Half-year results 2026 and decision on mid-year dividend

Nordea Bank Abp
Half year financial report
16 July 2026 at 7.30 EET

Summary of the quarter

Return on equity 15.9% – earnings per share EUR 0.36. Nordea’s return on equity for the quarter was 15.9%, reflecting strong performance and high profitability in a quarter where markets continued to be affected by the prolonged conflict in the Middle East. The cost-to-income ratio2 was 44.0%, compared with 45.1% a year ago. Earnings per share were EUR 0.36, up 3% year on year.

Total income up 4% year on year. Net interest income was down 1% year on year but up 1% quarter on quarter. Net fee and commission income was up 11% year on year, with savings income up 13% and growth across all fee categories. Net fair value result was very strong, up 11%. Costs excluding regulatory fees were flat when adjusted for foreign exchange effects, which drove a 2% increase. Operating profit was up 1% at EUR 1.6bn.

Business volume growth; AuM at record EUR 505bn. Corporate lending growth was strong, up 9%. Mortgage lending increased by 2% year on year, driven by continued growth in Sweden and Norway. Retail and corporate deposits were up 4% and 9%, respectively, and assets under management (AuM) increased by 16%, surpassing EUR 500bn.

Strong credit quality. Nordea’s credit quality is very strong, with net loan losses and similar net result amounting to EUR 61m (6bp) for the quarter – well within the Group’s long term expectation of 10bp.

Continued strong capital generation supporting growth. The CET1 ratio was 15.7% at the end of the quarter, 1.9 percentage points above the current regulatory requirement. Nordea’s strong capital position and continued capital generation support lending growth and share buy-backs. Nordea’s Board has decided to distribute a mid-year dividend for 2026 amounting to EUR 0.34 per share, which corresponds to approximately 50% of the Nordea Group’s net profit3 for the first half of 2026. The dividend record date is confirmed for 6 August 2026 and the dividend payment date will be 13 August or as soon as possible thereafter. The mid-year dividend is the first part of the total dividend distribution under Nordea’s dividend policy, which stipulates a 60–70% payout ratio applicable to full-year profit.

Outlook for 2026: return on equity of greater than 15% (unchanged) and a cost-to-income ratio2 of 44–45% (previously around 45%). Nordea has a strong and resilient business model, with a very well-diversified portfolio across the Nordic region. This enables the Group to support its customers and deliver high-quality earnings, with high profitability and low volatility, through the economic cycle. It also enables Nordea to continue to generate capital, seek opportunities to deploy it to drive growth, and distribute excess capital to shareholders in the form of share buy-backs.

(For further viewpoints, see the CEO comment. For further information on capital ratios see page 6, and for definitions see page 54, in the Q2 2026 report.)
 

Group quarterly results and key ratios1

EURm	Q2 2026	Q2 2025	Chg %	Q1 2026	Chg %	Jan-Jun 2026	Jan-Jun 2025	Chg %
Net interest income	1,779	1,798	-1	1,759	1	3,538	3,627	-2
Net fee and commission income	880	792	11	842	5	1,722	1,585	9
Net insurance result	78	58	34	69	13	147	112	31
Net fair value result	281	254	11	226	24	507	543	-7
Other income	14	9	56	14	0	28	18	56
Total operating income	3,032	2,911	4	2,910	4	5,942	5,885	1
Total operating expenses excl. regulatory fees	-1,335	-1,314	2	-1,323	1	-2,658	-2,614	2
Total operating expenses	-1,363	-1,333	2	-1,375	-1	-2,738	-2,687	2
Profit before loan losses	1,669	1,578	6	1,535	9	3,204	3,198	0
Net loan losses and similar net result	-61	21		99		38	8
Operating profit	1,608	1,599	1	1,634	-2	3,242	3,206	1
Cost-to-income ratio2, %	44.0	45.1		45.5		44.7	44.4
Cost-to-income ratio with amortised regulatory fees, %	15.9	16.2		15.4		15.7	15.9
Return on tangible equity, %	18.4	18.8		17.4		17.9	18.2
Diluted earnings per share, EUR	0.36	0.35	3	0.36	0	0.73	0.70	4

1 Excluding items affecting comparability (EUR 190m restructuring costs) booked in the first quarter of 2026. See page 5 for further details.
2 Excluding regulatory fees.
3 Including items affecting comparability.

