Jyske Bank

Quarterly Report • May 7, 2025

Interim Financial Report Q1 2025

Contents

Management's Review

Jyske Bank Group

• Executive summary 4
• Outlook 2025 5
• Financial highlights 6
• Key figures 7

→ Introduction

Financial statements Statements → Financial statements → Statements

Statement by the Management and Supervisory Boards 58

• Net profit for the period 33 10
• Business volumes 16
• Credit quality 17
• Capital management 19
• Liquidity management 21
• Business segments 24
• Other information 31

→ Financial review

• → Executive summary
• → Outlook 2025
• → Financial highlights
• → Key figures

Corporate customers have also gained new opportunities at online banking through modules for financial and risk management, which can help them make informed decisions and effectively manage their risks. We also held business-oriented webinars focusing on the future of construction and climate accounts.

Rising customer satisfaction

Jyske Bank's customer satisfaction surged over the past twelve months. Personal customer satisfaction shows one of the largest increases among Danish banks and is higher than that of comparable financial institutions. Jyske Bank has the most satisfied private banking customers in the country, and in addition, satisfaction among corporate customers is on the rise. This is the result of targeted efforts where we have to an even higher extent held meetings with our customers.

New Executive Board member

After nearly 38 years with Jyske Bank of these almost 16 years on the Group Executive Board, Niels Erik Jakobsen, Head of Personal Banking and Wealth

meetings with Jyske Bank available at the online and mobile banking platforms. We introduced AI assistants and made artificial intelligence accessible to all employees. In Q1 2025, earnings per share rose by 2% compared with the year before despite the impact from considerably lower short-term interest rates. The business volumes showed sustained increase with increased momentum in the personal customer area. Executive summary Management and Member of the Group

The Danish economy continues to show high employment and a slightly increasing level of activity. The future development of the economy is affected by higher geopolitical uncertainty and the ongoing trade war.

Strategic progress

Jyske Bank's strategy builds on the Group's strengths and aims to pave the way for a strong future market position. The strategy involves tight operations combined with higher investments in selected customer segments and ensuring a solid, secure and attractive platform.

We have clear-cut targets for stronger customer focus, and it is our ambition to help customers in their sustainable transition and to use digitisation proactively to the benefit of customers and to raise efficiency in the Group.

In the first quarter of 2025, we further enhanced the customer experience by making all relevant information about

"Jyske Bank has got off to a good start to the year with continued progress. In addition, we have boosted customer satisfaction, among personal as well as corporate customers, over the past year. We are in a strong financial position and well-equipped to support our customers."

Lars Mørch CEO and Member of the Group Executive Board Executive Board, has as previously announced decided to retire on 1 June 2025.

At the same date, Ingjerd Blekeli Spiten will take office as Head of Personal Banking and Wealth Management and new member of the Group Executive Board. Ingjerd Blekeli Spiten was during the period 2018-2024 Group Executive Director of Retail Banking at DNB (Norway). Previously, she held leadership positions with responsibility for sales, development, and implementation at DNB and companies such as Ericsson, Microsoft and Telenor.

DKK 19.4 per share in Q1 2025

Jyske Bank's earnings per share were up by 2% to DKK 19.4, supported by a positive development in activity and fewer shares in circulation.

Core income declined by 6% due to lower net interest income after Danmarks Nationalbank's policy rate decreased to an average of 2.36% for the first quarter of 2025 from 3.60% a year before. Net fee and commission income, on the other hand, showed a continued positive development with an increase of 20%, driven by rising assets under management and customers' adoption of our investment products.

Core expenses decreased by 2%, driven by fewer employees and lower contributions to the Resolution Fund, partially offset by contractual wage increases of 3.7% and inflation. Additionally, the effect of DKK 22m lower non-recurring items relating to the acquisitions of Handelsbanken Danmark and PFA Bank after completed integration processes.

Loan impairment charges remained at a low level of DKK 66m against DKK 82m in the preceding year. The continued low level includes the effect of an increase in management's estimates regarding impairments by DKK 87m to DKK 1.9bn, in order to address the effects from higher macroeconomic uncertainty.

The capital base remains solid after the implementation of Basel IV. The common equity tier 1 capital ratio was 15.7% at the end of the first quarter of 2025, with a total capital ratio of 20.9% in line with the targeted intervals.

For 2025, Jyske Bank estimates a net profit in the range of DKK 3.8bn-4.6bn, corresponding to earnings per share in the range of DKK 60-73. Expectations are in line with assumptions for the financial targets for 2028.

Core income is expected to decline in 2025, in particular as a result of lower net interest income. Expectations mirror moderate growth in the Danish economy and a sharp reduction of Danmarks Nationalbank's policy rate.

Core expenses inclusive of non-recurring costs are expected to be slightly higher in 2025. In 2024, non-recurring costs, including costs for the integration of Handelsbanken Danmark and PFA Bank, amounted to a total of DKK 91m and are expected to decline to a minimum level in 2025. The underlying increase reflects payroll adjustments due to collective agreements and continued IT investments.

Outlook 2025

Core income

Core expenses (incl. one-offs)

Loan impairment charges

Net profit

Lower in 2025 than in 2024

Mainly caused by lower net interest income

Slightly higher in 2025

Lower non-recurring costs and cost measures partly offset inflation and strategic investments

Low level in 2025

Post-model adjustments relating to loan impairment charges amounted to DKK 1.9bn at the end of Q1 2025

DKK 3.8bn-4.6bn

Corresponding to earnings per share in the range of DKK 60-73

The trend in core income and expenses is expected to result in a higher cost/ income ratio in 2025 than the 47 realised in 2024.

It is presumed that loan impairment charges will remain low in 2025. Expectations are supported by a low level of non-performing loans and considerable post-model adjustments.

The expectations involve uncertainty and depend, for instance, on macroeconomic circumstances and developments in the financial markets.

The recent earnings expectations are in line with the original expectations of a net profit of DKK 3.8bn-4.6bn in 2025, corresponding to earnings per share of DKK 60-73

Earnings per share (DKK)

Financial highlights

Q1 2025

Post-model adjustments relating to loan impairment charges rose by DKK 87m in Q1 2025.

Key figures

Core profit and net profit for the period

DKKm	Q1	Q1	Index	Q1	Q4	Q3	Q2	Q1	Full year
	2025	2024	25/24	2025	2024	2024	2024	2024	2024
Net interest income	2,214	2,462	90	2,214	2,244	2,334	2,415	2,462	9,455
Net fee and commission income	726	606	120	726	902	627	603	606	2,738
Value adjustments	182	239	76	182	172	453	199	239	1,063
Other income	75	70	107	75	37	33	129	70	269
Income, operating lease, etc. (net)	32	53	60	32	31	32	52	53	168
Core income	3,229	3,430	94	3,229	3,386	3,479	3,398	3,430	13,693
Core expenses	1,533	1,557	98	1,533	1,634	1,608	1,603	1,557	6,402
Core profit before loan impairment charges	1,696	1,873	91	1,696	1,752	1,871	1,795	1,873	7,291
Loan impairment charges	66	82	80	66	8	-82	13	82	21
Core profit	1,630	1,791	91	1,630	1,744	1,953	1,782	1,791	7,270
Investment portfolio earnings	68	-31	-	68	-33	6	44	-31	-14
Net profit before non-recurring items	1,698	1,760	96	1,698	1,711	1,959	1,826	1,760	7,256
Non-recurring items, Handelsbanken DK/PFA Bank	0	-22	0	0	-18	-33	-18	-22	-91
Pre-tax profit	1,698	1,738	98	1,698	1,693	1,926	1,808	1,738	7,165
Tax	442	452	98	442	425	505	471	452	1,853
Net profit for the period	1,256	1,286	98	1,256	1,268	1,421	1,337	1,286	5,312
Interest expense on additional tier 1 capital, recognised
on equity	65	62	105	65	67	66	67	62	262

Relationships between income statement items under 'The Jyske Bank Group' (key financial data) and the income statement on page 34 appear from note 4.

*Financial ratios are calculated as if additional tier 1 capital is recognised as a liability.

** The number of employees at the end of the first quarter of 2025 less 16 employees who are financed externally against 15-18 employees in the other quarters.

Summary of balance sheet, end of period

DKKbn

	Q1 2025	Q1 2024	Index 25/24	Q4 2024	Q3 2024	Q2 2024
Loans and advances	566.9	556.7	102	567.2	557.7	549.5
- of which mortgage loans	366.7	351.5	104	365.8	361.2	353.3
- of which bank loans	144.7	150.7	96	144.7	143.6	147.6
- of which repo loans	55.5	54.5	102	56.7	52.9	48.6
Bonds and shares, etc.	109.0	103.9	105	98.7	104.3	98.6
Total assets	782.3	770.1	102	750.2	765.2	769.9
Deposits	198.5	207.4	96	198.9	209.4	208.3
- of which bank deposits	191.1	190.6	100	190.2	196.0	197.0
- of which repo and tri-party deposits	7.4	16.8	44	8.7	13.4	11.3
Issued bonds at fair value	368.4	347.0	106	362.2	360.9	344.9
Issued bonds at amortised cost	65.9	91.9	72	66.6	77.4	96.0
Subordinated debt	7.7	8.5	91	7.6	7.7	7.6
Holders of additional tier 1 capital	4.9	5.5	89	4.9	4.9	4.9
Shareholders' equity	45.3	43.3	105	45.7	44.5	44.3

Key figures and ratios

Q1

	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Earnings per share for the period (DKK)*	19.4	19.5	21.7	19.8	19.0
Profit for the period, per share (diluted) (DKK)*	19.4	19.5	21.7	19.8	19.0
Pre-tax profit p.a. as a percentage of average equity*	14.4	14.5	16.8	15.9	15.6
Profit for the period p.a. as a percentage of average equity*	10.5	10.7	12.2	11.6	11.4
Return on equity p.a. excl. intangible assets*	11.3	11.5	13.2	12.6	12.4
Expenses as a percentage of income	47.5	48.3	46.2	47.2	45.4
Capital ratios (%)	20.9	23.1	22.6	21.9	22.0
Common equity tier 1 capital ratio (CET1 %)	15.7	17.6	17.2	16.6	16.6
Individual solvency requirement (%)	11.1	11.3	11.3	11.3	11.1
Capital base (DKKbn)	51.2	52.9	51.7	50.7	50.8
Weighted risk exposure (DKKbn)	245.3	229.5	228.9	231.2	230.9
Share price at end of period (DKK)	551	510	522	554	583
Distributed dividend per share (DKK)	24.0	0.0	0.0	0.0	7.8
Book value per share (DKK)*	738	742	723	695	674
Price/book value per share (DKK)*	0.7	0.7	0.7	0.8	0.9
Number of shares in circulation, end of period ('000)	61,322	61,500	61,547	63,779	64,265
No. of full-time employees, end of period**	3,866	3,860	3,953	3,935	3,957

→ Net profit for the period

• → Business volumes
• → Credit quality
• → Capital management
• → Liquidity managemet
• → Business segments
• → Other information

Financial Review

Net profit for the period

Earnings per share amounted to DKK 19.4, which is 2% above Q1 2024 and practically in line with the best start to the year on record. This corresponds to a net profit of DKK 1,256m and DKK 1,286m.

Core profit and net profit for the period

DKKm	Q1	Q1	Index	Q1	Q4	Q3	Q2	Q1	Full year
	2025	2024	25/24	2025	2024	2024	2024	2024	2024
Net interest income	2,214	2,462	90	2,214	2,244	2,334	2,415	2,462	9,455
Net fee and commission income	726	606	120	726	902	627	603	606	2,738
Value adjustments	182	239	76	182	172	453	199	239	1,063
Other income	75	70	107	75	37	33	129	70	269
Income, operating lease, etc. (net)	32	53	60	32	31	32	52	53	168
Core income	3,229	3,430	94	3,229	3,386	3,479	3,398	3,430	13,693
Core expenses	1,533	1,557	98	1,533	1,634	1,608	1,603	1,557	6,402
Core profit before loan impairment charges	1,696	1,873	91	1,696	1,752	1,871	1,795	1,873	7,291
Loan impairment charges	66	82	80	66	8	-82	13	82	21
Core profit	1,630	1,791	91	1,630	1,744	1,953	1,782	1,791	7,270
Investment portfolio earnings	68	-31	-	68	-33	6	44	-31	-14
Net profit before non-recurring items	1,698	1,760	96	1,698	1,711	1,959	1,826	1,760	7,256
Non-recurring items, Handelsbanken DK/PFA Bank	0	-22	0	0	-18	-33	-18	-22	-91
Pre-tax profit	1,698	1,738	98	1,698	1,693	1,926	1,808	1,738	7,165
Tax	442	452	98	442	425	505	471	452	1,853
Net profit for the period	1,256	1,286	98	1,256	1,268	1,421	1,337	1,286	5,312
Interest expense on additional tier 1 capital, recognised
on equity	65	62	105	65	67	66	67	62	262

Net profit (DKKm)

Profit for the period

1 Net interest income

A decline of 10% compared with the preceding year due to lower short-term interest rates derived by the cut in Danmarks Nationalbank's policy rate.

