Årsredovisning 2025

Nordea Annual Report 2025 366
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
P10 Risk and liquidity managemen t, cont.
Movements in allowance accounts for loans measured at amortised cost
EURm
Credit institutions The public Total
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Opening balance at 1 Jan 2025 -5 0 0 -5 -94 -240 -840 -1,174 -99 -240 -840 -1,179
Origination and acquisition -1 0 – -1 -16 -6 -7 -29 -17 -6 -7 -30
Transfers from stage 1 to stage 2 – 0 – 0 5 -42 – -37 5 -42 – -37
Transfers from stage 1 to stage 3 – – – – 1 – -37 -36 1 – -37 -36
Transfers from stage 2 to stage 1 – 0 – 0 -1 34 – 33 -1 34 – 33
Transfers from stage 2 to stage 3 – 0 0 0 – 33 -78 -45 – 33 -78 -45
Transfers from stage 3 to stage 1 – – – – 0 – 2 2 0 – 2 2
Transfers from stage 3 to stage 2 – 0 0 0 – -5 21 16 – -5 21 16
Changes in credit risk without stage transfer 0 0 0 0 13 5 -6 12 14 5 -7 13
Repayments and disposals 4 0 0 4 33 38 35 107 36 38 36 110
Write-off through decrease in allowance account – – – – – – 162 162 – – 162 162
Translation differences 0 0 0 0 0 -1 -5 -7 0 -1 -5 -7
Closing balance at 31 Dec 2025 -2 0 0 -2 -59 -184 -753 -996 -61 -184 -753 -998
EURm
Credit institutions The public Total
Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total
Opening balance at 1 Jan 2024 -5 0 -1 -6 -129 -299 -826 -1,253 -134 -299 -827 -1,259
Origination and acquisition -1 -0 – -1 -23 -14 -8 -46 -24 -14 -8 -47
Transfers from stage 1 to stage 2 0 -0 – – 8 -97 – -89 8 -97 – -89
Transfers from stage 1 to stage 3 – – -0 -0 1 – -109 -108 1 – -109 -108
Transfers from stage 2 to stage 1 – – – – -5 55 – 50 -5 55 – 50
Transfers from stage 2 to stage 3 – – – – – 23 -106 -83 – 23 -106 -83
Transfers from stage 3 to stage 1 -0 – 0 0 -0 – 3 2 -0 – 3 3
Transfers from stage 3 to stage 2 – – – – – -8 29 21 – -8 29 21
Changes in credit risk without stage transfer -1 0 -0 -1 8 14 10 31 7 14 10 31
Repayments and disposals 2 0 1 3 45 85 84 215 47 85 85 218
Write-off through decrease in allowance account – – – – – – 77 77 – – 77 77
Translation differences -0 – – -0 1 1 6 9 1 1 6 9
Closing balance at 31 Dec 2024 -5 0 -0 -5 -94 -240 -840 -1,174 -99 -240 -840 -1,179
The tables show the changes in exposure/allowances for each stage during the year. If an exposure is moved e.g. to stage 2  
from stage 1, there will be a reversal in stage 1 and an increase in stage 2.

