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1 The best-performing financial services group in the Nordics Capital Markets Day 5 November 2025
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• Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the bank’s financial condition, liquidity, prospects, growth and strategies; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, “intends”, “plans”, “estimates” and similar verbs or expressions. • Such statements are forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. • These include but are not limited to: (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions and (iv) changes in interest rates and foreign exchange rates. • This presentation does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. Disclaimer 2
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1. PeB: aggregated position across mortgages, deposits and investment products by volume. BB: position by deposits. LC&I: aggregated position across lending, deposits, transaction services and FX by volume. AWM: Private Banking assets under management (AuM) (Life & Pension: DK #4, FI #2, NO #2 and SE #2). Data for FY 2024 3 2 2 2 2 2 2 2 2 3 3 2 4 2 2 1 1 Uniquely positioned in the Nordics Universal relationship service model • Full scope of products, capabilities and expertise • Each customer backed by the full strength of the Group • Local presence to build deep relationships, trusted advice and competence in every market Digital leadership • Award-winning digital front ends • Data, insights and advanced analytics driving growth Scale • Largest financial services Group in the Nordics • Shared capital, platforms and technology • Strong credit rating, low funding costs • Largest investment capacity to drive tech innovation Diversified and resilient • Leading positions across the advanced Nordic economies • Diversified business mix and strong balance sheet underpinning resilient earnings and low losses throughout the cycle • Ability to deploy capital where growth and returns are greatest # Market share position1 Nordea today Leading market positions with comprehensive, pan-Nordic diversification Personal Banking (PeB) Business Banking (BB) Large Corporates & Institutions (LC&I) Asset & Wealth Management (AWM) #1 Business areas #1 #1 Aggregated position #1–2
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Nordea today Well-diversified business mix with high returns and low EPS volatility Personal Banking Business Banking Large Corporates & Institutions Asset & Wealth Management Operating income Allocated equityLending H1 2025 Nordic banks European banks High RoE %, quarterly Low EPS volatility %, quarterly Low funding costs bp, daily 15.3 14.5 12.9 29 40 14 93 76 62 Low cost of risk bp, quarterly 32 3 4 Nordea 2022 to Q2 20251 Operating profit 28% 20% 11% 39% 28% 22% 12% 35% 29% 22% 6% 36% 29% 16% 4% 52% Diversified across business areas Delivering ahead of peers 4 1. Quarterly data 2022 to Q2 2025; sample of 5 Nordic and around 30 European banks (except for funding costs, where sample is 5 Nordic and 11 most comparable European banks for 5 -year EUR senior preferred new issue spreads)
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8th EU: 31st Competitive Global competitiveness ranking3 for long-term value creation €57k EU avg.: €37k Wealthy GDP per capita, EUR thousands3 Low debt General government gross debt, % of GDP4 49% EU: 81% Structurally attractive Globally competitive Wealthy and low risk Low inflation Avg. annual CPI since 2020, %3 3.6% EU: 4.1% High productivity Global profit-to-population ratio by region1 7x EU: 2x Nordic countries Resilient and entrepreneurial economies; excellent financial services markets 1. Annual net income of corporates to population size, based on around 50,000 of the largest listed companies (2024) 2. The IMD annual World Digital Competitiveness Ranking (median based on DK #3, SE #5, NO #10 and FI #12) – analyses countries’ capacity and readiness to adopt and explore digital technologies for the transformation of government practices, business models and society in general 3. The IMD annual World Competitiveness Ranking (median, based on DK #3, SE #6, NO #10 and FI #15) – analyses how countries manage their competencies to achieve long-term value creation (2024) 4. Source: World Bank (2024) 5 7th EU: 24th Highly digitalised Global digital ranking2 for digital transformation
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Nordea 2022–25 Delivering on our promises with strong execution Create the best omnichannel customer experience Leading digital experience with improved customer satisfaction across all business areas Household customer satisfaction2 All-time high +3 index points SME customer satisfaction2 All markets up vs peers Digitally active users +1.1m +29% Position based on app store rating #1 Drive focused and profitable growth Franchise strengthened across markets through capital-light savings growth, M&A expansion and broad-based market share capture in Sweden Net flow to AuM: Retail funds, Private Banking, Life & Pension3 +13% Lending market share capture in Sweden +0.4pp mortgages +0.8pp corporates Deposit market share capture in Norway +3.3pp households +2.1pp corporates Increase operational and capital efficiency Portfolio optimised through targeted cost reduction, efficiency gains, capital excellence Strong shareholder distributions EUR >17bn Improvement in cost-to-income ratio 2pp Most profitable Nordic bank 15.9% 9M 2025 Change since 20211 1. Unless otherwise specified 2. Index points as at the end of Q3 2025 3. Aggregate net flow FY 2021 to Q3 2025 6
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7 Nordea 2022–25 Financial and supporting targets met and exceeded Note: The latest financial targets and Jan-Sep 2025 figures are shown, with amortised resolution fees where applicable. The targets have been upgraded since originally announced at Nordea’s Capital Markets Day in 2022: return on equity above 13%, cost-to-income ratio of 45–47%, loan losses of ~10bp, CET1 ratio of 15–16% (150–200bp management buffer) and underlying total shareholder distributions of EUR 15–16bn. 1. Annualised net loan losses and similar net result, excluding management judgement buffer releases 2. Cumulative from 2022 (including communicated share buy-backs for 2025) 2025 financial and supporting targets 2021 2025 11.2%Return on equity >15% 15.9% 1bp 4bp 17.0% 15.9% EUR >17bn2 2025 financial and supporting targets 2021 2025 CET1 ratio ~15%, 150bp mgmt. buffer Cost of risk normalised at ~10bp1 48.3%Cost-to-income ratio 44–46% 45.6% Shareholder distributions EUR 17–18bn
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Strong shareholder returns Higher returns and stronger capital generation 1. Total shareholder return 2. 4 September 2019 to 30 October 2025 Focus on delivering market- leading shareholder value +292% Total shareholder return since September 20192 +25% Annual total shareholder return since September 20192 2019 2020 2021 2022 2023 2024 2025 2005 2010 2015 2020 2025 Accumulated share buy-backs, EURbn Accumulated dividend, EURbnEquity, EURbnNordea Nordic peers >80% +10% CAGR 8 Consistent, strong capital generationLeading Nordic TSR1 +30% Higher average capital generation in 2020–25 vs 2006–19
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Forces shaping the industry Evolving customer expectations Shifting competitive dynamics New economic reality AI at an inflection point Race for scale & tech advantage Strategic context A new era – and a unique opportunity to lead Savings propensity, ageing demographics Diversification provides resilience, trust drives customer engagement • Uncertain macroeconomic environment and geopolitical tensions reinforce the value of resilient, well-capitalised and diversified financial partners • Diversification, combined with customer proximity and digital leadership, creates opportunity to deepen relationships and capture opportunities in growth areas Strong foundation creates capacity for investment and growth • Fragmented landscape and regulatory complexity favour players with scale • Our broad presence, capital strength and trusted franchise enable us to expand our position and invest for growth Scale, technology and AI reinforce our advantage • Our Nordic scale, rich data foundation and platform modernisation give us the capacity to invest, accelerate our AI adoption and deliver superior experience, efficiency and growth Our opportunity to lead 9