2

Net fee and commission income

Increase of 20% compared with the preceding year due to a higher amount of assets under management and higher activity in the housing market.

3

Core expenses (incl. one-off items)

3% lower expenses in relation to Q1 2024 due to lower non-recurring expenses and fewer employees.

4

Investment portfolio earnings

Increase from a low level of DKK -31m to DKK 68m was due partly to lower internal funding costs.

Core income

Core income shed 6% to DKK 3,229m compared with Q1 2024 due to lower net interest income.

Net interest income fell by 10% to DKK 2,214m. The decline can primarily be attributed to the reduction of the deposit margin and the return on excess liquidity. Danmarks Nationalbank's policy rate was lowered to 2.1% at the end of Q1 2025 from 3.6% the year before.

Net fee and commission income rose by 20% to DKK 726m. The increase to the highest-ever level for Q1 was supported by rising assets under management due to a positive market development and inflow of funds from customers. In addition, the effect from higher activity in the mortgage credit area.

↘6%

Net interest income Net fee and commission income

Interim Financial Report Q1 2025 Introduction Financial Review Financial Statements Statements Page 12

Value adjustments dropped to DKK 182m from a slightly higher level at DKK 239m in the previous year. The level in Q1 2025 mirrors minor spread narrowing of Danish mortgage bonds and equity returns.

Other income rose to DKK 75m from DKK 70m due to higher share dividends.

Income from operating lease etc. (net) fell to DKK 32m from DKK 53m. The development was due primarily to declining profits from the sale of returned lease vehicles

Core income

The CD rate rose from -0.6% at mid-2022 to 3.6% in Q1 2024. Danmarks Nationalbank began reducing its CD rate at mid-2024 to 2.1% by the end of the first quarter of 2025. The 1.5 percentage points reduction over the past year had a considerable impact on the profitability of Jyske Bank's surplus liquidity.

P.a.

Income from operating lease, etc. (net)

Nationalbanken's certificate of deposit rate

246 237 Q1'21 Q1'22 Q1'23 Q1'24 Q1'25

Core expenses decreased by 2%, driven by fewer employees and lower contributions to the Resolution Fund, partially offset by sector-wide wage increases of 3.7% and inflation.

Core expenses Loan impairment charges Investment portfolio earnings Tax

Loan impairment charges remained at a low level of DKK 66m against DKK 82m in the preceding year. The continued low level includes the effect of an increase in post-model adjustments by DKK 87m to DKK 1.9bn, in order to address, among other things, potential effects from higher macroeconomic uncertainty.

Investment portfolio earnings amounted to DKK 68m in the first quarter of 2025 against DKK -31m in the first quarter of 2024. The improved results were partly due to lower internal financing costs as a

result of the lower interest rate level.

DKKm DKKm DKKm DKKm

Tax amounted to DKK 442m in the first quarter of 2025 against DKK 452m in the preceding year. The effective tax rate at 25.9% included the effect from a special tax on the financial sector, resulting in an increase in taxation of financial services companies from 22.0% to 25.2% in 2023 and 26.0% from 2024.

Non-recurring costs relating to the acquisitions of Handelsbanken Danmark and PFA Bank declined to DKK 0m from DKK 22m in the preceding year since the integration processes were completed in 2024.

Earnings per share dropped by 1% to DKK 19.4 in the first quarter, corresponding to a net profit of DKK 1,256m.

Core income shed 5% due to lower net fee and commission income.

Net interest income shed 1% to DKK 2,214m. The decline was due to lower short-term rates derived from Danmarks Nationalbank's cut of its policy rate, which had an adverse effect on the margin on deposits and the return on surplus liquidity.

Net fee and commission income fell by 20% to DKK 726m. The decline from the highest-ever level for a single quarter can be attributed to seasonally lower income associated with asset management. Add to this, seasonally lower income relating to the refinancing of floating rate mortgage loans

Value adjustments rose to DKK 182m from DKK 172m. The level in Q1 2025 mirrors minor spread narrowing of Danish mortgage bonds.

Other income rose to DKK 75m from DKK 37m due to seasonally higher share dividends.

Income from operating lease etc. (net) remained practically unchanged at DKK 32m against DKK 31m in the preceding quarter.

Core expenses fell by 7% to DKK 1,533m which can primarily be attributed to seasonality and fewer full-time employees. Non-recurring costs relating to the acquisitions of Handelsbanken Danmark and PFA Bank declined to DKK 0m from DKK 18m.

Loan impairment charges amounted to DKK 66m against DKK 8m for the preceding quarter. In Q1 2025, post-model adjustments increased DKK 87m in order to address potential effects from the ongoing trade war.

Investment portfolio earnings amounted to DKK 68m against DKK -33m in the preceding quarter. The higher results reflect lower internal financing costs due to the lower interest-rate level.

Q1 2025 vs. Q4 2024

19.4 DKK Q1 2025

Earnings per share

Business volumes

At the end of the first quarter of 2025, Jyske Bank's total loans and advances (exclusive of repo loans) amounted to DKK 511.4bn and consisted of 72% mortgage loans and 28% bank loans and advances. This is practically unchanged compared with DKK 510.5bn the end of 2024.

Nominal mortgage loans rose by 1% to DKK 385.6bn in Q1 2025. The progress was driven by increased lending to both personal and corporate customers. The quarterly growth in nominal mortgage loans to personal customers was at its highest level since 2018, excluding the effect from the acquisition of Handelsbanken Denmark.

Bank loans and advances amounted to an unchanged DKK 144.7bn at the end of Q1 2025. Higher lending to corporate customers was offset by lower lending to public authorities and transfer of mortgage-like bank loans from Jyske Bank to Jyske Realkredit.

Bank deposits rose by 1% to DKK 191.1bn compared to the level at the end of 2024.

The progress was partly due to higher time deposits from corporate customers.

At the end of the first quarter of 2025, the business volume within asset management had fallen to DKK 287bn from DKK 289bn at the end of 2024. Over Q1, the business volume was favourably affected by net sales of investment solutions to retail customers as well as institutional customers. However, net sales were more than offset by especially falling equity prices in the last part of the quarter.

Summary of balance sheet, end of period

DKKbn

-

-

-

-

-

-

-

Q1 2024

	Q1 2025	Q1 2024	Index 25/24	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Loans and advances	566.9	556.7	102	566.9	567.2	557.7	549.5	556.7
- of which mortgage loans	366.7	351.5	104	366.7	365.8	361.2	353.3	351.5
- of which bank loans	144.7	150.7	96	144.7	144.7	143.6	147.6	150.7
- of which repo loans	55.5	54.5	102	55.5	56.7	52.9	48.6	54.5
Bonds and shares, etc.	109.0	103.9	105	109.0	98.7	104.3	98.6	103.9
Total assets	782.3	770.1	102	782.3	750.2	765.2	769.9	770.1
Deposits	198.5	207.4	96	198.5	198.9	209.4	208.3	207.4
- of which bank deposits	191.1	190.6	100	191.1	190.2	196.0	197.0	190.6
- of which repo and tri-party deposits	7.4	16.8	44	7.4	8.7	13.4	11.3	16.8
Issued bonds at fair value	368.4	347.0	106	368.4	362.2	360.9	344.9	347.0
Issued bonds at amortised cost	65.9	91.9	72	65.9	66.6	77.4	96.0	91.9
Subordinated debt	7.7	8.5	91	7.7	7.6	7.7	7.6	8.5
Holders of additional tier 1 capital	4.9	5.5	89	4.9	4.9	4.9	4.9	5.5
Shareholders' equity	45.3	43.3	105	45.3	45.7	44.5	44.3	43.3

Credit quality

Jyske Bank's credit risks primarily relate to mortgage loans secured against real property as well as bank loans, advances and guarantees. Loans, advances and guarantees are distributed with 59% to corporate customers, 39% to personal customers, and 2% to public authorities.

Loan impairment charges amounted to an expense of DKK 66m in the first quarter of 2025, corresponding to 1bp of gross loans, advances and guarantees. This is practically unchanged compared with the first quarter of 2024.

The effect on the income statement is distributed with DKK 42m relating to banking activities, DKK 11m relating to mortgage activities and DKK 13m relating to leasing activities. Write-offs amounted to DKK 39m or 1bp against DKK 34m and 1bp in the preceding year, respectively.

Credit quality

DKKbn

	Q1 2025	Q1 2024	Index 25/24	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	FY 2024
Loans, advances and guarantees	580.0	567.0	102	580.0	579.4	570.1	562.3	567.0	579.4
– stage 1	553.1	537.8	103	553.1	551.4	541.8	532.9	537.8	551.4
– stage 2	20.7	22.4	92	20.7	21.4	21.7	22.8	22.4	21.4
– stage 3	6.2	6.7	93	6.2	6.5	6.5	6.5	6.7	6.5
– purchased or originated credit-impaired	0.0	0.1	0	0.0	0.1	0.1	0.1	0.1	0.1
Balance of impairment charges	4.9	5.0	98	4.9	4.8	4.7	4.7	5.0	4.8
– stage 1	1.2	1.4	86	1.2	1.2	1.3	1.4	1.4	1.2
– stage 2	1.2	1.2	100	1.2	1.2	1.1	1.1	1.2	1.2
– stage 3	2.5	2.4	104	2.5	2.4	2.3	2.2	2.4	2.4
Balance of discounts for acquired assets	0.1	0.2	50	0.1	0.1	0.1	0.2	0.2	0.1
Non-accrual loans and past due exposures	0.6	0.7	84	0.6	0.6	0.6	0.6	0.7	0.6
Loan impairment charges	0.1	0.1	80	0.1	0.0	-0.1	0.0	0.1	0.0
Write-offs	0.0	0.0	-	0.0	0.1	0.0	0.3	0.0	0.4

Loans, advances and guarantees Loan loss ratio

Share of gross lending and guarantees Share of gross lending and guarantees (bp)

2020 2021 2022 2023 2024

Loans, advances and guarantees by sector

DKKbn/%

	Loans and guarantees			Impairment ratio
	Q1 2025	Q4 2024	Q1 2025	Q4 2024
Public authorities	12.6	13.7	0.0	0.0
Agriculture, hunting, forestry and fishing	13.0	13.4	0.4	0.6
Manufacturing industry and mining	15.5	17.6	2.0	1.7
Energy supply	11.9	13.6	0.2	0.2
Construction	4.7	9.3	2.1	1.0
Commerce	14.6	13.6	3.0	3.2
Transport, hotels and restaurants	7.9	8.3	2.5	2.4
Information and communication	1.3	1.5	0.8	0.8
Financing and insurance	66.0	64.9	1.1	1.5
Real property	181.0	177.3	0.5	0.5
Other sectors	27.8	23.7	1.8	1.9
Corporate customers	343.7	343.2	1.0	1.0
Personal customers	223.7	222.5	0.6	0.6
Total	580.0	579.4	0.8	0.8

At the end of the first quarter 2025, stage-3 loans amounted to 1.1% of loans, advances and guarantees, which is unchanged relative to the end of 2024. The proportion of loans subject to forbearance amounted to 0.5% of loans, advances and guarantees against 0.4% at the end of 2024.

At the end of the first quarter of 2025, Jyske Bank's balance of loan impairment charges amounted to DKK 4.9bn, corresponding to 0.8% of loans, advances and guarantees against DKK 4.8bn and 0.8%, respectively, at the end of 2024. Inclusive of the balance of discounts for acquired assets at DKK 0.1bn, Jyske Bank's balance of impairment charges and discounts amounted to DKK 5.0bn.

At the end of the first quarter of 2025, impairment charges based on post-model adjustments amounted to DKK 1,869m against DKK 1,782m at the end of 2024. The increase was due to higher uncertainty derived by the ongoing trade war.

The total exposure was roughly unchanged at DKK 580bn at the end of Q1 2025 compared with the end of 2024. Higher exposure against personal customers was partly offset by lower exposure against public authorities.

Share of lending and guarantees

Jyske Bank's target is a capital ratio of 20%-22% and a common equity tier 1 capital ratio of 15%-17%. Following the implementation of Basel IV/CRRIII, the capital ratios have, as previously announced, fallen to the lower end of these ranges. At these levels, Jyske Bank is able to meet capital requirements with a buffer while maintaining the desired strategic flexibility.

The Board aims to distribute an annual dividend at the level of 30% of shareholders' profit.

In the first quarter of 2025, Jyske Bank distributed an ordinary dividend of DKK 1,543m, equivalent to DKK 24.00 per share to shareholders. Additionally, on February 26, 2025, Jyske Bank initiated a new share buyback program of up to DKK 2.25bn. The program runs until the end of January 2026. By the end of the first quarter of 2025, 266,756 shares had been repurchased for DKK 152m, equivalent to 0.4% of the share capital.

