Nordea Bank Abp
Stock exchange release - Other information disclosed according to the rules of the Exchange
17 March 2026 at 10.00 EET

To execute the 2030 strategy and drive structural efficiency improvements, Nordea is launching restructuring initiatives to change the workforce composition. As communicated at the Capital Markets Day in November 2025, the implementation of these initiatives will result in restructuring costs. These restructuring costs, amounting to EUR 190m, will be booked in Q1 2026. The planned restructuring supports the delivery of Nordea's 2030 financial targets and is excluded from the 2026 financial outlook.

Technology, data and AI are central to Nordea's 2030 strategy announced in November 2025. By transforming local customer processes into Nordic-wide value chains and reducing, simplifying and modernising technology systems and infrastructure, Nordea will make more effective use of its Nordic scale to serve customers even better and operate more efficiently. Nordea will continue to invest in skills that further strengthen competitiveness. And with Nordic scale, the impact of AI and process optimisation, Nordea expects to have fewer employees in the future than today.

As outlined at the Capital Markets Day in November 2025, Nordea targets to deliver at least EUR 600m of annual gross cost take-out by 2030 through Nordic scale initiatives. In order to execute the strategy, Nordea will book restructuring costs amounting to EUR 190m in Q1 2026. Once completed, the restructuring initiatives are expected to deliver a reduction in annual costs of at least EUR 150m from the full year 2028.

The restructuring costs relate primarily to changes in the workforce composition and include skill shifts leading to a reduction in the number of employees. Approximately 1,500 employees across the Group are expected to be impacted in 2026 and 2027, subject to relevant union negotiation and consultation processes. Nordea will support employees with reskilling, upskilling and relevant internal opportunities.

The restructuring costs will be treated as an item affecting comparability (IAC) and are excluded from Nordea's 2026 financial outlook - a return on equity of greater than 15% and a cost-to-income ratio* of around 45%.

Nordea's 2030 strategy will deliver superior earnings per share growth, driven by profitable, above-market income growth and significant improvements in cost efficiency.

Nordea is targeting a return on equity of greater than 15% throughout the period 2026-2030, and significantly higher in 2030, and a cost-to-income ratio* of 40-42% in 2030.

For further information:

Ilkka Ottoila, Head of Investor Relations, +358 9 5300 7058
Media inquiries, +358 10 416 8023 or press@nordea.com

*Excluding regulatory fees.

The information provided in this stock exchange release was submitted for publication, through the agency of the contacts set out above, at 10.00 EET on 17 March 2026.

Nordea is a leading Nordic financial services group and the preferred choice for millions of customers across the region. For more than 200 years, we have proudly served as a trusted financial partner for individuals, families and businesses - enabling dreams and aspirations for a greater good. Our vision is to be the best-performing financial services group in the Nordics, accelerating through our scale, people and technology. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges.