===== 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 ===== SIDA 4 ===== 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 ===== SIDA 6 ===== 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%. ===== SIDA 7 ===== 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. ===== SIDA 50 ===== 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. ===== SIDA 51 ===== 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. ===== SIDA 52 ===== 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 ===== Nordea Third-Quarter Financial Report 2025 53 Q3 Glossary Allocated equity Allocated equity (AE) is Nordea’s internal estimate of required capital and measures the capital required to cover unexpected losses in the course of its business with a certain probability. AE uses advanced internal models to provide a consistent measurement for credit risk, market risk, operational risk, business risk and life insurance risk arising from activities in Nordea’s business areas. It also takes local capital requirements and tax rates into account. Goodwill and other central deductions are also included. Allowances in relation to credit-impaired loans (stage 3) Allowances for impaired loans (stage 3) divided by impaired loans measured at amortised cost (stage 3) before allowances. Allowances in relation to loans in stages 1 and 2 Allowances for non-impaired loans (stages 1 and 2) divided by non-impaired loans measured at amortised cost (stages 1 and 2) before allowances. Impairment rate (stage 3), gross Impaired loans (stage 3) before allowances divided by total loans measured at amortised cost before allowances. Impairment rate (stage 3), net Impaired loans (stage 3) after allowances divided by total loans measured at amortised cost before allowances. Net interest margin Net interest income for the period as a percentage of average interest-earning assets, excluding Life & Pension and Markets where return on assets is reported under Net result from items at fair value. Net loan loss ratio, amortised cost Net loan losses (annualised) divided by the quarterly closing balance of loans to the public (lending) measured at amortised cost. Return on allocated equity Return on allocated equity (RoAE) is defined as operating profit after standard tax as a percentage of average allocated equity. Return on allocated equity with amortised resolution fees RoAE with amortised resolution fees is defined as operating profit adjusted for the effect of resolution fees on an amortised basis after standard tax as a percentage of average allocated equity. Return on equity Net profit for the period as a percentage of average equity for the period. Additional Tier 1 capital, accounted for in equity, is classified as a financial liability in the calculation. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued). Average equity includes net profit for the period and dividend until paid, and excludes non-controlling interests and Additional Tier 1 capital. Return on equity with amortised resolution fees Net profit for the period as a percentage of average equity for the period. Additional Tier 1 capital, accounted for in equity, is classified as a financial liability in the calculation. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued), and is adjusted for the effect of resolution fees on an amortised basis after tax. Average equity includes net profit for the period and dividend until paid, and excludes non-controlling interests and Additional Tier 1 capital. Return on risk exposure amount Net profit for the period as a percentage of average risk exposure amount for the period. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued). Return on tangible equity Net profit for the period as a percentage of average equity for the period. Additional Tier 1 capital, accounted for in equity, is classified as a financial liability in the calculation. Net profit for the period excludes non-controlling interests and interest expense on Additional Tier 1 capital (discretionary interest accrued). Average equity includes net profit for the period and dividend until paid, excludes non-controlling interests and Additional Tier 1 capital, and is reduced with intangible assets. Tier 1 capital The Tier 1 capital of an institution consists of the sum of its Common Equity Tier 1 capital and Additional Tier 1 capital. Common Equity Tier 1 capital consist of share capital, invested unrestricted equity, retained earnings, other reserves and accumulated other comprehensive income after considering regulatory adjustments and includes interim profit net of