Interim report
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Danske Bank Group Interim report – first half 2026
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2 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Financial highlights - Danske Bank Group 3 Executive summary 4 Strategy execution 5 Sustainability 7 Financial review 8 Personal Customers 15 Business Customers 17 Large Corporates & Institutions 19 Danica 22 Northern Ireland 24 Group Functions 26 Definition of alternative performance measures 28 Income statement 30 Statement of comprehensive income 30 Balance sheet 31 Statement of capital 32 Cash flow statement 34 Notes 35 Financial statements – Danske Bank A/S 65 Income statement 66 Statement of comprehensive income 66 Balance sheet 67 Statement of capital 68 Notes 69 Statement by the management 72 Independent auditor’s review report 73 Supplementary information 74 Contents Management’s report Financial statements Statements
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3 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Income statement First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q2/Q1 2025 26/25 2025 Net interest income 18,672 18,083 103 9,332 9,340 100 9,063 103 36,611 Net fee income 7,976 7,066 113 4,058 3,918 104 3,409 119 15,423 Net trading income 1,082 1,736 62 693 389 178 854 81 2,872 Net income from insurance business 851 714 119 689 162 - 513 134 1,357 Other income 550 316 174 385 165 233 147 262 577 Total income 29,131 27,917 104 15,157 13,974 108 13,985 108 56,840 Operating expenses 12,924 12,670 102 6,518 6,405 102 6,379 102 25,848 of which resolution fund, bank tax etc. 216 156 138 138 78 177 84 164 310 Profit before loan impairment charges 16,207 15,247 106 8,638 7,569 114 7,606 114 30,992 Loan impairment charges 265 266 100 291 -26 - 217 134 294 Profit before tax 15,942 14,980 106 8,348 7,595 110 7,390 113 30,699 Tax 4,055 3,770 108 2,147 1,908 113 1,936 111 7,662 Net profit 11,887 11,211 106 6,201 5,686 109 5,454 114 23,037 Ratios and key figures Dividend per share (DKK)* 6.14 - - 6.14 - 22.72 Earnings per share (DKK) 14.6 13.5 7.6 7.0 6.6 27.9 Return on avg. total equity (% p.a.)** 13.9 13.1 14.8 13.1 12.8 13.3 Net interest income as % p.a. of loans and deposits 1.28 1.29 1.27 1.29 1.29 1.30 Cost/income ratio (C/I), (%) 44.4 45.4 43.0 45.8 45.6 45.5 Total capital ratio (%) 20.5 22.4 20.5 21.7 22.4 20.9 Total capital ratio, incl. conglomerate (%)*** 20.5 22.4 20.5 21.7 22.4 21.2 Common equity tier 1 capital ratio (%) 17.0 18.7 17.0 17.7 18.7 17.3 Share price (end of period) (DKK) 350.2 258.3 350.2 312.3 258.3 318.6 Book value per share (DKK)** 206.8 208.3 206.8 205.8 208.3 222.3 Full-time-equivalent staff (end of period) 19,472 20,204 96 19,472 19,724 99 20,204 96 20,026 Balance sheet (end of period) First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025** 26/25 2026 2026 Q2/Q1 2025** 26/25 2025 Due from credit institutions and central banks 188,506 189,378 100 188,506 178,439 106 189,378 100 218,417 Repo loans 363,216 348,991 104 363,216 381,282 95 348,991 104 353,414 Loans 1,794,226 1,725,662 104 1,794,226 1,777,104 101 1,725,662 104 1,758,110 Trading portfolio assets 496,357 522,660 95 496,357 480,501 103 522,660 95 444,980 Investment securities 298,686 281,944 106 298,686 304,337 98 281,944 106 296,738 Insurance assets 589,943 540,921 109 589,943 545,594 108 540,921 109 555,504 Other assets 138,073 130,076 106 138,073 125,122 110 130,076 106 126,748 Total assets 3,869,007 3,739,632 103 3,869,007 3,792,379 102 3,739,632 103 3,753,911 Due to credit institutions and central banks 59,975 72,324 83 59,975 52,294 115 72,324 83 58,498 Repo deposits 309,102 309,274 100 309,102 291,517 106 309,274 100 293,752 Deposits 1,134,738 1,073,580 106 1,134,738 1,140,973 99 1,073,580 106 1,109,754 Bonds issued by Realkredit Danmark 729,810 731,421 100 729,810 731,177 100 731,421 100 738,670 Other issued bonds 384,678 346,764 111 384,678 373,747 103 346,764 111 361,201 Trading portfolio liabilities 325,631 335,176 97 325,631 328,044 99 335,176 97 286,837 Insurance liabilities 582,279 528,801 110 582,279 537,791 108 528,801 110 551,087 Other liabilities 145,867 136,677 107 145,867 136,103 107 136,677 107 142,661 Subordinated debt 29,777 33,962 88 29,777 33,340 89 33,962 88 30,289 Total equity 167,150 171,654 97 167,150 167,393 100 171,654 97 181,162 Total liabilities and equity 3,869,007 3,739,632 103 3,869,007 3,792,379 102 3,739,632 103 3,753,911 * Dividend for the first quarter of 2026 was an extraordinary dividend of DKK 6.14 per share with a payment date of 5 May 2026. ** Comparative information for Q2 2025 has been restated as described in note G2(b). *** In the fourth quarter of 2025, the Danish parliament adopted an amendment to the Danish implementation of the EU Conglomerate Directive. The new rules are applicable from 1 January 2026 and result in an, all else equal, increase in the CET 1 capital ratio of around 35 bps. See the section Definition of alternative performance measures for a description of the alternative performance measures under ratios and key figures. Financial highlights - Danske Bank Group
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4 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Executive summary In the first half-year of 2026, Danske Bank delivered strong financial results, continuing the positive development from 2025. We generated a net profit of DKK 11.9 billion, corresponding to a return on equity of 13.9%. This result was driven by an improvement in total core banking income and continued cost discipline, enabling steady execution towards our financial targets for 2028. Credit quality also remained solid, with loan impairments for the first half-year of DKK 265 million. The financial results were underpinned by continued delivery on our focused and profitable growth agenda. Importantly, we saw volume growth and solid customer activity in our prioritised customer segments, including in Private Banking and across our business customers, large corporates and asset management activities. With our dedicated employees, well-capitalised balance sheet, leading digital tools and expert advisory solutions, we will continue to support customers across the Nordic countries in our focus segments. We continued to invest in our digital platform and solutions that form the basis for scalable growth towards 2028 by continuing to deploy AI across the organisation. While the economic outlook could be impacted by the unpredictable geopolitical situation and the impact of higher energy prices is uncertain, we continue to expect the Nordic economies to develop favourably. According to the latest macroeconomic outlook published in early June by Danske Bank Research, it is likely that higher energy prices will have a limited impact on growth and inflation in the Nordic region. In Denmark, GDP growth of more than 3% is expected in 2026, with the employment rate expected to remain high. Increasing disposable incomes could lead to higher consumer spending, although consumer sentiment is still low. Forward ’28 strategy update and financial targets for 2028 On 30 April 2026, in connection with the release of the interim report for the first quarter of 2026, we announced an update of our Forward ’28 strategy, including financial targets for 2028, a revised dividend policy and an extraordinary dividend payment. For 2028, we aim to deliver a return on equity of above 14.5% and target an improved cost/income ratio no higher than 43%. In addition, we have set a revised CET1 capital ratio target of around 16% by 2028. Please refer to the Strategy execution section for more information. Capital and funding Danske Bank’s underlying business is strong, our treasury asset and liability management is prudent, and our capital and liquidity positions continue to be robust, with significant buffers well above regulatory requirements. At the end of June 2026, our liquidity coverage ratio stood at 159% (end-December 2025: 156%), with an LCR reserve of DKK 557 billion (end-December 2025: DKK 556 billion), and the net stable funding ratio stood at 122%. The CET1 capital ratio was 17.0% (31 December 2025: 17.3%). The extraordinary dividend of DKK 5 billion that was paid on 5 May following the release of the interim report for the first quarter of 2026 is reflected in our CET1 capital ratio in the second quarter and accounts for around 60 basis points. In addition, as announced in the interim report for the first quarter of 2026, our revised ordinary dividend policy of 60-70% now results in a 70% dividend accrual. Share buy-back programme At 30 June 2026, Danske Bank had bought back around 5.1 million shares for a total purchase amount of DKK 1.6 billion (figures at trade date) of the planned DKK 4.5 billion share buy- back programme. Financials Danske Bank delivered a net profit of DKK 11,887 million in the first half of 2026, an increase of 6% from the level in the first half of 2025. Solid customer activity supported the financial result for the first half of 2026, although the effect was partly offset by lower net trading income as a result of unrealised market value adjustments. Net interest income increased 3% in the first half of 2026 relative to the same period in 2025 and amounted to DKK 18,672 million. The increase was primarily driven by an increase in deposit and lending volumes, deposit margins and interest rate risk management income from the structural hedge. Net fee income increased 13% from the level in the first half of 2025 and amounted to DKK 7,976 million, mainly due to an increase in investment fee income supported by a rise in daily banking fee income attributable to both increased customer activity and repricing actions. Net trading income decreased 38% in the first half of 2026 and amounted to DKK 1,082 million. The decrease was related to Group Treasury's hedging and liquidity management activities, including developments related to unrealised market value adjustments of cross-currency swaps. In addition, the geopolitical uncertainty resulted in lower customer activity and thus lower income in Fixed Income. Net income from insurance business amounted to DKK 851 million in the first half of 2026, an increase of 19% relative to the level in the first half of 2025. The insurance service result increased due to a more balanced result in the health and accident business following prior pricing adjustments and the strengthening of provisions of DKK 220 million in 2025. The positive development in the insurance service result was partly offset by a decline in the net financial result in the first half of 2026 relative to the same period last year, which was caused by high financial markets volatility in the first quarter of 2026. Operating expenses increased 2% relative to the level in the first half of 2025 and are on track to meet our full-year guidance. As expected, the development was a result of higher digital investments made under our Forward ’28 strategy, higher bonus payments, staff costs related to severance pay and higher amortisation and impairment of intangible assets. Loan impairments reflected overall solid credit quality, amounting to a charge of DKK 265 million. We continue to apply significant post-model adjustments related to the macroeconomic uncertainty and remain watchful of any credit deterioration. Changes in the Executive Leadership Team On 1 June 2026, it was announced that Danske Bank’s Chief Compliance Officer Dorthe Tolborg had decided to retire and would step down from her position and as member of Danske Bank’s Executive Leadership Team. In connection with Dorthe Tolborg’s retirement, Danske Bank decided to create one second-line function with Group Risk Management and Group Compliance being a single Risk and Compliance function (RAC) under the leadership of existing Chief Risk Officer Magnus Agustsson. Outlook for 2026 We have revised the outlook for the full year 2026 upwards to a net profit in the range of DKK 23-25 billion, reflecting a return on equity of around 14% in 2026. We now expect total income to be somewhat above DKK 59 billion, driven by higher core banking income from higher customer activity, growing volumes and recent policy rate hikes. Income from trading and insurance activities remains subject to financial market conditions. We expect operating expenses in the range of DKK 26-26.5 billion in 2026. The cost/income ratio is now expected to be below 45%, ahead of our initial target for 2026. Loan impairment charges are expected to be around DKK 1 billion as a result of continued strong credit quality.
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5 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Strategy execution In the second quarter of 2026, Danske Bank reached the midpoint of its Forward ’28 strategy, which covers the period from 2024 to 2028. Danske Bank’s Forward ’28 execution is well on track, with clear progress across Personal Customers, Business Customers and Large Corporates & Institutions and with performance in 2025 and in 2026 to date supporting the 2026 financial targets. Since 2023, Personal Customers has strengthened its momentum with affluent and Private Banking customers, achieving 8% net growth in the number of Private Banking customers. That development is enabled by holistic advisory services and most recently a new Premium offering. We have also achieved the number one position in the Danish investments space through Danske Invest, improved our home finance offering across our markets and increased adviser efficiency by around 50% through the roll-out of our Panorama advisory tool and upskilling of approximately 600 advisers. Panorama has also enhanced the customer experience by providing customers with a comprehensive financial overview, thus enabling them to make more informed decisions and plan their finances with a long-term view. In the first half of 2026, Personal Customers delivered a return on allocated capital of 37.5% and a cost/income ratio of 47.4% and is on track to meet its 2026 financial targets. Since 2023, Business Customers has delivered lending growth of approximately 7%, driven by targeted mid-corporate sales campaigns and strong digital sales flows for small businesses. We have also strengthened advisory capabilities by upskilling around 1,000 advisers and increased green lending volumes by around 40% across the Nordic countries. Higher activity within FX, cash management and transaction services has contributed to annual fee income growth of 9% across Business Customers and Large Corporates & Institutions. In the first half of 2026, Business Customers delivered a return on allocated capital of 21.9% and a cost/income ratio of 37.6% and is on track to meet its 2026 financial targets. Since 2023, Large Corporates & Institutions has further strengthened its Nordic large corporate franchise and reinforced its leading position in institutional banking. Income from financial sponsors, asset managers and institutional clients has increased by more than 100%, enabled by deeper relationships and expanded institutional capabilities. We have onboarded around 90 new customers outside Denmark and secured approximately 45 new house bank mandates across the Nordic countries. In addition, asset management has shown strong momentum, with retail and institutional assets under management up 30%, reflecting strong investment returns and net inflows. In the first half of 2026, Large Corporates & Institutions delivered a return on allocated capital of 21.0% and a cost/income ratio of 41.3% and is on track to meet its 2026 financial targets. Forward ’28 strategy update A strategy update was provided in connection with the release of the interim report for the first quarter of 2026. The updated strategy introduced an updated KPI framework and revised financial targets for 2028, supporting our long-term ambitions and strategic direction. These targets include a return on equity of above 14.5%, a cost/income ratio no higher than 43% and a CET1 capital ratio target of around 16% by 2028. Looking ahead to 2028, we will continue to strengthen our position as a focused Nordic leader with strong profitability and leading digital solutions, supported by significant investments in customer offerings and the customer experience. Growth, efficiency and disciplined capital allocation continue to be prioritised. We are executing our strategic priorities at pace, strengthening our one-platform technology and AI foundation to deliver top-tier customer service through innovative, secure and scalable digital solutions. Our 'AI city' infrastructure is progressing as planned. Investments in generative and agentic AI capabilities are increasing both the speed and the efficiency of development, bringing new functionality to our employees and streamlining workflows. AI tools are adopted in the daily work of most employees, alongside an expanding set of solutions from key partners. Our cloud migration continues to progress ahead of plan, with applications migrated and optimised to leverage the AWS platform. Furthermore, we are renewing our technology and data foundation by modernising core platforms and decommissioning legacy services, thus reducing complexity and related costs. We remain steadfast in our commitment to safeguarding operations and protecting customers through a robust cybersecurity environment and ongoing vigilance against external threats. Strategic focus areas towards 2028 Personal Customers We will focus on elevating customer engagement and building full customer relationships across our markets. Growth will be driven by continued focus on Private Banking customers, homeowners and young families. We will continue to scale our Panorama tool, enhance the investment experience and strengthen our home finance offering as an entry point for broader relationships. We will use digitalisation and AI to improve customer journeys, adviser workflows and customer assistance, and this will be further supported by an upgraded mobile banking app and more proactive digital engagement. These initiatives will contribute to our reaching our 2028 targets of a return on allocated capital of around 33% and a cost/income ratio of around 48%. Strategic targets for 2028 include a compound annual growth rate in total customer assets (deposits and investments) of more than 5%, more than 50% of customer enquiries being handled by AI and a 10% increase in the number of customers with a business volume above DKK 1 million. Business Customers Towards 2028, we will focus on accelerating growth in prioritised segments, particularly mid-corporates with advanced and international needs, while scaling the acquisition of small business customers. A key priority is to further accelerate and deploy GenAI solutions across our core banking processes in order to increase efficiency, improve quality and enable more scalable customer solutions. We will further strengthen our One Corporate Bank offering by enhancing the features and usability of our customer platform, District, and delivering seamless onboarding, servicing and credit decisioning journeys. We will also reinforce advisory services as a differentiator by deepening sector leadership in high-growth areas. These initiatives will support us in meeting our 2028 targets of a return on allocated capital of around 19% and a cost/income ratio of around 36%. Strategic targets for 2028 include a net inflow of 800 customers with advanced and international needs, 75% of credit cases being handled utilising GenAI-powered insights, and a compound annual growth rate of 5% or more in daily banking fee income across Business Customers and Large Corporates & Institutions. Large Corporates & Institutions We will continue to grow across the Nordic countries and increase our emphasis on capital markets and sustainable finance. In addition, we will further strengthen our One Corporate Bank offering by broadening and scaling daily banking products and relaunching commodities. Digital, AI and agentic capabilities will help us increase productivity. We will continue to scale and deepen Nordic institutional relationships by expanding our Nordic institutional capabilities across lending, asset management, servicing and digital assets. Our efforts will be supported by further simplified, scalable platforms and AI integration. These priorities will support us in meeting our 2028 targets of a return on allocated capital of around 28% and a cost/income ratio of around 38%. Strategic targets for 2028
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6 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability include more than 60 additional new large corporate customers across all markets, a compound annual growth rate in daily banking fee income of 5% or more across Business Customers and Large Corporates & Institutions and a compound annual growth rate of at least 5% in investment net sales across retail and institutional channels. Danica Danica continues to execute on its Forward ’28 priorities, supporting the Danske Bank Group’s growth ambition through closer collaboration, stronger integration and improved customer journeys. The strategic focus remains on deepening customer relationships and increasing the share of customers who have both banking and pension products within the Group. The strengthened collaboration between Danica and Danske Bank continues to generate results, as pension sales through Danske Bank have doubled over the past three years. In the second quarter of 2026, Danica completed the modernisation of the market return product, Danica Balance, adjusting customer risk profiles to reduce risk more gradually over time and support higher expected long-term returns. Health and accident insurance remains a strategic focus area. Performance is improving, supported by initiatives within pricing, claims management and operational efficiency. Personal Customers ROAC* ~33% C/I ratio ~48% Business Customers ROAC* ~19% C/I ratio ~36% *After impairments, before tax
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7 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy executive Business units Financial statements Financial review Sustainability Since the launch of our Forward ’28 strategy, the global sustainability landscape has evolved in response to geopolitical developments and changes in US policy. In Europe, greater emphasis has been placed on energy independence and competitiveness, supported by an increased supply of domestically produced low-carbon energy. We remain focused on supporting the transition in the Nordic region and across Europe and on helping our customers achieve their sustainability objectives. Execution on our strategic sustainability priorities is progressing to plan. We are also well positioned to capture opportunities related to the energy transition – an area in which investments in Europe are set to accelerate. Supporting our customers in the transition Personal customers In the current environment of increased energy prices, we have introduced new initiatives to help our customers make sustainable choices for their homes that fit their financial situation. Personal Customers Denmark has entered into a new partnership with the Danish energy and advisory company NRGi. Through this partnership, customers gain access to a digital energy improvement tool that provides homeowners with customised suggestions for how they can make financially beneficial energy-efficiency improvements. The tool is also integrated with our energy improvement loan calculator to provide users with an overview of the financial benefits. In addition to supporting our customers’ transition to more sustainable mobility choices by offering favourably priced loans for electric vehicles provided through Nordania Leasing, we also offer attractive pricing on charging stations and other solutions. Business customers To support our business customers’ transition while continuing to manage the associated risks, we have developed and implemented a new version of our ESG Tracker tool. This enables us to engage with customers on relevant sustainability-related risks and opportunities. Almost 800 employees across our four Nordic markets have been trained to use this tool. Many of our commercial real estate customers are awaiting the implementation of the EU Energy Performance of Buildings Directive, which is delayed in all four Nordic markets. To support them, we have hosted customer events on future energy performance requirements. Large Corporates & Institutions In the first half of 2026, we continued to refine our approach to financing the climate transition, through which we aim to support companies in high-emitting sectors that have credible transition plans as well as companies in transition-enabling value chains. With this approach, we are moving from solely sustainability-labelled transactions, such as green bonds and green loans, towards a more holistic model for financing the transition. This is based on comprehensive, entity-level transition risk assessments of companies’ transition plans. As well as involving in-depth dialogues with customers to understand their strategies and financial needs, our approach also involves the provision of bespoke financing solutions. By supporting companies’ transition activities and transition- enabling value chains, we facilitate growth in sectors such as power generation, heating, steel and transportation, all of which require substantial investment to decarbonise. Our ambition is to provide financing totalling DKK 100 billion by 2028. Across Asset Management, we updated our engagement targets for climate and nature, with revised targets to be communicated in the second half of 2026. In our internal operations, we further enhanced our climate target-related capabilities, not least by developing a climate attribution model that improves our understanding of the drivers behind changes in portfolio emissions. We also began collecting physical climate risk data, as we already do for our lending portfolio, and this data will be further integrated into our processes in the second half of the year. Danica In 2026, Danica launched its new sustainability strategy, which runs until 2030. The strategy includes new climate targets that support a shift from sector-based targets to targets for temperature rating (scope 1, 2 and 3) and weighted average carbon intensity (WACI) targets for the equity and bond portfolios. As part of the strategy update, Danica aligned its methodology for green investments with industry practice at Insurance & Pension Denmark. The updated approach enables the inclusion of equity and credit bond investments that meet the SFDR Article 2(17) criteria for sustainable investments. Danica’s target is to invest DKK 100 billion in the green transition by 2030. By June 2026, Danica had invested DKK 124 billion. Given the positive development observed so far, which is primarily driven by the implementation of a revised calculation methodology, we will continue to monitor progress against this target throughout 2026. This will allow us to track developments over time and consider relevant changes in the regulatory environment as they arise. Nature and biodiversity We have established a nature and biodiversity roadmap to guide initiatives focused on strengthening the data foundation, managing risk appropriately and developing insights through international working groups. In the first half of 2026, Asset Management brought together customers, academics and other key stakeholders to understand how scientific insights can inform investor analysis and investment decision-making. As a result, we are strengthening our nature-related capabilities by enhancing our data platform and gaining access to geospatial data. This will enable us to assess companies’ nature-related risks, impacts and dependencies, and we are integrating such assessments into our responsible investment processes. As part of its new sustainability strategy, Danica has also set a target to engage with selected companies on water and pollution issues by 2030. Diversity, equity and inclusion To support financial inclusion, we introduced our Danske BoligStart™ concept. This initiative aims to help young people aged 18 to 38 to become homeowners by providing them with personalised advice about purchasing a home and by offering the lowest variable interest rate within our interest rate spread for home loans and cooperative housing unit loans. In June 2026, we hosted our second Group-wide DE&I Theme Week across our Nordic and international organisation, under the theme of ‘Shaping the future of inclusion’. The purpose of the week was to foster learning, dialogue and shared ownership of inclusion across all levels of the Group. We strive to meet our gender balance targets for leadership positions, including a target of 40% women and 60% men among AGM-elected board members and a similar gender composition for the Executive Leadership Team. In 2026, the Board of Directors consisted of eight members elected at the Annual General Meeting: five men and three women, which equates to 38% female representation and is just short of our 2028 target of 40%. Due to the retirement of Chief Compliance Officer Dorthe Tolborg and her departure from the Executive Leadership Team, female representation on the Executive Leadership Team currently stands at 25%. Sustainability
