FULLTEXT DEL 1 AV 2
Kvartalsrapport Q1 2026
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Confidential
First-Quarter
Financial Report
2026
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Nordea First-Quarter Financial Report 2026
1
Q1
First-quarter results 2026
Summary of the quarter:
• Return on equity 15.4% – earnings per share EUR
0.36. Nordea’s return on equity for the quarter was 15.4%,
compared with 15.7% a year ago, reflecting resilient
performance and solid profitability in a quarter where
markets were negatively impacted by the March escalation
in the Middle East conflict. The cost-to-income ratio2 was
45.5% for the quarter, having been impacted by lower
market making income. This compares with 43.7% a year
ago. Earnings per share were EUR 0.36, up from EUR
0.35 a year ago.
• Total income resilient. As expected, net interest income
was down (-4%) following policy rate reductions. Net fee
and commission income was up 6%, continuing the solid
growth seen in previous quarters despite the impact of the
market volatility in March. Net fair value result was down
22% due to lower market making income, driven by the
unexpected sharp increases in EUR and SEK interest rate
expectations, which led to exceptional losses across
certain desks. Costs excluding items affecting
comparability (EUR 190m in restructuring costs) were flat
when adjusted for foreign exchange effects, which drove a
2% increase. Operating profit was up 2% at EUR 1.6bn.
• Business volume growth. Mortgage lending grew by 2%
year on year, driven by growth in Sweden and Norway.
Corporate lending growth was strong, up 11%. Retail and
corporate deposit volumes increased by 5% and 2%,
respectively. Assets under management increased by 9%,
to EUR 464bn.
• Very strong credit quality – remaining management
judgement buffer now fully deployed. Nordea’s credit
quality is very strong and risks have been assessed to be
largely reflected in its modelled provisions without the
need for additional management overlays. Thus,
consistent with earlier communications, the remaining
portion of Nordea’s management judgement buffer,
established during the COVID-19 pandemic six years ago,
has now been fully deployed. Of the EUR 276m
outstanding at the end of 2025, EUR 116m was
reallocated to strengthen modelled provisions and EUR
160m was deemed surplus and was released, reducing
net loan losses and similar net result in the first quarter.
Net loan losses and similar net result consequently
amounted to a reversal of EUR 99m. Excluding the EUR
160m release, net loan losses and similar net result
amounted to EUR 61m (6bp).
• Continued strong capital generation and share buy-
backs. The CET1 ratio was 15.7% at the end of the
quarter, 1.9 percentage points above the current
regulatory requirement. Nordea’s strong capital position
and continued robust capital generation support lending
growth and continued share buy-backs. The EUR 500m
buy-back programme launched in the fourth quarter of
2025 had no impact on the CET1 ratio in this quarter.
Nordea plans to distribute a mid-year dividend for 2026,
corresponding to approximately 50% of the net profit for
the first half of 2026.
• Outlook for 2026 unchanged: a return on equity of
greater than 15% and a cost-to-income ratio2 of
around 45%. Nordea has a strong and resilient business
model, with a very well-diversified portfolio across the
Nordic region. This enables the Group to support its
customers and deliver high-quality earnings, with high
profitability and low volatility, through the economic cycle.
It also enables Nordea to continue to generate capital,
seek opportunities to deploy it to drive growth, and
distribute excess capital to shareholders in the form of
share buy-backs.
(For further viewpoints, see the CEO comment on page 2. For definitions,
see page 54.)
