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Third-quarter results 2026
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2 Disclaimer This presentation contains 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. Accordingly, results could differ materially from those set out in the forward- looking statements as a result of various factors. Important factors that may cause such a difference for Nordea include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels. 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 will lead to changes compared to the date when these statements were provided.
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3 Third-quarter highlights 2026 Executive summary Solid performance amid seasonally more subdued activity levels - Return on equity1 15.1% and earnings per share EUR 0.35, broadly stable y/y Continued strong lending and deposit growth; assets under management at record EUR 509bn - Corporate lending up 8% y/y, corporate deposits up 7%. Mortgage lending up 2% y/y, retail deposits up 4%. AuM up 13% y/y Total income up 2% y/y - Net interest income up 1% y/y and q/q, net fee and commission income up 9% y/y and net fair value result down 19% y/y Strong cost performance with continued investment in strategic initiatives to drive efficiency and productivity gains - Total expenses2 flat y/y excluding FX effects Strong credit quality - Net loan losses and similar net result EUR 74m (7bp) – well within long term expectation of around 10bp Continued strong capital generation supporting growth - CET1 ratio3 15.8% – 1.9pp above current regulatory requirement - Strong capital position and capital generation supporting strategic priority to deploy capital for profitable growth 2026 outlook : return on equity greater than 15% and cost-to-income ratio2 of 44–45% 1. With amortised regulatory fees 2. Excluding regulatory fees 3. CET1 ratio includes interim profit, net of a dividend deduction of 70% (the upper range under Nordea’s dividend policy), subject to ECB approval. Further details on capital ratios are presented in the interim report’s capital section.
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Income statement and key ratios EURm Q326 Q325 Q3/Q3 Q226 Q3/Q2 Net interest income 1,799 1,775 1% 1,779 1% Net fee and commission income 880 811 9% 880 0% Net insurance result 79 66 20% 78 1% Net fair value result 198 245 -19% 281 -30% Other income 12 13 -8% 14 -14% Total operating income 2,968 2,910 2% 3,032 -2% Total operating expenses excluding regulatory fees -1,335 -1,313 2% -1,335 0% Total operating expenses -1,353 -1,332 2% -1,363 -1% Profit before loan losses 1,615 1,578 2% 1,669 -3% Net loan losses and similar net result -74 19 -61 Operating profit 1,541 1,597 -4% 1,608 -4% Cost-to-income ratio1, % 45.0 45.1 44.0 Return on equity with amortised regulatory fees, % 15.1 15.8 15.9 Return on tangible equity, % 17.6 18.3 18.4 Diluted earnings per share, EUR 0.35 0.36 -3% 0.36 -3% 4 Key financials Third-quarter results 2026 1. Excluding regulatory fees
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Net interest income Strong corporate volume growth; lower lending margins 5 Year-over-year bridge, EURm Quarter-over-quarter bridge, EURm • Net interest income up 1% y/y • Strong lending and deposit growth - Corporate lending up 8% - Mortgages up 2% - Retail deposits up 4% - Corporate deposits up 7% • Net interest margin 1.53% (1.59% Q325; 1.54% Q226) - Higher lending and deposit volumes, and higher deposit margins, supported by policy rates – offset by lower lending margins, driven by competitive pressures 76 103 54 Q325 Volumes Margins 4 Deposit hedge Treasury and other FX Q326 1,775 1,799 1 +1% 20 15 11 11 12 19 Q226 Volumes Margins Deposit hedge Treasury and other FX Day count Q326 1,779 1,799 +1%
