===== 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. ===== SIDA 3 ===== 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 ===== SIDA 4 ===== 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. ===== SIDA 5 ===== 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 ===== SIDA 6 ===== 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. ===== SIDA 7 ===== 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 25 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 27 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. ===== SIDA 50 ===== 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. ===== SIDA 51 ===== 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 ===== Nordea First-Quarter Financial Report 2026 53 Q1 Note 15 Risks and uncertainties Nordea is subject to various legal regimes and requirements, including but not limited to those of the Nordic countries, the European Union and the United States. The supervisory and governmental authorities administering and enforcing these regimes make regular enquiries and conduct investigations with regard to Nordea’s compliance. Areas subject to investigation may include investment advice, anti-money laundering (AML), trade regulation and sanctions adherence, tax rules, competition law, consumer protection, governance, risk management and control. The outcome and timing of these enquiries and investigations are unclear and pending. Accordingly, it cannot be ruled out that these enquiries and investigations could lead to criticism against the bank, reputation loss, fines, sanctions, disputes and/or litigation. In June 2015 the Danish Financial Supervisory Authority investigated how Nordea Bank Danmark A/S had followed the regulations regarding AML. The outcome resulted in criticism and, in accordance with Danish administrative practice, the matter was handed over to the police for further handling and possible sanctions. On 5 July 2024 the Danish National Special Crime Unit filed a formal indictment against Nordea in the matter. As previously stated, Nordea has expected to be fined in Denmark for weak AML processes and procedures in the past and has made a provision for ongoing AML-related matters. There is a risk that, in the event fines are issued by authorities or by final court decisions, the related costs could be higher (or potentially lower) than the current provision, and this could also impact Nordea’s financial performance. Nordea believes that the current provision is adequate to cover these matters. Within the framework of normal business operations, Nordea faces a number of operational and legal risks that could result in reputational impacts, fines, sanctions, disputes, remediation costs, losses and/or litigation. Specifically, Nordea faces potential claims related to the provision of banking and investment services and other areas in which it operates. Currently, such claims are mainly related to lending and insolvency situations, various investment services, and sub-custody and withholding taxation matters. At present, none of the current claims are considered likely to have any significant adverse effect on Nordea or its financial position. There are significant risks related to the macroeconomic environment due to the ongoing geopolitical developments and trade tensions. Reduced consumer spending and lower activity may particularly impact small and medium- sized enterprises in certain industries. Depending on future developments, there may be increased credit risk in Nordea’s portfolio. Furthermore, potential adverse impacts on income could arise due to financial market volatility and reduced banking activity impacting transaction volumes and customer activity. Potential future credit risks are addressed in Note 11 and the section “Net loan losses and similar net result”. Depending on the duration and magnitude of the situation, there is a possibility that Nordea may not be able to meet its financial targets in very adverse scenarios. In addition, Nordea recognises an increase in the risk of hybrid warfare impacting its operations as a consequence of the geopolitical situation. ===== SIDA 55 ===== Nordea First-Quarter Financial Report 2026 54 Q1 Glossary Allocated equity (AE) A framework to allocate capital held by Nordea to its business areas. AE reflects Nordea’s anticipated equity in line with its capital policy to ensure sustainable, long-term capitalisation for the Nordea Group. To further align AE with accounting equity, Common Equity Tier 1 deductions and other equity items are included in AE. Allowances in relation to credit-impaired loans (stage 3) Allowances for impaired loans (stage 3) divided by impaired loans measured at amortised cost (stage 3) before allowances. Allowances in relation to loans in stages 1 and 2 Allowances for non-impaired loans (stages 1 and 2) divided by non-impaired loans measured at amortised cost (stages 1 and 2) before allowances. Impairment rate (stage 3), gross Impaired loans (stage 3) before