Nordics, updating estimates post Q2‘26; DNB downgrade to Sell, Swedbank upgrade to Neutral

Research evidence excerpt

Nordics, updating estimates post Q2‘26; DNB downgrade to Sell, Swedbank upgrade to Neutral

Equity Research

20 July 2026 | 9:18PM BST

EUROPE BANKS

Nordics, updating estimates post Q2’26; DNB downgrade to Sell,

Swedbank upgrade to Neutral

We update our estimates and price targets post Q2’26 results for the Nordic banks Sofie Peterzens

+44(20)7051-5283 |

under our coverage that have reported so far (Swedbank, SHB, SEB, Nordea, Danske sofie.peterzens@gs.com

Goldman Sachs International

Bank, and DNB). We upgrade Swedbank to Neutral (from Sell) and downgrade

Chris HallamDNB to Sell (from Neutral). Our downgrade of DNB is on the back of further margin +44(20)7552-2958 |

compression in Norway, limited earnings growth and lack of catalysts. Our upgrade chris.hallam@gs.comGoldman Sachs International

of Swedbank reflects gearing to higher interest rates (especially in the Baltics), cost Benjamin Caven-Roberts

focus with the bank guiding for SEK1bn of run-rate cost saves by end 2028 and +44(20)7552-7066roberts@gs.com | benjamin.d.caven-

valuation. Goldman Sachs International

Andin Kour Sason

Our Nordic banks coverage has underperformed the broader European banks index +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

(SX7P) by ~5ppt since the start of the year, with share prices up c.10% on average Sachin Nayar

(for the six Nordic banks we cover, excluding NOBA) vs. SX7P up c.15% YTD. As a +44(20)7051-2598 | sachin.x.nayar@gs.com

result, our Nordic banks coverage trades at c.12x 12-month forward LSEG Consensus Goldman Sachs International

P/E, at a premium vs. our European banks coverage average of ~10.5x. Khushboo Mandani

+1(332)245-7978 |

khushboo.mandani@gs.com

Overall, the Q2 reporting season highlighted solid profitability and strong fee Goldman Sachs India SPL