Nn Group N.v. · EURONEXT:NN
Nn — Nationale-Nederlanden Bank — Debt Investor Presentation (September 2025)
61 slides from Nn's debt investor presentation, September 2025
Slide 1: Nationale-Nederlanden Bank
Nationale-Nederlanden Bank Investor Presentation - soft bullet covered bonds September 2025
Slide 2: Important Notice
IMPORTANT NOTICE IMPORTANT: You must read the following before continuing. The following applies to this investor presentation, any information or opinion therein, and any statement made in connection therewith (the Presentation), and you are therefore advised to read this carefully before reading,
Slide 3: Executive summary
Executive summary Nationale-Nederlanden Bank N.V. Purpose, ambition and strategy Financials at 30 June 2025¹ Funding diversification • Top 5 retail bank in the • Purpose: to help people care for • Total assets of EUR 26.0bn; • Diversified funding mix, in terms of Netherlands (based on balance what m
Slide 4: Contents
Contents 1 Strategy and business highlights 5 2 Sustainability business and society 14 3 Capital, liquidity and funding 24 4 Covered bond programme 31 5 Mortgage business 40 Appendices A Mortgage loans: origination and underwriting criteria 47 B NN Bank funding programmes 50 C Dutch economy and hous
Slide 5: 1 Strategy and business highlights
1 Strategy and business highlights 5
Slide 6: NN Bank profile
NN Bank profile • Nationale-Nederlanden Bank (‘NN Bank’) is the fifth largest Dutch retail banking franchise, based on balance sheet size • 100% subsidiary of NN Group N.V. • Significant player in Dutch residential mortgage loans and retail savings, with approximately 1.2 million retail clients in t
Slide 7: Parent company: NN Group
Parent company: NN Group NN Group is a financial services company with leading market positions Insurance Europe Netherlands Life Key facts and figures • Top 3 life player in most of 8 markets; • #1 position in group pensions with number 1 pension player in Slovakia, Poland ~40% market share4 and Ro
Slide 8: NN Bank's added value to NN Group
NN Bank’s added value to NN Group NN Bank is highly strategically important for NN Group • Operating under the Nationale-Nederlanden brand since its start in 2011 • Fully-owned subsidiary of NN Group N.V. and a fellow subsidiary of the Dutch insurance entities, i.e. NN Life and NN Non-life • NN Bank
Slide 9: NN Bank key figures
NN Bank key figures 1H25 financial highlights Non-Financial KPIs at year-end 2024 Net interest income EUR 160.1m 1.24% EUR 43.8m 66.5% (1H24: EUR 198.2m) (1H24: 1.58%) (1H24: EUR 61.9m) (1H24: 58.3%) Origination Net growth 7.1% 22.3% EUR 2.3bn EUR 0.4bn (1H24: Origination EUR 1.8m) (1H24: EUR 0.5bn)
Slide 10: Creating long-term value for our stakeholders
Creating long-term value for our stakeholders 10
Slide 11: Retail-focused business model
Retail-focused business model NN Bank is the fifth largest Dutch retail banking franchise • Providing retail customers with mortgage loans, (internet) savings, bank annuities, bancassurance and retail investment products • National player, with coverage of all Dutch regions, operating under a strong
Slide 12: Financially sound bank with a diversified income model
Financially sound bank with a diversified income model Net interest margin • Net interest margin was lower year-on- Summary profit and loss account year mainly driven by lower net interest income (Amounts in EUR m)1 1H25 1H24 Interest income 595 654 • The latter is mainly due to the decrease in Inte
Slide 13: Long-term financial targets
Long-term financial targets Total capital ratio (Basel IV) • Steering capital on Total Cost/income ratio • The cost/income (C/I) ratio was capital ratio (TCR) and meeting 66.5%, compared with 58.3% in all capital targets 1H24, reflecting the decrease in net interest income • The increase in capital
Slide 14: 2. Sustainable business and society
2. Sustainable business and society 14
Slide 15: Sustainability is one of the cornerstones of our strategy
Sustainability is one of the cornerstones of our strategy Our sustainability strategy Our climate journey: • Incorporating climate action across NN Bank’s business. Not only to the benefit of the environment, but also creating sustainable long-term value for all our stakeholders • As a large mortgag
Slide 16: Sustainability is embedded in our governance
Sustainability is embedded in our governance Our Governance: • The Bank’s CEO is accountable for ESG matters, the Management Team is responsible for strategic direction and implementing Superv isory Board the ESG strategy and the Supervisory Board performs structural oversight on ESG matters on the
Slide 17: NN Bank enhancing sustainability & social responsibility