dividend and share buy-back programmes approved before the end of the reporting period. Additional Tier 1 capital consist of capital instruments that fulfils certain regulatory conditions after considering regulatory adjustments. Tier 1 capital ratio Tier 1 capital as a percentage of the risk exposure amount. The Common Equity Tier 1 capital ratio is defined as Common Equity Tier 1 capital as a percentage of the risk exposure amount. Total allowance rate (stages 1, 2 and 3) Total allowances divided by total loans measured at amortised cost before allowances. For a list of further alternative performance measures and business definitions, see https://www.nordea.com/en/investor- relations/reports-and-presentations/group-interim-reports/ and the 2024 Annual Report. ===== SIDA 55 ===== Nordea Third-Quarter Financial Report 2025 54 Q3 Nordea Bank Abp Income statement Q3 Q3 Jan-Sep Jan-Sep Jan-Dec 2025 2024 2025 2024 2024 EURm N o t e Operating income Interest income 2,997 3,758 9,385 11,786 15,321 Interest expense -1,705 -2,382 -5,508 -7,587 -9,777 Net interest income 1,292 1,376 3,877 4,199 5,544 Fee and commission income 624 581 1,878 1,780 2,404 Fee and commission expense -156 -140 -472 -414 -566 Net fee and commission income 468 441 1,406 1,366 1,838 Net result from securities at fair value through profit or loss 238 272 779 789 990 Net result from securities at fair value through fair value reserve -1 11 10 5 5 Income from equity investments 0 0 1,446 782 958 Other operating income 174 203 599 589 764 Total operating income 2,171 2,303 8,117 7,730 10,099 Operating expenses Staff costs -679 -663 -2,042 -1,941 -2,619 Other administrative expenses -268 -260 -830 -769 -1,104 Other operating expenses -120 -181 -350 -430 -630 Regulatory fees -14 -13 -42 -39 -52 Depreciation, amortisation and impairment charges -105 -105 -319 -285 -385 Total operating expenses -1,186 -1,222 -3,583 -3,464 -4,790 Profit before loan losses 985 1,081 4,534 4,266 5,309 Net loan losses 41 -35 16 -73 -83 Operating profit 1,026 1,046 4,550 4,193 5,226 Income tax expense -245 -254 -725 -805 -1,037 Net profit for the period 781 792 3,825 3,388 4,189 ===== SIDA 56 ===== Nordea Third-Quarter Financial Report 2025 55 Q3 Nordea Bank Abp Balance sheet 30 Sep 31 Dec 30 Sep 2025 2024 2024 EURm Assets Cash and balances with central banks 35,141 44,862 49,549 Debt securities eligible for refinancing with central banks 77,383 71,349 55,987 Loans to credit institutions 86,022 75,139 76,566 Loans to the public 164,304 151,977 152,141 Interest-bearing securities 9,437 9,630 13,594 Shares 18,692 17,491 22,286 Investments in group undertakings 15,916 15,656 15,507 Investments in associated undertakings and joint ventures 70 74 76 Derivatives 18,242 26,054 23,073 Fair value changes of hedged items in portfolio hedges of interest rate risk -52 -69 -89 Intangible assets 1,717 1,570 1,533 Tangible assets 232 224 225 Deferred tax assets 46 25 26 Current tax assets 145 249 169 Retirement benefit assets 338 351 320 Other assets 12,502 6,896 9,824 Prepaid expenses and accrued income 608 987 1,089 Total assets 440,743 422,465 421,876 Liabilities Deposits by credit institutions and central banks 56,464 36,306 41,386 Deposits and borrowings from the public 233,074 240,106 229,173 Debt securities in issue 74,099 70,127 74,317 Derivatives 19,253 25,927 24,208 Fair value changes of hedged items in portfolio hedges of interest rate risk -428 -458 -356 Current tax liabilities 464 18 166 Other liabilities 20,416 12,659 16,388 Accrued expenses and prepaid income 910 1,257 1,286 Deferred tax liabilities 195 377 306 Provisions 358 376 344 Retirement benefit liabilities 242 234 201 Subordinated liabilities 8,342 7,410 6,991 Total liabilities 413,389 394,339 394,410 Equity Share capital 4,050 4,050 4,050 Additional Tier 1 capital holders - 750 750 Invested unrestricted equity 1,071 1,053 1,052 Other reserves -149 -37 -66 Retained earnings 18,557 18,121 18,292 Net profit for the period 3,825 4,189 3,388 Total equity 27,354 28,126 27,466 Total liabilities and equity 440,743 422,465 421,876 Off-balance sheet commitments Commitments given to a third party on behalf of customers Guarantees and pledges 53,695 54,380 55,012 Other 551 483 524 Irrevocable commitments in favour of customers, other 103,265 99,530 97,084 ===== SIDA 57 ===== Nordea Third-Quarter Financial Report 2025 56 Q3 Nordea Bank Abp Note 1 Accounting policies The financial statements for the parent company, Nordea Bank Abp, are prepared in accordance with the Finnish Accounting Act, the Finnish Act on Credit Institutions, the