Nordea Kredit Performance Update

Housing markets Rising interest rates is cooling off hot Nordic housing markets Housing prices 40 Households' credit growth 250 250 15.0 15.0 Index, 2007=100 Housing prices Index, 2007=100 % y/y Households' credit growth % y/y 3m moving average 12.5 12.5 225 225 Sweden 10.0 Norway 10.0 200 200 7.5 7.5 175 175 5.0 - 5.0 Sweden Finland Norway 2.5 2.5 150 150 0.0 0.0 Finland 125 125 Denmark -2.5 -2.5 100 100 -5.0 -5.0 Denmark 75 75 -7.5 -7.5 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 07 40 08 09 10 10 11 12 13 14 15 16 17 18 19 20 21 22 Source: Macrobond and Nordea Source: Nordea Markets and Macrobond · . • Housing prices increased to record-high levels in all the Nordic countries during the pandemic However, with inflation and interest rates quickly increasing, there are now more downside risks to housing prices These risks are especially pronounced in Sweden, and home prices are down 6% since March this year Households' credit growth in the Nordic countries have continuously declined since April 2022 except for Denmark in July 2022. Nordea

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