Interim report
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Danske Bank Group Interim report - first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Contents Management's report Financial highlights - Danske Bank Group 3 Executive summary 4 Financial review 5 Personal Customers 11 Business Customers 13 Large Corporates & Institutions 15 Danica 18 Northern Ireland 20 Group Functions 22 Definition of alternative performance measures 24 Financial statements Statements 26 Notes - Danske Bank Group 31 Statements Statement by the management 62 Supplementary information 63 2 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Financial highlights - Danske Bank Group Income statement Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q3/Q2 2025 26/25 2025 Net interest income 28,280 27,157 104 9,607 9,332 103 9,074 106 36,611 Net fee income 12,048 10,568 114 4,072 4,058 100 3,502 116 15,423 Net trading income 1,479 2,362 63 397 693 57 626 63 2,872 Net income from insurance business 1,359 1,097 124 508 689 74 382 133 1,357 Other income 695 428 162 146 385 38 111 132 577 Total income 43,861 41,613 105 14,731 15,157 97 13,696 108 56,840 Operating expenses 19,386 18,990 102 6,463 6,518 99 6,320 102 25,848 of which resolution fund, bank tax etc. 322 232 139 106 138 77 77 138 310 Profit before loan impairment charges 24,475 22,622 108 8,268 8,638 96 7,376 112 30,992 Loan impairment charges 65 258 25 -200 291 - -8 - 294 Profit before tax 24,410 22,364 109 8,468 8,348 101 7,384 115 30,699 Tax 6,133 5,634 109 2,079 2,147 97 1,864 112 7,662 Net profit 18,277 16,730 109 6,390 6,201 103 5,520 116 23,037 Ratios and key figures Dividend per share (DKK)* 6.14 - - - - 22.72 Earnings per share (DKK) 22.6 20.2 7.9 7.6 6.7 27.9 Return on avg. total equity (% p.a.)** 14.3 13.0 15.1 14.8 12.7 13.3 Net interest income as % p.a. of loans and deposits 1.29 1.29 1.31 1.27 1.30 1.30 Cost/income ratio (C/I) (%) 44.2 45.6 43.9 43.0 46.1 45.5 Total capital ratio (%) 21.3 22.4 21.3 20.5 22.4 20.9 Total capital ratio, incl. conglomerate (%)*** 21.3 22.4 21.3 20.5 22.4 21.2 Common equity tier 1 capital ratio (%) 17.2 18.7 17.2 17.0 18.7 17.3 Share price (end of period) (DKK) 373.7 270.9 373.7 350.2 270.9 318.6 Book value per share (DKK)** 212.9 214.9 212.9 206.8 214.9 222.3 Full-time-equivalent staff (end of period) 19,406 20,220 96 19,406 19,472 100 20,220 96 20,026 Balance sheet (end of period) Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025** 26/25 2026 2026 Q3/Q2 2025** 26/25 2025 Due from credit institutions and central banks 154,191 135,624 114 154,191 188,506 82 135,624 114 218,417 Repo loans 409,390 378,137 108 409,390 363,216 113 378,137 108 353,414 Loans 1,795,017 1,743,059 103 1,795,017 1,794,226 100 1,743,059 103 1,758,110 Trading portfolio assets 540,234 453,921 119 540,234 496,357 109 453,921 119 444,980 Investment securities 305,603 292,668 104 305,603 298,686 102 292,668 104 296,738 Insurance assets 603,169 545,490 111 603,169 589,943 102 545,490 111 555,504 Other assets 136,199 130,553 104 136,199 138,073 99 130,553 104 126,748 Total assets 3,943,803 3,679,453 107 3,943,803 3,869,007 102 3,679,453 107 3,753,911 Due to credit institutions and central banks 57,707 58,485 99 57,707 59,975 96 58,485 99 58,498 Repo deposits 327,396 293,293 112 327,396 309,102 106 293,293 112 293,752 Deposits 1,139,465 1,061,895 107 1,139,465 1,134,738 100 1,061,895 107 1,109,754 Bonds issued by Realkredit Danmark 720,791 734,890 98 720,791 729,810 99 734,890 98 738,670 Other issued bonds 391,464 330,964 118 391,464 384,678 102 330,964 118 361,201 Trading portfolio liabilities 350,842 302,835 116 350,842 325,631 108 302,835 116 286,837 Insurance liabilities 595,753 540,707 110 595,753 582,279 102 540,707 110 551,087 Other liabilities 154,992 150,104 103 154,992 145,867 106 150,104 103 142,661 Subordinated debt 34,011 30,297 112 34,011 29,777 114 30,297 112 30,289 Total equity 171,382 175,982 97 171,382 167,150 103 175,982 97 181,162 Total liabilities and equity 3,943,803 3,679,453 107 3,943,803 3,869,007 102 3,679,453 107 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 Q3 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, all else equal, in an 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. 3 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Executive summary In the first nine months of 2026, Danske Bank delivered solid financial results, including a resilient development in the third quarter. We generated a net profit of DKK 6.4 billion in the third quarter, contributing to a net profit of DKK 18.3 billion and a return on equity of 14.3% for the first nine months of the year. The result reflects solid customer activity across our markets, particularly across our business customer activities, with Group lending growth of 3% compared to the same period last year and progress in our prioritised segments, despite somewhat lower activity in the third quarter due to seasonal effects. Assets under management continued to grow, supported by strong net inflows and positive market developments. Cost management continued as expected. Credit quality remained robust in the third quarter, with low loan impairment charges below normalised levels. Our performance keeps us on track to deliver on our financial targets for 2028, with a return on equity of 15.1% and a cost/income ratio of 43.9% in the third quarter. In September, we launched our investment advisory solution, Butterfly™ , that combines Danske Bank’s long-standing investment expertise with BlackRock’s technology platform, Aladdin Wealth. This marks another significant step towards providing customers with more proactive and relevant investment advice. We continue to invest in technology, digitalisation and GenAI to improve productivity, enhance the customer experience and build a scalable growth platform for the future. Our progress is evidenced by our improved position in the Evident AI index, the standard benchmark of AI maturity in banking. Danske Bank is now ranked number 31 globally and is the leading Nordic bank among those evaluated by Evident AI. Our cloud transformation remains on plan, with mainframe modernisation and legacy decommissioning reducing complexity and technology run costs as we renew our technology and data foundation. Furthermore, we remain committed to safeguarding operations and protecting customers through resilient technology infrastructure and a robust cybersecurity framework that protects us against evolving external threats. The outlook for economic activity across the Nordic countries is generally positive, as the economies have proven overall resilient to the rising energy prices. In response, central banks have increased policy rates with market expectations that rates will move higher. On the basis of the latest Nordic Outlook published in September 2026 by Danske Bank Research, we expect the ECB policy rate to be at 3% by the end of this year. In Denmark specifically, the economic development is supported by strong GDP growth of around 4% in 2026, driven by high employment and continued momentum in the pharmaceutical and other export sectors. Increasing disposable incomes could lead to higher consumer spending, although consumer sentiment continues to be low. Housing market activity is solid, but with signs that activity and prices are slowing in the Copenhagen area. With a solid financial performance, we continue to be well positioned to support our customers and be a trusted financial partner with a well-diversified credit portfolio and a strong balance sheet. Forward ’28 strategy update and financial targets for 2028 Earlier in the year, we announced a midpoint update to our Forward ’28 strategy, including financial targets for 2028, a revised dividend policy and an extraordinary dividend payment, which was made on 5 May 2026. For 2028, we aim to deliver a return on equity of above 14.5% and target an improved cost/ income ratio of no greater than 43%. In addition, we have set a revised CET1 capital ratio target of around 16% by 2028. Share buy-back programme At 30 September 2026, Danske Bank had bought back around 8.1 million shares for a total purchase amount of DKK 2.8 billion (figures at trade date) of the planned DKK 4.5 billion share buy- back programme. 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 September 2026, our liquidity coverage ratio stood at 163% (end-December 2025: 156%), with an LCR reserve of DKK 551 billion (end-December 2025: DKK 556 billion), and the net stable funding ratio stood at 124% (end-December 2025: 121%). The CET1 capital ratio was 17.2% (31 December 2025: 17.3%). As announced in the first quarter of 2026, the Pillar 2 relief related to resolved legacy cases has been formally confirmed as part of the Supervisory Review and Evaluation Process. As previously guided, this has reduced our CET1 capital requirement by around 40 basis points as reflected in our financial numbers for the third quarter of 2026. On 15 October 2026, we confirmed our capital and IRB model framework towards 2028. The capital framework includes a REA buffer that stands above DKK 110 billion to cover the Pillar 1 and Pillar 2 impacts of the implementation of IRB models. Our ongoing work with IRB model implementation is progressing in close alignment with, and under the supervision of, the Danish FSA. We remain committed to our 2028 CET1 capital ratio target while maintaining the flexibility to support profitable growth opportunities. Financials Danske Bank delivered a net profit of DKK 18,277 million in the first nine months of 2026, an increase of 9% from the level in the first nine months of 2025. The financial result for the first nine months of 2026 was supported by solid customer activity, which led to an increase in net interest income and net fee income, although the effect was partly offset by lower net trading income. Net interest income increased 4% in the first nine months of 2026 relative to the same period in 2025 and amounted to DKK 28,280 million. The increase was primarily driven by higher deposit and lending volumes, improved deposit margins and interest rate risk management income from the structural hedge. Net fee income amounted to DKK 12,048 million and increased 14% from the level in the first nine months of 2025. This was due to an increase in investment fee income supported by a rise in daily banking fee income attributable to increased customer activity and repricing actions. Net trading income decreased 37% in the first nine months of 2026 and amounted to DKK 1,479 million. The decrease primarily reflected the elevated geopolitical uncertainty, which resulted in reduced customer activity and thus a lower result in Fixed Income. In addition, net trading income was impacted by Group Treasury's hedging and liquidity management activities, including unrealised market value adjustments on cross-currency swaps. Net income from insurance business amounted to DKK 1,359 million in the first nine months of 2026, an increase of 24% relative to the level in the first nine months of 2025. The insurance service result increased due to a better result in the health and accident business, which was partly offset by a decline in the net financial result relative to the same period last year due to financial markets volatility in the first nine months of 2026. Operating expenses increased 2% relative to the level in the first nine months 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 and higher provisions for performance-based compensation. Loan impairments reflected overall solid credit quality, amounting to a net charge of only DKK 65 million. We continue to apply significant post-model adjustments related to the macroeconomic uncertainty and remain watchful of any credit deterioration. Outlook for 2026 We have narrowed the financial outlook for the full year 2026 as we now expect a net profit in the range of DKK 24-25 billion, reflecting a return on equity of above 14% in 2026. We 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 expected to be below 45%. Loan impairment charges are now expected to be no more than DKK 0.6 billion, as a result of continued strong credit quality. 4 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Financial review Q1-Q3 2026 vs Q1-Q3 2025 Net profit increased by 9% and amounted to DKK 18,277 million (Q1-Q3 2025: DKK 16,730 million). Total income increased, driven primarily by higher net interest income and net fee income, however, a decline in net trading income had a partly offsetting effect. Operating expenses increased by 2% due to digital investments made under our Forward ’28 strategy. Income Net interest income increased to DKK 28,280 million (Q1-Q3 2025: DKK 27,157 million). The increase was mainly attributable to higher deposit and lending volumes as well as improved deposit margins. This was complemented by higher income generated in Group Treasury through the structural hedge. Net fee income rose to DKK 12,048 million (Q1-Q3 2025: DKK 10,568 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 1,479 million (Q1-Q3 2025: DKK 2,362 million), primarily reflecting the elevated geopolitical uncertainty, which resulted in reduced customer activity and thus a lower result in Fixed Income. In addition, net trading income was impacted by Group Treasury's hedging and liquidity management activities, including unrealised market value adjustments on cross-currency swaps. Net income from insurance business increased to DKK 1,359 million (Q1-Q3 2025: DKK 1,097 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 relative to the same period last year, which was caused by the markets volatility in the first nine months of 2026. Other income increased to DKK 695 million (Q1-Q3 2025: DKK 428 million). The increase was 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 in the second quarter of 2026. Operating expenses Operating expenses increased to DKK 19,386 million (Q1-Q3 2025: DKK 18,990 million). As expected, the increase was a result of higher digital investments, as we continue to strengthen our one-platform technology and AI foundation under our Forward ’28 strategy, and higher provisions for performance- based compensation. Resolution fund, bank tax and other items stood at DKK 322 million (Q1-Q3 2025: DKK 232 million). The increase was caused by costs related to the increased target level in the Danish Resolution Fund as a consequence of rising deposits. Loan impairment charges Loan impairments were low in the first nine months of 2026, amounting to a net charge of only DKK 65 million (Q1-Q3 2025: net charge of DKK 258 million). The low level of impairments reflected overall solid credit quality, notwithstanding the persistent geopolitical uncertainties. Post-model adjustments continue to cover 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 nine months of 2026 with only limited reductions, as the level was considered appropriate given the prevailing risk environment and the potential effects of geopolitical volatility. Personal Customers recorded a net impairment reversal in the first nine months of 2026, compared with a modest net charge in the same period of 2025. The underlying credit quality of the segment remained stable. For the first nine months of 2026, Business Customers saw a net impairment reversal, broadly in line with the level recorded in the first nine months of 2025. Reversals mainly related to individual exposures. Net profit DKK 6,390 million for the third quarter of 2026 Loan impairment charges Q1-Q3 2026 Q1-Q3 2025 (DKK millions) Charges % of net credit exposure Charges % of net credit exposure Personal Customers -298 -0.06 81 0.02 Business Customers -643 -0.12 -594 -0.12 Large Corporates & Institutions 983 0.33 691 0.24 Northern Ireland 45 0.09 82 0.17 Group Functions -22 -7.66 -1 0.01 Total 65 - 258 0.02 Net credit exposure is defined as lending activities, excluding exposure related to credit institutions and central banks and loan commitments. Q3 2026 vs Q2 2026 Net profit increased to DKK 6,390 million (Q2 2026: DKK 6,201 million), driven by an increase in net interest income and net reversals of loan impairment charges in the third quarter. This increase was partly offset by decreases in net trading income, net income from insurance business and other income. • Net interest income increased to DKK 9,607 million (Q2 2026: DKK 9,332 million), primarily as a result of increased average volumes, higher deposit margins and an additional banking day. • Net fee income was stable at DKK 4,072 million (Q2 2026: DKK 4,058 million) as an increase in performance fee income from asset management was partly offset by lower financing fee income. • Net trading income decreased to DKK 397 million (Q2 2026: DKK 693 million) due to fair value changes of bond portfolio investments in Group Treasury as well as lower performance in Fixed Income. • Net income from insurance business decreased to DKK 508 million (Q2 2026: DKK 689 million). The insurance service result increased as a result of a positive result in the health and accident business. This was, however, more than countered by a decrease in the net financial result caused by less favourable financial markets in the third quarter of 2026. • Other income decreased to DKK 146 million (Q2 2026: DKK 385 million) as the second quarter included the release of a provision of DKK 231 million related to the sale of the personal customer business in Norway. • Operating expenses decreased to DKK 6,463 million (Q2 2026: DKK 6,518 million). The decrease was driven primarily by lower staff-related costs, including severance pay, almost offset by higher amortisation and impairment of intangible assets and digital investments recognised in the third quarter of 2026. • Loan impairments amounted to a net reversal of DKK 200 million (Q2 2026: net charge of DKK 291 million), reflecting stable credit quality and minor technical model updates. • Tax amounted to DKK 2,079 million (Q2 2026: DKK 2,147 million), corresponding to an effective tax rate of 24.5% (Q2 2026: 25.7%). The effective tax rate for the third quarter was positively affected by tax adjustments to previous years. 