Slides
Page 1
Q2 2025 Investor Presentation 19 August 2025
Page 2
1 2 3 4 5 6 8 7 Summary Highlights Financials Volumes Jyske Bank in brief Sustainability Macroeconomics Calendar and contacts 2 6 16 24 30 34 49 45 Summary Q2 2025 Executive summary Financial highlights Outlook
Page 3
Earnings per share up 1% y/y in Q2 2025 despite significantly lower policy rates. Aiming for upper end of DKK 3.8-4.6bn net profit target range for 2025 Improved outlook for 2025 Market-leading customer satisfaction for companies with 20+ employees. Vastly improved personal customer satisfaction Private banking customer satisfaction #1 for the 10th consecutive years. Strongly improving customer satisfaction Solid credit quality with reversals, slightly higher PMAs, lower stage 3 exposures. Strong capital build leaving 17% CET1 ratio adj. for reservations for payouts. Solid credit quality and capital position
Page 4
4 80 90 100 110 120 130 140 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Earnings per share DKK Profit/loss statement Business volumes Index Summary | Financial highlights Increasing EPS 1% y/y despite significantly lower interest rates Healthy fee income momentum and solid credit quality 18.0 24.5 27.3 19.0 19.8 21.7 19.5 19.4 20.0 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 11.5% Return on tangible equity (p.a.) 51% Cost/income -2bp Cost of risk DKK 20.0 Earnings per share 16.3% CET1 ratio Note: Bank loans and deposits excl. repo/triparty. Nominal mortgage loans.Core expenses include one-off expenses related to the acquisitions of Handelsbanken Danmark and PFA Bank. Deposits Assets under management Lending DKKm Q2’25 Index, y/y Index, q/q Net interest income 2,180 90 98 Net fees and commissions 658 109 91 Value adjustments 263 132 145 Other income 142 110 189 Operating lease income 31 60 97 Core income 3,274 96 101 Core expenses 1,662 103 108 Core profit bef. loan losses 1,612 91 95 Loan impairment charges -113 - - Core profit 1,725 98 106 Investment portfolio 7 16 10 Pre-tax profit 1,732 96 102 Tax 451 96 102 Net profit 1,281 96 102 Attributable to AT1 holders 66 99 102 Q2 2025
Page 5
5Note: Core expenses incl. one-off items. Core income Lower in 2025 than in 2024 Lower net interest income due to the lower level of interest rates Summary | Outlook Updated outlook for 2025 Net profit now expected to reach the upper end of DKK 3.8bn-4.6bn Core expenses Slightly higher in 2025 compared with 2024 Lower integration costs and cost measures to partly offset inflation and strategic investments Loan impairments Low level in 2025 Significant post-model adjustments buffer, low stage 3 share Net profit Upper end of DKK 3.8bn-4.6bn in 2025 Earnings per share at the upper end of DKK 60-73 Capital Lower end of 15%-17% CET1, 20%-22% total capital No further significant impact from upcoming regulation expected. Capital distribution: Share buybacks and 30% dividend payout ratio. Earnings per share DKK Upper end of 60-73 0 10 20 30 40 50 60 70 80 90 100 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E
Page 6
1 2 3 4 5 6 8 7 Summary Highlights Financials Volumes Jyske Bank in brief Sustainability Macroeconomics Calendar and contacts 2 6 16 24 30 34 49 45 Highlights Q2 2025 #1 for corporate clients with 20+ employees #1 for private banking clients Resilient assets under mgmt. at new all-time high Building further upon personal customer growth Deposit margin showing strong resilience Solid credit quality amid reversals of 2bp in Q2 Strong underlying capital build of 0.9pp in Q2 Denmark is well-positioned to handle implications of trade war Strongly improving personal customer satisfaction
Page 7
7 #1 for corporate clients with 20+ employees Largest improvement in the last year Market-leading customer satisfaction for companies with 20+ employees Rolling 12-month CEM score (rebased, 2022=100) Highlights | Corporate customer satisfaction Source: Voxmeter. Note: Top 5 banks for corporate in Denmark as per the 2024 Strategy Update. COVID-19 Acquisition of SHB DK Acquisition of Handelsbanken Denmark 80 85 90 95 100 105 110 115 120 125 130 2023 2024 2025 Integration of Handelsbanken Denmark #1 Targeted initiatives, incl. bootcamps and reorganisation #3
Page 8
8 Strongly improving personal customer satisfaction Top 3 reached as targeted in 2028 strategy update Strongest improvement of personal customer satisfaction in the last year Rolling 12-month CEM score (rebased, 2022=100) Highlights | Personal customer satisfaction Source: Voxmeter. Note: Top 7 banks for personal customers in Denmark as per the 2024 Strategy Update. COVID-19 Acquisition of SHB DK Acquisition of Handelsbanken Denmark 70 75 80 85 90 95 100 105 110 115 120 2023 2024 2025 Integration of Handelsbanken Denmark #3 Targeted initiatives, incl. bootcamps and reorganisation #5
Page 9
9 #1 for private banking clients For the 10th consecutive year and with the largest gap to #2 thus far Market-leading satisfaction for private banking customers Rolling 12-month CEM score Highlights | Private banking customer satisfaction Source: Voxmeter. Note: Top 7 banks for private banking customers in Denmark as per the 2024 Strategy Update. COVID-19 Acquisition of SHB DK Acquisition of Handelsbanken Denmark #1 #1 #1 #1 #1 #1 #1 #1 #1 #1 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Page 10
10 Resilient assets under mgmt. at new all-time high Net inflow continues to underpin AuM amid market volatility Assets under management have increased 10% p.a. in the last decade DKKbn Highlights | Assets under management 100 150 200 250 300 350 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +10% p.a.
