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===== SIDA 1 =====

Nordea Annual Report 2025 1
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Annual Report  
2025

===== SIDA 2 =====

Nordea Annual Report 2025 1
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements OtherMain table of contents
T able of Contents
Introduction
Who we are ...........................................................................................2
CEO letter................................................................................................3
Nordea as an investment .............................................................5
Strategic report
Business environment ....................................................................7 
Strategic priorities ..........................................................................10
Sustainability at the core  ...........................................................16
Our stakeholders
Introduction ........................................................................................20
Customers.............................................................................................21
Employees ...........................................................................................23
Shareholders ......................................................................................24
Society ...................................................................................................25
 
Business areas
Introduction ........................................................................................27
Personal Banking ...........................................................................28
Asset & Wealth Management ................................................30
Business Banking ...........................................................................32
Large Corporates & Institutions  ............................................34
CEO letter
PAGE 3
Strategic 
priorities
PAGE 10
Board of Directors’ 
report
PAGE 37
Sustainability  
Statement
PAGE 81
Financial 
statements
PAGE 194
This Annual Report contains forward-looking statements that reflect manage -
ment’s current views with respect to certain future events and potential financial 
performance. Although Nordea believes that the expectations reflected in such 
forward-looking statements are reasonable, no assurance can be given that such 
expectations will prove to have been correct. Results could differ materially from 
those set out in the forward-looking statements due to various factors. These 
include but are not limited to (i) macroeconomic developments, (ii) changes in the 
competitive environment, (iii) changes in the regulatory environment and other 
government actions, and (iv) changes in interest rates and foreign exchange rates. 
This Report does not imply that Nordea has undertaken to revise these for -
ward-looking statements beyond what is required by applicable law or stock 
exchange regulations if and when circumstances arise that lead to changes follow-
ing their publication.
Nordea has reported on environmental and sustainability performance on an 
annual basis since 2002. Nordea’s sustainability reporting for 2025 constitutes sus -
tainability disclosures found in (i) the Sustainability at the core chapter on pages 
16–18, (ii) the Sustainability Statement (including our EU Taxonomy reporting) on 
pages 81–190, (iii) the Corporate Governance Statement on pages 58–62, and (iv) 
Note G11 “Risk and liquidity management” on pages 276–306.

===== SIDA 3 =====

Nordea Annual Report 2025 2
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
WHO WE ARE 
Always moving forward
We are the leading financial services 
group in the Nordics and the 
preferred choice for millions across 
the region. For 200 years, we have 
proudly served as a trusted financial 
partner for individuals, families and 
businesses. We draw on our strength 
and experience to help our customers 
realise their dreams and aspirations. 
Our values are deeply rooted in the open, progressive and 
collaborative Nordic societies. Nordea is a place where 
people are passionate about customers, work together to 
make the most of their diverse expertise, feel a true sense 
of ownership and have the courage to do what is right. 
Guided by these values, we serve a broad range of 
customers across Denmark, Finland, Norway and 
Sweden – from private households, family offices and 
small businesses to many of the largest institutions and 
enterprises in the Nordics.
We have a strong market position in our four home 
markets and four business areas: Personal Banking, 
Asset & Wealth Management, Business Banking and 
Large Corporates & Institutions. Each business area 
offers a wide range of services, covering everything from 
day-to-day banking to complex financial needs. Our 
approach combines great digital experiences with the 
support of trusted advisers, ensuring customers feel con-
fident and well cared for however they choose to interact 
with us.
Our name – Nordea – encapsulates the Nordic idea of 
constantly developing, of making every day a little better. 
We aim to keep building strength and supporting the 
resilience of our customers, shareholders and the wider 
region, now and for generations to come.
We strive to be personal, expert and responsible
We believe in being personal.  We 
listen to our customers and invest 
time in building strong relation -
ships with them, getting to know 
their  individual needs and dreams. 
We are here for them – easy to 
reach and easy to deal with. 
We take pride in being expert and 
 thinking ahead. We share our 
insights and use our expertise to 
meet our customers’ financial 
needs, from the  simplest to the 
most complex.
We are responsible and always 
mindful of the impact of our 
 decisions on our customers and 
wider society. We draw on our 
strength and scale to  provide the 
best solutions for individuals, 
 businesses and society as a whole.
Our purpose is to enable 
dreams and aspirations 
for a greater good

===== SIDA 4 =====

Nordea Annual Report 2025 3
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
CEO LETTER
Dear stakeholder,
Nordea delivered strong results in 2025. Our performance reflects the 
momentum we have built since we set out to reshape the business in 2019. 
By many measures, we are stronger now than we have ever been. As we 
move forward into our new strategy period, our ambition is clear: to be the 
best-performing financial services group in the Nordics.
“We are beginning 
our new strategy 
period from a 
position of strength 
and with high 
ambitions. ”
2025 was marked by considerable global uncertainty. 
Geopolitical tensions remained high, and Russia’s 
ongoing war in Ukraine kept security firmly in focus in 
Europe and the Nordic countries. At the same time, 
shifting trade policies added to an unsettled 
environment.
The global economy has proven to be stronger than 
many expected. But entering 2026, there are clear risks 
to growth. In these times, resilience is a critical asset.
The Nordic countries’ advantage is rooted in strong 
economies and fiscal positions, political stability, and 
– crucially – an ability to adapt to change. Their long his-
tory as trading nations has also shaped how the region’s 
businesses, thousands of which are our customers, com-
pete internationally. Nordic companies distinguish them-
selves by their quality, innovation, deep tech and engi-
neering know-how, and agility. That formula has 
enabled them to establish competitive positions in 
global markets – positions that are durable over time.
For all these reasons, even while risks to the global 
outlook remain and impacts are difficult to assess, I am 
confident that our region is well positioned to continue 
to perform strongly.
Nordea has called the Nordic countries home for gen -
erations. Supporting our customers and our region 
through good and challenging times is part of who we 
are. We are well equipped to fulfil this responsibility – 
with advice, capital, a broad range of financial services 
and a strong balance sheet. Our diversification is a key 
strength, with income, lending and profits well bal -
anced across sectors and across our four home markets.
2025 again showed the value of this diversified model. 
We performed well, achieving high profitability and 
driving higher customer activity and business volumes 
despite consumer confidence across our home markets 
remaining understandably muted.
Housing markets were slow but showed signs 
of gradual improvement during the year. In this 
environment, we increased mortgage lending by 1% year 
on year. Households’ main focus was on strengthening 
their financial positions, with many customers increasing 
their recurring savings amounts and many putting more 
money into investment funds. That helped drive net flows 
of EUR 15.7bn and lift our assets under management by 
13% year on year, to a record high of EUR 478bn.
Corporates increased their activity. The more stable 
inflation and interest rate environment has clearly 
helped businesses plan with greater confidence. As a 
result, we grew corporate lending by 8% year on year 
and corporate deposits increased by 1%.

===== SIDA 5 =====

Nordea Annual Report 2025 4
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Total income for the year was EUR 11.7bn, holding up 
well in the lower rate environment. Profitability was 
high, with operating profit reaching EUR 6.3bn and 
return on equity 15.5%. This makes 2025 the third year 
in a row that we exceeded 15%, underlining our position 
as a strong and resilient financial services group.
The strongest Nordea yet
2025 marked the conclusion of a significant chapter in 
our development. Since we began our repositioning in 
the autumn of 2019, we have worked steadily to 
strengthen our performance and competitiveness. We 
now have two successful strategy periods behind us: in 
the second, we again met or exceeded all targets.
Most importantly, we put customers at the centre and 
focused relentlessly on serving them better. That work 
is paying off: we have grown our business with both 
existing and new customers. I was pleased to see us 
end 2025 on a high note for customer satisfaction. Our 
scores are now 4–10 index points higher across all four 
business areas than in 2019, and our performance 
relative to peers has improved.
Our digital services are now recognised as being 
among the best in Europe. Moreover, we have 
strengthened through significant strategic investments 
in technology and risk management that reinforce our 
position as a safe and trusted financial partner. 
Growth has been particularly notable in Sweden and 
Norway, where we have less mature market positions 
than in Denmark and Finland. In Sweden, targeted 
initiatives helped us reclaim a leading position in one of 
Europe’s most competitive markets, including through 
further mortgage market share gains in 2025. In 
Norway, we complemented organic growth with bolt -on 
acquisitions. Across the Nordics, we have also grown in 
savings and investments, life and pensions, private 
banking and corporate banking.
The progress in recent years is visible in our 
financial performance.
• We are more efficient:  Back in 2019, we spent 57 
cents to generate a euro of income; now, it takes 45 
cents. This improvement has come even with a 
significant step-up in strategic investments.
• We are more profitable:  In 2019 we ranked near the 
bottom of the world’s 100 largest banks based on 
return on equity; today, we are in the top 20 and 
among the best in Europe.
• We are maintaining strong capital generation:  We 
ended 2025 with a CET1 ratio of 15.7%, 1.9 percentage 
points above the current regulatory requirement.
• We are creating value for shareholders:  Total 
shareholder return over the period 2019–25 amounts 
to 322%, or 26% per annum. We have now returned a 
total of EUR 21.7bn of capital to our shareholders 
through dividends and share buy-backs.
As one of the most broadly owned companies in the 
Nordics, with more than 590,000 shareholders across the 
region, it is important to us that we deliver strong and 
reliable returns. These support the financial well-being of 
Nordic households and long-term savers, and, together 
with our substantial tax contributions, help drive the eco-
nomic development and resilience of the Nordic societies.
Given our strong 2025 performance, our Board of 
Directors will propose to shareholders at the 2026 Annual 
General Meeting a dividend of EUR 0.96 per share for 
2025, up from EUR 0.94 per share for 2024. Additionally, 
the Board will propose the distribution of a mid-year 
dividend in 2026, corresponding to approximately 50% of 
the net profit for the first half of 2026.
All in all, we can look back on a strong 2025 for Nordea. 
Our progress reflects the hard work of our employees, 
the trust of our customers, and the support of our share-
holders. I am grateful to all our stakeholders for the con-
fidence they have shown – and continue to show – in us.
Taking it to the next level
We are beginning our new strategy period – our third 
– from a position of strength and with high ambitions. 
Looking across to 2030, our priorities are clear: grow in 
several attractive areas and drive faster-than-market 
income growth; further strengthen our customer offering; 
and unlock the full potential of our unique Nordic scale. 
Our Nordic scale remains our most important 
competitive advantage. While we have already realised 
many scale benefits, significant gains still lie ahead. In 
this next phase, we will take a decisive step to 
harmonise more of our operations across the region.
Technology – and especially AI – will be central to this 
work. It will enable us to replace local processes with 
Nordic ones, strengthen our competitiveness, and deliver 
better customer experiences, faster and at lower cost. 
Acting as a positive force includes supporting the 
transition to a more resilient society. Sustainability is 
important to us, our customers and the societies we 
serve. That is why we view it as both a core part of our 
purpose and, increasingly, a competitive advantage. 
Building on the good work of recent years, we will 
maintain our strong  commitment to supporting 
customers in their transitions to net zero.
In our new strategy period, we are targeting a return 
on equity of greater than 15% each year through to 
2030, and significantly higher in 2030 itself. We are also 
targeting a cost-to-income ratio excluding regulatory 
fees of 40–42% in 2030. We are at 45% today, and com -
ing down to our target level will be a gradual process. 
Accordingly, we expect to deliver a return on equity of 
greater than 15% for the full year 2026, and expect our 
cost-to-income ratio excluding regulatory fees to be 
around 45%.
Rest assured that we will carry our plan forward with 
the same dedication, discipline and focus that have 
guided us through our past two strategy periods. When 
we make a commitment, we stand by it.
Our ambition is to become the undisputed 
best-performing financial services group in the Nordics.
Frank Vang-Jensen 
President and Group CEO
CEO LETTER

===== SIDA 6 =====

Nordea Annual Report 2025 5
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
NORDEA  AS AN INVESTMENT
Why own Nordea
We are in a strong position today, 
having delivered on virtually all tar-
gets in our last two strategy periods 
through a relentless focus on growth in prioritised 
areas, operating performance, and structural 
improvements. In six years, Nordea has gone from 
underperformer to market leader in terms of RoE 
and EPS growth. Supported by our diversification, 
we also offer what few peers can match: leading 
returns with low volatility. We will build on this 
foundation. Our plan is to grow faster than the mar-
ket, drive structural efficiency through our unique 
Nordic scale, and deliver superior EPS growth with 
sustainable, market-leading profitability.
Ian Smith, CFO
Profitable growth and 
 high-quality earnings
We are the largest financial services 
group in the Nordics – a region known  
for its stability, innovation and robust 
economic performance. 
• Pan-Nordic business model:  
providing  stable, consistent and 
high-quality earnings growth
• Strong profitability: operational 
efficiency; low risk and high RoE
Our growth
202520242023202220212020
Income Costs Operating profit
+113%
Resilient earnings with low volatility
0
20
40
60
80
100
120
2025202420232022202120202019
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2025202420232022202120202019
Operating profit, EURm Quarterly volatility 1 , % 
EURm%
1)  Calculated as the standard deviation of the quarterly operating 
profit per year divided by the average quarterly profit for that year.
RoE
15.5%
C/I
45.0%1
1) Excluding regulatory fees.
 Capital excellence and 
strong balance sheet
• Strong capital generation:  high 
profitability and efficient capital 
management 
• Market-leading credit ratings:  
recognised for financial stability
• Low funding costs: among the 
best in the market
Sustained high RoE, robust capital generation, 
efficient capital distribution
0
10
20
30
40
50
202520242023202220212020
0
4
8
12
16
20
EURbn %
Acc. dividend
RoE
Acc. share buy-backs Base equity
9%
CAGR
Best-in-class wholesale funding costs
European peers 3
Nordea peers 2
Nordea
bp 1
50
53
65
AA  
credit rating
1) 5y senior preferred new issue spread.
2) Handelsbanken, SEB, Swedbank, Danske Bank, DNB.  
3)  Selection of 11 European banks, representing broad  
European banking financing conditions.

===== SIDA 7 =====

Nordea Annual Report 2025 6
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
NORDEA  AS AN INVESTMENT
Strong credit  
 quality and low  
loan losses
We have a prudent risk profile,  
with diversified exposure. 
• One of Europe’s most diversified 
loan portfolios: spread across 
households and corporates, with no 
significant sector concentration
• Low loan losses: strong credit  
quality, with low risk
Loan loss ratio including similar net result (basis points)
0
5
10
15
20
25
30
202520242023120221202112020120191201820172016201520142013
bp
1415
21
15
87 8
122
26
12
14
1 1 1
5 6
1) Including fair value adjustments to loans held at fair value in Nordea  Kredit. 2019 and 2022 also  
 exclude items affecting comparability. See pages 41–42 for further details.
2) COVID-19 management judgement buffer.
 Well-diversified credit portfolio
Finland, 20%
Sweden, 34%Denmark, 
23% 
Norway, 23%
Digital services:  
a global leader
We are globally recognised for digital  
services and engagement that support  
great customer experiences.
• Top rankings for digitalisation:  ranked 
among the top three banks for digitalisation 
 globally and top performer in Europe
• Best private mobile bank  in  the Nordics  
according to App Store
Market-leading 
 shareholder returns 
Since 2019, we have made structural 
changes to enhance our profitability 
and capital generation. 
• Strong total shareholder returns, 
positioning Nordea as a leader
• Highest dividend payout ratio 
among peers
• Share buy-backs deployed for 
capital efficiency,  optimising our  
overall level of capitalisation 
Total shareholder returns (indexed)
SEK
60
130
200
270
340
410
480
2019-09
Nordea, 321.9% Peer 3, 173.7%Peer 1, 371.2% Peer 4, 275.6%Peer 2, 227.2% Peer 5, 149.4%
2020 2021 2022 2023 2024 2025
Sustainability: an  
integral part of our  
business strategy
We are actively engaging to drive the sustaina-
bility transition, with strong progress towards 
our strategic targets:
• 44% reduction in financed emissions in our 
lending portfolio as at end-2025 (2030  target: 
reduction of 40–50% compared with 2019)
• Sustainable financing target exceeded:   
EUR 235bn facilitated as at end-2025 (2022–
25  target: EUR >200bn)

===== SIDA 8 =====

Nordea Annual Report 2025 7
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
BUSINESS ENVIRONMENT
Nordic strength  
in a changing world 
The Nordics offer a unique foundation for success, in both good and 
challenging times. Strong economies, resilient societies and a culture of 
trust and innovation create an environment where growth and stability 
go hand in hand. These qualities make the region’s financial markets 
some of the most attractive in Europe.
The Nordic countries provide a solid foundation for 
Nordea’s growth. They are among the most open and 
resilient economies in the world, and consistently rank 
among the highest for per capita GDP. 
Their economic strength is underpinned by high levels 
of trust, a culture of learning and entrepreneurship, and 
strong social safety nets. Together, these factors create 
lasting political and economic stability, and enable the 
region to handle global shocks better than many others.
Innovation runs deep in the Nordic countries. They are 
highly digital societies and quick to adopt new technol -
ogies. The region’s largest firms – many of them Nordea  
customers – compete on quality and innovation rather 
than size alone. This approach has proven successful: 
over the past two decades, Nordic companies have out -
performed their peers in the US, Europe and Asia in 
terms of total shareholder return. 
The region’s secure and steady business environment 
is further supported by a reliable, profitable and stable 
banking sector. Nordic financial institutions are well 
capitalised, have a long history of prudent risk manage -
ment, and have been quick to embrace digital innova-
tion and climate action compared with many other parts 
of the world. 
At Nordea, we derive strength from our pan-Nordic 
business model and very well diversified lending port -
folio, characteristics which have contributed to us 
becoming one of Europe’s financial industry leaders. 
Resilient amid global uncertainty
In 2025 the Nordic economies, like many others, contin -
ued to face headwinds from global uncertainty. Inflation 
and interest rates stabilised at lower levels, helping con -
sumers regain purchasing power, but the anticipated 
recovery in economic activity was slower than expected, 
held back by persistent geopolitical tensions and trade 
disruptions.
Despite continued international efforts to end the 
conflict, Russia’s full-scale war in Ukraine showed few 
signs of resolution, keeping security and energy high on 
the agenda in Europe. Meanwhile, rising trade barriers 
added to the uncertainty as US tariffs on trading part -
ners increased significantly. Despite being export 
dependent, the Nordic economies have experienced 
only a limited impact, with businesses adjusting well to 
the changes.
Looking ahead, while sentiment remains cautious, the 
fundamentals of the Nordic economies are solid. If infla -
tion stays contained and interest rates hold steady, all 
four of our home markets can expect to post robust 
economic growth in 2026 and 2027, supported by 
stronger household consumption. This could also help 
strengthen labour markets in Finland and Sweden, 
where unemployment remains relatively high.
Still, the outlook hinges on global developments. 
Geopolitical tensions, trade policy and developments in 
major economies will continue to shape the pace and 
strength of the Nordic rebound. 
 
