Interim report
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Danske Bank Group Interim report – first nine months 2025
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2 Danske Bank / Interim report – first nine months 2025 Financial highlights Executive summary Financial review Business units Financial statements Financial highlights - Danske Bank Group 3 Executive summary 4 Financial review 5 Personal Customers 12 Business Customers 14 Large Corporates & Institutions 16 Danica 19 Northern Ireland 21 Group Functions 23 Definition of alternative performance measures 25 Income statement 27 Statement of comprehensive income 27 Balance sheet 28 Statement of capital 29 Cash flow statement 31 Notes 32 Statement by the management 61 Supplementary information 62 Contents Management’s report Financial statements Statements
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3 Danske Bank / Interim report – first nine months 2025 Financial highlights Executive summary Financial review Business units Financial statements Income statement Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024 25/24 2025 2025 Q3/Q2 2024 25/24 2024 Net interest income 27,157 27,452 99 9,074 9,063 100 9,165 99 36,697 Net fee income 10,568 10,403 102 3,502 3,409 103 3,329 105 14,912 Net trading income 2,362 2,110 112 626 854 73 733 85 2,668 Net income from insurance business 1,097 1,407 78 382 513 74 459 83 1,387 Other income 428 464 92 111 147 76 140 79 741 Total income 41,613 41,836 99 13,696 13,985 98 13,826 99 56,405 Operating expenses 18,990 19,046 100 6,320 6,379 99 6,228 101 25,736 of which resolution fund, bank tax etc. 232 682 34 77 84 92 228 34 906 Profit before loan impairment charges 22,622 22,790 99 7,376 7,606 97 7,598 97 30,669 Loan impairment charges 258 -436 - -8 217 - -337 2 -543 Profit before tax 22,364 23,227 96 7,384 7,390 100 7,935 93 31,212 Tax 5,634 5,593 101 1,864 1,936 96 1,770 105 7,583 Net profit 16,730 17,634 95 5,520 5,454 101 6,165 90 23,629 Ratios and key figures Dividend per share (DKK)* - 7.5 - - - 28.7 Earnings per share (DKK) 20.2 20.7 6.7 6.6 7.2 27.9 Return on avg. total equity (% p.a.) 12.9 13.4 12.6 12.7 13.9 13.4 Net interest income as % p.a. of loans and deposits 1.3 1.3 1.3 1.3 1.3 1.3 Cost/income ratio (C/I), (%) 45.6 45.5 46.1 45.6 45.0 45.6 Total capital ratio (%) 22.4 23.0 22.4 22.4 23.0 22.4 Common equity tier 1 capital ratio (%) 18.7 19.1 18.7 18.7 19.1 17.8 Share price (end of period) (DKK) 270.9 201.5 270.9 258.3 201.5 203.7 Book value per share (DKK) 209.3 210.4 209.3 209.6 210.4 210.7 Full-time-equivalent staff (end of period) 20,220 20,057 101 20,220 20,204 100 20,057 101 19,916 Balance sheet (end of period) Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024** 25/24 2025 2025 Q3/Q2 2024** 25/24 2024 Due from credit institutions and central banks 135,624 217,423 62 135,624 189,378 72 217,423 62 182,113 Repo loans 378,137 336,530 112 378,137 348,991 108 336,530 112 384,049 Loans 1,743,059 1,669,669 104 1,743,059 1,725,662 101 1,669,669 104 1,674,680 Trading portfolio assets 453,921 470,678 96 453,921 522,660 87 470,678 96 531,831 Investment securities 292,668 266,255 110 292,668 281,944 104 266,255 110 269,118 Insurance assets 545,490 526,507 104 545,490 540,921 101 526,507 104 548,912 Other assets 130,553 211,213 62 130,553 130,076 100 211,213 62 125,339 Total assets 3,679,453 3,698,275 99 3,679,453 3,739,632 98 3,698,275 99 3,716,042 Due to credit institutions and central banks 58,485 87,198 67 58,485 72,324 81 87,198 67 84,454 Repo deposits 293,293 200,997 146 293,293 309,274 95 200,997 146 209,057 Deposits 1,061,895 1,033,543 103 1,061,895 1,073,580 99 1,033,543 103 1,094,635 Bonds issued by Realkredit Danmark 734,890 749,028 98 734,890 731,421 100 749,028 98 744,495 Other issued bonds 330,964 345,785 96 330,964 346,764 95 345,785 96 334,751 Trading portfolio liabilities 302,835 353,881 86 302,835 335,176 90 353,881 86 357,507 Insurance liabilities 539,197 513,257 105 539,197 527,291 102 513,257 105 529,793 Other liabilities 150,496 200,611 75 150,496 137,070 110 200,611 75 144,866 Subordinated debt 30,297 37,059 82 30,297 33,962 89 37,059 82 40,798 Total equity 177,099 176,916 100 177,099 172,771 103 176,916 100 175,687 Total liabilities and equity 3,679,453 3,698,275 99 3,679,453 3,739,632 98 3,698,275 99 3,716,042 * Total dividend for 2024 of DKK 28.70 per share comprises DKK 7.50 per share that was paid in connection with the interim report for the first half of 2024, the special dividend of DKK 6.50 per share paid in December 2024 following completion of the divestment of the personal customer business in Norway as well as a dividend of DKK 9.35 per share for the second half of 2024 and extraordinary dividend of DKK 5.35 per share that was paid out on 25 March 2025. ** Comparative information for Q3 2024 has been restated as described in note G2(b). Financial highlights - Danske Bank Group
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4 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Executive summary Danske Bank delivered a solid financial result for the first nine months of 2025 following strong execution on strategic priorities according to our Forward ’28 strategy. In line with our expectations, the result was driven by good performance on core income lines and a continued focus on strict cost management supported by continually strong credit quality. Profitability remains robust, with a return on equity of 12.6% for the third quarter and 12.9% for the first nine months of 2025. In addition, we continued to experience improved commercial momentum due to increasing demand for home loans, higher corporate lending volumes and customer demand for our leading advisory solutions. Our Asset Management business is seeing strong momentum on the back of a robust market performance and the new strategy implemented last year. Consequently, assets under management reached DKK 954 billion in the first nine months of 2025, marking an all-time high driven by strong net sales, especially in the Private Banking and Institutional segments. In terms of the macroeconomic environment, the third quarter saw several noticeable developments. Firstly, a tariff-induced recession did not materialise, although uncertainty concerning trade tariffs persists. In addition, growth in the Nordic region is expected to be around or above the structural growth rate in the coming period according to Danske Bank Macro Research. In Denmark, the downward revision by Statistics Denmark of historical GDP growth and consumer spending figures suggests that growth for 2025 as a whole is likely to be lower than previously expected. Importantly, the Danish economy continues to demonstrate resilience, with robust public finances and an expected growth rate at the higher end compared with the other European countries. Secondly, the lower interest rates and rising real incomes are supportive for the economy. This is the case for Denmark and other Nordic countries. In line with our strategy, we want to continue to be a leading bank in a digital age, and we are therefore investing significantly in digitalisation and technology to provide a better banking experience and drive operational efficiency. Our investments in technology focus on, among other things, generative AI and cloud-based solutions. We have 12 generative AI solutions, including DanskeGPT, DanskeAssist, DanskeHR Assistant, GitHub Copilot and Microsoft 365 Copilot. All are embedded in daily operations, enhancing employee productivity and operational efficiency with new solutions being continuously tested and launched. Capital and funding Danske Bank’s underlying business is strong, our asset and liability management is prudent, and our capital and liquidity positions continue to be solid, with significant buffers well above regulatory requirements. At the end of September 2025, our liquidity coverage ratio (LCR) stood at 158% (31 December 2024: 167%), with an LCR reserve of DKK 512 billion (31 December 2024: DKK 560 billion), and our net stable funding ratio stood at 117% (31 December 2024: 118%). The CET1 capital ratio was 18.7% at the end of September 2025 (31 December 2024: 17.8%). In the third quarter of 2025, Danica called a subordinated loan of EUR 500 million with an expected temporary effect of a CET1 capital ratio reduction of 50 bps all else equal. Share buy-back programme At the end of September 2025, Danske Bank had bought back around 13.2 million shares for a total purchase amount of DKK 3.2 billion (figures at trade date) of the planned DKK 5.0 billion share buy-back programme. Financials Danske Bank delivered a net profit of DKK 16,730 million for the first nine months of 2025, down 5% from the same period last year. Net profit was primarily affected by higher loan impairment charges, against a net reversal last year, as well as lower net income from insurance business due to the strengthening of provisions. This was partly offset by higher net fee income, higher net trading income and our focus on cost management. Net interest income decreased 1% to DKK 27,157 million due to the sale of the personal customer business in Norway, which caused a decrease of DKK 444 million relative to the same period last year, and lower deposit margins caused by lower market rates, with the decrease being partly countered by increased lending activity and an increase in interest rate risk management income from the structural hedge. Net fee income increased 2% to DKK 10,568 million relative to the same period last year, as our focused strategy and strong customer activity had a positive effect on everyday banking fee income. Net trading income increased 12% to DKK 2,362 million. Trading activity was stable relative to the same period last year, and the increase was therefore primarily driven by valuation adjustments in Group Treasury. Net income from insurance business decreased 22% and amounted to DKK 1,097 million. The decrease was due to a decline in both the insurance service result, primarily due to the effect of a strengthening of provisions of DKK 220 million related to legacy life insurance products in run-off, and in the net financial result, caused by a decrease in the returns attributable to shareholders’ equity. Operating expenses were stable relative to the level in the same period last year and amounted to DKK 18,990 million. We are on track to meet our full-year guidance. The effect of the discontinuation of payments to the Danish Resolution Fund and higher capitalisation of internally developed software was offset by higher digitalisation investments made in line with our Forward ’28 strategy and higher staff costs due to wage inflation. Loan impairment charges reflect overall stable credit quality, despite the uncertain macroeconomic landscape, and were low in the first nine months of 2025, amounting to DKK 258 million. We continue to apply significant post-model adjustments related to the elevated geopolitical and macroeconomic risks and remain watchful of any possible credit deterioration. Outlook for 2025 We continue to expect total income to be slightly lower in 2025 than in 2024, driven by lower, albeit resilient, net interest income. Core banking income to be supported by our focus on fee income and our continued efforts to drive the commercial momentum and growth in line with our financial targets for 2026. Income from trading and insurance activities will be subject to financial market conditions. We expect operating expenses up to DKK 26 billion in 2025, reflecting our focus on cost management, and cost/income target for 2026. Loan impairment charges are expected to be no more than DKK 0.6 billion as a result of continued strong credit quality. We expect net profit to be in the upper end of the range of DKK 21–23 billion.
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5 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Financial review Q1-Q3 2025 vs Q1-Q3 2024 Net profit decreased to DKK 16,730 million (Q1-Q3 2024: DKK 17,634 million). Increases in net fee income and net trading income as well as the effect of our focus on cost management were outweighed by slightly reduced net interest income due to lower market rates, a decrease in net income from insurance business, which was negatively affected by a strengthening of provisions, and an increase in loan impairment charges relative to the year-earlier period, which saw a net reversal. Income Net interest income decreased to DKK 27,157 million (Q1-Q3 2024: DKK 27,452 million). The decrease was primarily caused by the sale of the personal customer business in Norway, which caused a decrease of DKK 444 million, and a decrease in deposit margins due to lower market rates. Excluding the effects from the personal customer business in Norway, net interest income benefitted from increased lending activity and an increase in interest rate risk management income from the structural hedge. Net fee income increased to DKK 10,568 million (Q1-Q3 2024: DKK 10,403 million). Net fee income benefitted from higher everyday banking fee income due to strong customer activity, although the effect was partly countered by the sale of the personal customer business in Norway. Net trading income increased to DKK 2,362 million (Q1-Q3 2024: DKK 2,110 million), mainly driven by positive fair value adjustments of cross-currency swaps used for liquidity management purposes and a one-off gain of DKK 57 million related to the sale of Norwegian financial institution Eksportfinans in the second quarter of 2025. Net income from insurance business decreased to DKK 1,097 million (Q1-Q3 2024: DKK 1,407 million). The decrease was due to a decline in both the insurance service result, primarily due to the effect of a strengthening of provisions of DKK 220 million related to legacy life insurance products in run-off, and in the net financial result, caused by a decrease in the returns attributable to shareholders’ equity. Other income was stable at DKK 428 million (Q1-Q3 2024: DKK 464 million). Other income was affected by lower income from the sale of used assets in our leasing company, although the effect was offset by lower negative valuations of holdings in associates. Operating expenses Operating expenses decreased to DKK 18,990 million (Q1-Q3 2024: DKK 19,046 million). The decrease was primarily due to the discontinuation of payments to the Resolution Fund, which became fully funded in 2024, as well as structural cost takeout related to compliance and the normalisation of our financial crime prevention. Furthermore, the decrease was also supported by higher capitalisation of internally developed software, although the positive effect was partly offset by higher digitalisation investments made under our Forward ’28 strategy and higher bonus payments and staff costs, both impacted by wage inflation. We are on track to end the year in line with our full-year guidance. The Resolution fund, bank tax etc. item stood at DKK 232 million (Q1-Q3 2024: DKK 682 million) and now consists primarily of bank tax. Loan impairment charges Loan impairments were low in the first nine months of 2025, amounting to a net charge of DKK 258 million (Q1-Q3 2024: net reversal of DKK 436 million). The impairment level reflected overall stable credit quality, despite the uncertain macroeconomic landscape. We continue to apply significant post-model adjustments related to the elevated geopolitical and macroeconomic risks and remain watchful of any possible credit deterioration. The total balance of post-model adjustments has been reduced slightly since the end of 2024. The post-model adjustment addressing geopolitical tensions has increased in response to heightened geopolitical and tariff risks. Conversely, the post-model adjustment related to commercial property has decreased due to improved market Loan impairment charges Q1-Q3 2025 Q1-Q3 2024 (DKK millions) Charges % of net credit exposure Charges % of net credit exposure Personal Customers 81 0.02 -232 -0.04 Business Customers -594 -0.12 265 0.05 Large Corporates & Institutions 691 0.24 -403 -0.15 Northern Ireland 82 0.17 -62 -0.14 Group Functions -1 0.01 -5 -0.28 Total 258 0.02 -436 -0.03 Defined as net credit exposure from lending activities, excluding exposure related to credit institutions and central banks and loan commitments. Q3 2025 vs Q2 2025 Net profit increased to DKK 5,520 million (Q2 2025: DKK 5,454 million). The increase was primarily driven by higher net fee income and a net loan impairment reversal, although decreases in net trading income and net income from insurance business had a partly offsetting effect. • Net interest income was stable at DKK 9,074 million (Q2 2025: DKK 9,063 million) as the combined effect of increased lending activity, one additional interest day and an increase in interest rate risk management income was offset by lower market rates. • Net fee income increased to DKK 3,502 million (Q2 2025: DKK 3,409 million) as a result of improved market conditions leading to elevated assets under management underpinning investment fees. • Net trading income decreased to DKK 626 million (Q2 2025: DKK 854 million). Net trading income was affected by lower income from hedging and funding activities. In addition, the second quarter saw a one-off gain of DKK 57 million related to the sale of Norwegian financial institution Eksportfinans. • Net income from insurance business decreased to DKK 382 million (Q2 2025: DKK 513 million) and was affected by a decrease in the result of the health and accident business and a decrease in the investment return attributable to shareholders’ equity. • Operating expenses decreased to DKK 6,320 million (Q2 2025: DKK 6,379 million) due to our focus on cost management. • Loan impairments amounted to a net reversal of DKK 8 million (Q2 2025: net charge of DKK 217 million). Both quarters were characterised by stable credit quality. • Tax amounted to DKK 1,864 million (Q2 2025: DKK 1,936 million), corresponding to an effective tax rate of 25.2% (Q2 2025: 26.2%). Net profit DKK 5,520 million for the third quarter of 2025
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6 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights conditions and lower interest rates, and the post-model adjustment related to construction has also decreased. Personal Customers had limited impairment charges in the first nine months of 2025, as underlying credit quality remained stable. Business Customers saw a net reversal in the first nine months of 2025, driven by reversals related to single-name exposures, as well as a reduced share of post-model adjustments related to commercial property and construction. Large Corporates & Institutions made net impairment charges as opposed to the first nine months of 2024, which saw a net reversal. The charges were mainly due to single-name exposures and an increased allocation of post-model adjustments. The macroeconomic scenarios have been updated and continue to reflect a benign operating environment, although with a more normalised growth outlook for the Danish economy in 2025 following a revision from Statistics Denmark. We continue to consider a severe down-side scenario to reflect a global recession in which retaliatory tariffs and supply chain issues trigger an economic downturn and increases in inflation and interest rates. To address the continued uncertainty, an additional downside scenario was introduced in the second quarter of 2025 with a probability of 5% (2024: 0%), while the weighting of the severe recession scenario remained at 20% (2024: 20%). The weighting of the upside scenario has been increased to 25% (2024: 20%), and the probability of the base-case scenario has been adjusted to 50% (2024: 60%) to reflect a more balanced risk picture. Tax The tax expense of DKK 5,634 million (Q1-Q3 2024: DKK 5,593 million) corresponded to an effective tax rate of 25.2% (Q1-Q3 2024: 24.1%). Lending Lending stood at DKK 1,743 billion (31 December 2024: DKK 1,675 billion). Mortgage lending at nominal value at Realkredit Danmark amounted to DKK 791 billion (31 December 2024: DKK 795 billion). At Personal Customers, total lending increased 1% relative to the level at 31 December 2024. In Denmark, Personal Customers and Private Banking both saw an increase in volumes related to home finance products. Total lending saw a positive currency effect of DKK 3.5 billion, which accounts for 83% of the increase in total lending relative to the end of 2024, mainly due to the appreciation of the Swedish krona. Total lending at Business Customers was up 4%, also 4% in local currency, from the level at the end of 2024. The increase was mainly driven by our activities in Norway and Sweden, as well as appreciation of the currencies in these countries. The currency impact on bank lending volumes in the first nine months of 2025 was DKK 5.7 billion relative to the level at the end of 2024. Nominal mortgage volumes increased 2% from the level at the end of 2024. Large Corporates & Institutions saw an increase in lending volumes of 10% from the level at the end of 2024, driven by an increase of 14% in General Banking, primarily among corporate customers in Denmark and Sweden. In Denmark, new gross lending, excluding repo loans, amounted to DKK 183.7 billion, while new net lending amounted to DKK 36.0 billion. Lending to personal customers accounted for DKK 67.4 billion and DKK 5.4 billion, respectively, of these amounts. Deposits Deposits decreased slightly and amounted to DKK 1,062 billion at the end of September 2025 (31 December 2024: DKK 1,095 billion). The small decrease was mainly caused by a single corporate M&A outflow at Large Corporates & Institutions that was partly offset by an increase in Global Private Banking at Personal Customers. Personal Customers saw a good inflow of deposit volumes, which increased 4% from the end of 2024. The increase was primarily driven by Global Private Banking, mainly from activities in Denmark and, to a lesser extent, the activities in Sweden and Finland, and from the appreciation of currencies, primarily the Swedish krona, of DKK 1.4 billion. At Business Customers, deposit volumes decreased 1% relative to the level at the end of 2024. The decrease was due to single- name exposures in the commercial property segment in Sweden and public sector volumes in Norway, with the impact being partly countered by a positive currency effect of DKK 2.4 billion related mainly to the appreciation of the Swedish krona. At Large Corporates & Institutions, deposit volumes decreased 14% in General Banking, while total deposits at Large Corporates & Institutions as a whole decreased 15%. The decrease was primarily due to corporate M&A outflow. Credit exposure Credit exposure from lending activities increased to DKK 2,429 billion (31 December 2024: DKK 2,390 billion). The increase in exposure was caused by an increase in Personal Customers and Services exposure. Risk Management 2024, section 3, which is available at danskebank.com/ir, provides details on Danske Bank’s credit risk management. Credit quality Credit quality remained strong in the first nine months of 2025 for all business units, and we remain prudent given the Stage 3 loans (DKK millions) 30 September 2025 31 December 2024 Gross exposure 32,124 32,518 Allowance account 9,316 9,058 Net exposure 22,808 23,460 Collateral (after haircut) 18,360 19,679 Stage 3 coverage ratio 68% 71% Stage 3 gross/total gross credit exposure 1.3% 1.3% The stage 3 coverage ratio is calculated as allowance account stage 3 exposures relative to gross stage 3 net of collateral (after haircuts). Allowance account by business units 30 September 2025 31 December 2024 (DKK millions) Accumulated impairment charges % of credit exposure Accumulated impairment charges % of credit exposure Personal Customers 4,690 0.69 4,674 0.70 Business Customers 10,161 1.43 10,752 1.57 Large Corporates & Institutions 4,081 1.01 3,666 0.97 Northern Ireland 814 1.17 785 1.21 Group Functions 18 -1.61 22 -0.34 Total 19,763 1.06 19,901 1.11 Relating to lending activities.