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Nordea Annual Report 2025 367
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
P10 Risk and liquidity managemen t, cont.
Movements in provisions for off-balance sheet items
EURm Stage 1 Stage 2 Stage 3 Total
Opening balance at 1 Jan 2025 53 120 41 215
Origination and acquisition 3 2 0 5
Transfers from stage 1 to stage 2 -2 27 – 25
Transfers from stage 1 to stage 3 0 – 4 4
Transfers from stage 2 to stage 1 0 -13 – -13
Transfers from stage 2 to stage 3 – -3 6 3
Transfers from stage 3 to stage 1 – – 0 0
Transfers from stage 3 to stage 2 0 1 -2 -1
Changes in credit risk without stage transfer -11 1 8 -2
Repayments and disposals -15 -29 -4 -49
Write-off through decrease in allowance account – – – –
Translation differences 0 1 0 1
Closing balance at 31 Dec 2025 28 107 53 188
EURm Stage 1 Stage 2 Stage 3 Total
Opening balance at 1 Jan 2024 46 102 39 187
Origination and acquisition 11 17 0 29
Transfers from stage 1 to stage 2 -2 46 – 43
Transfers from stage 1 to stage 3 -0 – 6 5
Transfers from stage 2 to stage 1 1 -33 – -32
Transfers from stage 2 to stage 3 – -2 4 2
Transfers from stage 3 to stage 1 0 – -1 -1
Transfers from stage 3 to stage 2 – 1 -2 -1
Changes in credit risk without stage transfer 11 5 -2 13
Repayments and disposals -13 -15 -2 -29
Write-off through decrease in allowance account – – – 0
Translation differences -1 -1 0 -2
Closing balance at 31 Dec 2024 53 120 41 215
3. Counterparty credit risk
See section 3 “Counterparty credit risk” in the Group’s 
Note G11. For information about offsetting of financial 
assets and liabilities, see Accounting policies in Note P3.3 
“Classification and measurement“, the section “Offsetting 
of financial assets and liabilities
4. Market risk
See section 4 “Market risk” in the Group’s Note G11.
5. Operational risk
For operational risk, management of operational risk and 
financial reporting risk management, see section 5 
“Operational risk” in the Group’s Note G11.
6. Compliance risk
For compliance risk, ESG-related risk management, finan-
cial crime prevention as well as management of compli-
ance risk, see section 6 “Compliance risk” in the Group’s 
Note G11.
7. Liquidity risk
During 2025 Nordea Bank Abp continued to benefit from 
its prudent liquidity risk management in terms of main-
taining a diversified and strong funding base and a diver-
sified liquidity buffer. Nordea Bank Abp maintained a 
strong liquidity position throughout the year despite the 
continued volatility in global markets driven by geopoliti-
cal and macro-economic uncertainty.
Nordea Bank Abp issued approximately EUR 8.8bn in 
long-term funding in 2025, of which all was issued in the 
form of senior debt. Throughout 2025 Nordea Bank Abp 
remained compliant with the liquidity coverage ratio (LCR) 
requirement in all currencies on a combined basis as well 
as the net stable funding ratio (NFSR). 
Liquidity risk definition and identification
See section 8.1 “Liquidity risk definition and identification” 
in the Group’s Note G11.
Management principles and control
See section 8.2 “Management principles and control” in 
the Group’s Note G11.
Liquidity risk management strategy
See section 8.3 “Liquidity risk management strategy” in 
the Group’s Note G11.
Liquidity risk measurement
See the section 8.4 “Liquidity risk measurement” in the 
Group’s Note G11.
Liquidity risk analysis
Nordea Bank Abp continues to have a strong and prudent 
liquidity risk profile with a strong funding base. At the end 
of 2025 the total volume utilised under CD and CP pro-
grammes was EUR 48.8bn (EUR 39.7bn) with an average 
maturity of 0.4 (0.3) years. The total volume under long-
term programmes was EUR 39.0bn (EUR 38.3bn) with an 
average maturity of 3.1 (2.9) years. Nordea Bank Abp’s 
funding sources are presented in the table on the next 
page.
The liquidity risk position remained strong throughout 
2025. 
Nordea Bank Abp’s liquidity buffer ranged between 
EUR 95.5bn and EUR 127.2bn throughout 2025 (EUR 
91.7bn and EUR 122.9bn) with an average liquidity buffer 
of EUR 111.1bn (EUR 105.3bn).
The combined LCR for Nordea Bank Abp was 153% at 
the end of 2025 (139%) with an annual average of 135% 
(135%). At the end of 2025 Nordea Bank Abp’s NSFR was 
114.7% (116.4%).

===== SIDA 369 =====

Nordea Annual Report 2025 368
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
P10 Risk and liquidity management, cont.
Funding sources, 31 December 2025
Liability type Interest rate base Average maturity (years) EURm
Deposits by credit institutions
Shorter than 3 months Euribor etc. 0.0 39,880
Longer than 3 months Euribor etc. 0.2 2,146
Deposits and borrowings from the public
Deposits payable on demand Administrative 0.0 176,167
Other deposits Euribor etc. 0.1 70,135
Debt securities in issue
Certificate of deposits Euribor etc. 0.4 38,221
Commercial paper Euribor etc. 0.3 10,591
Other bond loans Fixed rate, market-based 3.3 30,547
Fair value changes of hedged items -367
Derivatives 18,857
Other non-interest-bearing items 20,199
Subordinated debt
Tier 2 subordinated bond loans Fixed rate, market-based 4.2 4,613
Additional Tier 1 subordinated bond loans (undated) Fixed rate, market-based 4,367
Fair value changes of hedged items -170
Equity 28,168
Total 443,347
Net stable funding ratio 
EURbn 31 Dec 2025 31 Dec 2024
Available stable funding 238.9 223.8
Required stable funding 208.4 192.3
Net stable funding 30.5 31.5
Net stable funding ratio1 114.7% 116.4%
1) According to CRR2 regulation.

