Jyske Bank (JYSK) Q4 2025 earnings summary

Executive summary

• Net profit reached DKK 5.4bn and EPS DKK 85 in 2025, both above guidance, with EPS up 18% year-over-year despite lower policy rates and DKK 200m one-off cost.

• Delivered 2025 results above guidance, with strong capital position and upgraded 2026 outlook expecting continued positive operating trends and stable credit quality.

• Announced largest-ever capital distribution of DKK 4.5 billion, up 20% year-over-year, including a DKK 3bn share buyback and DKK 25 dividend per share.

• 2026 outlook projects net profit of DKK 4.3bn–5.1bn and EPS of DKK 71–85, with updated capital targets of ~15% CET1 and ~20% total capital ratio.

Financial highlights

• EPS reached DKK 85 in 2025, with DKK 23 in both Q3 and Q4; Q4 net profit was DKK 1,422m.

• Return on tangible equity was 11.9% for 2025 and 11.5% in Q4; cost/income ratio at 48% for 2025 and 50.1% in Q4.

• Net interest income rose 1% quarter-over-quarter in Q4, with a one-off DKK 38 million tax-related gain, but down 2% year-over-year.

• Net fee income increased 11% year-over-year in 2025, up 45% over five years, and reached an all-time high, up 7% y/y in Q4.

• Assets under management rose 2% quarter-over-quarter and 6% year-over-year, driven by positive markets and net inflows.

Outlook and guidance

• 2026 EPS guidance set at DKK 71–85, with after-tax profit expected between DKK 4.3–5.1 billion.

• Core income expected to decline in 2026 due to lower value adjustments; core expenses to decrease with cost initiatives.

• Loan impairment charges expected to be low but positive in 2026.

• CET1 ratio target set at ~15%, total capital ratio at ~20%.

• Capital distribution policy continues with share buybacks and a 30% dividend payout ratio.