CEO comment

This was yet another strong quarter for Nordea. We drove good momentum across the business, continued to attract new customers and deepen existing relationships, and achieved high growth in savings and investments – all of which helped us return to year-on-year growth in total income. We are making good progress in implementing our 2030 strategy and it is starting to show through in our performance.

Of course, the world around us remains uncertain. The conflict in the Middle East has raised risks for the global economy. Even though it is too early to judge the extent of the impact, European countries in general, and the Nordics in particular, have so far weathered higher energy costs and other challenges well.

Nordic corporates continue to invest. During the quarter, we increased both corporate lending and deposits by 9% year on year, building on the strong start to the year. The higher activity reflects confidence among Nordic businesses, especially large corporates. At the same time, it shows how we are using our unique Nordic scale, strong relationships and competitive offering to capture growth opportunities.

Lending to households increased. The Nordic housing markets kept up their gradual recovery, although the pace remains slow. Mortgage volumes were up 2% year on year, led by Sweden and Norway, two strategic growth markets for Nordea. Retail deposits increased by 4%. Demand for our savings and investment products was likewise robust. During the quarter, customers continued to invest through our retail funds and pension products, and we welcomed a significant number of new private banking customers – leading to solid net flows. Assets under management (AuM) increased by 16%, to a record high of EUR 505bn, with margins stabilising.

Total income grew by 4% year on year to exceed EUR 3bn – a level of quarterly income we had previously reached only during 2024, at the peak of the higher-rate environment. This highlights not only the strength of our diversified business model but also our focused, growth-orientated 2030 strategy. Net fee and commission income increased by 11% and we had a very strong net fair value result. Net interest income development was also positive. While down 1% year on year due to lower policy rates, it was up 1% quarter on quarter: the first increase since rates started coming down two years ago.

With costs flat year on year excluding foreign exchange effects, we grew income faster than costs, which is always our aim. We continue to drive productivity gains across the business and are further expanding the use of artificial intelligence in our core business processes. At the same time, we are investing substantially in strategic initiatives focused on growth and Nordic scale. In the second quarter the cost-to-income ratio improved to 44.0% from 45.1%. Operating profit was EUR 1.6bn and return on equity was 15.9%.

Credit and asset quality remain very strong. Net loan losses and similar net result amounted to EUR 61m, or 6bp. The strength of our credit portfolio continues to result in very low loan losses, well within the Group’s long term expectation of around 10bp.  

In Personal Banking we drove solid lending growth and strong fee income. Total lending volumes increased by 1% in local currencies year on year and deposit volumes were up 4%. In Sweden, our fastest-growing market, we increased our mortgage market share once again. Growing numbers of customers are choosing Nordea for a broader range of their financial needs. To further attract savings flows, we launched a competitively priced Nordic index fund giving investors an easy and cost-effective way to invest in Nordic companies. Recurring savings inflows were up 8% year on year.
 

In Asset & Wealth Management we continued to drive solid AuM and income growth. Additional investments in our advisory capabilities, brand and digital sales supported another strong quarter in Private Banking, one of our strategic growth areas, where net flows amounted to EUR 1bn. Our Empower Europe fund, which invests in the drivers of Europe’s transformation, continued to perform well. A year on from its launch, the fund has reached over EUR 860m in AuM, making it one of our most successful launches ever and demonstrating how strongly customers support the theme. Our international channels, which have generally performed well since last summer, saw some outflows as a result of the uncertainty in the Middle East and increased rates.

In Business Banking we delivered strong volume growth across all home markets, with lending and deposits up 6% and 3%, respectively. We continue to invest in our digital capabilities to make Nordea the easiest bank to deal with for small and mid-sized businesses. We are seeing good traction: customer growth accelerated this quarter. Improved onboarding and greater automation have played a part in that, making it easier for prospective customers to start banking with us. Our Nordea Business mobile app also reached an all-time-high Nordic rating, with the number of users up 10% from a year ago.

In Large Corporates & Institutions we continued to proactively support customers with their growth plans. Lending remained strong, up 14%, and deposits were up 17%. Our scale and compelling offering are driving diversified income growth. Debt Capital Markets activity remained high and we arranged more than 200 transactions during the quarter. Activity also picked up in the equity capital markets, where we facilitated several high-profile transactions, as well as in mergers and acquisitions.

