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

Confidential 
 
 
 
 
 
 
 
 
 
First-Quarter 
Financial Report 
 
 2026

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

Nordea      First-Quarter Financial Report 2026 
1 
 
 
Q1 
First-quarter results 2026 
Summary of the quarter: 
 
• Return on equity 15.4% – earnings per share EUR 
0.36. Nordea’s return on equity for the quarter was 15.4%, 
compared with 15.7% a year ago, reflecting resilient 
performance and solid profitability in a quarter where 
markets were negatively impacted by the March escalation 
in the Middle East conflict. The cost-to-income ratio2 was 
45.5% for the quarter, having been impacted by lower 
market making income. This compares with 43.7% a year 
ago. Earnings per share were EUR 0.36, up from EUR 
0.35 a year ago. 
 
• Total income resilient. As expected, net interest income 
was down (-4%) following policy rate reductions. Net fee 
and commission income was up 6%, continuing the solid 
growth seen in previous quarters despite the impact of the 
market volatility in March. Net fair value result was down 
22% due to lower market making income, driven by the 
unexpected sharp increases in EUR and SEK interest rate 
expectations, which led to exceptional losses across 
certain desks. Costs excluding items affecting 
comparability (EUR 190m in restructuring costs) were flat 
when adjusted for foreign exchange effects, which drove a 
2% increase. Operating profit was up 2% at EUR 1.6bn. 
 
• Business volume growth. Mortgage lending grew by 2% 
year on year, driven by growth in Sweden and Norway. 
Corporate lending growth was strong, up 11%. Retail and 
corporate deposit volumes increased by 5% and 2%, 
respectively. Assets under management increased by 9%, 
to EUR 464bn. 
 
• Very strong credit quality – remaining management 
judgement buffer now fully deployed. Nordea’s credit 
quality is very strong and risks have been assessed to be 
largely reflected in its modelled provisions without the 
need for additional management overlays. Thus, 
consistent with earlier communications, the remaining  
 
 
 
portion of Nordea’s management judgement buffer, 
established during the COVID-19 pandemic six years ago, 
has now been fully deployed. Of the EUR 276m 
outstanding at the end of 2025, EUR 116m was  
reallocated to strengthen modelled provisions and EUR 
160m was deemed surplus and was released, reducing 
net loan losses and similar net result in the first quarter. 
Net loan losses and similar net result consequently 
amounted to a reversal of EUR 99m. Excluding the EUR 
160m release, net loan losses and similar net result 
amounted to EUR 61m (6bp). 
 
• Continued strong capital generation and share buy-
backs. The CET1 ratio was 15.7% at the end of the 
quarter, 1.9 percentage points above the current 
regulatory requirement. Nordea’s strong capital position 
and continued robust capital generation support lending 
growth and continued share buy-backs. The EUR 500m 
buy-back programme launched in the fourth quarter of 
2025 had no impact on the CET1 ratio in this quarter. 
Nordea plans to distribute a mid-year dividend for 2026, 
corresponding to approximately 50% of the net profit for 
the first half of 2026. 
 
• Outlook for 2026 unchanged: a return on equity of 
greater than 15% and a cost-to-income ratio2 of 
around 45%. Nordea has a strong and resilient business 
model, with a very well-diversified portfolio across the 
Nordic region. This enables the Group to support its 
customers and deliver high-quality earnings, with high 
profitability and low volatility, through the economic cycle. 
It also enables Nordea to continue to generate capital, 
seek opportunities to deploy it to drive growth, and 
distribute excess capital to shareholders in the form of 
share buy-backs. 
 
(For further viewpoints, see the CEO comment on page 2.  For definitions, 
see page 54.)
      
Group quarterly results and key ratios Q1 20261      
 Q1 2026 Q1 2025 Chg % Q4 2025 Chg % 
EURm      
Net interest income 1,759 1,829 -4 1,765 0 
Net fee and commission income 842 793 6 853 -1 
Net insurance result 69 54 28 64 8 
Net fair value result 226 289 -22 257 -12 
Other income 14 9 56 9 56 
Total operating income 2,910 2,974 -2 2,948 -1 
Total operating expenses excl. regulatory fees -1,323 -1,300 2 -1,362 -3 
Total operating expenses -1,375 -1,354 2 -1,386 -1 
Profit before loan losses 1,535 1,620 -5 1,562 -2 
Net loan losses and similar net result 99 -13  -49  
Operating profit 1,634 1,607 2 1,513 8 
      
Cost-to-income ratio2, % 45.5 43.7  46.2  
Return on equity with amortised regulatory fees, % 15.4 15.7  14.4  
Return on tangible equity, % 17.4 17.6  16.6  
Diluted earnings per share, EUR 0.36 0.35 3 0.34 6 
1 Excluding items affecting comparability. See pages 5 and 17 for further details. 2 Excluding regulatory fees. 
 
For further information: 
Frank Vang-Jensen, President and Group CEO, +358 9 4245 1006 
Ian Smith, Group CFO, +45 55 47 83 72
 
 
Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058 
Ulrika Romantschuk, Head of Group Brand, Communication and Marketing,  
+358 10 416 8023
Nordea is a leading Nordic financial services group and the preferred choice for millions of customers across the region. For  more than 200 years, we have 
proudly served as a trusted financial partner for individuals, families and businesses – enabling dreams and aspirations for a greater good. Our vision is to be 
the best-performing financial services group in the Nordics, accelerating through our scale, people and technology. The Nordea share i s listed on the Nasdaq 
Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges.

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Nordea      First-Quarter Financial Report 2026 
2 
 
 
Q1 
CEO comment  
It has been an unsettled start to the year once again. The 
conflict in the Middle East that escalated in March has created 
further geopolitical uncertainty, with volatility in the financial 
markets and implications for short-term energy supply and 
inflation. Sustained disruption to global energy markets may 
dampen economic activity, including in the Nordic countries.  
 
However, the Nordic countries have a strong track record in 
navigating uncertainty. The stability, fiscal strength and global 
competitiveness of our home markets make them some of the 
world’s best places to live and do business. In addition, our 
region is structurally well positioned in terms of energy 
resilience given its substantial renewable capacity and 
Norway’s role as a major energy exporter. We saw this clearly 
during the energy crisis in 2022. 
 
Nordea is uniquely diversified across the attractive Nordic 
markets. Years of relentless strategy execution have made us 
stronger and more resilient than ever – and very well placed 
to support customers. That strength showed again in our first-
quarter performance, with solid growth in business volumes 
and high profitability. Return on equity was 15.4%. We were 
especially active with corporate customers: lending was up 
11% year on year, supported by strong growth in all countries. 
Corporate deposits were up 2%.   
 
Households focused mainly on strengthening their savings 
and investments. This was demonstrated by a 5% year-on-
year increase in deposits and strong net flows into retail 
funds. Mortgage lending grew by 2% and I was pleased to 
see us win further mortgage market share in Sweden. 
 
Assets under management increased by 9% year on year, to 
EUR 464bn. In turbulent markets, underlying net flows were 
strong.  
 
Our 2030 strategy focuses on six distinct growth areas and 
we are seeing good early momentum in Private Banking, Life 
& Pension, small businesses and cross-sales. We are also 
encouraged by the steady progress we are making in Sweden 
and Norway. Execution on the other two priorities of our 2030 
strategy – strengthening our customer offering and making 
more effective use of our Nordic scale – is likewise off to a 
good start. During the quarter we launched a unified Nordic 
corporate credit and lending platform and took further steps in 
our deployment of a more scalable and resilient payments 
platform – all part of our drive to deliver outstanding customer 
experiences and superior efficiency. 
 
Total income for the quarter was EUR 2.9bn. Strong growth in 
net fee and commission income helped offset an expected 
decrease in net interest income in the lower rate environment. 
Increased market volatility following developments in the 
Middle East had an exceptional impact on our net fair value 
result. We continue to manage costs with discipline: first-
quarter operating expenses were flat before foreign exchange 
effects. Our cost-to-income ratio was 45.5%, having been 
impacted by the lower net fair value result. Operating profit 
was up 2% year on year at EUR 1.6bn. 
 
Credit quality remains very strong. This quarter, we fully 
deployed the remaining portion of the management 
judgement buffer we created during the COVID-19 pandemic. 
Over the past six years we have continuously assessed the 
buffer in the light of macroeconomic conditions and in the 
knowledge that our loan portfolio performance has been 
consistently strong. These assessments have led us to 
gradually reduce it. This quarter, we reallocated EUR 116m to 
further strengthen our modelled provisions and released the 
 
remaining balance of EUR 160m, which was deemed surplus 
provisioning. Excluding the release, net loan losses and 
similar net result for the quarter totalled EUR 61m or 6bp. 
 
In Personal Banking we maintained solid business volume 
momentum and customer activity. Customer savings and 
investment activity remained at high levels, with recurring 
savings up 3% year on year. Deposits increased by 5% and 
we grew our lending by 1%, with mortgage lending up 2%.  
We are making good early progress in improving cross-sales, 
supported by successful product launches in savings and 
more automated account opening and onboarding processes. 
Customer use of our digital services again increased: app 
users and logins were up 4% and 6%, respectively, year on 
year and 69% of fund investments were made through digital 
channels. 
 
In Asset & Wealth Management our Nordic channels 
delivered a resilient performance in turbulent markets. 
Customer acquisition remained strong, reaching record highs 
in both Denmark and Finland and supporting net flows of EUR 
1.0bn in Private Banking. Net flows in the wholesale 
distribution channel remained positive at EUR 0.1bn for the 
quarter. 
 
In Business Banking we maintained good business 
momentum and drove strong volume growth. Both lending 
and deposit volumes increased by 8% year on year, led by 
continued lending growth in Sweden and Norway and 
stronger activity in Denmark. Deposits were up in all 
countries. Customer satisfaction rose year on year, 
particularly among small businesses and entrepreneurs. To 
support growth in the small business segment, we launched a 
digital onboarding platform in Denmark and Norway, with a 
wider Nordic expansion planned for the coming quarters. We 
also began the Nordic roll-out of a service to help small 
businesses manage liquidity and cash flows more effectively. 
 
In Large Corporates & Institutions we grew lending volumes 
and net fee and commission income while supporting our 
customers amid market volatility caused by the geopolitical 
uncertainty. Lending volumes were up 14% year on year, with 
growth in all countries. Debt Capital Markets activity remained  
high: we arranged more than 190 transactions for a broad 
range of issuers. While primary equity market activity 
remained subdued, our secondary equities business income 
grew by 11% year on year.  
 
Our capital position is strong, supported by robust capital 
generation. At the quarter’s end our CET1 ratio was 15.7%. 
 
In summary, this was a solid start to the year despite 
challenging financial markets later in the quarter. While there 
is uncertainty around global growth, confidence among Nordic 
businesses has not wavered, underlining the resilience of our 
region. For Nordea, the higher business volumes in both 
lending and deposits and growth in assets under 
management are encouraging. With a unique market footprint, 
a leading offering and a strong balance sheet, we are well 
equipped to deliver for our customers and the communities 
we serve, and create value for our shareholders. 
 
Our outlook for the full year 2026 is unchanged. We expect to 
deliver a return on equity of greater than 15%, and expect our 
cost-to-income ratio to be around 45%. 
 
Our ambition is to become the undisputed best-performing 
financial services group in the Nordics. 
 
Frank Vang-Jensen 
President and Group CEO

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Nordea      First-Quarter Financial Report 2026 
3 
 
 
Q1 
Outlook 
 
 
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 ratio1 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 20262 
Nordea expects a return on equity of greater than 15% and a 
cost-to-income ratio1 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.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 Excluding regulatory fees. 
2 Excluding EUR 190m in restructuring costs booked in the first 
quarter of 2026, which have been treated as an item affecting 
comparability.

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Nordea      First-Quarter Financial Report 2026 
4 
 
 
Q1 
Table of contents       
 
Income statement  ........................................................................................................................….5 
 
Macroeconomy and financial markets  .......................................................................................... 7 
 
Group results and performance 
 
 First quarter 2026 ................................ ................................ ................................ ................................ .............. 8 
 
  Net interest income ................................ ................................ ................................ ........................ 8 
   Net fee and commission income ................................ ................................ ................................ ... 9 
   Net result from items at fair value ................................ ................................ ...............................  10 
   Total operating income ................................ ................................ ................................ ................ 10 
   Total expenses ................................ ................................ ................................ .............................  11 
   Net loan losses and similar net result ................................ ................................ ........................ 12 
   Credit portfolio ................................ ................................ ................................ .............................  12 
  Profit ................................ ................................ ................................ ................................ ............. 13 
         Capital position and risk exposure amount ................................ ................................ ................ 14 
        Balance sheet ................................ ................................ ................................ ...............................  16 
  Funding and liquidity operations ................................ ................................ ................................  16 
 Market risk ................................ ................................ ................................ ................................ .... 16 
 Other information................................ ................................ ................................ ................................ ............ 17 
 
Quarterly development, Group ...................................................................................................... 18 
 
Business areas 
 
Financial overview by business area................................ ................................ ................................ ............. 19 
 
Personal Banking................................ ................................ ................................ ................................ ............ 20 
 
Asset & Wealth Management ................................ ................................ ................................ .........................  23 
 
Business Banking ................................ ................................ ................................ ................................ ........... 26 
 
Large Corporates & Institutions................................ ................................ ................................ ..................... 29 
 
Group functions ................................ ................................ ................................ ................................ .............. 31 
 
Financial statements 
 
Nordea Group ................................ ................................ ................................ ................................ .................. 32 
 
Notes to the financial statements ................................ ................................ ................................ .................. 37 
 
Nordea Bank Abp ................................ ................................ ................................ ................................ ............ 55

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Nordea      First-Quarter Financial Report 2026 
5 
 
 
Q1 
Income statement 
Excluding items affecting comparability1 
 Q1 Q1  Local  Q4  Local  
 2026 2025 Chg % curr. % 2025 Chg % curr. % 
EURm        
Net interest income 1,759 1,829 -4 -7 1,765 0 -3 
Net fee and commission income 842 793 6 5 853 -1 -2 
Net insurance result 69 54 28 26 64 8 6 
Net result from items at fair value 226 289 -22 -16 257 -12 -7 
Profit or loss from associated undertakings and joint         
ventures accounted for under the equity method 1 -3 -133 -125 1   
Other operating income 13 12 8 8 8 63 63 
Total operating income 2,910 2,974 -2 -4 2,948 -1 -3 
        Staff costs -811 -792 2 1 -827 -2 -3 
Other expenses -357 -359 -1 -3 -375 -5 -6 
Depreciation, amortisation and impairment        
charges of tangible and intangible assets -155 -149 4 3 -160 -3 -4 
Total operating expenses excl. regulatory fees -1,323 -1,300 2 0 -1,362 -3 -4 
        Regulatory fees -52 -54 -4 -7 -24   
Total operating expenses -1,375 -1,354 2 0 -1,386 -1 -2 
        
Profit before loan losses 1,535 1,620 -5 -7 1,562 -2 -3 
        Net loan losses and similar net result 99 -13   -49   
Operating profit 1,634 1,607 2 0 1,513 8 7 
        Income tax expense -390 -373 5 3 -356 10 8 
Net profit for the period  1,244 1,234 1 -1 1,157 8 6 
1 Excluding the following item affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructurin g costs (EUR 144m after tax). Of 
  this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and im pairment charges of 
  tangible and intangible assets. See page 17 for further details.  
Ratios and key figures1 
Excluding items affecting comparability2  
 Q1 Q1   Q4   
 2026 2025 Chg %  2025 Chg %  
Diluted earnings per share (DEPS), EUR 0.36 0.35 3  0.34 6  
EPS, rolling 12 months up to period end, EUR 1.42 1.41 1  1.39 2  
Share price3, EUR 14.68 11.77 25  16.09 -9  
Potential shares outstanding3, million 3,412 3,491 -2  3,434 -1  
Weighted average number of diluted shares, million 3,411 3,483 -2  3,433 -1  
Return on equity with amortised resolution fees, %  15.4 15.7   14.4   
Return on equity, %  15.2 15.4   14.5   
Return on tangible equity, % 17.4 17.6   16.6   
Return on risk exposure amount, % 3.1 3.1   2.9   
Cost-to-income ratio4, % 45.5 43.7   46.2   
Net loan loss ratio incl. loans held at fair value, bp -10 1   5   
Net interest margin. % 1.57 1.70   1.57   
Number of employees (FTEs)3 28,747 30,343 -5  28,989 -1  
1 For more detailed information regarding ratios and key figures defined as alternative performance measures,  
  see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports. 
2 Excluding the following item affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructurin g costs (EUR 144m after tax). Of 
  this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and im pairment charges of 
  tangible and intangible assets. See page 17 for further details.         
3 End of period.        
4 Excluding regulatory fees.        
        
Business volumes, key items1 
 31 Mar 31 Mar  Local 31 Dec  Local 
 2026 2025 Chg % curr. % 2025 Chg % curr. % 
EURbn        
Loans to the public 390.2 366.8 6 6 381.9 2 1 
Loans to the public excl. repos/securities borrowing  353.6 335.7 5 5 345.7 2 1 
Deposits and borrowings from the public 241.2 240.0 0 1 242.9 -1 -1 
Deposits from the public excl. repos/securities lending  220.0 221.2 -1 0 221.7 -1 -1 
Total assets 679.0 641.4 6  654.4 4  
Assets under management 464.3 425.9 9  473.2 -2  
1 End of period.

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Nordea      First-Quarter Financial Report 2026 
6 
 
 
Q1 
Income statement  
Including items affecting comparability  
 Q1 2026 Q1 2025 Chg % 
Local 
curr. % Q4 2025 Chg % 
Local 
curr. %  
EURm         
Net interest income 1,759 1,829 -4 -7 1,765 0 -3  
Net fee and commission income 842 793 6 5 853 -1 -2  
Net insurance result 69 54 28 26 64 8 6  
Net result from items at fair value 226 289 -22 -16 257 -12 -7  
Profit or loss from associated undertakings and joint          
ventures accounted for under the equity method 1 -3   1    
Other operating income 13 12 8 8 8 63 63  
Total operating income 2,910 2,974 -2 -4 2,948 -1 -3  
         Staff costs -979 -792 24 22 -827 18 17  
Other expenses -376 -359 5 2 -375 0 -1  
Depreciation, amortisation and impairment         
charges of tangible and intangible assets -158 -149 6 5 -160 -1 -2  
Total operating expenses excl. regulatory fees -1,513 -1,300 16 15 -1,362 11 10           Regulatory fees -52 -54 -4 -7 -24 117 113  
Total operating expenses -1,565 -1,354 16 14 -1,386 13 12           Profit before loan losses 1,345 1,620 -17 -18 1,562 -14 -15  
         Net loan losses and similar net result 99 -13 -862 -854 -49 -302 -300  
Operating profit 1,444 1,607 -10 -12 1,513 -5 -6  
         Income tax expense -344 -373 -8 -9 -356 -3 -5  
Net profit for period  1,100 1,234 -11 -12 1,157 -5 -6  
         
Ratios and key figures1  
Including items affecting comparability  
 Q1 2026 Q1 2025 Chg %  Q4 2025 Chg %   
Diluted earnings per share (DEPS), EUR 0.32 0.35 -9  0.34 -6   
EPS, rolling 12 months up to period end, EUR 1.37 1.41 -3  1.39 -1   
Share price2, EUR 14.68 11.77 25  16.09 -9   
Equity per share2, EUR 8.85 8.55 4  9.47 -7   
Potential shares outstanding2, million 3,412 3,491 -2  3,434 -1   
Weighted average number of diluted shares, million 3,411 3,483 -2  3,433 -1   
Return on equity with amortised regulatory fees, %  13.6 15.7   14.4    
Return on equity, % 13.4 15.4   14.5    
Return on tangible equity, % 15.4 17.6   16.6    
Return on risk exposure amount, % 2.7 3.1   2.9    
Cost-to-income ratio excl. regulatory fees, % 52.0 43.7   46.2    
Cost-to-income ratio, % 53.8 45.5   47.0    
Net loan loss ratio incl. loans held at fair value, bp -10 1   5    
Common Equity Tier 1 capital ratio2,3, % 15.7 15.7   15.7    
Tier 1 capital ratio2,3, % 17.7 17.6   18.4    
Total capital ratio2,3, % 20.4 20.2   21.2    
Tier 1 capital2,3, EURbn 28.6 28.1 2  29.4 -3   
Risk exposure amount2, EURbn 162.1 159.7 2  159.7 2   
Net interest margin, % 1.57 1.70   1.57    
Number of employees (FTEs)2 28,747 30,343 -5  28,989 -1   
Equity2, EURbn 30.1 29.7 1  32.4 -7   1 For more detailed information regarding ratios and key figures defined as alternative performance measures,  
  see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.  
2 End of period.  
3 The first quarter of 2026 includes net profit for the period, with a dividend deduction of 70% (the upper range under Nordea’ s dividend policy). For   
  regulatory purposes, Nordea will report CET1 capital of EUR 25,083m and a CET1 ratio of 15.5% to the competent authority, bot h calculated   
  excluding net profit for the period, with a corresponding effect on the other regulatory capital levels and ratios.

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

Nordea      First-Quarter Financial Report 2026 
7 
 
 
Q1 
Macroeconomy and financial markets1 
 
Global  
Global growth slowed to 0.6% quarter on quarter in the fourth 
quarter of 2025 according to the World Bank. Growth picked 
up in China but slowed in the euro area and the US. Ongoing 
activity indicators point to modest growth in the first quarter of 
2026 amid higher energy prices and weaker sentiment among 
households and corporates following the escalation in the 
Middle East conflict. The outlook remains highly uncertain due 
to geopolitical risks, trade tensions and elevated public debt. 
 
Both the Federal Reserve and the European Central Bank 
(ECB) kept their key interest rates unchanged during the first 
quarter. The ECB’s deposit facility rate stands at 2.00%, while 
the Federal Reserve’s federal funds rate stands at 3.75%. 
The ECB continued to reduce its financial asset holdings 
during the quarter. 
 
Financial markets were characterised by increased volatility 
amid heightened geopolitical concerns in the first quarter of 
the year. The US S&P 500 index was down 4.6% over the 
quarter. The STOXX Europe 600 was down 1.5%, while the 
NASDAQ OMX Nordic 120 was down 0.8%. The euro ended 
the quarter down 2.1% against the dollar, although there were 
significant fluctuations throughout the quarter. Both European 
and American interest rates ended the quarter higher as the 
conflict in the Middle East lifted inflation expectations. 
Increases were particularly pronounced at the short end of the 
yield curve. 
 