===== SIDA 370 =====

Nordea Annual Report 2025 369
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Signing
Board of Directors’ proposal for the 
distribution of earnings
On 31 December 2025 Nordea Bank Abp’s distributable 
earnings, including profit for the financial year and after 
subtracting capitalised development expenses, were EUR 
21,481,678,537.31, and other unrestricted equity, consisting 
of invested unrestricted equity, amounted to EUR 
1,077,352,142.15.
The Board of Directors proposes that the 24 March 2026 
Annual General Meeting decide on a dividend payment of 
EUR 0.96 per share. The dividend would be paid from 
retained earnings. After a dividend payout of EUR 
3,284,175,175.68, corresponding to approximately 68% of the 
net profit of the year, EUR 18,197,503,361.63 would be carried 
forward as distributable retained earnings.
The Board of Directors has also decided to propose that 
the AGM authorise it to decide on the distribution of a mid-
year dividend in 2026. The mid-year dividend amount is 
intended to be set at a level corresponding to approximately 
50% of the Group’s net profit for the six-month period end-
ing 30 June 2026, while being subject to a maximum total 
amount of EUR 3bn. The mid-year dividend is considered to 
form the first part of the total dividend distribution to be 
paid for the financial year 2026 under the company’s divi-
dend policy. The intention is for the Group Board to decide 
on the mid-year dividend in conjunction with the interim 
report for the second quarter. The authorisation for the pay-
ment of the mid-year dividend would remain in force until 
the beginning of the next Annual General Meeting.
The dividends would be paid from retained earnings. 
Both payments would be distributed based on the annual 
accounts to be adopted for the financial year ended 31 
December 2025.
In the opinion of the Board of Directors, the proposed 
distribution of earnings does not risk the solvency of Nordea 
Bank Abp. Further information can be found in the section 
“Proposed distribution of earnings” in the Board of 
Directors’ report.
Signatures to the financial statements and the report of the Board of Directors for the year 2025 
To the best of the knowledge of the members of the Board of Directors and the President and Group CEO:
• the financial statements, prepared in accordance with the 
applicable set of accounting standards, give a true and fair 
view of the assets, liabilities, financial position and profit 
or loss of Nordea Bank Abp and the group undertakings 
included in the consolidation taken as a whole;
• the Board of Directors’ report includes a fair review of the 
development and performance of the business and the 
position of Nordea Bank Abp and the group undertakings 
included in the consolidation taken as a whole, together 
with a description of the principal risks and uncertainties 
that they face; and
• the Sustainability Statement included in the Board of 
Directors’ report is prepared in accordance with the sus-
tainability reporting standards referred to in chapter 7 of 
the Finnish Accounting Act (1336/1997, as amended) and 
with the specifications adopted pursuant to Article 8 of 
Regulation (EU) 2020/852. 
Helsinki, 17 February 2026
Sir Stephen Hester
Chair
Lene Skole
Vice Chair 
Petra van Hoeken 
Board member 
Joanna Koskinen
Board member1 
Jørgen Suo Lønnquist
Board member1 
John Maltby
Board member 
Risto Murto
Board member 
Lars Rohde
Board member
Per Strömberg 
Board member
Jonas Synnergren
Board member 
Arja Talma
Board member 
Kjersti Wiklund 
Board member
Frank Vang-Jensen
President and Group CEO
The Auditor’s Note
A report on the audit performed has been issued today.
Helsinki, 23 February 2026
PricewaterhouseCoopers Oy 
Authorised Public Accountants
Jukka Paunonen
Authorised Public Accountant (KHT)
1) Employee-elected Board member.

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Nordea Annual Report 2025 370
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Auditor’s report 
(Translation of the Swedish original)
To the Annual General Meeting  
of Nordea Bank Abp 
Report on the Audit of the 
Financial Statements 
Opinion
In our opinion  
• the consolidated financial statements give a true and fair 
view of the group’s financial position, financial perfor-
mance and cash flows in accordance with IFRS Account-
ing Standards as adopted by the EU 
• the financial statements give a true and fair view of the 
parent company’s financial performance and financial 
position in accordance with the laws and regulations 
governing the preparation of financial statements in 
 Finland and comply with statutory requirements. 
Our opinion is consistent with the additional report to the 
Audit Committee. 
What we have audited 
We have audited the financial statements of Nordea Bank 
Abp (business identity code 2858394-9) for the year 
ended 31 December 2025. The financial statements 
comprise: 
• the consolidated income statement, statement of com-
prehensive income, balance sheet, statement of changes 
in equity, cash flow statement and notes, which include 
material accounting policy information and other 
explanatory information 
• the parent company’s income statement, balance sheet, 
cash flow statement and notes. 
Basis for Opinion 
We conducted our audit in accordance with good auditing 
practice in Finland. Our responsibilities under good audit-
ing practice are further described in the Auditor’s 
Responsibilities for the Audit of the Financial Statements 
section of our report. 
We believe that the audit evidence we have obtained is 
sufficient and appropriate to provide a basis for our opinion. 
Independence
We are independent of the parent company and of the 
group companies in accordance with the ethical require-
ments that are applicable in Finland and are relevant to 
our audit, and we have fulfilled our other ethical responsi-
bilities in accordance with these requirements. 
To the best of our knowledge and belief, the non-audit 
services that we have provided to the parent company and 
group companies are in accordance with the applicable law 
and regulations in Finland and we have not provided 
non-audit services that are prohibited under Article 5(1) of 
Regulation (EU) No 537/2014. The non-audit services that 
we have provided are disclosed in note G2.7 Other 
expenses/Auditor’s fees to the Financial Statements. 
Our Audit Approach 
Overview 
• Overall group materiality: €250 million, 
which represents 0.8% of equity 
• The group audit scope encom-
passed all significant group 
companies as well as a num-
ber of smaller group compa-
nies in the Nordic countries, 
covering the vast majority of 
revenue, assets and liabilities 
• Impairment of loans to customers 
• Valuation of certain Level II and III 
financial instruments held at fair value 
• Actuarial assumptions related to the Life 
business 
• IT systems supporting processes over financial reporting 
As part of designing our audit, we determined materiality 
and assessed the risks of material misstatement in the 
financial statements. In particular, we considered where 
management made subjective judgements; for example, in 
respect of significant accounting estimates that involved 
making assumptions and considering future events that 
are inherently uncertain. 
Materiality
The scope of our audit was influenced by our application 
of materiality. An audit is designed to obtain reasonable 
assurance whether the financial statements are free from 
material misstatement. Misstatements may arise due to 
fraud or error. They are considered material if individually 
or in aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the 
basis of the financial statements. 
Based on our professional judgement, we determined 
certain quantitative thresholds for materiality, including 
the overall group materiality for the consolidated financial 
statements as set out in the table below. These, together 
with qualitative considerations, helped us to determine 
the scope of our audit and the nature, timing and extent of 
our audit procedures and to evaluate the effect of mis-
statements on the financial statements as a whole. 
Overall group materiality €250 million (previous year €250 million) 
How we determined it 0.8% of equity 
Rationale for the materiality benchmark applied We chose equity as the benchmark because, in our view, 
it is the benchmark against which the capital resources of 
the bank are most commonly measured by users and is a 
generally accepted benchmark. We chose 0.8% which is 
within the range of acceptable quantitative materiality 
thresholds in auditing standards. 
How we tailored our group audit scope
We tailored the scope of our audit, taking into account the 
structure of the Nordea Group, the accounting processes 
and controls, and the industry in which the group operates. 
We determined the type of work that needed to be per-
formed at group companies by us, as the group engage-
ment team, or by component auditors from other PwC net-
work firms and non-PwC firm operating under our instruc-
tions. Where the work was performed by component 
auditors, we issued specific instructions to reporting com-
ponent auditors which included our risk analysis, 
materiality and audit approach to centralised systems. 
Audits were performed in group companies which were 
considered significant because of their relative financial 
significance, risk or due to their specific nature, covering 
the majority of revenue, assets and liabilities of the Group. 
By performing the procedures above at group compa-
nies, combined with additional procedures at the group 
level, we have obtained sufficient and appropriate evi-
dence regarding the financial information of the Group as 
a whole to provide a basis for our opinion on the consoli-
dated financial statements. 
Materiality
Audit Scope
Key Audit
Matters

