Financial results for Q1 2025

Profit after tax of DKK 491 million and return on equity of 14.0%

With a profit after tax of DKK 491 million and a return on equity of 14.0%, Spar Nord is off to a good start to 2025. As expected, the result is affected by the falling level of interest rates, with a lower return on the Bank’s substantial excess liquidity contributing to a reduction in net interest income compared with last year. This is the principal reason why core income was DKK 136 million lower than in the same period of last year.

In terms of our banking business, we maintained a strong momentum from Q1 2024 to Q1 2025 with annual growth in lending and deposits of 10% and 6%, respectively, and a 4% increase in total business volume during the period. Looking exclusively at Q1 2025, lending was up by DKK 1.3 billion and deposits by DKK 0.7 billion.

The first quarter of 2025 was also characterised by further solid asset management activity, and activity in the housing market is once again trending higher. At the same time, impairment charges for the period were limited owing to persistently strong credit quality.

With respect to Nykredit’s takeover offer, two out of three conditions for the offer are currently met. The necessary approval from the Danish Competition and Consumer Authority remains outstanding and, most recently on 23 April 2025, this resulted in an extension of the offer period, which is now projected to expire on 20 May 2025. Nykredit still expects the offer to be completed during the first half of 2025, says Lasse Nyby, CEO.

Please direct any questions regarding this release to Lasse Nyby, Chief Executive Officer, on tel. , or Rune Brandt Børglum, Chief Financial Officer, on tel. .

Yours faithfully

Rune Brandt Børglum

CFO

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