Group quarterly results and key ratios Q1 20261
Q1 2026 Q1 2025 Chg % Q4 2025 Chg %
EURm
Net interest income 1,759 1,829 -4 1,765 0
Net fee and commission income 842 793 6 853 -1
Net insurance result 69 54 28 64 8
Net fair value result 226 289 -22 257 -12
Other income 14 9 56 9 56
Total operating income 2,910 2,974 -2 2,948 -1
Total operating expenses excl. regulatory fees -1,323 -1,300 2 -1,362 -3
Total operating expenses -1,375 -1,354 2 -1,386 -1
Profit before loan losses 1,535 1,620 -5 1,562 -2
Net loan losses and similar net result 99 -13 -49
Operating profit 1,634 1,607 2 1,513 8
Cost-to-income ratio2, % 45.5 43.7 46.2
Return on equity with amortised regulatory fees, % 15.4 15.7 14.4
Return on tangible equity, % 17.4 17.6 16.6
Diluted earnings per share, EUR 0.36 0.35 3 0.34 6
1 Excluding items affecting comparability. See pages 5 and 17 for further details. 2 Excluding regulatory fees.
For further information:
Frank Vang-Jensen, President and Group CEO, +358 9 4245 1006
Ian Smith, Group CFO, +45 55 47 83 72
Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Ulrika Romantschuk, Head of Group Brand, Communication and Marketing,
+358 10 416 8023
Nordea is a leading Nordic financial services group and the preferred choice for millions of customers across the region. For more than 200 years, we have
proudly served as a trusted financial partner for individuals, families and businesses – enabling dreams and aspirations for a greater good. Our vision is to be
the best-performing financial services group in the Nordics, accelerating through our scale, people and technology. The Nordea share i s listed on the Nasdaq
Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges.
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Nordea First-Quarter Financial Report 2026
2
Q1
CEO comment
It has been an unsettled start to the year once again. The
conflict in the Middle East that escalated in March has created
further geopolitical uncertainty, with volatility in the financial
markets and implications for short-term energy supply and
inflation. Sustained disruption to global energy markets may
dampen economic activity, including in the Nordic countries.
However, the Nordic countries have a strong track record in
navigating uncertainty. The stability, fiscal strength and global
competitiveness of our home markets make them some of the
world’s best places to live and do business. In addition, our
region is structurally well positioned in terms of energy
resilience given its substantial renewable capacity and
Norway’s role as a major energy exporter. We saw this clearly
during the energy crisis in 2022.
Nordea is uniquely diversified across the attractive Nordic
markets. Years of relentless strategy execution have made us
stronger and more resilient than ever – and very well placed
to support customers. That strength showed again in our first-
quarter performance, with solid growth in business volumes
and high profitability. Return on equity was 15.4%. We were
especially active with corporate customers: lending was up
11% year on year, supported by strong growth in all countries.
Corporate deposits were up 2%.
Households focused mainly on strengthening their savings
and investments. This was demonstrated by a 5% year-on-
year increase in deposits and strong net flows into retail
funds. Mortgage lending grew by 2% and I was pleased to
see us win further mortgage market share in Sweden.
Assets under management increased by 9% year on year, to
EUR 464bn. In turbulent markets, underlying net flows were
strong.
Our 2030 strategy focuses on six distinct growth areas and
we are seeing good early momentum in Private Banking, Life
& Pension, small businesses and cross-sales. We are also
encouraged by the steady progress we are making in Sweden
and Norway. Execution on the other two priorities of our 2030
strategy – strengthening our customer offering and making
more effective use of our Nordic scale – is likewise off to a
good start. During the quarter we launched a unified Nordic
corporate credit and lending platform and took further steps in
our deployment of a more scalable and resilient payments
platform – all part of our drive to deliver outstanding customer
experiences and superior efficiency.
Total income for the quarter was EUR 2.9bn. Strong growth in
net fee and commission income helped offset an expected
decrease in net interest income in the lower rate environment.
Increased market volatility following developments in the
Middle East had an exceptional impact on our net fair value
result. We continue to manage costs with discipline: first-
quarter operating expenses were flat before foreign exchange
effects. Our cost-to-income ratio was 45.5%, having been
impacted by the lower net fair value result. Operating profit
was up 2% year on year at EUR 1.6bn.
Credit quality remains very strong. This quarter, we fully
deployed the remaining portion of the management
judgement buffer we created during the COVID-19 pandemic.
Over the past six years we have continuously assessed the
buffer in the light of macroeconomic conditions and in the
knowledge that our loan portfolio performance has been
consistently strong. These assessments have led us to
gradually reduce it. This quarter, we reallocated EUR 116m to
further strengthen our modelled provisions and released the
remaining balance of EUR 160m, which was deemed surplus
provisioning. Excluding the release, net loan losses and
similar net result for the quarter totalled EUR 61m or 6bp.
In Personal Banking we maintained solid business volume
momentum and customer activity. Customer savings and
investment activity remained at high levels, with recurring
savings up 3% year on year. Deposits increased by 5% and
we grew our lending by 1%, with mortgage lending up 2%.
