Capital/Financing Update • Jan 12, 2026
Capital/Financing Update
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This is a translation of the original Danish text. In case of any discrepancies, between the Danish original and the translation, the Danish original shall prevail in all respects.
Final Terms dated 9 January 2026 Jyske Realkredit A/S LEI code: 529900R9HQNZRT2OXB26 Business Reg. No. (CVR-nr.): 13409838 ("Jyske Realkredit")
These final terms ("Final Terms") shall only apply to Covered Bonds (SDO) issued in the ISIN code stated below ("Bonds"). The Bonds were issued according to Jyske Realkredit's base prospectus for the issue of Covered Bonds (SDO), Mortgage bonds ("RO") and bonds issued pursuant to Section 15 of the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act (Section 15 Bonds) dated on 27 June 2025 and any addenda to this base prospectus ("Base Prospectus").
Together with the terms of the bonds in the Base Prospectus section 5 "TERMS OF THE BONDS", these Final Terms constitute the terms of the issued Bonds.
The total prospectus for the Bonds consists of the Base Prospectus and the Final Terms. Definitions stated in these Final Terms shall be understood in accordance with the definitions in section 5 "TERMS OF THE BONDS" of the Base Prospectus. Definitions stated in the Base Prospectus will have the same meaning in the Final Terms unless otherwise stated by the context.
MiFID II product governance – Retail clients, professional clients and eligible counterparties target market– solely for the purpose of the manufacturer's approval process, the target market assessment in respect of the Bonds has led to the conclusion that: (i) the target market for the Bonds is solely eligible counterparties, professional clients and retail clients, each as defined in Directive 2014/65/EU (as amended) ("MiFID II"), and (ii) all channels for distribution are appropriate. Any person subsequently offering, selling or recommending the Bonds (a "distributor") should take into consideration the manufacturer's target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target assessment in respect of the Bonds (by either adopting or refining the manufacturer's target market assessment) and determining appropriate distribution channels subject to the distributor's suitability and appropriateness obligations under MiFID II, as applicable.
ISIN code DK0009418675
Series 321.E.ok
Capital centre E
Bond type SDO
Green Bonds Not applicable
Currency DKK
Name 1 321.E.ok.27 IT1
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Denomination 0.01
Volume in circulation The volume in circulation will be stated on Jyske Realkredit's website on an ongoing
basis www.jyskerealkredit.dk as well as on the website of Nasdaq Copenhagen A/S
www.nasdaqomxnordic.com.
Volume in circulation at the opening date
Not applicable
Opening date 13 January 2026
Closing date 31 August 2027
Maturity date 1 October 2027
Interest rate The interest rate of the Bonds is fixed.
The interest rate is set at 1 percentage p.a.
The Bonds will no longer carry interest as of the payment date when the Bonds are
redeemed.
Start date of interest
accrual
1 October 2025
Interest rate premium Not applicable
Basis for the interest rate of the Bonds
Not applicable
Interest Rate Cap/ Interest Rate Floor Not applicable
Value at Redemption due to negative interest
rate
Not applicable
Day-count convention Actual/actual per payment period
Amortisation The Bonds are redeemed on the maturity date at par value unless the term to maturity of
the Bonds is extended according to the terms of the bonds.
Indexation of principal Not applicable
Drawing/Redemption
dates
Not applicable
Termination Not Applicable
Number of annual payment dates
1
Payments and banking days
Payments are due on the payment dates on 1 October. If the payment date falls on a Saturday, Sunday or a bank holiday, the payment is due on the first banking day in
Denmark hereafter.
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Subject to the rules for statutory refinancing
i) Sales trigger: Yes
ii) Interest-rate trigger: Yes (determined by 1-year yield to maturity)
Calculation agent Not applicable
Trading and possible official listing
Nasdaq Copenhagen A/S
First day of listing 13 January 2026
Place of registration VP Securities A/S, (commercial name: Euronext Securities, Copenhagen), Nicolai Eigtveds Gade 8, 1402 København K, Denmark ("ES-CPH")
Offer period for resale and final placement
Not applicable
Unambiguous and objective terms and conditions
Not applicable
Access to information about the Bondholders Not applicable
Credit rating AAA S&P
Costs for buyers of the Bonds
Usual trading costs that are incurred when trading with Jyske Realkredit, i.e., Brokerage, price spread, etc.
Restrictions to the individual investor's right to subscribe to the Bonds
Jyske Realkredit has not defined restrictions to the individual investor's right to subscribe to the Bonds.
Other terms and conditions
Not applicable
Agreement on placement and/or guarantee for the offering
Jyske Realkredit has not entered into any binding agreement with any unit about placing and/or guaranteeing issues of the Bonds.
Agreement on pricing At this time, Jyske Realkredit has not entered into any agreement with any company about quoting bid and offer prices for the Bonds.
Conflicts of interest Jyske Realkredit is not familiar with any interests and/or conflicts of interest of importance for the supply of the Bonds.
Authorisation to issue Jyske Realkredit's Supervisory Board has decided on 23 September 2019 to authorise the issuer of these Bonds.
