Nykredit Realkredit A/S H1 Interim Reports 2026

To Nasdaq Copenhagen A/S

12 August 2026

Nykredit today announces its H1 Interim Reports 2026 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

Michael Rasmussen, Group Chief Executive, comments on the Nykredit Group's H1 Interim Financial Statements:

• We are pleased to present a highly satisfactory interim profit after tax of DKK 5.9 billion for the Nykredit Group. As a result of our strong half-year financial results, we are raising our full-year guidance to a profit after tax for 2026 of DKK 11.0-11.75 billion. Our half-year results and upgrade reflect continued business and customer growth, increased lending and growing market shares across the Group's core business in the first half of 2026. Totalkredit thus delivered its best-ever first-half results, while the Group's assets under management reached an all-time high of DKK 625 billion.
  
  
• As a customer-owned financial provider, we share our success with our customers. The stronger our results, the more we can give back to them. Our customer-ownership structure gives us a strong platform for contributing to the communities and cities we are part of. The Local Promise enables our customer-facing employees to support local initiatives and associations, making a difference close to our customers. The Local Donations initiative allows us to support projects that strengthen and develop local activities and communities. Through The Local Promise and Local Donations, we contributed more than 500 grants – large and small – to local communities across Denmark during the first half of 2026. I look forward to demonstrating to even more customers the advantages of our customer-owned relationship bank.
  
  
• During the half-year, we focused in particular on completing the merger of Nykredit and Spar Nord, where we have successfully maintained business momentum and high customer satisfaction. The integration has progressed smoothly and efficiently, and we are now ahead of the initial plan for realising synergies.
  
  
• We believe that customers having the same customer propositions should have access to the same benefits, prices and value propositions – regardless of whether they are new customers or have been with us for many years. In connection with the Spar Nord integration, we have harmonised our value propositions across Nykredit and Spar Nord. This resulted in lower or unchanged prices for 98% of the Spar Nord customers. In addition, we reduced the prices of Totalkredit mortgage products three times in the first half of the year to the benefit of both new and existing customers with Totalkredit loans. It is how a customer-owned Nykredit Group sets itself apart in the marketplace.
  
  
• Totalkredit saw continued lending and customer growth in the first half of the year. Customers choose Nykredit thanks to our flexible and attractive home financing options – our KundeKroner benefits programme makes our pricing highly competitive in the market. Through the Totalkredit partner banks, we provide local advice and lending to customers across Denmark. This is true not least in the rural and peripheral municipalities where Totalkredit accounted for 70% of new lending in the first half of the year. This demonstrates how a customer-owned Totalkredit helps support growth and development across Denmark.
  
  
• As Denmark's largest lender, our strong balance sheet and long-term approach leave us well positioned to support our customers' investment, development and growth through attractive financing solutions and competent advice. Despite geopolitical uncertainty, we recorded high lending activity among both personal and business customers in the first half of the year. The low level of loan impairments also reflects our customers' continued strong credit quality. We are ready to further support growth and development across the Danish business sector.
  
  
• The Nykredit Group holds a strong position. During the first half of 2026, we continued to develop our business in line with our Group strategy, through the merger with Spar Nord and our ambition to acquire full ownership of BEC. This brings us closer to our ambition of building a more customer-centric, profitable and efficient Nykredit. At the same time, we are strengthening the collaboration with our partners in the BEC community, giving them access to a broader range of faster digital solutions at competitive prices through the future Nykredit Financial Technologies. Partnerships are a crucial part of our Group strategy. Going forward, we will remain actively engaged in our key partnerships, which make us stronger together in the Danish financial market and when serving customers.
  
  

Highlights from the H1 Interim Report 2026 for the Nykredit Group:

Note: Spar Nord was included in the Nykredit Group's financial statements for June only in the first half of 2025. Consequently, the first half of 2025 is not directly comparable with the first half of 2026, when Spar Nord was part of the Nykredit Group for the full six-month period.

• Net interest and fee income of the Nykredit Group was DKK 9,726 million in H1 2026, up from DKK 7,874 million in H1 2025.
• The Nykredit Group's bank lending totalled DKK 183.8 billion in H1 2026, up from DKK 177.2 billion in H1 2025.
• Income from Wealth Management totalled DKK 1,825 million in H1 2026, up from DKK 1,399 million in H1 2025.
• The Nykredit Group has a cost/income ratio of 40.1%, excluding one-off effects relating to Spar Nord (41.4% including). Thus, Nykredit Group has a continued low cost/income ratio, excluding extraordinary impacts related to the acquisition of Spar Nord. The Nykredit Group's financial target of a cost/income ratio of below 40% still applies as from 2027 after completion of the integration of Spar Nord Bank.
• The Nykredit Group's delivered a return of 10.1% in H1 2026. The Nykredit Group's financial targets for an annual return after tax of 10% of shareholders' equity (RoE) viewed over an economic cycle still apply as from 2027 after completion of the integration of Spar Nord Bank.
• After the acquisition of Spar Nord Bank, Nykredit still holds a very strong capital position with a Common Equity Tier 1 (CET1) capital ratio of 17.0%.

Nykredit Group			Change
DKK million	H1 2026	H1 2025
Net interest income	7,701	6,391	1,310
Net fee income	2,025	1,483	542
Wealth management income	1,825	1,399	426
Net interest from capitalisation	204	523	-319
Net income relating to customer benefits programmes	(560)	(323)	-237
Trading, investment portfolio and other income	1,068	2,504	-1,436
- of which one-off gain from value adjustment of Spar Nord Bank shares	-	1,352	-1,352
Income	12,262	11,977	285
Costs	5,074	4,315	-759
- of which transaction and integration costs relating to Spar Nord Bank	154	763	609
Profit before impairment charges and legacy derivatives	7,188	7,663	-475
Impairment charges for loans and advances	(103)	282	385
- of which earnings impact from recognition of Spar Nord Bank's loan portfolio	9	129	120
Legacy derivatives	29	52	-22
Profit before tax for the period	7,320	7,432	-112
Tax	1,452	1,175	277
Profit for the period	5,869	6,257	-389

Contact: For questions, please contact Nykredit Press Relations, tel +45 44 55 30 00.

Attachment

• Nykredit_Group_Q2_26_2026-08-12_EN