allowances divided by total loans measured at amortised cost before allowances. Impairment rate (stage 3), net Impaired loans (stage 3) after allowances divided by total loans measured at amortised cost before allowances. Net interest margin Net interest income for the period as a percentage of average interest-earning assets, excluding Life & Pension and Markets, where return on assets is reported under Net result from items at fair value. Net loan loss ratio, amortised cost Net loan losses (annualised) divided by the quarterly closing balance of loans to the public (lending) measured at amortised cost. Return on allocated equity (RoAE) Operating profit after standard tax as a percentage of average allocated equity. Return on allocated equity with amortised regulatory fees Operating profit adjusted for the effect of regulatory fees on an amortised basis after standard tax as a percentage of average allocated equity. Return on equity Net profit for the period as a percentage of average equity for the period. Additional Tier 1 (AT1) capital, accounted for in equity, is classified as a financial liability in the calculation. Net profit for the period excludes non- controlling interests and interest expense on AT1 capital (discretionary interest accrued). Average equity includes net profit for the period and dividend until paid, and excludes non-controlling interests and AT1 capital. Return on equity with amortised regulatory fees Net profit for the period as a percentage of average equity for the period. Additional Tier 1 (AT1) capital, accounted for in equity, is classified as a financial liability in the calculation. Net profit for the period excludes non- controlling interests and interest expense on AT1 capital (discretionary interest accrued), and is adjusted for the effect of regulatory fees on an amortised basis after tax. Average equity includes net profit for the period and dividend until paid, and excludes non-controlling interests and AT1 capital. Return on risk exposure amount Net profit for the period as a percentage of average risk exposure amount for the period. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued). Return on tangible equity Net profit for the period as a percentage of average equity for the period. Additional Tier 1 (AT1) capital, accounted for in equity, is classified as a financial liability in the calculation. Net profit for the period excludes non- controlling interests and interest expense on AT1 capital (discretionary interest accrued). Average equity includes net profit for the period and dividend until paid, excludes non-controlling interests and AT1 capital, and is reduced with intangible assets. Tier 1 capital The Tier 1 capital of an institution consists of the sum of its Common Equity Tier 1 (CET1) capital and Additional Tier 1 (AT1) capital. CET1 capital consists of share capital, invested unrestricted equity, retained earnings, other reserves and accumulated other comprehensive income, after considering regulatory deductions and adjustments. AT1 capital consists of capital instruments that meet the applicable regulatory criteria after considering regulatory deductions. Tier 1 capital ratio Tier 1 capital as a percentage of the risk exposure amount. The Common Equity Tier 1 (CET1) capital ratio is defined as CET1 capital as a percentage of the risk exposure amount. Total allowance rate (stages 1, 2 and 3) Total allowances divided by total loans measured at amortised cost before allowances. For a list of further alternative performance measures and business definitions, see https://www.nordea.com/en/investor- relations/reports-and-presentations/group-interim-reports/ and the 2025 Annual Report. ===== SIDA 56 ===== Nordea First-Quarter Financial Report 2026 55 Q1 Nordea Bank Abp Income statement Q1 Q1 Full year 2026 2025 2025 EURm Note Operating income Interest income 2,871 3,276 12,257 Interest expense -1,592 -1,982 -7,105 Net interest income 1,279 1,294 5,152 Fee and commission income 639 620 2,515 Fee and commission expense -149 -155 -636 Net fee and commission income 490 465 1,879 Net result from securities at fair value through profit or loss 233 287 1,011 Net result from securities at fair value through fair value reserve 6 6 28 Income from equity investments 557 249 1,739 Other operating income 167 210 754 Total operating income 2,732 2,511 10,563 Operating expenses Staff costs -860 -673 -2,731 Other administrative expenses -278 -281 -1,134 Other operating expenses -100 -77 -322 Depreciation, amortisation and impairment charges -144 -146 -570 Total operating expenses excl. regulatory fees -1,382 -1,177 -4,757 Regulatory fees -14 -14 -60 Total operating expenses -1,396 -1,191 -4,817 Profit before loan losses 1,336 1,320 5,746 Net loan losses 51 -36 -23 Operating profit 1,387 1,284 5,723 Income tax expense -206 -252 -989 Net profit for the period 1,181 1,032 4,734 ===== SIDA 57 ===== Nordea First-Quarter Financial Report 2026 56 Q1 Nordea Bank Abp Balance sheet 31 Mar 31 Dec 