Danske Bank A/s · OMXCOP:DANSKE
Danske Bank A/s — Q3 2026 Earnings Presentation
57 slides from Danske Bank A/s's earnings presentation, Oct 29, 2026
Slide 1: Financial results Q3 2026
Financial results Q3 2026 Investor Presentation
Slide 2: Contents
Investor Presentation – Q32026 Contents Danske Bank – brief overview 03 – 11 Forward ’28 strategy 10 – 12 Financial highlights 13 – 19 Business & Product Units 20 – 23 Credit Quality & Impairments 24 – 31 Capital 32 – 35 Funding & Liquidity 36 – 40 ESG, Sustainability, Financial Crime Prevention 41
Slide 3: Danske Bank - a brief overview
Danske Bank - a brief overview Danske Bank 3
Slide 4: We are a focused Nordic bank with strong regional roots
Investor Presentation – Q32026 We are a focused Nordic bank with strong regional roots Finland (AA+) 3rd largest DKK >1,000bn* DKK ~1,800bn DKK >1,100bn Share of Group lending: 9% Assets under Management Loans & Mortgages Deposits GDP growth 2026E: 1.8% Unemployment 2026E: 10.5% Leading central bank
Slide 5: Nordic Outlook September 2026: New sources of growth
Investor Presentation – Q32026 Nordic Outlook September 2026: New sources of growth Denmark Sweden Forecast Forecast Forecast Forecast 2024 2025 2026 2027 2024 2025 2026 2027 GDP Growth 3.9% 3.5% 4.0% (3.7%) 3.0% (2.5%) GDP Growth 1.9% 1.6% 2.8% (2.1%) 2.5% (2.4%) Inflation 1.4% 1.9% 1.5% (1.5%) 2.2
Slide 6: Macroeconomic development and outlook in the Nordics
Investor Presentation – Q32026 Macroeconomic development and outlook in the Nordics GDP development (%) Unemployment (%) House prices (index 100=2006) 8 14 280 6 12 260 4 240 10 220 2 8 200 0 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 180 -2 6 160 -4 4 140 -6 120 2 -8 100 80 2006 20
Slide 7: Executive summary: Solid financial performance driven by good commercial activity and strategic execution
Investor Presentation – Q32026 Executive summary: Solid financial performance driven by good commercial activity and strategic execution Financial highlights for Q3 Commercial highlights Q3 26 net profit ➢ Good operating environment and macro backdrop in the Nordic countries underpin commercial acti
Slide 8: Danske Bank's strong and liquid balance sheet underpins our resilient business model
Investor Presentation – Q32026 Danske Bank’s strong and liquid balance sheet underpins our resilient business model Danske Bank has a sound funding structure and remains very well capitalised with a prudent CET1 capital buffer to the current regulatory requirements. Further, our liquidity is underpi
Slide 9: Our strategic approach to sustainability enables us to capture commercial opportunities
Investor Presentation – Q32026 Our strategic approach to sustainability enables us to capture commercial opportunities, while also managing material risks and impacts Danske Bank 9
Slide 10: Forward '28 strategy
Forward ’28 strategy Danske Bank on track to fulfill its 2028 ambitions Danske Bank 10
Slide 11: Strengthening our position as a focused Nordic leader with strong profitability
Investor Presentation – Q32026 Strengthening our position as a focused Nordic leader Targets for 2028 with strong profitability and leading digital solutions >14.5% Return on Equity Growth across High productivity Strong capital segments and markets across organisation generation & risk mgmt. DKK ~6
Slide 12: Forward '28 - Strategic targets
Investor Presentation – Q32026 Forward ’28 - Strategic targets Growth across segments and markets Strategic targets for Business Unit for ’28 (vs. 2025) Continue to grow in focus segments across Nordics, Personal Increase in number of customers with +10% building on strong momentum in LC&I, Mid- Cus
Slide 13: Financial highlights
Financial highlights Danske Bank 13
Slide 14: Strong financial performance in the core lines and cost management in line with plan
Investor Presentation – Q32026 Strong financial performance in the core lines and cost management in line with plan Income statement (DKK m) Highlights 9M 26 9M 25 Index Q3 26 Q2 26 Index ➢ 9M 26/9M 25: Total income supported by growing core income with NII and fee Net interest income 28,280 27,157
Slide 15: NII: Solid NII underpinned by positive trend in volumes, deposit margins
Investor Presentation – Q32026 NII: Solid NII underpinned by positive trend in volumes, deposit margins and stability derived from structural hedge Highlights NII 9M26 vs 9M25 (DKK m) Net deposit yield*** (%) +4% 3.0 Growing NII trajectory +4% Y/Y from improved 239 2.68 2.5 2.50 2.44 2.32 volumes an