GDP per capita
At purchasing power parity, constant prices, USD thousands
0 20 40 60 80 100
Norway
Denmark
Sweden
Finland
EU average
2015
48
56
53
57
59
63
63
73
85
92
2025
Source: IMF.

===== SIDA 9 =====

Nordea Annual Report 2025 8
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
BUSINESS ENVIRONMENT
Key trends shaping the financial industry
New economic reality
Global uncertainty, new technologies and rising cus-
tomer expectations are reshaping what people look 
for in a financial partner. In a more uncertain macro -
economic and geopolitical environment, trust 
becomes more important. Households and 
corporates seek financial services providers that are 
resilient, well capitalised and able to navigate 
changing conditions with confidence.
After several years of elevated inflation and an 
exceptional interest rate environment, conditions in 
the Nordic economies stabilised during 2025. 
Inflation in the Nordic countries remained broadly 
stable and close to the 2% mark, allowing central 
banks in the region to continue lowering interest 
rates. By the end of the year, most appeared to have 
completed their rate-cutting cycles. Policy paths 
now look steady, with rates normalising at around 
2% – with the exception of Norway, where they are 
close to 4%.
Public finances, however, remain under strain on 
both sides of the Atlantic. In the US, the budget defi -
cit has widened significantly since the pandemic, 
with debt levels rising rapidly – a trend unlikely to 
reverse without major policy changes. In Europe, 
higher defence spending and green transition 
investments are adding further pressure. As a result, 
long-term interest rates are expected to stay 
elevated or even climb, despite inflation being 
largely under control. 
In this environment, financial strength 
matters. In recent years, we have invested to 
build a safer and more resilient business, with a 
well-balanced income mix across our home markets. 
We continue to adjust our pricing and product mix in 
response to the rate environment, and use hedging 
to help manage interest rate risk and mitigate the 
impact of fluctuating interest rates on our financial 
performance.
Evolving regulation
Over the past two decades, the regulatory 
environment for financial services providers in Europe 
has evolved significantly in key areas such as capital 
requirements, digital technology and sustainability. As 
regulation continues to develop, scale and strong gov-
ernance have become increasingly important for 
meeting expectations consistently and efficiently.
Financial services providers like Nordea  must 
comply with a range of capital and prudential 
requirements designed to ensure financial stability 
and resilience. These include the Basel IV regulation 
and additional national supervisory requirements. At 
the same time, credit risk modelling has grown more 
complex, requiring advanced data, systems and 
processes.
Digital regulation has also continued to 
develop. Stricter privacy laws, increasing 
cybersecurity demands and new frameworks such 
as the Digital Operational Resilience Act require 
financial institutions to strengthen operational resil -
ience and ensure the continuity of critical services.
Sustainability regulation is another area of ongo -
ing change. European rules on sustainability disclo -
sures and reporting are raising expectations regard -
ing transparency and the integration of climate 
considerations into credit and investment decisions. 
As the largest financial services provider in the 
Nordics, we have the scale and capabilities needed to 
navigate this evolving regulatory landscape 
effectively – in all the markets we operate in.
Scale and technological advantage
Scale is becoming an increasingly important strength, 
supporting efficiency, stability and better outcomes 
for customers. Modern platforms and shared solutions 
allow large institutions to serve customers more relia-
bly at lower cost. As digital capabilities advance, scale 
and technology reinforce each other, enabling better 
use of data, more automation and stronger resilience. 
Artificial intelligence (AI) is accelerating 
this shift. When used responsibly, AI can 
improve productivity, enhance service quality and 
support more personalised experiences. Trust 
remains central, and transparency in how these 
technologies are applied will be key to ensuring 
customers feel confident and well cared for.

===== SIDA 10 =====

Nordea Annual Report 2025 9
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
BUSINESS ENVIRONMENT
Evolving customer 
expectations 
Customer expectations continue to rise as digital 
services become ever more integrated into 
everyday life. People expect financial services 
that are intuitive and tailored to their needs, 
while still valuing expert advice when important 
decisions come up. The institutions that succeed 
will be those that can seamlessly integrate 
strong digital services and trusted advisory 
capabilities. 
Customers are also looking for simplicity, with 
more services available in one place, and greater 
clarity over their financial situation.
We continue to invest in digital development 
and advisory capabilities, supporting customers 
across banking, savings, investments and advice, 
and helping to reduce complexity in their finan-
cial lives.
Competitive landscape
Competition in financial services contin -
ues to intensify. New entrants, particularly 
specialist and platform-based providers, are 
focusing on payments, savings and investments, 
with easy-to-use offerings.
In the corporate market, private credit 
 providers are also gaining ground by offering 
alternative financing options outside traditional 
banking channels. 
These developments are reshaping the com -
petitive landscape and increasing pressure on 
established institutions to strengthen digital and 
advisory services and customer experience. 
All this has been taken into account in our 
strategic plan. Our ambition is to continue to 
lead, using our broad portfolio, leadership in dig -
ital services, strong technology position and the 
full potential of our Nordic scale to drive 
competitive advantage.
Cyber threats
Cyber threats affecting businesses and their custom -
ers have risen steadily over the years, with attacks 
becoming more sophisticated and frequent. This 
trend is also evident in the Nordic countries. 
Common risks include distributed denial -of-se rvice 
attacks, which flood digital services with fake traffic 
to slow them down.
Being a safe and trusted partner is a top 
 priority for Nordea. We continually invest in 
new cybersecurity frameworks, train staff, guide 
 customers on how to stay safe, and work to 
strengthen the maturity of our cyber defences.
Ageing population
The Nordic societies are ageing, and the 
share of people above 65 will continue to 
rise in the years ahead. This is increasing long- 
term demand for wealth services such as financial 
planning, savings, life insurance and pensions. 
As the largest asset manager in the Nordic 
region and one of the largest in Europe, we are 
well equipped to support customers as their 
lives and financial needs evolve.
Climate change
People and businesses are seeking sus-
tainable and resilient solutions amid more 
frequent extreme weather events, rising eco -
nomic costs, and geopolitical turbulence. In 
response, financial institutions have 
strengthened their focus on managing climate 
risks and supporting the energy transition. 
Two developments stood out in 2025: (i) the 
EU introduced new sustainability regulation to 
ease the reporting burden on businesses and 
increase competitiveness, and (ii) political shifts 
widened the gulf in climate policy between the 
US and Europe, adding complexity for 
international financial institutions. 
Despite the uncertainty, the Nordic societies 
remain committed to climate action, and the 
energy transition continues to advance in our 
four home markets, driven by technology and 
economic considerations. However, in several 
sectors the transition to net zero is not happening 
as quickly as in previous years. 
For the financial sector, geopolitical turbu -
lence has led to a reorientation of priorities and 
alliances globally, alongside more focused 
efforts to navigate climate risks and opportuni -
ties. Physical climate risk management and 
adaptation remain critically important as global 
emissions continue to rise. 
Our climate actions and targets remain in place, 
and we continue to progress towards our goals.

===== SIDA 11 =====

Nordea Annual Report 2025 10
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
STRATEGIC PRIORITIES
The leading Nordic  
financial services group
We have concluded our 2022–25 strategy period as a stronger and more 
resilient financial services group. Customer experience has improved, 
the business has grown, and we have achieved consistently strong 
results – delivering on our 2025 financial target. Our plan for the coming 
strategy period builds on this foundation and sets us up well to acceler‑
ate growth across our business.
“ Following successive years of strong 
p
erformance, we are well positioned to raise 
our ambition for profitable growth.”
We are the leading financial services group in the 
Nordics, with a 200-year history of supporting the 
region’s economies. As the only truly pan-Nordic finan -
cial services provider, we combine scale with deep local 
expertise to serve millions of households and businesses 
through all stages of life and every business cycle. 
Our strength lies in our relationships – which are built 
on trust, insight and long-term commitment, enabling us 
to support our customers in addressing opportunities 
and challenges alike. Guided by this approach, our 
vision is to be the best-performing financial services 
group in the Nordics – accelerating through our scale, 
people and technology.
A transformed performance
Six years ago, we set out to change Nordea’s direction 
and significantly improve performance. In our first strat-
egy period (2019–22), we focused on fixing the basics, 
putting customers first, and strengthening competitive-
ness. By 2022, the turnaround was clear: the strategy 
was working. 
In our second strategy period (2022–25), we raised 
the bar further, aiming to deliver best-in-class 
omnichannel customer experiences, profitable growth, 
greater operational and capital efficiency, and 
enhanced value creation for shareholders. We have 
delivered strongly on these ambitions. 
The past six years have seen us create significant 
shareholder value: total shareholder return amounts to 
322% or 26% per annum. Today, Nordea is one of 
Europe’s best-performing financial services groups. 
For us, everything starts with our customers and we 
have made good progress in improving their experience. 
A key driver has been our significant investment in and 
development of our digital services. The enhancements 
we have made – including expanded services and

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Nordea Annual Report 2025 11
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
STRATEGIC PRIORITIES
functionalities in our digital channels – have created a 
better experience and give customers far greater con -
trol over their finances. Growth has followed: digitally 
active customers have increased by more than 25% over 
the past four years. Today, we are seen as the leading 
provider of digital financial services in the Nordics, and 
one of the best in Europe.
 
In our most recent strategy period we strengthened 
our position across our four business areas and four 
home markets: Denmark, Finland, Norway and Sweden. 
In Sweden, in particular, we made great strides, signifi -
cantly growing our mortgage market share and earning 
the 2024 Bank of the Year title from Privata Affärer, a 
leading Swedish personal finance publication. 
Carefully chosen bolt-on acquisitions, together with 
solid organic growth, further strengthened our position. In 
Norway, our 2024 acquisition of Danske Bank’s Norwegian 
personal customer and private banking business led to us 
securing a significantly stronger position in the market.
Other parts of the business also saw good growth, 
including Life & Pension, Private Banking and Business 
Banking, where we continue to use our size and scale to 
position Nordea as the best financial partner. Today, we 
are not only the Nordics’ largest business lender but also 
the leading arranger of corporate bonds and a recog-
nised leader in sustainable finance. 
In 2025 we improved our score in the annual Prospera 
survey among large corporates in the Nordics, moving 
from third to second place overall, supported by higher 
client satisfaction scores in all our home markets. In 
Norway, we achieved our highest-ever score and claimed 
the top spot. We also came first in Sweden in Prospera’s 
rankings for both small and medium-sized corporates. In 
the mid-corporate segment, this marked a major improve-
ment on the fifth-place position we occupied in 2020.
To support operational efficiency and resilience, we 
invested significantly in technology and risk manage-
ment, implementing structural improvements that 
reshaped the business to deliver sustainably higher prof-
itability. This was demonstrated once again in our 2025 
results: return on equity exceeded 15% for the third con-
secutive year, reinforcing our position as one of the most 
profitable financial services groups in Europe and setting 
the stage for continued success.
Personal 
Banking, 
40%
Business 
Banking, 28% 
Large Corporates 
& Institutions, 
20% 
Asset & Wealth 
Management, 11%
Group functions, 1%
By 
business 
area
By 
geography
Finland, 22%
Sweden, 29%Denmark, 
26% 
Norway, 19%
Other, 3%
Diversified across business areas and geographies
Operating income for 2025
Higher ambition
Our ambition for our next strategy period (2026–30) is 
high and is reflected in our two financial targets. We are 
looking ahead to 2030: a long-term horizon that aligns 
with our commitment to value creation and sustainable 
progress over time.
Our first target is to deliver a return on equity of 
greater than 15% each year through to 2030, and signifi -
cantly higher in 2030. The second is to deliver a cost-to-
income ratio of 40–42% in 2030. 
We also have the ambition to deliver earnings per 
share of around EUR 2.0 by 2030, driven by a strong 
improvement in underlying performance and based on 
market growth assumptions.
These ambitious targets are backed by a clear strate -
gic plan built around three priorities:
• Growth: grow faster than the market while sustaining 
high profitability
• Offering: lead with a compelling customer offering 
and the best digital experience
• Scale: deliver Nordic scale benefits for superior com -
petitiveness and efficiency. 
Across our three priorities, technology, data and artifi -
cial intelligence (AI) will play a critical role – supporting 
better customer experiences, growth and efficiency.
In the new strategy period, we will maintain our 
strong commitment to sustainability. We have made 
good progress in this area and sustainability is now fully 
embedded in our strategy, processes and operations. We 
are committed to supporting our customers’ transitions 
to net zero with our leading portfolio of ESG services 
and solutions. Our key near-, medium- and long-term 
sustainability targets are outlined on pages 124–130.
Growth
Following successive years of strong performance, we 
are well positioned to raise our ambition for profitable 
growth. We will target profitable growth in each of our 
businesses. 
Special focus will be applied to six areas with particu-
larly high potential for Nordea. Two are dedicated to driv-
ing growth in Norway and Sweden, geographic markets 
where we see ample room to grow, building on strong 
business momentum. In both countries, we have not yet 
reached the scale and position we aspire to. Our market 
shares in these countries are lower than in Denmark and 
Finland, where we occupy more mature positions. 
We will also target growth in four attractive areas 
that apply across all our home markets: cross -sal es, to 
deepen relationships and engagement with our broad 
base of existing customers; private banking and life and 
pensions – segments that have a strong growth outlook; 
and small businesses, a profitable segment where we 
seek to gain market share.
Norway
In Norway, we have strengthened our position in recent 
years both organically and through two bolt-on acquisi-
tions. These have given us a solid platform to accelerate 
growth and move us closer to our long-term goal, which 
is to build a position and lift profitability in Norway to a 
level that is comparable to our other three home markets.
Our focus will be on broadening and deepening rela-
tionships with our new and existing customers so they 
choose us for all their financial needs. This means an 
increased focus on the advisory business, including the 
broad area of long-term savings. We have also 
increased our ambitions regarding small and medi -
um-sized enterprises (SMEs). 
Sweden
Sweden – the largest Nordic market by population – 
likewise offers us substantial growth potential, with 
Nordea continuing to grow faster than the market in 
core areas such as mortgages and pensions. Our leading 
digital and advisory capabilities give us a solid platform

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Nordea Annual Report 2025 12
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
STRATEGIC PRIORITIES
to deepen customer relationships and capture further 
market share, particularly by attracting more savers and 
strengthening our premium offering.
Among corporates, we aim to build on our strong 
track record by capturing additional market share. We 
see significant opportunities in underpenetrated areas 
and segments where we have a structural advantage, 
such as cross-Nordic SMEs. To grow in large corporates, 
we will focus on deepening client relationships and 
expanding our presence in key sectors such as real 
estate, infrastructure and event-driven transactions. 
Cross-sales
We aim to show customers the benefits of bringing 
more of their financial needs to us, strengthening the 
relationship in a way that advantages them and creates 
value for Nordea. Cross-sales – offering additional rele -
vant products to customers we already serve – will be 
central to this, and will contribute to higher net fee and 
commission income.
Our anchor products in mortgages, savings and 
investments for households and in cash management 
for corporates are the everyday services customers 
depend on. By offering an outstanding experience in 
these areas, we can strengthen our role as their pre-
ferred financial partner and create natural opportunities 
to deepen the relationship. 
Life & Pension
The life and pensions market offers strong long-t erm 
potential due to people living longer and growing uncer-
tainty about what public pension systems will provide. 
We have not yet reached the market position we aspire 
to, and our ambition is therefore to strengthen our rela-
tive position across the Nordic markets. Customers are 
increasingly seeking guidance and solutions they can 
trust, and our recent momentum – supported by bolt-o n 
acquisitions and rapid improvements in our digital offer-
ing – puts us in a strong position to meet this need. 
Building on our leadership position, we see clear oppor-
tunities to deepen relationships with both private cus-
tomers and SMEs. 
Private banking
Financial decisions can be highly complex, and 
customers increasingly want to have clarity and 
confidence in managing their wealth. To meet this 
demand, we will continue to strengthen our private 
banking offering, focusing on combining expert advice 
with great digital services and our globally competitive 
asset management capabilities. Accordingly, we are 
increasing our digital investments, strengthening our 
offering for self-directed investors, and expanding our 
private banking advisory team. In 2025 we improved our 
relative position in the market; our planned investments 
are aimed at ensuring this development continues.
Small businesses
Small businesses are at the heart of the Nordic econ -
omy and represent a major opportunity for Nordea. 
They are a large and profitable market, where we  still 
have below our natural share. Small businesses typically 
hold high deposit balances and bring attractive 
ancillary opportunities. 
As digitalisation reshapes how small companies man-
age their finances, our industry expertise and scale give 
us a clear advantage. We have proven our ability to 
deliver for medium-s ized corporates and retail customers, 
and are ready to extend that success to small businesses. 
We see the potential to welcome around 50,000 new cus-
tomers and deepen our role as a trusted partner for thou-
sands of entrepreneurs across the Nordics. 
Offering
We grow by creating outstanding experiences for our 
customers. Building on the progress of recent years, we 
will continue to strengthen our offering by providing a 
full scope of products, capabilities and expertise for both 
households and corporates. This reflects a deliberate 
strategic choice: a universal model enables us to serve 
customers more holistically, deepen relationships and 
capture a larger share of their financial activity.
Our focus will be on making every interaction with our 
customers more personal – supported by tailored 
insights, relevant suggestions and offers that reflect 
their needs. At the same time, our strong local presence 
and trusted advice across every Nordic market will 
remain central to how we build long-t erm loyalty and 
create meaningful engagement.
For corporate clients, our focus is to reinforce Nordea  
as a full-s ervice partner at every stage of the business

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Nordea Annual Report 2025 13
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
STRATEGIC PRIORITIES
journey. Cash management will remain an anchor 
product in our portfolio and a driver of deeper 
relationships with small, medium-sized and large 
corporates. Another key focus will be reducing the 
burden of financial administration for small businesses, 
enabling entrepreneurs to concentrate on running their 
companies. 
Scale
Our Nordic scale is a unique and powerful source of 
competitive advantage. It was the driving force behind 
our creation around 25 years ago, when four banks in 
Denmark, Finland, Norway and Sweden united around a 
simple idea: that a single Nordic entity could create 
more value for customers, shareholders and the region 
than any one institution alone.
Over time, we have brought our Nordic scale to life in 
several ways. One of the most important is the 
diversification of our business. Our operating income 
and credit portfolio are well spread across countries 
and sectors, reducing our risk and strengthening our 
resilience. 
We have also built scale in our core banking opera -
tions and created a pan-Nordic digital front end, both of 
which are enabling efficiency and consistency across 
markets. In addition, we have developed pan-Nordic 
corporate and asset management businesses, reinforc -
ing our leadership and strengthening our ability to serve 
clients across the region and globally.
However, we believe the greatest opportunities still lie 
ahead. In the coming years, we aim to extend scale bene-
fits to more parts of Nordea to further strengthen our 
competitiveness and improve our efficiency. Recent pro-
gress has put us in a good position to achieve this: our 
operating model is simpler, accountability is clearer, and 
technology – now central to how we operate and grow 
– is unlocking opportunities that were once beyond 
reach.
We will take a Nordic-first approach to this work. 
Wherever practical and beneficial, we will design and 
build common solutions for all four markets from the out-
set, ensuring consistency and scalability across the region.
Artificial intelligence (AI) will play an important role 
here. AI is used at Nordea in a variety of ways, for 
example to power virtual assistants that support 
customers and help colleagues in their daily work. AI 
systems also help predict customer churn, detect fraud 
and accelerate software development.
In the next phase, we will apply AI across our core 
product areas, such as mortgages, corporate lending, 
savings, and payments. In each area, we aim to make 
processes smarter and more automated, enabling large 
and complex tasks to be handled with greater 
efficiency. For customers, this means faster, smoother 
 services. For example, a mortgage application should 
progress from submission to approval in fewer steps, 
with processing time reduced significantly. 
We also see major scale benefits where our technology 
capabilities are concerned. We are working to reduce the 
number of platforms and applications we operate, 
modernise legacy systems and strengthen engineering 
productivity. By 2030, we expect a minimum of 60% of 
our workloads to be running on new generation systems 
– making them faster, more reliable and secure, and eas-
ier to manage. 
Data will be another critical enabler. High-quality data 
is essential to understanding customer needs and 
developing products and services that feel more 
personal and relevant. We are investing in our data 
management capabilities to further strengthen in this 
area.
By unlocking Nordic scale benefits across products, 
processes, technology and data, we are targeting a 
gross annual cost take-out of EUR 600m by 2030, 
equivalent to more than 10% of our cost base.
Continued capital excellence
We will continue to deliver capital excellence. Our capital 
position has been among the strongest in Europe for 
years, supported by robust financial performance, solid 
capital generation and disciplined capital management. 
At the end of 2025 our Common Equity Tier 1 ratio – a key 
measure of a bank’s financial strength – stood at 15.7%.
We achieve high returns on invested capital and 
maintain low capital intensity through optimal 
deployment across the Group. Since 2019, we have 
returned EUR 21.7bn of capital to shareholders.
We expect to maintain strong capital generation, 
enabling business growth, potential bolt-on 
acquisitions, and continued significant shareholder 
distributions, which, subject to shareholder approval, 
will include semi-annual dividends going forward.

