Nordea Bank : Group Capital and Risk Management Report Second Quarter 2025

Capital and Risk Management Report Second Quarter 2025

Provided by Nordea Bank Abp on the basis of its consolidated situation

List of tables

Table name Table Number

Capital Position

EU KM1 - Key metrics template 1

EU OV1 - Overview of total risk exposure amounts 2

EU CMS1 - Comparison of modelled and standardised risk weighted exposure amounts at risk level 3

EU CMS2 - Comparison of modelled and standardised risk weighted exposure amounts for credit risk at asset class level 4

EU CC1 - Composition of regulatory own funds 5

EU CC2 - Reconciliation of regulatory own funds to balance sheet in the audited financial statements 6

Credit Risk

EU CR1 - Performing and non-performing exposures and related provisions 7

EU CR1-A - Maturity of exposures 8

EU CR2 - Changes in the stock of non-performing loans and advances 9

EU CR3 - CRM techniques overview: disclosure of the use of credit risk mitigation techniques 10

EU CR4 - Standardised approach - credit risk exposure and CRM effects 11

EU CR5 - Standardised approach - credit risk exposures by regulatory portfolio and risk 12

EU CR6 - IRB approach - credit risk exposures by exposure class and PD range 13

EU CR7-A - IRB approach - disclosure of the extent of the use of CRM techniques 14

EU CR8 - RWEA flow statements of credit risk exposures under the IRB approach 15

EU CR10 - Specialised lending and equity exposures under the simple riskweighted approach 16

EU CQ1 - Credit quality of forborne exposures 17

EU CQ4 - Quality of non-performing exposures by geography 18

EU CQ5 - Credit quality of loans and advances to non-financial corporations by industry 19

EU CQ7 - Collateral obtained by taking possession and execution processes 20

Counterparty Credit Risk

EU CCR1 - Analysis of CCR exposure by approach 21

EU CCR3 - Standardised approach - CCR exposures by regulatory exposure class and risk weights 22

EU CCR4 - IRB approach - CCR exposures by exposure class and PD scale 23

EU CCR5 - Composition of collateral for CCR exposures 24

EU CCR6 - Credit derivatives exposures 25

EU CCR7 - RWEA flow statements of CCR exposures under the IMM 26

EU CCR8 - Exposures to CCPs 27

Credit Valuation Adjustment Risk

EU CVA4 - RWEA flow statements of credit valuation adjustment risk under the Standardised Approach (SA) 28

Liquidity

EU LIQ1 - Quantitative information of LCR 29

EU LIQ2 - Net Stable Funding Ratio 30

Market Risk

EU MR1 - Market risk under the standardised approach 31

EU MR2-A - Market risk under the Internal Model Approach (IMA) 32

EU MR2-B - RWEA flow statements of market risk exposures under the IMA 33

EU MR3 - IMA values for trading portfolios 34

EU MR4 - Comparison of VaR estimates with gains/losses 35

EU IRRBB1 - Interest rate risks of non-trading book activities 36

Securitisation

EU SEC1 - Securitisation exposures in the non-trading book 37

EU SEC3 - Securitisation exposures in the non-trading book and associated regulatory capital requirements - institution acting as 38

originator or as sponsor

EU SEC4 - Securitisation exposures in the non-trading book and associated regulatory capital requirements - institution acting as inve 39

EU SEC5 - Exposures securitised by the institution - Exposures in default and specific credit risk adjustments 40

Other

EU LR1 - LRSum: Summary reconciliation of accounting assets and leverage ratio exposures 41

EU LR2 - LRCom: Leverage ratio common disclosure 42

EU LR3 - LRSpl: Split-up of on balance sheet exposures (excluding derivatives, SFTs and exempted exposures) 43

EU CCyB1 - Geographical distribution of credit exposures relevant for the calculation of the countercyclical buffer 44

EU CCyB2 - Amount of institution-specific countercyclical capital buffer 45

EU KM2 - Key metrics - MREL 46

ESG

Template 1 - Banking book - Indicators of potential climate change transition risk: Credit quality of exposures by sector, emissions 47

and residual maturity

Template 2 - Banking book - Indicators of potential climate change transition risk: Loans collateralised by immovable property - 48

Energy efficiency of the collateral

Template 4 - Banking book - Indicators of potential climate change transition risk: Exposures to top 20 carbon-intensive firms 49