5 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Large Corporates & Institutions recorded a net impairment charge in the first nine months of 2026, which was consistent with developments in the first nine months of 2025. Charges were largely driven by individual customers. The macroeconomic scenarios have been updated to reflect a balanced economic outlook, with growth converging around normal levels. The severe downside scenario continues to assume a global recession, with negative growth and higher 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 assigned 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 6,133 million (Q1-Q3 2025: DKK 5,634 million) corresponded to an effective tax rate of 25.1% (Q1-Q3 2025: 25.2%). Lending Lending stood at DKK 1,795 billion at 30 September 2026 (31 December 2025: DKK 1,758 billion). Mortgage lending at nominal value at Realkredit Danmark amounted to DKK 791 billion (31 December 2025: DKK 784 billion). At Personal Customers, total lending decreased slightly relative to the level at 31 December 2025. In Denmark, nominal home finance volumes rose, although the positive development was offset by a negative market value adjustment of mortgage lending. Lending volumes decreased slightly in Finland amid subdued market conditions. In Sweden, bank lending volumes in local currency decreased slightly as buyers postponed purchases due to changes to housing market regulations, while the depreciation of the Swedish krona reduced volumes by DKK 4 billion from the level at the end of 2025. Total lending at Business Customers increased 3% relative to December 2025. Bank lending volumes increased 7% from the level at 31 December 2025, driven by our activities in all countries. Exchange rate movements were negative by DKK 0.5 billion relative to the level at 31 December 2025. Nominal mortgage volumes decreased 1% from the level at the end of 2025, with most of the decrease being driven by commercial property lending. Large Corporates & Institutions saw an increase in lending of 5% relative to the level at 31 December 2025. The increase was widespread across segments though primarily driven by corporate customers in Denmark and Finland. In Denmark, new gross lending, excluding repo loans, amounted to DKK 208 billion, while new net lending amounted to DKK 28 billion. Lending to personal customers accounted for DKK 79 billion and DKK 17 billion, respectively, of these amounts. Deposits Deposits increased and amounted to DKK 1,139 billion at the end of September 2026 (31 December 2025: DKK 1,110 billion). At Personal Customers, deposit volumes were up 2% relative to the level at 31 December 2025. The increase was driven mainly by an increase in savings volumes in Denmark that was supported by tax refunds, dividend payouts and the government food subsidy programme. Deposit volumes in Finland were up only marginally, and although deposit volumes in Sweden were stable in local currency, the depreciation of the Swedish krona caused a decrease of DKK 1.6 billion relative to the 31 December 2025 level. At Business Customers, deposits increased 4% relative to the level at 31 December 2025. In local currency, deposits grew in all countries except Norway, where deposits saw a slight decrease. There was a positive exchange rate effect of DKK 0.3 billion. At Large Corporates & Institutions, deposit volumes increased 2% from the level at the end of 2025, primarily driven by corporate customer activity in Sweden and Norway. Credit exposure Credit exposure from lending activities increased to DKK 2,555 billion at 30 September 2026 (31 December 2025: DKK 2,529 billion). The increase in exposure was mainly driven by the following segments: Financial institutions, Capital goods, and Commercial and residential real estate, but was partly countered by a decrease in exposure to the Public institutions and Pulp, paper and chemicals segments. Risk Management 2025, section 3, which is available at danskebank.com/ir, provides details on Danske Bank’s credit risk management. Credit quality Credit quality remained strong in the first nine months of 2026 at all business units, and we remain vigilant for any possible deterioration related to the uncertainty mentioned in the loan impairment charges section. Total gross stage 3 credit exposure decreased to DKK 28.7 billion (31 December 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, Services, and Capital goods, which combined accounted for 56% of total gross stage 3 exposure. The allowance account amounted to 0.96% (31 December 2025: 1.05%) of credit exposure. Stage 3 loans (DKK millions) 30 September 2026 31 December 2025 Gross exposure 28,727 30,715 Allowance account 8,696 9,345 Net exposure 20,032 21,370 Collateral (after haircut) 16,674 17,828 Stage 3 coverage ratio (%) 72 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 September 2026 31 December 2025 (DKK millions) Accumulated impairment charges % of credit exposure Accumulated impairment charges % of credit exposure Personal Customers 3,887 0.57 4,488 0.66 Business Customers 9,010 1.22 9,768 1.36 Large Corporates & Institutions 4,825 1.12 4,669 1.15 Northern Ireland 784 1.06 742 1.06 Group Functions 20 -1.58 20 4.80 Total 18,527 0.96 19,686 1.05 Credit exposure is related to lending activities. 6 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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. The Group has expanded its use of derivatives beyond wholesale funding to hedge the structural interest rate risk arising from non- maturity deposits and floating-rate assets, thereby enhancing its ability to manage banking-book interest rate risk dynamically. Under a phased approach, maturing bonds are gradually replaced with derivatives. These derivatives are used in fair value hedge relationships to mitigate changes in the fair value of modelled deposits attributable to the hedged risk, and, from the third quarter of 2026, in cash flow hedge relationships to mitigate variability in future cash flows from variable-rate mortgages. In 2027, the Group plans to expand the scope of 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. The notional amount of the structural hedge (bonds and derivatives) was kept stable in the third quarter of 2026 at around DKK 190 billion (31 December 2025: DKK 180 billion). As part of managing its interest rate risk in the banking book, the Group holds high-quality liquid bonds that are included in the calculation of the Group’s liquidity coverage ratio (LCR). To ensure aligned accounting treatment across the banking book, these bonds are held at amortised cost. The carrying amount and fair value of the Group’s hold-to-collect bond instruments are stated in note G12. Funding and liquidity In the third quarter of 2026, funding markets remained resilient despite heightened volatility and periodic spread pressure. The demand for bank issuance remained healthy overall with solid execution across debt instruments. In the third quarter of 2026, the Group issued covered bonds of DKK 1.7 billion, preferred senior debt of DKK 6.8 billion, non- preferred senior debt of DKK 5.6 billion and additional tier 1 capital of DKK 5.0 billion, thus bringing total long-term wholesale funding to DKK 19.3 billion for the quarter and DKK 85.9 billion for the first nine months of the year. 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 September 2026, our liquidity coverage ratio stood at 163% (31 December 2025: 156%), with an LCR reserve of DKK 551 billion (31 December 2025: DKK 556 billion), while our regulatory twelve-month liquidity coverage ratio was 162% (31 December 2025: 169%), and our net stable funding ratio was 124% (31 December 2025: 121%). At the end of September 2026, the total nominal value of outstanding long-term funding, excluding bonds issued by Realkredit Danmark, was DKK 368 billion (31 December 2025: DKK 338 billion). Realkredit Danmark bond issues are excluded because mortgage lending in Denmark is based on the pass- through principle. Capital ratios and requirements At the end of September 2026, the Group’s total capital ratio was 21.3% (31 December 2025: 20.9%), and its CET1 capital ratio was 17.2% (31 December 2025: 17.3%). The movement in the capital ratios was driven by realised net profit after reserved dividends and the removal of the deduction for Danica as a result of the Danish implementation of the EU Conglomerate Directive. These effects were partly countered by the DKK 5 billion extraordinary dividend payment and an increase in the REA. The total capital ratio was further affected by net issuances of additional tier 1 capital and tier 2 capital. During the first nine months of 2026, the total REA increased by DKK 25 billion, driven by an increase in the REA for credit risk. Our ongoing work with IRB model implementation is progressing in close alignment with, and under the supervision of, the Danish FSA. Our current capital framework includes a REA buffer that now stands above DKK 110 billion to cover the Pillar 1 and Pillar 2 impacts of the implementation of IRB models. This buffer was recently reviewed with all required adjustments included in the REA buffer. 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 September 2026, the Group’s solvency need ratio was 10.8%, down 0.6 percentage points from 31 December 2025. The decrease was driven by the Pillar 2 relief related to resolved legacy cases, which has been formally reviewed as part of the Supervisory Review and Evaluation Process (SREP). A combined buffer requirement (CBR) applies to financial institutions in addition to the solvency need ratio. At the end of September 2026, the Group’s CBR remained at 8.2%, unchanged from the level at 31 December 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. Following the Pillar 2 relief, the Group received an updated MREL decision from the Danish FSA, where the (backward-looking) MREL was set at 27.7% of the total REA adjusted for Realkredit Danmark, while the subordination requirement was set at 29.7% of the total REA adjusted for Realkredit Danmark. At the end of September 2026, the point-in-time requirement, including the CBR, was equivalent to DKK 251 billion, or 36.0% 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 298 billion, or a buffer of DKK 47 billion to the requirement. In addition, an MREL of 6% of the leverage ratio exposure (LRE) is in place. The LRE-based requirement equalled 23.7% of the total REA adjusted for Realkredit Danmark. Capital ratios and requirements (% of the total REA) 30 September 2026 Capital ratios CET 1 capital ratio 17.2 Total capital ratio 21.3 Capital requirements (incl. buffers) CET 1 requirement 14.3 - 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 10.8 Total capital requirement 19.0 Buffer to requirement CET 1 capital 3.0 Total capital 2.3 The total capital requirement consists of the solvency need ratio and the combined buffer requirement. 7 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements MREL requirement and eligible funds (30 September 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 September 2026, the Group’s leverage ratio was 4.5%. Capital targets and capital distribution Following the resolution of legacy issues and the closure of the corporate probation, the Group’s Pillar 2 requirements decreased in September 2026, resulting in a CET1 capital requirement of 14.3%. In light of the expected normalisation of capital requirements, the CET1 capital ratio target was changed from above 16% to around 16% as part of the 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. In connection with the strategy update in the first quarter of 2026, the Board of Directors revised the dividend policy from 40-60% to 60-70% of net profit, effective from Q2 2026. The revised policy is intended to support predictable and sustainable shareholder distributions. Danske Bank has strong capital and liquidity positions, and we remain committed to our capital distribution policy. At 30 September 2026, Danske Bank had bought back around 8.1 million shares for a total purchase amount of DKK 2.8 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 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 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 September 2026, Danske Bank was in compliance with all threshold values. A separate report is available at danskebank.com/ir. Realkredit Danmark also complies with all threshold values. New regulation The application date for the Fundamental Review of the Trading Book (FRTB) rules has been postponed and is now 1 January 2027. In addition, the EU legislators have adopted a delegated act on targeted and temporary amendments to the FRTB standard. The amendments 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. 8 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Credit ratings On 26 August 2026, S&P revised its outlook on Danske Bank's issuer rating to Positive from Stable while affirming all its ratings of Danske Bank. The rating affirmations follow S&P’s upward revision of the anchor rating for domestic banks in Denmark to ‘a-’ from ‘bbb+’ , while incorporating a one-notch negative 'Comparable Rating Analysis' adjustment of Danske Bank's stand-alone credit profile. The Positive outlook reflects S&P’s view that, over the next two years, it could raise the rating if Danske Bank further improves its risk-adjusted profitability and closes the profitability gap with higher-rated peers. Environmental, Social and Governance (ESG) ratings On 5 October 2026, MSCI upgraded Danske Bank’s ESG rating by two notches, to ‘AA’ from ‘BBB’ . The upgrade was mainly driven by improvements in Danske Bank’s consumer financial protection practices, which resulted in the removal of a score deduction related to the legacy errors in our debt collection system. Credit ratings Danske Bank A/S Fitch Moody's Nordic Credit Rating S&P Counterparty rating AA(dcr) Aa2/P-1 - AA-/A-1+ Deposits AA/F1+ Aa2/P-1/Stable - - Issuer rating AA/F1+/Stable A1/P-1/Stable - A+/A-1/Positive Senior unsecured debt AA/F1+ A1/P-1/Stable - A+/A-1 Non-preferred senior debt A+ A3 - A- Subordinated tier 2 debt A- - - BBB+ Additional tier 1 capital instruments BBB - - BBB- Danske Hypotek AB Issuer rating - - A+/N2/Stable - ESG ratings Danske Bank A/S CDP B ISS ESG C+ Prime MSCI ESG Ratings AA Sustainalytics Low Risk 9 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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. 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. 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. 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 wider region. 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 wider region. 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. 