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7 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights uncertainty mentioned in the loan impairment charges section above. Total gross credit exposure in stage 3 was stable at DKK 32.1 billion (31 December 2024: DKK 32.5 billion), corresponding to 1.3% of total gross exposure. Stage 3 exposure was concentrated on personal customers, commercial property, capital goods, and telecom and media, which combined accounted for 57% of total gross exposure in stage 3. The allowance account amounted to 1.06% (31 December 2024: 1.11%) of credit exposure. Interest rate risk in the banking book Danske Bank is exposed to interest rate risk in its banking book, primarily because it holds non-maturity deposits on its balance sheet. The structural mismatch between assets that reprice in the short term and liabilities that reprice in the long term is managed using fixed income securities and derivative instruments. Previously, these derivatives were traded only to mitigate the risks associated with wholesale funding activities. In 2024, Group Treasury initiated plans to broaden the use of derivatives in a hedge accounting format to enhance the Group’s management of its interest rate risk with implementation expected to begin, after an appropriate trial period, in the first half of 2026. The bond and derivative portfolios are designed to be counter- cyclical, aiming to stabilise the earnings stream and the economic value of equity. The hedges are structured so that only a portion matures at any given time, resulting in a highly granular reinvestment profile. Consequently, the average yields of maturing securities represent a mix of various durations, effectively addressing the structural interest rate risk mismatches that arise from offering conventional banking products across different markets. As part of managing its interest rate risk in the banking book, the Group holds high-quality liquid bonds that are included in the calculation of the Group’s liquidity coverage ratio (LCR). To ensure aligned accounting treatment across the banking book, these bonds are held at amortised cost. The carrying amount and fair value of the Group’s hold-to-collect bond instruments can be seen in note G12. Funding and liquidity In the third quarter of 2025, the funding markets remained strong, showing good resilience in the face of increased global macroeconomic uncertainty. In the first nine months of 2025, the Group issued covered bonds of DKK 19.3 billion, preferred senior debt of DKK 12 billion, non-preferred senior debt of DKK 18.8 billion, tier 2 capital of DKK 4.8 billion and additional tier 1 capital of DKK 3.6 billion, thus bringing total long-term wholesale funding to DKK 58.5 billion. Our strategy is to be a regular issuer in the EUR benchmark format and in the domestic USD market for preferred senior and non-preferred senior bonds in the Rule 144A format. We also maintain the strategy of securing funding directly in our main lending currencies, including DKK, NOK and SEK. The benchmark issues are expected to be supplemented by periodic private placements of bonds. From time to time, we will issue in GBP, JPY, CHF and other currencies when market conditions allow. Issuance plans for subordinated debt in either the additional tier 1 or tier 2 formats depend on balance sheet growth and redemptions on the one hand and our capital targets on the other. Note G7 provides more information about bond issues in the first nine months of 2025. Danske Bank’s liquidity position remained robust. At the end of September 2025, our liquidity coverage ratio stood at 158% (31 December 2024: 167%), with an LCR reserve of DKK 512 billion (31 December 2024: DKK 560 billion), and our net stable funding ratio was 117%. At end-September 2025, the total nominal value of outstanding long-term funding, excluding bonds issued by Realkredit Danmark, was DKK 317 billion (31 December 2024: DKK 333 billion). Realkredit Danmark bond issues are excluded because mortgages in Denmark are based on the pass-through principle. Capital ratios and requirements At end-September 2025, the Group’s total capital ratio was 22.4% (31 December 2024: 22.4%) and its CET1 capital ratio was 18.7% (31 December 2024: 17.8%). The movement in the capital ratios was primarily attributable to an increase in net profit after dividends, countered by an increase in the statutory deduction for Danica. The total capital ratio was primarily affected by net redemptions of additional tier 1 and tier 2 capital. The increase in the statutory deduction for Danica was primarily driven by a redemption of the EUR 500 million tier 2 instrument. This reduced the Group's CET1 capital ratio by around 50 bps. With the expected update to the implementation of the EU conglomerate directive applicable from 1 January 2026, the reduction in the CET1 capital ratio is expected to be temporary. See the ‘New regulation’ section for additional information. During the first nine months of 2025, the total REA decreased DKK 16.4 billion, mainly due to a decline in the REAs for credit risk and market risk, which was partially offset by increases in the REA for operational risk. Danske Bank’s capital management policies are based on the Internal Capital Adequacy Assessment Process (ICAAP). In this process, Danske Bank determines its solvency need ratio. The solvency need ratio consists of the 8% minimum capital requirement under Pillar I and an individual capital add-on under Pillar II. At end-September 2025, the Group’s solvency need ratio was 11.4%, up 0.2 percentage points from the level at end-2024. A combined buffer requirement (CBR) applies to financial institutions in addition to the solvency need ratio. At the end of September 2025, the Group’s CBR was 8.2%, an increase of 0.1 percentage points from the level at the end of 2024. Minimum requirement for own funds and eligible liabilities The Danish FSA sets the minimum requirement for own funds and eligible liabilities (MREL) at two times the solvency need plus one time the SIFI buffer, the capital conservation buffer and the systemic risk buffer. Furthermore, the CBR must be met in addition to the MREL. In the annual MREL decision from the Danish FSA, the (backward-looking) MREL was set at 27.5% of the total REA adjusted for Realkredit Danmark, while the subordination requirement was set at 29.5% of the total REA adjusted for Realkredit Danmark. From the third quarter of 2025, excess subordinated funds will, all else equal, decrease by approximately DKK 15 billion as Realkredit Danmark’s debt buffer requirement will be deducted from subordinated funds. The overall MREL funds will remain unchanged. At the end of September 2025, the point-in-time requirement, including the CBR, was equivalent to DKK 239 billion, or 37.2% of the total REA adjusted for Realkredit Danmark. Taking the deduction of capital and debt buffer requirements for Realkredit Danmark into account, MREL-eligible liabilities amounted to DKK 273 billion, corresponding to a buffer of DKK 34 billion in relation to the requirement. In addition, an MREL of 6% of the leverage ratio exposure (LRE) is in place. The LRE-based requirement equalled 24.0% of the total REA adjusted for Realkredit Danmark. Capital ratios and requirements (% of the total REA) 30 September 2025 Capital ratios CET1 capital ratio 18.7 Total capital ratio 22.4 Capital requirements (incl. buffers) CET1 requirement 14.8 - portion from countercyclical buffer 2.0 - portion from capital conservation buffer 2.5 - portion from systemic risk buffer 0.7 - portion from SIFI buffer 3.0 Solvency need ratio 11.4 Total capital requirement 19.6 Buffer to requirement CET1 capital 3.9 Total capital 2.8 The total capital requirement consists of the solvency need ratio and the combined buffer requirement.
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8 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights MREL requirement and eligible funds (30 September 2025) DKK billions (% of total REA) Note: The requirement and eligible funds are adjusted for Realkredit Danmark’s capital and debt buffer requirements. Leverage ratio At the end of September 2025, the Group’s leverage ratio was 4.7%. Capital targets and capital distribution The CET1 capital ratio target was kept at above 16% and ensures a sufficiently prudent buffer in relation to the capital requirement. The Board of Directors will continue to review the capital targets in view of regulatory developments in order to ensure a strong capital position. Danske Bank’s dividend policy for 2025 remains unchanged, targeting a dividend payout of 40-60% of net profit in the form of annual dividend payments, subject to the approval of the Board of Directors. Danske Bank has strong capital and liquidity positions, and the Board of Directors remains committed to our capital distribution policy. At 30 September 2025, Danske Bank had bought back around 13.2 million shares for a total purchase amount of DKK 3.2 billion (figures at trade date) of the planned DKK 5.0 billion share buy- back programme. On 20 March 2025, the annual general meeting of Danske Bank A/S adopted the proposal to reduce Danske Bank’s share capital by DKK 271,894,960 nominally by cancelling 27,189,496 shares from Danske Bank’s holding of own shares. The reduction of the share capital was carried out and registered at 24 April 2025. The Supervisory Diamond The Danish FSA has identified a number of specific risk indicators for banks and mortgage institutions and set threshold values with which all Danish banks must comply. The requirements are known as the Supervisory Diamond. At the end of September 2025, Danske Bank was in compliance with all threshold values. A separate report is available at danskebank.com/ir. Realkredit Danmark also complies with all threshold values. New regulation The EU implementation of Basel IV, the CRR3, came into effect on 1 January 2025. The date on which the Fundamental Review of the Trading Book (FRTB) rules take effect has, however, been postponed and is now 1 January 2027. In addition, the fully phased-in CRR3 rules are subject to a lengthy transition period and transitional arrangements. Taking into account the transitional arrangements with regard to the output floor, the Group currently expects the output floor to affect the Group at the earliest in 2033, when the transitional arrangements are set to expire. In the second quarter of 2025, Danish legislators adopted legislation to the effect that the CRR3 output floor will not apply to Danish subsidiaries of Danish groups, stating that Realkredit Danmark will not be subject to the floor at the solo level. Further, Danish legislators have also implemented the transitional arrangement for exposures secured by residential real estate property with regard to the output floor, which the Group thus expects to apply. The new rules took effect on 1 July 2025. With a view to further aligning with the EU conglomerate directive, a legislative proposal has been presented to the Danish parliament in October 2025. The proposed legislation is envisioned to apply from 1 January 2026 and will, if adopted, imply that the Danish implementation of the conglomerate directive will be aligned with the EU standard. 239 (37.2%) 144 (22.4%) 75 (11.6%) 55 (8.5%) MREL including CBR MREL funds Preferred senior debt > 1 year Non-preferred senior debt > 1 year CET1, AT1, T2 MREL including CBR 273 (42.6%)
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9 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Credit ratings The credit rating agencies did not change their ratings of or outlooks for the Danske Bank Group in the third quarter of 2025. Environmental, Social and Governance (ESG) ratings The ESG rating agencies monitored by the Danske Bank Group did not change their ratings of the Danske Bank Group in the third quarter of 2025. Credit ratings Danske Bank Group 30 September 2025 Fitch Moody’s Nordic Credit Rating S&P Scope Counterparty rating AA- Aa3/P-1 - AA-/A-1+ - Deposits AA-/F1+ A1/P-1/Stable - - - Senior unsecured debt AA-/F1+ A1/P-1/Stable - A+/A-1 A+/S-1+/Positive Issuer rating A+/F1/Stable A1/P-1/Stable - A+/A-1/Stable A+/S-1+/Positive Non-preferred senior debt A+ Baa1 - A- A/Positive Subordinated tier 2 debt A- - - BBB+ BBB+/Positive Additional tier 1 capital instruments BBB - - BBB- BBB-/Positive Realkredit Danmark A/S Issuer rating - - - - A+/S-1+/Positive Danske Hypotek AB Issuer rating - - A+/N2/Stable - - Danske Mortgage Bank Plc Issuer rating - - - - A+/Positive Danica Pension, Livsforsikringsaktieselskab Issuer rating - - - A/Stable - ESG ratings Danske Bank Group 30 September 2025 CDP B ISS ESG C+ Prime MSCI ESG Ratings BBB Sustainalytics Low Risk
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10 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Update on debt collection case Danske Bank is progressing in providing finalisation for customers impacted by the debt collection case. The bank has attempted to pay out compensation to approximately 90% of the customers in scope for compensation (excluding estate case customers). Since the finalisation of the estate case approach in the first quarter of 2025, the bank has progressed well with pay- outs to estate cases, which will continue during 2025. By the end of 2025, the bank expects to have finalised the analysis of more than 95% of the customer cases in the debt collection systems (including estate case customers), which will enable a subsequent pay-out process. The development of the new debt collection system is continuing, and the progress gradually enables the handling of more case types and complexity. Independent expert The Danish FSA has extended the appointment of the Independent Experts for a ninth period and has ordered Danske Bank to let one or more experts follow the Bank for the remaining term of the Bank’s probation period as set out in the Plea Agreement entered into by the Bank in December 2022 with the US Department of Justice (the DoJ) for the purpose of following whether the Bank has processes and organisation in place to enable the Bank to comply with the Plea Agreement.
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11 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Business units Personal Customers Our Personal Customers unit provides advisory services to personal customers and Private Banking customers in Denmark, Sweden and Finland. Our advisers and experts are there to help customers when and how it best suits them – online, via our websites or, if so required, over the phone or at a branch. When our customers need to make important financial decisions about, for example, their home, investments or pension, we offer customised advice that is based on their current situation and needs. And with our intuitive digital solutions, we aim to make it as easy as possible for our customers to do most of their banking business whenever and wherever they want. Business Customers We offer our customers advice that adds value to their business, no matter whether the customer is a sole proprietor or an entity in a multinational group. Our strategic advisory services are always based on the needs of the business, for example in connection with growth, an acquisition, a change of ownership, strategic development or international expansion. Our business customers have access to the market’s most innovative digital solutions that make day-to-day banking easy and pave the way for new insights and opportunities. Large Corporates & Institutions Large Corporates & Institutions caters to all financing and transaction needs of large corporate and institutional customers, and we help them to prosper and grow. We offer expertise in financing, risk management, investments and financial advisory services, and our customers have access to our award-winning transaction banking solutions. Thanks to our extensive network and our many years of experience, we serve as intermediary between issuers and investors with a view to creating financing and investment opportunities. Our goal is to be an inspirational partner that understands the customers’ strategic agendas and offers tailored solutions to meet their needs. Danica Danica aims at making Danica the preferred pension company in Denmark by 2028, focusing on customer satisfaction as a primary growth driver. We focus on making customer interactions with Danica easy and convenient through digital solutions providing comprehensive health offerings, attractive returns and quality advice. Additionally, the strategy aligns with the broader goals of Danske Bank’s Forward ’28 strategy. The alignment underscores significant potential in synchronising services between the bank and the pension business, where several customers currently do not engage in both services. Northern Ireland Danske Bank is the leading bank in Northern Ireland, serving personal, business and corporate customers. It is also a growing bank in targeted sectors across the rest of the United Kingdom. We support our customers through face-to-face, online and mobile solutions. Our focus in Northern Ireland is on remaining a stable and strong bank, consolidating our market-leading position alongside pursuing prudent low-cost growth opportunities in the rest of the UK.
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12 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Personal Customers Against the backdrop of a changing economic and geopolitical landscape, we remained steadfast in our commitment to supporting our personal customers in managing their finances throughout the first nine months of 2025. In a period with low consumer confidence and widespread uncertainty, activity levels across the Nordic region were encouraging. In Denmark, we continued to see good activity on the housing market, which in turn yielded good momentum for our home finance products. In Finland, the housing market showed signs of a slow recovery. As customer activity and the number of loan applications increased somewhat, we were able to slightly increase our home finance volumes and market share over the first nine months of the year. In Sweden, overall market activity remained low. However, an increased focus on retention and partnerships supported stable lending volumes in the first nine months of 2025. Profit before tax amounted to DKK 6,400 million in the first nine months of 2025 (Q1-Q3 2024: DKK 7,475 million). The decrease was mainly due to a decline in net interest income caused by both lower market rates and the divestment of the personal customer business in Norway. In addition, we saw comparatively lower net fee income, with half of the decrease attributable to positive one-offs recognised in the first half of 2024 and the other half to relatively lower refinancing activity and reduced investment fee income. Generally, we saw a reduction in investment fees due to geopolitical uncertainty and tariff announcements during the first two quarters of 2025. Income and operating expenses were affected by the divestment of the personal customer business in Norway. Business progress and initiatives In the first nine months of 2025, we continued to strengthen our position in our core markets, supported by the execution of important strategic initiatives. Despite a challenging geopolitical climate, the economic outlook remains positive across the countries where we operate, with growth, inflation and interest rates normalising. We are continuously working to deliver a Personal Customers Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024 25/24 2025 2025 Q3/Q2 2024 25/24 2024 Net interest income 9,663 10,704 90 3,314 3,118 106 3,613 92 14,042 Net fee income 3,335 3,589 93 1,104 1,021 108 1,069 103 4,764 Net trading income 88 118 75 38 26 146 46 83 134 Other income 95 75 127 28 29 97 42 67 114 Total income 13,182 14,485 91 4,484 4,193 107 4,770 94 19,054 Operating expenses 6,701 7,242 93 2,269 2,292 99 2,377 95 9,774 of which resolution fund, bank tax etc. 23 113 20 7 9 78 41 17 150 Profit before loan impairment charges 6,481 7,243 89 2,215 1,901 117 2,394 93 9,280 Loan impairment charges 81 -232 - 33 -69 - -53 - -440 Profit before tax 6,400 7,475 86 2,182 1,970 111 2,447 89 9,720 Loans, excluding reverse transactions before impairments 664,167 663,552 100 664,167 660,587 101 663,552 100 659,974 Allowance account, loans 4,128 4,356 95 4,128 4,078 101 4,356 95 4,188 Deposits, excluding repo deposits 397,554 389,057 102 397,554 402,538 99 389,057 102 383,544 Covered bonds issued 528,375 551,628 96 528,375 535,419 99 551,628 96 532,809 Allocated capital (average) 26,735 30,534 88 26,838 26,756 100 30,187 89 29,950 Net interest income as % p.a. of loans and deposits* 1.24 1.39 1.27 1.19 1.40 1.37 Profit before loan impairment charges as % p.a. of allocated capital 32.3 31.6 33.0 28.4 31.7 31.0 Profit before tax as % p.a. of allocated capital (avg.) 31.9 32.6 32.5 29.5 32.4 32.5 Cost/income ratio (%) 50.8 50.0 50.6 54.7 49.8 51.3 Full-time-equivalent staff 3,927 3,976 99 3,927 3,945 100 3,976 99 3,806 * Net interest income as % p.a. of loans and deposits in 2024 excludes loans and deposits included in the sale of the personal customer business in Norway. Fact Book Q3 2025 provides financial highlights at customer type level for Personal Customers. Fact Book Q3 2025 is available at danskebank.com/ir.
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13 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights seamless and personalised customer experience through our leading retail and private banking platforms. In Denmark, we strengthened our digital self-service offerings with the soft launch of an AI assistant in the Danske Mobile Banking app, initially made available to 90,000 customers. By combining technology with human advisory services, we enable customers to handle their everyday banking business faster and more conveniently. This is made possible through our investments in and expertise with generative AI. The AI assistant will be rolled out to all customers in Denmark during autumn 2025. Additionally, for new customers in Denmark, our welcoming app has enabled over 6,000 customer onboardings since the start of 2025. Launched in steps, the app became available to all relevant customer groups in June 2025. In Sweden, we enhanced the digital tools available to our advisers by rolling out an AI solution. This tool supports our advisers in preparing for meetings with the aim of further increasing activity levels and improving the customer experience. We also expanded the digital solutions in our mortgage flow by streamlining income verification with the aim of achieving easier application processing. In Finland, we launched our new ‘Go aha’ campaign, which is a multi-channel campaign promoting forward-looking perspectives on financial well-being. Targeting young adults and affluent urban residents, it is tightly aligned with our Forward ’28 strategy. Home finance volumes showed signs of improvement in the third quarter as the Finnish housing market continued to slowly recover. This contributed to our ability to grow both our front and back book market shares in Finland. Our private banking business continued to grow across Denmark, Sweden and Finland, driven by increased customer inflows and business volumes. In Denmark, strong net sales of packaged investment products resulted in a growing market share for Danske Invest retail funds. Q1-Q3 2025 vs Q1-Q3 2024 Profit before tax decreased to DKK 6,400 million (Q1-Q3 2024: DKK 7,475 million). The result was mainly driven by lower net interest income, but also lower net fee income and increased loan impairment charges. Net interest income experienced a decline of 10% and amounted to DKK 9,663 million (Q1-Q3 2024: DKK 10,704 million). Adjusted for the personal customer business in Norway, the decrease was 6% as the first nine months of 2024 included DKK 444 million related to the personal customer business in Norway. The decline was mainly driven by lower market rates, which affected margins and thus net interest income from deposits. The decrease was somewhat mitigated by the Group’s hedging strategy, including interest on shareholders’ equity. Total lending increased from the level at the end of 2024. Across Personal Customers in Denmark, including Private Banking, we saw an increase in volumes related to home finance products relative to the level at the end of 2024. For bank lending, there was a positive currency exchange effect of DKK 3.4 billion, contributing to a 4% increase, driven by the appreciation of the Swedish krona. Bank lending in Swedish kronor remained flat, indicating that the increase was exclusively due to the currency effect. Deposit volumes for personal customers increased 4% relative to the level at the end of 2024. The growth in deposit volumes of approximately DKK 14 billion primarily resulted from personal customers increasing their savings. It was mainly driven by Private Banking customers and was especially evident in Denmark. Growth in deposit volumes was also impacted by exchange rate developments, particularly the appreciation of the Swedish krona, which had a positive impact of DKK 1.4 billion relative to the end of 2024. In addition, we saw underlying growth of 3% in our deposit base in Sweden. The same pattern was evident for Finland, where deposit volumes increased 2% relative to the end of 2024. Net fee income decreased to DKK 3,335 million (Q1-Q3 2024: DKK 3,589 million). The decrease was due to positive one-offs in the first nine months of 2024 in the amount of DKK 128 million mainly related to new vendor agreements. The rest of the decrease was due to a decline in financing fee income mainly driven by lower refinancing activity at Realkredit Danmark and a shift of lending activity to the Danske Bolig Fri home loan. Investment fee income decreased 3% relative to the first three quarters of 2024. The decline reflects relatively subdued investment activity in the first half of 2025 as a result of political tension earlier in the year. This tension has since eased in step with additional clarity on tariffs announced by the US administration, which contributed to increased investment fee income in the third quarter. However, the impact on activity earlier in the year continued to weigh on overall performance for the first nine months of 2025. Net fee income for the first nine months of 2024 included DKK 79 million related to the personal customer business in Norway. Net trading income was down to DKK 88 million (Q1-Q3 2024: DKK 118 million) but the year-on-year development was flat when adjusted for the divestment of the personal customer business in Norway. Other income increased to DKK 95 million (Q1-Q3 2024: DKK 75 million), mainly because of miscellaneous business partner payments. Operating expenses decreased to DKK 6,701 million (Q1-Q3 2024: DKK 7,242 million). Adjusted for the personal customer business in Norway, costs remained stable. Credit quality remained strong, with average loan-to-value levels remaining low. Loan impairments charges amounted to DKK 81 million in the first nine months of 2025, an increase relative to a net reversal of DKK 232 million in the first nine months of 2024. Impairment charges were primarily influenced by rating migration. Credit exposure Net credit exposure from lending activities amounted to DKK 737 billion at the end of the third quarter of 2025, an increase from DKK 717 billion at the end of 2024, mainly due to increased exposure in Personal Customers Sweden and Denmark. Q3 2025 vs Q2 2025 Profit before tax increased to DKK 2,182 million in the third quarter of 2025 (Q2 2025: DKK 1,970 million). The increase was driven by higher net interest income as well as higher net fee income on the back of increased activity. • Net interest income saw a 6% increase from the preceding quarter and amounted to DKK 3,314 million (Q2 2025: DKK 3,118 million). The increase in deposit margins reflected higher internal interest rate risk management income allocation from Group Treasury. Overall, we saw an 11% increase in net interest income on deposits. • Net fee income increased 8% from the preceding quarter and amounted to DKK 1,104 million (Q2 2025: DKK 1,021 million) as a result of increased activity. Investment fee income increased as a result of investment activity picking up as trade tensions subsided. As investment activity increased in step with improved market conditions, total asset under management (AuM) increased from the level at the end of the second quarter of 2025. • Operating expenses were stable relative to the preceding quarter and amounted to DKK 2,269 million (Q2 2025: DKK 2,292 million). • The third quarter of 2025 saw limited loan impairment charges of DKK 33 million (Q2 2025: net reversal of DKK 69 million), indicating stable credit quality. • Net credit exposure from lending activities amounted to DKK 737 billion at the end of the third quarter of 2025, an increase from DKK 723 billion at the end of the second quarter of 2025, driven primarily by an increase in Personal Customers Denmark. Profit before tax DKK 2,182 million for the third quarter of 2025
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14 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Business Customers In the first nine months of 2025, Business Customers continued to deliver on our strategic ambitions, achieving a solid development in the financial results for the third quarter in line with the progress seen in the first half of the year. Despite a challenging market environment, we remained committed to supporting our customers across all four Nordic countries by introducing initiatives to enhance their business growth and success. This reinforces our role as a strategic financial partner in alignment with our Forward ’28 strategy. In the first nine months of 2025, profit before tax amounted to DKK 7,399 million, an increase of 11% from the same period last year (Q1-Q3 2024: DKK 6,686 million). The increase was driven by loan impairment reversals. Net fee income also increased, although the effect was offset by lower other income from our leasing operations. Business progress and initiatives In the first nine months of 2025, we continued to see solid progress with strong customer inflows and lending growth, particularly in the mid-sized customer segment. Additionally, our business with subsidiaries of international and venture-backed companies continued to grow, underlining the strength of our offerings and our ability to attract new customers in these key segments in line with our strategic objectives. Continuing our dedication to supporting our customers across all four Nordic countries, we introduced new initiatives aimed at strengthening our advisory services. As part of our efforts, we updated our corporate CRM system to provide enhanced customer insights, enabling us to better address customer needs and preferences. This improvement allows us to enhance the customer experience while streamlining the sales process. Furthermore, we launched a new feature in our customer overview platform in Denmark that enables commercial real estate advisers to access comprehensive mortgage and property data at the group level. Business Customers Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024 25/24 2025 2025 Q3/Q2 2024 25/24 2024 Net interest income 8,793 8,682 101 2,947 2,876 102 2,912 101 11,434 Net fee income 1,820 1,680 108 591 597 99 509 116 2,303 Net trading income 23 17 135 6 6 100 -1 - 31 Other income 336 521 64 83 119 70 122 68 639 Total income 10,972 10,900 101 3,627 3,599 101 3,541 102 14,408 Operating expenses 4,167 3,949 106 1,392 1,408 99 1,322 105 5,501 of which resolution fund, bank tax etc. 61 170 36 20 22 91 58 34 226 Profit before loan impairment charges 6,804 6,951 98 2,235 2,191 102 2,219 101 8,907 Loan impairment charges -594 265 - -79 -67 118 -326 24 218 Profit before tax 7,399 6,686 111 2,314 2,257 103 2,545 91 8,690 Loans, excluding reverse transactions before impairments 691,841 664,074 104 691,841 683,830 101 664,074 104 665,235 Allowance account, loans 8,980 9,623 93 8,980 9,151 98 9,623 93 9,590 Deposits, excluding repo deposits 248,206 244,904 101 248,206 246,558 101 244,904 101 251,446 Covered bonds issued 406,641 387,715 105 406,641 393,407 103 387,715 105 386,025 Allocated capital (average) 46,678 42,115 111 47,020 47,034 100 42,315 111 42,087 Net interest income as % p.a. of loans and deposits 1.26 1.29 1.26 1.24 1.29 1.27 Profit before loan impairment charges as % p.a. of allocated capital 19.4 22.0 19.0 18.6 21.0 21.2 Profit before tax as % p.a. of allocated capital (avg.) 21.1 21.2 19.7 19.2 24.1 20.6 Cost/income ratio (%) 38.0 36.2 38.4 39.1 37.3 38.2 Full-time-equivalent staff 1,774 1,728 103 1,774 1,750 101 1,728 103 1,731 Fact Book Q3 2025 provides financial highlights at customer type level for Business Customers. Fact Book Q3 2025 is available at danskebank.com/ir.