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Net fee and commission income Continued strong growth in savings income Year-over-year bridge, EURm • Net fee and commission income up 9% y/y • Savings fee income up 14%, driven by higher average AuM - Total AuM up 13%, to EUR 509bn – all-time high - Investment product AuM up 14%, to EUR 385bn – all-time high • Brokerage & advisory fee income down; debt capital markets income down from strong Q325 – partly offset by improved equities and M&A • Higher customer activity driving payment and card fee income • Lending fee income down due to lower mortgage refinancing activity 6 Quarter-over-quarter bridge, EURm 66 Q326FX 9 Other 3 Lending 811 880 7 Pay. & cards 4 Brok. & advisory 2 Asset mgmt. Q325 +9% 25 13 8 Q226 Asset mgmt. Brok. & advisory 4 Pay. & cards Lending 4 Other 4 FX Q326 880 880 0%
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Net fair value result Solid customer activity; market making affected by extraordinary interest rate volatility in September 7 Net fair value result, EURm • Stable contribution from customer areas in seasonally slower quarter • Solid customer activity in FX and rate hedging products as well as equities and securities financing • Market making income affected by sharp rises in forward interest rates in September170 211 207 219 171 75 46 19 62 27 Q325 Q425 Q126 Q226 Q326 245 257 226 281 198 -19% Customer areas Treasury and market making
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8 Year-over-year bridge, EURm Quarter-over-quarter bridge, EURm • Total costs flat y/y (excluding FX and regulatory fees); strong cost management - Underlying costs up, mainly due to salary inflation and higher amortisation – partly mitigated by reduction in number of employees - Continued heavy investment in strategic initiatives to drive efficiency and productivity gains across business Costs Costs flat before FX and regulatory fees 14 9 9 Q226 Underlying costs Investments Regulatory fees 7 FX Q326 1,363 1,353 -1% 15 10 16 Q325 Underlying costs Investments FX Q326 1,332 1,353 +2%
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Net loan losses and similar net result Strong credit quality 9 Net loan losses and similar net result, EURm • Net loan losses and similar net result EUR 74m (7bp) - Moderate individual provisions, mainly attributable to few closely monitored corporate customers - Household net loan losses in line with 2025 average - Collective provisions slightly higher, driven by loan volume growth and limited rating migration • Provision levels strong at EUR 1.3bn - Coverage levels reflect strong collateral - Continued low levels of realised losses • Low level of non-performing loans - Stage 3 loans low at 0.91% Impaired (stage 3) loans, % 0.0 0.5 1.0 1.5 Q325 Q425 Q126 Q226 Q326 Impairment rate 59 74 74 15 Individual provisions and write-offs Net collective provisions Net loan losses 0 Fair value Total
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Capital Strong capital position 10 CET1 capital ratio1 development, % Q325 Q425 Q126 Q226 Q326 158 160 162 162 164 REA development, EURbn 0.7 1.5 Q226 Profit -0.5 Dividend -0.1 Changed capital treatment 0.1 SRT -0.1 Market risk & other Q326 13.9 Requirement 15.7 15.8 ~15.5 CET1 requirement Capital policy buffer • CET1 ratio1 strong at 15.8% - 1.9 percentage points above regulatory requirement - CET1 capital1 up EUR 0.4bn – continued strong capital generation - Risk exposure amount up EUR 1.4bn, mainly due to changed capital treatment for one corporate portfolio – offset by launch of new risk-sharing transaction • Regulatory developments - Recent ECB discussions on non-retail capital models indicate additional conservatism required leading to REA increase - Supervisory decisions remain subject to those discussions, and are not expected before 2027 - Nordea will pause buy-backs until REA impact clarified - There is no change in risk or credit quality of loan portfolios concerned 1. CET1 ratios and capital include interim profits, net of a dividend deduction of 70% (the upper range of Nordea’s dividend policy), subject to ECB approval.