In 2024, 2,765,118 shares were repurchased at an average purchase price of DKK 542.47, equivalent to 4.3% of the share capital, according to company

announcement no. 34/2024. The repurchased shares will be canceled following the decision at the extraordinary general meeting on April 24, 2025.

At the end of the first quarter of 2025, Jyske Bank had a capital ratio of 20.9% and a common equity tier 1 capital ratio of 15.7% compared to 23.1% and 17.6%, respecti-

vely, at the end of 2024.

The lower common equity tier 1 capital ratio mirrors the implementation of Basel IV/ CRR III which increased the weighted risk exposure. Add to this, recognition of a share buy-back programme of DKK 2.25bn and solvency reservation for expected dividend and share buy-backs, corresponding to a total of 71% of the shareholders' result for the period. These factors were only partly offset by recognition of the net profit for the period.

The capital ratio as well as the common equity tier 1 capital ratio are in accordance with the targets.

The weighted risk exposure was up by 7% to DKK 245.3bn at the end of the first quarter of 2025 from DKK 229.5bn at the end of 2024. The increase mirrors the implementation of Basel IV/CRR III which as expected sent up the credit risk exposure considerably. Add to this, higher operational risk due to a higher earnings level.

Capital management

Share of risk exposure amount DKKbn

The requirements of the total capital base consist of a Pillar I requirement of 8% of the weighted risk exposure with a capital addition for above-normal risk under Pillar II and buffers.

At the end of the first quarter of 2025, Jyske Bank's individual solvency requirement was 11.1% of the weighted risk exposure against 11.3% at the end of 2024. To this must be added a SIFI requirement of 1.5%, a capital conservation buffer of 2.5% and a countercyclical capital buffer of 2.4%. Moreover, the systemic risk buffer for corporate exposures to property companies amounts to 1.0% of the weighted risk exposure. Hence, the total capital requirement is 18.6% against 18.7% at the end of 2024.

Both the SIFI requirement, the capital conservation buffer and the contra-cyclical buffer have been fully phased in. The systemic buffer for corporate exposures to property companies must be evaluated by the Ministry of Industry, Business and Financial Affairs at least every two years.

Compared to the actual common equity tier 1 capital ratio, the capital surplus is thus 2.0% of the weighted risk exposure, equivalent to DKK 4.9bn, compared to 3.9% and DKK 9.0bn at the end of 2024. The lower surplus should be seen in the context of the solvency reservation related to the ongoing share buyback program and the reservation for expected future dividends and share buybacks.

Furthermore, the decline should also be seen in the context of the transition to the new capital requirements regulation Basel IV/CRRIII, which, as expected, has led to a common equity tier 1 capital ratio impact of nearly one percentage point.

Jyske Bank does not expect any further significant changes in capital requirements as a result of Basel IV and has made significant progress in complying with EBA guidelines for a number of significant sub-portfolios. However, there are still some data improvement tasks remaining, and a number of clarifications and explanations from the authorities regarding the implementation are still pending.

Capital requirement %

	Capital ratio			CET1 ratio
	Q1 2025	Q4 2024	Q1 2025	Q4 2024
Pillar I	8.0	8,0	4.5	4.5
Pillar II	3.1	3,3	1.7	1.9
SIFI	1.5	1,5	1.5	1.5
Capital conservation buffer	2.5	2,5	2.5	2.5
Countercyclical buffer	2.4	2,4	2.4	2.4
Systemic buffer	1.0	0.9	1.0	0.9
Total	18.6	18.7	13.7	13.7
Excess capital	2.3	4.4	2.0	3.9

Capital requirement

CET1 capital ratio

CET1 capital requirement

Jyske Bank's largest source of liquidity was covered bonds and mortgage bonds, which amounted to DKK 368bn, corresponding to 47% of the balance sheet at the end of Q1 2025. The second-largest source of liquidity was customer deposits of DKK 191bn, corresponding to 24% of the balance sheet, of which a large proportion consists of deposits from small and medium-sized enterprises as well as personal customers. The other sources of liquidity include debt and capital issues as well as equity.

At the end of Q1 2025, Jyske Bank's liquidity position was considerably above the statutory requirement and internal targets based on both liquidity coverage ratio (LCR) and net stable funding ratio. LCR is based on the Group's short-term liquidity buffer at DKK 138.6bn at the end of Q1 2025, consisting of assets such as central bank placements and cash. At the end of the first quarter of 2025, LCR was 181% of the statutory provisions compared to 234% at the end of 2024. The Group's internal exposure limit is a LCR of at least 120%. The LCR buffer at the end of 2024 is shown below.

Net stable funding ratio (NSFR) measures the Group's long-term liquidity position. At the end of Q1 2025, stable long-term funding amounted to DKK 245.2bn, corresponding to 148% of the statutory provisions against 142% at end-2024. The internal exposure limit is a NSFR of at least 108%.

Part of the long-term stable funding consists of debt and capital market issuances. At the end of the first quarter of 2025, the Group had issued tier 2 and additional tier 1 capital instruments worth DKK 7.7bn and DKK 4.9bn, respectively as well as unsecured senior debt totalling DKK 40.2bn. The call date profile for these issues calculated at the end of Q1 2025 appears below.

The non-preferred senior debt includes the outstanding volume of MREL-eligible instruments totalled DKK 33.4bn, distributed by DKK 7.5bn and DKK 25.9bn on preferred senior debt and non-preferred senior debt, respectively, with a time to maturity of more than 12 months.

Liquidity management

In 2025, Jyske Bank anticipates a requirement of an outstanding volume of MREL-eligible instruments (inclusive of an internal buffer for statutory requirements) in an amount of DKK 32bn-34bn, of which about DKK 7bn in the form of preferred senior debt and DKK 25bn-27bn in the form of non-preferred senior debt. For the rest of 2025, Jyske Bank anticipates to issue non-preferred senior debt in the amount of EUR 500m.

The Jyske Bank Group has issued the below bonds on the international capital markets since the beginning of 2025.

Liquidity coverage

Total	138.6	100
Level 2a + 2b assets	2.4	2
Level 1b assets	56.0	40
Level 1a assets	80.2	58
	DKKbn	%

Recent issuances

	Maturity	Equiva lent rate
EUR 750m non-preferred senior debt	29.04.2031	3M CIBOR
(value date 29.01.2025)	(call 2030)	+108bp
EUR 500m covered bonds	01.01.2029	3M CIBOR
(value date 07.02.2025)		+29bp

148%

Stable funding in the form of weighted deposits, equity as well as issues complies with the statutory requirement of 100% financing of the weighted asset allocation

Net stable funding ratio

181%

The amount of liquid assets to handle a 30-day severe liquidity stress complies with a statutory requirement of 100%

Liquidity coverage ratio

Call-date profile of issuances

Ratings

Jyske Bank has chosen to work with certain ESG raters, whose ratings appear from the table above.

Rating
AA
Medium risk
C. Prime
47
13

Jyske Bank is being rated by Standard & Poor's (S&P). Jyske Realkredit has the same credit rating as Jyske Bank.

Sustainability ratings

ESG raters Rating MSCI (CCC to AAA) AA Sustainalytics (Negl. to Severe Risk) Medium risk ISS ESG (D- to A+) C Prime Moody's ESG Solutions (0 to 100) 47 CDP (D- to A) B

S&P credit rating

Jyske Bank issuer rating	Rating	Outlook
Stand Alone Credit Profile (SACP)	A-	Stable
Issuer rating (Issuer Credit Rating)	A+	Stable
Short-term unsecured senior debt (preferred senior)	A-1	Stable
Long-term unsecured senior debt (preferred senior)	A+	Stable
Long-term non-preferred senior debt (non-preferred senior)	BBB+	Stable
Tier 2 capital	BBB	Stable
Additional tier 1 capital	BB+	Stable
Jyske Realkredit bond issues
Capital centre E, covered bonds (SDO)	AAA

Capital centre B, mortgage bonds AAA Kapitalcenter B, realkreditobligationer AAA

S&P issuer rating

CCC to AAA

MSCI ESG rating

The supervisory diamond defines a number of special risk areas including specified limits that financial institutions should generally not exceed.

Supervisory diamond

Jyske Realkredit A/S meets all the benchmarks of the supervisory diamond.

Jyske Bank A/S meets all the benchmarks of the supervisory diamond.

Supervisory diamond, Jyske Bank A/S

%
	Q1 2025	Q4 2024
Sum of large exposures <175% of common
equity tier 1 capital	125%	104%
Increase in loans and advances <20% annually	-3%	-3%
Exposures to property administration and property transactions <25% of total loans and
advances	9%	9%
Liquidity benchmark >100%	163%	175%

Supervisory diamond, Jyske Realkredit A/S

%

Q4 2024

	Q1 2025	Q4 2024
Concentration risk <100%	45.0%	43.3%
Increase in loans <15% annually in the segment:
Owner-occupied homes and vacation homes	1.8%	0.2%
Residential rental property	5.0%	3.9%
Other sectors	5.2%	5.8%
Borrower's interest-rate risk <25%
Residential property	18.8%	18.6%
Instalment-free schemes <10%
Owner-occupied homes and vacation homes	3.9%	3.8%
Loans with frequent interest-rate fixing:
Refinancing (annually) <25%	17.9%	16.6%
Refinancing (quarterly) <12.5%	4.2%	5.6%

Business segments

The business segments reflect all activities in banking, mortgage financing and leasing.

Banking activities

Banking activities cover advisory services relating to financial solutions targeting personal customers, Private Banking customers and corporate customers as well as trading and investment activities targeting large corporate customers and institutional customers, including trading in interest-rate products, currencies, equities, commodities and derivatives. The strategic balance sheet and risk management as well as the investment portfolio earnings of Jyske Bank are also allocated to Banking activities.

Mortgage activities

Mortgage activities comprise financial solutions for the financing of real property carried out by Jyske Realkredit. Mortgage activities are aimed mainly at Danish personal customers, corporate customers and subsidised rental housing.

Leasing activities

Leasing activities cover financial solutions in the form of leasing and financing within car financing as well as leasing and financing of operating equipment for the corporate sector. The activities primarily target Danish personal and corporate customers as well as dealer cooperation schemes and partnerships.

Complementary business areas

Pre-tax profit in Q1 2025 distributed on segments

Summary of Income Statement

DKKm

$$\begin{array}{r} 179.0 \ 122.2 \ 56.7 \ 323.2 \ \ 198.5 \ 189.8 \ 8.7 \ 69.9 \ \hline \end{array}$$

	Q1 2025	Q1 2024	Index 25/24	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	FY 2024
Net interest income	1,235	1,478	84	1,235	1,282	1,338	1,415	1,478	5,513
Net fee and commission income	706	693	102	706	954	701	538	693	2,886
Value adjustments	159	179	89	159	163	351	148	179	841
Other income	71	66	108	71	40	44	127	66	277
Core income	2,171	2,416	90	2,171	2,439	2,434	2,228	2,416	9,517
Core expenses	1,369	1,393	98	1,369	1,468	1,449	1,437	1,393	5,747
Core profit before loan impairment charges	802	1,023	78	802	971	985	791	1,023	3,770
Loan impairment charges	42	55	76	42	-45	-73	84	55	21
Core profit	760	968	79	760	1,016	1,058	707	968	3,749
Investment portfolio earnings	68	-31	-	68	-33	6	44	-31	-14
Pre-tax profit before non-recurring items	828	937	88	828	983	1,064	751	937	3,735
Non-recurring items relating to Handelsbanken DK/PFA Bank	0	-22	-	0	-18	-33	-18	-22	-91
Pre-tax profit	828	915	90	828	965	1,031	733	915	3,644

Summary of Balance Sheet, end of period

DKKbn.

Loans and advances	178.0	181.0	99	178.0	179.0	172.9	172.2	181.0	179.0
– of which bank loans	122.5	126.6	97	122.5	122.2	120.0	123.6	126.6	122.2
– of which repo loans	55.5	54.5	105	55.5	56.7	52.9	48.6	54.5	56.7
Total assets	348.0	356.6	88	348.0	323.2	340.2	359.6	356.6	323.2
Deposits	198.4	207.2	91	198.4	198.5	208.9	208.1	207.2	198.5
– of which bank deposits	191.0	190.4	95	191.0	189.8	195.5	196.8	190.4	189.8
– of which repo and tri-party deposits	7.4	16.8	47	7.4	8.7	13.4	11.3	16.8	8.7
Issued bonds	59.6	84.9	70	59.6	60.9	72.8	89.9	84.9	60.9

Banking activities

Q1 2025

828 DKKm

Pre-tax profit

Pre-tax profit (DKKm)

Banking activities 1

Net interest income

Net interest income fell by 16%. The decline can primarily be attributed to the reduction of the deposit margin and the return on excess liquidity. Danmarks Nationalbank's policy rate was lowered to 2.1% at the end of Q1 2025 from 3.6% in the preceding year.