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Nordea Annual Report 2025 371
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Auditor’s report, cont.
Key Audit Matters
Key audit matters are those matters that, in our professional 
judgment, were of most significance in our audit of the 
financial statements of the current period. These matters 
were addressed in the context of our audit of the financial 
statements as a whole, and in forming our opinion thereon, 
and we do not provide a separate opinion on these matters. 
As in all of our audits, we also addressed the risk of 
 management override of internal controls, including among 
other matters consideration of whether there was evidence 
of bias that represented a risk of material misstatement due 
to fraud. 
Key audit matter in the audit of the group How our audit addressed the key audit matter 
Impairment of loans to customers 
Refers to Note G1 – Accounting policies (Critical judge-
ments and estimation uncertainty), Note G2.10 – Net loan 
losses and Note G3.8 – Loans. 
Critical judgements and estimation uncertainty are 
involved in determining the appropriate impairment loss 
to be recognised. For individually assessed loans, judge-
ment is involved in determining whether a loan has a loss 
event and in assessing the loan loss amount. 
Expected credit losses (ECL) are calculated as a func-
tion of the probability of default, the exposure at default 
and the loss given default as well as the timing of the loss. 
Nordea categorises loans into three stages depending 
on the level of credit risk or changes in credit risk for each 
individual loan. For loans without a significant increase in 
credit risk, stage 1, expected credit losses are calculated 
for estimated defaults within 12 months. For loans where 
there is a significant increase in credit risk, stage 2, or 
loans in default, stage 3, the calculation is based on the 
lifetime of expected losses. 
The current macroeconomic situation is characterised 
by uncertainty along with the impact of geopolitical fac-
tors, which have impacted management’s determination 
of the ECL. To address the uncertainties inherent in the 
current and future environment and to reflect all relevant 
risk factors not captured in Nordea’s modelled results, 
management developed post-model adjustments. 
Additionally, Nordea uses adjustments to the mod-
el-driven ECL results to address impairment model 
limitations. 
This is also a key audit matter with respect to our audit of 
the parent company financial statements.
Our audit included a combination of testing of internal 
controls over financial reporting and substantive testing. 
We obtained an understanding of the loan origination 
process, credit risk management and the impairment 
allowances for loans and advances to customers. 
We had a special focus on post-model adjustments 
developed by management and the credit risk develop-
ment for large customers. 
Based on risk, we selected individual loans and 
 performed detailed credit file reviews and assessed their 
credit risk. 
We assessed the design and effectiveness of govern-
ance and controls over the estimation of ECL. 
For ECL models, we involved our modelling specialists 
to assess the methodology, challenge the underlying 
assumptions and to independently reperform the calcula-
tion for a sample of loans. 
We have evaluated the appropriateness of the assump-
tions and accuracy of underlying data used to develop 
post-model adjustments and reviewed that governance 
procedures have been performed. 
We have also assessed the disclosures related to impair-
ment of loans. 
Key audit matter in the audit of the group How our audit addressed the key audit matter 
Valuation of certain Level II and III financial instruments held at fair value
Refers to Note G1 - Accounting policies (Critical judge-
ments and estimation uncertainty), Note G2.5 – Total net 
result from items at fair value, Note G3.3 – Classification 
and measurement, Note G3.4 – Fair value, Note G3.6 – 
Hedge accounting and Note G3.12 - Derivatives. 
Geopolitical tensions and ongoing macroeconomic uncer-
tainty while confirming the trend of improving financial 
conditions continue to be a key theme across major mar-
kets. The challenging valuation environment emphasises 
the importance of robust valuation and reporting controls 
and the valuation of financial instruments continues to be 
an area of inherent risk. 
The valuation of Level II and III financial instruments 
utilises observable and unobservable inputs, respectively, 
for recurring fair value measurements. 
Significant portfolios of financial instruments are val-
ued based on models and certain assumptions that are 
not observable by third parties. 
Important areas in the valuation of financial instru-
ments held at fair value relate to: 
• framework and policies relating to models and 
valuation 
• internal controls relating to fair value hierarchy, fair 
value adjustments, price testing, model control and 
governance, and 
• disclosures of financial instruments. 
This is also a key audit matter with respect to our audit of 
the parent company financial statements. 
We assessed and tested the design and operating 
 effectiveness of the controls over:
• the identification, measurement and oversight of the 
 valuation of financial instruments 
• fair value adjustments, independent price verification 
and the fair value hierarchy 
• model control and governance. 
We examined the Group’s independent price verification 
processes, model validation and approval processes, 
 controls over data feeds and inputs to valuation and the 
fair value hierarchy and the Group’s governance and 
reporting processes and controls. 
For the valuations dependent on unobservable inputs or 
which involve a higher degree of judgement, we assessed 
the assumptions, methodologies and models used by the 
Group. We performed an independent valuation of a sam-
ple of positions, including fair value hierarchy testing. 
In respect of fair value adjustments, specifically credit, 
debt and funding fair value adjustments (CVA, DVA and 
FFVA) for derivatives, we assessed the methodology 
applied, underlying models and assumptions made by the 
Group and compared it with our knowledge of current 
industry practice. We tested the controls over the data 
inputs to the underlying models and on a sample basis 
tested underlying transactions back to supporting evidence. 
We have also assessed the disclosures related to the 
valuation of financial instruments held at fair value.