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15 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights This innovation streamlines workflows, enhances advisory quality and supports our Forward '28 strategy by freeing up time for customer engagement and driving growth in the competitive real estate market. Plans are underway to expand the customer overview platform to other markets, starting with Sweden in late 2025, to further support our strategic goals. Additionally, we launched the District Mobile app in Norway to replace the old application, and we onboarded approximately 7,000 customers to the new platform. The new app enhances the business customer experience with improved functionality and a seamless transition to District. The phased roll-out enables continuous communication with customers and marks a significant step in our digital transformation efforts. Finally, we continue to develop and adopt GenAI solutions to further enhance our productivity. Q1-Q3 2025 vs Q1-Q3 2024 Profit before tax amounted to DKK 7,399 million (Q1-Q3 2024: DKK 6,686 million). The increase was driven by loan impairment reversals and increases in net interest income and net fee income, although the effect of the income increases was partly offset by lower income from our leasing operations. Net interest income increased 1%, amounting to DKK 8,793 million (Q1-Q3 2024: DKK 8,682 million) as a result of increased activity, higher lending volumes and increased allocation from Group Treasury related to the Group’s hedging strategy, including interest on shareholders’ equity. Conversely, income from deposits was adversely affected by lower market rates. Net fee income increased to DKK 1,820 million (Q1-Q3 2024: DKK 1,680 million). The increase was primarily driven by a rise in everyday banking fee income attributable to both increased customer activity and repricing actions. Other income decreased to DKK 336 million (Q1-Q3 2024: DKK 521 million). The decrease was caused by lower income from the sale of used assets in our leasing units, as prices of used cars have normalised. Operating expenses amounted to DKK 4,167 million, an increase of 6% relative to the level in the first nine months of 2024. The increase was caused by investments made in accordance with our Forward ’28 strategy combined with a generally higher cost level as a result of inflation. Supported by our strategy execution, we saw an increase in bank lending volumes of 6% relative to the level at the end of 2024, with growth (in local currency) driven by our activities in Sweden and Norway. Our activities in Finland and Denmark also contributed positively. Furthermore, volume growth benefitted from exchange rate developments, with a positive impact of DKK 5.7 billion relative to the level at the end of 2024. Deposit volumes totalled DKK 248 billion, which was a decrease of 1% relative to the level at the end of 2024 (end-2024: DKK 251 billion). There was a positive impact from currency exchange rates of DKK 2.4 billion in total. In local currency, we saw an increase in deposit volumes in Denmark, while the development in Finland was stable. Meanwhile, we saw a decline in both Norway and Sweden. In Norway, a significant portion of the deposit outflow was attributable to public-sector volumes. Nominal Realkredit Danmark mortgage volumes increased 2% relative to the level at the end of 2024, with most of the increase being driven by commercial property lending. Combined with the increase in bank lending, this resulted in a 4% lift in total lending volumes after fair value adjustments at the end of the first nine months of 2025. Credit quality remained broadly stable despite continued geopolitical uncertainty and tension in the trade environment. Global economic conditions have demonstrated resilience, and inflation has returned to the ECB’s target rate, which supports the stable development in credit quality. Loan impairments resulted in a net reversal of DKK 594 million in the first nine months of 2025, in contrast to a net charge in the first nine months of 2024. Impairments for the first nine months of 2025 primarily benefitted from a reduction in the post-model adjustments related to commercial property and construction. Credit exposure Net credit exposure from lending activities increased to DKK 795 billion at the end of the third quarter of 2025 (end-2024 DKK 768 billion). The increase was primarily driven by an increase in exposure to the Private housing co-ops. & non-profit associations, Services, and Commercial property segments, partially countered by a decrease in the Public institutions segment. Q3 2025 vs Q2 2025 Profit before tax increased to DKK 2,314 million in the third quarter of 2025 (Q2 2025: DKK 2,257 million) due to an increase in net interest income combined with a higher net loan impairment reversal than in the second quarter of 2025. Net interest income increased 2% to DKK 2,947 million (Q2 2025: DKK 2,876 million) due to higher internal interest rate risk management income allocation from Group Treasury. Net fee income decreased 1% to DKK 591 million (Q2 2025: DKK 597 million) due to lower income from financing activities. Other income amounted to DKK 83 million (Q2 2025: DKK 119 million), with the decrease caused by lower income from the sale of used assets in our leasing units. Operating expenses decreased 1% to DKK 1,392 million (Q2 2025: DKK 1,408 million) relative to the preceding quarter due to a higher investment spend in the second quarter of 2025 as part of the Forward ’28 strategy. The third quarter of 2025 saw a net loan impairment reversal of DKK 79 million (Q2 2025: net reversal of DKK 67 million). The reversal was mainly due to a decrease in post-model adjustments. Profit before tax DKK 2,314 million for the third quarter of 2025
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16 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Large Corporates & Institutions In the first nine months of 2025, we continued to see a stable development with solid financial results in an uncertain geopolitical environment. With our strong balance sheet, we remain well-positioned to support our customers. Our efforts to attract new corporate customers outside Denmark and to strengthen customer relations across our markets have been successful, and we continue to improve our position within cash management. Profit before tax increased to DKK 7,079 million (Q1-Q3 2024: DKK 7,029 million), with the increase primarily driven by a rise in net interest income that was, however, partly offset by higher loan impairment charges. Additionally, the return on allocated capital after impairments decreased slightly to 23.1%, against 23.2% in the first nine months of 2024. Business progress and initiatives In the first nine months of the year, we saw continually strong momentum in our Debt Capital Markets and Loan Capital Markets business. In the third quarter, the summer period brought a seasonal slowdown, however, debt capital markets picked up again to capitalise on the attractive market conditions for bond issuance across currencies. Among many highlights in the third quarter, we were pleased to support our customers in several successful, oversubscribed bond transactions, such as Saab AB’s SEK 2 billion bond issue, BoldR Group’s EUR 110 million bond issue and Nordic Investment Bank’s DKK 2 billion international bond issue, all evidence of significant investor interest in the market. Furthermore, we supported KfW as arranger of green bond issues in all three Scandinavian currencies. Loan Capital Markets activity remained robust, with good momentum in corporate lending business and in the structured lending business within Leveraged Finance and Fund Finance, supporting a key customer segment in line with our Forward ’28 Large Corporates & Institutions Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024* 25/24 2025 2025 Q3/Q2 2024* 25/24 2024 Net interest income 6,124 5,212 117 2,027 2,036 100 1,717 118 7,164 Net fee income 5,230 4,964 105 1,727 1,738 99 1,698 102 7,645 Net trading income 1,872 1,884 99 578 532 109 598 97 2,365 Other income 4 1 - 1 -1 - - - 191 Total income 13,230 12,061 110 4,332 4,305 101 4,013 108 17,365 Operating expenses 5,461 5,435 100 1,843 1,799 102 1,883 98 7,460 of which resolution fund, bank tax etc. 90 345 26 30 33 91 111 27 459 Profit before loan impairment charges 7,769 6,626 117 2,489 2,506 99 2,130 117 9,905 Loan impairment charges 691 -403 - -46 316 - 110 - -233 Profit before tax 7,079 7,029 101 2,535 2,190 116 2,020 125 10,138 Loans, excluding reverse trans. before impairments 336,594 296,041 114 336,594 331,834 101 296,041 114 305,498 of which loans in General Banking 307,154 274,166 112 307,154 296,069 104 274,166 112 269,392 Allowance account, loans (incl. credit institutions) 2,608 1,944 134 2,608 2,868 91 1,944 134 2,122 Deposits, excluding repo deposits 303,367 299,839 101 303,367 315,869 96 299,839 101 355,760 of which deposits in General Banking 283,125 282,026 100 283,125 292,630 97 282,026 100 330,807 Covered bonds issued 28,006 28,289 99 28,006 27,105 103 28,289 99 28,020 Allocated capital (average) 40,817 40,455 101 40,186 41,547 97 40,357 100 40,530 Net interest income as % p.a. of loans and deposits 1.25 1.16 1.28 1.25 1.16 1.19 Profit before loan impairment charges as % p.a. of allocated capital 25.4 21.8 24.8 24.1 21.1 24.4 Profit before tax as % p.a. of allocated capital (avg.) 23.1 23.2 25.2 21.1 20.0 25.0 Cost/income ratio (%) 41.3 45.1 42.5 41.8 46.9 43.0 Full-time-equivalent staff 2,234 2,115 106 2,234 2,187 102 2,115 106 2,127 * Comparative information for Q3 2024 has been restated as described in note G2(b).
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17 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights ambitions. In league table rankings for loan capital markets, we were proud to achieve a top two position in the Nordic countries. Within M&A, market activity in the Nordic countries slowly started to pick up relative to the same period last year, leading to higher fee income in the third quarter. In Equity Capital Markets, we are proud to be the only Nordic bank involved as joint global coordinator in the largest capital- raising transaction in the Nordic countries ever – Ørsted’s DKK 60 billion rights issue. The transaction was highly successful for the company. In the third quarter, we also strengthened our Nordic advisory team by adding highly skilled professionals with strong expertise to support customers in raising capital through equities as primary market activity picks up. We were pleased to support Nordic Semiconductor in its NOK 1 billion private placement and Hexagon Composites in its NOK 588 million private placement. Within Asset Management, we are pleased to report record-high assets under management figures, strong net sales and a robust investment performance, all of which contribute to an increased market share for Danske Invest in Denmark. Additionally, we have made significant progress with simplifying our value chain, and we continue to expand sustainability training for our employees in order to maintain our position as a leader in external certifications among asset managers in the region. Q1-Q3 2025 vs Q1-Q3 2024 Profit before tax increased to DKK 7,079 million (Q1-Q3 2024: DKK 7,029 million), with the increase driven by increases in net interest income and net fee income, although higher loan impairment charges had a partly offsetting effect. Profit before loan impairment charges increased 17% relative to the level in the first nine months of 2024. Net interest income increased to DKK 6,124 million (Q1-Q3 2024: DKK 5,212 million), primarily driven by higher interest income from lending activities and increased allocation from Group Treasury related to the Group’s hedging strategy, including interest on shareholders’ equity. This increase was partly countered by lower interest income from deposits. Lending volumes in General Banking increased 14% from the level at the end of 2024 and were primarily driven by corporate customers in Sweden and Denmark. Total income Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024 25/24 2025 2025 Q3/Q2 2024 25/24 2024 General Banking 6,739 6,348 106 2,249 2,124 106 2,099 107 8,699 Markets 4,275 3,447 124 1,318 1,501 88 1,130 117 4,641 of which xVA* -42 60 - 38 -9 - 14 271 30 Asset Management 1,731 1,747 99 643 523 123 617 104 3,201 of which performance fees 16 77 21 32 5 - 28 114 729 Investment Banking 485 520 93 122 157 78 168 73 825 Total income 13,230 12,061 110 4,332 4,305 101 4,013 108 17,365 Assets under management (DKK millions) Institutional clients 574,673 497,837 115 574,673 544,624 106 497,837 115 521,163 Retail clients 379,047 363,514 104 379,047 358,299 106 363,514 104 358,904 Total assets under management** 953,721 861,351 111 953,721 902,923 106 861,351 111 880,068 * The xVA acronym covers Credit (CVA), Funding (FVA) and Collateral (ColVA) Valuation Adjustments to the fair value of the derivatives portfolio. Danske Bank has a centralised xVA desk responsible for quantifying, managing and hedging xVA risks. The PnL result of the xVA desk is thus the combined effect of the net xVA position and funding and collateral costs of the trading book. ** Includes assets under management from Group entities.
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18 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Net fee income increased to DKK 5,230 million (Q1-Q3 2024: DKK 4,964 million) as we saw an increase in fee income in most areas, primarily from everyday banking services. Furthermore, we continued to increase our market share within cash management in the first nine months of 2025 by adding 19 new house bank mandates. Assets under management reached DKK 954 billion in the first nine months of 2025, marking an all- time high, despite the negative market developments in March and April. This growth was driven not only by a rebound in asset prices but also a robust development in net sales in the institutional and private banking segments. Net trading income was stable at DKK 1,872 million (Q1-Q3 2024: DKK 1,884 million). Operating expenses increased slightly to DKK 5,461 million (Q1- Q3 2024: DKK 5,435 million) as a result of increased investments in our technology transformation and provisions for performance-based compensation. This increase was partly offset by the discontinuation of payments to the Resolution Fund. Overall credit quality remained strong and has proven to be resilient to the geopolitical uncertainty. Loan impairments for the first nine months of 2025 amounted to a net charge of DKK 691 million, marking an increase relative to the net reversal for the first nine months of 2024. The charges were mainly driven by single-name exposures as well as a higher proportion of post- model adjustments. Credit exposure Net credit exposure from lending activities amounted to DKK 670 billion in the first nine months of 2025, against DKK 688 billion at the end of 2024. The decrease was primarily driven by a decrease in exposure to the Financials and Public institutions segments, although the effect was largely countered by an increase in exposure to the Services, Consumer goods, and Metals and mining segments. Q3 2025 vs Q2 2025 Profit before tax increased to DKK 2,535 million (Q2 2025: DKK 2,190 million), primarily due to lower loan impairments. • Net interest income decreased slightly to DKK 2,027 million (Q2 2025: DKK 2,036 million) due to lower income from other interest items. This decrease was partly offset by an increase in interest income from deposits. • Net fee income decreased slightly to DKK 1,727 million (Q2 2025: DKK 1,738 million). • Net trading income increased to DKK 578 million (Q2 2025: DKK 532 million) due to higher secondary customer activity. • Operating expenses increased slightly to DKK 1,843 million (Q2 2025: DKK 1,799 million) as a result of higher provisions for performance-based compensation, although the increase was partially offset by lower technology transformation costs. • The third quarter of 2025 saw a net loan impairment reversal of DKK 46 million (Q2 2025: net charge of DKK 316 million). The net impairment reversal was mainly attributable to single-name exposures. Profit before tax DKK 2,535 million for the third quarter of 2025
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19 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Danica Net income at Danica decreased to DKK 1,097 million in the first nine months of 2025, down 22% from the level for the same period in 2024. Both the insurance service result and the net financial result decreased relative to the same period in 2024. The net financial result was affected by the development in the financial markets being less favourable for Danica in 2025 compared to 2024. The insurance service result benefitted from an improvement in the result of the health and accident business but was adversely impacted by a strengthening of provisions related to legacy life insurance products in run-off in the first quarter of 2025. Danica has seen fewer claims relating to loss of earning capacity in 2025 than in the same period in 2024. The positive development is attributable to Danica’s long-term investments in preventive efforts. These efforts consist of providing effortless digital access, a broadened healthcare offering and early-access healthcare solutions that enable customers to utilise the solutions in both the early and later stages of their recovery. The investment return on our pension customers’ savings was moderately positive, benefitting from our strong diversification strategy. In the third quarter of 2025, Danica called a subordinated loan of EUR 500 million, which lowered the solvency coverage ratio. Danica Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024 25/24 2025 2025 Q3/Q2 2024 25/24 2024 Insurance service result 256 393 65 249 274 91 -68 - 260 Net financial result 803 935 86 125 222 56 514 24 1,033 Other income 38 79 48 9 17 53 13 69 94 Net income from insurance business 1,097 1,407 78 382 513 74 459 83 1,387 Insurance liabilities 548,061 522,851 105 548,061 539,333 102 522,851 105 543,817 Liabilities under investment contracts 28,225 26,264 107 28,225 27,232 104 26,264 107 26,800 Allocated capital (average) 20,128 20,152 100 20,233 19,871 102 20,392 99 20,219 Net income as % p.a. of allocated capital 7.3 9.3 - 7.6 10.3 - 9.0 - 6.9 Solvency coverage ratio 199 216 - 199 217 - 216 - 207 Full-time-equivalent staff 984 920 107 984 971 101 920 - 940 Asset under management (DKK millions) Total 500,843 479,900 104 500,843 486,743 103 479,900 104 486,956 Premiums (DKK millions) Gross premiums, Denmark 38,435 32,483 118 12,890 13,435 96 10,914 118 43,643
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20 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Business initiatives Danica has implemented stricter criteria for investment in companies involved in fossil fuel activities. This has resulted in divestment from certain companies and an increased focus on investing in those with solid plans to transition to more sustainable ways of operating. This initiative aims to secure competitive long-term returns for customers while supporting responsible investment practices. The evaluation process is based on the Net-Zero Pathway Framework model developed with Danske Bank, which uses independent climate data to identify companies that demonstrate strong leadership in emissions management and alignment with the Paris Agreement. Q1-Q3 2025 vs Q1-Q3 2024 Net income at Danica amounted to DKK 1,097 million (Q1-Q3 2024: DKK 1,407 million). The decrease was due to a decline in both the net financial result and the insurance service result, which was affected by a strengthening of provisions of DKK 220 million related to legacy life insurance products in run-off. The insurance service result decreased to DKK 256 million (Q1- Q3 2024: DKK 393 million), partly due to the above-mentioned strengthening of provisions related to legacy life insurance products in run-off in the first quarter of 2025 and partly to an increase in discounts on life insurance products that are offered to customers to offset some of the effect of the increase in health and accident premiums. The health and accident business improved its result by DKK 401 million relative to the same period last year but still recorded a loss for the first nine months of 2025 of DKK 275 million. The improvement was driven, among other things, by positive effects from the treatment and prevention of long-term illness and injury and intensified efforts with new healthcare solutions and improved digital solutions. Furthermore, the health and accident business benefitted from a decline in the number of reported claims and pricing adjustments, but this was partly offset by the aforementioned discounts on life insurance products. Danica continues to work towards achieving an equilibrium in the health and accident business. The net financial result decreased to DKK 803 million (Q1-Q3 2024: DKK 935 million) due to a decrease in the investment returns attributable to shareholders’ equity. The developments in the financial markets were not as favourable in 2025 as in 2024. Assets under management showed an increase of DKK 21 billion from the year-earlier period following the positive developments in the financial markets in the last quarter of 2024 and second and third quarters of 2025, which more than countered the negative developments in the first quarter of 2025. Total premiums, including both life insurance and the health and accident business, increased 18% from the level in the same period in 2024. The increase for life insurance premiums included an increase in both single and regular premiums. Q3 2025 vs Q2 2025 Net income at Danica decreased to DKK 382 million (Q2 2025: DKK 513 million), primarily due to a decrease in the net financial result. • The insurance service result decreased to DKK 249 million (Q2 2025: DKK 274 million) due to a decrease in the result of the health and accident business, which was partly offset by an increase in income from life insurance products. The health and accident business contributed a negative result of DKK 71 million (Q2 2025: DKK 23 million) in the third quarter of 2025. • The net financial result decreased in the third quarter of 2025 and amounted to DKK 125 million (Q2 2025: DKK 222 million). The development was caused by a decrease in the investment return attributable to shareholders’ equity. • Total premiums decreased 4% following a decrease in single premiums from life insurance. • Assets under management increased DKK 14 billion, primarily due to the positive developments in the financial markets in the third quarter of 2025. Net income at Danica DKK 382 million for the third quarter of 2025
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21 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Northern Ireland Our focus is to remain a strong bank, consolidating our market- leading position in Northern Ireland alongside pursuing low-cost growth opportunities in the rest of the UK. Financial performance remained positive with profit before tax of DKK 1,606 million in the first nine months of 2025, 7% higher than for the same period last year. Business progress and initiatives We are a leading bank in Northern Ireland, serving personal, business and corporate customers. The Northern Ireland market remains our regional focus, while we also seek growth in targeted sectors across the rest of the UK. The strategy aligns with the Group’s key focus areas, including digitalisation, customer journeys, sustainability, and simplicity and efficiency. In both personal and business banking in Northern Ireland, we are focused on growing our active customer base. In the first nine months of the year, we welcomed over 10,000 new personal current account customers, while in business banking, we acquired over 1,200 new to bank customers to our Danske Bank Small Business Digital Current Account. Northern Ireland Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024 25/24 2025 2025 Q3/Q2 2024 25/24 2024 Net interest income 2,487 2,211 112 846 836 101 768 110 3,025 Net fee income 230 238 97 78 77 101 82 95 320 Net trading income 133 129 103 38 45 84 50 76 154 Other income 9 8 113 2 3 67 3 67 12 Total income 2,859 2,585 111 965 960 101 902 107 3,511 Operating expenses 1,172 1,141 103 397 393 101 399 99 1,580 Profit before loan impairment charges 1,687 1,444 117 568 566 100 503 113 1,931 Loan impairment charges 82 -62 - 73 58 126 -65 - -86 Profit before tax 1,606 1,506 107 495 509 97 568 87 2,017 Loans, excluding reverse transactions before impairments 68,921 64,002 108 68,921 66,839 103 64,002 108 64,004 Allowance account, loans 720 752 96 720 718 100 752 96 738 Deposits, excluding repo deposits 113,230 106,712 106 113,230 111,403 102 106,712 106 108,504 Allocated capital (average)* 6,897 6,392 108 7,093 6,918 103 6,724 105 6,510 Net interest income as % p.a. of loans and deposits 1.82 1.75 1.84 1.81 1.76 1.77 Profit before tax as % p.a. of allocated capital (avg.) 31.0 31.4 27.9 29.4 33.8 31.0 Cost/income ratio (%) 41.0 44.1 41.1 40.9 44.2 45.0 Full-time-equivalent staff 1,247 1,248 100 1,247 1,242 100 1,248 100 1,261 *Allocated capital equals the legal entity’s capital.