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Personal Banking Continued increase in customer activity partly offset by lower lending margins 11 320 313 314 325 334 797 781 763 763 780 3116 Q325 3421 Q425 3812 Q126 3621 Q226 3418 Q326 1,164 1,149 1,127 1,145 1,166 0% +2% Net interest income Net fee and commission income Net insurance result Net fair value result and other Q325 Q425 Q126 Q226 Q326 50 49 53 51 51 +1pp Total income, EURm Lending1, deposits1 and investment product AuM, EURbn Cost-to-income ratio2, % • Mortgage volumes up 2%, deposit volumes up 4% and investment product AuM up 15% • Net interest income down 2% – lower lending margins partly offset by higher volumes and deposit margins • Net fee and commission income up 4%, mainly driven by savings fee income • Cost-to-income ratio2 51% (50% Q325) 1. Excluding FX effects 2. Excluding regulatory fees Deposits AuM 97 100 100 91 95 93 104 105 96 183183182182181 96 Lending +1% +4% +15% Q325 Q425 Q126 Q226 Q326
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0 100 200 300 Asset & Wealth Management Continued strong business momentum in Private Banking 12 8 9 20 17 262230 243 241 252 7471 68 72 72 27 Q325 22 Q425 20 Q126 31 Q226 35 0 Q326 336 342 353 372 371 +10% 0% Net interest income Net fee and commission income Net insurance result Net fair value result and other Q325 Q425 Q126 Q226 Q326 43 48 42 44 44 +1pp Total income, EURm Investment product AuM, EURbn Cost-to-income ratio1, % • Continued high customer activity in Private Banking, with investment product net flows of EUR 0.9bn – positive contribution from all four home markets • Investment product AuM up 13%, to EUR 196bn • Total investment product net flows EUR 0.9bn during quarter • Net fee and commission income up 14%, driven by higher average AuM, supported by strong customer acquisition • Cost-to-income ratio1 44% (43% Q325) 1. Excluding regulatory fees 42 44 44 47 48 39 40 40 44 43 30 31 31 31 29 63 66 66 73 75 0,0 0,2 0,4 0,6 0,8 1,0 Q325 Q425 Q126 Q226 Q326 174 181 180 195 196 +13% Private Banking International inst. Wholesale dist. Unalloc. NLP & 3rd party funds
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Business Banking Continued high customer activity driving volume growth and strong ancillary income 13 154 152 162 175 167 526 527 525 538 554 7105 Q325 8112 Q425 10120 Q126 10121 Q226 11103 Q326 792 799 817 844 835 +5% -1% Net interest income Net fee and commission income Net insurance result Net fair value result and other Q325 Q425 Q126 Q226 Q326 46 45 45 43 44 -2pp Total income, EURm Lending1, deposits1 and investment product AuM, EURbn Cost-to-income ratio2, % • Lending volumes up 6%, deposit volumes up 2% and investment product AuM up 18% • Net interest income up 5%, driven by strong volume growth • Net fee and commission income up 8%, driven by growth in fee income from lending, savings and payments • Cost-to-income ratio2 44% (46% Q325) 1. Excluding FX effects 2. Excluding regulatory fees Deposits AuM 57 58 58 31 33 33 36 37 56 10099989695 56 Lending +6% +2% +18% Q325 Q425 Q126 Q226 Q326
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• Lending and deposit volumes both up 13% and investment product AuM up 12% • Net interest income up 7%, driven by higher volumes • Net fee and commission income up 6%, driven by lending and asset management fees • Net fair value result down 50%; market making affected by extraordinary interest rate volatility • Return on allocated equity 11% (16% Q325) 132 121 101 161 123 148 139 137 130 326 317 326 338 350 Q325 Q425 Q126 Q226 67 Q326 581 586 566 636 547 -6% -14% Net interest income Net fee and commission income Net fair value result and other Total income, EURm Lending1, deposits1 and investment product AuM, EURbn Return on allocated equity2, % 1. Excluding repos 2. With amortised regulatory fees 16 15 15 16 11 Q325 Q425 Q126 Q226 Q326 -5pp 14 Large Corporates & Institutions Strong customer engagement and volume growth; NFV affected by interest rate volatility 64 Lending 51 52 55 55 43 44 44 47 48 Deposits AuM 57 59 62 64 48 +13% +13% +12% Q325 Q425 Q126 Q226 Q326
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15 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 higher 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 5. Excluding items affecting comparability booked in Q1 2026: EUR 190m expense related to restructuring costs (EUR 144m after ta x). See page 5 in the interim report for further details Outlook for 20265: return on equity greater than 15% and cost-to-income ratio2 of 44–45%
