Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Investor Day (November 2025)
81 slides from Nordea Bank Abp's investor day presentation, Nov 5, 2025
Slide 1: Welcome to Nordea Capital Markets Day
Welcome to Nordea Capital Markets Day Capital Markets Day 5 November 2025 1
Slide 2: Disclaimer
Disclaimer • Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the
Slide 3: The best-performing financial services group in the Nordics
The best-performing financial services group in the Nordics Capital Markets Day 5 November 2025 3
Slide 4: Leading market positions with comprehensive, pan-Nordic diversification
Nordea today Leading market positions with Uniquely positioned in the Nordics comprehensive, pan-Nordic diversification Universal relationship service model • Full scope of products, capabilities and expertise Business areas Aggregated position • Each customer backed by the full strength of the Grou
Slide 5: Well-diversified business mix with high returns and low EPS volatility
Nordea today Well-diversified business mix with high returns and low EPS volatility Diversified across business areas Delivering ahead of peers H1 2025 2022 to Q2 20251 12% 15.3 11% High RoE 14.5 %, quarterly 12.9 20% Operating 39% 35% 22% Operating income profit 14 Low EPS volatility 40 %, quarterl
Slide 6: Nordic countries: resilient and entrepreneurial economies
Nordic countries Resilient and entrepreneurial economies; excellent financial services markets Structurally attractive Globally competitive Wealthy and low risk High productivity Highly digitalised Wealthy 7x Global profit-to-population 7th Global digital ranking2 €57k GDP per capita, EU: 2x EU: 24t
Slide 7: Delivering on our promises with strong execution
Nordea 2022–25 Delivering on our promises with strong execution Change since 20211 Household customer satisfaction2 All-time high +3 index points Leading digital Create experience with SME customer satisfaction2 All markets up the best omnichannel improved customer vs peers customer experience satis
Slide 8: Financial and supporting targets met and exceeded
Nordea 2022–25 Financial and supporting targets met and exceeded 2025financial 2025 financial andand supporting supporting targets targets 2021 2021 2025 2025 Return on equity >15% 11.2% 15.9% Cost-to-income ratio 44–46% 48.3% 45.6% Cost of risk normalised at ~10bp1 1bp 4bp CET1 ratio ~15%, 150bp mg
Slide 9: Higher returns and stronger capital generation
Strong shareholder returns Higher returns and stronger capital generation Focus on delivering market- Leading Nordic TSR1 Consistent, strong capital generation leading shareholder value +10% +292% >80% CAGR Total shareholder return since September 20192 +25% Annual total shareholder return since Sep
Slide 10: A new era – and a unique opportunity to lead
Strategic context A new era – and a unique opportunity to lead Forces shaping the industry Our opportunity to lead New economic reality Diversification provides resilience, trust drives customer engagement • Uncertain macroeconomic environment and geopolitical tensions reinforce the value of resilie
Slide 11: Deliver earnings per share of EUR ~2.0 in 2030
2030 ambition and financial targets Superior EPS growth and sustained high profitability 2030 financial targets Return on equity Cost-to-income ratio >15% 40–42% Throughout the period and Excluding regulatory fees significantly above in 2030 2030 ambition Deliver earnings per share of EUR ~2.0 in 20
Slide 12: The best-performing financial services group in the Nordics
Nordea 2026–30 Our vision and strategic priorities The best-performing financial services group in the Nordics Growth Offering Scale Grow faster than the Lead with a compelling Deliver scale benefits for market and sustain high customer offering and the superior competitiveness profitability best dig
Slide 13: Win Sweden, Grow Norway
Growth – six growth areas to deliver faster-than-market growth Strengthening position in markets with the greatest room to grow Attractive fundamentals Strong position for growth 1 Win Sweden Large core market with broad Accelerate growth in largest market growth potential • Capitalise on momentum t
Slide 14: Cross-sales and Life & Pension
Growth – six growth areas to deliver faster-than-market growth Deepening relationships Attractive fundamentals Strong position for growth 3 Cross-sales Broader and more sophisticated Position Nordea as the preferred retail savings partner needs • Deeper relationships and engagement with our broad ba
