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 will protect Nordea Bank Abp (Nordea) from disruption and contribute to cost efficiency. The emphasis on technology integration, including AI deployment, demonstrates a proactive approach to client growth, revenue generation, and investment in operating infrastructure. Notably, the bank targets approximately €600