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8 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Financial review H1 2026 vs H1 2025 Net profit increased by 6% and amounted to DKK 11,887 million (H1 2025: DKK 11,211 million). Total income increased, mainly driven by higher net interest income and net fee income as well as higher net income from insurance business and other income. The increase in total income was, however, partly offset by a decline in net trading income. Operating expenses increased by 2% due to digital investments made under our Forward ’28 strategy and an increase in staff costs related to severance pay. Income Net interest income increased to DKK 18,672 million (H1 2025: DKK 18,083 million). The increase was mainly driven by increasing deposit and lending volumes as well as improving deposit margins. Stronger interest rate risk management income from fixed-rate lending hedging and bond portfolios in Group Treasury also added to the increase. Net fee income rose to DKK 7,976 million (H1 2025: DKK 7,066 million) and was primarily driven by higher investment fee income supported by a rise in daily banking fee income attributable to both increased customer activity and repricing actions. Net trading income decreased to DKK 1,082 million (H1 2025: DKK 1,736 million) and was affected by Group Treasury's hedging and liquidity management activities, including developments related to unrealised market value adjustments of cross-currency swaps. The decrease mainly related to negative value adjustments in the first quarter of the year. In addition, the geopolitical uncertainty resulted in lower customer activity and thus lower income in Fixed Income. Net income from insurance business increased to DKK 851 million (H1 2025: DKK 714 million). The insurance service result increased due to a more balanced result in the health and accident business following prior pricing adjustments and the strengthening of provisions of DKK 220 million in 2025. The positive development in the insurance service result was partly offset by a decline in the net financial result in the first half of 2026 relative to the same period last year, which was caused by high financial markets volatility in the first quarter of 2026. Other income increased to DKK 550 million (H1 2025: DKK 316 million) due to the release of a provision of DKK 231 million related to the sale of the personal customer business in Norway following the expiration of primary warranties. Operating expenses Operating expenses increased to DKK 12,924 million (H1 2025: DKK 12,670 million). As expected, the development was a result of higher digital investments made under our Forward ’28 strategy, higher bonus payments, higher staff costs related to severance pay and higher amortisation and impairment of intangible assets. Resolution fund, bank tax and other items stood at DKK 216 million (H1 2025: DKK 156 million). The increase was caused by costs related to the increased target level in the Danish Resolution Fund. Loan impairment charges Loan impairments in the first quarter of 2026 amounted to a charge of DKK 265 million (H1 2025: DKK 266 million). The impairment level reflected overall solid credit quality, despite continued geopolitical uncertainties. Our post-model adjustments address ongoing geopolitical and macroeconomic risks, and vigilance is maintained for any indications of credit deterioration. The overall level of post-model adjustments remained broadly stable in the first half of 2026 with only limited reductions, as the revised level was deemed adequate in the light of the prevailing risk environment and the potential challenges arising from geopolitical volatility. Personal Customers recorded a limited net impairment reversal in the first half of 2026 against a modest net charge in the first half of 2025. The underlying credit quality of the segment remained stable. Business Customers reported a net impairment reversal in the first half of 2026, broadly in line with the level recorded in the Loan impairment charges First half 2026 First half 2025 (DKK millions) Charges % of net credit exposure Charges % of net credit exposure Personal Customers -149 -0.04 48 0.01 Business Customers -354 -0.10 -516 -0.15 Large Corporates & Institutions 746 0.37 736 0.39 Northern Ireland 37 0.11 9 0.03 Group Functions -15 -7.94 -11 0.34 Total 265 0.03 266 0.03 Net credit exposure is defined as lending activities, excluding exposure related to credit institutions and central banks and loan commitments. Q2 2026 vs Q1 2026 Net profit increased to DKK 6,201 million (Q1 2026: DKK 5,686 million). While net interest income was stable, all other income lines increased. The effect was partly offset by higher operating expenses and an increase in impairment charges. • Net interest income was stable at DKK 9,332 million (Q1 2026: DKK 9,340 million). Net interest income was positively affected by a day effect, increased deposit margins and higher deposit and lending volumes, although the effect was offset by lower income from Group Treasury. • Net fee income increased to DKK 4,058 million (Q1 2026: DKK 3,918 million), driven primarily by increased investment and capital markets activities. However, the effect was partly offset by normal fluctuations in financing fee income. • Net trading income increased to DKK 693 million (Q1 2026: DKK 389 million), driven by higher income from Group Treasury related to unrealised market value adjustments of cross-currency swaps held for liquidity management purposes and bond portfolio investments. • Net income from insurance business came in strong at DKK 689 million (Q1 2026: DKK 162 million). The insurance service result increased due to an increase in income from life insurance products, which benefitted from the increase in assets under management. The net financial result increased following the market rebound in the second quarter after a volatile first quarter of 2026. • Other income increased to DKK 385 million (Q1 2026: DKK 165 million) due to the release of a provision of DKK 231 million related to the sale of the personal customer business in Norway. • Operating expenses increased to DKK 6,518 million (Q1 2026: DKK 6,405 million), mainly because of increased costs related to severance pay and costs related to the Danish Resolution Fund. • Loan impairments amounted to a net charge of DKK 291 million (Q1 2026: net reversal of DKK 26 million), reflecting stable credit quality. • Tax amounted to DKK 2,147 million (Q1 2026: DKK 1,908 million), corresponding to an effective tax rate of 25.7% (Q1 2026: 25.1%). Net profit DKK 6,201 million for the second quarter of 2026
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9 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability first half of 2025. Reversals were mainly driven by single-name exposures. Large Corporates & Institutions posted a net impairment charge in the first half of 2026, which was consistent with developments in the first half of 2025. Charges were largely driven by single- name exposures. The macroeconomic scenarios have been updated to reflect more moderate yet still improving growth prospects. The severe downside scenario continues to be a global recession with negative growth rates and anticipated increases in inflation and interest rates. The weighting of the macroeconomic scenarios remained unchanged from the end of 2025. The base-case scenario had a probability of 50% (2025: 50%), the upside scenario was as- signed a probability of 25% (2025: 25%), the downside scenario had a probability of 5% (2025: 5%), and the severe downside scenario was assigned a probability of 20% (2025: 20%). Tax The tax expense of DKK 4,055 million (H1 2025: DKK 3,770 million) corresponded to an effective tax rate of 25.4% (H1 2025: 25.2%). Lending Lending stood at DKK 1,794 billion at 30 June 2026 (31 December 2025: DKK 1,758 billion). Mortgage lending at nominal value at Realkredit Danmark amounted to DKK 788 billion (31 December 2025: DKK 784 billion). At Personal Customers, total lending was stable at the level at the end of 2025. In Denmark, nominal home finance volumes increased, but the increase was partly offset by a negative DKK 0.5 billion market value adjustment of mortgage loans. In Finland, lending decreased slightly amid subdued market conditions, although we continued to outperform the market and gain market share. In Sweden, bank lending volumes in local currency were flat, although the housing market picked up following regulatory changes. The depreciation of the Swedish krona reduced total lending by DKK 2 billion. Total lending at Business Customers increased 2% relative to the level at end-2025. Bank lending volumes increased 4% from the level at the end of 2025 and were driven mainly by growth in Sweden and Norway in local currency. Lending in Finland also contributed positively, while lending in Denmark remained broadly stable. Exchange rate developments added DKK 0.1 billion to volume growth. Nominal Realkredit Danmark mortgage volumes increased 1% relative to the level at the end of 2025, with most of the increase being driven by commercial real estate lending. Large Corporates & Institutions saw an increase in lending of 4% relative to 31 December 2025. The increase was widespread across segments, though primarily driven by corporate customers in Denmark. In Denmark, new gross lending, excluding repo loans, amounted to DKK 147 billion, while net new lending amounted to DKK 16 billion. Lending to personal customers accounted for DKK 55 billion and DKK 11 billion, respectively, of these amounts. Deposits Deposits increased and amounted to DKK 1,135 billion at the end of June 2026 (31 December 2025: DKK 1,110 billion). At Personal Customers, deposit volumes increased 3% from the level at the end of 2025. The increase was mainly driven by higher customer savings in Denmark, where volumes rose DKK 9.8 billion supported by tax refunds, dividend payouts and a government food subsidy programme. Deposit volumes also increased in Finland and Sweden by DKK 1.4 billion and DKK 0.3 billion, respectively, although the effect was partly offset by a DKK 0.9 billion negative effect of the depreciation of the Swedish krona. At Business Customers, deposit volumes increased 3% from the level at the end of 2025, supported by a positive exchange rate impact of DKK 0.2 billion. In local currency, volumes grew across all countries except Denmark, where they remained stable. At Large Corporates & Institutions, deposit volumes were stable at the level at the end of 2025. Credit exposure Credit exposure from lending activities increased to DKK 2,580 billion at 30 June 2026 (end-2025: DKK 2,529 billion). The exposure increase was mainly driven by the following segments: financials, capital goods, and commercial and residential real estate. The increase was partially countered by a decrease in exposure to the public institutions segment. Risk Management 2025, section 3, which is available at www.danskebank.com/ir, provides details on Danske Bank’s credit risk management. Credit quality Credit quality remained strong in the first half of 2026 at all business units, and we remain vigilant for any possible deterioration related to the broader geopolitical and macroeconomic environment, as mentioned in the loan impairment charges section. Total gross stage 3 credit exposure decreased slightly to DKK 29.6 billion (end-2025: DKK 30.7 billion), corresponding to 1.1% of total gross exposure. Stage 3 exposure was concentrated on personal customers, commercial and residential real estate, consumer goods, and services, which combined accounted for 59% of total gross stage 3 exposure. Stage 3 loans (DKK millions) 30 June 2026 31 December 2025 Gross exposure 29,579 30,715 Allowance account 8,689 9,345 Net exposure 20,890 21,370 Collateral (after haircut) 17,204 17,828 Stage 3 coverage ratio (%) 70 73 Stage 3 gross/total gross credit exposure (%) 1.1 1.2 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 June 2026 31 December 2025 (DKK millions) Accumulated impairment charges % of credit exposure Accumulated impairment charges % of credit exposure Personal Customers 4,071 0.59 4,488 0.66 Business Customers 9,336 1.27 9,768 1.36 Large Corporates & Institutions 4,554 1.07 4,669 1.15 Northern Ireland 777 1.06 742 1.06 Group Functions 27 -17.82 20 4.80 Total 18,764 0.98 19,686 1.05 Credit exposure is related to lending activities
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10 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability The allowance account amounted to 0.98% (end-2025: 1.05%) 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. In previous years, derivatives were exclusively used for mitigating risks associated with wholesale funding activities. However, the application of derivatives has been successfully expanded to hedge non-maturity deposits, thus enhancing the Group’s ability to dynamically manage overall liability risk in its banking book. A phased approach is adopted to gradually replace maturing bonds with derivatives as a hedging instrument. Both micro and macro derivatives are designated for hedge accounting in compliance with IAS 39. In 2027, the Group aims to transition to IFRS 9 hedge accounting to include cross currency derivatives. The bond and derivative portfolios are designed to be counter- cyclical, aiming to stabilise net interest income and the economic value of equity. The hedges are structured so that only a portion matures at any given time, thus 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 interest rate risk in its 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 are stated in note G12. Funding and liquidity In the second quarter of 2026, funding markets remained strong, demonstrating solid resilience despite periods of pressure related to increased global macroeconomic and geopolitical uncertainty. In the second quarter of 2026, the Group issued covered bonds of DKK 9.7 billion, preferred senior debt of DKK 10.6 billion, non-preferred senior debt of DKK 0.6 billion and tier 2 capital of DKK 1.0 billion, thus bringing total long-term wholesale funding to DKK 22.0 billion for the quarter and DKK 63.5 billion year to date. 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 private placements of bonds. From time to time, we will make issues in GBP, JPY, CHF, AUD and other currencies when market conditions allow. Issuance plans for subordinated debt in either the additional tier 1 or tier 2 format 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 2026. Danske Bank’s liquidity position remained robust. At the end of June 2026, our liquidity coverage ratio stood at 159% (31 December 2025: 156%), with an LCR reserve of DKK 557 billion (31 December 2025: DKK 556 billion), and our net stable funding ratio was 122%. At the end of June 2026, the total nominal value of outstanding long-term funding, excluding bonds issued by Realkredit Danmark, was DKK 359 billion (31 December 2025: DKK 338 billion). Realkredit Danmark bond issues are excluded because mortgages in Denmark are based on the pass-through principle. Capital ratios and requirements At the end of June 2026, the Group’s total capital ratio was 20.5% (31 December 2025: 20.9%), and its CET1 capital ratio was 17.0% (31 December 2025: 17.3%). The movement in the capital ratios was driven primarily by the DKK 5 billion extraordinary dividend payment and an increase in the total REA. These effects were countered partly by realised net profit after reserved dividends and the Danish implementation of the EU Conglomerate Directive, thus removing the deduction for Danica. The total capital ratio was further affected by net issues of additional tier 1 and tier 2 capital. During the first half of 2026, the total REA increased by DKK 26 billion, driven by an increase in the REA for credit 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 1 and an individual capital add-on under Pillar 2. At the end of June 2026, the Group’s solvency need ratio was 11.3%, down 0.1 percentage points from the level at end-2025. A combined buffer requirement (CBR) applies to financial institutions in addition to the solvency need ratio. At the end of June 2026, the Group’s CBR remained at 8.2%, unchanged from the level at end-2025. The amended systemic risk buffer (SyRB) for exposures to commercial real estate, effective from 30 June 2026, reduced the Group’s SyRB by 0.1 percentage points. 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, one time the capital conservation buffer and one time the systemic risk buffer. 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 28.5% of the total REA adjusted for Realkredit Danmark, while the subordination requirement was set at 30.5% of the total REA adjusted for Realkredit Danmark. At the end of June 2026, the point-in-time requirement, including the CBR, was equivalent to DKK 257 billion, or 36.9% 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 290 billion, or a buffer of DKK 33 billion to the requirement. In addition, an MREL of 6% of the leverage ratio exposure (LRE) is in place. The LRE-based requirement equalled 23.4% of the total REA adjusted for Realkredit Danmark. Capital ratios and requirements (% of the total REA) 30 June 2026 Capital ratios CET1 capital ratio 17.0 Total capital ratio 20.5 Capital requirements (incl. buffers) CET1 requirement 14.7 - portion from countercyclical buffer 2.0 - portion from capital conservation buffer 2.5 - portion from systemic risk buffer 0.6 - portion from SIFI buffer 3.0 Solvency need ratio 11.3 Total capital requirement 19.5 Buffer to requirement CET1 capital 2.4 Total capital 1.1 The total capital requirement consists of the solvency need ratio and the combined buffer requirement.
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11 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability MREL requirement and eligible funds (30 June 2026) 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 June 2026, the Group’s leverage ratio was 4.4%. Capital targets and capital distribution Following the resolution of legacy issues and the closure of the corporate probation, the Group expects a normalisation of Pillar 2 requirements before the end of 2026, subject to the outcome of the Supervisory Review and Evaluation Process. This will contribute to a projected CET1 capital requirement of around 14% by 2028. In that light, the CET1 capital target was changed from above 16% to around 16% as part of Danske Bank’s Forward ’28 strategy update on 30 April 2026. The Board of Directors continues to review the capital targets in view of regulatory developments in order to ensure a strong capital position. To accelerate this transition towards normalised capital levels, the Board of Directors, in connection with the release of the interim report for the first quarter of 2026, approved an extraordinary dividend payment of DKK 5 billion, equivalent to DKK 6.14 per share. In addition, the Board of Directors revised the dividend policy from 40-60% to 60-70% of net profit, effective from the second quarter of 2026. The revised policy is intended to support predictable and sustainable shareholder distributions. Danske Bank has strong capital and liquidity positions, and the Group remains committed to our capital distribution policy. At 30 June 2026, Danske Bank had bought back around 5.1 million shares for a total purchase amount of DKK 1.6 billion (figures at trade date) of the planned DKK 4.5 billion share buy- back programme. On 26 March 2026, the annual general meeting of Danske Bank A/S adopted a proposal to reduce Danske Bank’s share capital by DKK 191,796,230 nominally by cancelling 19,179,623 shares from Danske Bank’s holding of own shares. The reduction of the share capital was carried out and registered at 27 April 2026. 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 June 2026, Danske Bank was in compliance with all threshold values. A separate report is available at www.danskebank.com/ir. Realkredit Danmark also complies with all threshold values. New regulation The application date for the Fundamental Review of the Trading Book (FRTB) rules has been postponed and is now 1 January 2027. In addition, the European Commission has adopted a delegated act on targeted and temporary amendments to the FRTB standard. The amendments, if adopted by the European Parliament and the Council, will apply from 1 January 2027 until end-2029. 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. On 7 October 2025, it was announced that the Danish Systemic Risk Council had recommended maintaining the 7% systemic risk buffer (SyRB) for exposures to commercial real estate in Denmark while also recommending an increase in the LTV band exempted from the scope of the Danish SyRB. On 30 June 2026, the Danish government decided to follow the risk council’s recommendation, including the proposal to increase the exempted LTV band. The amended SyRB has been applicable from 30 June 2026. 257 (36.9%) 140 (20.1%) 91 (13.1%) 58 (8.4%) MREL including CBR MREL funds Preferred senior debt > 1 year Non-preferred senior debt > 1 year CET1, AT1, T2 MREL including CBR 290 (41.6%)
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12 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Credit ratings In the first half of 2026, Moody’s, Scope and Fitch upgraded Danske Bank A/S’s ratings. On 18 February 2026, Moody’s upgraded Danske Bank A/S’s Baseline Credit Assessment to a3 from baa1, non-preferred senior debt rating to A3 from Baa1, deposit rating to Aa3 from A1, and Counterparty Risk Assessment to Aa2(cr) from Aa3(cr). At the same time, Moody’s affirmed Danske Bank A/S’s senior unsecured debt rating and issuer rating at A1. The outlook remains stable. Moody’s rationale for the upgrades is a strengthening of Danske Bank A/S’s standalone credit fundamentals. On 26 February 2026, Scope upgraded Danske Bank A/S’s issuer rating to AA- from A+, senior unsecured debt rating to AA- from A+, non-preferred senior debt rating to A+ from A, tier 2 debt rating to A- from BBB+, and AT1 rating to BBB from BBB-. At the same time, the outlook was revised to stable from positive. The upgrade was driven by improvements in governance and risk management coupled with a strengthened and resilient earnings profile. On 21 April 2026, Moody’s upgraded Danske Bank A/S’s long- term deposits rating to Aa2 from Aa3, due to the introduction of full depositor preference across the European Union. At the same time, Moody’s downgraded the provisional deposit notes/certificates of deposit rating to A1 from Aa3, due to a re- mapping of this type of instrument to the rating of senior unsecured debt. On 12 May 2026, Fitch upgraded Danske Bank A/S’s long- and short-term issuer ratings to AA from A+ and to F1+ from F1. At the same time, Fitch upgraded Danske Bank A/S’ senior unsecured debt rating to AA from AA-, derivative counterparty rating to AA(dcr) from AA-(dcr), and deposit rating to AA from AA-. The upgrades reflect Danske Bank A/S’s large resolution debt buffer and updated Fitch bank methodology. The outlook remains stable. Environmental, Social and Governance (ESG) ratings The ESG rating agencies monitored by Danske Bank A/S did not change their ratings of Danske Bank A/S in the first half of 2026. Credit ratings Danske Bank A/S Fitch Moody’s Nordic Credit Rating S&P Scope Counterparty rating AA(dcr) Aa2/P-1 - AA-/A-1+ - Deposits AA/F1+ Aa2/P-1/Stable - - - Deposit notes / Certificates of Deposit - (P)A1 - - - Senior unsecured debt AA/F1+ A1/P-1/Stable - A+/A-1 AA-/S-1+/Stable Issuer rating AA/F1+/Stable A1/P-1/Stable - A+/A-1/Stable AA-/S-1+/Stable Non-preferred senior debt A+ A3 - A- A+/Stable Subordinated tier 2 debt A- - - BBB+ A-/Stable Additional tier 1 capital instruments BBB - - BBB- BBB/Stable Realkredit Danmark A/S Issuer rating - - - - AA-/S-1+/Stable Danske Hypotek AB Issuer rating - - A+/N2/Stable - - Danske Mortgage Bank Plc Issuer rating - - - - AA-/Stable ESG ratings Danske Bank A/S CDP B ISS STOXX C+ Prime MSCI ESG Ratings BBB Sustainalytics Low Risk
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13 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Changes to the Executive Leadership Team of Danske Bank A/S and the organisation As announced in Company Announcement No. 28/2026, Danske Bank’s Chief Compliance Officer, Dorthe Tolborg, decided to retire and therefore, with effect from 1 June 2026, stepped down from her position with Danske Bank and as member of Danske Bank’s Executive Leadership Team. In connection with Dorthe Tolborg’s retirement, Danske Bank decided, with effect from 1 June 2026, to merge its Group Risk Management and Group Compliance functions into a single Risk and Compliance function (RAC) under the leadership of Chief Risk Officer Magnus Agustsson. With the merging of the functions, the two leadership teams will report to Magnus Agustsson, and he will for an interim period take over all responsibilities of the Chief Compliance Officer in addition to his role as Chief Risk Officer. The merged function is designed to further strengthen our risk management and compliance framework and to support a holistic approach to managing risks across the organisation.