Page 11
11 Building further upon momentum Following several years of profitability initiatives and restructuring efforts Increased lending to personal customers Quarterly growth rate of nominal mortgage lending to personal customers Highlights | Personal customers Note: Growth rate of Q4 2022 excluded due to the acquisition of Handelsbanken Denmark. -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2019 2020 2021 2022 2023 2024 2025 Highest organic growth rate for more than five years - First mover on negative deposit rates, several organisational changes, significant branch reductions, revision of fee structure (incl. platform fee) and acquisition of Handelsbanken Denmark Underpinned by significantly improved customer satisfaction and net client inflow
Page 12
12 Deposit margin showing strong resilience Deposit rates nearly fully reflected lower short-term rates in H1 2025 Targeted initiatives has helped reduced deposit margin pressure Basis points, p.a. Highlights | Deposit margin COVID-19 Acquisition of SHB DK Acquisition of Handelsbanken Denmark -50 0 50 100 150 200 250 300 350 400 2020 2021 2022 2023 2024 2025 3-month CIBOR (avg.) Implied deposit margin (excl. repo) - Lowered deposit rates for transaction/savings accounts - Normalised share of time deposits - Reduced preferential deposit rates
Page 13
13 6% 9% 3% Export Import Denmark is well- positioned to handle implications of trade war Nationalbanken estimates a long-term Danish GNI impact of 0.4% from a 25% tariff on all US exports (incl. services) US tariff of 15% has direct impact on 3% of Danish exports Share of Danish exports and imports in 2024 Highlights | Trade war Sources: Statistics Denmark and Nationalbanken. Goods and services, Rest of World Goods, crossing Danish borders, USA Exports: Mainly pharmaceuticals, machinery Goods, not crossing Danish borders, USA Services, USA
Page 14
14 Solid credit quality, write- offs of just 1bp in H1 Post-model adjustments increased slightly, stage 3 exposures declined Post-model adjustments significantly above actual write-offs DKKm Highlights | Credit quality 86 1,877 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2020 2021 2022 2023 2024 H1'25 Write-offs Post-model adjustments
Page 15
15 Strong underlying capital build of 0.9pp in Q2 No further significant impact from upcoming regulation expected given current risk weights CET1 ratio remains comfortably within targeted range Share of risk exposure amount Highlights | Capital position * The stipulated payout ratio is based on prior capital distribution and includes an ordinary dividend of 30% and share buyback of 41%. COVID-19 Acquisition of SHB DK 15.7% 16.3% Reservation for expected payout 16.1% 17.0% Q1'25 Profit Expected dividend Expected buyback REA Deductions, etc. Q2'25 Additional 0.4pp reservation for stipulated* 71% 2025 payout ratio Reservation for expected payout
Page 16
1 2 3 4 5 6 8 7 Summary Highlights Financials Volumes Jyske Bank in brief Sustainability Macroeconomics Calendar and contacts 2 6 16 24 30 34 49 45 Financials Q2 2025 Net interest income Net fee and commission income Value adjustments and investment portfolio earnings Core expenses Loan impairment charges Capital and funding Other income and operating lease
Page 17
17 Net interest income DKKm Lower policy rates Lower deposit margin and excess liquidity margin due to lower Danish policy rates. Funding costs related to new issuances Following issuance of EUR 750m NPS debt on 29 January 2025 and EUR 500m NPS debt on 19 May 2025. Higher lending margin Lending rates decreased significantly less than 3M CIBOR. This reflects the impact from fixed- rate loans and higher NII from leasing activities. Resillient deposit margin Deposit rates decreased nearly as much as 3M CIBOR due to rate changes for transactions accounts and savings accounts. Net interest income down 2% q/q Financials | Net interest income Net interest income bridge Quarter/quarter, DKKm Deposit margin shows resilience as short-term interest rates decrease Lower policy rates and higher funding costs partly offset by deposit rate repricing 2,415 2,516 2,567 2,462 2,415 2,334 2,244 2,214 2,180 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 2,214 2,180 Q1'25 Lending vol. Lending margins Deposit vol. Deposit margins Excess liq., days Q2'25 Note: Implied margins based on 3-month CIBOR rates, except the mortgage administration margin which is unaffected by the level of interest rates. Excess liquidity is net interest-bearing assets excl. loans and deposits.