Slide 15: Private Banking and Small businesses
Growth – six growth areas to deliver faster-than-market growth Expanding in attractive segments Attractive fundamentals Strong position for growth 5 Private Growing wealth and demand for sophisticated advice Win market share across all markets Banking • Be the leading private bank in each market thr
Slide 16: Nordic scale: one of the things that makes Nordea unique
Scale Nordic scale: one of the things that makes Nordea unique Scale at the core of our competitiveness High upside ahead – well positioned The largest financial services group in the Nordics On course for business-driven transformation of key with scale across the region and in each business produc
Slide 17: Redesigning four key processes for streamlined end-to-end value streams
Scale Redesigning four key processes for streamlined end-to-end value streams Savings and Mortgages Corporate lending Payments investments To: Harmonised digital To: Automated, AI- To: Market-leading, easy To: Modernised global mortgage journey assisted credit process digital savings payment platfor
Slide 18: Technology enabling competitive edge in customer experience, resilience and productivity
Scale Technology enabling competitive edge in customer experience, resilience and productivity Nordic products AI acceleration & processes • Business processes transformed through AI to enable focus on expert tasks and high-impact human advisory service Streamlined, smart and “Nordic • AI elevating
Slide 19: Why own Nordea
2030 financial targets Why own Nordea Return on equity >15% The best-performing financial services throughout period and significantly above in 20301 group in the Nordics in 2030 Cost-to-income ratio2 40–42% Leading customer experience and faster-than- Supported by market income growth High credit q
Slide 20: Personal Banking
The preferred financial services partner for household customers in the Nordics Personal Personal Banking Banking
Slide 21: Largest and only pan-Nordic retail franchise, top three in all markets
Personal Banking today Largest and only pan-Nordic retail franchise, Uniquely positioned in the Nordics top three in all markets Universal relationship model Trusted financial partner to Well-diversified income mix • Full financial offering spanning all household needs 6.5m household customers acros
Slide 22: Successful delivery of 2025 strategic objectives
Personal Banking 2022–25 Successful delivery of 2025 strategic objectives supports transition into next strategy period Change since 20211 Increased Nordic aggregate customer satisfaction All-time high +3 points Create Top-rated digital the best omnichannel bank with all-time high Digital active cus
Slide 23: The preferred financial services partner for household customers in the Nordics
Personal Banking 2026–30 Our vision and strategic priorities The preferred financial services partner for household customers in the Nordics Growth Offering Scale Grow faster than market Lead with best-in-class Deliver operational in Sweden, Norway, and digital experience and excellence with Nordic
Slide 24: Focused opportunities for growth and strong operating performance
Personal Banking 2026–30 Focused opportunities for growth and strong operating performance Building blocks for 2030 performance – Targeting >19% return on allocated equity Income growth, 2025-30 1 ~3% CAGR 1 Grow faster than market 2025 Market momentum Faster-than- 2030 market growth 2 Invest in cus
Slide 25: Growth: accelerate profitable growth in targeted areas
Growth Accelerate profitable growth in targeted areas Scale leading growth model for mortgages and pensions to increase Win customer acqusition Sweden Expand reach to new savers and Premium customers through enhanced ~1.5x Income growth above market segment value propositions Activate existing custo
Slide 26: Offering: winning relationships with tailored experiences
Offering Winning relationships with tailored experiences and offerings Deliver mobile-first banking with seamless switching between self- Tailored and service and assisted channels adaptive Provide personalised nudges and insights relevant to customers’ >80% Digital sales (from ~70%) experiences fin
Slide 27: Scale: seamless and efficient processes