Template 5 - Banking book - Indicators of potential climate change physical risk: Exposures subject to physical risk 50

CRR reference table 51

BRRD reference table 52

Table 1 - EU KM1 - Key metrics template

The Group's CET1 capital decreased mainly due to a EUR 250m deduction for the share buy-back programme launched in June, and foreign exchange effects in retained earnings. AT1 capital decreased mainly due to foreign exchange effects. REA decreased by EUR 1.1bn, mainly due to foreign exchange effects and improved credit quality. Note that Q2 2025, Q1 2025 and Q3 2024 capital figures are reported excluding profit for the quarter.

EURm	a	b	c	d	e
Available own funds (amounts)	Q2 2025 1)	Q1 2025 1)	Q4 2024	Q3 2024 1)	Q2 2024
1 Common Equity Tier 1 (CET1) capital	23,965	24,632	24,570	23,935	24,315
2 Tier 1 capital	26,934	27,751	28,683	27,844	27,602
3 Total capital	30,958	31,812	32,800	31,703	32,008
Risk-weighted exposure amounts
4 Total risk exposure amount	158,576	159,685	155,850	153,691	139,333
4a Total risk exposure pre-floor	158,576	159,685
Capital ratios (as a percentage of risk-weighted exposure amount)
5 Common Equity Tier 1 ratio (%)	15.1%	15.4%	15.8%	15.6%	17.5%
5b Common Equity Tier 1 ratio considering unfloored TREA (%)	15.1%	15.4%
6 Tier 1 ratio (%)	17.0%	17.4%	18.4%	18.1%	19.8%
6b Tier 1 ratio considering unfloored TREA (%)	17.0%	17.4%
7 Total capital ratio (%)	19.5%	19.9%	21.0%	20.6%	23.0%
7b Total capital ratio considering unfloored TREA (%)	19.5%	19.9 %

Additional own funds requirements to address risks other than the risk of excessive leverage (as a percentage of risk-weighted exposure amount)

EU 7d Additional own funds requirements to address risks other than the risk of		1.6%	1.6%	1.6%	1.6%	1.6%
excessive leverage (%)
EU 7e	of which: to be made up of CET1 capital (percentage points)	0.9%	0.9%	0.9%	0.9%	0.9%
EU 7f	of which: to be made up of Tier 1 capital (percentage points)	1.2%	1.2%	1.2%	1.2%	1.2%
EU 7g	Total SREP own funds requirements (%)	9.6%	9.6%	9.6%	9.6%	9.6%
Combined buffer and overall capital requirement (as a percentage of risk-weighted exposure amount)
8 Capital conservation buffer (%)		2.5%	2.5%	2.5%	2.5%	2.5%
EU 8a Conservation buffer due to macro-prudential or systemic risk identified at		0.0%	0.0%	0.0%	0.0%	0.0%
the level of a Member State (%)
9 Institution specific countercyclical capital buffer (%)		1.7%	1.7%	1.7%	1.6%	1.7%
EU 9a Systemic risk buffer (%)		1.6%	1.6%	1.5%	1.4%	1.0%
10 Global Systemically Important Institution buffer (%)		0.0%	0.0%	0.0%	0.0%	0.0%
EU 10a Other Systemically Important Institution buffer (%)		2.5%	2.5%	2.5%	2.5%	2.5%
11 Combined buffer requirement (%)		8.3%	8.3%	8.2%	8.1%	7.7%
EU 11a Overall capital requirements (%)		17.9%	17.9%	17.8%	17.7%	17.3%
12 CET1 available after meeting the total SREP own funds requirements (%)		9.7%	10.3%	10.4%	10.2%	12.1%
	Leverage ratio
13 Total exposure measure		561,392	577,736	568,334	566,487	556,605
14 Leverage ratio (%)		4.8%	4.8%	5.0%	4.9%	5.0%
Additional own funds requirements to address the risk of excessive leverage (as a percentage of total exposure measure)
EU 14a Additional own funds requirements to address the risk of excessive leverage		0.0%	0.0%	0.0%	0.0%	0.0%
(%)
EU 14b of which: to be made up of CET1 capital (percentage points)		0.0%	0.0%	0.0%	0.0%	0.0%
EU 14c Total SREP leverage ratio requirements (%)		3.0%	3.0%	3.0%	3.0%	3.0%
Leverage ratio buffer and overall leverage ratio requirement (as a percentage of total exposure measure)
EU 14d Leverage ratio buffer requirement (%)		0.0%	0.0%	0.0%	0.0%	0.0%
EU 14e Overall leverage ratio requirement (%)		3.0%	3.0%	3.0%	3.0%	3.0%
	Liquidity Coverage Ratio
15 Total high-quality liquid assets (HQLA) (Weighted value -average)		110,815	109,424	109,127	107,742	108,379
EU 16a Cash outflows - Total weighted value		94,358	92,187	91,083	88,685	86,011
EU 16b Cash inflows - Total weighted value		23,408	21,872	21,364	20,060	17,715
16 Total net cash outflows (adjusted value)		70,949	70,315	69,718	68,625	68,297
17 Liquidity coverage ratio (%)2		156%	156%	157%	157%	159%
Net Stable Funding Ratio
18 Total available stable funding		286,791	291,564	283,292	323,339	323,564
19 Total required stable funding		232,437	233,298	228,512	264,145	265,413
20 NSFR ratio (%)		123.4%	125.0%	124.0%	122.4%	121.9%

