Confidential
Interim Report January-June 2026
Nordea Kredit Realkreditaktieselskab
Grønjordsvej 10, 2300 Copenhagen S, Denmark
Business registration number 15134275
1
Contents
2
We are part of a leading Nordic financial
services group that has
proudly served as a trusted financial
partner for individuals, families and
businesses for more than 200 years –
enabling
dreams and aspirations
for a greater good.
Our vision is to be
the best-performing financial services
group in the Nordics, accelerating
through our scale, people and
technology.
The Nordea share is listed
on the Nasdaq Helsinki,
Nasdaq Copenhagen and
Nasdaq Stockholm exchanges.
Read more about us at nordea.com.
3
8
8
9
Statement of changes in equity
10
18
2
Financial summary
Key financial figures (DKKm)
Jan-Jun
2026
Jan-Jun
2025
Change %
Income statement
Total operating income
1,281
1,404
-9
Total operating expenses
-286
-383
-25
Profit before impairment losses on loans and receivables
995
1,021
-3
Impairment losses on loans and receivables
90
-48
-285
Profit before tax
1,085
973
11
Net profit for the period
803
720
12
30 Jun 2026
31 Dec 2025
Change %
30 Jun 2025
Change %
Balance sheet
Receivables from credit institutions and central banks
36,854
38,912
-5
35,768
3
Loans and receivables at fair value
396,639
394,230
1
389,458
2
Loans and receivables at nominal value
1
418,434
416,964
0
411,724
2
Debt to credit institutions and central banks
12,392
15,638
-21
13,670
-9
Bonds in issue at fair value
402,298
398,188
1
393,079
2
Equity
22,012
22,691
-3
21,928
0
Total assets
441,194
440,730
0
433,066
2
Ratios and key figures
Jan-Jun
2026
Jan-Jun
2025
Return on equity, %
2
7.2
6.5
Cost/income ratio
22.3
27.3
Write-down ratio, basis points
2
-4.5
2.5
Common Equity Tier 1 capital ratio, %
3,4
22.2
22.8
Tier 1 capital ratio, %
3,4
22.2
22.8
Total capital ratio, %
3,4
23.9
24.5
Own funds, DKKm
3
21,715
22,044
Tier 1 capital, DKKm
3
20,164
20,493
Risk exposure amount, DKKm
4
90,899
89,988
Average number of employees (full-time equivalents)
87
88
1
2
3
4
Comparative figures have been restated for correction of the calculation of Loss Given Default (LGD), resulting in lower Risk Exposure Amount (REA) and
higher capital ratios than previously reported.
3
Management
’s
report
Nordea Kredit Realkreditaktieselskab is a wholly owned
subsidiary of Nordea Bank Abp.
Throughout this report the term “Nordea Kredit” refers to
Nordea Kredit Realkreditaktieselskab, “Nordea” refers to the
Nordea Bank Abp Group and “Nordea Bank” refers to the
parent company Nordea Bank Abp.
Increased activity in a competitive market
Lending activity in the first half of 2026 was 18% above
activity in the same period of 2025. The higher activity was
mainly driven by new corporate lending for office and retail
properties in a competitive market with high business activity.
As a result, annual growth in lending to the subcategory
‘Other commercial real estate’ as defined in the supervisory
diamond for mortgage institutions was 16% in the second
quarter of 2026. Nordea Kredit expects that annual growth in
lending to ‘Other commercial real estate’ will be below 15% by
end-2027.
Competition in the household market is strong and has further
increased over the past year. Nordea Kredit reduced its
administration margins for all new loans for owner-occupied
dwellings and holiday homes on 2 May 2025 and again on 23
February 2026 – benefiting all existing household customers
or up to 300,000 homeowners – as of 1 July 2026.
The vast majority of household customers still prefer
traditional mortgages and 92% of all housing customers at
Nordea Bank in Denmark holds a mortgage loan with Nordea
Kredit. Nordea Kredit offers mortgage loans to all customer
types and across the whole country. The Danish mortgage
system is a stable, efficient and competitive system, and we
expect it to remain the core of Danish housing finance also in
the future.
Loan to value (LTV), arrears and loan losses were maintained
at a stable and low level in the first half of 2026. Further, the
credit quality remained solid for both household and corporate
customers.
Results summary January-June 2026
Profit before tax increased to DKK 1,085m (DKK 973m) (the
comparative figures in brackets refer to the first half of 2025
unless otherwise specifically stated). The growth in lending
volumes was more than offset by the decrease in margins
following increased competition. A net loan loss reversal and
lower sales and distribution service fees more than offset for
the decrease in net interest income.
Operating income
Net interest income decreased by 5% to DKK 1,747m (DKK
1,846m), driven by the lower return on own funds due to
decreased interest rate levels. Furthermore, administration
margins decreased by DKK 40m driven by lower pricing. The
decrease in administration margins was partly offset by an
increase in volumes for corporate customers.
Fee and commission income was up by 24% to DKK 230m
(DKK 185m), mainly driven by higher lending activity.
Fee and commission expenses increased by 11% to DKK
697m (DKK 626m), mainly related to higher first loss
guarantee commissions following the annual price update.
Staff and administrative expenses
Total staff and administrative expenses decreased by DKK
97m to DKK 286m (DKK 383m), driven by decreased costs
for sales and distribution services provided by Nordea Bank,
mainly due to the yearly price update.