NN Bank enhancing sustainability & social responsibility PLANET FINANCIAL HEALTH • As a mortgage provider, NN Bank wants to contribute to the reduction of • NN Bank wishes to help customers who greenhouse gas emissions in houses we finance have financial difficulties • One of the ways in which we do
Slide 18: EUT alignment to determine Green Asset Ratio
EUT alignment to determine Green Asset Ratio Three pillars of EU Taxonomy regulation NN Bank’s activities of residential real estate lending, specifically providing mortgage loans to retail clients in The Netherlands, directly correspond to the EU Taxonomy definition of ‘acquisition and ownership of
Slide 19: Do No Significant Harm assessment
Do No Significant Harm assessment DNSH assessment Risk Description Source Materiality • On a periodic basis for every property a physical climate risk- and treshold vulnerability assessment is performed by NN Bank to determine Flooding from different sources could Local flood map from ≥ 30% chance o
Slide 20: Carbon footprint
Carbon footprint Monitoring the carbon footprint of our mortgages and investment portfolio: Mortgages: Asset category Total Assets Total Assessed Financed Carbon footprint Data Coverage PCAF Data (EUR Assets Emissions (tonnes of CO2e per (% of assessed Quality Score • Measuring the carbon footprint
Slide 21: Steering our mortgage portfolio towards net-zero in 2050
Steering our mortgage portfolio towards net-zero in 2050 Share of label A in NN Bank’s portfolio increased to 25% Actual emission intensity versus CRREM pathway NL 2021 1.5° NN Bank portfolio: energy label distribution 35 NN Bank Performance2 2021 27.8 kg CO2/m (based on number of houses) 30 NN Bank
Slide 22: NN Bank's Green Bond Framework
NN Bank’s Green Bond Framework The NN Bank Green Bond Framework follows the ICMA Green Bond Principles (GBP) 2021 edition Use of Proceeds Process for Project Management of Proceeds Reporting External Review Green Buildings Evaluation and Selection Portfolio approach: the Eligible On the allocation o
Slide 23: Use of Proceeds
Use of Proceeds Green Buildings that meet one of the following criteria: Definition top 15% low-carbon residential buildings in the Netherlands CFP green buildings is a specialised consultant who developed a methodology for identifying the top 15% in the Netherlands. See also the Green Residential B
Slide 24: 3. Capital, liquidity and funding
3. Capital, liquidity and funding 24
Slide 25: Balance sheet composition
Balance sheet composition Assets Balance sheet at 30 June 2025 (in EUR bn) • Dutch residential mortgage loans (87% of total assets) 26.0 26.0 • High Quality Liquid Assets (HQLA) portfolio of EUR 0.5bn consisting of (semi) 0.4 0.5 1.2 0.2 sovereign bonds and covered bonds 0.5 0.0 2.5 0.6 • 34% of out
Slide 26: Solid capital position
Solid capital position Total capital ratio (TCR, Basel IV) Risk weighted assets (EUR bn) Leverage ratio 22.3% 0.3% 17.8% 18.5% > 17.7% 1.3% 0.7% 22.0% 17.8% 6.5 6.5 4.2% 4.5% 4.4% 16.5% 5.3 > 3.0% 2023 2024 1H25 TCR target 2025 2023 2024 1H25 2023 2024 1H25 Regulatory CET1 Tier 2 minimum Solid capit
Slide 27: Conservative approach to liquidity management
Conservative approach to liquidity management Liquidity adequacy (30 June 2025) HQLA securities investment portfolio hedged o Macro fair value hedge accounting 1% used to hedge interest risk Amortised Cost 184% o Majority of bonds have a duration 139% 131% of 1 - 5 years Fair Value through Other Com
Slide 28: Funding strategy geared to optimisation and diversification
Funding strategy geared to optimisation and diversification Wholesale funding strategy Funding mix (as at 30 June 2025) Attract 2%1% retail funding Retail 23% Secured Savings, deposits bank annuities Unsecured Allocate 74% Diversification newly originated 2Subordinated of wholesale mortgage loans fu
Slide 29: Minimum Required Eligible Liabilities
Minimum Required Eligible Liabilities NN Bank meeting MREL requirements Total Risk Exposure Amount (TREA)1 Total Exposure Measure (TEM)2 • Intending to meet MREL requirements with a 34.2% 6.9% combination of equity, Tier 2 and senior (non) preferred 2.3% Sr pref 0.5% Sr pref • Effective MREL require
Slide 30: S&P Credit ratings
S&P Credit ratings Credit rating reflects NN Bank’s “highly strategic importance” for NN Group Nationale-Nederlanden Bank N.V. ST issuer rating, A-1 outlook stable • Long-term credit rating of A (stable outlook) by S&P, reflecting that NN Bank: LT issuer rating, A o is a fully owned subsidiary of NN
Slide 31: 4. Covered bond programme
4. Covered bond programme 31
Slide 32: NN Bank Soft Bullet Covered Bond Programme