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22 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Q1-Q3 2025 vs Q1-Q3 2024 Profit before tax increased 7% to DKK 1,606 million (Q1-Q3 2024: DKK 1,506 million). Profit before loan impairments increased 17%. Loan impairment charges increased relative to the level in the first nine months of 2024, which included a net impairment reversal. Net interest income increased to DKK 2,487 million (Q1-Q3 2024: DKK 2,211 million), driven by balance sheet growth supported by the impact of hedging activity. Customer lending and deposits were 8% and 6% higher, respectively, year-on-year. Net fee income was marginally lower year-on-year and stood at DKK 230 million (Q1-Q3 2024: DKK 238 million). Net trading income rose in the first nine months of 2025 to DKK 133 million (Q1-Q3 2024: DKK 129 million). Both periods include positive mark-to-market movements on a hedging portfolio, reflecting a combination of changing market expectations for UK interest rates and the rollover of the hedging portfolio. Operating expenses increased to DKK 1,172 million (Q1-Q3 2024: DKK 1,141 million), reflecting increased employer taxation costs, restructuring costs, inflation and higher costs for technology- related services provided by the Group. The bank has a continued cost and efficiency focus across local and Group cost drivers. Credit quality remained strong, with a loan impairment charge of DKK 82 million in line with expectations. This compares to a net reversal in the same period last year (Q1-Q3 2024: net reversal of DKK 62 million). Q3 2025 vs Q2 2025 The third quarter of 2025 saw profit before tax of DKK 495 million (Q2 2025: DKK 509 million). • Net interest income increased to DKK 846 million (Q2 2025: DKK 836 million), with the increase driven by a combination of balance sheet growth and hedging actions. • Net fee income was marginally higher and stood at DKK 78 million (Q2 2025: DKK 77 million). • Net trading income amounted to DKK 38 million (Q2 2025: DKK 45 million), reflecting mark-to-market movements on a hedging portfolio. • Operating expenses were up slightly, amounting to DKK 397 million (Q2 2025: DKK 393 million). The third quarter included restructuring costs of DKK 8 million that will deliver future savings. • Loan impairment charges saw a small increase in the third quarter and amounted to DKK 73 million (Q2 2025: DKK 58 million) with underlying credit quality remaining solid. Profit before tax DKK 495 million for the third quarter of 2025
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23 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Group Functions Group Functions includes Group Treasury, Technology & Services and other functions. In addition, Group Functions includes eliminations. In the first nine months of 2025, the loss before tax increased to DKK 1,216 million (Q1-Q3 2024: loss of DKK 876 million). Net trading income increased to DKK 246 million (Q1-Q3 2024: loss of DKK 38 million), driven by positive fair value adjustments in Group Treasury, while net interest income decreased to DKK 91 million (Q1-Q3 2024: DKK 642 million). Higher income from interest rate risk management in Group Treasury was outweighed by allocation of equity interest to the business units and lower allocation income from funds transfer pricing. At the group level, the effect of these internal allocation developments was neutral. Initiatives Group Functions supports, among other things, the business units by allocating capital, interest-bearing capital costs and long-term funding costs through Group Treasury’s Internal Bank setup. Group Treasury also manages, among other things, the Group’s liquidity bond portfolio and the investment of shareholders’ equity for Realkredit Danmark as well as the interest rate risk on the non-trading book. Operating expenses related to the sub-units within Group Functions are allocated to the business units. This is done to ensure cost efficiency throughout the Group. We are executing our strategic priorities at pace, further strengthening our ability to deliver value to customers and partners. This progress is supported by continued enhancements to productivity and cost efficiency, driven by our digital and technological transformation. We have deployed additional generative AI (GenAI) solutions and are actively scaling GenAI capabilities. Tools such as our in- house solution, DanskeGPT, GitHub Copilot and Microsoft 365 Copilot are embedded in daily operations, enhancing employee productivity and operational efficiency. Group Functions Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2025 2024 25/24 2025 2025 Q3/Q2 2024 25/24 2024 Net interest income 91 642 14 -61 198 - 155 - 1,032 Net fee income -47 -66 71 2 -25 - -28 - -121 Net trading income 246 -38 - -34 246 - 40 - -16 Other income -17 -140 12 -3 -4 75 -26 12 -216 Total income 272 397 69 -95 415 - 141 - 679 Operating expenses 1,489 1,278 117 419 486 86 248 169 1,421 of which resolution fund, bank tax etc. 58 54 107 19 20 95 18 106 71 Profit before loan impairment charges -1,216 -881 138 -514 -71 - -107 - -742 Loan impairment charges -1 -5 20 11 -21 - -2 - -2 Profit before tax -1,216 -876 139 -525 -50 - -105 - -740 Full-time-equivalent staff 10,054 10,069 100 10,054 10,108 99 10,069 100 10,050 Profit before tax (DKK millions) Group Treasury 716 1,114 64 104 554 19 439 24 1,783 Own shares and issues -80 -194 41 -29 -20 145 -38 76 -463 Additional tier 1 capital 4 -2 - 2 1 200 -1 - -4 Group support functions -1,919 -1,857 103 -602 -647 93 -502 120 -2,110 Non-core 63 63 100 - 61 - -2 - 54 Total Group Functions -1,216 -876 139 -525 -50 - -105 - -740
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24 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Our cloud migration programme continues to progress ahead of schedule, with applications successfully migrated to and optimised on Amazon Web Services (AWS). We are reducing mainframe consumption, modernising platforms and decommissioning legacy applications, thereby lowering complexity and technology run costs. We remain steadfast in our commitment to safeguarding operations and protecting customers through robust cybersecurity measures and ongoing vigilance against external threats. Q1-Q3 2025 vs Q1-Q3 2024 The result at Group Functions was a loss before tax of DKK 1,216 million (Q1-Q3 2024: loss of DKK 876 million). Net interest income decreased to DKK 91 million (Q1-Q3 2024: DKK 642 million), with an increase in interest rate risk management income from fixed-rate lending hedging and bond portfolios being more than offset by interest on shareholders’ equity allocated from the Internal Bank to the business units in 2025 on the basis of their allocated capital. Interest on excess capital and other non-allocated capital was retained at the Internal Bank. Net interest income was also negatively affected by a lower placement rate on shareholders’ equity. There was a decrease in Internal Bank income from the allocation of interest rate risk management income to the business units related primarily to the hedging of the interest rate risk on deposits. Net trading income related to market value adjustments improved and amounted to a gain of DKK 246 million (Q1-Q3 2024: loss of DKK 38 million), primarily due to positive market value adjustments of cross-currency swaps in Group Treasury held for funding purposes and at fair value. Other income improved and amounted to a loss of DKK 17 million (Q1-Q3 2024: loss of DKK 140 million) due to a reduction in negative value adjustments of holdings in associates. Operating expenses, after allocation to the business units, increased to DKK 1,489 million (Q1-Q3 2024: DKK 1,278 million). Operating expenses were affected mainly by higher costs related to digitalisation, with the effect being partly offset by increased capitalisation of costs related to internally developed software. Furthermore, the first nine months of 2024 included an insurance reimbursement of DKK 179 million. The number of full-time-equivalent staff was 10,054 (end-Q1-Q3 2024: 10,069). Q3 2025 vs Q2 2025 Group Functions saw an increased loss before tax of DKK 525 million (Q2 2025: loss of DKK 50 million). The increase was mainly due to lower net interest income and a decrease in net trading income, both related to activities in Group Treasury. • Net interest income decreased to an expense of DKK 61 million (Q2 2025: income of DKK 198 million). Interest rate risk management income increased in Group Treasury, but this increase was more than offset by a decrease in Internal Bank income from allocations, among other things due to an increase in interest rate risk management income allocated to the business units through an allowance within funds transfer pricing for retail and corporate demand deposits. • Net fee income increased to DKK 2 million (Q2 2025: net expense of DKK 25 million) due to lower fee expenses for securities trading. • Net trading income decreased to a loss of DKK 34 million (Q2 2025: income of DKK 246 million), among other things due to lower income from Group Treasury related to funding and hedging activities. Furthermore, the second quarter included a one-off gain of DKK 57 million related to the sale of Norwegian financial institution Eksportfinans. • Operating expenses, after allocation to the business units, decreased to DKK 419 million (Q2 2025: DKK 486 million), affected by various staff-related items. Profit before tax DKK -525 million for the third quarter of 2025
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25 Danske Bank / Interim report – first nine months 2025 Executive summary Financial review Business units Financial statements Financial highlights Definition of alternative performance measures Danske Bank’s management believes that the alternative performance measures (APMs) used in the Management’s report provide valuable information to readers of the financial statements. The APMs provide a more consistent basis for comparing the results of financial periods and for assessing the performance of the Group and each individual business unit. They are also an important aspect of the way in which Danske Bank’s management defines operating targets and monitors performance. Throughout the Management’s report, performance is assessed on the basis of the financial highlights and segment reporting, which represent the financial information regularly provided to management. There is no difference between the financial highlights and the IFRS income statement. Definitions of additional ratios presented on page 3 and in other sections of the Management’s report: Ratios and key figures Definition Dividend per share (DKK) Total dividend per share, consisting of the interim dividend per share (if any) paid out during the year, and the dividend per share proposed in the Annual Report and paid to shareholders in the subsequent year. Any extraordinary or special dividend is also included in dividend per share. Return on average shareholders’ equity (% p.a.) Net profit as disclosed in the financial highlights divided by the average of the quarterly average shareholders’ equity (beginning and end of each quarter) within the year. The denominator represents equity equal to a decrease in the average of the quarterly average equity of DKK 3,528 million (2024: an increase of DKK 312 million) compared to a simple average of total equity (beginning and end of the period). Net interest income as % p.a. of loans and deposits Net interest income in the financial highlights divided by the daily average of the sum of loans and deposits. If the ratio was calculated applying the sum of loans and deposits at the end of the period, the ratio for 2025 would be 1.29% (2024: 1.33%) due to the daily average of the sum of loans and deposits being DKK 3.4 billion higher (2024: DKK 63.2 billion lower) than if calculating the ratio by applying the end-of-period sum of loans and deposits. The purpose of the ratio is to show whether the growth in net interest income follows the growth in loans and deposits. The daily average is a more faithful representation of the growth in loans and deposits. Cost/income ratio (C/I), (%) Operating expenses divided by total income. Book value per share Shareholders’ equity divided by the number of shares outstanding at the end of the period. Loan impairment charges as % of net credit exposure This ratio is calculated on the basis of loan impairment charges and loans and guarantees. The numerator is the loan impairment charges of DKK 258 million (2024: DKK -543 million) annualised. The denominator is the sum of Loans at amortised cost of DKK 921.9 billion (2024: DKK 921.6 billion), Loans at fair value of DKK 755.2 billion (2024: DKK 753.3 billion), Loans held for sale of DKK 0 billion (2024: DKK 110.4 billion) and guarantees of DKK 96.4 billion (2024: DKK 75.9 billion) at the beginning of the year, as disclosed in the column ‘Lending activities’ in the ‘Breakdown of credit exposure’ table in the notes to the financial statements. The ratio is calculated for each business unit. Allowance account as % of net credit exposure This ratio is calculated on the basis of the allowance account and loans and guarantees. The numerator is the allowance account of DKK 19.8 billion (2024: DKK 19.9 billion) at the end of the period, as disclosed in the ‘Allowance account broken down by segment’ table in the notes to the financial statements. The denominator is the sum of Loans at amortised cost of DKK 996.3 billion (2024: DKK 921.9 billion), Loans at fair value of DKK 749.5 billion (2024: DKK 755.2 billion), and guarantees of DKK 97.7 billion (2024: DKK 96.4 billion) at the end of the period, as disclosed in the column ‘Lending activities’ in the ‘Breakdown of credit exposure’ table in the notes to the financial statements. The ratio is calculated for each business unit.
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26 Danske Bank / Interim report – first nine months 2025 Financial highlights Executive summary Financial review Business units Financial statements Income statement – Danske Bank Group 27 Statement of comprehensive income – Danske Bank Group 27 Balance sheet – Danske Bank Group 28 Statement of capital – Danske Bank Group 29 Cash flow statement – Danske Bank Group 31 G1. Material accounting policies and estimates 32 G2. Changes in accounting policies and presentation 34 G3. Business segments 34 G4. Income 36 G5. Loan impairment charges 36 G6. Insurance assets and Insurance liabilities 37 G7. Issued bonds, subordinated debt and additional tier 1 capital 37 G8. Other assets and Other liabilities 38 G9. Foreign currency translation reserve 39 G10. Guarantees, commitments and contingent liabilities 39 G11. Assets provided or received as collateral 41 G12. Fair value information for financial instruments 42 G13. Risk management notes 45 Financial statements Statements Notes
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27 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Income statement – Danske Bank Group Q1-Q3 Q1-Q3 Q3 Q3 Full year Note (DKK millions) 2025 2024 2025 2024 2024 Interest income calculated using the effective interest method* 40,658 46,380 12,723 16,546 63,022 Other interest income* 15,640 14,254 5,134 4,354 17,504 Interest expense* 29,141 33,182 8,783 11,736 43,829 Net interest income from banking activities 27,157 27,452 9,074 9,165 36,697 G4 Fee income 12,549 13,718 4,152 4,467 19,463 G4 Fee expenses 1,981 3,315 650 1,138 4,551 Net fee income 10,568 10,403 3,502 3,329 14,912 Net trading income or loss 2,362 2,110 626 733 2,668 Insurance revenue 4,648 4,320 1,626 1,317 5,869 Insurance service expenses 4,392 3,891 1,377 1,375 5,609 Net return on investments backing insurance liabilities 16,630 36,634 12,761 12,424 44,001 Net finance income or expense from insurance -15,827 -35,699 -12,637 -11,910 -42,968 Other insurance related income 38 43 9 3 94 Net insurance result 1,097 1,407 382 459 1,387 G4 Other income** 428 464 111 140 741 Total other income 428 464 111 140 741 Total income 41,613 41,836 13,696 13,826 56,405 Operating expenses 18,990 19,046 6,320 6,228 25,736 Profit before loan impairment charges 22,622 22,790 7,376 7,598 30,669 G5 Loan impairment charges 258 -436 -8 -337 -543 Profit before tax 22,364 23,227 7,384 7,935 31,212 Tax 5,634 5,593 1,864 1,770 7,583 Net profit 16,730 17,634 5,520 6,165 23,629 Earnings per share (DKK) 20.2 20.7 6.7 7.2 27.9 Diluted earnings per share (DKK) 20.2 20.7 6.7 7.2 27.8 Dividend per share (DKK) - 7.5 - - 28.7 * First nine months 2024 is affected by adjustments between Interest income calculated using the effective interest method, Other interest income and Interest expense. There is no change to Net interest income from banking activities in first nine months 2024. ** Other income includes Gain or loss on sale of disposal groups. Statement of comprehensive income – Danske Bank Group Q1-Q3 Q1-Q3 Q3 Q3 Full year Note (DKK millions) 2025 2024 2025 2024 2024 Net profit 16,730 17,634 5,520 6,165 23,629 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension plans -32 85 17 43 54 Tax* 4 -1 4 -4 14 Items that will not be reclassified to profit or loss -36 86 13 47 40 Items that are or may be reclassified subsequently to profit or loss Translation of units outside Denmark 1,324 -988 348 -175 -1,613 Hedging of units outside Denmark -539 331 -110 16 635 Unrealised value adjustments of bonds at fair value (OCI) -62 714 -148 941 479 Realised value adjustments of bonds at fair value (OCI) 3 75 4 35 73 Tax* 221 24 49 210 -113 Items that are or may be reclassified subsequently to profit or loss 505 107 44 607 -313 Total other comprehensive income 470 194 57 654 -273 Total comprehensive income 17,200 17,827 5,577 6,820 23,356 * A positive amount is a tax expense, and a negative amount is a tax income.
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28 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Balance sheet – Danske Bank Group 30 September 31 December 30 September Note (DKK millions) 2025 2024 2024* Assets Cash in hand and demand deposits with central banks 101,489 107,498 167,989 Due from credit institutions and central banks 77,940 143,569 167,975 Trading portfolio assets 453,921 531,831 470,678 Investment securities 292,668 269,118 266,255 Loans at amortised cost 996,322 921,900 913,903 Loans at fair value 1,087,697 1,074,783 980,599 Assets under pooled schemes and investment contracts 75,889 76,173 75,477 G6 Insurance assets 545,490 548,912 526,507 Intangible assets 7,542 6,737 6,165 Tax assets 10,000 5,814 10,133 G8 Other assets** 30,494 29,706 112,594 Total assets 3,679,453 3,716,042 3,698,275 30 September 31 December 30 September (DKK millions) 2025 2024 2024* Liabilities Due to credit institutions and central banks 171,332 214,364 188,886 Trading portfolio liabilities 302,835 357,507 353,881 Deposits 1,242,341 1,173,781 1,132,851 G7 Issued bonds at fair value 736,332 746,556 751,570 G7 Issued bonds at amortised cost 240,164 243,198 256,454 Deposits under pooled schemes and investment contracts 76,652 76,608 76,467 G6 Insurance liabilities 539,197 529,793 513,257 Tax liabilities 1,872 2,225 1,742 G8 Other liabilities** 71,972 66,033 122,403 G7 Non-preferred senior bonds 89,358 89,492 86,789 G7 Subordinated debt 30,297 40,798 37,059 Total liabilities 3,502,354 3,540,355 3,521,359 Equity Share capital 8,350 8,622 8,622 G9 Foreign currency translation reserve -2,832 -3,617 -3,296 Reserve for bonds at fair value (OCI) 187 246 482 Retained earnings 171,395 158,157 171,107 Proposed dividends - 12,279 - Total equity 177,099 175,687 176,916 Total liabilities and equity 3,679,453 3,716,042 3,698,275 * Comparative information for as at 30 September 2024 has been restated as described in note G2(b). ** Other assets and Other liabilities includes Assets held for sale and Liabilities in disposal groups held for sale.