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2030 ambition and financial targets Superior EPS growth and sustained high profitability 10 Return on equity Throughout the period and significantly above in 2030 >15% Cost-to-income ratio Excluding regulatory fees 40–42% 2030 financial targets 2030 ambition Deliver earnings per share of EUR ~2.0 in 2030
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Accelerated by technology, data and AI High-performance cultureSupported by Capital excellence Sustainability at the core The best-performing financial services group in the Nordics Nordea 2026–30 Our vision and strategic priorities 11 Grow faster than the market and sustain high profitability Growth Lead with a compelling customer offering and the best digital experience Offering Deliver scale benefits for superior competitiveness and efficiency Scale
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12 Growth – six growth areas to deliver faster-than-market growth Strengthening position in markets with the greatest room to grow 1. PeB (Personal Banking): 14% mortgage lending market share in 2025 and 18% mortgage front book market share in 2022 –24; BB (Business Banking): share of peer group lending in 2025; AWM (Asset & Wealth Management): Private Banking peer group AuM 2. Large Corporates & Institutions 3. E.g., FY 2025 deposit-to-loan ratio: 34%; ancillary yield: 40bp; ancillary yield = (net commission income excl. securitisatio n costs + net interest income + net fair value result) / lending volumes Win Sweden Grow Norway Accelerate growth in largest market • Capitalise on momentum to gain market shares across businesses1 (PeB: 14–18%; BB: 16%; AWM: 14%) • Expand growth effort to include LC&I2 and underpenetrated segments Broaden relationships • Broaden Personal Banking relationships via savings and ancillary products from strong starting point3 • Accelerate growth in attractive corporate segments and deepen relationships Large core market with broad growth potential Strengthened footprint with untapped potential Attractive fundamentals Strong position for growth 1 2
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13 Growth – six growth areas to deliver faster-than-market growth Deepening relationships Reinforce winning momentum • Leading bancassurer – building on our unique pan- Nordic distribution channel • Leading positions in several markets and products – but significant room to grow Life & Pension Structural growth driven by demographics & policy Cross-sales Position Nordea as the preferred retail savings partner • Deeper relationships and engagement with our broad base of existing customers • Leading cash management and payments offerings for corporates Broader and more sophisticated needs Attractive fundamentals Strong position for growth 3 4
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14 Growth – six growth areas to deliver faster-than-market growth Expanding in attractive segments Capture profitable, underpenetrated segment • Proven ability to meet customer needs through strengthened value proposition • Increasingly digital products and solutions, collaboration between business areas, and Nordic scale Dynamic and increasingly digital business segment Private Banking Win market share across all markets • Be the leading private bank in each market through superior service models • Enabled by digital sales solutions, digital engagement, and cost-efficient product offering Growing wealth and demand for sophisticated advice Attractive fundamentals Strong position for growth 5 Small businesses 6
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Scale Nordic scale: one of the things that makes Nordea unique … accelerated by tech, data and AI ongoing modernisation of technology and data reinforces our scale advantage … making Nordea even more attractive to customers while significantly increasing productivity On course for business-driven transformation of key product streams… starting with streamlined “Nordic-first” processes and product portfolio, forming a basis for applying AI and automation High upside ahead – well positioned 1. Largest balance sheet among Nordic banks 2. Quarterly data 2022 to Q2 2025; sample of 5 Nordic and 11 most comparable European financial services providers for 5 -year EUR senior preferred new issue spreads 62 76 93 Nordea Nordic banks European banks The largest financial services group in the Nordics with scale across the region and in each business Scale at the core of our competitiveness Many scale benefits today include risk diversification, capital strength, strong credit rating, low funding costs, and strategic investment capacity in technology as showcased through the region’s #1 mobile banking app 600 490 320 Nordea Peer 1 Peer 2 Low funding costs2 bp, daily Largest balance sheet1 EURbn, 2024 15
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16 Scale Redesigning four key processes for streamlined end-to-end value streams Mortgages Corporate lending Savings and investments Payments To: Harmonised digital mortgage journey building on successful model for a fast and transparent experience To: Automated, AI- assisted credit process with personalised support for complex cases To: Market-leading, easy digital savings experience with consolidated products, process and tech To: Modernised global payment platform based on Nordic architecture for simpler, faster, always-on experience Easy & efficient 90% Loan promises automated Fast & robust 90% Faster time to decision1 Simple & personalised 50% Customer time saved in advisory2 Modern & instant 40% Less need for customer calls From: Fragmented, local, heavily reliant on manual processing From: Scattered, adviser- driven experience on legacy platforms From: Local architecture, with overlapping systems and long lead time From: Resource-intensive, standardised process with long lead time 1. For non-complex lending 2. Advisory meetings for mass-market and premium segments
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Scale Technology enabling competitive edge in customer experience, resilience and productivity 17 Mortgages Nordic products & processes Corporate lending Savings and investments Payments AI acceleration • Business processes transformed through AI to enable focus on expert tasks and high-impact human advisory service • AI elevating efficiency and customer experience Modernised technology and data Technology and data • Cost savings from exiting legacy technologies and retiring obsolete applications • More efficient development due to simpler estate Resilient and secure • Improved system stability and ability to recover from disruptions • Always on, with high availability Engineering culture • Efficiency and quality through engineering excellence • Preferred employer for tech professionals Streamlined, smart and “Nordic first” products and services delivering improved customer experience and efficiency EUR 600m Gross annual cost take-out by 2030, driven by Nordic scale