Slide 16: Fee income: Strong fee income up 14% Y/Y
Investor Presentation – Q32026 Fee income: Strong fee income up 14% Y/Y driven by all fee categories and solid customer activity; stable performance Q/Q despite seasonal slowdown Highlights Net fee income (DKK m) Everyday banking fee income (e.g. transfers, +14% accounts) 12,048 Customer demand for
Slide 17: Trading income: Lower customer activity in secondary fixed income markets
Investor Presentation – Q32026 Trading income: Lower customer activity in secondary fixed income markets and negative fair value effects in Group Treasury Highlights Net trading income (DKK m) LC&I -37% Y/Y: Result primarily driven by lower customer 2,362 activity in fixed income market making Q/Q:
Slide 18: Expenses: In line with FY guidance of DKK 26 – 26.5bn
Investor Presentation – Q32026 Expenses: In line with FY guidance of DKK 26 – 26.5bn; continued strategic investments following the F’28 strategy plan Highlights Expenses (DKK m) +2% Cost/income ratio for Q3 2026 at 43.9% and for 19,386 9M 2026 at [44.2%] 291 Cost trajectory in line with full-year g
Slide 19: Financial outlook for 2026: Net profit guidance range narrowed
Investor Presentation – Q32026 Financial outlook for 2026: Net profit guidance range narrowed from DKK 23 – 25bn to DKK 24 –25bn We expect total income to be somewhat above DKK 59 billion driven by higher core banking income from higher customer activity, growing volumes, and recent policy rate hike
Slide 20: Business & Product Units
Business & Product Units Danske Bank 20
Slide 21: Business units: Customer activity across segments drives resilient income and profitability
Investor Presentation – Q32026 Business units: Customer activity across segments drives resilient income and profitability Personal Customers Business Customers Large Corporates & Institutions Highlights ➢ Higher income vs. Q3 25 driven by customer ➢ Income growth driven by higher customer activity
Slide 22: Business units: Growth in Northern Ireland; better insurance result in Danica
Investor Presentation – Q32026 Business units: Growth in Northern Ireland; better insurance result drives satisfactory net income in Danica Profit before imp. (DKK m) Lending (index) Lending growth driver of improved result The first 9M of 2026 saw profit before tax of DKK 1,828 million in 9M 2026 v
Slide 23: Realkredit Danmark portfolio overview: Continued strong credit quality
Investor Presentation – Q32026 Realkredit Danmark portfolio overview: Continued strong credit quality Highlights Retail loans, Realkredit Danmark, Q326 (%) Fixed rate (10 yrs-30 yrs) Interest-only Portfolio facts, Realkredit Danmark, Q326 ( ) = Q226 Variable rate (6m-10 yrs) Repayment Approx. 265,60
Slide 24: Credit quality & Impairments
Credit quality & Impairments Danske Bank 24
Slide 25: Asset quality: Strong credit quality and prudent macro scenarios
Investor Presentation – Q32026 Asset quality: Strong credit quality and prudent macro scenarios Highlights Impairment charges by category (DKK m) Credit quality deterioration PMAs Macro models Diversified and low-risk credit portfolio underpins strong credit quality and drove 217 291 35 net reversal
Slide 26: IFRS9 macro scenarios: Prudently capturing a severe downside scenario
Investor Presentation – Q32026 IFRS9 macro scenarios: Prudently capturing a severe downside scenario Base (50%) Upside (25%) Downside (5%) Severe downside (20%) Denmark 2026 2027 2028 2029 2026 2027 2028 2029 2026 2027 2028 2029 2026 2027 2028 2029 GDP 4.0 3.0 1.9 1.9 4.0 3.2 2.4 2.7 3.9 1.7 1.5 2.5
Slide 27: Strong regional footprint and diversified balance sheet
Investor Presentation – Q32026 Strong regional footprint and diversified balance sheet Lending by segment1 Q3 26 (%) Credit exposure by industry Q3 26 (%, rounded) Personal customers 30 4% 1% Commercial and residential real estate 13 Northern Ireland of which residential (6%) LC&I Other Non-profit h
Slide 28: Overall strong credit quality in portfolios exposed to macro cyclicality
Investor Presentation – Q32026 Overall strong credit quality in portfolios exposed to macro cyclicality CRE: Well diversified & prudently managed portfolio Agriculture: Well-provisioned agriculture book Housing: Low leverage, strong household finances DKK 340 bn in credit exposure and ECL ~1% DKK 58
