Kvartalsrapport Q3 2025

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

Confidential 
 
 
 
 
 
 
 
 
 
Third-Quarter 
Financial Report 
 
 2025

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

Nordea                   Third-Quarter Financial Report 2025 
1 
 
 
Q3 
Third-quarter results 2025 
Summary of the quarter: 
 
 
• Return on equity 15.8% – earnings per share EUR 
0.36. Nordea’s return on equity was strong at 15.8% in the 
third quarter, reflecting another solid performance and 
resilience despite muted sentiment due to ongoing 
geopolitical tensions. The cost-to-income ratio with 
amortised resolution fees was 46.1% for the quarter, and 
earnings per share were EUR 0.36. 
 
• Total income resilient. As expected, net interest income 
was down (-6%) following further policy rate reductions. 
Net fee and commission income was up 5%, rebounding 
from the impact of the market volatility seen in the 
previous quarter. Net insurance result grew by 10%, while 
net fair value result was down compared with the 
unusually high level a year ago. Costs were flat with stable 
levels of strategic investment. Operating profit was EUR 
1.6bn. 
 
• Lending growth picking up; continued growth in 
deposit volumes. Nordic mortgage market growth 
showed early signs of picking up. Mortgage lending grew 
by 6% year on year, driven by organic growth in Sweden 
and the contribution from the recent acquisition in Norway. 
Corporate lending growth was strong, up 6%, as Nordic 
companies increasingly adjusted to the new operating 
environment. Retail and corporate deposit volumes 
increased by 8% and 1%, respectively. Assets under 
management increased by 11%, to EUR 456bn, and 
Nordic net flows continued to be strong in the quarter 
(EUR 4.4bn).  
 
 
 
• Continued strong credit quality, with net loan losses 
well below Nordea’s long-term expectation. Net loan 
losses and similar net result amounted to a reversal of 
EUR 19m. Lower provisioning requirements, particularly in 
the Business Banking portfolio, led to the release of EUR 
50m from the management judgement buffer, which now 
stands at EUR 291m. Excluding the release, net loan 
losses and similar net result amounted to EUR 31m or 
3bp. 
 
• Continued strong capital generation; new share buy-
back programme. The CET1 ratio was 15.9% at the end 
of the quarter, 2.3 percentage points above the current 
regulatory requirement. Nordea’s strong capital position 
and continued robust capital generation enable the Group 
to support lending growth and continue its share buy-
backs. Nordea will launch a new EUR 250m share buy-
back programme on or around 20 October, and expects to 
complete it before the end of the year, with a related 
capital deduction of approximately 15bp in the fourth 
quarter. 
 
• Outlook for 2025: well on track to deliver a return on 
equity of above 15%. Nordea has a strong and resilient 
business model, with a very well-diversified loan 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 53.) 
 
         Group quarterly results and key ratios Q3 2025        
 
Q3 2025 Q3 2024 Chg % Q2 2025 Chg % 
Jan-Sep 
2025 
Jan-Sep 
2024 Chg % 
EURm         
Net interest income 1,775 1,882 -6 1,798 -1 5,402 5,740 -6 
Net fee and commission income 811 774 5 792 2 2,396 2,332 3 
Net insurance result 66 60 10 58 14 178 184 -3 
Net fair value result 245 284 -14 254 -4 788 822 -4 
Other income 13 14 -7 9 44 31 51 -39 
Total operating income 2,910 3,014 -3 2,911 0 8,795 9,129 -4 
Total operating expenses excluding regulatory fees -1,313 -1,311 0 -1,314 0 -3,928 -3,797 3 
Total operating expenses -1,332 -1,329 0 -1,333 0 -4,019 -3,896 3 
Profit before loan losses 1,578 1,685 -6 1,578 0 4,776 5,233 -9 
Net loan losses and similar net result 19 -51  21  27 -152  
Operating profit 1,597 1,634 -2 1,599 0 4,803 5,081 -5 
         Cost-to-income ratio excluding regulatory fees, % 45.1 43.5  45.1  44.7 41.6  
Cost-to-income ratio with amortised resolution fees, % 46.1 44.5  46.1  45.6 42.6  
Return on equity with amortised resolution fees, % 15.8 16.7  16.2  15.9 17.6  
Diluted earnings per share, EUR 0.36 0.36 0 0.35 3 1.06 1.11 -5 
 
For further information: 
Frank Vang-Jensen, President and Group CEO, +358 503 821 391 
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
We are a universal bank with a 200-year history of supporting and growing the Nordic economies – enabling dreams and aspirations for a greater good. Every 
day, we work to support our customers’ financial development, delivering best -in-class omnichannel customer experiences and driving sustainable change. The 
Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us at nordea.com.

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

Nordea                   Third-Quarter Financial Report 2025 
2 
 
 
Q3 
CEO comment  
 
The political shifts and rising global tensions we are seeing 
today remind us that the world economy is finely balanced 
and the operating environment can change quickly. 
Nevertheless, after the turbulent first few months of the year, 
the third quarter felt more calm and settled. 
 
Some of the uncertainty around tariffs receded when the new 
EU-US trade agreement was struck. The Nordic economies 
also continued to benefit from lower inflation and interest rates 
– conditions that helped lift confidence. During the quarter, 
Nordic corporates signalled a renewed appetite to invest, 
which translated into increased demand for lending. 
Household activity also showed signs of picking up, though 
was still at muted levels, with our customers’ main focus on 
saving and strengthening their financial positions. 
 
In the third quarter we delivered higher business volumes and 
solid results, again demonstrating the strength and quality of 
our pan-Nordic business. Profitability was high, with return on 
equity reaching 15.8%, in line with our financial target. We 
have now delivered a return on equity of above 15% in 10 out 
of the past 11 quarters.  
 
Mortgage lending increased by 6% year on year, driven by 
Norway and Sweden. We grew retail deposits by 8%. 
Corporate lending picked up further, increasing by 6%, and 
deposits were up by 1%.  
 
Total income amounted to EUR 2.9bn, a year-on-year 
decrease of 3%, as expected, driven by the reductions in 
policy rates over the past year. Our net interest income again 
proved resilient, supported by higher lending and deposit 
volumes and our deposit hedge. Net fee and commission 
income recovered during the quarter, rising by 5%, supported 
by higher capital markets activity after the volatile spring and 
early summer. 
 
Costs in the third quarter were stable year on year. As 
planned, our strategic investments have levelled off and we 
continue to actively manage our costs according to the 
operating environment as part of our strong cost culture. We 
expect full-year operating expenses to be around EUR 5.4bn. 
The third-quarter cost-to-income ratio was 46.1%. Operating 
profit was EUR 1.6bn. 
 
Credit quality remains exceptionally strong. Net loan losses 
and similar net result for the quarter amounted to a reversal of 
EUR 19m. Given the continued strength of our credit portfolio, 
we released a further EUR 50m from our management 
judgement buffer, which now stands at EUR 291m.  
 
In Personal Banking we delivered solid business volumes, 
driven by higher levels of customer activity, especially in 
savings and investments. Deposits increased by 8% year on 
year and lending was up 5%. Customers continued to focus 
on financial planning and actively sought our advice – and we 
were well equipped to support them. Digital services activity 
remained high, and we saw a further increase in demand for 
loan promises. Our standout performance in digital banking 
earned us the title of best digital bank in the Nordics in 
Euromoney’s Awards for Excellence and multiple awards from 
Global Finance, including Best Consumer Digital Bank and 
Best Mobile Banking App in all the Nordic countries. 
 
 
In Business Banking we drove solid volume growth, with 
lending volumes up 5% year on year, primarily in Sweden and  
Norway. Deposits were up 9%, with growth across all Nordic 
countries. We continued to enhance our digital offering in 
support of our ambition to become the leading digital bank for 
small and medium-sized enterprises. For the third consecutive 
year, Nordea Business and the mobile app won Global 
Finance’s awards for Best Corporate Digital Bank and Best 
Mobile Banking App in each of our four home markets.  
 
In Large Corporates & Institutions we continued to use our 
Nordic scale and strong balance sheet to support our 
customers with their investment and growth plans. Lending 
growth was strong, with volumes up 6% year on year, 
reflecting increased demand among Nordic businesses. Debt 
Capital Markets activity remained high. Market conditions for 
Equity Capital Markets and Mergers & Acquisitions were 
volatile but gradually improved, with several notable 
transactions evidencing our broad financing and structuring 
capabilities.  
 
In Asset & Wealth Management business momentum 
remained strong in our Nordic channels, with net inflows of 
EUR 4.4bn, including EUR 1.5bn in Private Banking and EUR 
1.2bn in Life & Pension. Net flows in international channels 
amounted to EUR 0.6bn, with net flows in the wholesale 
distribution channel continuing to stabilise at EUR 0.4bn and 
net flows in International Institutions amounting to EUR 0.2bn. 
We were pleased to see strong interest in our new fund that 
invests in the drivers of Europe’s transformation: energy 
resilience, reshoring, and defence and cybersecurity. Assets 
under management increased by 11% year on year, to EUR 
456bn. 
 
Our capital position is strong, supported by robust capital 
generation. Our CET1 ratio was 15.9% at the end of the third 
quarter. We will soon launch another EUR 250m share buy-
back programme, reaffirming our focus on shareholder returns 
and an efficient capital structure. 
 
This was another very solid quarter for Nordea, and we 
remain well on track to deliver a return on equity of above 
15% for the full year. Our performance this year clearly 
highlights the strength of our well-diversified business model 
and structurally improved profitability. It also reflects the 
advantages of operating in the strong and stable Nordic 
markets, home to globally competitive businesses and a 
powerful entrepreneurial spirit.  
 
We look forward to presenting our plans for the next strategy 
period at our Capital Markets Day in London on 5 November. 
We will share the concrete steps we are taking to build on our 
successful foundation, with continued focus on our four home 
markets. These will enable us to drive above-market business 
growth with improved cost efficiency through our Nordic scale, 
continue delivering market-leading return on equity, and 
achieve superior earnings per share growth. 
 
 
Frank Vang-Jensen 
President and Group CEO

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Nordea                   Third-Quarter Financial Report 2025 
3 
 
 
Q3 
Outlook (unchanged) 
 
 
Financial outlook for 2025 
 
Nordea’s financial outlook for 2025 is a return on equity of 
above 15%. 
 
 
 
 
 
 
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.

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

Nordea                   Third-Quarter Financial Report 2025 
4 
 
 
Q3 
Table of contents       
 
Income statement  ........................................................................................................................….5 
 
Macroeconomy and financial markets  .......................................................................................... 6 
 
Group results and performance 
 
 Third quarter 2025................................ ................................ ................................ ................................ ............. 7 
 
  Net interest income ................................ ................................ ................................ ........................ 7 
   Net fee and commission income ................................ ................................ ................................ ... 8 
   Net result from items at fair value ................................ ................................ ................................ . 9 
   Total operating income ................................ ................................ ................................ .................. 9 
   Total expenses ................................ ................................ ................................ .............................  10 
   Net loan losses and similar net result ................................ ................................ ........................ 11 
   Credit portfolio ................................ ................................ ................................ .............................  11 
  Profit ................................ ................................ ................................ ................................ ............. 12 
         Capital position and risk exposure amount ................................ ................................ ................ 13 
        Balance sheet ................................ ................................ ................................ ...............................  15 
  Funding and liquidity operations ................................ ................................ ................................  15 
 Market risk ................................ ................................ ................................ ................................ .... 15 
 Other information................................ ................................ ................................ ................................ ............ 16 
 
Quarterly development, Group ...................................................................................................... 17 
 
Business areas 
 
Financial overview by business area................................ ................................ ................................ ............. 18 
 
Personal Banking................................ ................................ ................................ ................................ ............ 19 
 
Business Banking ................................ ................................ ................................ ................................ ........... 22 
 
Large Corporates & Institutions................................ ................................ ................................ ..................... 25 
 
Asset & Wealth Management ................................ ................................ ................................ .........................  27 
 
Group functions ................................ ................................ ................................ ................................ .............. 30 
 
Financial statements 
 
Nordea Group ................................ ................................ ................................ ................................ .................. 31 
 
Notes to the financial statements ................................ ................................ ................................ .................. 36 
 
Nordea Bank Abp ................................ ................................ ................................ ................................ ............ 54

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Nordea                   Third-Quarter Financial Report 2025 
5 
 
 
Q3 
Income statement 
 Q3 Q3  Local  Q2  Local Jan-Sep Jan-Sep  Local 
 2025 2024 Chg % curr. % 2025 Chg % curr. % 2025 2024 Chg % curr. % 
EURm            
Net interest income 1,775 1,882 -6 -7 1,798 -1 -1 5,402 5,740 -6 -7 
Net fee and commission income 811 774 5 4 792 2 3 2,396 2,332 3 2 
Net insurance result 66 60 10 8 58 14 14 178 184 -3 -3 
Net result from items at fair value 245 284 -14 -11 254 -4 -4 788 822 -4 -4 
Profit or loss from associated undertakings and joint             
ventures accounted for under the equity method 1 4 -75 -75 -1 -200 0 -3 13 -123 -108 
Other operating income 12 10 20 20 10 20 20 34 38 -11 -11 
Total operating income 2,910 3,014 -3 -4 2,911 0 0 8,795 9,129 -4 -4 
            Staff costs -806 -779 3 3 -809 0 0 -2,407 -2,289 5 5 
Other expenses -353 -380 -7 -8 -354 0 1 -1,066 -1,079 -1 -1 
Regulatory fees -19 -18 6 0 -19 0 0 -92 -99 -7 -10 
Depreciation, amortisation and impairment            
charges of tangible and intangible assets -154 -152 1 1 -151 2 3 -454 -429 6 5 
Total operating expenses -1,332 -1,329 0 -1 -1,333 0 1 -4,019 -3,896 3 3 
            
Profit before loan losses 1,578 1,685 -6 -7 1,578 0 0 4,776 5,233 -9 -9 
            Net loan losses and similar net result 19 -51 -137 -135 21 -10 -10 27 -152 -118 -117 
Operating profit 1,597 1,634 -2 -3 1,599 0 0 4,803 5,081 -5 -6 
            Income tax expense -369 -368 0 -1 -378 -2 -2 -1,120 -1,151 -3 -3 
Net profit for the period  1,228 1,266 -3 -4 1,221 1 1 3,683 3,930 -6 -7 
                        
Business volumes, key items1 
 30 Sep 30 Sep  Local  30 Jun  Local      
 2025 2024 Chg % curr. % 2025 Chg % curr. %     
EURbn            
Loans to the public 375.3 348.9 8 7 368.0 2 1     
Loans to the public, excl. repos/securities borrowing  339.6 319.3 6 5 335.2 1 1     
Deposits and borrowings from the public 226.0 222.1 2 1 237.2 -5 -5     
Deposits from the public, excl. repos/securities lending  216.0 206.9 4 4 218.5 -1 -2     
Total assets 647.6 617.4 5  636.8 2      
Assets under management 456.0 412.4 11  437.1 4      
1 End of period.            
            
Ratios and key figures1 
 Q3 Q3   Q2   Jan-Sep Jan-Sep   
 2025 2024 Chg %  2025 Chg %  2025 2024 Chg %  
EURm            
Diluted earnings per share (DEPS), EUR 0.36 0.36 0  0.35 3  1.06 1.11 -5  EPS, rolling 12 months up to period end, EUR 1.39 1.42 -2  1.39 0  1.39 1.42 -2  
Share price2, EUR 13.98 10.59 32  12.61 11  13.98 10.59 32  
Equity per share2, EUR 9.16 8.98 2  8.78 4  9.16 8.98 2  
Potential shares outstanding2, million 3,451 3,506 -2  3,470 -1  3,451 3,506 -2  
Weighted average number of diluted shares, million 3,451 3,503 -1  3,467 0  3,466 3,508 -1    
Return on equity with amortised resolution fees, %  15.8 16.7   16.2   15.9 17.6   
Return on equity, % 15.9 16.8 -5  16.3 -2  15.8 17.5 -10  
Return on tangible equity, % 18.3 19.2   18.8   18.2 20.1   
Return on risk exposure amount, % 3.1 3.3   3.1   3.1 3.4   
Cost-to-income ratio excluding regulatory fees, % 45.1 43.5   45.1   44.7 41.6   
Cost-to-income ratio with amortised resolution fees, %  46.1 44.5   46.1   45.6 42.6   
Cost-to-income ratio, % 45.8 44.1 3.8  45.8 0  45.7 42.7 7  
Net loan loss ratio, incl. loans held at fair value, bp -2 6   -2   -1 6   
Common Equity Tier 1 capital ratio2,3, % 15.9 15.8 1  15.6 2  15.9 15.8 1  
Tier 1 capital ratio2,3, % 18.5 18.4 1  17.5 6  18.5 18.4 1  
Total capital ratio2,3, % 21.1 20.9 1  20.0 6  21.1 20.9 1  
Tier 1 capital2,3, EURbn 29.4 28.2 4  27.7 6  29.4 28.2 4  
Risk exposure amount2, EURbn 158.4 153.7 3  158.6 0  158.4 153.7 3  
Net interest margin, % 1.59 1.77   1.63   1.64 1.79   
Number of employees (FTEs)2 29,386 29,895 -2  29,844 -2  29,386 29,895 -2  
Equity2, EURbn 31.5 31.5 0  30.4 4  31.5 31.5 0  
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 Includes the year-to-date result net of a dividend deduction of 70% (the upper range under Nordea’s dividend policy). With the deduction of the  
  share buy-back programme of EUR 250m that was announced by Nordea on 16 October 2025, the Nordea Group’s CET1 ratio for the third  
  quarter of 2025 would be 15.7%.

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Nordea                   Third-Quarter Financial Report 2025 
6 
 
 
Q3 
Macroeconomy and financial markets1 
 
Global  
The global economy grew by 0.7% quarter on quarter in the 
second quarter of 2025 according to the World Bank. 
Economic growth picked up in the US, remained stable in 
China and slowed in the euro area. Activity indicators point to 
slightly increasing growth prospects in the third quarter of 
2025 as uncertainty has diminished amid the trade 
agreements concluded between the US and a number of 
countries. However, the outlook remains uncertain due to 
geopolitical risks and continued global trade tensions. 
 
Central banks continued to reduce their financial asset 
holdings during the quarter. The European Central Bank kept  
its three key interest rates unchanged. The deposit facility 
rate stands at 2.00%. Amid a softer labour market and 
uncertainty about the economic outlook, the Federal Reserve 
reduced the federal funds rate by 0.25 percentage points, to 
4.25%. 
 
The third quarter was characterised by increasing risk 
appetite among investors, driven by the reduced uncertainty 
around international trade, solid earnings, and rate cut 
expectations. The US S&P 500 index was up 7.8% over the 
quarter, the STOXX Europe 600 was up 3.1%, and the 
NASDAQ OMX Nordic 120 was up 0.1%. The euro ended the 
quarter unchanged against the dollar, although there were 
wide fluctuations throughout the quarter. 
 
Denmark  
Danish GDP increased by 1.0% quarter on quarter in the 
second quarter of 2025, primarily due to a renewed expansion 
in the pharmaceutical industry. In the second quarter 
household consumption increased by 0.2%. This was the 
seventh consecutive quarter with positive growth in household 
consumption. However, consumer confidence has started to 
fall again and is still markedly below the historical average. 
Business sentiment remains at a solid level. Since the 
beginning of 2024, the unemployment rate has remained 
unchanged at 2.9%. House and apartment prices were up 
4.8% and 9.8%, respectively, year on year in the second 
quarter of 2025. Year-on-year consumer price inflation stood 
at 2.3% in September 2025. Danmarks Nationalbank has kept 
its policy rate unchanged at 1.60% since June 2025.
 
Finland  
Finnish GDP declined by 0.4% quarter on quarter in the 
second quarter of 2025, driven by weak private and public 
consumption. However, exports and investments grew quarter 
on quarter. New orders in manufacturing are showing robust 
growth, indicating good export demand despite new tariffs. 
Construction investments remain at a very low level and are 
still moderately declining. Household savings rates remain 
elevated as higher unemployment is keeping consumer 
confidence at a moderate level. The unemployment rate was 
10% in August. The housing market recovery remains slow. 
Transactions have been increasing since 2024, but housing 
prices were still 1.9% lower in August than in the same month 
last year. Inflation remains moderate despite a VAT rate hike. 
Year-on-year harmonised consumer price inflation stood at 
2.2% in September. 
 
