Nordea Bank (NDA-SE) Investor presentation summary

Covered bond operations

• Four aligned issuers operate across Norway, Sweden, Denmark, and Finland, each with distinct cover pools and issuance currencies.

• Covered bonds are a core part of long-term funding, with issuance in both Scandinavian and international currencies.

• Nordea Kredit focuses on Danish residential and commercial mortgages, with a cover pool of EUR 57.0bn.

• All covered bonds are issued under the updated 2025 green funding framework.

Nordea Kredit overview

• Fully owned by Nordea Bank Abp, operating as a mortgage credit institution since 1993.

• All covered bonds rated AAA by S&P; full liquidity support from the parent bank.

• Profit before tax rose 68.3% year-on-year to EUR 130m in H1 2025.

• Cost-income ratio improved to 27.3% in 2025, mainly due to lower internal fees.

• Capital ratio decreased to 21.5% after new risk model implementation.

Cover pool and loan portfolio

• Cover pool mainly consists of Danish residential mortgages, with a weighted average LTV of 49.2%.

• Over-collateralisation stands at 7.6%; average residential loan size is EUR 216,688.

• 74.7% of bonds are fixed coupon; 54.4% of loans are interest-only.

• Market share in owner-occupied dwellings and holiday homes is 15.4%.

• Loan portfolio is geographically diversified, with 46% in the capital region.