10 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Personal Customers In the first nine months of 2026, generally constructive financial market developments and customer demand supported solid financial performance, despite the inflationary pressure caused by higher energy prices. In Denmark, Personal Banking and Private Banking performed well, with strong traction in investments, improved competitiveness within home financing and increasing customer adoption of AI-enabled services. The solid performance was delivered despite a slowdown in the housing market following a prolonged period of high activity and elevated prices. We also saw good performance in Finland in a challenging macroeconomic environment and a stable development in Sweden. Profit before tax amounted to DKK 7,973 million in the first nine months of 2026 (Q1-Q3 2025: DKK 6,400 million), an increase of 25% from the level in the first nine months of 2025. The increase was driven primarily by higher interest income from deposits, higher net fee income and higher other income. Other income benefitted from the reversal of a provision related to a warranty issued in connection with the sale of the personal customer business in Norway. The increase was further supported by a net reversal of loan impairments but was offset by higher operating expenses related to our investments under the Forward '28 strategy. Business initiatives Across our markets, we continued to strengthen our position by executing on our strategy and enhancing our value proposition across customer needs. We continue to expand holistic advisory services across our markets, with Panorama meetings accounting for almost half of the customer meetings in Denmark for which Panorama is a relevant option. The digital advisory tool is also being rolled out in both Sweden and Finland. This has driven higher meeting outcome rates, accompanied by sustained high levels of meeting activity, especially in Denmark, as we see strong uptake of our investment solutions and a stable development in home financing and savings. Investment momentum remained strong, supported by the continued rollout of our new investment offering, Butterfly™ , and improvements to our offering for self-directed investors, such as enhancements to our monthly investment solution and Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q3/Q2 2025 26/25 2025 Net interest income 10,268 9,663 106 3,596 3,422 105 3,314 109 13,004 Net fee income 3,942 3,335 118 1,295 1,293 100 1,104 117 4,592 Net trading income 103 88 117 41 32 128 38 108 108 Other income 310 95 - 27 256 11 28 96 119 Total income 14,623 13,182 111 4,959 5,003 99 4,484 111 17,822 Operating expenses 6,949 6,701 104 2,372 2,352 101 2,269 105 9,292 of which resolution fund, bank tax etc. 33 23 143 11 17 65 7 157 31 Profit before loan impairment charges 7,675 6,481 118 2,587 2,651 98 2,215 117 8,530 Loan impairment charges -298 81 - -149 -77 194 33 - 33 Profit before tax 7,973 6,400 125 2,735 2,728 100 2,182 125 8,497 Loans, excluding reverse transactions before impairments 664,353 664,167 100 664,353 670,004 99 664,167 100 668,606 Allowance account, loans 3,390 4,128 82 3,390 3,539 96 4,128 82 3,916 Deposits, excluding repo deposits 411,489 397,554 104 411,489 412,002 100 397,554 104 401,463 Covered bonds issued 536,482 528,375 102 536,482 544,723 98 528,375 102 526,854 Allocated capital (avg.) 27,802 26,735 104 27,483 27,881 99 26,838 102 26,869 Net interest income as % p.a. of loans and deposits 1.29 1.24 1.35 1.29 - 1.27 1.25 Profit before loan impairment charges as % p.a. of allocated capital 36.8 32.3 37.7 38.0 - 33.0 31.7 Profit before tax as % p.a. of allocated capital (avg.) 38.2 31.9 39.8 39.1 - 32.5 31.6 Cost/income ratio (%) 47.5 50.8 47.8 47.0 - 50.6 52.1 Full-time-equivalent staff 3,762 3,927 96 3,762 3,835 98 3,927 96 3,897 Fact Book Q3 2026 provides financial highlights at customer type level for Personal Customers. Fact Book Q3 2026 is available at danskebank.com/ir. 11 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements instant meetings for investment needs. Net sales of packaged investment products remained strong, with Private Banking increasing 44% year-on-year across markets and Private Banking Denmark in particular showing progress, with an increase of 64% versus the same period last year. Demand for home financing remained stable in the third quarter of 2026 and was supported by enhancements to our home financing offering and an improved customer experience. In Denmark, we expanded advisor availability to meet increased need for advice on home financing, and in Sweden, we launched a new mortgage pricing model, giving customers an incentive to consolidate their assets with Danske Bank. In Denmark, this contributed to front-book market shares, and we also saw an increase in new customers with home financing. In Finland, we saw good activity levels, in part driven by our partnerships and a strengthening of our Premium offering. We have also advanced our digital capabilities, ensuring a more convenient and accessible bank for our customers. By August, AI- enabled solutions handled 32% of all customer service enquiries in Denmark, and our AI Assistant continued to see record-high levels of customer adoption, resolving around 85% of enquiries without handover to a human. We have expanded the adoption of AI among customer-facing staff, for example, our own AI solutions now help employees in customer support produce clearer and more consistent responses, and Copilot enables advisers to provide customers with more tailored, effective guidance. Q1-Q3 2026 vs Q1-Q3 2025 Profit before tax was up 25% to DKK 7,973 million (Q1-Q3 2025: DKK 6,400 million) due to an increase in net interest income from deposits, higher net fee income, loan impairment reversals and higher other income. The increase in total income was partly offset by higher operating expenses. Net interest income increased 6% relative to the level in the first nine months of 2025 and amounted to DKK 10,268 million (Q1-Q3 2025: DKK 9,663 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 18% to DKK 3,942 million (Q1-Q3 2025: DKK 3,335 million). Financing fee income increased DKK 204 million, driven by updated pricing structures and strong customer activity. Investment fee income increased DKK 307 million, driven by positive market developments, higher performance fee income, continued growth in assets under management and investment sales. Finally, daily banking fee income increased DKK 95 million, also driven by updated pricing structures and increased customer activity. Net trading income increased to DKK 103 million (Q1-Q3 2025: DKK 88 million) as a result of increased income from early loan termination due to the rise in interest rates. Other income amounted to DKK 310 million (Q1-Q3 2025: DKK 95 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 4% to DKK 6,949 million (Q1-Q3 2025: DKK 6,701 million). The increase was driven by continued investments under our strategy. Total lending saw a decrease of DKK 4 billion relative to the level at the end of 2025 but adjusted for changes in the market value of Realkredit Danmark mortgage loans and the depreciation of the Swedish krona, there was an increase in total lending of DKK 8 billion. Across Denmark, the volume of home finance products grew 1% relative to the level at the end of 2025. This was driven by an increase of 2% in nominal volumes related to home finance products, while adjustment of the market value of mortgage loans had a negative effect on total lending of DKK 8.1 billion, mainly due to higher market rates. In Finland, lending volumes decreased somewhat, but we maintained both our solid market position and our market share. In Sweden, bank lending volumes decreased slightly in local currency relative to the level at the end of 2025, while the housing market picked up following changes to Swedish housing market regulation. The depreciation of the Swedish krona had a negative effect of DKK 4 billion relative to the level at the end of 2025. Deposit volumes increased 2% relative to the 2025 year-end level, with growth in local currency in all countries. The growth in deposit volumes was primarily driven by an increase in deposit volumes in Denmark of DKK 10 billion, which was supported by tax refunds, dividend payouts and the government food subsidy programme. We also saw growth of DKK 1.2 billion in Finland, and deposit volumes in Sweden saw a slight increase of SEK 0.2 billion. Deposit volumes were affected by the depreciation of the Swedish krona, which had a negative effect of DKK 1.6 billion relative to the level at the end of 2025. Credit quality remained strong, with average loan-to-value levels remaining low. Loan impairments resulted in a net reversal of DKK 298 million in the first nine months of 2026, against a small net charge in the first nine months of 2025. The reported net reversal reflected stable credit conditions. Credit exposure Net credit exposure from lending activities amounted to DKK 738 billion at the end of the third quarter of 2026, a decrease from DKK 743 billion at the end of 2025, mainly due to decreased exposure in Personal Customers Denmark and Sweden, although this was countered by an increase in Global Private Banking. Q3 2026 vs Q2 2026 Profit before tax was stable at DKK 2,735 million in the third quarter (Q2 2026: DKK 2,728 million). The increase in income from deposits was offset by a decrease in other income due to the reversal in the second quarter of a provision related to a warranty issued in connection with the sale of the personal customer business in Norway. • Net interest income increased 5% from the preceding quarter, primarily driven by higher market rates having a positive effect on deposit margins. • Net fee income was stable relative to the preceding quarter due to an increase in investment fee income that was offset by a decrease in financing fee income due to seasonality. • Operating expenses increased 1% relative to the preceding quarter as a result of high expenses in the third quarter related to digital investments under our strategy. • In the third quarter of 2026, we saw a net impairment reversal of DKK 149 million (Q2 2026: net reversal of DKK 77 million), indicating stable credit quality. Profit before tax DKK 2,735 million for the third quarter of 2026 12 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Business Customers In the first nine months of 2026, Business Customers delivered a robust financial performance, driven by continued customer acquisition, increased engagement across our existing customer base, sustained high levels of customer satisfaction and ongoing investments in digital capabilities. Despite increased market uncertainty, we remained committed to supporting our customers across all four Nordic countries by introducing initiatives to enhance their business growth and success and to strengthening our ambition to be the market leader for businesses with advanced and international needs and sustainable transition ambitions. In the first nine months of 2026, profit before tax amounted to DKK 7,777 million, an increase of 5% relative to the same period in 2025 (Q1-Q3 2025: DKK 7,399 million). The business continued to perform strongly, supported by high fee income and solid volume growth. Business initiatives Throughout the first nine months of the year, Business Customers continued to show strong momentum in alignment with the Forward '28 strategy update, attracting new customers across all segments and markets. Continuing our dedication to supporting our customers across all four Nordic countries, we introduced new initiatives aimed at strengthening our advisory services and our position in the market, including a campaign targeting newly established businesses and businesses willing to switch banks. In addition, we launched partnerships with LegalDesk in Denmark and Fortnox in Sweden, enhancing our customer offering with accessible digital legal services and stronger support for start- ups looking to establish and grow their businesses. We reinforced our position in strategically important sectors to support our ambition to be the preferred financial partner for businesses operating in complex and evolving environments. Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q3/Q2 2025 26/25 2025 Net interest income 9,023 8,793 103 3,069 3,019 102 2,947 104 11,820 Net fee income 2,038 1,820 112 639 690 93 591 108 2,474 Net trading income 19 23 83 14 1 - 6 233 30 Other income 354 336 105 104 116 90 83 125 446 Total income 11,434 10,972 104 3,826 3,826 100 3,627 105 14,771 Operating expenses 4,300 4,167 103 1,440 1,432 101 1,392 103 5,684 of which resolution fund, bank tax etc. 65 61 107 21 30 70 20 105 82 Profit before loan impairment charges 7,134 6,804 105 2,386 2,394 100 2,235 107 9,086 Loan impairment charges -643 -594 108 -289 -90 - -79 - -998 Profit before tax 7,777 7,399 105 2,675 2,484 108 2,314 116 10,085 Loans, excluding reverse transactions before impairments 719,086 691,841 104 719,086 715,243 101 691,841 104 698,085 Allowance account, loans 7,910 8,980 88 7,910 8,152 97 8,980 88 8,589 Deposits, excluding repo deposits 273,626 248,206 110 273,626 270,687 101 248,206 110 264,013 Covered bonds issued 409,207 406,641 101 409,207 412,053 99 406,641 101 402,630 Allocated capital (avg.) 46,597 46,678 100 46,747 46,492 101 47,020 99 46,582 Net interest income as % p.a. of loans and deposits 1.22 1.26 1.23 1.23 - 1.26 1.26 Profit before loan impairment charges as % p.a. of allocated capital 20.4 19.4 20.4 20.6 - 19.0 19.5 Profit before tax as % p.a. of allocated capital (avg.) 22.3 21.1 22.9 21.4 - 19.7 21.6 Cost/income ratio (%) 37.6 38.0 37.6 37.4 - 38.4 38.5 Full-time-equivalent staff 1,842 1,774 104 1,842 1,820 101 1,774 104 1,770 Fact Book Q3 2026 provides financial highlights at customer type level for Business Customers. Fact Book Q3 2026 is available at danskebank.com/ir. 13 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Additionally, we launched a new welcoming platform in Denmark, enhancing the onboarding experience for business customers and reducing the onboarding time. This initiative supports our future customer growth ambitions. Moreover, we are completing the migration of customers to District, our digital solution for business customers. District offers enhanced functionality and a more seamless digital banking experience and is now being introduced as the standard offering for new customers across all markets. Finally, we have further advanced the use of GenAI in end-to-end credit applications, enabling more efficient and consistent credit processes, while continuing to strengthen credit controlling. In parallel, we developed and piloted a new AI-powered assistant designed to enhance customer support, enabling faster responses, improved service quality and a more seamless customer experience. Together, these initiatives represent important progress towards a more agentic credit setup. Q1-Q3 2026 vs Q1-Q3 2025 Profit before tax increased to DKK 7,777 million (Q1-Q3 2025: DKK 7,399 million). The increase was driven by higher net interest income and net fee income, supported by growth in lending and deposit volumes as well as higher daily banking fee income. A higher net loan impairment reversal than in the same period last year also had a positive effect. Net interest income increased 3% from the level in the first nine months of 2025 and amounted to DKK 9,023 million (Q1-Q3 2025: DKK 8,793 million). The increase was primarily driven by higher lending and deposit volumes. Net fee income increased 12% to DKK 2,038 million (Q1-Q3 2025: DKK 1,820 million). The increase was primarily driven by a rise in daily banking fee income attributable to both increased customer activity and repricing actions. Other income increased 5% and amounted to DKK 354 million (Q1-Q3 2025: DKK 336 million), driven by higher income from our leasing operations. Operating expenses amounted to DKK 4,300 million, an increase of 3% relative to the level in the first nine months 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. In addition, our workforce has increased by 4%, which led to higher staff costs. When adjusted for FX effects, operating expenses increased 2% relative to the level in the first nine months of 2025. Supported by our strategy execution, we saw an increase in bank lending volumes of 7% relative to the level at the end of 2025, with growth in local currency driven by our activities in all countries, despite a negative exchange rate effect of DKK 0.2 billion relative to the level at the end of 2025. Nominal Realkredit Danmark mortgage volumes amounted to DKK 338 billion and decreased 1% relative to the level at the end of 2025, with most of the decrease being driven by commercial real estate lending. Combined with bank lending volumes of DKK 381 billion, total lending after fair value adjustments amounted to DKK 719 billion, an increase of 3% from the level at the end of 2025. Deposit volumes totalled DKK 274 billion, which was an increase of 4% relative to the level at the end of 2025 (31 December 2025: DKK 264 billion). There was a positive effect from currency exchange rates of DKK 0.3 billion in total. In local currency, we saw growth across all countries except for Norway, where volumes decreased 3% relative to the level at the end of 2025. Loan impairments amounted to a net reversal of DKK 643 million in the first nine months of 2026, against a net reversal of DKK 594 million in the first nine months of 2025. Impairment reversals were mainly reversals on single-name exposures. Credit exposure Net credit exposure from lending activities amounted to DKK 838 billion at the end of the third quarter of 2026, an increase from DKK 812 billion at the end of 2025, primarily driven by larger exposure to the Commercial and residential real estate, Hotels, restaurants and leisure, and Services segments. Q3 2026 vs Q2 2026 Profit before tax increased to DKK 2,675 million in the third quarter of 2026 (Q2 2026: DKK 2,484 million), mainly due to a higher net loan impairment reversal than in the second quarter of 2026. Total income remained stable, and operating expenses were also broadly unchanged. • Net interest income increased 2% to DKK 3,069 million (Q2 2026: DKK 3,019 million), primarily driven by a day effect and strong growth in both deposits and lending despite margin compression. • Net fee income decreased 7% from the level in the second quarter of 2026, reflecting lower financing fee and service fee income than in the preceding quarter. • Other income amounted to DKK 104 million (Q2 2026: DKK 116 million), driven by activity in our leasing operations. • Operating expenses increased 1% to DKK 1,440 million (Q2 2026: DKK 1,432 million) and remained broadly stable relative to the preceding quarter. • In the third quarter of 2026, there was a net loan impairment reversal of DKK 289 million (Q2 2026: net reversal of DKK 