Scale Seamless & efficient processes delivering smooth customer experience Deploy AI assistants to resolve routine issues and free up time for advisers to focus on complex issues Digital-first Empower advisers with AI-based, real-time insights and Adviser efficiency interaction recommendations based
Slide 28: Personal Banking 2030 targets
Personal Banking The right platform, the right capabilities and 2030 targets the right people RoAE Build on our unique pan-Nordic leadership position >19% Accelerate profitable growth in targeted areas Cost-to-income ratio Create superior digital customer experiences through <43% investments in tech
Slide 29: Asset & Wealth Management
The preferred savings and investment partner Asset & Wealth Management
Slide 30: The largest savings franchise in the Nordics
Asset & Wealth Management today The largest savings franchise in the Nordics A full-service asset and wealth manager Private Banking Largest savings franchise in the Nordics 144 38 Denmark # Private Banking • Leading Nordic Private Bank with >55k customer groups Finland 46 market share position • A
Slide 31: Well-positioned going into the new strategy period
Asset & Wealth Management 2022–25 Well-positioned going into the new strategy period Change since 20211 Accelerated growth Strengthened leading position +17% AuM Nordea AuM growth (indexed) Private 184 Norway Banking 150 Sweden Market share gains in Sweden2 +3pp EUR 144bn Nordic 137 average 2022 202
Slide 32: The preferred savings and investment partner
Asset & Wealth Management 2026–30 Our vision and strategic priorities The preferred savings and investment partner Growth Offering Scale Grow faster than market Lead with superior wealth Deliver Nordic scale in Private Banking and value propositions and benefits in the savings Life & Pension best di
Slide 33: Delivering significant faster-than-market growth
Asset & Wealth Management 2026–30 Delivering significant faster-than-market growth Building blocks for 2030 performance – Targeting >40% return on allocated equity Income growth, 2025-2030 Asset & Wealth Management 2 1 Grow Private Banking 1 Other business areas ~3% CAGR 2 Grow Life & Pension 2025 M
Slide 34: Leading Private Bank in each home market
Growth, Offering Leading Private Bank in each home market Double digital investments and hire 100 new advisers Preferred Accelerate external customer acquisition capabilities and capitalise on savings and investment upsell model proven to expand wallet +30% Customers increase in base Exceed market g
Slide 35: Life & Pension: a fast-growing hidden gem
Growth, Offering Life & Pension: a fast-growing hidden gem with 5% positive jaws 2026–30 Market- Capitalise on market growth of 6% CAGR from structural tailwinds leading Deliver profitable growth faster than the market through significantly >1bn Income from L&P in 2030 bancassurer higher penetration
Slide 36: Cross-market synergies and productivity gains across the value chain
Scale Cross-market synergies and productivity gains across the value chain Deploy AI and data analytics to personalise our digital content, Personalised automating portfolio analysis and providing advisers with relevant leads AI-driven services Further automate advisory processes, to save time in me
Slide 37: Asset & Wealth Management 2030 targets
Asset & Wealth Management 2030: The preferred savings and investment partner 2030 targets Accelerate Private Banking fighting for #1 in each market RoAE through superior advisory coupled with digital leadership >40% Strengthen position as the leading Nordic bancassurer through product innovation and
Slide 38: Business Banking
The preferred financial services partner for all SMEs in the Nordics Business Banking
Slide 39: Leading market positions with distinctive pan-Nordic diversification
Business Banking today Leading market positions with distinctive Uniquely positioned in the Nordics pan-Nordic diversification Universal relationship model Trusted financial partner to 500k SMEs Geographically diversified business model • Comprehensive offering supporting broad financial needs of SM
Slide 40: Successful delivery of 2025 strategic objectives
Business Banking 2022–25 Successful delivery of 2025 strategic objectives supports transition into next strategy period Change since 2021 Award-winning Improved customer satisfaction relative to peers Up in all markets Create digital channels and the best omnichannel strengthened position Highest ap
Slide 41: The preferred financial services partner for all SMEs in the Nordics