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14 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 savings, 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 to be 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 and to offer 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 UK. 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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15 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Personal Customers In the first half of 2026, we continued to strengthen our value proposition for personal customers and maintained good business momentum. In Denmark, Personal Banking performed well, in Finland, Personal Banking continued to slightly outperform the market and gain market share, and in Sweden, the development was stable, with market activity picking up in the latter part of the second quarter. In addition, Global Private Banking performed well. The financial markets were affected by geopolitical tension, albeit with a clear, positive trend in the second quarter of 2026, which contributed to continually strong net flows into investment products. Profit before tax amounted to DKK 5,237 million in the first half of 2026 (H1 2025: DKK 4,217 million), an increase of 24% from the level in the first half of 2025. The increase was primarily driven by higher interest income from deposits, higher net fee income, loan impairment reversals and higher other income that benefitted from the reversal of a provision related to the sale of the personal customer business in Norway. The increase in total income was partly offset by higher operating expenses. Business initiatives We strengthened our position in our core markets by executing strategic initiatives and enhancing our value proposition for a range of customer needs. We improved our value-for-money offering within home finance, supported by adjusted mortgage pricing and easy access to digital home finance solutions. In Denmark, we rolled out a new investment advisory offering called Butterfly. The offering is enabled by BlackRock’s Aladdin Wealth platform, which Danske Bank is the first among Nordic banks to use. In addition, driven by strong demand and solid performance, Danske Porteføljepleje in Denmark surpassed DKK 100 billion in assets under management, underscoring its role as our flagship investment offering. Total customer assets under administration quickly recovered from the negative effect of the conflict in the Middle East and reached new highs, surpassing DKK 1,000 billion in the second Personal Customers First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q2/Q1 2025 26/25 2025 Net interest income 6,672 6,349 105 3,422 3,250 105 3,118 110 13,004 Net fee income 2,648 2,231 119 1,293 1,355 95 1,021 127 4,592 Net trading income 62 50 124 32 30 107 26 123 108 Other income 283 68 - 256 27 - 29 - 119 Total income 9,664 8,698 111 5,003 4,662 107 4,193 119 17,822 Operating expenses 4,576 4,433 103 2,352 2,224 106 2,292 103 9,292 of which resolution fund, bank tax etc. 22 16 138 17 5 - 9 189 31 Profit before loan impairment charges 5,088 4,265 119 2,651 2,437 109 1,901 139 8,530 Loan impairment charges -149 48 - -77 -72 107 -69 112 33 Profit before tax 5,237 4,217 124 2,728 2,509 109 1,970 138 8,497 Loans, excluding reverse transactions before impairments 670,004 660,587 101 670,004 664,381 101 660,587 101 668,606 Allowance account, loans 3,539 4,078 87 3,539 3,708 95 4,078 87 3,916 Deposits, excluding repo deposits 412,002 402,538 102 412,002 402,379 102 402,538 102 401,463 Covered bonds issued 544,723 535,419 102 544,723 533,546 102 535,419 102 526,854 Allocated capital (avg.) 27,964 26,682 105 27,881 28,049 99 26,756 104 26,869 Net interest income as % p.a. of loans and deposits 1.26 1.22 1.29 1.23 1.19 1.25 Profit before loan impairment charges as % p.a. of allocated capital (avg.) 36.4 32.0 38.0 34.8 28.4 31.7 Profit before tax as % p.a. of allocated capital (avg.) 37.5 31.6 39.1 35.8 29.5 31.6 Cost/income ratio (%) 47.4 51.0 47.0 47.7 54.7 52.1 Full-time-equivalent staff 3,835 3,945 97 3,835 3,871 99 3,945 97 3,897 Fact Book Q2 2026 provides financial highlights at customer type level for Personal Customers. Fact Book Q2 2026 is available at www.danskebank.com/ir.
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16 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability quarter of 2026. As a result, at 30 June 2026, total assets under administration had increased 6% relative to the level at the end of 2025. Danske Invest further strengthened its leading position in the Danish retail market. H1 2026 vs H1 2025 Profit before tax increased to DKK 5,237 million (H1 2025: DKK 4,217 million) and was up 24%, mainly as a result of an increase in net interest income from deposits, higher net fee income, loan impairment reversals and the reversal of a provision related to the sale of the personal customer business in Norway. The increase in total income was partly offset by higher operating expenses. Net interest income increased 5% relative to the level in the first half of 2025 and amounted to DKK 6,672 million (H1 2025: DKK 6,349 million). The increase in net interest income was mainly caused by an increase in deposit volumes and bank lending volumes as well as by increased allocation from Group Treasury related to the Group’s hedging strategy. Net fee income increased 19% to DKK 2,648 million (H1 2025: DKK 2,231 million). The increase was driven by updated pricing structures, higher interbank fee income and higher investment fee income due to higher customer activity and positive market developments. Net trading income increased to DKK 62 million (H1 2025: DKK 50 million) as a result of an increase in loan termination fee income due to the rise in interest rates. Other income increased to DKK 283 million (H1 2025: DKK 68 million), driven by the reversal of a provision of DKK 231 million related to a warranty issued in connection with the sale of the personal customer business in Norway. Operating expenses increased 3% to DKK 4,576 million (H1 2025: DKK 4,433 million). The increase was driven by continued investments in our strategy. Total lending increased slightly relative to the level at the end of 2025. Across Denmark, we saw an increase in nominal volumes related to home finance products, although a DKK 0.5 billion market value adjustment of mortgage loans affected total lending negatively. In Finland, lending volumes decreased slightly due to subdued market developments, but we performed slightly better than the market and therefore increased our market share. In Sweden, bank lending volumes in local currency were flat relative to the level at the end of 2025, although the housing market picked up following changes to Swedish housing market regulation. The depreciation of the Swedish krona had a negative effect of DKK 2 billion relative to the level at the end of 2025. Deposit volumes increased 3% relative to the level at the end of 2025. The growth in deposit volumes was primarily the result of customers increasing their savings, mainly in Denmark, where the increase was DKK 9.8 billion. The increase in Denmark was supported by tax refunds, dividend payouts and a government food subsidy programme. We also saw an increase in deposit volumes of DKK 1.4 billion in Finland as well as an increase of DKK 0.3 billion in Sweden. Deposit volumes were affected by the depreciation of the Swedish krona, which had a negative effect of DKK 0.9 billion relative to the level at the end of 2025. Credit quality remains strong, with average loan-to-value levels remaining low, and is supported by price appreciation in the housing market in Denmark. Loan impairments resulted in a net reversal of DKK 149 million in the first half of 2026, against a small net charge in the first half of 2025. The net reversal reflected stable credit conditions. Credit exposure Net credit exposure from lending activities amounted to DKK 744 billion at the end of the first half of 2026, a slight increase from DKK 743 billion at the end of 2025, mainly due to increased exposure in Personal Customers Denmark and to the Private Banking segment. Q2 2026 vs Q1 2026 Profit before tax increased to DKK 2,728 million in the second quarter (Q1 2026: DKK 2,509 million) as a result of higher income from deposits as well as the reversal of a provision related to the sale of the personal customer business in Norway. The increase was partly offset by an increase in operating expenses. • Net interest income increased 5% from the preceding quarter, driven by income from deposits as a result of higher volumes and rates. • Net fee income decreased 5% from the preceding quarter, mainly because of normal fluctuations in financing fee income and slightly lower investment activity as a result of the conflict in the Middle East. • Operating expenses increased 6% relative to the preceding quarter as a result of a year-to-date payment to the Danish Resolution Fund in the second quarter and restructuring costs. • Other income increased to DKK 256 million, driven by the reversal of a provision of DKK 231 million related to a warranty issued in connection with the sale of the personal customer business in Norway. • In the second quarter of 2026, we saw a net impairment reversal of DKK 77 million (Q1 2026: net reversal of DKK 72 million), indicating stable credit quality. Profit before tax DKK 2,728 million for the second quarter of 2026
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17 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Business Customers In the first half of 2026, Business Customers continued to deliver a robust financial performance and to build on the positive momentum established last year. In line with our Forward ’28 strategy, we successfully acquired new customers with advanced and international needs and continued to support existing ones in growing their business through high-quality financial advisory services. In addition, within Commercial Real Estate, we continued to see a strong debt capital market despite the geopolitical uncertainty, with several large transactions completed. Profit before tax increased to DKK 5,102 million in the first half of 2026 from DKK 5,085 million in the first half of 2025, reflecting the continued strength of the underlying business. Higher income, supported by strong fee income generation and stable volume growth, more than compensated for the impact of a lower net loan impairment reversal than in the year-earlier period. Business initiatives In the first half of 2026, we continued to expand our customer base among businesses with advanced and international needs and intensified our efforts to attract newly established businesses. Tailored solutions, such as enhanced onboarding, competitive pricing and fast support, reinforced our position as a trusted partner. Stronger advisory capabilities and enhanced collaboration across the One Corporate Bank platform supported daily banking fee income growth of more than 5% in the first half of 2026. Sustainability remains a key business focus for Business Customers, and in the first half of 2026, we achieved strong growth in green lending, amounting to DKK 76 billion at the end of May 2026 and corresponding to net growth of 19% relative to the level in the first half of 2025 (H1 2025: DKK 64 billion). We also launched an updated version of our ESG Tracker tool to better identify customers’ ESG-related risks and opportunities and enable more strategic transition and financing discussions. Business Customers First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q2/Q1 2025 26/25 2025 Net interest income 5,954 5,846 102 3,019 2,934 103 2,876 105 11,820 Net fee income 1,399 1,229 114 690 709 97 597 116 2,474 Net trading income 5 17 29 1 4 25 6 17 30 Other income 250 253 99 116 134 87 119 97 446 Total income 7,608 7,344 104 3,826 3,781 101 3,599 106 14,771 Operating expenses 2,860 2,775 103 1,432 1,427 100 1,408 102 5,684 of which resolution fund, bank tax etc. 44 41 107 30 14 214 22 136 82 Profit before loan impairment charges 4,748 4,569 104 2,394 2,354 102 2,191 109 9,086 Loan impairment charges -354 -516 69 -90 -264 34 -67 134 -998 Profit before tax 5,102 5,085 100 2,484 2,618 95 2,257 110 10,085 Loans, excluding reverse transactions before impairments 715,243 683,830 105 715,243 704,598 102 683,830 105 698,085 Allowance account, loans 8,152 9,151 89 8,152 8,286 98 9,151 89 8,589 Deposits, excluding repo deposits 270,687 246,558 110 270,687 269,257 101 246,558 110 264,013 Covered bonds issued 412,053 393,407 105 412,053 407,642 101 393,407 105 402,630 Allocated capital (avg.) 46,521 46,504 100 46,492 46,550 100 47,034 99 46,582 Net interest income as % p.a. of loans and deposits 1.21 1.26 1.23 1.20 1.24 1.26 Profit before loan impairment charges as % p.a. of allocated capital (avg.) 20.4 19.6 20.6 20.2 18.6 19.5 Profit before tax as % p.a. of allocated capital (avg.) 21.9 21.9 21.4 22.5 19.2 21.6 Cost/income ratio (%) 37.6 37.8 37.4 37.7 39.1 38.5 Full-time-equivalent staff 1,820 1,750 104 1,820 1,787 102 1,750 104 1,770 Fact Book Q2 2026 provides financial highlights at customer type level for Business Customers. Fact Book Q2 2026 is available at www.danskebank.com/ir.
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18 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability This initiative underscores our commitment to the sustainable transition in line with our strategic priorities. H1 2026 vs H1 2025 Profit before tax amounted to DKK 5,102 million (H1 2025: DKK 5,085 million). The development was mainly driven by higher net fee income, although the effect was partly offset by a lower net loan impairment reversal than in the same period last year. The underlying core business showed a continued strong development with high fee income and stable volume growth. Net interest income increased 2% from the level in the first half of 2025, amounting to DKK 5,954 million (H1 2025: DKK 5,846 million). The development was driven by strong growth in both deposits and lending. However, the effect was largely offset by lower interest rates, which compressed margins. Net fee income increased 14% to DKK 1,399 million (H1 2025: DKK 1,229 million). The increase was primarily driven by high lending activity but also by a rise in daily banking fee income attributable to both increased customer activity and repricing actions. Other income was stable and amounted to DKK 250 million (H1 2025: DKK 253 million). Operating expenses amounted to DKK 2,860 million, an increase of 3% relative to the level in the first half of 2025. The increase was driven by investments made in accordance with our Forward ’28 strategy combined with a generally higher cost level as a result of inflation. When adjusted for exchange rate effects, operating expenses increased 2% relative to the level in the first half of 2025. Supported by our strategy execution, we saw an increase in bank lending volumes of 4% relative to the level at the end of 2025, with growth (in local currency) driven by our activities in Sweden and Norway. Our activities in Finland also contributed positively, while activity in Denmark was fairly stable. Furthermore, volume growth benefitted from exchange rate developments, with a positive impact of DKK 0.1 billion relative to the level at the end of 2025. Deposit volumes totalled DKK 271 billion, which was an increase of 3% relative to the level at the end of 2025 (end-2025: DKK 264 billion). There was a positive impact from currency exchange rates of DKK 0.2 billion in total. In local currency, we observed growth in all countries except for Denmark, where volumes were stable relative to the level at the end of 2025. Nominal Realkredit Danmark mortgage volumes increased 1% relative to the level at the end of 2025, with most of the increase being driven by commercial real estate lending. Combined with the increase in bank lending, total lending after fair value adjustments amounted to DKK 707 billion, an increase of 3% from the level at the end of 2025. Credit quality remained broadly stable despite the continued geopolitical uncertainty. The conflict in the Middle East has resulted in higher market volatility, with the risk of energy and commodity price shocks leading to higher inflation and lower growth. Loan impairments amounted to a net reversal of DKK 354 million in the first half of 2026, against a net reversal of DKK 516 million in the first half of 2025. Impairment reversals related mainly to single-name exposures. Credit exposure Net credit exposure from lending activities increased to DKK 839 billion in the first half of 2026 (end-2025: DKK 812 billion). The increase was primarily driven by an increase in exposure to the commercial and residential real estate, non-profit housing, and services segments. Q2 2026 vs Q1 2026 Profit before tax decreased to DKK 2,484 million in the second quarter of 2026 (Q1 2026: DKK 2,618 million), mainly due to a lower net loan impairment reversal than in the first quarter of 2026. Total income was fairly stable, and operating expenses were flat. • Net interest income increased 3% to DKK 3,019 million (Q1 2026: DKK 2,934 million), primarily driven by strong growth in both deposits and lending. • Net fee income decreased 3% from the first quarter of 2026 due to lower financing fee and service fee income. • Other income amounted to DKK 116 million (Q1 2026: DKK 134 million) and was driven by activity in our leasing operations. • Operating expenses were flat at DKK 1,432 million (Q1 2026: DKK 1,427 million) relative to the preceding quarter. • In the second quarter of 2026, there was a net loan impairment reversal of DKK 90 million (Q1 2026: net reversal of DKK 264 million). The reversal was primarily attributable to single-name exposures. Profit before tax DKK 2,484 million for the second quarter of 2026
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19 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Large Corporates & Institutions In the first half of 2026, we saw robust financial performance on core income lines, though market uncertainty persisted. We remain dedicated to actively supporting our customers with advisory services, backed by our strong product offering and balance sheet. Growth in net interest income was supported by increased lending volumes and improved deposit margins. Our fee business continued to perform well across all areas, and we continued to grow our corporate customer portfolio and secure additional cash management mandates. Profit before tax increased to DKK 4,604 million, up by 1% from the level in the first half of 2025, as the decrease in net trading income was more than offset by higher net interest income and net fee income. Business initiatives In the second quarter of 2026, we continued to support customers in capital markets in a dynamic market environment that was characterised by shifting geopolitical developments, while we also remained focused on executing our strategic priorities and capitalising on emerging opportunities across all product areas. In Debt Capital Markets, activity was subdued in April due to geopolitical uncertainty but accelerated in the rest of the quarter as market conditions improved. Among several highlights, we supported Sampo in their successful SEK 1.5 billion restricted tier 1 capital issue – an example of a strong bond market. In Equity Capital Markets, we continued to support customers in volatile market conditions in order for them to benefit from the equity opportunities available. As one of the highlights of the second quarter, we supported BioMar’s successful IPO, which was the first IPO on the main market in Denmark since 2023 and the largest in Denmark since 2018. The successful outcome underlines our strong ECM franchise and advisory capabilities. In M&A, activity picked up during the second quarter, with several Large Corporates & Institutions First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q2/Q1 2025 26/25 2025 Net interest income 4,329 4,097 106 2,207 2,121 104 2,036 108 8,257 Net fee income 3,812 3,503 109 1,991 1,821 109 1,738 115 8,116 Net trading income 974 1,295 75 493 481 102 532 93 2,205 Other income - 3 - - - - -1 - 6 Total income 9,115 8,898 102 4,691 4,424 106 4,305 109 18,584 Operating expenses 3,764 3,618 104 1,871 1,893 99 1,799 104 7,440 of which resolution fund, bank tax etc. 107 60 178 69 38 182 33 209 120 Profit before loan impairment charges 5,351 5,280 101 2,820 2,531 111 2,506 113 11,144 Loan impairment charges 746 736 101 444 302 147 316 141 1,260 Profit before tax 4,604 4,544 101 2,376 2,229 107 2,190 108 9,883 Loans, excluding reverse trans. before impairments 352,435 331,834 106 352,435 350,597 101 331,834 106 338,584 of which loans in General Banking & Investment Banking* 334,798 305,342 110 334,798 329,767 102 305,342 110 317,109 Allowance account, loans (including credit institutions) 3,554 2,868 124 3,554 3,885 91 2,868 124 3,225 Deposits, excluding repo deposits 335,523 315,869 106 335,523 358,225 94 315,869 106 331,121 of which deposits in General Banking & Investment Banking 311,528 292,630 106 311,528 333,752 93 292,630 106 309,063 Covered bonds issued 30,751 27,105 113 30,751 29,948 103 27,105 113 27,853 Allocated capital (avg.) 43,824 41,138 107 44,284 43,359 102 41,547 107 40,890 Net interest income as % p.a. of loans and deposits 1.27 1.24 1.29 1.26 1.25 1.26 Profit before loan impairment charges as % p.a. of allocated capital (avg.) 24.4 25.7 25.5 23.3 24.1 27.3 Profit before tax as % p.a. of allocated capital (avg.) 21.0 22.1 21.5 20.6 21.1 24.2 Cost/income ratio (%) 41.3 40.7 39.9 42.8 41.8 40.0 Full-time-equivalent staff 2,193 2,187 100 2,193 2,197 100 2,187 100 2,180 * Comparatives for 2025 have been updated to include Investment Banking.
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20 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability notable transactions across the region contributing positively to fee income, such as the successful outcome of Vestum’s sale of Flowa Technology, which underscores our ambition to deliver high-quality advisory services to our customers across the Nordic countries. In Loan Capital Markets, credit conditions remained supportive, and we continued to see strong momentum in structured lending as we deepened relationships in key customer segments by financing critical transactions. This contributed to the increase in net interest income. In Asset Management, we delivered a strong performance in the first half-year with assets under management reaching an all- time high, driven by market recovery and continued positive net inflows. Investment performance rebounded strongly in the second quarter following the market volatility at the end of the first quarter, with strategies across liquid and illiquid asset classes continuing to outperform benchmarks and peers on a three-year horizon. During the first half of 2026, we ranked first among sustainable bond arrangers across all Nordic issuer categories, reinforcing our Nordic leadership within sustainable bonds. Internationally, we arranged more than USD 11 billion in sustainable bonds, a Nordic record, and we ranked sixth globally by arranged green bond volume. Furthermore, we continued to advise on new sustainable financing frameworks and fact sheets across all customer segments. Notably, we acted as sole adviser for Länsförsäkringar Bank on the first European Green Bond fact sheet for a Nordic financial institution. Sustainability-linked loans remain popular in Sweden and Norway, while the start of the year showed less activity from clients in Denmark and Finland. We maintained our position as the leading arranger of Nordic sustainable loans, with notable transactions including Duni and Bonava in Sweden. Total income First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q2/H1 2025 26/25 2025 General Banking* 4,083 4,071 100 2,041 2,042 100 1,908 107 8,242 Markets 2,819 2,957 95 1,483 1,335 111 1,501 99 5,402 of which xVA -51 -79 65 -7 -44 16 -9 78 -66 Asset Management 1,320 1,088 121 680 640 106 523 130 3,277 of which performance fees 32 -17 - 5 26 19 5 100 924 Investment Banking* 894 782 114 487 406 120 373 131 1,662 Total income 9,115 8,898 102 4,691 4,424 106 4,305 109 18,584 Assets under management (DKK millions) Institutional clients 676,260 544,624 124 676,260 617,579 110 544,624 124 617,612 Retail clients 440,822 358,299 123 440,822 391,960 112 358,299 123 400,819 Total assets under management 1,117,082 902,923 124 1,117,082 1,009,538 111 902,923 124 1,018,431 Total assets under management, net sales 20,548 17,716 116 14,578 5,970 244 15,426 95 57,618 * Comparison figures for 2025 have been restated regarding income on loans moved from General Banking to Investment Banking in H1 2026. 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. Total assets under management includes assets under management from Group entities.