1. Note that Q2 2025, Q1 2025 and Q3 2024 figures are reported excluding profit for the quarter.

2. The LCR reported in this table is the average of 12 end of month ratios

Table 2 - EU OV1 - Overview of total risk exposure amounts

REA decreased by EUR 1.1bn in Q2 2025, mainly due to foreign exchange effects and improved credit quality. These were partly offset by higher corporate lending volumes and a change in the capital treatment, from internal ratings-based to standardised, for certain portfolios not part of the non-retail model application in April. The additional REA of EUR 0.7bn for the changed capital treatment was reported as an Article 3 buffer.

EURm

Total risk exposure amounts (TREA)

Total own funds requirements

		a	b	c
		Q2 2025	Q1 2025	Q2 2025
1 Credit risk (excluding CCR)		125,561	125,664	10,045
2	Of which the standardised approach	13,508	14,634	1,081
3	Of which the Foundation IRB (F-IRB) approach	23,294	24,767	1,863
4	Of which slotting approach
EU 4a	Of which equities under the simple risk weighted approach
5	Of which the Advanced IRB (A-IRB) approach	78,043	79,450	6,243
6 Counterparty credit risk - CCR		2,616	2,656	209
7	Of which the standardised approach	477	601	38
8	Of which internal model method (IMM)	1,644	1,615	131
EU 8a	Of which exposures to a CCP	85	77	7
9	Of which other CCR	410	364	33
10 Credit valuation adjustments risk - CVA risk		619	1,184	50
EU 10a Of which the standardised approach (SA)		437	916	35
EU 10b Of which the basic approach (F-BA and R-BA)		182	268	15
EU 10c Of which the simplified approach
15 Settlement risk			3
16 Securitisation exposures in the non-trading book (after the cap)		3,439	3,666	275
17 Of which SEC-IRBA approach		3,198	3,449	256
18 Of which SEC-ERBA (including IAA)		68	55	5
19 Of which SEC-SA approach		172	162	14
EU 19a Of which 1250% / deduction
Position, foreign exchange and commodities risks (Market risk)1) Of which the Alternative standardised approach (A-SA)		5,216	5,387	417
EU 21a Of which the Simplified standardised approach (S-SA)
22 Of which Alternative Internal Model Approach (A-IMA)
EU 22a Large exposures
23 Reclassifications between the trading and non-trading books
24 Operational risk		21,125	21,125	1,690
EU 24a Exposures to crypto-assets
25 Amounts below the thresholds for deduction (subject to 250% risk weight)		235	540	19
26 Output floor applied (%)		50	50
27 Floor adjustment (before application of transitional cap)
28 Floor adjustment (after application of transitional cap)
29 Total		158,576	159,685	12,686

1) Due to the postponement of application of CRR3 changes to capital requirements for Market Risk (FRTB), rows 21, 21a and 22 are not yet applicable.