90 million). The reversal was primarily attributable to single-name exposures. Profit before tax DKK 2,675 million for the third quarter of 2026 14 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Large Corporates & Institutions In the first nine months of 2026, market uncertainty persisted, although macroeconomic conditions in the Nordic countries remained favourable. We remain dedicated to actively supporting our customers with advisory services, backed by our strong product offering and balance sheet. Our fee business continues to perform well across all areas, and we continue to grow our corporate customer portfolio and secure additional cash management mandates. Profit before tax amounted to DKK 7,095 million, on par with the level in the first nine months of 2025, as higher net interest income and net fee income were offset by lower net trading income, higher impairment charges and higher operating expenses. Business initiatives In the first nine months of 2026, Capital Markets continued to be active, with sustained momentum across financing and advisory fee activities. In Debt Capital Markets, bond issuance activity saw constructive market conditions during the third quarter, resulting in several transaction highlights, such as Ericsson's successful EUR 500 million green bond issue, which enjoyed exceptional investor demand, as well as Eika Boligkreditt's EUR 500 million 10-year covered bond transaction, the first Norwegian 10-year covered bond issue since March 2025. Large Corporates & Institutions Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q3/Q2 2025 26/25 2025 Net interest income 6,656 6,124 109 2,327 2,207 105 2,027 115 8,257 Net fee income 5,839 5,230 112 2,027 1,991 102 1,727 117 8,116 Net trading income 1,282 1,872 68 308 493 62 578 53 2,205 Other income 2 4 50 1 - - 1 100 6 Total income 13,779 13,230 104 4,664 4,691 99 4,332 108 18,584 Operating expenses 5,700 5,461 104 1,936 1,871 103 1,843 105 7,440 of which resolution fund, bank tax etc. 160 90 178 53 69 77 30 177 120 Profit before loan impairment charges 8,078 7,769 104 2,728 2,820 97 2,489 110 11,144 Loan impairment charges 983 691 142 237 444 53 -46 - 1,260 Profit before tax 7,095 7,079 100 2,491 2,376 105 2,535 98 9,883 Loans, excluding reverse trans. before impairments 354,346 336,594 105 354,346 352,435 101 336,594 105 338,584 of which loans in General Banking & Investment Banking* 335,355 316,859 106 335,355 334,798 100 316,859 106 317,109 Allowance account, loans (including credit institutions) 3,751 2,608 144 3,751 3,554 106 2,608 144 3,225 Deposits, excluding repo deposits 339,193 303,367 112 339,193 335,523 101 303,367 112 331,121 of which deposits in General Banking & Investment Banking 319,734 283,125 113 319,734 311,528 103 283,125 113 309,063 Covered bonds issued 30,324 28,006 108 30,324 30,751 99 28,006 108 27,853 Allocated capital (avg.) 44,026 40,817 108 44,424 44,284 100 40,186 111 40,890 Net interest income as % p.a. of loans and deposits 1.31 1.25 1.38 1.29 1.28 1.26 Profit before loan impairment charges as % p.a. of allocated capital 24.5 25.4 24.6 25.5 24.8 27.3 Profit before tax as % p.a. of allocated capital (avg.) 21.5 23.1 22.4 21.5 25.2 24.2 Cost/income ratio (%) 41.4 41.3 41.5 39.9 42.5 40.0 Full-time-equivalent staff 2,231 2,234 100 2,231 2,193 102 2,234 100 2,180 * Comparative information for 2025 has been updated to include Investment Banking. 15 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements In Equity Capital Markets, activity started to pick up, reflecting the strengthening of our ECM franchise. We are pleased to have supported the DKK 3.1 billion accelerated bookbuild in Ørsted on behalf of Andel. In M&A, we continued to provide strategic advice to customers navigating the current market environment across the Nordic region. In Loan Capital Markets, the momentum remained strong across countries, which enabled us to maintain a good net interest income level, as we continued to finance our customers' core activities and transactions, including acquisition financing for financial sponsors, in line with our strategic ambitions to support our customers' growth and business performance. In Asset Management, we continued to deliver strong results, with assets under management reaching another all-time high, driven by favourable market developments and growing net inflows from personal and Private Banking customers. Investment performance remained solid across liquid and illiquid asset classes, with the majority of strategies outperforming benchmarks this year and over a three-year horizon. We achieved the number one position in Prospera Denmark for the second consecutive year, while Danske Invest continued to gain market share in the Danish retail market and achieved the highest number of top-five placements at the 2026 Danish fund awards. Total income Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q3/Q2 2025 26/25 2025 General Banking* 6,225 6,095 102 2,142 2,041 105 2,024 106 8,242 Markets 4,034 4,275 94 1,215 1,483 82 1,318 92 5,402 of which xVA -61 -42 145 -10 -7 143 38 - -66 Asset Management 2,120 1,731 122 800 680 118 643 124 3,277 of which performance fees 128 16 - 97 5 - 32 - 924 Investment Banking* 1,400 1,129 124 506 487 104 347 146 1,662 Total income 13,779 13,230 104 4,664 4,691 99 4,332 108 18,584 Assets under management (DKK millions) Institutional clients 677,268 574,673 118 677,268 676,260 100 574,673 118 617,612 Retail clients 448,773 379,047 118 448,773 440,822 102 379,047 118 400,819 Total assets under management 1,126,041 953,721 118 1,126,041 1,117,082 101 953,721 118 1,018,431 Total assets under management, net sales 26,037 29,566 88 5,489 14,578 38 11,850 46 57,618 * Comparative information for 2025 has been restated regarding income on loans moved from General Banking to Investment Banking in Q1 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. 16 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Q1-Q3 2026 vs Q1-Q3 2025 Profit before tax amounted to DKK 7,095 million (Q1-Q3 2025: DKK 7,079 million) and was on par with the same period last year, as higher net interest income and net fee income were offset by lower net trading income, higher impairment charges and higher operating expenses. Net interest income increased to DKK 6,656 million (Q1-Q3 2025: DKK 6,124 million), primarily due to higher interest income from lending and deposits. The increase in lending income was driven by higher volumes, while most of the increase in deposit income was driven by higher margins. Lending volumes in General Banking and Investment Banking increased 6% from the level at the end of 2025. The increase was widespread across segments, though primarily driven by Danish and Finnish customers. Deposit volumes increased 3% from the level at the end of 2025, primarily driven by Swedish and Norwegian customers. Net fee income increased to DKK 5,839 million (Q1-Q3 2025: DKK 5,230 million), driven by a widespread increase across the main fee income categories in asset management, capital markets and daily banking. The increase in asset management fee income was driven by a continued strong development in assets under management. Daily banking fee income grew relative to the fee income in the first nine months of 2025, with the increase primarily attributable to Cash Management and FX fees. Within Capital Markets advisory services, the increase was primarily driven by higher M&A and Debt Capital Markets fees. Net trading income decreased to DKK 1,282 million (Q1-Q3 2025: DKK 1,872 million), primarily due to lower income in Fixed Income, where geopolitical uncertainty led to reduced client activity. The decline in Fixed Income accounted for most of the overall decrease, while Equity trading provided a partial offset. Operating expenses increased 4% from the level in the same period last year and amounted to DKK 5,700 million (Q1-Q3 2025: DKK 5,461 million). The increase was driven mainly by higher performance-based compensation and investments in frontline staff. Overall credit quality remained strong and has proven to be resilient to the geopolitical uncertainty. Loan impairments for the first nine months of 2026 resulted in charges totalling DKK 983 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 738 billion at the end of the first nine months of 2026, an increase from DKK 674 billion at the end of 2025, primarily driven by an increase in exposure to the Financials, Capital goods, and Services segments, although this was partially countered by a decrease in exposure to the Pulp, paper and chemicals segment. Q3 2026 vs Q2 2026 Profit before tax increased to DKK 2,491 million (Q2 2026: DKK 2,376 million), primarily due to lower loan impairment charges and higher net interest income, although the effect was partly offset by lower net trading income and higher operating expenses. • Net interest income increased to DKK 2,327 million (Q2 2026: DKK 2,207 million), supported by improved lending and deposit margins. • Net fee income increased to DKK 2,027 million (Q2 2026: DKK 1,991 million), mainly driven by higher asset management fee income, although the effect was partly offset by lower daily banking and Capital Markets fee income. • Net trading income decreased to DKK 308 million (Q2 2026: DKK 493 million), as higher FX trading income was more than offset by lower trading income in Fixed Income. • Operating expenses increased to DKK 1,936 million (Q2 2026: DKK 1,871 million), primarily driven by higher costs related to the technology transformation and performance-based compensation. • Net loan impairment charges amounted to DKK 237 million (Q2 2026: DKK 444 million). The charges were primarily attributable to single-name exposures. Profit before tax DKK 2,491 million for the third quarter of 2026 17 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Danica Net income at Danica amounted to DKK 1,359 million, up by 24% in the first nine months of 2026 relative to the level in the first nine months of 2025. The increase in net income was driven by an improvement in the insurance service result, while the decline in the net financial result was due to less favourable financial market developments in the first nine months of 2026 than in the year-earlier period. The insurance service result benefitted from a positive result in the health and accident business. The improvement in the health and accident business was primarily driven by an increase in premiums. Danica continues to improve the quality of claims handling processes and early-access healthcare solutions, which has contributed to a better and balanced result for the health and accident business. In an increasingly competitive market, total premiums increased 4% year-on-year. The result reflects Danica's continued focus on sustainable, profitable growth and the development of long-term, stable partnerships. During the first nine months of the year, Danica also delivered strong returns on customers’ pension savings. A typical customer has achieved a return of almost 10% so far this year. Following the amendment of Denmark’s implementation of the EU Conglomerate Directive, effective from 1 January 2026, the capital allocated to Danica was reduced. This has resulted in a reduction of average allocated capital of 30% relative to 2025. Danica Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025** 26/25 2026 2026 Q3/Q2 2025** 26/25 2025 Insurance service result 794 256 - 336 270 124 249 135 -175 Net financial result 534 803 67 162 409 40 125 130 1,482 Other income 31 38 82 11 10 110 9 122 50 Net income from insurance business 1,359 1,097 124 508 689 74 382 133 1,357 Insurance liabilities 606,382 549,571 110 606,382 590,749 103 549,571 110 558,639 Liabilities under investment contracts 30,585 28,225 108 30,585 30,403 101 28,225 108 28,573 Allocated capital (avg.)* 13,300 19,011 70 13,300 13,300 100 19,116 70 19,121 Net income as % p.a. of allocated capital (avg.)* 13.6 7.7 15.3 20.7 8.0 7.1 Solvency coverage ratio 221 191 221 215 191 197 Full-time-equivalent staff 1,011 984 103 1,011 1,011 100 984 103 984 * Allocated capital is based on the Group's capital allocation framework from Q1 2026. In 2025 and previous periods, the allocated capital was equal to 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 751 531 141 277 280 99 319 87 691 Net financial result 460 822 56 119 278 43 237 50 1,323 Total life insurance and equity 1,210 1,354 89 397 558 71 556 71 2,014 Health and accident Insurance result 43 -275 - 59 -10 - -71 - -866 Net financial result 74 -20 - 42 131 32 -112 - 159 Total health and accident insurance 117 -295 - 101 121 83 -182 - -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 548,734 500,843 110 548,734 550,721 100 500,843 110 515,949 Premiums (DKK millions) Gross premiums, Denmark 40,044 38,435 104 11,965 13,600 88 12,890 93 53,263 Gross premiums consist of single premiums, which are one-off payments made at the start of a policy or investment contract, including transferred pension schemes, and regular premiums, which are recurring payments made at agreed intervals during the life of the contract. 18 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Business initiatives Danica has maintained a strong focus on claims prevention, healthcare initiatives and claims management to support customers affected by illness and reduce the risk of long- term absence. These efforts are expected to contribute to a stabilisation in the number of cases of long-term absence due to illness and support Danica’s ambition of maintaining a balanced health and accident business. In addition, they strengthen the long-term sustainability and resilience of the health and accident business, while helping customers return to their daily lives more quickly. Danica also continued to strengthen its collaboration with Danske Bank. The partnership supports increased customer reach and contributes to growth through the delivery of integrated pension, insurance and advisory solutions. At the same time, the cooperation helps create value for customers and supports Danica’s ambition of growing the customer base and deepening customer relationships. Q1-Q3 2026 vs Q1-Q3 2025 Net income at Danica amounted to DKK 1,359 million (Q1-Q3 2025: DKK 1,097 million). While the insurance service result improved significantly relative to the level in the first nine months of 2025, the net financial result was adversely affected by less favourable financial market developments and an increase in customer discounts in the first nine months of 2026. The insurance service result increased to DKK 794 million (Q1- Q3 2025: DKK 256 million). The increase was due to a positive result in the health and accident business and to the first nine months 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 DKK 318 million from the level in the same period in 2025 and amounted to DKK 43 million. The improvement was driven, among other things, by the stabilisation of the level of new claims. Furthermore, the health and accident business benefitted from prior pricing adjustments. The net financial result decreased to DKK 534 million (Q1-Q3 2025: DKK 803 million), reflecting less favourable financial market developments, which had a negative effect on both the investment result on insurance products where Danica carries the investment risk and the investment return attributable to shareholders’ equity. The result was further impacted by an increase in customer discounts. Assets under management increased to DKK 549 billion following the positive developments in the financial markets in the last quarter of 2025 and the first half of 2026. Premiums increased 4% from the level in the first nine months of 2025 following an increase in both single and regular premiums. Q3 2026 vs Q2 2026 Net income at Danica remained at a satisfactory level in the third quarter of 2026 even though it decreased to DKK 508 million (Q2 2026: DKK 689 million). The decrease was due to a decrease in the net financial result, while the insurance service result improved slightly, primarily due to the result of the health and accident business. • The insurance service result increased to DKK 336 million due to a positive result in the health and accident business. The result of the health and accident business was DKK 59 million in the third quarter of 2026 (Q2 2026: loss of DKK 10 million). • The net financial result decreased in the third quarter of 2026 and amounted to DKK 162 million (Q2 2026: DKK 409 million). The decrease was attributable to a less favourable development in the financial markets in the third quarter of 2026, which affected the investment result on insurance products where Danica carries the investment risk and the investment result attributable to shareholders’ equity. • Total premiums decreased 12% following a decrease in single premiums, while regular premiums remained on the same level as in the preceding quarter. • Assets under management decreased DKK 2 billion, primarily reflecting the overall minor negative developments in the financial markets in the third quarter of 2026. Net income at Danica DKK 508 million for the third quarter of 2026 19 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Northern Ireland In the first nine months of 2026, we maintained our position as a market-leading bank in Northern Ireland, while pursuing selected growth opportunities across the wider region. Profit before tax amounted to DKK 1,828 million (Q1-Q3 2025: DKK 1,606 million). Total income and profit before loan impairment charges increased year-on-year, with growth in both Northern Ireland and the wider region. Customer lending and deposits continue to grow despite the adverse impact of ongoing geopolitical uncertainty on business and consumer confidence. Business initiatives In personal and business banking we focused on growing our active daily banking customer base through targeted campaigns. In the first nine months of 2026, we welcomed over 10,000 new personal current account customers and more than 1,200 new small business customers. Residential mortgage lending also continued to grow in all markets, supported by sustained housing demand and low unemployment levels in Northern Ireland. We have continued to invest in our wider digital customer offerings and strengthen the digital skills of our workforce. In the third quarter, we were among the first signatories to the UK Financial Services Skills Compact announced by the UK Government, representing a formal commitment to investing in our people, developing talent and helping ensure the sector has the skills required to thrive. Northern Ireland Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q3/Q2 2025 26/25 2025 Net interest income 2,751 2,487 111 959 896 107 846 113 3,358 Net fee income 233 230 101 83 75 111 78 106 309 Net trading income 105 133 79 37 45 82 38 97 184 Other income 10 9 111 4 3 133 2 200 13 Total income 3,099 2,859 108 1,083 1,018 106 965 112 3,863 Operating expenses 1,226 1,172 105 427 415 103 397 108 1,591 Profit before loan impairment charges 1,873 1,687 111 656 604 109 568 115 2,272 Loan impairment charges 45 82 55 8 26 31 73 11 1 Profit before tax 1,828 1,606 114 648 577 112 495 131 2,271 Loans, excluding reverse transactions before impairments 73,324 68,921 106 73,324 72,618 101 68,921 106 69,776 Allowance account, loans 747 720 104 747 738 101 720 104 704 Deposits, excluding repo deposits 117,123 113,230 103 117,123 116,329 101 113,230 103 115,227 Allocated capital (avg.) 7,071 6,897 103 7,514 7,053 107 7,093 106 6,814 Net interest income as % p.a. of loans and deposits 1.91 1.82 1.96 1.85 1.84 1.84 Profit before tax as % p.a. of allocated capital (avg.) 34.5 31.0 34.5 32.7 27.9 33.3 Cost/income ratio (%) 39.6 41.0 39.4 40.8 41.1 41.2 Full-time-equivalent staff 1,241 1,247 100 1,241 1,235 100 1,247 100 1,233 Allocated capital equals the legal entity’s capital. 