Business Banking 2026–30 Our vision and strategic priorities The preferred financial services partner for all SMEs in the Nordics Growth Offering Scale Grow faster than Lead with best-in-class Deliver Nordic scale market in Sweden and payments, and digital benefits, leveraging Norway, and focus on o
Slide 42: Faster-than-market growth enabled via leading customer experience and scale
Business Banking 2026–30 Faster-than-market growth enabled via leading customer experience and scale Building blocks for 2030 performance – Targeting >15% return on allocated equity Income growth, 2025-30 1 2-3% CAGR 1 Grow faster than market 2025 Market momentum Faster-than-market growth 2030 Cost-
Slide 43: Growth: accelerate profitable growth in targeted areas
Growth Accelerate profitable growth in targeted areas Win Sweden by strengthening position in transition advisory, attractive Win Sweden underpenetrated segments, and cross-Nordic SMEs and Grow Grow Norway through increased customer acquisition intensity, ~1–2pp Market share capture in lending Norwa
Slide 44: Winning relationships with tailored experiences and offerings
Offering Winning relationships with tailored experiences and offerings Upgrade Nordic cash management platform with embedded finance Leading capabilities Cash payment Build modern business card, accounts receivable and instant #1-2 management position offering payments capabilities Simplify financia
Slide 45: Seamless and efficient processes delivering smooth customer experience
Scale Seamless and efficient processes delivering smooth customer experience Deploy an AI-powered advisory tool system combining customer Data- and benchmarking and financial scenario tools to drive smarter engagement AI-driven +30% NCI per FTE increase frontline Support frontline with data-driven,
Slide 46: Business Banking 2030 targets
Business Banking 2030: The preferred financial services partner for all 2030 targets SMEs in the Nordics Become the champion of small businesses across the Nordics RoAE >15% Grow market share in Sweden and Norway and increase ancillary income through deeper customer relationships Use technology, dat
Slide 47: Large Corporates & Institutions
The preferred financial partner for Large Corporates & Institutions in the Nordics Large Corporates & Institutions
Slide 48: The leading Nordic LC&I business
Large Corporates & Institutions today The leading Nordic LC&I business Unique combination of Nordic scale Trusted financial partner to large Geographically diversified and local presence corporates & institutions in the Nordics business model Universal relationship model 21% • Relationship-driven st
Slide 49: Profitable foundation, supported by strict cost and capital discipline
Large Corporates & Institutions 2022–25 We have established a profitable foundation, supported by strict cost and capital discipline Change since 20211 Create Improved customer satisfaction scores Up in 3/4 countries the best customer High customer satisfaction experience and scores and sustainabili
Slide 50: The preferred financial partner for Large Corporates & Institutions
Large Corporates & Institutions 2026–30 Our vision and strategic priorities The preferred financial partner for Large Corporates & Institutions in the Nordics Growth Offering Scale Grow faster than market Lead with strong value Deliver scale advantages with focus on Sweden, propositions through best
Slide 51: Faster-than-market growth enabled by strengthened offering and Nordic scale
Large Corporates & Institutions 2026–30 Faster-than-market growth enabled by strengthened offering and Nordic scale benefits Building blocks for 2030 performance – Targeting >15% return on allocated equity Income growth, 2025–30 1 2–3% CAGR 1 Grow faster than market 2025 Market momentum Faster-than-
Slide 52: Grow and strengthen position as leading LC&I business
Growth We will grow and strengthen our position as a leading LC&I business in the Nordics Become the leading Nordic market event bank in Sweden and outgrow Win Sweden market with a particular focus on real estate and corporate infrastructure Revenue and Grow >2pp growth market above Norway Grow in N
Slide 53: Improving customer experience through strengthened relationships
Offering Improving customer experience through strengthened relationships and leading offering Strengthen customer service model and upgrade relationship banking Customer Customer offering to increase customer satisfaction in all countries value #1-2 satisfaction position in all proposition Provide