Denmark  
Danish GDP increased by 0.2% quarter on quarter in the 
fourth quarter of 2025, primarily due to an expansion in public 
consumption, which increased by 5.0%. When excluding the 
pharmaceutical industry, gross value added increased by 
1.2% in the fourth quarter of 2025. Business sentiment 
improved in the first quarter of 2026. Employment is at a 
record-high level. The unemployment rate increased to 3.1% 
in February 2026, partly due to the extraordinary cold 
weather. House and apartment prices were up 7.2% and 
12.6%, respectively, year on year in the fourth quarter of 
2025. Year-on-year consumer price inflation stood at 1.2% in 
March 2026. Danmarks Nationalbank has kept its policy rate 
unchanged at 1.60% since June 2025. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1Source: Nordea Economic Research 
 
 
Finland  
Finnish GDP increased by 0.3% quarter on quarter in the 
fourth quarter of 2025, driven by growth in private 
consumption and both private and public investment. 
Investment growth was broad based. The household savings 
rate remains elevated as unemployment and rising energy 
prices are keeping consumer confidence at a moderate level. 
The unemployment rate remained high at 10.5% in February 
2026. The housing market recovery has paused, with 
transactions decreasing at the beginning of the year, and 
housing prices were down 2.0% year on year in February. 
While underlying inflation remains moderate, higher energy 
prices have contributed to stronger consumer price inflation, 
which stood at 2.5% in March. 
 
Norway  
Norwegian mainland GDP increased by 0.4% quarter on 
quarter in the fourth quarter of 2025. While private 
consumption grew briskly, there was a standstill in 
construction. The registered unemployment rate stood at 
2.1% on a seasonally adjusted basis in March and has been 
more or less stable for the past year. Housing prices were up 
3.0% year on year in March. Consumer price inflation stood at 
3.6% while underlying inflation, excluding energy and taxes, 
stood at 3.0% in March. Norges Bank kept its key policy rate 
unchanged at 4.00% in March but signalled a rate hike of 0.25 
percentage points by the summer. The Norwegian krone 
strengthened against both the euro and the dollar in the first 
quarter. 
 
Sweden  
Swedish GDP rose by 0.5% quarter on quarter in the fourth 
quarter of 2025. Domestic demand increased while exports 
fell. Employment rose and the unemployment rate declined to 
8.4% in February. House and apartment prices were up 1.5% 
and 2.6%, respectively, year on year in March. Year-on-year 
consumer price inflation (CPIF) stood at 1.6% in March. 
Sveriges Riksbank kept its policy rate unchanged at 1.75% in 
the first quarter. The trade-weighted Swedish krona 
weakened by 2.0% in the first quarter.

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

Nordea      First-Quarter Financial Report 2026 
8 
 
 
Q1 
Group results and performance
First quarter 2026  
 
Net interest income 
Q1/Q1: Net interest income decreased by 4%, as expected, 
driven by lower deposit and equity margins due to policy rate 
reductions, and lower lending margins. These were partly 
offset by higher lending and deposit volumes, the deposit 
hedge contribution, higher treasury income and positive 
exchange rate effects of EUR 51m. 
 
Q1/Q4: Net interest income was stable, as the lower day 
count, lower lending margins and treasury-related items were 
offset by higher lending volumes, the deposit hedge 
contribution and positive exchange rate effects of EUR 39m. 
 
Lending volumes 
Q1/Q1: Loans to the public excluding repurchase agreements 
and securities borrowing were up 5% in local currencies. 
Lending volumes in local currencies increased by 1% in 
Personal Banking and 8% in Business Banking. Lending 
volumes in Large Corporates & Institutions were up 14% in 
EUR.  
 
 
 
Q1/Q4: Loans to the public excluding repurchase agreements 
and securities borrowing were up 1% in local currencies. 
Lending volumes in local currencies were stable in Personal 
Banking and increased by 3% in Business Banking. Lending 
volumes in Large Corporates & Institutions increased by 4% 
in EUR. 
 
Deposit volumes 
Q1/Q1: Total deposits from the public excluding repurchase 
agreements and securities lending were stable in local 
currencies. Deposit volumes in local currencies increased by 
5% in Personal Banking and 8% in Business Banking. Deposit 
volumes in Large Corporates & Institutions decreased by 5% 
in EUR. 
  
Q1/Q4: Total deposits from the public excluding repurchase 
agreements and securities lending decreased by 1% in local 
currencies. Deposit volumes in local currencies increased by 
1% in Personal Banking and 2% in Business Banking. Deposit 
volumes in Large Corporates & Institutions increased by 2% 
in EUR.
          
Net interest income per business area 
              Local currency 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Personal Banking 763 781 797 828 846 -10% -2% -11% -3% 
Asset & Wealth Management 72 68 71 74 78 -8% 6% -10% 6% 
Business Banking 525 527 526 536 546 -4% 0% -6% -2% 
Large Corporates & Institutions 326 317 326 318 334 -2% 3%   
Group functions 73 72 55 42 25     
Total Group 1,759 1,765 1,775 1,798 1,829 -4% 0% -7% -3% 
          
Change in net interest income (NII)          
 Q1/Q4 Q1/Q1 
Jan-Mar 
26/25       
EURm          
NII beginning of period 1,765 1,829 1,829       
Margin-driven NII -23 -276 -276       
     Lending margin -20 -87 -87       
     Deposit margin 2 -128 -128       
     Cost of funds -2 -18 -18       
     Equity margin -3 -43 -43       
Volume-driven NII 13 80 80       
     Lending volume 11 55 55       
     Deposit volume 2 25 25       
Day count -38 0 0       
Other1,2 42 126 126       
NII end of period 1,759 1,759 1,759       
1 of which foreign exchange 39 51 51       
2 of which deposit hedge 6 55 55

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

Nordea      First-Quarter Financial Report 2026 
9 
 
 
Q1 
Net fee and commission income  
Q1/Q1: Net fee and commission income was up 6%. Higher 
average assets under management (AuM) and activity levels 
drove growth in savings income, payment and card fee 
income and lending fee income. Exchange rate effects were 
positive at EUR 13m. 
 
Q1/Q4: Net fee and commission income was down 1%, driven 
by lower savings income. This was partly offset by higher 
brokerage and advisory income. Exchange rate effects were 
positive at EUR 9m. 
 
Savings income 
Q1/Q1: Net fee and commission income from savings 
increased by 5%, driven by higher average AuM. 
 
Q1/Q4: Net fee and commission income from savings 
decreased by 5%, driven by the lower day count. The fourth 
quarter of 2025 had included annual fee income. 
 
End-of-period total AuM decreased by EUR 9bn, to EUR 
464bn, and investment product AuM decreased by EUR 4bn, 
to EUR 349bn, driven by market performance. Net flows in 
investment products amounted to EUR 1.0bn and net flows in 
other assets were negative at EUR -1.7bn, both affected by 
seasonal dividend outflows in the quarter.
 
Brokerage and advisory income 
Q1/Q1: Net fee and commission income from brokerage and 
advisory increased by 8%, mainly due to higher debt capital 
markets income and stronger secondary equities income. 
These were partly offset by lower activity in equity capital 
markets and mergers and acquisitions. 
 
Q1/Q4: Net fee and commission income from brokerage and 
advisory increased by 8%, mainly due to higher debt capital 
markets income and stronger secondary equities income. 
These were partly offset by lower activity in equity capital 
markets and mergers and acquisitions. 
 
Payment and card income 
Q1/Q1: Net fee and commission income from payments and 
cards increased by 6%, mainly driven by higher cash 
management income. 
 
Q1/Q4: Net fee and commission income from payments and 
cards increased by 2%, mainly driven by higher cash 
management income. 
 
Lending and guarantee income 
Q1/Q1: Net fee and commission income from lending and 
guarantees increased by 10%, mainly driven by higher 
lending fee income. 
 
Q1/Q4: Net fee and commission income from lending and 
guarantees increased by 2%, mainly driven by lower costs 
related to significant risk transfer transactions.
Net fee and commission income per business area 
           Local currency 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Personal Banking 314 313 320 294 295 6% 0% 5% -1% 
Asset & Wealth Management 241 243 230 222 236 2% -1% 2% -1% 
Business Banking 162 152 154 149 152 7% 7% 4% 5% 
Large Corporates & Institutions 139 148 123 134 122 14% -6%   
Group functions -14 -3 -16 -7 -12     
Total Group 842 853 811 792 793 6% -1% 5% -2% 
          
Net fee and commission income per category 
           Local currency 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Savings 503 528 483 475 480 5% -5% 4% -5% 
Brokerage and advisory 57 53 47 48 53 8% 8% 6% 6% 
Payments and cards 156 153 157 151 147 6% 2% 5% 1% 
Lending and guarantees 127 125 129 124 115 10% 2% 9% 0% 
Other -1 -6 -5 -6 -2     
Total Group 842 853 811 792 793 6% -1% 5% -2% 
                 
Assets under management (AuM), volumes and net flow   
      Net flow 
 Q126 Q425 Q325 Q225 Q125 Q126 
EURbn       
Personal Banking 88.8 90.8 86.6 82.5 80.5 0.2 
Asset & Wealth Management 184.6 185.8 178.3 171.8 168.1 1.4 
Business Banking 32.0 32.0 30.3 29.3 28.9 0.6 
Large Corporates & Institutions 44.0 44.4 43.8 40.1 40.5 -1.2 
Investment product AuM 349.4 353.0 339.0 323.7 318.0 1.0 
Other assets 114.9 120.2 114.4 111.8 107.9 -1.7 
Total AuM 464.3 473.2 453.4 435.5 425.9 -0.7

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

Nordea      First-Quarter Financial Report 2026 
10 
 
 
Q1 
Net insurance result 
Q1/Q1: Net insurance result increased by 28%, primarily 
due to the development in medium-to-long-term interest rates 
positively impacting Finnish insurance products. 
 
Q1/Q4: Net insurance result increased by 8%, primarily due to 
lower claims for Danish insurance products.  
Net insurance result per business area 
         Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURm        
Personal Banking 38 34 31 29 26 46% 12% 
Asset & Wealth Management 20 22 27 23 19 5% -9% 
Business Banking 10 8 7 6 8 25% 25% 
Large Corporates & Institutions  0 1 0 0 0     
Group functions  1 -1 1 0 1   
Total Group 69 64 66 58 54 28% 8% 
 
Net result from items at fair value 
Q1/Q1: Net result from items at fair value decreased by 22%, 
primarily due to lower market making income. This was driven 
by the unexpected sharp increases in EUR and SEK interest 
rate expectations following the escalation in the Middle East 
conflict, which led to exceptional losses across certain desks. 
Customer activity remained high in foreign exchange and 
interest rate products. 
 
Q1/Q4: Net result from items at fair value decreased by 12% 
primarily due to lower market making income. This was driven 
by the unexpected sharp increases in EUR and SEK interest 
rate expectations following the escalation in the Middle East 
conflict, which led to exceptional losses across certain desks. 
Customer activity was high in foreign exchange and interest 
rate products in particular. 
 
Net result from items at fair value per business area 
         Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURm        
Personal Banking 8 20 15 20 16 -50% -60% 
Asset & Wealth Management 19 10 8 15 15 27% 90% 
Business Banking 113 106 93 106 105 8% 7% 
Large Corporates & Institutions  100 120 131 102 164 -39% -17% 
Group functions  -14 1 -2 11 -11   
Total Group 226 257 245 254 289 -22% -12% 
        
Equity method  
Q1/Q1: Income from companies accounted for under the 
equity method was EUR 1m, up from EUR -3m. 
 
Q1/Q4: Income from companies accounted for under the 
equity method was EUR 1m, stable quarter on quarter.
Other operating income 
Q1/Q1: Other operating income was EUR 13m, up from EUR 
12m. 
 
Q1/Q4: Other operating income was EUR 13m, up from EUR 
8m.
Total operating income per business area 
                     Local currency 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Personal Banking 1,127 1,149 1,164 1,173 1,184 -5% -2% -7% -3% 
Asset & Wealth Management 352 342 336 333 348 1% 3% 1% 3% 
Business Banking 817 799 792 808 819 0% 2% -2% 1% 
Large Corporates & Institutions 566 586 581 554 620 -9% -3%   
Group functions 48 72 37 43 3     
Total Group 2,910 2,948 2,910 2,911 2,974 -2% -1% -4% -3%

===== SIDA 12 =====

Nordea      First-Quarter Financial Report 2026 
11 
 
 
Q1 
Total operating expenses excluding IAC1 
Q1/Q1: Total operating expenses in local currencies were flat, 
in line with Nordea’s plan, reflecting stable strategic 
investment levels and continued active cost management. 
Including exchange rate effects, which had a negative impact 
of EUR 24m, total expenses were up 2%. Items affecting 
comparability (IAC) in the first quarter of 2026 comprised EUR 
190m in restructuring costs related to the execution of 
Nordea’s 2030 strategy implementation. 
 
Q1/Q4: Total operating expenses were down 1% due to 
seasonally lower business activity and lower provisions for 
variable pay. These were partly offset by higher regulatory 
fees. Exchange rate effects had a negative impact of EUR 
19m. 
 
Staff costs excluding IAC1 
Q1/Q1: Staff costs in local currencies rose by 1% due to 
annual salary inflation, with negative exchange rate effects 
driving an additional 1% increase. These increases were 
partly offset by active cost management, including a reduction 
in the number of employees. 
 
Q1/Q4: Staff costs were down 2% due to seasonally lower 
expenses and lower provisions for variable pay. 
 
Other expenses excluding IAC1 
Q1/Q1: Other expenses decreased by 1% due to lower 
strategic investment levels. 
 
Q1/Q4: Other expenses decreased by 5%, mainly due to 
seasonally lower activity.
 
Depreciation and amortisation excluding IAC1 
Q1/Q1: Depreciation and amortisation increased by EUR 6m 
due to a higher run rate of asset and project amortisation. 
 
Q1/Q4: Depreciation and amortisation decreased by EUR 5m, 
mainly due to lower amortisation and lower impairment 
charges. 
 
Regulatory fees 
Q1/Q1: Regulatory fees amounted to EUR 52m, down from 
EUR 54m. 
 
Q1/Q4: Regulatory fees amounted to EUR 52m, up from EUR 
24m, driven by the annual booking of EUR 33m in resolution 
fees. 
 
FTEs 
Q1/Q1: The number of employees (FTEs) decreased by 5%, 
to 28,747, driven by continued active cost management. 
 
Q1/Q4: The number of FTEs decreased by 1%.
 
          Total operating expenses 
                        Local currency 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Staff costs -811 -827 -806 -809 -792 2% -2% 1% -3% 
Other expenses -357 -375 -353 -354 -359 -1% -5% -3% -6% 
Depreciation -155 -160 -154 -151 -149 4% -3% 3% -4% 
Total Group excl. reg. fees 
 
-1,323 -1,362 -1,313 -1,314 -1,300 2% -3% 0% -4% 
Total Group excl. reg. fees incl. IAC 
 
-1,513 -1,362 -1,313 -1,314 -1,300 16% 11% 15% 10% 
Regulatory fees -52 -24 -19 -19 -54 -4%   -7%   
Total Group  -1,375 -1,386 -1,332 -1,333 -1,354 2% -1% 0% -2% 
Total Group incl. IAC1 -1,565 -1,386 -1,332 -1,333 -1,354 16% 13% 14% 12% 
1 Items affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after  tax). 
          
          
Total operating expenses per business area 
                        Local currency 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Personal Banking -635 -579 -593 -592 -617 3% 10% 1% 8% 
Asset & Wealth Management -152 -165 -147 -150 -154 -1% -8% -3% -7% 
Business Banking -382 -363 -366 -370 -361 6% 5% 4% 4% 
Large Corporates & Institutions -237 -235 -237 -237 -233 2% 1%   
Group functions 31 -44 11 16 11       
Total Group 
 
-1,375 -1,386 -1,332 -1,333 -1,354 2% -1% 0% -2% 
Total Group incl. IAC1 -1,565 -1,386 -1,332 -1,333 -1,354 16% 13% 14% 12% 
1 Items affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after  tax). 
 
          
Exchange rate effects       
          
 Q1/Q1 Q1/Q4 
Jan-Mar 
26/25       
Percentage points          
Income  2 1 2       
Expenses 2 1 2       
Operating profit 2 1 2       
Loan and deposit volumes 0 1 0

===== SIDA 13 =====

Nordea      First-Quarter Financial Report 2026 
12 
 
 
Q1 
Net loan losses and similar net result  
Nordea’s credit quality remained strong and stable in the first 
quarter. Net loan losses and similar net result amounted to a 
reversal of EUR 99m. During the quarter Nordea fully 
deployed its remaining management judgement allowances. 
Of the EUR 276m outstanding at the end of 2025, EUR 116m 
was reallocated to strengthen modelled provisions and EUR 
160m was released, reducing net loan losses and similar net 
result in the first quarter of 2026. Excluding the EUR 160m 
release, net loan losses and similar net result amounted to 
EUR 61m (6bp). 
      
 Q126 Q425 Q325 Q225 Q125 
Net loan losses and similar net result 1, EURm 
Net loan losses and similar      
net result 99 -49 19 21 -13 
of which collectively      
calculated 159 40 89 74 22 
of which individually      
calculated (stage 3) -73 -84 -64 -56 -42 
Of which similar net result2 13 -5 -6 3 7 
1 Positive amounts are net reversals. 
2 Net result on loans in hold portfolios mandatorily held at fair value.  
      
The macroeconomic outlook has become more uncertain due 
to the conflict in the Middle East. Nordea responded to the 
potentially worsening macroeconomic outlook by adjusting the 
scenario probability weights for its collective provisions. The 
revised probability weights are as follows: 10% for the 
favourable scenario, 50% for the baseline scenario and 40% 
for the adverse scenario, compared with 20%, 60% and 20%, 
respectively, in the fourth quarter of 2025. 
 
Main drivers of loan losses and similar net result  
Excluding the positive impact from the release of the 
management judgement allowances, loan losses were limited 
and were mainly in the corporate portfolio, where losses on 
three individual, and unrelated, customers amounted to EUR 
56m. Excluding these, net loan losses in the corporate 
portfolio were low. Net loan losses in the household portfolio 
were at a normal level. 
 
The revaluation of the portfolio reported at fair value, primarily 
Nordea Kredit’s mortgage portfolio, resulted in an 
improvement of EUR 13m, mainly driven by increases in 
house prices in Denmark. 
 
Net loan losses and similar net result amounted to reversals 
of EUR 55m in Business Banking, EUR 27m in Personal 
Banking, EUR 12m in Large Corporates & Institutions and 
EUR 6m in Asset & Wealth Management. 
 
Management judgement allowances 
Nordea’s management judgement allowances were increased 
significantly in 2020 in connection with the COVID-19 
pandemic. They have remained at substantial levels to 
address, for example, the rapid rises in inflation and interest 
rates during 2022 and 2023, but have gradually been 
reduced. As underlying loan losses have remained low since 
the initial build-up of the management judgement allowances, 
Nordea decided to revise the approach to the allowances in 
the first quarter of 2026. Following a review, modelled 
provisions were strengthened by EUR 116m and the 
remaining EUR 160m was released, resulting in the full 
deployment of the management judgement allowances. 
 
See Notes 10 and 11 for further details.
Credit portfolio 
Lending to the public excluding reverse repurchase 
agreements and securities borrowing amounted to EUR 
354bn at the end of the quarter, up 1% in local currencies on 
the previous quarter. 
 
Loans to the public measured at fair value excluding reverse 
repurchase agreements and securities borrowing amounted 
to EUR 53bn, unchanged from the previous quarter. The fair 
value portfolio mainly comprises Danish mortgage lending. 
 
Lending to the public measured at amortised cost before 
allowances increased to EUR 302bn in the first quarter from 
EUR 294bn in the fourth quarter of 2025. Of this, 94% was 
classified as stage 1 (unchanged from the previous quarter), 
5% as stage 2 (unchanged from the previous quarter) and 1% 
as stage 3 (unchanged from the previous quarter). Quarter on 
quarter, stage 1 loans increased by 3%. Stage 2 loans 
increased by 1% and stage 3 loans decreased by 5%. 
 
The coverage ratio for stage 2 was 1.5%, down from 1.9% in 
the previous quarter, driven by the management judgement 
allowance release. For stage 3, it was 30%, down from 31% 
in the previous quarter, driven by individual write-offs and the 
management judgement allowance release. The fair value 
impairment rate was 0.52%, down from 0.54% in the previous 
quarter. 
      
Net loan loss ratio 
 Q126 Q425 Q325 Q225 Q125 
Basis points of loans, amortised cost 1   
Net loan loss ratios,      
annualised, Group -11 6 -3 -3 3 
of which stages 1 and 2 -17 -3 -9 -9 -4 
of which stage 3 6 9 6 6 7 
Basis points of loans, total1,2     
Net loan loss ratio including loans held at  
fair value, annualised, Group -10 5 -2 -2 1 
Personal Banking total -6 6 2 -1 -1 
PeB Denmark -27 -2 -1 -2 -4 
PeB Finland 10 19 10 5 3 
PeB Norway -11 4 -6 -2 -8 
PeB Sweden 4 6 4 -3 3 
Business Banking total -22 3 -11 0 10 
BB Denmark -48 13 -25 -21 -2 
BB Finland -35 38 -20 32 26 
BB Norway -24 -25 0 2 2 
BB Sweden -1 0 -12 -3 15 
Large Corporates & 
Institutions total -5 4 -1 -6 -1 
  LC&I Denmark 62 26 10 10 13 
  LC&I Finland -62 4 20 -16 -4 
  LC&I Norway -35 -11 -42 12 -11 
  LC&I Sweden -31 -9 -9 -25 -12 
1 Negative amounts are net reversals. 
2 Net loan losses and net result on loans in hold portfolios mandatorily  
  held at fair value divided by total lending at amortised cost and  
  at fair value, basis points.

===== SIDA 14 =====

Nordea      First-Quarter Financial Report 2026 
13 
 
 
Q1 
Profit 
Operating profit excluding IAC1 
Q1/Q1: Operating profit increased by 2%, to EUR 1,634m, 
driven by lower loan losses.  
 
Q1/Q4: Operating profit increased by 8%, to EUR 1,634m. 
 