Norway  
Norwegian mainland GDP increased by 0.6% quarter on 
quarter in the second quarter of 2025, supported by private 
consumption. The unemployment rate remained unchanged 
at 2.1% on a seasonally adjusted basis in September. 
Housing prices were up 5.5% year on year in September. 
Consumer price inflation has increased: headline consumer 
price inflation stood at 3.6% in September and underlying 
inflation, excluding energy and taxes, stood at 3.0%. Norges 
Bank cut its policy rate by 0.25 percentage points in 
September, to 4.00%. The Norwegian krone strengthened 
against both the euro and the dollar in the third quarter. 
 
Sweden  
Swedish GDP rose by 0.5% quarter on quarter in the second 
quarter of 2025. Domestic demand and exports increased. 
Demand for labour continued to be modest and the 
unemployment rate remained elevated at 8.8% in August. 
House and apartment prices were down 0.8% and 1.6%, 
respectively, year on year in September. Year-on-year 
consumer price inflation (CPIF) stood at 3.1% in September. 
Sveriges Riksbank lowered the policy rate by 0.25 percentage 
points, to 1.75%, in September, and continued to scale back 
its balance sheet. The trade-weighted Swedish krona 
strengthened by 1.0% in the third quarter. 
 
 
 
 
 
 
 
 
 
 
 
1Source: Nordea Economic Research

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

Nordea                   Third-Quarter Financial Report 2025 
7 
 
 
Q3 
Group results and performance
Third quarter 2025  
 
Net interest income 
Q3/Q3: Net interest income decreased by 6%, as expected, 
driven by lower deposit and equity margins, due to reduced 
policy rates. These were partly offset by higher deposit and 
lending volumes, higher treasury income, positive exchange 
rate effects of EUR 21m, and the deposit hedge contribution. 
 
Q3/Q2: Net interest income decreased by 1%, driven by lower 
deposit, lending and equity margins. These were partly offset 
by higher deposit and lending volumes, the deposit hedge 
contribution, higher treasury income and a higher day count. 
Exchange rate effects had a negative impact of EUR 12m. 
 
Lending volumes 
Q3/Q3: Loans to the public excluding repurchase agreements 
and securities borrowing were up 5% in local currencies. 
Lending volumes in local currencies increased by 5% in both 
Personal Banking and Business Banking, driven by Sweden 
and Norway. Lending volumes in Large Corporates & 
Institutions were up 6% in EUR.  
 
 
 
Q3/Q2: 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 1% in Business Banking. Lending 
volumes in Large Corporates & Institutions increased by 2% 
in EUR. 
 
Deposit volumes 
Q3/Q3: Total deposits from the public excluding repurchase 
agreements and securities lending were up 4% in local 
currencies. Deposit volumes in local currencies increased by 
8% in Personal Banking, partly driven by the Norwegian 
acquisition, and 9% in Business Banking. Deposit volumes in 
Large Corporates & Institutions decreased by 7% in EUR. 
  
Q3/Q2: Total deposits from the public excluding repurchase 
agreements and securities lending decreased by 2% in local 
currencies. Deposit volumes in local currencies were stable in 
Personal Banking and increased by 1% in Business Banking. 
Deposit volumes in Large Corporates & Institutions increased 
by 2% in EUR.
          
Net interest income per business area 
              Local currency 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 
EURm          
Personal Banking 795 827 845 832 859 -7% -4% -8% -3% 
Business Banking 528 537 548 556 573 -8% -2% -9% -1% 
Large Corporates & Institutions 326 318 334 349 360 -9% 3%   
Asset & Wealth Management 71 74 78 77 78 -9% -4% -9% -1% 
Group functions 55 42 24 40 12     
Total Group 1,775 1,798 1,829 1,854 1,882 -6% -1% -7% -1% 
          
Change in net interest income (NII)          
 Q3/Q2 Q3/Q3 
Jan-Sep 
25/24       
EURm          
NII beginning of period 1,798 1,882 5,740       
Margin-driven NII -88 -408 -1,116       
     Lending margin -19 -35 -58       
     Deposit margin -50 -277 -803       
     Cost of funds -9 -13 -37       
     Equity margin -10 -83 -218       
Volume-driven NII 20 105 266       
     Lending volume 14 58 125       
     Deposit volume 6 47 141       
Day count 21 0 -21       
Other1,2 24 196 533       
NII end of period 1,775 1,775 5,402       
1 of which foreign exchange -12 21 32       
2 of which deposit hedge 21 127 374

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

Nordea                   Third-Quarter Financial Report 2025 
8 
 
 
Q3 
Net fee and commission income  
Q3/Q3: Net fee and commission income was up 5%. Higher 
average assets under management and activity levels drove 
growth in savings and lending fee income, brokerage and 
advisory income and payment and card fee income. 
Exchange rate effects were positive at EUR 6m. 
 
Q3/Q2: Net fee and commission income was up 2%, driven 
by growth in savings and lending fee income and payment 
and card fee income. The growth was partly offset by lower 
income from brokerage and advisory. Exchange rate effects 
were negative at EUR 5m. 
 
Savings income 
Q3/Q3: Net fee and commission income from savings 
increased by 1%, driven by higher average assets under 
management. These were partly offset by lower custody fee 
income. 
 
Q3/Q2: Net fee and commission income from savings was up 
2%, driven by higher average assets under management. 
These were partly offset by lower custody fee income due to 
semi-annual fees in the second quarter. 
 
End-of-period assets under management increased by EUR 
19bn, to EUR 456bn, driven by market performance and 
continued momentum in both Nordic and international 
channels. Net flows in Nordic channels were EUR 4.4bn and 
net flows in international channels were EUR 0.6bn.
 
Brokerage and advisory income 
Q3/Q3: Net fee and commission income from brokerage and 
advisory increased by 27%, mainly driven by higher debt 
capital markets income. 
 
Q3/Q2: Net fee and commission income from brokerage and 
advisory decreased by 2%, mainly due to lower corporate 
finance fee income, while business activity increased towards 
the end of the quarter. 
 
Payment and card income 
Q3/Q3: Net fee and commission income from payments and 
cards increased by 5%, mainly driven by higher cash 
management income. 
 
Q3/Q2: Net fee and commission income from payments and 
cards increased by 4%, mainly driven by higher cash 
management income. 
 
Lending and guarantee income 
Q3/Q3: Net fee and commission income from lending and 
guarantees was up 10%, mainly driven by higher lending fee 
income and higher trade finance income. 
 
Q3/Q2: Net fee and commission income from lending and 
guarantees was up 4%, mainly driven by mortgage 
refinancing fees.
Net fee and commission income per business area 
           Local currency 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 
EURm          
Personal Banking 321 295 296 303 290 11% 9% 10% 10% 
Business Banking 156 150 153 152 145 8% 4% 6% 3% 
Large Corporates & Institutions 123 134 122 134 118 4% -8%   
Asset & Wealth Management 227 219 234 244 225 1% 4% 0% 3% 
Group functions -16 -6 -12 -8 -4     
Total Group 811 792 793 825 774 5% 2% 4% 3% 
          
Net fee and commission income per category 
           Local currency 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 
EURm          
Savings 483 475 480 509 476 1% 2% 1% 2% 
Brokerage and advisory 47 48 53 56 37 27% -2% 31% 0% 
Payments and cards 157 151 147 147 150 5% 4% 4% 4% 
Lending and guarantees 129 124 115 121 117 10% 4% 9% 5% 
Other -5 -6 -2 -8 -6     
Total Group 811 792 793 825 774 5% 2% 4% 3% 
                 
Assets under management (AuM), volumes and net flow   
      Net flow 
 Q325 Q225 Q125 Q424 Q324 Q325 
EURbn       
Nordic Retail funds 97.0 92.0 90.3 92.1 88.6 0.7 
Private Banking 143.8 139.7 133.7 131.4 132.5 1.5 
Life & Pension 100.8 95.6 92.5 92.7 90.1 1.2 
Nordic institutions 49.4 46.9 46.0 45.7 46.4 1.0 
Total Nordic channels 391.0 374.2 362.5 361.9 357.6 4.4 
Wholesale distribution 39.1 35.5 35.1 36.1 36.6 0.4 
International institutions 25.9 27.4 27.6 24.0 18.2 0.2 
Total international channels 65.0 62.9 62.7 60.1 54.8 0.6 
Total 456.0 437.1 425.2 422.0 412.4 5.0

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

Nordea                   Third-Quarter Financial Report 2025 
9 
 
 
Q3 
Net insurance result 
Q3/Q3: Net insurance result increased by 10%, primarily  
due to movements in medium-to-long-term interest rates 
benefiting Norwegian insurance products in the third quarter of 
2025. 
 
 
Q3/Q2: Net insurance result increased by 14%, primarily due to 
movements in medium-to-long-term interest rates benefiting 
Norwegian insurance products in the third quarter.  
Net insurance result per business area 
         Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 
EURm        
Personal Banking 32 29 26 33 33 -3% 10% 
Business Banking 7 6 8 10 12 -42% 17% 
Large Corporates & Institutions  0 0 0 0 0     
Asset & Wealth Management 27 23 19 26 15 80% 17% 
Group functions  0 0 1 0 0   
Total Group 66 58 54 69 60 10% 14% 
 
Net result from items at fair value 
Q3/Q3: Net result from items at fair value decreased by 14%  
following unusually high income from revaluations a year ago. 
This effect was partly offset by stable customer activity in 
foreign exchange and interest rate products.  
 
Q3/Q2: Net result from items at fair value decreased by 4%, 
primarily due to lower customer activity in foreign exchange and 
interest rate products. This was partly offset by higher market  
making result.
Net result from items at fair value per business area 
         Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 
EURm        
Personal Banking 15 19 16 19 21 -29% -21% 
Business Banking 92 107 105 102 98 -6% -14% 
Large Corporates & Institutions  131 102 164 78 116 13% 28% 
Asset & Wealth Management 9 16 14 2 21 -57% -44% 
Group functions  -2 10 -10 0 28   
Total Group 245 254 289 201 284 -14% -4% 
        
Equity method  
Q3/Q3: Income from companies accounted for under the 
equity method was EUR 1m, down from EUR 4m. 
 
Q3/Q2: Income from companies accounted for under the 
equity method was EUR 1m, up from EUR -1m.
Other operating income 
Q3/Q3: Other operating income was EUR 12m, up from EUR 
10m. 
 
Q3/Q2: Other operating income was EUR 12m, up from EUR 
10m.
Total operating income per business area 
                     Local currency 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 
EURm          
Personal Banking 1,163 1,172 1,184 1,188 1,204 -3% -1% -4% 0% 
Business Banking 795 811 822 827 837 -5% -2% -6% -1% 
Large Corporates & Institutions 581 554 620 561 595 -2% 5%   
Asset & Wealth Management 334 331 345 347 339 -1% 1% -1% 2% 
Group functions 37 43 3 32 39     
Total Group 2,910 2,911 2,974 2,955 3,014 -3% 0% -4% 0%

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

Nordea                   Third-Quarter Financial Report 2025 
10 
 
 
Q3 
Total operating expenses  
Q3/Q3: Total operating expenses were stable, as expected, 
due to strategic investments levelling off and continued active 
cost management as part of Nordea’s strong cost culture. 
Excluding foreign exchange effects and the US settlement in 
the third quarter of 2024, total operating expenses were up 
2%, driven by annual salary inflation and running costs 
related to the recent acquisition in Norway. Exchange rate 
effects had a negative impact of EUR 9m. 
 
Q3/Q2: Total operating expenses were stable due to strategic 
investments levelling off as planned and continued active cost 
management as part of Nordea’s strong cost culture. 
Exchange rate effects made a positive contribution of EUR 
9m. 
 
Staff costs 
Q3/Q3: Staff costs were up 3% due to annual salary inflation. 
 
Q3/Q2: Staff costs were stable.  
 
Other expenses 
Q3/Q3: Other expenses decreased by 7%, mainly due to the 
settlement of a regulatory investigation in the US last year. 
 
Q3/Q2: Other expenses were stable.
Regulatory fees 
Q3/Q3: Regulatory fees amounted to EUR 19m, up from EUR 
18m. 
 
Q3/Q2: Regulatory fees were stable at EUR 19m. 
 
Depreciation and amortisation 
Q3/Q3: Depreciation and amortisation increased by EUR 2m 
 
Q3/Q2: Depreciation and amortisation increased by EUR 3m. 
 
FTEs 
Q3/Q3: The number of employees (FTEs) decreased by 2%, 
to 29,386, driven by continued active cost management as 
part of Nordea’s strong cost culture. 
 
Q3/Q2: The number of FTEs decreased by 2%.
 
          Total operating expenses 
                        Local currency 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 
EURm          
Staff costs -806 -809 -792 -817 -779 3% 0% 3% 0% 
Other expenses -353 -354 -359 -451 -380 -7% 0% -8% 1% 
Regulatory fees -19 -19 -54 -18 -18 6% 0% 0% 0% 
Depreciation and amortisation -154 -151 -149 -148 -152 1% 2% 1% 3% 
Total Group -1,332 -1,333 -1,354 -1,434 -1,329 0% 0% -1% 1% 
          
Total operating expenses per business area 
                        Local currency 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 
EURm          
Personal Banking -593 -592 -618 -625 -570 4% 0% 3% 1% 
Business Banking -366 -370 -361 -353 -346 6% -1% 5% 0% 
Large Corporates & Institutions -236 -237 -232 -234 -229 3% 0%   
Asset & Wealth Management -147 -151 -154 -152 -138 7% -3% 7% -1% 
Group functions 10 17 11 -70 -46   -41%   
Total Group -1,332 -1,333 -1,354 -1,434 -1,329 0% 0% -1% 1% 
          
Exchange rate effects       
          
 Q3/Q3 Q3/Q2 
Jan-Sep 
25/24       
Percentage points          
Income  1 -1 1       
Expenses 1 -1 1       
Operating profit 1 0 1       
Loan and deposit volumes 1 1 1

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

Nordea                   Third-Quarter Financial Report 2025 
11 
 
 
Q3 
Net loan losses and similar net result  
Credit quality remains exceptionally strong. Provisions 
declined in the third quarter due to stabilising international 
trade conditions and decreasing risks related to inflation and 
interest rates. 
 
Net loan losses and similar net result in the third quarter 
amounted to a reversal of EUR 19m (-2bp), compared with 
net loan losses of EUR 51m (6bp) a year ago and a reversal 
of EUR 21m (-2bp) in the previous quarter. 
 
Main drivers of loan losses and similar net result  
Net loan losses on individually assessed exposures 
amounted to EUR 64m and were driven by low provisions and 
reversals, and slightly elevated write-offs in the Personal 
Banking portfolio. 
 
Collectively calculated provisions decreased by EUR 89m, 
mainly driven by a reduction in management judgement 
allowances due to positive developments, including continued 
lower interest rate and inflation levels, and favourable credit 
portfolio developments. In the first quarter, Nordea had 
responded to the potentially worsening macroeconomic 
outlook by applying a 100% weighting to the adverse scenario 
due to escalated trade tensions. Given the reduced 
uncertainty following the EU-US trade agreement, Nordea 
returned to normal scenario weightings for provisioning 
purposes in the third quarter. 
 
The revaluation of the portfolio reported at fair value, including 
Nordea Kredit’s mortgage portfolio, resulted in a loss of EUR 
6m. 
 
Net loan losses and similar net result amounted to EUR 7m in 
Personal Banking. There were net reversals of EUR 25m in 
Business Banking and EUR 3m in Large Corporates & 
Institutions. 
 
Management judgement allowances 
The management judgement allowances were increased 
significantly in 2020 in connection with the COVID-19 
pandemic, and have remained at substantial levels to address 
risks relating to the unstable geopolitical and macroeconomic 
environment. Since the pandemic, the allowances have been 
reduced in line with the updated assessment of the credit risk 
outlook for the corporate and retail portfolios (as in this 
quarter). 
 
In the third quarter the management judgement allowances 
were reduced, driven by decreased uncertainty and lower 
credit risk due to lower interest rates and inflation. Following 
the release of EUR 50m, total management judgement 
allowances amounted to EUR 291m at the end of the quarter. 
This includes coverage for expected changes to the collective 
provisioning models. 
 
See Notes 10 and 11 for further details.
Credit portfolio 
Lending to the public excluding reverse repurchase 
agreements and securities borrowing amounted to EUR 
340bn 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, up 1% on the previous quarter. The fair value 
portfolio mainly comprises Danish mortgage lending. 
 
Lending to the public measured at amortised cost before 
allowances was up EUR 4bn on the previous quarter and 
amounted to EUR 288bn. Of this, 94% was classified as 
stage 1 (up 1 percentage point on the previous quarter), 5% 
as stage 2 (down 1 percentage point on the previous quarter) 
and 1% as stage 3 (unchanged from the previous quarter). 
Quarter on quarter, stage 1 loans increased by 2%. Stage 2 
loans decreased by 5%, driven by the corporate portfolio, with 
some concentration in the Maritime, Real Estate and 
Construction portfolios. Stage 3 loans decreased by 3%. 
 
The coverage ratio for stage 2 was 1.7%, down from 1.8% in 
the previous quarter. The coverage ratio for stage 3 was 31%, 
down from 32%. The fair value impairment rate was 0.55%, 
down from 0.59% in the previous quarter. 
      
Net loan loss ratio 
 Q325 Q225 Q125 Q424 Q324 
Basis points of loans, amortised cost 1   
Net loan loss ratios,      
annualised, Group -3 -3 3 8 8 
of which stages 1 and 2 -9 -9 -4 2 -8 
of which stage 3 6 6 7 6 16 
Basis points of loans, total1,2     
Net loan loss ratio, including loans held at  
fair value, annualised, Group -2 -2 1 6 6 
Personal Banking total 2 -1 -1 1 6 
PeB Denmark -1 -2 -4 0 5 
PeB Finland 10 5 3 19 15 
PeB Norway -5 -2 -8 -9 1 
PeB Sweden 4 -3 3 -6 4 
Business Banking total -11 0 10 24 13 
BB Denmark -27 -21 -2 39 27 
BB Finland -17 32 26 49 33 
BB Norway 0 2 2 2 -4 
BB Sweden -12 -3 15 15 1 
Large Corporates & 
Institutions total -1 -6 -1 -1 0 
  LC&I Denmark 10 10 13 7 -7 
  LC&I Finland 20 -16 -4 -43 4 
  LC&I Norway -42 12 -11 15 0 
  LC&I Sweden -9 -26 -12 32 0 
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 13 =====

Nordea                   Third-Quarter Financial Report 2025 
12 
 
 
Q3 
Profit 
Operating profit 
Q3/Q3: Operating profit decreased by 2%, to EUR 1,597m, 
mainly driven by lower income. This was partly offset by lower 
loan losses. 
 
Q3/Q2: Operating profit was stable at EUR 1,597m. 
 
Taxes 
Q3/Q3: Income tax expense amounted to EUR 369m, up from 
EUR 368m, corresponding to a tax rate of 23.1%, slightly up 
year on year. 
 
Q3/Q2: Income tax expense amounted to EUR 369m, down 
from EUR 378m, corresponding to a tax rate of 23.1%, slightly 
down quarter on quarter. 
 
 
Net profit 
Q3/Q3: Net profit decreased by 3%, to EUR 1,228m. Return 
on equity was 15.9%, down from 16.8%. Return on equity 
with amortised resolution fees was 15.8%, down from 16.7%. 
 
Q3/Q2: Net profit increased by 1%, to EUR 1,228m. Return 
on equity was 15.9%, down from 16.3%. Return on equity 
with amortised resolution fees was 15.8%, down from 16.2%. 
 
Q3/Q3: Diluted earnings per share were stable at EUR 0.36. 
 
Q3/Q2: Diluted earnings per share were EUR 0.36, compared 
with EUR 0.35. 
 
          
Operating profit per business area 
          
           Local currency 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 
EURm          
Personal Banking 563 584 571 560 608 -7% -4% -8% -3% 
Business Banking 454 441 438 421 463 -2% 3% -3% 3% 
Large Corporates & Institutions 348 331 390 330 365 -5% 5%   
Asset & Wealth Management 187 179 192 196 205 -9% 4% -9% 4% 
Group functions  45 64 16 -40 -7     
Total Group 1,597 1,599 1,607 1,467 1,634 -2% 0% -3% 0%

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

Nordea                   Third-Quarter Financial Report 2025 
13 
 
 
Q3 
Capital position and risk exposure amount  
Nordea maintained a strong CET1 capital ratio in line with its 
capital policy in the third quarter of 2025 (15.9%, compared 
with 15.6% in the second quarter). 
 
The Group’s CET1 capital increased by EUR 0.4bn, mainly 
due to profit generation net of dividend accrual and foreign 
exchange effects. The CET1 regulatory requirement 
decreased to 13.6% in the third quarter of 2025 from 13.7% in 
the second quarter due to a minor decrease in the  
countercyclical buffer requirement.  
 