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Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
14Nordea Annual Report 2025
Our 2030 vision and key priorities
Vision
The best-performing financial services group in the Nordics 
Key priorities
Growth
Grow faster than the market  
and sustain high profitability
Offering
Lead with a compelling customer 
 of
fering and the best digital experience
Scale
Deliver scale benefits for superior  
competitiveness and efficiency
Accelerated by technnology, data and AI
Supported by
  High-performance culture 
  Capital excellence 
  Sustainability at the core

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Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
15Nordea Annual Report 2025
Our financial targets
1) Assuming a CET1 ratio of ~15.5%.
Targets for the 2026–30 strategy period
Return on equity
>15%
Throughout the period and  
significantly higher in 20301
Cost-to-income ratio
40–42%
Excluding regulatory fees 
2) Mid-year distribution paid from retained earnings.  3) Used to distribute excess capital.  
  High credit quality
  Lo
an losses ~10bp 
Supported by
  Capital excellence and EUR >20bn in total  
sh
areholder distributions during 2026–30
  60
–70% payout ratio with semi-annual  
distributions2, and buy-backs3
Deliver earnings per share of EUR ~2.0 in 2030
2030 ambition

===== SIDA 17 =====

Nordea Annual Report 2025 16
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
SUSTAINABILITY AT THE CORE
Supporting customers in the 
sustainability transition
We believe that sustainability builds long‑term resilience and 
competitiveness, both for our business and for our customers. We 
therefore support our customers in the transition as a leading 
Nordic provider of sustainable and transition finance.
In 2025 it became clear that the sustainability transition 
is not progressing fast enough to meet global climate 
commitments. Geopolitical upheaval and evolving EU 
regulation have added further uncertainty. Even so, the 
Nordic region continues to distinguish itself as a global 
frontrunner in areas such as environmental protection, 
clean energy, biodiversity, human rights and inclusion 
– and remains one of the strongest drivers of sustaina -
ble development worldwide.
The financial sector has a critical role to play in sup -
porting the development of a more resilient and sus-
tainable society. That is why we are committed to 
becoming a net-z ero emissions bank by 2050 at the lat-
est. As part of this commitment, we have already 
reduced carbon emissions from our own operations in 
targeted areas by more than 50% since 2019.
At the same time, we recognise that acting as an 
intermediary of capital through our lending and invest -
ments is our most important contribution to the societal 
transition. With an attractive offering that enables 
sustainable choices for our corporate, personal and pri -
vate banking customers, we help advance that 
transition.
Through consistent risk management practices, 
focused customer dialogues and careful business selec -
tion, we have succeeded in reducing financed emissions 
in our lending portfolio by 44% compared with 2019, 
keeping us firmly on track to meet our 2030 reduction 
target. 
We have long been recognised as a Nordic leader in 
responsible investment, sustainable finance and active 
ownership, and we continue to strengthen our offering 
in line with evolving regulation and customer needs. 
During our 2022–25 strategy period we built a solid 
foundation by integrating ESG factors into our business 
strategy and internal processes, and developing strong 
governance practices. 
We are in a strong position to continue meeting the 
needs of customers at different stages of transition. Our 
expertise and experience enable us to provide practical, 
relevant support that helps strengthen customers’ long-
term resilience and competitiveness.
“ O ur strategic vision for 2030 is to be the 
preferred financial partner in the Nordic 
transition to net zero.”

===== SIDA 18 =====

Nordea Annual Report 2025 17
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
SUSTAINABILITY AT THE CORE
Prioritised sustainability themes guiding our work
We prioritise the themes that matter most for our employees, customers and the Nordic societies
Environmental
Climate  
& energy
We support our 
customers’ transitions 
and partner with the 
broader community to 
enable development for 
a  c limate-resilient 
economy
Preferred Nordic 
transition partner
Nature
We leverage our scale 
and size to build 
financial expertise on 
nature-related risks and 
impacts and engage on 
finance supporting the 
protection of nature
Financial expert on 
nature-related risks 
and opportunities
Social and governance
Financial 
 well-being 
We encourage sound 
financial practices and 
help create financial 
well-being by fostering 
inclusion, literacy and 
confidence
Personal, accessible 
and inclusive adviser
Inclusive &  
safe societies
We promote financial 
stability and respect 
human rights while 
committing to continu -
ous progress
Responsible 
financial services 
provider supporting 
human rights
Looking ahead, our strategic vision for 2030 is to be 
the preferred financial partner in the Nordic transition 
to net zero – transitioning and growing together with 
our customers. We will achieve this by prioritising three 
interconnected focus areas: 
 
• A competitive transition offering , with sustainable 
and transition finance solutions to support customers’ 
long-term transition planning.
• Active engagement , in close collaboration with cus-
tomers, investee companies and stakeholders to man -
age impacts, address risks and enable the transition.
• Building resilience  by further integrating ESG factors 
into our core processes to strengthen our risk man -
agement practices and build long-term stability. 
These focus areas are underpinned by four sustainabil -
ity themes that are of central importance to our employ -
ees, customers and the Nordic societies: climate & 
energy, nature, financial well-be ing, and inclusive & safe 
societies. This ensures that our strategic priorities and 
customer support are aligned with the areas where our 
contribution can have the greatest impact.
Preferred financial partner in the transition
By supporting our customers’ transitions, we contribute 
to the wider Nordic societal transition. We help corpo -
rates and institutions by enabling them to reduce risk, 
unlock growth opportunities and build resilience – no 
matter where they are in their journey. 
Climate transition planning is crucial for businesses of 
all sizes. We offer financial services that help customers 
future-proof their business and gain competitive advan -
tages, taking the specific circumstances of their market 
and sector into consideration. 
For large corporates, we work closely with customers 
on their transition journeys, supporting them with 
expertise and bespoke financing solutions. For small 
and medium-sized companies, we also offer training, 
products and tools to support their work.
Our actions are supported by our strong internal foun -
dation, with sustainability at the core of our processes, 
risk management and corporate culture.
Between 2022 and 2025 we facilitated EUR 235bn in 
sustainable financing, exceeding our target. This sum 
included green and sustainability-linked loans for 
household and corporate customers, and green and 
social bonds. We are recognised as a leading European 
bank for sustainable and sustainability-linked loans to 
large corporates.
Creating impact through engagement
Building a more resilient society means taking action on 
a range of environmental and social factors that matter. 
We engage with customers, employees and other stake -
holders as part of our daily work to create great cus-
tomer experiences and support the transition.
We hold ourselves to the same high standards we 
expect of others. As an employer, we are committed to 
inclusion and equal opportunities and to providing a 
healthy work environment. Our goal is for each gender 
to have at least 40% representation across our top 
three leadership levels combined by the end of 2030 
– because diverse leadership drives stronger perfor -
mance and results. 
Alongside the customer dialogues we have in our role 
as a lender, we also engage in active ownership as an 
asset manager. With EUR 478bn in assets under man -
agement, we offer customers a platform to influence 
the sustainability agenda of the many companies 
included in our fund offering. In 2025 we engaged on 
1,300 occasions with investee companies on issues such 
as climate action, biodiversity and human rights, and 
exercised voting rights at over 3,500 AGMs to support 
initiatives aligned with these priorities.
In addition, we continued our targeted engagements on 
specific topics, including labour rights, hazardous 
chemicals and methane emissions. For instance, we 
engaged with oil and gas firms and utility companies to 
encourage them to commit to a UN-backed initiative to 
significantly reduce their methane emissions by the end of 
the decade. In the course of 2025 we engaged with 
approximately 60 more companies on methane reduction. 
Strengthening long-term resilience
Helping customers build resilience goes hand in hand with 
future-proofing our own business and operations. We 
want to play an active role in contributing to societal goals 
by reducing the adverse impact of our operations and 
embedding sustainability into how we operate and grow.
A key part of this is our collaboration with suppliers. 
One of our priorities is to strengthen human rights 
screening in our supply chain. In 2025 we implemented a 
tool to evaluate suppliers’ transition plans and help us 
focus our efforts where impact is greatest.
We also continue to integrate ESG factors into core 
processes and strengthen risk management practices 
– ensuring that we maintain long-te rm financial stability 
while supporting the transition of the societies we serve.

===== SIDA 19 =====

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Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
On the way to net zero 
In our 2022–25 strategy period we made strong  pr ogress on our 
sustainability agenda. The work continues in our new strategy period, 
g
uided by existing and new sustainability targets in the run-up to 2030.
Environmental Social & Governance
Customer offering and active engagement
  By 2030, ensure that transition-critical suppliers are 
either aligned with the Paris Agreement or are subject 
to active engagement to improve alignment
  Engage annually with corporate customers (covering 
≥70% of financed emissions in the large corporate 
lending portfolio) on the topic of net zero transition dur -
ing the period 2026–30
  By 2028, engage in dialogues on biodiversity with cus -
tomers representing ≥80% of our large corporate lend -
ing exposure in sectors with a high impact on nature
 Nordea Asset Management
  By 2030, ensure that 100% of transition-critical investee 
companies are either aligned with the Paris Agreement 
or subject to active stewardship to improve alignment
  Nordea Life & Pension
  Increase the share of assets under management sup -
porting nature and the climate transition by 20% by the 
end of 2029 compared with 2023
  Engage annually with the 30 most material emitters on 
net zero alignment during the period 2025–29
  Ensure that each gender has at least 40% 
representation at the top three leadership levels 
combined by the end of 2030
  Achieve a minimum average index score of 90 for 
diversity and inclusion by the end of 2030
Building resilience
  Reduce emissions across our lending and investment portfolios by 40–50% by the end of 2030 compared with 2019 
Lending: Reduce financed emissions by 40–50%
Own operations:  Reduce carbon emissions by more than 50% and achieve a net positive carbon contribution 
Nordea Asset Management:  Reduce the weighted average carbon intensity (WACI) of listed equities and corporate 
bonds by 50%
Nordea Life & Pension: Reduce the carbon footprint (intensity) of listed equity, corporate bond and directly held real 
estate portfolios by 40–50% (by 2029 vs 2019)
  By 2030, ensure that suppliers in all high-risk 
 sectors and countries are covered by an in-depth 
human rights impact assessment and that identi -
fied impacts are addressed according to our 
human rights due diligence process
To support our portfolio-wide lending  ta rget, we have 
set sector-specific targets aligned with science-based 
pathways and regional sector roadmaps. 
These are presented in the   
Sustainability Statement on pages 131–150 .

===== SIDA 20 =====

Nordea Annual Report 2025 19
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Like night and day  
switching to Nordea
For Kolbjørn Nordvik and his family in Trondheim, 
switching to Nordea has made a positive difference 
to their everyday lives. 
When their former bank ended 
its services for personal custom-
ers in Norway, Kolbjørn and his 
wife decided to come along to 
Nordea. “We thought it was a 
golden opportunity to consider 
our options,” he says, adding 
that while he and his wife often 
disagree on many things 
(he tends to take quick decisions, 
she likes to think things through 
more carefully), this time they were completely in sync.
As an experienced coach and adviser in leadership 
development, Kolbjørn greatly values good service and 
clarity. The transition to Nordea  was seamless. “It was 
like night and day switching to Nordea. I got back the 
feeling of having an adviser – someone who follows up 
and actually gets in touch,” he says. 
For Kolbjørn, it means a lot that the adviser makes an 
effort “not because they have to, but because they want 
to”. In his words, “you can see it in the employees – it’s 
genuine pride”. 
How would he sum up his experience banking with 
Nordea? “Good information, minimal extra work and a 
sense of being seen and that people care. When that’s 
in place, I’m a happy customer.” 
“ I got back the feeling 
of h aving an adviser.”
CUSTOMER STORIES
Kolbjørn Nordvik

===== SIDA 21 =====

Nordea Annual Report 2025 20
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
INTRODUCTION
Built on trust
Every day, we work to earn 
the confidence of those who 
count on us.
Our role in the Nordic economy is built on the trust that 
people, businesses and society place in us. Our custom -
ers expect consistent great service, while our employees 
value opportunities to develop and grow. Investors 
expect strong financial performance and sustainable 
long-term growth, while regulators require us to meet 
evolving standards and ensure compliance. Each group 
plays a vital role in our success, and meeting their 
expectations is key to earning their trust.
That trust depends also on work that happens 
behinds the scenes, for example to manage and antici -
pate risks and secure customers’ data, transactions and 
CUSTOMERS
EMPLOYEES
SHAREHOLDERS
SOCIETY
money. Over the past five years, we have invested more 
than EUR 1bn in strengthening the Group’s resilience, 
with significant resources dedicated to information 
security and financial crime prevention. Trust takes 
years to build and only moments to lose, which is why 
we will continue to invest to remain safe and trusted.
On the following pages, we outline our relationships 
with four core stakeholder groups: customers, employ-
ees, shareholders and societal stakeholders. Our specific 
actions towards our stakeholders are further elaborated 
in the Board of Directors’ report on pages 37–193.

===== SIDA 22 =====

Nordea Annual Report 2025 21
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
CUSTOMERS
Banking that fits life
Financial well-being is the cornerstone of a good life. At 
Nordea, we want to empower our customers to make 
confident financial decisions. Whether their needs are 
simple or complex, our aim is always to earn their trust 
by being personal, expert and responsible.
Relationships that grow
Customers build long-term relationships with their bank 
as they go through life. With our broad range of services 
– covering everyday payments, savings, investments, 
pensions, insurance and more – we support them every 
step of the way. 
Between 2022 and 2025, we welcomed more than 
500,000 new household relationship customers – those 
who actively bank with us and trust us with their savings 
or home financing.
Personal at every touchpoint 
Most banking today happens digitally, through our app 
o
r online – and that is where we lead. Our digital ser-
vices are designed to be intuitive, reliable and increas-
ingly personal, helping customers manage their 
finances independently and on their own terms.
At the same time, human support is always close at 
hand. Our advisers are ready to help household and cor -
porate customers whenever they need us. No matter 
how they wish to interact with us, we want our custom -
ers to feel well supported – and to have a consistently 
great experience.
Customer satisfaction scores show we are moving in 
the right direction. At the Nordic level, household cus-
tomer satisfaction reached an all-time high in 2025. 
Among small and medium-sized businesses, satisfaction 
improved relative to peers in all markets, while among 
large corporates and institutions it rose in three of our 
four markets.
Supporting sustainable choices
Global geopolitical and economic uncertainty has made 
the transition towards a low- ca rbon economy more 
complex. At Nordea, we remain committed to helping 
our customers make sustainable choices, even in chal -
lenging times. 
We offer a wide range of financing, savings and 
investment options, and work closely with corporates to 
balance long-term goals with real-world challenges. As 
a leading Nordic provider of sustainable financing to 
businesses, we are proud to play a key role in support -
ing the Nordic transition.
#1
mobile bank in the Nordics based on cus -
tomer and  an alyst ratings
5%
year-on-year increase in customer 
logins to our digital services in 2025
CUSTOMERS

===== SIDA 23 =====

Nordea Annual Report 2025 22
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Institutional partnership driving  
sustainable investments
Lærernes Pension, a leading pension provider for teachers in Denmark, 
has been a long- sta nding institutional client of Nordea Asset Management 
(
NAM). Together, Lærernes Pension and NAM have built a strategic part-
nership spanning strategic asset allocation, ESG integration, equity, and 
credit mandates.
“We focus on strengthening 
 strategic collaborations where it 
makes sense and have been 
very satisfied with the coopera -
tion we’ve had with Nordea 
Asset Management over the 
years,” says Simon Slot, Head of 
Credit at Lærernes Pension.
In 2025 the partnership 
expanded to include a tailored 
green corporate bond mandate. 
Following a comprehensive mar-
ket review, NAM had stood out for its strong bond selec-
tion process and ESG approach. This offered good 
potential for further deepening the strategic partnership.
“We worked with Nordea Asset Management to create 
a tailored  man date th at reflects Lærernes Pension’s 
ambitions for green  cor porate bonds while leveraging 
our existing platform. The collaboration was executed 
swiftly and efficiently, and we believe this will help us 
reach our financial goals as well as our climate and 
environmental investment goals,” says Simon Slot.
“ We believe the collaboration will 
help us reach our financial goals 
as well as our climate and 
 environmental investment goals.”
Simon Slot 
Head of Credit,  
Lærernes Pension  
CUSTOMER STORIES