Taxes excluding IAC1 
Q1/Q1: Income tax expense amounted to EUR 390m, up from 
EUR 373m, corresponding to a tax rate of 23.9%. 
 
Q1/Q4: Income tax expense amounted to EUR 390m, up from 
EUR 356m, corresponding to a tax rate of 23.9%. 
 
 
Net profit excluding IAC1 
Q1/Q1: Net profit increased by 1%, to EUR 1,244m. Return 
on equity was 15.2%, down from 15.4%. Return on equity 
with amortised regulatory fees was 15.4%, down from 15.7%. 
 
Q1/Q4: Net profit increased by 8%, to EUR 1,244m. Return 
on equity was 15.2%, up from 14.5%. Return on equity with 
amortised regulatory fees was 15.4%, up from 14.4%. 
 
Q1/Q1: Diluted earnings per share were EUR 0.36, compared 
with EUR 0.35. Diluted earnings per share including IAC 
amounted to EUR 0.32. 
 
Q1/Q4: Diluted earnings per share were EUR 0.36, compared 
with EUR 0.34. Diluted earnings per share including IAC 
amounted to EUR 0.32. 
 
          
Operating profit per business area 
          
           Local currency 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Personal Banking 519 541 564 585 572 -9% -4% -11% -5% 
Asset & Wealth Management 206 173 189 182 195 6% 19% 6% 17% 
Business Banking 490 430 451 438 435 13% 14% 10% 12% 
Large Corporates & Institutions 341 342 347 331 389 -12% 0%   
Group functions  78 27 46 63 16     
Total Group 1,634 1,513 1,597 1,599 1,607 2% 8% 0% 7% 
Total Group incl. items affecting 
comparability¹ 1,444 1,513 1,597 1,599 1,607 -10% -5% -12% -6% 
1 Items affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after  tax).

===== SIDA 15 =====

Nordea      First-Quarter Financial Report 2026 
14 
 
 
Q1 
Capital position and risk exposure amount  
Nordea’s CET1 capital ratio remained strong in the first 
quarter at 15.7%, stable quarter on quarter and in line with its 
capital policy. The Group’s CET1 capital increased by EUR 
0.3bn, mainly due to profit generation net of dividend accrual 
and foreign exchange effects. These were partly offset by an 
increase in the risk exposure amount (REA) and higher 
capital deductions. The CET1 regulatory requirement 
remained unchanged at 13.8% in the first quarter. 
 
The REA increased by EUR 2.4bn, mainly driven by higher 
corporate lending volumes, increased market risk, and foreign 
exchange effects following an appreciation in the NOK. 
Increased credit valuation adjustments (CVA) due to widening 
credit spreads also contributed to the REA increase. The REA 
increase was partly offset by a reduction in retail risk weights 
following the annual probability of default (PD) calibration of 
the retail models. The EUR 1.6bn reduction in the REA from 
the PD calibration represents the first step in remediation to 
deliver a total REA reduction of EUR 4–6bn related to retail 
models. 
 
The Group’s Tier 1 capital ratio decreased to 17.7% (18.4%) 
in the first quarter following the call of an Additional Tier 1 
instrument. The total capital ratio was 20.4% (21.2%). 
 
At the end of the first quarter CET1 capital amounted to EUR 
25.4bn, Tier 1 capital amounted to EUR 28.6bn, and own 
funds amounted to EUR 33.1bn. 
 
The Group’s subordinated minimum requirements for own 
funds and eligible liabilities (MREL) ratio was 27.6% of the 
REA and 7.5% of the leverage ratio exposure (LRE), 
compared with the requirements of 23.0% of the REA and 
6.2% of the LRE. 
 
The total MREL ratio was 35.2% of the REA and 9.6% of the 
LRE, compared with the requirements of 32.1% of the REA 
and 6.2% of the LRE. 
 
The leverage ratio decreased to 4.8% in the first quarter from 
5.1%, mainly driven by higher lending volumes and a 
temporary increase in receivables on securities settlements. 
Capital ratios 
% Q126 Q425 Q325 Q225 Q125 
      CET1 capital ratio 15.7 15.7 15.9 15.6 15.7 
Tier 1 capital ratio 17.7 18.4 18.5 17.5 17.6 
Total capital ratio 20.4 21.2 21.1 20.0 20.2 
      
      Risk exposure amount, EURbn, quarterly 
 
 
 
 
Common Equity Tier 1 capital ratio, changes in the quarter 
 
 
 
Capital and dividend policies 
Nordea maintains a strong capital position in line with its 
capital policy. Nordea targets a management buffer of 150bp 
above the regulatory CET1 requirement. This reflects 
Nordea’s strong capital generation and enables the Group to 
manage capital efficiently while maintaining a prudent buffer 
above requirements. Nordea’s ambition is to distribute 60–
70% of the net profit for the year to shareholders. Excess 
capital will be used for organic growth and strategic business 
acquisitions, as well as being subject to buy-back 
considerations. 
 
Dividend proposal and share buy-backs 
On 20 April Nordea completed the share buy-back 
programme of EUR 500m launched on 18 December 2025. 
Nordea continues to have strong capital generation and to be 
focused on maintaining an efficient capital structure.  
 
On 24 March 2026 the Annual General Meeting (AGM) 
decided on a dividend payment of EUR 0.96 per share. The 
AGM also decided to authorise the Board of Directors 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 Nordea Group’s 
net profit for the six-month period ending 30 June 2026, while 
being subject to a maximum total amount of EUR 3bn. The 
mid-year dividend will be paid based on the annual accounts 
adopted for the financial year ended 31 December 2025. It is 
the intention of the Board of Directors to decide on the mid-
year dividend based on this authorisation in connection with 
the publication of the 2026 second-quarter and half-year 
results. At that time the Board of Directors will resolve on the 
amount and timing of the mid-year dividend, and the company 
will confirm the record and payment dates. Dividends will not 
be paid for shares held by Nordea on the dividend record 
dates. 
 
Regulatory developments 
In the first quarter of 2026 Nordea received the Group’s 
updated MREL requirements from the Single Resolution 
Board (SRB). The MREL requirements are 23.6% of the REA 
excluding the combined buffer requirement (CBR), and 6.2% 
of the LRE. The subordination requirements, which have been 
reduced, are 14.6% of the REA excluding the CBR, and 6.2% 
of the LRE. The SRB assesses and updates the requirements 
annually.

===== SIDA 16 =====

Nordea      First-Quarter Financial Report 2026 
15 
 
 
Q1 
Risk exposure amount     
   31 Mar 31 Dec 31 Mar 
   2026 2025 2025 
EURm      
Credit risk  119,722 124,919 125,173 
IRB  107,901 112,662 110,450 
  - sovereign       
  - corporate  62,657 59,775 57,143 
    - advanced  39,253 37,057 36,855 
    - foundation  23,404 22,718 20,288 
  - institutions  3,795 3,597 3,837 
  - retail  35,388 42,958 42,596 
  - items representing securitisation positions  3,278 3,526 3,666 
  - other  2,783 2,806 3,208 
Standardised  11,821 12,257 14,723 
  - sovereign  225 181 208 
  - retail  4,498 4,618 6,614 
  - other  7,098 7,458 7,901 
Credit valuation adjustment risk  813 455 1,184 
     Market risk  5,752 5,158 5,387 
 - trading book, internal approach  4,964 4,444 4,680 
 - trading book, standardised approach  788 714 707 
 - banking book, standardised approach     
      Settlement risk    3 
     Operational risk  21,389 21,125 21,125 
      Additional risk exposure amount related to Finnish RW floor due to Article 458 of the CRR     
Additional risk exposure amount related to Swedish RW floor due to Article 458 of the CRR  13,845 7,451 6,813 
Additional risk exposure amount due to Article 3 of the CRR  547 551  
      Total  162,068 159,659 159,685 
 
 
 
Summary of items included in own funds including result (Banking Group)  31 Mar 31 Dec 31 Mar 
   2026 2025 2025 
EURm      
Calculation of own funds     
Equity in the consolidated situation  29,002 27,574 28,517 
Profit for the period  1,099 4,843 1,233 
Accrued dividend  -770 -3,284 -863 
Common Equity Tier 1 capital before regulatory adjustments   29,331 29,133 28,887 
Deferred tax assets  -13 -14 -24 
Intangible assets  -2,879 -2,840 -2,746 
IRB provisions shortfall (-)  -233 -44 -214 
Pension assets in excess of related liabilities  -300 -256 -260 
Other items including buy-back deduction, net1  -500 -848 -641 
Total regulatory adjustments to Common Equity Tier 1 capital  -3,925 -4,002 -3,885 
Common Equity Tier 1 capital (net after deduction) 2 25,406 25,131 25,002 
Additional Tier 1 capital before regulatory adjustments   3,217 4,261 3,143 
Total regulatory adjustments to Additional Tier 1 capital   -12 -13 -24 
Additional Tier 1 capital  3,205 4,248 3,119 
Tier 1 capital (net after deduction)2  28,611 29,379 28,121 
Tier 2 capital before regulatory adjustments  4,526 4,550 4,111 
IRB provisions excess (+)     
Deductions for investments in insurance companies      
Other items, net  -15 -25 -50 
Total regulatory adjustments to Tier 2 capital  -15 -25 -50 
Tier 2 capital  4,511 4,525 4,061 
Own funds (net after deduction)2  33,122 33,904 32,182 
1 Other items, net if reported excluding profit.  -495 -848 -641 
2 The first quarter of 2026 includes net profit for the period, with a dividend deduction of 70% (the upper range under Nordea’s dividend policy). For  
  regulatory purposes, Nordea will report CET1 capital of EUR 25,083m and a CET1 ratio of 15.5% to the competent authority, both calculated  
  excluding net profit for the period, with a corresponding effect on the other regulatory capital levels and ratios.

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

Nordea      First-Quarter Financial Report 2026 
16 
 
 
Q1 
Balance sheet  
Balance sheet data  
 Q126 Q425 Q325 Q225 Q125 
EURbn      
Loans to credit institutions 3 4 7 6 5 
Loans to the public 390 382 375 368 367 
Derivatives 20 18 18 22 22 
Interest-bearing securities 89 80 80 80 83 
Other assets 177 170 168 161 164 
Total assets 679 654 648 637 641 
      Deposits from credit institutions 40 34 48 30 35 
Deposits from the public 241 243 226 237 240 
Debt securities in issue 204 196 191 193 195 
Derivatives 20 18 18 22 23 
Other liabilities 144 131 133 125 118 
Total equity 30 32 32 30 30 
Total liabilities and equity 679 654 648 637 641 
      
 
Funding and liquidity operations 
In the first quarter of 2026 Nordea issued approximately EUR 
7.8bn in long-term funding (excluding Danish covered bonds 
and long-dated certificates of deposit), of which approximately 
EUR 6.8bn was issued in the form of covered bonds and EUR 
1.1bn was issued as senior debt. Notable transactions during 
the quarter included Nordea’s inaugural EU green bond, in 
the form of a EUR 1bn 3-year covered bond; a EUR 750m 7-
year senior preferred note; a SEK 3.25bn 3-year senior 
preferred note; and a SEK 5.5bn 5.7-year covered bond. 
 
At the end of the first quarter long-term funding accounted for 
approximately 75% of Nordea’s total wholesale funding. 
 
Short-term liquidity risk is measured using several metrics, 
including the liquidity coverage ratio (LCR). The Nordea 
Group’s combined LCR was 150% at the end of the first 
quarter. The liquidity buffer is composed of highly liquid 
central bank eligible securities and cash, as defined in the 
LCR regulation. At the end of the first quarter the liquidity 
buffer amounted to EUR 117bn, compared with EUR 117bn at 
the end of the fourth quarter of 2025. The net stable funding 
ratio (NSFR) measures long-term liquidity risk. At the end of 
the first quarter Nordea’s NSFR was 120.0%, compared with 
123.7% at the end of the fourth quarter of 2025.
 
      Funding and liquidity data 
 Q126 Q425 Q325 Q225 Q125 
Long-term funding portion 75% 76% 77% 79% 79% 
LCR total 150% 171% 147% 160% 166% 
LCR EUR 209% 262% 133% 163% 235% 
LCR USD 130% 210% 197% 159% 169% 
 
 
Market risk  
Market risk in the trading book measured by value at risk 
(VaR) was EUR 24.3m. Quarter on quarter, VaR decreased 
by EUR 18.6m, primarily as a result of lower interest rates. 
Interest rate risk remained the main driver of VaR at the end 
of the first quarter of 2026. Trading book VaR continues to be 
driven by market risk related to Nordic and other Northern 
European exposures. 
      Trading book 
       Q126 Q425 Q325 Q225 Q125 
EURm      
Total risk, VaR 24 43 41 32 34 
Interest rate risk, VaR 24 44 40 32 33 
Equity risk, VaR 4 2 9 4 3 
Foreign exchange risk, VaR 3 4 3 3 1 
Credit spread risk, VaR 5 5 5 5 4 
Inflation risk, VaR 3 1 2 3 3 
Diversification effect 36% 23% 30% 31% 23% 
      
Nordea share and credit ratings 
Nordea’s share price and credit ratings as at the end of the 
first quarter of 2026. 
        
  
Nasdaq STO 
(SEK) 
Nasdaq COP 
(DKK)  
Nasdaq HEL 
(EUR) 
3/31/2024  119.20 78.11  10.47 
6/30/2024  126.10 83.06  11.12 
9/30/2024  119.60 78.84  10.59 
12/31/2024  120.21 78.10  10.50 
3/31/2025  127.70 87.60  11.77 
6/30/2025  140.80 93.90  12.61 
9/30/2025  154.30 103.95  13.98 
12/31/2025  173.95 120.55  16.09 
3/31/2026  161.05 110.35  14.68 
        Moody's     Standard & Poor's  Fitch 
Short Long  Short Long  Short Long 
P-1 Aa2  A-1+ AA-  F1+ AA-

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

Nordea      First-Quarter Financial Report 2026 
17 
 
 
Q1 
Other information  
 
Decisions of Nordea’s 2026 Annual General Meeting 
The AGM of Nordea Bank Abp was held on 24 March 2026 as 
a virtual meeting. Shareholders could also exercise their 
voting rights by voting in advance. All proposals to the AGM 
by the Board of Directors and the Shareholders’ Nomination 
Board were approved.  
 
The AGM approved the annual accounts for the financial 
period ending 31 December 2025 and decided on a dividend 
payment of EUR 0.96 per share. The AGM further authorised 
the Board of Directors 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 Nordea Group’s net profit for the six-month period 
ending 30 June 2026, while being subject to a maximum total 
amount of EUR 3bn. The mid-year dividend will be paid based 
on the annual accounts adopted for the financial year ended 
31 December 2025. The intention is for the Board of Directors 
to decide on the mid-year dividend in conjunction with the 
interim report for the second quarter. 
 
The AGM also adopted the Remuneration Report for 
Governing Bodies for 2025 through an advisory resolution.  
 
The persons who in 2025 had served as members of the 
Board of Directors, President and Group CEO, and Deputy 
Managing Director were discharged from liability for the 
financial period ending 31 December 2025. Sir Stephen 
Hester, Petra van Hoeken, Risto Murto, Lars Rohde, Lene 
Skole, Per Strömberg, Jonas Synnergren, Arja Talma and 
Kjersti Wiklund were re-elected as Board members and 
Simon Cooper was elected as a new Board member for the 
period until the end of the next AGM. Sir Stephen Hester was 
re-elected as Chair of the Board of Directors until the end of 
the next AGM.  
 
Furthermore, the AGM decided to authorise the Board of 
Directors to decide on issuances of special rights entitling to 
shares (convertibles), repurchases of own shares and share 
issuances or transfers of own shares in accordance with the 
terms of the AGM decision. The AGM also decided on the 
repurchase and transfer of own shares as part of the bank’s 
securities trading business. 
 
Dividend payment 
The dividend of EUR 0.96 per share was paid in April 2026 to 
those shareholders who, on the record date for the dividend 
(26 March 2026), were recorded in Nordea’s shareholders’ 
register maintained by Euroclear Finland Oy in Finland, 
Euroclear Sweden AB in Sweden and VP Securities A/S in 
Denmark. 
 
Share cancellations and share transfers 
Nordea cancelled aggregated amounts of 6,187,862, 
9,847,878 and 6,070,982 treasury shares in January, 
February and March, respectively. The shares had been held 
for capital optimisation purposes and acquired through buy-
backs.
 
 
 
On 28 January 2026 the Board of Directors resolved on a 
directed share transfer pursuant to Nordea’s variable 
remuneration awards. The resolution was based on the 
authorisation granted to the Board of Directors by the 2025 
Annual General Meeting (AGM). According to the former, 
Nordea would transfer a maximum of 3,000,000 own shares 
without consideration to participants in its variable pay 
programmes to settle its commitment to award part of its 
variable pay in shares. The transfer would be made in 
accordance with the applicable terms and conditions of the 
programmes and regulatory requirements. Based on the 
resolution, Nordea transferred 1,253,653 own shares held by 
the company to participants in its variable pay programmes 
on 19 March 2026. 
 
Restructuring costs for the 2030 strategy execution 
To execute its 2030 strategy and drive structural efficiency 
improvements, Nordea has launched restructuring initiatives 
to change its workforce composition. As communicated at the 
Capital Markets Day in November 2025, the implementation 
of these initiatives entails restructuring costs. These 
restructuring costs, amounting to EUR 190m, were booked in 
the first quarter of 2026. Once completed, the restructuring 
initiatives are expected to deliver an annual cost reduction of 
at least EUR 150m from the full year 2028 onwards. 
 
The restructuring costs relate primarily to changes in the 
composition of Nordea’s workforce and include skill shifts 
leading to a reduction in the number of employees. 
Approximately 1,500 employees across the Group are 
expected to be impacted in 2026 and 2027, subject to 
relevant union negotiations and consultation processes. 
Nordea will support employees with reskilling, upskilling and 
relevant internal opportunities. 
 
The planned restructuring supports the delivery of Nordea’s 
2030 financial targets. The restructuring costs have been 
treated as an item affecting comparability and have been 
excluded from Nordea’s 2026 financial outlook. 
 
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. 
 
Shares 
As at 31 March 2026, the total shares registered were 3,412 
million (31 December 2025: 3,434 million; 31 March 2025: 
3,491 million). The number of own shares was 15.1 million 
(31 December 2025: 14.0 million; 31 March 2025: 17.7 
million), which represents 0.4% (31 December 2025: 0.4%; 31 
March 2025: 0.5%) of the total shares in Nordea. Each share 
represents one voting right.

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

Nordea      First-Quarter Financial Report 2026 
18 
 
 
Q1 
Quarterly development, Group 
Excluding items affecting comparability1       
  
Q1 Q4 Q3 Q2 Q1 
  2026 2025 2025 2025 2025 
EURm       
Net interest income  1,759 1,765 1,775 1,798 1,829 
Net fee and commission income  842 853 811 792 793 
Net insurance result  69 64 66 58 54 
Net result from items at fair value  226 257 245 254 289 
Profit or loss from associated undertakings and joint ventures        
accounted for under the equity method  1 1 1 -1 -3 
Other operating income  13 8 12 10 12 
Total operating income  2,910 2,948 2,910 2,911 2,974 
       
Staff costs  -811 -827 -806 -809 -792 
Other expenses  -357 -375 -353 -354 -359 
Depreciation, amortisation and impairment charges of tangible and intangible assets   -155 -160 -154 -151 -149 
Total operating expenses excl. regulatory fees  -1,323 -1,362 -1,313 -1,314 -1,300 
       
Regulatory fees  -52 -24 -19 -19 -54 
Total operating expenses  -1,375 -1,386 -1,332 -1,333 -1,354 
       
Profit before loan losses  1,535 1,562 1,578 1,578 1,620 
       
Net loan losses and similar net result  99 -49 19 21 -13 
Operating profit  1,634 1,513 1,597 1,599 1,607 
       
Income tax expense  -390 -356 -369 -378 -373 
Net profit for the period  1,244 1,157 1,228 1,221 1,234 
       
Diluted earnings per share (DEPS), EUR  0.36 0.34 0.36 0.35 0.35 
DEPS, rolling 12 months up to period end, EUR  1.41 1.39 1.39 1.39 1.41 
1 Items affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after  tax).

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

Nordea      First-Quarter Financial Report 2026 
19 
 
 
Q1 
Business areas  
Excluding items affecting comparability  
 
Personal 
Banking 
Asset & Wealth 
Management 
Business 
Banking 
Large 
Corporates & 
Institutions 
Group 
functions  Nordea Group 
 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4  
 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Chg 
EURm              
Net interest income  763 781 72 68 525 527 326 317 73 72 1,759 1,765 0% 
Net fee and commission income 314 313 241 243 162 152 139 148 -14 -3 842 853 -1% 
Net insurance result 38 34 20 22 10 8 0 1 1 -1 69 64 8% 
Net result from items at fair value 8 20 19 10 113 106 100 120 -14 1 226 257 -12% 
Other income  4 1 0 -1 7 6 1 0 2 3 14 9 56% 
Total operating income   1,127 1,149 352 342 817 799 566 586 48 72 2,910 2,948 -1% 
Total operating expenses excl. 
regulatory fees -601 -567 -150 -165 -370 -357 -232 -232 30 -41 -1,323 -1,362 -3% 
Total operating expenses   -635 -579 -152 -165 -382 -363 -237 -235 31 -44 -1,375 -1,386 -1% 
Net loan losses and similar net result 27 -29 6 -4 55 -6 12 -9 -1 -1 99 -49  
Operating profit 519 541 206 173 490 430 341 342 78 27 1,634 1,513 8% 
Cost-to-income ratio1, % 53 49 43 48 45 45 41 40   45 46  
Return on allocated equity (RoAE)2,3,% 16 15 38 30 18 15 15 15   15 14  
Allocated equity 10,779 10,738 1,625 1,764 8,911 8,691 7,399 6,950 1,378 4,276 30,092 32,419 -7% 
Risk exposure amount (REA) 60,678 61,792 8,377 9,025 44,178 42,965 44,401 41,783 4,434 4,094 162,068 159,659 2% 
Number of employees (FTEs) 6,784 6,790 3,077 3,042 3,772 3,738 1,204 1,207 13,910 14,212 28,747 28,989 -1% 
Volumes, EURbn4:               
Total lending 182.6 180.9 13.4 13.2 98.2 94.9 62.0 59.4 -2.6 -2.7 353.6 345.7 2% 
Total deposits 97.2 96.2 13.9 14.1 57.8 56.4 52.0 51.2 -0.9 3.8 220.0 221.7 -1% 
Investment product AuM 88.8 90.8 184.6 185.8 32.0 32.0 44.0 44.4 0 0 349.4 353.0 -1% 
Restatement due to organisational changes. 
 