Declaration Jyske Realkredit hereby declares:
a) The Final Terms were prepared according to the Prospectus Regulation and must be read in connection with the Base Prospectus in order to have all relevant details about the Bonds
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| These Final Terms were signed on behalf of Jyske Realkredit A/S: | ||
|---|---|---|
| Anders Lund Hansen | Berit Fredberg | |
| CEO | Legal Counsel |
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This summary covers Jyske Realkredit A/S' ("Jyske Realkredit") issue of Covered Bonds (SDO) (European Covered Bond (Premium)) ("Bonds") in the ISIN code stated below.
The summary is made up of disclosure requirements known as "elements". This summary contains all the elements required to be included in a summary of issues of this type of securities and Jyske Realkredit as the issuer.
Even though an element may be required to be inserted in a summary of issues of this type of securities and Jyske Realkredit as the issuer, it is possible that no relevant information can be given regarding such element. In cases where an element is not relevant to a prospectus, the summary states that the element is "not applicable".
| Introduction and warnings | |
|---|---|
| Warnings | Jyske Realkredit draws the attention of prospective investors to the fact that: • this summary should be read as an introduction to Jyske Realkredit's Base Prospectus currently applicable; • any decision to invest in the Bonds should be based on consideration of the Base Prospectus as a whole • the investor risks losing all or part of the invested capital • where a claim relating to the information contained in the Base prospectus is brought before a court, the plaintiff investor might, under the national legislation, have to bear the costs of translating the prospectus before the legal proceedings are initiated; and • civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Base Prospectus or it does not provide, when read together with the other parts of the Base Prospectus, key information in order to aid investors when considering whether to invest in such Bonds. |
| The name and international identification number (ISIN) of the securities. |
Covered Bonds (SDO). The ISIN code and the bond series are: DK0009418675 and series 321.E.ok. ("Bonds"). |
| The identity and contact details of the issuer, including its identification code for legal entities (LEI code) |
The issuer of the Bonds is: Jyske Realkredit A/S Kalvebod Brygge 3 DK -1780 Copenhagen V Denmark Telephone No.: +45 89 89 89 89 Email: [email protected] Business Reg. No. (CVR-nr.): 13409838 LEI code: 529900R9HQNZRT2OXB26 |
| Identity and contact details of the competent authority that approves the prospectus |
The competent authority that approves the prospectus is: Danish Financial Supervisory Authority Strandgade 29 DK-1401 Copenhagen K Denmark Telephone No.: +45 33 55 82 82 Email: [email protected] Business Reg. No. (CVR-nr.): 10598184 |
| Date of approval of the prospectus |
Jyske Realkredit's Base Prospectus for the issue of Covered Bonds (SDO), Mortgage bonds ("RO") and bonds issued pursuant to Section 15 of the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act (Section 15 Bonds) was dated and approved by the Danish |
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| FSA on 27 June 2025 and any addenda to this Base Prospectus as approved by the FSA ("Base Prospectus"). |
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|---|---|---|---|
| Key information about the issuer | |||
| Who is the issuer of the Bonds? | |||
| The issuer's registered office, legal form, the rules the issuer is subject to, as well as country of registration |
Jyske Realkredit is a limited liability company domiciled in Denmark, and it operates its mortgage banking business and other business in accordance with the Danish Mortgage Credit Loans and Mortgage-Credit Bonds etc. Act and the Danish Financial Business Act and other legislation applicable at any given time to Danish mortgage credit institutions. Jyske Realkredit is subject to Danish law and to supervision by the Danish Financial Services Authority. Jyske Realkredit's LEI code is: 529900R9HQNZRT2OXB26 Jyske Realkredit has the following secondary names: |
||
| The issuer's principal activity |
BRFkredit a/s The principal activity of Jyske Realkredit is to operate as a mortgage credit institution, including any kind of business permitted pursuant to applicable legislation on mortgage credit institutions. Jyske Realkredit principal market is the Danish market. At this time, Jyske Realkredit is organised into two business areas - Personal Clients and Corporate Clients. On the date of this summary, the personal client area comprises lending for owner-occupied homes for all-year habitation and vacation homes and is the largest business area. On the date of this summary, corporate loans are mainly granted within the areas of office and business properties, residential rental property as well as cooperative housing societies and subsidised housing. |
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| The issuer's largest shareholder, including a statement of whether the issuer is directly or indirectly owned or controlled by others and by whom |
Jyske Realkredit is a wholly-owned subsidiary of Jyske Bank A/S. | ||
| The identity of the main chief executive officers |
The Chief Executive Officer of Jyske Realkredit is: Anders Lund Hansen |
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| The identity of the auditors |
Jyske Realkredit's auditors are: Ernst & Young, Godkendt Revisionspartnerselskab, business reg. No. (CVR) 30700228, Dirch Passers Alle 36, DK-2000 Frederiksberg Lars Rhod Søndergaard, State-Authorised Public Accountant, (Identification No. (MNE) 28632)Michael Laursen, State-Authorised Public Accountant, (Identification No. (MNE) 26804) |
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| What are the most material financial data about the issuer: | |||
| Material financial data Table 1 - Income statement (DKKm) |
|||
| 2024 | 2023 | ||
| Net interest income | 3,548 | 3,380 | |
| Net fees and commission income | -183 | -556 | |
| Loan impairment charges (- is income) | -17 | -12 | |
| Core profit | 3,095 | 2,673 | |
| Profit for the year | 2,289 | 2,030 | |
| Table 2 - Balance sheet (DKKm) | |||
| 2024 | 2023 | ||
| Total assets | 399,976 | 383,021 | |
| Issued bonds at fair value (mortgage bonds) | 367,941 | 351,790 | |
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| Issued bonds at amortised cost (senior debt) | - | 750 |
|---|---|---|
| Loans at fair value | 365,853 | 352,663 |
| Total equity | 26,478 | 24,189 |
| Common Equity Tier 1 capital ratio (%) | 27.3 | 27.5 |
| Capital ratio (%) | 27.3 | 27.5 |
What are the most important risks specific to the issuer?