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18 Why own Nordea The best-performing financial services group in the Nordics in 2030 Unique Nordic scale benefits driving efficiency and competitive advantage Leading customer experience and faster-than- market income growth Superior EPS growth and sustained high profitability Return on equity >15% throughout period and significantly above in 20301 Cost-to-income ratio2 40–42% Capital excellence and EUR >20bn in total shareholder distributions during 2026–30 60–70% payout ratio with semi-annual distributions3, and buy-backs4 Supported by High credit quality Loan losses ~10bp 2030 financial targets 2030 ambition Deliver earnings per share of EUR ~2.0 1. Assuming CET1 ratio of around 15.5% 2. Excluding regulatory fees 3. Mid-year distribution paid from retained earnings 4. Used to distribute excess capital
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Sustainable superior performance Financials
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• Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the bank’s financial condition, liquidity, prospects, growth and strategies; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, “intends”, “plans”, “estimates” and similar verbs or expressions. • Such statements are forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. • These include but are not limited to: (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions and (iv) changes in interest rates and foreign exchange rates. • This presentation does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. Disclaimer 2
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Why own Nordea Superior EPS growth, market-leading profitability and unique Nordic scale 2019 2020 2021 2022 2023 2024 0.0 0.5 1.0 1.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Superior EPS growth, driven by positive jaws CAGR Nordea SX7P (indexed) +18% 0 20 40 60 80 100 120 2019 2020 2021 2022 2023 2024 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 Resilient earning power with low volatility Operating profit, EURm Quarterly volatility2, % Well-diversified credit portfolio +31% From underperformer to global leader1 World’s largest banks by RoE, % 2019 -10 0 10 20 30 Broad-based income streams 0 10 20 30 40 2024 32%24% 23% 20% Share of lending 61% 27% 9% 2% Share of operating income NII NCI NFV NIR 3 1. Source: Bloomberg. Largest banks by assets, unlisted banks omitted 2. Calculated as the standard deviation of quarterly operating profit per year divided by average quarterly profit for that year
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Underlying costs 1.2 2021 Income Inflation Efficiencies Strategic initiatives 9M2025 48.0 45.6 9.5 2.6 1.4 5.9 4 Focused and profitable growth • Market share growth in lending and deposits • Strong net interest income growth • Solid ancillary income development Improved operational efficiency • Continuous improvement to offset inflation and reduce structural costs • C/I ratio in the pack with peers Investments for growth and resilience • Successful integration of bolt-on acquisitions • Strengthening in technology, data, risk management and other strategic areas Capital excellence • Strong capital generation and high capital returns: EUR >17bn returned to shareholders 2022–25 1. RoE 9M2025 as reported 2. C/I 9M2025 including regulatory fees Nordea today Coming from position of strength, with all targets met Delivering on our 2022–25 strategy C/I2 (%) RoE2 (%) 2025 target 44–46% Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Cost-to-income ratio (%) Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 2021 Operating performance Cost of risk Capital excellence 9M2025 11.2 0.0 15.9 3.4 1.3 Return on equity (%) RoE1 (%) 2025 target >15%
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5 2025 2026 2027 2028 2029 2030 0 1 2 3 2025 2026 2027 2028 2029 2030 0 1 2 3 4 5 2025 2026 2027 2028 2029 2030 0.0 0.5 1.0 1.5 2.0 2.5 3.0 2025 2026 2027 2028 2029 2030 0 2 4 6 8 10 Key planning assumptions1 Economic strength, stable macro underpinning 2030 plan Real GDP growth (%) Interest rates (3-month, %) Inflation (consumer prices, %) Unemployment rates (%) Key assumptions Nordic lending market growth ~3% CAGR 2025–30 Equity market return +7% CAGR 2025–30 Fixed income market return +2% CAGR 2025–30 Nordic interest rates average2 ~3% by 2030 Foreign exchange rates EUR/SEK 10.90 EUR/NOK 11.69 EUR/DKK 7.46 1. Internal economic models for planning purposes based on central bank projections and forward market rates 2. 3-month rates
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High credit quality Loan losses ~10bp Capital excellence and EUR >20bn in total shareholder distributions during 2026–30 60–70% payout ratio with semi-annual distributions3, and buy-backs4 2030 financial targets Cost-to-income ratio2 40–42% 2030 financial targets Superior EPS growth and market-leading profitability, driven by positive jaws Return on equity >15% Throughout the period and significantly above in 20301 1. Assuming CET1 ratio of around 15.5% 2. Excluding regulatory fees 3. Mid-year distribution paid from retained earnings 4. Used to distribute excess capital 2030 ambition Deliver earnings per share of EUR ~2.0 6 Supported by
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Market momentum • Growth at current market share, with income growing slightly faster than costs, resulting in positive jaws Growth areas • Additional growth in targeted areas with low marginal cost-to-income ratio Nordic scale • Structural efficiency improvements across processes, technology, data & AI Low credit losses • Loan losses ~10bp or lower throughout Share buy-backs • Capital efficiency; CET1 ratio ~15.5% 7 EPS (EUR) Nordea 2026–30 Building blocks for 2030 performance 2025 Market momentum1 Growth areas1 Nordic scale1 Loan losses Share buy-backs 2030 ambition EUR ~2.0 RoE >15% 2025–30 1. Net of associated income and costs
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2025 Market momentum 2030 Sweden Norway Private Banking Cross- sales Life & Pension Small businesses 2030 8 1 2 Win Sweden • Accelerate growth in largest market • Capitalise on momentum with high market shares across businesses • Expand growth effort to include LC&I and underpenetrated segments Grow Norway • Expand personal banking relationships and accelerate growth in corporate segments Nordic savings • Deliver full potential of largest savings franchise in Nordics • Drive leading and most efficient savings franchise for all customers in Nordics, combining scale, speed and first-class in-house asset management Leading offering for small businesses • Capture profitable and underserved segment by offering increasingly digital products and solutions 1 2 Nordea 2026–30 Six growth areas driving above-market income growth 3 4 5 6 3 4 5 6 Growth areas CAGR ~3% Accelerating growth and delivering Nordic scale benefits ~1.5x market growth Income
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Mortgages Corporate lending Savings Payments Tech & data Engineering quality & efficiency AI acceleration Structural efficiency initiatives Nordic scale investment 2030 ~600 ~350 Nordea 2026–30 Structural cost efficiencies, driven by Nordic scale Positive jaws, with cost growth from market momentum at ~2.5% Low marginal C/I Enhanced customer experience and structural cost reduction Nordic scale Redesigning four key processes for streamlined end-to-end value streams • Automated, AI-enabled new mortgage flows • End-to-end digitalised corporate lending process • Digitalised savings services built on modern infrastructure, driving advisory efficiency • Modernised global payment platform based on Nordic architecture and simplified operating model Technology behind Nordic scale • Modernisation of technology and data, with priority on exiting legacies • Improved resilience and security, and efficiency through engineering excellence • Business processes transformed through AI 2025 Inflation and volumes Productivity gains Regulatory fees1 Growth area run. costs Structural efficiency initiatives Nordic scale investment 20302030 momentum CAGR ~2% >10% gross cost reduction from Nordic scale 1. Going forward, C/I will be shown excluding regulatory fees Nordic scale – structural efficiency improvement 2030 (EURm) Cost growth below inflation, driven by structural improvements 9