20 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Q1-Q3 2026 vs Q1-Q3 2025 Profit before tax was DKK 1,828 million (Q1-Q3 2025: DKK 1,606 million), with the underlying financial performance reflecting strong income, balance sheet growth and profitability alongside continued low loan impairments. Net interest income increased to DKK 2,751 million (Q1-Q3 2025: DKK 2,487 million), driven by a combination of lending growth of 6%, growth in deposits of 3% and hedging actions taken in response to higher UK interest rates. Net fee income was stable at DKK 233 million (Q1-Q3 2025: DKK 230 million) with modest activity-related growth. Net trading income decreased to DKK 105 million (Q1-Q3 2025: DKK 133 million), reflecting reduced mark-to-market valuations on the bank’s hedging portfolio. At DKK 1,226 million, operating expenses were up (Q1-Q3 2025: DKK 1,172 million) due to the ongoing inflationary pressure and investment in digital processes and improvements for customers. The increase was partially offset by the continued cost and efficiency focus across local and Group cost drivers. Credit quality remained strong, with a net loan impairment charge of DKK 45 million, against DKK 82 million in the first nine months of 2025. Q3 2026 vs Q2 2026 The third quarter of 2026 saw profit before tax of DKK 648 million (Q2 2026: DKK 577 million). • Net interest income increased to DKK 959 million (Q2 2026: DKK 896 million), including the impact of continued balance sheet growth. • Net fee income rose to DKK 83 million (Q2 2026: DKK 75 million). • Net trading income amounted to DKK 37 million (Q2 2026: DKK 45 million), primarily reflecting the impact of mark-to-market movements on the bank’s hedging portfolio resulting from changing market interest rates in the third quarter. • Operating expenses amounted to DKK 427 million, reflecting the timing of digital investment expenditure (Q2 2026: DKK 415 million). • Loan impairment charges amounted to DKK 8 million (Q2 2026: DKK 26 million), reflecting the overall high credit quality. Profit before tax DKK 648 million for the third quarter of 2026 21 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Group Functions Group Functions includes Group Treasury, Technology & Services and other functions. In addition, Group Functions includes eliminations. In the first nine months of 2026, the loss before tax increased and amounted to DKK 1,622 million, against a loss of DKK 1,216 million in the first nine months of 2025. The increase was mainly caused by lower income in Group Treasury. Net interest income decreased to a net expense of DKK 418 million (Q1-Q3 2025: net income of DKK 91 million). An increase in income from interest rate risk and liquidity management in Group Treasury was more than offset by higher internal allocation to the business units. Net trading income in Group Treasury was affected by fair value adjustments and decreased to a negative amount of DKK 30 million (Q1-Q3 2025: positive amount of DKK 246 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 and derivatives 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. Initiatives We are executing our strategic priorities at pace, delivering commercial impact and productivity improvements through enhanced digital customer solutions and our ongoing technology transformation. We continue to strengthen our one-platform technology and AI foundation, leveraging key strategic partnerships to deliver innovative, secure and scalable digital solutions. Danske Bank's AI City, which is our platform for building AI agents and AI-powered business solutions, based on AWS Bedrock and Agent Core, is progressing as planned, enabling us to scale investments in and outcomes from generative and agentic AI. These capabilities are increasingly embedded across customer journeys, employee workflows and technology delivery, improving Group functions Q1-Q3 Q1-Q3 Index Q3 Q2 Index Q3 Index Full year (DKK millions) 2026 2025 26/25 2026 2026 Q3/Q2 2025 26/25 2025 Net interest income -418 91 - -344 -213 162 -61 - 172 Net fee income -4 -47 9 28 9 - 2 - -67 Net trading income -30 246 - -3 123 - -34 9 345 Other income 20 -17 - 9 10 90 -3 - -7 Total income -433 272 - -310 -71 - -95 - 443 Operating expenses 1,211 1,489 81 287 448 64 419 68 1,841 of which resolution fund, bank tax etc. 64 58 110 21 22 95 19 111 77 Profit before loan impairment charges -1,644 -1,216 135 -597 -519 115 -514 116 -1,398 Loan impairment charges -22 -1 - -7 -13 54 11 - -3 Profit before tax -1,622 -1,216 133 -590 -506 117 -525 112 -1,395 Full-time-equivalent staff 9,318 10,054 93 9,318 9,379 99 10,054 93 9,962 Profit before tax (DKK millions) Group Treasury 97 716 14 -124 114 - 104 - 900 Own shares and issues -51 -80 64 -5 -21 24 -29 17 -146 Additional tier 1 capital -1 4 - -1 -0 - 2 - 3 Group support functions -1,677 -1,919 87 -461 -607 76 -602 77 -2,212 Non-core 10 63 16 1 8 13 0 - 60 Total Group Functions -1,622 -1,216 133 -590 -506 117 -525 112 -1,395 22 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements development speed and operational efficiency. Our cloud transformation remains on plan, with mainframe modernisation and legacy decommissioning reducing complexity and technology run costs as we renew our technology and data foundation. We remain steadfast in our commitment to safeguarding operations and protecting customers through resilient technology infrastructure, robust cybersecurity measures and continued vigilance against evolving external threats. Q1-Q3 2026 vs Q1-Q3 2025 The loss before tax at Group Functions increased, mainly due to lower income in Group Treasury, and amounted to DKK 1,622 million (Q1-Q3 2025: loss of DKK 1,216 million). Net interest income decreased to a net expense of DKK 418 million (Q1-Q3 2025: net income of DKK 91 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 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 4 million (Q1- Q3 2025: an expense of DKK 47 million) due to miscellaneous fee items. Net trading income decreased to a negative amount of DKK 30 million (Q1-Q3 2025: positive amount of DKK 246 million), mainly due to Group Treasury's hedging and liquidity management activities, including developments related to unrealised market value adjustments of cross-currency swaps, and other risk management items. Other income increased and amounted to DKK 20 million (Q1-Q3 2025: loss of DKK 17 million) related, among other things, to holdings in associates. Operating expenses, after allocation to the business units, decreased to DKK 1,211 million (Q1-Q3 2025: DKK 1,489 million). Operating expenses were positively affected, among other things, by increased capitalisation of costs for internal development of software, lower consultancy costs and higher allocation to the business units, although the effect was partly offset by increased digital investments and increased amortisation and impairment of intangible assets. Loan impairment charges amounted to a net reversal of DKK 22 million (Q1-Q3 2025: net reversal of DKK 1 million). The number of full-time-equivalent staff was 9,318 (Q1-Q3 2025: 10,054). Q3 2026 vs Q2 2026 Group Functions posted a loss before tax of DKK 590 million (Q2 2026: loss of DKK 506 million). • Net interest income amounted to a net expense of DKK 344 million (Q2 2026: net expense of DKK 213 million). Income from Group Treasury saw a decrease that related primarily to interest rate risk management. • Net fee income increased to DKK 28 million (Q2 2026: DKK 9 million) due to miscellaneous fee items. • Net trading income decreased to a negative amount of DKK 3 million (Q2 2026: DKK 123 million) due to lower income from Group Treasury related to items accounted for at fair value, including bond investments. • Other income was down slightly to DKK 9 million (Q2 2026: DKK 10 million). • Operating expenses, after allocation to the business units, decreased to DKK 287 million (Q2 2026: DKK 448 million). An increase in costs mainly related to digitalisation, bonuses and increased amortisation and impairment of intangible assets was more than offset by an increase in allocation to the business units. In addition, costs for severance pay decreased. Profit before tax DKK –590 million for the third quarter of 2026 23 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 divided by the average of the quarterly average shareholders’ equity (beginning and end of each quarter) within the year. The numerator is equal to net profit for the period. The denominator represents equity equal to a decrease in the average of the quarterly average equity of DKK 6,001 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 divided by the daily average of the sum of loans and deposits. If the ratio was calculated by 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 13.5 billion lower than the end-of-period sum of loans and deposits (31 December 2025: DKK 49.6 billion lower). 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 (if any) 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 65 million (31 December 2025: DKK 294 million) annualised. The denominator is the sum of Loans at amortised cost of DKK 1,022.3 billion (31 December 2024: DKK 921.9 billion), Loans at fair value of DKK 740.1 billion (31 December 2024: DKK 755.2 billion), and guarantees of DKK 99.7 billion (31 December 2024: 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 18.5 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 1,064.2 billion (31 December 2025: DKK 1,022.3 billion), Loans at fair value of DKK 733.1 billion (31 December 2025: DKK 740.1 billion), and guarantees of DKK 109.2 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. 24 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Financial statements Statements Income statement - Danske Bank Group 26 Statement of comprehensive income - Danske Bank Group 26 Balance sheet - Danske Bank Group 27 Statement of capital - Danske Bank Group 28 Cash flow statement - Danske Bank Group 30 Notes - Danske Bank Group G1. Material accounting policies and estimates 31 G2. Changes in accounting policies and restatements 32 G3. Business segments 34 G4. Income 36 G5. Loan impairment charges 36 G6. Insurance assets and Insurance liabilities 37 G7. Issued bonds, subordinated debt and additional tier 1 capital 37 G8. Other assets and Other liabilities 38 G9. Foreign currency translation reserve 39 G10. Guarantees, commitments and contingent liabilities 39 G11. Assets provided or received as collateral 41 G12. Fair value information for financial instruments 42 G13. Risk management notes 45 25 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Income statement - Danske Bank Group Q1-Q3 Q1-Q3 Q3 Q3 Full year Note (DKK millions) 2026 2025 2026 2025 2025 Interest income calculated using the effective interest method 41,440 40,658 14,246 12,723 54,100 Other interest income 17,494 15,640 5,996 5,134 20,838 Interest expense 30,654 29,141 10,635 8,783 38,327 Net interest income from banking activities 28,280 27,157 9,607 9,074 36,611 G4 Fee income 14,374 12,549 4,747 4,152 18,254 G4 Fee expenses 2,326 1,981 675 650 2,831 Net fee income 12,048 10,568 4,072 3,502 15,423 Net trading income or loss 1,479 2,362 397 626 2,872 Insurance revenue 5,029 4,648 1,730 1,626 6,210 Insurance service expenses 4,235 4,392 1,394 1,377 6,385 Net return on investments backing insurance liabilities 30,264 16,630 -1,377 12,761 22,488 Net finance income or expense from insurance -29,730 -15,827 1,538 -12,637 -21,006 Other insurance related income 31 38 11 9 50 Net insurance result 1,359 1,097 508 382 1,357 G4 Other income 695 428 146 111 577 Total other income 695 428 146 111 577 Total income 43,861 41,613 14,731 13,696 56,840 Operating expenses 19,386 18,990 6,463 6,320 25,848 Profit before loan impairment charges 24,475 22,622 8,268 7,376 30,992 G5 Loan impairment charges 65 258 -200 -8 294 Profit before tax 24,410 22,364 8,468 7,384 30,699 Tax 6,133 5,634 2,079 1,864 7,662 Net profit 18,277 16,730 6,390 5,520 23,037 Earnings per share (DKK) 22.6 20.2 7.9 6.7 27.9 Diluted earnings per share (DKK) 22.5 20.2 7.9 6.7 27.9 Dividend per share (DKK)* 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 Q1-Q3 Q1-Q3 Q3 Q3 Full year Note (DKK millions) 2026 2025 2026 2025 2025 Net profit 18,277 16,730 6,390 5,520 23,037 Other comprehensive income Items that will not be reclassified to profit or loss Remeasurement of defined benefit pension plans 84 -32 16 17 68 Tax* 11 4 10 4 21 Items that will not be reclassified to profit or loss 73 -36 6 13 47 Items that are or may be reclassified subsequently to profit or loss Translation of units outside Denmark -386 1,324 -220 348 2,060 G9 Hedging of units outside Denmark 166 -539 105 -110 -957 Unrealised value adjustments of bonds at fair value (OCI) -1,433 -62 -1,173 -148 -284 Realised value adjustments of bonds at fair value (OCI) -9 3 1 4 -5 Unrealised value adjustments of cash flow hedge -45 - -45 - - Tax* -413 221 -334 49 216 Items that are or may be reclassified subsequently to profit or loss -1,295 505 -999 44 598 Total other comprehensive income -1,222 470 -993 57 645 Total comprehensive income 17,055 17,200 5,396 5,577 23,682 * A positive amount is a tax expense, and a negative amount is a tax income. 26 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Balance sheet - Danske Bank Group 30 September 31 December 30 September Note (DKK millions) 2026 2025 2025 Assets Cash in hand and demand deposits with central banks 105,734 137,181 101,489 Due from credit institutions and central banks 138,540 116,592 77,940 Trading portfolio assets 540,234 444,980 453,921 Investment securities 305,603 296,738 292,668 Loans at amortised cost 1,064,163 1,022,281 996,322 Loans at fair value 1,057,604 1,060,925 1,087,697 Assets under pooled schemes and investment contracts 79,677 76,809 75,889 G6 Insurance assets 603,169 555,504 545,490 Intangible assets 8,714 7,872 7,542 Tax assets 8,382 5,894 10,000 G8 Other assets 31,982 29,135 30,494 Total assets 3,943,803 3,753,911 3,679,453 30 September 31 December 30 September Note (DKK millions) 2026 2025 2025* Liabilities Due to credit institutions and central banks 180,710 217,422 171,332 Trading portfolio liabilities 350,842 286,837 302,835 Deposits 1,343,857 1,244,582 1,242,341 G7 Issued bonds at fair value 722,533 740,334 736,332 G7 Issued bonds at amortised cost 281,314 259,855 240,164 Deposits under pooled schemes and investment contracts 80,113 77,040 76,652 G6 Insurance liabilities 595,753 551,087 540,707 Tax liabilities 2,419 2,813 1,480 G8 Other liabilities 72,460 62,808 71,972 G7 Non-preferred senior bonds 108,408 99,682 89,358 G7 Subordinated debt 34,011 30,289 30,297 Total liabilities 3,772,421 3,572,749 3,503,471 Equity Share capital 8,158 8,350 8,350 G9 Foreign currency translation reserve -2,735 -2,514 -2,832 Cash flow hedge reserve -45 - - Reserve for bonds at fair value (OCI) -1,485 -43 187 Retained earnings 167,489 156,832 170,277 Proposed dividends - 18,537 - Total equity 171,382 181,162 175,982 Total liabilities and equity 3,943,803 3,753,911 3,679,453 * Comparative information for Q3 2025 has been restated as described in note G2(b). 