Nordea Bank Abp

Strong Q3 operating performance; guidance unchanged - ROE 15.1%, EPS €0.35 (broadly flat YoY), Total income +2% YoY - Net fee & commission income +9% YoY (notably +14% savings income) - Net interest income +1% YoY and +1% QoQ, despite lower mortgage margins and FX effects - Cost discipline: costs flat YoY (excluding FX); cost-to-income 45% in Q3 - Full-year 2026 guidance unchanged: ROE >15%, cost-to-income 44–45%

Savings & investment momentum (AUM record) - AUM +13% YoY to record €590bn (driven by strong net flows and market performance) - Management highlighted strong demand for savings/investment products and cross-sell effectiveness - Private banking and Life & Pension also grew: Private Banking net flows €900m; Life & Pension AUM +20% YoY, gross premiums €3.3bn

Balance sheet growth, but NII margin pressure and “fair value” hit - Corporate volumes: lending +8%, deposits +7% (core driver of improving NII) - Households: mortgage volumes +2% YoY, deposits +4% - NIM declined: 1.53% in Q3 vs 1.59% Q3 last year (and 1.54% Q3 prior year per remarks) - Net fair value -19% YoY, mainly due to extraordinary interest rate volatility late in the quarter hurting market-making / asset values (FX and rate hedging activity still “solid”)