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2025 NII NCI Other Costs 2030 ~45%1 40–42% Nordea 2026–30 Better operating efficiency Positive jaws with faster-than-market income growth improving C/I ratio1 ~3% ~2%Costs Income (market + growth areas) 1. Excluding regulatory fees 2025 2026 2027 2028 2029 2030 ~45% ~40% …aims to deliver annual improvement in cost-to- income ratio, driven by positive jaws~42% Investment in structural efficiencies to achieve incremental cost savings in run-up to 2030… Drive focused profitable growth • Market-driven income growth CAGR ~3% 2025–30 • In addition, faster-than-market income growth through targeted growth areas, further enhancing positive jaws Invest in key levers • Nordic scale investments: a material driver for efficiency via structural cost reduction and enhanced customer experience in growth areas Rigorous cost efficiency • Cost increases from inflation and volumes offset by continuous operational productivity gains and structural efficiency initiatives • Total cost CAGR below inflation at approximately 2% 2025–30 CAGR Cost-to-income ratio1 improving in run-up to 2030 10 >3% Market
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Cost of risk Net loan losses and similar net result ~10bp or lower Loan losses from portfolio ~10bp or lower, as expected1 • Purely Nordic low risk portfolio with more than half of exposure to households • Corporate portfolio well diversified across sectors, with no concentrations Robust credit quality • Loan losses below 10bp even in recent higher inflation and interest rate environment Continued management judgement releases • EUR 291m in provisions remaining 2 8 9 4 -1 -3 -3 -5 2022 2023 2024 9M2025 5 3 3 6 02 2022 3 2023 2024 1 9M2025 Corporate Household Underlying loan loss. excl. MJ MJ 1. Excluding management judgement (MJ) provision releases Excluding management judgement provision release (~10bp) Loan loss ratio (bp) Cost of risk for corporates and households, excl. MJ (bp) Household losses peak at 5bp – 9bp per household sub-portfolio Corporate losses peak at 6bp – 14bp per corporate sub-portfolio 11
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Capital Continued capital excellence – generate, deploy, distribute CET1 ratio development, % CET1 ratio 2025 Profit net of dividend ~2.0 Growth ~0.5 Model upgrades ~1.5 Basel IV ~0.5 Efficiency actions Capital excess CET1 ratio 2030 EUR ~160bn EUR ~200bnREA ~15.5% EUR >20bn in total distributions1 Strong capital generation deployed for growth and shareholder returns • Total distribution (dividend and buy- backs) above EUR 20bn1 2026–30 • REA development in line with growth plans • REA inflation from Basel IV output floor managed through capital efficiency initiatives, including targeted use of securitisation • Capital excess deployed for bolt-on M&A and share buy-backs Capital and dividend policies unchanged • Capital policy of 150bp buffer and dividend policy of 60–70% payout ratio Introduction of semi-annual distributions • Interim distribution of 50% of half-year profits shortly after second-quarter results 12 Stable CET1 requirements, with capital policy maintained at ~15.5% 1. Assuming stable regulatory requirements and subject to potential M&A
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13 Note: PE&II = Private Equity and International Institutions; AM = Asset Management; RoAE = return on allocated equity. Personal Banking Other Bubble size: income, EURbn > 17% 15–17% 13–15% 11–13%Bubble colour: RoAE, % Business Banking Large Corporates & Institutions Asset & Wealth Management 2030 2025 PE&II AM <11% Nordea 2026–30 Optimising capital allocation Continuously adjust capital allocation to capture highest- yielding opportunities Strong contribution across businesses, with profitable income growth in all segments Robust performance management and specific actions for each segment
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14 Why own Nordea The best-performing financial services group in the Nordics in 2030 Faster-than-market growth through focused initiatives Superior EPS growth and sustained leading profitability Unique Nordic scale benefits Return on equity >15% throughout period and significantly above in 20301 Cost-to-income ratio2 40–42% Capital excellence and EUR >20bn in total shareholder distributions during 2026–30 60–70% payout ratio with semi-annual distributions3, and buy-backs4 Supported by High credit quality Loan losses ~10bp 2030 financial targets 2030 ambition Deliver earnings per share of EUR ~2.0 1. Assuming CET1 ratio of around 15.5% 2. Excluding regulatory fees 3. Mid-year distribution paid from retained earnings 4. Used to distribute excess capital
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The preferred financial services partner for all SMEs in the Nordics Business Banking
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• Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the bank’s financial condition, liquidity, prospects, growth and strategies; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, “intends”, “plans”, “estimates” and similar verbs or expressions. • Such statements are forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. • These include but are not limited to: (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions and (iv) changes in interest rates and foreign exchange rates. • This presentation does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. Disclaimer 2
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1. BB deposit market shares 2. Net commission income, Net insurance result and Net fair value 3 2 2 3 2 Uniquely positioned in the Nordics Universal relationship model • Comprehensive offering supporting broad financial needs of SMEs • Local proximity building deep relationships and expertise in every market Digital leadership • Award-winning digital front ends and omnichannel service model ensuring high levels of availability Scale • Operating at scale in all home markets supporting local and pan-Nordic SMEs • Product, sector and segment expertise enabled by Nordic footprint Diversified and resilient • Diversified business mix across geographies, segments and products with high credit quality # Market share position1 Business Banking today Leading market positions with distinctive pan-Nordic diversification Share of Income 2025YTD Geographically diversified business model Trusted financial partner to 500k SMEs 38% 34% 23% Lending NII Ancillary2 Deposit NII 5% Other NII Share of Income 2025YTD 14% 68% 18% Small Midcorp Real estate Share of Income 2025YTD Broad income distributionServing full range of SMEs 30% 27% 23% 20%
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Create the best omnichannel customer experience Award-winning digital channels and strengthened position as a trusted sustainability partner Improved customer satisfaction relative to peers Up in all markets Highest app score among peer banks1 3/4 markets Sustainable financing share of total BB portfolio2 +10pp Drive focused and profitable growth Strong growth driven by performance in Sweden and Norway, and profitability uplift supported by strong ancillary growth Swedish lending volume +7% CAGR Norwegian lending volume +5% CAGR Ancillary income ~4% CAGR Increase operational and capital efficiency Enhanced efficiency through digitalisation of workflows and self-servicing Daily banking self-service coverage3 +35pp Income per frontline FTE4 +49% Credit cases uplifted to Nordic digital workflow5 +47pp Change since 2021 4 Business Banking 2022–25 Successful delivery of 2025 strategic objectives supports transition into next strategy period 1. As of Sept. 2025; Apple App Store 2. As of Sept. 2025 3. Share of daily banking services covered by digital self-service functionality 4. FTEs in Customer Relationship Units 5. YTD as of Sept. 2025; cases >EUR 1m excl. tenant-owned associations.