The risk exposure amount (REA) decreased by EUR 0.2bn as 
increased lending volumes and foreign exchange effects were 
countered by collateral management initiatives enabling 
higher collateral value recognition for the Group’s residential 
mortgage portfolios capitalised under the standardised 
approach. 
 
The Group’s Tier 1 capital ratio in the third quarter was 18.5% 
(17.5%). The total capital ratio was 21.1% (20.0%). 
 
At the end of the third quarter CET1 capital amounted to EUR 
25.2bn, Tier 1 capital amounted to EUR 29.4bn, and own 
funds amounted to EUR 33.4bn. 
 
The Group’s subordinated minimum requirements for own 
funds and eligible liabilities (MREL) ratio was 29.1% of the 
REA and 8.1% of the leverage ratio exposure (LRE), 
compared with the requirements of 27.0% of the REA 
(capped) and 7.0% of the LRE. 
 
The total MREL ratio was 35.2% of the REA and 9.8% of the 
LRE, compared with the requirements of 31.9% of the REA 
and 7.0% of the LRE. 
 
The leverage ratio increased to 5.1% at the end of the third 
quarter from 4.9% in the second quarter, driven by the 
increase in Tier 1 capital. 
Capital ratios 
% Q325 Q225 Q125 Q424 Q324 
      CET1 capital ratio 15.9 15.6 15.7 15.8 15.8 
Tier 1 capital ratio 18.5 17.5 17.6 18.4 18.4 
Total capital ratio 21.1 20.0 20.2 21.0 20.9 
      
      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. 
 
Share buy-backs 
On 19 September 2025 Nordea completed the buy-back 
programme announced in June 2025. Nordea continues to 
have strong capital generation. With its focus on maintaining 
an efficient capital structure, the Group will launch a new 
share buy-back programme of EUR 250m, approved in 
October. The programme will end by 30 December 2025 at 
the latest. 
 
Regulatory developments 
On 29 September 2025 the Finnish Financial Supervisory 
Authority (FSA) decided to reciprocate the Norwegian risk 
weight floors for residential and commercial real estate 
exposures. For residential real estate, the floor will be 
increased from the current 20% to 25% on 1 January 2026. 
As communicated in the third quarter of 2024, this will have 
no impact on Nordea’s total REA. For commercial real estate, 
the current floor of 35% will be maintained. 
 
From 1 October 2025, Nordea’s CET1 requirement will 
increase by approximately 20bp as a result of the June 2025 
decision by Finnish FSA to fully reciprocate the Norwegian 
systemic risk buffer of 4.5%.

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

Nordea                   Third-Quarter Financial Report 2025 
14 
 
 
Q3 
Risk exposure amount     
   30 Sep 30 Jun 30 Sep 
   2025 2025 2024 
EURm      
Credit risk  123,945 123,921 124,574 
IRB  111,184 110,316 113,810 
  - sovereign       
  - corporate  58,678 58,291 58,156 
    - advanced  36,633 35,900 51,443 
    - foundation  22,045 22,391 6,713 
  - institutions  3,791 3,410 4,234 
  - retail  42,490 42,145 44,849 
  - items representing securitisation positions  3,375 3,439 3,538 
  - other  2,850 3,031 3,033 
Standardised  12,761 13,605 10,764 
  - sovereign  232 237 188 
  - retail  5,143 6,132 3,340 
  - other  7,386 7,236 7,236 
Credit valuation adjustment risk  591 619 379 
     Market risk  4,995 5,216 5,016 
 - trading book, internal approach  4,212 4,519 4,323 
 - trading book, standardised approach  783 697 693 
 - banking book, standardised approach     
      Settlement risk  0 0 0 
     Operational risk  21,125 21,125 17,874 
      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  7,244 7,022 5,848 
Additional risk exposure amount due to Article 3 of the CRR 1 471 673  
      Total  158,371 158,576 153,691 
1 Changed capital treatment, from internal ratings-based to standardised, for certain portfolios not part of the non-retail model application. 
 
 
Summary of items included in own funds including result (Banking Group)  30 Sep 30 Jun 30 Sep 
   2025 2025 2024 
EURm      
Calculation of own funds     
Equity in the consolidated situation  27,835 27,898 26,773 
Profit for the period  3,687 2,459 3,930 
Accrued dividend  -2,578 -1,718 -2,751 
Common Equity Tier 1 capital before regulatory adjustments   28,944 28,639 27,952 
Deferred tax assets  -17 -20 -26 
Intangible assets  -2,783 -2,740 -2,632 
IRB provisions shortfall (-)  -324 -320 -294 
Pension assets in excess of related liabilities  -262 -235 -240 
Other items including buy-back deduction, net1  -404 -615 -444 
Total regulatory adjustments to Common Equity Tier 1 capital  -3,790 -3,930 -3,636 
Common Equity Tier 1 capital (net after deduction)  25,1542 24,709 24,316 
Additional Tier 1 capital before regulatory adjustments   4,213 2,983 3,934 
Total regulatory adjustments to Additional Tier 1 capital   -14 -14 -25 
Additional Tier 1 capital  4,199 2,969 3,909 
Tier 1 capital (net after deduction)  29,353 27,678 28,225 
Tier 2 capital before regulatory adjustments  4,044 4,049 3,908 
IRB provisions excess (+)     
Deductions for investments in insurance companies      
Other items, net  -26 -25 -50 
Total regulatory adjustments to Tier 2 capital  -26 -25 -50 
Tier 2 capital  4,018 4,024 3,858 
Own funds (net after deduction)  33,371 31,702 32,083 
1 Other items, net if reported excluding profit.  -412 -615 -444 
2 With the deduction of the share buy-back programme of EUR 250m that was announced by Nordea on 16 October 2025, the Nordea Group’s CET1 capital would be 
  EUR 24,904m, with a CET1 ratio of 15.7% accordingly. Nordea will report these figures together with other relevant metrics in its regulatory Pillar 3 report for the 
  third quarter of 2025, subject to European Central Bank approval.

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

Nordea                   Third-Quarter Financial Report 2025 
15 
 
 
Q3 
Balance sheet  
Balance sheet data  
 Q325 Q225 Q125 Q424 Q324 
EURbn      
Loans to credit institutions 7 6 5 3 7 
Loans to the public 375 368 367 358 349 
Derivatives 18 22 22 25 22 
Interest-bearing securities 80 80 83 73 70 
Other assets 168 161 164 164 169 
Total assets 648 637 641 623 617 
      Deposits from credit institutions 48 30 35 29 35 
Deposits from the public 226 237 240 232 222 
Debt securities in issue 191 193 195 188 189 
Derivatives 18 22 23 25 23 
Other liabilities 133 125 118 117 117 
Total equity 32 30 30 32 31 
Total liabilities and equity 648 637 641 623 617 
      
 
Funding and liquidity operations 
Nordea issued approximately EUR 4.1bn in long-term funding 
in the third quarter of 2025 (excluding Danish covered bonds 
and long-dated certificates of deposit), of which approximately 
EUR 1.6bn was issued as senior debt and EUR 2.5bn was 
issued in the form of covered bonds. In addition, Nordea 
issued EUR 1.2bn in subordinated debt. Notable transactions 
during the quarter included a USD 850m Additional Tier 1 
(AT1) perpetual non-call 8.2-year note, a NOK 3.5bn AT1 
perpetual non-call 5.25-year note and a SEK 2.5bn AT1 
perpetual non-call 5.25-year note. Furthermore, Nordea 
issued a EUR 750m green 10-year senior non-preferred note, 
a USD 1bn 5-year senior preferred note, a EUR 1bn 10-year 
covered bond and a NOK 7bn green 5-year covered bond. 
 
At the end of the third quarter long-term funding accounted for 
approximately 77% 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 147% at the end of the third 
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 third quarter the liquidity 
buffer amounted to EUR 108bn, compared with EUR 118bn at 
the end of the second quarter. The net stable funding ratio 
(NSFR) measures long-term liquidity risk. At the end of the 
third quarter Nordea’s NSFR was 121.3%, compared with 
123.4% at the end of the second quarter.
 
      Funding and liquidity data 
 Q325 Q2251 Q125 Q424 Q324 
Long-term funding portion 77% 79% 79% 80% 77% 
LCR total 147% 160% 166% 157% 151% 
LCR EUR 133% 163% 235% 137% 165% 
LCR USD 197% 159% 169% 219% 211% 
1 Restatement due to the COREP LCR resubmission. 
 
Market risk  
Market risk in the trading book measured by value at risk 
(VaR) was EUR 40.5m. Quarter on quarter, VaR increased by 
EUR 8.5m, primarily as a result of higher interest rate and 
equity risk. Interest rate risk remained the main driver of VaR 
at the end of the third quarter. Trading book VaR continues to 
be driven by market risk related to Nordic and other Northern 
European exposures. 
      Trading book 
       Q325 Q225 Q125 Q424 Q324 
EURm      
Total risk, VaR 41 32 34 42 32 
Interest rate risk, VaR 40 32 33 39 31 
Equity risk, VaR 9 4 3 3 3 
Foreign exchange risk, VaR 3 3 1 1 2 
Credit spread risk, VaR 5 5 4 5 6 
Inflation risk, VaR 2 3 3 3 3 
Diversification effect 30% 31% 23% 19% 28% 
      
Nordea share and credit ratings 
Nordea’s share price and credit ratings as at the end of the 
third quarter of 2025. 
        
  
Nasdaq STO 
(SEK) 
Nasdaq COP 
(DKK)  
Nasdaq HEL 
(EUR) 
9/30/2023  120.12 77.41  10.41 
12/31/2023  124.72 83.99  11.23 
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  154.30 109.95  13.98 
        Moody's*     Standard & Poor's  Fitch 
Short Long  Short Long  Short Long 
P-1 Aa3  A-1+ AA-  F1+ AA- 
* Positive outlook

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

Nordea                   Third-Quarter Financial Report 2025 
16 
 
 
Q3 
Other information  
 
Issuance of Additional Tier 1 conversion notes  
Nordea issued NOK 3.5bn and SEK 2.5bn in floating rate 
Additional Tier 1 (AT1) conversion notes on 27 August 2025 
and USD 0.85bn in perpetual reset AT1 conversion notes on 
10 September 2025 under its global medium-term note 
programme. The notes constitute AT1 capital. Nordea issued 
them in order to maintain its strong capital position and take 
advantage of favourable market conditions. If the CET1 
capital ratio of either Nordea Bank Abp on a solo basis or the 
Nordea Group on a consolidated basis falls below 5.125%, 
the notes will automatically be converted into ordinary shares 
in Nordea in accordance with their terms and conditions.      
 
For further information, see “Funding and liquidity operations” 
on page 15. 
 
Share buy-back programmes  
On 12 June 2025 Nordea announced a share buy-back 
programme of up to EUR 250m, based on the authorisation 
granted to the Board by the 2025 Annual General Meeting. 
The programme was launched on 16 June 2025 and 
completed on 19 September 2025. During that period Nordea 
repurchased 19,292,616 of its own shares at an average price 
per share of EUR 12.95. 
 
Share cancellations 
Nordea cancelled aggregated amounts of 5,784,064, 
6,264,504 and 7,244,048 treasury shares in July, August and 
September, respectively. The shares had been held for 
capital optimisation purposes and acquired through buy-
backs. 
 
Changes in Board committees and employee 
representation on the Board of Directors  
Board member Risto Murto was appointed to the Board Risk 
Committee and will step down from the Board Operations and 
Sustainability Committee. Board member Lars Rohde was 
appointed to the Board Operations and Sustainability 
Committee and will continue as a member of the Board Risk 
Committee. 
 
Furthermore, employee representative Gerhard Olsson 
stepped down from the Board of Directors on 5 September 
2025. Pending a replacement for Gerhard Olsson, the 
employee representatives are as follows: Joanna Koskinen 
and Jørgen Suo Lønnquist (ordinary members) and Kasper 
Skovgaard Pedersen (deputy member). Joanna Koskinen will 
replace Gerhard Olsson on the Board Remuneration and 
People Committee. 
 
 
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. 
 
EBA stress test results 
On 1 August 2025 the European Banking Authority (EBA) 
published the results of the EU-wide stress test conducted in 
cooperation with the European Systemic Risk Board, the 
European Central Bank and the European Commission. The 
forward-looking analysis covered the period 2025–27 and 
considered the resilience of financial institutions to adverse 
economic shocks.  
 
The exercise confirmed Nordea’s well-managed risk profile 
and resilient capital position. The methodology and scenario 
assumptions used were relatively severe for the Nordic 
countries in which Nordea operates.  
 
Under the severe stress scenario, Nordea’s CET1 capital ratio 
was estimated to decline from 15.8% at the end of 2024 to a 
low of 12.2% at the end of 2025. Nordea views the outcome 
of the 2025 exercise as conservative given its overall risk 
position.      
 
The 2025 EBA stress test outcome is not expected to result in 
changes to Nordea’s business strategy, risk management or 
capital strategy. 
 
Shares 
As at 30 September 2025, the total shares registered were 
3,451 million (31 December 2024: 3,503 million; 30 
September 2024: 3,506 million). The number of own shares 
was 11.9 million (31 December 2024: 14.7 million; 30 
September 2024: 6.7 million), which represents 0.3% (31 
December 2024: 0.4%; 30 September 2024: 0.2%) of the total 
shares in Nordea. Each share represents one voting right.

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

Nordea                   Third-Quarter Financial Report 2025 
17 
 
 
Q3 
Quarterly development, Group 
 
Q3 Q2 Q1 Q4 Q3 Jan-Sep Jan-Sep 
 2025 2025 2025 2024 2024 2025 2024 
EURm        
Net interest income 1,775 1,798 1,829 1,854 1,882 5,402 5,740 
Net fee and commission income 811 792 793 825 774 2,396 2,332 
Net insurance result 66 58 54 69 60 178 184 
Net result from items at fair value 245 254 289 201 284 788 822 
Profit from associated undertakings and joint ventures         
accounted for under the equity method 1 -1 -3 -3 4 -3 13 
Other operating income 12 10 12 9 10 34 38 
Total operating income 2,910 2,911 2,974 2,955 3,014 8,795 9,129 
        
General administrative expenses:        
Staff costs -806 -809 -792 -817 -779 -2,407 -2,289 
Other expenses -353 -354 -359 -451 -380 -1,066 -1,079 
Regulatory fees -19 -19 -54 -18 -18 -92 -99 
Depreciation, amortisation and impairment charges of         
tangible and intangible assets -154 -151 -149 -148 -152 -454 -429 
Total operating expenses -1,332 -1,333 -1,354 -1,434 -1,329 -4,019 -3,896 
        
Profit before loan losses 1,578 1,578 1,620 1,521 1,685 4,776 5,233 
        
Net loan losses and similar net result 19 21 -13 -54 -51 27 -152 
Operating profit 1,597 1,599 1,607 1,467 1,634 4,803 5,081 
        
Income tax expense -369 -378 -373 -338 -368 -1,120 -1,151 
Net profit for the period 1,228 1,221 1,234 1,129 1,266 3,683 3,930 
        
Diluted earnings per share (DEPS), EUR 0.36 0.35 0.35 0.32 0.36 1.06 1.11 
DEPS, rolling 12 months up to period end, EUR 1.39 1.39 1.41 1.44 1.42 1.39 1.42

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

Nordea                   Third-Quarter Financial Report 2025 
18 
 
 
Q3 
Business areas  
 
Personal 
Banking 
Business 
Banking 
Large 
Corporates & 
Institutions 
Asset & Wealth 
Management 
Group 
functions  Nordea Group 
 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2  
 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 2025 Chg 
EURm              
Net interest income  795 827 528 537 326 318 71 74 55 42 1,775 1,798 -1% 
Net fee and commission income 321 295 156 150 123 134 227 219 -16 -6 811 792 2% 
Net insurance result 32 29 7 6 0 0 27 23 0 0 66 58 14% 
Net result from items at fair value 15 19 92 107 131 102 9 16 -2 10 245 254 -4% 
Other income  0 2 12 11 1 0 0 -1 0 -3 13 9 44% 
Total operating income   1,163 1,172 795 811 581 554 334 331 37 43 2,910 2,911 0% 
Total operating expenses   -593 -592 -366 -370 -236 -237 -147 -151 10 17 -1,332 -1,333 0% 
Net loan losses and similar net result -7 4 25 0 3 14 0 -1 -2 4 19 21  
Operating profit 563 584 454 441 348 331 187 179 45 64 1,597 1,599 0% 
Cost-to-income ratio1, % 52 51 46 46 41 43 44 46   46 46  
Return on allocated equity (RoAE)1,2,% 16 16 16 16 16 15 33 32   16 16  
Allocated Equity 10,873 10,966 8,694 8,671 6,740 6,775 1,734 1,736 3,479 2,219 31,520 30,367 4% 
Risk exposure amount (REA) 61,498 60,810 42,945 44,404 40,516 40,128 8,618 8,464 4,794 4,770 158,371 158,576 0% 
Number of employees (FTEs) 6,913 7,061 3,797 3,851 1,191 1,202 3,124 3,152 14,361 14,578 29,386 29,844 -2% 
Volumes, EURbn3:               
Total lending 179.0 177.5 94.2 92.8 56.0 55.1 13.0 12.7 -2.6 -2.9 339.6 335.2 1% 
Total deposits 95.6 95.1 56.1 55.4 48.1 47.0 13.6 14.1 2.6 6.9 216.0 218.5 -1% 
Restatement due to organisational changes. 
 
1 With amortised resolution fees. 
2 Equal to return on equity (RoE) for the Nordea Group.  
3 Excluding repurchase agreements and security lending/borrowing agreements.  
   
 
Personal 
Banking 
Business 
Banking 
Large 
Corporates & 
Institutions 
Asset & Wealth 
Management 
Group 
functions  Nordea Group 
 Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep  
 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Chg 
EURm              
Net interest income  2,467 2,603 1,613 1,759 978 1,085 223 245 121 48 5,402 5,740 -6% 
Net fee and commission income 912 838 459 440 379 396 680 675 -34 -17 2,396 2,332 3% 
Net insurance result 87 90 21 25 0 0 69 69 1 0 178 184 -3% 
Net result from items at fair value 50 62 304 302 397 353 39 42 -2 63 788 822 -4% 
Other income  3 10 31 32 1 -1 -1 0 -3 10 31 51 -39% 
Total operating income   3,519 3,603 2,428 2,558 1,755 1,833 1,010 1,031 83 104 8,795 9,129 -4% 
Total operating expenses   -1,803 -1,720 -1,097 -1,041 -705 -689 -452 -414 38 -32 -4,019 -3,896 3% 
Net loan losses and similar net result 2 -83 2 -77 19 11 0 -1 4 -2 27 -152  
Operating profit 1,718 1,800 1,333 1,440 1,069 1,155 558 616 125 70 4,803 5,081 -5% 
Cost-to-income ratio1, % 51 48 45 41 40 38 45 40   46 43  
Return on allocated equity (RoAE)1,2,% 16 19 16 18 17 18 33 39   16 18  
Allocated Equity 10,873 10,797 8,694 8,425 6,740 6,728 1,734 1,636 3,479 3,868 31,520 31,454 0% 
Risk exposure amount (REA) 61,498 57,799 42,945 43,081 40,516 39,841 8,618 7,054 4,794 5,916 158,371 153,691 3% 
Number of employees (FTEs) 6,913 6,955 3,797 3,930 1,191 1,243 3,124 3,147 14,361 14,620 29,386 29,895 -2% 
Volumes, EURbn3:               
Total lending 179.0 169.0 94.2 88.5 56.0 52.9 13.0 11.9 -2.6 -3.0 339.6 319.3 6% 
Total deposits 95.6 88.1 56.1 50.9 48.1 51.5 13.6 12.1 2.6 4.3 216.0 206.9 4% 
Restatement due to organisational changes. 
 
1 With amortised resolution fees. 
2 Equal to return on equity (RoE) for the Nordea Group.  
3 Excluding repurchase agreements and security lending/borrowing agreements.

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

Nordea                   Third-Quarter Financial Report 2025 
19 
 
 
Q3 
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 third quarter we continued to deliver solid lending and 
deposit growth and further strengthened our digital offering. 
Total lending volumes grew by 5% in local currencies year on 
year, and deposit volumes were up 8% including the 
contribution from our recent acquisition in Norway.  
Excluding the acquisition, lending was stable and deposits 
were up 4%. 
 