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21 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability H1 2026 vs H1 2025 Profit before tax increased to DKK 4,604 million (H1 2025: DKK 4,544 million), with the increase driven by both higher net interest income and net fee income, although the effect was partly offset by lower net trading income. Net interest income increased to DKK 4,329 million (H1 2025: DKK 4,097 million), primarily due to higher lending volumes and improved deposit margins. Lending volumes in General Banking increased 6% from the level at the end of 2025. The increase was widespread across segments, though primarily driven by corporate customers in Denmark. Deposit volumes remained roughly on par with the level at the end of 2025. Net fee income increased to DKK 3,812 million (H1 2025: DKK 3,503 million), mainly driven by continued strong momentum in asset management fee income as well as higher daily banking fee income. The largest contributor to the growth in daily banking fee income was Cash Management, supported by continued growth in house bank mandates. Within Capital Markets advisory services, the increase was primarily driven by good activity in DCM coupled with increasing income from advisory-driven roles, although the increase was partly offset by lower equity-related fee income. Net trading income decreased to DKK 974 million (H1 2025: DKK 1,295 million) as we saw lower performance in Fixed Income due to geopolitical uncertainty and hence lower client activity. Operating expenses increased 4% from the level in the same period last year and amounted to DKK 3,764 million (H1 2025: DKK 3,618 million). The increase was primarily driven by investments in frontline staff and higher accruals for performance-based compensation. Overall credit quality remained robust and proved resilient to the geopolitical uncertainty. Loan impairments for the first half of 2026 resulted in charges totalling DKK 746 million, reflecting a trend consistent with the same period in 2025, which also saw net charges. The charges were primarily driven by single-name exposures. Credit exposure Net credit exposure from lending activities amounted to DKK 726 billion at the end of the second quarter of 2026, an increase from DKK 674 billion at the end of the fourth quarter of 2025, primarily driven by an increase in exposure to the Financial institutions, Capital goods, and Utilities and infrastructure segments, partially countered by a decrease in exposure to the Pulp, paper and chemicals segment. Q2 2026 vs Q1 2026 Profit before tax increased to DKK 2,376 million (Q1 2026: DKK 2,229 million), primarily due to increases in net fee income and net interest income. • Net interest income increased to DKK 2,207 million (Q1 2026: DKK 2,121 million), primarily driven by higher net interest income from lending and deposits. • Net fee income increased to DKK 1,991 million (Q1 2026: DKK 1,821 million), mainly due to higher customer activity within Capital Markets as well as asset management fee income. • Net trading income increased to DKK 493 million (Q1 2026: DKK 481 million), primarily as a result of increased client activity in Fixed Income, although the effect was partly offset by lower performance in FX and equity trading. • Operating expenses decreased to DKK 1,871 million (Q1 2026: DKK 1,893 million), primarily due to lower technology transformation costs. • Net loan impairment charges amounted to DKK 444 million (Q1 2026: DKK 302 million). Impairment charges were mainly attributable to single-name exposures. Profit before tax DKK 2,376 million for the second quarter of 2026
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22 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Danica Net income at Danica was up 19% to DKK 851 million in the first half of 2026 relative to the first half of 2025. The net financial result decreased due to the developments in the financial markets in the first half of 2026, while the insurance service result benefitted from a more balanced result in the health and accident business. Danica’s commercial momentum continued, with premiums increasing 10% from the level in the same period last year. The increase was driven by growth across segments in the corporate market and by increasing sales through Danske Bank. The level of new claims relating to loss of earning capacity has stabilised, and the result of the health and accident business has improved. This positive development is attributable to an increase in premiums due to pricing adjustments and Danica’s long-term investments in preventive efforts. These efforts consist of a comprehensive healthcare offering, early-access healthcare solutions and easy digital access that enable customers to receive support over the full course of their recovery. Investment returns for Danica Balance for the first half of 2026 were between 10.5% and 4.3%, depending on the selected risk profile and the number of years to retirement. Danica saw strong investment returns on our customers’ pension savings in the second quarter of 2026 following decreases in the first quarter. Following the amendment of Denmark’s implementation of the EU Conglomerate Directive, effective from 1 January 2026, the capital allocated to Danica was reduced, which resulted in a reduction of the average allocated capital of 30% from the capital allocated in the first half of 2025. Danica First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025** 26/25 2026 2026 Q2/Q1 2025** 26/25 2025 Insurance service result 458 7 - 270 188 144 274 99 -175 Net financial result 372 678 55 409 -37 - 222 184 1,482 Other income 21 29 72 10 11 91 17 59 50 Net income from insurance business 851 714 119 689 162 - 513 134 1,357 Insurance liabilities 590,749 540,843 109 590,749 546,637 108 540,843 109 558,639 Liabilities under investment contracts 30,403 27,232 112 30,403 27,314 111 27,232 112 28,573 Allocated capital (avg.)* 13,300 18,958 70 13,300 13,300 100 18,754 71 19,121 Net income as % p.a. of allocated capital (avg.)* 12.8 7.5 20.7 4.9 10.9 7.1 Solvency coverage ratio 215 208 215 215 208 197 Full-time-equivalent staff 1,011 971 104 1,011 1,006 100 971 - 984 * Allocated capital is based on the Group's capital allocation framework from Q1 2026. In 2025 and previous periods, the allocated capital was equal the legal entity's capital. ** Comparative information has been restated as described in note G2(b). Specification of life insurance and health & accident (DKK millions) Life insurance and equity etc. Insurance result 473 212 223 280 193 145 251 112 691 Net financial result* 340 586 58 278 63 - 130 214 1,323 Total life insurance and equity 814 798 102 558 256 218 380 147 2,014 Health and accident Insurance result -15 -204 7 -10 -6 167 23 - -866 Net financial result 32 92 35 131 -100 - 92 142 159 Total health and accident insurance 16 -112 - 121 -105 - 115 105 -707 * The net financial result for life insurance includes income and expenses from asset management and the investment result attributable to Danica’s shareholders’ equity. Other income is excluded from the table. Assets under management (DKK millions) Total 550,721 486,743 113 550,721 503,146 109 486,743 113 515,949 Premiums (DKK millions) Gross premiums, Denmark 28,080 25,545 110 13,600 14,479 94 13,435 101 53,263
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23 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Business initiatives Danica has strengthened its brand position through the launch of a nationwide marketing campaign, building on its ‘A life in balance’ platform. The campaign has been rolled out across multiple channels to ensure broader reach and consistent visibility in the market. In addition to reinforcing Danica’s core positioning around balance in life and finances, the campaign also makes the offer more tangible and relevant to customers across different stages in life. The initiative supports increased awareness and customer engagement in the market and contributes to strengthening customer relationships and customer inflow over time. At the same time, it helps create a stronger foundation for a closer customer dialogue and supports Danica’s broader ambition of deepening customer relationships and growing the customer base. H1 2026 vs H1 2025 Net income at Danica amounted to DKK 851 million (H1 2025: DKK 714 million) as a challenging first quarter of 2026 was followed by a strong rebound in the second quarter. The insurance service result improved significantly relative to the level in the first half of 2025, whereas the net financial result was affected by negative value adjustments due to difficult and volatile financial markets in the first quarter of 2026, although the markets improved in the second quarter. The insurance service result increased to DKK 458 million (H1 2025: DKK 7 million). The increase was due to the achievement of a balanced result in the health and accident business and to the first half of 2025 being adversely affected by a strengthening of provisions of DKK 220 million related to legacy life insurance products in run-off. The insurance service result of the health and accident business improved by DKK 189 million and amounted to a loss of DKK 15 million. The improvement was driven, among other things, by a stabilisation of the level of new claims and prior pricing adjustments. The net financial result decreased to DKK 372 million (H1 2025: DKK 678 million) primarily due to a lower investment result on insurance products where Danica carries the investment risk than in the first half of 2025. Assets under management increased to DKK 551 billion following the positive developments in the financial markets in the last half of 2025 and the second quarter of 2026. Premiums increased 10% from the level in the first half of 2025 following an increase in both single and regular premiums. Q2 2026 vs Q1 2026 Net income at Danica increased to DKK 689 million (Q1 2026: DKK 162 million) due to increases in both the insurance service result and the net financial result. • The insurance service result increased to DKK 270 million, primarily due to an increase in income from life insurance products, which benefitted from the increase in assets under management. The result of the health and accident business was a loss of DKK 10 million in the second quarter of 2026 (Q1 2026: loss of DKK 6 million). • The net financial result increased in the second quarter of 2026 and amounted to DKK 409 million (Q1 2026: loss of DKK 37 million). The increase was attributable to the market rebound in the second quarter after a volatile first quarter of 2026. • Assets under management increased DKK 48 billion, primarily due to the developments in the financial markets in the second quarter of 2026. • Total premiums decreased 6% following a decrease in regular premiums. By comparison, the first quarter included annual regular premiums for group life insurance products. Net income at Danica DKK 689 million for the second quarter of 2026
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24 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Northern Ireland In the first half of 2026, our focus in Northern Ireland was on remaining a strong bank and consolidating our market-leading position alongside pursuing growth opportunities in the rest of the UK. Profit before tax amounted to DKK 1,180 million in the first half of 2026 (H1 2025: DKK 1,110 million). Total income and profit before loan impairment charges increased from the year-earlier period, driven by growth across both Northern Ireland and the rest of the UK. Customer acquisition and lending growth remained strong despite the adverse impact of ongoing geopolitical uncertainty on business and consumer confidence. Business initiatives In the first half of the year, we demonstrated a strong focus on customer acquisition, supported by incentive-led switching campaigns. We welcomed around 6,800 new personal current account customers in the first half of 2026, with around 30% of these new customers being under 18 years old. To support our youth market focus, Danske Bank in Northern Ireland now offers accounts to children aged 8 years and older. Our fee-free youth account gives young people aged 8 to 17 a safe and practical way to learn how to manage their money, and we offer a contactless debit card, online banking access, the possibility to use the card abroad and parental controls for those under the age of 16. We also welcomed around 900 small businesses to Danske Bank, with many attracted by the two years of fee-free banking available with our small business digital account solution. The account is a strong option for customers who want the flexibility to self-serve, and it has been awarded a five-star rating by Moneyfacts for its digital-first design and essential banking features. Northern Ireland First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q2/Q1 2025 26/25 2025 Net interest income 1,791 1,640 109 896 896 100 836 107 3,358 Net fee income 150 152 99 75 75 100 77 97 309 Net trading income 68 95 72 45 23 196 45 100 184 Other income 6 7 86 3 3 100 3 100 13 Total income 2,015 1,894 106 1,018 997 102 960 106 3,863 Operating expenses 799 775 103 415 384 108 393 106 1,591 Profit before loan impairment charges 1,217 1,119 109 604 613 99 566 107 2,272 Loan impairment charges 37 9 - 26 11 236 58 45 1 Profit before tax 1,180 1,110 106 577 602 96 509 113 2,271 Loans, excluding reverse transactions before impairments 72,618 66,839 109 72,618 69,611 104 66,839 109 69,776 Allowance account, loans 738 718 103 738 715 103 718 103 704 Deposits, excluding repo deposits 116,329 111,403 104 116,329 113,638 102 111,403 104 115,227 Allocated capital (avg.)* 6,846 6,797 101 7,053 6,637 106 6,918 102 6,814 Net interest income as % p.a. of loans and deposits 1.89 1.81 1.85 1.93 1.81 1.84 Profit before tax as % p.a. of allocated capital (avg.) 34.5 32.7 32.7 36.3 29.4 33.3 Cost/income ratio (%) 39.7 40.9 40.8 38.5 40.9 41.2 Full-time-equivalent staff 1,235 1,242 99 1,235 1,232 100 1,242 99 1,233 * Allocated capital equals the legal entity’s capital.
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25 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Since 1 July 2026, the bank in Northern Ireland has been led by a new local chief executive, Julie-Ann Haines. Ms Haines was formerly the chief executive of Principality Building Society, the largest financial services organisation in Wales. H1 2026 vs H1 2025 Profit before tax increased to DKK 1,180 million (H1 2025: DKK 1,110 million), primarily driven by the positive impact of higher lending and deposit volumes on net interest income. Net interest income increased to DKK 1,791 million (H1 2025: DKK 1,640 million), driven by a combination of growth in lending and deposit volumes and the impact of hedging actions previously taken during the period of higher UK interest rates. Net fee income was stable at DKK 150 million (H1 2025: DKK 152 million). Net trading income decreased to DKK 68 million (H1 2025: DKK 95 million), reflecting adverse mark-to-market movements on the bank’s hedging portfolio given the market expectation for UK interest rates to rise over the short to medium term. This movement will reverse over the remaining life of the hedging portfolio. Operating expenses increased to DKK 799 million (H1 2025: DKK 775 million), reflecting continued investment in strategic priorities and higher costs for IT services provided by the Group. We continue to focus on efficiency improvements across local and Group cost drivers. Credit quality remained strong, with a net loan impairment charge of DKK 37 million (H1 2025: DKK 9 million). Q2 2026 vs Q1 2026 The second quarter of 2026 saw profit before tax of DKK 577 million (Q1 2026: DKK 602 million). • Net interest income was maintained at DKK 896 million (Q1 2026: DKK 896 million). • Net fee income was maintained at DKK 75 million (Q1 2026: DKK 75 million). • Net trading income amounted to DKK 45 million (Q1 2026: DKK 23 million), primarily reflecting the impact of mark-to- market movements on the bank’s hedging portfolio resulting from changing market interest rates in the first quarter. • Operating expenses were higher at DKK 415 million, reflecting the timing of expenditure for strategic priorities and higher costs for services provided by the Group (Q1 2026: DKK 384 million). • Loan impairment charges amounted to DKK 26 million in the second quarter (Q1 2026: DKK 11 million) but remained low overall. Profit before tax DKK 577 million for the second quarter of 2026
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26 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Group Functions Group Functions includes Group Treasury, Technology & Services and other functions. In addition, Group Functions includes eliminations. In the first half of 2026, the loss before tax increased and amounted to DKK 1,032 million, against a loss of DKK 690 million in the first half of 2025. The increase was mainly caused by lower income in Group Treasury. Net interest income decreased to a net expense of DKK 74 million (H1 2025: net income of DKK 152 million). An increase in income from primarily interest rate risk management in Group Treasury was more than offset by a decrease in internal allocation income. Net trading income was affected by fair value adjustments in Group Treasury and decreased to a negative amount of DKK 27 million (H1 2025: positive amount of DKK 279 million). 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. H1 2026 vs H1 2025 The loss before tax at Group Functions increased, mainly due to lower income in Group Treasury, and amounted to DKK 1,032 million (H1 2025: loss of DKK 690 million). Net interest income decreased to a net expense of DKK 74 million (H1 2025: net income of DKK 152 million). Group Treasury saw an increase in interest rate risk management income from fixed-rate lending hedging and bond portfolios as well as short- term liquidity management activities, although the effect was Group Functions First half First half Index Q2 Q1 Index Q2 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q2/Q1 2025 26/25 2025 Net interest income -74 152 - -213 139 - 198 - 172 Net fee income -32 -49 65 9 -42 - -25 - -67 Net trading income -27 279 - 123 -150 - 246 50 345 Other income 10 -14 - 10 1 - -4 - -7 Total income -123 368 - -71 -52 137 415 - 443 Operating expenses 924 1,070 86 448 476 94 486 92 1,841 of which resolution fund, bank tax etc. 43 39 110 22 21 105 20 110 77 Profit before loan impairment charges -1,047 -702 149 -519 -528 98 -71 - -1,398 Loan impairment charges -15 -11 136 -13 -3 - -21 62 -3 Profit before tax -1,032 -690 150 -506 -526 96 -50 - -1,395 Full-time-equivalent staff 9,379 10,108 93 9,379 9,631 97 10,108 93 9,962 Profit before tax (DKK millions) Group Treasury 221 613 36 114 107 107 554 21 900 Own shares and issues -46 -51 90 -21 -25 84 -20 105 -146 Additional tier 1 capital -1 2 - - - - 1 - 3 Group support functions -1,216 -1,316 92 -607 -609 100 -647 94 -2,212 Non-core 10 63 16 8 1 - 61 13 60 Total Group Functions -1,032 -690 150 -506 -526 96 -50 - -1,395
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27 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability more than offset by lower internal allocation income. The lower allocation income was caused, among other things, by increased allocation of interest rate risk management income to the business units, primarily from the hedging of the interest rate risk on deposits. Net fee income improved to an expense of DKK 32 million (H1 2025: an expense of DKK 49 million) related to service fees. Net trading income decreased to a negative amount of DKK 27 million (H1 2025: positive amount of DKK 279 million), mainly due to Group Treasury's hedging and liquidity management activities, including developments related to unrealised market value adjustments of cross-currency swaps. Other income increased and amounted to DKK 10 million (H1 2025: loss of DKK 14 million) related, among other things, to holdings in associates. Operating expenses, after allocation to the business units, decreased to DKK 924 million (H1 2025: DKK 1,070 million). Operating expenses were positively affected, among other things, by increased capitalisation of costs for internal development of software and lower consultancy costs, although the effect was partly offset by increased severance costs and higher amortisation and impairment of intangible assets. Loan impairment charges amounted to a net reversal of DKK 15 million (H1 2025: DKK 11 million). The number of full-time-equivalent staff was 9,379 (H1 2025: 10,108). Q2 2026 vs Q1 2026 Group Functions posted a loss before tax of DKK 506 million (Q1 2026: loss of DKK 526 million). • Net interest income decreased to a net expense of DKK 213 million (Q1 2026: net income of DKK 139 million). The development was driven by Group Treasury, primarily as a result of a decrease in internal allocation income. • Net fee income amounted to DKK 9 million (Q1 2025: net expense of DKK 42 million), mainly due to lower expenses for custody accounts. • Net trading income increased to DKK 123 million (Q1 2026: negative amount of DKK 150 million), mainly due to higher income from Group Treasury related to unrealised market value adjustments of cross-currency swaps held for liquidity management purposes and bond portfolio investments. • Other income was up slightly to DKK 10 million (Q1 2026: DKK 1 million). • Operating expenses, after allocation to the business units, decreased to DKK 448 million (Q1 2026: DKK 476 million) and were positively affected by increased capitalisation of costs for internal development of software, although the effect was partly offset by increased amortisation and impairment charges of intangible assets and a small decline in the allocation to business units. Profit before tax DKK -506 million for the second quarter of 2026
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28 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 3,382 million (31 December 2025: a decrease of DKK 4,412 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 2026 would be 1.28% (31 December 2025: 1.28%) due to the daily average of the sum of loans and deposits being DKK 15.4 billion lower (31 December 2025: DKK 49.6 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 and impairment charges on goodwill 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 265 million (2025: DKK 294 million) annualised. The denominator is the sum of Loans at amortised cost of DKK 1,022.3 billion (31 December 2025: DKK 921.9 billion), Loans at fair value of DKK 740.1 billion (31 December 2025: DKK 755.2 billion), and guarantees of DKK 99.7 billion (31 December 2025: DKK 96.4 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 18.8 billion (31 December 2025: DKK 19.7 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 1,053.9 billion (31 December 2025: DKK 1,022.3 billion), Loans at fair value of DKK 743.3 billion (31 December 2025: DKK 740.1 billion), and guarantees of DKK 107.2 billion (31 December 2025: DKK 99.7 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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29 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Income statement – Danske Bank Group 30 Statement of comprehensive income – Danske Bank Group 30 Balance sheet – Danske Bank Group 31 Statement of capital – Danske Bank Group 32 Cash flow statement – Danske Bank Group 34 G1. Material accounting policies and estimates 35 G2. Changes in accounting policies and restatements 36 G3. Business segments 37 G4. Income 39 G5. Loan impairment charges 39 G6. Insurance assets and Insurance liabilities 40 G7. Issued bonds, subordinated debt and additional tier 1 capital 40 G8. Other assets and Other liabilities 41 G9. Foreign currency translation reserve 42 G10. Guarantees, commitments and contingent liabilities 42 G11. Assets provided or received as collateral 44 G12. Fair value information for financial instruments 45 G13. Risk management notes 48 Financial statements – Danske Bank A/S 65 Income statement – Danske Bank A/S 66 Statement of comprehensive income– Danske Bank A/S 66 Balance sheet – Danske Bank A/S 67 Statement of capital – Danske Bank A/S 68 Notes – Danske Bank A/S 69 P1. Value adjustments 69 P2. Impairment charges for loans and guarantees 70 P3. Issued bonds at amortised cost 71 P4. Ratios – Danske Bank A/S 71 Financial statements Statements - Group Notes - Group Danske Bank A/S
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30 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Income statement – Danske Bank Group First half First half Q2 Q2 Full year Note (DKK millions) 2026 2025 2026 2025 2025 Interest income calculated using the effective interest method 27,194 27,934 13,735 13,549 54,100 Other interest income 11,498 10,506 5,894 5,388 20,838 Interest expense 20,020 20,357 10,297 9,873 38,327 Net interest income from banking activities 18,672 18,083 9,332 9,063 36,611 G4 Fee income 9,627 8,397 4,815 4,068 18,254 G4 Fee expenses 1,651 1,331 758 659 2,831 Net fee income 7,976 7,066 4,058 3,409 15,423 Net trading income or loss 1,082 1,736 693 854 2,872 Insurance revenue 3,299 3,022 1,695 1,547 6,210 Insurance service expenses 2,841 3,015 1,425 1,274 6,385 Net return on investments backing insurance liabilities 31,640 3,868 42,144 14,730 22,488 Net finance income or expense from insurance -31,268 -3,190 -41,735 -14,509 -21,006 Other insurance related income 21 29 10 17 50 Net insurance result 851 714 689 513 1,357 G4 Other income 550 316 385 147 577 Total other income 550 316 385 147 577 Total income 29,131 27,917 15,157 13,985 56,840 Operating expenses 12,924 12,670 6,518 6,379 25,848 Profit before loan impairment charges 16,207 15,247 8,638 7,606 30,992 G5 Loan impairment charges 265 266 291 217 294 Profit before tax 15,942 14,980 8,348 7,390 30,699 Tax 4,055 3,770 2,147 1,936 7,662 Net profit 11,887 11,211 6,201 5,454 23,037 Earnings per share (DKK) 14.6 13.5 7.6 6.6 27.9 Diluted earnings per share (DKK) 14.6 13.5 7.6 6.6 27.9 Dividend per share (DKK)* 6.14 - 6.14 - 22.72 * As announced in the Interim report – first quarter 2026, the Board of Directors approved an extraordinary dividend of DKK 6.14 per share, which was paid out in May 2026. Statement of comprehensive income – Danske Bank Group First half First half Q2 Q2 Full year Note (DKK millions) 2026 2025 2026 2025 2025 Net profit 11,887 11,211 6,201 5,454 23,037 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension plans 68 -48 23 17 68 Tax* 1 1 5 5 21 Items that will not be reclassified to profit or loss 67 -49 18 12 47 Items that are or may be reclassified subsequently to profit or loss Translation of units outside Denmark -166 976 -597 -1,681 2,060 G9 Hedging of units outside Denmark 61 -429 286 941 -957 Unrealised value adjustments of bonds at fair value (OCI) -260 86 450 175 -284 Realised value adjustments of bonds at fair value (OCI) -10 -1 -7 - -5 Tax* -79 171 40 -60 216 Items that are or may be reclassified subsequently to profit or loss -297 461 92 -506 598 Total other comprehensive income -229 412 111 -494 645 Total comprehensive income 11,658 11,623 6,312 4,960 23,682 * A positive amount is a tax expense, and a negative amount is a tax income.