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Nordea Annual Report 2025 372
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Auditor’s report, cont.
Key audit matter in the audit of the Group How our audit addressed the key audit matter
Actuarial assumptions related to the Life business 
Refer to Note G1 - Accounting policies (Critical judgements 
and estimation uncertainty) and Note G4 – Insurance con-
tract liabilities to the consolidated financial statements. 
Technical provisions involve subjective judgements over 
uncertain future outcomes. The value is based on models 
where significant judgement is applied in setting eco-
nomic assumptions, actuarial assumptions as well as cus-
tomer behaviour. Changes in these assumptions can 
materially impact the valuation of technical provisions. 
We assessed the design and tested the operating effec-
tiveness of the controls over the process for calculating 
provisions within the Life business. 
Our audit also included assessments of applied meth-
ods, models and assumptions used in calculating the pro-
visions. We have performed substantive and analytical 
audit procedures relating to the technical provisions 
involving PwC actuaries. 
IT systems supporting processes over financial reporting 
Due to the significant number of transactions that are pro-
cessed, the Group’s financial reporting is highly depend-
ent on IT systems supporting automated accounting and 
reconciliation procedures. To ensure complete and accu-
rate financial records, it is important that controls over 
appropriate access rights, program development and 
changes are designed properly and operate effectively. 
This is also a key audit matter with respect to our audit 
of the parent company financial statements. 
We have tested the design and operating effectiveness of 
the controls related to the IT systems relevant for financial 
reporting. Our assessment included access to programs 
and data as well as program development and changes. 
For logical access to programs and data, audit activities 
included testing of the addition of access rights, the 
removal of access rights and the monitoring of appropri-
ateness as well as the appropriate segregation of duties. 
Other areas tested included monitoring of IT systems and 
controls over changes to IT systems. 
There are no significant risks of material misstatement 
referred to in Article 10(2c) of Regulation (EU) No 
537/2014 with respect to the consolidated financial state-
ments or the parent company financial statements. 
Responsibilities of the Board of Directors and the 
Managing Director for the Financial Statements 
The Board of Directors and the Managing Director are 
responsible for the preparation of consolidated financial 
statements that give a true and fair view in accordance 
with IFRS Accounting Standards as adopted by the EU, 
and of financial statements that give a true and fair view 
in accordance with the laws and regulations governing the 
preparation of financial statements in Finland and comply 
with statutory requirements. The Board of Directors and 
the Managing Director are also responsible for such inter-
nal control as they determine is necessary to enable the 
preparation of financial statements that are free from 
material misstatement, whether due to fraud or error. 
In preparing the financial statements, the Board of 
Directors and the Managing Director are responsible for 
assessing the parent company’s and the group’s ability to 
continue as a going concern, disclosing, as applicable, 
matters relating to going concern and using the going 
concern basis of accounting. The financial statements are 
prepared using the going concern basis of accounting 
unless there is an intention to liquidate the parent com-
pany or the group or to cease operations, or there is no 
realistic alternative but to do so. 
Auditor’s Responsibilities for the Audit 
of the Financial Statements 
Our objectives are to obtain reasonable assurance about 
whether the financial statements as a whole are free from 
material misstatement, whether due to fraud or error, and 
to issue an auditor’s report that includes our opinion. 
Reasonable assurance is a high level of assurance, but is 
not a guarantee that an audit conducted in accordance 
with good auditing practice will always detect a material 
misstatement when it exists. Misstatements can arise from 
fraud or error and are considered material if, individually 
or in the aggregate, they could reasonably be expected to 
influence the economic decisions of users taken on the 
basis of these financial statements. 
As part of an audit in accordance with good auditing 
practice, we exercise professional judgment and maintain 
professional skepticism throughout the audit. We also: 
• Identify and assess the risks of material misstatement of 
the financial statements, whether due to fraud or error, 
design and perform audit procedures responsive to 
those risks, and obtain audit evidence that is sufficient 
and appropriate to provide a basis for our opinion. The 
risk of not detecting a material misstatement resulting 
from fraud is higher than for one resulting from error, as 
fraud may involve collusion, forgery, intentional omis-
sions, misrepresentations, or the override of internal 
control. 
• Obtain an understanding of internal control relevant to 
the audit in order to design audit procedures that are 
appropriate in the circumstances, but not for the purpose 
of expressing an opinion on the effectiveness of the par-
ent company’s or the group’s internal control. 
• Evaluate the appropriateness of accounting policies 
used and the reasonableness of accounting estimates 
and related disclosures made by management. 
• Conclude on the appropriateness of the Board of Direc-
tors’ and the Managing Director’s use of the going con-
cern basis of accounting and based on the audit evi-
dence obtained, whether a material uncertainty exists 
related to events or conditions that may cast significant 
doubt on the parent company’s or the group’s ability to 
continue as a going concern. If we conclude that a mate-
rial uncertainty exists, we are required to draw attention 
in our auditor’s report to the related disclosures in the 
financial statements or, if such disclosures are inade-
quate, to modify our opinion. Our conclusions are based 
on the audit evidence obtained up to the date of our 
auditor’s report. However, future events or conditions 
may cause the parent company or the group to cease to 
continue as a going concern. 
• Evaluate the overall presentation, structure and content 
of the financial statements, including the disclosures, 
and whether the financial statements represent the 
underlying transactions and events so that the financial 
statements give a true and fair view. 
• Plan and perform the group audit to obtain sufficient 
appropriate audit evidence regarding the financial infor-
mation of the entities or business units within the group 
as a basis for forming an opinion on the group financial 
statements. We are responsible for the direction, super-
vision and review of the audit work performed for pur-
poses of the group audit. We remain solely responsible 
for our audit opinion. 
We communicate with those charged with governance 
regarding, among other matters, the planned scope and 
timing of the audit and significant audit findings, including 
any significant deficiencies in internal control that we 
identify during our audit. 
We also provide those charged with governance with a 
statement that we have complied with relevant ethical 
requirements regarding independence, and communicate 
with them all relationships and other matters that may 
reasonably be thought to bear on our independence, and 
where applicable, related safeguards. 
From the matters communicated with those charged 
with governance, we determine those matters that were 
of most significance in the audit of the financial state-
ments of the current period and are therefore the key 
audit matters. We describe these matters in our auditor’s 
report unless law or regulation precludes public disclosure 
about the matter or when, in extremely rare circum-
stances, we determine that a matter should not be com-
municated in our report because the adverse conse-
quences of doing so would reasonably be expected to out-
weigh the public interest benefits of such communication.