1 Excluding regulatory fees. 
2 With amortised regulatory fees. 
3 Equal to return on equity (RoE) for the Nordea Group.  
4 Excluding repurchase agreements and security lending/borrowing agreements.  
              
 
Personal 
Banking 
Asset & Wealth 
Management 
Business 
Banking 
Large 
Corporates & 
Institutions 
Group 
functions  Nordea Group 
 Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar  
 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Chg 
EURm              
Net interest income  763 846 72 78 525 546 326 334 73 25 1,759 1,829 -4% 
Net fee and commission income 314 295 241 236 162 152 139 122 -14 -12 842 793 6% 
Net insurance result 38 26 20 19 10 8 0 0 1 1 69 54 28% 
Net result from items at fair value 8 16 19 15 113 105 100 164 -14 -11 226 289 -22% 
Other income  4 1 0 0 7 8 1 0 2 0 14 9 56% 
Total operating income   1,127 1,184 352 348 817 819 566 620 48 3 2,910 2,974 -2% 
Total operating expenses excl. 
regulatory fees -601 -586 -150 -152 -370 -350 -232 -229 30 17 -1,323 -1,300 2% 
Total operating expenses   -635 -617 -152 -154 -382 -361 -237 -233 31 11 -1,375 -1,354 2% 
Net loan losses and similar net result 27 5 6 1 55 -23 12 2 -1 2 99 -13  
Operating profit 519 572 206 195 490 435 341 389 78 16 1,634 1,607 2% 
Cost-to-income ratio1, % 53 50 43 44 45 43 41 37   45 44  
Return on allocated equity (RoAE)2,3,% 16 17 38 36 18 16 15 18   15 16  
Allocated equity 10,779 11,128 1,625 1,733 8,911 8,679 7,399 6,785 1,378 1,412 30,092 29,737 1% 
Risk exposure amount (REA) 60,678 61,850 8,377 8,625 44,178 43,932 44,401 39,816 4,434 5,462 162,068 159,685 1% 
Number of employees (FTEs) 6,784 7,257 3,077 3,197 3,772 3,903 1,204 1,258 13,910 14,728 28,747 30,343 -5% 
Volumes, EURbn4:               
Total lending 182.6 180.5 13.4 12.8 98.2 90.7 62.0 54.4 -2.6 -2.7 353.6 335.7 5% 
Total deposits 97.2 92.9 13.9 13.4 57.8 53.7 52.0 54.6 -0.9 6.6 220.0 221.2 -1% 
Investment product AuM 88.8 80.5 184.6 168.1 32.0 28.9 44.0 40.5 0 0 349.4 318.0 10% 
Restatement due to organisational changes. 
 
1 Excluding regulatory fees. 
2 With amortised regulatory fees. 
3 Equal to return on equity (RoE) for the Nordea Group.  
4 Excluding repurchase agreements and security lending/borrowing agreements.

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

Nordea      First-Quarter Financial Report 2026 
20 
 
 
Q1 
Personal Banking 
 
Introduction 
In Personal Banking we offer household customers easy and 
convenient everyday banking and advice for all stages of life. 
We are committed to supporting their financial well-being with 
a comprehensive and attractive range of financial products 
and services, along with a great customer experience. 
 
Business development 
In the first quarter we continued with our strategic initiatives to 
deliver an enhanced customer experience and improved cost 
efficiency. Customer savings and investment activity 
remained at elevated levels despite the market turbulence 
and many customers increased their recurring savings 
amounts. Recurring savings were up 3% year on year. 
 
We achieved solid mortgage lending growth in an overall 
slower market environment while deposits continued to grow 
at a strong pace. Total lending volumes increased by 1% in 
local currencies year on year and deposit volumes were up 
5%. Mortgage lending grew by 2%. 
 
Our 2030 strategy execution is off to a good start, with steady 
progress achieved across our key initiatives. In Sweden we 
further strengthened our position and continued to grow our 
mortgage market share. In Norway we continued to deliver on 
our cross-sales ambition, driving a significant increase in the 
savings business. We are seeing early progress in 
cross‑sales across our four home markets, supported by 
savings product launches, including a new fund and a simple, 
goal‑based savings solution in Sweden. We have also made 
progress in leveraging our Nordic scale by developing 
capabilities to support a better customer experience and 
shorter lead times, and making additional improvements to 
our digital service offering.  
 
Having achieved full digital self‑service coverage in 2025, we 
further enhanced our digital offering in the first quarter through 
design improvements that make the app even easier to use. 
Customer use of our digital services increased again: app 
users and logins were up 4% and 6%, respectively, year on 
year. The number of digitally active customers increased by 
1% year on year. 
 
Customers are also placing increasing value on our digital 
self-service offering, as shown by their growing adoption of its 
features. For example, in the first quarter 69% of fund 
investments were made through digital channels and 78% of 
new monthly savers initiated their recurring savings online. 
 
This quarter, we introduced the award-winning Gimi app in 
Denmark following successful launches in Norway and 
Sweden. The app is aimed at helping children learn financial 
skills, with a focus on saving, spending and earning. Through 
our collaboration with Gimi, we seek to equip young people 
with the knowledge and confidence to use banking services 
while supporting customer satisfaction and early relationship-
building for Nordea. 
 
Our 2030 financial targets are a return on allocated equity 
(RoAE) of greater than 19% and a cost-to-income ratio1 of 
below 43%. 
 
 
Financial outcome 
Total income in the first quarter decreased by 5% year on 
year, reflecting reduced net interest income in the lower policy 
rate environment. The lower interest income was partly offset 
by continued savings and insurance income momentum.  
 
Net interest income decreased by 10%, mainly driven by 
lower interest rates, which entailed lower deposit margins, 
and competitive pressure on lending margins in Norway and 
Sweden. These were partly offset by higher deposit and 
lending volumes and the deposit hedge contribution. 
 
Net fee and commission income increased by 6% year on 
year, mainly driven by higher payment and card fee income 
and higher savings income. Net insurance result increased by 
46%, mainly driven by a positive interest rate impact on 
Finnish protection products. 
 
Total expenses excluding foreign exchange effects increased 
by 1% year on year, with salary inflation partly offset by 
realised operational efficiencies and strict cost management. 
Foreign exchange effects added an additional 2% to the year-
on-year cost growth. The cost-to-income ratio1 was 53%, 
compared with 50% a year ago. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 27m, driven by the management judgement 
buffer release. Excluding the management buffer release, net 
loan losses and similar net result amounted to EUR 5m (1bp). 
There had been a net reversal of EUR 5m a year ago. 
 
Operating profit decreased by 9% year on year, to EUR 
519m. Return on allocated equity with amortised resolution 
fees was 16%. 
 
Personal Banking Denmark 
Net interest income decreased by 6% in local currency year 
on year, primarily driven by lower deposit margins. These 
were partly offset by higher deposit volumes. 
 
Lending volumes decreased by 2% in local currency year on 
year. Deposit volumes increased by 7%.  
 
Net fee and commission income increased by 6% in local 
currency year on year, mainly driven by higher lending fee 
income. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 29m. 
 
Personal Banking Finland 
Net interest income decreased by 9% year on year, mainly 
driven by lower deposit margins. These were partly offset by 
higher deposit volumes. 
 
Lending volumes were stable, while deposit volumes 
increased by 3% year on year, driven by higher demand for 
fixed-term deposits.  
 
Net fee and commission income increased by 1% year on 
year. 
 
Net loan losses and similar net result amounted to EUR 9m 
(10bp).

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

Nordea      First-Quarter Financial Report 2026 
21 
 
 
Q1 
Personal Banking Norway 
Net interest income decreased by 20% in local currency year 
on year, driven by lower deposit and lending margins. These 
were partly offset by higher mortgage and deposit volumes. 
 
Lending volumes increased by 1% in local currency year on 
year. Deposit volumes increased by 9%. The growth was 
driven by active measures to build the deposit base, from 
existing and new customers, and was also supported by 
strong Norwegian market momentum. 
 
Net fee and commission income increased by 9% in local 
currency year on year, mainly driven by a 15% increase in 
savings income. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 12m.  
Personal Banking Sweden 
Net interest income decreased by 13% in local currency year 
on year, driven by lower deposit and lending margins. These 
were partly offset by higher deposit and lending volumes. 
 
Lending volumes increased by 4% in local currency year on 
year, driven by a 5% increase in mortgage volumes. Deposit 
volumes increased by 4% year on year. 
 
Net fee and commission income increased by 3% year on 
year, with an increase in savings and payment and card fee 
income partly offset by lower lending fee income. 
 
Net loan losses and similar net result amounted to EUR 5m 
(4bp).
 
Personal Banking total  
      Chg Chg local curr. 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Net interest income 763 781 797 828 846 -10% -2% -11% -3% 
Net fee and commission income 314 313 320 294 295 6% 0% 5% -1% 
Net insurance result 38 34 31 29 26 46% 12% 37% 16% 
Net result from items at fair value 8 20 15 20 16 -50% -60% -50% -64% 
Other income 4 1 1 2 1     
Total income 1,127 1,149 1,164 1,173 1,184 -5% -2% -7% -3% 
Total expenses excl. regulatory fees -601 -567 -583 -583 -586 3% 6% 1% 5% 
Total expenses -635 -579 -593 -592 -617 3% 10% 1% 8% 
Profit before loan losses 492 570 571 581 567 -13% -14% -15% -15% 
Net loan losses and similar net result 27 -29 -7 4 5     
Operating profit 519 541 564 585 572 -9% -4% -11% -5% 
Cost-to-income ratio1, % 53 49 50 50 50     
Return on allocated equity2, % 16 15 16 16 17     
Allocated equity 10,779 10,738 10,884 10,976 11,128 -3% 0%   
Risk exposure amount (REA) 60,678 61,792 61,498 60,810 61,850 -2% -2%   
Number of employees (FTEs) 6,784 6,790 6,913 7,073 7,257 -7% 0%   
Volumes, EURbn:          
Mortgage lending 168.6 166.7 165.1 163.7 165.7 2% 1% 2% 0% 
Other lending 14.0 14.2 14.4 14.4 14.8 -5% -1% -5% -1% 
Total lending 182.6 180.9 179.5 178.1 180.5 1% 1% 1% 0% 
Total deposits 97.2 96.2 95.6 95.1 92.9 5% 1% 5% 1% 
Investment product AuM 88.8 90.8 86.6 82.5 80.5 10% -2%   
1 Excluding regulatory fees. 
2 With amortised regulatory fees.

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

Nordea      First-Quarter Financial Report 2026 
22 
 
 
Q1 
Personal Banking 
      Chg Chg local curr. 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
          
Net interest income, EURm          
PeB Denmark 215 218 221 224 228 -6% -1% -6% -2% 
PeB Finland 194 202 199 204 214 -9% -4% -9% -4% 
PeB Norway 118 119 131 141 145 -19% -1% -20% -3% 
PeB Sweden 232 236 241 251 253 -8% -2% -13% -4% 
Other 4 6 5 8 6     
Total 763 781 797 828 846 -10% -2% -11% -3% 
          
Net fee and commission income, EURm          
PeB Denmark 86 87 95 79 81 6% -1% 6% -1% 
PeB Finland 78 79 79 79 77 1% -1% 1% -1% 
PeB Norway 36 33 35 34 32 13% 9% 9% 6% 
PeB Sweden 115 115 111 107 106 8% 0% 3% -3% 
Other -1 -1 0 -5 -1     
Total 314 313 320 294 295 6% 0% 5% -1% 
          
Net loan losses and similar net result, EURm      
PeB Denmark 29 2 1 2 4     
PeB Finland -9 -18 -9 -5 -3     
PeB Norway 12 -4 6 2 8     
PeB Sweden -5 -8 -5 4 -4     
Other 0 -1 0 1 0     
Total 27 -29 -7 4 5     
          
Volumes, EURbn          
Personal Banking Denmark          
Mortgage lending 41.1 41.5 41.6 41.7 41.8 -2% -1% -2% -1% 
Other lending 1.6 1.6 1.7 1.7 1.7 -6% 0% -6% 0% 
Total lending 42.7 43.1 43.3 43.4 43.5 -2% -1% -2% -1% 
Total deposits 23.8 23.6 23.1 23.1 22.4 6% 1% 7% 1% 
          
Personal Banking Finland          
Mortgage lending 31.5 31.7 31.7 31.7 31.7 -1% -1% -1% -1% 
Other lending 6.2 6.1 6.1 6.1 6.1 2% 2% 2% 2% 
Total lending 37.7 37.8 37.8 37.8 37.8 0% 0% 0% 0% 
Total deposits 27.4 27.2 27.4 27.2 26.6 3% 1% 3% 1% 
          
Personal Banking Norway          
Mortgage lending 42.0 39.7 40.1 39.4 40.6 3% 6% 2% 0% 
Other lending 1.6 1.5 1.5 1.5 1.7 -6% 7% -6% 0% 
Total lending 43.6 41.2 41.6 40.9 42.3 3% 6% 1% 0% 
Total deposits 15.9 14.8 15.0 14.9 14.4 10% 7% 9% 2% 
          
Personal Banking Sweden          
Mortgage lending 53.9 53.9 51.9 50.9 51.7 4% 0% 5% 1% 
Other lending 2.8 2.9 2.9 2.9 2.9 -3% -3% -3% -3% 
Total lending 56.7 56.8 54.8 53.8 54.6 4% 0% 4% 1% 
Total deposits 28.9 29.1 28.5 28.3 27.8 4% -1% 4% 0% 
          
Run-off products reported gross          
Other lending 1.9 2.0 2.1 2.2 2.4 -21% -5%   
Total lending 1.9 2.0 2.1 2.2 2.4 -21% -5%   
Total deposits 1.3 1.4 1.5 1.5 1.6 -19% -7%

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

Nordea      First-Quarter Financial Report 2026 
23 
 
 
Q1 
Asset & Wealth Management 
 
Introduction 
In Asset & Wealth Management we provide Nordic private 
banking customers and international institutional and 
wholesale customers with market-leading products and 
services. 
 
Asset & Wealth Management also includes the product and 
specialist units Asset Management and Life & Pension. 
 
Business development 
During the first quarter we maintained solid business 
momentum and delivered a resilient investment performance 
in difficult markets. Customer acquisition remained high and 
we secured net flows of EUR 1bn in Private Banking.  
 
Market turbulence intensified in March amid the conflict in the 
Middle East and rising oil prices, which weighed on overall 
market sentiment. Supporting Private Banking customers 
remained our key priority and proactive engagement during 
this period of uncertainty contributed to continued high 
customer satisfaction. Our success was recognised by 
Euromoney, which awarded us the title of Best Private Bank 
in Norway 2026. Customer acquisition was at a record high in 
both Denmark and Finland.   
 
In our international channels we delivered positive net flows 
again in the first quarter despite increased investor caution 
due to the ongoing conflict in the Middle East. The wholesale 
distribution business has shown resilience since the middle of 
2025, and positive flows in the current environment testify to 
the attractiveness of our product offering. Our BetaPlus 
offering in particular performed well despite the increased 
caution. International net flows amounted to EUR 150m, of 
which EUR 50m were from international institutions. Net flows 
in the wholesale distribution channel were negatively 
impacted by the market turmoil but were nevertheless positive 
at EUR 100m for the quarter. 
 
Overall investment performance was solid, with 61% of 
aggregated composites providing excess return on a three-
year basis. At the end of the quarter 74% of our total assets 
under management (AuM) were in ESG products. Our 
Empower Europe Fund had reached over EUR 600 million in 
AuM by the end of the quarter, while our Active Rates 
Opportunities Fund had surpassed EUR 0.9bn.  
 
We continued to progress with our strategic ambition to 
deliver leading digital savings and investment experiences. 
During the quarter we made enhancements across key 
customer journeys and launched AI News Summary, our first 
AI-driven customer service providing tailored market news 
based on individual holdings and preferences.  
 
In Life & Pension we sustained strong momentum across all 
four markets and reached EUR 102bn in AuM, up 15% year 
on year, further strengthening our position as the Nordics’ 
second-largest player. Gross written premiums in the quarter 
amounted to EUR 4bn, up from EUR 3.7bn a year ago.  
 
Our 2030 strategy execution is off to a good start, supported 
by high business momentum and external recognition. We are 
driving strong growth in Life & Pension. We continue to 
expand our Private Banking franchise by increasing our 
advisory capacity, including through the Nordic-wide pilot of 
our new Private Banking Direct Advisory service, launched in 
April. We also remain focused on delivering a strong offering, 
developing existing thematic products such as our Empower 
Europe Fund, and launching new ones, including our Global 
AI Innovators Fund, which is already gaining meaningful 
traction. 
 
Our 2030 financial targets are a return on allocated equity 
(RoAE) of greater than 40% and a cost-to-income ratio1 of 
below 36%. 
  
Financial outcome 
Total income in the first quarter was up 1% year on year, 
driven by higher net fee and commission income and higher 
net result from items at fair value. 
 
Net interest income was down 8% year on year, driven by 
lower interest rates. 
 
Net fee and commission income was up 2% year on year, 
driven by higher average AuM. 
 
Net insurance result amounted to EUR 20m, compared with 
EUR 19m a year ago. The increase was driven by improved 
result from protection products. 
 
Net result from items at fair value amounted to EUR 19m, 
compared with EUR 15m a year ago. The increase was driven 
by higher return on shareholders’ equity portfolios. 
 
Total expenses decreased by 1% year on year, driven by 
lower business support costs. The cost-to-income ratio1 was 
43%, compared with 44% a year ago.  
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 6m, compared with a net reversal of EUR 1m 
in the same quarter last year. Excluding the management 
judgement buffer release, net loan losses and similar net 
result amounted to a net reversal of EUR 1m. 
 
Operating profit was EUR 206m, up 6% year on year. RoAE 
with amortised resolution fees was 38%.

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

Nordea      First-Quarter Financial Report 2026 
24 
 
 
Q1 
Asset & Wealth Management total 
      Chg Chg local curr. 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Net interest income 72 68 71 74 78 -8% 6% -10% 6% 
Net fee and commission income 241 243 230 222 236 2% -1% 2% -1% 
Net insurance result 20 22 27 23 19 5% -9% 5% -9% 
Net result from items at fair value 19 10 8 15 15 27% 90% 29% 80% 
Other income 0 -1 0 -1 0     
Total income 352 342 336 333 348 1% 3% 1% 3% 
Total expenses excl. regulatory fees -150 -165 -146 -150 -152 -1% -9% -3% -8% 
Total expenses -152 -165 -147 -150 -154 -1% -8% -3% -7% 
Profit before loan losses 200 177 189 183 194 3% 13% 3% 11% 
Net loan losses and similar net result 6 -4 0 -1 1     
Operating profit 206 173 189 182 195 6% 19% 6% 17% 
Cost-to-income ratio1, % 43 48 43 45 44     
Return on allocated equity2, % 38 30 33 33 36     
Allocated equity 1,625 1,764 1,734 1,736 1,733 -6% -8%   
Risk exposure amount (REA) 8,377 9,025 8,618 8,464 8,625 -3% -7%   
Number of employees (FTEs) 3,077 3,042 3,124 3,152 3,197 -4% 1%   
Volumes, EURbn:          
Investment product AuM 184.6 185.8 178.3 171.8 168.1 10% -1%   
Total lending 13.4 13.2 13.0 12.7 12.8 5% 2% 6% 1% 
Total deposits 13.9 14.1 13.6 14.1 13.4 4% -1% 4% -1% 
1 Excluding regulatory fees.          
2 With amortised regulatory fees. 
         
Assets under management (AuM), volumes and net flow     
      Net flow   
 Q126 Q425 Q325 Q225 Q125 Q126    
EURbn          
Private Banking 64.8 64.9 61.8 58.5 56.5 1.0    
International institutions 30.7 31.2 29.9 32.4 32.3 0    
Wholesale distribution 40.0 40.5 39.1 35.5 35.1 0.1    
Other 49.1 49.2 47.5 45.4 44.2 0.3    
Investment product AuM 184.6 185.8 178.3 171.8 168.1 1.4    
          Chg 
Net interest income Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURm        
PB Denmark 23 24 24 24 23 0% -4% 
PB Finland 17 17 17 18 17 0% 0% 
PB Norway 10 10 11 10 11 -9% 0% 
PB Sweden 15 16 16 17 17 -12% -6% 
Other 7 1 3 5 10 -30%   
Total 72 68 71 74 78 -8% 6% 
      Chg 
Net fee and commission income Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURm        
PB Denmark 53 57 51 52 51 4% -7% 
PB Finland 47 45 44 42 42 12% 4% 
PB Norway 19 16 14 13 16 19% 19% 
PB Sweden 39 39 35 33 34 15% 0% 
Institutional and wholesale distribution 75 82 79 75 79 -5% -9% 
Other 8 4 7 7 14 -43%   
Total 241 243 230 222 236 2% -1%

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

Nordea      First-Quarter Financial Report 2026 
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Q1 
      Chg 
Private Banking Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
Lending, EURbn        
PB Denmark 4.5 4.4 4.4 4.4 4.3 5% 2% 
PB Finland 2.6 2.6 2.6 2.6 2.6 0% 0% 
PB Norway 2.7 2.6 2.5 2.4 2.5 8% 4% 
PB Sweden 3.6 3.6 3.5 3.3 3.4 6% 0% 
Private Banking 13.4 13.2 13.0 12.7 12.8 5% 2% 
        
AuM1, EURbn        
PB Denmark 38.8 39.4 37.7 37.4 35.8 8% -2% 
PB Finland 48.9 49.4 45.9 44.7 41.1 19% -1% 
PB Norway 18.1 17.3 16.9 15.9 15.8 15% 5% 
PB Sweden 43.7 46.2 43.3 41.7 41.0 7% -5% 
Private Banking 149.5 152.3 143.8 139.7 133.7 12% -2% 
1 Includes Investment product AuM and other assets.        
 
Nordea Asset Management - AuM and net flow 
      Chg 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURbn        
AuM, total 321.7 324.9 311.4 296.4 289.5 11% -1% 
- of which ESG AuM1 238.9 239.8 229.1 222.5 216.2 11% 0% 
Net inflow, total 1.6 4.4 3.2 2.4 5.7   
- of which ESG net inflow1 2.2 3.8 -2.2 3.3 6.4   
1 Articles 8 and 9 of the Sustainable Finance Disclosure Regulation. 
 