Table 3 - EU CMS1 - Comparison of modelled and standardised risk weighted exposure amounts at risk level

The higher REA in full standardised approach compared to current modelled approach is driven by high share of corporate exposures without external ratings. It is to be noted that full standardised REA from market risk is calculated based on CRR2 and will be recalculated when FRTB based on CRR3 is implemented. In Q2 2025 the total REA base for output floor was EUR 233.8bn, while total actual REA was EUR 158.6bn, 67.8% of the unmitigated output floor REA. As of Q2 2025 the output floor is not constraining for Nordea.

EURm a b c d EU d

RWEAs for modelled approaches that banks have supervisory approval to use

RWEAs for portfolios where standardised approaches are used

Total actual RWEAs

(a + b)

RWEAs

calculated using full standardised approach

RWEAs that is the base of the output floor

1 Credit risk (excluding counterparty credit	112,053	13,508	125,561	221,264	191,881
risk) 1)
2 Counterparty credit risk	2,519	97	2,616	6,733	4,826
3 Credit valuation adjustment		619	619	619	619
4 Securitisation exposures in the banking	3,198	240	3,439	8,340	4,883
book
5 Market risk	4,519	697	5,216	10,470	10,470
6 Operational risk		21,125	21,125	21,125	21,125
7 Other risk weighted exposure amounts
8 Total	122,289	36,287	158,576	268,552	233,803

1. Including the additional risk exposure amount related to Swedish RW floor due to Article 458 CRR and the additional risk exposure amount due to Article 3 of the CRR (related to changed capital treatment, from internal ratings-based (IRB) to standardised, for certain portfolios not part of the non-retail model application).

   Table 4 - EU CMS2 - Comparison of modelled and standardised risk weighted exposure amounts for credit risk at asset class level

   In Q2 2025 the total credit risk REA base for output floor was EUR 191.9bn, while total actual REA was EUR 125.6bn. As of Q2 2025 the output floor is not constraining for Nordea.

   EURm a b c d EU d Risk weighted exposure amounts (RWEAs)

   	RWEAs for modelled approaches that institutions have supervisory approval to use	RWEAs for column (a) if re-computed using the standardised approach	RWEAs Total actual calculated using RWEAs that is the RWEAs full standardised base of the output approach floor
   1 Central governments and central banks			211	220	220
   EU 1a Regional governments or local authorities			19	25	25
   EU 1b Public sector entities	9	14	9	14	14
   EU 1c Categorised as Multilateral Development Banks in SA				7	7
   EU 1d Categorised as International organisations in SA
   2 Institutions	911	492	1,044	625	625
   3 Equity			1,384	1,384	1,384
   5 Corporates	37,233	55,621	39,076	82,315	57,470
   5.1 Of which: F-IRB is applied
   5.2 Of which: A-IRB is applied
   EU 5a Of which: Corporates - General	36,916	55,561	38,098	80,413	55,568
   EU 5b Of which: Corporates - Specialised lending	34	59	34	59	59
   EU 5c Of which: Corporates - Purchased receivables	283	1,668	309	1,884	1,668
   6 Retail	9,734	12,490	12,424	15,180	15,180
   6.1 Of which: Retail - Qualifying revolving
   EU 6.1a Of which: Retail - Purchased receivables	19	143	20	143	143
   EU 6.1b Of which: Retail - Other 6.2 Of which: Retail - Secured by residential real estate	9,714	12,347	12,404	15,037	15,037
   EU 7a Categorised as secured by immovable properties and
   ADC exposures in SA	55,408	98,410	58,850	106,391	101,853
   EU 7b Collective investment undertakings (CIU)	0		2,259	2,259	2,259
   EU 7c Categorised as exposures in default in SA	3,921	4,062	4,113	4,253	4,253
   EU 7d Categorised as subordinated debt exposures in SA			981	981	981
   EU 7e Categorised as covered bonds in SA	1,813	4,381	1,813	4,381	4,381
   EU 7f Categorised as claims on institutions and corporates
   with a short-term credit assessment in SA
   8 Other non-credit obligation assets	3,024	2,876	3,376	3,228	3,228
   9 Total	112,053	178,345	125,561	221,264	191,881

   Table 5 - EU CC1 - Composition of regulatory own funds

   At the end of Q2 2025 CET1 after regulatory adjustments was EUR 24.0bn1(EUR 24.6bn in Q4 2024) mainly driven by share buy-backs (EUR -0.5bn). AT1 capital after regulatory adjustments decreased to EUR 3.0bn (EUR 4.1bn in Q4 2024), mainly driven by the call of one AT1 instrument (EUR -0.75bn) and FX-effects (EUR

   -0.3bn). T2 capital after regulatory adjustments remained stable at EUR 4.0bn (EUR 4.1bn in Q4 2024).

