#1Nordea Fourth-quarter and full-year results 2023#22 Disclaimer This presentation contains forward-looking statements that reflect management's current views with respect to certain future events and potential financial performance. Although Nordea believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward- looking statements as a result of various factors. Important factors that may cause such a difference for Nordea include, but are not limited to: (i) the macroeconomic development, (ii) change in the competitive climate, (iii) change in the regulatory environment and other government actions and (iv) change in interest rate and foreign exchange rate levels. This presentation does not imply that Nordea has undertaken to revise these forward-looking statements, beyond what is required by applicable law or applicable stock exchange regulations if and when circumstances arise that will lead to changes compared to the date when these statements were provided. Nordea#3Fourth-quarter highlights 2023 Executive summary Continued high-quality income growth Net interest income up 19%, net fee and commission income down 3% and net fair value result down 61%. Total income up 1% Return on equity* 15.9% excluding write-offs; earnings per share EUR 0.31 Volumes stable in slow market - Mortgage lending stable and corporate lending up 1% y/y. Retail deposits stable y/y and corporate deposits down 3%. AuM up 5% y/y Cost-to-income ratio excluding regulatory fees and write-offs: 42% Strong credit quality, continued low net loan losses - overall provisioning levels maintained - Net loan losses and similar net result EUR 83m or 10bp - lower reversals at this stage of cycle Management judgment buffer EUR 495m after EUR 74m transferred from structural buffer to collective provisions, as planned Strong capital generation and dividend increase - CET1 ratio 17% - 4.9pp above current regulatory requirement. Dividend of EUR 0.92 per share proposed for 2023 - increase of 15% 2025 target updated: return on equity above 15% - 2024 outlook: return on equity above 15% 3 With amortised resolution fees Nordea#4Key financials Fourth-quarter results 2023 Income statement and key ratios Q423 Q422 Q4/Q4 Q323 Q4/Q3 EURM Net interest income 1,946 1,641 19% 1,909 2% Net fee and commission income 763 785 -3% 742 3% Net insurance result 40 47 -15% 63 -37% Net fair value result 154 396 -61% 225 -32% Other income 12 28 -57% 13 -8% Total operating income 2,915 2,897 1% 2,952 -1% Total operating expenses excl. reg. fees and write-offs** -1,220 -1,196 2% -1,174 4% Total operating expenses -1,417 -1,212 17% -1,194 19% Profit before loan losses 1,498 1,685 -11% 1,758 -15% Net loan losses and similar net result -83 -59 -33 Operating profit 1,415 1,626 -13% 1,725 -18% Cost-to-income ratio excl. regulatory fees and write-offs**, % 41.9 41.3 39.8 Cost-to-income ratio*, % 50.6 44.0 42.4 Return on equity* excl. write-offs**, % 15.9 Return on equity*, % 14.1 16.3 17.9 Diluted earnings per share, EUR 0.31 0.35 -11% 0.38 -18% 4 *With amortised resolution fees Nordea ** EUR 177m in intangible asset write-offs, primarily due to change in treatment of development costs related to digital services#5Key financials Full-year results 2023 Income statement and key ratios EURM Net interest income FY23 FY22* FY/FY 7,451 5,664 32% Net fee and commission income 3,021 3,186 -5% Net insurance result 217 173 25% Net fair value result 1014 1,160 -13% Other income 40 75 -47% Total operating income 11,743 10,258 14% Total operating expenses excl. reg. fees and write-offs** -4,745 -4,512 5% Total operating expenses -5,238 -4,834 8% Profit before loan losses 6,505 5,424 20% Net loan losses and similar net result -167 -49 Operating profit 6,338 5,375 18% Cost-to-income ratio excl. regulatory fees and write-offs**, % 40.4 44.0 Cost-to-income ratio, % 44.6 47.1 Return on equity