2

Core expenses (incl. one-off items)

Core expenses decreased by 2%, driven by fewer employees and lower contributions to the Resolution Fund, partially offset by sector-wide salary increases of 3.7% and inflation. Add to this, the effect from lower one-off items.

Non-recurring costs relating to the acquisitions of Handelsbanken Danmark and PFA Bank declined to DKK 0m from DKK 22m in the preceding year since the integration processes were completed in 2024.

3

Investment portfolio earnings Investment portfolio earnings amounted to DKK 68m in the first quarter of 2025 against DKK -31m in the first quarter of 2024. The improved results were partly due to lower internal financing costs as a result of the lower interest rate level.

The pre-tax profit was up by 12% to DKK 778m for the first quarter of 2025. The higher profit can primarily be attributed to higher administration margin income etc. as well as lower intra-group distribution fees to banking activities.

* Administration margin income, etc. covers administration margin income as well as interest rate margin on jointly funded loans.

Mortgage activities Summary of Income Statement

DKKm

	Q1 2025	Q1 2024	Index 25/24	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	FY 2024
Administration margin income, etc.*	660	614	107	660	615	611	620	614	2,460
Other net interest income	208	256	81	208	238	272	262	256	1,028
Net fee and commission income	4	-97	-	4	-59	-82	55	-97	-183
Value adjustments	26	55	47	26	19	100	42	55	216
Core income	898	828	108	898	813	901	979	828	3,521
Core expenses	109	112	97	109	112	109	110	112	443
Core profit before loan impairment charges	789	716	110	789	701	792	869	716	3,078
Loan impairment charges	11	21	52	11	33	-5	-66	21	-17
Pre-tax profit	778	695	112	778	668	797	935	695	3,095

Summary of Balance Sheet, end of period

DKKbn.

	Mortgage loans, nominal value Mortgage loans, fair value	385.6 366.7	373.1 351.5	103 104	385.6 366.7	381.5 365.8	376.8 361.2	375.9 353.3	373.1 351.5	381.5 365.8
778	Total assets	407.6	385.2	106	407.6	400.0	397.4	382.2	385.2	400.0
DKKm	Issued bonds	374.7	354.0	106	374.7	367.9	365.5	351.0	354.0	367.9

Pre-tax profit

778

Loan impairment

Q1'25

Pre-tax profit (DKKm)

Mortgage activities ¹

Administration margin income, etc.

Administration margin income, etc. increased by 7% to DKK 660m. The rise was due to a combination of a rising loan portfolio as well as higher administration margin rates within the corporate customer area due to the systemic risk buffer targeting property companies.

2

Other net interest income

Other net interest income fell to DKK 208m from DKK 256m in the first quarter of 2024. The decline was due to lower interest income associated with Jyske Realkredit's bond portfolio etc. as a result of a lower level of interest rates.

3

Net fee and commission income

Amounted to DKK 4m against DKK -97m in the preceding year. Exclusive of internal distribution fee paid, net fee and commission income rose to DKK 100m from DKK 55m, due to higher activity in the housing market.

Summary of Income Statement

DKKm

$$\begin{array}{c} \text{22.4} \ \text{0.0} \ \text{27.1} \ \ \text{0.3} \end{array}$$

	Q1 2025	Q1 2024	Index 25/24	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	FY 2024
Net interest income	111	114	97	111	109	113	118	114	454
Net fee and commission income	16	10	160	16	7	8	10	10	35
Value adjustments	-3	5	-	-3	-10	2	9	5	6
Other income	4	4	100	4	-3	-11	2	4	-8
Income from operating lease, etc. (net)	32	53	60	32	31	32	52	53	168
Core income	160	186	86	160	134	144	191	186	655
Core expenses	55	52	106	55	54	50	56	52	212
Core profit before loan impairment charges	105	134	78	105	80	94	135	134	443
Loan impairment charges	13	6	217	13	20	-4	-5	6	17
Pre-tax profit	92	128	72	92	60	98	140	128	426

Summary of Balance Sheet, end of period

DKKbn.

Deposits	0.1	0.2	88	0.1	0.3	0.5	0.2	0.2	0.3
Total assets	26.7	28.4	94	26.7	27.1	27.6	28.0	28.4	27.1
Operational lease and consignment	3.5	2.6	135	3.5	3.4	2.5	2.4	2.6	0.0
Lending and finance leasing	22.2	24.1	92	22.2	22.4	23.6	24.1	24.1	22.4

In the first quarter of 2025, pre-tax profit fell to DKK 92m from DKK 128m in the preceding year. The lower results can primarily be attributed to lower income from operating lease etc.

Leasing activities

Q1 2025

Pre-tax profit

Loan impairment

charges

Pre-tax profit (DKKm)

Leasing activities ¹

Net interest income

Net interest income declined by 3% to DKK 111m in the first quarter of 2025 compared with the first quarter of 2024. The decline can primarily be attributed to a lower balance of loans and finance lease derived from a single corporate customer exposure and inventory-financing agreements.

2

Net fee and commission income

Increase to DKK 16m in the first quarter of 2025 from DKK 10m in the first quarter of 2024 was due primarily to lower fees paid.

3

Income from operating lease, etc. (net)

In the first quarter of 2025, income from operating lease etc. (net) fell to DKK 32m from DKK 53m in the preceding year. The development was due primarily to declining profits from the sale of returned lease vehicles.

Events after the end of the period

No events took place during the period prior to the publication of the Interim FInancial Report Q1 2025 that have any material effect on the Group's financial position.

Other information

Financial calendar 2025

Jyske Bank anticipates releasing financial statements on the following dates in 2025.

Additional information

For further information, please see jyskebank.dk. Here you will find an interview with Lars Mørch, CEO and Member of the Group Executive Board, detailed financial information as well as Jyske Bank's Annual Report 2024 and Risk and Capital Management 2024, which offers further information about Jyske Bank's internal risk and capital management as well as regulatory issues, including a description of the most important risks and elements of uncertainty that may affect Jyske Bank.

Also, please see jyskerealkredit.com. Here Jyske Realkredit's Annual Report for 2024 etc. can be downloaded.

• 19 August Interim Financial Report, first half of 2025
• 29 October Interim Financial Report, first nine months of 2025

→ Jyske Bank Group

Financial Statements

Jyske Bank Group

→ Income statement and statement of comprehensive income

• → Balance sheet at 31 March 2025
• → Statement of changes in equity
• → Capital statement
• → Cash Flow Statement
• → Notes

Income statement

DKKm

	Note	Q1 2025	Q1 2024		Q1 2025	Q1 2024
Interest income calculated according to the effective interest method	5	2,422	3,402	Profit for the period	1,256	1,286
Other interest income	5	3,171	3,377	Items that cannot be recycled to the income statement	0	0
Interest expenses	5	3,387	4,348	Other comprehensive income after tax	1,256	1,286
Net interest income		2,206	2,431
				Breakdown of the period's comprehensive income
Fees and commission income	6	843	738	Jyske Bank A/S shareholders	1,191	1,224
Fees and commission expenses	6	119	133	Holders of additional tier 1 capital	65	62
Net interest and fee income		2,930	3,036	Total	1,256	1,286
Value adjustments		267	248
Other income		248	215
Employee and administrative expenses etc		1,490	1,534
Amortisation, depreciation and impairment charges		191	145
Loan impairment charges	7	66	82
Pre-tax profit		1,698	1,738
Tax		442	452
Profit for the period		1,256	1,286
Breakdown of the profit for the period
Jyske Bank A/S shareholders		1,191	1,224
Holders of additional tier 1 capital		65	62
Total		1,256	1,286
Earnings per share for the period
Earnings per share, DKK		19.38	19.05
Earnings per share for the period, DKK, diluted		19.38	19.05

Statement of Comprehensive Income

Balance Sheet

Assets	Note	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024	Equity and liabilities		31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Cash balance and demand deposits with central banks		64,693	37,392	66,695	Liabilities
Due from credit institutions and central banks		7,968	10,963	7,425	Due to credit institutions and central banks		56,921	26,337	32,809
Loans and advances at fair value	8, 9	368,144	367,404	353,800	Deposits	12	198,548	198,860	207,390
Loans and advances at amortised cost	10	198,769	199,818	202,879	Issued bonds at fair value	13	368,424	362,208	347,016
Bonds at fair value		71,573	62,650	64,624	Issued bonds at amortised cost		65,869	66,594	91,882
Bonds at amortised cost		35,258	33,830	37,013	Other liabilities	14	33,639	36,878	32,511
Shares, etc.		2,132	2,205	2,221	Provisions		1,055	1,088	1,111
Intangible assets		3,312	3,328	3,378	Subordinated debt	15	7,728	7,647	8,501
Property, plant and equipment		4,482	4,645	3,791	Liabilities, total		732,184	699,612	721,220
Deferred tax assets		217	317	546
Current tax assets		894	275	956	Equity
Assets held for sale		215	217	87	Share capital		643	643	643
Other assets	11	24,693	27,156	26,653	Revaluation reserve		183	183	164
Total assets		782,350	750,200	770,068	Retained profit		44,451	43,295	42,494
					Proposed dividend		0	1,543	0
					Jyske Bank A/S shareholders		45,277	45,664	43,301
					Holders of additional tier 1 capital		4,889	4,924	5,547
					Total equity		50,166	50,588	48,848
					Total equity and liabilities		782,350	750,200	770,068

Statement of Changes in Equity

DKKm

	31 Mar. 2025								31 Mar. 2024
	Share capital	Revaluation reserve	Retained profit	Proposed dividend	Jyske Bank A/S share holders	Additional tier 1 capital*	Total equity	Share capital	Revaluation reserve	Retained profit	Proposed dividend	Jyske Bank A/S share holders	Additional tier 1 capital*	Total equity
Equity at 1 January	643	183	43,295	1,543	45,664	4,924	50,588	643	164	41,266	500	42,573	3,313	45,886
Profit for the period	0	0	1,191	0	1,191	65	1,256	0	0	1,224	0	1,224	62	1,286
Other comprehensive income after tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Comprehensive income for the period	0	0	1,191	0	1,191	65	1,256	0	0	1,224	0	1,224	62	1,286
Issuance of additional tier 1 capital	0	0	0	0	0	0	0	0	0	0	0	0	2,235	2,235
Transaction costs	0	0	0	0	0	0	0	0	0	-22	0	-22	0	-22
Interest paid on additional tier 1 capital	0	0	0	0	0	-101	-101	0	0	0	0	0	-42	-42
Currency translation adjustment	0	0	-1	0	-1	1	0	0	0	20	0	20	-20	0
Dividends paid	0	0	0	-1,543	-1,543	0	-1,543	0	0	0	-500	-500	0	-500
Dividends, own shares	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Acquisition of own shares	0	0	-553	0	-553	0	-553	0	0	-582	0	-582	-1	-583
Sale of own shares	0	0	451	0	451	0	451	0	0	588	0	588	0	588
Transactions with owners	0	0	-35	-1,543	-1,578	-100	-1,678	0	0	4	-500	-496	2,172	1,676
Equity at 31 marts	643	183	44,451	0	45,277	4,889	50,166	643	164	42,494	0	43,301	5,547	48,848

*Additional tier 1 capital (AT1) has no maturity. Payment of interest and repayment of principal are voluntary. Therefore AT1 is recognised as equity. In September 2017, Jyske Bank issued AT1 amounting to EUR 150m with the possibility of early redemption in September 2027 at the earliest. The issue has a coupon of 4.75% until September 2027. In May 2021, Jyske Bank issued AT1 amounting to EUR 200m with the possibility of early redemption from 4 December 2028 at the earliest. The interest rate applicable to the issue until June 2029 is 3.625%. In February 2024, Jyske Bank issued AT1 amounting to EUR 300m with the possibility of early redemption from 13 August 2030 at the earliest. The interest rate applicable to the issue is 7%. It applies to all AT1 issues that if the common equity tier 1 capital ratio of Jyske Bank A/S or the Jyske Bank Group falls below 7%, the loans will be written down.

Capital Statement

DKKm
	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Shareholders' equity	45,277	45,664	43,301
Share buyback plan, unutilized capacity	-2,098	0	0
Proposed/expected dividends and share buyback	-845	-1,543	-685
Intangible assets	-3,312	-3,328	-3,378
Prudent valuation	-102	-98	-267
Insufficient coverage of non-performing loans and guarantees	-167	-159	-348
Other deductions	-196	-62	-171
Common equity tier 1 capital	38,557	40,474	38,452
Additional tier 1 capital after reduction	4,880	4,914	4,830
Core capital	43,437	45,388	43,282
Subordinated loan capital after reduction	7,804	7,556	7,534
Capital base	51,241	52,944	50,816
Weighted risk exposure involving credit risk, etc.	212,668	198,904	198,992
Weighted risk exposure involving market risk	9,451	9,437	10,780
Weighted risk exposure involving operational risk	23,132	21,178	21,178
Total weighted risk exposure	245,251	229,519	230,950
Capital requirement, Pillar I	19,620	18,362	18,476
Capital ratio (%)	20.9	23.1	22.0
Tier 1 capital ratio (%)	17.7	19.8	18.7
Common equity tier 1 capital ratio (%)	15.7	17.6	16.6

The capital statement was calculated according to Regulation (EU) No. 575/2013 of 26 June 2013 of the European Parliament and of the Council (CRR) with subsequent amendments.