Our capital position is strong, with a CET1 ratio of 15.7%, and we continue to deploy capital for profitable growth. As previously communicated, we will pay dividends twice a year going forward. Nordea’s Board has decided to pay a mid-year dividend – in August – of EUR 0.34 per share, corresponding to approximately 50% of the Nordea Group’s net profit for the first half of 2026.

We go into the second half of the year with confidence. The business is performing very well and our strategy execution is on course, with visible progress across all initiatives. The Nordic economies are also showing their strength. We are seeing encouraging signs of increased corporate investment and activity across the region, and Nordea is well placed to support customers as they pursue new growth opportunities.

Our strong performance and position are reflected in improved full-year 2026 guidance. We continue to expect a return on equity of greater than 15%, while we now expect a cost-to-income ratio of 44–45%.

Our ambition is to become the undisputed best-performing financial services group in the Nordics.
Frank Vang-Jensen
President and Group CEO

Outlook (updated)

Financial targets for 2030

Nordea targets a return on equity of greater than 15% throughout the period, and significantly higher in 2030, and a cost-to-income ratio1 of 40–42% in 2030. These targets will be supported by an annual net loan loss ratio of around 10bp and the continuation of Nordea’s well-established capital and dividend policies.

Financial outlook for 20262

Nordea expects a return on equity of greater than 15% and a cost-to-income ratio1 of 44–45% (updated).

Capital policy

A management buffer of 150bp above the regulatory CET1 requirement.

Dividend policy

Nordea’s dividend policy stipulates a dividend payout ratio of 60–70%, applicable to profit for the financial year. Nordea will continuously assess the opportunity to use share buy-backs as a tool to distribute excess capital.

Outlook (previous)

Financial targets for 2030

Nordea targets a return on equity of greater than 15% throughout the period, and significantly higher in 2030, and a cost-to-income ratio1 of 40–42% in 2030. These targets will be supported by an annual net loan loss ratio of around 10bp and the continuation of Nordea’s well-established capital and dividend policies.

Financial outlook for 20262

Nordea expects a return on equity of greater than 15% and a cost-to-income ratio1 of around 45%.

Capital policy

A management buffer of 150bp above the regulatory CET1 requirement.

Dividend policy

Nordea’s dividend policy stipulates a dividend payout ratio of 60–70%, applicable to profit for the financial year. Nordea will continuously assess the opportunity to use share buy-backs as a tool to distribute excess capital.

1. Excluding regulatory fees.
2. Excluding EUR 190m in restructuring costs booked in the first quarter of 2026, which have been treated as an item affecting comparability.
Mid-year dividend

Based on the authorisation granted by the Annual General Meeting of 24 March 2026, the Board of Directors decided on 16 July 2026 on the distribution of a mid-year dividend of EUR 0.34 per share. The mid-year dividend will be paid based on the annual accounts adopted for the financial year ended 31 December 2025. The total amount corresponds to approximately 50% of the Nordea Group’s net profit for the six-month period ending 30 June 2026.

The mid-year dividend will be paid to those shareholders who, on the record date for the dividend (6 August 2026), are recorded in Nordea’s shareholders’ register maintained by Euroclear Finland Oy in Finland, Euroclear Sweden AB in Sweden and VP Securities A/S in Denmark. The ex-dividend date is 5 August 2026. The dividend will not be paid for shares held by the company on the dividend record date. The payment date for the mid-year dividend is 13 August 2026 or as soon as possible thereafter. The mid-year dividend is considered to form the first part of the total dividend distribution to be paid for the financial year 2026 under Nordea's dividend policy.

Income statement
Excluding items affecting comparability1

EURm	Q2 2026	Q2 2025	Chg %	Q1 2026	Chg %	Jan-Jun 2026	Jan-Jun 2025	Chg %
Net interest income	1,779	1,798	-1	1,759	1	3,538	3,627	-2
Net fee and commission income	880	792	11	842	5	1,722	1,585	9
Net insurance result	78	58	34	69	13	147	112	31
Net result from items at fair value	281	254	11	226	24	507	543	-7
Profit from associated undertakings and joint ventures accounted for under the equity method	2	-1		1		3	-4
Other operating income	12	10	20	13	-8	25	22	14
Total operating income	3,032	2,911	4	2,910	4	5,942	5,885	1
Staff costs	-818	-809	1	-811	1	-1,629	-1,601	2
Other expenses	-356	-354	1	-357	0	-713	-713	0
Depreciation, amortisation and impairment charges of tangible and intangible assets	-161	-151	7	-155	4	-316	-300	5
Total operating expenses excl. regulatory fees	-1,335	-1,314	2	-1,323	1	-2,658	-2,614	2
Regulatory fees	-28	-19	47	-52	-46	-80	-73	10
Total operating expenses	-1,363	-1,333	2	-1,375	-1	-2,738	-2,687	2
Profit before loan losses	1,669	1,578	6	1,535	9	3,204	3,198	0
Net loan losses and similar net result	-61	21		99		38	8
Operating profit	1,608	1,599	1	1,634	-2	3,242	3,206	1
Income tax expense	-376	-378	-1	-390	-4	-766	-751	2
Net profit for the period	1,232	1,221	1	1,244	-1	2,476	2,455	1