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5 Deliver Nordic scale benefits, leveraging shared platforms for payments, lending and data Scale Lead with best-in-class payments, and digital offering anchored by sector expertise and insights OfferingGrowth Grow faster than market in Sweden and Norway, and focus on small businesses and relationship depth The preferred financial services partner for all SMEs in the Nordics Business Banking 2026–30 Our vision and strategic priorities High-performance cultureSupported by Capital excellence Sustainability at the core Accelerated by technology, data and AI
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6 Business Banking 2026–30 Faster-than-market growth enabled via leading customer experience and scale Cost-to-income ratio (%) Income growth, 2025-30 1 2025 Market momentum Faster-than-market growth 2030 1 2 3 Building blocks for 2030 performance – Targeting >15% return on allocated equity 2-3% CAGR 9M2025 Growth Cost momentum Strategic investments Efficiency improvements 2030 ~44 <39 Grow faster than market1 Invest in customer offering2 Deliver Nordic scale benefits3
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7 Win Sweden and Grow Norway Win Sweden by strengthening position in transition advisory, attractive underpenetrated segments, and cross-Nordic SMEs Grow Norway through increased customer acquisition intensity, focus on broader customer relationships and investments in frontline coverage Growth Accelerate profitable growth in targeted areas Grow in small business segment Deepen customer relationships Strengthen offering with seamless onboarding, and best-in-class digital complemented by human advisory Accelerate new customer acquisitions through systematic lead generation and referrals Leverage strong cash management offering to grow house bank position and capture ancillary opportunities Improve sales efficiency with expanded use of data-driven leads and customer insights +50,000 Increase in small business customers Market share capture in lending~1–2pp Ancillary income CAGR>4%
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Leading payment offering 8 Upgrade Nordic cash management platform with embedded finance capabilities Build modern business card, accounts receivable and instant payments capabilities #1-2 Cash management position SME Digital Financial Hub Simplify financial management with payroll, expenses, invoices and bookkeeping in one place supported by our AI-driven virtual CFO Ensure customers can establish a banking relationship within a few hours with an experience tailored to industries and life stages 40% Digital users active daily Uplifted sector expertise Expand coverage of sector expert teams and networks to additional high-growth sectors Introduce sector-driven insight and benchmarks into advisory tools to elevate relevance and depth Above- average Growth In target sectors vs portfolio average Offering Winning relationships with tailored experiences and offerings
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9 Scale Seamless and efficient processes delivering smooth customer experience Data- and AI-driven frontline Deploy an AI-powered advisory tool system combining customer benchmarking and financial scenario tools to drive smarter engagement Support frontline with data-driven, targeted and automated customer insights and meeting preparation +30% NCI per FTE increase Automated and modular lending Digitalise lending processes with a Nordic workflow solution covering all customer segments powered by AI process automation Implement a modular corporate lending product structure enabling high product variation at a low delivery cost >60% Near instant credit decisions for SME loans Uplifted payments infrastructure Concentrate card and payment volumes on modern and resilient Nordic payments processing infrastructure for faster time to market, higher self-service and regional scalability supporting growth Consolidate Nordic payments product portfolio reducing number of products 100% Payment flows in target infrastructure
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10 Business Banking 2030: The preferred financial services partner for all SMEs in the Nordics Become the champion of small businesses across the Nordics Grow market share in Sweden and Norway and increase ancillary income through deeper customer relationships Use technology, data and Nordic scale to empower improved customer offerings and efficiency 2030 targets RoAE >15% Cost-to-income ratio <39%
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The preferred financial services partner for household customers in the Nordics Personal BankingPersonal Banking
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• Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the bank’s financial condition, liquidity, prospects, growth and strategies; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, “intends”, “plans”, “estimates” and similar verbs or expressions. • Such statements are forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. • These include but are not limited to: (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions and (iv) changes in interest rates and foreign exchange rates. • This presentation does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. Disclaimer 2
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1. 2024, PeB aggregated position across mortgages, deposits and investment products by volume3 2 2 3 2 Uniquely positioned in the Nordics Universal relationship model • Full financial offering spanning all household needs • Trusted adviser with local presence and expertise, building strong relationships Digital leadership • Top-rated platforms and growing mobile engagement • Delivering seamless experiences and personalised advice Scale • Largest and only pan-Nordic personal banking franchise, leveraging shared platforms across four markets • Common AI-driven digital backbone and centralised automation for efficiency, speed and cost efficiency • Access to a broad network of specialists supporting complex financial needs Diversified and resilient • Balanced business mix across geographies and products # Market share position1 Personal Banking today Largest and only pan-Nordic retail franchise, top three in all markets Well-diversified income mix across Nordics 27% 26%16% 31% Share of income 2025 YTD Broad income distribution 2025 YTD Trusted financial partner to 6.5m household customers 34% 21% 19% 25% Deposits Mortgages Savings Payments & other Share of income 2025 YTD
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Create the best omnichannel customer experience Top-rated digital bank with all-time high customer satisfaction Increased Nordic aggregate customer satisfaction All-time high +3 points Digital active customers +1.1m Relationship customers2 +500K Drive focused and profitable growth Strong growth with faster-than-market growth in Sweden and successful bolt-on in Norway Income growth ~8% CAGR Norwegian deposit market share +3.3pp Swedish mortgage front book market capture3 ~19% Increase operational and capital efficiency Enhanced efficiency driven by transition to digital-first distribution model Unit sales in digital channels ~70% 9M 2025 Frontline reduction, FTEs4 -10% Cost-to-income ratio -4pp Change since 20211 Personal Banking 2022–25 Successful delivery of 2025 strategic objectives supports transition into next strategy period 1. Unless otherwise specified 2. Holding salary accounts, active cards and mortgages and/or savings 3. Average over 2022-25 period, back book market share ~14%. 4. Excluding acquisitions4
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Personal Banking 2026–30 Our vision and strategic priorities The preferred financial services partner for household customers in the Nordics High-performance cultureSupported by Capital excellence Sustainability at the core Accelerated by technology, data and AI 5 Growth Grow faster than market in Sweden, Norway, and grow number of relationship customers Lead with best-in-class digital experience and personalised offerings that maximise customer value Offering Deliver operational excellence with Nordic tech-powered core processes Scale
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Grow faster than market Cost-to-income ratio (%) Income growth, 2025-30 2 1 3 1 2025 Market momentum Faster-than- market growth 2030 Building blocks for 2030 performance – Targeting >19% return on allocated equity 1~3% CAGR 9M2025 Growth Cost momentum Strategic investments Efficiency improvements 2030 ~50 <43 Personal Banking 2026–30 Focused opportunities for growth and strong operating performance Invest in customer offering2 Deliver Nordic scale benefits3 6
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Growth Accelerate profitable growth in targeted areas Win Sweden Grow customer relationships Grow Norway Scale leading growth model for mortgages and pensions to increase customer acqusition Expand reach to new savers and Premium customers through enhanced segment value propositions Deepen existing and attract new relationship customers in all countries through personalised engagement and offers, leveraging AI Activate new savers and increase top-ups through strengthened proposition, easy start-to-save journey, and competitive offering Activate existing customer relationships by enhancing the digital savings experience and offer proactive financial advice Acquire new relationships through digital sales excellence and smoother digital journeys 7 Income growth above market Savings net flows vs 2025E Ancillary income increase above lending growth ~1.5x ~4x +15%