Page 18
18 Net fee and commission income DKKm Asset management and custody +4% y/y Higher assets under management outweighed impact from fewer fund days. Mortgage fees +25% y/y Activity levels in the Danish housing market rebounded from very low levels. Daily banking, pension, insurance fees +13% y/y Primary contributor to increase was higher commission income from Letpension partnership. Fee expenses +30% y/y Mainly driven by commissions paid for taking over direct vehicle financing from Selected Car Group. Net fee income increased 14% y/y Financials | Net fee and commission income Net fee and commission income bridge Year/year, DKKm Continued strong fee income momentum Increase of 14% y/y underpinned by higher assets under management and higher activity levels 553 602 766 606 603 627 902 726 658 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 603 658 Q2'24 Asset mgmt., custody Brokerage, etc. Mortgage fees Bank lending, guarantees Daily banking, etc. Fee expenses Q2'25
Page 19
19 Value adjustments DKKm DKK 263m of value adjustments Financials | Value adjustments and investment portfolio earnings Investment portfolio earnings DKKm Volatile markets leaves limited impact on value adjustments Investment portfolio earnings underpinned by lower internal funding costs Spread tightening of bonds had positive impact on bond portfolio. Seasonal dividend payment from sector shares had negative impact on value adjustments (positive booked as Other income). Continued reduction of internal funding costs as value adjustments declined from a high level in the prior quarter. DKK 7m of investment portfolio earnings Note: Please note that income from dividends are booked under other income and not value adjustments, thereby impacting valueadjustments from e.g. sector shares negatively. 186 452 661 239 199 453 172 182 263 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 -89 65 -10 -31 44 6 -33 68 7 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Other Asset/liability mgmt. Underlying Sector shares Investment portfolio earnings AT1 FX hedging (offset by equity adjustment)
Page 20
20 Income from operating lease (net) DKKm DKK 31m of operating lease income (net) Financials | Other income and income from operating lease Other income DKKm Seasonal dividends leads to high level of other income Income from operating lease (net) close to unchanged vs. the preceding quarter Close to unchanged vs. the prior quarter, as slightly higher volumes were counteracted by mix effects. Seasonal dividends from shares supported other income in Q2 2025. DKK 142m of other income Note: Please note that income from dividends are booked under other income and not value adjustments, thereby impacting valueadjustments from e.g. sector shares negatively. 83 66 56 53 52 32 31 32 31 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 26 35 62 70 129 33 37 75 142 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Dividends from sector shares, etc. Other income Non-recurring items Impairment charges Operating lease income, net of depreciation Gains from sale of assets
Page 21
21 Core expenses DKKm DKK 60m one-off costs from consolidating three Copenhagen offices (branch of Jyske Bank, former headquarter of Jyske Realkredit and former headquarter of Handelsbanken Denmark) into a single location. Underlying increase was caused by a sector-wide salary increase of 3.7% and higher expenses for marketing, partly offset by 2% fewer employees and lower expenses for the Danish Resolution Fund. Underlying costs up 3% y/y in Q2 2025 Financials | Costs Core expenses bridge Year/year, DKKm Cost inflation remains manageable In-line with outlook for slightly higher costs in 2025 1,484 1,514 1,633 1,514 1,554 1,568 1,634 1,533 1,602 1,553 1,583 1,684 1,579 1,621 1,641 1,652 1,533 1,662 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 1,554 1,602One-offs 1,621 1,662 Q2'24 Employees IT Other Q2'25 Note: Core expenses include one-off expenses related to the acquisition of Handelsbanken Danmark. Core expenses excl. one-off items One-off items
Page 22
22 Cost of risk bp Post-model adjustments increased DKK 8m to DKK 1,877m (35bp, >4x normalised loan losses). Actual write-offs continue to be at a low level of DKK 86m or 2bp in Q2. Stage 3 exposures declined 0.1pp q/q to 1.0% of total exposures. DKK -113m (-2bp) cost of risk in Q2 2025 Financials | Loan impairment charges Exposure by IFRS 9 stages %/DKKbn Credit quality remains solid amid reversals and lower stage 3 exposures Outlook for continued low level of loan impairment charges in 2025 0 0 1 1 0 -1 0 1 -2 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 94.8% 95.8% 4.0% 3.2% 1.2% 1.0% 0 200 400 600 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Stage 1 Stage 2 Stage 3 Note: Stage exposures exclude purchased/originated credit impaired exposures (<0.1%). Post-model adjustments reflect management’s overlay related to to the future economic development or processes that are not included in the loan impairment modelling. Jyske Bank’s definition-of-default is characterized by early stage 3 categorization, resulting in a lower coverage ratio, underpinned by strong collaterialisation. Exposures that are heavily backed by collateral.
Page 23
23 Common equity tier 1 ratio bridge Quarter/quarter Capital distribution progressing DKK 645m of DKK 2.25bn share buyback programme executed at end-Q2 2025. Strong liquidity and funding position Strong liquidity position: NSFR of 152%, LCR of 243% and loan/deposit ratio of 0.751. MREL debt of DKK 37.1bn vs. target of DKK 33bn-35bn. A tier 2 capital issuance of EUR 500m is a possibility for H2 2025. No significant impact from upcoming regulation Given current risk weights, the Basel IV output floor is not expected to have impact. Sector-specific buffer of 1.0pp targeting exposures against property companies (excl. LTV 0-15%) also reflected in capital targets. 16.3% CET1 ratio vs. targeted 15%-17% Financials | Capital and funding Risk exposure amount DKKbn Strong capital build, CET1 ratio above target of lower end of 15%-17% No significant impact from upcoming regulation expected 223 221 226 231 231 229 230 245 239 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 1 Loan/deposit ratio excludes Danish mortgage loans, which are funded by covered bonds with 1:1 matching terms. 2 Stipulated payout ratio based on prior capital distribution as per EBA Q&A 2023_6887 regarding the accrual of share buybacks included in capital distribution policies. The payout ratio includes an ordinary dividend of 30% and share buyback of 41%, equivalent to DKK 357mand DKK 488m, respectively, as of Q2 2025. 15.7% 16.3% Expected payouts Expected payouts 16.1% 17.0% Q1'25 Profit Capital distrib. REA Other Q2'25
