This report does not constitute a rating action. FRANKFURT (S&P Global Ratings) Nov. 6, 2025--S&P Global Ratings said today it views Nordea?s updated 2026-2030 strategy as a credible plan to lift the bank's competitiveness and operational efficiency through a robust focus on technology and AI. While its financial targets--a return on equity (ROE) exceeding 15% over the strategy period (significantly higher in 2030), and a cost-to-income ratio of 40%-42% in 2030 (excluding regulatory fees)--remain ambitious, they are largely consistent with previous targets and recent performance (ROE of 15.9% in the first nine months of 2025). The emphasis on technology integration indicates a proactive approach to client growth, revenue generation, and further investments in operating infrastructure. We understand Nordea intends to