excl. write-offs**, % 17.4 13.8 Return on equity, % 16.9 13.8 Diluted earnings per share, EUR 1.37 1.10 25% 5 Excluding IAC; see page 5 in Q4 interim report for details ** EUR 177m in intangible asset write-offs, primarily due to change in treatment of development costs related to digital services Nordea#6Net interest income Stable volumes, improved margins Year-over-year bridge, EURM 6 +19% 24 128 1,946 · 159 170 401 1,641 3 Q422 Volumes Margins Deposit Treasury- Other hedge related FX Q423 items Quarter-over-quarter bridge, EURm +2% 1,946 1 1 44 1,909 20 22 5 Q323 Volumes Margins Deposit Treasury- Other hedge related items FX Q423 - Net interest income up 19% Continued growth in corporate lending Corporate lending up 1% Mortgage volumes stable Net interest margin 1.83%, up 38bp - Lending margins down, especially in households - Further increases in deposit margins across business areas Nordea#7Net fee and commission income Stable underlying income, negative FX effects Year-over-year bridge, EURM -3% 7 24 785 1 17 2 23 763 Q422 Asset mgmt. Brok. & advisory Pay. & cards Lending Other FX Q423 Quarter-over-quarter bridge, EURm 7 +3% 763 4 0 21 742 Q323 Asset mgmt. Brok. & advisory Pay. & cards Lending Other FX Q423 • Net fee and commission income down 3% • • • - Savings fee income impacted by lower average assets under management Net flows from internal channels EUR 1.9bn Brokerage and advisory fee income up due to higher customer activity Lower lending fee income in subdued market Nordea#8Net fair value result Market-making and treasury down after very strong Q422 8 Net fair value result, EURM -61% 396 345 117 97 290 445 62 225 17 7 154 24 260 234 211 206 194 -12 -47 -5 Q422 Q123 Customer areas* Q223 Q323 Q423 Treasury & other** Market-making operations Excludes fair value adjustments to loans held at fair value in Nordea Kredit **Includes valuation adjustments and FX • • • Continued solid customer risk management activity, driven by FX and rates products Market-making down, driven by falling market rates Treasury negatively affected by lower valuations of bond portfolios and hedge inefficiencies, driven by rate volatility Nordea#9Costs Costs in line with plan: up 2% excluding write-offs Year-over-year bridge, EURM 9 1,417 +2% 177 1,212 5 24 4 1,240 51 46 - Q422 Underlying Tech & risk costs M&A Regulatory FX mgmt. integration fees investments costs Q423 Intangible Q423 asset including write-offs write-offs Quarter-over-quarter bridge, EURm 1,194 42 13 1,417 +4% 177 1,240 24 7 Q323 Underlying Tech & risk costs mgmt. M&A integration FX Q423 Intangible asset investments costs write-offs Q423 including write-offs • - Costs excluding write-offs up 2%, driven by integration costs and inflation - Underlying costs driven by salary inflation and higher business activity Continued additional investments in technology and risk management in line with plan - M&A integration costs related to proposed acquisition of Danske Bank's personal customer business in Norway Intangible asset write-offs primarily due to change in treatment of development costs related to digital services Nordea#10Technology and risk management investments Continued additional investments Full-year 2023 additional investments, EURM 10 ~100 ~75 ~240 ~40 ~25 Financial crime prevention Business continuity & crisis mgmt. & security Data privacy & data governance Enhanced digital capabilities Total additional tech & risk mgmt. investments • • • Financial crime prevention - Transaction monitoring, sanctions screening & KYC - Increased efficiency through technology and automation Business continuity & crisis mgmt. - Cybercrime prevention. - Increased server stability - Improved failover capabilities Data privacy & data governance - Automation of GDPR processes Enhanced technology investments to further strengthen digital capabilities Nordea#11Net loan losses and similar