Page 24
1 2 3 4 5 6 8 7 Summary Highlights Financials Volumes Jyske Bank in brief Sustainability Macroeconomics Calendar and contacts 2 6 16 24 30 34 49 45 Volumes Q2 2025 Business volumes Lending composition Mortgage portfolio Commercial property deep dive Main exposure: The Danish mortgage market
Page 25
25 Business volumes DKKbn Development of business volumes Index Volumes | Business volumes Continued improvement of momentum with personal customers Highest mortgage growth for more than five years 389 376 119 124 22 24 190 197 293 275 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Q2'25 Q2'24 Mortgage loansBank loansLeasingDeposits Assets under mgmt. 80 90 100 110 120 130 140 Q2'23 Q4'23 Q2'24 Q4'24 Q2'25 Note: Lending and deposits figures are exclusive of repo. Mortgage-like bank loans are gradually transferred to mortgage lending. +4% y/y +1% q/q -7% y/y +1% q/q -4% y/y -1% q/q +7% y/y +2% q/q -4% y/y -3% q/q Mortgage loans (nominal) +1% q/q, as lending to personal customers showed the highest organic growth since 2018. Bank loans -3% q/q amid lower lending to energy supply companies, financial companies as well as the transferring of mortgage-like bank loans. Leasing +1% q/q as demand remains somewhat muted. Deposits -1% q/q due to significantly lower time deposits. Adjusted for this, deposits rose 4% q/q. Assets under management +2% q/q due to net inflow and slight positive returns amid significant market volatility. Key takeaways Leasing Deposits Bank loans Assets under management Mortgage loans Personal Corporate
Page 26
26 39% 12% 10% 9% 8% 5% 3% 2% 2% 2% 2% 2% 2% 1% 1% 0% 0% 0 50 100 150 200 250 Personal customers Finance and insurance Renting, residential (RRE) Subsidised housing Renting, commercial (CRE) Other sectors Manufacturing, mining etc. Commerce Agriculture, fishing, etc. Public authorities Cooperative housing Energy supply Buying/selling of RE Transport, hotels,… Building and construction Information, communication Other property Personal customers 39% Corporate customers 59% Public authorities 2% Split of lending volumes Excl. repo (net) Loans, advances and guarantees by sector DKKbn, net Volumes | Lending composition Strong footprint within structurally growing lending for housing purposes Low-risk mortgage exposures constitute 75% of total lending Personal mortgages 36% Corporate mortgages 27% Subsidised housing mortgages 9% Mortgage-like bank loans 3% Personal bank loans 3% Corporate bank loans 18% Leasing 4% DKK 514bn Fair value (~Mortgage) Amortised cost, guarantees (~Banking/Leasing) Mortgage-like 75%
Page 27
27 Mortgage lending with low loan-to-value Product split of mortgage lending Volumes | Mortgage portfolio Robust mortgage portfolio Low 45% loan-to-value of mortgage exposures at Jyske Realkredit 49% 43% 44% 45% 45% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 41% 39% 32% 31% 30% 43% 45% 47% 46% 47% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 ARM 1-2Y Non-capped floaterCapped floaterFixed ARM 3-10Y Interest-only40%-60% 80%-100%60%-80%0%-20% 20%-40% Avg.
Page 28
28 Volumes | Commercial property deep dive Prudent loan-to-value levels of commercial property exposures Exposure is mainly comprised by large customers with strong capital positions and diversified portfolios. Collateralization is central, modern properties in urban areas with low loan-to-value and low vacancy rates, underpinned by demographic trends. Underwriting standards Initial loan-to-value (max. 60%-80%) reflects that all customers must, regardless of financing, be able to maintain a fixed-rate loan with amortization. Customers should also be able to withstand a 10%-20% loss of rent income or increase of vacancy rates in addition to a 3pp higher variable interest rate of debt. Ongoing monitoring and stress testing of commercial property exposures’ rent and vacancy rates, cost of equity as well as interest rate of debt. Manageable share of overall exposure 0.02% 90-day arrears 52% Share of loans with rate fixed >3 years 93% Share of loans below 60% loan-to-value Non-performing loans at low level Residential rental; office, business property mortgages Solid loan-to-value levels Loan-to-value Supported by demographic trends Residential rental; office, business property mortgages split 67% 53% 59% 49% 2017 Q2'25 2017 Q2'25 Residential rental property mortgages Office, business property mortgages 49% 8% 6% 18% 19% Residential rental property mortgages 13% Office, business property mortgages 7% Other loans, guarantees
Page 29
