Nordea (AO) | Buy | Q2 first take: Continued good business momentum

研报英文原文证据摘录

Nordea (AO) | Buy | Q2 first take: Continued good business momentum

News comment

Release date: 16 July 2026

Markus Sandgren

Equity Research Analyst

+468 7 235 183

msandgren@keplercheuvreux.com

BuyNordea

Finland | Banks & Asset Managers Beta Profile: MCap: EUR57.2bn

Target Price: EUR20.00 Bloomberg: NDA FH Reuters: NDAFI.HE

Current Price: EUR16.89 Free float 77.0%

Up/downside: 18.4% Avg. daily volume (EURm) 183.5

YTD abs performance 5.0% Market data: 15 July 2026

52-week high/low (EUR) 17.09/12.14

Q2 first take: Continued good business momentum

Key points:

EPS beat expectations by 3% on higher NCI and non-core income. NII, costs and credit losses are as expected. Continued good

business momentum across the regions.

The financial outlook for 2026 is updated with a cost-to-income ratio of 44-45% (previously around 45%), in line with consensus

expectations. No other change in guidance (ROE above 15% for all years until 2030 and a cost-to-income ratio of 40-42 in 2030).

NII is up 1% QOQ and is in line with expectations. Higher volumes, one more day in the quarter and FX tailwind offset by lower

margins. FX-adjusted lending growth of 1-2% in all regions except Finland, which is good.

NCI beat by 2% and is up 5% QOQ primarily on higher AM income. Stronger income across the board.

Trading income rebounds with good customer activity, but the key contribution is from Treasury and market making.

Operating expenses 1% higher QOQ as expected. Credit losses of 6bps also in line with expectations.

170bps in CET1 buffer and a semi-annual dividend of EUR 0.34 per share. No new buyback programme, but we see no risk of

Nordea building up excess capital over time.

Will perform in line or slightly above the market today, takes more than continued business momentum and a slight EPS beat to