net result Continued strong credit quality Net loan losses and similar net result, EURM 108 -13 95 -12 883 Individual provisions Collective provisions (net) Net loan losses and write-offs Fair value adj. incl. Nordea Kredit Total Impaired (stage 3) loans and PD of total loans, % 1.0 0.80 0.8 0.75 0.6 0.70 0.4 0.65 0.2 0.60 0.0 0.55 Q422 Q123 Q223 Q323 Q423 Impairment rate (LHS) - Avg. PD (RHS) 11 • • • Total net loan losses and similar net result EUR 83m (10bp) As expected, increase in individual provisions, mainly in construction and consumer-related industries - New provisions in line with historical levels - Overall levels of provisions and coverage unchanged Management judgement buffer EUR 495m after EUR 74m transferred from structural buffer to collective provisions, as planned Continued strong credit quality Stage 3 loans at 0.89% (0.82% in Q3) Average PD stable at 0.68% Nordea#12Capital Strong position; continued focus on capital excellence CET1 capital ratio development, % 16.3 Q323 0.9 Profit 0.2 0.1 17.0 L -0.5 ~15 1.5 ~1.5 ~12.1 Dividend Securitisation Other Q423 Requirement / target Capital policy buffer Current CET1 requirement Upcoming changes to Finnish and Norwegian SRBS (Q324) REA development, EURbn 145 142 141 140 139 Q422 Q123 Q223 Q323 Q423 12 • • CET1 capital ratio up at 17.0% - 4.9 percentage points above regulatory requirement - CET1 capital up EUR 0.6bn due to profit accumulation net of dividend accrual - Risk exposure amount (REA) down EUR 2.2bn, mainly due to capital efficiency measures Fourth share buy-back programme in progress New capital models for retail - exposures expected in H224 – REA increase on implementation estimated at EUR 10bn, subject to regulatory approval Updated capital policy Management buffer of 150bp above. CET1 requirement - Implied target CET1 ratio of ~15% Nordea#13Personal Banking Continued income growth, driven by net interest income 13 Total income, EURm . Total income up 10% +10% . 1,077 1,115 1,146 1,188 1,190 764 811 842 870 887 • 273 13 257 19 258 19 269 21 255 15 27 28- 27 28 33! Q422 Q123 Q223 Q323 Q423 • Net interest income Net fee and commission income Lending*, EURbn Net insurance result Net fair value result and other . Net interest income up 16%, driven by deposit margins Deposit volumes up 1% Mortgage volumes stable - margin pressure continues Stable savings & investment income, lower lending fee income Improved cost-to-income ratio: 45% Cost-to-income ratio**, % 0% -1pp 46 167 167 167 167 167 45 45 44 42 Q422 Q123 Q223 Q323 Q423 Q422 Q123 Q223 Q323 Q423 Nordea Excluding FX effects ** With amortised resolution fees#14Business Banking Continued income growth in slower corporate market 14 Total income, EURm +10% 813 834 864 862 894 548 573 612 632 636 157 151 142 136 149 ● 4 104 4 106 106 .91 4 105 Q422 Q123 Q223 Q323 Q423 • Net interest income Net fee and commission income Lending*, EURbn Net insurance result Net fair value result and other +1% 97 95 95 Q422 97 97 96 96 . Total income up 10% Lending and deposit volumes up 1% Net interest income up 16%, supported by volume growth and improved deposit margins Continued strong credit quality; net loan losses 11bp Improved cost-to-income ratio: 39% Cost-to-income ratio**, % 40 40 38 88 -1pp 39 39 37 36 Q123 Q223 Q323 Q423 Q422 Q123 Q223 Q323 Q423 Nordea Excluding FX effects With amortised resolution fees#15Large Corporates & Institutions Strong net interest and net fee and commission income, lower net fair value result Total income, EURm • . • Total income down 4% Net interest income up 10%, driven by positive margin development Net fee and commission income up 17%, driven by higher advisory fee income Net fair value result down 44% due to lower market-making result following high level of Q422 Return on capital at risk 19% and cost-to-income ratio 38% Return on capital at risk**, % -4% 626 665 564 569 599 • 352 345 361 368 380 111 120 104 105 130 170 -193 -99 -96 -89 Q422 Q123 Q223 Q323 Q423 • Net interest income Net fee and commission income Net fair value result and other Lending*, EURbn -2% -1% 53 54 53 53 52 Q422 25 25 52 52 21 -2pp 19 19 19 19 Q123 Q223 Q323 Q423 Q422 Q123 Q223 Q323 Q423 Including FX effects Excluding FX effects Nordea 15 Excluding repos ** With amortised resolution fees#16Asset & Wealth Management Positive net flow momentum maintained in internal channels despite market uncertainty Total income down 6%, driven by lower net insurance result due to decreasing forward interest rates and lower third- party fund distribution fee income Assets under management up 5%, to EUR 378bn Internal channel inflows of EUR 1.9bn during quarter Institutional and wholesale distribution outflows of EUR 3.9bn Cost-to-income ratio 50%, driven by inclusion of Nordea Pension and investments in nearshoring and risk management Cost-to-income ratio*, % • Total income, EURm -6% 350 356 365 354 328 • 73 73 74 81 80 255 246 245 242 244 8 14 14 23 37 79 -1 2 Q422 Q123 Q223 32. Q323 Q423 Net interest income Net fee and commission income Net insurance result Net fair value result and other Assets under management, EURbn +7pp +5% 378 359 362 363 360 43 39 39 40 Q422 50 50 Q123 Q223 Q323 Q423 Q422 Q123 Q223 Q323 Q423 Nordea 16 * With amortised resolution fees#1717 Higher target following strong performance | Raising the bar further Strategic agenda reaffirmed Well equipped for sustainable high performance 2025 financial target Return on equity >15% Assumes CET1 requirement of 15%, including management buffer Rates assumed to normalise at ~2% Supported in 2025 by Cost-to-income ratio 44-46% Loan losses Normalised ~10bp annually Capital and dividend policies 60-70% dividend payout ratio; excess capital distributed through buy-backs Management buffer of 150bp above regulatory CET1 requirement#1818 2025 financial target update#19Operating environment Structurally attractive banking environment Steady growth and structurally lower unemployment rates Nordic GDP growth steady and above European average, with lower unemployment supported by strong economies and social security nets GDP (Index: 2011=100) 130 120 Unemployment rate, % 12 + 9 110 6 100 3 90+ T 0 T T 2010 12 14 16 18 20 22 24 2026 2010 12 14 16 18 20 22 24 2026 Nordics Euro area Competitive countries with high degree of digitalisation Nordic region: high-performing economies, stable political environments, high degree of digitalisation Nordea uniquely well placed Diversification at scale within Nordics driving... 4% Denmark 27% Finland 26% 2023 operating Norway income Sweden 18% 25% Other* low earnings volatility**.. and best-in-class funding*** 83% 108bp 91bp 75bp Global competitiveness (Global ranking 2023)* 1st Digital transformation readiness (Global ranking 2023)*** 4th 8th 7th 8th 14th 11th 25% 21% 14th 33rd 34th European Norway average Finland Sweden Denmark European Norway Finland Sweden Denmark average 19 2013-2022 2023 Nordea Nordic banks European banks * Source: IMD World Competitiveness Ranking 2023 (analyses and ranks countries according to how they manage their competencies to achieve long-term value creation) **Source: IMD World Digital Competitiveness Ranking 2023 Other income mainly Luxembourg, Poland, United States, United Kingdom and Estonia ** 2013-22 annual operating profit volatility: sample of 30 European banks *** 5y senior preferred new issue spread#20Profitability and capital generation Sustainably higher profitability and capital generation Improved performance enabling higher shareholder returns % 16 14 12 10 8 6 4 2 • - Higher profitability Progress on improving return on equity before rate increases, driven by market share gains and operational and capital efficiency - Additional improvement from returning excess capital after lifting of COVID-19 