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31 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Balance sheet – Danske Bank Group 30 June 31 December 30 June Note (DKK millions) 2026 2025 2025 Assets Cash in hand and demand deposits with central banks 157,638 137,181 160,744 Due from credit institutions and central banks 96,181 116,592 58,803 Trading portfolio assets 496,357 444,980 522,660 Investment securities 298,686 296,738 281,944 Loans at amortised cost 1,053,924 1,022,281 977,103 Loans at fair value 1,045,214 1,060,925 1,074,142 Assets under pooled schemes and investment contracts 79,866 76,809 73,279 G6 Insurance assets 589,943 555,504 540,921 Intangible assets 8,504 7,872 7,262 Tax assets 9,398 5,894 10,766 G8 Other assets 33,297 29,135 32,009 Total assets 3,869,007 3,753,911 3,739,632 30 June 31 December 30 June (DKK millions) 2026 2025 2025* Liabilities Due to credit institutions and central banks 208,595 217,422 239,055 Trading portfolio liabilities 325,631 286,837 335,176 Deposits 1,295,219 1,244,582 1,216,122 G7 Issued bonds at fair value 731,580 740,334 732,885 G7 Issued bonds at amortised cost 277,985 259,855 256,864 Deposits under pooled schemes and investment contracts 80,692 77,040 74,401 G6 Insurance liabilities 582,279 551,087 528,801 Tax liabilities 1,973 2,813 1,377 G8 Other liabilities 63,202 62,808 60,900 G7 Non-preferred senior bonds 104,923 99,682 88,437 G7 Subordinated debt 29,777 30,289 33,962 Total liabilities 3,701,857 3,572,749 3,567,979 Equity Share capital 8,158 8,350 8,350 G9 Foreign currency translation reserve -2,620 -2,514 -3,070 Reserve for bonds at fair value (OCI) -313 -43 331 Retained earnings 161,924 156,832 166,042 Proposed dividends - 18,537 - Total equity 167,150 181,162 171,654 Total liabilities and equity 3,869,007 3,753,911 3,739,632 * Comparative information for Q2 2025 has been restated as described in note G2(b).
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32 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 2026 8,350 -2,514 -43 156,832 18,537 181,162 Net profit - - - 11,887 - 11,887 Other comprehensive income Remeasurement of defined benefit pension plans - - - 68 - 68 Translation of units outside Denmark - -166 - - - -166 Hedging of units outside Denmark - 61 - - - 61 Unrealised value adjustments - - -260 - - -260 Realised value adjustments - - -10 - - -10 Tax - - - 78 - 78 Total other comprehensive income - -106 -270 146 - -229 Total comprehensive income - -106 -270 12,034 - 11,658 Transactions with owners Dividends paid - - - -4,921 -18,537 -23,458 Share capital reduction -192 - - 192 - - Acquisition of own shares - share buy-back programme - - - -2,098 - -2,098 Acquisition of own shares - other - - - -18,102 - -18,102 Sale of own shares - - - 17,887 - 17,887 Share based payments - - - 101 - 101 Total equity as at 30 June 2026 8,158 -2,620 -313 161,924 - 167,150 (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 Effect of adjustment of insurance liabilities* - - - -1,117 - -1,117 Restated total equity as at 1 January 2025 8,622 -3,617 246 157,040 12,279 174,570 Net profit - - - 11,211 - 11,211 Other comprehensive income Remeasurement of defined benefit pension plans - - - -48 - -48 Translation of units outside Denmark - 976 - - - 976 Hedging of units outside Denmark - -429 - - - -429 Unrealised value adjustments - - 86 - - 86 Realised value adjustments - - -1 - - -1 Tax - - - -172 - -172 Total other comprehensive income - 547 86 -220 - 412 Total comprehensive income - 547 86 10,990 - 11,623 Transactions with owners Dividends paid - - - 43 -12,279 -12,236 Share capital reduction -272 - - 272 - - Acquisition of own shares - share buy-back programme - - - -2,072 - -2,072 Acquisition of own shares - other - - - -15,163 - -15,163 Sale of own shares - - - 14,839 - 14,839 Share based payments** - - - 93 - 93 Total equity as at 30 June 2025 8,350 -3,070 331 166,042 - 171,654 * See note G2(b) for details on the adjustment to insurance liabilities. ** Share based payments in Q2 2025 have been reclassified from Acquisition of own shares – other. There is no change to total equity as at 30 June 2025.
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33 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Statement of capital – Danske Bank Group Share buy-back programme On 9 February 2026, the Group initiated a share buy-back programme of up to DKK 4.5 billion, which may run until 29 January 2027. At the end of June 2026, the Group had acquired 5,140,866 shares for a total amount of DKK 1,647 million under the share buy-back programme. This is in addition to 1,414,063 shares acquired in 2026 for a total of DKK 451 million under the previous share buy-back programme, which ran until 30 January 2026. Numbers of shares outstanding 30 June 2026 31 December 2025 Issued at 1 January 834,995,125 862,184,621 Cancellation of own shares, share buy-back programme 2025 (share buy-back programme 2024) -19,179,623 -27,189,496 Number of shares issued 815,815,502 834,995,125 Shares held in relation to Share buy-back programme 5,140,866 17,765,560 Shares held in the Group's trading portfolio 2,475,724 2,231,371 Shares outstanding end of period 808,198,912 814,998,194 On 26 March 2026, the annual general meeting of Danske Bank A/S adopted the proposal to reduce Danske Bank’s share capital by DKK 191,796,230 nominally by cancelling 19,179,623 shares from Danske Bank’s holding of own shares. The reduction of the share capital has been carried out and registered at 27 April 2026. After the reduction, Danske Bank A/S’ share capital amounts to DKK 8,158,155,020 nominally, corresponding to 815,815,502 shares of DKK 10 each. Dividend The extraordinary dividend payment of DKK 5 billion that was approved by the Board of Directors in April 2026, equivalent to DKK 6.14 per share, was paid out on 5 May 2026. Total capital and total capital ratio (DKK millions) 30 June 2026 31 December 2025 Total equity 167,150 181,162 Revaluation of domicile property at fair value 216 221 Tax effect of revaluation of domicile property at fair value -37 -35 Total equity calculated in accordance with the rules of the Danish FSA 167,329 181,348 Common equity tier 1 capital instruments 167,329 181,348 Adjustment to eligible capital instruments -3,389 -1,250 Prudent valuation -825 -742 Expected/proposed payouts -8,321 -23,037 Intangible assets of banking operations -7,769 -7,401 Minimum loss coverage for non-performing exposures -2,010 -2,332 Deferred tax on intangible assets 793 733 Deferred tax assets that rely on future profitability, excluding temporary differences -383 -450 Defined benefit pension plan assets -1,054 -961 Statutory deduction for insurance subsidiaries - -3,775 Common equity tier 1 capital 144,371 142,133 Additional tier 1 capital instruments 6,326 7,569 Tier 1 capital 150,697 149,702 Tier 2 capital instruments 23,528 22,003 Total capital 174,225 171,706 Total risk exposure amount 848,020 822,078 Common equity tier 1 capital ratio (%) 17.0% 17.3% Tier 1 capital ratio (%) 17.8% 18.2% Total capital ratio (%) 20.5% 20.9% Total capital and the total risk exposure amount are calculated in accordance with the rules applicable under the Capital Requirements Regulation. The Internal Capital Adequacy Assessment Report provides more details about the Group’s solvency need. The latest report is available at danskebank.com/reports.
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34 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Cash flow statement – Danske Bank Group Q2 Q2 Full Year (DKK millions) 2026 2025 2025 Cash flow from operations Profit before tax 15,942 14,980 30,699 Tax paid -8,664 -9,127 -6,321 Adjustment for non-cash operating items 1,406 921 495 Cash flow from operations before changes in operating capital 8,684 6,774 24,873 Changes in operating capital Amounts due to/from credit institutions and central banks -7,870 28,884 8,579 Trading portfolio -12,583 -13,161 16,180 Acquisition/sale of own shares -216 -231 -261 Investment securities -1,948 -12,825 -27,620 Loans at amortised cost and fair value -16,196 -54,827 -86,816 Deposits 50,637 42,341 70,801 Issued bonds at amortised cost and fair value 10,198 -3,141 6,638 Insurance assets/liabilities -3,248 5,502 13,205 Other assets/liabilities -3,487 -7,043 -3,024 Cash flow from operations 23,972 -7,727 22,555 Cash flow from investing activities Acquisition of businesses - -21 -21 Acquisition of intangible assets -978 -729 -1,662 Acquisition of tangible assets -142 -84 -343 Sale of tangible assets 1 1 2 Cash flow from investing activities -1,119 -833 -2,024 Q2 Q2 Full Year (DKK millions) 2026 2025 2025 Cash flow from financing activities Issue of subordinated debt 9,829 4,596 8,329 Redemption of subordinated debt -10,389 -10,417 -17,878 Issue of non-preferred senior bonds 18,184 12,663 30,141 Redemption of non-preferred senior bonds -13,765 -10,583 -16,154 Dividends paid -23,458 -12,236 -12,236 Share buy-back programme -2,098 -2,071 -4,803 Principal portion of lessee lease payments -246 -243 -501 Cash flow from financing activities -21,943 -18,291 -13,102 Cash and cash equivalents as at 1 January 250,326 242,100 242,100 Foreign currency translation 92 -476 797 Change in cash and cash equivalents 910 -26,851 7,429 Cash and cash equivalents, end of period 251,328 214,773 250,326 Cash and cash equivalents, end of period Cash in hand 7,008 6,760 7,038 Demand deposits with central banks 150,629 153,984 130,143 Amounts due from credit institutions and central banks within three months 93,691 54,029 113,145 Total 251,328 214,773 250,326
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35 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 2025. Amendments to IFRS 9 and IFRS 7 and Annual improvements to IFRS Accounting Standards – Volume 11 became effective on 1 January 2026 and have no material impact on the financial statements. Further information on the changes to accounting policies in 2026 can be found in note G2(a). The Group has not changed its material accounting policies from those applied in Annual Report 2025. Annual Report 2025 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 2025) 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 2025). An overview of the classification and measurement basis for financial instruments can be found in note G1(c) of the Annual Report 2025. 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 expectations 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. Note G13 provides information on the scenarios as at 30 June 2026. The base case scenario enters with a probability of 50% (31 December 2025: 50%), the upside scenario with a probability of 25% (31 December 2025: 25%), the downside scenario with a probability of 5% (31 December 2025: 5%) and the severe downside scenario with a probability of 20% (31 December 2025: 20%). On the basis of these assessments, the allowance account as at 30 June 2026 amounted to DKK 18.8 billion (31 December 2025: DKK 19.7 billion). If the upside and severe downside scenarios were each assigned a 100% probability, the allowance account would decrease by 7% (31 December 2025: 6% decrease) and increase by 44% (31 December 2025: 39% increase), respectively. Management applies judgement when determining the need for post-model adjustments. As at 30 June 2026, the post-model adjustments amounted to DKK 5.2 billion (31 December 2025: DKK 5.4 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 2025 and the section on credit risk in note G13 in this report provide more details on expected credit losses. As at 30 June 2026, financial assets covered by the expected credit loss model accounted for about 54.6% of total assets (31 December 2025: 56.3%). Fair value measurement of financial instruments At the end of June 2026, no unusual challenges in obtaining reliable pricing apart from insignificant parts of the portfolio remained. The majority of valuation techniques continues 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 June 2026, the adjustments totalled DKK 0.3 billion (31 December 2025: DKK 0.2 billion), including the adjustment for credit risk on derivatives that are credit impaired. Note G12 in this report and note G32(a) of the Annual Report 2025 provides more details on the fair value measurement of financial instruments.
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36 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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. As at 30 June 2026, goodwill amounted to DKK 4.5 billion (31 December 2025: DKK 4.5 billion). In connection with the quarterly reporting, management performs a 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 June 2026. Goodwill mainly consists of DKK 2.1 billion (31 December 2025: DKK 2.1 billion) in Markets, DKK 1.8 billion (31 December 2025: DKK 1.8 billion) in Asset Management and DKK 0.5 billion (31 December 2025: DKK 0.5 billion) in General Banking (all part of the business segment Large Corporates & Institutions). Note G19 of the Annual Report 2025 provides more information about the measurement of goodwill. 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, disability rates and administrative costs as well as assumptions of conversions into paid-up policies and surrenders. 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% (31 December 2025: 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% (31 December 2025: 85%). Note G18 of the Annual Report 2025 provides more information about insurance contract liabilities. G2. Changes in accounting policies and restatements (a) Changes in accounting policies in 2026 On 1 January 2026, the Group implemented the amendments to IFRS 9 and IFRS 7, and Annual Improvements to IFRS Accounting Improvements – Volume 11, as described below. Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures – Classification and measurement of financial instruments The amendments to IFRS 9 and IFRS 7 clarifies requirements in relation to settling financial liabilities using an electronic payment system, assessing contractual cash flows of financial assets in respect of contingent events, disclosures relating to investments in equity instruments designated at FVOCI and disclosures for financial instruments with contingent features. The amendment regarding contractual cash flows is most relevant for the Group’s loans with sustainably features that are measured at amortised cost. To remain classified as amortised cost, the contractual cash flows before and after the triggering event (for example, meeting a contractually specified target) must pass the SPPI test, and the cash flows should not be significantly different from similar instruments without the contingent features. The Group has assessed that none of the loans within the scope of this amendment have contingent features that result in the contractual cash flows being significantly different from similar instruments. As such, there is no impact on the Group’s classification of these loans, and hence no impact on the Group’s net profit or Balance sheet. Additional disclosures for these financial assets with contingent features will be included in Annual Report 2026. Amendments to IFRS 9, Financial instruments, and IFRS 7, Financial instruments: disclosures – Contracts referencing nature- dependent electricity This amendment provides clarifications on reporting the financial effects of nature-dependent electricity contracts (which are usually structured as power purchase agreements). The amendment includes clarification of the application of own-use requirements, conditions for when hedge accounting can be applied, and disclosure requirements. The amendment has no impact on the financial statements. Annual Improvements to IFRS Accounting Standards – Volume 11 The annual improvements relate to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7. In IFRS 1, the improvement relates to hedge accounting for first-time adopters of IFRS. The first improvement to IFRS 7 relate to disclosures regarding gain or loss on the derecognition of financial assets in which an entity has continuing involvement. The second improvement to IFRS 7 amends implementation guidance and basis of conclusion for situations in which the transaction price of a financial instrument differs from its fair value at initial recognition, when the fair value is calculated using non-observable inputs. The improvement to IFRS 9 updates references in relation to the derecognition of lease liabilities. The improvement to IFRS 10 clarifies that, in addition to a party being a de facto agent if an investor has the ability to direct another party to act on the investor’s behalf, the other party might also be a de facto agent if those that direct the activities of the investor have the ability to direct the party on the investor's behalf. The final improvement updates terminology in IAS 7. None of these improvements has any impact on the financial statements.
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37 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G2. Changes in accounting policies and restatements - continued G2(b) Correction of liabilities under insurance contracts (part of Insurance liabilities) During the fourth quarter of 2025, in continuation of the FSA's functional inspection of health and accident insurance, Danica identified material misinterpretations of data used in connection with calculating technical provisions for health and accident insurance. The misinterpretations significantly affected Insurance contract liabilities in 2024 and in previous years, in addition to the first three quarters of 2025. The Group has therefore restated the opening balance of 2025 by DKK 1.1 billion, and has restated comparative information for the first half of 2025 in this report. The following table shows the impact of the adjustments described above as at 30 June 2025. Line items not included in the table have not been affected by the restatement. The comparative figures for first half 2025 in the Balance sheet, Statement of changes in equity and note G3 show restated amounts. Restatement of balance sheet for the first half 2025 (DKK millions) 30 June 2025 Adjustment Restated 30 June 2025 Assets Total assets 3,739,632 - 3,739,632 Liabilities Insurance liabilities 527,291 1,510 528,801 Tax liabilities 1,769 -393 1,377 Total liabilities 3,566,862 1,117 3,567,979 Equity Retained earnings 167,159 -1,117 166,042 Total equity 172,771 -1,117 171,654 Total liabilities and equity 3,739,632 - 3,739,632 The impact of this change on the Group’s result in the first half of 2025 is not material, and therefore Net profit for the first half of 2025 has not been adjusted. In the financial statements for Danske Bank A/S, Holdings in group undertakings and Equity have been restated by DKK 1.1 billion as at 30 June 2025. In addition, ratios in note P4 for first half 2025 have been recalculated accordingly. 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 and Private Banking 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 corporates and institutional customers across all Nordic markets. • Danica, which specialises in pension schemes, life insurance policies and health insurance policies in Denmark. • Northern Ireland serves personal, business and corporate customers in Northern Ireland. 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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38 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G3. Business segments - continued 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 half 2026 (DKK millions) Personal Customers Business Customers Large Corporates & Institutions Danica Northern Ireland Group Functions Eliminations Total Net interest income 6,672 5,954 4,329 - 1,791 6 -80 18,672 Net fee income 2,648 1,399 3,812 - 150 -59 26 7,976 Net trading income 62 5 974 - 68 -21 -6 1,082 Net income from insurance business - - - 851 - - - 851 Other income 283 250 - - 6 1,579 -1,569 550 Total income 9,664 7,608 9,115 851 2,015 1,506 -1,629 29,131 Operating expenses 4,576 2,860 3,764 - 799 2,445 -1,520 12,924 of which resolution fund, bank tax etc. 22 44 107 - - 43 - 216 Profit before loan impairment charges 5,088 4,748 5,351 851 1,217 -938 -109 16,207 Loan impairment charges -149 -354 746 - 37 7 -22 265 Profit before tax 5,237 5,102 4,604 851 1,180 -945 -87 15,942 Loans, excluding reverse transactions 666,465 707,091 348,881 - 71,880 16,549 -16,639 1,794,226 Other assets 458,339 189,593 2,578,092 641,490 73,487 4,858,654 -6,724,874 2,074,781 Total assets 1,124,804 896,684 2,926,973 641,490 145,367 4,875,203 -6,741,514 3,869,007 Deposits, excluding repo deposits 412,002 270,687 335,523 - 116,329 10,746 -10,549 1,134,738 Other liabilities 684,876 579,069 2,546,607 628,190 21,832 4,837,510 -6,730,965 2,567,119 Allocated capital 27,926 46,928 44,843 13,300 7,206 26,948 - 167,150 Total liabilities and equity 1,124,804 896,684 2,926,973 641,490 145,367 4,875,203 -6,741,514 3,869,007 Profit before tax as % p.a. of allocated capital (avg.) 37.5 21.9 21.0 12.8 34.5 -6.5 - 19.0 Cost/income ratio (%) 47.4 37.6 41.3 - 39.7 - - 44.4 Full-time-equivalent staff, end of period 3,835 1,820 2,193 1,011 1,235 9,379 - 19,472 After implementation of the EU Conglomerate Directive on 1 January 2026, the allocated capital for Danica transitioned from the entity's legal capital to an allocation based on the Group's capital allocation framework. Until 2025, Danica’s allocated capital was equal to the legal entity's capital. Business segments first half 2025 (DKK millions) Personal Customers Business Customers Large Corporates & Institutions Danica* Northern Ireland Group Functions Eliminations Total* Net interest income 6,349 5,846 4,097 - 1,640 239 -88 18,083 Net fee income 2,231 1,229 3,503 - 152 -104 55 7,066 Net trading income 50 17 1,295 - 95 284 -5 1,736 Net income from insurance business - - - 714 - - - 714 Other income 68 253 3 - 7 1,455 -1,469 316 Total income 8,698 7,344 8,898 714 1,894 1,874 -1,506 27,917 Operating expenses 4,433 2,775 3,618 - 775 2,484 -1,414 12,670 of which resolution fund, bank tax etc. 16 41 60 - - 39 - 156 Profit before loan impairment charges 4,265 4,569 5,280 714 1,119 -610 -92 15,247 Loan impairment charges 48 -516 736 - 9 -11 - 266 Profit before tax 4,217 5,085 4,544 714 1,110 -598 -92 14,980 Loans, excluding reverse transactions 656,509 674,679 328,967 - 66,120 15,615 -16,227 1,725,662 Other assets 443,833 170,780 2,973,622 590,884 76,104 4,759,128 -7,000,381 2,013,970 Total assets 1,100,342 845,459 3,302,589 590,884 142,224 4,774,743 -7,016,608 3,739,632 Deposits, excluding repo deposits 402,538 246,558 315,869 - 111,403 8,501 -11,288 1,073,580 Other liabilities 671,040 551,808 2,945,161 572,006 23,859 4,735,843 -7,005,320 2,494,399 Allocated capital 26,763 47,093 41,559 18,878 6,962 30,399 - 171,654 Total liabilities and equity 1,100,342 845,459 3,302,589 590,884 142,224 4,774,743 -7,016,608 3,739,632 Profit before tax as % p.a. of allocated capital (avg.) 31.6 21.9 22.1 7.5 32.7 -3.1 - 17.4 Cost/income ratio (%) 51.0 37.8 40.7 - 40.9 - - 45.4 Full-time-equivalent staff, end of period 3,945 1,750 2,187 971 1,242 10,108 - 20,204 * Comparative information for Q2 2025 has been restated as described in note G2(b).