The average number of full-time equivalent employees was
87 (88). Staff costs decreased by DKK 1m to DKK 47m (DKK
48m), mainly due to restructuring costs in the first half of
2025.
Impairment losses on loans and receivables
Impairment losses on loans and receivables amounted to a
net loan loss reversal of DKK 90m (net loan loss of DKK
48m), mainly due to a release of management judgement
allowances of DKK 109m following model improvements.
Overall, the loan portfolio of Nordea Kredit is well diversified
with robust collateral.
The 25% first loss guarantee coverage from Nordea Bank
significantly reduces the risk of impairment losses on loans at
Nordea Kredit. The first loss guarantees covered an
unchanged share of 99% (99% at end-2025) of all loans at
Nordea Kredit.
The write-down ratio of the loan portfolio decreased to -4.5bp
(2.5bp) following the release of management judgement
allowances.
Tax
Income tax expense was DKK 281m (DKK 253m), and the
effective tax rate was 26% (26%).
Net profit for the period
Net profit for the period increased to DKK 803m (DKK 720m),
corresponding to a return on equity in the first half of 2026 of
7.2% annually (6.5% annually).
Comments on the balance sheet
Assets
Total assets increased to DKK 441.2bn (DKK 440.7bn at end-
2025).
Receivables from credit institutions and central banks
decreased to DKK 36.9bn (DKK 38.9bn at end-2025) due to a
decrease in excess liquidity from lending activities.
Loans and receivables at fair value increased to DKK 396.6bn
(DKK 394.2bn at end-2025), mainly due to an increase in
nominal lending. Lending at nominal value after loan losses
increased by DKK 1.5bn to DKK 418.4bn (DKK 417.0bn at
end-2025) and by DKK 6.7bn compared with 30 June 2025.
Accumulated loan loss provisions decreased by DKK 98m to
DKK 489m (DKK 587m at end-2025), mainly driven by the
release of management judgement allowances of DKK 109m.
Accumulated loan loss provisions regarding stages 1, 2 and 3
amounted to DKK 77m (DKK 103m at end-2025), DKK 150m
(DKK 210m at end-2025) and DKK 262m (DKK 274m at end-
2025), respectively.
Assets held temporarily remained at a low level and consisted
of a total of two repossessed properties at the end of June
2026 (three at end-2025) with a carrying amount of DKK 1m
(DKK 2m at end-2025).
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Debt
Debt to credit institutions and central banks decreased to DKK
12.4bn (DKK 15.6bn at end-2025), mainly due to decreased
repurchase agreements with Nordea Bank following the
refinancing auctions in the second quarter of 2026.
Bonds in issue at fair value increased to DKK 402.3bn (DKK
398.2bn at end-2025) after offsetting the portfolio of own
bonds. The increase was mainly due to a decrease in the
portfolio of own bonds.
Equity
Including net profit for the period, total equity amounted to
DKK 22.0bn at the end of June 2026 compared with DKK
22.7bn at end-2025 and DKK 21.9bn at the end of June 2025.
The property market
The economy
The global economy developed at a subdued pace in the first
half of 2026. Political trade tensions and geopolitical
uncertainty contributed to weaker growth expectations,
particularly in Europe. At the same time, volatility in energy
prices increased uncertainty regarding the inflation outlook.
In contrast, the Danish economy continued to perform
relatively well compared with many other European countries.
Employment remained high, wage growth supported
household purchasing power, and both public finances and
the current account balance remained strong. Inflation stayed
at a moderate level, although higher energy prices temporarily
contributed to increased price pressures.
The main risks to the Danish economy continue to relate to
developments in the international business cycle, geopolitical
conditions and movements in energy and commodity prices.
Interest rates
The inflation outlook came back in focus in the first half of
2026, influencing financial markets and interest rate
developments. Following a period of policy rate cuts, the
European Central Bank (ECB) increased its key policy rates
by 25 bp in June. The deposit rate was raised to 2.25%,
reflecting higher energy prices and increased inflation risks. In
line with Denmark's fixed exchange rate policy, Danmarks
Nationalbank followed the ECB's monetary policy adjustment.
Danish mortgage bond yields increased moderately during the
first half of 2026. Market developments were, however,
characterised by significant volatility as expectations
regarding the global economic outlook and inflation prospects
changed over the period.
The increase in mortgage rates primarily reflected higher
market rates in the United States and the euro area, as well
as expectations that monetary policy would remain relatively
restrictive for some time.
The Danish mortgage market continued to function efficiently,
supported by strong investor demand and a high level of
issuance activity.
Looking ahead, interest rate developments will continue to
depend on inflation trends, central bank monetary policy and
economic developments in both Europe and the United
States. Increased public investment, rising government
financing needs and geopolitical developments may also
contribute to market volatility.
Figure 1. Interest rates
Property prices and market activity for owner-occupied
dwellings and holiday homes
The Danish housing market continued to show strong
momentum in the first half of 2026. Housing turnover
remained high and residential property prices increased
further.
Price developments were supported by high employment,
rising disposable incomes and limited housing supply in the
larger urban areas.
Apartment prices generally increased more than prices for
owner-occupied houses and holiday homes. There are,
however, indications that price growth in the apartment
market is beginning to moderate, particularly in the Greater
Copenhagen area. Housing supply and average price
reductions increased, while seasonally adjusted monthly price
increases became less pronounced.