restrictions and rate increases Lower risk Increased capital generation due to % % EUR per share 5 18 1.6 16 1.4 st 4 3 14 1.2 12 1.0 10 0.8 8 0.6 1 6 0.4 4 0 2 0.2 -1 0 0.0 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Return on equity, % (RHS) - ECB deposit facility (LHS) Dividend Buy-back Dividend yield (RHS) Consistent and strong capital generation - 10% CAGR since 2005 20 10% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20171 2018 2019 2020 2021 2022 2023 Acc. share buy-backs, EURbn Acc. dividend, EURbn Equity, EURbn • • portfolio de-risking and reduced capital consumption Annual capital generation 10% - Capital generation enabling significant shareholder returns and increased capacity to absorb shocks Market-leading shareholder returns Continued focus on capital excellence Nordea#21Financial target Sustained structurally higher profitability Return on equity, % 21 ~11% 2021 Operating Cost of Capital performance risk ~17% >15% 2pp increase 1 2 from CMD 2022 3 2023 Operating Cost of Capital performance risk 2025 target Drivers for improved 2025 target 1 2 3 Focused and profitable growth; operational efficiency Net interest income resilience - Drive ancillary income growth Maintain strict cost discipline Loan losses normalising · 2021-2023 very low - Normalised run rate ~10bp Capital excellence Normalisation of regulatory requirements and REA increase from retail models and Basel IV Equity build to remain at target level - Continued capital returns, supported by high capital generation Nordea#22Operating performance Focus on income growth and operational efficiency - continued investments in tech & risk capabilities Cost-to-income ratio drivers, % 45% 44-46% 2023 NII Cost-to-income ratio development 50% NCI Costs 2025 Actual development + updated forecast CMD 2022 expectations 46% 44% 44% 2021 2022 2023 2024 2025 22 * Assumed rate path as at end December 2023 (available on slide 32) . • Drive focused profitable growth Volume growth & market share gains NII to remain fairly resilient* - Lower impact from first rate cuts - Benefit from deposit hedge - Norwegian acquisition Lower rates driving increased activity and savings growth, especially in 2025 Investment in key enablers Strengthening of technology, risk management & other strategic areas - Integration of Norwegian retail assets Focus on operational efficiency Continuous improvement to offset inflation and reduce structural costs Expected significant reduction in resolution fees Cost-to-income ratio maintained Nordea#23Capital excellence Normalised capital position - strong capital generation Capital generation and uses of capital 2024-2025 Available for shareholder returns and bolt-on M&As - Capital Increase in equity capital policy to remain at policy level Excess capital YE2023 Capital requirements Retail models & Basel IV Growth incl. Norwegian Cumulated 2024-25 profit acquisition Shareholder returns supported by strong capital generation EUR 17-18bn Share buy-backs Year Average quarterly capital generation, bp 2017-2019 ~40 • Implied target CET1 ratio of ~15% - Management buffer adjusted to 150bp above regulatory requirement Normalised CET1 requirement - REA inflation of EUR ~16bn from new retail models and Basel IV Outperform in capital returns Strong capital generation. Steady progression in dividend per share unchanged dividend policy - Capital level optimised 2021-2023 via share buy-backs Future excess capital generation returned to shareholders via regular share buy-backs Dividends Executed buy-backs 4 2024 2025 2022-2023 2020-2022 2023-2025 Paid dividends 6 23 * Indicative, based on 15% RoE and current dividend policy ~50 Net capital generation Dividend accrual ~80-90* Nordea#2424 Higher target following strong performance | Raising the bar further Strategic agenda reaffirmed Well equipped for sustainable high performance 2025 