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39 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G4. Income (a) Fee income Note G6 of the Annual Report 2025 provides additional information on the Group’s accounting policy for fee income, including the description by fee type. Fee income first half 2026 (DKK millions) Fee income Fee expenses Net fee income Investment 3,807 1,072 2,736 Money transfers, account fee, cash management and other fees 3,587 459 3,128 Lending and Guarantees 1,428 83 1,344 Capital markets 805 37 768 Total 9,627 1,651 7,976 Fee income first half 2025 (DKK millions) Fee income Fee expenses Net fee income Investment 3,065 716 2,349 Money transfers, account fee, cash management and other fees 3,413 515 2,899 Lending and Guarantees 1,127 76 1,051 Capital markets 792 24 768 Total 8,397 1,331 7,066 (b) Other income Other income amounted to DKK 550 million for the first half ending 30 June 2026 (30 June 2025: DKK 316 million). Other income includes income from investment property and real estate brokerage, and income from holdings in associates. In 2026, other income is impacted by a gain of DKK 231 million, resulting from the reversal of a provision for expected losses and costs directly related to the sale of the personal customers business in Norway in 2024. 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 June 2026 30 June 2025 ECL on new assets 1,360 1,552 ECL on assets derecognised -1,241 -1,498 Impact of net remeasurement of ECL (incl. changes in models) -48 410 Write-offs charged directly to income statement 388 54 Received on claims previously written off -58 -75 Interest income, effective interest method -136 -177 Total 265 266
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40 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G6. Insurance assets and Insurance liabilities Insurance assets comprise assets earmarked for policyholders. As at 30 June 2026, Insurance assets total DKK 610,391 million (31 December 2025: DKK 577,333 million) before own bonds of DKK 6,559 million (31 December 2025: DKK 4,730 million) and other intra- group balances of DKK 13,889 million (31 December 2025: DKK 17,099 million). Insurance liabilities comprise DKK 513,225 million of Insurance contract liabilities as defined by IFRS 17 (31 December 2025: DKK 482,821 million) and DKK 77,524 million of Other insurance-related liabilities (31 December 2025: DKK 75,818 million), before intra- group balances of DKK 8,470 million (31 December 2025: DKK 7,552 million). Note G18 of Annual Report 2025 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 June 31 December (DKK millions) 2026 2025 Bonds issued by Realkredit Danmark (covered bonds) 729,810 738,670 Structured retail notes 1,770 1,664 Total 731,580 740,334 Issued bonds at amortised cost and non-preferred senior bonds 30 June 31 December (DKK millions) 2026 2025 Commercial papers and certificates of deposits 61,369 58,694 Preferred senior bonds 57,923 61,164 Covered bonds 158,635 139,857 Structured retail notes 59 141 Issued bonds at amortised cost, total 277,985 259,855 Non-preferred senior bonds 104,923 99,682 Further information on issued bonds at fair value through profit or loss can be found in note G16 of the Annual Report 2025. 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 June (DKK millions) 2026 Issued Redeemed translation 2026 Commercial papers and certificate of deposits 58,700 46,459 44,820 1,090 61,429 Preferred senior bonds 62,545 10,634 14,429 296 59,047 Covered bonds 141,217 28,100 6,239 -2,080 160,997 Structured retail notes 2,194 533 903 76 1,900 Non-preferred senior bonds 101,024 18,184 13,765 1,558 107,002 Total 365,680 103,910 80,155 940 390,375 1 January Foreign currency 31 December (DKK millions) 2025 Issued Redeemed translation 2025 Commercial papers and certificate of deposits 49,002 114,171 100,109 -4,364 58,700 Preferred senior bonds 68,592 19,374 22,242 -3,179 62,545 Covered bonds 128,673 33,711 27,308 6,141 141,217 Structured retail notes 3,117 403 1,665 338 2,194 Non-preferred senior bonds 91,588 30,192 16,080 -4,676 101,024 Total 340,972 197,852 167,404 -5,740 365,680
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41 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G7. Issued bonds, subordinated debt and additional tier 1 capital – continued Subordinated debt and additional tier 1 capital As at 30 June 2026, the nominal value of subordinated debt, including liability accounted additional tier 1 capital, amounted to DKK 30,172 million (31 December 2025: DKK 30,552 million). During the period ended 30 June 2026, the Group issued EUR 750 million, SEK 900 million and NOK 600 million of tier 2 capital and USD 500 million of liability accounted additional tier 1 capital. During the six months ended 30 June 2026, the Group redeemed EUR 750 million of tier 2 capital and USD 750 million of liability accounted additional tier 1 capital. During 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. 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 June 2026, distributable items for Danske Bank A/S amounted to DKK 124.0 billion (31 December 2025: DKK 119.9 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 June 2026, the common equity tier 1 capital ratio was 19.9% (31 December 2025: 20.3%) 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 June 31 December (DKK millions) 2026 2025 Other assets Accrued interest and commissions due 7,108 7,354 Prepayments, accruals and other amounts due 13,695 9,505 Defined benefit pension plan, net assets 1,059 960 Investment property 693 361 Tangible assets 6,755 6,879 Right of use lease assets 3,500 3,579 Holdings in associates 404 387 Assets held for sale 83 109 Total 33,297 29,135 Other liabilities Sundry creditors 41,031 40,082 Accrued interest and commissions due 13,336 13,031 Defined benefit pension plans, net liabilities 252 250 Other staff commitments 956 1,102 Lease liabilities 3,613 3,676 Loan commitments and guarantees etc. 2,443 2,843 Reserves subject to a reimbursement obligation 2 2 Provisions, including litigations 1,569 1,822 Total 63,202 62,808 In the table above, Provisions, including litigations, include customer remediation of DKK 880 million, regulatory and legal proceedings of DKK 4 million, restructuring costs of DKK 391 million and other provisions of DKK 295 million. Customer remediation includes the provision for customer compensation in the debt collection case, which progresses with providing finalisation for customers affected.
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42 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G9. Foreign currency translation reserve As at 30 June 2026, 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 34,743 million (31 December 2025: DKK 34,751 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 June 2026, the structural FX hedge position totalled DKK 39,943 million (31 December 2025: DKK 40,018 million). A loss of DKK 75 million was recognised in Other comprehensive income during the first half of 2026, mainly driven by the weakening of NOK and SEK against DKK. For comparison, a gain of DKK 517 million was recognised in Other comprehensive income during the first half of 2025, primarily driven by the strengthening of SEK during that period. 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 June 31 December (DKK millions) 2026 2025 Financial guarantees 18,419 13,946 Other guarantees 88,780 85,724 Total 107,198 99,670 (b) Commitments 30 June 31 December (DKK millions) 2026 2025 Loan commitments shorter than 1 year 225,060 206,636 Loan commitments longer than 1 year 255,266 244,547 Other unutilised commitments 17,896 14,406 Total 498,222 465,589
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43 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G10. Guarantees, commitments and contingent liabilities – continued (c) Regulatory and legal proceedings Estonia matter The civil claims filed against Danske Bank by institutional investors concerning the Estonia matter can be summarised to six case complexes with a current total claim amount of approximately DKK 12.7 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 January 2027. The civil claims were not included in the coordinated resolutions with the US Department of Justice, the US Securities and Exchange Commission, and the Danish Special Crime Unit in December 2022. 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. 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 2025. 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 June 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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44 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G11. Assets provided or received as collateral As at 30 June 2026, the Group had deposited securities (including bonds issued by the Group) worth DKK 6.0 billion as collateral with Danish and international clearing centres and other institutions (31 December 2025: DKK 5.7 billion). As at 30 June 2026, the Group had provided cash and securities (including bonds issued by the Group) worth DKK 71.9 billion as collateral for derivatives transactions (31 December 2025: DKK 66.2 billion). As at 30 June 2026, the Group had registered insurance assets (including bonds and shares issued by the Group) and investment contracts worth DKK 544.2 billion (31 December 2025: DKK 511.9 billion) as collateral for policyholders’ savings of DKK 561.9 billion (31 December 2025: DKK 527.2 billion). As at 30 June 2026, the Group had registered loans at fair value and securities (including bonds issued by the Group) worth a total of DKK 747.3 billion (31 December 2025: DKK 744.7 billion) as collateral for bonds issued by Realkredit Danmark. Similarly, the Group had registered loans and other assets worth DKK 269.5 billion (31 December 2025: DKK 254.5 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 June 2026 31 December 2025 (DKK millions) Repo Other Total Repo Other Total Due from credit institutions - 28,599 28,599 - 15,622 15,622 Trading and investment securities 289,290 45,088 334,378 272,141 46,605 318,746 Loans at fair value - 743,295 743,295 - 740,117 740,117 Loans at amortised cost - 277,734 277,734 - 265,594 265,594 Insurance assets and assets under investment contracts - 541,590 541,590 - 505,775 505,775 Total 289,290 1,636,305 1,925,595 272,141 1,573,713 1,845,854 Own issued bonds 18,964 22,303 41,267 20,860 23,764 44,625 Total, including own issued bonds 308,254 1,658,608 1,966,862 293,001 1,597,478 1,890,479 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 289.3 billion as at 30 June 2026 (31 December 2025: DKK 272.1 billion). As at 30 June 2026, the Group had received securities worth DKK 426.7 billion (31 December 2025: DKK 402.6 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 June 2026, the Group had sold securities or provided securities as collateral worth DKK 105.1 billion (31 December 2025: DKK 96.0 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 G39 of the Annual Report 2025 provides more details on assets received as collateral in connection with ordinary lending activities.
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45 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G12. Fair value information for financial instruments Financial instruments are recognised in the balance sheet at fair value or amortised cost. 30 June 2026 31 December 2025 (DKK millions) Fair value Amortised cost Fair value Amortised cost Financial assets Cash in hand and demand deposits with central banks - 157,638 - 137,181 Due from credit institutions and central banks 51,767 44,414 30,664 85,927 Trading portfolio assets 496,357 - 444,980 - Investment securities held at amortised cost - 139,178 - 146,482 Investment securities held at fair value 159,508 - 150,256 - Loans at amortised cost - 1,053,924 - 1,022,281 Loans at fair value 1,045,214 - 1,060,925 - Assets under pooled schemes and investment contracts 79,866 - 76,809 - Insurance assets 545,896 - 513,957 - Total 2,378,607 1,395,153 2,277,592 1,391,871 Financial liabilities Due to credit institutions and central banks 140,941 67,655 158,924 58,498 Trading portfolio liabilities 325,631 - 286,837 - Deposits 159,855 1,135,364 134,205 1,110,377 Issued bonds at fair value 731,580 - 740,334 - Issued bonds at amortised cost - 277,985 - 259,855 Deposits under pooled schemes and investment contracts 80,692 - 77,040 - Insurance liabilities 54,726 - 56,669 - Non-preferred senior bonds - 104,923 - 99,682 Subordinated debt - 29,777 - 30,289 Loan commitments and guarantees - 2,443 - 2,843 Total 1,493,425 1,618,146 1,454,008 1,561,544 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 table on bonds in note G13 in Annual report 2025). 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 2025 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 June 2026 with DKK 3,237 million (31 December 2025: DKK 3,217 million). This portfolio mainly contains Danish mortgage bonds and central and local government bonds and has a weighted average rating factor of 5.0 following Moody’s numerical rating factor to scale, which corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is 3.1 years. Without any reinvestments, respectively 24%, 56% and 20% of this portfolio will reach maturity within a period of 1 year, between 1 to 5 years, and after 5 years. Financial instruments at fair value Note G32(a) of the Annual Report 2025 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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46 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G12. Fair value information for financial instruments – continued Financial instruments at fair value (DKK millions) Quoted prices Observable input Non-observable input Total 30 June 2026 Financial assets Due from credit institutions and central banks - 51,767 - 51,767 Derivatives 6,382 222,094 849 229,325 Trading portfolio bonds 184,158 16,979 - 201,137 Trading portfolio shares 65,829 - 66 65,895 Investment securities, bonds 142,104 17,007 - 159,111 Investment securities, shares - - 397 397 Loans at fair value - 1,045,214 - 1,045,214 Assets under pooled schemes and investment contracts 79,866 - - 79,866 Insurance assets, bonds 150,588 33,709 1,650 185,947 Insurance assets, shares 277,952 2,813 36,462 317,227 Insurance assets, derivatives 3,813 38,538 371 42,722 Total 910,692 1,428,120 39,795 2,378,607 Financial liabilities Due to credit institutions and central banks - 140,941 - 140,941 Derivatives 6,894 213,153 467 220,514 Obligations to repurchase securities 103,380 1,729 8 105,117 Deposits - 159,855 - 159,855 Issued bonds at fair value 731,580 - - 731,580 Deposits under pooled schemes and investment contracts - 80,692 - 80,692 Insurance Liabilities 1,267 52,962 497 54,726 Total 843,121 649,332 972 1,493,425 (DKK millions) Quoted prices Observable input Non-observable input Total 31 December 2025 Financial assets Due from credit institutions and central banks - 30,664 - 30,664 Derivatives 4,899 187,978 1,068 193,944 Trading portfolio bonds 174,852 12,616 - 187,468 Trading portfolio shares 63,294 - 273 63,567 Investment securities, bonds 133,378 16,527 - 149,904 Investment securities, shares - - 353 353 Loans at fair value - 1,060,925 - 1,060,925 Assets under pooled schemes and investment contracts 76,809 - - 76,809 Insurance assets, bonds 158,103 33,605 1,898 193,606 Insurance assets, shares 234,593 3,857 35,343 273,793 Insurance assets, derivatives 2,340 43,651 567 46,558 Total 848,267 1,389,824 39,502 2,277,592 Financial liabilities Due to credit institutions and central banks - 158,924 - 158,924 Derivatives 5,398 184,410 1,010 190,817 Obligations to repurchase securities 94,586 1,433 - 96,019 Deposits - 134,205 - 134,205 Issued bonds at fair value 740,334 - - 740,334 Deposits under pooled schemes and investment contracts - 77,040 - 77,040 Insurance liabilities 566 55,392 711 56,669 Total 840,884 611,404 1,721 1,454,008
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47 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 June 2026 Unlisted shares allocated to insurance contract policyholders 36,462 - - 1,165 1,308 Unlisted shares other 455 46 46 6 8 Illiquid bonds 1,650 26 26 112 -6 Derivatives, net fair value 256 - - - 27 31 December 2025 Unlisted shares allocated to insurance contract policyholders 35,343 - - -683 -147 Unlisted shares other 626 63 63 50 -37 Illiquid bonds 1,898 26 26 - -194 Derivatives, net fair value -86 - - - -570 For unlisted shares allocated to insurance contract policyholders, the policyholders assume most of the risk on the shares. Therefore, 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 six ended 30 June 2026 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 50 bps 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 June 2026 31 December 2025 (DKK millions) Shares Bonds Derivatives Shares Bonds Derivatives Fair value at 1 January 35,970 1,898 -86 37,551 2,103 1,171 Value adjustment through profit or loss 2,487 106 27 -817 -194 -570 Acquisitions 1,429 17 101 4,357 84 -195 Sale and redemption -2,969 -371 255 -5,121 -95 -516 Transferred from quoted prices and observable input - - - - - - Transferred to quoted prices and observable input - - -40 - - 24 Fair value end of period 36,917 1,650 256 35,970 1,898 -86 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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48 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability G13. Risk management notes The consolidated financial statements for 2025 provide a detailed description of the Group’s risk management practices. Breakdown of credit exposure (DKK billions) 30 June 2026 Total Lending activities Counterparty credit risk Trading and investment securities Customer- funded investments Balance sheet items Demand deposits with central banks 150.6 150.6 - - - Due from credit institutions and central banks 96.2 44.4 51.8 - - Trading portfolio assets 496.4 - 229.3 267.0 - Investment securities 298.7 - - 298.7 - Loans at amortised cost 1,053.9 1,053.9 - - - Loans at fair value 1,045.2 743.3 301.9 - - Assets under pooled schemes and investment contracts 79.9 - - - 79.9 Insurance assets 589.9 - - - 589.9 Off-balance-sheet items Guarantees 107.2 107.2 - - - Loan commitments shorter than 1 year 225.1 225.1 - - - Loan commitments longer than 1 year 255.3 255.3 - - - Other unutilised commitments 17.9 - - 0.1 17.8 Total 4,416.2 2,579.8 583.0 565.8 687.6 (DKK billions) 31 December 2025 Total Lending activities Counterparty credit risk Trading and investment securities Customer- funded investments Balance sheet items Demand deposits with central banks 130.1 130.1 - - - Due from credit institutions and central banks 116.6 85.9 30.7 - - Trading portfolio assets 445.0 - 193.9 251.0 - Investment securities 296.7 - - 296.7 - Loans at amortised cost 1,022.3 1,022.3 - - - Loans at fair value 1,060.9 740.1 320.8 - - Assets under pooled schemes and investment contracts 76.8 - - - 76.8 Insurance assets 555.5 - - - 555.5 Off-balance-sheet items Guarantees 99.7 99.7 - - - Loan commitments shorter than 1 year 206.6 206.6 - - - Loan commitments longer than 1 year 244.5 244.5 - - - Other unutilised commitments 14.4 - - - 14.4 Total 4,269.2 2,529.3 545.4 547.8 646.7 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 June 2026 (31 December 2025: DKK 229 billion). These items are included in the calculation of the total risk exposure amount in accordance with the Capital Requirements Regulation.
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49 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 70% (31 December 2025: 73%). 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 2025. Credit portfolio broken down by rating category and stages The following table below breaks down the credit exposure by rating categories and stages. Further information on classification of customers can be found on page 221 in Annual Report 2025.
