No. 28, 2026 - Annual Report 2025

Nordea Kredit Realkreditaktieselskab

Nordea Kredit’s annual report for 2025 has been published

Lending activity increased by 44% in 2025 to total gross new lending of DKK 67bn (DKK 46bn).

High sales activity on the housing market was a main driver of new lending to household customers, while corporate lending was driven by a large inflow of new customers within private rental properties and office and retail properties. Total lending volume at nominal value was DKK 417bn (DKK 413bn) by end-2025.

Profit performance for 2025 compared with 2024

Profit before tax amounted to DKK 2,024m (DKK 1,428m). When comparing earnings with the previous year, account should be taken of the following items:

• Administration margins decreased by 1% to DKK 3,232m (DKK 3,261m) following lower average margins, driven by a reduction of margins by 0.1 percentage points on all new loans for owner-occupied dwellings and holiday homes in May 2025 plus lower LTV ratios for the loans remortgaged.

• Fee and commission income was up by 23% to DKK 459m (DKK 375m), mainly driven by higher lending activity for household customers.

• Total staff and administrative expenses decreased by 53% to DKK 756m (DKK 1,620m) mainly due to lower fees for sales and distribution services provided by Nordea Bank following the yearly update of the transfer pricing agreement and a lower resolution fee as the resolution fund was fully paid in during 2024.

• Impairment losses on loans and receivables decreased to DKK 36m (DKK 86m) mainly following decreased model and individually calculated provisions in stage 3. Realised loan losses were still at a low level in 2025. Overall, the loan portfolio of Nordea Kredit is well diversified with robust collateral.

• Net profit for the year amounted to DKK 1,483m (DKK 1,059m), corresponding to a return on equity in 2025 of 6.6% (4.7%).

For further information:

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Nordea Kredit Realkreditaktieselskab is a wholly owned subsidiary of Nordea. Nordea is a leading Nordic financial services group and the preferred choice for millions of customers across the region. For more than 200 years, we have proudly served as a trusted financial partner for individuals, families and businesses – enabling dreams and aspirations for a greater good. Our vision is to be the best-performing financial services group in the Nordics, accelerating through our scale, people and technology. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges.

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