29 Volumes | Main exposure: The Danish mortgage market Danish mortgage market is structural, low-risk growth Based on balance principle with no defaulting mortgage credit institutes since inception in 1797. MCI’s fund loans by issuing covered bonds with 1:1 matching terms, thus transferring interest rate, currency, liquidity, prepayment risk to investors. Borrowers can prepay loans/remortgage by buying the bonds at par value or the prevailing market price. These are traded in a transparent and highly liquid market of AAA-rated covered bonds. In addition to the principal and interest paid to the investor, the borrower pays an administration margin as well as transaction- based fees to the MCI. The MCI, in return, guarantees payments from the borrower, who is subject to a thorough credit assessment with a strict 60%-80% loan-to-value limit. Source: The Danish FSA, Nationalbanken and Finance Denmark. Note: For further information on the Danish mortgage model, please see Finance Denmark. Balance principle reduces funding risks Balance sheet of Jyske Bank High and resilient growth of mortgage lending DKKbn Very low cost of risk for mortgage lending bp Mortgage margin stabilises income p.a. Mortgage loans Issued bonds at mortgage subsidiary Bank loans (excl. repo) Deposits (excl. repo) Assets Liabilities and equity Match funding Other assets/ liabilities Equity 0 500 1,000 1,500 2,000 2,500 3,000 3,500 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 +4.2% p.a. +3.2x +3.0% p.a. 20 224 Mean: 4 Mean: 45 -50 0 50 100 150 200 250 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Unaffacted by the level of interest rates Principal, interest Admin. margin Jyske Realkredit (MCI) Mortgage InvestorBorrower Loan Investment Bonds Principal, interest Mortgage lending, Denmark Bank lending, Denmark Administration margin, Danish mortgage credit institutions Net interest margin, Danish banks Cost of risk, Danish mortgage credit institutions Cost of risk, Danish banks
Page 30
1 2 3 4 5 6 8 7 Summary Highlights Financials Volumes Jyske Bank in brief Sustainability Macroeconomics Calendar and contacts 2 6 16 24 30 34 49 45 Sustainability Q2 2025 Targets Next steps Approach
Page 31
31 Sustainability | Approach Strategic approach and priorities for sustainability We are committed to making a difference and enabling our customers to become more sustainable 1 Starting point Commitments Approach We have a strong sustainability foundation Rated among upper half of banks on sustainability1 Frontrunner in transparency on financed emissions Proven track record2 on green financing and emission intensity We are committed to making a difference Aligning with global climate goals through commitment to net zero emissions3 Support sustainable growth Reduce operational emissions by 65% by 2030 to lead by example We enable our customers to be more sustainable Customer value proposition in products and advisory services Responsibility in operations Expanding coverage for existing targets Notes: 1) AA MSCI ESG rating, Medium Risk Sustainalytics ESG rating , B CDP climate change score; 2) Green financing significantly increased since 2019 and emission intensity reduced; 3) Loans and operations by 2045and investments by 2050. 2 3
Page 32
32 Emission intensity reduction targets: Lending 29% Rental property 65% 26% Office, retail property 50% 31% Owner-occupied property 85% - Agriculture >40% - Electricity and heating 30% - Road transport >15% Emission intensity reduction targets: Investments Emission intensity reduction targets: Own operations 65% Managed equity investments 75% 57% Danish mortgage bond investments 40% Realised vs. 2021 2030 target Realised vs. 2019 2030 target Realised vs. 2021 2030 target Realised vs. 2019 2030 target Realised vs. 2021 2030 target vs. 2020 2030 target vs. 2020 2030 target vs. 2019 2030 target Societal targets 81 score Employee engagement 79 score 30-33% Share of female leaders 30% 2028 target Realised 2025 target Realised 28% Scope 1 and 2 65% Realised vs. 2021 2030 target Targets for growth in green finance 5.0 TWh Renewable energy 4.4 TWh 80 DKKbn Low-emission commercial property 64 DKKbn 30% Low-emission share of vehicles, etc. 32% 2025 target Realised 2030 target Realised 2025 target Realised Targeting net zero emissions by 2050 Reducing emission intensity, financing green investments and improving employee engagement, diversity Sustainability | Targets Note: Targets cover approx. half of assets under mgmt. and more than a third of financed emissions. Targeting net zero emissions by 2045 for lending and by 2050 for investments.
Page 33
33 Sustainability | Next steps Current priorities and next steps for sustainability efforts Select examples include focus on helping SMEs, climate action planning and furthering biodiversity Helping SMEs Next steps Encouraging and supporting SMEs’ ESG reporting efforts through inspirational materials. Increasing scalability of customer engagement on sustainability with team of specialists. Upgrading competencies of advisors and providing tools through partnerships. Climate action Formalizing climate action by establishing Paris-aligned transition plan. Defining ESG risk appetite. Strengthened effort on collection of ESG data. Biodiversity Building knowledge through active ownership (Nature Action 100). Analyses of impacts and dependencies. Developing competencies and engaging with customers.
Page 34
1 2 3 4 5 6 8 7 Summary Highlights Financials Volumes Jyske Bank in brief Sustainability Macroeconomics Calendar and contacts 2 6 16 24 30 34 49 45 Jyske Bank in brief Q2 2025 History of Jyske Bank The last decade Jyske Bank today Equity story One of the largest financial institutions in Denmark
Page 35
35 Jyske Bank in brief | Summary One of the largest financial institutions in Denmark Note: Nominal mortgage loans, bank loans/deposits excl. repo. Market share based on lending. Key metrics based on last four quarters or as of the end of last quarter. Founded in 1967, now a Danish SIFI Leading presence in AAA economy 389 142 190 294 Mortgage loans Bank loans Deposits AuM c. 12% Market share Structural, low-risk growth focus DKKbn Strong operating performance Last four quarters Banking 52% Mortgage 43% Leasing 5% Complementary, full-service offering Pre-tax profit (last four quarters) Solid book value per share accretion Book value per share (DKK) Focused on delivering attractive returns through-the-cycle Jyske Bank offers a strong set of financial services, including general banking, insurance, mortgage, asset management, brokerage, credit card and leasing services. Jyske Bank is headquartered in Silkeborg and operates throughout Denmark, servicing >600,000 personal customers in person and online as well as >65,000 business and corporate customers through specialised advisory units. The Jyske Bank Group spans one of the largest banks (Jyske Bank), one of few mortgage credit institutions in Denmark (Jyske Realkredit), and one of the largest Danish leasing providers (Jyske Finans). 