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50 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 June 2026 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 - 0.01 107.6 0.1 - - - - 107.6 0.1 - 87.6 - - 2 0.01 0.03 243.3 0.4 - - - - 243.3 0.4 - 140.4 0.2 - 3 0.03 0.06 529.8 1.0 - 0.1 - - 529.7 1.0 - 267.2 0.6 - 4 0.06 0.14 611.3 4.7 - 0.2 0.1 - 611.1 4.7 - 275.7 3.3 - 5 0.14 0.31 493.1 16.0 - 0.4 0.1 - 492.7 15.8 - 201.3 12.3 - 6 0.31 0.63 317.9 41.1 - 0.5 0.6 - 317.3 40.4 - 111.6 20.4 - 7 0.63 1.90 95.1 44.9 - 1.0 1.8 0.1 94.1 43.1 - 39.7 17.7 - 8 1.90 7.98 11.7 27.7 0.1 0.6 2.3 - 11.1 25.4 0.2 2.9 10.0 0.1 9 7.98 25.70 1.5 4.8 0.1 - 0.4 - 1.5 4.4 0.1 0.2 1.2 0.1 10 25.70 99.99 0.6 15.6 0.3 - 1.7 0.1 0.6 13.9 0.2 0.1 5.1 0.2 11 (default) 100.00 100.00 0.3 0.5 28.9 - - 8.5 0.2 0.5 20.3 - 0.2 3.3 Total 2,412.3 156.7 29.6 2.9 7.1 8.7 2,409.3 149.6 20.9 1,126.8 71.1 3.7 (DKK billions) PD level Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 31 December 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 - 0.01 188.8 0.1 - - - - 188.8 0.1 - 166.4 - - 2 0.01 0.03 194.0 0.2 - - - - 194.0 0.2 - 96.4 - - 3 0.03 0.06 510.3 1.0 - 0.1 - - 510.2 1.0 - 257.3 0.6 - 4 0.06 0.14 569.2 4.2 0.4 0.2 - - 569.0 4.1 0.4 254.5 3.1 - 5 0.14 0.31 472.5 16.9 0.1 0.4 0.1 - 472.1 16.8 0.1 179.0 13.8 - 6 0.31 0.63 314.7 39.8 - 0.5 0.7 - 314.1 39.1 - 111.4 19.1 - 7 0.63 1.90 99.3 44.4 0.1 0.9 1.8 0.1 98.4 42.6 - 40.5 14.8 - 8 1.90 7.98 11.6 25.3 0.1 0.7 2.3 0.1 10.9 23.0 - 1.6 6.7 - 9 7.98 25.70 1.5 4.8 - - 0.5 - 1.5 4.3 - 0.1 1.3 - 10 25.70 99.99 0.5 17.9 0.9 - 2.0 0.2 0.5 15.8 0.7 0.1 6.5 0.2 11 (default) 100.00 100.00 0.2 1.3 29.2 - 0.1 9.0 0.2 1.2 20.1 0.1 0.1 3.3 Total 2,362.5 155.8 30.7 2.9 7.5 9.3 2,359.6 148.4 21.4 1,107.3 66.1 3.5
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51 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Credit risk – continued Credit portfolio broken down by industry (NACE) and stages The industry segmentation in the following table 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 June 2026 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 199.8 0.5 1.0 - - - 199.8 0.5 1.0 196.7 - - Financials 166.6 3.2 0.2 - 0.1 0.1 166.6 3.1 0.2 152.2 1.7 0.1 Agriculture 50.9 5.3 1.0 0.3 0.7 0.4 50.6 4.6 0.7 11.0 1.3 - Automotive 29.2 6.6 0.8 - 0.5 0.2 29.1 6.1 0.6 22.8 4.0 0.3 Capital goods 93.7 11.3 1.8 - 0.7 0.9 93.7 10.6 1.0 87.4 8.7 0.3 Commercial & residential real estate 316.1 20.8 3.0 0.5 0.9 0.7 315.6 19.9 2.3 61.9 2.3 0.7 Construction and building materials 45.2 14.1 1.9 0.2 0.7 1.0 45.0 13.5 0.8 33.9 8.9 0.4 Consumer goods 86.4 9.3 1.7 - 0.3 0.6 86.4 9.0 1.1 65.2 6.6 0.6 Hotels, restaurants and leisure 15.3 1.0 0.4 - - 0.1 15.3 0.9 0.3 4.5 0.3 - Metals and mining 26.3 3.9 0.8 - 0.2 0.2 26.3 3.7 0.6 19.5 2.7 0.1 Other commercials 0.3 - - 0.1 - - 0.2 - - 0.1 - - Pharma and medical devices 58.5 0.8 0.2 0.1 - - 58.5 0.8 0.1 55.0 0.6 - Non-profit housing 215.5 3.4 0.5 0.1 0.1 0.1 215.4 3.4 0.4 35.3 0.9 - Pulp, paper and chemicals 37.0 5.6 0.5 - 0.2 0.2 37.0 5.4 0.2 26.2 3.5 - Retailing 26.5 5.4 0.5 - 0.2 0.2 26.5 5.2 0.3 17.5 4.3 0.1 Services 98.3 6.1 1.9 0.3 0.4 0.7 98.1 5.7 1.1 81.1 4.2 0.4 Shipping 23.2 4.3 0.2 - 0.1 0.1 23.1 4.2 0.2 11.4 1.0 - Oil and gas 22.5 0.1 - - - - 22.4 0.1 - 17.5 0.1 - Social services 30.0 3.2 0.3 - 0.1 0.1 30.0 3.1 0.3 12.3 2.8 - Telecom and media 24.4 0.8 1.5 - 0.1 0.6 24.4 0.7 0.9 18.9 0.4 0.6 Transportation 17.3 2.3 0.3 - 0.2 0.1 17.3 2.1 0.1 8.3 0.6 - Utilities & infrastructure 93.2 14.6 1.2 0.1 0.4 0.3 93.1 14.2 0.9 67.7 12.9 - Personal customers 736.1 34.1 9.9 1.1 1.3 2.1 735.1 32.8 7.8 120.5 3.0 - Total 2,412.3 156.7 29.6 2.9 7.1 8.7 2,409.3 149.6 20.9 1,126.8 71.1 3.7
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52 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Credit risk – continued (DKK billions) Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 31 December 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 250.4 1.3 0.2 - - - 250.4 1.3 0.2 247.3 - - Financials 132.5 3.1 0.4 0.1 0.2 0.1 132.5 3.0 0.3 118.9 1.6 0.2 Agriculture 52.4 4.8 1.2 0.2 0.6 0.4 52.1 4.2 0.8 12.6 1.1 - Automotive 25.7 8.1 0.6 - 0.6 0.2 25.7 7.6 0.4 19.8 5.3 0.2 Capital goods 76.6 11.8 2.1 - 0.7 0.9 76.5 11.1 1.2 70.6 9.3 0.4 Commercial and residential real estate 295.0 25.2 3.4 0.4 1.0 0.8 294.5 24.2 2.6 50.0 3.5 0.6 Construction and building materials 43.8 11.5 1.9 0.3 0.8 1.1 43.5 10.6 0.8 32.1 7.0 0.3 Consumer goods 90.0 9.0 1.3 - 0.4 0.6 89.9 8.7 0.7 68.9 6.5 0.3 Hotels, restaurants and leisure 13.6 1.1 0.5 - - 0.1 13.6 1.1 0.4 5.2 0.3 0.1 Metals and mining 26.3 2.0 0.8 - 0.2 0.2 26.4 1.9 0.6 19.5 1.1 0.1 Other commercials 1.4 - - 0.2 - - 1.2 - - 1.1 - - Pharma and medical devices 56.9 2.2 0.1 - - - 56.9 2.1 0.1 53.5 2.0 - Non-profit housing 210.3 3.1 0.8 0.1 0.1 0.1 210.2 3.1 0.7 32.8 0.3 - Pulp, paper and chemicals 41.3 5.5 0.5 - 0.3 0.2 41.3 5.3 0.3 29.4 3.9 - Retailing 27.4 2.5 1.6 0.1 0.2 0.8 27.3 2.3 0.8 18.0 1.5 0.3 Services 93.1 5.3 1.3 0.2 0.4 0.4 92.9 4.9 0.9 77.7 3.2 0.2 Shipping 18.7 5.9 0.5 - 0.1 0.1 18.7 5.8 0.4 6.9 1.1 0.1 Oil and gas 17.7 0.3 - - - - 17.6 0.3 - 14.6 0.2 - Social services 28.9 2.6 0.5 - 0.1 0.1 28.9 2.6 0.3 11.5 2.2 - Telecom and media 27.6 0.7 1.4 - 0.1 0.5 27.6 0.6 0.9 22.8 0.4 0.5 Transportation 18.6 2.2 0.6 - 0.2 0.2 18.6 2.0 0.4 9.9 0.6 - Utilities and infrastructure 88.8 13.3 0.9 0.1 0.4 0.2 88.7 12.9 0.7 65.8 11.5 0.1 Personal customers 725.6 34.2 10.3 1.1 1.2 2.5 724.6 32.9 7.8 118.2 3.4 - Total 2,362.5 155.8 30.7 2.9 7.5 9.3 2,359.6 148.4 21.4 1,107.3 66.1 3.5
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53 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 2025, a table showing collateral by type (after haircut) is included. The mitigating effect from collateral is calculated as the difference between the columns ‘Net exposure’ and ‘Net exposure, ex collateral’, and amounted to DKK 1,378.2 billion at 30 June 2026 (31 December 2025: DKK 1,352.4 billion). The following table breaks 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 June 2026 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 451.2 19.9 5.8 0.7 0.7 1.0 450.5 19.2 4.7 71.7 1.5 - Personal Customers Sweden 102.1 2.1 0.5 0.1 0.1 0.1 102.1 2.0 0.4 31.2 0.3 - Personal Customers Finland 75.0 6.4 2.1 0.1 0.2 0.6 74.9 6.2 1.5 6.3 0.5 - Global Private Banking 78.4 3.8 0.8 0.1 0.2 0.1 78.3 3.6 0.7 12.6 0.4 0.1 Total Personal Customers 706.7 32.3 9.1 1.0 1.3 1.8 705.7 31.0 7.3 121.8 2.8 0.1 Business Customers Asset Finance 55.9 10.3 1.4 0.1 0.3 0.6 55.8 10.0 0.8 21.3 2.2 - Business Customers 281.1 41.0 8.5 0.7 3.0 3.4 280.4 38.0 5.1 111.6 17.5 1.1 Commercial Real Estate 432.5 15.4 1.8 0.4 0.5 0.3 432.0 14.9 1.5 79.0 2.3 0.3 Business Customers Other 0.4 - - - - - 0.4 - - 0.4 - - Total Business Customers 769.9 66.7 11.6 1.2 3.8 4.3 768.6 62.9 7.4 212.3 22.1 1.5 Large Corporates & Institutions 669.9 53.3 7.5 0.4 1.9 2.2 669.5 51.4 5.3 586.1 45.3 2.1 Northern Ireland 113.3 4.1 1.2 0.3 0.1 0.4 113.0 4.0 0.9 56.5 0.6 - Group Functions 152.5 0.3 - - - - 152.5 0.3 - 150.1 0.3 - Total 2,412.3 156.7 29.6 2.9 7.1 8.7 2,409.3 149.6 20.9 1,126.8 71.1 3.7 Commercial Real Estate in Business Customers includes Non-profit housing.
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54 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Credit risk – continued (DKK billions) Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 31 December 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 449.4 20.3 6.1 0.7 0.7 1.3 448.7 19.6 4.8 77.2 1.8 - Personal Customers Sweden 103.7 2.6 0.5 0.1 0.1 0.1 103.6 2.5 0.4 31.3 0.4 - Personal Customers Finland 75.9 5.9 2.0 0.1 0.2 0.6 75.8 5.8 1.5 5.7 0.4 - Global Private Banking 76.8 3.8 0.7 0.1 0.3 0.2 76.7 3.5 0.6 13.8 0.5 0.1 Total Personal Customers 705.8 32.6 9.4 1.0 1.3 2.2 704.8 31.3 7.2 128.1 3.1 0.1 Business Customers Asset Finance 53.1 10.2 1.7 0.1 0.3 0.5 53.0 9.9 1.2 20.1 2.4 0.1 Business Customers 277.2 39.1 8.8 0.7 3.2 3.6 276.5 36.0 5.3 110.9 15.2 0.9 Commercial Real Estate 410.4 17.9 2.6 0.4 0.6 0.4 409.9 17.4 2.2 67.7 2.7 0.4 Business Customers Other 0.4 - - - - - 0.4 - - 0.4 - - Total Business Customers 741.1 67.3 13.2 1.2 4.0 4.5 739.8 63.3 8.7 199.0 20.3 1.3 Large Corporates & Institutions 619.6 52.4 6.7 0.3 2.1 2.3 619.2 50.4 4.4 540.1 42.2 2.1 Northern Ireland 101.0 3.5 1.4 0.3 0.1 0.4 100.8 3.4 1.0 47.5 0.5 - Group Functions 195.0 - 0.1 - - - 195.0 - - 192.6 - - Total 2,362.5 155.8 30.7 2.9 7.5 9.3 2,359.6 148.4 21.4 1,107.3 66.1 3.5 Commercial Real Estate in Business Customers includes Non-profit housing.
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55 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 half of 2026, the Group had recognised properties taken over in Denmark at a carrying amount of DKK 14 million (31 December 2025: DKK 7 million), and there were no properties taken over in other countries (31 December 2025: DKK 0 million). The properties are held for sale and included in Other assets 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 2025. Exposures subject to forbearance measures (DKK millions) 30 June 2026 31 December 2025 Stage 1 131 159 Stage 2 5,005 5,650 Stage 3 6,429 7,091 Total 11,565 12,900
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56 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 2025 3,226 7,617 9,058 19,901 Transferred to stage 1 712 -667 -45 - Transferred to stage 2 -172 369 -197 - Transferred to stage 3 -54 -622 676 - ECL on new assets 369 804 379 1,552 ECL on assets derecognised -287 -638 -572 -1,498 Impact of net remeasurement of ECL (incl. changes in models) -679 505 584 410 Write-offs debited to the allowance account - - -200 -200 Foreign exchange adjustments 9 40 -3 45 Other changes 14 -16 -28 -30 ECL allowance account as at 30 June 2025 3,137 7,390 9,652 20,179 ECL allowance account as at 1 January 2026 2,858 7,482 9,345 19,686 Transferred to stage 1 596 -529 -67 - Transferred to stage 2 -125 269 -144 - Transferred to stage 3 -6 -420 426 - ECL on new assets 414 641 304 1,360 ECL on assets derecognised -252 -451 -539 -1,241 Impact of net remeasurement of ECL (incl. changes in models) -549 158 344 -48 Write-offs debited to the allowance account -1 -2 -995 -998 Foreign exchange adjustments 1 -12 -5 -17 Other changes 1 2 20 23 ECL allowance account as at 30 June 2026 2,937 7,138 8,689 18,764 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 2025 4,674 10,752 3,666 785 22 19,901 ECL on new assets 274 885 362 27 4 1,552 ECL on assets derecognised -389 -1,062 -28 -19 -1 -1,498 Impact on remeasurement of ECL (incl. change in models) 209 -244 456 4 -14 410 Write-offs debited to allowance account -50 -108 -28 -15 - -200 Foreign currency translation 12 83 -27 -22 - 45 Other changes -86 81 -14 -12 - -30 ECL allowance account as at 30 June 2025 4,644 10,387 4,388 749 11 20,179 ECL allowance account as at 1 January 2026 4,488 9,768 4,669 742 20 19,686 ECL on new assets 312 696 309 39 4 1,360 ECL on assets derecognised -412 -770 -30 -27 -3 -1,241 Impact on remeasurement of ECL (incl. change in models) -43 -212 192 31 -15 -48 Write-offs debited to allowance account -268 -127 -607 -18 21 -998 Foreign currency translation -8 -17 -2 9 - -17 Other changes 1 -1 23 - - 23 ECL allowance account as at 30 June 2026 4,071 9,336 4,554 777 27 18,764 The method used for calculating expected credit losses is described in detail in note G15 of the Annual Report 2025.
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57 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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, downside and severe downside scenarios), including an assessment of the probability of 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 applied scenarios that drive the expected credit loss calculation in the first half of 2026 have been updated with the latest macroeconomic data. Compared with the end of 2025, the base case, upside and downside scenarios for the Nordic markets have been revised to reflect continued, albeit softer economic growth, moderate-to-normalised inflation and improving house prices despite modest increases in interest rates. The base case is an extension of the Group’s official view of the Nordic economies (the Nordic Outlook report). At 30 June 2026, the base case scenario anticipates a softer but still resilient outlook, with growth supported by increased real wages and generally robust labour markets. Inflation and monetary policy create headwinds, while property prices are expected to continue to strengthen. The upside scenario represents a slightly stronger outlook than the base case scenario, supported by improved global economic conditions, higher demand and marginally stronger GDP growth. This scenario also sees further support for housing markets, accompanied by a modest rise in interest rates amid stronger price pressures. The downside scenario assumes slightly weaker growth as prolonged energy disruptions and supply constraints drive higher inflation and interest rates. The severe downside scenario underwent a regular update in the second quarter of 2026 and continues to reflect a global recession. Trade tensions 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 price increases and inflation, prompting interest rates to be hiked in response, 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 are similar in nature to regulatory stress tests, capturing the risk of a recession. The scenario weighting is unchanged from 2025. The weight on the base case scenario is 50% (31 December 2025: 50%), the upside scenario is weighted 25% (31 December 2025: 25%), the downside scenario is weighted 5% (31 December 2025: 5%) and the severe downside scenario is weighted 20% (31 December 2025: 20%). The main macroeconomic parameters in the base case, upside, downside and severe downside scenario entering into the ECL calculation for the forecast horizon across the Group’s Nordic markets are included in the following tables.
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58 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Credit risk – continued Macroeconomic scenarios 30 June 2026 Base-case Upside Downside Severe downside 2026 2027 2028 2026 2027 2028 2026 2027 2028 2026 2027 2028 Denmark GDP 3.7 2.5 1.9 3.7 2.8 2.4 3.4 0.8 0.5 -3.4 -2.0 - Unemployment 3.0 3.4 3.4 2.9 3.3 3.2 3.1 3.9 4.2 6.9 7.9 8.1 Inflation 1.3 2.4 2.0 1.4 2.8 2.3 1.9 4.9 4.0 4.0 3.0 2.0 Property prices - Residential 7.5 4.0 2.5 7.5 5.0 4.5 7.5 - -0.5 -19.7 -11.0 -6.0 Interest rate - 3 month 2.7 2.1 2.1 2.6 2.4 2.6 2.7 2.9 2.6 3.9 4.7 3.4 Sweden GDP 2.1 2.4 2.0 2.1 2.6 2.5 1.9 1.1 0.7 -3.5 -3.4 -0.8 Unemployment 8.5 7.8 7.1 8.5 7.7 6.9 8.5 8.0 7.5 9.4 10.3 10.7 Inflation 1.0 2.6 2.0 1.1 2.8 2.2 1.5 4.5 3.8 4.9 3.9 2.9 Property prices - Residential 4.4 5.2 5.0 4.4 6.2 6.0 4.4 1.2 2.0 -22.0 -13.0 -7.0 Interest rate - 3 month 2.5 2.3 2.3 2.5 2.6 2.8 2.5 3.0 2.8 4.8 5.6 4.3 Norway GDP 1.0 1.5 1.8 1.0 1.6 2.2 0.8 0.6 1.2 -2.7 -1.1 0.6 Unemployment 2.3 2.4 2.4 2.3 2.3 2.2 2.3 2.4 2.4 5.5 6.4 6.5 Inflation 3.1 2.1 2.0 3.2 2.4 2.1 3.5 3.7 3.3 4.5 3.0 2.0 Property prices - Residential 4.0 7.0 6.0 4.0 8.0 7.0 4.0 4.0 3.0 -19.0 -13.0 -7.0 Interest rate - 3 month 4.5 3.5 3.3 4.5 3.7 3.5 4.6 4.3 3.8 4.7 5.2 4.3 Finland GDP 1.1 0.8 1.2 1.2 1.0 1.6 1.0 -0.4 -0.3 -2.4 -2.0 -0.1 Unemployment 10.5 10.1 9.2 10.5 10.0 9.1 10.5 10.1 9.4 12.0 13.0 13.0 Inflation 1.9 1.8 2.0 2.0 2.0 2.2 2.5 4.2 4.3 4.0 3.0 2.0 Property prices - Residential -2.8 1.0 2.5 -2.8 2.0 4.5 -2.8 -2.0 -0.5 -14.2 -7.0 -5.0 Interest rate - 3 month 2.7 2.1 2.1 2.6 2.5 2.6 2.7 2.9 2.6 4.0 4.8 3.5
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59 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Credit risk – continued 31 December 2025 Base-case Upside Downside Severe downside 2025 2026 2027 2025 2026 2027 2025 2026 2027 2025 2026 2027 Denmark GDP 2.6 2.7 2.1 2.6 2.9 2.6 2.5 1.5 1.1 -3.4 -2.0 - Unemployment 2.9 3.0 3.0 2.9 3.0 2.8 2.9 3.3 3.6 6.4 7.4 7.8 Inflation 1.9 1.1 1.8 1.9 1.7 2.5 2.0 1.1 2.0 4.0 3.0 2.0 Property prices - Residential 5.9 6.3 3.7 5.9 7.3 5.7 5.9 1.3 3.7 -19.7 -11.0 -6.0 Interest rate - 3 month 2.1 2.1 2.1 2.1 2.2 2.5 2.1 1.8 1.7 3.9 4.7 3.4 Sweden GDP 1.9 2.6 2.4 1.9 2.7 2.9 1.8 1.3 1.3 -3.5 -3.4 -1.0 Unemployment 8.7 8.3 7.5 8.7 8.3 7.4 8.7 8.5 8.0 10.2 11.1 11.5 Inflation 2.8 1.6 2.0 2.8 1.9 2.2 2.9 1.7 2.4 4.9 3.9 2.9 Property prices - Residential 1.2 5.3 4.2 1.2 6.3 5.2 1.2 0.3 4.2 -22.0 -13.0 -7.0 Interest rate - 3 month 2.0 2.2 2.5 2.0 2.3 2.9 2.0 1.9 2.0 4.8 5.6 4.3 Norway GDP 1.7 1.6 1.6 1.8 1.7 1.9 1.7 1.2 1.2 -2.7 -1.1 0.6 Unemployment 2.2 2.3 2.3 2.2 2.3 2.2 2.2 2.4 2.4 5.5 6.4 6.5 Inflation 3.1 2.2 2.4 3.1 2.6 2.8 3.1 2.2 2.7 4.5 3.0 2.0 Property prices - Residential 6.0 7.0 6.0 6.0 8.0 7.0 6.0 3.0 6.0 -19.0 -13.0 -7.0 Interest rate - 3 month 4.2 3.3 3.3 4.2 3.4 3.7 4.2 3.3 3.4 4.7 5.2 4.3 Finland GDP 0.3 1.5 1.8 0.3 1.7 2.2 0.2 0.2 0.7 -2.4 -2.0 -0.3 Unemployment 9.5 9.3 8.7 9.5 9.2 8.5 9.5 9.5 9.1 10.9 11.9 11.9 Inflation 0.5 1.4 1.8 0.5 1.9 2.4 0.5 1.4 2.2 4.0 3.0 2.0 Property prices - Residential -1.5 0.8 2.5 -1.5 1.8 4.5 -1.5 -3.2 2.5 -14.2 -7.0 -5.0 Interest rate - 3 month 2.1 2.1 2.1 2.1 2.2 2.6 2.1 1.7 1.7 4.0 4.8 3.5
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60 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Credit risk – continued With the applied macroeconomic scenarios, the allowance account as at 30 June 2026 amounted to DKK 18.8 billion (31 December 2025: DKK 19.7 billion). The following table provides information on the percentage increase or decrease in the allowance account, should each scenario be assigned a 100% probability, all other factors remaining constant. Allowance account: impact of 100% scenario probabilities (% change in allowance account) 30 June 2026 31 December 2025 100% base -7% -6% 100% upside -7% -6% 100% downside -4% -5% 100% severe downside 44% 39% The increase in the severe downside scenario primarily reflects the transfer of exposures from stage 1 to stage 2 and increased expected credit losses within stage 2. Post-model adjustments Management applies judgement when determining the need for post-model adjustments. At 30 June 2026, the post-model adjustments amounted to DKK 5.2 billion (31 December 2025: DKK 5.4 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 geopolitical 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. Following the significant impact on the expected credit losses from post-model adjustments, the following table provides more information about the adjustments. Post-model adjustments by industries (DKK billions) 30 June 2026 31 December 2025 Agriculture 0.8 0.8 Commercial & Residential Real Estate 0.9 1.0 Construction and building materials 0.5 0.6 Utilities & Infrastructure* 0.4 0.4 Personal customers (including other retail exposures) 0.8 1.0 Others** 1.7 1.6 Total 5.2 5.4 * Post-model adjustments for Utilities and infrastructure as at 31 December 2025 have been reclassified from Others. There is no change to total post-model adjustments as at 31 December 2025. ** No individual industry included in Others exceeds DKK 0.4 billion at 30 June 2026 (31 December 2025: DKK 0.4 billion). Compared with the end of 2025, the total balance of post-model adjustments has decreased only slightly. The Group maintains substantial post-model adjustments due to ongoing geopolitical and macroeconomic uncertainties, including the risk of escalating trade tensions, trade disruptions, a slowing or declining growth environment, elevated interest rates, and fluctuating energy and commodity prices. These factors present new challenges that impact economic and business activity. The post-model adjustments apply across industries that are sensitive to tariffs, increases in energy and other commodity prices, as well as those vulnerable to business cycles, higher interest rates and refinancing risks. The post-model adjustments have been assessed for idiosyncratic risks to ensure a prudent coverage of expected credit loss in the Group’s portfolios.
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61 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 June 2026 31 December 2025 Counterparty credit risk Derivatives with positive fair value 229.3 193.9 Reverse transactions and other loans at fair value 353.7 351.5 Credit exposure from other trading and investment securities Bonds 499.4 483.9 Shares 66.3 63.9 Total 1,148.8 1,093.2 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 349.9 billion (31 December 2025: DKK 349.1 billion), of which DKK 48.0 billion relates to credit institutions and central banks (31 December 2025: DKK 28.3 billion), and other primarily short- term loans of DKK 3.8 billion (31 December 2025: DKK 2.4 billion), of which DKK 3.8 billion (31 December 2025: DKK 2.4 billion) relates to credit institutions and central banks. Derivatives with positive fair value (DKK millions) 30 June 2026 31 December 2025 Derivatives with positive fair value before netting 231,309 196,254 Netting (under accounting rules) 1,984 2,310 Carrying amount 229,325 193,944 Netting (under capital adequacy rules) 136,295 115,354 Net current exposure 93,029 78,590 Collateral 84,331 69,113 Net amount 8,699 9,477 Derivatives with positive fair value after netting for accounting purposes Interest rate contracts 134,947 144,690 Currency contracts 91,281 47,765 Other contracts 3,097 1,488 Total 229,325 193,944
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62 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Counterparty credit risk and credit exposure from trading and investment securities – continued 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 June 2026 Held-for-trading (FVPL) 111,343 2,454 32,968 36,589 9,204 8,578 201,137 Managed at fair value (FVPL) 9,377 341 14,238 1,580 109 1,999 27,643 Held to collect and sell (FVOCI) 27,354 10,105 73,081 2,497 18,432 - 131,468 Held to collect (AMC) 37,853 8,180 89,000 3,226 918 - 139,178 Total 185,927 21,080 209,288 43,892 28,663 10,577 499,427 31 December 2025 Held-for-trading (FVPL) 119,596 2,958 26,882 24,219 7,147 6,666 187,467 Managed at fair value (FVPL) 9,135 420 16,786 1,683 145 1,998 30,168 Held to collect and sell (FVOCI) 23,425 9,788 60,801 1,873 23,849 - 119,736 Held to collect (AMC) 42,638 8,761 90,736 3,429 917 - 146,482 Total 194,794 21,928 195,205 31,204 32,059 8,664 483,854 At 30 June 2026, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 185,947 million (31 December 2025: DKK 193,606 million) recognised as insurance assets and thus not included in the table above. The section on Insurance risk in Annual Report 2025 provides more information. For bonds classified as hold-to-collect, amortised cost exceeded fair value as at 30 June 2026 and 31 December 2025; see note G12 for more information.
