This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks Leading pan-Nordic bank with a diversified business model by geography and business line, supporting earnings. Headwinds from economic climate may hinder meaningful profit growth. Robust capitalization combined with significant financial flexibility through sustainable top and bottom-line earnings. Reliance on wholesale funding, exposing Nordea to market volatility and confidence sensitivity. Advanced digital preparedness protects Nordea Bank Abp (Nordea) from disruption and contributes to sound cost efficiency. In the first half 2025, Nordea reported a strong albeit lower return on equity (ROE) of about 15.9%, compared to 18.0% in the same period in 2024. This