Customer savings and investment activity continued to 
increase. Housing markets accelerated, with demand for new 
loan promises higher than a year ago. In Sweden, we further 
strengthened our position and continued to grow our 
mortgage market share, capturing more than 20% of the 
market growth in the period from July to August. 
In Norway, we had year-on-year growth in savings fee 
income, signalling that our new customers are responding 
well to our offering and are now actively engaging in saving 
through our funds. 
 
Customer interactions within digital channels continued to 
grow and app users and logins were up 6% and 8%, 
respectively, year on year. We also secured a 21% year-on-
year increase in digitally generated leads for mortgage 
advisers in Denmark, helping our advisers deliver faster 
response times and more personalised and relevant advice 
for customers. 
 
Our digital banking excellence gained strong recognition 
during the quarter, reinforcing our position as the digital leader 
in the Nordics. In Euromoney’s Awards for Excellence we won 
the title of best digital bank in the Nordics, while Global 
Finance recognised our digital platforms as the region’s best 
in its annual World’s Best Digital Banks Awards. Nordea 
Netbank and the mobile banking app won in eight Global 
Finance categories: Best Consumer Digital Bank and Best 
Mobile Banking App in Denmark, Finland, Norway and 
Sweden, respectively. This marks the third consecutive year 
in which we have been recognised for our digital banking by 
Global Finance. 
 
We further strengthened our digital self-service offering,  
launching new features in the app to support better customer 
experience. For example, in Norway, customers can now 
benefit from improved savings and investment performance 
insights aimed at helping them make decisions and reach 
their goals faster.  
 
Customer interest in our ESG product offering was sustained, 
with the ESG share of gross inflows into funds at 31%. 
 
Financial outcome 
Total income in the third quarter decreased by 3% year on 
year, reflecting reduced deposit income in the lower rate 
environment. The lower deposit income was partly offset by 
our deposit hedge contribution and strong net fee and 
commission momentum, while lending income remained 
stable.  
 
Net interest income decreased by 7%, driven by lower deposit 
margins. These were partly offset by higher deposit and 
lending volumes and the deposit hedge contribution. Lending 
margins remained stable. Net fee and commission income 
increased by 11% year on year, mainly driven by higher 
payment and card fee income and higher savings income.  
 
Net insurance result decreased by 3% year on year, primarily 
due to higher claims on Danish protection products. These 
were partly offset by lower claims on Swedish protection 
products. 
 
Total expenses increased by 4% year on year (3% in local 
currencies), mainly driven by the recent acquisition in Norway; 
strategic investments in key areas, including technology, data 
and AI; and annual salary inflation. The cost-to-income ratio 
with amortised resolution fees was 52%, compared with 48% 
a year ago. 
 
Net loan losses and similar net result amounted to EUR 7m, 
compared with EUR 26m a year ago. The amount included 
EUR 10m released from the management judgement buffer. 
 
Operating profit decreased by 7% year on year, to EUR 
563m. Return on allocated equity with amortised resolution 
fees was 16%. 
 
Personal Banking Denmark 
Net interest income decreased by 3% in local currency year 
on year, primarily driven by lower deposit margins. These 
were partly offset by higher deposit volumes and higher 
lending margins. 
 
Lending volumes decreased by 3% in local currency year on 
year. Deposit volumes increased by 3%. 
 
Net fee and commission income increased by 25% in local 
currency year on year, supported by all main components, as 
well as a EUR 10m gain related to a new ATM agreement. 
 
Net loan losses and similar net result amounted to net 
reversals of EUR 1m. 
 
Personal Banking Finland 
Net interest income decreased by 21% year on year, driven 
by lower margins on transaction accounts and demand 
deposits. The share of transaction account volumes in Finland 
is higher than in the other countries. The lower deposit 
margins 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.

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

Nordea                   Third-Quarter Financial Report 2025 
20 
 
 
Q3 
Personal Banking Norway 
Net interest income increased by 12% in local currency year 
on year, primarily driven by higher mortgage and deposit 
volumes following the recent acquisition, and higher mortgage 
margins. These were partly offset by lower deposit margins. 
 
Lending volumes increased by 26% in local currency year on 
year and deposit volumes increased by 36%. The growth was 
primarily due to the recent acquisition and active measures to 
build the deposit base, from existing and new customers. 
Excluding the acquisition, lending volumes were stable and 
deposit volumes increased by 10%. 
 
Net fee and commission income increased by 10% in local 
currency year on year, mainly driven by strong savings 
income and payment and card fee income. 
 
Net loan losses and similar net result amounted to net 
reversals of EUR 5m.
Personal Banking Sweden 
Net interest income decreased by 10% in local currency year 
on year, driven by lower deposit margins. These were partly 
offset by higher deposit and lending volumes. 
 
Lending volumes increased by 3% in local currency year on 
year, driven by higher mortgage volumes. Deposit volumes 
increased by 4% year on year. 
 
Net fee and commission income increased by 2% in local 
currency year on year, driven by higher payment and card fee 
income. 
 
Net loan losses and similar net result amounted to EUR 5m.
 
Personal Banking total  
      Chg Chg local curr. 
Jan-
Sep 25 
Jan-
Sep 24 
Chg 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR 
Local 
curr. 
EURm              
Net interest income 795 827 845 832 859 -7% -4% -8% -3% 2,467 2,603 -5% -6% 
Net fee and commission income 321 295 296 303 290 11% 9% 10% 10% 912 838 9% 8% 
Net insurance result 32 29 26 33 33 -3% 10% -6% 7% 87 90 -3% -3% 
Net result from items at fair value 15 19 16 19 21 -29% -21% -33% -26% 50 62 -19% -15% 
Other income 0 2 1 1 1     3 10   
Total income incl. allocations 1,163 1,172 1,184 1,188 1,204 -3% -1% -4% 0% 3,519 3,603 -2% -3% 
Total expenses incl. allocations -593 -592 -618 -625 -570 4% 0% 3% 1% -1,803 -1,720 5% 4% 
Profit before loan losses 570 580 566 563 634 -10% -2% -11% -1% 1,716 1,883 -9% -10% 
Net loan losses and similar net result -7 4 5 -3 -26     2 -83   
Operating profit 563 584 571 560 608 -7% -4% -8% -3% 1,718 1,800 -5% -5% 
Cost-to-income ratio1, % 52 51 51 53 48     51 48   
Return on allocated equity1, % 16 16 17 16 18     16 19   
Allocated equity 10,873 10,966 11,116 11,023 10,797 1% -1%   10,873 10,797 1%  
Risk exposure amount (REA) 61,498 60,810 61,850 60,231 57,799 6% 1%   61,498 57,799 6%  
Number of employees (FTEs) 6,913 7,061 7,246 7,138 6,955 -1% -2%   6,913 6,955 -1%  
Volumes, EURbn:              
Mortgage lending 164.7 163.1 165.3 161.5 153.9 7% 1% 6% 0% 164.7 153.9 7% 6% 
Other lending 14.3 14.4 14.7 14.9 15.1 -5% -1% -6% -1% 14.3 15.1 -5% -6% 
Total lending 179.0 177.5 180.0 176.4 169.0 6% 1% 5% 0% 179.0 169.0 6% 5% 
Total deposits 95.6 95.1 92.8 90.2 88.1 9% 1% 8% 0% 95.6 88.1 9% 8% 
1 With amortised resolution fees.

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

Nordea                   Third-Quarter Financial Report 2025 
21 
 
 
Q3 
Personal Banking    
      Chg Chg local curr. 
Jan-
Sep 25 
Jan-
Sep 24 
Chg 
 
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR 
Local 
curr. 
              
Net interest income, EURm              
PeB Denmark 220 223 228 224 228 -4% -1% -3% -1% 671 687 -2% -2% 
PeB Finland 197 203 213 229 249 -21% -3% -21% -3% 613 759 -19% -19% 
PeB Norway 131 141 145 108 118 11% -7% 12% -5% 417 367 14% 15% 
PeB Sweden 241 251 253 267 260 -7% -4% -10% -3% 745 779 -4% -7% 
Other 6 9 6 4 4     21 11   
Total 795 827 845 832 859 -7% -4% -8% -3% 2,467 2,603 -5% -6% 
              
Net fee and commission income, EURm            
PeB Denmark 94 78 81 89 75 25% 21% 25% 21% 253 225 12% 12% 
PeB Finland 81 80 79 79 80 1% 1% 1% 1% 240 234 3% 3% 
PeB Norway 35 34 32 29 32 9% 3% 10% 0% 101 85 19% 21% 
PeB Sweden 111 107 106 107 106 5% 4% 2% 6% 324 303 7% 4% 
Other 0 -4 -2 -1 -3     -6 -9   
Total 321 295 296 303 290 11% 9% 10% 10% 912 838 9% 8% 
              
Net loan losses and similar net result, EURm          
PeB Denmark 1 2 4 0 -6     7 -19   
PeB Finland -9 -5 -3 -18 -14     -17 -36   
PeB Norway 5 2 8 9 -1     15 -7   
PeB Sweden -5 4 -4 8 -5     -5 -22   
Other 1 1 0 -2 0     2 1   
Total -7 4 5 -3 -26     2 -83   
              
Volumes, EURbn              
Personal Banking Denmark              
Mortgage lending 41.3 41.5 41.6 42.0 42.0 -2% 0% -1% 0% 41.3 42.0 -2% -1% 
Other lending 3.6 3.7 3.8 4.0 4.2 -14% -3% -14% -3% 3.6 4.2 -14% -14% 
Total lending 44.9 45.2 45.4 46.0 46.2 -3% -1% -3% 0% 44.9 46.2 -3% -3% 
Total deposits 24.6 24.6 23.9 23.9 23.8 3% 0% 3% 0% 24.6 23.8 3% 3% 
              
Personal Banking Finland              
Mortgage lending 31.4 31.4 31.4 31.4 31.5 0% 0% 0% 0% 31.4 31.5 0% 0% 
Other lending 6.3 6.3 6.3 6.3 6.3 0% 0% 0% 0% 6.3 6.3 0% 0% 
Total lending 37.7 37.7 37.7 37.7 37.8 0% 0% 0% 0% 37.7 37.8 0% 0% 
Total deposits 27.5 27.2 26.7 26.4 26.7 3% 1% 3% 1% 27.5 26.7 3% 3% 
              
Personal Banking Norway              
Mortgage lending 40.1 39.4 40.6 39.4 31.2 29% 2% 27% 0% 40.1 31.2 29% 27% 
Other lending 1.5 1.5 1.7 1.7 1.7 -12% 0% -6% 0% 1.5 1.7 -12% -6% 
Total lending 41.6 40.9 42.3 41.1 32.9 26% 2% 26% 0% 41.6 32.9 26% 26% 
Total deposits 15.0 14.9 14.4 13.6 10.9 38% 1% 36% -1% 15.0 10.9 38% 36% 
              
Personal Banking Sweden              
Mortgage lending 51.9 50.9 51.7 48.7 49.1 6% 2% 3% 1% 51.9 49.1 6% 3% 
Other lending 2.9 2.9 2.9 2.9 3.0 -3% 0% -7% -4% 2.9 3.0 -3% -7% 
Total lending 54.8 53.8 54.6 51.6 52.1 5% 2% 3% 1% 54.8 52.1 5% 3% 
Total deposits 28.5 28.3 27.8 26.3 26.7 7% 1% 4% 0% 28.5 26.7 7% 4%

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

Nordea                   Third-Quarter Financial Report 2025 
22 
 
 
Q3 
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 third quarter we maintained solid volume growth and 
enhanced customer experience. Lending volumes increased 
by 5% year on year in local currencies, driven in particular by 
Sweden and Norway. Deposit volumes grew by 9%, 
supported by growth across all markets. 
 
Our intense focus on enhancing service quality and 
accessibility has resulted in higher relative customer 
satisfaction. According to the annual external EPSI survey for 
the banking industry, we have improved our position relative 
to peers across all markets. In Sweden, we achieved the 
highest rating among peer institutions. 
 
Our digital banking excellence gained strong recognition in 
Global Finance’s annual World’s Best Digital Banks Awards. 
For the third consecutive year, Nordea Business and the 
mobile app won the titles of Best Corporate Digital Bank and 
Best Mobile Banking App in each of the Nordic countries. This 
recognition highlights our efforts and commitment to deliver 
best-in-class digital solutions for small and medium-sized 
enterprises (SMEs) across the Nordics. 
 
To help us become the leading digital bank for SMEs, we 
continued to develop Nordea Business and the mobile app. 
This quarter, we further digitalised loan application processes 
by making it possible for customers in Sweden to apply for car 
leasing online. 
 
To strengthen our commercial card offering for SMEs, we 
entered into a partnership with the Swedish fintech Mynt to 
develop a new business credit card and expense 
management solution. Once launched, the new card will offer 
SMEs a streamlined and easy-to-use digital experience. 
 
We remain committed to supporting customers in their 
sustainability transitions. Our sustainable financing portfolio 
grew during the quarter and now represents 14% of total 
lending. To further promote sustainable growth, we expanded 
our guarantee agreement with the European Investment Bank 
to include Denmark. The agreement enables us to support 
SMEs in financing innovation and sustainability across the 
Nordics, with a total financing package of EUR 560m. 
Financial outcome 
Total income in the third quarter decreased by 5% year on 
year, with higher volumes and higher net fee and commission 
income partly offsetting lower deposit income and lower net 
fair value result. 
 
Net interest income decreased by 8% year on year due to 
lower deposit margins amid decreases in policy rates. These 
were partly offset by growth in business volumes. 
 
Net fee and commission income increased by 8% year on 
year, driven by higher lending fee income and higher income 
from debt capital market transactions. 
  
Net result from items at fair value decreased by 6% year on 
year. The decrease was mainly attributable to lower income 
from derivatives as stabilised rate expectations reduced 
demand for rate hedging instruments. 
 
Total expenses increased by 6% year on year (5% in local 
currencies), driven by strategic investments in key areas, 
including technology, data and AI, and annual salary inflation. 
The cost-to-income ratio with amortised resolution fees was 
46%, compared with 41% a year ago, reflecting the lower 
deposit income and higher investment expenditure. 
 
Net loan losses and similar net result amounted to net 
reversals of EUR 25m (11bp), compared with net losses of 
EUR 28m a year ago. The amount included EUR 20m 
released from the management judgement buffer. 
 
Operating profit decreased by 2% year on year, to EUR 
454m. Return on allocated equity with amortised resolution 
fees was 16%. 
 
Business Banking Denmark 
Net interest income decreased by 12% in local currency year 
on year due to lower deposit margins. The decrease was 
partly offset by higher deposit and lending volumes. 
 
Lending volumes increased by 1% in local currency year on 
year. Deposit volumes increased by 12%. 
 
Net fee and commission income was unchanged year on 
year, as higher lending fee income was offset by lower 
income from equity capital market transactions. 
 
Net loan losses and similar net result amounted to net 
reversals of EUR 14m (27bp).

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

Nordea                   Third-Quarter Financial Report 2025 
23 
 
 
Q3 
Business Banking Finland 
Net interest income decreased by 14% year on year, driven 
by lower deposit margins. The decrease was partly offset by 
higher deposit and lending volumes. 
 
Lending volumes increased by 2% year on year, while deposit 
volumes increased by 4%. 
 
Net fee and commission income increased by 6% year on 
year, driven by higher savings income and higher debt capital 
markets income. 
 
Net loan losses and similar net result amounted to net 
reversals of EUR 8m (17bp). 
 
Business Banking Norway 
Net interest income decreased by 5% in local currency year 
on year due to lower deposit margins. The decrease was 
partly offset by higher deposit and lending volumes. 
 
Lending volumes increased by 6% in local currency year on 
year. Deposit volumes increased by 23%. 
 
Net fee and commission income increased by 18% in local 
currency year on year. The increase was driven by higher 
debt capital markets income and higher lending fee income. 
 
Net loan losses and similar net result amounted to EUR 0m 
(0bp). 
Business Banking Sweden 
Net interest income decreased by 5% in local currency year 
on year, driven by lower lending and deposit margins. These 
were partly offset by higher lending and deposit volumes. 
 
Lending volumes increased by 11% in local currency year on 
year, while deposit volumes increased by 3%. 
 
Net fee and commission income increased by 13% in local 
currency year on year, driven by higher income from debt 
capital market transactions, higher lending fee income, and 
higher savings income. 
 
Net loan losses and similar net result amounted to net 
reversals of EUR 9m (12bp).
 
Business Banking total 
      Chg Chg local curr. 
Jan-
Sep 25 
Jan-
Sep 24 
Chg 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR 
Local 
curr. 
EURm              
Net interest income 528 537 548 556 573 -8% -2% -9% -1% 1,613 1,759 -8% -9% 
Net fee and commission income 156 150 153 152 145 8% 4% 6% 3% 459 440 4% 3% 
Net insurance result 7 6 8 10 12 -42% 17% -42% 17% 21 25 -16% -16% 
Net result from items at fair value 92 107 105 102 98 -6% -14% -4% -10% 304 302 1% 0% 
Other income 12 11 8 7 9     31 32   
Total income incl. allocations 795 811 822 827 837 -5% -2% -6% -1% 2,428 2,558 -5% -6% 
Total expenses incl. allocations -366 -370 -361 -353 -346 6% -1% 5% 0% -1,097 -1,041 5% 4% 
Profit before loan losses 429 441 461 474 491 -13% -3% -13% -2% 1,331 1,517 -12% -13% 
Net loan losses and similar net result 25 0 -23 -53 -28     2 -77   
Operating profit 454 441 438 421 463 -2% 3% -3% 3% 1,333 1,440 -7% -8% 
Cost-to-income ratio1, % 46 46 43 43 41     45 41   
Return on allocated equity1, % 16 16 16 15 17     16 18   
Allocated equity 8,694 8,671 8,691 8,424 8,425 3% 0%   8,694 8,425 3%  
Risk exposure amount (REA) 42,945 44,404 43,932 43,106 43,081 0% -3%   42,945 43,081 0%  
Number of employees (FTEs) 3,797 3,851 3,914 3,919 3,930 -3% -1%   3,797 3,930 -3%  
Volumes, EURbn:              
Total lending 94.2 92.8 91.3 88.4 88.5 6% 2% 5% 1% 94.2 88.5 6% 5% 
Total deposits 56.1 55.4 53.7 52.8 50.9 10% 1% 9% 1% 56.1 50.9 10% 9% 
1 With amortised resolution fees.

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

Nordea                   Third-Quarter Financial Report 2025 
24 
 
 
Q3 
Business Banking    
      Chg Chg local curr. 
Jan-
Sep 25 
Jan-
Sep 24 
Chg 
 
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR 
Local 
curr. 
              
Net interest income, EURm              
  Business Banking Denmark 104 105 110 113 118 -12% -1% -12% -1% 319 354 -10% -10% 
  Business Banking Finland 132 136 137 147 153 -14% -3% -14% -3% 405 465 -13% -13% 
  Business Banking Norway 140 140 138 146 148 -5% 0% -5% 0% 418 451 -7% -6% 
  Business Banking Sweden 156 161 156 157 159 -2% -3% -5% -2% 473 493 -4% -6% 
  Other -4 -5 7 -7 -5     -2 -4   
Total 528 537 548 556 573 -8% -2% -9% -1% 1,613 1,759 -8% -9% 
              
Net fee and commission income, EURm            
  Business Banking Denmark 28 23 27 26 28 0% 22% 0% 22% 78 83 -6% -6% 
  Business Banking Finland 52 53 48 50 49 6% -2% 6% -2% 153 151 1% 1% 
  Business Banking Norway 25 25 25 23 22 14% 0% 18% 8% 75 74 1% 3% 
  Business Banking Sweden 56 51 53 54 49 14% 10% 13% 13% 160 143 12% 9% 
  Other -5 -2 0 -1 -3     -7 -11   
Total 156 150 153 152 145 8% 4% 6% 3% 459 440 4% 3% 
              
Net loan losses and similar net result, EURm          
  Business Banking Denmark 14 11 1 -20 -14     26 -24   
  Business Banking Finland 8 -15 -12 -22 -15     -19 -30   
  Business Banking Norway 0 -1 -1 -1 2     -2 0   
  Business Banking Sweden 9 2 -11 -10 -1     0 -22   
  Other -6 3 0 0 0     -3 -1   
Total 25 0 -23 -53 -28     2 -77   
              
Lending, EURbn              
  Business Banking Denmark 20.8 20.7 20.4 20.7 20.5 1% 0% 1% 0% 20.8 20.5 1% 1% 
  Business Banking Finland 18.8 18.8 18.6 18.1 18.4 2% 0% 2% 0% 18.8 18.4 2% 2% 
  Business Banking Norway 24.2 23.4 23.4 22.6 22.8 6% 3% 6% 2% 24.2 22.8 6% 6% 
  Business Banking Sweden 30.4 29.9 28.9 26.9 26.8 13% 2% 11% 1% 30.4 26.8 13% 11% 
  Other 0 0 0 0.1 0     0 0   
Total 94.2 92.8 91.3 88.4 88.5 6% 2% 5% 1% 94.2 88.5 6% 5% 
              
Deposits, EURbn              
  Business Banking Denmark 11.9 11.0 10.7 10.7 10.6 12% 8% 12% 8% 11.9 10.6 12% 12% 
  Business Banking Finland 14.3 14.6 14.1 13.8 13.8 4% -2% 4% -2% 14.3 13.8 4% 4% 
  Business Banking Norway 12.4 11.9 11.1 10.9 10.0 24% 4% 23% 3% 12.4 10.0 24% 23% 
  Business Banking Sweden 17.4 17.9 17.7 17.4 16.5 5% -3% 3% -4% 17.4 16.5 5% 3% 
  Other 0.1 0 0.1 0 0     0.1 0   
Total 56.1 55.4 53.7 52.8 50.9 10% 1% 9% 1% 56.1 50.9 10% 9%

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

Nordea                   Third-Quarter Financial Report 2025 
25 
 
 
Q3 
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 third quarter we maintained strong lending growth and 
actively supported our Nordic customers with their financing 
needs, leveraging our well-diversified business portfolio.  
 