0 100 200 300 400 500 600 700 800 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 +10% p.a. BVPS accretion Private Corporate 83 Locations 3,850 FTEs DKK 5.2bn Net profit 11.9% Return on tangible equity 49% Cost/income A+/Stable/A-1 S&P issuer credit rating AA MSCI ESG rating Founded by merger of four banks in Silkeborg Seven acquisitions in 1970s and 1980s Finans Nord, Easyfleet, Fjordbank Mors acquired Acquisition of Sparekassen Lolland Acquisition of Jyske Realkredit from BRFfonden Acquisition of Handelsbanken Denmark Leasing portfolio acquired from Opendo Acquisition of PFA Bank 1967 1989 2011 2013 2014 2022 2024 2023
Page 36
36 Jyske Bank in brief | History History of Jyske Bank Solid consolidator with strong track record Founded 1967 Jyske Bank founded by merger of four local banks in Silkeborg, becoming the 18th largest bank in Denmark Roots Four banks dating back to 1866 1866: Kjellerup og Omegns Sparekasse 1882: Silkeborg Bank 1899: Handels- og Landbrugsbanken Silkeborg 1917: Kjellerup Handels- og Landbrugsbank Succesfully expanding Growing from 8 to 157 branches 1968: Banken for Brædstrup og Omegn 1970: Samsø Bank 1971: Odder Landbobank 1976: Besser Sogns Spare- og Laanekasse 1981: Finansbanken 1983: Vendelbobanken 1989: Holstebro Bank Transformative acquisition Adding a mortgage credit institute 2014: Jyske Bank acquired the mortgage credit institute Jyske Realkredit (BRFkredit) and BRFholding became the largest shareholder of Jyske Bank Post-2008 acquisitions Consolidator 2011: FinansNord, Easyfleet and part of Fjordbank Mors 2013: Sparekassen Lolland Focus on core business Divesting non-priority activities 2013-2015: International asset mgmt. and private banking services phased out 2014: Silkeborg Data divested 2020: Jyske Bank (Gibraltar) divested Recent acquisitions Adding scale to core business 2022: Handelsbanken Denmark adds nearly one fifth to Jyske Bank’s scale 2023: PFA Bank acquisition supports focus on private banking customers 2024: Opendo leasing portfolio to further underpin Jyske Finans’ position
Page 37
37 Jyske Bank in brief | Overview Jyske Bank today One of the leading financial institutions in Denmark c. 12% Market share 3,900 Colleagues Top 4 Banking Jyske Bank Top 3 Leasing Jyske Finans Top 4 Mortgage Jyske Realkredit DKK 767bn Total assets 3,850 Colleagues >600,000 Customers >140,000 Shareholders
Page 38
38 38 38 Jyske Bank in brief | The last decade During the last decade, Jyske Bank has become larger, leaner, and stronger Note: Lending and deposits excl. repo and triparty. 63% Cost/income 2015 Q2’25 9bp Cost of risk DKK 2.5bn Net profit DKK 355bn Lending DKK 129bn Deposits DKK 118bn Assets under management DKK 28.4bn CET1 capital DKK 8.4bn Core income 49% -15pp. -2bp -11bp DKK 5.2bn +111% DKK 514bn DKK 190bn +47% DKK 293nb +148% DKK 38.8bn +37% DKK 13.4bn +59% +45% Last four quarters
Page 39
39 Jyske Bank in brief | Equity story Jyske Bank – Potential for more Aiming to deliver attractive returns through the cycle Operating in Denmark, a structurally attractive banking environment AAA economy with stable growth, high digitalization and low compliance risks A solid financial profile with sound fundamentals Exposed towards structurally growing, low risk Danish mortgages Resilient operations with low risk through-the-cycle Highly collateralized exposures, low normalised cost of risk with significant buffers in place Strategy to improve underlying profitability without compromising risk Gradually improving profitability as natural consolidator, focused on core segments Growing capital return to shareholders Capital generation underpinning yield potential from 30% dividend in addition to share buybacks 1 2 5 4 3 Please see the five subsequent slides for further information.
Page 40
40 Jyske Bank in brief | Equity story deep dive (1/5) Operating in a structurally attractive banking environment Jyske Bank is a leading presence in AAA-rated Danish economy The Danish economy Since 1986, Denmark has been one of few countries to hold the highest possible credit rating (AAA/Aaa) from the three largest international credit rating agencies. Denmark has a wealthy, adaptable, and open economy with a low level of debt, large fiscal buffers, leading social safety nets, low unemployment, and high institutional effectiveness. Source: ECB, Nationalbanken, S&P, Statistics Denmark, Eurostat. Note: Card transactions and net financial assets per capita as of 2021, cf. Nationalbanken. Loans and deposits per capita as of July 2024. Financialized economy underpins market size Denmark is highly digitized… 4th IMD World Digital Competitiveness Ranking of 2023 Denmark is outgrowing other economies GDP, chain-linked volumes, 2010=100 Largest net financial assets per capita of EU 90 95 100 105 110 115 120 125 130 135 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 #1 Denmark 2.9x EU avg. 0.0 0.5 1.0 1.5 2.0 0.0 0.2 0.4 0.6 0.8 Financial assets per capita (DKKm) Financial liabilities per capita (DKKm) 3.3x 1.4x Loans per capita Deposits per capita Euro area Denmark Euro area Denmark 3.3x Card transactions per capita … and a digital payments leader Eurozone Denmark 1
Page 41
