Frank Vang-Jensen on Q4: ‘A strong finish to the year’

We stand strong, resilient and ready to support our customers through this period of global uncertainty.

Once again, Nordea delivered strong results. We finished 2025 well, with high fourth-quarter profitability supported by growth in business volumes and lower costs.

Return on equity for the full year 2025 was 15.5%, making this the third year in a row that we have exceeded 15%.

Building momentum

Our performance reflects the momentum we have built since we set out to reshape Nordea in the autumn of 2019.

Most importantly, we put customers at the centre and focused relentlessly on serving them better. That work is paying off. We have grown our business with both existing and new customers. 

I was also pleased to see us end 2025 on a high note for customer satisfaction. Our scores are now 4–10 index points higher across all four business areas, and performance has improved relative to peers.

Today, Nordea is also:

• More efficient: Back in 2019, we spent 57 cents to generate a euro of income; now it takes 45 cents.
   
• More profitable: In 2019 we ranked near the bottom of the world’s 100 largest banks based on RoE; today, we are firmly in the top 20 and among the best in Europe.
   
• Creating sustainable value for shareholders: Total shareholder return over this period amounts to 322%, or 26% per annum. And following our strong 2025 performance, our Board of Directors has proposed a dividend of EUR 0.96 per share for 2025.

By most measures, we are stronger than we have ever been. We have shown we can deliver consistently high-quality results, in both good and more challenging times.

We carry that strength into our new strategy period – guided by our 2030 priorities and financial targets. Our ambition in the years ahead is to establish Nordea as the undisputed best-performing financial services group in the Nordics.

Strong for our customers

We stand strong, resilient and ready to support our customers through this period of geopolitical uncertainty. Our focus is on being there for them – with advice, capital, a broad range of financial services, and a strong balance sheet.

The Nordic countries have repeatedly shown resilience in the face of global challenges. Our region is supported by strong economies and fiscal positions, stable political systems, and globally successful businesses. The largest Nordic businesses, many of which are our customers, are highly resilient, with well-established positions in global markets.

We also know that major shifts in the world tend to bring the Nordic countries closer. Our culture is to say, “let’s tackle this together”. This is another moment where it is crucial for the Nordic countries – and Europe – to stand together as one.

For all these reasons, even while risks to global economic growth remain, I am confident that our region is well positioned to continue performing strongly.

Higher Q4 business volumes

Looking at the fourth quarter, we again saw increased levels of activity among Nordic businesses. We grew lending to corporates by 8% year on year. A more stable inflation and interest rate environment in the Nordic countries has helped businesses plan with greater confidence.

At the same time, consumer confidence across our four home markets remains muted. Household activity did pick up in the quarter, though was still slow. Mortgage lending increased by 1% year on year. In Sweden, where we have been especially strong, we continued to grow our mortgage market share.

Households’ main focus was on strengthening their financial positions. Many customers increased their recurring savings amounts and many put more money into investment funds. That helped drive strong net flows of EUR 6.5bn and lift our assets under management by 13% year on year, to a record high of EUR 478bn.

All in all, we can look back on a strong 2025 for Nordea. Our progress reflects the hard work of our employees, the trust of our customers, and the support of our shareholders. I am grateful to all our stakeholders for the confidence they have shown – and continue to show – in us.

/ Frank