Q1-Q3 Interim Report 2025 - Nykredit Realkredit Group

To         Nasdaq Copenhagen A/S and the press

6 November 2025

Nykredit today announces Q1-Q3 Interim Reports 2025 of:

Nykredit A/S, CVR no 12 71 92 48
Nykredit Realkredit A/S, CVR no 12 71 92 80
Nykredit Bank A/S, CVR no 10 51 96 08
Totalkredit A/S, CVR no 21 83 22 78
Spar Nord Bank A/S, CVR no 13 73 75 84

Michael Rasmussen, Group Chief Executive, comments on the Nykredit Group's Q1-Q3 Interim Financial Statements and guidance upgrade:

• Today, we're presenting the Nykredit Group's strongest financial results ever recorded for the first nine months of the year with profit after tax of DKK 9,393 million. At the same time, we've raised our full-year guidance to a profit after tax of DKK 11.75-12.25 billion from previously DKK 11.00-12.00 billion. This means that we expect profit for 2025 to exceed profit for 2024, which was Nykredit's best year so far.
  
  
• The upgrade is driven by the Nykredit Group's strong core business performance, which reflects growth and increasing market positions across all the Group's business areas as well as continued high customer satisfaction levels. We have seen a rise in net interest and fee income, driven by a substantial net inflow of both personal and business customers in addition to higher demand from existing customers. Both new and existing business customers increasingly seek advice and guidance to pursue new market opportunities. At Nykredit, we take a long-term approach – we are committed to supporting Danish businesses with sound advisory services and attractive operating and capital investment finance.
  
  
• The Nykredit Group's quarterly results are also impacted by the fact that Spar Nord too had a very satisfactory third quarter with net inflow of personal and business customers and growth in bank lending and deposits. This is a remarkable achievement by excellent colleagues at a time when the integration of our two banks naturally also takes a high priority.
  
  
• Totalkredit saw continued growth in lending and customers in Q3 thanks to our strong presence across Denmark through our partner banks and to the KundeKroner benefits programme, which enables us to offer the most attractive and cheapest home loans in most loan scenarios.
  
  
• Partnerships are a crucial part of Nykredit's Group strategy, Winning the Double. We will continue to invest in and develop our highly valued partnerships, and together, we can deliver greater value to our customers and succeed in a competitive market.
  
  
• The integration of Nykredit Bank and Spar Nord is progressing according to plan and is maintaining momentum despite the ambitious schedule. In September, we made the first organisational adjustments, and we have made good progress on the next initiatives to become one bank on the inside with two strong brands facing the customers.
  
  
• We expect Nykredit Bank and Spar Nord Bank to complete the merger in the spring of 2026. Together, we want to be the local customer-owned bank of choice. We want our customers to enjoy the benefits of our customer-owned structure through a strong, physical and local presence and engagement, a strong digital universe as well as the best advisory services in the market. Customers of Spar Nord already today enjoy most of the benefits of banking with a customer-owned bank. Once we have merged, all customers across Spar Nord and Nykredit will have access to the same value propositions, prices and benefits that Nykredit is able to offer as a mutual financial provider.
  
  

Highlights from the Q1-Q3 Interim Report 2025:

• Profit after tax for Q1-Q3 2025 was the Nykredit Group's strongest performance ever recorded for the first nine months of the year. Net interest and fee income of the Nykredit Group totalled DKK 12,721 million, of which Spar Nord accounted for DKK 1,332 million. Excluding Spar Nord, the Nykredit Group's net interest and fee income was up DKK 387 million, or 3.5%, in Q1-Q3 2025 against Q1-Q3 2024.
• The Nykredit Group's bank lending totalled DKK 176.5 billion, of which Spar Nord contributed DKK 65.8 billion. Excluding Spar Nord, bank lending went up to DKK 110.7 billion at the end of September 2025 from DKK 99.9 billion at the end of September 2024, representing a 10.8% increase.
• Income from Wealth Management totalled DKK 2,235 million in Q1-Q3 2025 for the whole Group, of which Spar Nord contributed DKK 186 million. Excluding Spar Nord, income from Wealth Management increased by DKK 45 million, or 2.3%, in Q1-Q3 2025 against Q1-Q3 2024.
• Totalkredit's mortgage lending increased to DKK 949.6 billion at the end of September 2025 from DKK 895,8 billion at the end of 2024, representing a 6,0% increase.
• In 2025, the Nykredit Group's costs excluding Spar Nord as well as transaction and integration costs remained flat compared with last year. Excluding Spar Nord and extraordinary impacts, the Nykredit Group's cost/income ratio came to 33.1%, and including Spar Nord and extraordinary impacts, the cost/income ratio came to 36.8%.
• Nykredit still holds a very strong post-acquisition capital position with a Common Equity Tier 1 (CET1) capital ratio of 17.4%.

Nykredit Group	Q1-Q3	Q1-Q3	Change
DKK million	2025	2024
Net interest income	10,295	8,992	1,303
Net fee income	2,426	2,011	415
Wealth management income	2,235	2,004	231
Net interest from capitalisation	646	1,849	-1,203
Net income relating to customer benefits programmes	(453)	(428)	-25
Trading, investment portfolio and other income	3,390	1,802	1,588
- of which one-off gain from value adjustment of Spar Nord Bank shares	1,352	-	1,352
Income	18,539	16,228	2,311
Costs	6,816	5,040	1,776
- of which transaction and integration costs relating to Spar Nord Bank	871	-	871
Profit before impairment charges and legacy derivatives	11,723	11,188	535
Impairment charges for loans and advances	332	(141)	473
- of which earnings impact from inclusion of Spar Nord Bank's loan portfolio	128	-	128
Legacy derivatives	74	102	-28
Profit before tax for the period	11,465	11,431	34
Tax	2,072	2,473	-401
Profit for the period	9,393	8,958	435

Contact:For further comments, please contact Orhan Gökcen, Head of Press Relations, tel +45 31 21 06 39.

Attachment

• Nykredit_Realkredit_Group_Q3_25_2025-11-06_EN