Jyske Bank (JYSK) investor relations material

Executive summary

• Q2 2026 delivered record-high EPS, up 12% year-over-year to DKK 22.5, driven by business momentum, positive markets, cost control, and share buybacks.

• Mortgage lending for personal customers grew 7% p.a., with strong traction for the Jyske Frihed product and market share gains.

• Assets under management increased 9% quarter-over-quarter, marking the highest organic growth on record.

• Customer satisfaction remains industry-leading, with Private Banking ranked #1 for the 11th consecutive year.

• Advanced technology initiatives include AI assistant rollout and joining the Qivalis stablecoin consortium.

Financial highlights

• Net profit for Q2 2026 reached DKK 1,353m, with H1 net profit at DKK 2,402m.

• Net interest income rose 2% quarter-over-quarter; net fee income up 6% year-over-year, while mortgage fees declined 26% due to lower refinancing activity.

• Core expenses declined 4% year-over-year (1% adjusted for one-offs); cost base excluding one-offs down 1% year-over-year.

• Value adjustments strong due to Danish mortgage bond spread tightening; loan impairment charges minimal at DKK 11m, cost of risk at 0bp.

• Asset under management up 9% in Q2; deposits, bank lending, and mortgage lending each grew 1%, leasing up 2%.

Outlook and guidance

• 2026 net profit expected in the range of DKK 4.3bn–5.1bn, or EPS of DKK 71–85, with expectations unchanged.

• Management expects to end in the upper half of the net profit guidance range, but maintains caution due to uncertainty in replicating strong trading income.

• Core income projected to decline further in 2026, mainly due to lower value adjustments; core expenses expected to be slightly lower.

• CET1 ratio targeted at approximately 15%, with no significant regulatory impact anticipated.

• Loan impairment charges anticipated to remain low but higher than 2025.