The housing market continues to be supported by strong
underlying economic fundamentals and solid demand for
owner-occupied housing. Nevertheless, developments still
remain sensitive to changes in interest rates, economic
activity and household confidence.
Residential rental properties
The market for residential rental properties remained stable in
the first half of 2026, characterised by low vacancy rates and
continued investor demand. Investor activity was supported
by improved financing conditions and increased transaction
volumes compared with the first half of 2025. Demand
continued to be strongest for well-located, existing properties
in established urban areas, while interest in new development
projects remained more selective due to construction costs
and market uncertainty. Yield levels were generally stable,
with modest compression observed for attractive assets in
prime locations.
Office properties
In the first half of 2026 the office market continued to be
characterised by a clear distinction between modern, energy-
efficient properties in attractive locations and older secondary
assets. Demand remained strongest for high-quality office
properties with strong environmental, social and corporate
governance
ESG) credentials, flexible layouts and good
access to public transportation. Investor and occupier focus
on sustainability continued to increase, although willingness to
pay a significant premium for sustainable features remained
limited. Construction activity was still affected by elevated
development costs, leading to a cautious approach towards
new office projects, while prime office properties generally
maintained stable occupancy levels and yield requirements.
5
Warehouses and logistics properties
The market for warehouses and logistics properties remained
resilient in the first half of 2026, supported by continued
demand for modern and well-located logistics facilities.
Vacancy rates remained low, particularly for prime assets,
contributing to stable rental levels and selective rental growth
in attractive locations. Investor interest remained solid with
demand concentrated on properties offering strong
operational efficiency and sustainability features.
Development activity continued to be restrained by
construction costs and planning considerations, limiting the
supply of new logistics facilities and supporting the overall
market balance.
Agricultural properties
The agricultural sector remains financially robust, supported
by several years of satisfactory profitability, strengthened
balance sheets and generally lower debt levels. However,
earnings conditions differed across sectors during the first half
of 2026. Milk producers continued to achieve satisfactory
profitability, supported by relatively favourable milk prices. In
contrast, earnings in the pig sector declined markedly as pig
prices fell sharply during the latter part of 2025 and declined
further during the second quarter of 2026, remaining at a low
level. Crop producers were also affected by declining crop
prices and rising production costs. Consequently, overall
profitability in the sector is expected to be somewhat lower in
2026 than in recent years.
The implementation of the Green Tripartite Agreement and
the new nitrogen regulation model remain key topics for the
sector. While uncertainty regarding the long-term impact on
individual farms and land values in certain areas has been
present for some time, recent political developments have
contributed to increased uncertainty regarding the future
regulatory framework for the agricultural sector.
Agricultural land prices remained at a high level during the
first half of 2026. Transaction activity was satisfactory during
the early part of the year, supported by strengthened farm
balance sheets and competing demand from nature
restoration and afforestation. In addition, some market
participants sought to strengthen and optimise their land base
ahead of the expected regulatory changes. As the year has
progressed, market sentiment has become somewhat more
cautious, reflecting increased regulatory uncertainty and
weaker earnings prospects in parts of the sector, particularly
within pig and crop production. As greater clarity emerges
regarding future regulation, land values may become
increasingly differentiated, with certain properties and land
areas potentially experiencing downward pressure on values
in areas where regulatory impacts are expected to be
greatest.
Nordea Kredit’s lending
The loan portfolio
At the end of June 2026 total lending at nominal value after
loan losses amounted to DKK 418.4bn (DKK 417.0bn at end-
2025).
Total lending activity in the first half of 2026 was 18% above
lending activity in the same period last year. Development
was mainly driven by increased lending to corporate
customers within office and retail properties.
Lending to household customers in the first half of 2026 was
slightly above last year’s activity, primarily due to increased
lending for change of ownership and supplementary lending.
Figure 2. Total loan portfolio by loan type
Fixed-rate loans accounted for 38% of the lending portfolio at
end-June 2026 (end-June 2025: 40%).
Many household customers preferred adjustable rate
mortgages (ARMs) in the first half of 2026 and especially F5
was a popular choice accounting for around 40% of new
lending. Fixed-rate loans followed closely as the second most
popular choice.
Corporate customers preferred floating-rate products (FRN),
which accounted for more than half of new lending in the first
half of 2026, followed by adjustable rate mortgages,
accounting for one third.
Interest-only loans accounted for 55% (54% end-June 2025)
of the total lending portfolio by end-June 2026.
LTV ratios
The average LTV ratio for total lending at Nordea Kredit was
48% at the end of June 2026 (48% at end-2025). The overall
LTV ratio is thereby stable and close to the lowest level
observed since the introduction of SDO/SDRO in 2007.
The average LTV ratio for owner-occupied dwellings and
holiday homes decreased by 1percentage point to 51% in the
first half of 2026 (52% at end-2025). In the same period the
average LTV ratio for agricultural properties decreased by 1
percentage point to 41%, while rental properties were
unchanged at 43% and other corporate properties increased
by 1percentage point to 43%.
Supplementary collateral for loans financed through
covered mortgage bonds
Mortgage institutions issuing loans based on covered
mortgage bonds (SDROs) must provide supplementary
collateral out of their own funds if the statutory LTV limit for
the individual property has been exceeded. The
supplementary collateral required based on the LTV ratios for
the individual loans in capital centre 2 (SDRO bonds) was
DKK 2bn at end-June (DKK 2bn at end-2025).