===== SIDA 374 =====

Nordea Annual Report 2025 373
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Auditor’s report, cont.
Other Reporting Requirements 
Appointment
As set forth in the Memorandum of Association of Nordea 
Bank Abp, we have acted as the auditor as of 21 September 
2017. Our appointment represents a total period of uninter-
rupted engagement of eight financial years. 
Other Information 
The Board of Directors and the Managing Director are 
responsible for the other information. The other information 
comprises the report of the Board of Directors and the infor-
mation included in the Annual Report but does not include 
the financial statements and our auditor’s report thereon. 
Our opinion on the financial statements does not cover 
the other information. 
In connection with our audit of the financial statements, 
our responsibility is to read the other information and, in 
doing so, consider whether the other information is materi-
ally inconsistent with the financial statements or our knowl-
edge obtained in the audit, or otherwise appears to be 
materially misstated. With respect to the report of the Board 
of Directors, our responsibility also includes considering 
whether the report of the Board of Directors has been pre-
pared in compliance with the applicable provisions, 
excluding the sustainability report information on which 
there are provisions in Chapter 7 of the Accounting Act and 
in the sustainability reporting standards. 
In our opinion, the information in the report of the Board 
of Directors is consistent with the information in the financial 
statements and the report of the Board of Directors has 
been prepared in compliance with the applicable provisions. 
Our opinion does not cover the sustainability report informa-
tion on which there are provisions in Chapter 7 of the 
Accounting Act and in the sustainability reporting standards. 
If, based on the work we have performed, we conclude 
that there is a material misstatement of the other informa-
tion, we are required to report that fact. We have nothing 
to report in this regard. 
Other Statements 
We support that the financial statements should be adopted. 
The proposal by the Board of Directors regarding the use of 
the profit shown in the balance sheet is in compliance with 
the Limited Liability Companies Act. We support that the 
Members of the Board of Directors of the parent company 
and the Managing Director should be discharged from liabil-
ity for the financial period audited by us. 
Helsinki 23 February 2026 
PricewaterhouseCoopers Oy
Authorised Public Accountants
Jukka Paunonen
Authorised Public Accountant (KHT)