For the determination of the individual solvency requirement, please see the report Risk and Capital Management 2024 and jyskebank.com/investorrelations/capitalstructure, which shows Jyske Bank's quarterly determination of the individual solvency requirement.

Summary of Cash Flow Statement
DKKm
Cash flows from operating activities	Q1 2025	Q1 2024
Profit for the period	1,256	1,286
Adjustment for non-cash operating items, etc.	24,455	-14,664
Cash flows from operating activities	25,711	-13,378
Cash flows from investment activities
Acquisition of property, plant and equipment	-7	26
Dividends aquired	34	26
Cash flows from investment activities	27	52
Cash flows from financing activities
Issuance of additional tier 1 capital	0	2,213
Interest paid on additional tier 1 capital	-101	-42
Dividends paid	-1,543	-500
Dividiends recieved on own shares	68	0
Acquisition of own shares	-553	-583
Sale of own shares	451	588
Issuance of additional tier 1 capital	0	3,729
Repayment on lease commitment	22	23
Cash flows from financing activities	-1,656	5,428
Cash flow for period	24,082	-7,898
Changes in cash and cash equivalents
Cash and cash equivalents, beginning of period Foreign currency translation adjustment of cash at bank and in hand	48,355 224	82,051 -33
Cash flow for the period, total	24,082	-7,898
Cash and cash equivalents, end of period	72,661	74,120
Cash and cash equivalents, end of period, comprise:
Cash balance and demand deposits with central banks	64,693	66,695
Due in less than three months from credit institutions and central banks	7,968	7,425

Cash and cash equivalents, end of period	72,661	74,120
Due in less than three months from credit institutions and central banks	7,968	7,425
Cash balance and demand deposits with central banks	64,693	66,695
Cash and cash equivalents, end of period, comprise:

Table of contents, note section

No.	Note	Page

• Accounting policies 40 Material accounting estimates 40 Key figures and ratios 41 Segmental financial statements 42 Net interest income and value adjustments 44 Fees and commission income 44 Loan impairment charges and provisions for guarantees 45 Loans at fair value 52 Loans and advances at fair value by property category 52 Loans and advances at amortised cost and guarantees by sector 52 Other assets 52 Deposits 53 Issued bonds at fair value 53 Other liabilities 53 Subordinated debt 53 Contingent liabilities 54 Shareholders 54 Related parties 54 Bonds provided as security 54 Fair value of financial assets and liabilities 55
• Fair value hierarchy 56

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1 Accounting policies

The Interim Financial Report for the period 1 January to 31 march 2025 for Jyske Bank Group was prepared in accordance with IAS 34, Presentation of Interim Financial Reporting as adopted by the EU. Furthermore, the Interim Financial Report was prepared in accordance with the additional Danish disclosure requirements for the interim reports of listed financial undertakings. . Due to the application of IAS 34, the presentation is more limited relative to the presentation of an annual report, and also the recognition and determination principles of the International Financial Reporting Standards (IFRS) were adhered to.

With effect as of 1 January 2025, Jyske Bank has implemented the following new or amended standards and interpretation:

Amendments to:

• IAS 21 The Effects of Changes in Foreign Exchange Rates

These changes did not have an effect on Jyske Bank's financial reporting.

Except from the above, accounting policies remain unchanged compared with the annual report for 2024, including the full description of accounting policies.

2 Material accounting estimates

Post-model adjustments

Measurement of the carrying value of certain assets and liabilities requires the management's estimate of the influence of future events on the value of such assets and liabilities. Estimates of material importance to the financial reporting are, among other things, based on the determination of loan impairment charges and provisions for guarantees, the fair value of unlisted financial instruments, provisions made and acquisitions, cf. the detailed statement in note 67 in the Annual Report 2024. . The estimates are based on assumptions which management finds reasonable, but which are inherently uncertain. Besides, the Group is subject to risks and uncertainties which may cause results to differ from those estimates. Material accounting estimates were the same in connection with the preparation of the Interim Financial Report as in connection with the preparation of the Annual Report for 2024.

In addition to the calculations of impairment charges, a management's assessment is performed of the impairment models and the ability of the expert-assessed impairment calculations to take into consideration the future economic development. To the extent that it is assessed that circumstances and risks are not included in the models, an addition to the impairment calculations is made which is based a management's estimate. This estimate is based on specific observations and is calculated on the basis of the expected risks of the specific sub-portfolios.

Post-model adjustments

DKKm

31 Mar. 2024

	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Macroeconomic risks
Corporate customers	1,124	960	975
Personal customers	231	220	320
Macroeconomic risks, total	1,355	1,180	1,295
Process-related risks
Corporate customers	394	472	452
Personal customers	120	130	250
Process-related risks, total	514	602	702
Post-model adjustments, total	1,869	1,782	1,997

It is essential that the basis of the management's estimates is well-founded on realistic circumstances and expectations that are not fully recognized in the impairment charges calculated. Documentation and determination will always consist of a coherent chain of reasoning between the well-founded circumstances and the expectation of loss. The determination is supported by data and is based on the specific portfolio, yet it may also be based on an estimate of the effect. On a quarterly basis, the management's estimates are reassessed on the basis of updated controls and analyses of the specific areas.

Jyske Bank's Annual Report 2024, note 14, describes in detail the additions estimated by management for loan impairment charges and provisions for guarantees.

3 Key figures and ratios

	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Pre-tax profit, per share (DKK)*	26.6	26.5	29.8	27.1	26.1
Earnings per share for the period (DKK)*	19.4	19.5	21.7	19.8	19.0
Earnings per share for the period (diluted) (DKK)*	19.4	19.5	21.7	19.8	19.0
Core profit per share (DKK)*	25.5	27.3	30.2	26.7	26.9
Share price at end of period (DKK)	551	510	522	554	583
Book value per share (DKK)*	738	742	723	695	674
Price/book value per share (DKK)*	0.7	0.7	0.7	0.8	0.9
Outstanding shares in circulation ('000)	61,322	61,500	61,547	63,779	64,265
Average number of shares in circulation ('000)	61,469	61,505	62,444	64,185	64,261
Capital ratio (%)	20.9	23.1	22.6	21.9	22.0
Tier 1 capital ratio (%)	17.7	19.8	19.3	18.7	18.7
Common equity tier 1 capital ratio (%)	15.7	17.6	17.2	16.6	16.6
Pre-tax profit as a percentage of average equity*	3.6	3.6	4.2	4.0	3.9
Profit for the period as a pct. of average equity*	2.6	2.7	3.1	2.9	2.9
Return on tangible equity	2.8	2.9	3.3	3.1	3.1
Income/cost ratio (%) inclusive of loan impairment charges	2.0	1.9	2.2	2.0	2.0
Interest-rate risk (%)	2.6	2.5	2.8	2.9	2.8
Currency risk (%)	0.0	0.0	0.0	0.0	0.0
Accumulated impairment ratio (%)	0.8	0.8	0.8	0.8	0.9
Impairment ratio for the period (%)	0.0	0.0	0.0	0.0	0.0
No. of full-time employees at end-period	3,882	3,876	3,970	3,950	3,972
Average number of full-time employees in the period	3,879	3,923	3,960	3,961	3,964

The financial ratios are based on the definitions and guidelines laid down by the Danish Financial Supervisory Authority, cf. note 68 to the consolidated financial statements for 2024.

* Financial ratios are calculated as if additional tier 1 capital (AT1) is recognised as a liability, cf. note 2 in the consolidated financial statements for 2024.

Additional financial ratios and key figures, definitions
Please see below for definitions of the additional financial ratios stated under the Jyske Bank Group, page 2.
"Earnings per share for the period", "Earnings per share (diluted) for the period", "Pre-tax profit as a percentage of average equity", "Net profit for the
period as a percentage of average equity" and "Return on tnagible assets" are calculated as if additional tier 1 capital (AT1) is recognised as a liability.
In the numerator, the profit is less interest expenses for AT1 capital of DKK 65m (Q1 2024: DKK 62m) and the denominator is calculated as equity
exclusive of AT1 capital of DKK 4,889m (Q1 2024: DKK 5,547m).
"Expenses as a percentage of income" is calculated as Core expenses divided by Core income.

4 Segmental financial statements

DKKm

		Q1 2025			Q1 2024
	Banking activities	Mortgage activities	Leasing activities	Jyske-Bank Group*	Banking activities	Mortgage activities	Leasing activities	Jyske-Bank Group*
Net interest income	1,235	868	111	2,214	1,478	870	114	2,462
Net fee and commission income	706	4	16	726	693	-97	10	606
Value adjustments	159	26	-3	182	179	55	5	239
Other income	71	0	4	75	66	0	4	70
Income from operating lease, etc. (net)	0	0	32	32	0	0	53	53
Core income	2,171	898	160	3,229	2,416	828	186	3,430
Core expenses	1,369	109	55	1,533	1,393	112	52	1,557
Core profit before loan impairment charges	802	789	105	1,696	1,023	716	134	1,873
Loan impairment charges	42	11	13	66	55	21	6	82
Core profit	760	778	92	1,630	968	695	128	1,791
Investment portfolio earnings	68	0	0	68	-31	0	0	-31
Pre-tax profit before one-off costs	828	778	92	1,698	937	695	128	1,760
One-off costs relating to SHB DK and PFA Bank	0	0	0	0	-22	0	0	-22
Pre-tax profit	828	778	92	1,698	915	695	128	1,738
Loans and advances	177,953	366,728	22,232	566,913	181,036	351,530	24,113	556,679
- of which mortgage loans	0	366,728	0	366,728	0	351,530	0	351,530
- of which bank loans	122,456	0	22,232	144,688	126,571	0	24,113	150,684
- of which repo loans	55,497	0	0	55,497	54,465	0	0	54,465
Total assets	347,972	407,648	26,730	782,350	356,556	385,161	28,351	770,068
Deposits	198,414	0	134	198,548	207,238	0	152	207,390
- of which bank deposits	190,986	0	134	191,120	190,401	0	152	190,553
- of which repo and triparty deposits	7,428	0	0	7,428	16,837	0	0	16,837
Issued bonds	59,618	374,675	0	434,293	84,873	354,025	0	438,898

* The relationship between income statement items under 'The Jyske Bank Group' (key financial data) and the income statement page 34 appears from the next page.

Breakdown of profit for the year

DKKm

	Q1 2025						Q1 2024
	Core profit	Inv. portfolio earnings	One-off costs	Reclas sification	Total	Core profit	Inv. portfolio earnings	One-off costs	Reclas sification	Total
Net interest income	2,214	-9	0	1	2,206	2,462	-47	0	16	2,431
Net fee and commission income	726	-1	0	-1	724	606	-1	0	0	605
Value adjustments	182	86	0	-1	267	239	24	0	-15	248
Other income	75	0	0	-18	57	70	0	0	-19	51
Income from operating lease, etc. (net)	32	0	0	159	191	53	0	0	111	164
Income	3,229	76	0	140	3,445	3,430	-24	0	93	3,499
Expenses	1,533	8	0	140	1,681	1,557	7	22	93	1,679
Profit before loan impairment charges	1,696	68	0	0	1,764	1,873	-31	-22	0	1,820
Loan impairment charges	66	0	0	0	66	82	0	0	0	82
Pre-tax profit	1,630	68	0	0	1,698	1,791	-31	-22	0	1,738

4 Segmental financial statements, cont

Alternative performance targets

The alternative performance targets applied in the management's review constitute valuable information for readers of financial statements as they provide a more uniform basis for comparison of accounting periods. No adjusting entries are made, and therefore the net profit or loss for the year will be the same in the alternative performance targets of the management's review and in the IFRS financial statements.

Core profit is defined as the pre-tax profit exclusive of investment portfolio earnings. Hence earnings from customers are expressed better than in the IFRS financial statements.

Investment portfolio earnings are defined as the return on the Group's portfolio of shares, bonds, derivatives and equity investments, yet exclusive of the liquidity buffer and certain strategic equity investments. Investment portfolio earnings are calculated after expenses for funding and attributable costs.

One-off costs are costs relating to the acquisition of Svenska Handelsbanken's Danish activities and PFA Bank. These one-offs are included in the IFRS income statement under expenses for staff and administrative expenses, etc.

The table on the previous page shows the relationships from the income statement items in the Jyske Bank Group's key figures on page 7 to the income statement items in the IFRS financial statements on page 34.
Reclassification relates to the following:
- Expenses of DKK 1m (Q1 2024: expenses of DKK 16m) due to value adjustments relating to the balance principle at Jyske Realkredit were reclassified from value adjustments to interest income.
- Expenses of DKK 18m (Q1 2024: expenses of DKK 19m) from external revenue was reclassified to income from operating lease, etc. (net).
- Depreciation and amortisation of DKK 140m (Q1 2024: 93m) were reclassified from expenses to income from operating lease, etc. (net).

