Jyske Bank A/S

Strong operating momentum; EPS up despite lower trading comps - Q3 EPS (excl. value adjustments) up 14% YoY; CEO highlights “good business momentum” and higher interest rates as key drivers. - Return of DKK 21 EPS in Q3 was slightly below Q3 last year, which had very high trading income (investors should see EPS strength but not a pure repeat of last year’s trading tailwind).

NII and fee income trends look supportive; deposit repricing remains the key swing factor - Net interest income (NII) up 4% QoQ, driven by higher volumes and higher margins, especially deposit margins. - Deposit “beta” currently below what they normally assume for sensitivity (repricing has been limited so far), but management expects that deposit products that haven’t repriced may adjust later. - Guidance on deposit pricing path: they do not commit to an exact beta number, but imply deposit pass-through should move toward their broader sensitivity profile over time (with sensitivity largely unchanged: DKK 700m (yr 1) for a 100bp shift; DKK 900m (from yr 2)). - Fees strong: net fee & commission income up 11% YoY in Q3, helped by AUM/custody fees (+21%), higher activity/transactions, and mortgage refinancing.

Market share / lending mix: mortgages strong; CRE/new commercial property intentionally de-prioritised - Mortgage loans: +9% YoY in Q3; also +2% QoQ in Q3 (primarily private mortgages). - Bank lending: +1% in the quarter, and +3% when excluding a transfer of mortgages to Jyske Realkredit (investors should view underlying growth as better than headline bank-lending alone). - Competitive position improved where they focus: - Personal clients: management says they are winning market share and gaining customers. - Large SME / CRE: they admit they haven’t been as aggressive on new commercial property; competition recently pushed prices/credit terms beyond “normal” standards. - Intentional CRE pullback: explicitly stated that they’re not “hunting” stand-alone CRE growth; this reduces near-term volume but supports quality/ROE.