We are making good early progress in improving cross-sales,
supported by successful product launches in savings and
more automated account opening and onboarding processes.
Customer use of our digital services again increased: app
users and logins were up 4% and 6%, respectively, year on
year and 69% of fund investments were made through digital
channels.
In Asset & Wealth Management our Nordic channels
delivered a resilient performance in turbulent markets.
Customer acquisition remained strong, reaching record highs
in both Denmark and Finland and supporting net flows of EUR
1.0bn in Private Banking. Net flows in the wholesale
distribution channel remained positive at EUR 0.1bn for the
quarter.
In Business Banking we maintained good business
momentum and drove strong volume growth. Both lending
and deposit volumes increased by 8% year on year, led by
continued lending growth in Sweden and Norway and
stronger activity in Denmark. Deposits were up in all
countries. Customer satisfaction rose year on year,
particularly among small businesses and entrepreneurs. To
support growth in the small business segment, we launched a
digital onboarding platform in Denmark and Norway, with a
wider Nordic expansion planned for the coming quarters. We
also began the Nordic roll-out of a service to help small
businesses manage liquidity and cash flows more effectively.
In Large Corporates & Institutions we grew lending volumes
and net fee and commission income while supporting our
customers amid market volatility caused by the geopolitical
uncertainty. Lending volumes were up 14% year on year, with
growth in all countries. Debt Capital Markets activity remained
high: we arranged more than 190 transactions for a broad
range of issuers. While primary equity market activity
remained subdued, our secondary equities business income
grew by 11% year on year.
Our capital position is strong, supported by robust capital
generation. At the quarter’s end our CET1 ratio was 15.7%.
In summary, this was a solid start to the year despite
challenging financial markets later in the quarter. While there
is uncertainty around global growth, confidence among Nordic
businesses has not wavered, underlining the resilience of our
region. For Nordea, the higher business volumes in both
lending and deposits and growth in assets under
management are encouraging. With a unique market footprint,
a leading offering and a strong balance sheet, we are well
equipped to deliver for our customers and the communities
we serve, and create value for our shareholders.
Our outlook for the full year 2026 is unchanged. We expect to
deliver a return on equity of greater than 15%, and expect our
cost-to-income ratio to be around 45%.
Our ambition is to become the undisputed best-performing
financial services group in the Nordics.
Frank Vang-Jensen
President and Group CEO
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Nordea First-Quarter Financial Report 2026
3
Q1
Outlook
Financial targets for 2030
Nordea targets a return on equity of greater than 15%
throughout the period, and significantly higher in 2030, and a
cost-to-income ratio1 of 40–42% in 2030. These targets will be
supported by an annual net loan loss ratio of around 10bp and
the continuation of Nordea’s well-established capital and
dividend policies.
Financial outlook for 20262
Nordea expects a return on equity of greater than 15% and a
cost-to-income ratio1 of around 45%.
Capital policy
A management buffer of 150bp above the regulatory CET1
requirement.
Dividend policy
Nordea’s dividend policy stipulates a dividend payout ratio of
60–70%, applicable to profit for the financial year. Nordea will
continuously assess the opportunity to use share buy-backs
as a tool to distribute excess capital.
1 Excluding regulatory fees.
2 Excluding EUR 190m in restructuring costs booked in the first
quarter of 2026, which have been treated as an item affecting
comparability.