Slide 54: Scaling for growth and efficiency across payments, lending and analytics
Scale Scaling for growth and efficiency across payments, lending and analytics Build advisory AI ecosystem with integrated internal and external real- Data- and AI- Time time customer insights driven >30% reduction in advisory advisory Increase level of automation in the advisory process, freeing up
Slide 55: Large Corporates & Institutions 2030 targets
Large Corporates & Institutions 2030: The preferred financial partner for 2030 targets Large Corporates & Institutions in the Nordics RoAE >15% Lead and grow LC&I business in all four home markets Grow faster than market in Sweden and Norway with enhanced segment focus, and increase ancillary income
Slide 56: Break
Break 56
Slide 57: Scale – accelerated by technology, data and AI
Scale – accelerated by technology, data and AI Technology
Slide 58: Financial services are being revolutionised by technology
Strategic context Financial services are being revolutionised by technology Forces shaping the industry Our opportunity to lead Changing customer expectations Rich data foundation powering personalisation and AI at scale • Largest customer database in the Nordics Emerging competition • Unique advant
Slide 59: Leveraging Group-wide data, renewing technology, harnessing AI
Strategic direction Leveraging Group-wide data, renewing technology, harnessing AI to outperform competition 2020–25 2026–30 Developing digital interfaces and tech renewal Modernising technology to outperform competition opportunities in terms of experience and resilience • Market-leading digital fr
Slide 60: Technology enabling competitive edge
Strategic priorities Technology enabling competitive edge in customer experience, resilience and productivity Nordic products & AI acceleration processes • Business processes transformed through AI to enable focus on expert tasks and high-impact human advisory service Streamlined, smart and “Nordic
Slide 61: Swift and scalable lending processes
Mortgages and corporate lending Swift and scalable lending processes: fast and transparent for customers; more robust credit decisioning Origination Credit risk assessment & decision Approval & loan fulfilment 2030 target state Automated, AI-assisted Instant, automated decision- AI-assisted digital
Slide 62: Market-leading digital savings experience
Savings and investments Market-leading digital savings experience: best products and modern technology Market-leading digital experience 2030 target state Leading, easy digital experiences with truly personalised One digital Personalised Omnichannel, with Market-leading tailored recommendations plat
Slide 63: Modernised payment platform
Payments Modernised payment platform: consolidated Nordic architecture with streamlined products and processes Fast Simple Always on Trusted 2030 target state Payments Shorter change lead time: 45% down to 4 weeks from 8 weeks Speed and reliability Fewer applications, Global payment Resilience and c
Slide 64: Best-in-class personalised customer experiences and operational efficiencies with AI
AI acceleration Best-in-class personalised customer experiences and operational efficiencies with AI Current use of AI Our AI agenda Long term Long term Customer assistant Next Now Next 5.2 million chats; ~78% handled Now by Nova Chatbot1 Next-gen Value-creating AI-driven process Single & platform u
Slide 65: Modernised technology and data
Modernised technology and data Technology enabling competitive edge in customer experience, resilience and productivity Modernisation approach 2030 target state Applications • Simplify by consolidating and reducing functional Simpler technology estate overlap • Modernise by moving apps to modern tar
Slide 66: Scale: 2030 streamlined and automated Nordic journeys
Scale – accelerated by technology, data and AI 2030: streamlined and automated Nordic journeys 2030 targets with improved customer experience and cost position Gross annual cost take- out, driven by Nordic scale Develop personalised services and interactions for all segments, EUR 600m with lower cos
Slide 67: Sustainable superior performance – Financials
Sustainable superior performance Financials
Slide 68: Superior EPS growth, market-leading profitability and unique Nordic scale