Decree of the Finnish Ministry of Finance on the financial statements and consolidated financial statements of credit institutions and investment firms, and the regulations and guidelines of the Finnish Financial Supervisory Authority. Nordea Bank Abp applies IFRS Accounting Standards, as adopted by the European Union (EU), for the recognition, measurement and presentation of financial instruments in accordance with the Finnish Act on Credit Institutions. The accounting policies are unchanged from the 2024 Annual Report. For more information, see the accounting policies in the 2024 Annual Report. ===== SIDA 58 ===== Nordea Third-Quarter Financial Report 2025 57 Q3 For further information • A webcast will be held on 16 October at 11.00 EET (10.00 CET), during which Frank Vang-Jensen, President and Group CEO, will present the results. This will be followed by a Q&A audio session for investors and analysts with Frank Vang-Jensen, Ian Smith, Group CFO, and Ilkka Ottoila, Head of Investor Relations. • The event will be webcast live and the recording and presentation slides will be posted at www.nordea.com/ir. • The Q3 2025 report, investor presentation and factbook are available at www.nordea.com/ir Contacts Frank Vang-Jensen President and Group CEO +358 503 821 391 Ian Smith Group CFO +45 5547 8372 Ilkka Ottoila Head of Investor Relations +358 9 5300 7058 Ulrika Romantschuk Head of Brand, Communication and Marketing +358 10 416 8023 Financial calendar 16 October 2025 – Third-quarter results 2025 5 November 2025 – Capital Markets Day 29 January 2026 – Fourth-quarter and full-year results 2025 Week 9 2026 – Annual Report published 24 March 2026 – Annual General Meeting 22 April 2026 – First-quarter results 2026 16 July 2026 – Half-year results 2026 15 October 2026 – Third-quarter results 2026 Helsinki 15 October 2025 Nordea Bank Abp Board of Directors ===== SIDA 59 ===== Nordea Third-Quarter Financial Report 2025 58 Q3 Nordea Bank Abp • Satamaradankatu 5 • 00020 Helsinki • www.nordea.com/ir • Tel. +358 200 70000 • Business ID 2858394-9 This report contains forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward- looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. These include but are not limited to (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions, and (iv) changes in interest rates and foreign exchange rates. This report does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. ===== SIDA 60 ===== Nordea Third-Quarter Financial Report 2025 59 Q3 Report on review of interim financial information of Nordea Bank Abp for the nine -month-period ended 30 September 2025 To the Board of Directors of Nordea Bank Abp Introduction We have reviewed the accompanying condensed interim financial information of Nordea Bank Abp, which comprises the condensed consolidated balance sheet as of 30 September 2025, income statement, statement of comprehensive income, statement of changes in equity and cash flow statement for the nine-month-period then ended and notes, comprising material accounting policy information and other explanatory notes, for Nordea Bank Group. The condensed interim financial information also comprises the parent company Nordea Bank Abp’s balance sheet as of 30 September 2025, income statement for the nine-month-period then ended and note with accounting policy information. The Board of Directors and the Managing Director are responsible for the preparation and presentation of the condensed consolidated interim financial information in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”, and for the preparation and presentation of the balance sheet and income statement and the note with accounting policy information of the parent company in accordance with the laws and regulations governing the preparation of balance sheet and income statement in Finland. Our responsibility is to express a conclusion on this condensed interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information of Nordea Bank Abp for the nine months period ended on 30 September 2025 is not prepared, in all material respects, as regards the Group consolidated financial information, in accordance with International Accounting Standard (IAS) 34, “Interim Financial Reporting”, and that the parent company financial information, is not prepared, in all material respects, in accordance with the laws and regulations governing the preparation of balance sheet and income statement in Finland. Helsinki 15 October 2025 PricewaterhouseCoopers Oy Authorised Public Accountants Jukka Paunonen Authorised Public Accountant (KHT)