27 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Statement of capital - Danske Bank Group (DKK millions) Share capital Foreign currency translation reserve Cash flow hedge 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 - - - - 18,277 - 18,277 Other comprehensive income Remeasurement of defined benefit pension plans - - - - 84 - 84 Translation of units outside Denmark - -386 - - - - -386 Hedging of units outside Denmark - 166 - - - - 166 Unrealised value adjustments - - - -1,433 - - -1,433 Realised value adjustments - - - -9 - - -9 Unrealised value adjustments of cash flow hedge - - -45 - - - -45 Tax - - - - 402 - 402 Total other comprehensive income - -221 -45 -1,442 486 - -1,222 Total comprehensive income - -221 -45 -1,442 18,763 - 17,055 Transactions with owners Dividends paid - - - - -4,921 -18,537 -23,458 Share capital reduction -192 - - - 192 - - Acquisition of own shares - share buy- back programme - - - - -3,208 - -3,208 Acquisition of own shares - other - - - - -25,750 - -25,750 Sale of own shares - - - - 25,423 - 25,423 Share based payments - - - - 158 - 158 Total equity as at 30 September 2026 8,158 -2,735 -45 -1,485 167,489 - 171,382 (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 - - - 16,730 - 16,730 Other comprehensive income Remeasurement of defined benefit pension plans - - - -32 - -32 Translation of units outside Denmark - 1,324 - - - 1,324 Hedging of units outside Denmark - -539 - - - -539 Unrealised value adjustments - - -62 - - -62 Realised value adjustments - - 3 - - 3 Tax - - - -225 - -225 Total other comprehensive income - 785 -59 -256 - 470 Total comprehensive income - 785 -59 16,474 - 17,200 Transactions with owners Dividends paid - - - 43 -12,279 -12,236 Share capital reduction -272 - - 272 - - Acquisition of own shares - share buy-back programme - - - -3,478 - -3,478 Acquisition of own shares - other - - - -21,308 - -21,308 Sale of own shares - - - 21,091 - 21,091 Share based payments** - - - 143 - 143 Total equity as at 30 September 2025 8,350 -2,832 187 170,277 - 175,982 * See note G2(b) for details on the adjustment to insurance liabilities. ** Share-based payments for Q3 2025 have been reclassified from Acquisition of own shares - other. There is no change to total equity as at 30 September 2025. 28 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 September 2026, the Group had acquired 8,146,079 shares for a total amount of DKK 2,757 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 September 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 end of period 815,815,502 834,995,125 Shares held in relation to Share buy-back programme 8,146,079 17,765,560 Shares held in the Group's trading portfolio 2,761,634 2,231,371 Shares outstanding end of period 804,907,789 814,998,194 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. Statement of capital - Danske Bank Group - continued Total capital and total capital ratio (DKK millions) 30 September 2026 31 December 2025 Total equity 171,382 181,162 Revaluation of domicile property at fair value 212 221 Tax effect of revaluation of domicile property at fair value -37 -35 Total equity calculated in accordance with the rules of the Danish FSA 171,557 181,348 Common equity tier 1 capital instruments 171,557 181,348 Adjustment to eligible capital instruments -2,187 -1,250 Prudent valuation -753 -742 Prudential filters 45 - Expected/proposed payouts -12,794 -23,037 Intangible assets of banking operations -7,015 -7,401 Minimum loss coverage for non-performing exposures -1,909 -2,332 Deferred tax on intangible assets 606 733 Deferred tax assets that rely on future profitability, excluding temporary differences -345 -450 Defined benefit pension plan assets -1,069 -961 Statutory deduction for insurance subsidiaries - -3,775 Common equity tier 1 capital 146,136 142,133 Additional tier 1 capital instruments 11,377 7,569 Tier 1 capital 157,513 149,702 Tier 2 capital instruments 22,961 22,003 Total capital 180,474 171,706 Total risk exposure amount 847,289 822,078 Common equity tier 1 capital ratio (%) 17.2% 17.3% Tier 1 capital ratio (%) 18.6% 18.2% Total capital ratio (%) 21.3% 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 report is available at danskebank.com/reports. 29 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Cash flow statement - Danske Bank Group Q1-Q3 Q1-Q3 Full Year (DKK millions) 2026 2025 2025 Cash flow from operations Profit before tax 24,410 22,364 30,699 Tax paid -9,072 -9,800 -6,321 Adjustment for non-cash operating items 3,892 850 495 Cash flow from operations before changes in operating capital 19,230 13,414 24,873 Changes in operating capital Amounts due to/from credit institutions and central banks -39,988 -39,555 8,579 Trading portfolio -31,248 23,238 16,180 Acquisition/sale of own shares -327 -73 -261 Investment securities -8,865 -23,550 -27,620 Loans at amortised cost and fair value -38,625 -87,593 -86,816 Deposits 99,275 68,559 70,801 Issued bonds at amortised cost and fair value 3,030 -16,744 6,638 Insurance assets/liabilities -3,000 12,839 13,205 Other assets/liabilities 3,297 5,766 -3,024 Cash flow from operations 2,779 -43,699 22,555 Cash flow from investing activities Acquisition of businesses - -21 -21 Acquisition of intangible assets -1,475 -1,196 -1,662 Acquisition of tangible assets -140 -281 -343 Sale of tangible assets 2 1 2 Cash flow from investing activities -1,613 -1,497 -2,024 Q1-Q3 Q1-Q3 Full Year (DKK millions) 2026 2025 2025 Cash flow from financing activities Issue of subordinated debt 14,815 8,329 8,329 Redemption of subordinated debt -10,389 -17,878 -17,878 Issue of non-preferred senior bonds 23,791 18,962 30,141 Redemption of non-preferred senior bonds -14,437 -15,610 -16,154 Dividends paid -23,458 -12,236 -12,236 Share buy-back programme -3,208 -3,478 -4,803 Principal portion of lessee lease payments -368 -373 -501 Cash flow from financing activities -13,254 -22,284 -13,102 Cash and cash equivalents as at 1 January 250,326 242,100 242,100 Foreign currency translation -687 -681 797 Change in cash and cash equivalents -12,088 -67,480 7,429 Cash and cash equivalents, end of period 237,551 173,938 250,326 Cash and cash equivalents, end of period Cash in hand 7,444 6,628 7,038 Demand deposits with central banks 98,290 94,861 130,143 Amounts due from credit institutions and central banks within three months 131,817 72,449 113,145 Total 237,551 173,938 250,326 30 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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. During the third quarter of 2026, the Group started applying cash flow hedge accounting under IAS 39, Financial Instruments: Recognition and Measurement. Note G2(a) provides more information. 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). Except for the changes described above, 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. The interim report for the first nine months of 2026 has not been audited or reviewed. (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 (base case, upside, downside and severe downside), 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 September 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 September 2026 amounted to DKK 18.5 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 45% (31 December 2025: 39% increase), respectively. Management applies judgement when determining the need for post-model adjustments. As at 30 September 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 September 2026, financial assets covered by the expected credit loss model accounted for about 54.1% of total assets (31 December 2025: 56.3%). Fair value measurement of financial instruments As at 30 September 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 September 2026, the adjustments totalled DKK 0.2 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 provide more details on the fair value measurement of financial instruments. 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 September 2026, goodwill amounted to DKK 4.5 billion (31 December 2025: DKK 4.5 billion). 31 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements In connection with the quarterly reporting, management performs an impairment review to assess whether there are indications that goodwill might be impaired. This includes a review of decline in income, increase in loan impairment charges, decline in the market value of assets under management, major restructurings, macroeconomic developments, etc. No indications of impairment have been noted as at 30 September 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 Annual Report 2025 provides more information about insurance contract liabilities. G1. Material accounting policies and estimates - continued G2. Changes in accounting policies and restatements (a) Changes in accounting policies in 2026 During the third quarter of 2026, the Group started applying cash flow hedge accounting under IAS 39 to manage the interest rate risk on future cash flows. As with fair value hedge accounting, the Group has formal documentation of the hedging relationship in place, including the risk management objective and strategy for undertaking the hedge. The Group has also documented how hedge effectiveness will be assessed, both prospectively and retrospectively, to demonstrate that the hedging relationship is expected to be highly effective in offsetting changes in cash flows attributable to the hedged risk. Derivative financial instruments designated as cash flow hedges are measured at fair value. The effective portion of changes in the fair value of the hedging instrument is recognised in other comprehensive income and accumulated in the cash flow hedge reserve within equity. Amounts accumulated in the cash flow hedge reserve are reclassified to the income statement in the same period in which the hedged cash flows affect profit or loss. Any ineffective portion of the change in fair value of the hedging instrument is recognised immediately in the income statement. If a hedging relationship no longer meets the qualifying criteria for cash flow hedge accounting, hedge accounting is discontinued. Amounts previously recognised in the cash flow hedge reserve remain in equity and are reclassified to the income statement when the hedged cash flows affect profit or loss. If the forecast transaction is no longer expected to occur, the related accumulated amount in the cash flow hedge reserve is reclassified immediately to the income statement. The Group continues to apply fair value hedge accounting to manage interest rate risk, as described in note G12 of Annual Report 2025. 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 clarify the 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 ESG 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. 32 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 relates 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. (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 nine months of 2025. The Group has therefore restated the opening balance of 2025 by DKK 1.1 billion, and restated comparative information for the first nine months of 2025 in this report. The following table shows the impact of the adjustments described above as at 30 September 2025. Line items not included in the table have not been affected by the restatement. The comparative figures for 30 September 2025 in the Balance sheet, Statement of changes in equity and note G3 show restated amounts. G2. Changes in accounting policies and restatements - continued Restatement of balance sheet as at 30 September 2025 (DKK millions) 30 September 2025 Adjustment Restated 30 September 2025 Assets Total assets 3,679,453 - 3,679,453 Liabilities Insurance liabilities 539,197 1,510 540,707 Tax liabilities 1,872 -393 1,480 Total liabilities 3,502,354 1,117 3,503,471 Equity Retained earnings 171,395 -1,117 170,277 Total equity 177,099 -1,117 175,982 Total liabilities and equity 3,679,453 - 3,679,453 The impact of this change on the Group’s result in the first nine months of 2025 is not material, and therefore Net profit for the first nine months of 2025 has not been adjusted. 33 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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, which 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 following tables. 34 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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. G3. Business segments - continued Business segments first nine months 2026 (DKK millions) Personal Customers Business Customers Large Corporates & Institutions Danica Northern Ireland Group Functions Eliminations Total Net interest income 10,268 9,023 6,656 - 2,751 -296 -123 28,280 Net fee income 3,942 2,038 5,839 - 233 -55 51 12,048 Net trading income 103 19 1,282 - 105 -21 -9 1,479 Net income from insurance business - - - 1,359 - - - 1,359 Other income 310 354 2 - 10 2,582 -2,562 695 Total income 14,623 11,434 13,779 1,359 3,099 2,211 -2,643 43,861 Operating expenses 6,949 4,300 5,700 - 1,226 3,474 -2,263 19,386 of which resolution fund, bank tax etc. 33 65 160 - - 64 - 322 Profit before loan impairment charges 7,675 7,134 8,078 1,359 1,873 -1,263 -381 24,475 Loan impairment charges -298 -643 983 - 45 - -22 65 Profit before tax 7,973 7,777 7,095 1,359 1,828 -1,263 -358 24,410 Loans, excluding reverse transactions 660,963 711,176 350,595 - 72,577 16,478 -16,773 1,795,017 Other assets 462,730 193,515 2,859,756 658,022 75,047 4,943,170 -7,043,453 2,148,786 Total assets 1,123,693 904,691 3,210,351 658,022 147,624 4,959,648 -7,060,225 3,943,803 Deposits, excluding repo deposits 411,489 273,626 339,193 - 117,123 9,323 -11,290 1,139,465 Other liabilities 684,920 584,382 2,826,400 644,722 22,836 4,918,632 -7,048,936 2,632,956 Allocated capital 27,284 46,683 44,758 13,300 7,665 31,693 - 171,382 Total liabilities and equity 1,123,693 904,691 3,210,351 658,022 147,624 4,959,648 -7,060,225 3,943,803 Profit before tax as % p.a. of allocated capital (avg.) 38.2 22.3 21.5 13.6 34.5 -5.4 - 19.2 Cost/income ratio (%) 47.5 37.6 41.4 - 39.6 - - 44.2 Full-time-equivalent staff, end of period 3,762 1,842 2,231 1,011 1,241 9,318 - 19,406 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 nine months 2025 (DKK millions) Personal Customers Business Customers Large Corporates & Institutions Danica* Northern Ireland Group Functions Eliminations Total* Net interest income 9,663 8,793 6,124 - 2,487 219 -127 27,157 Net fee income 3,335 1,820 5,230 - 230 -127 80 10,568 Net trading income 88 23 1,872 - 133 251 -6 2,362 Net income from insurance business - - - 1,097 - - - 1,097 Other income 95 336 4 - 9 2,184 -2,202 428 Total income 13,182 10,972 13,230 1,097 2,859 2,527 -2,255 41,613 Operating expenses 6,701 4,167 5,461 - 1,172 3,610 -2,122 18,990 of which resolution fund, bank tax etc. 23 61 90 - - 58 - 232 Profit before loan impairment charges 6,481 6,804 7,769 1,097 1,687 -1,083 -133 22,622 Loan impairment charges 81 -594 691 - 82 -1 - 258 Profit before tax 6,400 7,399 7,079 1,097 1,606 -1,083 -133 22,364 Loans, excluding reverse transactions 660,040 682,861 333,986 - 68,201 16,169 -18,198 1,743,059 Other assets 444,671 175,388 2,880,090 597,218 75,226 4,706,517 -6,942,718 1,936,394 Total assets 1,104,711 858,249 3,214,076 597,218 143,428 4,722,687 -6,960,916 3,679,453 Deposits, excluding repo deposits 397,554 248,206 303,367 - 113,230 12,008 -12,471 1,061,895 Other liabilities 680,236 562,571 2,870,713 577,973 23,082 4,675,446 -6,948,445 2,441,576 Allocated capital 26,921 47,472 39,995 19,245 7,115 35,233 - 175,982 Total liabilities and equity 1,104,711 858,249 3,214,076 597,218 143,428 4,722,687 -6,960,916 3,679,453 Profit before tax as % p.a. of allocated capital (avg.) 31.9 21.1 23.1 7.7 31.0 -3.5 - 17.1 Cost/income ratio (%) 50.8 38.0 41.3 - 41.0 - - 45.6 Full-time-equivalent staff, end of period 3,927 1,774 2,234 984 1,247 10,054 - 20,220 * Comparative information for Q3 2025 has been restated as described in note G2 (b). 