5 Net interest income and value adjustments

DKKm

	Interest	Interest
	income	expenses	Net interest income	Dividends	Value adjustments	Total	Interest income	Interest expenses	Net interest income	Dividends	Value adjustments	Total
Financial portfolios at amortised cost
Due from and to credit institutions and central banks	361	184	177	0	-4	173	663	223	440	0	2	442
Loans, advances and deposits	1,849	673	1,176	0	0	1,176	2,496	1,175	1,321	0	0	1,321
Bonds	232	0	232	0	0	232	276	0	276	0	0	276
Issued bonds	0	531	-531	0	-1	-532	0	780	-780	0	162	-618
Subordinated debt	0	86	-86	0	16	-70	0	83	-83	0	-40	-123
Other financial instruments	-20	4	-24	0	0	-24	-33	4	-37	0	0	-37
Total	2,422	1,478	944	0	11	955	3,402	2,265	1,137	0	124	1,261
Financial portfolios at fair value through profit or loss
Loans and issued bonds	2,605	1,862	743	0	66	809	2,816	1,972	844	0	169	1,013
Bonds	385	0	385	0	-3	382	459	0	459	0	11	470
Shares, etc.	0	0	0	34	110	144	0	0	0	26	113	139
Derivatives, etc.	181	47	134	0	-2	132	102	111	-9	0	-231	-240
Total	3,171	1,909	1,262	34	171	1,467	3,377	2,083	1,294	26	62	1,382
Foreign currency translation adjustments	0	0	0	0	85	85	0	0	0	0	62	62
Net interest income etc. and total fair value adjustments	5,593	3,387	2,206	34	267	2,507	6,779	4,348	2,431	26	248	2,705

6 Fees and commission income

	Q1 2025	Q1 2024
Securities trading and custody services	390	327
Money transfers and card payments	85	72
Loan application fees	116	95
Guarantee commission	22	25
Other fees and commissions	230	219
Fees and commissions received, total	843	738
Fees and commissions paid, total	119	133
Fee and commission income, net	724	605

-

-

-

-

	Q1 2025	Q1 2024
Loan impairment charges and provisions for guarantees recognised in the income statement
Loan impairment charges and provisions for guarantees for the period	125	201
Impairment charges on balances due from credit institutions for the period	0	1
Provisions for loan commitments and unutilised credit lines in the period	-31	-14
Recognised as a loss, not covered by loan impairment charges and provisions	6	13
Recoveries	-9	-31
Recognised discount for acquired loans*	-25	-88
Loan impairment charges and provisions for guarantees recognised in the income statement	66	82
Balance of loan impairment charges and provisions for guarantees
Balance of loan impairment charges and provisions, beginning of period	4,923	4,972
Loan impairment charges and provisions for the period	94	187
Recognised as a loss, covered by loan impairment charges and provisions	-33	-21
Other movements	19	21
Balance of loan impairment charges and provisions, end of period	5,003	5,159
Loan impairment charges and provisions for guarantees at amortised cost	3,357	3,186
Loan impairment charges at fair value	1,196	1,471
Provisions for guarantees	315	296
Provisions for credit commitments and unutilised credit lines	135	206
Balance of loan impairment charges and provisions, end of period	5,003	5,159

Total	Credit-impai red at initial recognition	Stage 3	Stage 2	Stage 1	Total

			31 Mar. 2025				31 Mar. 2024
Balance of loan impairment charges and provisions for guarantees by stage – total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total
Balance, beginning of the year	1,293	1,144	2,481	5	4,923	1,522	1,020	2,424	6	4,972
Transfer of impairment charges to stage 1	149	-140	-9	0	0	109	-93	-16	0	0
Transfer of impairment charges to stage 2	-33	66	-33	0	0	-65	93	-28	0	0
Transfer of impairment charges to stage 3	-1	-58	59	0	0	-4	-21	25	0	0
Impairment charges on new loans, etc.	140	47	135	0	322	135	25	174	0	334
Impairment charges on discontinued loans etc.	-90	-69	-189	0	-348	-101	-64	-104	0	-269
Effect from recalculation	-178	189	124	-1	134	-37	191	-10	-2	142
Previously impaired, now lost	0	0	-28	0	-28	0	-1	-19	0	-20
Balance, end of period	1,280	1,179	2,540	4	5,003	1,559	1,150	2,446	4	5,159

Total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total

			31 Mar. 2025			31 Mar. 2024
Balance of impairment charges by stage - loans at amortised cost	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total
Balance, beginning of the year	534	816	1,891	4	3,245	618	721	1,742	5	3,086
Transfer of impairment charges to stage 1	99	-93	-6	0	0	53	-47	-6	0	0
Transfer of impairment charges to stage 2	-20	44	-24	0	0	-18	33	-15	0	0
Transfer of impairment charges to stage 3	0	-50	50	0	0	-1	-17	18	0	0
Impairment charges on new loans, etc.	40	41	13	0	94	57	20	52	0	129
Impairment charges on discontinued loans etc.	-21	-33	-59	0	-113	-36	-45	-42	0	-123
Effect from recalculation	-115	141	129	-1	154	48	99	-40	-3	104
Previously impaired, now lost	0	0	-23	0	-23	0	-1	-9	0	-10
Balance, end of period	517	866	1,971	3	3,357	721	763	1,700	2	3,186

Total	Credit-impai red at initial recognition	Stage 3	Stage 2	Stage 1	Total

			31 Mar. 2025					31 Mar. 2024
Balance of impairment charges by stage – loans at fair value	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total
Balance, beginning of the year	638	238	321	0	1,197	748	223	485	0	1,456
Transfer of impairment charges to stage 1	43	-40	-3	0	0	46	-38	-8	0	0
Transfer of impairment charges to stage 2	-11	18	-7	0	0	-43	54	-11	0	0
Transfer of impairment charges to stage 3	-1	-6	7	0	0	-3	-3	6	0	0
Impairment charges on new loans, etc.	56	0	1	0	57	33	0	1	0	34
Impairment charges on discontinued loans etc.	-30	-14	-7	0	-51	-30	-11	-7	0	-48
Effect from recalculation	-48	48	-2	0	-2	-70	81	28	0	39
Previously impaired, now lost	0	0	-5	0	-5	0	0	-10	0	-10
Balance, end of period	647	244	305	0	1,196	681	306	484	0	1,471

Total	Credit-impai red at initial recognition	Stage 3	Stage 2	Stage 1	Total

			31 Mar. 2025			31 Mar. 2024
Balance of provisions by stage – guarantees and loan commitments, etc.	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total
Balance, beginning of the year	128	91	262	0	481	163	77	190	0	430
Transfer of impairment charges to stage 1	7	-7	0	0	0	10	-8	-2	0	0
Transfer of impairment charges to stage 2	-2	4	-2	0	0	-4	6	-2	0	0
Transfer of impairment charges to stage 3	0	-2	2	0	0	0	-1	1	0	0
Impairment charges on new loans, etc.	44	6	121	0	171	45	5	121	0	171
Impairment charges on discontinued loans etc.	-39	-22	-123	0	-184	-35	-8	-55	0	-98
Effect from recalculation	-15	0	-3	0	-18	-15	11	2	1	-1
Previously impaired, now lost	0	0	0	0	0	0	0	0	0	0
Balance, end of period	123	70	257	0	450	164	82	255	1	502

DKKm

Total	Credit-impai red at initial recognition	Stage 3	Stage 2	Stage 1	Total

	31 Mar. 2025							31 Dec. 2024
Gross loans, advances and guarantees by stage	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total
Gross loans and guarantees, beginning of year	552,712	22,509	8,898	58	584,177	542,427	20,529	8,761	75	571,792
Transfer of loans and guarantees to stage 1	4,821	-4,753	-68	0	0	7,269	-6,870	-399	0	0
Transfer of loans and guarantees to stage 2	-5,114	5,505	-391	0	0	-11,328	11,742	-414	0	0
Transfer of loans and guarantees to stage 3	-209	-449	658	0	0	-1,313	-1,045	2,358	0	0
Other movements*	2,150	-1,011	-397	-10	732	15,657	-1,847	-1,408	-17	12,385
Gross loans and guarantees, end of period	554,360	21,801	8,700	48	584,909	552,712	22,509	8,898	58	584,177
Total impairment charges and provisions	1,202	1,150	2,512	4	4,868	1,213	1,099	2,439	5	4,756
Net loans and guarantees, end of period	553,158	20,651	6,188	44	580,041	551,499	21,410	6,459	53	579,421

		31 Dec. 2024					31 Mar. 2025
Total	Credit-impai red at initial recognition	Stage 3	Stage 2	Stage 1	Total	red at initial recognition

			31 Mar. 2025				31 Dec. 2024
Gross loans at amortised cost by stage	Stage 1 Stage 2 Stage 3 Credit-impai Total red at initial recognition		Stage 1	Stage 2 Stage 3		Credit-impai red at initial recognition	Total
Gross loans, beginning of year	188,078	10,326	4,602	56	203,062	191,198	9,502	4,446	73	205,219
Transfer of loans to stage 1	2,339	-2,314	-25	0	0	2,802	-2,687	-115	0	0
Transfer of loans to stage 2	-2,791	2,914	-123	0	0	-5,400	5,547	-147	0	0
Transfer of loans to stage 3	-81	-153	234	0	0	-599	-548	1,147	0	0
Other movements*	-241	-446	-238	-10	-935	77	-1,488	-729	-17	-2,157
Gross loans, end of period	187,304	10,327	4,450	46	202,127	188,078	10,326	4,602	56	203,062
Total impairments and provisions	508	866	1,980	4	3,358	526	816	1,897	5	3,244
Net loans, end of period	186,796	9,461	2,470	42	198,769	187,552	9,510	2,705	51	199,818

*Other movements are new as well as redeemed exposures.

DKKm

Total	Credit-impai red at initial recognition	Stage 3	Stage 2	Stage 1	Total

			31 Mar. 2025			31 Dec. 2024
Gross loans at fair value by stage	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total
Gross loans, beginning of year	353,629	11,412	3,560	0	368,601	342,760	10,255	3,618	0	356,633
Transfer of loans to stage 1	2,384	-2,346	-38	0	0	4,337	-4,055	-282	0	0
Transfer of loans to stage 2	-2,036	2,302	-266	0	0	-5,629	5,891	-262	0	0
Transfer of loans to stage 3	-128	-286	414	0	0	-673	-467	1,140	0	0
Other movements*	1,369	-491	-140	0	738	12,834	-212	-654	0	11,968
Gross loans, end of period	355,218	10,591	3,530	0	369,339	353,629	11,412	3,560	0	368,601
Total impairments and provisions	646	244	305	0	1,195	639	237	321	0	1,197
Net loans, end of period	354,572	10,347	3,225	0	368,144	352,990	11,175	3,239	0	367,404

			31 Mar. 2025			31 Dec. 2024
Advances and guarantees by stage	Stage 1	Stage 2 Stage 3 Credit-impai Total red at initial recognition		Stage 1	Stage 2 Stage 3			Total
Gross guarentess, beginning of year	11,005	771	736	2	12,514	8,469	772	697	recognition 2	9,940
Transfer of guarentess to stage 1	98	-93	-5	0	0	130	-128	-2	0	0
Transfer of guarentess to stage 2	-287	289	-2	0	0	-299	304	-5	0	0
Transfer of guarentess to stage 3	0	-10	10	0	0	-41	-30	71	0	0
Other movements*	1,022	-74	-19	0	929	2,746	-147	-25	0	2,574
Gross guarentess, end of period	11,838	883	720	2	13,443	11,005	771	736	2	12,514
Total impairments and provisions	48	40	227	0	315	48	46	221	0	315
Net guarentess, end of period	11,790	843	493	2	13,128	10,957	725	515	2	12,199

*Other movements are new as well as redeemed exposures.