NN Bank Soft Bullet Covered Bond Programme Soft Bullet Covered Bond Programme Green Covered Bonds Retained Covered Bonds • Soft Bullet Programme established and • In May 2022 NN Bank issued a EUR 500m, • Soft Bullet covered bond programme officially registered with the Dutch Central 10-year Soft Bul
Slide 33: NN Bank Soft Bullet covered bond features
NN Bank Soft Bullet covered bond features Robust structure Regulatory treatment for investors Issuer Nationale-Nederlanden Bank • Dutch law and Dutch Central Bank registered • Covered Bond Directive and CRR article 129 compliant Programme size EUR 12.5 bn • European Covered Bond (Premium) compliant
Slide 34: Soft Bullet programme structure
Soft Bullet programme structure Indicative transaction structure Key transaction parties Originators NN Bank and NN Life2 Swap provider1 Servicing Transferor, Issuer NN Bank agreement Swap Servicer Director CBC Servicer NN Bank agreements Administrator NN Bank Administration NN Covered Bond Security
Slide 35: Soft Bullet mechanism
Soft Bullet mechanism Going concern Event diagram of a single series • Under going-concern conditions, the covered bonds (CBs) are bullet securities due on the Final Maturity Date and the Issuer will ensure the coupon and principal payments to the investors Issuer Event No Bullet • The Asset Cover T
Slide 36: Cover Pool Eligibility Criteria
Cover Pool Eligibility Criteria Eligibility Criteria ▪ Each mortgage is either a Bank Savings Mortgage Loan, Life Mortgage Loan, Investment Mortgage Loan, Linear Mortgage Loan, Annuity Mortgage Loan, Interest-only Mortgage Loan, Savings Mortgage Loan, Switch Mortgage Loan or a combination thereof ▪
Slide 37: Asset Cover Test
Asset Cover Test Asset Monitoring Agreement Calculation specification: 1. Adjusted Aggregate Asset Amount ≥ outstanding Covered Bonds ‘A’ includes: 2. First regulatory current balance amount ≥ 105% of outstanding Covered • 96% Asset Percentage Bonds • 80% Indexed LTV cut-off 3. Second regulatory cur
Slide 38: Eligible Green Mortgage Loans in Cover Pool
Eligible Green Mortgage Loans in Cover Pool Overview eligible green mortgage loans (in EUR bn) 1 Distribution Green Buildings Distribution energy labels 23.6 in Cover Pool2 NN Bank3 2% 9% 25% 21% 8% 8% 9% 8.6 14% 77% 6.2 27% 2.7 1.8 Energy label A Top 15% NZEB - 10% A B C D E F G Mortgage portfolio
Slide 39: Green Buildings Collateral Support Amount is green, largely newly build
Green Buildings Collateral Support Amount is green, largely newly build and has on average higher notional Building years of Green Buildings Collateral Support Amount² Loan-to-value as % of Green Buildings Collateral Support Amount² 1,200 1% 1,000 3% 13% NHG 7% 800 <60% 600 60% - 70% 400 200 70% - 8
Slide 40: 5. Mortgage business
5. Mortgage business 40
Slide 41: Long-standing history in mortgage business
Long-standing history in mortgage business Successful NN-labelled mortgage business can be traced back to 1963 • Nationale-Nederlanden was founded in 1845, and evolved as a well-known brand in the Netherlands • In 1963, Nationale-Nederlanden started originating mortgage loans (‘NN-labelled mortgage
Slide 42: Distribution and servicing of mortgage loans
Distribution and servicing of mortgage loans Distribution of newly-originated mortgage loans in 1H25 (EUR 2.3bn) Mortgage loan portfolio serviced at 30 june 2025 (EUR 55.2bn) NN Bank 8% NN Bank 9% 1% 7% 9% NN Life NN Life 39% NN Non-life + NN Belgium 52% NN Non-life + NN Belgium 1 33% DRMF DRMF 1 42
Slide 43: Amortising mortgage loans with long fixed reset tenors
Amortising mortgage loans with long fixed reset tenors Redemption types as % of NN Bank mortgage portfolio (30 June 2025)1 Majority of new mortgage origination is annuity type (average last 12 months) 2% Annuity and linear 7% Annuity and linear 13% 32% Bank savings and insurance savings Bank savings
Slide 44: Strong historical mortgage loan performance
Strong historical mortgage loan performance Moderate Loan-to-Values … Moderate weighted average current loan-to-indexed market value1 • Since 2018 LTV-cap is 100% and 106% including sustainability measures • As per year-end 2024 the current loan-to-indexed market value is 54% • Trend in LTV down due
Slide 45: Loan loss provisioning and stage classification
Loan loss provisioning and stage classification Loan loss provisions (LLP) Loan loss provision by type (EURm) • In 1H25, the loan loss provisions increased by EUR 0.2m to EUR 2.4m. For mortgages, the increase in provisions is largely driven by the increase in Stage 3 provisions. The increase was sli
Slide 46: Appendices
Appendices 46
Slide 47: A Mortgage loans: origination and underwriting process