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Nordea First-Quarter Financial Report 2026
4
Q1
Table of contents
Income statement ........................................................................................................................….5
Macroeconomy and financial markets .......................................................................................... 7
Group results and performance
First quarter 2026 ................................ ................................ ................................ ................................ .............. 8
Net interest income ................................ ................................ ................................ ........................ 8
Net fee and commission income ................................ ................................ ................................ ... 9
Net result from items at fair value ................................ ................................ ............................... 10
Total operating income ................................ ................................ ................................ ................ 10
Total expenses ................................ ................................ ................................ ............................. 11
Net loan losses and similar net result ................................ ................................ ........................ 12
Credit portfolio ................................ ................................ ................................ ............................. 12
Profit ................................ ................................ ................................ ................................ ............. 13
Capital position and risk exposure amount ................................ ................................ ................ 14
Balance sheet ................................ ................................ ................................ ............................... 16
Funding and liquidity operations ................................ ................................ ................................ 16
Market risk ................................ ................................ ................................ ................................ .... 16
Other information................................ ................................ ................................ ................................ ............ 17
Quarterly development, Group ...................................................................................................... 18
Business areas
Financial overview by business area................................ ................................ ................................ ............. 19
Personal Banking................................ ................................ ................................ ................................ ............ 20
Asset & Wealth Management ................................ ................................ ................................ ......................... 23
Business Banking ................................ ................................ ................................ ................................ ........... 26
Large Corporates & Institutions................................ ................................ ................................ ..................... 29
Group functions ................................ ................................ ................................ ................................ .............. 31
Financial statements
Nordea Group ................................ ................................ ................................ ................................ .................. 32
Notes to the financial statements ................................ ................................ ................................ .................. 37
Nordea Bank Abp ................................ ................................ ................................ ................................ ............ 55
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Nordea First-Quarter Financial Report 2026
5
Q1
Income statement
Excluding items affecting comparability1
Q1 Q1 Local Q4 Local
2026 2025 Chg % curr. % 2025 Chg % curr. %
EURm
Net interest income 1,759 1,829 -4 -7 1,765 0 -3
Net fee and commission income 842 793 6 5 853 -1 -2
Net insurance result 69 54 28 26 64 8 6
Net result from items at fair value 226 289 -22 -16 257 -12 -7
Profit or loss from associated undertakings and joint
ventures accounted for under the equity method 1 -3 -133 -125 1
Other operating income 13 12 8 8 8 63 63
Total operating income 2,910 2,974 -2 -4 2,948 -1 -3
Staff costs -811 -792 2 1 -827 -2 -3
Other expenses -357 -359 -1 -3 -375 -5 -6
Depreciation, amortisation and impairment
charges of tangible and intangible assets -155 -149 4 3 -160 -3 -4
Total operating expenses excl. regulatory fees -1,323 -1,300 2 0 -1,362 -3 -4
Regulatory fees -52 -54 -4 -7 -24
Total operating expenses -1,375 -1,354 2 0 -1,386 -1 -2
Profit before loan losses 1,535 1,620 -5 -7 1,562 -2 -3
Net loan losses and similar net result 99 -13 -49
Operating profit 1,634 1,607 2 0 1,513 8 7
Income tax expense -390 -373 5 3 -356 10 8
Net profit for the period 1,244 1,234 1 -1 1,157 8 6
1 Excluding the following item affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructurin g costs (EUR 144m after tax). Of
this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and im pairment charges of
tangible and intangible assets. See page 17 for further details.
Ratios and key figures1
Excluding items affecting comparability2
Q1 Q1 Q4
2026 2025 Chg % 2025 Chg %
Diluted earnings per share (DEPS), EUR 0.36 0.35 3 0.34 6
EPS, rolling 12 months up to period end, EUR 1.42 1.41 1 1.39 2
Share price3, EUR 14.68 11.77 25 16.09 -9
Potential shares outstanding3, million 3,412 3,491 -2 3,434 -1
Weighted average number of diluted shares, million 3,411 3,483 -2 3,433 -1
Return on equity with amortised resolution fees, % 15.4 15.7 14.4
Return on equity, % 15.2 15.4 14.5
Return on tangible equity, % 17.4 17.6 16.6
Return on risk exposure amount, % 3.1 3.1 2.9
Cost-to-income ratio4, % 45.5 43.7 46.2
Net loan loss ratio incl. loans held at fair value, bp -10 1 5
Net interest margin. % 1.57 1.70 1.57
Number of employees (FTEs)3 28,747 30,343 -5 28,989 -1
1 For more detailed information regarding ratios and key figures defined as alternative performance measures,
see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.
2 Excluding the following item affecting comparability in the first quarter of 2026: a EUR 190m expense related to restructurin g costs (EUR 144m after tax). Of
this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and im pairment charges of
tangible and intangible assets. See page 17 for further details.
