Upcoming Dividend • Jul 29
Upcoming dividend of €0.34 per share Eligible shareholders must have bought the stock before 05 August 2026. Payment date: 13 August 2026. Payout ratio is on the higher end at 94% but the company is not cash flow positive. Trailing yield: 5.5%. Within top quartile of Italian dividend payers (4.7%). In line with average of industry peers (5.0%). Reported Earnings • Jul 17
Second quarter 2026 earnings released: EPS: €0.36 (vs €0.35 in 2Q 2025) Second quarter 2026 results: EPS: €0.36 (up from €0.35 in 2Q 2025). Revenue: €2.97b (up 1.4% from 2Q 2025). Net income: €1.23b (flat on 2Q 2025). Profit margin: 42% (in line with 2Q 2025). Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. New Risk • May 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.5% average weekly change). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Apr 23
First quarter 2026 earnings released: EPS: €0.32 (vs €0.35 in 1Q 2025) First quarter 2026 results: EPS: €0.32 (down from €0.35 in 1Q 2025). Revenue: €3.00b (up 1.4% from 1Q 2025). Net income: €1.10b (down 8.9% from 1Q 2025). Profit margin: 37% (down from 41% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.6% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 18
Upcoming dividend of €0.96 per share Eligible shareholders must have bought the stock before 25 March 2026. Payment date: 02 April 2026. Payout ratio is a comfortable 69% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Italian dividend payers (4.9%). In line with average of industry peers (6.6%). Announcement • Feb 18
Nordea Bank Abp Announces John Maltby Not Standing for Re-Election Nordea Bank Abp announced that John Maltby is not available for re-election to the Annual General Meeting to be held on 24 March 2026. Declared Dividend • Feb 01
Dividend increased to €0.96 Dividend of €0.96 is 2.1% higher than last year. Ex-date: 25th March 2026 Payment date: 2nd April 2026 Dividend yield will be 5.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (69% payout ratio) and is expected to be covered in 3 years' time (67% forecast payout ratio). The dividend has increased by an average of 4.4% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 16% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: €1.39 (vs €1.44 in FY 2024) Full year 2025 results: EPS: €1.39 (down from €1.44 in FY 2024). Revenue: €11.7b (flat on FY 2024). Net income: €4.84b (down 3.8% from FY 2024). Profit margin: 41% (down from 43% in FY 2024). Cost-to-income ratio: 45.0% (up from 43.1% in FY 2024). Non-performing loans: 0.50% (down from 0.55% in FY 2024). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €18.84, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 10x in the Banks industry in Italy. Total returns to shareholders of 128% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €27.77 per share. New Risk • Dec 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.4% average weekly change). Announcement • Nov 20
Nordea Bank Abp Announces Appointment of Thor-Erik Bech as Head of Global Shipping Nordea announced the appointment of a global head of shipping. The appointment comes as the firm is focussing on companies with future potential. The company has appointed Thor-Erik Bech as head of global shipping. He was previously head of international shipping offshore at the bank. Reported Earnings • Oct 17
Third quarter 2025 earnings released: EPS: €0.36 (vs €0.36 in 3Q 2024) Third quarter 2025 results: EPS: €0.36 (in line with 3Q 2024). Revenue: €2.94b (flat on 3Q 2024). Net income: €1.23b (down 3.0% from 3Q 2024). Profit margin: 42% (in line with 3Q 2024). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 15% per year. Announcement • Oct 13
Nordea Bank Abp Announces Executive Changes Nordea Bank Abp announced that Erik Ek is appointed Head of Group Business Support and a member of the Group Leadership Team as of 13 October 2025. Erik Ek, current Head of Group Credit Management, is appointed Head of Group Business Support and a member of the Group Leadership Team. He joined Nordea in 2015 and has demonstrated effective leadership, coupled with great business acumen and a very strong customer focus. Through his current role, he knows the functions of Group Business Support well. Erik Ek succeeds Mads Skovlund Pedersen, who has resigned to take up an opportunity outside Nordea. Mads Skovlund Pedersen will stay on as a Senior Advisor until 31 March 2026. Nordea is heading into a new strategy period. Hence, building on Nordea's successful foundation, Group Business Support will play a key role in delivering increased efficiency through Nordic scale benefits that enable greater value for customers. The appointment is subject to regulatory approval, and the change will take effect as of October 13, 2025. Announcement • Sep 05