A Mortgage loans: origination and underwriting process1 Loan origination Regular loan servicing Special loan servicing Borrower Interest rate renewals Preventive actions Client back on track Electronic archives Intermediary / own advisors Conversions Arrears Origination position Pre-screening Deposi
Slide 48: A Mortgage loans: origination and underwriting criteria
A Mortgage loans: origination and underwriting criteria1 All mortgage production is originated via intermediary channels Intermediaries need to be licensed • NN Bank’s mortgage origination network comprises over 2,500 active • Dedicated team for initiating and maintaining contacts with intermediarie
Slide 49: A Mortgage loans: origination and underwriting criteria
A Mortgage loans: origination and underwriting criteria1 Code of conduct Borrower criteria Collateral criteria • NN Bank complies with the Financial Supervision • Credit history is checked in several registers (e.g. • All properties must be located in the Act, the Mortgage Credit Directive and speci
Slide 50: B NN Bank funding programmes
B NN Bank funding programmes Secured funding (collateralised by prime Dutch residential mortgage portfolios) Green Bonds Soft Bullet Covered Bond Programme Green Bond Framework • EUR 12.5bn programme, of which outstanding EUR 5.8bn for funding and EUR 2.0bn • Under the Green Bond Framework NN Bank i
Slide 51: Dutch economy and housing market
Dutch economy and housing market • Economic growth has slowed down over the last five quarters, with GDP rising 0.1% in Q2 2025, driven by investment and government spending, while household consumption dropped 0.4%. Year-over-year GDP grew 1.5% in Q2 2025, down from 2.0% in Q1 (Source: Statistics N
Slide 52: Dutch economy and housing market
Dutch economy and housing market • We expect mortgage origination to grow by EUR 21 billion (+15.2%) in 2025 and another EUR 10 billion (+6.1%) in 2026 (Source: NN Mortgages). Strong demand for owner- occupied homes continues due to a (rental) housing shortage and reasonable affordability, indicatin
Slide 53: Dutch economy and housing market
Dutch economy and housing market • In 2024, housing transactions rose by 13.2% to 206,458, rebounding from a 5.5% drop in 2023. By Q2 2025, home sales saw a year-over-year rise of 17.9% (Source: CBS). Rabobank projects 227,000 transactions in 2025 (+9.9%) and 223,000 in 2026 (-1.8%), anticipating a
Slide 54: Dutch economy and housing market
Dutch economy and housing market • At the end of 2024, the total mortgage debt in the Netherlands was EUR 851 billion, according to DNB. In the first quarter of 2025, loans increased by 0.9% to EUR 859 billion. • Historically the Netherlands show low and stable proportions of payment arrears. In 202
Slide 55: D Corporate history
D Corporate history NN Group 1845 - De Nederlanden established as a fire insurance company 1863 - De Nationale Levensverzekering-Bank founded as a Dutch life insurance company 1963 - The two biggest Dutch insurers at the time – De Nederlanden and De Nationale – merge to form Nationale-Nederlanden 19
Slide 56: D Corporate history
D Corporate history NN Bank 2011 – NN Bank launched as a savings bank to take advantage of opportunities in the Dutch banking market and respond to the declining individual life insurance market 2013 – Growth accelerated via the acquisition of selected parts of ING Bank (WestlandUtrecht Bank), predo
Slide 57: E Glossary
E Glossary Abbreviation Definition Abbreviation Definition ACT Asset Cover Test LLP Loan Loss Provisioning AT Amortisation Test LCR Liquidity Coverage Ratio AFM Dutch Authority for the Financial Markets LTV Loan-to-Value APE Annual Premium Equivalent MCD Mortgage Credit Directive AuM Assets under Ma
Slide 58: F Contact information
F Contact information Niek Allon Rolf-Pieter ter Horst NN Bank Treasury NN Bank Treasury E: niek.allon@nn.nl E: rolf-pieter.ter.horst@nn.nl Sander Roling Dorianne van Dijk NN Bank Treasury E: investor.relations@nn-group.com E: sander.roling@nn.nl Web: NN Group - Investor Relations contact (nn-group.
Slide 59: Disclaimer
Disclaimer This investor presentation, any information or opinion therein and any No representation, warranty, either express or implied, or undertaking of transmitted into the United States of America, its territories or possessions statement made in connection therewith (the “Information”), has be
Slide 60: Disclaimer
Disclaimer NN Bank’s Consolidated Annual Accounts are prepared in accordance with changes in operational practices or inadequate controls including in respect of No licence or conveyance of any rights in any intellectual property owned International Financial Reporting Standards as adopted by the Eu
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