Executing on the growth plan

Research evidence excerpt

Executing on the growth plan

Finland | Nordic Banks

Nordea EquityJulyResearch17, 2026

TARGET | ESTIMATE CHANGEExecuting on the growth plan

2Q was a strong result for Nordea that saw a 4% pre-provision profit beat RATING BUY

and an ROE of 15.9% (FY26 guidance >15%). Growth remained solid across PRICE €16.89^

the strategic focus areas and in the key markets of Sweden and Norway with PRICE TARGET | % TO PT €20.10 (€19.60) | +19%

good momentum going into 2H26. We expect Nordea to continue delivering 52W HIGH-LOW €17.19 - €11.97

returns above the sector, with ROE improving through our forecast period. FLOAT (%) | ADV MM (USD) 86.9% | 92.43

We increase 2027-28E EPS by 2%, increase our price target to EUR 20.10, MARKET CAP €62.7B | $71.7B

and maintain our Buy rating. TICKER NDA FH

^Prior trading day's closing price unless otherwise

noted.

Earnings changes: We have increased our EPS by 2% across 2027/28E, driven by higher fees

(primarily asset management with AUMs reaching a record high of EUR 505bn). For 2026, we

forecast adjusted ROE of 15.4% (vs guidance above 15%, with 2Q at 15.9%). As a result of our FY (Dec) CHANGE TO JEFe JEF vs CONS

estimate changes, we increase our price target to EUR 20.10 (from EUR 19.60) and maintain 2026 2027 2026 2027

our Buy rating. REV NA NA NA NA

EPS +2% +2% +1% +1%

Focusing on growth - our play for the Swedish recovery: Two areas of focus from the CMD

are winning in Sweden and accelerating growth in Norway. In this note we have a closer look 2026 (€) Q1 Q2 Q3 Q4 FY

at the progress being made across the strategic growth areas. In Sweden specifically, they EPS -- -- -- -- 1.42

are growing x2 the Swedish incumbents in mortgages with corporate growth above system PREV 1.40

(Exhibit 1 and Exhibit 4).