31 Mar. 2025						31 Dec. 2024	31 Mar. 2025						31 Dec. 2024
Loans, advances and guarantees by stage and internal rating – gross before impairment charges and provisions	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Total	Loan impairment charges and provisions for guarantees by stage and internal rating	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Total
STY 1 (PD band 0.00 - 0.10% )	73,153	81	0	0	73,234	76,239	STY 1 (PD band 0.00 - 0.10% )	36	0	0	0	36	39
STY 2 (PD band 0.10 - 0.15% )	15,168	65	0	0	15,233	15,314	STY 2 (PD band 0.10 - 0.15% )	15	0	0	0	15	21
STY 3 (PD band 0.15 - 0.22% )	38,488	22	0	0	38,510	34,993	STY 3 (PD band 0.15 - 0.22% )	37	0	0	0	37	35
STY 4 (PD band 0.22 - 0.33% )	30,899	26	0	0	30,925	32,366	STY 4 (PD band 0.22 - 0.33% )	58	0	0	0	58	65
STY 5 (PD band 0.33 - 0.48% )	120,852	122	0	0	120,974	123,432	STY 5 (PD band 0.33 - 0.48% )	249	2	0	0	251	253
STY 1 - 5	278,560	316	0	0	278,876	282,344	STY 1 - 5	395	2	0	0	397	413
STY 6 (PD band 0.48 - 0.70%)	91,265	359	0	0	91,624	91,003	STY 6 (PD band 0.48 - 0.70%)	130	5	0	0	135	137
STY 7 (PD band 0.70 - 1.02%)	78,576	488	0	0	79,064	73,916	STY 7 (PD band 0.70 - 1.02%)	204	7	0	0	211	191
STY 8 (PD band 1.02 - 1.48%)	37,360	1,339	0	0	38,699	37,693	STY 8 (PD band 1.02 - 1.48%)	114	31	0	0	145	145
STY 9 (PD band 1.48 - 2.15%)	32,734	925	0	0	33,659	37,376	STY 9 (PD band 1.48 - 2.15%)	107	18	0	0	125	156
STY 10 (PD band 2.15 - 3.13%)	14,976	2,559	0	0	17,535	16,545	STY 10 (PD band 2.15 - 3.13%)	62	65	0	0	127	88
STY 11 (PD band 3.13 - 4.59%)	8,821	3,004	0	1	11,826	12,344	STY 11 (PD band 3.13 - 4.59%)	84	102	0	0	186	183
STY 6 - 11	263,732	8,674	0	1	272,407	268,877	STY 6 - 11	701	228	0	0	929	900
STY 12 (PD band 4.59 - 6.79%)	3,212	2,822	0	0	6,034	8,235	STY 12 (PD band 4.59 - 6.79%)	23	98	0	0	121	145
STY 13 (PD band 6.79 - 10.21%)	2,737	3,143	0	0	5,880	5,609	STY 13 (PD band 6.79 - 10.21%)	18	126	0	0	144	157
STY 14 (PD band 10.21 - 25.0%)	678	5,699	0	5	6,382	7,224	STY 14 (PD band 10.21 - 25.0%)	13	617	0	0	630	646
STY 12 - 14	6,627	11,664	0	5	18,296	21,068	STY 12 - 14	54	841	0	0	895	948
Other	5,411	925	0	-7	6,329	2,546	Other	52	69	0	0	121	39
Non-performing	30	222	8,700	49	9,001	9,342	Non-performing	0	10	2,512	4	2,526	2,456
Total	554,360	21,801	8,700	48	584,909	584,177	Total	1,202	1,150	2,512	4	4,868	4,756

31 Mar. 2025				31 Dec. 2024		31 Mar. 2025				31 Dec. 2024
Loan commitments and unutilised credit facilities by stage	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Total	Provisions for loan commitments and unutilised credit lines by stage	Stage 1	Stage 2	Stage 3	Credit-impai red at initial recognition	Total	Total
STY 1 (PD band 0.00 - 0.10% )	30,439	0	0	0	30,439	29,450	STY 1 (PD band 0.00 - 0.10% )	2	0	0	0	2	1
STY 2 (PD band 0.10 - 0.15% )	8,222	0	0	0	8,222	7,837	STY 2 (PD band 0.10 - 0.15% )	2	0	0	0	2	4
STY 3 (PD band 0.15 - 0.22% )	6,216	0	0	0	6,216	6,601	STY 3 (PD band 0.15 - 0.22% )	6	0	0	0	6	6
STY 4 (PD band 0.22 - 0.33% )	8,529	0	0	0	8,529	8,203	STY 4 (PD band 0.22 - 0.33% )	9	0	0	0	9	10
STY 5 (PD band 0.33 - 0.48% )	4,394	17	0	0	4,411	4,974	STY 5 (PD band 0.33 - 0.48% )	6	0	0	0	6	6
STY 1 - 5	57,800	17	0	0	57,817	57,065	STY 1 - 5	25	0	0	0	25	27
STY 6 (PD band 0.48 - 0.70%)	5,307	43	0	0	5,350	4,981	STY 6 (PD band 0.48 - 0.70%)	8	1	0	0	9	9
STY 7 (PD band 0.70 - 1.02%)	4,772	52	0	0	4,824	5,267	STY 7 (PD band 0.70 - 1.02%)	9	0	0	0	9	12
STY 8 (PD band 1.02 - 1.48%)	3,022	164	0	0	3,186	4,658	STY 8 (PD band 1.02 - 1.48%)	9	1	0	0	10	15
STY 9 (PD band 1.48 - 2.15%)	1,695	136	0	0	1,831	2,999	STY 9 (PD band 1.48 - 2.15%)	6	1	0	0	7	9
STY 10 (PD band 2.15 - 3.13%)	1,153	206	0	0	1,359	1,460	STY 10 (PD band 2.15 - 3.13%)	5	4	0	0	9	13
STY 11 (PD band 3.13 - 4.59%)	1,105	193	0	0	1,298	1,331	STY 11 (PD band 3.13 - 4.59%)	6	2	0	0	8	9
STY 6 - 11	17,054	794	0	0	17,848	20,696	STY 6 - 11	43	9	0	0	52	67
STY 12 (PD band 4.59 - 6.79%)	366	252	0	0	618	586	STY 12 (PD band 4.59 - 6.79%)	4	4	0	0	8	9
STY 13 (PD band 6.79 - 10.21%)	56	85	0	0	141	169	STY 13 (PD band 6.79 - 10.21%)	0	1	0	0	1	2
STY 14 (PD band 10.21 - 25.0%)	52	264	0	0	316	394	STY 14 (PD band 10.21 - 25.0%)	1	15	0	0	16	23
STY 12 - 14	474	601	0	0	1,075	1,149	STY 12 - 14	5	20	0	0	25	34
Other	512	30	0	0	542	706	Other	2	1	0	0	3	6
Non-performing	3	3	118	0	124	203	Non-performing	0	0	30	0	30	31
Total	75,843	1,445	118	0	77,406	79,819	Total	75	30	30	0	135	165

2024
Total
1
4
6
10
6
27
9
12
15
9
13
9
67
9
2
3 2
34
6
31
ા રહ

8 Loans at fair value

DKKm

10 Loans and advances at amortised cost and guarantees by sector

DKKm

	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024		31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Mortgage loans, nominal value	385,555	381,511	373,134	Public authorities	12,262	13,301	11,929
Adjustment for interest-rate risk, etc.	-18,002	-14,885	-20,633
Adjustment for credit risk	-1,102	-1,097	-1,327	Agriculture, hunting, forestry, fishing	12,899	13,207	13,174
Mortgage loans at fair value, total	366,451	365,529	351,174	Manufacturing, mining, etc.	14,443	16,391	16,262
				Energy supply	7,127	8,849	9,428
Arrears and outlays, total	52	75	88	Building and construction	2,827	4,046	5,718
Other loans and advances	1,641	1,800	2,538	Commerce	11,490	10,483	12,197
Loans and advances at fair value, total	368,144	367,404	353,800	Transport, hotels and restaurants	6,222	6,401	5,842
				Information and communication	1,207	1,397	2,263
				Financing and insurance	62,684	61,764	56,125
				Real property	20,141	19,787	23,833
9 Loans and advances at fair value by property category				Other sectors	18,878	15,131	16,314
DKKm	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024	Corporates, total	157,918	157,456	161,156
Owner-occupied homes	169,764	168,626	165,015	Personal customers, total	41,718	41,260	40,106
Vacation homes	9,942	9,876	9,561	Total	211,898	212,017	213,191
Subsidised housing (rental housing)	48,489	49,483	47,600
Cooperative housing	11,169	11,684	11,576
Private rental properties (rental housing)	75,700	74,760	70,330	11 Other assets
Industrial properties	7,092	6,962	5,313	DKKm
Office and retail properties	38,273	38,205	36,894		31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Agricultural properties	153	154	178
Properties for social, cultural and educational purposes	7,349	7,444	7,278	Positive fair value of derivatives	14,467	16,792	14,622
Other properties	213	210	55	Assets in pooled deposits	6,124	6,655	7,299
Total	368,144	367,404	353,800	Interest and commission receivable Investments in associates and joint ventures	987 188	1,109 193	1,271 220
				Deferred income	219	204	228
				Investment properties	87	87	89
				Other assets	2,621	2,116	2,924
				Total	24,693	27,156	26,653
				Netting	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
				Positive fair value of derivatives, gross	34,194	37,590	40,967
				Netting of positive and negative fair value	19,727	20,798	26,345
				Total	14,467	16,792	14,622

	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024		31 Mar. 2025	31 Dec. 2024
Mortgage loans, nominal value	385,555	381,511	373,134	Public authorities	12,262	13,301
Adjustment for interest-rate risk, etc.	-18,002	-14,885	-20,633
Adjustment for credit risk	-1,102	-1,097	-1,327	Agriculture, hunting, forestry, fishing	12,899	13,207
Mortgage loans at fair value, total	366,451	365,529	351,174	Manufacturing, mining, etc.	14,443	16,391
				Energy supply	7,127	8,849
Arrears and outlays, total	52	75	88	Building and construction	2,827	4,046
Other loans and advances	1,641	1,800	2,538	Commerce	11,490	10,483
Loans and advances at fair value, total	368,144	367,404	353,800	Transport, hotels and restaurants	6,222	6,401
				Information and communication	1,207	1,397
				Financing and insurance	62,684	61,764
				Real property	20,141	19,787
9 Loans and advances at fair value by property category				Other sectors	18,878	15,131
DKKm				Corporates, total	157,918	157,456	161,156
	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Owner-occupied homes	169,764	168,626	165,015	Personal customers, total	41,718	41,260
Vacation homes	9,942	9,876	9,561	Total	211,898	212,017	213,191
Subsidised housing (rental housing)	48,489	49,483	47,600
Cooperative housing	11,169	11,684	11,576	11 Other assets
Private rental properties (rental housing)	75,700	74,760	70,330
Industrial properties	7,092	6,962	5,313	DKKm
Office and retail properties	38,273	38,205	36,894		31 Mar. 2025	31 Dec. 2024
Agricultural properties	153	154	178	Positive fair value of derivatives	14,467	16,792
Properties for social, cultural and educational purposes	7,349	7,444	7,278	Assets in pooled deposits	6,124	6,655
Other properties	213	210	55	Interest and commission receivable	987	1,109
Total	368,144	367,404	353,800	Investments in associates and joint ventures	188	193
				Deferred income	219	204
				Investment properties	87	87
				Other assets	2,621	2,116
				Total	24,693	27,156
				Netting	31 Mar. 2025	31 Dec. 2024
				Positive fair value of derivatives, gross	34,194	37,590
				Netting of positive and negative fair value	19,727	20,798

31 Mar. 2024

12 Deposits

DKKm

	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024		31 Mar. 2025	31 Dec. 2024
Demand deposits	144,965	145,538	140,131	Var. % bond loan NOK 1,000m 2031.03.24	654	630
Term deposits	11,455	12,256	8,345	Var. % bond loan SEK 1,000m 2031.03.24	688	649
Time deposits	30,356	28,854	45,856	1.25% bond loan EUR 200m 2031.01.28	1,492	1,492
Special deposits	5,511	5,387	5,477	2.25 % bond loan EUR 300m 2029.04.05	0	0
Pooled deposits	6,261	6,825	7,581	6.73% bond loan EUR 3m 2025-2026	22	22
Total	198,548	198,860	207,390	Var. bond loan SEK 600m 2032.08.31	413	390
				Var. bond loan NOK 400m 2032.08.31 Var. bond loan DKK 400m 2032.08.31	262 400	252 400
				5.125% bond loan EUR 500m 2035.01.05	3,731	3,730
13 Issued bonds at fair value DKKm				Subordinated debt, nominal Hedging of interest rate risk, fair value	7,662 66	7,565 82
	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024	Total	7,728	7,647
Issued bonds at fair value, nominal value	415,077	415,205	394,516
Adjustment to fair value	-19,476	-16,216	-22,911	Subordinated debt included in the capital base	7,804	7,556
Own mortgage bonds offset, fair value	-27,177	-36,781	-24,589
Total	368,424	362,208	347,016

14 Other liabilities

DKKm

	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Set-off entry of negative bond holdings in connection with repos/reverse repos	5,094	6,539	5,434
Negative fair value of derivatives	13,626	16,292	14,960
Interest and commission payable	4,148	3,586	4,020
Deferred income	113	117	114
Lease commitment	203	226	266
Other liabilities	10,455	10,118	7,717
Total	33,639	36,878	32,511
Netting	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024

	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024		31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Demand deposits	144,965	145,538	140,131	Var. % bond loan NOK 1,000m 2031.03.24	654	630	638
Term deposits	11,455	12,256	8,345	Var. % bond loan SEK 1,000m 2031.03.24	688	649	648
Time deposits	30,356	28,854	45,856	1.25% bond loan EUR 200m 2031.01.28	1,492	1,492	1,492
Special deposits	5,511	5,387	5,477	2.25 % bond loan EUR 300m 2029.04.05	0	0	897
Pooled deposits	6,261	6,825	7,581	6.73% bond loan EUR 3m 2025-2026	22	22	34
Total	198,548	198,860	207,390	Var. bond loan SEK 600m 2032.08.31	413	390	389
				Var. bond loan NOK 400m 2032.08.31	262	252	255
				Var. bond loan DKK 400m 2032.08.31	400	400	400
				5.125% bond loan EUR 500m 2035.01.05	3,731	3,730	3,729
13 Issued bonds at fair value				Subordinated debt, nominal	7,662	7,565	8,482
DKKm				Hedging of interest rate risk, fair value	66	82	19
	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024	Total	7,728	7,647	8,501
Issued bonds at fair value, nominal value	415,077	415,205	394,516
Adjustment to fair value	-19,476	-16,216	-22,911	Subordinated debt included in the capital base	7,804	7,556	7,534

Netting	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Negative fair value of derivatives, gross	33,353	37,090	41,305
Netting of positive and negative fair value	19,727	20,798	26,345
Total	13,626	16,292	14,960

15 Subordinated debt

Financial guarantess are primarily payment guarantees, and the risk equals that involved in credit facilities

Other contingent liabilities include other forms of guarantees at varying degrees of risk, including performance guarantees

The Group is also a party to a number of legal disputes arising from its business activities. The Group estimates the risk involved in each individual case and makes any necessary provisions which are recognised under contingent liabilities. The Group does not expect such liabilities to have material influence on the Group's financial position.