Despite the seasonally slow quarter, we saw some pick-up in 
event-driven transactions and related financing, and robust 
demand for additional liquidity. Lending volumes continued to 
increase quarter on quarter and were up 6% year on year. 
Deposit volumes were up quarter on quarter, rebounding from 
the second quarter, where they had been seasonally lower 
due to dividends. Deposit volumes decreased by 7% year on 
year, mainly driven by a few larger customers in Denmark and 
Norway. 
 
Debt Capital Markets activity remained high, with broad-based 
activity among both corporate and institutional customers. 
During the quarter we arranged more than 120 transactions, 
bringing the total to more than 500 for the year and supporting 
our leading positions for Nordic corporate bonds and Nordic 
bonds overall year to date. While market conditions remained 
volatile for Equity Capital Markets (ECM) and Mergers & 
Acquisitions (M&A), several M&A transactions were 
announced and ECM activity showed signs of recovery. 
Highlights of the quarter included a DKK 7bn green bond for 
the Kingdom of Denmark and the initial public offerings of 
Klarna and NOBA Bank. We also advised Qt Group on its 
offer for I.A.R. Systems. 
 
Nordea Markets delivered a solid quarterly market making 
result across all product areas, in particular fixed income. The 
seasonally subdued hedging and financing activity gradually 
picked up as the quarter progressed. 
 
We remain a trusted partner for sustainable finance. During 
the quarter we further grew our position, facilitating an 
additional EUR 10bn in sustainable financing and bringing the 
total to EUR 212bn. We have now comfortably surpassed our 
2025 target of EUR 200bn ahead of time.
Financial outcome 
Total income was down 2% year on year, mainly driven by 
lower net interest income, but was up 5% quarter on quarter, 
demonstrating positive momentum and increased customer 
activity. 
 
Net interest income decreased by 9% year on year due to the 
impact of lower interest rates. This was partly offset by higher 
lending volumes, which also drove a quarter on quarter net 
interest income increase of 3%. 
 
Net fee and commission income was up 4% year on year, 
driven by higher income from bonds and lending fees. Event-
driven business remained subdued, notably within corporate 
finance, due to continued macroeconomic and geopolitical 
uncertainty. 
 
Net result from items at fair value increased by 13% year on 
year, driven by high customer activity and market making 
income. 
 
Total expenses increased by 3% year on year amid strict cost 
control. We continued with our strategic investments in 
several areas, including technology, data and AI. The cost-to-
income ratio with amortised resolution fees was 41%, 
compared with 38% a year ago. 
 
Net loan losses and similar net result amounted to net 
reversals of EUR 3m, compared with net losses of EUR 1m in 
the same quarter last year. The amount included a EUR 20m 
release from the management judgement buffer. 
 
Operating profit amounted to EUR 348m, a year-on-year 
decrease of 5%. 
 
We continued to exercise strict capital discipline. Return on 
allocated equity was 16%, down 1 percentage point on the 
same quarter last year.

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

Nordea                   Third-Quarter Financial Report 2025 
26 
 
 
Q3 
Large Corporates & Institutions total 
      Chg 
Jan-Sep 25 Jan-Sep 24 Chg  Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 
EURm           
Net interest income 326 318 334 349 360 -9% 3% 978 1,085 -10% 
Net fee and commission income 123 134 122 134 118 4% -8% 379 396 -4% 
Net insurance result 0 0 0 0 0   0 0  
Net result from items at fair value 131 102 164 78 116 13% 28% 397 353 12% 
Other income 1 0 0 0 1   1 -1  
Total income incl. allocations 581 554 620 561 595 -2% 5% 1,755 1,833 -4% 
Total expenses incl. allocations -236 -237 -232 -234 -229 3% 0% -705 -689 2% 
Profit before loan losses 345 317 388 327 366 -6% 9% 1,050 1,144 -8% 
Net loan losses and similar net result 3 14 2 3 -1   19 11  
Operating profit 348 331 390 330 365 -5% 5% 1,069 1,155 -7% 
Cost-to-income ratio1, % 41 43 37 42 38   40 38  
Return on allocated equity1, % 16 15 19 15 17   17 18  
Allocated equity 6,740 6,775 6,785 6,722 6,728 0% -1% 6,740 6,728 0% 
Risk exposure amount (REA) 40,516 40,128 39,816 39,881 39,841 2% 1% 40,516 39,841 2% 
Number of employees (FTEs) 1,191 1,202 1,224 1,224 1,243 -4% -1% 1,191 1,243 -4% 
Volumes, EURbn2:           
Total lending 56.0 55.1 54.1 53.3 52.9 6% 2% 56.0 52.9 6% 
Total deposits 48.1 47.0 54.5 52.8 51.5 -7% 2% 48.1 51.5 -7% 
1 With amortised resolution fees. 
2 Excluding repurchase agreements and security lending/borrowing agreements.    
 
Large Corporates & Institutions 
      Chg 
Jan-Sep 25 Jan-Sep 24 Chg  Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 
           
Net interest income, EURm           
Denmark 60 61 68 69 69 -13% -2% 189 211 -10% 
Finland 56 57 56 59 63 -11% -2% 169 191 -12% 
Norway 75 74 77 83 87 -14% 1% 226 261 -13% 
Sweden 120 115 114 122 125 -4% 4% 349 374 -7% 
Other 15 11 19 16 16   45 48  
Total 326 318 334 349 360 -9% 3% 978 1,085 -10% 
           
Net fee and commission income, EURm          
Denmark 28 33 34 48 36 -22% -15% 95 112 -15% 
Finland 32 35 26 29 30 7% -9% 93 105 -11% 
Norway 28 32 26 25 26 8% -13% 86 89 -3% 
Sweden 41 37 41 37 32 28% 11% 119 104 14% 
Other -6 -3 -5 -5 -6   -14 -14  
Total 123 134 122 134 118 4% -8% 379 396 -4% 
           
Net loan losses and similar net result, EURm         
Denmark -3 -3 -4 -2 2   -10 32  
Finland -5 4 1 10 -1   0 0  
Norway 11 -3 3 -4 0   11 -19  
Sweden 5 13 6 -15 0   24 1  
Other -5 3 -4 14 -2   -6 -3  
Total 3 14 2 3 -1   19 11  
           
Lending, EURbn1           
Denmark 11.6 12.0 12.0 11.9 10.7 8% -3% 11.6 10.7 8% 
Finland 9.9 10.2 9.5 9.3 10.1 -2% -3% 9.9 10.1 -2% 
Norway 10.4 10.2 10.8 10.7 10.7 -3% 2% 10.4 10.7 -3% 
Sweden 21.3 20.1 19.3 18.7 19.0 12% 6% 21.3 19.0 12% 
Other 2.8 2.6 2.5 2.7 2.4   2.8 2.4  
Total 56.0 55.1 54.1 53.3 52.9 6% 2% 56.0 52.9 6% 
           
Deposits, EURbn1           
Denmark 9.3 8.6 11.0 12.8 11.3 -18% 8% 9.3 11.3 -18% 
Finland 13.2 13.2 13.5 12.8 13.3 -1% 0% 13.2 13.3 -1% 
Norway 11.6 11.8 12.6 11.9 13.2 -12% -2% 11.6 13.2 -12% 
Sweden 13.9 13.3 16.5 13.9 13.6 2% 5% 13.9 13.6 2% 
Other 0.1 0.1 0.9 1.4 0.1   0.1 0.1  
Total 48.1 47.0 54.5 52.8 51.5 -7% 2% 48.1 51.5 -7% 
1 Excluding repurchase agreements and security lending/borrowing agreements.

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

Nordea                   Third-Quarter Financial Report 2025 
27 
 
 
Q3 
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 
In the third quarter we drove solid business momentum in our 
Nordic channels and investment performance was strong. We 
kept customer satisfaction in our Nordic home markets at the 
same record-high level reached in the previous quarter. 
 
New flows in our Nordic channels amounted to EUR 1.5bn in 
Private Banking and were at a record high in Life & Pension at 
EUR 1.2bn. In Sweden, we drove high investment activity, 
including by helping our customers take part in several initial 
public offerings across the Nordics. Customer activity was at a 
high across the Nordics after the summer and pension flows 
in Norway continued to recover following outflows in the first 
half of the year. 
 
In our international channels net flows improved quarter on 
quarter, although they remained below the very strong first 
quarter. International flows amounted to EUR 0.6bn, of which 
EUR 0.2bn were from international institutions. Flows in the 
wholesale distribution channel continued to stabilise, 
amounting to EUR 0.4bn for the quarter. 
 
Overall investment performance was solid, with 82% of 
aggregated composites providing excess return on a three-
year basis. We were pleased to see strong interest in our new 
Nordea 1 – Empower Europe Fund, which invests in the 
drivers of Europe’s transformation: energy resilience, 
reshoring, and defence and cybersecurity. Since its launch in 
mid-June, the fund has attracted a net flow of around EUR 
250m. By the end of the quarter 74% of our total assets under 
management were in ESG products. 
 
We continued to deliver on our strategic objective to be a 
digital leader within savings and investments. During the 
quarter we made several key enhancements to our platform. 
For example, we digitalised domestic corporate actions in 
Denmark, Finland and Sweden, and continued to implement 
and enhance the advice follow-up functionality in our mobile 
banking app.
 
In Life & Pension we launched Nordea Node, our digital 
pension value proposition and platform for the small and 
medium-sized business segment, in Sweden. This marks our 
next step in simplifying and digitalising occupational pensions, 
drastically reducing time spent on administration, and 
delivering best-in-class customer experiences. 
 
Financial outcome 
Total income in the third quarter was down 1% year on year, 
driven by lower net interest income and net result from items 
at fair value. 
 
Net interest income was down 9% year on year, driven by 
lower interest rates. 
 
Net fee and commission income was up 1% year on year, as 
higher assets under management were partly offset by 
customer preference for lower-risk and lower-margin 
products. 
Net insurance result amounted to EUR 27m, compared with 
EUR 15m a year ago. The increase was driven by improved 
result from Traditional products. 
Net result from items at fair value amounted to EUR 9m, 
compared with EUR 21m a year ago. The decrease was 
driven by lower return on shareholders’ equity portfolios. 
Total expenses increased by 7% year on year, driven by 
strategic investments in key areas, including technology, data 
and AI, and annual salary inflation. The cost-to-income ratio 
with amortised resolution fees increased by 3 percentage 
points, to 44% 
Net loan losses and similar net result amounted to EUR 0m, 
compared with net reversals of EUR 4m in the same quarter 
last year. 
Operating profit was EUR 187m, down 9% year on year. 
Return on allocated equity with amortised resolution fees was 
33%, a year-on-year decrease of 6 percentage points, driven 
by increased capital requirements and lower operating profit.

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

Nordea                   Third-Quarter Financial Report 2025 
28 
 
 
Q3 
Asset & Wealth Management total 
      Chg Chg local curr. 
Jan-
Sep 25 
Jan-
Sep 24 
Chg 
 
Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Q3/Q3 Q3/Q2 EUR 
Local 
curr. 
EURm              
Net interest income 71 74 78 77 78 -9% -4% -9% -1% 223 245 -9% -9% 
Net fee and commission income 227 219 234 244 225 1% 4% 0% 3% 680 675 1% 1% 
Net insurance result 27 23 19 26 15 80% 17% 80% 23% 69 69 0% 1% 
Net result from items at fair value 9 16 14 2 21 -57% -44% -55% -44% 39 42 -7% -3% 
Other income 0 -1 0 -2 0     -1 0   
Total income incl. allocations 334 331 345 347 339 -1% 1% -1% 2% 1,010 1,031 -2% -2% 
Total expenses incl. allocations -147 -151 -154 -152 -138 7% -3% 7% -1% -452 -414 9% 9% 
Profit before loan losses 187 180 191 195 201 -7% 4% -7% 4% 558 617 -10% -9% 
Net loan losses and similar net result 0 -1 1 1 4     0 -1   
Operating profit 187 179 192 196 205 -9% 4% -9% 4% 558 616 -9% -9% 
Cost-to-income ratio1, % 44 46 44 44 41     45 40   
Return on allocated equity1, % 33 32 35 36 39     33 39   
Allocated equity 1,734 1,736 1,733 1,660 1,636 6% 0%   1,734 1,636 6%  
Risk exposure amount (REA) 8,618 8,464 8,625 7,239 7,054 22% 2%   8,618 7,054 22%  
Number of employees (FTEs) 3,124 3,152 3,197 3,158 3,147 -1% -1%   3,124 3,147 -1%  
Volumes, EURbn:              
AuM 456.0 437.1 425.2 422.0 412.4 11% 4%   456.0 412.4 11%  
Total lending 13.0 12.7 12.8 12.3 11.9 9% 2% 9% 2% 13.0 11.9 9% 9% 
Total deposits 13.6 14.1 13.4 12.5 12.1 12% -4% 12% -4% 13.6 12.1 12% 12% 
1 With amortised resolution fees. 
 
             
Assets under management (AuM), volumes and net flow       
     Net flow        
 Q325 Q225 Q125 Q424 Q324 Q325        
EURbn              
Nordic retail funds 97.0 92.0 90.3 92.1 88.6 0.7        
Private Banking 143.8 139.7 133.7 131.4 132.5 1.5        
Life & Pension 100.8 95.6 92.5 92.7 90.1 1.2        
Nordic institutions 49.4 46.9 46.0 45.7 46.4 1.0        
Total Nordic channels 391.0 374.2 362.5 361.9 357.6 4.4        
Wholesale distribution 39.1 35.5 35.1 36.1 36.6 0.4        
International institutions 25.9 27.4 27.6 24.0 18.2 0.2        
Total international channels 65.0 62.9 62.7 60.1 54.8 0.6        
Total 456.0 437.1 425.2 422.0 412.4 5.0        
                   
      Chg Jan-
Sep 25 
Jan-
Sep 24 Chg Net interest income Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 
EURm           
PB Denmark 24 24 23 25 24 0% 0% 71 72 -1% 
PB Finland 17 18 17 21 22 -23% -6% 52 67 -22% 
PB Norway 11 10 11 10 9 22% 10% 32 28 14% 
PB Sweden 16 17 17 17 17 -6% -6% 50 51 -2% 
Other 3 5 10 4 6 -50% -40% 18 27 -33% 
Total 71 74 78 77 78 -9% -4% 223 245 -9% 
      Chg Jan-
Sep 25 
Jan-
Sep 24 Chg Net fee and commission income Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 
EURm           
PB Denmark 51 52 50 55 49 4% -2% 153 147 4% 
PB Finland 48 46 46 47 45 7% 4% 140 129 9% 
PB Norway 14 13 16 13 12 17% 8% 43 38 13% 
PB Sweden 36 33 38 37 34 6% 9% 107 99 8% 
Institutional and wholesale distribution 74 69 73 86 75 -1% 7% 216 236 -8% 
Other 4 6 11 6 10 -60% -33% 21 26 -19% 
Total 227 219 234 244 225 1% 4% 680 675 1%

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

Nordea                   Third-Quarter Financial Report 2025 
29 
 
 
Q3 
      Chg Jan-
Sep 25 
Jan-
Sep 24 
 
Private Banking Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg 
AuM, EURbn           
PB Denmark 37.7 37.4 35.8 37.8 39.9 -6% 1% 37.7 39.9 -6% 
PB Finland 45.9 44.7 41.1 39.0 39.4 16% 3% 45.9 39.4 16% 
PB Norway 16.9 15.9 15.8 14.8 12.8 32% 6% 16.9 12.8 32% 
PB Sweden 43.3 41.7 41.0 39.8 40.4 7% 4% 43.3 40.4 7% 
Private Banking 143.8 139.7 133.7 131.4 132.5 9% 3% 143.8 132.5 9% 
           
Lending, EURbn           
PB Denmark 4.4 4.4 4.3 4.3 4.3 2% 0% 4.4 4.3 2% 
PB Finland 2.6 2.6 2.6 2.5 2.5 4% 0% 2.6 2.5 4% 
PB Norway 2.5 2.4 2.5 2.4 2.0 25% 4% 2.5 2.0 25% 
PB Sweden 3.5 3.3 3.4 3.1 3.1 13% 6% 3.5 3.1 13% 
Private Banking 13.0 12.7 12.8 12.3 11.9 9% 2% 13.0 11.9 9% 
           
 
Asset Management - AuM and net flow1 
      Chg Jan-
Sep 25 
Jan-
Sep 24 
 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg 
EURbn           
AuM, Nordic channels 250.0 237.0 230.3 229.6 218.2 15% 5% 250.0 218.2 15% 
AuM, international channels 61.4 59.4 59.2 56.5 51.4 19% 3% 61.4 51.4 19% 
AuM, total 311.4 296.4 289.5 286.1 269.6 16% 5% 311.4 269.6 16% 
- whereof ESG AuM2 229.1 222.5 216.2 212.7 195.9 17% 3% 229.1 195.9 17% 
Net inflow, Nordic channels 2.5 2.7 1.6 9.4 0.3   6.8 2.7  
Net inflow, international channels 0.7 -0.3 4.1 2.2 -1.8   4.5 -5.3  
Net inflow, total 3.2 2.4 5.7 11.6 -1.5   11.3 -2.6  
- whereof ESG net inflow2 -2.2 3.3 6.4 11.5 0.1   7.5 0  
1 International channels include “Institutional sales international” and “Wholesale distribution”, while Nordic channels includ e all other assets managed by  
  Asset Management.           
2 Articles 8 and 9 of the Sustainable Finance Disclosure Regulation. 
 
Life & Pension 
      Chg Jan-
Sep 25 
Jan-
Sep 24 
 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg 
EURm           
AuM, EURbn 96.9 91.7 88.6 88.5 85.9 13% 6% 96.9 85.9 13% 
Premiums 2,897 3,002 3,687 3,091 2,554 13% -3% 9,586 8,507 13% 
Profit drivers           
Profit traditional products 14 14 16 20 5   0% 44 32 38% 
Profit market return products 98 83 80 84 73 34% 18% 261 225 16% 
Profit risk products 14 16 13 22 34 -59% -13% 43 77 -44% 
Total product result 126 113 109 126 112 13% 12% 348 334 4%

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

Nordea                   Third-Quarter Financial Report 2025 
30 
 
 
Q3 
Group functions  
 
Introduction 
Our Group functions provide the four business areas with the 
services, subject matter expertise, data and technology 
infrastructure needed for Nordea to be the preferred financial 
partner in the Nordics. 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 third quarter we continued to deliver on our strategic 
priorities, including reducing operational risk, preventing 
financial crime and modernising our technology landscape. 
We maintained a strong focus on cost discipline while making 
targeted investments to enhance operational resilience and 
drive long-term improvements.   
 
We also continued to adapt to evolving regulatory 
requirements to ensure an efficient and compliant operating 
model.  
 
Financial outcome  
Total operating income in the third quarter amounted to EUR 
37m, down from EUR 39m a year ago. The decrease was 
mainly driven by lower net result from items at fair value. 
 
Net result from items at fair value amounted to EUR -2m, a 
year-on-year decrease of EUR 30m, due to negative valuation 
adjustments. 
 