financial target Return on equity >15% Assumes CET1 requirement of 15%, including management buffer Rates assumed to normalise at ~2% Supported in 2025 by Cost-to-income ratio 44-46% Loan losses Normalised ~10bp annually Capital and dividend policies 60-70% dividend payout ratio; excess capital distributed through buy-backs Management buffer of 150bp above regulatory CET1 requirement#25Nordea#26Supplementary information Nordea today Very well diversified pan-Nordic financial service provider with stable and sustainable returns Income and loan portfolio very well spread across Nordic countries, currencies, business areas and industries* 4% Very well diversified portfolio - no significant industry sector concentration 26 19 Corporate lending 27% 24 % 26% 32% Household lending Operating income Lending 0.1% 0.6% 0.6% 22% 18% 25% 0.7% 21% 0.7% 0.1% Ship building 0.1% Oil, gas & offshore 0.1% Air transportation Mining & supporting activities Materials Accomodation & leisure Animal husbandry IT services 0.7% Media & entertainment 0.9% Land transportation Sweden Finland Norway Denmark Other** **** 0.9% Consumer durables 1.1% | Capital goods 1.4% Shipping 12% 1.4% Retail trade 20%Operating income 4%% 39% 30% 29% REA** 1.9% Residential real estate 2.1% Wholesale trade 2.8% Construction 4.4% 8.0% 15.5% 7.9% 29% Personal Banking FY 2023 30% 47.7% TOAS Commercial real estate Other corporates Consumer lending Mortgages Business Banking Large Corporates & Institutions Asset & Wealth Management Group functions Nordea ** REA: risk exposure amount *** Other income mainly Luxembourg, Poland, United States, United Kingdom and Estonia#27Supplementary information Net interest income sensitivity Net interest income sensitivity to policy rate changes Sensitivity to +50bp parallel rate shift in policy rates* Denmark Finland .35 - ~75 ~285 Year 3 NII Year 2 NII impact increase impact increase vs. year 1 vs. year 2 NII impact largely driven by policy rates and pass-through Actual pass-through to vary between account types and countries, and throughout rate hike cycle - Sensitivity reflecting modelled risk over - cycle NII impact higher following initial rate increases and lower thereafter Group NII also impacted by other drivers Volumes and asset pricing Wholesale funding costs - Deposit hedges Increased deposit hedging reducing sensitivity to interest rate changes - Hedge volume up ~20% in 2023 - Average hedge maturity ~3 years Norway Sweden ~1202 Year 1 NII impact Total net impact Hedge impact Structural hedge - nominal volume, EURbn 40 40 35 30 25 25 20 Q222 Q322 Q422 Q123 Q223 Q323 Q423 - Additional NII impact in Y2-Y3 as assets repriced and hedges rolled over Nordea 27 Symmetrical for -50bp parallel shift#28Supplementary information Real estate management industry (REMI)* Strong and well-diversified portfolio, high-quality lending Lending volumes stable Diversified across countries 31 30 30 Ο 36 24 55 25 25 25 Q422 CRE 32 26 31 ले ७ 25 Other Finland 0% 17% 25 26 Denmark 19% Q123 Q223 Q323 Q423 RRE 90% of portfolio with low probability of default (PD) 29bn 2bn Sweden 35% Office Well-diversified portfolio across Nordic markets 90% of exposure towards low- risk customers, 7% towards increased risk, only 2% towards high risk and less than 1% in default Portfolio mainly comprising central and modern office and residential properties Strict underwriting standards: conservative credit policy with focus on cash flow and existing customers 29% Norway Diversified across types Industrial Hotels Q4 2022 Logistics 6% Q1 2023 6% 3% Q2 2023 Other 10% 39% Q3 2023 Q4 2023 10% Retail 1bn 0 PD 0.01%- PD 0.85%- PD 4.0%- PD 100% 28 * Excluding tenant-owner associations (TOAS) 26% Commercial residential Nordea#29Supplementary information Real estate management industry (REMI) for largest customers* Solid LTVs, resilient interest coverage, high occupancy Solid