Nordea Bank Abp Announces Management Changes Nordea Bank Abp announced that Board member Risto Murto has been appointed to the Board Risk Committee and will step down from the Board Operations and Sustainability Committee. Board member Lars Rohde has been appointed to the Board Operations and Sustainability Committee and will continue as a member of the Board Risk Committee. Further, employee representative Gerhard Olsson steps down from the Board of Directors as of today. Until a replacement for Gerhard Olsson has been appointed, the employee representatives are: Joanna Koskinen and Jørgen Suo Lønnquist as ordinary members and Kasper Skovgaard Pedersen as deputy member. Joanna Koskinen will replace Gerhard Olsson on the Board Remuneration and People Committee. Reported Earnings • Jul 18
Second quarter 2025 earnings released: EPS: €0.35 (vs €0.37 in 2Q 2024) Second quarter 2025 results: EPS: €0.35 (down from €0.37 in 2Q 2024). Revenue: €2.93b (down 1.3% from 2Q 2024). Net income: €1.22b (down 6.3% from 2Q 2024). Profit margin: 42% (down from 44% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Jul 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 1.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Jun 17
Nordea Bank Abp (HLSE:NDA FI) commences an Equity Buyback for 340,000,000 shares, representing 9.7% of its issued share capital, under the authorization approved on March 20, 2025. Nordea Bank Abp (OM:NDA SE) commences share repurchases on June 16, 2025, under the program mandated by the Annual General Meeting held on March 20, 2025. As per the mandate, the company is authorized to repurchase up to a maximum of 340,000,000 shares, representing 9.7% of its issued share capital, subject to a condition that the company’s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. The highest purchase price per share shall be no more than the higher of the highest price paid for the company's shares in public trading on the day of repurchase or alternatively and the average of the share prices during the 5 trading days preceding the repurchase or the offer to repurchase own shares. The lowest purchase price per share shall be the price that is 20% lower than the lower of the lowest price paid for the company's shares in public trading on the day of repurchase or alternatively and the average of the share prices during the 5 trading days preceding the repurchase or the offer to repurchase own shares. Of the repurchased shares not more than 340,000,000 shares may be used to distribute excess capital in order to optimize the capital structure of the company and not more than 8,000,000 shares may be used in the company's variable pay plans in accordance with regulatory requirements and/or as required for new variable pay plans for executive officers, senior management, other material risk takers and other employees. The purpose of such repurchase is to optimize the capital position and to increase sustainable shareholder return to the benefit of all shareholders. The repurchases will be funded from only the unrestricted equity of the company. The authorization shall remain in force and effect until 18 months from the resolution of the Annual General Meeting of the company.
On June 12, 2025, the company announced a share repurchase program, after receiving approval from ECB. Under the program, the company will repurchase €250 million worth of shares. The purpose of the program is to efficient capital structure and improve shareholder returns by reducing the capital of company. The repurchased shares will be cancelled on a monthly basis. The shares shall be repurchased using the unrestricted equity of the company. The repurchases will commence on June 16, 2025 or as soon as possible thereafter and end no later than September 30, 2025. Reported Earnings • Apr 17
First quarter 2025 earnings released: EPS: €0.35 (vs €0.38 in 1Q 2024) First quarter 2025 results: EPS: €0.35 (down from €0.38 in 1Q 2024). Revenue: €2.95b (down 3.3% from 1Q 2024). Net income: €1.23b (down 7.6% from 1Q 2024). Profit margin: 42% (down from 44% in 1Q 2024). Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Banks industry in Italy. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. 
