Nordea Bank Abp · OMXHEX:NDA_FI
Nordea Bank Abp — Nordea Eiendomskreditt — Debt Investor Presentation (2026)
22 slides from Nordea Bank Abp's debt investor presentation, Aug 12, 2026
Slide 1: Nordea Eiendomskreditt Covered Bonds
Nordea Eiendomskreditt Covered Bonds Q2 2026 Debt investor presentation
Slide 2: Table of contents
Table of contents 1. In brief 3 2. Cover pool key characteristics 6 3. Asset quality 9 4. Covered bond framework 13 5. Macroeconomy 15 6. Further information 20 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 Eiendomskreditt – overview
Nordea Eiendomskreditt – overview Q2 2026 100% owned subsidiary of Nordea Bank Abp - the largest Nordic financial institution The purpose of the Issuer is to acquire and provide residential mortgage loans and finance its activities mainly through issuance of covered bonds Financial Undertakings Act
Slide 6: 2. Cover pool characteristics
2. Cover pool characteristics 6
Slide 7: Cover pool key characteristics
Cover pool key characteristics Q2 2026 Cover pool summary Loans in cover pool NOK 440.4bn Outstanding covered bonds NOK 256.9bn Cover pool content Mortgage loans secured by Norwegian residential collateral Geographic distribution Throughout Norway with concentration to urban areas Asset distribution
Slide 8: Cover pool key characteristics (2)
Cover pool key characteristics (2) Q2 2026 Cover pool balance by loan category Cover pool balance by region 0.2% 4% 20% East 33% Single family houses Mid Tenant owner units 10% North Summer houses 52% South Liquidity Buffer 63% 4% West 14% 8
Slide 9: 3. Asset quality
3. Asset quality 9
Slide 10: Loan To Value (LTV)
Continuous distribution where each loan can exist in multiple buckets Loan To Value (LTV)* Q2 2026 Weighted Average LTV – Indexed – 54.8% 439.4 100% Nominal % Residential Loans 99.9 115.1 23% 26% 87.3 20% 16% 67.2 70.0 15% 0-40% 40-50% 50-60% 60-70% 70-80% Total 0-40% 40-50% 50-60% 60-70% 70-80% Tot
Slide 11: Loan structure
Loan structure Q2 2026 Rate type Repayment 100% 100% 80% 80% 67% 67% 68% 67% 67% 67% 60% 60% 95% 95% 95% 96% 96% 96% Amortising Floating rate 40% Fixed rate 40% Interest only/Home Equity Credit Line 20% 20% 33% 33% 32% 33% 33% 33% 5% 5% 5% 4% 4% 4% 0% 0% 25Q1 25Q2 25Q3 25Q4 26Q1 26Q2 25Q1 25Q2 25Q3
Slide 12: Underwriting criteria
Underwriting criteria Regulation Mortgages are regulated in “Utlånsforskriften” which sets requirements on borrowers’ debt to income, rent sensitivity, instalments and loan to value Repayment ability • Nordea’s credit decision is based on the customers repayment ability and collateral is always take
Slide 13: 4. Covered bond framework
4. Covered bond framework 13
Slide 14: Norwegian covered bond framework
Norwegian covered bond framework Legal framework • Financial Undertakings Act (Act. No. 17 of 10 April 2015, Norwegian: Finansforetaksloven), which was amended on 8 July 2022 to implement the European Covered Bond Directive Registration and independent inspector • A mortgage credit institution shall
Slide 15: 5. Macroeconomy
5. Macroeconomy 15
Slide 16: 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 renewed hostilities in the
Slide 17: 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 18: 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 19: Activity holds up
Housing markets Activity holds up Housing prices Households’ credit growth • Housing price development in Norway and Denmark have performed better than their Nordic counterparts. Prices in Sweden are increasing, but are still well below the previous peak. The development in Finland remain sluggish w
Slide 20: 6. Further information
6. Further information 20
Slide 21: Nordea Eiendomskreditt – outstanding benchmark covered bonds
Nordea Eiendomskreditt – outstanding benchmark covered bonds Q2 2026 Breakdown by ISIN ISIN Currency Amount (m) Maturity Coupon NO0011151771* NOK 7 000 17/09/2026 FRN NO0012513532 NOK 25 750 17/03/2027 FRN NO0012757675 NOK 8 000 23/08/2027 FRN NO0012829763 NOK 30 000 02/02/2028 FRN NO0013072991* NOK
Slide 22: 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 Fredrik Dahllöf Morten Kiel Senior Dealer Head of Covered bonds Tel: +46 8 407 90 69 Tel: +45 3333 1875 Mobile: +46 721 4
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