35 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 nine months 2026 (DKK millions) Fee income Fee expenses Net fee income Investment 5,752 1,469 4,283 Money transfers, account fee, cash management and other fees 5,352 682 4,670 Lending and Guarantees 2,013 122 1,890 Capital markets 1,256 52 1,204 Total 14,374 2,326 12,048 Fee income first nine months 2025 (DKK millions) Fee income Fee expenses Net fee income Investment 4,727 1,095 3,631 Money transfers, account fee, cash management and other fees 5,059 731 4,328 Lending and Guarantees 1,640 114 1,526 Capital markets 1,123 40 1,083 Total 12,549 1,981 10,568 (b) Other income Other income amounted to DKK 695 million for the nine months ending 30 September 2026 (30 September 2025: DKK 428 million). Other income includes income from investment property and real estate brokerage, and income from holdings in associates. Other income in 2026 includes 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 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 September 2026 30 September 2025 ECL on new assets 2,313 2,814 ECL on assets derecognised -1,753 -2,048 Impact of net remeasurement of ECL (incl. changes in models) -615 -265 Write-offs charged directly to income statement 415 140 Received on claims previously written off -83 -130 Interest income, effective interest method -212 -253 Total 65 258 36 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements G6. Insurance assets and Insurance liabilities Insurance assets comprise assets earmarked for policyholders. As at 30 September 2026, Insurance assets total DKK 626,532 million (31 December 2025: DKK 577,333 million) before own bonds of DKK 6,679 million (31 December 2025: DKK 4,730 million) and other intra-group balances of DKK 16,684 million (31 December 2025: DKK 17,099 million). Insurance liabilities comprise DKK 511,152 million of Insurance contract liabilities as defined by IFRS 17 (31 December 2025: DKK 482,821 million) and DKK 95,230 million of Other insurance-related liabilities (31 December 2025: DKK 75,818 million), before intra-group balances of DKK 10,629 million (31 December 2025: DKK 7,552 million). Note G18 of the Annual Report 2025 provides additional information on Insurance assets and Insurance liabilities. G7. Issued bonds, subordinated debt and additional tier 1 capital Further information on issued bonds at fair value through profit or loss can be found in note G16 of the Annual Report 2025. Issued bonds at fair value 30 September 31 December (DKK millions) 2026 2025 Bonds issued by Realkredit Danmark (covered bonds) 720,791 738,670 Structured retail notes 1,742 1,664 Total 722,533 740,334 Issued bonds at amortised cost and non-preferred senior bonds 30 September 31 December (DKK millions) 2026 2025 Commercial papers and certificates of deposits 68,638 58,694 Preferred senior bonds 57,121 61,164 Covered bonds 155,500 139,857 Structured retail notes 56 141 Issued bonds at amortised cost, total 281,314 259,855 Non-preferred senior bonds 108,408 99,682 Other issued bonds Other issued bonds in the following tables comprises Issued bonds at fair value excluding Realkredit Danmark, Issued bonds at amortised cost and Non-preferred senior bonds. Nominal value of other issued bonds (DKK millions) 1 January 2026 Issued Redeemed Foreign currency translation 30 September 2026 Commercial papers and certificate of deposits 58,700 72,668 63,971 1,312 68,709 Preferred senior bonds 62,545 17,452 21,606 228 58,618 Covered bonds 141,217 29,784 7,632 -3,983 159,386 Structured retail notes* 2,194 682 689 -205 1,983 Non-preferred senior bonds 101,024 23,791 14,437 2,090 112,468 Total 365,680 144,375 108,334 -557 401,165 * Issues, redemptions and foreign exchange translation for Structured retail notes have been adjusted for corrections for the period 1 January to 30 June 2026. There is no impact on the nominal value as at 30 September 2026 or 30 June 2026. (DKK millions) 1 January 2025 Issued Redeemed Foreign currency translation 31 December 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 37 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Subordinated debt and additional tier 1 capital As at 30 September 2026, the nominal value of subordinated debt, including liability accounted additional tier 1 capital, amounted to DKK 35,114 million (31 December 2025: DKK 30,552 million). During the nine months ended 30 September 2026, the Group issued EUR 750 million, SEK 900 million and NOK 600 million of tier 2 capital. The Group also issued USD 500 million, DKK 1,250 million, NOK 2,000 million and SEK 3,500 million of liability accounted additional tier 1 capital. During the nine months ended 30 September 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 the Danske Bank Group. As at 30 September 2026, distributable items for Danske Bank A/S amounted to DKK 127.3 billion (31 December 2025: DKK 119.9 billion). The additional tier 1 capital converts into a variable number of ordinary shares if the common equity tier 1 capital ratio falls below 7% for Danske Bank A/S or Danske Bank Group (the trigger event). As at 30 September 2026, the common equity tier 1 capital ratio was 20.0% (31 December 2025: 20.3%) for Danske Bank A/S. The ratios for the Danske Bank Group are disclosed in the Statement of capital. G7. Issued bonds, subordinated debt and additional tier 1 capital - continued G8. Other assets and Other liabilities 30 September 31 December (DKK millions) 2026 2025 Other assets Accrued interest and commissions due 8,810 7,354 Prepayments, accruals and other amounts due 10,899 9,505 Defined benefit pension plan, net assets 1,086 960 Investment property 683 361 Tangible assets 6,639 6,879 Right of use lease assets 3,329 3,579 Holdings in associates 423 387 Assets held for sale 112 109 Total 31,982 29,135 Other liabilities Sundry creditors 47,476 40,082 Accrued interest and commissions due 16,654 13,031 Defined benefit pension plans, net liabilities 244 250 Other staff commitments 807 1,102 Lease liabilities 3,448 3,676 Loan commitments and guarantees etc. 2,408 2,843 Reserves subject to a reimbursement obligation 2 2 Provisions, including litigations 1,422 1,822 Total 72,460 62,808 In the table above, Provisions, including litigations includes customer remediation of DKK 846 million, regulatory and legal proceedings of DKK 3 million, restructuring costs of DKK 280 million and other provisions of DKK 293 million. Customer remediation includes the provision for customer compensation in the debt collection case, which progresses with providing finalisation for customers affected. 38 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements G9. Foreign currency translation reserve As at 30 September 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 34,706 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 Accounting Standards since it decreases the hedge of the currency risk on the net investments in those units. As at 30 September 2026, the structural FX hedge position totalled DKK 40,779 million (31 December 2025: DKK 40,018 million). A loss of DKK 189 million was recognised in Other comprehensive income during the first nine months of 2026, primarily due to a weakening of SEK against DKK partly offset by a strengthening of NOK against DKK during the period. For comparison, a total gain of DKK 742 million was recognised in Other comprehensive income during the first nine months of 2025, primarily due to a strengthening of SEK and NOK against DKK 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 September 31 December (DKK millions) 2026 2025 Financial guarantees 19,062 13,946 Other guarantees 90,158 85,724 Total 109,220 99,670 (b) Commitments 30 September 31 December (DKK millions) 2026 2025 Loan commitments shorter than 1 year 215,809 206,636 Loan commitments longer than 1 year 273,059 244,547 Other unutilised commitments 17,878 14,406 Total 506,746 465,589 39 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements (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 12.6 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 the 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 G10. Guarantees, commitments and contingent liabilities - continued 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 the Danske Bank Group and is jointly and severally liable with them for payment of Danish corporation tax and withholding tax, etc. 40 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements G11. Assets provided or received as collateral As at 30 September 2026, the Group had deposited securities (including bonds issued by the Group) worth DKK 5.2 billion as collateral with Danish and international clearing centres and other institutions (31 December 2025: DKK 5.7 billion). As at 30 September 2026, the Group had provided cash and securities (including bonds issued by the Group) worth DKK 69.1 billion as collateral for derivatives transactions (31 December 2025: DKK 66.2 billion). As at 30 September 2026, the Group had registered insurance assets (including bonds and shares issued by the Group) and investment contracts worth DKK 542.5 billion (31 December 2025: DKK 511.9 billion) as collateral for policyholders’ savings of DKK 559.3 billion (31 December 2025: DKK 527.2 billion). As at 30 September 2026, the Group had registered loans at fair value and securities (including bonds issued by the Group) worth a total of DKK 736.8 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 276.5 billion (31 December 2025: DKK 254.5 billion) as collateral for covered bonds issued under Danish, Finnish and Swedish law. The table below shows assets provided as collateral for liabilities or contingent liabilities. Assets provided as collateral under repo transactions are shown separately whereas the types explained above are included in the column ‘Other’ . Assets provided as collateral 30 September 2026 31 December 2025 (DKK millions) Repo Other Total Repo Other Total Due from credit institutions - 23,898 23,898 - 15,622 15,622 Trading and investment securities 306,974 45,707 352,681 272,141 46,605 318,746 Loans at fair value - 733,060 733,060 - 740,117 740,117 Loans at amortised cost - 284,017 284,017 - 265,594 265,594 Insurance assets and assets under investment contracts - 536,062 536,062 - 505,775 505,775 Total 306,974 1,622,744 1,929,718 272,141 1,573,713 1,845,854 Own issued bonds 17,385 25,153 42,538 20,860 23,764 44,625 Total, including own issued bonds 324,359 1,647,897 1,972,256 293,001 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 307.0 billion as at 30 September 2026 (31 December 2025: DKK 272.1 billion). As at 30 September 2026, the Group had received securities worth DKK 464.4 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 September 2026, the Group had sold securities or provided securities as collateral worth DKK 91.6 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. 41 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements G12. Fair value information for financial instruments Financial instruments are recognised in the balance sheet at fair value or amortised cost. 30 September 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 - 105,734 - 137,181 Due from credit institutions and central banks 76,693 61,847 30,664 85,927 Trading portfolio assets 540,234 - 444,980 - Investment securities held at amortised cost - 142,392 - 146,482 Investment securities held at fair value 163,210 - 150,256 - Loans at amortised cost - 1,064,163 - 1,022,281 Loans at fair value 1,057,604 - 1,060,925 - Assets under pooled schemes and investment contracts 79,677 - 76,809 - Insurance assets 558,891 - 513,957 - Total 2,476,310 1,374,137 2,277,592 1,391,871 Financial liabilities Due to credit institutions and central banks 115,727 64,983 158,924 58,498 Trading portfolio liabilities 350,842 - 286,837 - Deposits 203,764 1,140,094 134,205 1,110,377 Issued bonds at fair value 722,533 - 740,334 - Issued bonds at amortised cost - 281,314 - 259,855 Deposits under pooled schemes and investment contracts 80,113 - 77,040 - Insurance liabilities 69,388 - 56,669 - Non-preferred senior bonds - 108,408 - 99,682 Subordinated debt - 34,011 - 30,289 Loan commitments and guarantees - 2,408 - 2,843 Total 1,542,367 1,631,218 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). 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 the Annual Report 2025 for further description of business models). Bonds held within a business model for the purpose of collecting contractual cash flows (held 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 held-to-collect, amortised cost exceeded fair value as at 30 September 2026 by DKK 5,742 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 5.1, following Moody’s numerical rating factor to scale, which corresponds to a strong Aa1 rating. The interest rate risk duration for the portfolio is 3.0 years. Without any reinvestments, 25%, 55% and 20% of this portfolio will reach maturity within a period of 1 year, between 1 to 5 years, and after 5 years, respectively. 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. 42 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements G12. Fair value information for financial instruments – continued Financial instruments at fair value (DKK millions) 30 September 2026 Quoted prices Observable input Non-observable input Total Financial assets Due from credit institutions and central banks - 76,693 - 76,693 Derivatives 6,703 257,899 1,055 265,656 Trading portfolio bonds 191,330 17,826 - 209,156 Trading portfolio shares 65,352 - 70 65,422 Investment securities, bonds 142,391 20,424 - 162,815 Investment securities, shares - - 396 396 Loans at fair value - 1,057,604 - 1,057,604 Assets under pooled schemes and investment contracts 79,677 - - 79,677 Insurance assets, bonds 149,821 29,044 1,650 180,515 Insurance assets, shares 284,970 2,632 35,210 322,812 Insurance assets, derivatives 3,750 51,413 401 55,564 Total 923,994 1,513,535 38,782 2,476,310 Financial liabilities Due to credit institutions and central banks - 115,727 - 115,727 Derivatives 7,176 251,591 525 259,292 Obligations to repurchase securities 89,967 1,579 4 91,550 Deposits - 203,764 - 203,764 Issued bonds at fair value 722,533 - - 722,533 Deposits under pooled schemes and investment contracts - 80,113 - 80,113 Insurance liabilities 1,483 67,299 606 69,388 Total 821,159 720,073 1,135 1,542,367 (DKK millions) 31 December 2025 Quoted prices Observable input Non-observable input Total 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 43 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements G12. Fair value information for financial instruments – continued Financial instruments valued on the basis of unobservable inputs Sensitivity (change in fair value) Gains/losses for the period (DKK millions) Carrying amount Increase Decrease Realised Unrealised 30 September 2026 Unlisted shares allocated to insurance contract policyholders 35,210 - - 2,441 -905 Unlisted shares other 462 46 46 10 7 Illiquid bonds 1,650 24 24 112 -23 Derivatives, net fair value 324 - - - -29 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 nine months ended 30 September 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 September 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 1,554 89 -29 -817 -194 -570 Acquisitions 2,745 29 247 4,357 84 -195 Sale and redemption -4,597 -366 259 -5,121 -95 -516 Transferred to quoted prices and observable input - - -67 - - 24 Fair value end of period 35,672 1,650 324 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. 44 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements G13. Risk management notes Annual Report 2025 provide a detailed description of the Group’s risk management practices. Breakdown of credit exposure (DKK billions) 30 September 2026 Total Lending activities Counterparty credit risk Trading and investment securities Customer- funded investments Balance sheet items Demand deposits with central banks 98.3 98.3 - - - Due from credit institutions and central banks 138.5 61.8 76.7 - - Trading portfolio assets 540.2 - 265.7 274.6 - Investment securities 305.6 - - 305.6 - Loans at amortised cost 1,064.2 1,064.2 - - - Loans at fair value 1,057.6 733.1 324.5 - - Assets under pooled schemes and investment contracts 79.7 - - - 79.7 Insurance assets 603.2 - - - 603.2 Off-balance sheet items Guarantees 109.2 109.2 - - - Loan commitments shorter than 1 year 215.8 215.8 - - - Loan commitments longer than 1 year 273.1 273.1 - - - Other unutilised commitments 17.9 - - 0.1 17.8 Total 4,503.2 2,555.4 666.9 580.3 700.6 (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 226 billion at 30 September 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. 45 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 72% (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 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. 