   (a) (b)

   Source based on reference

   EURm

   Common Equity Tier 1 (CET1) capital: instruments and reserves

   Amounts

   numbers/letters of the balance sheet under the regulatory scope of consolidation

   1. Capital instruments and the related share premium accounts 4,050 11, 12

      of which: Instrument type 1 4,050

      of which: Instrument type 2 of which: Instrument type 3

   2. Retained earnings 23,384 13, 14, 18

   3. Accumulated other comprehensive income (and other reserves) 513 15

      EU-3a Funds for general banking risk

   4. Amount of qualifying items referred to in Article 484 (3) CRR and the related share premium accounts subject to phase out from CET1

   5. Minority interests (amount allowed in consolidated CET1)

6 Common Equity Tier 1 (CET1) capital before regulatory adjustments 27,947

EU-5a Independently reviewed interim profits net of any foreseeable charge or dividend 17

Common Equity Tier 1 (CET1) capital: regulatory adjustments

1. Additional value adjustments (negative amount) -220

2. Intangible assets (net of related tax liability) (negative amount) -2,740 1

1. Deferred tax assets that rely on future profitability excluding those arising from temporary differences (net of related tax liability where the conditions in Article 38 (3) CRR are met) (negative amount)

2. Fair value reserves related to gains or losses on cash flow hedges of financial instruments that are not valued at fair value

-20 2, 4

-42 16

Negative amounts resulting from the calculation of expected loss amounts Any increase in equity that results from securitised assets (negative amount) Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	-320 4
15 Defined-benefit pension fund assets (negative amount)	-235	3
16 Direct, indirect and synthetic holdings by an institution of own CET1 instruments (negative amount)	-49	20
17 Direct, indirect and synthetic holdings of the CET 1 instruments of financial sector entities where

those entities have reciprocal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount)

1. Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount)

2. Direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount)

EU-20a Exposure amount of the following items which qualify for a RW of 1250%, where the institution -3 opts for the deduction alternative

EU-20b of which: qualifying holdings outside the financial sector (negative amount)

EU-20c of which: securitisation positions (negative amount) -3

EU-20d of which: free deliveries (negative amount)

1. Deferred tax assets arising from temporary differences (amount above 10% threshold, net of related tax liability where the conditions in Article 38 (3) CRR are met) (negative amount)

2. Amount exceeding the 17,65% threshold (negative amount)

3. of which: direct, indirect and synthetic holdings by the institution of the CET1 instruments of financial sector entities where the institution has a significant investment in those entities

4. Not applicable

5. of which: deferred tax assets arising from temporary differences

   EU-25a Losses for the current financial year (negative amount)

   EU-25b Foreseeable tax charges relating to CET1 items except where the institution suitably adjusts the amount of CET1 items insofar as such tax charges reduce the amount up to which those items may be used to cover risks or losses (negative amount)

6. Not applicable

7. Qualifying AT1 deductions that exceed the AT1 items of the institution (negative amount)

27a Other regulatory adjustments -357

28 Total regulatory adjustments to Common Equity Tier 1 (CET1) -3,982

29 Common Equity Tier 1 (CET1) capital 23,965

Additional Tier 1 (AT1) capital: instruments

1. Capital instruments and the related share premium accounts 2,984 5

2. of which: classified as equity under applicable accounting standards 19

3. of which: classified as liabilities under applicable accounting standards 2,984

4. Amount of qualifying items referred to in Article 484 (4) CRR and the related share premium 6

   accounts subject to phase out from AT1

   EU-33a Amount of qualifying items referred to in Article 494a(1) CRR subject to phase out from AT1 EU-33b Amount of qualifying items referred to in Article 494b(1) CRR subject to phase out from AT1

5. Qualifying Tier 1 capital included in consolidated AT1 capital (including minority interests not included in row 5) issued by subsidiaries and held by third parties

6. of which: instruments issued by subsidiaries subject to phase out

36 Additional Tier 1 (AT1) capital before regulatory adjustments 2,984

Additional Tier 1 (AT1) capital: regulatory adjustments

37 Direct, indirect and synthetic holdings by an institution of own AT1 instruments (negative amount) 0 7

38 Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities where those entities have reciprocal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount)