6
Funding
Bond issuance
Nordea Kredit adheres to the specific balance principle and
exclusively match-funds its lending by the issuance of bonds.
At the end of June 2026 the total nominal value of bonds
issued to finance mortgage loans, before offsetting the
portfolio of own bonds, was DKK 436bn (DKK 446bn at end-
2025). At end-June 2026 the fair value of the total outstanding
volume of bonds was DKK 402bn (DKK 398bn at end-2025)
after offsetting the portfolio of own bonds.
Overall, the market for Danish covered bonds has been
resilient despite the geopolitical environment. Bond pricing
has been affected by upward pressure on inflation, driven by
higher energy prices, as well as a shift in market sentiment
from expectations of interest rate cuts to expectations of a
series of ECB rate hikes during 2026 and 2027.
Issuance of callable bonds has been modest (28.5%), with
85% of the callable issuance concentrated in 4% 30-year
bonds. Borrowers appear to prefer ARMs (48.1%), benefiting
from lower interest rates while still maintaining payment
certainty for several years ahead.
Foreign investors have been net buyers throughout the year,
particularly in floating-rate bonds. We have seen US investors
entering the callable bond market, while Asian investors have
continued to reduce their holdings, primarily by not reinvesting
redeemed bonds.
Refinancing auctions in 2026 have been very well supported,
aided by ample DKK liquidity in the market. The ARM
auctions completed in February delivered strong results, with
tightening spreads and record-high bid-to-cover ratios. The
floater auctions held in May included only one green floater
issue, and participation rates remained high, although the
greenium (green premium) narrowed to 1.5 bp.
Rating
The mortgage bonds issued by Nordea Kredit are rated by the
rating agency Standard & Poor’s. All bonds have been
assigned the highest rating of AAA.
Capital adequacy
The Tier 1 capital ratio excluding net profit for the period was
22.2% (22% at end-2025). The Tier 1 capital ratio increased
due to a decrease in the risk exposure amount (REA) of DKK
2.4bn to DKK 90.9bn (DKK 93.3bn at end-2025). The
decrease in the REA was related to an decrease in credit risk.
The total capital ratio excluding net profit for the period
increased by 0.2% percentage points to 23.9% (23.7% at end-
2025). The total capital ratio increased due to the above-
mentioned development in the REA.
Under Danish legislation Nordea Kredit must publish its
adequate capital base as well as its individual solvency need
on a quarterly basis. Information about individual solvency
needs is available on
www.nordea.com/en/investors/individual-solvency-need.
Debt buffer
The debt buffer requirement was DKK 7.9bn at the end of
June 2026 (DKK 7.9bn at end-2025). The debt buffer
requirement is fulfilled using Tier 1 and Tier 2 capital
instruments not used for capital requirements and by
unsecured senior debt.
Liquidity and funding ratios
The common European Liquidity Coverage Ratio (LCR)
requirement for Nordea Kredit is 100% of net liquidity outflows
over a 30-calendar day stress period, as specified by the
Delegated Act (LCR DA). In addition, Nordea Kredit has an
LCR Pillar 2 add-on, which is a Danish liquidity requirement
applicable to all mortgage institutions and implemented to
capture entity-specific liquidity risk. Nordea Kredit reports both
an LCR DA and an LCR including Pillar 2 add-on. The latter
will always be the most restrictive and thus binding
requirement. At the end of June 2026 the LCR DA was 269%
and the LCR including Pillar 2 add-on was 208%.
The net stable funding ratio (NSFR) measures long-term
liquidity risk. The NSFR requirement for Nordea Kredit is
100% according to the CRR. At 30 June 2026 Nordea Kredit’s
NSFR was 1663%.
Supervisory diamond
At the end of June 2026 Nordea Kredit complied with four of
the five benchmarks of the supervisory diamond for mortgage
institutions.
Due to an inflow of a few extraordinarily large new customers
in office and retail lending in the first half of 2026, the
subcategory ‘Other commercial real estate’ under the
benchmark Lending growth increased by an annual 16% in
the second quarter of 2026. Lending to office and retail
properties amounts to less than 10% of our total lending at
nominal value. The strategy to expand business volume in
this segment has resulted in an increase above the 15%
benchmark. The development in the first half of 2026 will,
alongside a continued strong pipeline of creditworthy
customers, directly affect annual lending growth in the second
half of 2026 and the first half of 2027. Annual lending growth
to the subcategory ‘Other commercial real estate’ is expected
to normalise below 15% by end-2027.
Table 1. The supervisory diamond
1
2
Loans for owner-occupied dwellings and holiday homes and residential rental
properties where the LTV ratio exceeds 75% of the lending limit and the interest
rate is fixed for less than two years are limited to 25%.
3
Interest-only lending for owner-occupied dwellings and holiday homes where
the LTV ratio exceeds 75% of the lending limit is limited to 10%.
4
5
The 20 largest exposures less CRR deductions are limited to 100% of CET1.
New regulation on capital requirements
On 25 June 2026 the Danish Financial Supervisory Authority
announced its 2026 designation of systemically important
financial institutions (SIFIs). Nordea Kredit was once again
7
designated as a SIFI. Based on the assessment score,
Nordea Kredit remains in the same SIFI bucket as previously.
Accordingly, the other systemically important institutions
requirement (O-SII) buffer will remain unchanged at 1%.
On 30 June 2026 the minister of taxation and economic
growth announced that the Countercyclical Capital Buffer
(CCyB) will remain unchanged at 2.5% in Denmark.