Slide 29: Commercial property: Prudently managed and cash-flow based underwriting standards
Investor Presentation – Q32026 Commercial property: Prudently managed and cash-flow based underwriting standards; sound credit quality & adequate buffers in place to mitigate tail risks Highlights Lending to CRE segment by major peer banks (index)* CRE share of total portfolio by major peer banks* D
Slide 30: High-carbon energy supply financing and power generation
Investor presentation – Q32026 High-carbon energy supply financing and power generation Key points for Q3 2026 ▪ The Group monitors its exposure to activities across the fossil fuel value chain, referred to as high-carbon energy supply financing. At the end of Q3 2026, high-carbon energy supply fina
Slide 31: Credit quality: Remains strong
Investor Presentation – Q32026 Credit quality: Remains strong Stage 2 and 3 as % of net exposure Allowance account by business unit (DKK bn) 3.0 12 PC BC LC&I N.I. Stage 3 net exposure (% of Total, rhs) 11 2.5 Stage 2 net exposure (% of Total, lhs) 10 20.3 20.5 20.2 20.0 20.1 20.2 19.8 19.8 19.5 9 1
Slide 32: Capital
Capital Danske Bank 32
Slide 33: Capital: Strong capital base with CET1 ratio of 17.2%
Investor Presentation – Q32026 Capital: Strong capital base with CET1 ratio of 17.2% Capital ratios (%) Current capital buffer structure (%) Systemic risk buffer CET1 AT1 Tier 2 23.1 Countercyclical capital buffer 22.4 20.9 21.3 Capital conservation buffer 14.3 2.5 3.3 19.0 SIFI buffer (O-SII) 0.6 1
Slide 34: Strong CET1 capital generation and build-up of reserves
Investor Presentation – Q32026 Strong CET1 capital generation and build-up of reserves Highlights Common Equity Tier 1, 2010 – 2026 (DKK bn) Consistent strong capital generation of above 275bps (annualised) +61bn 152 155 Regulatory impact from EBA guidelines and 144 149 145 142 146 initial phase of
Slide 35: Fully compliant with MREL and subordination requirement
Investor Presentation – Q32026 Fully compliant with MREL and subordination requirement; expect to cover MREL need with both preferred and non-preferred senior MREL & subordination requirement* and eligible funds Q326 DKK bn (% of Group REA) Comments PS > 1y NPS > 1y CET1, AT1, T2 +47 (+5.6%) Group h
Slide 36: Funding & Liquidity
Funding & Liquidity Danske Bank 36
Slide 37: Funding structure and sources: Danish mortgage system is fully pass-through
Investor Presentation – Q32026 Funding structure and sources: Danish mortgage system is fully pass-through Loan portfolio and long-term funding Q3 26 (DKK bn) Funding sources* (%) Q226 2,285 61% 62% Senior & Q326 166 NPS bonds 1,795 1,140 Deposits Bank loans 718 10% 9% 9% 9% 9% 9% 9% 10% Bank mortga
Slide 38: Funding programmes and currencies
Investor Presentation – Q32026 Funding programmes and currencies Covered bonds by currency Q326 Largest funding programmes Q326 54% Utilisation SEK EMTN Programme 54% Limit – EUR 35bn Total DKK 157 bn Global Covered Bond 55% 45% Limit – EUR 30bn EUR 1% CHF ECP Programme 44% Limit – EUR 13bn Senior d
Slide 39: Funding plan
Investor Presentation – Q32026 Funding plan Changes in funding* 2026 (DKK bn and bp) Long-term funding excl. RD (DKK bn)** Cov. bonds Senior Non-Preferred Senior Completed (Q3-26) ** Funding plan 28bp 90-110 74bp 83bp 95 15bp 81bp 91 46bp 76bp 76bp 30 27 24 78 22 22 18 75 14 14 1 Redemptions 2026: R
Slide 40: Danske Bank covered bond universe
Investor Presentation – Q32026 Danske Bank covered bond universe – A transparent pool structure, with EUR issuance by Danske Mortgage Bank Plc & Danske Bank A/S D-pool and C-pool Danske Bank A/S C-pool Residential mortgages S&P AAA Denmark, Danske Bank A/S, D-pool and I-pool Sweden, Danske Hypotek A
Slide 41: ESG, Sustainability, Financial Crime Prevention
ESG, Sustainability, Financial Crime Prevention Danske Bank 41
Slide 42: Sustainability is an integrated part of our Forward '28 strategy
Investor Presentation – Q32026 Sustainability is an integrated part of our Forward ’28 strategy Our position today Our commercial focus Large Corporates & Institutions Personal Customers Financing the climate and energy Supporting customers with housing energy transition and providing sustainable im
Slide 43: We have identified material sustainability topics in accordance with CSRD / ESRS
Investor Presentation – Q32026 We have identified material sustainability topics for our business in accordance with CSRD / ESRS regulation, as outlined in our Annual Report Sustainability dimension Material ESRS topics Detailed overview in Sustainability Statement Climate change (E1) section of our