41 Jyske Bank in brief | Equity story deep dive (2/5) A solid financial profile with sound fundamentals Exposed towards structurally growing, low risk Danish mortgage market Strong operating performance Significant long-term value creation Attractive Danish mortgage exposure DKK 5.2bn Net profit 11.9% Return on tangible equity 49% Cost/income A+/Stable/A-1 S&P issuer credit rating AA MSCI ESG rating Sources: Danish FSA, Nationalbanken. Note: (1) Based on change of sector mortgage administration margin and net interest margin of banks vs. increase of Nationalbanken's certificate of deposit rate from the 12 months prior to mid-2022 vs. two years later. (2) Cost of risk for Danish banks and mortgage credit institutes since 2000. (3) Bank lending to households and non-financial corporations and nominal mortgage lending since 2003. Book value per share (DKK)Last four quarters ~0 0.24 4 45 4.2% 3.0% Rate sensitivity (beta)1 Cost of risk (bp, p.a.)2 Lending growth (p.a.)3 Mortgage, Denmark Banking, Denmark 75% 2 0 100 200 300 400 500 600 700 800 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 +10% p.a. BVPS accretion
Page 42
42 Jyske Bank in brief | Equity story deep dive (3/5) Resilient operations with low risk through-the-cycle Highly collateralized exposures, low normalised cost of risk with significant buffers in place Low cost of risk and high post-model adj. Loan impairment charges and post-model adj. buffer (bp) Highly collateralised exposures Share of lending secured by real property1 Solid capital and liquidity position As of the end of last quarter 1) Share of lending to households and non-financial corporations secured by immovable real property as of June 2024 according tothe European Banking Authority. 16.3% CET1 ratio 2.6pp CET1 buffer vs. requirement 21.5% Total capital ratio 152% Net stable funding ratio 243% Liquidity coverage ratio 0.75 Loan/deposit ratio -20 -10 0 10 20 30 40 2015 2017 2019 2021 2023 H1'25 Current buffer: 35bp Avg: 1bp p.a. IFRS 9 COVID-19 3 85% 49% Jyske Bank European banks
Page 43
43 Jyske Bank in brief | Equity story deep dive (4/5) Note: 2024 baseline. Increasing underlying profitability to mitigate lower short-term interest rates Accelerating growth in select, profitable market segments with untapped potential Leveraging strenghts of comprehensive, digital offering and client relationships 2028 strategy Potential for more Personal & Private Banking #1 Private banking customer satisfaction vs. top 7 largest banks in Denmark Top 3 Personal customer satisfaction vs. top 7 largest banks in Denmark +35% Assets under management +50% Annual customer acquisition in target segments +100% Value-adding customer meetings per advisor Business Banking Corp. & Inst. Banking+20% Medium-sized business and large corporate customers Share of wallet (ancilliary income/lending volume) +15% #1 Advisory satisfaction vs. top 5 largest Danish banks +50% Customer meetings per advisor Top 3 Ranking in select areas supporting strategic focus +50% Assets under management from institutional customers 2028 targets 10% Return on tangible equity ≥15% CET1 ratio Capital distribution Share buybacks and 30% dividend <50% Cost/income ratio 4
Page 44
44 0% 20% 40% 60% 80% 100% 120% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 COVID-19 restricted distribution of 2019 profit Acquisition of Handelsbanken Denmark halted distribution of 2021 earnings, capital position rebuilt afterwards Distributed in 2025 Capital distribution Share of shareholders’ profit paid out in subsequent year Share buybacks and 30% dividend Capital distribution policy Jyske Bank in brief | Equity story deep dive (5/5) Growing capital returns to shareholders Capital generation underpinning yield potential from 30% dividend in addition to share buybacks Note: Dividends paid and share repurchases executed in the following year as % of net profit attributable to shareholders. 2024E represents 30% dividend supplemented by share buybacks to be paid in 2025 based on 2024 earnings. Share repurchases Dividends 5
Page 45
1 2 3 4 5 6 8 7 Summary Highlights Financials Volumes Jyske Bank in brief Sustainability Macroeconomics Calendar and contacts 2 6 16 24 30 34 49 45 Macroeconomics Q2 2025 Select key figures Jyske Bank forecast
Page 46
46 90 95 100 105 110 115 120 125 130 135 140 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -2% 0% 2% 4% 6% 8% 10% 12% 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 0% 2% 4% 6% 8% 10% 12% 14% 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -1% 0% 1% 2% 3% 4% 5% 6% 7% 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Macroeconomics | Select key figures (1/2) Balanced Danish economic development Interest rates are decreasing with inflation under control Sources: Statistics Denmark, OECD, Eurostat. Note: (1) Danish gross unemployment definition available from 2007. Real gross domestic product 2010=100 Inflation rate HICP, year/year Unemployment rate1 Year/year Danish interest rates Monthly averages Euro area Denmark Euro area 3-month interbank rate 10-year government bond yield Denmark Denmark Euro area
Page 47
47 Macroeconomics | Select key figures (2/2) Healthy sector volume development Sector bank lending up 7% y/y and sector deposits up 5% y/y Nominal sector mortgage lending increased 2.9% y/y as of June 2025. Total sector bank lending (excl. repo) increased 6.6% y/y as of June 2025. Total sector deposits (excl. repo) increased 5.3% y/y as of June 2025. Sources: Statistics Denmark, OECD, Eurostat. Danish real estate prices Year/year House prices to disposable income 2015=100 Danish lending growth Year/year Economic Sentiment Indicator Index -20% -10% 0% 10% 20% 30% 40% 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 80 90 100 110 120 130 140 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 50 60 70 80 90 100 110 120 130 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -20% -10% 0% 10% 20% 30% 40% 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 Denmark Euro area Denmark Euro area One-family houses Owner-occupied flats Mortgage lending to non-financial corp. Bank lending to non-financial corp. Mortgage lending to households Bank lending to households
Page 48