On 30 June 2026 the minister of taxation and economic
growth announced that the Systemic Risk Buffer (SyRB) will
remain unchanged at 7% of specified real estate exposures.
However, certain aspects of the buffer calculation will be
eased. In particular, the portion of exposures excluded from
the calculation will be expanded. Previously, exposures in the
0–15% loan-to-value (LTV) bucket were excluded; under the
new decision, exposures in the 0–30% LTV bucket may be
excluded. The decision also introduces certain minor
amendments to the calculation methodology.
Risks and uncertainties
See Note 7 for information about risks and uncertainties.
Outlook 2026
Profit before tax for 2026 is expected to decrease mainly due
to the reduction of administrative margins for new loans to
household customers in 2025 and for both new and existing
loans to household customers in 2026. The decrease in profit
before tax will be partly offset by a lower sales and distribution
costs in 2026.
Nordea Kredit is well provisioned. There is a high degree of
uncertainty on the level of loan losses for 2026 given the
macroeconomic situation.
8
Income statement
Note
Jan-Jun
2026
Jan-Jun
2025
Full year
2025
DKKm
Interest income
2
5,906
6,204
12,020
Interest expenses
2
-4,159
-4,358
-8,413
Net interest income
2
1,747
1,846
3,607
Fee and commission income
230
185
459
Fee and commission expenses
-697
-626
-1,246
Net interest and fee income
1,281
1,405
2,819
Value adjustments
3
0
-2
-5
Other operating income
0
0
0
Staff and administrative expenses
-286
-383
-756
Impairment losses on loans and receivables
4
90
-48
-36
Profit from equity investment in associated undertaking
0
1
1
Profit before tax
1,085
973
2,024
Tax
-281
-253
-541
Net profit for the period
803
720
1,483
Statement of comprehensive income
Jan-Jun
2026
Jan-Jun
2025
Full year
2025
DKKm
Net profit for the period
803
720
1,483
Other comprehensive income, net of tax
-
-
-
Total comprehensive income
803
720
1,483
9
Balance sheet
Note
30 Jun 2026
31 Dec 2025
30 Jun 2025
DKKm
Assets
Cash in hand and demand deposits with central banks
7,444
7,384
7,324
Receivables from credit institutions and central banks
36,854
38,912
35,768
Loans and receivables at fair value
5
396,639
394,230
389,458
Loans and receivables at amortised cost
0
0
0
Investment in associated undertaking
20
22
22
Deferred tax assets
5
4
5
Assets held temporarily
1
2
4
Other assets
218
161
465
Prepaid expenses
13
15
18
Total assets
441,194
440,730
433,066
Debt
Debt to credit institutions and central banks
12,392
15,638
13,670
Bonds in issue at fair value
402,298
398,188
393,079
Current tax liabilities
216
22
179
Other liabilities
2,725
2,638
2,655
Deferred income
2
3
5
Total debt
417,633
416,489
409,588
Subordinated debt
Subordinated debt
1,550
1,550
1,550
Equity
Share capital
1,717
1,717
1,717
Other reserves
22
22
22
Retained earnings
20,272
19,469
20,189
Proposed dividends
-
1,483
-
Total equity
22,012
22,691
21,928
Total equity and debt
441,194
440,730
433,066
Contingent liabilities
Guarantees etc.
0
0
0
Credit commitments
2,567
1,745
2,584
Total contingent liabilities
2,567
1,745
2,584
10
Statement of changes in equity
DKKm
Share capital
1
Other reserves
2
Retained
earnings
Proposed
dividends
Total equity
Balance at 1 Jan 2026
1,717
22
19,469
1,483
22,691
Net profit for the period
-
0
803
-
803
Other comprehensive income, net of tax
-
-
-
-
-
Share-based payments
-
-
0
-
0
Dividends paid
-
-
-
-1,483
-1,483
Balance at 30 Jun 2026
1,717
22
20,272
-
22,012
DKKm
Balance at 1 Jan 2025
1,717
20
19,471
1,059
22,267
Net profit for the year
-
2
1,481
-
1,483
Other comprehensive income, net of tax
-
-
-
-
-
Share-based payments
-
-
0
-
0
Dividends paid
-
-
-
-1,059
-1,059
Proposed dividends
-
-
-1,483
1,483
-
Balance at 31 Dec 2025
1,717
22
19,469
1,483
22,691
DKKm
Balance at 1 Jan 2025
1,717
20
19,471
1,059
22,267
Net profit for the period
-
2
718
-
720
Other comprehensive income, net of tax
-
-
-
-
-
Share-based payments
-
-
0
-
0
Dividends paid
-
-
-
-1,059
-1,059
Balance at 30 Jun 2025
1,717
22
20,189
-
21,928
1
2
11
Glossary
The following definitions apply for ratios and key
figures.
Common Equity Tier 1 capital ratio
Common Equity Tier 1 capital ratio is calculated as Common
Equity Tier 1 capital as a percentage of risk exposure amount.
Cost/income ratio
Total operating expenses divided by total operating income.
Lending growth
The change in loans and receivables at nominal value during
the period divided by loans and receivables at nominal value
beginning of the period.
Leverage ratio
The leverage ratio is the institution’s capital as Tier 1 capital
net after deductions divided by that institution’s total leverage
ratio exposure and expressed as a percentage.