31 Mar 2026 2025 2025 EURm Assets Cash and balances with central banks 34,178 36,338 43,612 Debt securities eligible for refinancing with central banks 84,715 78,724 79,680 Loans to credit institutions 88,161 87,447 79,079 Loans to the public 174,478 168,469 156,028 Interest-bearing securities 11,111 10,145 8,939 Shares 18,864 18,280 19,259 Investments in group undertakings 16,160 15,981 16,041 Investments in associated undertakings and joint ventures 71 71 113 Derivatives 21,188 18,241 22,409 Fair value changes of hedged items in portfolio hedges of interest rate risk -77 -56 -62 Intangible assets 1,779 1,749 1,659 Tangible assets 1,377 1,392 1,474 Deferred tax assets 43 28 68 Current tax assets 134 256 141 Retirement benefit assets 381 328 336 Other assets 11,901 5,361 8,865 Prepaid expenses and accrued income 543 450 552 Total assets 465,007 443,204 438,193 Liabilities Deposits by credit institutions and central banks 47,142 42,027 43,585 Deposits and borrowings from the public 249,060 250,302 247,734 Debt securities in issue 84,510 78,991 72,490 Derivatives 20,159 18,857 24,065 Fair value changes of hedged items in portfolio hedges of interest rate risk -859 -567 -523 Current tax liabilities 504 456 26 Other liabilities 29,229 14,602 16,060 Accrued expenses and prepaid income 1,024 881 1,143 Deferred tax liabilities 83 208 473 Provisions 436 337 395 Retirement benefit liabilities 252 251 243 Subordinated liabilities 7,744 8,810 7,336 Total liabilities 439,284 415,155 413,027 Equity Share capital 4,050 4,050 4,050 Invested unrestricted equity 1,062 1,077 1,058 Other reserves -105 -137 -104 Retained earnings 19,535 18,325 19,130 Net profit for the period 1,181 4,734 1,032 Total equity 25,723 28,049 25,166 Total liabilities and equity 465,007 443,204 438,193 Off-balance sheet commitments Commitments given to a third party on behalf of customers Guarantees and pledges 54,268 54,325 56,563 Other 447 454 452 Irrevocable commitments in favour of customers, other 109,218 105,179 105,820 ===== SIDA 58 ===== Nordea First-Quarter Financial Report 2026 57 Q1 Nordea Bank Abp Note 1 Accounting policies The financial statements of the parent company, Nordea Bank Abp, are prepared in accordance with the Finnish Accounting Act, the Finnish Act on Credit Institutions, the Decree of the Finnish Ministry of Finance on the financial statements and consolidated financial statements of credit institutions and investment firms, and the regulations and guidelines of the Finnish Financial Supervisory Authority. Nordea Bank Abp applies IFRS Accounting Standards as adopted by the European Union (EU) for the recognition, measurement and presentation of financial instruments in accordance with the Finnish Act on Credit Institutions. The accounting policies 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. IFRS 16 Leases On 1 January 2026 Nordea Bank Abp adopted IFRS 16 Leases, as permitted under the Finnish Accounting Standards, to align its accounting policy and presentation of leases with the consolidated financial statements of the Group, which adopted IFRS 16 in 2019. Most of Nordea Bank Abp’s leases are related to office premises contracts; the rest are related to company cars and IT hardware. In accordance with IFRS 16, at the commencement date each lease should be accounted for on the balance sheet of the lessee as a right-of-use asset at cost and as a lease liability at the net present value of the future lease payments discounted using the lessee’s incremental borrowing rate at the commencement date of the lease contract. The right-of-use assets should subsequently be depreciated on a straight-line basis over the shorter of the asset’s useful life and the lease term, and the lease liabilities should be measured using the effective interest rate method and decreased by the lease payments made. See Note G5.4 “Leases” in the 2025 Annual Report for more information on the accounting policies. On adopting IFRS 16, Nordea Bank Abp restated all prior periods presented. Nordea Bank Abp recorded the cumulative effect of initially applying IFRS 16 as an adjustment to the opening equity of 1 January 2025. The impact can be found in the tables below. Restatements of the income statement Q1 2025 Jan-Dec 2025 EURm Old policy Change New policy Old policy Change New policy Operating income Interest income 3,276 0 3,276 12,257 0 12,257 Interest expense -1,977 -5 -1,982 -7,086 -19 -7,105 Net interest income 1,299 -5 1,294 5,171 -19 5,152 Net result from securities at fair value through profit or loss 293 -6 287 1,018 -7 1,011 Other operating income 210 0 210 756 -2 754 Total operating income 2,522 -11 2,511 10,591 -28 10,563 Operating expenses Other operating expenses -117 40 -77 -482 160 -322 Depreciation, amortisation and impairment charges -110 -36 -146 -428 -142 -570 Total operating expenses excl. regulatory fees -1,181 4 -1,177 -4,775 18 -4,757 Total operating expenses -1,195 4 -1,191 -4,835 18 -4,817 Profit before loan losses 1,327 -7 1,320 