Life & Pension 
      Chg 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURm        
Total AuM, EURbn 101.8 101.6 96.9 91.7 88.6 15% 0% 
- of which NCI generating 68.1 67.6 64.0 59.9 57.5 18% 1% 
Total net flow 1,737 1,392 1,321 1,316 1,312 32% 25% 
- of which NCI generating 1,459 1,119 1,237 1,117 1,061 38% 30% 
Product income        
Net fee and commission income  84 86 79 74 74 14% -2% 
Net insurance result 69 64 66 58 54 28% 8% 
Total product result 153 150 145 132 128 20% 2%

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

Nordea      First-Quarter Financial Report 2026 
26 
 
 
Q1 
Business Banking 
 
Introduction 
In Business Banking we provide small and medium-sized 
enterprises (SMEs) with banking and advisory products and 
services both online and in person. 
 
Business Banking also includes the product and specialist 
units Transaction Banking and Nordea Finance, which provide 
payment and transaction services and asset-based lending 
and receivables finance, respectively. 
 
We are a trusted financial partner, providing competent advice 
and developing digital solutions to support sustainable growth 
for our customers. 
 
Business development 
In the first quarter we maintained good business momentum 
and drove strong volume growth. Lending volumes increased 
by 8% in local currencies year on year, with continued 
strength in Sweden and Norway and accelerated momentum 
in Denmark. Deposit volumes grew by 8%, with all countries 
contributing.  
 
Our 2030 strategy execution is off to a good start. In the first 
quarter we saw encouraging developments across our key 
growth areas: Sweden and Norway, ancillary income and 
small businesses. We also advanced our strategic priorities to 
strengthen our customer offering and streamline processes, 
launching a new cashflow and liquidity management service 
and implementing further onboarding improvements. 
 
Customer satisfaction improved year on year, driven by small 
businesses and entrepreneurs. This latest development 
continues a positive trend: the satisfaction index for this key 
segment has increased by 5 points over the past two years. It 
also supports our ambition to attract a significant number of 
new customers during our 2026–30 strategy period. 
 
For the fourth year in a row, in April we secured first place in 
Sweden for both the Mid Corporate and Small Corporate 
segments in the 2026 Prospera survey. The results reflect our 
continued focus on strong customer relationships and first 
class advice. 
 
To further improve customer experience and support growth 
among small businesses, we continued to streamline 
onboarding across markets. During the quarter we launched a 
new digital onboarding platform in Denmark and Norway. The 
new platform makes the onboarding journey faster and more 
attractive and will be rolled out across markets in the coming 
quarters. 
 
In line with our ambition to become the leading digital bank for 
SMEs, we continued to enhance the Nordea Business online 
bank and mobile app. This quarter, we began the Nordic roll-
out of our new Nordea Business Insights service, which helps 
small businesses manage liquidity and cash flows more 
effectively. The launch took place in Sweden and was well 
received, with the landing page visited more than 15,000 
times during the quarter. The service will next be made 
available in the other three countries, starting with Finland. 
 
We remain committed to supporting customers in their 
sustainability transitions. Our sustainable financing portfolio 
grew by 13% in local currencies year on year. During the 
quarter we deepened our understanding of customers’ 
sustainability‑related needs through our recent Business 
Banking Customer Sustainability Survey. The results show 
that Nordic businesses continue to prioritise climate transition, 
which they increasingly view as essential for long‑term 
competitiveness. The survey also highlights solid progress in 
the areas of energy efficiency, renewable energy and 
electrification in particular. 
 
Our 2030 financial targets are a return on allocated equity 
(RoAE) of greater than 15% and a cost-to-income ratio1 of 
below 39%. 
 
Financial outcome 
Total income in the first quarter was unchanged year on year 
as growth in volumes and ancillary income was offset by 
lower deposit income. 
 
Net interest income decreased by 4% year on year due to 
lower deposit margins following decreases in policy rates. 
These were partly offset by growth in business volumes. 
 
Net fee and commission income increased by 7% year on 
year, driven by higher lending fee income and higher savings 
income. These were partly offset by lower income from debt 
capital market transactions. 
 
Net result from items at fair value increased by 8% year on 
year, driven by higher income from interest rate hedging 
products. 
 
Total expenses increased by 6% year on year (4% in local 
currencies). The cost-to-income ratio1 was 45%, compared 
with 43% a year ago, reflecting lower deposit income. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 55m, compared with net losses of EUR 23m 
a year ago. Excluding the management judgement buffer 
release, net loan losses and similar net result amounted to 
EUR 16m (7bp). 
 
Operating profit increased by 13% year on year, to EUR 
490m. RoAE with amortised resolution fees was 18%. 
 
Business Banking Denmark 
Net interest income decreased by 7% in local currency year 
on year due to lower deposit margins. These were partly 
offset by higher deposit and lending volumes. 
 
Lending volumes increased by 7% in local currency year on 
year. Deposit volumes increased by 7%. 
 
Net fee and commission income increased by 7% in local 
currency year on year, driven by higher lending fee income 
and higher payment and card fee income. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 26m.

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

Nordea      First-Quarter Financial Report 2026 
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Q1 
Business Banking Finland 
Net interest income decreased by 7% year on year, driven by 
lower deposit margins. These were partly offset by higher 
deposit volumes. 
 
Lending volumes decreased by 1% year on year. Deposit 
volumes increased by 4%. 
 
Net fee and commission income increased by 6% year on 
year, driven by higher savings income, higher lending fee 
income and higher income from equity capital market 
transactions. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 16m. 
 
Business Banking Norway 
Net interest income increased by 1% in local currency year on 
year, with the impact of higher lending and deposit volumes 
partly offset by lower deposit margins. 
 
Lending volumes increased by 12% in local currency year on 
year. Deposit volumes increased by 13%. 
 
Net fee and commission income increased by 20% in local 
currency year on year, driven by higher lending fee income, 
higher payment and card fee income and higher income from 
debt capital market transactions. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 16m.
Business Banking Sweden 
Net interest income decreased by 6% in local currency year 
on year due to lower deposit margins. These were partly 
offset by higher lending volumes. 
 
Lending volumes increased by 12% in local currency year on 
year. Deposit volumes increased by 8%. 
 
Net fee and commission income decreased by 4% in local 
currency year on year due to lower income from debt capital 
market transactions. This was partly offset by increases in 
savings income and lending fee income. 
 
Net loan losses and similar net result amounted to a net 
reversal of EUR 1m (0bp).
 
Business Banking total 
      Chg Chg local curr. 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
EURm          
Net interest income 525 527 526 536 546 -4% 0% -6% -2% 
Net fee and commission income 162 152 154 149 152 7% 7% 4% 5% 
Net insurance result 10 8 7 6 8 25% 25% 25% 25% 
Net result from items at fair value 113 106 93 106 105 8% 7% 6% 6% 
Other income 7 6 12 11 8     
Total income 817 799 792 808 819 0% 2% -2% 1% 
Total expenses excl. regulatory fees -370 -357 -361 -365 -350 6% 4% 4% 2% 
Total expenses -382 -363 -366 -370 -361 6% 5% 4% 4% 
Profit before loan losses 435 436 426 438 458 -5% 0% -7% -2% 
Net loan losses and similar net result 55 -6 25 0 -23     
Operating profit 490 430 451 438 435 13% 14% 10% 12% 
Cost-to-income ratio1, % 45 45 46 45 43     
Return on allocated equity2, % 18 15 16 16 16     
Allocated equity 8,911 8,691 8,682 8,661 8,679 3% 3%   
Risk exposure amount (REA) 44,178 42,965 42,945 44,404 43,932 1% 3%   
Number of employees (FTEs) 3,772 3,738 3,797 3,838 3,903 -3% 1%   
Volumes, EURbn:          
Total lending 98.2 94.9 93.7 92.3 90.7 8% 3% 8% 3% 
Total deposits 57.8 56.4 56.1 55.4 53.7 8% 2% 8% 2% 
Investment product AuM 32.0 32.0 30.3 29.3 28.9 11% 0%   
1 Excluding regulatory fees.          
2 With amortised regulatory fees.

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

Nordea      First-Quarter Financial Report 2026 
28 
 
 
Q1 
Business Banking 
      Chg Chg local curr. 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 Q1/Q1 Q1/Q4 
          
Net interest income, EURm          
  Business Banking Denmark 101 102 104 105 109 -7% -1% -7% -1% 
  Business Banking Finland 127 131 130 135 136 -7% -3% -7% -3% 
  Business Banking Norway 143 142 140 140 138 4% 1% 1% -2% 
  Business Banking Sweden 154 153 157 161 156 -1% 1% -6% -3% 
  Other 0 -1 -5 -5 7     
Total 525 527 526 536 546 -4% 0% -6% -2% 
          
Net fee and commission income, EURm          
  Business Banking Denmark 29 28 28 23 27 7% 4% 7% 4% 
  Business Banking Finland 50 50 49 52 47 6% 0% 6% 0% 
  Business Banking Norway 31 25 26 25 25 24% 24% 20% 20% 
  Business Banking Sweden 54 53 56 51 53 2% 2% -4% 0% 
  Other -2 -4 -5 -2 0     
Total 162 152 154 149 152 7% 7% 4% 5% 
          
Net loan losses and similar net result, EURm      
  Business Banking Denmark 26 -7 13 11 1     
  Business Banking Finland 16 -17 9 -15 -12     
  Business Banking Norway 16 15 0 -1 -1     
  Business Banking Sweden 1 0 9 2 -11     
  Other -4 3 -6 3 0     
Total 55 -6 25 0 -23     
          
Lending, EURbn          
  Business Banking Denmark 21.5 21.4 20.6 20.5 20.2 6% 0% 7% 0% 
  Business Banking Finland 18.1 18.1 18.4 18.5 18.2 -1% 0% -1% 0% 
  Business Banking Norway 26.5 23.9 24.2 23.4 23.4 13% 11% 12% 5% 
  Business Banking Sweden 32.1 31.5 30.5 29.9 28.9 11% 2% 12% 3% 
  Other 0 0 0 0 0     
Total 98.2 94.9 93.7 92.3 90.7 8% 3% 8% 3% 
          
Deposits, EURbn          
  Business Banking Denmark 11.4 11.4 11.9 11.0 10.7 7% 0% 7% 0% 
  Business Banking Finland 14.7 15.0 14.3 14.6 14.1 4% -2% 4% -2% 
  Business Banking Norway 12.7 12.0 12.4 11.9 11.1 14% 6% 13% 1% 
  Business Banking Sweden 19.0 17.9 17.5 17.9 17.8 7% 6% 8% 7% 
  Other 0 0.1 0 0 0     
Total 57.8 56.4 56.1 55.4 53.7 8% 2% 8% 2%

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

Nordea      First-Quarter Financial Report 2026 
29 
 
 
Q1 
Large Corporates & Institutions 
 
Introduction 
In Large Corporates & Institutions (LC&I) we provide financial 
solutions to large Nordic corporate and institutional 
customers. We also provide services to customers across the 
Nordea Group through the product and specialist units 
Markets and Investment Banking & Equities and our 
international corporate branches. 
 
We are a leading bank for large corporate and institutional 
customers in the Nordics and a leading player within 
sustainable finance. 
 
We offer a focused and dedicated range of products and 
services covering financing, cash management and 
payments, as well as investment banking and capital markets 
solutions. 
 
Business development 
In the first quarter we continued to deliver on our strategic 
priorities while supporting our customers amid market volatility 
caused by the geopolitical uncertainty. 
 
Our strong customer focus and ability to deliver were reflected 
in a 14% year-on-year increase in lending volumes, with all 
our home markets contributing. This development is well 
aligned with our vision to become the preferred financial 
partner for large corporates and institutions in the Nordics. 
Deposit volumes decreased by 5% year on year but were up 
2% on the previous quarter. 
 
Our 2030 strategy execution is off to a good start, with 
progress made across our key growth priorities. During the 
quarter we grew lending in Sweden and Norway, and saw 
good progress in cross-sales and infrastructure financing, 
which drove strong year-on-year growth in fee and 
commission income. We also improved our customer offering 
by strengthening our sector focus. Moreover, we made 
progress in delivering Nordic scale and streamlined processes 
by upgrading our Markets platform. 
 
Debt Capital Markets activity remained high during the quarter 
despite the market volatility. We maintained our number one 
positions for Nordic corporate bonds and Nordic loans overall 
year to date, arranging more than 190 debt capital market 
transactions for a broad range of issuers. Notable 
achievements included an EUR 11bn issue for the European 
Union, a NOK 20bn syndicated bond for the Kingdom of 
Norway and EUR 1.7bn in bond issues for Novonesis.  
 
We continued to leverage our trusted adviser status in 
facilitating equity capital market transactions and mergers and 
acquisitions, which this quarter included a rights issue for 
Nobia AB. While primary equity market activity remained 
subdued, our secondary equities business grew by 11% year 
on year. In a testament to our broad and strong advisory 
capabilities, we were named Best Investment Bank in each of 
our home markets by Global Finance. 
 
 
 
Nordea Markets continued to support clients amid the market 
volatility through strong advisory and risk management 
solutions. In March the escalating Middle East conflict caused 
an unexpected rise in interest rate expectations, which 
negatively affected our market making business to an extent 
not observed since the worst period of COVID-19-related 
turbulence, in March 2020. 
 
Our deep commitment to support customers in their 
transitions to a more sustainable economy was recognised by 
Global Finance. We won the 2026 titles of Best Bank for 
Sustainable Finance in all our home markets and Best Bank 
for Sustainability Transparency in Western Europe.  
 
Our 2030 financial targets are a return on allocated equity 
(RoAE) of greater than 15% and a cost-to-income ratio1 of 
below 37%. 
 
Financial outcome 
Total income was down 9% year on year, driven by lower net 
result from items at fair value.  
 
Net interest income decreased by 2% year on year due to the 
impact of lower interest rates, but increased by 3% quarter on 
quarter, supported by higher lending volumes.  
 
Net fee and commission income was up 14% year on year, 
driven by debt capital markets commissions, lending fees, 
cash management products and asset management products.  
 
Net result from items at fair value decreased by 39% year on 
year with market turmoil in March adversely affecting the rates 
business and the market making result.  
 
Total expenses were up 2% year on year as we continued 
with our strategic investments in several areas, including 
technology, data and AI. The cost-to-income ratio1 was 41% 
for the quarter, compared with 37% a year ago. 
  
Net loan losses and similar net result amounted to a net 
reversal of EUR 12m, compared with a net reversal of EUR 
2m in the same quarter last year. Excluding the management 
judgement buffer release, net loan losses and similar net 
result amounted to EUR 39m (16bp). 
 
Operating profit decreased by 12% year on year, to EUR  
341m. 
 
We continued to exercise strict capital discipline. RoAE was 
15% for the first quarter.

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

Nordea      First-Quarter Financial Report 2026 
30 
 
 
Q1 
Large Corporates & Institutions total 
      Chg 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURm        
Net interest income 326 317 326 318 334 -2% 3% 
Net fee and commission income 139 148 123 134 122 14% -6% 
Net insurance result 0 1 0 0 0   
Net result from items at fair value 100 120 131 102 164 -39% -17% 
Other income 1 0 1 0 0   
Total income 566 586 581 554 620 -9% -3% 
Total expenses excl. regulatory fees -232 -232 -233 -233 -229 1% 0% 
Total expenses -237 -235 -237 -237 -233 2% 1% 
Profit before loan losses 329 351 344 317 387 -15% -6% 
Net loan losses and similar net result 12 -9 3 14 2   
Operating profit 341 342 347 331 389 -12% 0% 
Cost-to-income ratio1, % 41 40 40 42 37   
Return on allocated equity2, % 15 15 16 15 18   
Allocated equity 7,399 6,950 6,740 6,775 6,785 9% 6% 
Risk exposure amount (REA) 44,401 41,783 40,516 40,128 39,816 12% 6% 
Number of employees (FTEs) 1,204 1,207 1,223 1,235 1,258 -4% 0% 
Volumes, EURbn3:        
Total lending 62.0 59.4 56.9 56.0 54.4 14% 4% 
Total deposits 52.0 51.2 48.1 47.0 54.6 -5% 2% 
Investment product AuM 44.0 44.4 43.8 40.1 40.5 9% -1% 
1 Excluding regulatory fees.        
2 With amortised regulatory fees.        
3 Excluding repurchase agreements and security lending/borrowing agreements. 
        
      Chg 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
        
Net interest income, EURm        
Denmark 59 55 60 61 68 -13% 7% 
Finland 55 54 57 57 56 -2% 2% 
Norway 72 73 74 74 77 -6% -1% 
Sweden 122 120 120 115 114 7% 2% 
Other 18 15 15 11 19   
Total 326 317 326 318 334 -2% 3% 
        
Net fee and commission income, EURm        
Denmark 34 52 28 33 34 0% -35% 
Finland 33 27 32 35 26 27% 22% 
Norway 29 27 28 32 26 12% 7% 
Sweden 40 43 41 37 41 -2% -7% 
Other 3 -1 -6 -3 -5    
Total 139 148 123 134 122 14% -6% 
        
Net loan losses and similar net result, EURm      
Denmark -19 -8 -3 -3 -4   
Finland 16 -1 -5 4 1   
Norway 10 3 11 -3 3   
Sweden 19 5 5 13 6   
Other -14 -8 -5 3 -4   
Total 12 -9 3 14 2   
        
Lending, EURbn1        
Denmark 12.3 12.5 11.6 12.0 12.0 3% -2% 
Finland 10.4 10.3 9.9 10.2 9.5 9% 1% 
Norway 11.5 10.6 10.4 10.2 10.8 6% 8% 
Sweden 24.8 23.3 22.2 21.0 19.6 27% 6% 
Other 3.0 2.7 2.8 2.6 2.5   
Total 62.0 59.4 56.9 56.0 54.4 14% 4% 
        
Deposits, EURbn1        
Denmark 8.7 9.1 9.3 8.6 11.0 -21% -4% 
Finland 13.8 14.2 13.2 13.2 13.5 2% -3% 
Norway 13.5 11.8 11.6 11.8 12.6 7% 14% 
Sweden 15.8 14.9 14.0 13.3 16.5 -4% 6% 
Other 0.2 1.2 0 0.1 1.0   
Total 52.0 51.2 48.1 47.0 54.6 -5% 2% 
1 Excluding repurchase agreements and security lending/borrowing agreements.

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

Nordea      First-Quarter Financial Report 2026 
31 
 
 
Q1 
Group functions  
 
Introduction 
Our Group functions provide the four business areas with 
services, subject matter expertise, and data and technology 
infrastructure. The Group functions consist of Group Business 
Support; Group Technology; Chief of Staff Office; Group 
Brand, Communication and Marketing; Group Risk; Group 
Compliance; Group People; Group Legal; Group Finance and 
Group Internal Audit.  
 
Together with the results of the business areas, the results of 
the Group functions add up to the reported result for the 
Group. Income primarily originates from Group Treasury. The 
majority of both costs and income in Group functions are 
distributed to the business areas. 
 
Business development 
In the first quarter of 2026 we continued to deliver on our 
strategic priorities, focusing on reducing operational and 
compliance risk and further modernising our technology 
landscape. Simplified processes and platforms, together with 
strengthened data foundations, are accelerating our uptake of 
new technologies, including AI, and support a more efficient, 
customer-focused and future-ready organisation.
 
We maintained strong cost discipline while making targeted 
investments aligned with our strategic and regulatory 
priorities. We also continued to adapt to evolving regulatory 
requirements to ensure an efficient and compliant operating 
model. 
 
By 2030, we aim to deliver Nordic scale, accelerated by 
technology, data and AI, and achieve a gross annual cost 
take-out of EUR 600m, with technology enabling competitive 
edge in customer experience, resilience and productivity. 
 
Financial outcome  
Total operating income in the first quarter amounted to EUR 
48m, up from EUR 3m a year ago. The increase was mainly 
driven by higher net interest income in Group Treasury.  
 
Net result from items at fair value amounted to EUR -14m, 
down from EUR -11m a year ago. 
 
Total operating expenses decreased by EUR 20m, mainly 
driven by lower investment costs recognised in Group 
functions.
 