39 Direct, indirect and synthetic holdings of the AT1 instruments of financial sector entities where the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount)

40 Direct, indirect and synthetic holdings by the institution of the AT1 instruments of financial sector entities where the institution has a significant investment in those entities (net of eligible short positions) (negative amount)

42 Qualifying T2 deductions that exceed the T2 items of the institution (negative amount)

42a Other regulatory adjustments to AT1 capital -15

43 Total regulatory adjustments to Additional Tier 1 (AT1) capital -15

44 Additional Tier 1 (AT1) capital 2,969

45 Tier 1 capital (T1 = CET1 + AT1) 26,934

Tier 2 (T2) capital: instruments

1. Capital instruments and the related share premium accounts 4,049 8

2. Amount of qualifying items referred to in Article 484(5) CRR and the related share premium 9

   accounts subject to phase out from T2 as described in Article 486(4) CRR

   EU-47a Amount of qualifying items referred to in Article 494a(2) CRR subject to phase out from T2 EU-47b Amount of qualifying items referred to in Article 494b(2) CRR subject to phase out from T2

3. Qualifying own funds instruments included in consolidated T2 capital (including minority interests and AT1 instruments not included in rows 5 or 34) issued by subsidiaries and held by third parties

4. of which: instruments issued by subsidiaries subject to phase out

5. Credit risk adjustments

51 Tier 2 (T2) capital before regulatory adjustments 4,049

Tier 2 (T2) capital: regulatory adjustments

1. Direct, indirect and synthetic holdings by an institution of own T2 instruments and subordinated 10

   loans (negative amount)

2. Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of financial sector entities where those entities have reciprocal cross holdings with the institution designed to inflate artificially the own funds of the institution (negative amount)

3. Direct, indirect and synthetic holdings of the T2 instruments and subordinated loans of financial sector entities where the institution does not have a significant investment in those entities (amount above 10% threshold and net of eligible short positions) (negative amount)

4. Direct, indirect and synthetic holdings by the institution of the T2 instruments and subordinated loans of financial sector entities where the institution has a significant investment in those entities (net of eligible short positions) (negative amount)

EU-56a Qualifying eligible liabilities deductions that exceed the eligible liabilities items of the institution (negative amount)

57 Total regulatory adjustments to Tier 2 (T2) capital -25

58 Tier 2 (T2) capital 4,024

59 Total capital (TC = T1 + T2) 30,958

60 Total Risk exposure amount 158,576

EU-56b Other regulatory adjustments to T2 capital -25

Capital ratios and requirements including buffers
61 Common Equity Tier 1 capital	15.1%
62 Tier 1 capital	17.0%
63 Total capital	19.5%
64 Institution CET1 overall capital requirements	13.7%
65 of which: capital conservation buffer requirement	2.5%
66 of which: countercyclical capital buffer requirement	1.7%
67 of which: systemic risk buffer requirement	1.6%
EU-67a of which: Global Systemically Important Institution (G-SII) or Other Systemically Important Institution (O-SII) buffer requirement	2.5%
EU-67b of which: additional own funds requirements to address the risks other than the risk of excessive leverage	0.9%

68 Common Equity Tier 1 capital (as a percentage of risk exposure amount) available after meeting the 9.7% minimum capital requirements

Amounts below the thresholds for deduction (before risk weighting)

1. Direct and indirect holdings of own funds and eligible liabilities of financial sector entities where 16

   the institution does not have a significant investment in those entities (amount below 10% threshold and net of eligible short positions)

2. Direct and indirect holdings by the institution of the CET1 instruments of financial sector entities 12

where the institution has a significant investment in those entities (amount below 17.65% thresholds and net of eligible short positions)

1. Deferred tax assets arising from temporary differences (amount below 17,65% threshold, net of 82

   related tax liability where the conditions in Article 38 (3) CRR are met)

   Applicable caps on the inclusion of provisions in Tier 2

2. Credit risk adjustments included in T2 in respect of exposures subject to standardised approach (prior to the application of the cap)

3. Cap on inclusion of credit risk adjustments in T2 under standardised approach

4. Credit risk adjustments included in T2 in respect of exposures subject to internal ratings-based approach (prior to the application of the cap)