===== SIDA 375 =====

Nordea Annual Report 2025 374
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Assurance Report on the Sustainability Statement
(Translation of the Swedish original)
To the Annual General Meeting  
of Nordea Bank Abp 
We have performed a limited assurance 
engagement on the group sustainability 
report (Sustainability Statement) of Nordea 
Bank Abp (business identity code 2858394-9) 
that is referred to in Chapter 7 of the Accoun-
ting Act and that is included in the report of 
the Board of Directors for the reporting 
period 1.1.–31.12.2025.
Opinion
Based on the procedures we have performed and the evi-
dence we have obtained, nothing has come to our atten-
tion that causes us to believe that the group sustainability 
report does not comply, in all material respects, with
1)  the r equirements laid down in Chapter 7 of the 
Accounting Act and the sustainability reporting stand-
ards (ESRS), and
2)  the r equirements laid down in Article 8 of the 
Regulation (EU) 2020/852 of the European Parliament 
and of the Council on the establishment of a framework 
to facilitate sustainable investment, and amending 
Regulation (EU) 2019/2088 (EU Taxonomy).
Point 1 above also contains the process in which Nordea 
Bank Abp has identified the information for reporting in 
accordance with the sustainability reporting standards 
(double materiality assessment).
Our opinion does not cover the tagging of the group 
sustainability report with digital XBRL sustainability tags 
in accordance with Chapter 7, Section 22, Subsection 1(2), 
of the Accounting Act, because sustainability reporting 
companies have not had the possibility to comply with 
that requirement in the absence of requirements for the 
tagging of sustainability information in the ESEF regula-
tion or other European Union legislation.
Basis for Opinion
We performed the assurance of the group sustainability 
report as a limited assurance engagement in compliance 
with good assurance practice in Finland and with the 
International Standard on Assurance Engagements (ISAE) 
3000 (Revised) Assurance Engagements Other than 
Audits or Reviews of Historical Financial Information.
Our responsibilities under this standard are further 
described in the Responsibilities of the Authorised Group 
Sustainability Auditor section of our report.
We believe that the evidence we have obtained is suffi-
cient and appropriate to provide a basis for our opinion.
Other Matter 
The comparative sustainability information included in the 
group sustainability report of Nordea Bank Abp prior to 
reporting period 2024 has not been subject to a sustaina-
bility assurance engagement in accordance with Auditing 
Act in Finland. Our opinion is not modified in respect of 
this matter.
Authorised Group Sustainability Auditor's 
Independence and Quality Management
We are independent of the parent company and of the 
group companies in accordance with the ethical require-
ments that are applicable in Finland and are relevant to 
our engagement, and we have fulfilled our other ethical 
responsibilities in accordance with these requirements.
The authorised group sustainability auditor applies 
International Standard on Quality Management ISQM 1, 
which requires the authorised sustainability audit firm to 
design, implement and operate a system of quality man-
agement including policies or procedures regarding com-
pliance with ethical requirements, professional standards 
and applicable legal and regulatory requirements.
Responsibilities of the Board of Directors 
and the Managing Director
The Board of Directors and the Managing Director of 
Nordea Bank Abp are responsible for:
• the group sustainability report and for its preparation and 
presentation in accordance with the provisions of Chapter 
7 of the Accounting Act, including the process that has 
been defined in the sustainability reporting standards and 
in which the information for reporting in accordance with 
the sustainability reporting standards has been identified,
• the compliance of the group sustainability report with the 
requirements laid down in Article 8 of the Regulation (EU) 
2020/852 of the European Parliament and of the Council 
on the establishment of a framework to facilitate sustaina-
ble investment, and amending Regulation (EU) 
2019/2088, and for
• such internal control as the Board of Directors and the 
Managing Director determine is necessary to enable the 
preparation of a group sustainability report that is free 
from material misstatement, whether due to fraud or error.
Inherent Limitations in the Preparation 
of a Group Sustainability Report
In reporting forward-looking information in accordance 
with ESRS, management of the Company is required to 
prepare the forward-looking information on the basis of 
assumptions that have been disclosed in the group sus-
tainability report about events that may occur in the future 
and possible future actions by the Group. Actual outcomes 
are likely to be different since anticipated events fre-
quently do not occur as expected.
Responsibilities of the Authorised 
Group Sustainability Auditor
Our responsibility is to perform an assurance engagement 
to obtain limited assurance about whether the group sus-
tainability report is free from material misstatement, 
whether due to fraud or error, and to issue a limited assur-
ance report that includes our opinion. Misstatements can 
arise from fraud or error and are considered material if, 
individually or in the aggregate, they could reasonably be 
expected to influence the decisions of users taken on the 
basis of the group sustainability report.
Compliance with the International Standard on 
Assurance Engagements (ISAE) 3000 (Revised) requires 
that we exercise professional judgment and maintain pro-
fessional skepticism throughout the engagement. We also:
• Identify and assess the risks of material misstatement of 
the group sustainability report, whether due to fraud or 
error, and obtain an understanding of internal control 
relevant to the engagement in order to design assurance 
procedures that are appropriate in the circumstances, 
but not for the purpose of expressing an opinion on the 
effectiveness of the parent company’s or the group’s 
internal control.
• Design and perform assurance procedures responsive to 
those risks to obtain evidence that is sufficient and 
appropriate to provide a basis for our opinion. The risk of 
not detecting a material misstatement resulting from 
fraud is higher than for one resulting from error, as fraud 
may involve collusion, forgery, intentional omissions, 
misrepresentations, or the override of internal control.
Description of the Procedures 
That Have Been Performed
The procedures performed in a limited assurance engage-
ment vary in nature and timing from, and are less in extent 
than for, a reasonable assurance engagement. The nature, 
timing and extent of assurance procedures selected 
depend on professional judgment, including the assess-
ment of risks of material misstatement, whether due to 
fraud or error. Consequently, the level of assurance 
obtained in a limited assurance engagement is substan-
tially lower than the assurance that would have been 
obtained had a reasonable assurance engagement been 
performed.

