Arctic: Nordea - Q2e: Expect stable results and a EUR 0.33 mid-year dividend

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Arctic: Nordea - Q2e: Expect stable results and a EUR 0.33 mid-year dividend

Nordea Buy Hold

NDA SS | Banking | Equity Company Update | 24 June 2026 | 07:19 Sell

Q2e: Expect stable results and a EUR 0.33 mid-year dividend Financials and estimates changes Target SEK 186.00

Dec-24 Dec-25 Dec-26e Dec-27e Dec-28eWe make minimal changes ahead of Q2 and remain pretty much in line with the current Front(EURm)Page Financials Highlights

consensus. NII will see support from one extra interest day, but will also have some Recommendation Hold

Target Price SEK 186.00

headwind from the rate hike in Norway which is not yet priced through to customers. Net interest income 7,594 7,167 7,243 7,641 7,902

Share Price SEK 181.9

After both the Swedish and Norwegian central banks left the door open for a 25bps hike Revenue 12,084 11,743 12,013 12,599 13,053

Upside (%) 2.3

later this year, NII should get some further support, but this is mostly already reflected in Profit before write-downs 6,871 6,454 6,426 7,101 7,483 Market cap (SEKm) 624,645

our estimates. We model an EUR 0.35 EPS for the quarter, and a ROE of 15.4%. Our EPS Operating profit 6,664 6,438 6,366 6,781 7,139 Number of shares (m) 3,434 Pre-tax profit 6,547 6,322 6,246 6,648 6,993

estimates for the FY26e-FY28e come down by 1% mainly due to updated tax assumptions.

Net income 5,058 4,846 4,754 5,059 5,322 12 months share price performance:With a concentrated consensus and a lack of any clear near- or mid-term triggers for re-

EPS 1.4 1.4 1.4 1.5 1.6

210 Performance (%) 3M 6M 1Yrating we maintain our Hold recommendation and stick to our TP of SEK 186.

Adj. EPS 1.4 1.4 1.4 1.5 1.6 205 NDAOMX SS 12.0%10.0% 14.0%10.0% 16.0%15.0%

We model a Q2 EPS of EUR 0.35, in line with consensus EPS growth (%) 3.6 (2.4) 0.3 8.4 7.2 200195