Interim Reports Q1 2026 - Nykredit Realkredit Group

To Nasdaq Copenhagen A/S

7 May 2026

Nykredit today announces its Q1 Interim Reports 2026 of:

Nykredit A/S, CVR no 12 71 92 48
Nykredit Realkredit A/S, CVR no 12 71 92 80

Michael Rasmussen, Group Chief Executive, comments on the Nykredit Group's Q1 Interim Financial Statements:

• We are pleased to present a satisfactory interim profit after tax of DKK 2.7 billion for the Nykredit Group. Generally, we expect continued progress in the Group's core business for the rest of the year and maintain our guidance for a full-year profit after tax of DKK 10.25-11.25 billion.
  
  
• In the first quarter of the year, we achieved business and customer growth, increased lending and growing market shares across the Group's core business. This was all achieved alongside the efficient merger of Nykredit and Spar Nord, where, despite an ambitious time schedule, we have successfully maintained business momentum and high customer satisfaction. That, I think, is impressive. I would like to offer my deepest thanks to our colleagues across the Group for their strong dedication and loyalty.
  
  
• With the merger well behind us, a new task awaits: Being owned by an association of customers, we are quite unique in the market place. Our loan books are open in all regions of Denmark, and with our local donations and local promise, we want to make a distinct and clear difference in the communities and cities we are part of. We recognise local potential – all over Denmark. I look forward to showing even more Danes what a customer-owned alternative to the largest listed banks can do for them.
  
  
• Totalkredit introduced our customer benefits programme, KundeKroner, in 2017. On the back of the Group's strong financial performance, we have since extended and increased KundeKroner discounts. With the successful merger of Nykredit and Spar Nord, the Group now stands even stronger. As Denmark's third-largest bank, our business mix and economies of scale have given us new opportunities – also when it comes to sharing our success with our customers.
  
  
• Totalkredit has seen continued business and customer growth, driven by our KundeKroner benefits programme but also owing to our strong presence throughout Denmark.This is true not least in the rural and peripheral municipalities where Totalkredit took a market share of more than 70% of new lending in the first quarter of 2026. At national level, Totalkredit's market share is now at 53.2% for personal customers. This is a testament to the difference that a customer-owned Totalkredit makes in Denmark.
  
  
• Despite geopolitical tensions, our impairment level reflects an overall solid credit quality and financially robust customers. At a time when prevailing market conditions for companies are prone to rapid change due to uncertainty, it is more important than ever that we, as a Group, take a long-term approach. We want to help ensure resilience in the Danish business sector, and as Denmark's largest lender, we are well positioned – with a strong balance sheet – to support our customers with attractive financing of business opportunities and sound advisory services.
  
  
• I would like to express my gratitude for the good and constructive dialogue we have had with the banks on the future of BEC. Our ambition is for Nykredit Financial Technologies to serve as a strong development power that will enable us to compete even more effectively with our largest competitors. We want to create an agile IT organisation with efficient decision-making power, fast delivery times and a competitive proposition for banks in the BEC community. Nykredit Financial Technologies will compete with the largest players while sharing its solutions with all our partners.
  
  
• Partnerships are a key element of our strategy, and we will continue to further develop and actively engage in our valuable Totalkredit, BEC, Sparinvest, Nærpension and Privatsikring partnerships. Partnerships that ensure that we stand stronger together in the Danish financial market and when interacting with customers. The acquisition of BEC reflects this ambition.
  
  

Highlights from the Q1 Interim Report 2026:

• Net interest and fee income of the Nykredit Group totalled DKK 4,870 million, of which Spar Nord accounted for DKK 953 million. Excluding Spar Nord, the Nykredit Group's net interest and fee income was up DKK 125 million, or 3.3%, in Q1 2026 against Q1 2025.
• The Nykredit Group's bank lending totalled DKK 176.2 billion, of which Spar Nord contributed DKK 62.7 billion. Excluding Spar Nord, bank lending went up to DKK 113.6 billion in Q1 2026 from DKK 108.8 billion in Q1 2025, representing a 4.3% increase.
• Income from Wealth Management totalled DKK 888 million in Q1 2026 for the whole Group, of which Spar Nord contributed DKK 135 million. Excluding Spar Nord, income from Wealth Management increased by DKK 40 million, or 5.6%, in Q1 2026 against Q1 2025.
• The Nykredit Group's cost/income ratio came to 42.2% excluding one-off effects relating to Spar Nord. Thus, the Nykredit Group has a continued low cost/income ratio, excluding extraordinary impacts related to the acquisition of Spar Nord.
• Nykredit still holds a very strong post-acquisition capital position with a Common Equity Tier 1 (CET1) capital ratio of 17.5%.
• The Nykredit Group's financial targets for an annual return after tax of 10% of shareholders' equity (RoE) viewed over an economic cycle and a target of a cost/income ratio of below 40%, as announced in the Nykredit Group's Annual Report for 2025, apply as from 2027 after completion of the integration of Spar Nord Bank.

Nykredit Group			Change
DKK million	Q1 2026	Q1 2025
Net interest income	3,869	3,039	830
Net fee income	1,001	754	247
Wealth management income	888	713	175
Net interest from capitalisation	146	345	-200
Net income relating to customer benefits programmes	(268)	(161)	-107
Trading, investment portfolio and other income	264	744	-480
- of which one-off gain from value adjustment of Spar Nord Bank shares	-	-	-
Income	5,899	5,434	466
Costs	2,522	1,671	851
- of which transaction and integration costs relating to Spar Nord Bank	31	2	28
Profit before impairment charges and legacy derivatives	3,378	3,763	-385
Impairment charges for loans and advances	(17)	34	-51
- of which earnings impact from recognition of Spar Nord Bank's loan portfolio	9	-	9
Legacy derivatives	27	46	-19
Profit before tax for the period	3,421	3,775	-353
Tax	728	775	-47
Profit for the period	2,694	3,000	-306

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

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• Nykredit_Realkredit_Group_Q1_2026-05-07_EN