Nordea to book restructuring costs to execute its 2030 strategy implementation

17 Mar 2026 09:00 CET

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, at10.00 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.

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