Nykredit today announces the Annual Reports for 2025 of:

Nykredit A/S, CVR no 12 71 92 48
Nykredit Realkredit A/S, CVR no 12 71 92 80
Nykredit Bank A/S, CVR no 10 51 96 08
Totalkredit A/S, CVR no 21 83 22 78
Spar Nord Bank A/S, CVR no 13 73 75 84

Michael Rasmussen, Group Chief Executive, comments on the Nykredit Group's financial results:

• Today, we can present the Nykredit Group's best financial results ever for the fifth year running, with a profit after tax for the year of DKK 12.4 billion. This confirms the fact that Nykredit has never been stronger. As we're a customer-owned Group, our success benefits our customers, and in 2025, the Nykredit Group returned a total of DKK 3.0 billion to customers. That's how it should be when our customers are our owners, and our owners are our customers.
  
• The good results are driven by the Nykredit Group's strong core business performance, which reflects growth and increasing market shares across all the Group's business areas as well as continued high customer satisfaction levels. The strong performance is seen across the Group - in Totalkredit, Sparinvest, Nykredit Bank and Spar Nord. This is naturally highly satisfactory.

• The integration of Nykredit and Spar Nord is maintaining momentum despite an ambitious schedule. Last autumn, we set a strong management team in our local banks, and last week we provided all other colleagues in the Group with clarification about their future role and work location. We're now working towards IT migration at Easter 2026. On the other side of the IT migration, customers across Spar Nord and Nykredit will have access to the same attractive value propositions, with highly competitive prices thanks to our unique customer benefits programme. I look forward to demonstrating to even more customers all the advantages of banking with a customer-owned financial provider that stands out from its peers.
  
• In 2025 we saw a rise in net interest and fee income, driven by a substantial net inflow of both personal and business customers in addition to higher demand from existing customers. The Nykredit Group's annual results are also favourably impacted by the fact that Spar Nord too had a very satisfactory year with net inflows of personal and business customers, and growth in bank lending and deposits.
  
• Both new and current business customers increasingly seek advice and guidance to pursue new market opportunities. At a time when business conditions can change rapidly due to uncertainty related to tariffs and trade wars as well as geopolitical turmoil, it's more important than ever that we, as a Group, have a long-term agenda. We must help ensure the resilience of Danish businesses and are of course ready to support our customers with sound guidance and access to attractive financing of business opportunities.
  
• Totalkredit offers the cheapest and best mortgage loans in the vast majority of loan scenarios, and as a result, we recorded customer and lending growth in 2025. We've just lowered the price of fixed-rate repayment loans, and earlier this year we extended our KundeKroner discounts by a year for personal and business customers. In addition, we increased the KundeKroner discount to 0.25% in 2025. All initiatives have benefited both current and new customers. This is only fair and proper.

• Our results for 2025 once again confirm that our Group strategy, Winning the Double 2.0, continues to set the right course for Nykredit. Partnerships are a key element of our strategy, and we will continue to further develop and actively engage in our valuable Totalkredit, BEC, Sparinvest, Nærpension and Privatsikring partnerships. Partnerships that ensure that we stand stronger together in the Danish financial market and when serving customers.
  
• For 2026, we generally expect continued progress in our core business and to deliver a profit after tax for the year of DKK 10.25-11.25 billion. Furthermore, we expect to pay out DKK 3.5 billion to customers in benefits. Our financial performance is not expected to match that of 2025, primarily due to one-off effects in 2025 related to the acquisition of Spar Nord and financial market trends, which together are anticipated to result in lower investment portfolio income than in 2025. In addition, our final results will depend on developments in the global economy, which remains subject to uncertainty - partly due to the current geopolitical tensions.

Highlights from the Annual Report 2025:

• Net interest and fee income of the Nykredit Group totalled DKK 17,883 million, of which Spar Nord accounted for DKK 2,345 million. Excluding Spar Nord, the Nykredit Group's net interest and fee income was up DKK 777 million, or 5.3%, in 2025 against 2024.
• The Nykredit Group's bank lending totalled DKK 177 billion, of which Spar Nord contributed DKK 64.3 billion. Excluding Spar Nord, bank lending went up to DKK 112.7 billion at the end of 2025 from DKK 103.3 billion at the end of 2024, representing a 9.1% increase.
• Income from Wealth Management totalled DKK 3,067 million for 2025 for the whole Group, of which Spar Nord contributed DKK 272 million. Excluding Spar Nord, income from Wealth Management increased by DKK 117 million, or 4.4%, in 2025 against 2024.
• Totalkredit's mortgage lending increased to DKK 964.5 billion at the end of 2025 from DKK 907.5 billion at the end of 2024, representing a 6.3% increase.
• Excluding Spar Nord and extraordinary impacts, the Nykredit Group's cost/income ratio came to 34.5%, and including Spar Nord and extraordinary impacts, the cost/income ratio came to 38.7%. As a result, the Nykredit Group continues to have a low cost/income ratio, excluding extraordinary impacts related to the acquisition of Spar Nord.
• Nykredit still holds a very strong post-acquisition capital position with a Common Equity Tier 1 (CET1) capital ratio of 17.3%.

Contact: For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

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• Nykredit_Bank_Q4_2025_02-04_EN