfolio (CC1 and CC2)
Total loan portfolio (CC1 and CC2) Q2 2026 Loan portfolio by loan type Share of interest-only loans 34.3% 34.7% 35.8% 35.6% 36.2% 25.4% 25.6% 25.4% 26.1% 25.7% 53.5% 53.3% 54.2% 54.7% 55.0% 40.3% 39.7% 38.6% 38.3% 38.1% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Slide 11: Loan portfolio
Loan portfolio Q2 2026 Loan balance by region Loan balance by property category North DK Agriculture Other 3% 8% 0% Private rental 14% Office & retail prop. Central DK 9% 21% Manufactoring & crafts 2% Capital region 46% Southern DK 13% Owner occ. Dwellings & holiday Zealand region homes 17% 67% 11
Slide 12: Green Bonds
Green Bonds Q2 2026 Green lending by asset category Green lending by property category - EURm 12 Green mortgage loans in Nordea Kredit must meet the criteria set out in the Nordea Green Funding Framework.
Slide 13: Financed emissions – and portfolio by EPCs
Financed emissions – and portfolio by EPCs Q2 2026 Financed emissions 1) Portfolio by EPCs 1, 3) Total Total Financed Financed Total volume Coverage emission emission emission emission Volume Type of property DKKbn Q1 (volume) Q1 tCO2 Q1 tCO2 Q1 CO2/DKKbn Q1 CO2/sqm Q1 EPC DKKbn Q1 Owner. occ. dwell
Slide 14: 4. Asset quality
4. Asset quality 14
Slide 15: Loan to value (LTV) – loans for residential and commercial properties
Loan to value (LTV) – loans for residential and commercial properties Q2 2026 Loan type Mortgage credit loans (residential) Mortgage credit loans (commercial) Weighted average LTV – indexed 51.8% 40.8% LTV buckets Nominal (EURm) % Loans Nominal (EURm) % Loans > 0 - ≤ 40 % 33,555 74.7% 8,393 77.9% >
Slide 16: Asset quality
Asset quality Q2 2026 Arrears (owner occupied dwellings and holiday homes) 1) 2) Loan to value (LTV) weighted average (all loans) 1) Arrears as a percentage of the scheduled payments – 3½ months after due date. 2) The development in arrears for Nordea Kredit has been influenced by a pause of legal c
Slide 17: 5. Underwriting criteria
5. Underwriting criteria alee fee: tly Nordea
Slide 18: Underwriting criteria
Underwriting criteria Private households Corporates, agriculture etc. • Behavioural score and individual credit assessment are • A financial analysis of the customer is made, including conducted based on income information, e.g. payslips and adjustments for current market conditions tax information
Slide 19: 6. Danish covered bond framework
6. Danish covered bond framework 19
Slide 20: Danish covered bond framework
Danish covered bond framework • Legal framework • The Financial Business Act • The Mortgage-Credit Loans and Mortgage-Credit Bonds, etc. Act with several implementing executive orders • Registration • An issuing institution is required to maintain a static cover pool • Mortgage deeds must be registe
Slide 21: 7. Macroeconomy
7. Macroeconomy alee fee: tly Nordea
Slide 22: Relief, but uncertainty remains
Nordic economic development Relief, but uncertainty remains GDP Unemployment rate • The memorandum of understanding signed in June GDP, % y/y, Economic Outlook May 2026 gave relief to global markets. Still, the outlook remains Country 2024 2025 2026E 2027E uncertain due to renew hostilities in the r
Slide 23: Eased risks
Nordic economies Eased risks Policy rates Public balance/debt, % of GDP, 2026E (IMF) • The ECB and Norges Bank hiked rates to 2.25% and 4.25%, respectively, in Q2. The Riksbank kept their rate unchanged at 1.75% • According to Nordea’s forecast, the ECB is expected to hike rates three times in 2026
Slide 24: Resilience
Households Resilience Household debt Household savings Private consumption • Consumer confidence among the Nordic households has improved at the end of the quarter, but remain below their historic normal • Despite low confidence and high savings rates in most countries, private consumption has been
Slide 25: Activity holds up
Housing markets Activity holds up Housing prices Households’ credit growth • Housing price development in Norway and Denmark have fared better than their Nordic counterparts. Prices in Sweden is increasing, but are still well below the previous peak. The development in Finland remain sluggish with f
Slide 26: 8. Relevant links and Contacts
8. Relevant links and Contacts 26
Slide 27: Links for more information Contacts
Links for more information Nordea Kredit Legislation • Nordea Kredit ECBC harmonised transparency templates. • Danish mortgage credit institutions are supervised by the Danish FSA ECBC harmonised transparency templates Link: https://www.nordea.com/en/investor-relations/reports-and-presentations/bond