Because of its mandatory participation in the deposit guarantee scheme, the sector has paid an annual contribution of 2.5‰ of the covered net deposits until the assets of Pengeinstitutafdelingen (the financial institution fund) exceed 0.8% of the total net deposits covered, which has been accomplished. According to Bank Package 3 and Bank Package 4, Pengeinstitutafdelingen bears the immediate losses attributable to covered net deposits and relating to the resolution of financial institutions in distress. Any losses in connection with the final resolution are covered by the Guarantee Fund's Afviklings- og Restruktureringsafdeling (settlement and restructuring fund), where Jyske Bank currently guarantees 9,26% of any losses.

The statutory participation in the resolution financing arrangements (Resolution Fund) as of June 2015 entailed that credit institutions pay an annual contribution over a 10-year period to a Danish national fund with a target size totalling 1% of the covered deposits. Credit institutions are to contribute according to their relative sizes and risk in Denmark, and the first contributions to the Resolution Fund were paid at the end of 2015. The Group has paid a total of about DKK 650m over the 10-year period from 2015 to 2024. With the payment of contributions in 2024, the fund reached the goal of meeting 1% of covered deposits.

Due to Jyske Bank's membership of the Foreningen Bankdata, the bank is - in the event of its withdrawal - under the obligation to pay an exit charge to Bankdata in the amount of about DKK 1.9bn.

Jyske Bank A/S is assessed for Danish tax purposes jointly with all domestic subsidiaries which are part of the Group. Jyske Bank A/S is the administration company of the joint taxation and has unlimited joint and several liability for the Danish corporation taxes of the joint taxation. Jyske Bank A/S and its most important subsidiaries are part of a joint VAT registration and is thus jointly and severally liable for the payment of VAT and payroll tax of the joint registration.

16 Contingent liabilities

DKKm

	31 Mar. 2025	31 Dec. 2024	31 Mar. 2024
Guarantees, etc.	13,128	12,198	10,312
Other contingent liabilities, etc.	77,428	79,841	94,040
Total	90,556	92,039	104,352

17 Shareholders

31 Mar. 2024	On 31 March 2025, BRFholding a/s, Copenhagen, Denmark held 27.60% of the share capital. BRFholding a/s is a 100% owned subsidiary of BRFfonden. BRFholding a/s has, according to Jyske Bank's articles of association, 4,000 votes.
	18 Related parties
	Jyske Bank is the banker of a number of related parties. Transactions between related parties are characterised as ordinary financial transactions and services of an operational nature. Transactions with related parties were executed on an arm's length basis or at cost.
	Over the period, there were no unusual transactions with related parties. Please see Jyske Bank's Annual Report 2024 for a detailed description of transactions with related parties.
	19 Bonds provided as security
	The Jyske Bank Group has deposited bonds with central banks and clearing houses, etc. in connection with clearing and settlement of securities and currency transactions as well as tri-party repo transactions totalling a market value of DKK 35,567m (end of 2024: DKK 13,004m).
	In addition, in connection with CSA agreements, the Jyske Bank Group provided cash collateral of DKK 3,326m (end of 2024: DKK 6,686m) and bonds worth DKK 2,293m (end of 2024: 1,275m).
	The conclusion of repo transactions, i.e. sale of securities involving agreements to repurchase them at a later point in time, implies that bonds are provided as collateral for the amount that is borrowed. Repo transactions amounted to DKK 26,434m (end of 2024: DKK 12,989m).

20 Fair value of financial assets and liabilities

liabilities shows a total non-recognised unrealised loss of DKK 1,141m at the end of Q1 2025 against a total non-recognised unrealised loss of DKK 1,065m at the end of 2024.

Notes on fair value For principles of recognition and measurement at fair value, refer to note 44 in the consolidated financial statements, annual report 2024. Information regarding credit risk valuations adjustment for derivatives To account for the credit risk associated with derivatives for customers without credit impairment, an adjustment to the fair value (CVA) is made. Customers with credit impairment are also adjusted but treated individually. For a given counterparty's total portfolio of derivatives, CVA is a function of the expected positive exposure (EPE), the loss given default (LGD), and the probability of default (PD). The PDs used in the model reflect the probability of default as observed in the market, with default probabilities derived from market-observable CDS spreads. This method of estimation of PD's ha as of 2021 been replaced by a new method which more accurately reflects the bankruptcy pro
In calculating EPE, a model is used to determine the expected future positive exposure for the counterparty's portfolio over the life of the derivatives.
bability observable in the market, as the bankruptcy probabilities are derived from market-observable CDS spreads. LGD is set to be consistent with the quotations of CDS spreads in the calculation of default probabilities, while exposure profiles are adjusted for the effect of any collateral and CSA
In addition to CVA, an adjustment to the fair value is also made for derivatives that have an expected future negative fair value. This is to account for
changes in the counterparties' credit risk against the Group (DVA). The DVA adjustment follows the same principles as the CVA adjustment, but the
PD for Jyske Bank is determined based on Jyske Bank's external rating from Standard & Poor's. End of first quarter 2025, the accumulated net CVA
and DVA amount to DKK 1m which has been expensed under value adjustments, compared to an accumulated DKK 12m at the end of 2024 which
has been expensed under value adjustments.

21 Fair value hierarchy

DKKm

Fair value, end of period 944 990

Non-observable input

	31 Mar. 2025							31 Dec. 2024
	Quoted prices	Observable input	Non-obser vable input	Fair value, total	Recognised value	Quoted prices	Observable input	Non-obser vable input	Fair value, total	Recognised value
Financial assets
Loans at fair value	0	368,144	0	368,144	368,144	0	367,404	0	367,404	367,404
Bonds at fair value	63,805	7,768	0	71,573	71,573	50,976	11,674	0	62,650	62,650
Shares, etc.	963	225	944	2,132	2,132	924	291	990	2,205	2,205
Assets in pooled deposits	1,194	4,930	0	6,124	6,124	1,282	5,373	0	6,655	6,655
Derivatives	796	13,673	0	14,469	14,469	542	16,250	0	16,792	16,792
Total	66,758	394,740	944	462,442	462,442	53,724	400,992	990	455,706	455,706
Financial liabilities
Pooled deposits	0	6,261	0	6,261	6,261	0	6,825	0	6,825	6,825
Issued bonds at fair value	301,404	67,020	0	368,424	368,424	269,664	92,544	0	362,208	362,208
Set-off entry of negative bond holdings	4,827	267	0	5,094	5,094	5,325	1,214	0	6,539	6,539
Derivatives	1,276	12,350	0	13,626	13,626	1,038	15,254	0	16,292	16,292
Total	307,507	85,898	0	393,405	393,405	276,027	115,837	0	391,864	391,864
								Fair value for financial assets and liabilities
Non-observable input				31 Mar. 2025	31 Dec. 2024			The above table shows the fair value hierarchy for financial assets and liabilities recognised at fair value.
Fair value, beginning of period				990	1,014
Transfers for the year				0	0
Capital gain and loss for the year reflected in the income statement under value adjustments				-46	36			es quoted prices and observable input. This did not result in material transfers in 2024 and 2025.
Sales or redemptions for the year				0	65			Non-financial assets recognised at fair value
Purchases made over the year					5

The above table shows the fair value hierarchy for financial assets and liabilities recognised at fair value.

Non-observable input at the end of Q1 2025 referred to unlisted shares recognised at DKK 944m against unlisted shares recognised at DKK 990m at the end of 2024. The measurements, which are associated with some uncertainty, are made on the basis of the shares' book value, market trades, shareholders' agreements as well as own assumptions and extrapolations. In the cases where Jyske Bank calculates the fair value on the basis of the company's expected future earnings, a required rate of return of 15% p.a. before tax is applied. If it is assumed that the actual market price will deviate by +/-10% relative to the calculated fair value, the effect on the income statement would amount to DKK 94m on 31 March 2025 (0.21% of the shareholders' equity at the end of Q1 2025). For 31 Dec. 2024, the effect on the income statement is estimated at DKK 99m (0.22% of shareholders' equity at the end of 2024). Capital gain and loss for the year on unlisted shares recognised in the income statement is attributable to assets held at the end of Q1 2025. Jyske Bank finds it of little probability that the application of alternative prices in the measurement of fair value would result in a material deviation from the recognised fair value. less costs of sale. Assets held for sate is recognised at DKK 215m (end of 2024: DKK 217m). Fair value belongs to the category of non-observable prices. Owner-occupied properties, exclusive of leased properties, are recognised at the restated value corresponding to the fair value at the date of the revaluation less subsequent amortisation, depreciation and impairment. The valuation of selected land and buildings is carried out with the assistance of external experts. Based on the returns method, the measurement takes place in accordance with generally accepted standards and with a weighted average required rate of return of 6.5% at the end of 2024. Owner-occupied properties, exclusive of leased properties, were recognised at DKK 1,606m (end of 2024: DKK 1,608m). See note 30 for further details. The revalued amount belongs to the category of 'non-observable prices'. Leased properties were recognised at DKK 181m (end of 2024: DKK 203m).

It is the practice of the Group that if prices of Danish bonds and shares are not updated for two days, transfers will take place between the categories quoted prices and observable input. This did not result in material transfers in 2024 and 2025.

Investment properties were recognised at a fair value of DKK 89m (end of 2024: DKK 87m). Fair value belongs to the category of non-observable prices calculated on the basis of a required rate of return of 2%-10% (end of 2024: 2%-10%).

Assets held for sale include properties repossessed temporarily and cars etc. Assets held for sale are recognised at the lower of cost and fair value

→ Statement by the Management and

Statement by the Management and Supervisory Boards

We have today discussed and approved the Interim Financial Report of Jyske Bank A/S for the period 1 January to 31 March 2025.

The consolidated Interim Financial Statements were prepared in accordance with statutory requirements, including IAS 34, Interim Financial Reporting as adopted by the EU. Further, the Interim Financial Report was prepared in accordance with the additional Danish disclosure requirements for interim financial reports of listed financial companies.

The Interim Financial Report is unaudited and has not been reviewed, but the external auditor verified the profit, and this verification included audit procedures in line with the requirements relating to a review, and hence it was ascertained that the conditions for on-going recognition of the profit for the period in the capital base were met.

In our opinion, the Interim Financial Statement gives a true and fair view of the Group's assets, liabilities and financial position on 31 March 2025 and also of its financial performance and cash flows for the period 1 January to 31 March 2025.

In our opinion, the Management's Review gives a fair presentation of the development in the Group's performance and financial position, the profit for the period and the Group's financial position as a whole as well as a description of the most material risks and elements of uncertainty that may affect the Group.

Silkeborg, 7 May 2025

Executive Board

Lars Mørch CEO and Managing Director

Erik Gadeberg Jacob Gyntelberg Niels Erik Jakobsen Peter Schleidt

Supervisory Board

Kurt Bligaard Pedersen Chairman

Anker Laden-Andersen Deputy Chairman

Rina Asmussen Birgitte Haurum Lisbeth Holm

Bente Overgaard Per Schnack Glenn Söderholm

Henriette Hoffmann Employee Representative

Marianne Lillevang Employee Representative

Michael C. Mariegaard Employee Representative

Vestergade 8-16 DK-8600 Silkeborg Business Reg. No. (CVR) 17 61 66 17

Tel.: +45 89 89 89 89 jyskebank.dk jyskebank.com