To Nasdaq Copenhagen A/S
28 October 2026
Corporate Announcement No. 90/2026
Interim Financial Report, Q1-Q3 2026
Anders Lund Hansen, CEO, states about Q1-Q3 2026:
Over the first nine months of 2026, Jyske Realkredit generated a net profit of DKK 1,732m. This reflects a robust underlying business with a consistently strong capital base and high credit quality. The nominal lending portfolio has increased for 10 consecutive quarters, rising by a total of DKK 33.7bn and now standing at DKK 406.8bn. Alone in the first nine months of the year, nominal lending increased by DKK 11.3bn.
The continued improvement in customer satisfaction at Jyske Bank is contributing to the solid business performance of Jyske Realkredit, particularly reflected in the growth of lending to personal customers. This development is supported by the Group's clear customer focus and enhanced collaboration across the organisation.
In April 2026, Jyske Realkredit launched 'Jyske Frihed' - a new mortgage loan that combines the low interest rates and transparency of mortgage financing with the flexibility and simplicity that customers know from bank-based mortgage credit facilities. Jyske Frihed has rapidly become popular among our customers. By the end of September 2026, loans exceeding DKK 11bn had been disbursed.
The Danish economy is stable, and the activity in the housing market is still high. Growth is, however, expected to moderate as a result of a global economic slowdown, higher interest rates and rising energy prices linked to the conflict in the Middle East may temporarily send up inflation. These conditions are not expected to have a material impact on Jyske Realkredit's financial position in the short term. The securities portfolio still has a conservative risk profile, with focus on Danish floating-rate mortgage bonds or short remaining maturities, which helps limit price fluctuations and support stable earnings.
The capital base is solid with a capital ratio of 29.4% and a capital base of DKK 29,849m. The capital resources can withstand even severe stress scenarios. The loan portfolio continues to be characterised by low levels of losses and arrears, and recognised loan losses and impairment charges therefore remain limited. Overall, Jyske Realkredit is strategically and financially well positioned to withstand increased uncertainty in the Danish economy."
Q1-Q3 2026
For the first nine months of 2026, Jyske Realkredit generated a net profit of DKK 1,732m against DKK 1,773m in the corresponding period of last year.
Administration margin income amounted to DKK 1,999m in Q1-Q3 2026 against DKK 2,004m for the same period of 2025. A larger loan portfolio had a positive impact on income, while lower average administration margin rates had the opposite effect.
Other net interest income declined to DKK 497m from DKK 546m in the first nine months of 2025, primarily due to lower interest rates during the first nine months of the year.
Net fee and commission income amounted to DKK 72m against DKK 88m in Q1-Q3 2025. Higher fee income from lending activity was more than offset by higher sales commission paid to Jyske Bank.
Value adjustments, etc. amounted to DKK 115m and were in line with the level recorded in the same period last year. Value adjustments primarily relate to Jyske Realkredit's bond portfolio.
Expenses increased to DKK 353m from DKK 339m in the corresponding period last year. The increase was attributable, among other things, to higher contributions to the Resolution Fund, higher costs under the intra-group service agreement, and sector-wide salary increases.
Loan impairment charges amounted to an income of DKK 11m against an expense of DKK 14m in Q1-Q3 2025. Write-offs and other credit impairment charges remained low, and the total balance of impairment charges declined to DKK 1,029m at the end of September 2026 from DKK 1,079m at year-end 2025.
Jyske Realkredit's balance sheet total stood at DKK 418.4bn at the end of September 2026, compared with DKK 414.5bn at year-end 2025 and DKK 411.7bn at the end of September 2025.
Nominal mortgage lending increased by DKK 11.3bn during the first nine months of the year, from DKK 395.5bn at the end of 2025 to DKK 406.8bn as at 30 September 2026, corresponding to growth of 2.9%. Of the increase, DKK 10.0bn related to personal customers and DKK 1.3bn to corporate customers. Relative to 30 September 2025, nominal mortgage loans rose by DKK 14.1bn or 3.6%.
At 30 September 2026, Jyske Realkredit's capital ratio amounted to 29.4% (end of 2025: 27.4%) calculated on the basis of a capital base of DKK 29,849m (end of 2025: DKK 28,524m).
Competition in the personal customer market
During the first three quarters of 2026, competition for homeowners remained intense, with the largest market participants maintaining a strong focus on pricing. Jyske Realkredit nevertheless maintained a strong market position by offering competitive terms, a high degree of transparency, and solutions that create tangible value for customers. In addition, this attractive position is underscored by strong results in independent product tests.
Successful new loan product – Jyske Frihed
Since its launch in April 2026, Jyske Frihed has rapidly become popular among our customers, and by the end of September 2026 loans totalling more than DKK 11bn had been disbursed. The strong demand demonstrates that the product addresses a clear need for flexible home financing, combining the low interest rates and transparency of the Danish mortgage system with the flexibility and simplicity that customers are familiar with from bank-based mortgage credit facilities.
Jyske Frihed is a floating-rate mortgage, with the interest rate being adjusted quarterly. The product offers customers considerable flexibility to adapt their financing on an ongoing basis, including the option of maintaining fixed repayments despite a floating interest rate, as well as the ability to activate or suspend instalment-free periods. The loan is always disbursed and repaid at par (100).
Housing market
The Danish housing market remains fundamentally strong. This positive trend continued into the third quarter although the quarter did bring a change in market dynamics. The change was primarily seen in the Copenhagen housing market where sales of owner-occupied flats appear to have declined.
