Jyske Bank (JYSK) investor relations material

Executive summary

• Q3 EPS was DKK 21, up 14% YoY excluding value adjustments; net profit was DKK 1,278m.

• Q1–Q3 net profit was DKK 3,680m versus DKK 3,992m, as lower value adjustments and investment portfolio earnings partly offset fee-income growth.

• Customer satisfaction improved across business areas; personal customer growth and business momentum strengthened.

Financial highlights

• Q3 net interest income was DKK 2,270m, up 4% QoQ and 3% YoY; the sequential increase was the largest since Q3 2023.

• Q3 net fee and commission income was DKK 773m, up 12% YoY; asset management and custody fees rose 21% to DKK 382m.

• Q3 core expenses were DKK 1,605m, up 4% YoY; excluding DKK 16m of one-off items, the increase was 3%.

• Q1–Q3 core income declined 3% to DKK 9,666m, mainly due to lower value adjustments and dividends; net fee and commission income rose 8% to DKK 2,231m.

• Q3 loan impairment charges were an income of DKK 50m; core profit was DKK 1,721m and pre-tax profit DKK 1,727m.

Outlook and guidance

• FY26 guidance, upgraded October 12, is net profit of DKK 4.7bn–5.2bn and EPS of DKK 78–87.

• Core income is expected to decline in 2026, primarily due to lower value adjustments; core expenses are expected to be slightly lower.

• Loan impairment charges are expected to be higher than in 2025, but remain low; macroeconomic and financial-market uncertainty affect assumptions.

• NII is expected to grow in Q4, but less than Q3’s 4% QoQ increase; future development depends on rates and volumes.

• Expected capital ratios are ~15% CET1 and ~20% total capital; the 2026 cost/income ratio is expected to be slightly above the 2025 level of 48%.