5. Cap for inclusion of credit risk adjustments in T2 under internal ratings-based approach 641

   Capital instruments subject to phase-out arrangements (only applicable between 1 Jan 2014 and 1 Jan 2022)

6. Current cap on CET1 instruments subject to phase out arrangements

7. Amount excluded from CET1 due to cap (excess over cap after redemptions and maturities)

8. Current cap on AT1 instruments subject to phase out arrangements

9. Amount excluded from AT1 due to cap (excess over cap after redemptions and maturities)

10. Current cap on T2 instruments subject to phase out arrangements

11. Amount excluded from T2 due to cap (excess over cap after redemptions and maturities)

1) Q2 2025 and Q1 2025 figures are shown excluding interim profit.

Table 6 - EU CC2 - Reconciliation of regulatory own funds to balance sheet in the audited financial statements

In the second quarter of 2025 the difference between the balance sheet in the audited financial statements and figures corresponding to the consolidated situation under CRR was EUR 89.9bn. The reason for the difference is that insurance operations are excluded from the regulatory scope of consolidation.

a b c

As of Q2 2025

As of Q2 2025

Under regulatory scope of

consolidation2)Reference

Balance sheet as in published financial statements1)

EURm

Assets - Breakdown by asset classes according to the balance sheet in the published financial statements
1 Cash and balances with central banks	40,909	40,875
2 Loans to central banks	3,128	3,128
3 Loans to credit institutions	6,159	5,708
4 Loans to the public	367,954	369,402
5 Interest bearing securities	80,178	72,684
6 Shares	36,876	15,020
7 Assets in pooled schemes and unit-linked investment contracts	62,745	3,766
8 Derivatives	21,770	21,646
9 Fair value changes of the hedged items in portfolio hedge of interest rate risk	-80	-80
10 Investments in associated undertakings and joint ventures	439	1,251
11 Intangible assets	4,012	3,426
of which: Goodwill and other intangible assets	3,326	2,740	8
12 Properties and equipment	1,618	1,557
13 Investment properties	2,111	7
14 Deferred tax assets	220	101
of which: Deferred tax assets that rely on future profitability excluding those arising from temporary differences	25	20	103)
15 Current tax assets	251	249
16 Retirement benefit assets	311	311
of which: Retirement benefit assets net of tax	235	235	15
17 Other assets	7,421	7,107
18 Prepaid expenses and accrued income	787	750
19 Assets held for sale
Total assets	636,808	546,908
Liabilities - Breakdown by liability classes according to the balance sheet in the published financial statements 1 Deposits by credit institutions	30,107	30,107
2 Deposits and borrowings from the public	237,206	238,547
3 Deposits in pooled schemes and unit-linked investment contracts	63,834	3,975
4 Liabilities to policyholders	31,319
5 Debt securities in issue	193,430	193,883
6 Derivatives	21,704	21,739
7 Fair value changes of the hedged items in portfolio hedge of interest rate risk	-304	-304
8 Current tax liabilities	304	237
9 Other liabilities	18,969	18,528
10 Accrued expenses and prepaid income	1,220	1,220
11 Deferred tax liabilites	879	874
12 Provisions	374	373
13 Retirement benefit obligations	284	266
14 Subordinated liabilities	7,115	7,115
of which: AT1 Capital instruments and the related share -premium accounts	2,984	2,984	30
of which: T2 Capital instruments and the related share -premium accounts	4,049	4,049	33

15 Liabilities held for sale

Total liabilities 606,441 516,559

Shareholders' Equity

Additional Tier 1 capital holders Share capital	4,050	4,050
3 Invested unrestricted equity	1,076	1,076
of which: Capital instruments and the related share -premium accounts	1,080	1,080
4 Other reserves	-2,710	-2,682
of which: Accumulated other comprehensive income	-611	-567
of which: Fair value reserves related to gains or losses on cash flow hedges	42	42
5 Retained earnings	27,951	27,904
Total shareholders' equity	30,367	30,349
Total liabilities and shareholders' equity	636,808	546,908

1)Nordea Group is the accounting group as disclosed in the Annual Report.

2)Nordea consolidated situation in accordance with CRR.

3)Deferred tax assets that rely on future profitability and do not arise from temporary differences net of associated tax liabilities.