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29 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Statement of capital – Danske Bank Group Changes in equity (DKK millions) Share capital Foreign currency translation reserve Reserve for bonds at fair value (OCI) Retained earnings Proposed dividends Total Total equity as at 1 January 2025 8,622 -3,617 246 158,157 12,279 175,687 Net profit - - - 16,730 - 16,730 Other comprehensive income Remeasurement of defined benefit pension plans - - - -32 - -32 Translation of units outside Denmark - 1,324 - - - 1,324 Hedging of units outside Denmark - -539 - - - -539 Unrealised value adjustments - - -62 - - -62 Realised value adjustments - - 3 - - 3 Tax - - - -225 - -225 Total other comprehensive income - 785 -59 -256 - 470 Total comprehensive income - 785 -59 16,474 - 17,200 Transactions with owners Dividends paid - - - 43 -12,279 -12,236 Share capital reduction -272 - - 272 - - Acquisition of own shares - share buy-back programme - - - -3,478 - -3,478 Acquisition of own shares - other - - - -21,165 - -21,165 Sale of own shares - - - 21,091 - 21,091 Total equity as at 30 September 2025 8,350 -2,832 187 171,395 - 177,099 (DKK millions) Share capital Foreign currency translation reserve Reserve for bonds at fair value (OCI) Retained earnings Proposed dividends Total Total equity as at 1 January 2024 8,622 -2,639 -306 163,596 6,466 175,739 Net profit - - - 17,634 - 17,634 Other comprehensive income Remeasurement of defined benefit pension plans - - - 85 - 85 Translation of units outside Denmark - -988 - - - -988 Hedging of units outside Denmark - 331 - - - 331 Unrealised value adjustments - - 714 - - 714 Realised value adjustments - - 75 - - 75 Tax - - - -23 - -23 Total other comprehensive income - -657 788 62 - 194 Total comprehensive income - -657 788 17,696 - 17,827 Transactions with owners Dividends paid - - - -6,310 -6,466 -12,777 Share capital reduction - - - - - - Acquisition of own shares - share buy-back programme - - - -3,779 - -3,779 Acquisition of own shares - other - - - -19,992 - -19,992 Sale of own shares - - - 19,898 - 19,898 Total equity as at 30 September 2024 8,622 -3,296 482 171,107 - 176,916
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30 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Statement of capital – Danske Bank Group Share buy-back programme On 10 February 2025, the Group initiated a share buy-back programme of DKK 5.0 billion, which may run until 30 January 2026. At the end of September 2025, the Group had acquired 13,176,732 shares for a total amount of DKK 3,224 million under the share buy-back programme. This is in addition to 1,193,175 shares acquired in 2025 for a total of DKK 254 million under the previous share buy-back programme, which ran until 31 January 2025. Number of shares 30 September 2025 31 December 2024 Issued at 1 January 862,184,621 862,184,621 Cancellation of own shares (day-weighted) 15,935,236 - Average number of shares held in relation to Share buy-back programme 16,260,719 11,612,046 Average number of shares held in the Group's trading portfolio 2,660,699 2,498,271 Average number of shares outstanding 827,327,967 848,074,304 Average number of dilutive shares issued for share-based payments 2,351,203 1,656,061 Adjusted average number of shares outstanding, including dilutive shares 829,679,170 849,730,365 On 20 March 2025, the annual general meeting of Danske Bank A/S adopted the proposal to reduce Danske Bank’s share capital by DKK 271,894,960 nominally by cancelling 27,189,496 shares from Danske Bank’s holding of own shares. The reduction of the share capital has been carried out and registered on 24 April 2025. After the reduction, Danske Bank A/S’ share capital amounts to DKK 8,349,951,250 nominally, corresponding to 834,995,125 shares of DKK 10 each. Total capital and total capital ratio (DKK millions) 30 September 2025 31 December 2024 Total equity 177,099 175,687 Revaluation of domicile property at fair value 222 219 Tax effect of revaluation of domicile property at fair value -35 -24 Total equity calculated in accordance with the rules of the Danish FSA 177,286 175,882 Common equity tier 1 capital instruments 177,286 175,882 Adjustment to eligible capital instruments -2,305 -901 IFRS 9 reversal due to transitional rules - 752 Prudent valuation -810 -912 Prudential filters - - Expected/proposed payouts -10,038 -17,279 Intangible assets of banking operations -7,067 -6,266 Minimum Loss Coverage for Non-Performing Exposures -2,562 -2,607 Deferred tax on intangible assets 547 461 Deferred tax assets that rely on future profitability, excluding temporary differences -498 -599 Defined benefit pension plan assets -925 -917 Statutory deduction for insurance subsidiaries -4,298 -2,397 Common equity tier 1 capital 149,331 145,217 Additional tier 1 capital instruments 7,646 10,360 Tier 1 capital 156,977 155,577 Tier 2 capital instruments 22,052 26,570 Total capital 179,029 182,147 Total risk exposure amount 798,341 814,706 Common equity tier 1 capital ratio (%) 18.7% 17.8% Tier 1 capital ratio (%) 19.7% 19.1% Total capital ratio (%) 22.4% 22.4% Total capital and the total risk exposure amount are calculated in accordance with the rules applicable under the Capital Requirements Regulation (CRR), taking into account the full implementation of IFRS 9 as stipulated by the Danish FSA. With IFRS 9 fully transitioned, the Group no longer applies transitional arrangements and adheres strictly to the requirements set forth in the CRR. The Internal Capital Adequacy Assessment Report provides more details about the Group’s solvency need. The report is available at danskebank.com/reports. The report is not subject to review.
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31 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Cash flow statement – Danske Bank Group Q1-Q3 Q1-Q3 Full Year (DKK millions) 2025 2024* 2024 Cash flow from operations Profit before tax 22,364 23,227 31,212 Tax paid -9,800 -12,363 -10,335 Adjustment for non-cash operating items 850 4,456 700 Cash flow from operations before changes in operating capital 13,414 15,320 21,577 Changes in operating capital Amounts due to/from credit institutions and central banks -39,555 36,869 59,148 Trading portfolio 23,238 -23,094 -109,329 Acquisition/sale of own shares -73 -95 -158 Investment securities -23,550 17,659 14,796 Loans at amortised cost and fair value -87,593 -14,631 -35,906 Deposits 68,559 -93,887 -53,265 Issued bonds at amortised cost and fair value -16,744 45,072 4,526 Insurance assets/liabilities 12,839 -1,099 -6,967 Other assets/liabilities 5,766 9,274 13,109 Cash flow from operations -43,699 -8,612 -92,469 Cash flow from investing activities Acquisition of businesses -21 - - Sale of businesses - 26 26 Acquisition of intangible assets -1,196 -523 -1,270 Acquisition of tangible assets -281 -287 -984 Sale of tangible assets 1 - -6 Cash flow from investing activities -1,497 -784 -2,234 Q1-Q3 Q1-Q3 Full Year (DKK millions) 2025 2024* 2024 Cash flow from financing activities Issue of subordinated debt 8,329 8,378 12,108 Redemption of subordinated debt -17,878 -10,748 -11,392 Issue of non-preferred senior bonds 18,962 21,604 28,338 Redemption of non-preferred senior bonds -15,610 -29,241 -35,702 Dividends paid -12,236 -12,777 -18,207 Share buy-back programme -3,478 -3,779 -5,246 Principal portion of lessee lease payments -373 -454 -576 Cash flow from financing activities -22,284 -27,017 -30,677 Cash and cash equivalents as at 1 January 242,100 365,609 365,609 Foreign currency translation -681 998 1,871 Change in cash and cash equivalents -67,480 -36,413 -125,380 Cash and cash equivalents, end of period 173,938 330,194 242,100 Cash and cash equivalents, end of period Cash in hand 6,628 6,843 6,909 Demand deposits with central banks 94,861 161,146 100,590 Amounts due from credit institutions and central banks within three months 72,449 162,205 134,601 Total 173,938 330,194 242,100 * Comparative information for First nine months 2024 has been restated as described in note G2(b).
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32 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Notes – Danske Bank Group G1. Material accounting policies and estimates (a) General The report has been prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU, and additional Danish disclosure requirements for listed financial companies. The report is condensed and should be read in conjunction with the Group’s Annual Report 2024. Amendments to IAS 21 became effective on 1 January 2025 and have no impact on the financial statements. Further information on the changes to accounting policies and presentation in 2025 can be found in note G2(a). In addition, balances as at 30 September 2024 have been restated to reflect a change in accounting treatment during the fourth quarter of 2024 for variation margin for derivative transactions. Further information can be found in note G2(b). The Group has not changed its material accounting policies from those applied in Annual Report 2024. Annual Report 2024 provides a full description of the material accounting policies. Financial statement figures are stated in Danish kroner and whole millions, unless otherwise stated. As a result, rounding discrepancies may occur because totals have been rounded off and the underlying decimals are not presented to financial statement users. (b) Significant accounting estimates and judgements The preparation of financial information requires, in some cases, the use of judgements and estimates by management. This includes judgements made when applying accounting policies. The most significant judgements made when applying accounting policies relate to the classification of financial assets and financial liabilities under IFRS 9, especially related to the business model assessment, and the solely payments of principal and interest (SPPI) test (further explained in note G15 of the Annual Report 2024) and the designation of financial liabilities at fair value through profit or loss to eliminate or significantly reduce an accounting mismatch (further explained in note G16 of the Annual Report 2024). An overview of the classification and measurement basis for financial instruments can be found in note G1(c) of the Annual Report 2024. The determination of the carrying amounts of some assets and liabilities requires the estimation of the effects of uncertain future events on those assets and liabilities. The estimates are based on premises that management finds reasonable, but which are inherently uncertain and unpredictable. The premises may be incomplete, unexpected future events or situations may occur, and other parties may arrive at other estimated values. In view of the inherent uncertainties and the high level of subjectivity and judgement involved in the recognition and measurement of the items listed below, it is possible that the outcomes in the next reporting period could differ from those on which management’s estimates are based. Measurement of expected credit losses on loans, financial guarantees and loan commitments, and bonds measured at amortised cost or fair value through other comprehensive income The three-stage expected credit loss impairment model in IFRS 9 depends on whether the credit risk has increased significantly since initial recognition. If the credit risk has not increased significantly, the impairment charge equals the expected credit losses resulting from default events that are possible within the next 12 months (stage 1). If the credit risk has increased significantly, the loan is more than 30 days past due, or the loan is in default or otherwise impaired, the impairment charge equals the lifetime expected credit losses (stages 2 and 3). In determining the impairment for expected credit losses, management exercises judgement and uses estimates and assumptions as explained in the following paragraphs. The expected credit losses are calculated for all individual facilities as a function of probability of default (PD), exposure at default (EAD) and loss given default (LGD) and incorporate forward-looking information. The estimation of expected credit losses involves forecasting future economic conditions over a number of years. Such forecasts are subject to management judgement and those judgements may be sources of measurement uncertainty that have significant risk of resulting in a material adjustment to a carrying amount in future periods. The incorporation of forward-looking elements reflects the expectation of the Group’s senior management and involves the creation of scenarios, including an assessment of the probability for each scenario. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. During the second quarter of 2025, a new downside scenario was introduced to address the ongoing uncertainty, in addition to the existing three scenarios. Therefore the four scenarios at 30 September 2025 are: base case, upside, downside and severe downside. Note G13 provides information on the scenarios as at 30 September 2025. At 30 September 2025, the base case scenario enters with a probability of 50% (31 December 2024: 60%), the upside scenario with a probability of 25% (31 December 2024: 20%), the new downside scenario with a probability of 5% (31 December 2024: 0%) and the severe downside scenario with a probability of 20% (31 December 2024: 20%). With the applied macroeconomic scenarios, the allowance account as at 30 September 2025 amounted to DKK 19.8 billion (31 December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance account would decrease by DKK 2.4 billion (31 December 2024: DKK 2.5 billion). Compared to the base case scenario, the allowance account would increase by DKK 0.4 billion if the downside scenario was assigned a probability of 100%. If the severe downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 12.2 billion (31 December 2024: DKK 12.9 billion) compared to the base case scenario. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, the allowance account would decrease by DKK 0.1 billion (31 December 2024: decrease of DKK 0.2 billion) compared to the base case scenario. Management applies judgement when determining the need for post-model adjustments. As at 30 September 2025, the post-model adjustments amounted to DKK 5.7 billion (31 December 2024: DKK 5.9 billion) which are predominantly linked to macroeconomic and geopolitical uncertainties. Further information on post-model adjustments can be found in note G13. Note G15 of the Annual Report 2024 and the section on credit risk in note G13 in this report provide more details on expected credit losses. As at 30 September 2025, financial assets covered by the expected credit loss model accounted for about 55.8% of total assets (31 December 2024: 53.8%) Fair value measurement of financial instruments At the end of September 2025, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of valuation techniques continue to employ only observable market data, and there has been no significant increase in financial instruments measured on the basis of valuation techniques that are based on one or more significant unobservable inputs. The latter continues to include only unlisted shares, certain bonds and some long-dated derivatives for which there is no active market. On the derivatives portfolio, the Group makes fair value adjustments to cover changes in counterparty risk (CVA) and to cover expected funding costs (FVA and ColVA) on derivatives, bid-offer spreads on the net open position of the portfolio of assets and liabilities with offsetting market risk recognised at mid-market prices, and model risk on level 3 derivatives. As at 30 September 2025, the adjustments totalled DKK 0.2 billion (31 December 2024: DKK 0.3 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note G12 in this report and note G33(a) of the Annual Report 2024 provide more details on the fair value measurement of financial instruments.
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33 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G1. Material accounting policies and estimates - continued Measurement of goodwill Goodwill is tested for impairment once a year or more frequently if indications of impairment exist. Impairment testing requires management to estimate the present value of future cash flows. A number of factors affect the value of such cash flows, including discount rates, changes in the economic outlook, customer behaviour and competition. At 30 September 2025, goodwill amounted to DKK 4.5 billion (31 December 2024: DKK 4.4 billion). On 1 January 2025, Danske Bank acquired the right to the management of the billion kroner funds Dansk Vækstkapital I, Dansk Vækstkapital II and Dansk Vækstkapital III, as well as potential future Dansk Vækstkapital funds from the state-owned Export and Investment Fund of Denmark (EIFO) for a purchase consideration of DKK 21 million. This acquisition led to an increase in goodwill in Asset Management of DKK 17 million. In connection with the quarterly reporting, management performs an impairment review to assess whether there are indications that goodwill might be impaired. This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, major restructurings, macroeconomic developments, etc. No indications of impairment have been noted at the end of September 2025. Goodwill mainly consists of DKK 2.1 billion (31 December 2024: DKK 2.1 billion) in Markets, DKK 1.8 billion (31 December 2024: DKK 1.8 billion) in Asset Management and DKK 0.5 billion (31 December 2024: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions) showing significant amounts of excess value in the impairment tests in 2024. Note G19 of the Annual Report 2024 provides more information about impairment testing and sensitivity to changes in assumptions. Measurement of Insurance contract liabilities (part of Insurance liabilities) Insurance contract liabilities are measured using either the General Measurement Model (GMM), Variable Fee Approach (VFA) or Premium Allocation Approach (PAA). GMM and VFA both comprise fulfilment cash flows, which are estimates of the present value of future cash flows for insurance contracts, adjusted for time value of money and effect of financial risk including a risk adjustment for non-financial risk, and a contractual service margin (CSM). Estimates of future cash flows include actuarial computations that rely on estimates of a number of variables such as mortality rates and disability rates. Mortality rates are based on the Danish FSA’s benchmark, whilst others are estimated based on data from the Group’s own portfolio of insurance contracts. The discount rate is fixed on the basis of a zero-coupon yield curve, which is adjusted by a currency and credit risk deduction and a volatility adjustment. The yield curve is calculated according to principles and based on data that results in a curve based on the European Insurance and Occupational Pension Authority (EIOPA) discount yield curve. For life insurance contracts, risk adjustment for non-financial risks is calculated based on a safety margin on applied actuarial assumptions, such as mortality rates and longevity. The confidence level used to determine the risk adjustment is at least 85%. For insurance contracts measured using VFA, CSM is calculated on the basis of stochastic models, whereas a deterministic model is used for life insurance contracts measured using GMM. For health and accident insurance contracts, the loss element includes expectations about mortality, reactivation, reinstatement and repurchase, as well as expected costs offset by premiums not yet due. Risk adjustment for non-financial risk is calculated based on a safety margin on applied actuarial assumptions. The confidence level used to determine the risk adjustment is at least 85%. Note G18 of the Annual Report 2024 provides more information about insurance contract liabilities.
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34 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G2. Changes in accounting policies and presentation (a) Changes in accounting policies Amendment to IAS 21, The effects of changes in foreign exchange rates The amendment to IAS 21 requires an entity to apply a consistent approach to assessing whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to be used. The amendment also details the disclosures that are required if a currency is not exchangeable. The amendment has no impact on the financial statements. (b) Change in accounting treatment for variation margin for derivative transactions During the fourth quarter of 2024 the Group changed its accounting treatment for some interest rate swaps to reflect the Group’s updated understanding of the application of a legal framework in relation to variation margin for transactions cleared on London House Clearnet and EUREX. Previously, the outstanding mark-to-market on derivatives was considered pledged collateral that needed to be repaid. However, the outstanding mark-to-market on derivatives is instead treated as a final settlement of the exposure. This change was applied retrospectively and thus required an adjustment to balances in comparative periods for Trading portfolio assets, Loans at amortised cost, Trading portfolio liabilities and Deposits to reflect the treatment under the new framework. Adjustments to Loans at amortised cost, Trading portfolio assets, Deposits and Trading portfolio liabilities as at 30 September 2024 are shown in the following table. The adjustments have no impact on net profit nor equity at the end of the first nine months of 2024. There is no change to balances as at 31 December 2024. (DKK millions) 30 September 2024 Adjustment Restated 30 September 2024 Assets Trading portfolio assets 514,297 -43,619 470,678 Loans at amortised cost 915,451 -1,548 913,903 Total assets 3,743,442 -45,167 3,698,275 Liabilities Trading portfolio liabilities 368,184 -14,303 353,881 Deposits 1,163,715 -30,864 1,132,851 Total liabilities 3,566,526 -45,167 3,521,359 Total equity 176,916 - 176,916 Total liabilities and equity 3,743,442 -45,167 3,698,275 In the Cash flow statement, comparatives for first nine months 2024 have been restated for Trading portfolio, Loans at amortised cost and fair value and Deposits (all part of Cash flows from operations). The remaining lines in the Cash flow statement have not been affected by the change and therefore have not been restated. There is no change to the Cash flow statement for full-year 2024. The Group’s financial statements show restated amounts in the comparative figures for first nine months 2024 for the Balance sheet, Cash flow statement and note G3. G3. Business segments Business model and business segmentation The Group’s commercial activities are organised in five reporting business units: • Personal Customers, which serves personal customers in Denmark, Sweden and Finland. • Business Customers, which serves small and medium-sized business customers across all markets and includes the Group’s Asset Finance operations. • Large Corporates & Institutions, which serves large corporate and institutional customers across all Nordic markets. • Danica, which specialises in pension schemes, life insurance policies and health insurance policies in Denmark. • Northern Ireland, which serves retail and commercial customers through a network of branches and business centres in Northern Ireland alongside digital channels. Besides the five commercial business units, the Group’s reportable segments under IFRS 8 include Group Functions, as presented in the tables on the following page.
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35 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights In the following tables, Net income from insurance business is equivalent to Net insurance result in the IFRS financial statements, and Other income is equivalent to Total other income in the IFRS financial statements. Business segments first nine months 2025 (DKK millions) Personal Customers Business Customers Large Corporates & Institutions Danica Northern Ireland Group Functions Eliminations Total Net interest income 9,663 8,793 6,124 - 2,487 219 -127 27,157 Net fee income 3,335 1,820 5,230 - 230 -127 80 10,568 Net trading income 88 23 1,872 - 133 251 -6 2,362 Net income from insurance business - - - 1,097 - - - 1,097 Other income 95 336 4 - 9 2,184 -2,202 428 Total income 13,182 10,972 13,230 1,097 2,859 2,527 -2,255 41,613 Operating expenses 6,701 4,167 5,461 - 1,172 3,610 -2,122 18,990 of which resolution fund, bank tax etc. 23 61 90 - - 58 - 232 Profit before loan impairment charges 6,481 6,804 7,769 1,097 1,687 -1,083 -133 22,622 Loan impairment charges 81 -594 691 - 82 -1 - 258 Profit before tax 6,400 7,399 7,079 1,097 1,606 -1,083 -133 22,364 Loans, excluding reverse transactions 660,040 682,861 333,986 - 68,201 16,169 -18,198 1,743,059 Other assets 444,671 175,388 2,880,090 597,218 75,226 4,706,517 -6,942,718 1,936,394 Total assets 1,104,711 858,249 3,214,076 597,218 143,428 4,722,687 -6,960,916 3,679,453 Deposits, excluding repo deposits 397,554 248,206 303,367 - 113,230 12,008 -12,471 1,061,895 Other liabilities 680,236 562,571 2,870,713 576,856 23,082 4,675,446 -6,948,445 2,440,459 Allocated capital 26,921 47,472 39,995 20,362 7,115 35,233 - 177,099 Total liabilities and equity 1,104,711 858,249 3,214,076 597,218 143,428 4,722,687 -6,960,916 3,679,453 Profit before tax as % p.a. of allocated capital (avg.) 31.9 21.1 23.1 7.3 31.0 -3.5 - 17.0 Cost/income ratio (%) 50.8 38.0 41.3 - 41.0 - - 45.6 Full-time-equivalent staff, end of period 3,927 1,774 2,234 984 1,247 10,054 - 20,220 Business segments first nine months 2024 (DKK millions) Personal Customers Business Customers Large Corporates & Institutions Danica Northern Ireland Group Functions Eliminations Total Net interest income 10,704 8,682 5,212 - 2,211 787 -145 27,452 Net fee income 3,589 1,680 4,964 - 238 -226 160 10,403 Net trading income 118 17 1,884 - 129 63 -101 2,110 Net income from insurance business - - - 1,407 - - - 1,407 Other income 75 521 1 - 8 1,796 -1,936 464 Total income 14,485 10,900 12,061 1,407 2,585 2,420 -2,023 41,836 Operating expenses 7,242 3,949 5,435 - 1,141 3,159 -1,882 19,046 of which resolution fund, bank tax etc. 113 170 345 - - 54 - 682 Profit before loan impairment charges 7,243 6,951 6,626 1,407 1,444 -739 -141 22,790 Loan impairment charges -232 265 -403 - -62 -5 - -436 Profit before tax 7,475 6,686 7,029 1,407 1,506 -735 -141 23,227 Loans, excluding reverse transactions* 659,195 654,451 294,097 - 63,250 16,420 -17,744 1,669,669 Other assets * 475,387 173,596 2,847,150 573,738 66,120 5,350,479 -7,457,865 2,028,606 Total assets* 1,134,583 828,047 3,141,247 573,738 129,370 5,366,899 -7,475,609 3,698,275 Deposits, excluding repo deposits* 389,057 244,904 299,839 - 106,712 7,520 -14,489 1,033,543 Other liabilities * 715,484 540,634 2,801,332 553,265 15,772 5,322,450 -7,461,121 2,487,817 Allocated capital 30,042 42,509 40,076 20,473 6,886 36,929 - 176,916 Total liabilities and equity* 1,134,583 828,047 3,141,247 573,738 129,370 5,366,899 -7,475,609 3,698,275 Profit before tax as % p.a. of allocated capital (avg.) 32.6 21.2 23.2 9.3 31.4 -2.3 - 17.6 Cost/income ratio (%) 50.0 36.2 45.1 - 44.1 - - 45.5 Full-time-equivalent staff, end of period 3,976 1,728 2,115 920 1,248 10,069 - 20,057 *Comparative information for First nine months 2024 has been restated as described in note G2(b).