Group functions 
      Chg 
 Q126 Q425 Q325 Q225 Q125 Q1/Q1 Q1/Q4 
EURm        
Net interest income 73 72 55 42 25   
Net fee and commission income -14 -3 -16 -7 -12   
Net insurance result 1 -1 1 0 1   
Net result from items at fair value -14 1 -2 11 -11   
Other income 2 3 -1 -3 0   
Total income 48 72 37 43 3   
Total expenses excl. regulatory fees 30 -41 10 17 17   
Total expenses 31 -44 11 16 11   
Profit before loan losses 79 28 48 59 14   
Net loan losses and similar net result -1 -1 -2 4 2   
Operating profit 78 27 46 63 16   
Allocated equity 1,378 4,276 3,480 2,219 1,412   
Risk exposure amount (REA) 4,434 4,094 4,794 4,770 5,462   
Number of employees (FTEs) 13,910 14,212 14,329 14,546 14,728 -6% -2%

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

Nordea      First-Quarter Financial Report 2026 
32 
 
 
Q1 
Income statement 
  Q1 Q1 Full year 
 Note 2026 2025 2025 
EURm     
     Operating income     
Interest income calculated using the effective interest rate method   3,618 4,097 15,401 
Other interest income  439 508 1,849 
Interest expense  -2,298 -2,776 -10,083 
Net interest income 3 1,759 1,829 7,167 
     
Fee and commission income  1,076 1,030 4,216 
Fee and commission expense  -234 -237 -967 
Net fee and commission income 4 842 793 3,249 
     
Return on assets backing insurance liabilities  -688 -506 2,299 
Insurance result  757 560 -2,057 
Net insurance result 5 69 54 242 
Net result from items at fair value 6 226 289 1,045 
Profit or loss from associated undertakings and joint ventures accounted for under the equity method   1 -3 -2 
Other operating income  13 12 42 
Total operating income  2,910 2,974 11,743 
     
Operating expenses     
Staff costs  -979 -792 -3,234 
Other expenses 7 -376 -359 -1,441 
Depreciation, amortisation and impairment charges of tangible and intangible assets  8 -158 -149 -614 
Total operating expenses, excl. regulatory fees  -1,513 -1,300 -5,289 
     
Regulatory fees 9 -52 -54 -116 
Total operating expenses  -1,565 -1,354 -5,405 
     
Profit before loan losses  1,345 1,620 6,338 
     
Net result on loans in hold portfolios mandatorily held at fair value   13 7 -1 
Net loan losses 10 86 -20 -21 
Operating profit  1,444 1,607 6,316 
     
Income tax expense  -344 -373 -1,476 
Net profit for the period   1,100 1,234 4,840 
     
Attributable to:     
Shareholders of Nordea Bank Abp  1,100 1,208 4,814 
Additional Tier 1 capital holders  - 26 26 
Total  1,100 1,234 4,840 
     
Basic earnings per share, EUR  0.32 0.35 1.39 
Diluted earnings per share, EUR  0.32 0.35 1.39

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

Nordea      First-Quarter Financial Report 2026 
33 
 
 
Q1 
Statement of comprehensive income 
  Q1 Q1 Full year 
  2026 2025 2025 
EURm     
     
Net profit for the period  1,100 1,234 4,840 
     
Items that may be reclassified subsequently to the income statement     
Currency translation:     
Currency translation gains/losses   385 686 316 
Tax on currency translation gains/losses   - - -3 
Hedging of net investments in foreign operations:     
Valuation gains/losses   -189 -361 -192 
Fair value through other comprehensive income 1:     
Valuation gains/losses, net of recycling  2 24 111 
Tax on valuation gains/losses   0 -7 -30 
Cash flow hedges:     
Valuation gains/losses, net of recycling  -13 -49 -80 
Tax on valuation gains/losses   2 10 16 
Items that may not be reclassified subsequently to the income statement     
Changes in own credit risk related to liabilities classified as fair value option:      
Valuation gains/losses   6 3 2 
Tax on valuation gains/losses  -1 -1 -1 
Defined benefit plans:     
Remeasurement of defined benefit plans  45 -45 -132 
Tax on remeasurement of defined benefit plans  -10 12 34 
Companies accounted for under the equity method:      
    Other comprehensive income from companies accounted for under the equity method   - -1 -1 
    Tax on other comprehensive income from companies accounted for under the equity method   - 0 0 
Other comprehensive income, net of tax  227 271 40 
     
Total comprehensive income   1,327 1,505 4,880 
     
Attributable to:     
Shareholders of Nordea Bank Abp   1,327 1,479 4,854 
Additional Tier 1 capital holders  - 26 26 
Total  1,327 1,505 4,880 
1 Valuation gains/losses related to hedged risks under fair value hedge accounting are accounted for directly in the income sta tement.

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

Nordea      First-Quarter Financial Report 2026 
34 
 
 
Q1 
Balance sheet 
     
  31 Mar 31 Dec 31 Mar 
 Note 2026 2025 2025 
EURm     
     Assets 12    
Cash and balances with central banks   36,270 38,206 45,320 
Loans to central banks 11 6,648 6,947 2,964 
Loans to credit institutions       11, 12 3,235 4,038 5,350 
Loans to the public       11, 12 390,229 381,871 366,774 
Interest-bearing securities  88,663 79,872 82,705 
Shares   39,757 39,587 36,914 
Assets in pooled schemes and unit-linked investment contracts  70,822 70,677 60,476 
Derivatives   20,450 17,633 21,737 
Fair value changes of hedged items in portfolio hedges of interest rate risk   -304 -158 -226 
Investments in associated undertakings and joint ventures   454 462 534 
Intangible assets  4,163 4,088 4,016 
Properties and equipment  1,545 1,564 1,657 
Investment properties  2,269 2,215 2,176 
Deferred tax assets  196 180 248 
Current tax assets  259 383 267 
Retirement benefit assets  389 334 344 
Other assets  13,060 5,619 9,205 
Prepaid expenses and accrued income  902 832 867 
Assets held for sale  - - 42 
Total assets  679,007 654,350 641,370 
     
Liabilities 12    
Deposits by credit institutions 12 39,527 34,131 35,497 
Deposits and borrowings from the public 12 241,181 242,874 239,983 
Deposits in pooled schemes and unit-linked investment contracts  72,145 71,611 61,535 
Insurance contract liabilities  32,757 33,097 30,329 
Debt securities in issue   204,118 196,276 194,872 
Derivatives   19,519 18,078 23,135 
Fair value changes of hedged items in portfolio hedges of interest rate risk   -859 -567 -523 
Current tax liabilities  749 672 204 
Other liabilities  29,056 14,406 16,064 
Accrued expenses and prepaid income  1,782 1,298 1,566 
Deferred tax liabilities  454 601 927 
Provisions  448 348 417 
Retirement benefit obligations  295 296 282 
Subordinated liabilities  7,743 8,810 7,336 
Total liabilities  648,915 621,931 611,624 
     
Equity     
Share capital  4,050 4,050 4,050 
Invested unrestricted equity  1,062 1,077 1,058 
Other reserves  -2,323 -2,550 -2,319 
Retained earnings  27,303 29,842 26,957 
Total equity  30,092 32,419 29,746 
     
Total liabilities and equity  679,007 654,350 641,370 
     
Off-balance sheet items     
Assets pledged as security for own liabilities  249,608 248,530 222,785 
Other assets pledged1  169 169 236 
Contingent liabilities  20,630 20,009 21,130 
Credit commitments2  97,571 95,010 91,738 
Other commitments  2,657 2,797 2,647 
1 Includes interest-bearing securities pledged as security for payment settlements with central banks and clearing institutions.  
2 Including unutilised portion of approved overdraft facilities of EUR 28,569m (31 December 2025: EUR 28,876m; 31 March 2025: E UR 28,797m).

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

Nordea      First-Quarter Financial Report 2026 
35 
 
 
Q1 
Statement of changes in equity 
             Attributable to shareholders of Nordea Bank Abp    
   Other reserves:     
EURm 
Share 
capital1  
 Invested 
un- 
restricted 
equity 
Trans-
lation of 
foreign 
opera-
tions 
Cash 
flow 
hedges 
Fair 
value 
through 
other 
compre-
hensive 
income 
Defined 
benefit 
plans 
Changes 
in own 
credit risk 
related to 
liabilities 
classified 
as fair 
value 
option 
Retained 
earnings Total 
Addi-
tional 
Tier 1 
capital 
holders 
Total 
equity 
Balance as at 1 Jan 2026 4,050 1,077 -2,461 43 28 -158 -2 29,842 32,419 - 32,419 
Net profit for the period - - - - - - - 1,100 1,100 - 1,100 
Other comprehensive            
income, net of tax - - 196 -11 2 35 5 - 227 - 227 
Total comprehensive income  - - 196 -11 2 35 5 1,100 1,327 - 1,327 
Share-based payments - - - - - - - 4 4 - 4 
Dividend  - - - - - - - -3,263 -3,263 - -3,263 
Purchase of own shares2 - -15 - - - - - -380 -395 - -395 
Balance as at 31 Mar 2026 4,050 1,062 -2,265 32 30 -123 3 27,303 30,092 - 30,092 
            
            
Balance as at 1 Jan 2025 4,050 1,053 -2,582 107 -53 -60 -3 29,174 31,686 750 32,436 
Net profit for the period - - - - - - - 4,814 4,814 26 4,840 
Other comprehensive            
income, net of tax - - 121 -64 81 -98 1 -1 40 - 40 
Total comprehensive income  - - 121 -64 81 -98 1 4,813 4,854 26 4,880 
Paid interest on Additional Tier 1            
capital, net of tax - - - - - - - 5 5 -26 -21 
Change in Additional Tier 1 capital - - - - - - - - - -750 -750 
Share-based payments - - - - - - - 15 15 - 15 
Dividend - - - - - - - -3,268 -3,268 - -3,268 
Sale/purchase of own shares2 - 24 - - - - - -897 -873 - -873 
Balance as at 31 Dec 2025 4,050 1,077 -2,461 43 28 -158 -2 29,842 32,419 - 32,419 
            
            
Balance as at 1 Jan 2025 4,050 1,053 -2,582 107 -53 -60 -3 29,174 31,686 750 32,436 
Net profit for the period - - - - - - - 1,208 1,208 26 1,234 
Other comprehensive            
income, net of tax - - 325 -39 17 -33 2 -1 271 - 271 
Total comprehensive income  - - 325 -39 17 -33 2 1,207 1,479 26 1,505 
Paid interest on Additional Tier 1            
capital, net of tax - - - - - - - 5 5 -26 -21 
Change in Additional Tier 1 capital - - - - - - - - - -750 -750 
Share-based payments - - - - - - - 5 5 - 5 
Dividend  - - - - - - - -3,268 -3,268 - -3,268 
Sale/purchase of own shares2 - 5 - - - - - -166 -161 - -161 
Balance as at 31 Mar 2025 4,050 1,058 -2,257 68 -36 -93 -1 26,957 29,746 - 29,746 
1 Total shares registered were 3,412 million (31 December 2025: 3,434 million; 31 March 2025: 3,491 million). The number of own  shares was 15.1 
   million (31 December 2025: 14.0 million; 31 March 2025: 17.7 million), which represents 0.4% (31 December 2025: 0.4%; 31 Marc h 2025: 0.5%)  
   of the total shares in Nordea. Each share represents one voting right.  
2 The change in the holding of own shares related to treasury shares held for remuneration purposes and to the trading portfoli o was accounted for  
   as a decrease/increase in “Invested unrestricted equity”. The number of treasury shares held for remuneration purposes was 9. 0 million  
   (31 December 2025: 10.3 million; 31 March 2025: 10.3 million). The share buy -back amounted to EUR 380m (31 December 2025: EUR 896m;  
   31 March 2025: EUR 166m) and was accounted for as a reduction in “Retained earnings”. The transaction cost in relation to the  share buy-back  
   amounted to EUR 0m (31 December 2025: EUR 1m; 31 March 2025: EUR 0m).

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

Nordea      First-Quarter Financial Report 2026 
36 
 
 
Q1 
Cash flow statement, condensed  
    
 Jan-Mar Jan-Mar Full year 
 2026 2025 2025 
EURm    
    Operating activities    
Operating profit 1,444 1,607 6,316 
Adjustments for items not included in cash flow -4,903 -398 2,787 
Income taxes paid -474 -309 -1,223 
Cash flow from operating activities before changes in operating assets and liabilities  -3,933 900 7,880 
Changes in operating assets and liabilities 3,536 3,034 -11,044 
Cash flow from operating activities -397 3,934 -3,164 
    
Investing activities    
Acquisition/sale of associated undertakings and joint ventures  - - 50 
Acquisition/sale of property and equipment -15 -18 -52 
Acquisition/sale of intangible assets -133 -174 -577 
Cash flow from investing activities -148 -192 -579 
    
Financing activities    
Issued/amortised subordinated liabilities -1,068 -750 937 
Sale/repurchase of own shares, including change in trading portfolio  -395 -160 -873 
Dividend paid - -3,268 -3,268 
Paid interest on Additional Tier 1 capital - -26 -26 
Amortisation of the principal part of lease liabilities  -28 -29 -111 
Cash flow from financing activities -1,491 -4,233 -3,341 
    
Cash flow for the period -2,036 -491 -7,084 
    
    
Cash and cash equivalents 31 Mar 31 Mar 31 Dec 
 2026 2025 2025 
EURm    
Cash and cash equivalents at beginning of the period  39,193 47,565 47,565 
Translation differences 96 -272 -1,288 
Cash and cash equivalents at end of the period 37,253 46,802 39,193 
Change  -2,036 -491 -7,084 
    
The following items are included in cash and cash equivalents:     
Cash and balances with central banks 36,269 45,320 38,206 
Loans to central banks 4 4 4 
Loans to credit institutions 980 1,478 983 
Total cash and cash equivalents 37,253 46,802 39,193 
    
Cash comprises legal tender and bank notes in foreign currencies. Balances with central banks consist of deposits in accounts  with central banks and postal  
giro systems under government authority where the following conditions are fulfilled:  
- the central bank or postal giro system is domiciled in the country where the institution is established  
- the balance on the account is readily available at any time.  
    Loans to credit institutions payable on demand include liquid assets not represented by bonds or other interest -bearing securities.

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

Nordea      First-Quarter Financial Report 2026 
37 
 
 
Q1 
Notes to the financial statements 
 
Note 1 Accounting policies 
 
The consolidated interim financial statements are prepared 
in accordance with International Accounting Standard (IAS) 
34 Interim Financial Reporting as adopted by the European 
Union (EU).  
 
The report includes a condensed set of financial 
statements and is to be read in conjunction with the audited 
consolidated financial statements for the year ended 31 
December 2025. The accounting policies and methods of 
computation are unchanged from the 2025 Annual Report, 
except for those relating to the items presented in the 
section “Changed accounting policies and presentation” 
below. For more information, see the accounting policies in 
the 2025 Annual Report.  
 
Changed accounting policies and presentation 
New subtotal in the income statement 
A new subtotal, “Total operating expenses excluding 
regulatory fees”, has been added in the income statement. 
Regulatory fees constitute operating expenses over which 
Nordea has no control. Consequently, the new subtotal 
provides a more accurate representation of Nordea’s 
financial performance. Comparative figures have been 
restated accordingly. 
 
Amendments to the Classification and Measurement of 
Financial Instruments (Amendments to IFRS 9 and 
IFRS 7) 
Amendments to the Classification and Measurement of 
Financial Instruments (Amendments to IFRS 9 and IFRS 7) 
were implemented by the Nordea Group on 1 January 
2026.  
 
The amendments clarify whether contractual cash flows of 
financial assets with contingent features, e.g. ESG-linked 
features, represent solely payments of principal and 
interest (SPPI), which is a condition for being measured at 
amortised cost. Under the amendments, certain financial 
assets, including those with ESG-linked features, can meet 
the SPPI criterion at initial recognition, provided that their 
cash flows are not significantly different from the cash flows 
of identical financial assets without such features. 
Additional disclosures on financial assets and financial 
liabilities with contingent features will be required in the 
Annual Report. The new requirements support the Nordea 
Group’s current accounting treatment of loans with ESG-
linked features. The amendments have not had any 
significant impact on the Nordea Group’s interim financial 
statements or capital adequacy in the period of initial 
application. 
 
The amendments also clarify the characteristics of 
contractually linked instruments and non-recourse features.  
These clarifications have not had any significant impact on 
the classification of financial assets or capital adequacy in 
the period of initial application. 
 
Moreover, the amendments address the recognition and 
derecognition of financial assets and financial liabilities, 
including an optional exception relating to the derecognition 
of financial liabilities settled using an electronic payment 
 
 
system. This amendment has not had any significant 
impact on the Nordea Group’s interim financial statements 
or capital adequacy in the period of initial application. 
 
Other amendments 
The following changes in IFRS Accounting Standards were 
implemented by the Nordea Group on 1 January 2026 but 
have not had any significant impact on its financial 
statements or capital adequacy in the period of their initial 
application. 
 
• Contracts Referencing Nature-dependent 
Electricity (Amendments to IFRS 9 and IFRS 7). 
• Annual Improvements – Volume 11.  
 
Changes in IFRS Accounting Standards not yet 
applied 
IFRS 18 Presentation and Disclosure in Financial 
Statements 
In April 2024 the IASB published the new standard IFRS 18 
Presentation and Disclosure in Financial Statements, which 
will replace IAS 1 Presentation of Financial Statements. 
IFRS 18 sets out the requirements for the presentation and 
disclosure of financial performance in financial statements, 
focusing on a more structured income statement, with 
defined subtotals. Income and expense items are split into 
five categories, based on main business activities. Of 
these, the categories operating, investing and financing are 
new. The categories income taxes and discontinued 
operations are as before. The aim is to ensure a structured 
summary of companies’ primary financial statements and 
reduce variation in the reporting of financial performance, 
enabling users to better understand the information and 
more easily compare companies. IFRS 18 also introduces 
enhanced requirements for the aggregation and 
disaggregation of financial information in the primary 
financial statements and the notes, which may also impact 
the presentation on the balance sheet. In addition, the 
standard introduces new disclosures in a single note on 
certain profit or loss measures outside the financial 
statements (management-defined performance measures). 
 
IFRS 18 will be effective for annual reporting periods 
beginning on or after 1 January 2027, with earlier 
application permitted. The standard is endorsed by the EU. 
 
Nordea is currently considering the classification of the 
items in the income statement into the three categories and 
expects to include the majority in the operating category, 
with a few items still subject to assessment. The 
aggregation and disaggregation of financial information in 
the income statement and on the balance sheet is also 
under consideration, but no significant impacts are 
expected. Furthermore, disclosures of management-
defined performance measures will be added. 
 
This tentative conclusion remains subject to further 
analysis. As IFRS 18 will not change the Nordea Group’s 
recognition and measurement, it is not expected to have 
any significant impact on its financial statements or capital 
adequacy in the period of initial application.

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

Nordea      First-Quarter Financial Report 2026 
38 
 
 
Q1 
Other amendments  
The following changes in IFRS Accounting Standards not 
yet applied by the Nordea Group are not assessed to have 
any significant impact on its financial statements or capital 
adequacy in the period of their initial application. 
 
• The Effects of Changes in Foreign Exchange 
Rates: Translation to a Hyperinflationary 
Presentation Currency (Amendments to IAS 21).  
 
Exchange rates     
 Jan-Mar Jan-Dec Jan-Mar 
 2026 2025 2025 
EUR 1 = SEK    
Income statement (average) 10.6968 11.0675 11.2333 
Balance sheet (at end of period) 10.9340 10.8180 10.8671 
EUR 1 = DKK    
Income statement (average) 7.4707 7.4634 7.4599 
Balance sheet (at end of period) 7.4729 7.4686 7.4608 
EUR 1 = NOK    
Income statement (average) 11.3853 11.7223 11.6502 
Balance sheet (at end of period) 11.2395 11.8310 11.4045

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

Nordea      First-Quarter Financial Report 2026 
39 
 
 
Q1 
Note 2 Segment reporting 
                 
Jan-Mar 2026  
Personal 
Banking  
Asset & 
Wealth 
Management 
Business 
Banking 
Large 
Corporates & 
Institutions 
Other 
operating 
segments 
Total 
operating 
segments 
Recon-
ciliation 
Total 
Group 
Total operating income, EURm  1,112 350 804 559 56 2,881 29 2,910 
 – of which internal transactions1  -415 60 -141 5 491 0 - - 
Operating profit, EURm  512 205 483 338 -130 1,408 36 1,444 
Loans to the public2, EURbn  180 13 95 60 0 348 42 390 
Deposits and borrowings from the public, EURbn  95 14 57 52 0 218 23 241 
           
Jan-Mar 20253          
Total operating income, EURm  1,190 348 823 620 28 3,009 -35 2,974 
 – of which internal transactions1  -453 71 -137 70 449 0 - - 
Operating profit, EURm  575 195 437 389 25 1,621 -14 1,607 
Loans to the public2, EURbn  179 13 88 54 0 334 33 367 
Deposits and borrowings from the public, EURbn  91 13 54 51 0 209 31 240 
1 IFRS 8 requires information on revenues from transactions between operating segments. Nordea has defined intersegment revenue s as internal interest 
  related to the funding of the reportable operating segments by the internal bank in Group Finance, included in “Other operati ng segments”. 
2 The volumes are only disclosed separately for operating segments if separately reported to the Chief Operating Decision -Maker (CODM). 
3 Comparable figures have been restated to reflect updated plan exchange rates in the reporting to the CODM. See Note G2.1 in t he 2025 Annual Report  
  for further information.  
 
           
           
Reconciliation between total operating segments and financial statements 
 
    
Operating profit,  
EURm 
Loans to the public, 
EURbn 
Deposits and 
borrowings  
from the public,  
EURbn 
     Jan-Mar 31 Mar 31 Mar 
     2026 2025 2026 2025 2026 2025 
Total operating segments   1,408 1,621 348 334 218 209 
Group functions1    35 24 - - - - 
Unallocated items   -21 -32 36 34 20 32 
Differences in accounting policies2   22 -6 6 -1 3 -1 
Total     1,444 1,607 390 367 241 240 
1 Consists of Group Business Support, Group Technology, Group Internal Audit, Chief of Staff Office, Group People, Group Legal,  Group Risk,  
   Group Compliance and Group Brand, Communication and Marketing.    
2 Impact from plan exchange rates used in the segment reporting.  
           
           
Measurement of operating segments’ performance      
The measurement principles and allocation between operating segments follow the information reported to the Chief Operating D ecision-Maker (CODM), as 
required by IFRS 8. In Nordea the CODM has been defined as the Chief Executive Officer, who is supported by the other members  of the Group Leadership 
Team. The main difference compared with the section “Business areas” in this report is that the information in Note 2 is prep ared using plan exchange rates, 
as this is the basis used in the reporting to the CODM.  
           Financial results are presented for the main business areas Personal Banking, Business Banking, Large Corporates & Institutio ns and Asset & Wealth 
Management. These are identified as reportable operating segments and are reported separately, as they are above the quantita tive thresholds in IFRS 8. 
Other operating segments below the thresholds are included in “Other operating segments”. Group functions (and eliminations),  as well as the result that is 
not fully allocated to any of the operating segments, are  shown separately as reconciling items. 
There have been no changes in the basis of segmentation during the year.