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63 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 June 2026 Denmark 25,418 - 209,288 - - 3,278 237,984 Sweden 36,917 - - 43,892 - 2,753 83,561 UK 19,377 1 - - 6,998 5 26,380 Norway 9,052 - - - 17,536 2,481 29,069 USA 20,119 5,090 - - - 35 25,244 Spain 557 - - - - - 557 France 11,327 20 - - 497 252 12,097 Luxembourg - 7,227 - - - 125 7,352 Finland 10,909 3,014 - - 2,039 946 16,908 Ireland 1,070 - - - - 30 1,100 Italy 945 - - - 194 6 1,146 Portugal 2 - - - - - 2 Austria 3,068 - - - 123 104 3,296 Netherlands 1,830 14 - - 61 320 2,225 Germany 44,588 148 - - 1,085 71 45,892 Belgium 748 4,420 - - - 3 5,171 Other - 1,145 - - 129 169 1,444 Total 185,927 21,080 209,288 43,892 28,663 10,577 499,427 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 2025 Denmark 26,637 - 195,205 - - 3,304 225,146 Sweden 43,980 - - 31,204 - 2,543 77,727 UK 22,474 434 - - 6,806 2 29,716 Norway 6,751 - - - 22,186 830 29,766 USA 19,619 5,228 - - - 22 24,869 Spain 488 - - - 1 - 489 France 13,123 24 - - 399 64 13,610 Luxembourg - 7,661 - - - 135 7,795 Finland 8,564 3,193 - - 2,007 985 14,749 Ireland 722 - - - - 10 732 Italy 2,289 - - - - 6 2,295 Portugal 2 - - - - - 2 Austria 2,340 - - - 104 106 2,550 Netherlands 2,684 13 - - 14 433 3,143 Germany 45,043 149 - - 466 130 45,788 Belgium 79 4,527 - - - 3 4,609 Other - 701 - - 76 91 868 Total 194,794 21,928 195,205 31,204 32,059 8,664 483,854
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64 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability 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 June 2026 AAA 113,674 18,366 209,219 43,876 28,388 1,999 415,522 AA+ 21,283 2,711 - - 16 18 24,027 AA 26,880 - - 16 232 2,093 29,220 AA- 12,166 - 69 - - 169 12,404 A+ 10,847 4 - - - 392 11,243 A - - - - - 1,475 1,475 A- 132 - - - - 413 545 BBB+ - - - - - 692 692 BBB 945 - - - 27 2,017 2,989 BBB- - - - - - 554 554 BB+ - - - - - 90 90 BB - - - - - 400 400 BB- - - - - - 8 8 Sub. "investment-grade" or unrated - - - - - 257 257 Total 185,927 21,080 209,288 43,892 28,663 10,577 499,427 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 2025 AAA 119,321 17,635 195,165 31,177 30,954 2,030 396,282 AA+ 19,840 4,288 - - 31 1 24,160 AA 30,476 - - 27 720 1,148 32,371 AA- 10,195 - 40 - - 188 10,423 A+ 11,998 5 - - - 587 12,590 A - - - - - 1,055 1,055 A- 147 - - - - 320 468 BBB+ - - - - - 841 841 BBB 2,289 - - - 354 1,399 4,042 BBB- 528 - - - - 596 1,124 BB+ - - - - - 150 150 BB - - - - - 178 178 BB- - - - - - 28 28 Sub. "investment-grade" or unrated - - - - - 142 142 Total 194,794 21,928 195,205 31,204 32,059 8,664 483,854
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65 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Financial statements – Danske Bank A/S The financial statements of the Parent Company, Danske Bank A/S, are prepared in accordance with the Danish Financial Business Act and the Danish FSA’s Executive Order No.658 of 23 May 2025. On 1 January 2026, amendments to IFRS 9 and IFRS 7 and Annual improvements to IFRS Accounting Standards – Volume 11 became effective. None of these amendments have an impact on the financial statements of Danske Bank A/S. Further information can be found in note G2(a). Danske Bank A/S has not changed its material accounting policies from those applied in the Annual Report 2025. Danske Bank A/S has corrected its measurement of Holdings in group undertakings as at 30 June 2025, which has resulted in a decrease of DKK 1.1 billion in Danske Bank A/S’ equity as at 1 January 2025 and 30 June 2025. Further information can be found in note G2(b). The accounting policies applied are identical to the Group’s IFRS accounting principles, see note G1, with the following exception: • Domicile property (except right-of-use assets) is measured (revalued) at its estimated fair value through Other comprehensive income. The estimated fair value of domicile property is determined in accordance with the Danish FSA’s Executive Order on Financial Reports for Credit Institutions and Investment Companies, etc. Holdings in subsidiaries are measured on the basis of the equity method. Net profit from these undertakings is recognised under Income from associates and group undertakings. The format of the Parent Company’s financial statements is not identical to the format of the consolidated financial statements in accordance with IFRS Accounting Standards. The following table shows the differences in net profit and shareholders’ equity between the IFRS consolidated financial statements and the Parent Company’s financial statements presented in accordance with Danish FSA rules. Reconciliation between Group (IFRS) and Parent (Danish FSA rules) Net profit Net profit Equity Equity (DKK millions) 2026 2025 30 June 2026 31 December 2025 Danske Bank Group based on IFRS 11,887 11,211 167,150 181,162 Domicile properties -5 2 216 221 Tax effect -2 -10 -37 -35 Parent company statement based on Danish FSA rules 11,881 11,202 167,329 181,348
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66 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Income statement – Danske Bank A/S First half First half Note (DKK millions) 2026 2025 Interest income 25,254 26,424 Interest expense 12,031 14,020 Net interest income 13,223 12,404 Dividends from shares etc. 240 330 Fee and commission income 8,639 7,762 Fees and commissions paid 1,421 1,133 Net interest and fee income 20,681 19,363 P1 Value adjustments 704 1,211 Other operating income 505 288 Staff costs and administrative expenses 10,506 10,399 Amortisation, depreciation and impairment charges 879 716 Other operating expenses - 1 P2 Loan impairment charges etc. 266 494 Income from associates and group undertakings 4,260 4,294 Profit before tax 14,499 13,546 Tax 2,619 2,344 Net profit 11,881 11,202 Statement of comprehensive income– Danske Bank A/S First half First half (DKK millions) 2026 2025 Net profit 11,881 11,202 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension plans 68 -48 Tax* 1 1 Items that will not be reclassified to profit or loss 67 -49 Items that are or may be reclassified subsequently to profit or loss Translation of units outside Denmark -166 976 Hedging of units outside Denmark 61 -429 Unrealised value adjustments of bonds at fair value (OCI) -260 86 Realised value adjustments of bonds at fair value (OCI) -10 -1 Tax* -79 171 Items that are or may be reclassified subsequently to profit or loss -297 461 Total other comprehensive income -229 412 Total comprehensive income 11,652 11,614 * A positive amount is a tax expense, and a negative amount is a tax income.
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67 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Balance sheet – Danske Bank A/S 30 June 31 December 30 June Note (DKK millions) 2026 2025 2025* Assets Cash in hand and demand deposits with central banks 120,638 88,504 130,041 P2 Due from credit institutions and central banks 111,771 150,082 83,655 Loans and other amounts due at fair value 301,919 320,808 322,917 P2 Loans and other amounts due at amortised costs 844,504 809,611 776,040 Bonds at fair value 335,301 309,176 367,433 Bonds at amortised cost 86,519 89,527 77,703 Shares etc. 66,288 63,918 51,738 Holdings in associates 404 387 382 Holdings in group undertakings 90,639 92,611 89,694 Assets under pooled schemes 49,463 48,237 46,047 Intangible assets 8,461 7,837 7,215 Land and buildings, total 3,601 3,690 3,621 Domicile property 3,601 3,690 3,621 Other tangible assets 5,964 6,039 5,907 Current tax assets 8,511 3,504 7,196 Deferred tax assets 710 696 686 Assets held for sale 45 63 82 Other assets 251,518 213,628 251,666 Prepayments 3,129 2,827 2,806 Total assets 2,289,384 2,211,143 2,224,831 30 June 31 December 30 June Note (DKK millions) 2026 2025 2025* Liabilities and equity Amounts due Due to credit institutions and central banks 202,647 215,889 236,711 Deposits and other amounts due 1,184,778 1,136,754 1,111,242 Deposits under pooled schemes 50,289 48,467 47,169 Issued bonds at fair value 1,770 1,664 1,463 P3 Issued bonds at amortised cost 264,046 246,536 229,867 Current tax liabilities 2,400 1,548 454 Other liabilities 379,329 341,079 388,279 Deferred income 1,888 1,833 1,810 Total amounts due 2,087,147 1,993,770 2,016,995 Provisions for liabilities Provisions and pensions and similar obligations 176 157 143 Provisions for deferred tax 1,105 1,115 819 Provisions for losses on guarantees 2,697 3,179 3,317 Other provisions for liabilities 1,153 1,286 1,475 Total provisions for liabilities 5,131 5,737 5,753 Subordinated debt 29,777 30,289 30,243 Equity Share capital 8,158 8,350 8,350 Accumulated value adjustments -2,919 -2,573 -2,739 Equity method reserve 32,283 34,145 31,156 Retained earnings 129,807 122,890 135,073 Proposed dividends - 18,537 - Total equity 167,329 181,348 171,840 Total liabilities and equity 2,289,384 2,211,143 2,224,831 * Comparative information for 30 June 2025 has been restated, as described in note G2(b).
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68 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Statement of capital – Danske Bank A/S Changes in equity (DKK millions) Share capital Accumulated value adjustments* Equity method reserve Retained earnings Proposed dividends Total Total equity as at 1 January 2026 8,350 -2,573 34,145 122,890 18,537 181,348 Net profit - - -1,832 13,713 - 11,881 Other comprehensive income Remeasurement of defined benefit pension plans - - - 68 - 68 Translation of units outside Denmark - -166 - - - -166 Hedging of units outside Denmark - 61 - - - 61 Unrealised value adjustments - -260 - - - -260 Realised value adjustments - 20 -30 - - -10 Tax - - - 78 - 78 Total other comprehensive income - -346 -30 146 - -229 Total comprehensive income - -346 -1,862 13,859 - 11,652 Transactions with owners Dividends paid - - - -4,921 -18,537 -23,458 Share capital reduction -192 - - 192 - - Acquisition of own shares - share buy-back programme - - - -2,098 - -2,098 Acquisition of own shares - other - - - -18,102 - -18,102 Sale of own shares - - - 17,887 - 17,887 Share based payments - - - 101 - 101 Total equity as at 30 June 2026 8,158 -2,919 32,283 129,807 - 167,329 *Accumulated value adjustments includes foreign currency translation reserve, reserve for bonds at fair value through other comprehensive income (FVOCI) and valuation reserve. (DKK millions) Share capital Accumulated value adjustments* Equity method reserve Retained earnings Proposed dividends Total Total equity as at 1 January 2025 8,622 -3,371 34,512 123,840 12,279 175,882 Effect of adjustment of holdings in group undertakings** - - -1,117 - - -1,117 Total equity as at 1 January 2025 8,622 -3,371 33,395 123,840 12,279 174,764 Net profit - - -2,239 13,441 - 11,202 Other comprehensive income Remeasurement of defined benefit pension plans - - - -48 - -48 Translation of units outside Denmark - 976 - - - 976 Hedging of units outside Denmark - -429 - - - -429 Unrealised value adjustments - 86 - - - 86 Realised value adjustments - -1 - - - -1 Tax - - - -172 - -172 Total other comprehensive income - 632 - -220 - 412 Total comprehensive income - 632 -2,239 13,221 - 11,614 Transactions with owners Dividends paid - - - 43 -12,279 -12,236 Share capital reduction -272 - - 272 - - Acquisition of own shares - share buy-back programme - - - -2,072 - -2,072 Acquisition of own shares - other - - - -15,163 - -15,163 Sale of own shares - - - 14,839 - 14,839 Share based payments*** - - - 93 - 93 Total equity as at 30 June 2025 8,350 -2,739 31,156 135,073 - 171,840 *Accumulated value adjustments includes foreign currency translation reserve, reserve for bonds at fair value through other comprehensive income (FVOCI) and valuation reserve. ** See note G2(b) for details on the adjustment to holdings in group undertakings. ***Share based payments in Q2 2025 have been reclassified from Acquisition of own shares – other. There is no change to total equity as at 30 June 2025.
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69 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Notes – Danske Bank A/S P1. Value adjustments (DKK millions) 30 June 2026 30 June 2025 Loans at fair value 15 -98 Bonds 218 1,416 Shares etc. 499 278 Currency 349 -216 Derivatives -1,802 1,742 Issued bonds 1,426 -1,910 Total 704 1,211
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70 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability P2. Impairment charges for loans and guarantees Due to credit institutions and central banks Loans and other amounts due at AMC Loan commitments and guarantees Total Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 Stage 1 Stage 2 Stage 3 ECL allowance account as at 1 January 2025 7 4 - 1,321 5,118 6,155 565 1,457 1,176 15,804 Transferred to stage 1 - - - 451 -424 -28 80 -76 -4 - Transferred to stage 2 - - - -108 226 -118 -15 51 -37 - Transferred to stage 3 - - - -45 -511 557 -2 -81 83 - ECL on new assets - - - 237 634 308 94 127 42 1,443 ECL on assets derecognised - - - -102 -454 -410 -33 -75 -35 -1,109 Impact of net remeasurement of ECL (incl. changes in models) 1 -3 - -479 591 102 -69 -219 288 211 Write offs debited to the allowance account - - - - - -26 - - - -26 Foreign exchange adjustments - - - 14 30 37 1 10 -31 61 Other changes - - - -54 -7 -18 13 1 4 -60 ECL allowance account as at 30 June 2025 8 2 - 1,235 5,203 6,560 636 1,197 1,485 16,325 ECL allowance account as at 1 January 2026 9 15 - 1,098 5,038 6,632 617 1,388 1,174 15,972 Transferred to stage 1 - - - 281 -242 -39 132 -124 -8 - Transferred to stage 2 - - - -65 161 -96 -14 25 -11 - Transferred to stage 3 - - - -3 -371 374 - -22 22 - ECL on new assets - - - 234 373 219 97 225 57 1,205 ECL on assets derecognised - - - -89 -242 -394 -51 -97 -43 -916 Impact of net remeasurement of ECL (incl. changes in models) - 6 4 -173 136 499 -232 -188 -253 -201 Write offs debited to the allowance account - - - - - -839 - - - -840 Foreign exchange adjustments - - - -2 -12 -11 - 1 2 -22 Other changes - - - -6 1 43 - - - 39 ECL allowance account as at 30 June 2026 9 20 4 1,276 4,842 6,389 549 1,209 939 15,237
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71 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability P3. Issued bonds at amortised cost Issued bonds at amortised cost includes non-preferred senior bonds of DKK 104,923 million (31 December 2025: DKK 99,682 million) of a total of DKK 264,046 million (31 December 2025: DKK 246,536 million). P4. Ratios – Danske Bank A/S Ratios First half Full year First half 2026 2025 2025* Total capital ratio (%) 23.9 24.5 26.3 Tier 1 capital ratio (%) 20.7 21.4 23.1 Return on equity before tax (%) 8.3 15.8 7.8 Return on equity after tax (%) 6.8 12.9 6.5 Income/cost ratio (%) 224.4 220.6 216.7 Interest rate risk (%) -0.5 -0.2 0.3 Foreign exchange position (%) 2.3 1.9 3.2 Foreign exchange risk (%) - - - Loans plus impairment charges as % of deposits 93.8 96.5 96.0 Liquidity coverage ratio (90 days) (%) 132.4 134.5 132.1 Sum of large exposures as % of CET1 capital 106.5 103.0 93.5 Impairment ratio (%) 0.1 0.1 - Growth in loans (%) 4.5 11.8 6.7 Loans as % of equity 6.9 6.2 6.4 Return on assets (%) 0.5 1.0 0.5 Earnings per share 14.6 27.9 13.5 Book value per share (DKK) 205.8 222.5 206.8 Dividend per share (DKK)** 6.14 22.72 - Share price end of period/earnings per share (DKK) 24.0 11.4 19.2 Share price end of period/book value per share (DKK) 1.70 1.43 1.25 * Comparative information has been restated, as described in note G2(b). **As announced in the Interim report – first quarter 2026, the Board of Directors approved an extraordinary dividend of DKK 6.14 per share, which was paid out in May 2026.
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72 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Statement by the management The Board of Directors and the Executive Leadership Team (the management) have today reviewed and adopted the Interim report – first half 2026 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. The Parent Company’s interim financial statements are prepared in accordance with the Danish Financial Business Act and the Executive Order on Financial Reports for Credit Institutions and Investment Companies, etc. 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 and the Parent Company’s financial statements give a true and fair view of the Group’s and the Parent Company’s assets, liabilities, equity and financial position at 30 June 2026 and of the results of the Group’s and the Parent Company’s operations and the consolidated cash flows for the period 1 January 2026 - 30 June 2026. Moreover, in our opinion, the management’s report includes a fair view of developments in the Group’s and the Parent Company’s operations and financial position and describes the significant risks and uncertainty factors that may affect the Group and the Parent Company. Copenhagen, 17 July 2026 Executive Leadership Team Carsten Egeriis CEO Magnus Agustsson Joachim Alpen Christian Bornfeld Karsten Breum Cecile Hillary Johanna Norberg Frans Woelders Board of Directors Martin Blessing Chairman Martin Nørkjær Larsen Vice Chairman Jacob Dahl Lieve Mostrey Allan Polack Rafael Salinas Marianne Sørensen Helle Valentin Kirsten Hjelm Lund 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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73 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Independent auditor’s review report To the shareholders of Danske Bank A/S Independent auditor’s review report on the consolidated interim and parent financial statements We have reviewed the consolidated and parent interim financial statements of Danske Bank Group for the financial period 1 January to 30 June 2026, pp. 30-71, which comprise the income statement, statement of comprehensive income, balance sheet, statement of capital and notes, for the Group and Parent company, respectively, as well as the consolidated cash flow statement including a summary of material accounting policies. Management’s responsibility for the consolidated interim and parent financial statements Management is responsible for the preparation of the consolidated interim financial statements in accordance with IAS 34, Interim Financial Reporting, as adopted by the EU, and Danish disclosure requirements for listed financial companies, and for the preparation of the Parent Company’s interim financial statements in accordance with the Danish Financial Business Act and Danish disclosure requirements for listed financial companies, and for such internal control as Management determines is necessary to enable the preparation of the consolidated and parent interim financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express a conclusion on the consolidated and parent interim financial statements. We conducted our review in accordance with the International Standard on Engagements to Review Interim Financial Information Performed by the Independent Auditor of the Entity and additional requirements under Danish audit regulation. This requires us to conclude whether anything has come to our attention that causes us to believe that the consolidated and parent interim financial statements, taken as a whole, have not been prepared, in all material respects, in accordance with the applicable financial reporting framework. This also requires us to comply with relevant ethical requirements. A review of financial statements in accordance with the International Standard on Engagements to Review Interim Financial Information Performed by the Independent Auditor of the Entity is a limited assurance engagement. The Auditor performs procedures primarily consisting of inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluates the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on the interim financial statements. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim financial statements for the financial period 1 January to 30 June 2026 have not been prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and Danish disclosure requirements for listed financial companies and that the Parent Company’s Interim Financial Statements have not been prepared, in all material respects, in accordance with the Danish Financial Business Act and Danish disclosure requirements for listed financial entities. Statement on the Management’s report Management is responsible for the Management’s report. Our conclusion on the interim financial statements does not cover the Management’s report, and we do not express any form of assurance conclusion thereon. In connection with our review of the interim financial statements, our responsibility is to read the Management’s report and, in doing so, consider whether the Management’s report is materially inconsistent with the interim financial statements or our knowledge obtained in the review or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management provides the information required under the Danish Financial Business Act. Based on the work we have performed, we conclude that the Management report is in accordance with the interim financial statements and has been prepared in accordance with the requirements of the Danish Financial Business Act. We did not identify any material misstatement of the Management’s report. Copenhagen, 17 July 2026 Deloitte Statsautoriseret Revisionspartnerselskab CVR-nr. 33963556 Kasper Bruhn Udam Jakob Lindberg State-Authorised Public Accountant MNE no 29421 State-Authorised Public Accountant MNE no 40824
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74 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Supplementary information Financial calendar 29 October 2026 Interim report – first nine months 2026 4 February 2027 Annual report 2026 18 March 2027 Annual general meeting 29 April 2027 Interim report – first quarter 2027 21 July 2027 Interim report – first half 2027 28 October 2027 Interim report – first nine months 2027 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 Pension danica.dk Danske Bank’s financial statements are available online at danskebank.com/Reports.
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75 Danske Bank / Interim report – first half 2026 Financial highlights Executive summary Strategy execution Business units Financial statements Financial review Sustainability Danske Bank Group Bernstorffsgade 40 DK-1577 København V Tel. +45 33 44 00 00 CVR no. 61126228-København danskebank.com