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36 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G4. Income (a) Fee income Note G6 of the Annual Report 2024 provides additional information on the Group’s accounting policy for fee income, including the description by fee type. Fee income first nine months 2025 (DKK millions) Fee income Fee expenses Net fee income Investment 4,727 1,095 3,631 Money transfers, account fee, cash management and other fees 5,059 731 4,328 Lending and Guarantees 1,640 114 1,526 Capital markets 1,123 40 1,083 Total 12,549 1,981 10,568 Fee income first nine months 2024 (DKK millions) Fee income Fee expenses Net fee income Investment 6,212 2,593 3,620 Money transfers, account fee, cash management and other fees 4,719 576 4,144 Lending and Guarantees 1,632 110 1,522 Capital markets 1,154 36 1,118 Total 13,718 3,315 10,403 (b) Other income Other income amounted to DKK 428 million for the first nine months ending 30 September 2025 (30 September 2024: DKK 464 million). Other income includes gain or loss on sale of disposal groups, income from investment property and real estate brokerage, and income from holdings in associates. G5. Loan impairment charges Loan impairment charges include impairment charges for expected credit losses on loans, lease receivables, bonds at amortised cost and fair value through other comprehensive income, certain loan commitments and financial guarantee contracts as well as fair value adjustments of the credit risk on loans measured at fair value. Loan impairment charges (DKK millions) 30 September 2025 30 September 2024 ECL on new assets 2,814 2,617 ECL on assets derecognised -2,048 -2,228 Impact of net remeasurement of ECL (incl. changes in models) -265 89 Write-offs charged directly to income statement 140 97 Received on claims previously written off -130 -713 Interest income, effective interest method -253 -298 Total 258 -436
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37 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G6. Insurance assets and Insurance liabilities Insurance assets comprise assets earmarked for policyholders. As at 30 September 2025, Insurance assets total DKK 567,083 million (31 December 2024: DKK 567,273 million) before own bonds of DKK 5,017 million (31 December 2024: DKK 5,437 million) and other intra-group balances of DKK 16,575 million (31 December 2024: DKK 12,924 million). Insurance liabilities comprise DKK 473,032 million of Insurance contract liabilities as defined by IFRS 17 (31 December 2024: DKK 456,227 million) and DKK 75,029 million of Other insurance-related liabilities (31 December 2024: DKK 87,590 million), before intra- group balances of DKK 8,864 million (31 December 2024: DKK 14,024 million). Note G18 of Annual Report 2024 provides additional information on Insurance assets and Insurance liabilities. G7. Issued bonds, subordinated debt and additional tier 1 capital Issued bonds at fair value 30 September 31 December (DKK millions) 2025 2024 Bonds issued by Realkredit Danmark (covered bonds) 734,890 744,495 Structured retail notes 1,442 2,061 Total 736,332 746,556 Issued bonds at amortised cost and Non-preferred senior bonds 30 September 31 December (DKK millions) 2025 2024 Commercial papers and certificates of deposits 50,939 49,044 Preferred senior bonds 54,768 66,778 Covered bonds 134,275 126,763 Structured retail notes 183 612 Issued bonds at amortised cost, total 240,164 243,198 Non-preferred senior bonds 89,358 89,492 Further information on issued bonds at fair value through profit or loss can be found in note G16 of the Annual Report 2024. The issuance and redemption of bonds (including commercial papers and certificates of deposits at fair value) during the year are presented in the following tables. Other issued bonds Other issued bonds in the following tables comprise Issued bonds at fair value excluding Realkredit Danmark, Issued bonds at amortised cost and Non-preferred senior bonds. Nominal value of other issued bonds 1 January Foreign currency 30 September (DKK millions) 2025 Issued Redeemed translation 2025 Commercial papers and certificate of deposits 49,002 86,825 80,482 -4,424 50,921 Preferred senior bonds 68,592 11,906 21,280 -3,265 55,953 Covered bonds 128,673 19,311 15,498 4,780 137,266 Structured retail notes 3,117 - 1,154 172 2,135 Non-preferred senior bonds 91,588 18,838 15,602 -3,754 91,069 Total 340,972 136,880 134,017 -6,491 337,344 1 January Foreign currency 31 December (DKK millions) 2024 Issued Redeemed translation 2024 Commercial papers and certificate of deposits 29,613 78,934 60,856 1,310 49,002 Preferred senior bonds 65,545 10,684 8,735 1,099 68,592 Covered bonds 129,419 27,161 25,770 -2,137 128,673 Structured retail notes 4,076 - 1,154 196 3,117 Non-preferred senior bonds 97,900 28,404 35,782 1,067 91,588 Total 326,553 145,182 132,298 1,534 340,972
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38 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G7. Issued bonds, subordinated debt and additional tier 1 capital - continued Subordinated debt and additional tier 1 capital As at 30 September 2025, the nominal value of subordinated debt, including liability accounted additional tier 1 capital, amounted to DKK 30,497 million (31 December 2024: DKK 41,440 million). During the period ended 30 September 2025, the Group issued NOK 1,600 million and EUR 500 million of tier 2 capital and USD 500 million of liability accounted additional tier 1 capital. The Group also redeemed EUR 1,750 million of tier 2 capital and USD 750 million of liability accounted additional tier 1 capital during the nine months ended 30 September 2025. During 2024, the Group issued EUR 1,250 million of tier 2 capital and SEK 4,250 million of tier 2 capital. In 2024, the Group also redeemed EUR 750 million of tier 2 capital and SEK 1,000 million of tier 2 capital, as well as USD 750 million of liability accounted additional tier 1 capital. For the additional tier 1 capital, Danske Bank A/S may, at its sole discretion, omit interest payments to bondholders. Any interest payments are paid out of distributable items, which primarily consist of retained earnings in Danske Bank A/S and Danske Bank Group. As at 30 September 2025, distributable items for Danske Bank A/S amounted to DKK 134.5 billion (31 December 2024: DKK 109.6 billion). The additional tier 1 capital will be temporarily written down or converted into a variable number of ordinary shares, depending on the terms of each issued bond, if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group. As at 30 September 2025 the common equity tier 1 capital ratio was 22.0% (31 December 2024: 20.5%) for Danske Bank A/S. The ratios for the Danske Bank Group are disclosed in the Statement of capital. G8. Other assets and Other liabilities 30 September 31 December (DKK millions) 2025 2024* Other assets Accrued interest and commissions due 8,156 7,352 Prepayments, accruals and other amounts due 9,998 9,727 Defined benefit pension plan, net assets 922 907 Investment property 363 396 Tangible assets 6,956 7,092 Right of use lease assets 3,560 3,675 Holdings in associates 384 396 Assets held for sale 156 160 Total 30,494 29,706 Other liabilities Sundry creditors 47,826 42,659 Accrued interest and commissions due 14,937 13,265 Defined benefit pension plans, net liabilities 249 275 Other staff commitments 725 1,287 Lease liabilities 3,670 3,787 Loan commitments and guarantees etc. 2,910 2,893 Reserves subject to a reimbursement obligation 2 2 Provisions, including litigations 1,653 1,866 Total 71,972 66,033 *Other assets includes Assets held for sale. In the table above, Provisions, including litigations includes customer remediation of DKK 1,141 million, regulatory and legal proceedings of DKK 3 million, restructuring costs of DKK 188 million and other provisions of DKK 322 million.
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39 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G9. Foreign currency translation reserve As at 30 September 2025, the Group has granted loans to its branches in Sweden, Norway and Finland in the currency of the foreign unit for a total of DKK 34,477 million (31 December 2024: DKK 32,893 million). The loans are part of the net investment in those units and the foreign currency gains/losses on these loans are recognised in Other comprehensive income. The funding of the loans is partly done in DKK in order to create a so-called structural FX hedge position in accordance with banking regulations, i.e. to reduce the impact on capital ratios resulting from changes in the risk exposure amount due to changes in currency rates. The Group’s net investment in its subsidiaries Danske Hypotek AB (Sweden) and Danske Mortgage Bank Plc (Finland) is included in the structural FX hedge position to extend the hedge to the risk exposure amount measured by currency for EUR, NOK and SEK across the entire Group balance sheet, although with constraints to the size of the loans to the foreign branches and the net investments in the foreign subsidiaries. This strategy of partly hedging the sensitivity to capital ratios from volatility in foreign currency rates increases the volatility in Other comprehensive income and the Foreign currency translation reserve in equity under IFRS since it decreases the hedge of the currency risk on the net investments in those units. As at 30 September 2025, the structural FX hedge position totalled DKK 39,040 million (31 December 2024: DKK 36,952 million) and a gain of DKK 742 million has been recognised in Other comprehensive income during the first nine months of 2025, primarily due to a strengthening of SEK and NOK against DKK throughout the first nine months of 2025. For comparison, a total loss of DKK 632 million was recognised in Other comprehensive income during the first nine months of 2024, primarily due to a weakening of SEK and NOK against DKK throughout the first nine months of 2024. G10. Guarantees, commitments and contingent liabilities Contingent liabilities consist of possible liabilities arising from past events. The existence of such liabilities will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the Group’s control. Contingent liabilities that can, but are not likely to, result in an outflow of economic resources are disclosed. The Group uses a variety of loan-related financial instruments to meet customers’ financial requirements. Instruments include loan offers and other credit facilities, guarantees and instruments not recognised in the balance sheet. If an instrument is likely to result in a payment obligation, a liability is recognised under Other liabilities corresponding to the present value of expected payments. (a) Guarantees 30 September 31 December (DKK millions) 2025 2024 Financial guarantees 14,488 17,393 Other guarantees 83,245 78,965 Total 97,734 96,359 (b) Commitments 30 September 31 December (DKK millions) 2025 2024 Loan commitments shorter than 1 year 204,964 191,002 Loan commitments longer than 1 year 238,596 244,372 Other unutilised commitments 15,248 16,689 Total 458,809 452,062
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40 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G10. Guarantees, commitments and contingent liabilities - continued (c) Regulatory and legal proceedings Estonia matter In December 2022, Danske Bank entered into final coordinated resolutions with the US Department of Justice (DoJ), the US Securities and Exchange Commission (SEC) and the Danish Special Crime Unit (SCU) following the investigations into failings and misconduct related to the non-resident portfolio at Danske Bank’s former Estonia branch. The aggregate amounts payable to the US and Danish authorities were paid in January 2023. The coordinated resolutions marked the end of the criminal and regulatory investigations into Danske Bank by the authorities in Denmark and the United States. As part of the Bank’s agreement with DoJ, Danske Bank was placed on corporate probation for three years from 13 December 2022 until 13 December 2025 and Danske Bank committed to continue improving its compliance programs. Danske Bank has taken extensive remediation action to address those failings to prevent any similar occurrences, and the Bank remains in contact with DoJ as a matter of post-resolution obligations set forth in the agreement with DoJ. The civil claims filed against Danske Bank by institutional investors can be summarised to six case complexes with a current total claim amount of approximately DKK 12.8 billion. One of the case complexes has partly been referred to the Eastern High Court, while the remaining case complexes are stayed or pending before the Copenhagen City Court. In the case complex pending before Eastern High Court, test cases have been selected to be progressed to trial. The Eastern High Court has scheduled the main hearing to start in 2027. The civil claims were not included in the coordinated resolutions with DoJ, SEC, and SCU. Danske Bank will continue to defend itself vigorously against these claims. The timing of completion of such civil claims (pending or threatening) and their outcome are uncertain and could be material. Danske Bank has been procedurally notified in two claims filed against Thomas F. Borgen with a current total claim amount of approximately DKK 1.7 billion. Under Danish law, the purpose of a procedural notification is to make a formal reservation of rights to bring a potential claim against the notified party. The first case was dismissed in the first instance and subsequently appealed by the claimants to the Eastern High Court where the main hearing is scheduled to start in January 2028. An action has been filed in the United States District Court for the Eastern District of New York against Danske Bank and others. The complaint sought unspecified punitive and compensatory damages. In December 2022, the action was dismissed by the court and in January 2023, the complainants filed an appeal of the dismissal. In March 2024, the appellate court heard oral arguments for the appeal and, in July 2025, the appellate court rendered its decision affirming in its entirety the dismissal of the claims against Danske Bank and the other international banks. The complainants can seek a discretionary review of this decision from the Supreme Court of the United States. Any request for such discretionary review from the Supreme Court must be filed within 90 days from the date of the decision. In September 2025, the claimants have asked the appeals court to reconsider its decision. The 90-day deadline will run from the date that the rehearing request is resolved. Other Owing to its business volume, Danske Bank is continually a party to various other lawsuits and disputes, and has an ongoing dialogue with public authorities, such as the Danish FSA and the Danish Tax Agency on other matters. In general, Danske Bank does not expect the outcomes of any of these other pending lawsuits and disputes, or its dialogue with public authorities to have any material effect on its financial position. Provisions for litigations are included in Other liabilities, see note G8. (d) Further explanation A limited number of employees are employed under terms which, if they are dismissed before reaching their normal retirement age, grant them a severance and/or pension payment in excess of their entitlement under ordinary terms of employment. As the sponsoring employer, the Group is also liable for the pension obligations of a number of company pension funds. The Group participates in the Danish Guarantee Fund and the Danish Resolution Fund. The funds’ capital must amount to at least 0.8% and 1%, respectively, of the covered deposits of all Danish credit institutions by 31 December 2024. The Danish Guarantee Fund is currently fully funded, but if the fund subsequently does not have sufficient means to make the required payments, extraordinary contributions of up to 0.5% of the individual institution’s covered deposits may be required. Extraordinary contributions above this percentage require the consent of the Danish FSA. The Danish Resolution Fund is fully funded. If the Resolution Fund does not have sufficient means to make the required payments, extraordinary contributions of up to three times the latest annual contributions may be required by Danske Bank A/S and Realkredit Danmark A/S. In addition, Danish banks participate in the Danish Restructuring Fund, which reimburses creditors if the final dividend is lower than the interim dividend in respect of banks that were in distress before 1 September 2015. Similarly, Danish banks have made payment commitments totalling DKK 1 billion to cover losses incurred by the Danish Restructuring Fund for the withdrawal of distressed banks from data centres etc. Payments to the Danish Restructuring Fund are calculated based on the individual credit institution’s share of covered deposits relative to other credit institutions in Denmark. However, each institution’s contribution to the Danish Restructuring Fund may not exceed 0.2% of its covered deposits. The Group is a member of deposit guarantee schemes and other compensation schemes in Norway and the UK. As in Denmark, the contributions to the schemes in these countries are annual contributions combined with extraordinary contributions if the means of the schemes are not sufficient to cover the required payments. Danske Bank A/S is taxed jointly with all Danish entities of Danske Bank Group and is jointly and severally liable with these for payment of Danish corporation tax and withholding tax, etc.
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41 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G11. Assets provided or received as collateral As at 30 September 2025, the Group had deposited securities (including bonds issued by the Group) worth DKK 4.1 billion as collateral with Danish and international clearing centres and other institutions (31 December 2024: DKK 4.2 billion). As at 30 September 2025, the Group had provided cash and securities (including bonds issued by the Group) worth DKK 62.9 billion as collateral for derivatives transactions (31 December 2024: DKK 85.8 billion). As at 30 September 2025, the Group had registered insurance assets (including bonds and shares issued by the Group) and investment contracts worth DKK 517.7 billion (31 December 2024: DKK 505.3 billion) as collateral for policyholders’ savings of DKK 487.0 billion (31 December 2024: DKK 469.8 billion). As at 30 September 2025, the Group had registered loans at fair value and securities (including bonds issued by the Group) worth a total of DKK 754.3 billion (31 December 2024: DKK 760.6 billion) as collateral for bonds issued by Realkredit Danmark. Similarly, the Group had registered loans and other assets worth DKK 251.4 billion (31 December 2024: DKK 231.1 billion) as collateral for covered bonds issued under Danish, Finnish and Swedish law. The following table shows assets provided as collateral for liabilities or contingent liabilities. Assets provided as collateral under repo transactions are shown separately whereas the types explained above are included in the column ‘Other’. Assets provided as collateral 30 September 2025 31 December 2024 (DKK millions) Repo Other Total Repo Other Total Due from credit institutions - 13,081 13,081 - 29,204 29,204 Trading and investment securities 272,288 48,929 321,217 176,271 52,627 228,898 Loans at fair value - 749,531 749,531 - 755,188 755,188 Loans at amortised cost - 261,496 261,496 - 243,691 243,691 Insurance assets and assets under investment contracts - 496,104 496,104 - 487,000 487,000 Total 272,288 1,569,141 1,841,429 176,271 1,567,709 1,743,981 Own issued bonds 20,042 23,921 43,963 32,146 21,030 53,176 Total, including own issued bonds 292,330 1,593,061 1,885,391 208,418 1,588,739 1,797,156 Securities provided as collateral under agreements that entitle the counterparty to sell the securities or provide them as collateral for other loans amounted to DKK 272.3 billion as at 30 September 2025 (31 December 2024: DKK 176.3 billion). As at 30 September 2025, the Group had received securities worth DKK 423.0 billion (31 December 2024: DKK 452.0 billion) as collateral for reverse repo transactions, securities lending, derivatives transactions and other transactions entered into on the standard terms for such transactions. As the party receiving the collateral, the Group is entitled in most cases to sell the securities or provide the securities as collateral for other loans in exchange for returning similar securities to the counterparty at the expiry of the transactions. As at 30 September 2025, the Group had sold securities or provided securities as collateral worth DKK 109.7 billion (31 December 2024: DKK 103.0 billion). The Group also receives many other types of assets as collateral in connection with its ordinary lending activities. The Group has not received the ownership of these assets. Note G40 of the Annual Report 2024 provides more details on assets received as collateral in connection with ordinary lending activities.
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42 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G12. Fair value information for financial instruments Financial instruments are recognised in the balance sheet at fair value or amortised cost. 30 September 2025 31 December 2024 (DKK millions) Fair value Amortised cost Fair value Amortised cost Financial assets Cash in hand and demand deposits with central banks - 101,489 - 107,498 Due from credit institutions and central banks 30,524 47,416 63,040 80,529 Trading portfolio assets 453,921 - 531,831 - Investment securities held at amortised cost - 146,046 - 135,714 Investment securities held at fair value 146,622 - 133,404 - Loans at amortised cost - 996,322 - 921,900 Loans at fair value 1,087,697 - 1,074,783 - Assets under pooled schemes and investment contracts 75,889 - 76,173 - Insurance assets 502,377 - 508,045 - Total 2,297,029 1,291,274 2,387,276 1,245,642 Financial liabilities Due to credit institutions and central banks 105,603 65,729 129,910 84,454 Trading portfolio liabilities 302,835 - 357,507 - Deposits 179,819 1,062,522 78,550 1,095,232 Issued bonds at fair value 736,332 - 746,556 - Issued bonds at amortised cost - 240,164 - 243,198 Deposits under pooled schemes and investment contracts 76,652 - 76,608 - Insurance liabilities 55,802 - 60,111 - Non-preferred senior bonds - 89,358 - 89,492 Subordinated debt - 30,297 - 40,798 Loan commitments and guarantees - 2,910 - 2,893 Total 1,457,044 1,490,980 1,449,242 1,556,067 Insurance liabilities in the Balance sheet comprise Insurance contract liabilities (as defined by IFRS 17) and Other insurance-related liabilities. The preceding table does not include Insurance contract liabilities as they are measured using the General Measurement Model, Variable Fee Approach or Premium Allocation Approach as defined by IFRS 17. Investment securities at fair value include bonds measured at fair value through other comprehensive income (see the bond portfolio table in note G13). All other financial assets in the column ‘Fair value’ are mandatorily measured at fair value through profit or loss under IFRS 9. Except for trading portfolio liabilities, all other financial liabilities at fair value are measured at fair value through profit or loss using the fair value option. Financial instruments at amortised cost The liquidity portfolio managed by Group Treasury includes different portfolios with different business models (see note G13 in Annual Report 2024 for further description of business models). Bonds held within a business model for the purpose of collecting contractual cash flows (hold to collect) and with cash flows that are solely payments of principal and interest on the principal amount outstanding are measured at amortised cost. For bonds classified as hold-to-collect, amortised cost exceeded fair value as of 30 September 2025 with DKK 2,954 million (31 December 2024: DKK 3,770 million). This portfolio mainly contains Danish mortgage bonds and central and local government bonds and has a weighted average rating factor of 6.0, following Moody’s numerical rating factor to scale, which corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is 2.7 years. Without any reinvestments, respectively 29%, 52% and 19% of this portfolio will reach maturity within a period of 1 year, between 1 to 5 years, and after 5 years. The difference from amortised cost to fair value has reduced during the first nine months of 2025 due to a decrease in market interest rate levels. Financial instruments at fair value Note G33(a) of the Annual Report 2024 provides more information about fair value calculation methods for financial instruments. Financial instruments valued on the basis of quoted prices in an active market are recognised in the Quoted prices category. Financial instruments valued substantially on the basis of other observable input are recognised in the Observable input category. This category covers instruments such as derivatives valued on the basis of observable yield curves and exchange rates and illiquid mortgage bonds valued by reference to the value of similar liquid bonds. Other financial instruments valued substantially on the basis of non-observable input are recognised in the Non-observable input category. This category covers instruments such as unlisted shares, some unlisted bonds and a very limited portion of the derivatives portfolio. If, at the balance sheet date, a financial instrument’s classification differs from its classification at the beginning of the year, the classification of the instrument changes. Changes are considered to have taken place at the balance sheet date. Developments in the financial markets have resulted in reclassification between the categories. Some bonds have become illiquid and have therefore been moved from the Quoted prices to the Observable input category, while other bonds have become liquid and have been moved from the Observable input to the Quoted prices category. The amounts transferred are insignificant.