46 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Credit risk - continued Credit exposure broken down by rating categories (DKK billions) PD level Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 30 September 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 - 0.01 104.3 0.1 - - - - 104.3 - - 82.6 - - 2 0.01 0.03 234.6 0.4 - - - - 234.5 0.4 - 134.1 0.2 - 3 0.03 0.06 520.4 1.6 - 0.1 - - 520.3 1.6 - 253.2 1.1 - 4 0.06 0.14 617.9 6.0 - 0.2 0.1 - 617.7 5.9 - 281.1 4.5 - 5 0.14 0.31 492.3 14.3 0.1 0.4 0.1 - 492.0 14.2 0.1 202.5 11.1 - 6 0.31 0.63 312.3 42.0 - 0.5 0.6 - 311.7 41.3 - 109.3 20.9 - 7 0.63 1.90 94.3 44.7 0.1 1.1 1.8 - 93.2 42.9 0.1 39.3 18.1 0.1 8 1.90 7.98 8.6 25.8 - 0.5 2.1 0.1 8.1 23.7 - 1.7 9.0 - 9 7.98 25.70 1.7 6.3 - - 0.4 - 1.7 5.8 - 0.2 2.6 - 10 25.70 99.99 0.9 16.4 0.6 - 1.7 0.2 0.8 14.7 0.4 0.1 6.3 0.1 11 (default) 100.00 100.00 0.1 0.5 27.8 - - 8.4 0.1 0.5 19.3 - 0.1 3.1 Total 2,387.4 157.9 28.7 3.0 6.9 8.7 2,384.4 151.0 20.0 1,104.1 73.9 3.4 (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 47 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Credit portfolio broken down by industry (NACE) and stages The table below breaks down credit exposure by industry. The industry segmentation is based on the classification principles of the Statistical Classification of Economic Activities in the European Community (NACE) standard that has been adapted to the Group’s business risk approach used for the active management of the credit portfolio. Credit risk - continued Credit exposure broken down by industry (DKK billions) Gross exposure Expected credit loss Net exposure Net exposure, ex collateral 30 September 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 171.9 0.4 1.0 - - - 171.9 0.4 1.0 169.1 - - Financials 159.4 3.3 0.3 - 0.1 0.2 159.3 3.2 0.1 147.5 1.9 - Agriculture 51.5 5.3 1.1 0.4 0.7 0.2 51.1 4.6 0.8 11.6 1.4 0.1 Automotive 28.8 7.3 0.7 - 0.6 0.2 28.8 6.7 0.5 22.9 4.6 0.3 Capital goods 92.5 11.0 1.8 - 0.6 0.9 92.5 10.4 0.9 86.2 8.5 0.3 Commercial and residential real estate 314.2 21.1 2.6 0.5 0.9 0.6 313.7 20.2 1.9 59.4 3.4 0.4 Construction and building materials 46.7 14.9 1.7 0.3 0.7 0.9 46.4 14.3 0.7 35.1 9.6 0.4 Consumer goods 86.8 9.0 1.6 - 0.3 0.6 86.8 8.7 1.0 65.4 6.5 0.6 Hotels, restaurants and leisure 16.0 0.9 0.4 - - 0.1 16.0 0.9 0.3 5.0 0.3 - Metals and mining 33.3 2.9 0.8 - 0.2 0.2 33.3 2.7 0.6 26.7 1.6 0.1 Other commercials 3.0 - - 0.1 - - 2.8 - - 2.8 - - Pharma and medical devices 57.3 0.8 0.2 - - - 57.2 0.7 0.1 53.8 0.6 - Non-profit housing 216.4 3.4 0.4 - 0.1 0.1 216.4 3.3 0.4 35.1 1.0 - Pulp, paper and chemicals 35.4 5.4 0.5 - 0.2 0.3 35.3 5.2 0.2 24.5 3.4 - Retailing 32.4 5.1 0.4 - 0.2 0.2 32.4 4.9 0.3 23.2 3.9 0.1 Services 101.4 6.9 2.1 0.3 0.3 0.8 101.2 6.5 1.3 82.8 5.2 0.5 Shipping 23.4 3.9 0.2 - - 0.1 23.3 3.9 0.1 11.2 0.3 - Oil and gas 23.0 0.2 - - - - 23.0 0.2 - 18.9 0.1 - Social services 28.6 3.1 0.3 - 0.1 0.1 28.6 3.0 0.2 10.8 2.7 - Telecom and media 24.5 0.8 1.5 - 0.1 0.6 24.5 0.7 0.9 19.0 0.3 0.6 Transportation 20.1 2.3 0.2 - 0.1 0.1 20.1 2.1 0.1 11.3 0.7 - Utilities and infrastructure 93.7 16.4 1.2 0.1 0.4 0.3 93.7 16.0 0.9 68.7 14.7 - Personal customers 727.0 33.7 9.7 1.0 1.1 2.2 726.0 32.5 7.5 113.1 3.0 - Total 2,387.4 157.9 28.7 3.0 6.9 8.7 2,384.4 151.0 20.0 1,104.1 73.9 3.4 48 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 49 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 Credit risk - continued collateral is calculated as the difference between the columns ‘Net exposure’ and ‘Net exposure, ex collateral’ , and amounted to DKK 1,374.1 billion at 30 September 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 September 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 445.6 20.0 5.6 0.6 0.7 1.0 444.9 19.3 4.5 68.3 1.5 - Personal Customers Sweden 100.4 1.9 0.4 0.1 0.1 0.1 100.4 1.8 0.3 31.1 0.3 - Personal Customers Finland 75.5 6.1 2.1 0.1 0.2 0.6 75.4 6.0 1.5 6.4 0.5 - Global Private Banking 79.0 4.0 0.9 0.1 0.2 0.2 78.9 3.9 0.7 12.8 0.6 - Total Personal Customers 700.6 32.0 8.9 0.9 1.1 1.9 699.7 30.9 7.0 118.6 2.8 - Business Customers Asset Finance 56.2 10.0 1.4 0.1 0.3 0.6 56.1 9.7 0.8 21.5 2.2 0.1 Business Customers 282.6 42.3 8.0 0.8 2.9 3.1 281.8 39.4 4.8 111.9 19.0 1.3 Commercial Real Estate 429.4 15.1 1.8 0.4 0.5 0.3 429.1 14.5 1.4 78.7 3.2 0.3 Business Customers Other 0.4 - - - - - 0.4 - - 0.4 - - Total Business Customers 768.6 67.4 11.1 1.3 3.7 4.0 767.3 63.7 7.1 212.5 24.4 1.7 Large Corporates & Institutions 681.2 54.0 7.4 0.5 1.9 2.4 680.7 52.1 5.0 597.0 45.9 1.6 Northern Ireland 113.5 4.3 1.2 0.3 0.1 0.4 113.2 4.2 0.9 54.9 0.7 - Group Functions 123.5 0.1 - - - - 123.5 0.1 - 121.2 0.1 - Total 2,387.4 157.9 28.7 3.0 6.9 8.7 2,384.4 151.0 20.0 1,104.1 73.9 3.4 Commercial Real Estate in Business Customers includes Non-profit housing. 50 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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. 51 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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. As at 30 September 2026, the Group had recognised properties taken over in Denmark at a carrying amount of DKK 6 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 under 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 September 2026 31 December 2025 Stage 1 108 159 Stage 2 5,122 5,650 Stage 3 6,643 7,091 Total 11,874 12,900 Credit risk - continued 52 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 1,072 -980 -92 - Transferred to stage 2 -188 467 -279 - Transferred to stage 3 -59 -837 897 - ECL on new assets 520 1,190 1,104 2,814 ECL on assets derecognised -391 -879 -779 -2,048 Impact of net remeasurement of ECL (incl. changes in models) -922 546 111 -265 Write-offs debited to the allowance account - - -692 -692 Foreign exchange adjustments 3 61 10 74 Other changes 13 -12 -22 -21 ECL allowance account as at 30 September 2025 3,275 7,172 9,316 19,763 ECL allowance account as at 1 January 2026 2,858 7,482 9,345 19,686 Transferred to stage 1 796 -703 -92 - Transferred to stage 2 -140 373 -233 - Transferred to stage 3 -10 -554 565 - ECL on new assets 537 1,078 699 2,313 ECL on assets derecognised -348 -598 -807 -1,753 Impact of net remeasurement of ECL (incl. changes in models) -727 -188 300 -615 Write-offs debited to the allowance account -1 -3 -1,092 -1,096 Foreign exchange adjustments -1 -31 -10 -41 Other changes 1 13 20 33 ECL allowance account as at 30 September 2026 2,964 6,868 8,696 18,527 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 369 1,273 1,101 59 12 2,814 ECL on assets derecognised -526 -1,445 -40 -36 -1 -2,048 Impact on remeasurement of ECL (incl. change in models) 300 -465 -154 65 -12 -265 Write-offs debited to allowance account -67 -136 -467 -22 - -692 Foreign currency translation 16 110 -14 -38 - 74 Other changes -77 71 -12 - -4 -21 ECL allowance account as at 30 September 2025 4,690 10,161 4,081 814 18 19,763 ECL allowance account as at 1 January 2026 4,488 9,768 4,669 742 20 19,686 ECL on new assets 354 1,327 568 61 3 2,313 ECL on assets derecognised -540 -1,135 -39 -35 -3 -1,753 Impact on remeasurement of ECL (incl. change in models) -88 -728 199 21 -19 -615 Write-offs debited to allowance account -308 -182 -606 -20 20 -1,096 Foreign currency translation -15 -39 -3 16 - -41 Other changes -4 - 37 - - 33 ECL allowance account as at 30 September 2026 3,887 9,010 4,825 784 20 18,527 The method used for calculating expected credit losses is described in detail in note G15 of the Annual Report 2025. 53 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 for each scenario, and post-model adjustments. The purpose of using multiple scenarios is to model the non-linear impact of assumptions about macroeconomic factors on the expected credit losses. Post-model adjustments are used to capture specific risks that are not fully covered by the macroeconomic scenarios, as well as 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 a steady state in year seven. That is, after the forecast period, the macroeconomic scenarios revert slowly towards a steady state. The scenarios applied in the expected credit loss calculation for the first nine months of 2026 have been updated to reflect the latest macroeconomic forecasts. For the Nordic markets overall, the base case, upside scenario and downside scenario reflect expectations of normalising economic growth, moderate-to-normalised inflation and improving house prices. The downside scenario is marginally weaker, while the upside scenario assumes slightly stronger growth. The base case is an extension of the Group’s official view of the Nordic economies (the Nordic Outlook report). At 30 September 2026, the base case scenario assumes continued economic growth despite higher energy costs. Labour markets are expected to remain broadly balanced, although conditions remain weaker in Finland. Property prices are expected to rise across the region. 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 reflects 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 scenarios entering into the ECL calculation for the forecast horizon across the Group’s Nordic markets are included in the following tables. Credit risk - continued 54 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Credit risk - continued Macroeconomic scenarios 30 September 2026 Base-case Upside Downside Severe downside 2026 2027 2028 2026 2027 2028 2026 2027 2028 2026 2027 2028 Denmark GDP 4.0 3.0 1.9 4.0 3.2 2.4 3.9 1.7 1.5 -3.4 -2.0 - Unemployment 3.1 3.5 3.5 3.1 3.4 3.3 3.1 3.9 4.0 6.9 7.9 8.1 Inflation 1.5 2.2 2.0 1.5 2.4 2.4 1.9 4.6 2.5 4.0 3.0 2.0 Property prices - Residential 8.5 4.5 2.5 8.5 5.5 4.5 8.5 1.5 0.5 -19.7 -11.0 -6.0 Interest rate - 3 month 2.7 2.7 2.1 2.6 2.8 2.6 2.7 3.2 2.6 3.9 4.7 3.4 Sweden GDP 2.8 2.5 2.0 2.8 2.8 2.6 2.7 1.5 1.2 -3.5 -3.4 -0.8 Unemployment 8.6 7.5 7.1 8.6 7.4 6.8 8.6 7.6 7.3 9.4 10.3 10.7 Inflation 1.4 2.7 2.2 1.4 2.8 2.4 1.7 4.2 2.6 4.9 3.9 2.9 Property prices - Residential 3.9 5.1 5.0 3.9 6.1 6.0 3.9 2.1 3.0 -22.0 -13.0 -7.0 Interest rate - 3 month 2.3 2.5 2.5 2.2 2.6 3.0 2.3 3.0 3.0 4.8 5.6 4.3 Norway GDP 1.0 1.7 1.7 1.0 1.8 2.1 0.9 1.0 2.2 -2.7 -1.1 0.6 Unemployment 2.3 2.4 2.4 2.3 2.4 2.3 2.3 2.4 2.5 5.5 6.4 6.5 Inflation 3.0 2.3 2.2 3.0 2.4 2.3 3.2 3.8 2.3 4.5 3.0 2.0 Property prices - Residential 3.3 6.0 6.0 3.3 7.0 7.0 3.3 4.0 4.0 -19.0 -13.0 -7.0 Interest rate - 3 month 4.5 3.8 3.3 4.5 3.8 3.5 4.6 4.3 3.8 4.7 5.2 4.3 Finland GDP 1.8 1.4 1.2 1.8 1.7 1.7 1.8 0.6 0.5 -2.4 -2.0 -0.1 Unemployment 10.5 9.9 9.2 10.5 9.8 9.0 10.5 9.9 9.4 12.0 13.0 13.0 Inflation 2.0 2.1 2.0 2.0 2.2 2.2 2.3 4.1 2.8 4.0 3.0 2.0 Property prices - Residential -2.7 1.3 2.5 -2.7 2.3 4.5 -2.7 -0.7 0.5 -14.2 -7.0 -5.0 Interest rate - 3 month 2.7 2.7 2.1 2.6 2.7 2.6 2.7 3.2 2.6 4.0 4.8 3.5 55 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 56 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements With the applied macroeconomic scenarios, the allowance account as at 30 September 2026 amounted to DKK 18.5 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. Impact of 100% scenario probabilities on allowance account (% change in allowance account) 30 September 2026 31 December 2025 100% base -7% -6% 100% upside -7% -6% 100% downside -5% -5% 100% severe downside 45% 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 September 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 in which the credit risk assessment process has identified an underestimation of the expected credit losses. Given the significant impact on the expected credit losses from post-model adjustments, the following table provides more information about the adjustments. Credit risk - continued Post-model adjustments by industries (DKK billions) 30 September 2026 31 December 2025 Agriculture 0.9 0.8 Commercial & residential real estate 1.0 1.0 Construction and building materials 0.5 0.6 Utilities and Infrastructure* 0.4 0.4 Personal customers (including other retail exposures) 0.8 1.0 Others** 1.5 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 in total post-model adjustments as at 31 December 2025. ** No individual industry included in Others exceeds DKK 0.4 billion as at 30 September 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, supply 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, elevated 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 prudent coverage of expected credit loss in the Group’s portfolios. 57 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Counterparty credit risk and credit exposure from trading and investment securities Exposure to counterparty credit risk and credit exposure from trading and investment securities 30 September 31 December (DKK billions) 2026 2025 Counterparty credit risk Derivatives with positive fair value 265.7 193.9 Reverse transactions and other loans at fair value 401.2 351.5 Credit exposure from other trading and investment securities Bonds 514.4 483.9 Shares 65.8 63.9 Total 1,247.2 1,093.2 Reverse transactions and other loans at fair value included as counterparty credit risk are loans in the trading units of Large Corporates & Institutions. These loans consist of reverse transactions of DKK 399.9 billion (31 December 2025: DKK 349.1 billion), of which DKK 75.3 billion relates to credit institutions and central banks (31 December 2025: DKK 28.3 billion) and other primarily short-term loans of DKK 1.4 billion (31 December 2025: DKK 2.4 billion), of which DKK 1.4 billion (31 December 2025: DKK 2.4 billion) relates to credit institutions and central banks. Derivatives with positive fair value (DKK millions) 30 September 2026 31 December 2025 Derivatives with positive fair value before netting 266,952 196,254 Netting (under accounting rules) 1,295 2,310 Carrying amount 265,656 193,944 Netting (under capital adequacy rules) 175,494 115,354 Net current exposure 90,162 78,590 Collateral 78,876 69,113 Net amount 11,285 9,477 Derivatives with positive fair value after netting for accounting purposes Interest rate contracts 181,304 144,690 Currency contracts 81,433 47,765 Other contracts 2,920 1,488 Total 265,656 193,944 58 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements 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 September 2026 Held-for-trading (FVPL) 118,888 1,936 30,019 39,941 10,320 8,052 209,156 Managed at fair value (FVPL) 11,336 277 14,726 1,534 110 2,001 29,984 Held to collect and sell (FVOCI) 27,815 9,997 74,507 2,431 18,080 - 132,831 Held to collect (AMC) 40,208 7,340 90,639 3,665 541 - 142,392 Total 198,247 19,549 209,891 47,572 29,051 10,053 514,362 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 September 2026, the Group had an additional bond portfolio, including bond-based unit trust certificates, worth DKK 180,515 million (31 December 2025: DKK 193,606 million) recognised as insurance assets and thus not included in the table above. The section on Life insurance risk in the Annual Report 2025 provides more information. For bonds classified as held to collect, amortised cost exceeded fair value as at 30 September 2026 and 31 December 2025, see note G12 for more information. 59 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Counterparty credit risk and credit exposure from trading and investment securities - continued Bond portfolio broken down by geographical area Central and Quasi- Danish Swedish Other local govern- government mortgage covered covered Corporate (DKK millions) ment bonds bonds bonds bonds bonds bonds Total 30 September 2026 Denmark 35,814 - 209,891 - - 3,185 248,890 Sweden 47,265 - - 47,572 - 3,008 97,845 UK 22,575 1 - - 7,468 12 30,055 Norway 9,961 - - - 17,981 1,856 29,798 USA 20,041 4,874 - - - 27 24,942 Spain 752 - - - - 23 776 France 7,709 13 - - 686 360 8,768 Luxembourg - 7,211 - - - 83 7,294 Finland 11,113 3,178 - - 1,904 744 16,938 Ireland 1,879 - - - - 17 1,896 Italy 798 - - - - 5 803 Portugal - - - - - - - Austria 2,892 - - - 75 147 3,113 Netherlands 1,802 32 - - 1 331 2,166 Germany 35,410 145 - - 356 115 36,026 Belgium 236 3,040 - - - - 3,277 Other - 1,055 - - 580 141 1,776 Total 198,247 19,549 209,891 47,572 29,051 10,053 514,362 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 60 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Counterparty credit risk and credit exposure from trading and investment securities - continued Bond portfolio broken down by external ratings Central and Quasi- Danish Swedish Other local govern- government mortgage covered covered Corporate (DKK millions) ment bonds bonds bonds bonds bonds bonds Total 30 September 2026 AAA 126,119 16,783 209,813 47,412 28,627 2,317 431,073 AA+ 21,153 2,762 - - 133 6 24,054 AA 30,638 - - 159 - 1,144 31,942 AA- 11,578 - 78 - 7 166 11,830 A+ 7,473 4 - - - 781 8,258 A - - - - 256 1,405 1,661 A- 487 - - - - 497 984 BBB+ - - - - - 758 758 BBB 798 - - - 27 1,566 2,390 BBB- - - - - - 621 621 BB+ - - - - - 70 70 BB - - - - - 468 468 BB- - - - - - - - Sub. "investment-grade" or unrated - - - - - 255 255 Total 198,247 19,549 209,891 47,572 29,051 10,053 514,362 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 61 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Statement by the management The Board of Directors and the Executive Leadership Team (the management) have today reviewed and adopted the Interim report – first nine months 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. Furthermore, the interim report has been prepared in accordance with legal requirements, including the disclosure requirements for interim reports of listed financial institutions in Denmark. In our opinion, the consolidated interim financial statements give a true and fair view of the Group’s assets, liabilities, equity and financial position at 30 September 2026 and of the results of the Group’s operations and the consolidated cash flows for the period 1 January 2026 - 30 September 2026. Moreover, in our opinion, the management’s report includes a fair view of developments in the Group’s operations and financial position and describes the significant risks and uncertainty factors that may affect the Group. Copenhagen, 29 October 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 62 Danske Bank / Interim report – first nine months 2026
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Financial highlights Executive summary Financial review Business units Financial statements Supplementary information Financial calendar 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. 63 Danske Bank / Interim report – first nine months 2026
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Danske Bank Group Bernstorffsgade 40 DK-1577 København V Tel. +45 33 44 00 00 CVR no. 61126228-København danskebank.com