Total operating expenses amounted to a positive EUR 10m, a 
year-on-year decrease of EUR 56m. The decrease was driven 
by the settlement of a regulatory investigation in the US last 
year and lower investment costs recognised in Group 
functions.
Group functions  
      Chg Jan-
Sep 25 
Jan-
Sep 24 
 
 Q325 Q225 Q125 Q424 Q324 Q3/Q3 Q3/Q2 Chg 
EURm           
Net interest income 55 42 24 40 12   121 48  
Net fee and commission income -16 -6 -12 -8 -4   -34 -17  
Net insurance result 0 0 1 0 0   1 0  
Net result from items at fair value -2 10 -10 0 28   -2 63  
Other income 0 -3 0 0 3   -3 10  
Total operating income 37 43 3 32 39   83 104  
Total operating expenses 10 17 11 -70 -46   38 -32  
Profit before loan losses 47 60 14 -38 -7   121 72  
Net loan losses and similar net result -2 4 2 -2 0   4 -2  
Operating profit 45 64 16 -40 -7   125 70  
Allocated equity 3,479 2,219 1,412 4,607 3,868   3,479 3,868  
Risk exposure amount (REA) 4,794 4,770 5,462 5,393 5,916   4,794 5,916  
Number of employees (FTEs) 14,361 14,578 14,762 14,718 14,620 -2% -1% 14,361 14,620 -2%

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

Nordea                   Third-Quarter Financial Report 2025 
31 
 
 
Q3 
Income statement 
  Q3 Q3 Jan-Sep Jan-Sep Full year 
 Note 2025 2024 2025 2024 2024 
EURm       
       
Operating income       
Interest income calculated using the effective interest rate method   3,769 4,598 11,787 14,274 18,580 
Other interest income  440 622 1,421 1,912 2,500 
Interest expense  -2,434 -3,338 -7,806 -10,446 -13,486 
Net interest income 3 1,775 1,882 5,402 5,740 7,594 
       
Fee and commission income  1,049 998 3,114 3,006 4,064 
Fee and commission expense  -238 -224 -718 -674 -907 
Net fee and commission income 4 811 774 2,396 2,332 3,157 
       
Return on assets backing insurance liabilities  855 627 1,526 2,235 2,583 
Insurance result  -789 -567 -1,348 -2,051 -2,330 
Net insurance result 5 66 60 178 184 253 
Net result from items at fair value 6 245 284 788 822 1,023 
Profit or loss from associated undertakings and joint ventures accounted for under 
the equity method  1 4 -3 13 10 
Other operating income  12 10 34 38 47 
Total operating income  2,910 3,014 8,795 9,129 12,084 
       
Operating expenses       
General administrative expenses:       
Staff costs  -806 -779 -2,407 -2,289 -3,106 
Other expenses 7 -353 -380 -1,066 -1,079 -1,530 
Regulatory fees 8 -19 -18 -92 -99 -117 
Depreciation, amortisation and impairment charges of tangible and intangible assets  9 -154 -152 -454 -429 -577 
Total operating expenses  -1,332 -1,329 -4,019 -3,896 -5,330 
       
Profit before loan losses  1,578 1,685 4,776 5,233 6,754 
       
Net result on loans in hold portfolios mandatorily held at fair value   -6 1 4 -10 -8 
Net loan losses 10 25 -52 23 -142 -198 
Operating profit  1,597 1,634 4,803 5,081 6,548 
       
Income tax expense  -369 -368 -1,120 -1,151 -1,489 
Net profit for the period   1,228 1,266 3,683 3,930 5,059 
       
Attributable to:       
Shareholders of Nordea Bank Abp   1,228 1,266 3,657 3,904 5,033 
Additional Tier 1 capital holders  - - 26 26 26 
Total  1,228 1,266 3,683 3,930 5,059 
       
Basic earnings per share, EUR  0.36 0.36 1.06 1.11 1.44 
Diluted earnings per share, EUR  0.36 0.36 1.06 1.11 1.44

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

Nordea                   Third-Quarter Financial Report 2025 
32 
 
 
Q3 
Statement of comprehensive income 
         Q3 Q3 Jan-Sep Jan-Sep Full year 
  2025 2024 2025 2024 2024 
EURm       
       Net profit for the period  1,228 1,266 3,683 3,930 5,059 
       
Items that may be reclassified subsequently to the income statement       
Currency translation:       
Currency translation differences  188 -236 217 -459 -483 
Tax on currency translation differences   - - - - -1 
Hedging of net investments in foreign operations:        
Valuation gains/losses   -97 83 -127 159 174 
Fair value through other comprehensive income: 1       
Valuation gains/losses, net of recycling  55 -27 89 14 -62 
Tax on valuation gains/losses   -11 6 -20 -3 15 
Cash flow hedges:       
Valuation gains/losses, net of recycling  -7 -23 -88 -10 51 
Tax on valuation gains/losses   1 5 17 2 -10 
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   -3 1 -3 -7 -8 
Tax on valuation gains/losses   1 0 1 2 2 
Defined benefit plans:       
Remeasurement of defined benefit plans  15 24 -88 87 99 
Tax on remeasurement of defined benefit plans  -3 -6 22 -21 -23 
Companies accounted for under the equity method:        
    Other comprehensive income from companies accounted for under the equity method  0 0 -1 5 5 
    Tax on other comprehensive income from companies accounted for under the       
    equity method  0 0 0 -1 -1 
Other comprehensive income, net of tax  139 -173 19 -232 -242 
       
Total comprehensive income   1,367 1,093 3,702 3,698 4,817 
       
Attributable to:       
Shareholders of Nordea Bank Abp   1,367 1,093 3,676 3,672 4,791 
Additional Tier 1 capital holders  - - 26 26 26 
Total  1,367 1,093 3,702 3,698 4,817 
1 Valuation gains/losses related to hedged risks under fair value hedge accounting are accounted for directly in the income sta tement.

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

Nordea                   Third-Quarter Financial Report 2025 
33 
 
 
Q3 
Balance sheet 
     
  30 Sep 31 Dec 30 Sep 
 Note 2025 2024 2024 
EURm     
     Assets 12    
Cash and balances with central banks   37,006 46,562 51,232 
Loans to central banks 11 1,471 4,075 2,079 
Loans to credit institutions       11, 12 7,094 2,950 6,511 
Loans to the public       11, 12 375,343 357,588 348,896 
Interest-bearing securities  80,267 73,464 69,809 
Shares   39,044 35,388 37,779 
Assets in pooled schemes and unit-linked investment contracts  66,998 60,879 58,696 
Derivatives   17,641 25,211 22,210 
Fair value changes of hedged items in portfolio hedges of interest rate risk   -136 -243 -265 
Investments in associated undertakings and joint ventures   445 482 477 
Intangible assets  4,058 3,882 3,840 
Properties and equipment  1,593 1,661 1,580 
Investment properties  2,206 2,132 2,122 
Deferred tax assets  218 206 220 
Current tax assets  270 364 302 
Retirement benefit assets  343 360 329 
Other assets  12,935 7,168 10,265 
Prepaid expenses and accrued income  773 1,131 1,209 
Assets held for sale  - 95 124 
Total assets  647,569 623,355 617,415 
     
Liabilities 12    
Deposits by credit institutions 12 48,094 28,775 34,630 
Deposits and borrowings from the public 12 225,970 232,435 222,064 
Deposits in pooled schemes and unit-linked investment contracts  68,044 61,713 59,450 
Insurance contract liabilities  32,244 30,351 29,878 
Debt securities in issue   190,799 188,136 188,943 
Derivatives   18,310 25,034 23,004 
Fair value changes of hedged items in portfolio hedges of interest rate risk   -428 -458 -356 
Current tax liabilities  806 208 432 
Other liabilities  21,356 14,196 17,975 
Accrued expenses and prepaid income  1,297 1,638 1,644 
Deferred tax liabilities  568 813 729 
Provisions  363 396 330 
Retirement benefit obligations  284 272 247 
Subordinated liabilities  8,342 7,410 6,991 
Total liabilities  616,049 590,919 585,961 
     
Equity     
Additional Tier 1 capital holders  - 750 750 
     
Share capital  4,050 4,050 4,050 
Invested unrestricted equity  1,071 1,053 1,053 
Other reserves  -2,571 -2,591 -2,581 
Retained earnings  28,970 29,174 28,182 
Total equity  31,520 32,436 31,454 
     
Total liabilities and equity  647,569 623,355 617,415 
     
Off-balance sheet items     
Assets pledged as security for own liabilities  247,771 216,648 212,898 
Other assets pledged1  169 236 236 
Contingent liabilities  19,688 20,841 20,197 
Credit commitments2  93,523 86,948 87,117 
Other commitments  2,624 2,803 2,636 
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 28,538m (31 December 2024: EUR 28,325m; 30 September 202 4: EUR 27,437m).

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

Nordea                   Third-Quarter Financial Report 2025 
34 
 
 
Q3 
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 2025 4,050 1,053 -2,582 107 -53 -60 -3 29,174 31,686 750 32,436 
Net profit for the period - - - - - - - 3,657 3,657 26 3,683 
Other comprehensive            
income, net of tax - - 90 -71 69 -66 -2 -1 19 - 19 
Total comprehensive income  - - 90 -71 69 -66 -2 3,656 3,676 26 3,702 
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 - - - - - - - 9 9 - 9 
Dividend   - - - - - - - -3,268 -3,268 - -3,268 
Sale/purchase of own shares2 - 18 - - - - - -606 -588 - -588 
Balance as at 30 Sep 2025 4,050 1,071 -2,492 36 16 -126 -5 28,970 31,520 - 31,520 
            
            
Balance as at 1 Jan 2024 4,050 1,063 -2,272 66 -6 -136 3 27,707 30,475 750 31,225 
Net profit for the period - - - - - - - 5,033 5,033 26 5,059 
Other comprehensive            
income, net of tax - - -310 41 -47 76 -6 4 -242 - -242 
Total comprehensive income  - - -310 41 -47 76 -6 5,037 4,791 26 4,817 
Paid interest on Additional Tier 1            
capital, net of tax - - - - - - - 5 5 -26 -21 
Share-based payments - - - - - - - 15 15 - 15 
Dividend - - - - - - - -3,218 -3,218 - -3,218 
Purchase of own shares2 - -10 - - - - - -372 -382 - -382 
Balance as at 31 Dec 2024 4,050 1,053 -2,582 107 -53 -60 -3 29,174 31,686 750 32,436 
            
            
Balance as at 1 Jan 2024 4,050 1,063 -2,272 66 -6 -136 3 27,707 30,475 750 31,225 
Net profit for the period - - - - - - - 3,904 3,904 26 3,930 
Other comprehensive            
income, net of tax - - -300 -8 11 66 -5 4 -232 - -232 
Total comprehensive income  - - -300 -8 11 66 -5 3,908 3,672 26 3,698 
Paid interest on Additional Tier 1            
capital, net of tax - - - - - - - 5 5 -26 -21 
Share-based payments - - - - - - - 8 8 - 8 
Dividend  - - - - - - - -3,218 -3,218 - -3,218 
Purchase of own shares2 - -10 - - - - - -228 -238 - -238 
Balance as at 30 Sep 2024 4,050 1,053 -2,572 58 5 -70 -2 28,182 30,704 750 31,454 
1 Total shares registered were 3,451 million (31 December 2024: 3,503 million; 30 September 2024: 3,506 million). The number of  own shares was 11.9 
   million (31 December 2024: 14.7 million; 30 September 2024: 6.7 million), which represents 0.3% (31 December 2024: 0.4%; 30 S eptember 2024: 0.2%)  
   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 10 .3 million  
   (31 December 2024: 11.5 million; 30 September 2024: 3.5 million). The share buy -back amounted to EUR 606m (31 December 2024: EUR 372m;  
   30 September 2024: EUR 228m) 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 2024: EUR 0m; 30 September 2024: EUR 0m).

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

Nordea                   Third-Quarter Financial Report 2025 
35 
 
 
Q3 
Cash flow statement, condensed  
    
 Jan-Sep Jan-Sep Full year 
 2025 2024 2024 
EURm    
    Operating activities    
Operating profit 4,803 5,081 6,548 
Adjustments for items not included in cash flow 1,199 681 2,306 
Income taxes paid -798 -951 -1,418 
Cash flow from operating activities before changes in operating assets and liabilities  5,204 4,811 7,436 
Changes in operating assets and liabilities -9,084 -490 -6,530 
Cash flow from operating activities -3,880 4,321 906 
    
Investing activities    
Acquisition/sale of business operations - - -2,393 
Acquisition/sale of associated undertakings and joint ventures  98 - - 
Acquisition/sale of property and equipment -44 -32 -54 
Acquisition/sale of intangible assets -459 -345 -469 
Cash flow from investing activities -405 -377 -2,916 
    
Financing activities    
Issued/amortised subordinated liabilities 533 1,193 1,430 
Sale/repurchase of own shares, including change in trading portfolio  -588 -239 -382 
Dividend paid -3,268 -3,218 -3,218 
Paid interest on Additional Tier 1 capital -26 -26 -26 
Amortisation of the principal part of lease liabilities  -85 -85 -151 
Cash flow from financing activities -3,434 -2,375 -2,347 
    
Cash flow for the period -7,719 1,569 -4,357 
    
    
Cash and cash equivalents 30 Sep 30 Sep 31 Dec 
 2025 2024 2024 
EURm    
Cash and cash equivalents at beginning of the period  47,565 51,362 51,362 
Translation differences -1,234 -295 560 
Cash and cash equivalents at end of the period 38,612 52,636 47,565 
Change  -7,719 1,569 -4,357 
    
The following items are included in cash and cash equivalents:     
Cash and balances with central banks 37,047 51,232 46,562 
Loans to central banks 4 4 4 
Loans to credit institutions 1,561 1,400 999 
Total cash and cash equivalents 38,612 52,636 47,565 
    
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 37 =====

Nordea                   Third-Quarter Financial Report 2025 
36 
 
 
Q3 
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 2024. The accounting policies and methods of 
computation are unchanged from the 2024 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 2024 Annual Report.  
 
Changed accounting policies and presentation 
Changes to IFRS Accounting Standards 
Amendments to IAS 21 The Effects of Changes in Foreign 
Exchange Rates: Lack of Exchangeability issued by the 
International Accounting Standards Board (IASB) was 
implemented by the Nordea Group on 1 January 2025 but 
has not had any significant impact on its financial 
statements. 
 
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 not yet endorsed by 
the EU. The Nordea Group does not currently intend to 
adopt the amendments before the effective date. 
 
 
 
There may be transfers between the different categories in 
the income statement mentioned above, and changes in 
the aggregation and disaggregation of financial information 
in the income statement and on the balance sheet, but no 
significant impacts are currently 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. 
 
Amendments to the Classification and Measurement of 
Financial Instruments (Amendments to IFRS 9 and 
IFRS 7) 
In May 2024 the IASB published Amendments to the 
Classification and Measurement of Financial instruments 
(Amendments to IFRS 9 and IFRS 7). 
 
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 also be required. The 
new requirements are expected to support the Nordea 
Group’s current accounting treatment of loans with ESG-
linked features. They are not expected to have any 
significant impact on the Nordea Group’s financial 
statements or capital adequacy in the period of initial 
application, other than the introduction of the additional 
disclosures. 
 
The amendments also clarify the characteristics of 
contractually linked instruments and non-recourse features. 
The current assessment is that these clarifications will not 
significantly impact the classification of financial assets or 
capital adequacy in the period of initial application, but this 
is naturally dependent on the instruments on the Nordea 
Group’s balance sheet at the time of transition. 
 
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. The current assessment is that this amendment 
will not significantly impact the Nordea Group’s financial 
statements or capital adequacy in the period of initial 
application.

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

Nordea                   Third-Quarter Financial Report 2025 
37 
 
 
Q3 
The amendments are effective for annual reporting periods 
beginning on or after 1 January 2026, with earlier 
application permitted. The amendments are endorsed by 
the EU. 
 
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.  
 
• Contracts Referencing Nature-dependent 
Electricity (Amendments to IFRS 9 and IFRS 7). 
• Annual Improvements – Volume 11.  
 
 
Exchange rates     
 Jan-Sep Jan-Dec Jan-Sep 
 2025 2024 2024 
EUR 1 = SEK    
Income statement (average) 11.1066 11.4370 11.4161 
Balance sheet (at end of period) 11.0465 11.4485 11.3065 
EUR 1 = DKK    
Income statement (average) 7.4617 7.4587 7.4587 
Balance sheet (at end of period) 7.4651 7.4576 7.4559 
EUR 1 = NOK    
Income statement (average) 11.7130 11.6308 11.5858 
Balance sheet (at end of period) 11.6990 11.7810 11.7615

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

Nordea                   Third-Quarter Financial Report 2025 
38 
 
 
Q3 
Note 2 Segment reporting 
                 
Jan-Sep 2025  
Personal 
Banking  
Business 
Banking 
Large 
Corporates & 
Institutions 
Asset & 
Wealth 
Management 
Other 
operating 
segments 
Total 
operating 
segments 
Recon-
ciliation 
Total 
Group 
Total operating income, EURm  3,459 2,384 1,732 1,004 112 8,691 104 8,795 
 – of which internal transactions1  -1,295 -482 106 202 1,469 0 - - 
Operating profit, EURm  1,687 1,309 1,055 557 123 4,731 72 4,803 
Loans to the public2, EURbn  176 91 55 13 0 335 40 375 
Deposits and borrowings from the public, EURbn  93 55 46 13 0 207 19 226 
           
Jan-Sep 20243          
Total operating income, EURm  3,568 2,528 1,816 1,024 36 8,972 157 9,129 
 – of which internal transactions1  -1,175 -471 146 227 1,273 0 - - 
Operating profit, EURm  1,782 1,420 1,146 612 -5 4,955 126 5,081 
Loans to the public2, EURbn  167 86 52 12 0 317 32 349 
Deposits and borrowings from the public, EURbn  86 51 48 12 0 197 25 222 
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 2024 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-Sep 30 Sep 30 Sep 
     2025 2024 2025 2024 2025 2024 
Total operating segments   4,731 4,955 335 317 207 197 
Group functions1    -3 16 - - - - 
Unallocated items   -5 58 34 28 15 23 
Differences in accounting policies2   80 52 6 4 4 2 
Total     4,803 5,081 375 349 226 222 
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 40 =====

Nordea                   Third-Quarter Financial Report 2025 
39 
 
 
Q3 
Note 3 Net interest income 
        Net interest income Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Interest income calculated using the effective interest rate method  3,769 3,921 4,598 11,787 14,274 18,580 
Other interest income 440 473 622 1,421 1,912 2,500 
Interest expense 
 
-2,434 -2,596 -3,338 -7,806 -10,446 -13,486 
Net interest income 1,775 1,798 1,882 5,402 5,740 7,594 
        
        
Interest income calculated using the effective interest rate method Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Loans to credit institutions 404 449 568 1,352 1,874 2,359 
Loans to the public 2,967 3,065 3,420 9,160 10,410 13,734 
Interest-bearing securities 
 
309 320 309 940 917 1,191 
Yield fees 
 
67 51 62 188 167 208 
Net interest paid or received on derivatives in accounting hedges of assets  22 36 239 147 906 1,088 
Interest income calculated using the effective interest rate method  3,769 3,921 4,598 11,787 14,274 18,580 
        
        
Other interest income Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Loans at fair value to the public 368 389 426 1,147 1,293 1,721 
Interest-bearing securities measured at fair value 
 
75 95 140 275 431 541 
Net interest paid or received on derivatives in economic hedges of assets  
 
-3 -11 56 -1 188 238 
Other interest income 440 473 622 1,421 1,912 2,500 
        
        
Interest expense Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Deposits by credit institutions -144 -167 -176 -466 -710 -849 
Deposits and borrowings from the public 
 
-904 -986 -1,297 -2,964 -3,912 -5,107 
Deposit guarantee fees -5 7 -20 -9 -59 -79 
Debt securities in issue 
 
-1,287 -1,280 -1,292 -3,846 -3,911 -5,167 
Subordinated liabilities -83 -79 -67 -244 -190 -271 
Other interest expense 
 
-13 -14 -12 -42 -21 -37 
Net interest paid or received on derivatives in hedges of liabilities  2 -77 -474 -235 -1,643 -1,976 
Interest expense -2,434 -2,596 -3,338 -7,806 -10,446 -13,486

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

Nordea                   Third-Quarter Financial Report 2025 
40 
 
 
Q3 
Note 4 Net fee and commission income 
   Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
   2025 2025 2024 2025 2024 2024 
EURm         
Asset management1 484 463 469 1,425 1,384 1,881 
Deposit products 4 5 5 14 16 20 
Custody and issuer services 
 