Loans/equity ratio
Loans and receivables at fair value divided by equity end of
the period.
Operating income
Total of net interest and fee income, value adjustments, other
operating income and profit from equity investment in
associated undertaking.
Operating expenses
Total of staff and administrative expenses and depreciation.
Own funds
Own funds include the sum of the Tier 1 capital and the
supplementary capital consisting of subordinated loans, after
deduction of the potential deduction for expected shortfall and
other items.
Return on equity
Net profit for the period as a percentage of average equity for
the period. Average equity includes net profit for the period
and dividend until paid.
Risk exposure amount (REA)
Total assets and off-balance sheet items valued on the basis
of the credit and market risks, as well as operational risks in
accordance with regulations governing capital adequacy,
excluding carrying amount of shares which have been
deducted from the capital base and intangible assets.
Tier 1 capital
The Tier 1 capital of an institution consists of the sum of the
Common Equity Tier 1 capital and Additional Tier 1 capital of
the institution. Common Equity Tier 1 capital includes
shareholders’ equity excluding proposed dividend, deferred
tax assets and the full expected shortfall deduction (the
negative difference between expected losses and provisions).
Tier 1 capital ratio
Tier 1 capital as a percentage of the risk exposure amount.
Total capital ratio
Own funds as a percentage of the risk exposure amount.
Write-down ratio
Impairment losses on loans and receivables during the period
as a percentage of the closing balance of loans and
receivables before impairment losses on loans and
receivables.
12
Note 1
Basis for presentation
The interim report of Nordea Kredit is prepared in accordance with the requirements of the law, including the Danish Financial
Business Act and the Danish Financial Supervisory Authority’s Executive Order on Financial Reports for Credit Institutions and
Investment Firms etc.
The accounting policies and methods of computation are the same as for the annual report for 2025. For more information see
Note 1 in the annual report for 2025.
All figures are rounded to the nearest million Danish kroner (DKK) unless otherwise specified. The totals stated are calculated
on the basis of actual figures prior to rounding. Therefore the sum of individual figures and the stated totals may differ slightly.
Figures rounded to zero are reported as 0. If a figure is zero it is reported as “-”.
The financial statements have not been reviewed or audited.
Note 2
Net interest income
DKKm
Jan-Jun
2026
Jan-Jun
2025
Full year
2025
Interest income
Receivables from credit institutions and central banks
323
391
712
Loans and receivables at fair value
3,992
4,182
8,068
Administration margins
1,587
1,627
3,232
Other interest income
4
4
9
Total interest income
5,906
6,204
12,020
Interest expenses
Debt to credit institutions and central banks
-126
-150
-286
Bonds in issue at fair value
-4,000
-4,172
-8,066
Subordinated debt
-27
-35
-62
Other interest expenses
-6
-
-
Total interest expenses
-4,159
-4,358
-8,413
Net interest income
1,747
1,846
3,607
Note 3
Value adjustments
DKKm
Jan-Jun
2026
Jan-Jun
2025
Full year
2025
Mortgage loans
2,963
670
2,202
Bonds
-
0
0
Foreign exchange gains/losses
0
0
0
Interest rate derivatives
-1
-6
-9
Bonds in issue
1
-2,963
-666
-2,198
Total
0
-2
-5
1
13
Note 4
Impairment losses on loans and receivables
DKKm
Jan-Jun
2026
Jan-Jun
2025
Full year
2025
Stage 1
New and increased impairment charges
-11
-17
-16
Reversals of impairment charges
37
0
0
Impairment losses on loans and receivables, non-credit impaired
26
-17
-16
Stage 2
New and increased impairment charges
-22
-27
-23
Reversals of impairment charges
83
16
32
Impairment losses on loans and receivables, non-credit impaired
61
-11
10
Stage 3, credit impaired
Realised loan losses
-11
-23
-37
Decrease in impairment charges to cover realised loan losses
10
17
28
Recoveries on previous realised loan losses
1
1
2
New and increased impairment charges
-60
-70
-114
Reversals of impairment charges
63
54
90
Impairment losses on loans and receivables, credit impaired
3
-20
-30
Impairment losses on loans and receivables
90
-48
-36
Note 5
Loans and receivables at fair value
DKKm
30 Jun 2026
31 Dec 2025
30 Jun 2025
Mortgage loans, nominal value
Value at beginning of period
417,551
413,523
413,523
New loans (gross new lending)
33,468
66,891
27,929
Foreign exchange revaluations
1
1
0
Redemptions and prepayments
-27,042
-53,141
-24,398
Net new lending for the period
6,426
13,751
3,531
Scheduled principal payments
-5,054
-9,724
-4,716
Mortgage loan portfolio at end of period
418,923
417,551
412,338
Mortgage loans, fair value
Nominal value
418,923
417,551
412,338
Adjustment for interest rate risk etc.
