Danske Bank A/S (DNKEY) Shareholder/Analyst Call January 8, 2026 7:30 AM EST

Company Participants

Claus Jensen - Head of Investor Relations

Conference Call Participants

Sofie Caroline Peterzens - Goldman Sachs Group, Inc., Research Division Namita Samtani - Barclays Bank PLC, Research Division

Presentation

Claus Jensen Head of Investor Relations

Good afternoon, and welcome to Danske Bank’s Q4 2025 Pre-Close Call. My name is Claus Ingar Jensen and I’m Head of Investor Relations. With me, I have Olav Jørgensen and Nicolai Tvernø from our IR team. Please note that this call is being recorded for compliance reasons, and the script used for this call will be published on the Investor Relations website after the call. Given that we conduct this call via Teams, please be aware that if you want to ask questions, you must log on via the Teams app or your browser. If you participate via a telephone line, the IR team will be available for questions after the call.

In today’s call, I will highlight relevant public data and macroeconomic trends in our markets. I will go through the relevant P&L lines and comment on capital at the end. Afterwards, we will open for a Q&A session.

For the sake of good order, I would also like to highlight the following: I will only answer questions related to already disclosed information as well as publicly available information, unless otherwise noted. In connection with this, I wish to highlight that development in specific indices may not always have the same effect on our performance.

Before going through the income lines, I would like to start with a brief comment on the most recent macroeconomic development based on our Nordic outlook published in early December. In the Euro area, we have seen growth prospects through 2025 being better than expected despite the tariff