===== SIDA 24 =====

Nordea Annual Report 2025 23
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
EMPLOYEES
For people who  
want to move forward
Our people drive our success, helping us adapt and 
thrive in a fast-changing world. We aim to be the pre -
ferred employer in the financial industry in our operat -
ing countries – a place where people come as they are 
and are met with opportunities to evolve, develop and 
move forward in their careers. 
A workplace that inspires
Our strong performance and high ambitions help us 
attract and retain top talent from across the Nordics 
and internationally. We offer clear and structured career 
opportunities in areas ranging from customer advisory 
services and technology development to cybersecurity 
and financial crime prevention. To support our employ -
ees’ development, we provide a comprehensive learning 
curriculum, which includes training on how to use AI 
effectively and responsibly in daily work. 
Our efforts to make Nordea a great place to work have 
strengthened our appeal among students and early- 
career professionals. In Universum’s 2025 survey, busi-
ness students ranked us the most attractive financial 
industry employer in the Nordics and the second most 
attractive employer in the region overall. Among infor-
mation technology students, we came in the top ten.
Strong values
Our culture is rooted in a strong customer focus, guided 
by our values: collaboration, ownership, passion and 
courage. Our leadership principles support our leaders 
in their everyday work, helping them guide their teams, 
develop talent and grow as leaders.
Diversity and equality make us better
Diversity and inclusion are part of who we are. With a 
workforce made up of more than 100 nationalities, we 
are proud to value different perspectives. Diverse teams 
help us find more creative solutions, deliver better 
results and serve our customers more effectively. In 
our 2025 People Pulse survey, we achieved a diversity 
and inclusion index score of 89: a clear indication that 
our employees feel we foster a fair, respectful and 
 inclusive workplace.
We continue to strengthen the gender balance across 
the Group. In 2025 women had 43% representation at 
the top three leadership levels combined – once again 
in line with our long-t erm target of at least 40% rep -
resentation for each gender.
We also focus on fair and equal pay. Gender pay gaps 
are regularly reviewed and addressed, supporting 
progress towards pay equity across the company. Our 
ambition is to close the pay gap between women and 
men in equivalent roles by the end of 2026. In 2025 we 
were encouraged to see the adjusted pay gap decrease 
further, to approximately 1.4%, placing us ahead of both 
Nordic general and financial industry benchmarks.
Our diversity and inclusion efforts go beyond gender, 
embracing cultural diversity, age diversity, LGBTQ+ 
representation and neurodiversity. We are constantly 
developing our people processes to ensure equal 
opportunities and inclusion.
89
Average score for diversity and inclusion, out of 
100 (89 in 2024) – comparing favourably with 
Nordic labour market benchmarks
43%
Representation of women at the top three 
leadership levels combined (target: each 
gender to have at least 40%)
EMPLOYEES

===== SIDA 25 =====

Nordea Annual Report 2025 24
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
SHAREHOLDERS
Creating value 
for our shareholders
We maintain a broad and diverse shareholder base, 
which includes global and Nordic institutions, over 
590,000 private individuals across the Nordic region, 
and numerous pension fund investors representing the 
interests of millions more individuals. Since the start of 
our 2022–25 strategy period, the total number of regis-
tered shareholders has grown by around 7%, 
underscoring our position as one of the Nordics’ most 
widely owned companies. 
Returns with societal impact
The Nordea share is listed on the Helsinki, Stockholm 
and Copenhagen stock exchanges. We are a market-  
leading financial services group when it comes to share -
holder returns. Our dividend distributions – EUR 15.2bn 
over the past five years – support economic activity, 
drive growth in the Nordic societies and help channel 
funding towards innovation, education and healthcare. 
Our shareholders also include several non -p rofit 
foundations, which use their dividend income to fund 
charitable initiatives.
Our capital position has been among the best in 
Europe for many years and our capital generation 
remains strong. We were one of the first European 
banks to start implementing share buy-backs in 2021. 
Since then, we have distributed EUR 6.5bn to our share -
holders through share repurchases.
We expect to maintain strong capital generation, sup -
ported by our improved financial performance and capi -
tal excellence. 
Total shareholder returns
Nordea's TSR, 322% OMXC25 Index (Copenhagen), 80.5%OMX Index (Stockholm), 121.9% HEX25 (Helsinki), 89.3%
60
140
220
300
380
460
+322%
2025202420232022202120202019 1
EUR
1) Repositioning of Nordea in the autumn of 2019.
21.7bn
total capital returned to shareholders since we 
began our repositioning in autumn 2019 (EUR)
15.2bn
dividends paid since autumn 2019 (EUR)
SHAREHOLDERS

===== SIDA 26 =====

Nordea Annual Report 2025 25
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
SOCIETY
Driving positive change  
in our communities 
We play an active role in supporting the long-term pros-
perity of the Nordic region, contributing much more 
than financial products and services. A  key focus is ena-
bling entrepreneurship and building skills that promote 
financial well- b eing, strengthen social belonging and 
improve quality of life.
Community engagement 
Community engagement is about creating positive 
change in society. We work with our communities to 
build long-term prosperity by strengthening financial 
skills, backing entrepreneurs and fostering inclusion 
through partnerships, own initiatives and employee 
volunteering. 
In schools across the Nordics, Poland and Estonia, our 
volunteers run practical sessions and digital workshops 
for young people on budgeting and saving. Since 2016, 
we and our partners have facilitated financial learning 
activities for more than 1.2 million participants.
We also mentor young entrepreneurs and support 
initiatives that provide access to funding and networks. 
Highlights include our Abilitypreneur of the Year award 
in Denmark, Finland and Sweden, and a collaboration in 
Norway with Large Ice Cream Company, which created 
nearly 1,000 summer jobs in 2025. 
We engage directly in communities by volunteering 
with food banks and refugee help centres, supporting 
integration through hands-on assistance. Our support 
for Ukrainian refugees has received recognition from the 
Ukrainian World Congress. To date, more than 1,000 col-
leagues have volunteered at the Helsinki aid centre. 
Responsible taxpayer 
We are one of the largest corporate taxpayers in the 
Nordic region. In 2025 our total tax footprint was EUR 
5.8bn, comprising income tax, VAT, social security con -
tributions, and taxes collected on behalf of govern -
ments from shareholders, customers and employees. 
This reflects our commitment to support economic 
growth, stability and development across the  region. 
Further information on our role as a responsible taxpayer 
can be found on pages 76–78. 
Fighting fraud and financial crime
We work every day to protect our customers and society 
against financial crime. Our efforts focus on preventing 
fraud and other threats before they happen. In recent 
years we have succeeded in reducing fraud losses for 
our customers by implementing safer and easier-to-use 
security solutions, improving our monitoring, and creat -
ing products that are even more secure. Today, we have 
more than 3,400 employees fully dedicated to keeping 
our customers safe. 
We will keep investing in technology, capabilities and 
training to ensure we can address rapidly evolving fraud 
and financial crime threats. 
Collaboration is also critical. Fraud is a societal prob-
lem and all societal actors need to work together to keep 
everyone safe. That is why we work closely with authori-
ties and industry experts to share our knowledge. 
We also actively contribute to public discussions, help-
ing to raise awareness regarding emerging risks and how 
to stay protected.
>1.2m
participants in financial learning activities facili -
tated by us and our partners since 2016
5.8bn
in taxes paid and collected in  2025 (EUR)
SOCIETY

===== SIDA 27 =====

Nordea Annual Report 2025 26
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Presto brings circular  
innovation to fire safety 
What happens to a worn-out fire extinguisher? 
At Presto, it’s given a second life.
 In the company’s Swedish 
“green factory”, returned extin -
guishers are emptied, tested, 
refilled and sent back into use. 
This process reduces the need 
for new metals and minerals by 
more than 60% and cuts emis-
sions significantly. 
For over 40 years, Nordea has 
been a partner in this journey, 
helping Presto to finance 
growth and fleet expansion, setting up a global cash 
pool, and supporting the company with daily banking, 
strategic advice and ESG expertise. 
“Nordea is a strategic partner who understands not only 
our business but also our values,” says Olof Fransson, 
Presto’s CFO. “Their support has enabled us to expand 
rapidly across Europe with a focus on sustainable growth.”
The results speak for themselves. In 2024 Presto 
increased turnover by around 50% through organic 
growth and acquisitions, all while advancing its ambi -
tion to phase out harmful substances such as PFAS. 
The partnership is highly valued within Nordea  too. 
“Presto is an exciting  cu stomer to follow: market- 
leading in a socially important industry and at the 
 forefront of sustainability,” says Per Nestor, Senior 
Relationship Manager at Nordea. 
By combining safety, sustainability and smart economics, 
Presto shows how circular business models can create 
both climate benefits and competitiveness. Together with 
Nordea, the company continues to prove that rethinking 
resources can protect not just people, but also the future. 
“ Nordea understands 
not only our business 
but also our values.”
Olof Fransson
CFO, Presto
CUSTOMER STORIES

===== SIDA 28 =====

Nordea Annual Report 2025 27
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
INTRODUCTION
Our four business areas
Our four business areas cater to the needs of different customer segments, 
from private households and small businesses to some of the largest 
enterprises in the Nordic region serving markets worldwide. Each strives 
to offer best-in-class advisory services, products and solutions.
Our business is built around the needs of our customers. 
Each business area is fully accountable for its income, 
costs, risks, customer experience, investment decisions 
and capital management, while operating under a sin -
gle pan-Nordic operating model supported by shared 
Group functions. This unified approach ensures effi -
cient, consistent delivery and enables us to effectively 
serve customers who may interact with us in different 
capacities – whether as private individuals, business 
owners or clients building their financial portfolios.
Personal Banking
In Personal Banking we provide household 
customers with easy and convenient day-to-day 
banking and advice for life’s bigger financial 
decisions. We are committed to supporting their 
financial well-being with a comprehensive and 
attractive range of products and services, along 
with a great customer experience. Our vision is to 
be the preferred financial services partner for 
household customers in the Nordics.
Asset & Wealth Management
In Asset & Wealth Management we offer award- 
winning private banking, life and pensions and 
wealth  m anagement  s ervices. We are a leading 
savings and investment  p artner in each Nordic 
market and a leading European asset manager, 
providing customers with valuable advice, global 
reach and a  c ompetitive sustainability offering. 
Our vision is to be the preferred savings and 
investment partner in the Nordics.
Business Banking
In Business Banking we support small and 
 medium-sized enterprises (SMEs) with a full 
range of banking services designed to help them 
grow and develop sustainably. Our advisory ser-
vices and comprehensive range of products and 
digital solutions enable our customers to be suc -
cessful both locally and internationally. Our vision 
is to be the preferred financial partner for all 
SMEs in the Nordics.
Large Corporates & Institutions
In Large Corporates & Institutions we support 
large Nordic corporate and institutional customers 
with a range of financial solutions. We also 
provide services through the product and 
specialist units Markets and Investment Banking & 
Equities and through our international corporate 
branches in New York, London and Shanghai. Our 
vision is to be the preferred financial partner for 
large corporates and institutions in the Nordics.

===== SIDA 29 =====

Nordea Annual Report 2025 28
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
PERSONAL BANKING
Easy everyday banking
In Personal Banking we provide household customers with easy and 
convenient day-to-day banking and advice for life’s bigger financial 
decisions. We are committed to supporting their financial well-being 
with a comprehensive and attractive range of products and services, 
along with a great customer experience. Our vision is to be the preferred 
financial services partner for household customers in the Nordics.
How we do business
We offer individuals and households a wide range of 
financial services, from savings accounts and investment 
products to home loans and payment services. Our focus 
is on providing customers with a banking experience 
that is seamless and personal. We do this by combining 
our strengths as a digital leader with expert advice 
whenever it is needed – ensuring our customers feel 
supported and confident in managing their finances. As 
part of our commitment to a sustainable future, we also 
offer our customers a wide range of sustainability-linked 
lending and savings products.
Business development
We performed well in 2025, using our broad product 
portfolio, digital services and proactive approach with 
customers to deliver solid growth in business volumes. 
In the uncertain environment, households’ main focus 
was on savings and investments, as reflected in a 5% 
year-on-year increase in deposits and higher net flows 
into investment funds. We also had a 16% year-on-year 
increase in recurring savings inflows. Customers contin -
ued to actively seek our advice – and we were well 
equipped to support them.
There were further signs of a gradual recovery in the 
Nordic housing markets, helped by lower interest rates. 
Demand for loan promises continued to grow. Mortgage 
lending increased by 1% in local currencies year on year, 
driven by both Sweden and Norway, where we also 
increased our market shares. In Sweden, we 
strengthened our position by securing a 22% share of 
the market growth – significantly above our back book 
market share of 14%. Our total household lending 
volumes grew by 1%, to EUR 180bn.
In Norway, growth was supported by our late-2024 
acquisition of Danske Bank’s Norwegian personal 
customer banking business. Our offering has been well 
received by our new Norwegian customers, and 
engagement with them is developing positively as we 
broaden our relationship. At the time of the acquisition, 
only 16% of the transferred customers were full 
relationship customers, meaning they had their salary

===== SIDA 30 =====

Nordea Annual Report 2025 29
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
PERSONAL BANKING
paid into their Nordea account, used an active Nordea  
card and held a savings product or mortgage with us. 
By the end of 2025, that share had risen to 49%. 
When we began our previous strategy period in 2022, 
only half of everyday banking needs could be met digi -
tally. We set a goal to reach full digital coverage by the 
end of 2025 – and achieved it. Customer use of our 
digital services has grown in step. We now have one 
million more digitally active customers, a 29% increase. 
In 2025 demand for digital savings and investment 
services was particularly strong.
New additions to our digital self-service offering in 
2025 included our Financial Health Check feature, which 
provides customers with personalised insights to help 
them improve their finances. We also enhanced savings 
insights, streamlined the trading flow, and introduced a 
more intuitive way to search for and explore funds 
within the mobile app.
Customers can now transfer money from another 
bank to their Nordea account directly in our app without 
needing to log in to the other bank’s app – making the 
process faster and easier. They can also manage loans 
more flexibly by changing payment dates or renaming 
loans directly in the app. Moreover, personal customers 
in Finland can activate the Nordea  ID app using a 
Finnish passport or identity card, which is especially 
helpful for those who have lost their device or need 
quick access.
Throughout the year, our advisers actively followed 
up on digital leads, uncovering additional customer 
needs and driving more advisory meetings. These 
meetings have become more efficient, with fewer 
cancellations and quicker follow-ups. A key 
improvement in 2025 was enabling customers to pre -
pare for savings and investment discussions from home, 
allowing advisers to deliver more personalised, 
higher-quality advice. 
Our standout performance in digital banking earned 
us the title of best digital bank in the Nordics in 
Euromoney’s Awards for Excellence and multiple 
awards from Global Finance, including Best Consumer 
Digital Bank and Best Mobile Banking App in all the 
Nordic countries. 
Our ESG products continued to perform well, with the 
ESG share of gross inflows into funds at 35%. To pro -
mote home energy efficiency, we launched a discounted 
heat pump loan together with a partner in Sweden. 
Customer satisfaction remained on a good level and 
was stable relative to peers. Our iOS and Android apps 
maintained high ratings.
Results
Total income decreased by 3% year on year, reflecting 
lower interest income in the lower rate environment.
Mortgage volumes grew by 1% in local currencies 
year on year, driven by higher customer activity and our 
increased market share in Sweden. Deposit volumes 
were up 5% year on year. 
Net interest income decreased by 6% year on year, 
driven by lower deposit margins across the Nordics due 
to rate changes. The lower margins were partly offset 
by our deposit hedge. 
Net fee and commission income increased by 7% year 
on year, mainly driven by higher savings and payments 
income in Norway and Sweden. 
Total expenses increased by 2% year on year due to 
salary inflation and continued investments in 
technology and risk management in line with our 
business plan. 
Total net loan losses and similar net result amounted 
to EUR 27m (2bp), compared with EUR 86m (5bp) in 
2024, reflecting strong portfolio quality. 
Operating profit decreased by 4% and return on 
allocated equity (RoAE) decreased to 16% from 18%. 
The RoAE decrease was driven by changes to the 
internal model framework, which resulted in higher allo -
cated equity and lower income.
” O ur focus is growth – built on 
great digital experiences, trusted 
advice and relationships that 
last.” 
Sara Mella
Head of Personal Banking
2025 financial highlights
  Grew mortgage lending volumes by 
1% in local currencies year on year.
  Grew deposit volumes by 5% in 
local currencies year on year.
  Drove a 7% year-on-year increase 
in net fee and commission income.
2030 targets
RoAE: >19%
Cost-to-income ratio : <43% 
2030 priorities
Growth: Grow faster than the market 
in Sweden and Norway, and grow the 
number of relationship customers.
Offering: Lead with best-in-class digital 
experiences and personalised offerings 
that maximise customer value. 
Scale: Deliver operational excel -
lence with Nordic tech-powered 
core 
 processes.

===== SIDA 31 =====

Nordea Annual Report 2025 30
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
ASSET & WEALTH MANAGEMENT
The preferred savings and 
investment partner
In Asset & Wealth Management we offer award- w inning private 
 banking, life and pensions and wealth  m anagement  s ervices. We are 
a leading savings and investment  p artner in each Nordic market and a 
leading European asset manager, providing customers with valuable 
advice, global reach and a  c ompetitive sustainability offering. Our vision 
is to be the preferred savings and investment partner in the Nordics.
How we do business
We help customers grow and preserve their wealth 
through a comprehensive range of savings, investment 
and banking solutions. Serving private banking clients, 
corporations, foundations and institutional investors, we 
combine a broad advisory network across 17 countries 
with a leading mobile banking platform to support 
diverse financial goals. 
We approach investment with a clear sense of respon-
sibility. Alongside managing investment funds, we exer-
cise active ownership to drive positive change in compa-
nies we invest in on behalf of our customers. Our 
expertise allows us to provide a wide selection of globally 
competitive ESG products, enabling our clients to invest 
and grow their wealth with purpose. 
We are also committed to protecting our customers’ 
long-term financial security with a suite of competitive 
life insurance and pensions products and services.
Business development
In 2025 we had good momentum in Private Banking, 
with solid customer acquisition and record-high 
customer satisfaction in all our home markets. Amid sig -
nificant market turmoil, we showed resilience and drove 
a net inflow of EUR 6.3bn, supported by our strong 
offering. We also completed the integration of Danske 
Bank’s Norwegian private banking business, expanding 
our position in Norway. 
Our 2022–25 strategy period has seen us significantly 
strengthen our position across the Nordics and attract 
more Private Banking customers, helped by sustained 
investment in our digital and advisory capabilities. In 
2025 we made further enhancements to our platform, 
launching new features and richer digital content in 
support of our objective to be a digital leader in savings 
and investments. 
Our position as a trusted adviser was reflected in the 
2025 Prospera customer satisfaction survey, where we 
maintained our Nordic number one position for overall

===== SIDA 32 =====

Nordea Annual Report 2025 31
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
ASSET & WEALTH MANAGEMENT
performance. We also significantly improved our rank -
ing in Sweden, climbing to second place from fifth a 
year ago. In Professional Wealth Management’s Global 
Private Banking Awards we were named the Best 
Private Bank in the Nordics for a third consecutive year, 
while Global Finance again recognised us as the Best 
Private Bank in each of our four home markets.
Assets under management (AuM) increased by 13% 
year on year, to a record high of EUR 478bn. Investment 
performance remained strong, with 79% of aggregated 
composites providing excess return on a three-year 
basis. 
Net flows in our international channels continued to 
stabilise, with many clients continuing to favour alterna-
tive products such as fixed-term or money market funds 
in the uncertain macroeconomic environment.
Our Nordic channels continued to deliver strong 
inflows, with Life & Pension inflows at a record high. We 
were pleased to see strong interest in our new Nordea  1 
– Empower Europe Fund, which invests in the drivers of 
Europe’s transformation: energy resilience, reshoring, 
and defence and cybersecurity. Since its mid-year 
launch, the fund has grown to more than EUR 500m. We 
also saw strong interest in our sustainable investment 
approach. One of our new BetaPlus funds, launched in 
the summer, is already the largest actively managed 
sustainable ETF in Europe.
Our strong distribution power and high-quality asset 
management franchise earned us an even higher annual 
ranking in Investment & Pensions Europe’s Top 500 
Asset Managers. We also won the 2025 Environmental 
Finance sustainable investment awards for environmen -
tal fund of the year and global and social fund of the 
year with our Global Climate and Environment Fund and 
Global Diversity Engagement Fund, respectively. 
Underscoring our long-standing commitment to inte -
grate impact throughout the investment life cycle, we 
became a signatory to the Operating Principles for 
Investment Management (OPIM) for our Global Impact 
Strategy. 
In Life & Pension, where we offer customers a full 
range of pension, endowment and risk products, gross 
written premiums reached an all-time high. In Denmark, 
we reached a major milestone in the integration of 
Topdanmark Life by completing the IT system 
separation. We were also named Commercial Pension 
Company of the Year by Finanswatch and EY for the 
second year in a row. In Sweden, we launched Nordea 
Node, our digital pension value proposition and 
platform for the small and medium-sized business 
segment. This represents a key step in simplifying and 
digitalising occupational pensions, drastically reducing 
time spent on administration, and delivering an 
outstanding customer experience. 
Results
Total income decreased by 2% year on year, to EUR 
1.3bn, mainly driven by lower net interest income. 
Net interest income was EUR 291m, down 10% year 
on year, mainly driven by lower interest rates. Lending 
volumes increased by 7% year on year. Deposit volumes 
increased by 13%. 
Net fee and commission income was EUR 921m, flat 
year on year, as higher AuM offset customer preference 
for lower-risk and lower-margin products. 
Net insurance result decreased by 4%, to EUR 91m, 
mainly due to higher claims for occupational pension 
products. 
Net result from items at fair value amounted to EUR 
48m, up from EUR 44m in 2024, mainly due to higher 
return on shareholders’ equity portfolios. 
Total expenses increased by 9% year on year, mainly 
due to strategic investments in key areas, including 
technology, data and AI; and annual salary inflation. 
Net loan losses and similar net result amounted to 
EUR 4m, compared with EUR 0m in 2024. 
Operating profit was EUR 730m, down 10% year on 
year. The cost-to-income ratio was 46%, compared with 
41% in 2024. 
Return on allocated equity (RoAE) was 32%, com -
pared with 39% a year earlier.
“ We aim for strong growth in the 
years ahead. Operating at Nordic 
scale means we can serve the 
region’s growing savings needs 
better than anyone else.”
Martin A Persson
Head of Asset & Wealth Management 
2025 financial highlights
  Drove a strong performance 
in Private Banking, supporting 
a EUR 6.3bn net inflow. 
  Grew AuM to a record high of EUR 
478bn.
  Grew full-year gross written 
premiums in Life & Pension to an 
all-time high of EUR 12.9bn.
2030 targets
RoAE: >40%
Cost-to-income ratio : <36% 
2030 priorities
Growth: Grow faster than the  
market in  Pr ivate Banking and  
L
ife & Pension.
O
ffering: Lead with superior wealth 
value propositions and best-in-class 
 digital experiences. 
Scale: Deliver Nordic scale benefits 
in the savings value chain for cost-  
efficient growth.

===== SIDA 33 =====

Nordea Annual Report 2025 32
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
BUSINESS BANKING
The trusted partner for small and 
medium-sized businesses
In Business Banking we support small and medium-sized enterprises 
(SMEs) with a full range of banking services designed to help them 
grow and develop sustainably. Our advisory services and compre-
hensive range of products and digital solutions enable our custom-
ers to be successful both locally and internationally. Our vision is to 
be the preferred financial partner for all SMEs in the Nordics.
How we do business
We help small and medium-sized enterprises (SMEs) in 
the Nordics succeed by offering both essential banking 
services and expert advice to support more complex 
needs. We provide expertise on a broad range of 
sectors and assist startups and high-growth companies 
via dedicated teams in each market. Our award-winning 
digital capabilities deliver effortless daily banking for 
customers while helping us free up time for advisers to 
meet unique customer needs. With our strong offering 
of ESG-related advisory services and products, we are 
ideally positioned to help customers transition to sus-
tainable business models.
Business development
In 2025 we actively supported customers in strengthen -
ing their businesses and achieved solid volume growth 
despite ongoing macroeconomic and geopolitical 
uncertainty. Nordic SMEs adapted effectively to the 
changing conditions, as reflected in our consistently 
strong credit quality. In the stabilising rate environment, 
customer interest in capital market funding increased, 
while demand for interest rate hedging instruments 
declined.
Lending volume growth accelerated to 6% in local 
currencies year on year, driven in particular by market 
share captures in Sweden and Norway. Supported by 
growth across all markets, deposit volumes increased 
by 5% in local currencies, increasing our market share in 
all markets. 
Throughout our 2022–25 strategy period, our focus 
has been on creating more value for customers by 
leveraging the strength of our Nordic scale. Streamlined 
processes and effective use of our data-driven customer 
insights tool by relationship managers have improved 
our overall structural efficiency. As a result, we can now 
offer more relevant advice to customers and spend 
more time building relationships. The improved 
efficiency also means we now generate nearly 50% 
more income per frontline employee than in 2022. 
 In 2025 we continued to develop our cash 
management and payments offering, which we view as

===== SIDA 34 =====

Nordea Annual Report 2025 33
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
BUSINESS BANKING
a key driver of deeper customer relationships. With 
strong cash management capabilities, we can position 
ourselves as our customers’ house bank, creating 
opportunities for ancillary income.
In line with our strategic ambition to become the 
leading digital bank for SMEs, we further improved 
Nordea Business and the mobile app. With one Nordic 
platform, customers across the Nordics can now benefit 
from a unified experience, with self-service features, 
remote support and product purchase options. 
In 2025 we launched the Swedish pilot of our Business 
Insights tool, which is designed to help Nordic small 
business customers manage their liquidity and cash 
flows. We also improved the online application enabling 
customers to apply for financing at a time of their 
choosing. Customers in Norway and Sweden can now 
apply online for a green business loan and car leasing, 
respectively. 
During the year we also worked on making it much 
easier for customers to select and access the right 
products for their needs. In Denmark, we added fixed-
term accounts to our digitally available products, while 
in Finland we added transaction accounts. Self-service 
purchases in the online product store increased by more 
than 20%. Today, 80% of everyday banking needs are 
covered by our self-service options. 
We remain committed to supporting our customers in 
their sustainability transitions. Our sustainable financing 
portfolio continued to grow in 2025 and now represents 
15% of total lending. To further promote sustainable 
growth, we engaged in sustainability-themed meetings 
with more than 4,900 customers during the year and 
expanded our guarantee agreement with the European 
Investment Bank to include Denmark. 
Our commitment to deliver a better all-round customer 
experience was reflected in improved customer satisfac-
tion scores across the Nordics and narrower gaps with 
peers. In the 2025 Prospera survey, we ranked first for 
small and medium-sized corporates in Sweden for the 
fourth and third consecutive years, respectively. 
Meanwhile, Nordea Business and the mobile app won 
Global Finance’s awards for Best Corporate Digital Bank 
and Best Mobile Banking App in each of the Nordic 
countries.
Results
Total income decreased by 5% year on year as lower 
deposit income was partly offset by higher volumes and 
higher net fee and commission income.
Net interest income decreased by 8% year on year 
due to lower deposit margins, driven by reduced policy 
rates. The lower margins were partly offset by growth in 
business volumes.
Net fee and commission income increased by 4% year 
on year, driven by higher lending fee income and higher 
payment and card fee income. These were partly offset 
by lower income from equity and debt capital market 
transactions.
Net result from items at fair value increased by 1%, 
driven by higher income from sales of foreign exchange 
products.
Total expenses increased by 5% year on year, driven 
by strategic investments in key areas, including 
technology, data and AI, and risk management 
capabilities. The cost-to-income ratio increased to 45%, 
compared with 41% a year ago, reflecting the lower 
deposit income.
Net loan losses and similar net result amounted to 
EUR 4m (0bp), down from EUR 130m a year ago. We 
maintained a diversified portfolio across segments and 
countries.
Operating profit decreased by 5% year on year, to 
EUR 1,766m, primarily driven by lower deposit income 
and higher investment expenditure. 
Return on allocated equity (RoAE) was 16%, 
compared with 17% a year ago.
 “ O ur leading digital capabilities, 
deep expertise and Nordic 
footprint uniquely position us to 
support SMEs as they drive 
innovation and growth.”
Nina Arkilahti
Head of Business Banking
2025 financial highlights
  Grew lending volumes by 6% in 
local currencies year on year.
  Grew deposit volumes by 5% in 
local currencies year on year. 
  Drove a 4% year on year increase 
in net fee and commission income.
2030 targets
RoAE: >15%
Cost-to-income ratio : <39% 
2030 priorities
Growth: Grow faster than the 
 market in Sweden and Norway, 
and focus on small businesses and 
relationship depth.
Offering: Lead with best-in-class pay -
ments, and digital offerings anchored 
by
 sector expertise and insights. 
Scale: Deliver Nordic scale benefits, 
leveraging shared platforms for 
 payments, lending and data.

===== SIDA 35 =====

Nordea Annual Report 2025 34
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
LARGE CORPORATES & INSTITUTIONS
The bank of choice for large Nordic 
corporates and institutions
In Large Corporates & Institutions we support large Nordic corporate and 
institutional customers with a range of financial solutions. We also provide 
services through the product and specialist units Markets and Investment 
Banking & Equities and through our international corporate branches in 
New York, London and Shanghai. Our vision is to be the preferred financial 
partner for large corporates and institutions in the Nordics.
How we do business
We serve the banking and finance-related needs of 
many of the leading businesses and institutions in the 
Nordics, targeting an exceptional level of customer ser -
vice. Beyond traditional banking, we provide strategic 
advice, M&A services, financing solutions, and access to 
equity and debt capital markets, while helping custom -
ers manage financial risks and optimise their overall 
financial performance. In recent years we have devel -
oped market-leading ESG advisory services to support 
customers in their sustainability transitions. Our 
pan-Nordic diversification, capital excellence and focus 
on selected growth opportunities position us well for 
sustained business success. 
Business development
In 2025 we actively supported and advised our custom -
ers amid continued uncertainty, changing interest rates, 
and periods of volatility and subdued demand. In the 
challenging environment, our diversification, strong 
credit quality and market-leading position enabled us to 
deliver a strong financial performance, including high 
profitability.
Lending volumes increased by 10%, with particularly 
strong growth in Sweden (20%). In Finland, we com -
pleted the acquisition of a EUR 492m syndicated loan 
portfolio, strengthening our client relationships and 
supporting our growth objectives. Deposit volumes 
decreased by 3% year on year, but were up 7% in 
Sweden and 11% in Finland.
Our results reflect the strong progress made in our 
2022–25 strategy period. We have become a more 
streamlined and return-focused business area, sup -
ported by strict cost and capital management. At the 
same time, we have kept a clear focus on our customers, 
shaping our offering around their needs and building 
deeper relationships with them.
That work helped us secure all-time-high customer 
satisfaction scores in the 2025 Prospera survey. At the 
Nordic level, we outpaced all peers in positive 
development, ranking second, and we ranked first in

===== SIDA 36 =====

Nordea Annual Report 2025 35
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
LARGE CORPORATES & INSTITUTIONS
Norway. The results are well aligned with our vision to 
become the preferred financial partner for large corpo -
rates and institutions in the Nordics. 
Our award-winning ESG offering continued to attract 
interest. We facilitated an additional EUR 47bn in 
sustainable financing, bringing the total to EUR 223bn 
and comfortably surpassing our 2025 target of EUR 
200bn. Moreover, 91% of our exposure to climate-vul -
nerable sectors is now backed by customer transition 
plans, fully consistent with the goal we set three years 
ago.
Debt Capital Markets activity remained high, helping 
us maintain our number one league table positions for 
Nordic bonds and Nordic loans. We arranged more than 
600 debt capital market transactions for a broad range 
of issuers, including a EUR 7bn bond for the European 
Union and EUR 4bn and GBP 500m issues for Carlsberg. 
In a testament to our broad and strong advisory 
capabilities, we were named the Best Investment Bank 
in each of our home markets by Global Finance. 
We also facilitated several high-profile equity capital 
market transactions and mergers and acquisitions 
despite lower market activity compared with last year. 
Notable achievements included securing a second-place 
ranking in the Nordic initial public offering (IPO) league 
table, facilitating the Asker Healthcare Group IPO, being 
the sole Nordic bank appointed for Klarna’s USD 1.6bn 
IPO on the New York Stock Exchange, acting as finan -
cial adviser for Nordfyns Bank in the merger with 
Middelfart Sparekasse, and advising Qt Group on its 
offer for I.A.R. Systems. Our secondary equities business 
grew by 11% year on year.
Nordea Markets delivered strong customer support 
amid geopolitical uncertainty and volatility, with high 
client activity across all asset classes, particularly in 
fixed income and derivatives.
We continued to develop our customer offering 
through further digitalisation. We introduced SEPA 
payments in Nordea Corporate, improving customer 
experience and reducing fraud. Customer adoption of 
our treasury automation offering for managing foreign 
currency flows and liquidity increased by approximately 
30% year on year.
In 2025 as a whole we demonstrated our deep 
commitment to deliver strong and stable customer 
support and financial value in uncertain times.
Results
Total income decreased by 2% year on year, mainly due 
to a 10% decrease in net interest income, driven by 
lower interest rates. This was partly offset by higher 
lending volumes. 
Net fee and commission income was down 1% year on 
year, driven by lower corporate finance market activity 
compared with last year. This was partly offset by 
strong performance in our secondary equities business, 
income from asset management products, and lending 
fee income.
Net result from items at fair value increased by 20% 
due to high customer activity and robust market making 
income.
Total expenses increased by 2% year on year, driven 
by strategic investments in several areas, including 
technology, data and AI. The cost-to-income ratio was 
40%. 
Net loan losses and similar net result amounted to a 
net reversal of EUR 10m, compared with a net reversal 
of EUR 14m in 2024, reflecting the strong underlying 
credit quality of our loan book. 
Operating profit was down 5% year on year at EUR 
1,411m. We continued to exercise solid capital discipline, 
achieving a return on allocated equity (RoAE) of 16% for 
the full year. 
“ O ur customers have navigated 
these challenging times with 
resilience. We are fully 
committed to supporting them 
also in their future endeavours.”
Petteri Änkilä
Head of Large Corporates & Institutions 
2025 financial highlights
  Delivered an RoAE of 16%.   
  Grew lending volumes by 10% 
year on year.
   Facilitated EUR 47bn in 
sustainable financing, bringing the 
2022–25 total to EUR 223bn.
2030 targets
RoAE: >15%
Cost-to-income ratio : <37% 
2030 priorities
Growth: Grow faster than the mar-
ket, with a focus on Sweden, Norway, 
increasing cross-sales, and growing 
the
 infrastructure segment. 
Offering: Lead with strong value 
propositions, including best-in-class 
payments and improved sector 
 expertise. 
Scale: Deliver scale advantages 
through streamlined processes 
 benefiting customers in all major 
product areas.

===== SIDA 37 =====

Nordea Annual Report 2025 36
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
CUSTOMER STORIES
A long-term partnership driving  
healthcare excellence
Founded in 1909, Mehiläinen has grown from a small hospital in Helsinki 
into Finland’s largest private healthcare and social care provider, with an 
expanding international presence. Today, it is a cornerstone of Finland’s 
healthcare system and a pioneer in digital health.
Operating in seven countries 
with over 37,000 employees, 
Mehiläinen has charted an 
impressive growth path. Its rev -
enue has increased more than 
fivefold over the past decade, 
surpassing EUR 2bn in 2024. 
This success stems from a com-
bination of  strategic acquisi-
tions, organic growth and con -
tinuous innovation.
“The availability and cost of financing has fluctuated 
quite a lot over the past ten years, and it’s been crucial 
to have Nordea as a stable and reliable financial partner 
throughout the journey,” says Mehiläinen CEO Janne-
Olli Järvenpää. 
Nordea has supported Mehiläinen for decades, with 
services ranging from debt funding and lending to pay -
ment infrastructure. In 2025 it helped facilitate the com -
pany’s EUR 1.09bn bond issuance and the repricing of 
its EUR 1.86bn term loan, enabling acquisitions in 
Romania and Serbia.
Mehiläinen’s BeeHealthy platform reflects its digital 
leadership, offering remote care and online health tools 
to millions. As the company expands across Europe, 
Nordea remains a trusted financial partner, supporting 
the company’s mission: “to improve health and well- 
being together”.
“ It’s been crucial to have 
Nordea as a stable and 
reliable financial partner.”
Janne-Olli Järvenpää
CEO, Mehiläinen

===== SIDA 38 =====

Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
37Nordea Annual Report 2025
TABLE OF CONTENTS
Board of  
Director’s report
Key events of the year .................................................................... 38
Outlook  ................................................................................................... 38
Financial review 2025  ..................................................................... 39
Five-year overview  ...........................................................................  41
Ratios and key figures  .................................................................... 42
Business area results  ....................................................................... 43
Other information  .............................................................................. 45
Main legal structure  ......................................................................... 46
Risks and risk management  ........................................................ 47
Macroeconomy and financial markets  .................................. 49
The Nordea share and external credit ratings  .................. 50
Capital management and new regulations  ........................ 53
Corporate Governance Statement 2025  ............................... 58
Board of Directors  ............................................................................. 63
Group Leadership Team ...............................................................  68
Group functions  .................................................................................. 69
Group organisation  ........................................................................... 69
Remuneration ...................................................................................... 73
Conflicts of interest policy  ...........................................................  75
Responsible taxpayer  ...................................................................... 76
Country by country reporting  ..................................................... 79
Key intangible resources  ..............................................................  80
Sustainability Statement  ..............................................................  81
Proposed distribution of earnings  .........................................  191
Events after the financial period  ............................................  191
Glossary  ................................................................................................ 192

===== SIDA 39 =====

Nordea Annual Report 2025
38
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Key events of the year
Financial highlights 2025
15.7%
CET1 ratio
15.5%
RoE
6.3bn
Operating profit (EUR)
46.0% / 45.0%1
C/I
1) Excluding regulatory fees.
Selection of key events 2025
 First quarter
• Fourth-quarter and full-year results 2024: Nordea shows 
strength and resilience with good business momentum 
and high levels of customer activity.
• Martin A Persson is appointed Head of Asset & Wealth 
Management and Petteri Änkilä Head of Large Corpo-
rates & Institutions. Snorre Storset steps down from the 
Group Leadership Team and as Head of Asset & Wealth 
Management.
• Nordea is awarded IFR’s highly prestigious Yankee Bond 
of the Year for the USD AT1 issued in September 2024.
• Group Business Support is divided into two new units: 
Group Technology and Group Business Support headed 
by Kirsten Renner and Mads Skovlund Pedersen, respec-
tively. Erik Ekman steps down from the Group Leadership 
Team and as Head of Group Business Support.
• Nordea completes its share buy-back programme of EUR 
250m announced in October 2024 and launches a new 
share buy-back of EUR 250m.
• The Annual Report is published, including for the first time 
the Sustainability Statement prepared in line with the 
 Corporate Sustainability Reporting Directive.
• The Annual General Meeting of Nordea is held on 20 
March in Helsinki. Shareholders are also able to follow the 
meeting via a live webcast.
• Dividend distribution: A dividend of EUR 0.94 per share for 
2024, an increase of EUR 0.02 compared with 2023. Includ-
ing share buy-backs, the total 2024 distribution to share-
holders amounted to approximately EUR 1.05 per share, or 
10% of the market capitalisation at the end of 2024.
 Second quarter
• First-quarter results: Despite the uncertainty, Nordea 
performs well in the first quarter, delivering growth in 
business volumes and continued high profitability. 
• Nordea completes its share buy-back programme of 
EUR 250m announced in March and launches a new 
share buy-back of EUR 250m.
 Third quarter
• Second-quarter results: Solid performance in an 
extremely volatile quarter. Nordea remains highly 
profitable.
• Board member Risto Murto is appointed to the Board 
Risk Committee and steps down from the Board Opera-
tions and Sustainability Committee. Board member 
Lars Rohde is appointed to the Board Operations and 
Sustainability Committee and continues as a member of 
the Board Risk Committee.
• The employee-elected representative Gerhard Olsson 
steps down from the Board of Directors. Joanna 
 Koskinen replaces Gerhard Olsson on the Board 
 Remuneration and People Committee.
• Nordea completes its share buy-back programme of 
EUR 250m announced in June.
 Fourth quarter
• Third-quarter results: Another very solid quarter for 
Nordea. This performance clearly highlights the strength 
of Nordea’s well-diversified business model and struc-
turally improved profitability.
• Nordea launches a new share buy-back programme of 
EUR 250m in October and completes it in December.
• Erik Ek is appointed Head of Group Business Support 
and joins the Group Leadership Team. Mads Skovlund 
Pedersen steps down from the Group Leadership Team 
and as Head of Group Business Support.
• Capital Markets Day: Nordea’s management presents 
Nordea’s strategic priorities and financial targets for the 
period 2026–30. Nordea’s strategy is aimed at delivering 
superior earnings per share growth, driven by profitable, 
faster-than-market income growth and significant 
improvements in cost efficiency.
• Nordea launches a new share buy-back programme of 
up to EUR 500m in December.
Outlook2
Financial targets for 2030
Nordea targets a return on equity of greater than 15% 
throughout the period, and significantly higher in 2030, and 
a cost-to-income ratio excluding regulatory fees of 40–42% 
in 2030. These targets will be supported by an annual net 
loan loss ratio of around 10bp and the continuation of 
Nordea’s well-established capital and dividend policies.
Financial outlook for 2026 (new)
Nordea expects a return on equity of greater than 15% and a 
cost-to-income ratio excluding regulatory fees of around 45%.
Capital policy
A management buffer of 150bp above the regulatory 
CET1 requirement.
Dividend policy
Nordea’s dividend policy stipulates a dividend payout ratio 
of 60–70%, applicable to profit for the financial year. 
Nordea will continuously assess the opportunity to use 
share buy-backs as a tool to distribute excess capital. 
2) Outlook as of 29 January 2026.

===== SIDA 40 =====

Nordea Annual Report 2025 39
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Financial review 2025
Key figures and ratios 2025
Group results and key ratios 2025 
EURm 2025 2024 Chg %
Net interest income 7,167 7,594 -6
Net fee and commission income 3,249 3,157 3
Net insurance result 242 253 -4
Net result from items at fair value 1,045 1,023 2
Other income 40 57 -30
Total operating income 11,743 12,084 -3
Total operating expenses  
excluding  regulatory fees -5,289 -5,213 1
Total operating expenses -5,405 -5,330 1
Profit before loan losses 6,338 6,754 -6
Net loan losses and similar net result1 -22 -206
Operating profit 6,316 6,548 -4
Income tax expense -1,476 -1,489 -1
Net profit for the year 4,840 5,059 -4
Cost-to-income ratio, % 46.0 44.1 –
Return on equity, % 15.5 16.7 –
Diluted earnings per share, EUR 1.39 1.44 -3
Return on assets, % 0.8 0.8 –
Equity ratio, % 5.0 5.2 –
1) Includes fair value adjustments to loans held at fair value at Nordea Kredit.
Results summary 2025
Total operating income in 2025 was down 3% compared 
with 2024. Total operating expenses increased to EUR 
5,405m. Net loan losses and similar net result decreased to 
1bp (6bp). Operating profit was down 4%.
Income
Net interest income
Net interest income decreased by 6%, mainly driven by 
lower deposit margins as interest rates were down follow-
ing policy rate reductions. This was partly offset by the 
positive contribution from the deposit hedge as well as 
higher lending and deposit volumes.
Lending volumes
Loans to the public, excluding repurchase agreements and 
securities borrowing, were up 3% in local currencies. 
Lending volumes increased in Personal Banking (1% in 
local currencies), Business Banking (6% in local curren-
cies) and Large Corporates & Institutions (10% in EUR).
Deposit volumes
Total deposits from the public, excluding repurchase 
agreements and securities lending, were up 2% in local 
currencies. Deposit volumes increased in Personal Banking 
(5% in local currencies) and Business Banking (5% in local 
currencies) and decreased in Large Corporates & 
Institutions (3% in EUR).
Net fee and commission income 
Net fee and commission income increased by 3%, mainly 
driven by higher savings fee income following higher 
assets under management, higher lending fee income and 
higher payment and card fee income. This was partly off-
set by lower brokerage and advisory fees.
Net insurance result
Net insurance result decreased by 4%, driven by an 
increase in claims reserves in Denmark.
Net result from items at fair value
Net result from items at fair value increased by 2% to EUR 
1,045m, mainly driven by solid customer risk management 
activity focused on foreign exchange and interest rate 
products. Market-making activities were higher, driven by 
good activity across different products, especially rates 
products. 
Equity method and other operating income
Income from companies accounted for under the equity 
method was EUR -2m, down from EUR 10m. Other operat-
ing income was EUR 42m, down from EUR 47m.
Expenses
Total operating expenses were up 1% compared with 2024. 
Higher costs were primarily driven by inflation. This was 
partly offset by active cost management. Staff costs were 
up 4%. Other expenses were down 6%. Depreciation and 
amortisation were up 6%. 
Staff costs and FTEs
Staff costs, significant agreements with key management 
personnel, gender distribution and the number of employ-
ees by country are disclosed in Note G8. More information 
is presented on pages 251–265.
Net loan losses and similar net result
Loan losses for the full year 2025 were low, reflecting 
improved macroeconomic conditions, favourable credit 
portfolio developments, and substantial reductions in 
management judgement allowances. Net loan losses and 
similar net result amounted to EUR 22m (1bp) compared 
with EUR 206m (6bp) in 2024.
Individually calculated loan losses amounted to EUR 
246m and were driven by low provisions mainly for small 
and medium-sized companies, average write-offs and 
limited reversals. Moreover, model releases amounted to 
EUR 71m, mainly related to stage 2 and stage 3 exposures.
Management judgement allowances were reduced by 
EUR 138m during the year, from EUR 414m to EUR 276m. 
The reduction was in line with the updated assessment of 
the credit risk outlook for corporate and retail portfolios 
and Nordea's sustained resilient credit quality.
Overall provisioning levels and coverage decreased 
 during the year following the release of the management 
judgement allowances and the strengthened collateral 
position for stage 3 loans.
Operating profit
Operating profit decreased by 4% to EUR 6,316m, driven 
by lower total income.
Taxes
Income tax expense amounted to EUR -1,476m, corre-
sponding to an effective tax rate of 23.4%, up from 22.7% 
in 2024.
Net profit and return on equity
Net profit decreased by 4% to EUR 4,840m. Return on 
equity was 15.5% (16.7%).
Capital position
The CET1 capital ratio was 15.7% at the end of 2025 (15.8% 
last year), while CET1 capital was EUR 25.1bn (EUR 24.6bn 
last year). The Group’s total capital ratio was 21.2% and 
total own funds were EUR 33.9bn at the end of 2025. A 
description of the capital position is available under 
“Capital management and new regulations” on pages 
53–57 and in the Capital and Risk Management Report at 
nordea.com.

===== SIDA 41 =====

Nordea Annual Report 2025 40
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Financial review 2025, cont.
Nordea’s funding operations
Nordea issued approximately EUR 21.5bn in long-term 
funding in 2025 (excluding Danish covered bonds and 
long-dated certificates of deposit), of which approximately 
EUR 12.7bn was issued in the form of covered bonds and 
EUR 8.8bn as senior debt. Approximately half was issued 
in Scandinavian currencies, mainly in the form of covered 
bonds. In addition, Nordea issued EUR 1.7bn in subordi-
nated debt.
During 2025 Nordea continued to benefit from prudent 
liquidity risk management in terms of maintaining a diver-
sified and strong funding base and a diversified liquidity 
buffer. Throughout 2025 Nordea Bank Abp remained com-
pliant with the liquidity coverage ratio (LCR) requirement 
in all currencies on a combined basis. Nordea’s liquidity 
management is presented on pages 273–306. A maturity 
analysis is presented in Note G10.3 “Maturity analysis” on 
pages 273–274. For more information, see also Note G11 
“Risk and liquidity management" on pages 276–306.
Balance sheet
2025 2024
Assets
Cash and balances with central banks 38,206 46,562
Loans 392,856 364,613
Interest-bearing securities 79,872 73,464
Shares 39,587 35,388
Assets in pooled schemes and unit-linked 
 investment contracts 70,677 60,879
Derivatives 17,633 25,211
Other assets 15,519 17,238
Total assets 654,350 623,355
Liabilities
Deposits by credit institutions 34,131 28,775
Deposits and borrowings from the public 242,874 232,435
Deposits in pooled schemes and unit-linked 
 investment contracts 71,611 61,713
Insurance contract liabilities 33,097 30,351
Debt securities in issue 196,276 188,136
Derivatives 18,078 25,034
Other liabilities 25,864 24,475
Total liabilities 621,931 590,919
Assets
Total assets were up by EUR 31bn compared with 2024, 
mainly due to an increase in “Loans” of EUR 28bn driven 
by both commercial loans and repo transactions as well as 
changes in exchange rates. 
The increase in “Interest-bearing securities” was offset 
by a decrease in “Cash and balances with central banks”, 
both driven by liquidity management. 
The increase in “Assets in pooled schemes and unit-
linked investment contracts”, driven by favourable equity 
markets and net inflows, was offset by a similar increase 
in “Deposits in pooled schemes and unit-linked investment 
contracts” on the liability side. Market movements led to a 
decrease in the fair value of “Derivatives”, and a similar 
decrease can be seen in “Derivatives” on the liability side.
Liabilities
Total liabilities were up by EUR 31bn compared with 2024, 
largely due to an increase in “Deposits and borrowings 
from the public”, “Deposits by credit institutions” and 
“Debt securities in issue”, in total EUR 24bn. The increase 
in “Deposits and borrowings from the public” was driven 
by higher customer savings and repo transaction volumes, 
while the increase in “Deposits by credit institutions” and 
“Debt securities in issue” was mostly driven by liquidity 
and funding management. 
The changes to “Deposits in pooled schemes and unit-
linked investment contracts” and “Derivates” reflect the 
changes on the asset side mentioned above.

===== SIDA 42 =====

Nordea Annual Report 2025 41
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Five-year overview
Income statement
EURm 2025 2024 2023 20221 2021
Net interest income 7,167 7,594 7,451 5,664 4,925
Net fee and commission income 3,249 3,157 3,021 3,186 3,495
Net insurance result 242 253 217 173 –
Net result from items at fair value 1,045 1,023 1,014 1,160 1,119
Profit or loss from associated undertakings and joint 
ventures accounted for under the equity method -2 10 -3 -8 -6
Other operating income 42 47 43 83 87
Total operating income 11,743 12,084 11,743 10,258 9,620
Staff costs -3,234 -3,106 -2,908 -2,793 -2,759
Other expenses -1,441 -1,530 -1,206 -1,108 -1,002
Regulatory fees -116 -117 -316 -322 -224
Depreciation, amortisation and impairment charges  
of tangible and intangible assets -614 -577 -808 -611 -664
Total operating expenses -5,405 -5,330 -5,238 -4,834 -4,649
Profit before loan losses 6,338 6,754 6,505 5,424 4,971
Net result on loans in hold portfolios  
mandatorily held at fair value -1 -8 20 -13 83
Net loan losses -21 -198 -187 -36 -118
Operating profit 6,316 6,548 6,338 5,375 4,936
Income tax expense -1,476 -1,489 -1,404 -1,189 -1,105
Net profit for the year 4,840 5,059 4,934 4,186 3,831
1)  Ex cluding the following items which affected comparability in 2022: a non-deductible loss from the recycling of EUR 529m in accumulated foreign exchange losses related to 
operations in Russia and EUR 8m (EUR 6m after tax) in losses on fund investments in Russia, recognised in “Net result from items at fair value”, and EUR 76m (EUR 64m after 
tax) in credit losses on direct exposure to Russian counterparties, recognised in “Net loan losses”.
Balance sheet
EURm 31 Dec 2025 31 Dec 2024 31 Dec 2023 31 Dec 2022 31 Dec 2021
Cash and balances with central banks 38,206 46,562 50,622 61,815 47,495
Loans to central banks and credit institutions 10,985 7,025 4,272 5,446 2,392
Loans to the public 381,871 357,588 344,828 345,743 345,050
Interest-bearing securities and pledged instruments 79,872 73,464 68,000 68,226 65,051
Assets in pooled schemes and  
unit-linked investment contracts 70,677 60,879 50,531 43,639 46,912
Derivatives 17,633 25,211 26,525 36,578 30,200
Other assets 55,106 52,531 39,818 33,282 33,073
Assets held for sale – 95 106 – 180
Total assets 654,350 623,355 584,702 594,729 570,353
Deposits by credit institutions 34,131 28,775 29,504 32,869 26,961
Deposits and borrowings from the public 242,874 232,435 210,062 217,464 205,801
Deposits in pooled schemes and  
unit-linked investment contracts 71,611 61,713 51,573 44,770 48,201
Insurance contract liabilities 33,097 30,351 27,568 26,110 19,595
Debt securities in issue 196,276 188,136 182,548 179,803 176,365
Derivatives 18,078 25,034 30,794 40,102 31,485
Subordinated liabilities 8,810 7,410 5,720 5,401 6,850
Other liabilities 17,054 17,065 15,708 17,366 21,592
Equity 32,419 32,436 31,225 30,844 33,503
Total liabilities and equity 654,350 623,355 584,702 594,729 570,353

===== SIDA 43 =====

Nordea Annual Report 2025 42
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Ratios and key figures1
Ratios and key figures, Group
2025 2024 2023 2022 2021
Basic earnings per share, EUR 1.39 1.44 1.37 0.94 0.95
Diluted earnings per share, EUR 1.39 1.44 1.37 0.94 0.95
Share price2, EUR 16.09 10.50 11.23 10.03 10.79
Proposed/actual dividend per share, EUR 0.96 0.94 0.92 0.80 0.69
Equity per share2, EUR 9.47 9.30 8.86 8.46 8.51
Potential shares outstanding2, million 3,434 3,503 3,528 3,654 3,966
Weighted average number of diluted shares, million 3,458 3,505 3,579 3,782 4,025
Return on equity, % 15.5 16.7 16.9 11.8 11.2
Assets under management2, EURbn 478.1 422.0 378.5 358.9 411.3
Cost-to-income ratio, % 46 44 45 50 48
Net loan loss ratio, amortised cost, bp 1 6 5 4 4
Common Equity Tier 1 capital ratio2, 4, % 15.7 15.8 17.0 16.4 17.0
Tier 1 capital ratio2, 3, % 18.4 18.4 19.4 18.7 19.1
Total capital ratio2, 3, % 21.2 21.0 22.2 20.8 21.2
Tier 1 capital2, 3, EURbn 29.4 28.7 26.8 27.2 29.0
Risk exposure amount2, EURbn 160 156 139 145 152
Number of employees (full-time equivalents)2 28,989 30,157 29,153 28,268 26,894
Equity2, EURbn 32.4 32.4 31.2 30.8 33.5
1)  F or more information regarding ratios and key figures defined as alternative performance measures, see nordea.com/en/investor-relations/reports-and-presentations/group-  
interim-reports/. All key ratios reflect Nordea’s continuing operations. 
2) End o f the year.
3) Incl uding the result for the year.
4) Incl uding the result for the year adjusted for accrued dividend.
Ratios and key figures excluding items affecting comparability, Group
2025 2024 2023 20221 2021
Diluted earnings per share, EUR 1.39 1.44 1.37 1.10 0.95
Cost-to-income ratio excl. regulatory fees, % 45.0 43.1 41.9 44.0 46.0
Return on equity, % 15.5 16.7 16.9 13.8 11.2
1) It ems affecting comparability: see information on page 41.
Ratios and key figures, parent company
2025 2024 2023 2022 2021
Return on equity, % 16.9 15.0 17.3 14.1 11.0
Return on assets, % 1.1 1.0 1.2 0.9 0.8
Cost-to-income ratio, % 46 47 46 43 51
Loan loss ratio, bp 2 7 9 -1 -1
Common Equity Tier 1 capital ratio1, 2, % 14.1 16.9 17.4 16.7 17.8
Tier 1 capital ratio1, 2, % 16.8 20.0 20.0 19.3 20.2
Total capital ratio1, 2, % 19.6 23.1 23.1 21.6 22.6
Common Equity Tier 1 capital2, EURm 21,039 21,333 20,355 20,283 22,646
Tier 1 capital2, EURm 25,287 25,447 23,555 23,565 25,777
Risk exposure amount2, 3, EURm 159,715 132,011 125,260 127,299 130,626
1)  Incl uding the result for the year.
2)  End o f the year.
3) Cr edit risk figures used in calculating the risk exposure amount reflect the finalisation of the Basel  III framework (Basel  IV), as implemented by Regulation (EU)  2024/1623 
(CRR3) effective from 1 January 2025. Comparative figures have not been restated.

===== SIDA 44 =====

Nordea Annual Report 2025 43
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Business area results
The Nordea Group’s organisational structure is built 
around four main business areas: Personal Banking, 
Business Banking, Large Corporates & Institutions and 
Asset & Wealth Management. In addition to the business 
areas, the Nordea Group includes the following Group 
functions: Chief of Staff Office, Group Business Support, 
Group Brand, Communication and Marketing, Group 
Compliance, Group Finance, Group Internal Audit, Group 
Legal, Group People, Group Risk and Group Technology.
Total Nordea Group and business areas
EURm
Personal  Banking Business  Banking
Large Corporates  
& Institutions
Asset & Wealth  
Management Group  functions Nordea Group Change
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024  %
Net interest income 3,246 3,435 2,141 2,315 1,295 1,434 291 322 194 88 7,167 7,594 -6
Net fee and commission income 1,225 1,141 613 592 527 530 921 919 -37 -25 3,249 3,157 3
Net insurance result 120 123 29 35 1 0 91 95 1 0 242 253 -4
Net result from items at fair value 71 81 410 404 517 431 48 44 -1 63 1,045 1,023 2
Profit from associated undertakings 
accounted for under the equity method 2 1 6 6 0 0 -2 -2 -8 5 -2 10 -
Other operating income 3 10 31 33 1 -1 0 0 7 5 42 47 -11
Total operating income 4,667 4,791 3,230 3,385 2,341 2,394 1,349 1,378 156 136 11,743 12,084 -3
Total operating expenses -2,381 -2,345 -1,460 -1,394 -940 -923 -615 -566 -9 -102 -5,405 -5,330 1
Net result on loans in hold portfolios 
mandatorily held at fair value -1 -9 0 1 0 0 0 0 0 0 -1 -8 -88
Net loan losses -26 -77 -4 -131 10 14 -4 0 3 -4 -21 -198 -89
Operating profit 2,259 2,360 1,766 1,861 1,411 1,485 730 812 150 30 6,316 6,548 -4
Cost-to-income ratio, % 51 49 45 41 40 39 46 41  –  – 46 44 -
Return on allocated equity1, % 16 18 16 17 16 17 32 39  –  – 15 17 -
Volumes, EURbn
Total lending2 180.4 176.4 95.4 88.4 58.5 53.3 13.2 12.3 -1.8 -1.4 345.7 329.0 5
Total deposits2 96.2 90.2 56.4 52.8 51.2 52.8 14.1 12.5 3.8 7.1 221.7 215.4 3
1) E qual to return on equity (RoE) for the Nordea Group.
2) Ex cluding repurchase agreements and securities lending/borrowing agreements.

===== SIDA 45 =====

Nordea Annual Report 2025 44
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Business area results, cont.
Personal Banking
Total income decreased by 3% year on year, 
reflecting lower interest income in the lower 
rate environment.
Mortgage volumes grew by 1% in local curren-
cies year on year, driven by higher customer activ-
ity and increased market share in Sweden. Deposit 
volumes were up 5% year on year.
Net interest income decreased by 6% year on 
year, driven by lower deposit margins across the 
Nordics due to rate changes. The lower margins 
were partially offset by the deposit hedge.
Net fee and commission income increased by 
7% year on year, mainly driven by higher savings 
and payments income in Norway and Sweden.
Total expenses increased by 2% year on year 
due to salary inflation and continued investments 
in technology and risk management in line with 
the business plan.
Total net loan losses and similar net result 
amounted to EUR 27m (2bp), compared with 
EUR 86m (5bp) in 2024, reflecting strong port-
folio quality.
Operating profit decreased by 4% and return 
on allocated equity (RoAE) decreased to 16% from 
18%. The RoAE decrease was driven by changes to 
the internal model framework, which resulted in 
higher allocated equity and lower income.
Business Banking
Total income decreased by 5% year on year as 
lower deposit income was partly offset by higher 
volumes and higher net fee and commission 
income.
Net interest income decreased by 8% year on 
year due to lower deposit margins, driven by 
reduced policy rates. The lower margins were 
partly offset by growth in business volumes.
Net fee and commission income increased by 
4% year on year, driven by higher lending fee 
income and higher payment and card fee income. 
These were partly offset by lower income from 
equity and debt capital market transactions.
Net result from items at fair value increased by 
1%, driven by higher income from sales of foreign 
exchange products.
Total expenses increased by 5% year on year, 
driven by strategic investments in key areas, 
including technology, data and AI, and risk man-
agement capabilities. The cost-to-income ratio 
increased to 45%, compared with 41% a year ago, 
reflecting lower deposit income.
Net loan losses and similar net result amounted 
to EUR 4m (0bp), down from EUR 130m a year 
ago. Business Banking maintained a diversified 
portfolio across segments and countries.
Operating profit decreased by 5% year on year, 
to EUR 1,766m, primarily driven by lower deposit 
income and higher investment expenditure.
Return on allocated equity (RoAE) was 16%, 
compared with 17% a year ago.
Large Corporates & Institutions 
Total income decreased by 2% year on year, 
mainly due to a 10% decrease in net interest 
income, driven by lower interest rates. This was 
partly offset by higher lending volumes.
Net fee and commission income was down 1% 
year on year, driven by lower corporate finance 
market activity compared with last year. This was 
partly offset by strong performance in the sec-
ondary equities business, income from asset 
management products, and lending fee income.
Net result from items at fair value increased by 
20% due to high customer activity and robust 
market-making income.
Total expenses increased by 2% year on year, 
driven by strategic investments in several areas, 
including technology, data and AI. The cost-to- 
income ratio was 40%.
Net loan losses and similar net result 
amounted to a net reversal of EUR 10m, com-
pared with a net reversal of EUR 14m in 2024, 
reflecting the strong underlying credit quality of 
the loan book.
Operating profit was down 5% year on year 
at EUR 1,411m. Large Corporates & Institutions 
continued to exercise solid capital discipline, 
achieving a return on allocated equity (RoAE) of 
16% for the full year.
Asset & Wealth Management 
Total income decreased by 2% year on year, to EUR 
1.3bn, mainly driven by lower net interest income.
Net interest income was EUR 291m, down 10% 
year on year, mainly driven by lower interest 
rates. Lending volumes increased by 7% year on 
year. Deposit volumes increased by 13%.
Net fee and commission income was EUR 
921m, flat year on year, as higher AuM offset 
 customer preference for lower-risk and lower- 
margin products.
Net insurance result decreased by 4%, to EUR 
91m, mainly due to higher claims for occupational 
pension products.
Net result from items at fair value amounted to 
EUR 48m, up from EUR 44m in 2024, mainly due 
to higher return on shareholders’ equity portfolios.
Total expenses increased by 9% year on year, 
mainly due to strategic investments in key areas, 
including technology, data and AI; and annual 
salary inflation.
Net loan losses and similar net result amounted 
to EUR 4m, compared with EUR 0m in 2024.
Operating profit was EUR 730m, down 10% 
year on year. The cost-to-income ratio was 46%, 
compared with 41% in 2024. 
Return on allocated equity was 32%, compared 
with 39% a year earlier.

===== SIDA 46 =====

Nordea Annual Report 2025 45
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Other information
Share buy-back programme
On 16 October 2025 Nordea announced a share buy-back 
programme of up to EUR 250m, based on the authorisa-
tion granted to the Board by the 2025 Annual General 
Meeting. The programme was launched on 20 October 
2025 and completed on 12 December 2025. During that 
period Nordea repurchased 16,742,235 of its own shares at 
an average price per share of EUR 14.92.
On 16 December 2025 Nordea announced a new share 
buy-back programme of up to EUR 500m, based on the 
authorisation granted to the Board by the 2025 Annual 
General Meeting. The programme commenced on 18 
December 2025 and will end no later than 8 May 2026.
Issuance of Additional Tier 1 conversion notes
Nordea issued NOK 3.5bn and SEK 2.5bn in floating rate 
Additional Tier 1 (AT1) conversion notes on 27 August 2025 
and USD 0.85bn in perpetual reset AT1 conversion notes 
on 10 September 2025 under its global medium-term note 
programme. The notes constitute AT1 capital. Nordea 
issued them in order to maintain its strong capital position 
and take advantage of favourable market conditions. If the 
CET1 capital ratio of either Nordea Bank Abp on a solo 
basis or the Nordea Group on a consolidated basis falls 
below 5.125%, the notes will automatically be converted 
into ordinary shares in Nordea in accordance with their 
terms and conditions.
EBA stress test results 
On 1 August 2025 the European Banking Authority (EBA) 
published the results of the EU-wide stress test conducted 
in cooperation with the European Systemic Risk Board, the 
European Central Bank and the European Commission. The 
forward-looking analysis covered the period 2025–27 and 
considered the resilience of financial institutions to adverse 
economic shocks. The exercise confirmed Nordea’s 
well-managed risk profile and resilient capital position. 
The methodology and scenario assumptions used were 
 relatively severe for the Nordic countries in which Nordea 
operates. Under the severe stress scenario, Nordea’s CET1 
capital ratio was estimated to decline from 15.8% at the 
end of 2024 to a low of 12.2% at the end of 2025. Nordea 
views the outcome of the 2025 exercise as conservative 
given its overall risk position. The 2025 EBA stress test 
 outcome is not expected to result in changes to Nordea’s 
business strategy, risk management or capital strategy.
Changes to Board committees and employee 
representation on the Board of Directors
Board member Risto Murto was appointed to the Board 
Risk Committee and stepped down from the Board 
Operations and Sustainability Committee. Board member 
Lars Rohde was appointed to the Board Operations and 
Sustainability Committee and continues as a member of 
the Board Risk Committee. Furthermore, employee repre-
sentative Gerhard Olsson stepped down from the Board of 
Directors on 5 September 2025. Pending a replacement for 
Gerhard Olsson, the employee representatives are: Joanna 
Koskinen and Jørgen Suo Lønnquist (ordinary members) 
and Kasper Skovgaard Pedersen (deputy member). 
Joanna Koskinen replaced Gerhard Olsson on the Board 
Remuneration and People Committee.
Changes to the Group Leadership Team
On 1 January 2025 Martin A Persson was appointed 
Head of Asset & Wealth Management and Petteri Änkilä 
Head of Large Corporates & Institutions. Snorre Storset 
stepped down as Head of Asset & Wealth Management. 
On 1 February 2025 the Group Business Support func-
tion was divided into two new units, Group Technology 
and Group Business Support. Kirsten Renner, Head of 
Group Technology, was appointed a member of the GLT, 
and Mads Skovlund Pedersen was appointed Head of 
Group Business Support and a member of the GLT. The 
former Group Business Support function was headed by 
Erik Ekman who stepped down as a member of the GLT 
and as Head of Group Business Support in connection 
with the division of the function. Furthermore, on 13 
October 2025 Erik Ek was appointed Head of Group 
Business Support and a member of the GLT. Mads 
Skovlund Pedersen stepped down as a member of the GLT 
and as Head of Group Business Support.
Closure of Nordea’s operations in Russia
In accordance with its strategy, Nordea is focusing on its 
business in the Nordic region. This has entailed the Group 
winding down its operations in Russia. The liquidation of 
the remaining Russian subsidiary is pending finalisation.
Legal proceedings
Within the framework of normal business operations, 
Nordea faces a number of operational and legal risks 
that could result in reputational impacts, fines, sanctions, 
disputes, remediation costs, losses and/or litigation. 
Specifically, Nordea faces potential claims related to the 
provision of banking and investment services and other 
areas in which it operates. Currently, such claims are 
mainly related to lending and insolvency situations, vari-
ous investment services, and sub-custody and withholding 
taxation matters. At present, none of the current claims 
are considered likely to have any significant adverse effect 
on Nordea or its financial position. See Note G11 “Risk and 
liquidity management” on pages 276–306 and Note G6 
“Provisions” on page 248 for more information. 
Annual General Meeting
Nordea’s 2026 Annual General Meeting will be held as a 
virtual meeting on Tuesday 24 March 2026. Further infor-
mation is presented on page 376 of this Annual Report.
Group structure, subsidiaries and foreign branches 
The main legal structure of the Nordea Group, including its 
main subsidiaries, is presented on the next page.
The parent company has foreign branches in China, 
Denmark, Estonia, Norway, Poland, Sweden, the United 
Kingdom and the United States.

===== SIDA 47 =====

Nordea Annual Report 2025 46
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Other information, cont.
Main legal structure1
As of 1 January 2026 Nordea Bank Abp 
Finland
Nordea Kredit  
Realkreditaktieselskab 
Denmark
Nordea  
Mortgage Bank Plc 
Finland
Nordea 
 Eiendomskreditt AS 
Norway
Nordea  
Hypotek AB (publ) 
Sweden
Nordea Finans  
Danmark A/S
Denmark
Nordea Finance  
Finland Ltd 
Finland
Nordea Finans  
Norge AS
Norway
Nordea Finans  
Sverige AB (publ)
Sweden
Nordea  
Danmark, filial  
af Nordea Bank  
Abp, Finland
Denmark
Nordea Bank 
Abp, filial  
i Norge
Norway
Nordea Bank  
Abp, filial  
i Sverige
Sweden
Nordea  
Funds Ltd 
Finland
Nordea Life 
Holding AB
Sweden
Nordea Pension,  
Livforsikringsselskab A/S 2
Denmark
Nordea Life Assurance
Finland Ltd
Finland
Nordea Liv
Forsikring AS
Norway
Nordea Livförsäkring 
Sverige AB (publ)
Sweden
Nordea Asset 
Management Holding AB
Sweden
Nordea Investment  
Funds S.A.
Luxembourg
Nordea Investment  
Management AB
Sweden 
  Br anch – Nordea Bank Abp also operates branches in 
Estonia, Poland, London, New York and Shanghai.
 Legal entity  Holding company
1)  Incl uding only active companies.
2)  Hel d through the holding company Nordea Pension Holding Danmark A/S.

===== SIDA 48 =====

Nordea Annual Report 2025 47
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Risks and risk management
Risk management
Maintaining risk awareness and proper risk management 
in the organisation is an integral part of Nordea’s business 
strategies. Nordea manages risk through the three lines of 
defence model. The first line of defence is responsible for 
risk management and for compliance with the applicable 
rules in the day-to-day work. The second line of defence is 
responsible for maintaining and monitoring the implemen-
tation of Nordea’s Risk Management and Compliance Risk 
Management Framework. The third line of defence is 
responsible for independent assurance and advisory 
 activities related to the Internal Control Framework.
A sound risk culture is an integral part of Nordea’s risk 
management. Nordea fosters a sound risk culture by 
focusing on: tone from the top, accountability, effective 
communications, and enforcement and incentives. 
Furthermore, Nordea has defined clear risk management 
frameworks, including policies and instructions for all 
identified material risk types.
The Board has overarching risk management responsi-
bilities and decides on the Group risk strategy, the Risk 
Appetite Framework and the Risk Appetite Statement.
Moreover, the Board oversees and monitors the imple-
mentation of the risk strategy and the Risk Appetite 
Framework, including breaches of risk appetite, with the 
support of the Board Risk Committee.
The President and Group CEO ensures that the risk strat-
egy and the risk management framework decided by the 
Board are implemented, the necessary practical measures 
are taken and risks are monitored within the Risk Appetite 
Statement established by the Board. The President and 
Group CEO is supported in decision-making by senior 
 management within the Group Leadership Team, including 
the Chief Risk Officer and the Chief Compliance Officer.
Group-wide committees have been established in order 
to drive coordination within the Group, thus ensuring com-
mitment to and ownership of Group-wide prioritisations, 
decisions and implementation. The composition and areas 
of responsibility of each committee are established in the 
Group Board directives or Group CEO instructions for the 
respective committees.
The Internal Control Framework covers the whole 
Group and ensures effective and efficient operations, 
 adequate identification, measurement and mitigation of 
risks, prudent conduct of business, sound administrative 
and accounting procedures, reliability of financial and 
non-financial information and compliance with applicable 
laws, regulations, standards, supervisory requirements and 
Group internal rules. ESG factors are fully integrated into 
Nordea’s risk management and control frameworks as 
drivers of the various financial and non-financial risks.
Risks and uncertainties
Nordea has an effective risk management and oversight 
framework addressing the existing and emerging risks 
that it is exposed to. Nordea also manages a risk taxonomy 
that identifies the universe of risks that it is exposed to.
Nordea’s 2025 position on the main taxonomy risks is 
 outlined in the material risk picture. Certain topics repre-
sented core 2025 themes where Nordea’s risk response 
was particularly pronounced: 
• Assessment and management of evolving geopolitical 
risks, including trade tariffs, and escalating hybrid war-
fare activities, such as sabotage of critical infrastructure 
and cyber attacks.
• The addition of material shadow banking risk. This 
reflects regulatory attention to this topic and not a 
change in Nordea’s exposure. 
• Assessment of potential risks related to artificial intelli-
gence and other innovative technologies. This includes 
how these technologies can materialise through other 
identified risks that Nordea is exposed to.
• Continued focus on IT security and resilience reflecting 
changes in the risk landscape and the impact of geo-
political dislocation. 
For further information, see “Sustainability Statement” on 
pages 81–190, Note G11 “Risk and liquidity management” 
on pages 276–306, Note G6 “Provisions” on page 248 and 
Note G7.1 “Contingent liabilities” on page 249.
Economic uncertainty 
The Nordic economies are forecast to show steady growth 
supported by low interest rates and stable inflation. 
Persistent geopolitical uncertainty, increasing trade barriers 
and a weak competitive position of core European econo-
mies are risks to the economic outlook. These risks include a 
further escalation in state-sponsored disruptive behaviour, 
potentially weakening business and consumer confidence. 
The European economies are particularly vulnerable to 
the recent shift towards a transactional approach to global 
trade affecting both exports and supply chains for key 
inputs, such as rare earths and semiconductors. This also 
applies to innovative technologies where Europe is seeing 
a widening gap to the US and China. Large public deficits 
will make it difficult for many European countries to hon-
our their commitment to increased defence spending, 
which could otherwise support economic activity and 
increase security. These vulnerabilities and the threat of 
sector-specific state intervention, for example within the 
pharmaceuticals and green energy industries, could also 
affect the Nordic countries and feed through to Nordea’s 
credit portfolio, resulting in losses. Lastly, potential 
adverse impacts on income could arise due to financial 
market volatility, further reductions in interest rates and 
reduced transaction volumes and customer activity. 
Potential future credit risks are addressed in Note G11 
“Risk and liquidity management” on pages 276–306.