-5 7 2 -1 4 12 
Brokerage and advisory 47 48 37 148 153 209 
Payments and cards 157 151 150 455 436 583 
Lending 120 116 105 342 319 429 
Guarantees 9 8 12 26 26 37 
Other -5 -6 -6 -13 -6 -14 
Total   811 792 774 2,396 2,332 3,157 
1 Net fee and commission income previously presented on the line “Life and pension” is, from 2025, being included in the line “ Asset management” as these 
   items are similar in nature. Comparative figures have been restated accordingly.  
         Breakdown    
Asset & 
Wealth 
Management 
 
Other and 
elimination 
Nordea 
Group Jan-Sep 2025 
Personal 
Banking 
Business 
Banking 
Large 
Corporates & 
Institutions 
Other 
operating 
segments 
EURm         
Asset management 596 120 43 674 0 -8 1,425 
Deposit products 2 12 0 0 0 0 14 
Custody and issuer services 
 
2 3 2 2 -9 -1 -1 
Brokerage and advisory 11 26 94 25 -1 -7 148 
Payments and cards 211 180 73 0 0 -9 455 
Lending 73 119 146 3 1 0 342 
Guarantees -5 1 29 0 0 1 26 
Other 22 -2 -8 -24 -4 3 -13 
Total  912 459 379 680 -13 -21 2,396 
         
Jan-Sep 2024        
EURm         
Asset management 562 116 49 664 0 -7 1,384 
Deposit products 2 13 1 0 0 0 16 
Custody and issuer services 
 
1 2 0 3 -9 7 4 
Brokerage and advisory 8 24 101 24 -1 -3 153 
Payments and cards 177 176 73 0 0 10 436 
Lending 69 110 138 3 0 -1 319 
Guarantees 0 2 36 0 3 -15 26 
Other 19 -3 -2 -19 -1 0 -6 
Total  838 440 396 675 -8 -9 2,332 
 
Note 5  Net insurance result 
   Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
   2025 2025 2024 2025 2024 2024 
EURm         
Insurance revenue 171 166 161 507 482 652 
Insurance service expenses  -107 -112 -106 -333 -298 -402 
Net reinsurance result 0 -2 -1 -3 -6 -6 
Net insurance revenue 64 52 54 171 178 244 
         Insurance finance income or expenses -853 -1,171 -621 -1,519 -2,229 -2,574 
Return on assets backing insurance liabilities 855 1,177 627 1,526 2,235 2,583 
Net insurance finance income or expenses 2 6 6 7 6 9 
         Total   66 58 60 178 184 253 
 
Note 6  Net result from items at fair value 
   Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
   2025 2025 2024 2025 2024 2024 
EURm         
Equity-related instruments 211 -35 272 209 383 529 
Interest-related instruments and foreign exchange gains/losses  30 321 48 608 440 695 
Other financial instruments (including credit and commodities)  7 -37 -55 -34 -27 -220 
Nordea Life & Pension1 -3 5 19 5 26 19 
Total   245 254 284 788 822 1,023 
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 42 =====

Nordea                   Third-Quarter Financial Report 2025 
41 
 
 
Q3 
Note 7 Other expenses  
          Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Information technology1 -193 -204 -188 -602 -557 -796 
Marketing and representation -15 -17 -18 -45 -52 -80 
Postage, transportation, telephone and office expenses  -12 -10 -10 -35 -37 -50 
Rents, premises and real estate  -26 -33 -26 -89 -80 -109 
Professional services -49 -56 -51 -150 -134 -220 
Market data services -23 -24 -23 -71 -69 -95 
Other2  -35 -10 -64 -74 -150 -180 
Total -353 -354 -380 -1,066 -1,079 -1,530 
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 Regulatory fees  
          Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Resolution fees - - - -35 -45 -45 
Bank tax -19 -19 -18 -57 -54 -72 
Total -19 -19 -18 -92 -99 -117 
 
Note 9 Depreciation, amortisation and impairment charges of tangible and intangible assets  
          Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Depreciation/amortisation       
Properties and equipment -54 -54 -56 -163 -163 -218 
Intangible assets -100 -96 -86 -290 -256 -344 
Total -154 -150 -142 -453 -419 -562 
Impairment charges, net       
Properties and equipment - - - - - - 
Intangible assets - -1 -10 -1 -10 -15 
Total - -1 -10 -1 -10 -15 
        Total -154 -151 -152 -454 -429 -577 
 
Note 10 Net loan losses  
          Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
EURm        
Net loan losses, stage 1 52 26 4 61 22 14 
Net loan losses, stage 2 16 35 46 96 30 23 
Net loan losses, non-credit-impaired assets 68 61 50 157 52 37 
       
Stage 3, credit-impaired assets       
Net loan losses, individually assessed, collectively calculated  27 1 -60 17 -60 -18 
Realised loan losses -93 -70 -55 -285 -159 -231 
Decrease in provisions to cover realised loan losses  41 20 21 148 52 85 
Recoveries on previous realised loan losses 12 8 10 28 31 40 
Reimbursement right -6 12 2 11 5 7 
New/increase in provisions  -47 -72 -49 -205 -204 -300 
Reversals of provisions 23 58 29 152 141 182 
Net loan losses, credit-impaired assets -43 -43 -102 -134 -194 -235 
        
Net loan losses 25 18 -52 23 -142 -198 
       
        
Key ratios  Q3 Q2 Q3 Jan-Sep Jan-Sep Full year 
  2025 2025 2024 2025 2024 2024 
Net loan loss ratio, amortised cost, bp -3 -3 8 -1 7 7 
- of which stage 1 -7 -4 -1 -3 -1 -1 
- of which stage 2 -2 -5 -7 -4 -2 -1 
- of which stage 3 6 6 16 6 10 9

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

Nordea                   Third-Quarter Financial Report 2025 
42 
 
 
Q3 
Note 11 Loans and impairment 
         
      Total 
      30 Sep 31 Dec 30 Sep 
      2025 2024 2024 
EURm         Loans measured at fair value  93,842 83,360 87,722 
Loans measured at amortised cost, not credit impaired (stages 1 and 2)     288,369 279,913 268,542 
Credit impaired loans (stage 3)  3,068 2,945 2,857 
- of which servicing  1,241 1,133 1,351 
- of which non-servicing  1,827 1,812 1,506 
Loans before allowances  385,279 366,218 359,121 
- of which central banks and credit institutions  8,573 7,035 8,601 
         Allowances for loans that are credit impaired (stage 3)   -962 -1,069 -1,090 
- of which servicing  -376 -439 -468 
- of which non-servicing  -586 -630 -622 
Allowances for loans that are not credit impaired (stages 1 and 2)   -409 -536 -545 
Allowances  -1,371 -1,605 -1,635 
- of which central banks and credit institutions  -8 -10 -11 
         Loans, carrying amount  383,908 364,613 357,486 
 
         
Exposures measured at amortised cost and fair value through OCI, before allowances 
     30 Sep 2025 
     Stage 1 Stage 2 Stage 3 Total 
EURm         Loans to central banks, credit institutions and the public  273,014 15,355 3,068 291,437 
Interest-bearing securities    47,392 - - 47,392 
Total 320,406 15,355 3,068 338,829 
   
     30 Sep 2024 
     Stage 1 Stage 2 Stage 3 Total 
EURm         
Loans to central banks, credit institutions and the public  250,001 18,541 2,857 271,399 
Interest-bearing securities    38,011 - - 38,011 
Total 288,012 18,541 2,857 309,410 
    
         
Allowances and provisions 
     30 Sep 2025 
     Stage 1 Stage 2 Stage 3 Total 
EURm         Loans to central banks, credit institutions and the public  -142 -267 -962 -1,371 
Interest-bearing securities -2 - - -2 
Provisions for off-balance sheet items -32 -110 -23 -165 
Total allowances and provisions -176 -377 -985 -1,538 
         
     30 Sep 2024 
     Stage 1 Stage 2 Stage 3 Total 
EURm         Loans to central banks, credit institutions and the public  -184 -361 -1,090 -1,635 
Interest-bearing securities -2 - - -2 
Provisions for off-balance sheet items -46 -99 -20 -165 
Total allowances and provisions -232 -460 -1,110 -1,802 
         
         
Movements of allowance accounts for loans measured at amortised cost 
     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 -32 -8 -7 -47 
Transfer from stage 1 to stage 2 6 -65 - -59 
Transfer from stage 1 to stage 3 1 - -32 -31 
Transfer from stage 2 to stage 1 -4 52 - 48 
Transfer from stage 2 to stage 3 - 30 -98 -68 
Transfer from stage 3 to stage 1 -1 - 5 4 
Transfer from stage 3 to stage 2 - -4 20 16 
Changes due to change in credit risk (net) 30 45 27 102 
Changes due to repayments and disposals 38 42 48 128 
Write-off through decrease in allowance account - - 148 148 
Translation differences -1 -2 -4 -7 
Balance as at 30 Sep 2025 -142 -267 -962 -1,371

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

Nordea                   Third-Quarter Financial Report 2025 
43 
 
 
Q3 
Note 11 Continued 
     Stage 1 Stage 2 Stage 3 Total 
EURm         
Balance as at 1 Jan 2024 -206 -410 -1,037 -1,653 
Changes due to origination and acquisition -44 -20 -10 -74 
Transfer from stage 1 to stage 2 8 -122 - -114 
Transfer from stage 1 to stage 3 1 - -101 -100 
Transfer from stage 2 to stage 1 -5 52 - 47 
Transfer from stage 2 to stage 3 - 22 -137 -115 
Transfer from stage 3 to stage 1 0 - 5 5 
Transfer from stage 3 to stage 2 - -5 31 26 
Changes due to change in credit risk (net) 19 33 12 64 
Changes due to repayments and disposals 42 87 86 215 
Write-off through decrease in allowance account - - 53 53 
Translation differences 1 2 8 11 
Balance as at 30 Sep 2024 -184 -361 -1,090 -1,635 
                  Key ratios1     30 Sep 31 Dec 30 Sep 
      2025 2024 2024 
Impairment rate (stage 3), gross, basis points  105 104 105 
Impairment rate (stage 3), net, basis points  72 66 65 
Total allowance rate (stages 1, 2 and 3), basis points   47 57 60 
Allowances in relation to impaired loans (stage 3), %   31 36 38 
Allowances in relation to loans in stages 1 and 2, basis points   14 19 20 
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 25m (EUR 34m at the end of 
June 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. 
  30 Sep 2025 31 Dec 2024 
  Recognised 
provisions 
Provisions if one        
notch downgrade 
Recognised 
provisions 
Provisions if one 
notch downgrade 
EURm          
Personal Banking  369  428  388  457 
Business Banking  867  984  1,040  1,155 
Large Corporates & Institutions  279  313  348  376 
Other  23  30  24  31 
Group  1,538  1,755  1,800  2,019 
          
 
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. During the first and second quarter s of 2025, Nordea responded to the potential 
worsening of the macroeconomic outlook resulting from escalated trade tensions by applying a 100% weighting to the adverse sc enario. In the third quarter Nordea 
reverted to the standard weightings (20% for the adverse scenario, 60% for the baseline scenario and 20% for the favourable scenario) due to reduced uncertainty 
following the EU-US trade agreement. The macroeconomic scenarios are provided by Group Risk in Nordea, based on the Oxford Economics Model. Th e forecast is 
a combination of modelling and expert judgement, subject to thorough checks and quality control processes. 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 variables. 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 uncertainty, trade conflicts and 
weak growth in major European economies. When developing the scenarios and determining the relative weighting between them, N ordea took into account 
projections made by Nordic central banks, Nordea Research and the European Central Bank.  
 
The baseline scenario is influenced by continued uncertainty over US trade policy, which is dampening the growth outlook for the Nordic economies , with an upturn 
anticipated only from 2027 onwards. The exception is Norway, where economic growth in the coming years is expected to be near zero due to falling investment in  
the off-shore sector, while growth in the mainland economy will continue at a modest pace.  
 
Unemployment will be largely stable in the coming years. A modest recovery in home prices is expected to continue over the co ming years, supported by rising 
household purchasing power. The risks around the baseline forecast are tilted to the downside, with the upside scenario devia ting 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. A renewed 
escalation of the trade conflict between the US and several countries could trigger a European and Nordic recession as firms postpone investments, exports slow 
down and households cut spending due to weakening labour markets. Central banks may in addition regard the inflationary impul se from higher tariffs as temporary 
and continue cutting interest rates, with rates moving lower than in the baseline scenario. Lower tariffs 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 third quarter of 2025 adjustments to model-based allowances/provisions amounted to EUR 335m, including management judgements. The 
management judgement allowances cover expected credit losses not yet adequately captured by the IFRS 9 modelled outcomes. Dur ing the quarter, allowance 
levels were reassessed and EUR 50m was released as credit risks continue to decrease. The management judgement allowances remain at substantial levels due 
to continued geopolitical and macroeconomic uncertainty. Total management judgement allowances amounted to EUR 291m at the end of the quarter. 
 
During the third 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 45 =====

Nordea                   Third-Quarter Financial Report 2025 
44 
 
 
Q3 
Note 11 Continued 
             
Scenarios and allowances/provisions        
          Adjustments to   
30 Sep 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, % 3.0 1.9 2.0 106 20%      
 Unemployment, % 2.6 2.7 2.8        
  
Change in household 
consumption, % 2.2 2.3 2.1        
  Change in house prices, % 4.3 3.6 1.6        
Baseline scenario GDP growth, % 0.8 1.8 2.0 114 60%  115 55 206 376 
 Unemployment, % 3.4 3.5 3.4        
  
Change in household 
consumption, % 1.5 1.9 2.1        
  Change in house prices, % 3.2 3.2 2.0        
Adverse scenario GDP growth, % -1.2 1.3 1.6 124 20%      
 Unemployment, % 4.5 4.7 4.7        
 
Change in household 
consumption, % 0.4 1.2 1.8        
 Change in house prices, % -4.9 2.4 1.6        
            
Finland             
Favourable scenario GDP growth, % 1.9 1.5 1.0 288 20%      
 Unemployment, % 8.7 8.2 8.1        
 
Change in household 
consumption, % 1.8 1.4 1.1        
 Change in house prices, % 4.0 2.4 2.1        
Baseline scenario GDP growth, % 0.5 1.2 1.1 291 60%  291 97 205 593 
 Unemployment, % 9.0 8.6 8.4        
 
Change in household 
consumption, % 1.5 1.3 1.1        
 Change in house prices, % 2.5 2.0 2.0        
Adverse scenario GDP growth, % -1.3 1.4 1.0 298 20%      
 Unemployment, % 10.7 10.2 10.0        
 
Change in household 
consumption, % 0.4 1.8 0.9        
 Change in house prices, % -1.8 1.4 2.1        
            
Norway             
Favourable scenario GDP growth, % 1.8 -0.3 -0.1 86 20%      
 Unemployment, % 4.0 4.1 4.0        
 
Change in household 
consumption, % 2.6 2.1 1.7        
 Change in house prices, % 5.0 4.7 3.5        
Baseline scenario GDP growth, % 0.5 -0.4 -0.1 88 60%  89 77 71 237 
 Unemployment, % 4.4 4.4 4.3        
 
Change in household 
consumption, % 2.5 2.0 1.6        
 Change in house prices, % 4.6 4.1 2.0        
Adverse scenario GDP growth, % -0.9 0.1 0.5 92 20%      
 Unemployment, % 5.7 5.6 5.3        
 
Change in household 
consumption, % 2.0 1.3 1.2        
 Change in house prices, % -6.3 1.6 1.9        
            
Sweden             
Favourable scenario GDP growth, % 2.8 2.1 1.5 86 20%      
 Unemployment, % 8.3 7.7 7.8        
 
Change in household 
consumption, % 2.9 2.5 2.0        
 Change in house prices, % 6.0 3.9 2.2        
Baseline scenario GDP growth, % 1.0 1.7 1.9 89 60%  89 103 133 325 
 Unemployment, % 8.8 8.3 8.2        
 
Change in household 
consumption, % 2.3 2.1 1.9        
 Change in house prices, % 3.1 2.0 2.0        
Adverse scenario GDP growth, % -1.2 1.9 1.6 96 20%      
 Unemployment, % 11.4 10.8 10.7        
 
Change in household 
consumption, % 0.6 0.9 1.3        
 Change in house prices, % -3.8 1.6 1.9        
Non-Nordic        1 3 3 7 
Total        585 335 618 1,538

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

Nordea                   Third-Quarter Financial Report 2025 
45 
 
 
Q3 
Note 11 Continued 
             
Scenarios and allowances/provisions        
          Adjustments to   
31 Dec 2024         Model-based model-based Individual  Total 
      Unweighted   allowances/ allowances/ allowances/ allowances/ 
      ECL Probability  provisions provisions provisions provisions 
Denmark   2025 2026 2027 EURm weight  EURm EURm EURm EURm 
Favourable scenario GDP growth, %  3.6 1.8 1.7 118 20%      
 Unemployment, %  2.5 2.5 2.4        
  
Change in household 
consumption, % 2.1 2.1 1.9        
  Change in house prices, % 5.0 3.8 2.0        
Baseline scenario GDP growth, %  2.3 1.5 1.5 123 60%  125 112 236 473 
 Unemployment, %  2.9 2.9 2.9        
  
Change in household 
consumption, % 1.8 1.8 1.8        
  Change in house prices, % 3.2 3.2 2.0        
Adverse scenario GDP growth, %  -0.7 0.8 1.5 137 20%      
 Unemployment, %  4.6 4.7 4.7        
 
Change in household 
consumption, % 0.2 0.7 1.6        
 Change in house prices, % -4.3 1.1 2.0        
            
Finland             
Favourable scenario GDP growth, %  3.0 2.2 1.2 293 20%      
 Unemployment, %  7.8 7.4 7.5        
 
Change in household 
consumption, % 0.8 1.5 1.2        
 Change in house prices, % 3.8 2.6 2.0        
Baseline scenario GDP growth, %  1.1 1.8 1.8 297 60%  297 130 189 616 
 Unemployment, %  8.1 7.8 7.8        
 
Change in household 
consumption, % 0.5 1.3 1.3        
 Change in house prices, % 2.4 2.2 2.0        
Adverse scenario GDP growth, %  -1.7 0.8 1.3 303 20%      
 Unemployment, %  9.2 9.1 9.1        
 
Change in household 
consumption, % -0.4 0.5 0.8        
 Change in house prices, % -2.5 1.0 2.0        
            
Norway             
Favourable scenario GDP growth, %  2.2 1.4 0.8 84 20%      
 Unemployment, %  3.8 3.8 3.6        
 
Change in household 
consumption, % 2.7 2.3 1.9        
 Change in house prices, % 4.2 2.8 2.6        
Baseline scenario GDP growth, %  1.8 0.5 0.5 85 60%  86 108 99 293 
 Unemployment, %  4.0 4.1 4.0        
 
Change in household 
consumption, % 2.7 2.2 1.9        
 Change in house prices, % 2.8 2.5 2.6        
Adverse scenario GDP growth, %  -1.7 0.2 0.5 91 20%      
 Unemployment, %  4.8 5.0 4.8        
 
Change in household 
consumption, % 2.4 1.6 1.5        
 Change in house prices, % -5.8 0.5 1.9        
            
Sweden             
Favourable scenario GDP growth, %  3.5 2.6 1.8 90 20%      
 Unemployment, %  8.0 7.6 7.6        
 
Change in household 
consumption, % 3.1 3.2 3.0        
 Change in house prices, % 5.1 2.9 2.0        
Baseline scenario GDP growth, %  2.1 2.3 1.8 92 60%  93 138 179 410 
 Unemployment, %  8.4 8.0 8.0        
 
Change in household 
consumption, % 2.8 2.9 2.9        
 Change in house prices, % 3.6 2.6 2.0        
Adverse scenario GDP growth, %  -1.8 1.3 1.8 100 20%      
 Unemployment, %  10.7 10.6 10.4        
 
Change in household 
consumption, % 1.1 1.5 2.3        
 Change in house prices, % -3.2 0.6 2.0        
Non-Nordic        11 -3 0 8 
Total        612 485 703 1,800

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

Nordea                   Third-Quarter Financial Report 2025 
46 
 
 
Q3 
Note 11 Continued 
             
Loans to the public measured at amortised cost, broken down by sector and industry  
             