Slide 44: Across our climate targets, we have seen continued progress in 2025
The disclaimer for the Climate Progress Report 2025 applies to all information shown on this slide Investor Presentation – Q32026 Across our climate targets, we have seen continued progress in 2025 – driven by close collaboration with customers and investee companies Below or within 5% above linear
Slide 45: Three prioritised sustainability agendas with targets and ambitions
Investor Presentation – Q32026 Across our business, we work with three prioritised sustainability agendas, and we have set targets and ambitions for each Climate change Nature & biodiversity Human rights & social impact We support customers in the climate transition We advance our ability to support
Slide 46: Effective Management of Financial Crime Risk
Investor Presentation – Q32026 Effective Management of Financial Crime Risk A comprehensive and embedded Financial Crime Program Key progress and milestones The Group has in place an effective Financial Crime Program that provides a coherent framework for • Financial Crime Plan successfully complete
Slide 47: Financial Crime Compliance: Strategic focus and key priorities
Investor Presentation – Q32026 Financial Crime Compliance: Strategic focus and key priorities Strategic focus on maintaining the Financial Crime Program Maintaining an effective and sustainable Financial Crime Program is a strategic priority. This is achieved through strong governance frameworks, ac
Slide 48: Credit & ESG Ratings
Credit & ESG Ratings Danske Bank 48
Slide 49: Danske Bank's credit ratings – S&P revises its outlook to Positive
Investor Presentation – Q32026 Danske Bank’s credit ratings – S&P revises its outlook to Positive from Stable Long-term instrument ratings Rating actions Fitch Moody’s Nordic Credit Rating S&P On 26 August 2026, S&P revised its outlook on AAA Aaa AAA AAA Danske Bank to Positive from Stable while aff
Slide 50: Danske Bank's credit ratings – S&P revises its outlook to Positive
Investor Presentation – Q32026 Danske Bank’s credit ratings – S&P revises its outlook to Positive from Stable Rating methodology Danske Bank’s rating Operating Business Risk Asset Earnings & Capitalisation & Funding & Viability Government Issuer environment + Profile + Profile + Quality + Profitabil
Slide 51: Danske Bank's ESG ratings – MSCI upgrades Danske Bank to AA
Investor Presentation – Q32026 Danske Bank’s ESG ratings – MSCI upgrades Danske Bank to “AA” from “BBB” Rating action • On 5 October 2026, MSCI upgraded Danske Bank’s ESG rating by two notches, to “AA” from “BBB”. The upgrade was mainly driven by improvements in Danske Bank’s consumer financial prot
Slide 52: Tax & Material one-offs
Tax & Material one-offs Danske Bank 52
Slide 53: Tax
Investor Presentation – Q32026 Tax Actual and adjusted tax rates (DKK m) Tax drivers, Q3 2026 The actual tax rate of 25,4% (excluding prior- Line Q32026 Q22026 Q12026 Q42025 Q32025 year's adjustments) is lower than the Danish rate of 26% - due to the differences in statuary tax 1 Profit before tax a
Slide 54: Material extraordinary items, 2024 – 2026
Investor Presentation – Q32026 Material extraordinary items, 2024 – 2026 Quarter One-off items Effect (DKK m) P&L line affected Q124 None Q224 None Q324 Reimbursement of insurance costs 179 Expense Q424 Management of 15 Danske Invest Horisont funds in Norway sold to Nordea 181 Other income Q125 Prov
Slide 55: Contacts
Investor Presentation – Q12026 Contacts Investor Relations Group Treasury and Funding Claus Ingar Jensen Mobile +45 25 42 43 70 Justin Fox Mobile: +45 23 47 92 27 Head of IR [email protected] Group Treasurer [email protected] Nicolai Brun Tvernø Mobile +45 31 33 35 47 Bent Callisen Mobile: +45 30
Slide 56: Disclaimer for Danske Bank's Climate Progress Report 2025
Investor Presentation – Q32026 Disclaimer for Danske Bank’s Climate Progress Report 2025 Danske Bank’s Climate Progress Report 2025 has been prepared by Danske Bank A/S (“Danske Bank”). Danske Bank is under supervision by the Danish Financial Supervisory Authority (Finanstilsynet). The publication i
Slide 57: Disclaimer
Investor Presentation – Q32026 Disclaimer Important Notice This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of Danske Bank A/S in any jurisdiction, including the United States,