1 Excluding the following item affecting comparability booked in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after tax). Of this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and impairment charges of tangible and intangible assets.

Ratios and key figures1
Excluding items affecting comparability2

	Q2 2026	Q2 2025	Chg %	Q1 2026	Chg %	Jan-Jun 2026	Jan-Jun 2025	Chg %
Diluted earnings per share (DEPS), EUR	0.36	0.35	3	0.36	0	0.73	0.70	4
EPS, rolling 12 months up to period end, EUR	1.43	1.39	3	1.42	1	1.43	1.39	3
Share price3, EUR	16.60	12.61	32	14.68	13	16.60	12.61	32
Potential shares outstanding3, million	3,403	3,470	-2	3,412	0	3,403	3,470	-2
Weighted average number of diluted shares, million	3,398	3,467	-2	3,411	0	3,404	3,473	-2
Return on equity with amortised regulatory fees, %	15.9	16.2		15.4		15.7	15.9
Return on equity, %	16.0	16.3		15.2		15.6	15.8
Return on tangible equity, %	18.4	18.8		17.4		17.9	18.2
Return on risk exposure amount, %	3.0	3.1		3.1		3.0	3.1
Cost-to-income ratio4, %	44.0	45.1		45.5		44.7	44.4
Net loan loss ratio, incl. loans held at fair value, bp	6	-2		-10		-2	0
Net interest margin, %	1.54	1.63		1.57		1.55	1.66
Number of employees (FTEs)3	28,412	29,844	-5	28,747	-1	28,412	29,844	-5

1 For more detailed information regarding ratios and key figures defined as alternative performance measures, see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.
2 Excluding the following item affecting comparability booked in the first quarter of 2026: a EUR 190m expense related to restructuring costs (EUR 144m after tax). Of this, EUR 168m comprised staff costs, EUR 19m comprised other expenses and EUR 3m comprised depreciation, amortisation and impairment charges of tangible and intangible assets.
3 End of period.
4 Excluding regulatory fees.

Business volumes, key items1

EURbn	30 Jun 2026	30 Jun 2025	Chg. %	31 Mar 2026	Chg. %
Loans to the public	395.6	368.0	8	390.2	1
Loans to the public, excl. repos/securities borrowing	356.6	335.2	6	353.6	1
Deposits and borrowings from the public	255.7	237.2	8	241.2	6
Deposits from the public, excl. repos/securities lending	231.6	218.6	6	220.0	5
Total assets	712.4	636.8	12	679.0	5
Assets under management	504.7	435.5	16	464.3	9

1. End of period.

Income statement
Including items affecting comparability

EURm	Q2 2026	Q2 2025	Chg %	Q1 2026	Chg %	Jan-Jun 2026	Jan-Jun 2025	Chg %
Net interest income	1,779	1,798	-1	1,759	1	3,538	3,627	-2
Net fee and commission income	880	792	11	842	5	1,722	1,585	9
Net insurance result	78	58	34	69	13	147	112	31
Net result from items at fair value	281	254	11	226	24	507	543	-7
Profit from associated undertakings and joint ventures accounted for under the equity method	2	-1		1		3	-4
Other operating income	12	10	20	13	-8	25	22	14
Total operating income	3,032	2,911	4	2,910	4	5,942	5,885	1
Staff costs	-818	-809	1	-979	-16	-1,797	-1,601	12
Other expenses	-356	-354	1	-376	-5	-732	-713	3
Regulatory fees	-161	-151	7	-158	2	-319	-300	6
Total operating expenses excl. regulatory fees	-1,335	-1,314	2	-1,513	-12	-2,848	-2,614	9
Regulatory fees	-28	-19	47	-52	-46	-80	-73	10
Total operating expenses	-1,363	-1,333	2	-1,565	-13	-2,928	-2,687	9
Profit before loan losses	1,669	1,578	6	1,345	24	3,014	3,198	-6
Net loan losses and similar net result	-61	21		99		38	8
Operating profit	1,608	1,599	1	1,444	11	3,052	3,206	-5
Income tax expense	-376	-378	-1	-344	9	-720	-751	-4
Net profit for the period	1,232	1,221	1	1,100	12	2,332	2,455	-5

