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 that benefits from success in expansion of its European franchise. Higher competitive risk and less stable, more transactional revenue compared with traditional banks. High profitability and strong capitalization with long-term benefits of being part of a well-established group. Moderate scale relative to larger, more diversified global peers. Regulated bank with solid funding profile and excess liquidity buffers. Saxo Bank (Saxo) reported solid results for first-half 2026 , and we expect strong earnings generation will continue through 2028 , thanks to its clients’ high trading activity and interest-related revenue. Over