LTV levels for all countries 29 • Majority of portfolio with low LTV 72 65 64 65 65 37% 57 52 51 52 53 27% 24% 10% 31% 28% 18% 12% 10% • 1% 1% 2% FI NO SE Total Current 20% value decline Current 20% value decline 0-40% LTV 41-50% LTV 51-60% LTV 61-70% LTV 71-80% LTV >80% LTV DK ICR high for all countries 3.8 3.7 3.4 3.3 2.3 1.9 1.9 1.5 1.7 1.5 Present ICR Sensitivity test DK FI NO SE Total ICR above 1.0 for 98% of portfolio in stress scenario 46% 36% 40% 25% 15% 14% 15% 5% 2% 0% 0% Current <1.0 1.0-1.5 1.5-2.0 2.0-3.0 >4.0 Stress scenario 3.0-4.0 71% of exposures with LTV below 60% In event of 20% decline in market value, 61% of portfolio still with LTV below 70% Average Interest Coverage Ratio (ICR) at 3.3x Average ICR at 1.7x in stress scenario - Stress scenario: all debt refinanced day one at 5Y swap rates plus margins (5.5-6.5%); no hedging Strict interest rate hedging requirements - 61% of customer debt hedged with average maturity of 4.1 years Low vacancy rates, with average letting ratio 95% *Based on analysis of largest customers in portfolio corresponding to 50% of EAD (excl. TOAS). For smaller customers in portfolio corresponding to 50% of EAD (excl. TOAS), credit quality is monitored through various credit risk indicators, such as PD and IFRS 9 stages Nordea#30Supplementary information Real estate management industry (REMI)* Low levels of risk exposure Strong credit quality, with 94% of IFRS 9 portfolio in stage 1 No REA impact even from 3-notch downgrade due to risk weight floors 98% 98% 96% 96% 94% 2% Q422 1% 2% 1% 1% -3% Z Q123 Q223 1% 3% Z Q323 5% 1% Stage 1 Stage 2 Q423 Stage 3 30 50 .... 6 8 50 RW floor 50% Q423 1-notch 2-notch 3-notch Impact Low impairment rate and high coverage for impaired portfolio 60 55 55 51 51 • • 61 59 57 53 52 • Continued strong credit quality, with slight deterioration as expected Only 5% of portfolio in stage 2, with increase mainly related to more conservative categorisation 0.6% of portfolio impaired in Q4, with increase related to small number of individual customers - Provision coverage above 50% — high for collateralised assets REA protected by risk weight floors 30 * Excluding TOAS Impairment rate Coverage ratio Q422 Q123 Q223 Q323 Q423 Nordea#31Supplementary information Impairments and provisioning coverage. Strong portfolio credit quality 31 Stage 2 and 3 loans at amortised cost, EURm 16,207 12,786 13,105 14,027 13,988 • Stage 3 (impaired) loans up 2,255 2,206 2,238 2,234 2,457 Stage 2 Stage 3 • Q422 Q123 Q223 Q323 Q423 Coverage ratio, % • EUR 223m to 0.89% from 0.82% in Q3, driven by small number of customers Stage 2 loans up EUR 2.2bn, mostly due to more conservative categorisation rather than credit deterioration Coverage ratio for stage 3 portfolio down to 42% due to inflow with lower provisioning needs Continued strong portfolio credit quality 48 46 46 46 10 45 45 45 46 44 44 44 8 44 42 42 42 42 160 40 38 3.4 3.4 3.2 3.1 3.1 3.1 3.0 3.2 3.0 4 2.8 2.7 36 2.5 • 34 2 Stage 3 32 Stage 2 30 Q121Q221Q321Q421Q122Q222Q322Q422Q123Q223Q323Q423 Nordea#32Supplementary information Financial target 2025 Key assumptions underpinning plans GDP growth*, % 3 2 1 0 -1 2023 2024 2025 Inflation*, % 10 32 8 6 4 2 0 2023 World Sweden 60 154 4 Finland 3 Denmark 2 Norway 1 0 Policy rate forecast**, % Q2 Q4 223 22 23 Q2 23 24 Q4 Q2 Q4 24 24 22 25 25 10 10 Unemployment rates*, % 8 Norway 6 World Denmark 4 Sweden 2 Finland 0 2025 2022 2023 2024 2025 2024 * Q423 economic forecasts by Nordic central banks and ECB **YE23 market rates *** Q423 combined Nordea and central bank projections ******* ***** • Nordic lending market growth ~2% CAGR 2023-25 *** USD NOK SEK • Equity market return**** EUR DKK • - +7.5% CAGR 2023-25 Fixed income market return***** +4% CAGR 2023-25 Sweden Finland Norway Denmark Q423 Nordea estimate vetted against independent external reports Q423 3M ESTER rate Nordea