Nordea operates through Personal Banking, Business Banking, Large Corporates & Institutions, and Asset & Wealth Management segments. The company provides various financial services to customers through mobile banking, over the phone, online meetings, and branch offices, including payments, cash management, cards, working capital management, and finance solutions. The bank demonstrates operational strength with recent profitability improvements, though facing headwinds from margin pressure in the Nordic region.
Cyborg Score Rationale
Nordea reported revenues of €12b and statutory earnings per share of €1.39, executing in line with analyst predictions. Q4 2025 net profit was 1.2 billion euros, up 2% from a year ago, with operating profit rising 3% to 1.5 billion euros. However, revenue growth is expected to slow substantially to 2.3% growth on an annualized basis through 2026.
Top Insights
Historical 5-year revenue growth of 8.5% is expected to decelerate to 2.3%, underperforming the industry forecast of 5.4% growth.
Return on equity for Q4 was 14.4%, slightly above prior year, with 2026 guidance targeting greater than 15% ROE.
Current dividend yield is 5.8% with a 69% payout ratio, providing attractive income generation.
Shares face downgrade pressure due to trading above fair value amid Nordic banking margin compression and mortgage risk into 2026.
Named Competitors
SEB — Nordic banking and financial services
Swedbank — Regional banking across Nordic and Baltic markets
DNB — Nordic financial services and asset management
Recent Developments
(January 2026) Q4 2025 net profit reached €1.2B, up 2% YoY; operating profit rose 3% to €1.5B
(January 2026) 2026 guidance issued for ROE >15% and cost-to-income ratio around 45% excluding regulatory fees
(February 2026) Stock price near all-time high of €17.04 from late January; market cap approximately €55.5B
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