Nordea Bank (NDA-SE) Pre-close call summary

Executive summary

• Q2 2026 pre-close call focused on Q1 results, macro trends, and line-by-line P&L review, with capital commentary at the end.

• Silent period begins July 6; Q2 report to be published July 16.

Trading performance and revenue trends

• Interest rate hikes of 25bps in Norway, ECB, and Denmark during Q2; interbank rates rose, especially NIBOR (+32bps).

• Q1 net interest income (NII) was €1.759bn; Q2 NII expected to be slightly up from Q1, with temporary timing headwinds.

• Lending margin pressure persists, especially in Norway due to repricing lags; deposit margins benefit from late-quarter rate hikes.

• Net fee and commission income in Q1 was €842m; Q2 benefits from semi-annual fees and higher day count.

• Net insurance results in Q1 were €69m, above the four-quarter average.

• Net fair value in Q1 was €226m, impacted by March volatility; Q2 expected to improve and align with regular run rate.

Profitability and margins

• Lending margin pressure offset Q1 lending volume gains; margin pressure expected to continue in Q2.

• Deposit hedge expected to be a modest headwind (~€10m) in Q2.

• Day count to contribute ~€19m quarter-on-quarter.

• Call of $1.25bn AT1 instrument in March provides a minor positive NII impact in Q2.

• Q1 included €190m restructuring costs (excluded from outlook); Q2 costs stable quarter-on-quarter after adjustments.