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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Nordea Bank
Nordea Bank (NDA-SE) investor relations material
Nordea Bank Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Delivered strong Q4 and full-year 2025 results with return on equity at 14.4% for Q4 and 15.5% for the year, supported by high profitability, increased business volumes, and cost efficiency despite muted consumer sentiment and geopolitical tensions.
Earnings per share rose to EUR 0.34 in Q4 and EUR 1.39 for the full year.
Customer satisfaction improved across all business areas, with scores 4-10 index points higher year-over-year.
Maintained a strong, diversified balance sheet and robust capital position, supporting resilience amid uncertainty.
Expenses fell 3% year-on-year in Q4 due to firm cost management.
Financial highlights
Q4 2025 net interest income decreased 5% year-on-year to EUR 1,765m, while net fee and commission income grew 3% to EUR 853m.
Net fair value result increased 28% year-on-year, driven by higher customer activity and strong treasury performance.
Q4 operating profit rose 3% year-on-year to EUR 1,513m; total operating income stable at EUR 2,948m.
Corporate lending grew 8% year-on-year; mortgage lending and deposits both increased by 1% and 5% respectively; assets under management up 13% to EUR 478bn.
Net loan losses for Q4 at EUR 49m (5bp), well below long-term expectations; stage 3 loans down to 1.04%.
Outlook and guidance
2026 guidance: return on equity above 15% and cost-to-income ratio (excluding regulatory fees) around 45%.
Long-term targets through 2030: ROE above 15% annually, cost-to-income ratio to fall to 40%-42%, and deliver EPS of ~EUR 2.0.
Expect Q1 2026 to be the trough for net interest income, with growth resuming as volumes increase and rates stabilize.
Net fee and commission income expected to increase in 2026, though Q1 may be lower due to seasonal effects.
Dividend payout policy remains at 60-70% of annual profit, with ongoing share buy-backs to distribute excess capital.
NII decline drivers vs volume growth
Path to 2030 cost-to-income ratio target
Capital deployment strategy beyond dividends?
M&A target availability in Sweden/Norway?
Explain AWM margin pressure despite strong flows.
Reason for flat 2026 cost-to-income ratio target?
Partial view of Summaries dataset, powered by Quartr API
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Next Nordea Bank earnings date
Q1 202622 Apr, 2026
Nordea Bank
Next Nordea Bank earnings date
Q1 202622 Apr, 2026
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Frequently asked questions
Heavy-Hitting Nordic Bank
Nordea Bank is a leading financial institution in the Nordic region. Founded in the year 2000 as the result of a merger of several prominent Nordic banks, Nordea has grown to become a notable player in the European banking landscape. Nordea’s operations span across a wide range of financial services, from retail banking and wealth management to corporate and investment banking. Nordea has grown to become an important player in Europe in general, and the Nordics in particular. The company is headquartered in Finland and trades on the stock exchanges in Copenhagen, Helsinki, and Stockholm.
The Result of A Merger
Nordea came to be as the result of several This consolidation process started with two Swedish banks, Nordbanken and Sundbanken, in 1990. The banking group expanded when it merged with Finland's Merita Bank in 1997, and later with Denmark's Unidanmark and Norway's Christiania Bank. These strategic consolidations led to the creation of a significant banking institution with a pan-Nordic presence, taking the name Nordea, which stands for "Nordic Ideas".
All-encompassing Banking Services
Nordea’s suite of financial services is broad and extensive, aimed at fulfilling the financial needs of a wide range of customers, from individual consumers to large corporations. For everyday banking, Nordea offers checking and savings accounts, loans, credit cards, and a robust online banking platform. Additionally, Nordea's wealth management services provide customers with financial planning and investment services, as well as insurance products.
For corporate clients, Nordea offers services that go beyond traditional banking. These include cash management, trade finance, and treasury services. Nordea also has a strong presence in investment banking, providing services such as capital markets operations, mergers and acquisitions advisory, and equity and debt financing.
An Important Pillar of Nordic Banking
The formation of Nordea has had a substantial impact on the Nordic region as a whole. By bringing together the resources and capabilities of leading banks in Sweden, Denmark, Finland, and Norway, Nordea has strengthened the regional financial infrastructure and created a seamless banking experience across national borders. Its broad range of services has been vital in supporting both individuals and businesses in the region. Some other important banks in the Nordics include names like Danske Bank, Skandinaviska Enskilda Banken, and DNB.
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