30 Sep 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 16,656 351 128 17,135 6 10 20 36 17,099 9  
Agriculture 4,695 196 73 4,964 5 5 26 36 4,928 14  
     Crops, plantations and hunting 832 88 39 959 1 3 12 16 943 3  
     Animal husbandry 522 66 33 621 1 2 14 17 604 8  
     Fishing and aquaculture 3,341 42 1 3,384 3 0 0 3 3,381 3  
Natural resources 2,145 325 16 2,486 2 3 8 13 2,473 7  
     Paper and forest products 1,228 290 11 1,529 1 2 6 9 1,520 3  
     Mining and supporting activities 687 34 4 725 1 1 2 4 721 1  
     Oil, gas and offshore 230 1 1 232 0 0 0 0 232 3  
Consumer staples 5,722 354 21 6,097 6 9 10 25 6,072 7  
     Food processing and beverages 1,718 172 9 1,899 2 4 4 10 1,889 4  
     Household and personal products 855 46 4 905 0 1 4 5 900 1  
     Healthcare 3,149 136 8 3,293 4 4 2 10 3,283 2  
Consumer discretionary and services 9,625 1,116 471 11,212 9 24 237 270 10,942 -4  
     Consumer durables 2,175 295 105 2,575 1 5 34 40 2,535 9  
     Media and entertainment 1,264 188 62 1,514 2 2 22 26 1,488 10  
     Retail trade 3,961 513 229 4,703 4 13 148 165 4,538 -20  
     Air transportation 185 17 4 206 0 0 1 1 205 0  
     Accommodation and leisure 1,175 99 66 1,340 1 4 27 32 1,308 -5  
     Telecommunication services 865 4 5 874 1 0 5 6 868 2  
Industrials 27,621 3,626 664 31,911 33 92 256 381 31,530 -10  
     Materials 2,102 330 24 2,456 2 8 8 18 2,438 7  
     Capital goods 3,506 620 32 4,158 3 16 18 37 4,121 2  
     Commercial and professional services 5,449 590 130 6,169 7 15 40 62 6,107 -16  
     Construction 6,359 929 200 7,488 10 18 91 119 7,369 12  
     Wholesale trade 4,939 763 150 5,852 4 25 54 83 5,769 -4  
     Land transportation 2,637 173 50 2,860 4 4 19 27 2,833 -3  
     IT services 2,629 221 78 2,928 3 6 26 35 2,893 -8  
Maritime 4,507 124 1 4,632 1 3 0 4 4,628 3  
     Ship building 188 10 0 198 0 0 0 0 198 2  
     Shipping 3,841 98 0 3,939 1 3 0 4 3,935 2  
     Maritime services 478 16 1 495 0 0 0 0 495 -1  
Utilities and public service 7,444 149 73 7,666 5 3 26 34 7,632 2  
     Utilities distribution 4,223 64 70 4,357 2 2 24 28 4,329 -1  
     Power production 2,378 11 1 2,390 2 0 0 2 2,388 2  
     Public services 843 74 2 919 1 1 2 4 915 1  
Real estate 39,495 1,739 178 41,412 16 13 62 91 41,321 4  
Other industries and reimbursement rights 2,101 98 4 2,203 1 0 5 6 2,197 3  
            Total Corporate 120,011 8,078 1,629 129,718 84 162 650 896 128,822 35  
   Housing loans 130,705 5,240 812 136,757 24 52 124 200 136,557 7  
   Collateralised lending 12,295 1,071 368 13,734 19 20 115 154 13,580 -25  
   Non-collateralised lending 3,993 714 241 4,948 11 32 68 111 4,837 6  
Household 146,993 7,025 1,421 155,439 54 104 307 465 154,974 -12  
Public sector 2,931 65 14 3,010 1 0 1 2 3,008 0  
Lending to the public 269,935 15,168 3,064 288,167 139 266 958 1,363 286,804 23  
Lending to central banks and credit 
institutions 3,079 187 4 3,270 3 1 4 8 3,262 0  
Total 273,014 15,355 3,068 291,437 142 267 962 1,371 290,066 23  
1 The table shows net loan losses related to on- and off-balance sheet exposures for September 2025 year to date.

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

Nordea                   Third-Quarter Financial Report 2025 
47 
 
 
Q3 
Note 11 Continued 
             
Loans to the public measured at amortised cost, broken down by sector and industry  
             
31 Dec 2024             
  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 14,941 534 59 15,534 7 16 30 53 15,481 -9  
Agriculture 4,304 238 76 4,618 6 15 31 52 4,566 -7  
     Crops, plantations and hunting 900 105 24 1,029 2 11 9 22 1,007 -11  
     Animal husbandry 632 85 50 767 1 3 22 26 741 5  
     Fishing and aquaculture 2,772 48 2 2,822 3 1 0 4 2,818 -1  
Natural resources 2,173 292 23 2,488 3 4 10 17 2,471 -8  
     Paper and forest products 1,371 259 18 1,648 1 3 9 13 1,635 -5  
     Mining and supporting activities 427 29 4 460 1 1 1 3 457 0  
     Oil, gas and offshore 375 4 1 380 1 0 0 1 379 -3  
Consumer staples 6,612 333 24 6,969 9 8 13 30 6,939 18  
     Food processing and beverages 1,722 201 10 1,933 3 4 6 13 1,920 11  
     Household and personal products 697 39 8 744 1 1 4 6 738 1  
     Healthcare 4,193 93 6 4,292 5 3 3 11 4,281 6  
Consumer discretionary and services 9,353 1,090 470 10,913 12 36 226 274 10,639 -29  
     Consumer durables 2,227 312 89 2,628 2 5 51 58 2,570 -7  
     Media and entertainment 1,285 191 58 1,534 2 3 31 36 1,498 -6  
     Retail trade 3,587 458 265 4,310 6 23 116 145 4,165 -17  
     Air transportation 199 8 5 212 0 0 2 2 210 -1  
     Accommodation and leisure 1,202 117 47 1,366 2 4 21 27 1,339 3  
     Telecommunication services 853 4 6 863 0 1 5 6 857 -1  
Industrials 25,620 3,661 600 29,881 36 100 292 428 29,453 -78  
     Materials 1,865 219 78 2,162 3 5 22 30 2,132 -12  
     Capital goods 3,085 618 31 3,734 4 15 17 36 3,698 6  
     Commercial and professional services 5,137 607 54 5,798 4 12 26 42 5,756 -22  
     Construction 6,237 946 204 7,387 12 29 95 136 7,251 -23  
     Wholesale trade 4,955 846 119 5,920 6 27 56 89 5,831 -25  
     Land transportation 2,216 189 28 2,433 4 6 14 24 2,409 9  
     IT services 2,125 236 86 2,447 3 6 62 71 2,376 -11  
Maritime 4,552 156 51 4,759 0 1 31 32 4,727 12  
     Ship building 7 128 0 135 0 1 0 1 134 -1  
     Shipping 4,165 14 51 4,230 0 0 31 31 4,199 13  
     Maritime services 380 14 0 394 0 0 0 0 394 0  
Utilities and public service 6,567 147 108 6,822 5 3 63 71 6,751 -56  
     Utilities distribution 3,634 75 104 3,813 2 1 61 64 3,749 -57  
     Power production 2,222 15 2 2,239 1 0 0 1 2,238 -1  
     Public services 711 57 2 770 2 2 2 6 764 2  
Real estate 36,395 1,811 191 38,397 19 20 59 98 38,299 35  
Other industries and reimbursement rights 1,899 149 12 2,060 2 0 2 4 2,056 1  
            Total Corporate 112,416 8,411 1,614 122,441 99 203 757 1,059 121,382 -121  
   Housing loans 125,917 5,955 717 132,589 32 74 139 245 132,344 -24  
   Collateralised lending 12,030 1,142 365 13,537 23 30 86 139 13,398 -12  
   Non-collateralised lending 4,047 835 229 5,111 19 50 81 150 4,961 -40  
Household 141,994 7,932 1,311 151,237 74 154 306 534 150,703 -76  
Public sector 4,087 14 20 4,121 1 0 1 2 4,119 -1  
Lending to the public 258,497 16,357 2,945 277,799 174 357 1,064 1,595 276,204 -198  
Lending to central banks and credit 
institutions 5,050 9 0 5,059 5 0 5 10 5,049 0  
Total 263,547 16,366 2,945 282,858 179 357 1,069 1,605 281,253 -198  
1 The table shows net loan losses related to on- and off-balance sheet exposures for the full year 2024.

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

Nordea                   Third-Quarter Financial Report 2025 
48 
 
 
Q3 
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  37,006 - - - 37,006 
Loans to central banks 4 1,467 - - 1,471 
Loans to credit institutions1 3,258 3,836 - - 7,094 
Loans to the public1 286,804 88,539 - - 375,343 
Interest-bearing securities 698 26,817 6,060 46,692 80,267 
Shares  - 39,044 - - 39,044 
Assets in pooled schemes and unit-linked      
investment contracts - 65,030 1,130 - 66,160 
Derivatives - 17,641 - - 17,641 
Fair value changes of hedged items in      
portfolio hedge of interest rate risk -136 - - - -136 
Other assets 3,832 8,444 - - 12,276 
Prepaid expenses and accrued income 425 - - - 425 
Total 30 Sep 2025 331,891 250,818 7,190 46,692 636,591 
       Total 31 Dec 2024 330,241 234,222 7,879 40,188 612,530 
1 Following a detailed review, “Loans to credit institutions” now includes reverse repurchase agreements (FVPL) with certain co unterparties that were  
  previously included in “Loans to the public” (EUR 0bn on 30 September 2025). Comparative information has not been restated  
  (31 December 2024: EUR 1.6bn; 30 September 2024: EUR 1.3bn).  
   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 institutions1 10,899 37,195 -  48,094 
Deposits and borrowings from the public 1 216,038 9,932 -  225,970 
Deposits in pooled schemes and unit-linked      
investment contracts - - 68,044  68,044 
Debt securities in issue 135,944 - 54,855  190,799 
Derivatives - 18,310 -  18,310 
Fair value changes of hedged items in      
portfolio hedge of interest rate risk -428 - -  -428 
Other liabilities2 6,870 12,959 -  19,829 
Accrued expenses and prepaid income 7 - -  7 
Subordinated liabilities 8,342 - -  8,342 
Total 30 Sep 2025 377,672 78,396 122,899  578,967 
       Total 31 Dec 2024 368,362 70,548 116,109  555,019 
1 Following a detailed review, “Deposits by credit institutions” now includes repurchase agreements (FVPL) with certain counter parties that were previously 
    included in “Deposits and borrowings from the public” (EUR 14.8bn on 30 September 2025). Comparative information has not been  restated  
  (31 December 2024: EUR 7.1bn; 30 September 2024: EUR 6.3bn).  
2 Of which lease liabilities classified in the category “Amortised cost” amount to EUR 1,058m.

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Nordea                   Third-Quarter Financial Report 2025 
49 
 
 
Q3 
Note 13 Fair value of financial assets and liabilities    
             30 Sep 2025  31 Dec 2024 
    Carrying 
amount Fair value  
Carrying 
amount Fair value 
EURm         
Financial assets      
Cash and balances with central banks 37,006 37,006  46,562 46,562 
Loans 383,772 385,431  364,370 365,451 
Interest-bearing securities 80,267 80,271  73,464 73,464 
Shares   39,044 39,044  35,388 35,388 
Assets in pooled schemes and unit-linked investment contracts 
 
66,160 66,160  60,127 60,127 
Derivatives 17,641 17,641  25,211 25,211 
Other assets 12,276 12,276  6,601 6,601 
Prepaid expenses and accrued income 425 425  807 807 
Total     636,591 638,254  612,530 613,611 
         
Financial liabilities      
Deposits and debt instruments 472,777 473,664  456,298 456,869 
Deposits in pooled schemes and unit-linked investment contracts 
 
68,044 68,044  61,713 61,713 
Derivatives 18,310 18,310  25,034 25,034 
Other liabilities  18,771 18,771  10,865 10,865 
Accrued expenses and prepaid income 7 7  6 6 
Total  577,909 578,796  553,916 554,487 
 
The determination of fair value is described in Note G3.4 “Fair value” in the 2024 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 - - 1,467 - - - 1,467 
Loans to credit institutions - - 3,836 - - - 3,836 
Loans to the public - - 88,539 - - - 88,539 
Interest-bearing securities  24,238 1,261 54,312 4,942 1,019 454 79,569 
Shares 36,655 22,261 205 77 2,184 836 39,044 
Assets in pooled schemes and unit-linked investment 
contracts 64,364 60,566 1,349 1,349 447 447 66,160 
Derivatives 96 - 15,976 9 1,569 - 17,641 
Other assets - - 8,443 - 1 1 8,444 
Total 30 Sep 2025 125,353 84,088 174,127 6,377 5,220 1,738 304,700 
         Total 31 Dec 2024 116,104 75,419 160,515 6,315 5,670 2,298 282,289 
         
Liabilities at fair value on the balance sheet 1       
Deposits by credit institutions - - 37,195 67 - - 37,195 
Deposits and borrowings from the public - - 9,932 - - - 9,932 
Deposits in pooled schemes and unit-linked 
investment contracts - - 68,044 64,077 - - 68,044 
Debt securities in issue 1,250 - 52,219 - 1,386 - 54,855 
Derivatives 113 - 17,083 42 1,114 - 18,310 
Other liabilities 2,556 - 10,125 2 278 - 12,959 
Total 30 Sep 2025 3,919 - 194,598 64,188 2,778 - 201,295 
         Total 31 Dec 2024 3,792 - 180,991 57,447 1,874 - 186,657 
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 4,012m from Level 1 to Level 2 and of EUR 1,356m from Level 2 to Level 1 in the 
fair value hierarchy. Furthermore, Nordea transferred “Debt securities in issue” of EUR 3,506m from Level 1 to Level 2 and of  EUR 849m from Level 2 to 
Level 1. Nordea also transferred “Other liabilities” of EUR 142m from Level 1 to Level 2 and of EUR 87m 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.

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Nordea                   Third-Quarter Financial Report 2025 
50 
 
 
Q3 
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 
Transfers 
out of  
Level 3 
Reclass-
ification1 
Transla-
tion diff-
erences 30 Sep 
EURm              
Interest-bearing securities 2,042 28 2 - 225 -382 -40 192 -1,056 - 8 1,019 
- of which Life & Pension 1,005 20 -1 - 65 -228 -32 85 -467 - 7 454 
Shares 2,308 44 -63 - 114 -221 -29 2 -1 - 30 2,184 
- of which Life & Pension 920 41 -72 - 43 -83 -29 - - - 16 836 
Assets in pooled schemes             
and unit-linked              
investment contracts 361 6 -7 - 120 -34 -7 12 -11 - 7 447 
- of which Life & Pension 361 6 -7 - 120 -34 -7 12 -11 - 7 447 
Derivatives (net) 363 99 -260 - - - -99 338 14 - - 455 
Other assets 12 - - - - - -11 - - - - 1 
- of which Life & Pension 12 - - - - - -11 - - - - 1 
Debt securities in issue 1,205 -55 35 3 712 - -199 43 -358 - - 1,386 
Other liabilities 85 - -35 - 227 -4 - 5 - - - 278 
Total 2025, net 3,796 232 -328 -3 -480 -633 13 496 -696 - 45 2,442 
              Total 2024, net 3,244 5 478 -5 -208 -497 253 464 126 -12 -78 3,770 
1 Reclassification related to the conversion of Visa C shares to Visa A shares.  
              
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 2024 A nnual Report.  
              Deferred Day 1 profit  
The transaction price for financial instruments in some cases differs from the fair value at initial recognition measured usi ng 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 (Da y 1 profit) is deferred. For more information, see Note G3.4 “Fair value” in the 
2024 Annual Report. The table below shows the aggregated difference yet to be recognised in the income statement at the begin ning and end of 
the period. The table also shows a reconciliation of how this aggregated difference changed during the period (movement of de ferred Day 1 profit). 
 
              Deferred Day 1 profit – derivatives, net  
      2025 2024       
EURm              
Opening balance as at 1 Jan   70 73       
Deferred profit on new transactions   37 31       
Recognised in the income statement during the period 1  -31 -32       
Closing balance as at 30 Sep  76 72       
1 Of which EUR -2m (EUR -2m) is due to transfers of derivatives from Level 3 to Level 2.

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Nordea                   Third-Quarter Financial Report 2025 
51 
 
 
Q3 
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         
Interest-bearing securities         
Public bodies 70 25 Discounted cash flows Credit spread -5/5 
Mortgage and other credit institutions 489 209 Discounted cash flows Credit spread -34/34 
Corporates2 460 220 Discounted cash flows Credit spread -27/27 
Total 30 Sep 2025 1,019 454     -66/66 
         Total 31 Dec 2024 2,042 1,005     -131/131 
         
Shares         
Private equity funds 1,345 500 Net asset value3  -147/147 
Hedge funds 129 129 Net asset value3  -12/12 
Credit funds 464 61 Net asset value/market consensus3 -44/44 
Other funds 136 123 Net asset value/fund prices3 -10/10 
Other5 557 470 -     -62/62 
Total 30 Sep 2025 2,631 1,283     -275/275 
         Total 31 Dec 2024 2,669 1,281     -267/267 
         
Derivatives, net        
Interest rate derivatives 166 - Option model Correlations -7/9 
      Volatilities  
Equity derivatives -25 - Option model Correlations -7/3 
      Volatilities  
      Dividends  
Foreign exchange derivatives 315 - Option model Correlations 
 
-4/4 
    Volatilities  
Credit derivatives -1 - Credit derivative model  Correlations 
 
0/0 
     Volatilities  
     Recovery rates  
Total 30 Sep 2025 455 -     -18/16 
         Total 31 Dec 2024 363 -     -25/25 
         
Debt securities in issue        
Issued structured bonds -1,386 - Credit derivative model Correlations -7/7 
      Recovery rates  
     Volatilities  
Total 30 Sep 2025 -1,386 -     -7/7 
         Total 31 Dec 2024 -1,205 -     -6/6 
         
Other, net        
Other assets and other liabilities, net -277 1 - - -28/28 
Total 30 Sep 2025 -277 1     -28/28 
         Total 31 Dec 2024 -73 12     -8/8 
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 2024 Annual Report.  
5 Of which EUR 447m relates to assets in pooled schemes and unit -linked investment contracts.

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

Nordea                   Third-Quarter Financial Report 2025 
52 
 
 
Q3 
Note 15 Risks and uncertainties 
 
Nordea is subject to various legal regimes and 
requirements, including but not limited to those of the 
Nordic countries, the European Union and the United 
States. The supervisory and governmental authorities 
administering and enforcing these regimes make regular 
enquiries and conduct investigations with regard to 
Nordea’s compliance. Areas subject to investigation may 
include investment advice, anti-money laundering (AML), 
trade regulation and sanctions adherence, tax rules, 
competition law, consumer protection, governance, risk 
management and control. The outcome and timing of these 
enquiries and investigations are unclear and pending. 
Accordingly, it cannot be ruled out that these enquiries and 
investigations could lead to criticism against the bank, 
reputation loss, fines, sanctions, disputes and/or litigation. 
 
In June 2015 the Danish Financial Supervisory Authority 
investigated how Nordea Bank Danmark A/S had followed 
the regulations regarding AML. The outcome resulted in 
criticism and, in accordance with Danish administrative 
practice, the matter was handed over to the police for 
further handling and possible sanctions. On 5 July 2024 the 
Danish National Special Crime Unit filed a formal 
indictment against Nordea in the matter. As previously 
stated, Nordea has expected to be fined in Denmark for 
weak AML processes and procedures in the past and has 
made a provision for ongoing AML-related matters. 
 
There is a risk that, in the event fines are issued by 
authorities or by final court decisions, the related costs 
could be higher (or potentially lower) than the current 
provision, and this could also impact Nordea’s financial 
performance. Nordea believes that the current provision is 
adequate to cover these matters.
 
Within the framework of normal business operations, 
Nordea faces a number of operational and legal risks that 
could result in reputational impacts, fines, sanctions, 
disputes, remediation costs, losses and/or litigation. 
Specifically, Nordea faces potential claims related to the 
provision of banking and investment services and other 
areas in which it operates. Currently, such claims are 
mainly related to lending and insolvency situations, various 
investment services, and sub-custody and withholding 
taxation matters. At present, none of the current claims are 
considered likely to have any significant adverse effect on 
Nordea or its financial position. 
 
There are significant risks related to the macroeconomic 
environment due to the ongoing geopolitical developments 
and trade tensions. Reduced consumer spending and 
lower activity may particularly impact small and medium-
sized enterprises in certain industries. Depending on future 
developments, there may be increased credit risk in 
Nordea’s portfolio. Furthermore, potential adverse impacts 
on income could arise due to financial market volatility and 
reduced banking activity impacting transaction volumes 
and customer activity. Potential future credit risks are 
addressed in Note 11 and the section “Net loan losses and 
similar net result”. Depending on the duration and 
magnitude of the situation, there is a possibility that Nordea 
may not be able to meet its financial targets in very adverse 
scenarios. In addition, Nordea recognises an increase in 
the risk of hybrid warfare impacting its operations as a 
consequence of the geopolitical situation.

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