===== SIDA 376 =====

Nordea Annual Report 2025 375
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Assurance Report on the Sustainability Report, cont.
Our procedures included for example the following:
• We interviewed the company’s management and the 
individuals responsible for collecting and reporting the 
information contained in the group sustainability report 
at the group level, as well as at different levels and busi-
ness areas of the organization to gain an understanding 
of the sustainability reporting process and the related 
internal controls and information systems.
• We familiarised ourselves with the background docu-
mentation and records prepared by the company where 
applicable, and assessed whether they support the infor-
mation contained in the group sustainability report.
• We assessed the company’s double materiality assess-
ment process in relation to the requirements of the ESRS 
standards, as well as whether the information provided 
about the assessment process complies with the ESRS 
standards.
• We assessed whether the sustainability information con-
tained in the group sustainability report complies with 
the ESRS standards.
• Regarding the EU taxonomy information, we gained an 
understanding of the process by which the company has 
identified the group’s taxonomy-eligible and taxono-
my-aligned economic activities, and we assessed the 
compliance of the information provided with the 
regulations.
Helsinki 23 February 2026
PricewaterhouseCoopers Oy
Authorised Sustainability Auditors
Jukka Paunonen
Authorised Sustainability Auditor

===== SIDA 377 =====

Nordea Annual Report 2025 376
Introduction Strategic report Our stakeholders Business areas Board of Directors’ report Financial statements Other
Annual General Meeting
24 March 2026
Nordea’s 2026 Annual General Meeting (AGM) will be 
held as a virtual meeting on Tuesday 24 March 2026 at 
14.00 EET.
Advance voting
Shareholders have the opportunity to exercise their voting 
rights also by voting in advance in accordance with the 
instructions, including the relevant deadlines, set out in 
the notice to the AGM.
Notification of participation
Shareholders who wish to participate in the AGM must be 
registered as shareholders in the shareholders’ register 
maintained by Euroclear Finland Oy in Finland, Euroclear 
Sweden AB in Sweden or VP Securities A/S in Denmark on 
12 March 2026 and register their participation in accord-
ance with the instructions, including the relevant dead-
lines, set out in the notice to the AGM.
Notification of participation in the AGM must be made no 
later than 16 March 2026 on Nordea’s website at 
nordea.com/agm or by regular mail to Innovatics Ltd, 
AGM/Nordea, Ratamestarinkatu 13 A, 00520 Helsinki, 
Finland, or by e-mail to agm@innovatics.fi.
Shares held in trust 
Shareholders whose shares are held in trust in Denmark 
must instruct their trustee to re-register their shares in the 
shareholders’ own name in the shareholders’ register 
maintained by VP Securities A/S in good time prior to 12 
March 2026.
Shareholders whose shares are held in trust in Sweden 
must instruct their trustee to re-register their shares in the 
shareholders’ own name in the shareholders’ register 
maintained by Euroclear Sweden AB in good time prior to 
16 March 2026.
Holders of nominee-registered shares must be registered 
in the temporary shareholders’ register maintained by 
Euroclear Finland Oy no later than 19 March 2026 at 10.00 
EET, and should request, without delay, the relevant 
instructions from their custodian bank regarding the 
registration.
Design and production: Narva Communications
Photo: Nordea, Getty Images
Financial calendar
Financial calendar 2026
Annual General Meeting 2 4 March
First-quarter results 22 April
Second-quarter results 16 Jul y
Third-quarter results 15 Oc tober
Contacts
Ian Smith, Group CFO
Investor Relations
Ilkka Ottoila, Head of Investor Relations 
Randie Atto Rhawi
Bojana Flint 
Axel Jimfelt Malgerud
Juho-Pekka Jääskeläinen
Laurits Kjaergaard
Anne-Claire Madec
Anders Norrena
Krista Ugletveit
Aleksis Kiven katu 7, 00500 Helsinki, Finland 
investor-relations@nordea.com
Website
All reports and press and stock exchange releases are  
available at nordea.com. Financial reports published by 
the Nordea Group can be found on nordea.com.
Nordea’s report on capital and risk management, in 
accordance with the Pillar III disclosure requirements 
according to the EU Capital Requirements Regulation, is 
presented at nordea.com.
Annual Report 2025
Nordea Bank Abp is the parent company of the Nordea 
Group and domiciled in Helsinki, Finland. This Annual 
Report covers Nordea Bank Abp and pertains to the 
 operations of the Nordea Group whose main legal 
 structure is presented on page 46.
In this Annual Report, the Nordea Group presents 
income statements and other financial data in euro (EUR).
The original Annual Report is in Swedish. This is an 
English version of the Annual Report. In the event of any 
inconsistencies between the Swedish and English 
 versions, the former will prevail.

===== SIDA 378 =====

This Annual Report covers Nordea Bank Abp and 
pertains to the operations of the Nordea Group 
whose main legal structure is presented on page 
46. The original Annual Report is in Swedish. This 
is an English version of the Annual Report.
A Swedish version is available on nordea.com.
In this Annual Report, the Nordea Group presents 
income statements and other financial data in 
euro (EUR).
Nordea Bank Abp
Business ID 2858394-9
Hamnbanegatan 5
00020 NORDEA
Tel +358 200 70000
nordea.com