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 Well-established securities brokerage platform and success in expansion of European franchise. Higher competitive risk and less stable, more transactional revenues compared to traditional banks. High profitability and strong capitalization. Moderate scale relative to larger, more diversified global peers. Regulated bank with solid funding profile and excess liquidity buffers. Over the past 30 years, Saxo has built a high-functionality securities brokerage platform, with total assets of about Danish krone (DKK) 99 billion (about €13.1 billion) at mid-year 2025. Around 70% of current revenues can be attributed to the direct business via its trader and