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43 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G12. Fair value information for financial instruments – continued Financial instruments at fair value (DKK millions) Quoted prices Observable input Non- observable input Total 30 September 2025 Financial assets Due from credit institutions and central banks - 30,524 - 30,524 Derivatives 11,245 184,721 971 196,937 Trading portfolio bonds 185,683 15,036 - 200,719 Trading portfolio shares 55,965 - 301 56,266 Investment securities, bonds 124,643 21,626 - 146,269 Investment securities, shares - - 353 353 Loans at fair value - 1,087,697 - 1,087,697 Assets under pooled schemes and investment contracts 75,889 - - 75,889 Insurance assets, bonds 149,255 41,687 1,991 192,933 Insurance assets, shares 226,166 5,216 35,204 266,586 Insurance assets, derivatives 2,403 39,970 485 42,858 Total 831,249 1,426,477 39,305 2,297,029 Financial liabilities Due to credit institutions and central banks - 105,603 - 105,603 Derivatives 14,433 178,053 687 193,173 Obligations to repurchase securities 106,818 2,842 3 109,663 Deposits - 179,819 - 179,819 Issued bonds at fair value 736,332 - - 736,332 Deposits under pooled schemes and investment contracts - 76,652 - 76,652 Insurance liabilities 737 54,419 646 55,802 Total 858,320 597,388 1,336 1,457,044 (DKK millions) Quoted prices Observable input Non- observable input Total 31 December 2024 Financial assets Due from credit institutions and central banks - 63,040 - 63,040 Derivatives 7,289 249,643 4,114 261,046 Trading portfolio bonds 160,849 17,168 - 178,017 Trading portfolio shares 92,637 - 131 92,768 Investment securities, bonds 108,843 24,042 - 132,885 Investment securities, shares - - 519 519 Loans at fair value - 1,074,783 - 1,074,783 Assets under pooled schemes and investment contracts 76,173 - - 76,173 Insurance assets, bonds 160,099 49,275 2,103 211,477 Insurance assets, shares 208,508 5,963 36,911 251,382 Insurance assets, derivatives 826 43,682 678 45,186 Total 815,224 1,527,596 44,456 2,387,276 Financial liabilities Due to credit institutions and central banks - 129,910 - 129,910 Derivatives 10,125 241,256 3,120 254,500 Obligations to repurchase securities 100,696 2,301 10 103,007 Deposits - 78,550 - 78,550 Issued bonds at fair value 746,556 - - 746,556 Deposits under pooled schemes and investment contracts - 76,608 - 76,608 Insurance liabilities 208 59,402 501 60,111 Total 857,585 588,027 3,631 1,449,242
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44 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G12. Fair value information for financial instruments – continued Financial instruments valued on the basis of unobservable inputs Sensitivity (change in fair value) Gains/losses for the period (DKK millions) Carrying amount Increase Decrease Realised Unrealised 30 September 2025 Unlisted shares allocated to insurance contract policyholders 35,204 - - 1,649 -2,443 Unlisted shares other 651 65 65 148 -35 Illiquid bonds 1,991 28 28 - -116 Derivatives, net fair value 122 - - - -497 31 December 2024 Unlisted shares allocated to insurance contract policyholders 36,911 - - 2,189 -10 Unlisted shares other 640 64 64 98 -3 Illiquid bonds 2,103 32 32 - -1,398 Derivatives, net fair value 1,171 - - - 615 For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. T herefore, changes in the fair value will affect the Group’s net profit only to a limited extent. The Group’s remaining portfolio of unlisted shares consists primarily of banking-related investments and holdings in private equity funds. The sensitivity of the fair value measurement to changes in the unobservable input disclosed in the table is calculated as a 10% increase or 10% decrease in fair value. Under current market conditions, a 10% decrease in the fair value is considered to be below a possible alternative estimate of the fair value at the end of the period. The unrealised adjustments in the nine months ended 30 September 2025 were attributable to various unlisted shares. The estimated fair value of illiquid bonds depends significantly on the estimated credit spread. In the table, the sensitivity of the fair value measurement to changes in non-observable input is calculated as a 50bps widening or narrowing of the credit spread. A substantial number of derivatives valued on the basis of non-observable input are hedged by similar derivatives or are used for hedging the credit risk on bonds also valued on the basis of non-observable input. Changing one or more of the non-observable inputs to reflect reasonable, possible alternative assumptions would not change the fair value of the derivatives significantly above what is already covered by the reserve related to fair value adjustment for model risk. Reconciliation from beginning to end of period 30 September 2025 31 December 2024 (DKK millions) Shares Bonds Derivatives Shares Bonds Derivatives Fair value at 1 January 37,551 2,103 1,171 35,308 2,458 12 Value adjustment through profit or loss -681 -116 -497 2,274 -1,398 615 Acquisitions 2,786 75 36 3,658 372 707 Sale and redemption -3,801 -71 -586 -3,856 -21 -105 Transferred from quoted prices and observable input - - - 167 692 - Transferred to quoted prices and observable input - - -3 - - -58 Fair value end of period 35,855 1,991 122 37,551 2,103 1,171 The value adjustment through profit or loss is recognised under Net trading income or loss. The transfer of derivatives to the Observable input category consists primarily of maturity reductions, implying that the yield curves have become observable.
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45 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights G13. Risk management notes The consolidated financial statements for 2024 provide a detailed description of the Group’s risk management practices. Breakdown of credit exposure (DKK billions) 30 September 2025 Total Lending activities Counterparty credit risk Trading and investment securities Customer- funded investments Balance sheet items Demand deposits with central banks 94.9 94.9 - - - Due from credit institutions and central banks 77.9 47.4 30.5 - - Trading portfolio assets 453.9 - 196.9 257.0 - Investment securities 292.7 - - 292.7 - Loans at amortised cost 996.3 996.3 - - - Loans at fair value 1,087.7 749.5 338.2 - - Assets under pooled schemes and investment contracts 75.9 - - - 75.9 Insurance assets 545.5 - - - 545.5 Off-balance-sheet items Guarantees 97.7 97.7 - - - Loan commitments shorter than 1 year 205.0 205.0 - - - Loan commitments longer than 1 year 238.6 238.6 - - - Other unutilised commitments 15.2 - - - 15.2 Total 4,181.3 2,429.4 565.6 549.7 636.6 (DKK billions) 31 December 2024 Total Lending activities Counterparty credit risk Trading and investment securities Customer- funded investments Balance sheet items Demand deposits with central banks 100.6 100.6 - - - Due from credit institutions and central banks 143.6 80.5 63.0 - - Trading portfolio assets 531.8 - 261.0 270.8 - Investment securities 269.1 - - 269.1 - Loans at amortised cost 921.9 921.9 - - - Loans at fair value 1,074.8 755.2 319.6 - - Assets under pooled schemes and investment contracts 76.2 - - - 76.2 Insurance assets 548.9 - - - 548.9 Off-balance-sheet items Guarantees 96.4 96.4 - - - Loan commitments shorter than 1 year 191.0 191.0 - - - Loan commitments longer than 1 year 244.4 244.4 - - - Other unutilised commitments 16.7 - - - 16.7 Total 4,215.3 2,389.9 643.7 539.9 641.7 In addition to credit exposure from lending activities, Danske Bank had made uncommitted loan offers and granted uncommitted lines of credit of DKK 220 billion at 30 September 2025 (31 December 2024: DKK 193 billion). These items are included in the calculation of the total risk exposure amount in accordance with the Capital Requirements Directive.
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46 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk Credit exposure from lending activities Credit exposure from lending activities in the Group’s banking business includes loans, amounts due from credit institutions and central banks, guarantees and irrevocable loan commitments. The exposure is measured net of expected credit losses and includes repo loans at amortised cost. For reporting purposes, all collateral values are net of haircuts and capped at the exposure amount. The Group’s definition of default for accounting aligns with the regulatory purposes. All exposures in stage 3 are considered default. This includes all non-performing loans. A small amount of credit exposure in stage 3 can be found outside default. This is due to impairment staging being updated monthly (after each month-end), whereas default is updated daily. For the same reason, some credit exposure in default is outside stage 3. The stage 3 coverage ratio is 68% (31 December 2024: 71%). For further details about the Group’s credit risk management and the use of information on expected credit losses for risk management purposes, see Risk Management 2024. Credit portfolio broken down by rating category and stages The following tables break down the credit exposure by rating categories and stages. Further information on classification of customers can be found on page 212 in Annual Report 2024.
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47 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk– continued Credit exposure broken down by rating categories (DKK billions) PD level Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 30 September 2025 Upper Lower Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 1 - 0.01 100.1 0.2 - - - - 100.1 0.2 - 77.6 - - 2 0.01 0.03 191.5 0.1 - - - - 191.5 0.1 - 96.0 - - 3 0.03 0.06 503.1 0.8 - 0.1 - - 503.0 0.8 - 248.9 0.5 - 4 0.06 0.14 581.1 2.2 - 0.2 - - 580.9 2.1 - 262.0 1.1 - 5 0.14 0.31 482.7 6.9 0.1 0.4 0.1 - 482.3 6.8 0.1 193.3 3.8 - 6 0.31 0.63 298.9 42.5 0.1 0.6 0.7 - 298.3 41.8 - 101.2 18.5 - 7 0.63 1.90 95.0 44.9 - 1.2 1.8 0.1 93.8 43.1 - 36.4 16.1 - 8 1.90 7.98 11.9 29.0 0.9 0.7 2.3 0.1 11.2 26.7 0.8 3.4 9.9 0.2 9 7.98 25.70 1.5 4.7 - - 0.6 - 1.5 4.1 - 0.1 0.8 - 10 25.70 99.99 0.9 17.6 0.8 - 1.6 0.2 0.8 16.0 0.7 0.3 5.7 0.3 11 (default) 100.00 100.00 0.2 1.3 30.2 - 0.1 9.0 0.2 1.2 21.2 - - 4.0 Total 2,266.9 150.1 32.1 3.3 7.2 9.3 2,263.7 143.0 22.8 1,019.3 56.5 4.4 (DKK billions) PD level Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 31 December 2024 Upper Lower Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 1 - 0.01 130.1 - - - - - 130.1 - - 108.8 - - 2 0.01 0.03 191.1 0.2 - - - - 191.1 0.2 - 95.3 - - 3 0.03 0.06 508.6 0.8 - 0.1 - - 508.6 0.8 - 259.8 0.5 - 4 0.06 0.14 583.0 2.6 0.1 0.2 - - 582.8 2.6 0.1 268.9 1.6 - 5 0.14 0.31 422.5 8.5 - 0.4 0.1 - 422.1 8.4 - 154.4 5.1 - 6 0.31 0.63 291.1 39.5 - 0.6 0.6 - 290.4 38.9 - 95.8 14.2 - 7 0.63 1.90 89.1 43.7 0.7 1.2 1.8 0.1 88.0 41.9 0.5 31.3 11.1 0.5 8 1.90 7.98 9.6 28.9 - 0.7 2.2 0.1 8.9 26.7 - 2.5 7.9 - 9 7.98 25.70 1.0 5.1 0.1 - 0.7 - 0.9 4.4 0.1 0.1 1.6 - 10 25.70 99.99 1.0 19.3 0.8 - 2.1 0.1 1.0 17.2 0.7 0.3 6.8 0.1 11 (default) 100.00 100.00 0.3 1.5 30.7 0.1 0.1 8.8 0.2 1.4 22.0 - 0.1 3.1 Total 2,227.3 150.0 32.5 3.2 7.6 9.1 2,224.1 142.4 23.5 1,017.3 49.0 3.8
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48 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk– continued Credit portfolio broken down by industry (NACE) and stages The following tables break down credit exposure by industry. The industry segmentation is based on the classification principles of the Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group’s business risk approach used for the active management of the credit portfolio. Credit exposure broken down by industry (DKK billions) Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 30 September 2025 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Public institutions 161.7 1.4 0.2 - - - 161.7 1.4 0.2 159.8 - - Financials 144.5 3.1 0.4 - 0.2 0.1 144.5 2.9 0.3 128.6 1.6 0.2 Agriculture 52.9 5.5 1.3 0.3 0.6 0.4 52.6 4.9 0.9 12.7 1.5 - Automotive 26.0 6.9 0.6 - 0.3 0.2 25.9 6.5 0.5 20.1 4.3 0.3 Capital goods 84.7 13.1 2.3 0.1 0.6 0.9 84.6 12.5 1.4 75.6 10.2 0.5 Commercial property 277.3 29.4 3.6 0.6 1.0 0.9 276.7 28.4 2.7 40.1 3.0 0.5 Construction and building materials 43.5 10.8 1.9 0.3 0.8 1.0 43.3 10.0 0.9 32.0 6.4 0.3 Consumer goods 88.1 7.4 1.0 0.1 0.4 0.5 88.0 6.9 0.5 67.4 5.2 0.1 Hotels, restaurants and leisure 15.6 1.1 0.5 - 0.1 0.1 15.6 1.1 0.4 5.9 0.3 0.1 Metals and mining 20.6 2.8 0.2 - 0.1 0.1 20.6 2.6 0.1 17.7 2.0 - Other commercials 4.0 0.8 0.4 0.2 - 0.1 3.9 0.8 0.3 0.6 0.1 - Pharma and medical devices 55.3 0.9 0.2 - - 0.1 55.3 0.8 0.1 51.9 0.7 - Private housing co-ops and non-profit associations 210.9 3.6 0.5 0.1 0.1 0.1 210.8 3.5 0.4 33.3 0.5 0.1 Pulp, paper and chemicals 44.4 3.9 0.4 0.1 0.2 0.2 44.3 3.6 0.3 32.1 2.5 - Retailing 29.4 6.2 1.7 0.1 0.4 0.6 29.4 5.8 1.1 19.5 5.0 0.5 Services 88.3 5.2 1.5 0.2 0.3 0.4 88.1 4.9 1.1 73.5 3.3 0.6 Shipping, oil and gas 39.2 4.8 1.1 - 0.1 0.1 39.2 4.7 0.9 22.5 1.2 0.1 Social services 27.6 2.5 0.3 - 0.1 0.1 27.6 2.4 0.2 10.9 2.1 - Telecom and media 26.6 1.6 2.2 - 0.1 0.6 26.6 1.5 1.5 21.8 1.2 0.7 Transportation 17.4 2.2 1.3 - 0.2 0.2 17.4 2.0 1.1 9.2 0.5 0.3 Utilities and infrastructure 92.5 2.4 0.1 0.1 0.2 - 92.4 2.2 0.1 68.9 1.5 0.1 Personal customers 716.2 34.7 10.3 1.1 1.3 2.6 715.1 33.4 7.7 115.2 3.4 - Total 2,266.9 150.1 32.1 3.3 7.2 9.3 2,263.7 143.0 22.8 1,019.3 56.5 4.4
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49 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk – continued (DKK billions) Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 31 December 2024 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Public institutions 190.2 1.4 0.2 - - - 190.2 1.4 0.2 188.6 - - Financials 156.3 2.8 0.4 - 0.1 0.1 156.3 2.7 0.3 140.0 1.9 0.2 Agriculture 51.6 5.2 1.6 0.3 0.7 0.5 51.2 4.5 1.1 11.8 1.2 - Automotive 25.5 5.1 0.3 - 0.3 0.1 25.5 4.8 0.1 18.9 2.7 - Capital goods 88.0 11.3 2.1 0.1 0.4 0.8 88.0 10.9 1.3 78.1 8.3 0.3 Commercial property 269.2 31.1 4.0 0.7 1.4 0.9 268.6 29.7 3.1 47.3 4.2 0.4 Construction and building materials 43.1 8.0 1.8 0.4 1.1 0.9 42.8 6.9 1.0 31.1 3.2 0.4 Consumer goods 78.5 8.2 1.2 - 0.5 0.4 78.5 7.7 0.7 61.7 5.9 0.1 Hotels, restaurants and leisure 12.4 1.3 0.7 - 0.1 0.2 12.4 1.3 0.5 3.2 0.3 0.1 Metals and mining 16.3 2.6 - - 0.1 - 16.3 2.5 - 13.6 1.8 - Other commercials 2.1 0.3 1.0 0.1 - 0.1 2.0 0.3 0.9 - - 0.6 Pharma and medical devices 56.1 1.4 - - 0.1 - 56.0 1.3 - 52.9 1.1 - Private housing co-ops and non-profit associations 200.3 3.3 0.5 0.1 0.1 0.1 200.3 3.2 0.4 26.8 0.5 0.1 Pulp, paper and chemicals 44.9 3.4 0.7 - 0.2 0.2 44.8 3.2 0.5 33.8 2.1 0.1 Retailing 26.4 4.9 1.9 0.1 0.4 0.6 26.3 4.5 1.3 16.4 3.4 0.6 Services 75.6 4.9 1.2 0.2 0.5 0.4 75.4 4.4 0.8 63.4 2.7 0.4 Shipping, oil and gas 37.5 5.6 1.5 - 0.1 0.2 37.5 5.6 1.4 21.5 0.4 0.2 Social services 26.5 2.7 0.3 - 0.1 0.1 26.5 2.6 0.2 10.0 2.1 - Telecom and media 23.8 1.3 1.3 - 0.1 0.7 23.8 1.2 0.6 18.2 1.1 0.1 Transportation 22.6 2.1 1.2 - 0.1 0.3 22.6 2.0 0.9 14.6 0.7 - Utilities and infrastructure 90.3 0.3 - - - - 90.3 0.3 - 67.2 0.2 - Personal customers 689.9 42.7 10.6 1.0 1.3 2.6 688.8 41.3 8.0 98.1 5.1 - Total 2,227.3 150.0 32.5 3.2 7.6 9.1 2,224.1 142.4 23.5 1,017.3 49.0 3.8
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50 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk – continued Collateral The Group uses a number of measures to mitigate credit risk, including collateral, guarantees and covenants. The main method is obtaining collateral. In Annual Report 2024, a table showing collateral by type (after haircut) is included. The mitigating effect from collateral at the end of September 2025 can be found as the difference between the columns ‘Net exposure’ and ‘Net exposure, ex collateral’ and amounted to DKK 1,349.3 billion at 30 September 2025 (31 December 2024: DKK 1,319.9 billion). The following tables break down credit exposure by business unit and underlying segment. Credit exposure by business unit (DKK billions) Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 30 September 2025 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Personal Customers Personal Customers Denmark 447.5 20.7 6.3 0.8 0.7 1.5 446.8 20.0 4.8 73.6 1.8 - Personal Customers Sweden 101.9 2.6 0.5 0.1 0.1 0.1 101.9 2.5 0.4 31.6 0.4 - Personal Customers Finland 75.9 5.7 2.0 0.1 0.2 0.6 75.8 5.5 1.4 5.7 0.4 - Global Private Banking 74.3 3.8 0.7 0.1 0.3 0.1 74.2 3.5 0.6 12.3 0.5 - Personal Customers Other - - - - - - - - - - - - Total Personal Customers 699.6 32.9 9.6 1.0 1.3 2.3 698.6 31.6 7.2 123.2 3.1 - Business Customers Asset Finance 51.0 10.9 2.7 0.1 0.3 0.6 50.9 10.6 2.1 18.7 2.5 0.4 Business Customers 274.8 37.0 9.6 0.9 3.0 3.7 273.9 34.0 5.9 103.3 16.4 0.9 Commercial Real Estate 391.2 25.8 2.2 0.5 0.7 0.4 390.7 25.1 1.8 59.6 2.5 0.2 Business Customers Other 0.3 - - - - - 0.3 - - 0.3 - - Total Business Customers 717.3 73.7 14.5 1.5 4.0 4.7 715.8 69.7 9.8 181.9 21.4 1.5 Large Corporates & Institutions 627.6 39.6 6.7 0.5 1.7 1.8 627.0 37.9 4.8 546.6 31.4 2.8 Northern Ireland 107.0 3.8 1.3 0.2 0.1 0.5 106.7 3.7 0.9 54.6 0.5 - Group Functions 115.5 0.1 - - - - 115.5 0.1 - 113.1 0.1 - Total 2,266.9 150.1 32.1 3.3 7.2 9.3 2,263.7 143.0 22.8 1,019.3 56.5 4.4
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51 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk – continued (DKK billions) Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 31 December 2024 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Personal Customers Personal Customers Denmark 431.1 23.2 7.1 0.7 0.9 1.4 430.3 22.3 5.7 57.5 2.1 0.4 Personal Customers Sweden 95.2 4.0 0.5 0.1 0.2 0.1 95.2 3.8 0.4 27.9 0.9 - Personal Customers Finland 72.5 8.8 1.9 0.1 0.2 0.6 72.4 8.6 1.3 4.2 0.6 - Global Private Banking 71.8 3.5 0.9 - 0.1 0.2 71.7 3.3 0.7 12.3 0.5 0.1 Personal Customers Other* 0.7 0.2 0.3 - - 0.1 0.7 0.2 0.2 0.3 - - Total Personal Customers 671.2 39.6 10.7 1.0 1.3 2.4 670.3 38.3 8.3 102.2 4.1 0.4 Business Customers Asset Finance 49.1 10.4 2.7 0.1 0.4 0.7 49.0 10.0 2.0 17.8 2.1 0.2 Business Customers 318.0 38.5 10.8 1.1 3.4 3.8 316.9 35.1 7.0 105.7 13.7 1.0 Commercial Real Estate 326.1 22.2 0.7 0.4 0.7 0.1 325.7 21.6 0.6 60.8 2.5 - Business Customers Other 0.4 - - - - - 0.4 - - 0.4 - - Total Business Customers 693.6 71.1 14.2 1.6 4.5 4.7 692.0 66.7 9.5 184.7 18.4 1.2 Large Corporates & Institutions 649.9 35.7 6.1 0.4 1.7 1.5 649.5 34.0 4.5 572.0 26.1 2.1 Northern Ireland 100.9 3.4 1.5 0.3 0.1 0.5 100.7 3.3 1.0 49.2 0.4 - Group Functions 111.7 0.1 - - - - 111.7 0.1 - 109.2 0.1 - Total 2,227.3 150.0 32.5 3.2 7.6 9.1 2,224.1 142.4 23.5 1,017.3 49.0 3.8 * Personal Customers Other includes credit exposure that was previously reported as Personal Customers Norway in Annual Report 2024. There is no change to total credit exposure as at 31 December 2024.
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52 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk – continued Exposures subject to forbearance measures The Group adopts forbearance plans to assist customers in financial difficulty. Concessions granted to customers include interest- reduction schedules, interest-only schedules, temporary payment holidays, term extensions, cancellation of outstanding fees, waiver of covenant enforcement and debt forgiveness. Forbearance plans must comply with the Group’s Credit Policy. They are used as an instrument to retain long-term business relationships during economic downturns if there is a realistic possibility that the customer will be able to meet its obligations again or are used for minimising losses in the event of default. If it proves impossible to improve the customer’s financial situation by forbearance measures, the Group will consider whether to subject the customer’s assets to a forced sale or whether the assets could be realised later at higher net proceeds. At the end of the first nine months of 2025, the Group had recognised properties taken over in Denmark at a carrying amount of DKK 8 million (2024: DKK 13 million), and there were no properties taken over in other countries (2024: DKK 0 million). The properties are held for sale and included under Assets held for sale in the balance sheet. The Group applies the European Banking Authority’s (the EBA’s) definition of loans subject to forbearance measures. The EBA definition states that a probation period of a minimum of two years must pass from the date when forborne exposures are considered to be performing again. Forbearance measures lead to changes in staging for impairment purposes, and impairments relating to forborne exposures are handled according to the principles described in note G15 in Annual Report 2024. Exposures subject to forbearance measures (DKK millions) 30 September 2025 31 December 2024 Stage 1 111 256 Stage 2 5,968 7,629 Stage 3 6,539 6,966 Total 12,617 14,851
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53 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk - continued Allowance account broken down by stage (DKK millions) Stage 1 Stage 2 Stage 3 Total ECL allowance account as at 1 January 2024 3,592 7,486 9,062 20,140 Transferred to stage 1 984 -894 -90 - Transferred to stage 2 -243 516 -273 - Transferred to stage 3 -22 -343 364 - ECL on new assets 452 1,285 880 2,617 ECL on assets derecognised -400 -1,175 -652 -2,228 Impact of net remeasurement of ECL (incl. changes in models) -695 713 71 89 Write-offs debited to the allowance account -9 - -267 -276 Foreign exchange adjustments -15 -63 -23 -101 Other changes 1 -11 -6 -16 ECL allowance account as at 30 September 2024 3,645 7,512 9,068 20,225 ECL allowance account as at 1 January 2025 3,226 7,617 9,058 19,901 Transferred to stage 1 1,072 -980 -92 - Transferred to stage 2 -188 467 -279 - Transferred to stage 3 -59 -837 897 - ECL on new assets 520 1,190 1,104 2,814 ECL on assets derecognised -391 -879 -779 -2,048 Impact of net remeasurement of ECL (incl. changes in models) -922 546 111 -265 Write-offs debited to the allowance account - - -692 -692 Foreign exchange adjustments 3 61 10 74 Other changes 13 -12 -22 -21 ECL allowance account as at 30 September 2025 3,275 7,172 9,316 19,763 Allowance account broken down by segment (DKK millions) Personal Customers Business Customers Large Corporates & Institutions Northern Ireland Group Functions Total ECL allowance account as at 1 January 2024 5,306 10,705 3,308 794 27 20,140 ECL on new assets 346 1,457 672 140 1 2,617 ECL on assets derecognised -554 -1,575 -56 -40 -2 -2,228 Impact on remeasurement of ECL (incl. change in models) 21 594 -408 -115 -3 89 Write-offs debited to allowance account -95 -130 -40 -12 - -276 Foreign currency translation -21 -95 -16 33 -1 -101 Other changes 6 -8 -13 - -1 -16 ECL allowance account as at 30 September 2024 5,008 10,948 3,447 801 20 20,225 ECL allowance account as at 1 January 2025 4,674 10,752 3,666 785 22 19,901 ECL on new assets 369 1,273 1,101 59 12 2,814 ECL on assets derecognised -526 -1,445 -40 -36 -1 -2,048 Impact on remeasurement of ECL (incl. change in models) 300 -465 -154 65 -12 -265 Write-offs debited to allowance account -67 -136 -467 -22 - -692 Foreign currency translation 16 110 -14 -38 - 74 Other changes -77 71 -12 - -4 -21 ECL allowance account as at 30 September 2025 4,690 10,161 4,081 814 18 19,763 The method used for calculating expected credit losses is described in detail in note G15 of the Annual Report 2024.