-21,869
-22,814
-22,383
Adjustment for credit risk (see below)
-489
-587
-614
Mortgage loan portfolio
396,565
394,150
389,342
Mortgage arrears
75
81
117
Loans and receivables at fair value
396,639
394,230
389,458
14
Note 5
Loans and receivables at fair value, continued
Movements of allowance account for credit risk value changes
DKKm
Stage 1
1, 2
Stage 2
2
Stage 3
2
Total
Balance at 1 January 2026
103
210
274
587
Transfer between stages
0
6
-4
2
Changes due to changes in credit risk (net)
5
2
32
39
Changes due to repayments
-31
-68
-32
-130
Write-off through decrease in allowance account
-
-
-9
-9
Balance at 30 June 2026
77
150
262
489
DKKm
Stage 1
1, 2
Stage 2
2
Stage 3
2
Total
Balance at 1 January 2025
88
221
275
583
Transfer between stages
0
5
16
21
Changes due to changes in credit risk (net)
77
194
112
383
Changes due to repayments
-62
-209
-104
-375
Write-off through decrease in allowance account
-
-
-25
-25
Balance at 31 December 2025
103
210
274
587
DKKm
Stage 1
1
Stage 2
Stage 3
Total
Balance at 1 January 2025
88
221
275
583
Transfer between stages
0
8
1
10
Changes due to changes in credit risk (net)
17
6
31
54
Changes due to repayments
-
-4
-16
-20
Write-off through decrease in allowance account
-
-
-14
-14
Balance at 30 June 2025
105
232
277
614
1
2
15
Note 5
Forward-looking information
Forward-looking information is used for both assessing significant increases in credit risk and calculating expected credit losses.
Nordea Kredit uses three macroeconomic scenarios: a baseline scenario, a favourable scenario and an adverse scenario. For
the first half of 2026, the scenarios were weighted into the final expected credit losses (ECL) as follows: baseline 60%, adverse
20% and favourable 20%, reflecting geopolitical tensions in the Middle East (baseline 60%, adverse 20% and favourable 20% at
the end 2025).
The macroeconomic scenarios are based on the Oxford Economics Model. The forecast is a combination of modelling and
expert judgement, subject to thorough checks and quality control processes. The model has been built to give a good
description of the historical relationships between economic variables and to capture the key linkages between those variables.
The forecast period in the model is ten years. For periods beyond, a long-term average is used in the ECL calculations.
The macroeconomic scenarios reflect Nordea’s view of how the Danish economy might develop in the light of continued
geopolitical tensions, the war in the Middle East and trade conflicts. When developing the scenarios and determining the relative
weighting between them, Nordea took into account projections made by the central bank and Nordea Research.
Under the baseline scenario, the Danish economy records moderate growth in 2026, with growth continuing in 2027 and 2028.
Denmark sees continued low unemployment. Home prices continue growing in 2027 and 2028.
Nordea’s two alternative macroeconomic scenarios cover a range of plausible risk factors which may cause growth to deviate
from the baseline scenario. Under the adverse scenario, escalating geopolitical conflicts trigger a recession in Europe and
Denmark as firms delay investment decisions, exports weaken, and households reduce consumption in response to higher
inflation and deteriorating labour market conditions. Growth is further constrained by a sharp correction in global equity markets,
amplifying the negative impact on business and consumer confidence. As a result, the Danish economy experiences rising
unemployment and declining residential property prices. Elevated inflationary pressures prompt central banks to tighten
monetary policy more forcefully than in the baseline scenario, while rising inflation expectations push long
‑
term bond yields
higher. Under the favourable scenario, rapid de-escalations in geopolitical conflicts and an unwinding of trade policy uncertainty
lead to a stronger recovery than assumed in the baseline scenario.
At the end of the first half of 2026 adjustments to model-based allowances/provisions amounted to DKK 197m. These
adjustments cover expected credit losses not yet adequately captured by the modelled outcomes. Allowances accounting for
emerging credit and model risks amounted to DKK 151m and allowances for expected losses on loans in stage 1 covering
rating migration not yet identified in the rating amounted to DKK 46m. Model improvements led to a release of DKK 109m in the
first half of 2026.
Scenarios
2026
2027
2028
Probability
weight
Model-
based
provisions,
DKKm
Adjustment,
model-based
provisions,
DKKm
Individual
provisions,
DKKm
Total
provisions,
DKKm
Favourable scenario
GDP growth, %
3.2%
2.9%
1.8%
20%
Unemployment, %
2.6%
2.6%
2.8%
Change in household consumption, %
2.1%
2.5%
2.3%
Change in house prices, %
6.7%
4.4%
2.6%
Baseline scenario
GDP growth, %
1.1%
1.1%
2.0%
60%
270
197
22
489
Unemployment, %
3.1%
3.7%
3.6%
Change in household consumption, %
1.8%
1.5%
2.1%
Change in house prices, %
6.0%
2.5%
3.0%
Adverse scenario
GDP growth, %
0.5%
-0.4%
1.4%
20%
Unemployment, %
3.6%
4.6%
4.7%
Change in household consumption, %
1.2%
0.2%
1.4%
Change in house prices, %
-0.6%
-6.7%
2.1%
16
Note 6
Capital adequacy
Summary of items included in own funds
DKKm
30 June 2026
1
31 Dec 2025
30 Jun 2025
1
Calculation of own funds
Equity
21,208
22,691
21,208
Proposed/actual dividend