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Offering Winning relationships with tailored experiences and offerings Tailored and adaptive experiences Targeted proposition uplifts Best-in-class savings experience 8 Deliver mobile-first banking with seamless switching between self- service and assisted channels Provide personalised nudges and insights relevant to customers’ financial situation and life stage Premium experience redefined with exclusive products , and prioritised and personalised services Designated offering for young customers by offering simple and digital- first banking with perks and guidance Enhance savings platform with hyper personalisation, easy onboarding and improved navigation Provide a relevant and competitive offering for different customer groups and life stages, backed by elevated savings brand >80% Digital sales (from ~70%) +500,000 Increase In relationship customers
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Scale Seamless & efficient processes delivering smooth customer experience Simplified and common Nordic journeys Digital-first interaction model 9 Deploy AI assistants to resolve routine issues and free up time for advisers to focus on complex issues Empower advisers with AI-based, real-time insights and recommendations based on 360° customer insights Scale nationwide advisory capacity model supported by better CRM and case-handling tools Implement digital, common mortgage journey improving time to decision and 30% lower mortgage processing time Transition to digital savings service model underpinned by optimised product offering and modern platform Transition account and card journeys to fully digital and straight through processing 2x Adviser efficiency increase 90% Loan promises automated
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10 Personal Banking The right platform, the right capabilities and the right people Build on our unique pan-Nordic leadership position Accelerate profitable growth in targeted areas Create superior digital customer experiences through investments in technology, data and AI 2030 targets RoAE >19% Cost-to-income ratio <43%
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The preferred savings and investment partner Asset & Wealth Management
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• Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the bank’s financial condition, liquidity, prospects, growth and strategies; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, “intends”, “plans”, “estimates” and similar verbs or expressions. • Such statements are forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. • These include but are not limited to: (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions and (iv) changes in interest rates and foreign exchange rates. • This presentation does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. Disclaimer 2
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3 A full-service asset and wealth manager Largest savings franchise in the Nordics • Leading Nordic Private Bank with >55k customer groups • A leading bancassurer serving 1.5m personal and corporate customers Broad offering • Full range of services ranging from holistic wealth advisory to lending and investment solutions, covering our customers’ personal and professional needs • Largest asset manager in the Nordics, providing institutional-quality products across channels Digital leadership • Digital wealth platforms for personalised advisory and client engagement • Data-driven insights enhancing both customer experience and adviser productivity Scale • The leading savings distribution platform in the Nordics, driving scalability and diversification Asset & Wealth Management today The largest savings franchise in the Nordics Private Banking 2 2 2 4 4 2 1 2 Life & Pension1 43 46 38 17 AuM EURbn Q3 2025 Denmark Finland Norway Sweden 144 34 23 24 17 AuM EURbn Q3 2025 Denmark Finland Norway Sweden 97 International Institutions & Wholesale Distribution 39 26 AuM EURbn Q3 2025 International Institutions Wholesale Distribution 65 55% 40% 6% AUM Q3 2025 Core Growth # Private Banking market share position # Life & Pension market share position 1. Life & Pension products distributed through Personal Banking, Private Banking, Business Banking and Large Corporates & Institutions Niche
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Private Banking EUR 144bn Strengthened leading position +17% AuM Market share gains in Sweden2 +3pp Income +11% CAGR Life & Pension EUR 97bn Net flows growth (vs. FY22) 3x Re-entered Denmark3 #4 position Income +12% CAGR International Institutions & Wholesale Distribution EUR 65bn Income impacted by flow development -10% CAGR Wholesale flows beginning to stabilise amid structural industry challenges Change since 20211 4 Asset & Wealth Management 2022–25 Well-positioned going into the new strategy period 1. Unless otherwise specified 2. Kantar-Sifo Prospera 2021, 2024 3. Position relating to 2024 Gross Written Premiums , Topdanmark Life acquired 2022 Recovery-5.3 -8.0 -4.8 2022 2023 2024 +0.3 YTD 184 137 2022 2023 2024 2025 1.5 5.0 2022 2025 Wholesale net flows (EURbn) Nordea AuM growth (indexed) Net flows (EURbn) 150 Nordic average Sweden Norway 3x Accelerated growth Tripling net flows Re-established footing
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Deliver Nordic scale benefits in the savings value chain for cost- efficient growth Scale Lead with superior wealth value propositions and best digital experiences OfferingGrowth Grow faster than market in Private Banking and Life & Pension Asset & Wealth Management 2026–30 Our vision and strategic priorities Accelerated by technology, data and AI The preferred savings and investment partner High-performance cultureSupported by Innovation Relationship at the core 5
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Cost-to-income ratio (%) Income growth, 2025-2030 21 Asset & Wealth Management 2026–30 Delivering significant faster-than-market growth 2025 Market momentum Private Banking Life & Pension 2030 4 ~3% CAGR 3 Building blocks for 2030 performance – Targeting >40% return on allocated equity 6 Faster-than-market growth Other business areas Asset & Wealth Management 9M2025 Growth Cost momentum Growth investments Efficiency improvements 2030 ~45 <36 Grow Private Banking1 Invest in digital, advisers and visibility3 Deliver efficiency through scale4 Grow Life & Pension2
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Growth, Offering Leading Private Bank in each home market Preferred savings and investment partner Double digital investments and hire 100 new advisers Accelerate external customer acquisition capabilities and capitalise on upsell model proven to expand wallet Exceed market growth in all countries and nearly doubling income in Norway and Sweden 7 Customers increase in base+30% Best digital experience Enable a digital-first model for the scalable must-win Affluent customers Activate and engage customers with personalised proactivity and advice, leveraging data and AI-powered insights Make customers’ lives easier through convenient digital portfolio reporting Investments into digital development 2x Superior savings offering Grow customer base through segment-specific value propositions, with first priority on Affluent together with Business Owners and Next-Generation Ensure a superior offering by expanding our discretionary solutions and BetaPlus1 for Affluent, and alternatives for upper segments Funds outperforming benchmark2 82% 1. Enhanced strategies only investing in benchmark stocks with selection based on proprietary risk factor model and being neutral on major regions and sectors 2. 82% of aggregated composites providing excess return on a 3-year basis
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Growth, Offering Life & Pension: a fast-growing hidden gem with 5% positive jaws 2026–30 Market- leading bancassurer Capitalise on market growth of 6% CAGR from structural tailwinds Deliver profitable growth faster than the market through significantly higher penetration of Nordea’s huge customer base 8 Income from L&P in 2030>1bn Winning offering Utilise unique features of life and pension products to provide innovative private offerings, and digitise the pension transfer market for individuals Enhance products and services for corporates, such as digital onboarding and convenient administration solutions Net flows growth~1.5x Scalable platform Fully embed products for best end-to-end digital customer journeys, for example protection products with mortgages Modernise platforms and automate processes to create scale benefits, for example in underwriting and claims handling Income growth CAGR8%