5,756 -10 5,746 Operating profit 1,291 -7 1,284 5,733 -10 5,723 Income tax expense -253 1 -252 -991 2 -989 Net profit for the period 1,038 -6 1,032 4,742 -8 4,734 ===== SIDA 59 ===== Nordea First-Quarter Financial Report 2026 58 Q1 Restatements of the balance sheet 31 Mar 2025 31 Dec 2025 1 Jan 2025 EURm Old policy Change New policy Old policy Change New policy Old policy Change New policy Assets Loans to the public 156,026 2 156,028 168,467 2 168,469 151,977 2 151,979 Tangible assets 230 1,244 1,474 233 1,159 1,392 224 1,257 1,481 Deferred tax assets 65 3 68 25 3 28 25 2 27 Prepaid expenses and accrued income 727 -175 552 599 -149 450 987 -185 802 Total assets 437,119 1,074 438,193 442,189 1,015 443,204 422,465 1,076 423,541 Liabilities Other liabilities 14,955 1,105 16,060 13,554 1,048 14,602 12,659 1,101 13,760 Accrued expenses and prepaid income 1,144 -1 1,143 882 -1 881 1,257 -1 1,256 Provisions 405 -10 395 346 -9 337 376 -10 366 Total liabilities 411,933 1,094 413,027 414,117 1,038 415,155 394,339 1,090 395,429 Equity Retained earnings 19,144 -14 19,130 18,340 -15 18,325 18,121 -14 18,107 Profit or loss for the period 1,038 -6 1,032 4,742 -8 4,734 4,189 - 4,189 Total equity 25,186 -20 25,166 28,072 -23 28,049 28,126 -14 28,112 Total liabilities and equity 437,119 1,074 438,193 442,189 1,015 443,204 422,465 1,076 423,541 ===== SIDA 60 ===== Nordea First-Quarter Financial Report 2026 59 Q1 For further information • A webcast will be held on 22 April at 11.00 EET (10.00 CET), during which Frank Vang-Jensen, President and Group CEO, will present the results. This will be followed by a Q&A audio session for investors and analysts with Frank Vang-Jensen, Ian Smith, Group CFO, and Ilkka Ottoila, Head of Investor Relations. • The event will be webcast live and the recording and presentation slides will be posted at www.nordea.com/ir. • The Q1 2026 report, investor presentation and factbook are available at www.nordea.com/ir. Contacts 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 Brand, Communication and Marketing +358 10 416 8023 Financial calendar 29 January 2026 – Fourth-quarter and full-year results 2025 Week 9 2026 – Annual Report published 24 March 2026 – Annual General Meeting 22 April 2026 – First-quarter results 2026 16 July 2026 – Half-year results 2026 15 October 2026 – Third-quarter results 2026 Helsinki 21 April 2026 Nordea Bank Abp Board of Directors ===== SIDA 61 ===== Nordea First-Quarter Financial Report 2026 60 Q1 Nordea Bank Abp • Satamaradankatu 5 • 00020 Helsinki • www.nordea.com/ir • Tel. +358 200 70000 • Business ID 2858394-9 This report contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward- looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. These include but are not limited to (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions, and (iv) changes in interest rates and foreign exchange rates. This report does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. ===== SIDA 62 ===== Nordea First-Quarter Financial Report 2026 61 Q1 Report on review of interim financial information of Nordea Bank Abp for the three -month-period ended 31 March 2026 To the Board of Directors of Nordea Bank Abp Introduction We have reviewed the accompanying condensed interim financial information of Nordea Bank Abp, which comprises the condensed consolidated balance sheet as of 31 March 2026, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement for the three-month-period then ended and notes, comprising material accounting policy information and other explanatory notes, for Nordea Bank Group. The condensed interim financial information also comprises the parent company Nordea Bank Abp’s balance sheet as of 31 March 2026, income statement for the three-month-period then ended and note with accounting policy information. The Board of Directors and the Managing Director are responsible for the preparation and presentation of the condensed consolidated interim financial information in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”, and for the preparation and presentation of the balance sheet and income statement and the note with accounting policy information of the parent company in accordance with the laws and regulations governing the preparation of balance sheet and income statement in Finland. Our responsibility is to express a conclusion on this condensed interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information of Nordea Bank Abp for the three months period ended on 31 March 2026 is not prepared, in all material respects, as regards the Group consolidated financial information, in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”, or that the parent company financial information, is not prepared, in all material respects, in accordance with the laws and regulations governing the preparation of balance sheet and income statement in Finland. Helsinki 21 April 2026 PricewaterhouseCoopers Oy Authorised Public Accountants Jukka Paunonen Authorised Public Accountant (KHT)