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AuM Assets under management and net flows • AuM reporting based on income profile and business area - Clear distinction between investment products, which generate recurring fee income, and other assets, which generate mainly transactional fees - Distinct business area breakdown for investment product AuM - Dividends fully included in net flows Supplementary information 17 114 120 114 122 124 174 181 180 195 196 91 95 93 104 105 3143 Q325 3344 Q425 3344 Q126 3647 Q226 3748 Q326 452 473 464 505 509 Personal Banking Asset & Wealth Management Business Banking Large Corporates & Institutions Other assets Investment product AuM Other AuM 1.3 3.2 1.51.5 -1.6-1.2 -1.6 -0.4 0.5 0.2 Q325 0.8 0.6-1.0 Q425 0.2 0.6 Q126 0.81.0 Q226 0.50.9 0.0 Q326 3.5 3.6 1.1 (2.6) -1.4 1.0 Total AuM, EURbn Net flows in investment products, EURbn 338 353 350 383 385 ( ) Excluding dividend outflow +13% +14% Total AuM growth, % Investment product AuM growth, %
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Capital excellence Strong capital generation supporting returns Steady compounder with strong track record Dividends & buy-backs, EURbn ~50 ~80 Dividend accrual Capital generation net of dividend accrual Average quarterly capital generation, bp • Capital philosophy reaffirmed - Strong capital generation; seek to deploy capital for profitable growth - Dividend policy: 60–70% of annual net profit, with mid-year dividend1 - Share buy-backs to distribute excess capital • Distribution of mid-year dividend for 2026 amounting to EUR 0.34 per share, corresponding to ~50% of Group’s net profit3 for first half of 2026 - Paid on 13 August - First part of total dividend distribution under Nordea’s policy, which stipulates 60–70% payout ratio applicable to full- year profit Supplementary information 18 1. Mid-year distribution paid from retained earnings 2. Assuming stable regulatory requirements and subject to potential M&A 3. Including items affecting comparability 2020–22 2023–25 EUR ~9.9bn EUR ~11.9bn Dividends Buy-backs Year Total distribution (dividends and buy-backs) above EUR 20bn22026–30
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Net interest income sensitivity Net interest income sensitivity to policy rate changes 19 Deposit hedge – nominal volume, EURbn ~ ~ Sensitivity to +50bp parallel shift in policy rates1, EURm Supplementary information Deposit hedge continuing to reduce NII volatility, EURm2 ~ Quarterly NII impact from deposit hedge (absolute), EURm Denmark Finland Norway Sweden Total Y1 NII net impact incl. hedge NII impact beyond Year 1 ~200–250 ~100–150 • NII impact largely driven by policy rates and pass-through - Actual pass-through varying between account types and countries, and throughout rate cycles - Sensitivity reflecting modelled risk over cycle – NII impact lower following initial rate cuts and higher thereafter • Group NII also impacted by other drivers - Volumes and loan/deposit pricing - Wholesale funding costs • Deposit hedging reduces sensitivity to interest rate changes - Average hedge maturity ~3 years - Additional NII impact in Y2–Y3 as assets repriced and hedges rolled over Total net impact including hedge Hedge impact 1. Symmetrical for -50bp parallel shift 2. Based on end-Q3 market rates -28 -19 -12 -21 -32 Q226 Q326Q325 Q425 Q126 6 6 6 6 7 11 11 11 11 12 13 15 16 16 16 3 Q226 3 Q326 4 Q325 5 Q425 4 Q126 34 36 38 EUR DKK SEK NOK -1300 -800 -300 200 2025 2026 2027 471 50 Rate impact excluding hedge (y/y change) Deposit hedge (y/y change) -210 38 39
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Impairments and provisioning coverage Reduction in impaired exposures 20 • Stage 3 ratio stable at 0.91% of total loans • Stage 2 loans unchanged at 5% of total loans • Coverage ratio for stage 3 portfolio stable at 30% - Solid coverage reflecting high levels of collateral - Coverage ratio for stage 2 down in both household and corporate portfolios • Coverage ratios in line with Nordic and similar SSM peers 3,068 3,135 2,966 2,807 2,828 15,355 14,316 14,466 14,526 14,809 Q325 Q425 Q126 Q226 Q326 Stage 2 Stage 3 Coverage ratios, % Stage 2 and 3 loans at amortised cost, EURm Supplementary information 45 46 46 44 44 42 44 40 38 36 34 32 31 31 30 30 303.0 3.2 3.0 2.8 2.7 2.5 2.2 2.2 1.9 2.2 2.0 1.8 1.7 1.9 1.5 1.5 1.4 0 1 2 3 4 5 0 10 20 30 40 50 Q322 Q123 Q323 Q124 Q324 Q125 Q325 Q126 Q326 Stage 3 Stage 2