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Scale Cross-market synergies and productivity gains across the value chain Future-proof technology estate Personalised AI-driven services 9 Deploy AI and data analytics to personalise our digital content, automating portfolio analysis and providing advisers with relevant leads Further automate advisory processes, to save time in meeting preparation, minutes generation and order handling Concentrate volumes and digitise key operational flows, for example onboarding, KYC, agreements and product management Enhance Nordic processes supported by modern technology estate ~50% Local legacy applications decrease1 Lean Nordic operations Significantly reduce local variations to optimise Nordic processes Deploy common ways of working for onboarding, customer due diligence and more to garner efficiencies that are reinvested in growth >30% Affluent adviser efficiency improvement 1. Reduction of Asset and Wealth Management legacy application
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Asset & Wealth Management 2030: The preferred savings and investment partner Accelerate Private Banking fighting for #1 in each market through superior advisory coupled with digital leadership Strengthen position as the leading Nordic bancassurer through product innovation and scale benefits Nordea as the leading asset and wealth manager offering institutional-quality products from in-house asset manager 10 2030 targets RoAE >40% Cost-to-income ratio <36%
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The preferred financial partner for Large Corporates & Institutions in the Nordics Large Corporates & Institutions
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• Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the bank’s financial condition, liquidity, prospects, growth and strategies; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, “intends”, “plans”, “estimates” and similar verbs or expressions. • Such statements are forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. • These include but are not limited to: (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions and (iv) changes in interest rates and foreign exchange rates. • This presentation does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. Disclaimer 2
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3 2 2 2 1 # Market share position1 36% 22% 21% 21% Geographically diversified business model Trusted financial partner to large corporates & institutions in the Nordics 54% 12% 10% 17% 7% Lending Deposits Transaction banking Markets Investment Banking & Equities 61% 24% 9% 6% Corporates Institutions Real Estate Shipping Resilient income distribution with ~75% from lending, deposits and TxB Full-service relationship bank with corporates in focus Country income Product income Segment income Universal relationship model • Relationship-driven strategy with deep and personal customer relationships • Comprehensive banking solutions with strong balance sheet and debt and capital markets capabilities • Global capabilities and resources available for local support Scale • True Nordic coverage for customers with multi-product needs • Broad base of sector expertise and pan-Nordic product specialists Diversified and resilient • Diversified business model across geographies, customer segments and income lines • Strong credit quality and low loan losses Large Corporates & Institutions today The leading Nordic LC&I business 1. Rank based on lending product position Unique combination of Nordic scale and local presence
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Create the best customer experience and become the preferred ESG partner High customer satisfaction scores and sustainability leadership maintained Improved customer satisfaction scores Up in 3/4 countries Facilitate EUR 200bn in sustainable finance by 2025 EUR 212bn facilitated Reduce financed emissions by 40-50% by 20302 63% reduced Drive focused and profitable growth Strong growth supported by all countries. Improved customer profitability, with corporate lending and fund financing growth Income CAGR +5% Lending volume CAGR +6% PE&II3 RoAE 2025 22% 9M 2025 Increase operational and capital efficiency Enhanced efficiency through capital excellence, streamlined business and divestment of non- core assets Cost-to-income ratio 2025 40% 9M 2025 LC&I RoAE 2025 17% 9M 2025 Capital efficiency through risk-sharing transactions EUR ~400m economic capital savings Change since 20211 4 Large Corporates & Institutions 2022–25 We have established a profitable foundation, supported by strict cost and capital discipline 1. Unless otherwise specified 2. Measured against baseline 2019 3. Private Equity & International Institutions
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5 Large Corporates & Institutions 2026–30 Our vision and strategic priorities High-performance cultureSupported by Capital excellence Sustainability at the core Accelerated by technology, data and AI The preferred financial partner for Large Corporates & Institutions in the Nordics Growth Grow faster than market with focus on Sweden, Norway, increasing cross- sales and growing the infrastructure segment Lead with strong value propositions through best- in-class payments and improved sector expertise Offering Deliver scale advantages through streamlined processes benefiting customers in all major product areas Scale
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6 Cost-to-income ratio (%) Income growth, 2025–30 Building blocks for 2030 performance – Targeting >15% return on allocated equity 2025 Market momentum Faster-than-market growth 2030 2–3% CAGR 21 1 1 3 2 Invest in customer offering ~40 <37 3 9M2025 Growth Cost momentum Strategic investments Efficiency improvements 2030 Large Corporates & Institutions 2026–30 Faster-than-market growth enabled by strengthened offering and Nordic scale benefits Deliver Nordic scale benefits Grow faster than market
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Growth We will grow and strengthen our position as a leading LC&I business in the Nordics Become the leading Nordic market event bank in Sweden and outgrow market with a particular focus on real estate and corporate infrastructure Grow in Norway by leveraging segment expertise in shipping, real estate, transition financing and seafood Win Sweden and Grow Norway Build leading infrastructure portfolio1 Complement leading position in Nordic sponsor-led LBO transactions by building out infrastructure-related financing Grow market share through accelerated customer acquisition and execution capacity Deepen customer relationships Strengthen already comprehensive banking solutions with leading corporate payments solutions and segment-specific value propositions Improve sales efficiency and advisory by providing data and AI-driven leads and customer insights 1. Infrastructure segment within the Private Equity franchise7 >2pp Revenue growth above market >4pp Ancillary income growth p.a. ~2.5bn Lending volume by 2030
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Offering Improving customer experience through strengthened relationships and leading offering Strengthen customer service model and upgrade relationship banking offering to increase customer satisfaction in all countries Provide superior service through deep, personal and predictable mutually beneficial long-term relationships Customer value proposition Sector- focused event capabilities Develop leading competence in Nordic-centred corporate sectors where we can grow and reach a leading position Provide strategic advice and customised solutions enabled by cross- border insights and expanded use of data and AI analytics Leading corporate payments offering Build a modern and integrated offering with upgraded cash management functionality, user interface and connectivity Improve customer experience and convenience from digital product offerings and self-servicing 8 #1-2 Customer satisfaction position in all countries #1-2 Cash management position #1-2 Debt and capital market financier
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Build advisory AI ecosystem with integrated internal and external real- time customer insights Increase level of automation in the advisory process, freeing up time to be redirected for customers Corporate lending Provide automated, AI-assisted data collection and processing with manual controls for more complex cases – efficiency on par with or ahead of leading European banks Offer instant, automated decision-making and execution for simple cases – improved customer experience with quicker time to decision Streamlined products and processes Concentrate payment volumes on modern Nordic payments processing infrastructure while decommissioning the complex legacy infrastructure Upgrade Markets platform and strengthen risk management capabilities Scale Scaling for growth and efficiency across payments, lending and analytics Data- and AI- driven advisory 9 >30% Time reduction in advisory preparation time 100% Payment flows in target infrastructure ~80% Digitalisation of end-to-end corporate lending
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10 Large Corporates & Institutions 2030: The preferred financial partner for Large Corporates & Institutions in the Nordics Grow faster than market in Sweden and Norway with enhanced segment focus, and increase ancillary income through cross-sales Lead and grow LC&I business in all four home markets Use Nordic scale benefits for data, products and processes to develop the best relationship banking offering 2030 targets RoAE >15% Cost-to-income ratio <37%
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Scale – accelerated by technology, data and AI Technology