Prices of owner-occupied flats in Copenhagen nevertheless remained at a high level, despite a modest price decline of 0.5% in the third quarter of the year. However, this does not change the fact that the development represents a price adjustment, which is in contrast to the substantial increases in owner-occupied flat prices in Copenhagen seen in recent years. The average price per square metre still remains just below DKK 77,000. Housing supply in Copenhagen continues to be constrained, and strong demand is expected to limit the risk of a more pronounced price correction.
In the near term, the Danish housing market may be affected by a combination of rising interest rates, a reduction in mortgage interest tax relief, higher property taxes and expectations of increasing energy prices. However, rising incomes and high employment are expected to mitigate these adverse factors. As house prices outside Copenhagen have increased to a lesser extent, these markets are expected to be more resilient to higher interest rates. There are currently no clear signs of a slowdown in house prices outside Copenhagen.
Higher interest rates have narrowed the spread between required rates of return and the risk-free interest rate, which may also affect price levels and market activity in the commercial real estate market. At present, however, there are no indications of a slowdown in the market, with September recording the highest transaction volume of any month in 2026. Transaction activity remains particularly strong for residential rental properties where the majority of property investors expect continued growth in market rents and a favourable price trend for residential rental properties.
Outlook
Jyske Realkredit still expects a net profit at the upper end of the previously announced range of DKK 2.1bn to DKK 2.4bn. The loan portfolio is expected to grow in the remaining part of 2026 whereas costs are expected to remain unchanged. The largest elements of uncertainty relating to profit expectations for 2026 are the future development of the interest-rate level as well as the level of losses and loan impairment charges.
Company contact person
Anders Lund Hansen, Chief Executive Officer
Tel. +45 89 89 92 20 or mobile +45 28 56 60 95.
Yours sincerely,
Jyske Realkredit
www.jyskerealkredit.com
Please observe that the Danish version of this announcement prevails.
Financial highlights and ratios
Core profit and net profit for the period, DKKm
Q1-Q3
2026
Q1-Q3
2025
Index
26/25
Q3
2026
Q2
2026
Q1
2026
Q4 2025
Q3 2025
Full year
2025
Administration margin income, etc.
1,999
2,004
100
664
666
670
675
679
2,679
Other net interest income
497
546
91
191
157
148
162
163
708
Net fee and commission income, etc.
72
88
82
13
23
36
51
26
138
Value adjustments, etc.
115
114
101
17
77
21
52
80
166
Other income
0
1
-
0
0
0
0
0
1
Core income
2,684
2,752
98
885
923
875
940
948
3,692
Core expenses
353
339
104
119
120
113
117
114
456
Core profit before loan impairment charges
2,331
2,413
97
766
803
762
822
834
3,235
Loan impairment charges, etc. (minus is an income)
-11
14
-
11
3
-25
0
29
14
Core profit/Pre-tax profit
2,343
2,399
98
755
800
787
822
805
3,221
Tax
610
625
98
197
209
205
214
209
839
Net profit for the period
1,732
1,773
98
559
591
582
608
596
2,382
Summary of balance sheet, DKKm
Due from credit institutions and central banks, etc.
13,097
11,523
114
13,097
11,789
13,182
14,110
11,523
14,110
Loans at fair value
382,782
375,975
102
382,782
384,354
378,711
377,327
375,975
377,327
Bonds at fair value
21,515
23,094
93
21,515
18,929
21,513
21,514
23,094
21,514
Other assets
1,008
1,121
90
1,008
1,076
1,260
1,569
1,121
1,569
Total assets
418,401
411,713
102
418,401
416,148
414,666
414,521
411,713
414,521
Due to credit institutions and central banks
111
97
114
111
213
87
190
97
190
Issued bonds at fair value
380,351
377,352
101
380,351
380,045
378,490
379,727
377,352
379,727
Issued bonds at amortised cost
750
750
100
750
750
750
750
750
750
Other liabilities
6,597
5,263
125
6,597
5,107
5,898
4,995
5,263
4,995
Equity
30,592
28,251
108
30,592
30,033
29,442
28,860
28,251
28,860
Total equity and liabilities
418,401
411,713
102
418,401
416,148
414,666
414,521
411,713
414,521
Financial ratios
Pre-tax profit p.a. as a percentage of average equity
10.5
11.7
-
10.0
10.8
10.8
11.5
11.5
11.6
Net profit for the period p.a. as a percentage of average equity
7.8
8.6
-
7.4
8.0
8.0
8.5
8.5
8.6
Expenses as a percentage of income
13.2
12.3
-
13.4
13.0
12.9
12.4
12.0
12.4
Loans and advances at nominal value (DKKm)
406,821
392,704
-
406,821
402,176
399,370
395,498
392,704
395,498
Capital ratio (%)
29.4
26.2
-
29.4
29.1
28.0
27.4
26.2
27.4
Common equity tier 1 capital ratio (CET1 %)
29.4
26.2
-
29.4
29.1
28.0
27.4
26.2
27.4
Individual solvency requirement (%)
9.7
9.8
-
9.7
9.7
9.7
9.7
9.8
9.7
Capital base (DKKm)
29,849
27,823
-
29,849
29,791
28,699
28,524
27,823
28,524
Weighted risk exposure (DKKm)
101,661
106,080
-
101,661
102,456
102,379
104,177
106,080
104,177
The financial data stated show an extract of Jyske Realkredit's financial statements as at 30 September 2026 and were not prepared in accordance with the rules on interim financial reports in the Danish Financial Business Act, including the Executive Order No. 658 of 23 May 2025 on Financial Reports for Credit Institutions and Investment Companies etc.
***
The Corporate Announcement was not reviewed nor audited.
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