===== SIDA 49 =====

Nordea Annual Report 2025 48
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Risks and risk management, cont.
Material risk picture 2025
Material risk areas Areas of focus 2025 in review
Credit risk
83% of REA
• Solid underwriting practices and business selection 
support a well-diversified and stable credit portfolio
• Sectors and customers vulnerable to both unexpected 
weaknesses in demand and disruptions from innovative 
technologies
• Improved credit book reflecting recovery in Nordic 
economies with lower inflation and interest rates 
• The US tariff hikes and geopolitical tensions create 
uncertainty and downside risks to the economic outlook 
Market risk 
3% of REA
• Customer-focused service backed by streamlined, low-
risk operations
• Predominance of floating-rate lending exposes net 
interest income to lower interest rates, but floors protect 
against severe downside
• Deposit hedging mitigates impact of lower rates on net 
interest income
• Reliability and delay of economic data due to US 
government shutdowns
• Stable markets following short-term volatility after US 
tariff announcements in Q2
• Geopolitical uncertainty and US tariff hikes closely 
monitored as they may necessitate deeper rate cuts, 
impacting Nordea’s earnings outlook
Liquidity risk 
Liquidity coverage 
ratio 171%
• Securing strong credit rating and management of a 
well-diversified funding profile across all markets 
• Strong and stable liquidity position comprised of high-
quality marketable assets maintained throughout the 
year 
• Stable funding markets and strong demand for Nordea 
issuances
• Strong core market deposit performance
• Well-diversified franchise
Operational risk 
(includes compliance 
risk)
13% of REA 
• Accelerated investments in cyber security and resilience
• Strengthening customer protection through enhanced 
fraud prevention and financial crime risk management 
capabilities
• Deteriorating geopolitical situation and rapid 
technology innovation contribute to the external threat 
landscape
• Continued dialogue and actions taken towards stronger 
financial sector preparedness across the Nordics
Model risk • Focus on and investment in improved modelling 
capability continues to contribute to reduced model risk
• Management of AI model risk
• Improved risk profile due to implementation of retail 
capital and provision models. A first set of remediation 
actions to limitations shared by the ECB submitted in 
August. New non-retail capital models submitted for 
regulatory approval in April
Capital risk
CET1 ratio 15.7%
• Maintenance of solid capital position through organic 
capital generation 
• Diversified pan-Nordic business strategy with leading 
market position supported by attractive products and 
digital offerings
• Efficient use of capital with excess capital distributed 
through share buy-backs while maintaining a prudent 
buffer above requirements
• Increasing capital requirements (+0.2 pp) due to 
Finnish decision to fully reciprocate Norwegian systemic 
risk buffer
• Basel IV requirements successfully implemented

===== SIDA 50 =====

Nordea Annual Report 2025 49
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Macroeconomy and financial markets
Economic Outlook
The global economy demonstrated resilience in 2025 amid 
more accommodative financial conditions, rising AI invest-
ments and reduced uncertainty around the international 
trade climate from the middle of the year. Global growth 
thus largely stagnated compared with the previous year. 
Growth picked up in the eurozone while remaining stable 
in China and declining in the US. Survey data points to 
continued stable global growth in 2026 driven by the 
service sector, while the outlook for the manufacturing 
sector remains weak owing to continued political uncer-
tainty and subdued world trade in general. 
Inflation came down in 2025, averaging 2.1% in the euro 
area and 2.7% in the US – although higher tariff rates 
lifted inflation from April onwards. The European labour 
market remained strong, while there were signs of emerg-
ing weakness in the US.
The European Central Bank (ECB) reduced its deposit 
facility rate from 3.0% to 2.0% in 2025. The Federal 
Reserve cut its target rate from 4.5% to 3.75% in 2025. 
While the ECB continued to reduce its financial asset hold-
ings during the year, the Federal Reserve announced an 
end to quantitative tightening on 1 December.
Volatility was high in financial markets in the first half 
of 2025 amid changes to US tariff policies. However, as 
trade deals were concluded between the US and its major 
trading partners, markets calmed down supported by 
monetary policy easing. The S&P 500 Index increased 
16.4% over the year and the STOXX Europe 600 Index was 
up 16.7%, while the NASDAQ OMX Nordic 120 rose 5.4%. 
The EUR strengthened 13% against the USD. Economic 
growth varied across the Nordics. The outlook remains 
uncertain amid ongoing geopolitical tensions.
Denmark
The Danish economy expanded further 
in 2025. Manufacturing production 
increased especially within the pharma-
ceutical sector. The labour market remained 
strong, and employment reached new record 
highs. Average headline inflation increased to 
1.9%, partly driven by higher food prices. Average 
housing prices increased – but with large 
regional differences. During the year Danmarks 
Nationalbank reduced its deposit rate from 2.6% 
to 1.6%, in line with the decisions of the ECB, to 
defend its fixed exchange rate policy.
Finland
Finland’s economy stagnated in 2025 
and the near-term outlook remains mod-
est. Housing transactions are increasing 
although home prices have continued to decline 
and residential construction remains weak. 
Average HICP inflation stood at 1.8% in 2025. 
Private consumption remained weak as poor con-
sumer confidence and increasing unemployment 
kept the household savings ratio elevated. 
Despite global uncertainty, the export sector is 
performing well, and business investments 
remain resilient. 
Norway
Economic activity in mainland Norway 
picked up in 2025. Registered unemploy-
ment was fairly stable and ended the year 
at 2.1% – the same level as in the summer of 
2024. Inflation, which came down in 2023 and 
2024, stabilised in 2025. Both headline and 
underlying inflation (excluding energy and taxes) 
averaged around 3.0%. Norges Bank cut its key 
policy rate from 4.5% to 4.0% during the year. 
Housing prices increased by 5.0%. The NOK held 
steady against the EUR but strengthened against 
the USD.
Sweden
The Swedish economy started to recover 
in 2025. Exports showed steady growth, 
and domestic demand gained traction 
 during the year. Inflation (CPIF) averaged 2.6% 
– somewhat above the 2% target. Demand for 
labour remained modest and the unemployment 
rate averaged 8.8%. Housing prices had a soft 
patch and were down 9% in December 2025 
from their peak in February 2022. The central 
bank cut its policy rate from 2.50% to 1.75% and 
continued to reduce its balance sheet. The trade-
weighted Swedish krona index (KIX) strength-
ened by 8.8%.

===== SIDA 51 =====

Nordea Annual Report 2025 50
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
The Nordea share and external credit ratings
Nordea’s market capitalisation at the end of 2025 was EUR 
55.2bn (EUR 36.8bn). Ranked by market capitalisation, 
Nordea was the fifth-largest company in the Nordic region 
and among the fifteen largest European financial groups. 
Nordea’s shares are listed on the Nasdaq stock exchanges 
in Helsinki, Stockholm and Copenhagen, and its American 
Depository Receipts (ADR) are traded in the US in US 
dollars.
Dividend paid in 2025
On 20 March 2025 Nordea’s Annual General Meeting 
authorised the Board to decide on a dividend payment of 
a maximum of EUR 0.94 per share based on the annual 
accounts adopted for the financial year ended 31 
December 2024 in accordance with the proposal of the 
Board of Directors.
In accordance with the mandate received from the 
Annual General Meeting, the Board decided on the pay-
ment of an ordinary dividend in a single instalment of EUR 
0.94 per share to shareholders. The dividend was paid to 
shareholders who on the record date for the dividend on 
24 March 2025 were recorded in the company’s sharehold-
ers’ register maintained by Euroclear Finland Oy in Finland, 
Euroclear Sweden AB in Sweden and VP Securities A/S in 
Denmark. The dividend payment date was 31 March 2025.
Total shareholder return 2025
Total shareholder return (TSR) is the market value growth 
per share and reinvested dividends. Since the repositio-
ning of Nordea in 2019, total shareholder return has 
amounted to over 320%. During 2025 Nordea paid out 
 dividends of EUR 0.94 per share and bought back 68.9 
million shares. Nordea’s total shareholder distributions 
amounted to around EUR 4.2bn in 2025.
Share buy-backs
In line with its capital and dividend policy, Nordea continu-
ously assesses the opportunity to use share buy-backs as a 
tool to distribute excess capital. The purpose of such share 
buy-backs is to maintain an efficient capital structure and 
improve shareholder returns.
On 17 October 2024 Nordea announced a share buy-
back programme of up to EUR 250m, to be carried out in 
accordance with the authorisation granted to the Board by 
the 2024 Annual General Meeting. From 21 October 2024 
to 20 February 2025, Nordea repurchased 22,699,348 of its 
own shares at an average price per share of EUR 11.01. 
On 6 March 2025 Nordea announced a further share 
buy-back programme of up to EUR 250m, to be carried out 
in accordance with the authorisation granted by the 2024 
Annual General Meeting. From 10 March 2025 to 22 May 
2025, Nordea repurchased 21,011,951 of its own shares at 
an average price per share of EUR 11.89.
On 12 June 2025 Nordea announced a further share 
buy-back programme of up to EUR 250m, to be carried out 
in accordance with the authorisation granted to the Board 
by the 2025 Annual General Meeting. From 16 June 2025 
to 19 September 2025, Nordea repurchased 19,292,616 of 
its own shares at an average price per share of EUR 12.95.
On 16 October 2025 Nordea announced a further share 
buy-back programme of up to EUR 250m, to be carried out 
in accordance with the authorisation granted to the Board 
by the 2025 Annual General Meeting. From 20 October 2025 
to 12 December 2025, Nordea repurchased 16,742,235 of its 
own shares at an average price per share of EUR 14.92.
On 16 December 2025 Nordea announced a further 
share buy-back programme of up to EUR 500m, to be 
 carried out in accordance with the authorisation granted 
to the Board by the 2025 Annual General Meeting. The 
programme commenced on 18 December 2025 and ends 
no later than 8 May 2026.
The shares acquired under all these programmes were 
repurchased otherwise than in proportion to the share-
holdings of Nordea's shareholders (directed repurchases) 
in public trading, and the repurchased shares were 
 cancelled on a monthly basis.
The total price paid for own shares acquired under 
Nordea’s share buy-back programmes during the financial 
year ended 31 December 2025 (68,888,643 shares in total, 
corresponding to 1.97% of all shares in Nordea as at 
1 January 2025) amounted to approximately EUR 896m, 
with an average price of EUR 13.01 per share.
Share price performance
In 2025 the Nordea share price appreciated by approxi-
mately 53% on the Nasdaq Helsinki exchange from EUR 
10.50 to EUR 16.09. The daily closing prices listed for the
Nordea share in 2025 ranged between EUR 10.12 and EUR 
16.09. In 2025 the Nasdaq OMXH index appreciated by 
approximately 30% and the STOXX Europe 600 Banks 
index appreciated by approximately 67%. Since 6 March 
2000, the date of the merger between Merita Nordbanken 
and Unidanmark, the Nordea share has appreciated by 
297%, clearly outperforming the STOXX Europe 600 Banks 
index (+6%) and the Nasdaq OMXH index (-33%).
Total shareholder returns  
Nordea vs Nordic peers (indexed): 2019 to 2025
60
130
200
270
340
410
480
2019-09 2020 2021 2022 2023 2024 2025
Nordea, 321.9% Peer 3, 173.7%Peer 1, 371.2% Peer 4, 275.6%Peer 2, 227.2% Peer 5, 149.4%
OMX Copenhagen 25 Index, 80.5%OMX Stockholm 30 Index, 121.9% OMX Helsinki 25 Index, 89.3%
Source: Refinitiv DataStream.
Nordea’s share price can be monitored at nordea.com, 
where it is also possible to compare the performance of 
the Nordea share with competitors and general indices as 
well as find historical prices for the Nordea share.
Nordea share price performance compared  
with European banks, 2000–2025, %
0
50
100
150
200
250
300
350
400
25242322 21 20 19 181716 151413 12 11 10 09 08 07 06 05 04 03 02 01 00
Nordea STOXX Europe 600 Banks index
  Source: Macrobond and Nordea.
Turnover – the most liquid Nordic bank share
Turnover on all exchanges combined totalled EUR 44.5bn 
in 2025. 63% of the total volume traded in Nordea shares 
in 2025 took place over Nasdaq, of which approximately 
23% was SEK-denominated, 37% EUR-denominated and 
3% DKK-denominated. The remaining 37% of the traded 
volume took place over other exchanges such as Cboe 
European Equities, Turquoise and Aquis.
Nordea share, annual turnover  
on different stock exchanges 2025
Nasdaq 
Helsinki, 36.9%
Cboe 
Europe, 26.7%
Nasdaq 
Copenhagen,
2.7%
Turquoise, 3.3%
Nasdaq 
Stockholm,
23.4%
Aquis, 4.7%
Others, 2.3%
1) Nas daq exchanges from 2000. Other exchanges from 2010.

===== SIDA 52 =====

Nordea Annual Report 2025 51
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
The Nordea share and external credit ratings, cont.
Turnover of the Nordea share on  
stock exchanges, 2000–2025 1
0
5
10
15
20
25
30
35
40
45
25242322 21 20 19 181716 151413 12 11 10 09 08 07 06 05 04 03 02 01 00
Nasdaq Other exchanges
EURbn
Year
Source: Nasdaq, Fidessa, SIX Financial Information. 
Share and voting rights
Nordea’s Articles of Association do not contain any provisions 
on share classes or voting rights. Consequently Nordea has 
one class of shares and all shares in Nordea are ordinary 
shares. Each share confers one vote at Nordea’s general meet-
ings as well as an equal right to any dividend. On 31 December 
2025 the total number of shares in Nordea was 3,433,841,245. 
See also “Statement of changes in equity” on page 197.
There are no restrictions in the Articles of Association 
regarding the right to transfer shares and Nordea is not 
aware of any agreements between shareholders in this 
respect. However, as Nordea is a credit institution, a direct or 
indirect acquisition of shares in Nordea which results in the 
acquirer’s total holdings being considered qualified holdings 
(representing 10% or more of the equity capital or of the vot-
ing rights, or a holding that otherwise enables the acquirer 
to exercise a substantial influence over the management of 
Nordea) or an increase in qualified holdings may only occur 
following approval by the Finnish Financial Supervisory 
Authority according to the Finnish Act on Credit Institutions. 
Under the Single Supervisory Mechanism, the European 
Central Bank is the authority that ultimately decides (in 
cooperation with the Finnish Financial Supervisory 
Authority) whether to approve an acquisition of a qualifying 
holding in Nordea as Nordea
 is subject to the direct super-
vision of the European Central Bank.
On 31 December 2025 BlackRock was the largest individ-
ual shareholder with a holding of 5.5%. Nordea has no 
shareholders with holdings of more than 10%. A table show-
ing the largest registered shareholders in Nordea as at the 
end of 2025 is provided on this page.
On 31 December 2025 employees had an indirect share-
holding of 0.7% in Nordea through the Nordea Profit-
Sharing Foundation and a minor indirect shareholding in 
Nordea through the pension foundation. The voting rights 
are in neither case exercised directly by the employees.
For information on share-based payment plans, see Note 
G8 “Employee benefits and key management personnel 
remuneration” on pages 251–265.
Share capital
The share capital of Nordea amounts to EUR 
4,049,951,919.
AT1 conversion notes and special 
rights entitling to shares
The AT1 conversion notes issued in 2019, 2021, 2024 and 
2025 by Nordea Bank Abp automatically convert into an 
aggregated maximum number of 194,099,378, 121,802,679, 
160,642,952 and 133,314,074, respectively, newly issued 
Nordea shares if the CET1 ratio of either Nordea Bank Abp 
on a solo basis or the Nordea Group on a consolidated basis 
falls below 5.125%. The notes will be convertible into shares 
at a price not exceeding a specific nominal amount applica-
ble to the respective notes, subject to adjustments.
Upon conversion of the notes into shares, Nordea’s exist-
ing shareholders have preferential rights to all newly issued 
Nordea shares. Nordea has no convertible bonds in issue that 
provide holders with an option to acquire shares in Nordea.
Share issue resolutions
The 2025 Annual General Meeting resolved that Nordea, 
before the end of the 2026 Annual General Meeting, may 
transfer own shares in the ordinary course of its securities 
trading business as a credit institution, with deviation from 
the shareholders’ preemptive rights, by way of a directed 
share issuance. The facilitation of the company’s securities 
trading business, in which the ability to trade also in own 
shares is required, is a weighty financial reason for a directed 
issue. The number of own shares to be transferred may not 
exceed 175,000,000 shares.
The 2025 Annual General Meeting further authorised the 
Board to resolve, on one or several occasions, on the issuance 
of special rights entitling to either new shares in the company 
or treasury shares against payment (convertibles) in accord-
ance with or in deviation from the shareholders’ preemptive 
subscription rights. The maximum number of shares that may 
be issued based on this authorisation is 340,000,000.
Moreover, the 2025 Annual General Meeting authorised 
the Board to resolve, on one or several occasions, on the issu-
ance of new shares or transfer of the company’s own shares 
of not more than 30,000,000 shares in the company. 
As at 31 December 2025 Nordea held 13,987,576 shares, 
0.4% of the total number of shares in Nordea, a decrease of 
3,143,073 shares compared with 31 December 2024. Nordea 
holds treasury shares partly for capital optimisation and 
remuneration purposes and partly for trading purposes in its 
securities trading business. For information on share-based 
incentive plans, see Note G8 “Employee benefits and key 
management personnel remuneration“ on pages 251–265.
Holding of own shares and share cancellations
During 2025 an aggregated amount of 1,213,954 and 916 
own shares held by Nordea were transferred without con-
sideration to participants in Nordea’s variable remuneration 
plans in March and May, respectively.
During 2025 Nordea cancelled 68,790,718 treasury shares, 
which were held for capital optimisation purposes and 
acquired through share buy-backs. See also “Share buy-
backs” on page 50, “Events after the financial period” on 
page 191 and “Statement of changes in equity” on page 197.
Shareholders
With over 600,000 registered shareholders at the end of 
2025, Nordea has one of the largest shareholder bases of all 
Nordic companies. The number of shareholders in Finland is 
approximately 353,000, in Sweden approximately 143,000 
and in Denmark approximately 103,000. The largest share-
holder categories are US and Swedish institutions, with 
18.6% and 13.4% holdings of Nordea shares, respectively. 
At year end Nordic shareholders held 51.9%, while non- 
Nordic shareholders held 48.1%.
Shareholder structure, 31 Dec 2025
Swedish 
institutions, 13.4%
Swedish 
public, 3.2%
Finnish 
institutions, 6.3%
Finnish 
public, 11.9%
Danish 
institutions, 5.2%
Danish public, 
2.8%
United States, 
18.6%
Norway, 
6.7%
Other, 32.0%
Largest registered shareholders of Nordea, 31 Dec 2025
Shareholder
Number of 
shares, million
Percentage 
of Nordea 
BlackRock 190,5 5.5%
Norges Bank Investment Management 171,6 5.0%
Vanguard 151,2 4.4%
Nordea-fonden 139,5 4.1%
Cevian Capital 124,9 3.6%
Swedbank Robur Fonder 67,4 2.0%
SEB Funds 48,4 1.4%
Alecta Tjänstepension 47,4 1.4%
Amundi 40,1 1.2%
Varma Mutual Pension Insurance Company 40,0 1.2%
Nordea Funds 35,6 1.0%
JPMorgan Asset Management 33,0 1.0%
State Street Investment Management 32,0 0.9%
Ilmarinen Mutual Pension Insurance Company 28,9 0.8%
Handelsbanken Fonder 26,3 0.8%
Nordea Vinstandelsstiftelse 24,9 0.7%
Fidelity Investments (FMR) 23,9 0.7%
DWS Investments 22,3 0.6%
Goldman Sachs Asset Management 19,0 0.5%
Dimensional Fund Advisors 18,2 0.5%
Avanza Pension 17,5 0.5%
Government of Japan Pension Investment Fund 17,7 0.5%
OP Life Assurance Company Ltd 15,9 0.5%
UBS Asset Management 15,8 0.5%
Northern Trust Asset Management 14,5 0.4%
Other 2,067 60.3%
Total 3,434 100%
Source: Modular Finance AB

===== SIDA 53 =====