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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Nordea Bank (NDA-SE) investor relations material
Nordea Bank Pre-Close Call summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Pre-Close Call summary18 Dec, 2025
Executive summary
Q4 2025 report will be published on 29 January, with a silent period starting 7 January; this call reviews Q3 results and macro trends using public data as of 17 December.
Only questions related to already disclosed or public information were addressed, with a focus on macro indicators, P&L, and capital.
Trading performance and revenue trends
Average Nordic policy rates decreased by 12 basis points in Q4, with Sweden and Norway seeing the largest drops; Denmark and Finland saw slight increases.
Equity markets rose, with the MSCI World Index up 4.9% and OMX Nordic 40 up 3.8% quarter on quarter; fixed income and FX movements provided minor tailwinds.
SEK and NOK appreciated slightly against the euro, benefiting euro-denominated income but increasing costs.
Q4 net interest income (NII) expected to be lower than Q3, with Q3 NII at EUR 1.775 billion; margin-driven NII fell by EUR 90 million in Q3.
Lending margin pressure continues due to a shift toward lower-risk, lower-margin lending.
Profitability and margins
Deposit hedge contribution expected to be around EUR 10 million in Q4, down from EUR 20 million in Q3.
Sizable AT1 transactions in late Q3 will have a full quarter impact of about EUR 15 million headwind in Q4.
Net fee and commission income (NCI) in Q3 was EUR 811 million, including EUR 10 million non-recurring gains; EUR 800 million is the Q4 starting point.
Net insurance result in Q3 was EUR 66 million, higher than previous quarters due to interest rate movements; recurring effect expected to be smaller.
Net fair value line expected to contribute EUR 200–250 million in Q4.
Total costs for full year 2025 expected to be around EUR 5.4 billion.
Q4 NII margin squeeze drivers?
Why are Q4 loan losses historically higher?
Q4 CET1 ratio impact from buyback/buffers?
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Next Nordea Bank earnings date
Q4 202529 Jan, 2026
Next Nordea Bank earnings date
Q4 202529 Jan, 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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