Why own Nordea Superior EPS growth, market-leading profitability and unique Nordic scale From underperformer to global leader1 Superior EPS growth, driven by positive jaws Broad-based income streams World’s largest banks by RoE, % 2% 9% 1.5 CAGR 3.5 2019 3.0 30 +31% 2.5 1.0 Share of 20 2.0 27% opera
Slide 69: Coming from position of strength, with all targets met
Nordea today Coming from position of strength, with all targets met Delivering on our 2022–25 strategy Focused and profitable growth Return on equity (%) RoE RoE1(%) 2 (%) • Market share growth in lending 1.3 15.9 2025 and deposits 3.4 0.0 target >15% Peer 1 • Strong net interest income growth 11.2
Slide 70: Economic strength, stable macro underpinning 2030 plan
Key planning assumptions1 Economic strength, stable macro underpinning 2030 plan Real GDP growth (%) Interest rates (3-month, %) Key assumptions 3 5 Nordic lending market growth 4 ~3% CAGR 2025–30 2 3 1 2 Equity market return 1 +7% CAGR 2025–30 0 0 2025 2026 2027 2028 2029 2030 2025 2026 2027 2028 2
Slide 71: Superior EPS growth and market-leading profitability, driven by positive jaws
2030 financial targets Superior EPS growth and market-leading profitability, driven by positive jaws 2030 financial targets Supported by Return on equity High credit quality >15% Loan losses ~10bp Capital excellence and EUR >20bn Throughout the period and significantly above in 20301 in total shareh
Slide 72: Building blocks for 2030 performance
Nordea 2026–30 Building blocks for 2030 performance RoE >15% Market momentum 2025–30 • Growth at current market share, with income growing slightly faster than costs, resulting in positive jaws EPS (EUR) EUR ~2.0 Growth areas • Additional growth in targeted areas with low marginal cost-to-income rat
Slide 73: Six growth areas driving above-market income growth
Nordea 2026–30 Six growth areas driving above-market income growth 1 Win Sweden • Accelerate growth in largest market Accelerating growth and delivering Nordic scale benefits • Capitalise on momentum with high market shares across businesses Income • Expand growth effort to include LC&I and underpen
Slide 74: Structural cost efficiencies, driven by Nordic scale
Nordea 2026–30 >10% gross cost reduction Structural cost efficiencies, driven by Nordic scale from Nordic scale Cost growth below inflation, driven by structural improvements Redesigning four key processes for streamlined end-to-end value CAGR streams ~2% • Automated, AI-enabled new mortgage Nordic
Slide 75: Better operating efficiency
Nordea 2026–30 Better operating efficiency Drive focused profitable growth Positive jaws with faster-than-market income growth improving C/I ratio1 • Market-driven income growth CAGR Income CAGR ~45%1 ~3% 2025–30 (market + growth areas) >3% • In addition, faster-than-market income growth through tar
Slide 76: Net loan losses and similar net result ~10bp or lower
Cost of risk Net loan losses and similar net result ~10bp or lower Excluding management Loan losses from portfolio ~10bp Loan loss ratio (bp) judgement provision release (~10bp) or lower, as expected1 • Purely Nordic low risk portfolio with more than half of exposure to households 8 9 • Corporate po
Slide 77: Continued capital excellence – generate, deploy, distribute
Capital Strong capital generation deployed Continued capital excellence – generate, deploy, distribute for growth and shareholder returns • Total distribution (dividend and buy- Stable CET1 requirements, with capital policy maintained at ~15.5% backs) above EUR 20bn1 2026–30 CET1 ratio development,
Slide 78: Optimising capital allocation
Nordea 2026–30 Optimising capital allocation Continuously adjust capital Other allocation to capture highest- yielding opportunities Personal Banking Strong contribution across businesses, with profitable income growth in all segments Business Banking Robust performance management PE&II and specific
Slide 79: Why own Nordea
2030 financial targets Why own Nordea Return on equity >15% The best-performing financial services throughout period and significantly above in 20301 group in the Nordics in 2030 Cost-to-income ratio2 40–42% Superior EPS growth and sustained leading Supported by profitability High credit quality Loa
Slide 80: Q&A
Q&A 80
Slide 81: Thank you for attending Nordea Capital Markets Day
Thank you for attending Nordea Capital Markets Day Capital Markets Day 5 November 2025 81