3 End of period.
4 Excluding regulatory fees.
Business volumes, key items1
31 Mar 31 Mar Local 31 Dec Local
2026 2025 Chg % curr. % 2025 Chg % curr. %
EURbn
Loans to the public 390.2 366.8 6 6 381.9 2 1
Loans to the public excl. repos/securities borrowing 353.6 335.7 5 5 345.7 2 1
Deposits and borrowings from the public 241.2 240.0 0 1 242.9 -1 -1
Deposits from the public excl. repos/securities lending 220.0 221.2 -1 0 221.7 -1 -1
Total assets 679.0 641.4 6 654.4 4
Assets under management 464.3 425.9 9 473.2 -2
1 End of period.
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Nordea First-Quarter Financial Report 2026
6
Q1
Income statement
Including items affecting comparability
Q1 2026 Q1 2025 Chg %
Local
curr. % Q4 2025 Chg %
Local
curr. %
EURm
Net interest income 1,759 1,829 -4 -7 1,765 0 -3
Net fee and commission income 842 793 6 5 853 -1 -2
Net insurance result 69 54 28 26 64 8 6
Net result from items at fair value 226 289 -22 -16 257 -12 -7
Profit or loss from associated undertakings and joint
ventures accounted for under the equity method 1 -3 1
Other operating income 13 12 8 8 8 63 63
Total operating income 2,910 2,974 -2 -4 2,948 -1 -3
Staff costs -979 -792 24 22 -827 18 17
Other expenses -376 -359 5 2 -375 0 -1
Depreciation, amortisation and impairment
charges of tangible and intangible assets -158 -149 6 5 -160 -1 -2
Total operating expenses excl. regulatory fees -1,513 -1,300 16 15 -1,362 11 10 Regulatory fees -52 -54 -4 -7 -24 117 113
Total operating expenses -1,565 -1,354 16 14 -1,386 13 12 Profit before loan losses 1,345 1,620 -17 -18 1,562 -14 -15
Net loan losses and similar net result 99 -13 -862 -854 -49 -302 -300
Operating profit 1,444 1,607 -10 -12 1,513 -5 -6
Income tax expense -344 -373 -8 -9 -356 -3 -5
Net profit for period 1,100 1,234 -11 -12 1,157 -5 -6
Ratios and key figures1
Including items affecting comparability
Q1 2026 Q1 2025 Chg % Q4 2025 Chg %
Diluted earnings per share (DEPS), EUR 0.32 0.35 -9 0.34 -6
EPS, rolling 12 months up to period end, EUR 1.37 1.41 -3 1.39 -1
Share price2, EUR 14.68 11.77 25 16.09 -9
Equity per share2, EUR 8.85 8.55 4 9.47 -7
Potential shares outstanding2, million 3,412 3,491 -2 3,434 -1
Weighted average number of diluted shares, million 3,411 3,483 -2 3,433 -1
Return on equity with amortised regulatory fees, % 13.6 15.7 14.4
Return on equity, % 13.4 15.4 14.5
Return on tangible equity, % 15.4 17.6 16.6
Return on risk exposure amount, % 2.7 3.1 2.9
Cost-to-income ratio excl. regulatory fees, % 52.0 43.7 46.2
Cost-to-income ratio, % 53.8 45.5 47.0
Net loan loss ratio incl. loans held at fair value, bp -10 1 5
Common Equity Tier 1 capital ratio2,3, % 15.7 15.7 15.7
Tier 1 capital ratio2,3, % 17.7 17.6 18.4
Total capital ratio2,3, % 20.4 20.2 21.2
Tier 1 capital2,3, EURbn 28.6 28.1 2 29.4 -3
Risk exposure amount2, EURbn 162.1 159.7 2 159.7 2
Net interest margin, % 1.57 1.70 1.57
Number of employees (FTEs)2 28,747 30,343 -5 28,989 -1
Equity2, EURbn 30.1 29.7 1 32.4 -7 1 For more detailed information regarding ratios and key figures defined as alternative performance measures,
see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.
2 End of period.
3 The first quarter of 2026 includes net profit for the period, with a dividend deduction of 70% (the upper range under Nordea’ s dividend policy). For
regulatory purposes, Nordea will report CET1 capital of EUR 25,083m and a CET1 ratio of 15.5% to the competent authority, bot h calculated
excluding net profit for the period, with a corresponding effect on the other regulatory capital levels and ratios.
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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 =====
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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 =====
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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 =====