48 Macroeconomics | Jyske Bank forecast Jyske Bank’s macroeconomic forecasts for Denmark Nationalbanken’s policy rate expected to decrease to 1.35% in 2025 * Contribution to growth as a percentage of the preceding year's GDP. Sources: Statistics Denmark, Jyske Bank as of 3 June 2025. Danish economy DKKbn Real growth (%) 2024 2022 2023 2024 2025E 2026E Consumer spending 1,332 -2.1 1.4 0.9 1.2 1.5 Public spending 668 -2.5 0.2 1.4 5.1 0.4 Fixed gross investment 658 -6.6 -6.6 2.7 4.3 2.3 Inventory investment* -17 0.6 -1.7 -1.0 0.0 0.0 Exports 2,065 7.2 10.4 7.5 3.5 4.4 Imports 1,744 4.4 3.7 1.0 4.5 4.5 Gross domestic product (GDP) 2,961 1.5 2.5 3.7 2.5 1.7 Balance of payments - DKKbn 332 276 386 385 390 - Percentage of GDP 11.7 9.8 13.0 12.4 12.1 Public budget balance - DKKbn 98 93 133 40 50 - Percentage of GDP 3.4 3.3 4.6 1.3 1.5 Unemployment - Gross unemployment, average (thousands) 76 83 87 87 90 - Percentage of workforce 2.3 2.5 2.6 2.6 2.7 Employment, avg. (thousands) 3,160 3,202 3,229 3,264 3,275 Inflation (%) 7.7 3.3 1.4 1.9 2.2 Wage index (Private, %) 3.6 4.1 5.2 3.5 2.7 House prices (nominal prices, %) 1.9 -2.6 3.2 4.4 3.2 DanmarksNationalbank’s lending rate, year-end (%) 1.90 3.75 2.75 1.50 1.50 DanmarksNationalbank’s CD rate, year-end (%) 1.75 3.60 2.60 1.35 1.35
Page 49
1 2 3 4 5 6 8 Financials Summary Highlights Volumes Jyske Bank in brief Sustainability Calendar and contacts 2 6 16 24 30 34 49 Calendar and contacts Equity IR Debt IR 26 Feb. Announcement of the 2024 results 26 Feb. Annual report 2024 26 Feb. Risk management report 2024 25 Mar. Annual general meeting 07 May Interim report for the first quarter of 2025 19 Aug. Interim report for the first half of 2025 29 Oct. Interim report for the first nine months of 2025 Simon Hagbart Falk Head of Equity Investor Relations Phone +45 89 89 71 85 E-mail simonhagbart@jyskebank.dk Merete Poller Novak Director, Head of Debt IR & Capital Markets Funding Phone +45 89 89 25 26 E-mail mpn@jyskebank.dk Financial calendar 2025 7 Macroeconomics 45
Page 50
50 This presentation and the information contained therein is furnished and has been prepared solely for information purposes by Jyske Bank A/S. It is furnished for your private information with the express understanding, which recipient acknowledges, that it is not an offer, recommendation or solicitation to buy, hold or sell, or a means by which any security may be offered or sold. The information contained and presented in this presentation, other than the information emanating from and relating to Jyske Bank A/S itself, has been obtained by Jyske Bank A/S from sources believed to be reliable. Jyske Bank A/S can not verify such information, however, and because of the possibility of human or mechanical error by our sources, Jyske Bank A/S or others, no representation is made that such information contained herein is accurate in all material respects or complete. Jyske Bank A/S does not accept any liability for the accuracy, up-to-dateness, adequacy, or completeness of any such information and is not responsible for any errors or omissions or the result obtained from the use of such information. The statements contained herein are statements of our non-binding opinion, not statement of fact or recommendations to buy, hold or sell any securities. Changes to assumptions may have a material impact on any performance detailed. Historic information on performance is not indicative of future performance. Jyske Bank A/S may have issued, and may in the future issue, other presentations or information that are inconsistent with, and reach different conclusions from, the information presented herein. Those presentations or the information reflect the different assumptions, views and analytical methods of the analysts who prepared them and Jyske Bank A/S is under no obligation to ensure that such other presentations or information are brought to the attention of any recipient of the information contained herein. Nothing in this presentation constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to your individual circumstances, or otherwise constitutes a personal recommendation to you. This presentation is intended only for and directed to persons sufficiently expert to understand the risks involved, namely market professionals. This publication does not replace personal consultancy. Prior to taking any investment decision you should contact your independent investment adviser, your legal or tax adviser, or any other specialist for further and more up-to–date information on specific investment opportunities and for individual investment advice and in order to confirm that the transaction complies with your objectives and constraints, regarding the appropriateness of investing in any securities or investment strategies discussed herein. Jyske Bank A/S or its affiliates (and their directors, officers or employees) may have effected or may effect transactions for its own account (buy or sell or have a long or short position) in any investment outlined herein or any investment related to such an investment. Jyske Bank A/S or its affiliates may also have investment banking or other commercial relationship with the issuer of any security mentioned herein. Please note that Jyske Bank A/S or an associated enterprise of Jyske Bank A/S may have been a member of a syndicate of banks, which has underwritten the most recent offering of securities of any company mentioned herein in the last five years. Jyske Bank A/S or an associated enterprise may also have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entities mentioned herein or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment. Any particular security or investment referred to in this presentation may involve a high degree of risk, which may include principal, interest rate, index, currency, credit, political, liquidity, time value, commodity and market risk and is not suitable for all investors. Any securities may experience sudden and large falls in their value causing losses equal to the original investment when that investment is realized. Any transaction entered into is in reliance only upon your judgment as to both financial, suitability and risk criteria. Jyske Bank A/S does not hold itself out to be an advisor in these circumstances, nor does any of its staff have the authority to do so. Disclaimer