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

Nordea      First-Quarter Financial Report 2026 
40 
 
 
Q1 
Note 3 Net interest income 
        Net interest income   Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Interest income calculated using the effective interest rate method    3,618 3,614 4,097 15,401 
Other interest income   439 428 508 1,849 
Interest expense 
 
  -2,298 -2,277 -2,776 -10,083 
Net interest income   1,759 1,765 1,829 7,167 
        
        
Interest income calculated using the effective interest rate method Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Loans to credit institutions   339 306 499 1,658 
Loans to the public   2,889 2,916 3,128 12,076 
Interest-bearing securities 
   333 321 311 1,261 
Yield fees 
 
  63 63 70 251 
Net interest paid or received on derivatives in accounting hedges of assets    -6 8 89 155 
Interest income calculated using the effective interest rate method   3,618 3,614 4,097 15,401 
        
        
Other interest income   Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Loans at fair value to the public   374 368 390 1,515 
Interest-bearing securities measured at fair value 
   60 62 105 337 
Net interest paid or received on derivatives in economic hedges of assets  
 
  5 -2 13 -3 
Other interest income   439 428 508 1,849 
        
        
Interest expense   Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Deposits by credit institutions   -137 -129 -155 -595 
Deposits and borrowings from the public 
   -803 -803 -1,074 -3,767 
Deposit guarantee fees   -6 -4 -11 -13 
Debt securities in issue 
   -1,302 -1,275 -1,279 -5,121 
Subordinated liabilities   -100 -99 -82 -343 
Other interest expense 
 
  -11 -12 -15 -54 
Net interest paid or received on derivatives in hedges of liabilities    61 45 -160 -190 
Interest expense   -2,298 -2,277 -2,776 -10,083

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

Nordea      First-Quarter Financial Report 2026 
41 
 
 
Q1 
Note 4 Net fee and commission income 
     Q1 Q4 Q1 Full year 
     2026 2025 2025 2025 
EURm         
Asset management   504 517 478 1,942 
Deposit products   5 5 5 19 
Custody and issuer services 
 
  -6 6 -3 5 
Brokerage and advisory   57 53 53 201 
Payments and cards   156 153 147 608 
Lending   117 118 106 460 
Guarantees   10 7 9 33 
Other   -1 -6 -2 -19 
Total     842 853 793 3,249 
 
 
         
Breakdown  
Asset & 
Wealth 
Management 
     
Jan-Mar 2026 
Personal 
Banking 
Business 
Banking 
Large 
Corporates & 
Institutions 
Other 
operating 
segments 
Other and 
elimina-
tions 
Nordea 
Group 
EURm         
Asset management 211 238 43 16 0 -4 504 
Deposit products 1 0 4 0 0 0 5 
Custody and issuer services 
 
0 -1 0 0 -4 -1 -6 
Brokerage and advisory 3 11 6 37 1 -1 57 
Payments and cards 67 0 63 27 0 -1 156 
Lending 24 2 42 50 0 -1 117 
Guarantees -1 0 2 11 -2 0 10 
Other 9 -9 2 -2 -1 0 -1 
Total  314 241 162 139 -6 -8 842 
         
Jan-Mar 2025        
EURm         
Asset management 197 231 38 14 0 -2 478 
Deposit products 1 0 4 0 0 0 5 
Custody and issuer services 
 
0 0 0 0 -3 0 -3 
Brokerage and advisory 5 11 8 32 0 -3 53 
Payments and cards 61 0 64 22 0 0 147 
Lending 23 1 36 46 0 0 106 
Guarantees -2 0 1 9 0 1 9 
Other 10 -7 1 -1 -2 -3 -2 
Total  295 236 152 122 -5 -7 793 
 
Note 5  Net insurance result 
     Q1 Q4 Q1 Full year 
     2026 2025 2025 2025 
EURm         
Insurance revenue    179 201 170 708 
Insurance service expenses   -116 -127 -114 -460 
Net reinsurance result   -3 -3 -1 -6 
Net insurance revenue 60 71 55 242 
         Insurance finance income or expenses   697 -780 505 -2,299 
Return on assets backing insurance liabilities   -688 773 -506 2,299 
Net insurance finance income or expenses 9 -7 -1 0 
       Total     69 64 54 242 
 
Note 6  Net result from items at fair value 
     Q1 Q4 Q1 Full year 
     2026 2025 2025 2025 
EURm         
Equity-related instruments   9 144 33 353 
Interest-related instruments and foreign exchange gains/losses    275 76 257 684 
Other financial instruments (including credit and commodities)    -59 38 -4 4 
Nordea Life & Pension1   1 -1 3 4 
Total     226 257 289 1,045 
1 Internal transactions not eliminated against other lines in the Note. The line item “Nordea Life & Pension” consequently prov ides the true impact from  
  the life insurance operations.

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

Nordea      First-Quarter Financial Report 2026 
42 
 
 
Q1 
Note 7 Other expenses  
    Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Information technology1   -199 -214 -205 -816 
Marketing and representation   -17 -23 -13 -68 
Postage, transportation, telephone and office expenses    -12 -12 -13 -47 
Rents, premises and real estate    -47 -30 -30 -119 
Professional services   -32 -50 -45 -200 
Market data services   -23 -22 -24 -93 
Other2   -46 -24 -29 -98 
Total   -376 -375 -359 -1,441 
1 Includes IT consultancy fees and excludes expenses capitalised as intangible assets.  
2 Includes the transfer of expenses to fulfil insurance contracts within the scope of IFRS 17 to “Net insurance result” and the  capitalisation of other expenses  
  included in intangible assets. 
 
Note 8 Depreciation, amortisation and impairment charges of tangible and intangible assets  
            Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Depreciation/amortisation       
Properties and equipment   -55 -55 -55 -218 
Intangible assets   -100 -102 -94 -392 
Total   -155 -157 -149 -610 
Impairment charges, net       
Properties and equipment   -3 - - - 
Intangible assets   - -3 - -4 
Total   -3 -3 - -4 
        Total   -158 -160 -149 -614 
 
Note 9 Regulatory fees  
    Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Resolution fees   -33 - -35 -35 
Bank tax   -19 -19 -19 -76 
Fee due to interest-free deposits   - -5 - -5 
Total   -52 -24 -54 -116 
 
Note 10 Net loan losses  
    Q1 Q4 Q1 Full year 
    2026 2025 2025 2025 
EURm        
Net loan losses, stage 1   31 29 -17 90 
Net loan losses, stage 2   96 -7 45 89 
Net loan losses, non-credit-impaired assets   127 22 28 179 
       
Stage 3, credit-impaired assets       
Net loan losses, individually assessed, collectively calculated    34 5 -11 22 
Realised loan losses   -148 -75 -122 -360 
Decrease in provisions to cover realised loan losses    112 18 87 166 
Recoveries on previous realised loan losses   12 11 8 39 
Reimbursement right   -2 13 5 24 
New/increase in provisions    -82 -81 -86 -286 
Reversals of provisions   33 43 71 195 
Net loan losses, credit-impaired assets   -41 -66 -48 -200 
        Net loan losses1   86 -44 -20 -21 
1 In the first quarter of 2026 post-model adjustments of EUR 160m were released. For more information, see "Forward -looking information" in Note 11. 
 
        Key ratios        
Net loan loss ratio, amortised cost, bp   -11 6 3 1 
- of which stage 1   -4 -4 2 -3 
- of which stage 2   -13 1 -6 -3 
- of which stage 3   6 9 7 7

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

Nordea      First-Quarter Financial Report 2026 
43 
 
 
Q1 
Note 11 Loans and impairment 
      Total 
      31 Mar 31 Dec 31 Mar 
      2026 2025 2025 
EURm         
Loans measured at fair value  92,881 92,350 87,193 
Loans measured at amortised cost, not credit impaired (stages 1 and 2)     305,459 298,745 286,429 
Credit impaired loans (stage 3)  2,966 3,135 3,023 
- of which servicing  1,262 1,228 1,213 
- of which non-servicing  1,704 1,907 1,810 
Loans before allowances  401,306 394,230 376,645 
- of which central banks and credit institutions  9,886 10,990 8,324 
         Allowances for loans that are credit impaired (stage 3)   -880 -977 -1,013 
- of which servicing  -362 -402 -420 
- of which non-servicing  -518 -575 -593 
Allowances for loans that are not credit impaired (stages 1 and 2)   -314 -397 -544 
Allowances  -1,194 -1,374 -1,557 
- of which central banks and credit institutions  -3 -5 -10 
         Loans, carrying amount  400,112 392,856 375,088 
                     
Exposures measured at amortised cost and fair value through OCI, before allowances 
     31 Mar 2026 
     Stage 1 Stage 2 Stage 3 Total 
EURm         
Loans to central banks, credit institutions and the public  290,993 14,466 2,966 308,425 
Interest-bearing securities    51,027 - - 51,027 
Total 342,020 14,466 2,966 359,452 
    
     31 Mar 2025 
     Stage 1 Stage 2 Stage 3 Total 
EURm         
Loans to central banks, credit institutions and the public  270,221 16,208 3,023 289,452 
Interest-bearing securities    45,673 - - 45,673 
Total 315,894 16,208 3,023 335,125 
    
         
Allowances and provisions 
     31 Mar 2026 
     Stage 1 Stage 2 Stage 3 Total 
EURm         
Loans to central banks, credit institutions and the public  -93 -221 -880 -1,194 
Interest-bearing securities    -1 - - -1 
Provisions for off-balance sheet items -14 -58 -25 -97 
Total allowances and provisions -108 -279 -905 -1,292 
         
     31 Mar 2025 
     Stage 1 Stage 2 Stage 3 Total 
EURm         
Loans to central banks, credit institutions and the public  -212 -332 -1,013 -1,557 
Interest-bearing securities    -2 - - -2 
Provisions for off-balance sheet items -51 -106 -31 -188 
Total allowances and provisions -265 -438 -1,044 -1,747 
         
Movements of allowance accounts for loans measured at amortised cost 
     Stage 1 Stage 2 Stage 3 Total 
EURm         
Balance as at 1 Jan 2026 -122 -275 -977 -1,374 
Changes due to origination and acquisition -5 -1 -1 -7 
Transfer from stage 1 to stage 2 4 -36 - -32 
Transfer from stage 1 to stage 3 0 - -7 -7 
Transfer from stage 2 to stage 1 -4 28 - 24 
Transfer from stage 2 to stage 3 - 6 -24 -18 
Transfer from stage 3 to stage 1 -1 - 3 2 
Transfer from stage 3 to stage 2 - -3 7 4 
Changes due to change in credit risk (net) 22 51 -15 58 
Changes due to repayments and disposals 14 10 26 50 
Write-off through decrease in allowance account - - 112 112 
Translation differences -1 -1 -4 -6 
Balance as at 31 Mar 2026 -93 -221 -880 -1,194

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

Nordea      First-Quarter Financial Report 2026 
44 
 
 
Q1 
Note 11 Continued 
         
     Stage 1 Stage 2 Stage 3 Total 
EURm         Balance as at 1 Jan 2025 -179 -357 -1,069 -1,605 
Changes due to origination and acquisition -13 -1 -1 -15 
Transfer from stage 1 to stage 2 4 -41 - -37 
Transfer from stage 1 to stage 3 0 - -8 -8 
Transfer from stage 2 to stage 1 -6 27 - 21 
Transfer from stage 2 to stage 3 - 19 -62 -43 
Transfer from stage 3 to stage 1 0 - 1 1 
Transfer from stage 3 to stage 2 - -5 10 5 
Changes due to change in credit risk (net) -38 9 21 -8 
Changes due to repayments and disposals 24 20 18 62 
Write-off through decrease in allowance account - - 88 88 
Translation differences -4 -3 -11 -18 
Balance as at 31 Mar 2025 -212 -332 -1,013 -1,557 
         
Key ratios1     31 Mar 31 Dec 31 Mar 
      2026 2025 2025 
Impairment rate (stage 3), gross, basis points  96 104 104 
Impairment rate (stage 3), net, basis points  68 72 69 
Total allowance rate (stages 1, 2 and 3), basis points   39 46 54 
Allowances in relation to impaired loans (stage 3), %   30 31 34 
Allowances in relation to loans in stages 1 and 2, basis points   10 13 19 
1 For definitions, see Glossary. 
 
Sensitivities 
The provisions are sensitive to rating migration even if staging triggers are not reached. The table below shows the impact o n provisions of a one-notch downgrade 
of all exposures in the bank. It includes both the impact of the higher risk for all exposures and the impact of transferring  exposures that reach the trigger from stage 
1 to stage 2. It also includes the impact of exposures with one rating grade above default becoming default, which is estimat ed at EUR 31m (EUR 30m at the end of 
December 2025). This figure is based on calculations using the statistical model rather than individual estimates as would be  the case in reality for material defaulted 
loans. 
  31 Mar 2026 31 Dec 2025 
  Recognised 
provisions 
Provisions if one        
notch downgrade 
Recognised 
provisions 
Provisions if one 
notch downgrade 
EURm          
Personal Banking  337  394  371  447 
Business Banking  750  865  840  958 
Large Corporates & Institutions  183  215  295  328 
Other  22  30  28  33 
Group  1,292  1,504  1,534  1,766 
          
 
Forward-looking information  
Forward-looking information is used for both assessing significant increases in credit risk and calculating expected credit losses. N ordea uses three macroeconomic 
scenarios: a baseline scenario, a favourable scenario and an adverse scenario. For the first quarter of 2026, the scenarios w ere weighted into the final expected 
credit losses (ECL) as follows: baseline 50%, adverse 40% and favourable 10% , reflecting geopolitical tensions in the Middle East (baseline 60%, adverse 20% and 
favourable 20% at the end of the fourth quarter of 2025). The macroeconomic scenarios are provided by Group Risk in Nordea, b ased on the Oxford Economics 
Model. The forecast is a combination of modelling and expert judgement, subject to thorough checks and quality control proces ses. The model has been built to give 
a good description of the historical relationships between economic variables and to capture the key linkages between those v ariables. The forecast period in the 
model is ten years. For periods beyond, a long-term average is used in the ECL calculations.  
 
The macroeconomic scenarios reflect Nordea’s view of how the Nordic economies might develop in the light of continued geopoli tical tensions, the war in the Middle 
East and trade conflicts. When developing the scenarios and determining the relative weighting between them, Nordea took into  account projections made by Nordic 
central banks, Nordea Research and the European Central Bank.  
 
The baseline scenario foresees moderate growth in the Nordic economies in 2026, supported by low interest rates. The expansion is expected to continue in 
Denmark, Finland and Sweden in 2027 and 2028. The exception is Norway, where economic growth in the coming years is expected to be near zero due to falling 
investment in the offshore sector. Growth in the Norwegian mainland economy will continue at a modest pace.  
 
Continued economic growth is expected to drive unemployment lower in Sweden, while unemployment will remain elevated in Finla nd. Denmark and Norway are 
expected to see continued low unemployment. Home prices are expected to continue growing in the coming years, supported by lo w interest rates. The risks around 
the baseline forecast are tilted to the downside, with the upside scenario deviating less from the baseline than the adverse . 
  
Nordea’s two alternative macroeconomic scenarios cover a range of plausible risk factors which may cause growth to deviate fr om the baseline scenario. Escalating 
geopolitical conflicts and hybrid warfare could trigger a European and Nordic recession as firms postpone investments, export s slow down and households cut 
spending due to weakening labour markets. Growth could also be depressed by a sharp correction in global equity markets amid rising concerns over AI stock 
valuations, which could further weigh on business and consumer confidence. Rapid de -escalations in geopolitical conflicts and an unwinding of trade policy 
uncertainty, on the other hand, may lead to a stronger recovery than assumed in the baseline scenario.  
 
At the end of the first quarter of 2026 adjustments to model -based allowances/provisions amounted to EUR 76m. These adjustments cover expected credit losses 
not yet adequately captured by the IFRS 9 modelled outcomes. During the quarter the management judgement allowances were fully deployed due to a revision in 
Nordea’s approach to post-model adjustments. Nordea is now following a more focused approach, with an emphasis on strengthening collective provisions as part of 
its comprehensive credit risk assessment. Under the revised approach, post-model adjustments of EUR 47m were made in the first quarter to account for emerging 
credit and model risks, while in-model adjustments of EUR 69m were applied for model-based allowances/provisions. Based on the revised approach, the remaining 
portion of the EUR 276m in management judgement allowances outstanding at the end of 2025, EUR 160m, was released.  
 
During the first quarter Nordea continued to closely monitor and assess its direct exposure to Russian counterparties. At the  end of the quarter the direct credit 
exposure after provisions was less than EUR 20m.

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

Nordea      First-Quarter Financial Report 2026 
45 
 
 
Q1 
Note 11 Continued 
             
Scenarios and allowances/provisions        
          Adjustments to   
31 Mar 2026         Model-based model-based Individual Total 
      Unweighted   allowances/ allowances/ allowances/ allowances/ 
      ECL Probability  provisions provisions provisions provisions 
Denmark   2026 2027 2028 EURm weight  EURm EURm EURm EURm 
Favourable scenario GDP growth, % 3.7 2.4 1.9 86 10%      
 Unemployment, % 2.3 2.1 2.1        
  
Change in household 
consumption, % 2.4 2.6 2.2        
  Change in house prices, % 4.0 4.1 2.1        
Baseline scenario GDP growth, % 1.5 1.5 1.6 91 50%  94 6 164 264 
 Unemployment, % 2.9 2.9 2.9        
  
Change in household 
consumption, % 2.0 2.0 2.0        
  Change in house prices, % 3.6 3.3 2.0        
Adverse scenario GDP growth, % -0.3 0.4 1.5 101 40%      
 Unemployment, % 4.4 4.7 4.7        
 
Change in household 
consumption, % 1.0 0.7 1.6        
 Change in house prices, % -6.1 -4.5 2.5        
            
Finland             
Favourable scenario GDP growth, % 1.5 2.5 2.0 332 10%      
 Unemployment, % 10.3 9.5 9.1        
 
Change in household 
consumption, % 1.2 2.1 2.0        
 Change in house prices, % 3.3 3.3 1.9        
Baseline scenario GDP growth, % 0.8 1.7 1.5 335 50%  339 36 205 580 
 Unemployment, % 10.4 9.8 9.4        
 
Change in household 
consumption, % 1.1 1.9 1.9        
 Change in house prices, % 1.5 2.5 2.0        
Adverse scenario GDP growth, % -1.7 0.4 1.2 346 40%      
 Unemployment, % 11.7 11.4 11.1        
 
Change in household 
consumption, % -1.3 1.0 1.5        
 Change in house prices, % -1.9 0.1 1.9        
            
Norway             
Favourable scenario GDP growth, % 2.8 0.4 0.1 89 10%      
 Unemployment, % 4.3 4.3 4.3        
 
Change in household 
consumption, % 2.1 1.8 1.7        
 Change in house prices, % 5.8 5.9 4.0        
Baseline scenario GDP growth, % 1.2 0.5 0.3 92 50%  93 21 74 188 
 Unemployment, % 4.6 4.6 4.5        
 
Change in household 
consumption, % 2.1 1.7 1.5        
 Change in house prices, % 4.6 4.1 2.0        
Adverse scenario GDP growth, % -0.1 -0.1 0.1 95 40%      
 Unemployment, % 5.6 5.7 5.7        
 
Change in household 
consumption, % 1.8 1.1 1.2        
 Change in house prices, % -3.0 -1.9 1.1        
            
Sweden             
Favourable scenario GDP growth, % 3.4 3.5 2.2 107 10%      
 Unemployment, % 8.5 7.5 6.9        
 
Change in household 
consumption, % 3.1 2.8 1.5        
 Change in house prices, % 5.4 5.5 2.5        
Baseline scenario GDP growth, % 2.6 2.2 1.4 110 50%  113 10 132 255 
 Unemployment, % 8.6 8.0 7.5        
 
Change in household 
consumption, % 3.0 2.5 1.3        
 Change in house prices, % 2.7 4.6 2.0        
Adverse scenario GDP growth, % -0.9 0.8 1.8 120 40%      
 Unemployment, % 11.9 11.6 11.0        
 
Change in household 
consumption, % 1.0 0.8 0.7        
 Change in house prices, % -2.8 -1.0 2.2        
Non-Nordic        1 3 1 5 
Total        640 76 576 1,292

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

Nordea      First-Quarter Financial Report 2026 
46 
 
 
Q1 
Note 11 Continued 
             
Scenarios and allowances/provisions        
          Adjustments to   
31 Dec 2025         Model-based model-based Individual  Total 
      Unweighted   allowances/ allowances/ allowances/ allowances/ 
      ECL Probability  provisions provisions provisions provisions 
Denmark   2026 2027 2028 EURm weight  EURm EURm EURm EURm 
Favourable scenario GDP growth, %  3.6 2.1 1.9 102 20%      
 Unemployment, %  2.5 2.4 2.4        
  
Change in household 
consumption, % 2.3 2.4 2.1        
  Change in house prices, % 4.6 3.6 2.0        
Baseline scenario GDP growth, %  2.0 1.7 1.7 107 60%  109 65 202 376 
 Unemployment, %  2.9 2.9 2.9        
  
Change in household 
consumption, % 2.0 2.0 2.0        
  Change in house prices, % 3.6 3.3 2.0        
Adverse scenario GDP growth, %  -0.9 1.0 1.6 120 20%      
 Unemployment, %  4.6 4.7 4.7        
 
Change in household 
consumption, % 0.5 1.0 1.6        
 Change in house prices, % -5.4 1.1 2.0        
            
Finland             
Favourable scenario GDP growth, %  2.2 2.3 2.0 285 20%      
 Unemployment, %  9.6 8.8 8.8        
 
Change in household 
consumption, % 1.7 1.9 1.8        
 Change in house prices, % 3.8 2.8 2.0        
Baseline scenario GDP growth, %  1.3 1.7 1.7 287 60%  288 107 228 623 
 Unemployment, %  9.7 9.1 9.1        
 
Change in household 
consumption, % 1.5 1.7 1.7        
 Change in house prices, % 2.0 2.0 2.0        
Adverse scenario GDP growth, %  -1.7 1.0 1.1 296 20%      
 Unemployment, %  11.2 10.9 10.8        
 
Change in household 
consumption, % -0.7 1.8 1.1        
 Change in house prices, % -2.2 1.0 2.0        
            
Norway             
Favourable scenario GDP growth, %  3.0 -0.4 0.1 86 20%      
 Unemployment, %  3.8 3.9 3.9        
 
Change in household 
consumption, % 2.6 1.9 1.7        
 Change in house prices, % 5.2 4.9 4.0        
Baseline scenario GDP growth, %  1.2 0.2 -0.3 88 60%  88 59 71 218 
 Unemployment, %  4.3 4.2 4.2        
 
Change in household 
consumption, % 2.5 1.8 1.5        
 Change in house prices, % 4.6 4.1 2.0        
Adverse scenario GDP growth, %  -0.8 0 0.5 92 20%      
 Unemployment, %  5.5 5.5 5.3        
 
Change in household 
consumption, % 2.2 1.1 1.1        
 Change in house prices, % -6.4 0.5 1.9        
            
Sweden             
Favourable scenario GDP growth, %  3.6 3.0 2.2 89 20%      
 Unemployment, %  8.1 7.5 7.0        
 
Change in household 
consumption, % 3.2 2.9 2.6        
 Change in house prices, % 5.6 4.7 2.3        
Baseline scenario GDP growth, %  2.5 2.1 2.1 91 60%  92 76 141 309 
 Unemployment, %  8.4 7.9 7.5        
 
Change in household 
consumption, % 2.9 2.5 2.5        
 Change in house prices, % 2.7 4.6 2.0        
Adverse scenario GDP growth, %  -1.5 1.6 1.6 99 20%      
 Unemployment, %  11.4 11.1 10.6        
 