Ratios and key figures
Including items affecting comparability2

	Q2 2026	Q2 2025	Chg %	Q1 2026	Chg %	Jan-Jun 2026	Jan-Jun 2025	Chg %
Diluted earnings per share (DEPS), EUR	0.36	0.35	3	0.32	13	0.68	0.70	-3
EPS, rolling 12 months up to period end, EUR	1.38	1.39	-1	1.37	1	1.38	1.39	-1
Share price2, EUR	16.60	12.61	32	14.68	13	16.60	12.61	32
Equity per share2, EUR	9.17	8.78	4	8.85	4	9.17	8.78	4
Potential shares outstanding2, million	3,403	3,470	-2	3,412	0	3,403	3,470	-2
Weighted average number of diluted shares, million	3,398	3,467	-2	3,411	0	3,404	3,473	-2
Return on equity with amortised regulatory fees, %	16.0	16.2		13.6		14.8	15.9
Return on equity, %	16.0	16.3		13.4		14.7	15.8
Return on tangible equity, %	18.5	18.8		15.4		16.9	18.2
Return on risk exposure amount, %	3.0	3.1		2.7		2.9	3.1
Cost-to-income ratio excluding regulatory fees, %	44.0	45.1		52.0		47.9	44.4
Cost-to-income ratio, %	45.0	45.8		53.8		49.3	45.7
Net loan loss ratio, incl. loans held at fair value, bp	6	-2		-10		-2	0
Common Equity Tier 1 capital ratio2,3, %	15.7	15.6		15.7		15.7	15.6
Tier 1 capital ratio2,3, %	17.7	17.5		17.7		17.7	17.5
Total capital ratio2,3, %	20.9	20.0		20.4		20.9	20.0
Tier 1 capital2,3, EURbn	28.7	27.7	4	28.6	0	28.7	27.7	4
Risk exposure amount2, EURbn	162.5	158.6	2	162.1	0	162.5	158.6	2
Net interest margin, %	1.54	1.63		1.57		1.55	1.66
Number of employees (FTEs)2	28,412	29,844	-5	28,747	-1	28,412	29,844	-5
Equity2, EURbn	31.1	30.4	3	30.1	3	31.1	30.4	3

1 For more detailed information regarding ratios and key figures defined as alternative performance measures, see https://www.nordea.com/en/investor-relations/reports-and-presentations/group-interim-reports.
2 End of period.
3 The second quarter of 2026 includes net profit for the period net of a dividend deduction of 70% (the upper range under Nordea’s dividend policy). For regulatory purposes, Nordea will report CET1 capital of EUR 24,986m and a CET1 ratio of 15.4% (compared with a regulatory requirement of 13.8%) to the competent authority, reflecting European Central Bank expectations, with a corresponding effect on the other regulatory capital levels and ratios (including the MREL).

This release is a summary of Nordea’s Q2 results for 2026. The complete report is attached to this release and can also be found on our website via the link below.

Nordea Group Q2 2026 Report

A webcast will be held on 16 July at 11.00 EET (10.00 CET), during which Frank Vang-Jensen, President and Group CEO, will present the results. This will be 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.

The event will be webcast live and the recording and presentation slides will be posted on www.nordea.com/ir.

For further information:

Frank Vang-Jensen, President and Group CEO, +35894245 1006
Ian Smith, Group CFO, +455 547 8372
Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Ulrika Romantschuk, Head of Brand, Communication and Marketing, +358 1 0416 8023

The information provided in this stock exchange release was submitted for publication, through the agency of the contacts set out above, at 07.30 EET (06.30 CET) on 16 July 2026.

Nordea is a leading Nordic financial services group and the preferred choice for millions of customers across the region. For more than 200 years, we have proudly served as a trusted financial partner for individuals, families and businesses – 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