Spar Nord Bank (SPNO) investor relations material

Executive summary

• Profit after tax for H1 2025 was DKK 707 million, with ROE after tax of 10.0%.

• Net interest income declined 13% year-over-year due to lower interest rates.

• Costs rose 32% year-over-year, mainly from DKK 350 million in restructuring and Nykredit acquisition-related expenses.

• Excluding Nykredit-related items, ROE after tax was 14.4% and cost/income ratio was 52.

• Nykredit completed its acquisition, leading to delisting from Nasdaq Copenhagen by July 2025.

Financial highlights

• Net interest income was DKK 1,564 million, down 13% year-over-year.

• Net fee income increased 3% to DKK 804 million, supported by housing market activity.

• Market value adjustments and dividends amounted to DKK 238 million.

• Total costs reached DKK 1,820 million, a 32% increase year-over-year.

• Lending and deposits grew 12% and 10% year-over-year, respectively; business volume increased 2% to DKK 380 billion.

Outlook and guidance

• Full-year profit after tax is expected in the DKK 1.6–1.9 billion range.

• Profit before impairment charges forecasted at the low end of DKK 2.2–2.6 billion due to restructuring provisions.

• Persistently strong credit quality expected to keep impairment charges around DKK 0 million for 2025.

• Net interest income expected to decline further from margin pressure and lower rates.

• Net fee income anticipated to rise on higher asset management volumes and housing activity.