Change in household 
consumption, % 0.8 0.9 1.6        
 Change in house prices, % -4.1 0.6 1.9        
Non-Nordic        1 3 4 8 
Total        578 310 646 1,534

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

Nordea      First-Quarter Financial Report 2026 
47 
 
 
Q1 
Note 11 Continued 
             
Loans to the public measured at amortised cost, broken down by sector and industry  
             
31 Mar 2026             
  Gross Allowances Loans carrying 
amount 
Net loan  
EURm  Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total losses1  
Financial institutions 16,373 171 13 16,557 4 4 5 13 16,544 8  
Agriculture 4,622 236 68 4,926 4 6 23 33 4,893 8  
     Crops, plantations and hunting 696 93 42 831 1 4 11 16 815 2  
     Animal husbandry 495 102 24 621 1 2 11 14 607 1  
     Fishing and aquaculture 3,431 41 2 3,474 2 0 1 3 3,471 5  
Natural resources 2,266 260 19 2,545 2 2 9 13 2,532 5  
     Paper and forest products 1,423 232 15 1,670 0 2 8 10 1,660 4  
     Mining and supporting activities 369 27 4 400 1 0 1 2 398 1  
     Oil, gas and offshore 474 1 0 475 1 0 0 1 474 0  
Consumer staples 6,675 402 20 7,097 3 6 12 21 7,076 7  
     Food processing and beverages 1,908 194 7 2,109 1 3 6 10 2,099 2  
     Household and personal products 1,038 60 6 1,104 0 1 4 5 1,099 1  
     Healthcare 3,729 148 7 3,884 2 2 2 6 3,878 4  
Consumer discretionary and services 9,587 732 413 10,732 6 14 166 186 10,546 -18  
     Consumer durables 2,842 233 41 3,116 1 2 16 19 3,097 9  
     Media and entertainment 1,141 98 95 1,334 1 2 23 26 1,308 5  
     Retail trade 3,024 283 222 3,529 3 8 100 111 3,418 -35  
     Air transportation 187 21 1 209 0 0 1 1 208 -1  
     Accommodation and leisure 1,529 92 53 1,674 1 2 26 29 1,645 3  
     Telecommunication services 864 5 1 870 0 0 0 0 870 1  
Industrials 31,127 3,440 718 35,285 24 79 249 352 34,933 55  
     Materials 2,288 336 80 2,704 0 10 17 27 2,677 7  
     Capital goods 3,913 628 41 4,582 2 11 15 28 4,554 13  
     Commercial and professional services 6,184 469 128 6,781 7 19 36 62 6,719 1  
     Construction 7,158 863 195 8,216 7 12 76 95 8,121 23  
     Wholesale trade 5,942 772 152 6,866 3 21 66 90 6,776 7  
     Land transportation 2,409 184 35 2,628 2 4 16 22 2,606 2  
     IT services 3,233 188 87 3,508 3 2 23 28 3,480 2  
Maritime 5,071 79 1 5,151 1 0 1 2 5,149 2  
     Ship building 75 49 0 124 0 0 0 0 124 0  
     Shipping 4,529 26 1 4,556 1 0 1 2 4,554 1  
     Maritime services 467 4 0 471 0 0 0 0 471 1  
Utilities and public service 7,331 140 90 7,561 3 2 42 47 7,514 -9  
     Utilities distribution 4,137 69 86 4,292 1 2 40 43 4,249 -10  
     Power production 2,706 12 1 2,719 1 0 0 1 2,718 1  
     Public services 488 59 3 550 1 0 2 3 547 0  
Real estate 44,389 1,461 147 45,997 6 11 59 76 45,921 18  
Other industries and reimbursement rights 2,643 138 16 2,797 2 2 3 7 2,790 -14  
            
Total Corporate 130,084 7,059 1,505 138,648 55 126 569 750 137,898 62  
   Housing loans 135,169 5,054 849 141,072 18 46 123 187 140,885 19  
   Collateralised lending 11,778 1,490 354 13,622 13 22 110 145 13,477 4  
   Non-collateralised lending 3,862 762 245 4,869 5 26 76 107 4,762 1  
Household 150,809 7,306 1,448 159,563 36 94 309 439 159,124 24  
Public sector 3,755 75 10 3,840 1 0 1 2 3,838 0  
Lending to the public 284,648 14,440 2,963 302,051 92 220 879 1,191 300,860 86  
Lending to central banks and credit 
institutions 6,345 26 3 6,374 1 1 1 3 6,371 0  
Total 290,993 14,466 2,966 308,425 93 221 880 1,194 307,231 86  
1 The table shows net loan losses related to on- and off-balance sheet exposures for March 2026 year to date.

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

Nordea      First-Quarter Financial Report 2026 
48 
 
 
Q1 
Note 11 Continued 
             
Loans to the public measured at amortised cost, broken down by sector and industry  
             
31 Dec 2025             
  Gross Allowances Loans carrying 
amount 
Net loan  
EURm  Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total losses1  
Financial institutions 18,413 323 20 18,756 6 10 13 29 18,727 21  
Agriculture 4,525 175 68 4,768 6 6 27 39 4,729 11  
     Crops, plantations and hunting 695 82 35 812 1 5 13 19 793 3  
     Animal husbandry 507 56 30 593 1 1 14 16 577 9  
     Fishing and aquaculture 3,323 37 3 3,363 4 0 0 4 3,359 -1  
Natural resources 2,246 303 25 2,574 2 3 11 16 2,558 3  
     Paper and forest products 1,406 272 20 1,698 1 2 10 13 1,685 -1  
     Mining and supporting activities 584 30 4 618 1 0 1 2 616 1  
     Oil, gas and offshore 256 1 1 258 0 1 0 1 257 3  
Consumer staples 5,814 308 26 6,148 4 9 10 23 6,125 6  
     Food processing and beverages 1,744 142 14 1,900 2 5 5 12 1,888 2  
     Household and personal products 734 37 4 775 0 1 3 4 771 1  
     Healthcare 3,336 129 8 3,473 2 3 2 7 3,466 3  
Consumer discretionary and services 9,233 882 603 10,718 6 25 241 272 10,446 -8  
     Consumer durables 2,178 309 84 2,571 1 4 41 46 2,525 5  
     Media and entertainment 1,108 144 155 1,407 1 6 24 31 1,376 6  
     Retail trade 3,774 333 301 4,408 3 12 149 164 4,244 -19  
     Air transportation 188 1 3 192 0 0 1 1 191 1  
     Accommodation and leisure 1,161 91 59 1,311 1 3 26 30 1,281 -3  
     Telecommunication services 824 4 1 829 0 0 0 0 829 2  
Industrials 28,535 3,388 686 32,609 25 105 266 396 32,213 -35  
     Materials 1,961 329 72 2,362 2 13 14 29 2,333 -4  
     Capital goods 3,706 620 44 4,370 3 19 18 40 4,330 -2  
     Commercial and professional services 5,970 551 126 6,647 6 16 48 70 6,577 -22  
     Construction 6,580 776 190 7,546 7 17 93 117 7,429 11  
     Wholesale trade 4,898 743 132 5,773 2 31 53 86 5,687 -11  
     Land transportation 2,617 153 44 2,814 2 4 19 25 2,789 -2  
     IT services 2,803 216 78 3,097 3 5 21 29 3,068 -5  
Maritime 4,497 53 2 4,552 2 1 0 3 4,549 5  
     Ship building 34 11 0 45 0 0 0 0 45 2  
     Shipping 4,000 28 1 4,029 2 0 0 2 4,027 3  
     Maritime services 463 14 1 478 0 1 0 1 477 0  
Utilities and public service 7,312 186 93 7,591 4 4 31 39 7,552 0  
     Utilities distribution 4,207 113 86 4,406 2 2 28 32 4,374 -4  
     Power production 2,429 11 1 2,441 1 0 0 1 2,440 3  
     Public services 676 62 6 744 1 2 3 6 738 1  
Real estate 41,590 1,472 149 43,211 13 13 66 92 43,119 0  
Other industries and reimbursement rights 2,217 117 4 2,338 1 0 0 1 2,337 2  
            
Total Corporate 124,382 7,207 1,676 133,265 69 176 665 910 132,355 5  
   Housing loans 132,451 5,342 832 138,625 29 51 132 212 138,413 -11  
   Collateralised lending 12,168 1,002 354 13,524 15 20 112 147 13,377 -18  
   Non-collateralised lending 4,027 691 248 4,966 6 28 64 98 4,868 4  
Household 148,646 7,035 1,434 157,115 50 99 308 457 156,658 -25  
Public sector 3,603 56 22 3,681 1 0 1 2 3,679 -1  
Lending to the public 276,631 14,298 3,132 294,061 120 275 974 1,369 292,692 -21  
Lending to central banks and credit 
institutions 7,798 18 3 7,819 2 0 3 5 7,814 0  
Total 284,429 14,316 3,135 301,880 122 275 977 1,374 300,506 -21  
1 The table shows net loan losses related to on- and off-balance sheet exposures for the full year 2025.

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Nordea      First-Quarter Financial Report 2026 
49 
 
 
Q1 
Note 12 Classification of financial instruments  
          Fair value through profit or loss (FVPL) Fair value 
through  
other com-
prehensive 
income  
(FVOCI) 
 
  
Amortised 
cost (AC) Mandatorily 
Designated  
at fair value through 
profit or loss (fair 
value option) Total 
EURm       
Financial assets      
Cash and balances with central banks  36,270 - - - 36,270 
Loans to central banks 4,773 1,875 - - 6,648 
Loans to credit institutions 1,598 1,637 - - 3,235 
Loans to the public 300,860 89,369 - - 390,229 
Interest-bearing securities 6,104 31,725 5,912 44,922 88,663 
Shares  - 39,757 - - 39,757 
Assets in pooled schemes and unit-linked      
investment contracts - 68,855 1,012 - 69,867 
Derivatives - 20,450 - - 20,450 
Fair value changes of hedged items in      
portfolio hedge of interest rate risk -304 - - - -304 
Other assets 4,842 7,463 - - 12,305 
Prepaid expenses and accrued income 463 - - - 463 
Total 31 Mar 2026 354,606 261,131 6,924 44,922 667,583 
       Total 31 Dec 2025 345,534 247,559 6,966 43,104 643,163 
       
 
 
   Fair value through profit or loss (FVPL)   
  
Amortised 
cost (AC) Mandatorily 
Designated  
at fair value through 
profit or loss (fair 
value option)  Total 
EURm       
Financial liabilities      
Deposits by credit institutions 13,776 25,751 -  39,527 
Deposits and borrowings from the public 220,017 21,164 -  241,181 
Deposits in pooled schemes and unit-linked      
investment contracts - - 72,145  72,145 
Debt securities in issue 149,864 - 54,254  204,118 
Derivatives - 19,519 -  19,519 
Fair value changes of hedged items in      
portfolio hedge of interest rate risk -859 - -  -859 
Other liabilities1 9,597 14,820 -  24,417 
Accrued expenses and prepaid income 6 - -  6 
Subordinated liabilities 7,743 - -  7,743 
Total 31 Mar 2026 400,144 81,254 126,399  607,797 
       Total 31 Dec 2025 386,185 70,473 126,497  583,155 
2 Of which lease liabilities classified in the category “Amortised cost” amount to EUR 1,037m.

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Nordea      First-Quarter Financial Report 2026 
50 
 
 
Q1 
Note 13 Fair value of financial assets and liabilities    
             31 Mar 2026  31 Dec 2025 
    Carrying 
amount Fair value  
Carrying 
amount Fair value 
EURm         
Financial assets      
Cash and balances with central banks 36,270 36,270  38,206 38,206 
Loans 399,808 401,539  392,698 394,083 
Interest-bearing securities 88,663 88,570  79,872 79,834 
Shares   39,757 39,757  39,587 39,587 
Assets in pooled schemes and unit-linked investment contracts 
 
69,867 69,867  69,801 69,801 
Derivatives 20,450 20,450  17,633 17,633 
Other assets 12,305 12,305  4,909 4,909 
Prepaid expenses and accrued income 463 463  457 457 
Total     667,583 669,221  643,163 644,510 
         
Financial liabilities      
Deposits and debt instruments 491,710 492,813  481,524 482,529 
Deposits in pooled schemes and unit-linked investment contracts 
 
72,145 72,145  71,611 71,611 
Derivatives 19,519 19,519  18,078 18,078 
Other liabilities  23,380 23,380  10,889 10,889 
Accrued expenses and prepaid income 6 6  8 8 
Total  606,760 607,863  582,110 583,115 
 
The determination of fair value is described in Note G3.4 “Fair value” in the 2025 Annual Report.  
 
Note 14 Financial assets and liabilities held at fair value on the balance sheet 
         Categorisation in the fair value hierarchy 
Quoted 
prices in 
active 
markets for 
the same 
instruments 
(Level 1) 
 
Valuation 
technique 
using 
observable 
data  
(Level 2) 
 
Valuation 
technique 
using non-
observable 
data  
(Level 3) 
  
      
  Of which 
Life & 
Pension 
Of which 
Life & 
Pension 
Of which 
Life & 
Pension Total 
EURm         
Assets at fair value on the balance sheet 1       
Loans to central banks - - 1,875 - - - 1,875 
Loans to credit institutions - - 1,637 - - - 1,637 
Loans to the public - - 89,312 - 57 - 89,369 
Interest-bearing securities  27,096 1,143 54,282 4,872 1,181 359 82,559 
Shares 37,448 22,625 198 162 2,111 807 39,757 
Assets in pooled schemes and unit-linked investment 
contracts 68,446 64,794 927 927 494 494 69,867 
Derivatives 235 - 18,701 18 1,514 - 20,450 
Other assets - - 7,463 - - - 7,463 
Total 31 Mar 2026 133,225 88,562 174,395 5,979 5,357 1,660 312,977 
         Total 31 Dec 2025 128,338 88,715 164,118 6,213 5,173 1,666 297,629 
         
Liabilities at fair value on the balance sheet 1       
Deposits by credit institutions - - 25,751 - - - 25,751 
Deposits and borrowings from the public - - 21,164 - - - 21,164 
Deposits in pooled schemes and unit-linked 
investment contracts - - 72,145 68,345 - - 72,145 
Debt securities in issue 8,522 - 44,270 - 1,462 - 54,254 
Derivatives 208 - 18,089 130 1,222 - 19,519 
Other liabilities 2,008 - 12,644 - 168 - 14,820 
Total 31 Mar 2026 10,738 - 194,063 68,475 2,852 - 207,653 
         Total 31 Dec 2025 4,549 - 189,749 67,650 2,672 - 196,970 
1 All items are measured at fair value on a recurring basis at the end of each reporting period.  
  
 Transfers between Levels 1 and 2  
During the period Nordea transferred “Interest-bearing securities” of EUR 2,307m from Level 1 to Level 2 and of EUR 3,761m from Level 2 to Level 1 in the 
fair value hierarchy. Furthermore, Nordea transferred “Debt securities in issue” of EUR 1,902m from Level 1 to Level 2 and of  EUR 7,693m from Level 2 to 
Level 1. Nordea also transferred “Other liabilities” of EUR 3m from Level 1 to Level 2 and of EUR 111m from Level 2 to Level 1. The transfers from Level 1 to 
Level 2 were due to the instruments ceasing to be actively traded during the period, which meant that fair values were obtained using valuation techniques 
with observable market inputs. The transfers from Level 2 to Level 1 were due to the instruments again being actively traded during the period, which meant 
that quoted prices were obtained in the market. Transfers between levels are considered to have occurred at the end of the pe riod.

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

Nordea      First-Quarter Financial Report 2026 
51 
 
 
Q1 
Note 14 Continued 
             Movements in Level 3     
   
Fair value 
gains/losses 
recognised in 
the income 
statement 
during the 
period 
        
  1 Jan 
Rea-
lised  
Un-
reali-
sed  
Recog-
nised  
in OCI 
Purchases
/ Issues Sales 
Settle-
ments 
Transfers 
into  
Level 3 
Transfer
s out of  
Level 3 
Transla-
tion diff-
erences 31 Mar 
EURm             
Loans to the public - - - - 57 - - - - - 57 
Interest-bearing securities 1,209 8 71 - 183 -74 -8 105 -331 18 1,181 
- of which Life & Pension 382 6 -3 - - -38 -7 16 -13 16 359 
Shares 2,132 36 7 - 67 -116 -25 3 - 7 2,111 
- of which Life & Pension 801 24 -2 - 14 -7 -25 - - 2 807 
Assets in pooled schemes            
and unit-linked             
investment contracts 482 8 5 - 18 -8 -3 -1 -3 -4 494 
- of which Life & Pension 482 8 5 - 18 -8 -3 -1 -3 -4 494 
Derivatives (net) 283 29 -71 - - - -29 79 1 - 292 
Other assets 1 - - - - - -1 - - - - 
- of which Life & Pension 1 - - - - - -1 - - - - 
Debt securities in issue 1,442 -24 -55 -5 240 - -69 28 -95 - 1,462 
Other liabilities 164 - -36 - 40 -2 - 2 - - 168 
Total 2026, net 2,501 105 103 5 45 -196 3 156 -238 21 2,505 
             Total 2025, net 3,796 141 -224 2 -296 -264 -44 447 -323 59 3,294 
             
Unrealised gains and losses relate to those assets and liabilities held at the end of the reporting period. The transfers out  of Level 3 were due to 
observable market data becoming available. The transfers into Level 3 were due to observable market data no longer being avai lable. Transfers 
between levels are considered to have occurred at the end of the reporting period. Fair value gains and losses in the income statement during 
the period are included in “Net result from items at fair value”. Assets and li abilities related to derivatives are presented net.  
 
             Valuation processes for fair value measurements in Level 3   
For information about the valuation processes for fair value measurement in Level 3, see Note G3.4 “Fair value” in the 2025 Annual Report.   
             Deferred Day 1 profit  
The transaction price for financial instruments in some cases differs from the fair value at initial recognition measured using a valuation model, 
mainly due to the fact that the transaction price is not established in an active market. If there are significant unobservab le inputs used in the 
valuation technique (Level 3), the financial instrument is recognised at the transaction price and any difference between the  transaction price 
and fair value at initial recognition measured using a valuation model (Day 1 profit) is deferred. For more information, see Note G3.4 “Fair value” 
in the 2025 Annual Report. The table below shows the aggregated difference yet to be recognised in the income statement at the beginning and 
end of the period. The table also shows a reconciliation of how this aggregated difference changed during the period (movemen t of deferred 
Day 1 profit). 
 
             Deferred Day 1 profit – derivatives, net  
      2026 2025      
EURm             
Opening balance as at 1 Jan   72 70      
Deferred profit on new transactions   15 11      
Recognised in the income statement during the period 1  -12 -12      
Closing balance as at 31 Mar  75 69      
1 Of which EUR -1m (EUR -1m) is due to transfers of derivatives from Level 3 to Level 2.

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

Nordea      First-Quarter Financial Report 2026 
52 
 
 
Q1 
Note 14 Continued        
         Valuation techniques and inputs used in the fair value measurements in Level 3 
         
  
Fair value  
Of which 
Life & 
Pension1 Valuation techniques Unobservable input 
Range of fair 
value4 
EURm         
Loans         
Loans to the public 57 - Discounted cash flows Interest rate 0/0 
Total 31 Mar 2026 57 -     0/0 
         Total 31 Dec 2025 - -     -/- 
         
Interest-bearing securities         
Public bodies 137 25 Discounted cash flows Credit spread -12/12 
Mortgage and other credit institutions 658 206 Discounted cash flows Credit spread -52/52 
Corporates2 386 128 Discounted cash flows Credit spread -28/28 
Total 31 Mar 2026 1,181 359     -92/92 
         Total 31 Dec 2025 1,209 382     -92/92 
         
Shares         
Private equity funds 1,304 485 Net asset value3  -142/142 
Hedge funds 131 131 Net asset value3  -12/12 
Credit funds 413 20 Net asset value/market consensus3 -41/41 
Other funds 164 146 Net asset value/fund prices3 -11/11 
Other5 593 519 -     -68/68 
Total 31 Mar 2026 2,605 1,301     -274/274 
         Total 31 Dec 2025 2,614 1,283     -259/259 
         
Derivatives, net        
Interest rate derivatives 134 - Option model Correlations -6/6 
      Volatilities  
Equity derivatives -20 - Option model Correlations -8/4 
      Volatilities  
      Dividends  
Foreign exchange derivatives 240 - Option model Correlations 
 
-1/1 
    Volatilities  
Credit derivatives -62 - Credit derivative model  Correlations 
 
-6/6 
     Volatilities  
     Recovery rates  
Total 31 Mar 2026 292 -     -21/17 
         Total 31 Dec 2025 283 -     -21/17 
         
Debt securities in issue        
Issued structured bonds -1,462 - Credit derivative model Correlations -7/7 
      Recovery rates  
     Volatilities  
Total 31 Mar 2026 -1,462 -     -7/7 
         Total 31 Dec 2025 -1,442 -     -7/7 
         
Other, net        
Other assets and other liabilities, net -168 - - - -17/17 
Total 31 Mar 2026 -168 -     -17/17 
         Total 31 Dec 2025 -163 1     -16/16 
1 Investments in financial instruments are a major part of the life insurance business, acquired to fulfil the obligations behi nd the insurance and investment  
  contracts. The gains or losses on these instruments are almost exclusively allocated to policyholders and consequently do not  affect Nordea’s equity. 
2 Of which EUR 150m is priced at a credit spread (the difference between the discount rate and the XIBOR) of 1.45%. A reasonabl e change in this credit  
  spread would not affect the fair value due to callability features.  
3 The fair values are based on prices and net asset values provided by external suppliers/custodians. The prices are fixed by t he suppliers/custodians based  
   on the development in the assets behind the investments. For private equity funds, the dominant measurement methodology used by the suppliers/ 
   custodians is consistent with the International Private Equity and Venture Capital Valuation (IPEV) guidelines issued by Inve st Europe. 
   Approximately 65% of the private equity fund investments are internally adjusted/valued based on the IPEV guidelines. These c arrying amounts are  
   in a range of 1% to 100% compared with the values received from suppliers/custodians.  
4 The column “Range of fair value” shows the sensitivity of Level 3 financial instruments to changes in key assumptions. For mo re information, see 
  Note G3.4 “Fair value” in the 2025 Annual Report.  
5 Of which EUR 494m relates to assets in pooled schemes and unit -linked investment contracts.

===== SIDA 54 =====