Latest interim results

Watch the investor webcast held on 29 January

Frank Vang-Jensen, President and Group CEO, presented the results followed by a Q&A audio session for investors and analysts with Frank Vang-Jensen, Ian Smith, Group CFO, and Ilkka Ottoila, Head of Investor Relations.

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Nordea’s group CEO Frank Vang-Jensen on the fourth-quarter results 2025

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Nordea’s fourth quarter results 2025

Resilient and strong performance despite muted consumer sentiment due to geopolitical tensions

Return on equity* 14.4% and earnings per share EUR 0.34

Continued solid growth in lending and deposit volumes and assets under management

Corporate lending up 8% y/y, mortgage lending up 1%. Retail deposits up 6% y/y, corporate deposits up 1%. AuM up 13% y/y

Income resilient

Total income stable y/y. Net interest income down 5%, as expected; net fee and commission income up 3% and net fair value result up 28%

Expenses down with firm cost management

Total expenses down 3% y/y with stable levels of strategic investment

Strong credit quality – net loan losses again well below long term expectation

Net loan losses and similar net result EUR 49m or 5bp (EUR 66m or 7bp excluding management buffer reduction)

Continued strong capital generation; EUR 250m share buy-back programme executed and new EUR 500m one launched

CET1 ratio 15.7% – 1.9pp above current regulatory requirement

Dividend of EUR 0.96 per share proposed for 2025, compared with EUR 0.94 per share for 2024

2026 outlook: return on equity greater than 15% and cost-to-income ratio excluding regulatory fees around 45%

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