-
-1,483
-
Common Equity Tier 1 capital before regulatory adjustments
21,208
21,208
21,208
IRB provisions shortfall (-)
-1,018
-631
-681
Other items, net
-26
-36
-34
Total regulatory adjustments to Common Equity Tier 1 capital
-1,044
-666
-714
Common Equity Tier 1 capital (net after deduction)
20,164
20,542
20,493
Tier 1 capital (net after deduction)
20,164
20,542
20,493
Tier 2 capital before regulatory adjustments
1,551
1,550
1,551
Tier 2 capital
1,551
1,550
1,551
Own funds (net after deduction)
21,715
22,092
22,044
1
Minimum capital requirement and risk exposure amount (REA)
30 Jun
30 Jun
31 Dec
31 Dec
30 Jun
30 Jun
2026
2026
2025
2025
2025
2025
DKKm
Minimum
capital
requirement
Minimum
capital
requirement
1
1
Minimum
capital
requirement
1
1
Credit risk
6,520
81,497
6,819
85,239
6,534
81,672
24
301
27
336
26
328
IRB
5,760
72,005
6,007
75,091
5,790
72,374
- corporate
2,083
26,042
1,955
24,440
1,808
22,604
1,919
23,989
1,763
22,038
1,621
20,265
164
2,052
192
2,402
187
2,339
- institutions
27
339
-
-
-
-
- retail
3,640
45,500
4,030
50,369
3,952
49,405
3,595
44,941
3,838
47,973
3,756
46,945
45
559
192
2,396
197
2,460
- other
10
125
23
282
29
365
Standardised
759
9,492
812
10,148
744
9,298
- central governments or central banks
1
11
1
10
1
13
- institutions
749
9,364
804
10,052
735
9,192
- corporate
1
10
1
10
1
10
- secured by mortgages on immovable properties
4
51
4
54
5
60
- equity
2
20
2
22
2
22
- other items
3
36
-
-
-
-
Operational risk
735
9,190
614
7,676
613
7,668
Standardised
735
9,190
614
7,676
613
7,668
Additional risk exposure amount due to Article 3 of the
CRR
17
213
28
352
52
647
Total
7,272
90,899
7,461
93,268
7,199
89,988
1
higher capital ratios than previously reported.
17
Note 6
Capital adequacy, continued
30 Jun
31 Dec
30 Jun
Capital ratios (%)
2026
2025
1,
2025
Common Equity Tier 1 capital ratio
2
22.2
22.0
22.8
Tier 1 capital ratio
2
22.2
22.0
22.8
Total capital ratio
2
23.9
23.7
24.5
1
Including profit for the period.
2
Comparative figures have been restated for correction of the calculation of Loss Given Default (LGD), resulting in lower Risk Exposure Amount (REA) and higher
capital ratios than previously reported.
30 Jun
31 Dec
30 Jun
Leverage ratio
2026
2025
2025
Tier 1 capital, DKKm
20,164
20,217
20,216
Leverage ratio exposure, DKKm
440,678
440,475
436,869
Leverage ratio, %
4.6
4.7
4.7
Note 7
Risks and uncertainties
Nordea Kredit’s main risk exposure is credit risk. Nordea Kredit only assumes limited market risks, liquidity risks and
operational risks.
See the risk and liquidity management note in the annual report for 2025 for further information on Nordea Kredit’s
management of risks.
There are significant risks related to the macroeconomic environment due to geopolitical developments and trade
tensions. Depending on future developments, there may be increased credit risk in Nordea Kredit’s portfolio. Potential
future credit risks are addressed in Note 5. In addition, Nordea Kredit recognises an increase in the risk of hybrid warfare
impacting its operations as a consequence of the geopolitical situation.
Nordea Kredit is not involved in legal proceedings or disputes which are considered likely to have any significant adverse
effect on Nordea Kredit or its financial position.
Note 8
The Danish Financial Supervisory Authority's ratio system
Jan-Jun
2026
Jan-Jun
2025
1
Full year
2025
1
Total capital ratio
23.9
24.5
23.7
Tier 1 capital ratio
22.2
22.8
22.0
Pre-tax return on equity, %
4.9
4.4
9.0
Post-tax return on equity, %
3.6
3.3
6.6
Income/cost ratio
6.5
3.3
3.6
Foreign exchange exposure as % of Tier 1 capital
0.7
1.2
1.2
Loans/equity ratio
18.0
17.8
17.4
Lending growth for the period, %
0.3
-0.3
1.0
Impairment ratio for the period
0.0
0.0
0.0
Return on assets, %
0.2
0.2
0.3
1
higher capital ratios than previously reported.
The key figures have been computed in accordance with the Danish Financial Supervisory Authority’s definitions, see the
Executive Order on Financial Reports for Credit Institutions and Investment Firms etc.
18
Statement by the Board of Directors and the
Executive Management
The Board of Directors and the Executive Management have considered and adopted the interim report of Nordea Kredit
Realkreditaktieselskab for the half-year ending 30 June 2026.
The interim report has been prepared in accordance with the requirements of the law, including the Danish Financial
Business Act and the Danish Financial Supervisory Authority’s Executive Order on Financial Reports for Credit Institutions
and Investment Firms etc.
It is our opinion that the financial statements give a true and fair view of the company’s financial position at 30 June 2026
and of the results of the company’s operations for the half-year ending 30 June 2026.
Further, in our opinion, the Management’s report provides a fair review of the development in the company’s operations and
financial matters, the results of the company’s operations and financial position and describes the material risks and
uncertainties affecting the company.
Copenhagen, 28 August 2026
Board of Directors
Anders Holkmann Olsen Anne Rømer Anita Ina Nielsen
(Chair) (Vice Chair)
Anders Frank-Læssøe Tina Helen Sandvik Christian Ulrik Johannessen
Executive Management
Morten Boni Kasper Lykke Møller Ingemann
(Chief Executive Officer) (Deputy Chief Executive Officer)