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54 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk - continued Forward-looking information The incorporation of forward-looking information reflects the expectations of the Group’s senior management and involves both macroeconomic scenarios (base case, upside and two downside scenarios), including an assessment of the probability for each scenario, and post-model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. Post-model adjustments are used to capture specific risks which are not fully covered by the macroeconomic scenarios, as well as the process-related risk, which could lead to an underestimation of the expected credit losses. Macroeconomic scenarios The forward-looking information is based on a three-year forecast period, converging to steady state in year seven. That is, after the forecast period, the macroeconomic scenarios revert slowly towards a steady state. The scenarios applied in the expected credit loss calculation in the first nine months of 2025 have been updated with the latest macroeconomic data. For the Nordic markets overall, compared to the end of 2024, the base case and upside scenarios have been revised to reflect ongoing expectations of normalised inflation levels and improved house prices, though with a slightly more subdued outlook for some of the Nordic countries. The base case is an extension of the Group’s official view of the Nordic economies, as outlined in the Nordic Outlook report. At 30 September 2025, the base case scenario anticipates that the Nordic economic recovery continues, even though short-term growth forecasts for Denmark have been revised down. Most interest rate cuts are expected to be complete and inflation has normalised. The Nordic property markets have generally recovered, with anticipated price increases. The upside scenario represents a slightly improved outlook compared to the base case scenario. In this scenario, the global economy strengthens with increased global demand leading to slightly higher GDP growth and more support for the housing markets. A second downside scenario was introduced in the second quarter of 2025 to address the ongoing uncertainty. This scenario, which is called the downside scenario, envisions escalating trade tensions leading to an economic slowdown with a weaker foreign demand and declining equity markets. The severe downside scenario underwent a regular update in the third quarter of 2025 and continues to reflect a severe global recession. A global trade war and supply chain issues trigger a deep economic downturn similar to the financial crisis, characterised by declining demand, negative growth rates and higher, more persistent unemployment in the economies where the Group is represented. Rising import costs lead to prices increases and inflation, prompting interest rates to be hiked in response, although marginally less than previously anticipated, as current interest levels have decreased. Property prices decline for an extended period due to increased interests and market uncertainty. The scenario is applied in the Group’s ICAAP processes, which is similar in nature to regulatory stress tests, capturing the risk of a recession. The scenario weightings have been updated to incorporate the new downside scenario and reflect a more balanced risk picture. The weight on the base case scenario is 50% (31 December 2024: 60%), the upside scenario is weighted 25% (31 December 2024: 20%), the new downside scenario is weighted 5% (31 December 2024: 0%) and the severe downside scenario is weighted 20% (31 December 2024: 20%). The main macroeconomic parameters for the base case, upside, downside and severe downside scenarios that are used in the ECL calculation for the forecast horizon across the Group’s Nordic markets are included in the following tables.
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55 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk – continued Macroeconomic scenarios 30 September 2025 Base-case Upside Downside Severe downside 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 Denmark GDP 1.8 2.3 2.3 1.8 3.1 2.4 1.7 1.1 1.3 -3.4 -2.0 - Unemployment 2.9 3.0 3.1 2.9 2.8 2.8 2.9 3.3 3.7 6.4 7.4 7.8 Inflation 1.9 1.2 1.9 1.9 1.6 2.2 2.0 1.2 2.2 4.0 3.0 2.0 Property prices - Residential 5.2 3.6 3.5 5.2 4.6 4.5 3.2 -1.4 4.5 -19.7 -11.0 -6.0 Interest rate - 3 month 2.1 2.1 2.3 2.1 2.3 2.3 2.0 1.7 1.9 3.9 4.7 3.4 Sweden GDP 1.1 2.0 1.9 1.1 3.0 2.0 1.1 0.8 0.8 -3.5 -3.4 -1.0 Unemployment 8.7 8.4 7.8 8.7 8.2 7.5 8.7 8.6 8.2 10.2 11.1 11.5 Inflation 2.7 2.1 2.0 2.7 2.5 2.3 2.8 2.3 2.4 4.9 3.9 2.9 Property prices - Residential 0.4 3.0 5.0 0.4 4.0 6.0 -1.6 -2.0 6.0 -22.0 -13.0 -7.0 Interest rate - 3 month 1.9 1.9 1.9 1.9 2.2 2.2 1.9 1.7 1.7 4.8 5.6 4.3 Norway GDP 1.9 1.6 1.7 1.9 1.9 1.9 1.9 1.3 1.3 -2.7 -1.1 0.6 Unemployment 2.2 2.3 2.3 2.2 2.2 2.2 2.2 2.4 2.4 5.5 6.4 6.5 Inflation 2.7 2.3 2.1 2.7 2.4 2.2 2.7 2.2 2.5 4.5 3.0 2.0 Property prices - Residential 8.0 6.5 5.5 8.0 7.5 6.5 6.0 3.5 6.5 -19.0 -13.0 -7.0 Interest rate - 3 month 4.0 3.3 3.3 4.0 3.5 3.3 4.0 3.0 3.3 4.7 5.2 4.3 Finland GDP 0.9 2.0 1.7 0.9 2.9 1.8 0.8 0.6 0.7 -2.4 -2.0 -0.3 Unemployment 9.1 8.7 8.3 9.1 8.5 8.1 9.1 8.9 8.7 10.9 11.9 11.9 Inflation 0.4 1.2 2.0 0.4 1.5 2.2 0.4 1.3 2.4 4.0 3.0 2.0 Property prices - Residential 1.0 3.0 3.0 1.0 4.0 4.0 -1.0 - 4.0 -14.2 -7.0 -5.0 Interest rate - 3 month 2.1 2.1 2.3 2.1 2.3 2.3 2.0 1.7 1.9 4.0 4.8 3.5
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56 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk – continued 31 December 2024* Base case Upside Downside Severe downside 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 Denmark GDP 2.5 2.3 1.9 2.7 2.6 1.9 2.7 2.2 1.2 -2.0 - - Unemployment 3.1 3.1 3.2 3.1 3.0 3.1 3.1 3.1 3.3 7.4 7.8 7.8 Inflation 1.8 1.7 1.8 1.3 1.6 1.7 2.0 2.0 1.7 3.0 2.0 2.0 Property prices - Residential 5.0 4.0 2.5 7.0 6.0 2.5 6.0 4.0 -1.5 -11.0 -6.0 -6.0 Interest rate - 3 month 1.5 1.5 1.5 1.2 1.2 1.2 1.7 1.5 1.2 5.0 3.0 3.0 Sweden GDP 2.5 2.2 1.8 2.7 2.6 1.9 2.7 2.1 0.8 -3.4 -1.0 -1.0 Unemployment 8.2 7.7 7.4 8.2 7.6 7.3 8.2 7.7 7.6 10.7 11.1 11.1 Inflation 1.7 1.2 1.5 1.2 1.0 1.4 1.9 1.5 1.5 3.9 2.9 2.9 Property prices - Residential 5.0 5.0 3.0 7.0 7.0 3.0 6.0 5.0 -1.0 -13.0 -7.0 -7.0 Interest rate - 3 month 1.9 1.9 1.9 1.6 1.6 1.6 2.1 1.9 1.6 5.7 3.7 3.7 Norway GDP 1.9 1.7 1.8 2.1 1.9 1.8 2.0 1.6 1.2 -1.1 0.6 0.6 Unemployment 2.4 2.4 2.4 2.4 2.3 2.3 2.4 2.4 2.5 6.4 6.5 6.5 Inflation 2.2 2.0 2.0 1.9 1.9 1.9 2.3 2.2 1.9 3.0 2.0 2.0 Property prices - Residential 6.0 5.0 4.0 7.0 7.0 4.0 7.0 5.0 - -13.0 -7.0 -7.0 Interest rate - 3 month 3.7 2.8 2.8 3.5 2.6 2.6 4.0 2.8 2.6 6.3 4.3 4.3 Finland GDP 1.8 1.6 1.5 2.0 2.0 1.5 2.0 1.4 0.6 -2.0 -0.3 -0.3 Unemployment 8.1 7.3 6.5 8.1 7.2 6.4 8.1 7.3 6.7 11.9 11.9 11.9 Inflation 1.2 1.8 2.0 0.8 1.6 1.9 1.3 1.9 1.9 3.0 2.0 2.0 Property prices - Residential 4.0 3.0 2.5 6.0 5.0 2.5 5.0 3.0 -1.5 -7.0 -5.0 -5.0 Interest rate - 3 month 1.6 1.6 1.6 1.3 1.3 1.3 1.8 1.6 1.3 5.1 3.1 3.1 * The new downside macroeconomic scenario is included in the parameters above as at 31 December 2024. However its weighting was 0% as at 31 December 2024.
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57 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Credit risk – continued With the applied macroeconomic scenarios, the allowance account as at 30 September 2025 amounted to DKK 19.8 billion (31 December 2024: DKK 19.9 billion). If the base case scenario was assigned a probability of 100%, the allowance account would decrease by DKK 2.4 billion (31 December 2024: DKK 2.5 billion). Compared to the base case scenario, the allowance account would increase by DKK 0.4 billion, if the downside scenario was assigned a probability of 100%. If the severe downside scenario was assigned a probability of 100%, the allowance account would increase by DKK 12.2 billion (31 December 2024: DKK 12.9 billion) compared to the base case scenario. The increase reflects primarily the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within stage 2. If instead the upside scenario was assigned a probability of 100%, the allowance account would decrease by DKK 0.1 billion (31 December 2024: decrease of DKK 0.2 billion) compared to the base case scenario. It should be noted that the expected credit losses in the individual scenarios (i.e. without the weighting) do not represent forecasts of expected credit losses (ECL). Post-model adjustments Management applies judgement when determining the need for post-model adjustments. At 30 September 2025, the post-model adjustments amounted to DKK 5.7 billion (31 December 2024: DKK 5.9 billion). The post-model adjustments primarily relate to the following types of risks: • specific macroeconomic risks on certain industries not fully captured by the expected credit loss model, for instance the agriculture industry. For such industries, supplementary calculations are made to ensure sufficient impairment coverage. This also includes post-model adjustments relating to effects from climate risk or the macroeconomic uncertainty. • non-linear downside risk, for instance on the property market in Copenhagen and other high growth areas for which the macroeconomic forecasts used in the models are based on the property market as a whole. • portfolios where the credit risk assessment process has identified an underestimation of the expected credit losses. Post-model adjustments by industries (DKK billions) 30 September 2025 31 December 2024 Agriculture 0.8 0.9 Commercial Property 1.3 1.6 Construction and building materials 0.6 1.0 Personal customers (including other retail exposures) 0.9 1.0 Others* 2.1 1.4 Total 5.7 5.9 * No individual industry included in Others exceeds DKK 0.4 billion at 30 September 2025 (31 December 2024: DKK 0.3 billion). The total balance of post-model adjustments have slightly decreased compared to the end of 2024. The post-model adjustments related to commercial property and agriculture have decreased due to the improved market conditions with lower interest rates, while the post-model adjustment related to construction has decreased following some individualisation of risks. Conversely, the post- model adjustments related to geopolitical tensions have been increased to reflect the heightened geopolitical and tariff risks. The Group continues to have significant post-model adjustments related to the current macroeconomic uncertainties characterised by the risk of trade wars, a slowing or declining growth environment, higher interest rates and elevated prices giving rise to a new set of challenges that affect economic and business activity. The post-model adjustments cut across industries that are sensitive to tariffs, price volatility on energy, and industries vulnerable to business cycles, higher interest rates and refinancing risks, which have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group’s portfolios.
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58 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Counterparty credit risk and credit exposure from trading and investment securities Exposure to counterparty credit risk and credit exposure from trading and investment securities (DKK billions) 30 September 2025 31 December 2024 Counterparty credit risk Derivatives with positive fair value 196.9 261.0 Reverse transactions and other loans at fair value 368.7 382.6 Credit exposure from other trading and investment securities Bonds 493.0 446.6 Shares 56.6 93.3 Total 1,115.3 1,183.6 Reverse transactions and other loans at fair value included as counterparty credit risk are loans at the trading units of Large Corporates & Institutions. These loans consist of reverse transactions of DKK 368.0 billion (31 December 2024: DKK 381.6 billion), of which DKK 29.9 billion relates to credit institutions and central banks (31 December 2024: DKK 62.0 billion), and other primarily short- term loans of DKK 0.6 billion (31 December 2024: DKK 1.0 billion), of which DKK 0.6 billion (31 December 2024: DKK 1.0 billion) relates to credit institutions and central banks. Derivatives with positive fair value (DKK millions) 30 September 2025 31 December 2024 Derivatives with positive fair value before netting 199,540 264,550 Netting (under accounting rules) 2,604 3,503 Carrying amount 196,937 261,046 Netting (under capital adequacy rules) 121,131 158,285 Net current exposure 75,806 102,761 Collateral 68,635 92,045 Net amount 7,171 10,716 Derivatives with positive fair value after netting for accounting purposes: Interest rate contracts 148,033 148,125 Currency contracts 47,566 109,441 Other contracts 1,338 3,480 Total 196,937 261,046 Bond portfolio Central and Quasi- Danish Swedish Other local govern- government mortgage covered covered Corporate (DKK millions) ment bonds bonds bonds bonds bonds bonds Total 30 September 2025 Held-for-trading (FVPL) 134,736 2,455 26,161 26,341 4,877 6,148 200,719 Managed at fair value (FVPL) 9,031 416 18,421 1,650 219 1,997 31,734 Held to collect and sell (FVOCI) 22,759 7,060 57,671 2,307 24,737 - 114,535 Held to collect (AMC) 45,666 7,128 88,677 3,622 954 - 146,046 Total 212,192 17,059 190,930 33,920 30,787 8,146 493,034 31 December 2024 Held-for-trading (FVPL) 110,999 2,781 40,106 12,283 5,347 6,500 178,017 Managed at fair value (FVPL) 5,728 161 20,527 1,500 195 - 28,112 Held to collect and sell (FVOCI) 20,364 3,371 53,504 2,270 23,316 1,948 104,773 Held to collect (AMC) 38,034 6,946 86,736 3,036 813 150 135,714 Total 175,125 13,259 200,873 19,089 29,672 8,597 446,616 At 30 September 2025, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 204,791 million (31 December 2024: DKK 211,477 million) recognised as insurance assets and thus is not included in the table above. The section on insurance risk in Annual Report 2024 provides more information. For bonds classified as held-to-collect, amortised cost exceeded fair value as at 30 September 2025 and 31 December 2024. See note G12 of this report for more information.
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59 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Counterparty credit risk and credit exposure from trading and investment securities - continued Bond portfolio broken down by geographical area Central and Quasi- Danish Swedish Other local govern- government mortgage covered covered Corporate (DKK millions) ment bonds bonds bonds bonds bonds bonds Total 30 September 2025 Denmark 39,425 - 190,930 - - 3,229 233,584 Sweden 39,397 - - 33,920 - 1,959 75,277 UK 24,785 427 - - 6,848 190 32,251 Norway 10,263 - - - 21,222 1,057 32,541 USA 19,985 3,075 - - - 24 23,084 Spain 637 - - - 1 - 637 France 12,586 25 - - 272 172 13,054 Luxembourg - 5,390 - - - 142 5,531 Finland 10,737 3,167 - - 1,347 719 15,969 Ireland 703 - - - - 53 756 Italy 1,848 - - - - 4 1,852 Portugal 1 - - - - - 1 Austria 2,668 - - - 75 95 2,838 Netherlands 3,143 - - - 2 262 3,407 Germany 45,935 149 - - 788 132 47,005 Belgium 79 4,057 - - - - 4,136 Other - 769 - - 233 108 1,111 Total 212,192 17,059 190,930 33,920 30,787 8,146 493,034 Central and Quasi- Danish Swedish Other local govern- government mortgage covered covered Corporate (DKK millions) ment bonds bonds bonds bonds bonds bonds Total 31 December 2024 Denmark 33,976 - 200,873 - - 980 235,829 Sweden 22,376 - - 19,089 - 1,706 43,172 UK 18,286 306 - - 3,966 1,155 23,712 Norway 4,945 - - - 23,896 2,675 31,517 USA 16,642 1,856 - - - 41 18,539 Spain 1,114 - - - 1 - 1,114 France 11,794 178 - - 264 270 12,506 Luxembourg - 4,957 - - - 100 5,057 Finland 8,222 2,980 - - 1,128 725 13,055 Ireland 827 - - - - 85 912 Italy 5,013 - - - - 3 5,016 Portugal 1 - - - - - 1 Austria 3,052 - - - - 115 3,167 Netherlands 2,310 - - - 4 458 2,772 Germany 46,066 149 - - 208 92 46,515 Belgium 503 2,141 - - - - 2,643 Other - 693 - - 204 191 1,088 Total 175,125 13,259 200,873 19,089 29,672 8,597 446,616
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60 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Counterparty credit risk and credit exposure from trading and investment securities - continued Bond portfolio broken down by external ratings Central and Quasi- Danish Swedish Other local govern- government mortgage covered covered Corporate (DKK millions) ment bonds bonds bonds bonds bonds bonds Total 30 September 2025 AAA 133,291 13,547 190,893 33,701 29,731 1,997 403,162 AA+ 20,385 3,497 - 35 2 20 23,940 AA 31,788 9 - 184 707 1,299 33,987 AA- 11,970 - 37 - - 373 12,380 A+ 12,215 6 - - - 265 12,486 A - - - - - 708 708 A- 146 - - - - 362 509 BBB+ - - - - - 863 863 BBB 1,111 - - - 347 1,383 2,841 BBB- 1,285 - - - - 404 1,689 BB+ - - - - - 127 127 BB - - - - - 210 210 BB- - - - - - 36 36 Sub. "investment-grade" or unrated - - - - - 98 98 Total 212,192 17,059 190,930 33,920 30,787 8,146 493,034 Central and Quasi- Danish Swedish Other local govern- government mortgage covered covered Corporate (DKK millions) ment bonds bonds bonds bonds bonds bonds Total 31 December 2024 AAA 104,688 10,949 200,792 19,070 28,964 2,405 366,868 AA+ 26,449 2,289 - - 7 23 28,768 AA 16,117 - - 19 701 1,146 17,983 AA- 21,265 20 - - - 74 21,359 A+ - - - - - 423 423 A 941 - 81 - - 785 1,807 A- 1 - - - - 317 318 BBB+ 173 - - - - 1,027 1,199 BBB 3,612 - - - - 1,169 4,781 BBB- 1,879 - - - - 644 2,523 BB+ - - - - - 164 164 BB - - - - - 234 234 BB- - - - - - 70 70 Sub. "investment-grade" or unrated - - - - - 118 118 Total 175,125 13,259 200,873 19,089 29,672 8,597 446,616
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61 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Statement by the management The Board of Directors and the Executive Leadership Team (the management) have today reviewed and adopted the Interim report – first nine months 2025 of the Danske Bank Group. The consolidated interim financial statements are prepared in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU. Furthermore, the interim report has been prepared in accordance with legal requirements, including the disclosure requirements for interim reports of listed financial institutions in Denmark. In our opinion, the consolidated interim financial statements give a true and fair view of the Group’s assets, liabilities, equity and financial position at 30 September 2025 and of the results of the Group’s operations and the consolidated cash flows for the period 1 January 2025 - 30 September 2025. Moreover, in our opinion, the management’s report includes a fair view of developments in the Group’s operations and financial position and describes the significant risks and uncertainty factors that may affect the Group. Copenhagen, 31 October 2025 Executive Leadership Team Carsten Egeriis CEO Magnus Agustsson Joachim Alpen Christian Bornfeld Karsten Breum Cecile Hillary Johanna Norberg Dorthe Tolborg Frans Woelders Board of Directors Martin Blessing Chairman Martin Nørkjær Larsen Vice Chairman Lars-Erik Brenøe Jacob Dahl Lieve Mostrey Allan Polack Rafael Salinas Marianne Sørensen Helle Valentin Bente Bang Elected by the employees Kirsten Ebbe Brich Elected by the employees Aleksandras Cicasovas Elected by the employees Louise Aggerstrøm Hansen Elected by the employees
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62 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Supplementary information Danske Bank’s financial statements are available online at danskebank.com/Reports. Financial calendar 5 February 2026 Annual Report 2025 26 March 2026 Annual general meeting 30 April 2026 Interim Report – first quarter 2026 17 July 2026 Interim Report – first half 2026 29 October 2026 Interim Report – first nine months 2026 Contacts Claus Ingar Jensen Head of Investor Relations clauj@danskebank.dk Links Danske Bank danskebank.com Denmark danskebank.dk Finland danskebank.fi Sweden danskebank.se Norway danskebank.no Northern Ireland danskebank.co.uk Realkredit Danmark rd.dk Danica danica.dk
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63 Danske Bank / Interim report – first nine months 2025 Financial statements Executive summary Financial review Business units Financial highlights Danske Bank Group Bernstorffsgade 40 DK-1577 København V Tel. +45 33 44 00 00 CVR no. 61126228-København danskebank.com