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• Nordea and its businesses are exposed to various risks and uncertainties. • This presentation contains certain statements which are not historical facts, including, without limitation, statements communicating expectations regarding, among other things, the results of operations and the bank’s financial condition, liquidity, prospects, growth and strategies; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, “intends”, “plans”, “estimates” and similar verbs or expressions. • Such statements are forward-looking statements that reflect management’s current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Results could differ materially from those set out in the forward-looking statements due to various factors. • These include but are not limited to: (i) macroeconomic developments, (ii) changes in the competitive environment, (iii) changes in the regulatory environment and other government actions and (iv) changes in interest rates and foreign exchange rates. • This presentation does not imply that Nordea has undertaken to revise these forward-looking statements beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that lead to changes following their publication. Disclaimer 2
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Strategic context Financial services are being revolutionised by technology Our opportunity to lead 3 Forces shaping the industry Rich data foundation powering personalisation and AI at scale • Largest customer database in the Nordics • Unique advantage for insights, personalised experiences and AI Changing customer expectations Emerging competition Increasing risks and security threats Need for modern infrastructure AI acceleration Modern, resilient technology estate • Faster delivery, stronger security and greater flexibility • Resilience and readiness for future growth Concentrated scale on Nordic platforms • Build once and deploy across markets • Shared product platforms and standardised processes • Speed, cost efficiency and innovation
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2020–25 Developing digital interfaces and tech renewal opportunities • Market-leading digital front-end capabilities • Execution of two major re-platform journeys in core banking and payments • Core banking programme: essential infrastructure provided and valuable lessons offered on approach to Nordic scale 2026–30 Modernising technology to outperform competition in terms of experience and resilience 4 Strategic direction Leveraging Group-wide data, renewing technology, harnessing AI to outperform competition • Data to develop more personalised sales and service • Streamlining and automating journeys: “Nordic first” • Business value through AI • Stepping up modernisation of technology and data estate • Strengthening resilience and security • Significantly improving technology efficiency Mobile app ranking 2025 100% Self-service availability in daily household banking vs ~50% in 2021 ~5 million digitally active customers +29% vs 2021 Nordic #1
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Strategic priorities Technology enabling competitive edge in customer experience, resilience and productivity 5 Mortgages Nordic products & processes Corporate lending Savings and investments Payments AI acceleration • Business processes transformed through AI to enable focus on expert tasks and high-impact human advisory service • AI elevating efficiency and customer experience Modernised technology and data Technology and data • Cost savings from exiting legacy technologies and retiring obsolete applications • More efficient development due to simpler estate Resilient and secure • Improved system stability and ability to recover from disruptions • Always on, with high availability Engineering culture • Efficiency and quality through engineering excellence • Preferred employer for tech professionals Streamlined, smart and “Nordic first” products and services delivering improved customer experience and efficiency EUR 600m Gross annual cost take-out by 2030, driven by Nordic scale
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Automated, AI-assisted data collection for effortless applications Instant, automated decision- making and execution for most cases AI-assisted digital proactivity, with personalised support for complex cases Mortgages and corporate lending Swift and scalable lending processes: fast and transparent for customers; more robust credit decisioning 6 Most resource- intensive steps automated and streamlined, with 90% of loan promises automated Improved customer experience with 90% faster time to decision Origination Credit risk assessment & decision Approval & loan fulfilment 2030 target state 30% reduction in mortgage touch time 90% faster time to decision for non-complex corporate lending 90% of mortgage loan promises automated >60% of SME loans straight- through processed
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Digital services and offerings built on solutions using modern technology and AI • Relevant and cost-efficient product offering • Consolidated, resilient Nordic technology back-end with high-quality data Savings and investments Market-leading digital savings experience: best products and modern technology 7 One digital platform for all customer segments, with fully enabled digital self-service Personalised interactions and AI-assisted digital proactivity Omnichannel, with AI-enabled follow-ups and digital touchpoints Market-leading tailored experiences for self- directed investors and higher private banking segments Market-leading digital experience Provided through an efficient Nordic solution Customer needs met by advisers with digital tools, data- driven insights, and simplified processes, leading to 2x higher advisory efficiency for mass-market and premium segments Leading, easy digital experiences with truly personalised recommendations 2030 target state
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Cards Shorter change lead time for latest features Less leakage with streamlined products and increased self- service availability Modern, consolidated Nordic technology infrastructure High-level automation through optimised processes Payments Speed and reliability through instant payments Fewer applications, with harmonised product set and technology Global payment engine for modern account-to-account infrastructure Resilience and control, with higher automation and enhanced digital self-servicing Simple Always onFast Trusted Payments Modernised payment platform: consolidated Nordic architecture with streamlined products and processes 8 50% 40% 100% 45% Shorter change lead time: down to 4 weeks from 8 weeks Household payments self- service: leakage reduced to 25% from 45% through standardised digital self- servicing Ability to support clients in the evolving digital currency landscape Regional scalability and growth, supported by migrated payment flows and reduction in applications 2030 target state
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AI acceleration Best-in-class personalised customer experiences and operational efficiencies with AI 9 Now Next Long term Single & platform use cases for everyday e.g. hyper-personalised recommendations, coding assistants AI-driven process transformation Transform core business processes (e.g. lending) Next-gen autonomous banking experience Reinvent servicing, using agentic AI AI technology platform to enable safe and scalable development Organisation & talent to drive innovation & value and leverage partnerships Safe & trusted frameworks, policies and standards for AI Customer assistant 5.2 million chats; ~78% handled by Nova Chatbot1 Productivity tools >18,000 users by end of 2025 Crime prevention Automation in know your customer and transaction monitoring processes Current use of AI Our AI agenda Value-creating use cases AI capabilities Now Next Long term 1. October 2024 to September 2025
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10 Modernised technology and data Technology enabling competitive edge in customer experience, resilience and productivity • Simplify by consolidating and reducing functional overlap • Modernise by moving apps to modern target technologies and retiring obsolete ones Applications • Enable high-quality data • Standardise interfaces for easy access and reuse Data • Modernise by transitioning to a hybrid cloud environment • Exit legacy technologies Infrastructure • Drive productivity with AI-powered tools • Attract engineering talent and optimise workforce mix People Modernisation approach Run cost savings from exiting legacy technologies Cost savings from retiring obsolete applications More efficient development due to simpler estate + + Simpler technology estate Diversified hybrid cloud environment Security and resilience Developer experience Ecosystem leveraging ~60% Share of workloads on modernised technology 2030 target state
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11 Scale – accelerated by technology, data and AI Develop personalised services and interactions for all segments, with lower costs, promoting growth Build streamlined and automated Nordic journeys and transform processes with AI Step up modernisation of tech and data landscape, improve resilience and security, and significantly improve technology efficiency 2030: streamlined and automated Nordic journeys with improved customer experience and cost position 2030 targets Gross annual cost take- out, driven by Nordic scale EUR 600m Workloads on modernised technology ~60%