Issuer risks Jyske Realkredit's activities are associated with various risks, which may have a negative effect on Jyske Realkredit's activities, financial position, results and reputation and consequently investors may, in part or in full, lose their investment in the Bonds.
If one or more of the risks mentioned below occur, it may have a negative effect on Jyske Realkredit's activities and Jyske Realkredit's ability to pay amounts due on Bonds issued under the Base Prospectus.
| What are the most important characteristics of the Bonds? | |
|---|---|
| -- | ----------------------------------------------------------- |
| The currency, nominal |
|---|
| value and number of |
| the Bonds |
The bonds are issued in Danish kroner (DKK) with a face value of 0.01 (unit size). The bonds are fixed-rate and non-callable.
The Bondholders will together with other holders of mortgage credit bonds and covered bonds as well as Privileged Derivative Counterparties have a primary preferential right (after deduction of expenses relating to the administration of the estate in bankruptcy and similar expenses) to all the assets in the capital centre through which the relevant ISIN code was issued, and subsequently a primary preferential right to Jyske Realkredit in general (also after deduction of expenses relating to the administration of the estate in bankruptcy and similar expenses) in pursuance of the provisions of the Danish Mortgage-Credit Loans and Mortgage-Credit Bonds etc. Act.
The relative seniority of the Bonds in the issuer's capital structure in the event of insolvency, including information of their place in the order of priority and the potential effect on the investment in the event of resolution within the framework of the BRRD directives.
If Jyske Realkredit goes bankrupt, the funds in a capital centre will be, applied - after payment of costs for administration of the estate, etc. - to payment of claims from the Bondholders as well as Privileged Derivative Counterparties with the same preferential position as the Bondholders.
Bankruptcy does not constitute an event of default The trustee in bankruptcy must to the extent possible continue to make the payments without changes. If the full amounts due cannot be paid on the due date, the Bondholders and the Privileged Derivative Counterparties shall retain their claims and preferred rights. At worst, it can only at the final statement of the estate in bankruptcy be clarified to which extent the Bondholders and Privileged Derivative Counterparties can have their unpaid claims covered. If Jyske Realkredit is under resolution within the framework of the BRRD Directives (2014/56/EU as subsequently amended), the resolution authority shall seek to resolve Jyske Realkredit in the most appropriate way by using the possible tools available. This may, for instance be the sale of a capital centre to a third party, transfer to a temporarily state-owned company. Mortgage credit institution and hence the Bonds are not subject to obligations to write down/convert (bail-in).
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Once a year, Jyske Realkredit submits a recovery plan to the FSA. The recovery plan includes a number of indicators that must continuously be complied with and be included in the reporting. The recovery plan must ensure timely intervention in order to secure the recovery of the institution. If recovery is not possible, the resolution authority has a series of options available for intervention and takeover of the institution to ensure financial stability. Where will the Bonds be traded? Admission to trading The Bonds are admitted to trading on Nasdaq Copenhagen A/S Is there a guarantee linked to the Bonds? The nature and extent of the guarantee Not applicable Risks relating to the Bonds What are the most important risks specific to the Bonds? Bond risks The Bonds are associated with various risks. The most important risks specific to the Bonds are discussed below. Risks associated with the Bonds in general, including • Loss of mortgage-covered bond status (SDO status) • Market risk and the secondary market in general • Non-compliance with the balance principle • Change in liquidity status in EU liquidity regulations • Discontinuation of reference rates Key information about the offering On which terms and conditions and according to which time schedule can I invest in these Bonds? Terms and conditions of the offer Generally, the Bonds can be sold in various ways: • Sale or auction to the market via Bloomberg systems • Syndication with organisers • Private placements, possibly via organisers • Nasdaq Copenhagen A/S or another regulated market In the event of regular issues and block issues, SDO Bonds are sold on an ongoing basis in the bond market, and no investor has any preferential right to buy these. In connection with auctions via Bloomberg's auction system, SDO Bonds are allocated according to Jyske Realkredit's conditions of sale by auction. The SDO Bonds are allocated after a period stipulated by Jyske Realkredit. Why has this prospectus been prepared? Reasons for the offering and application of proceeds Funds from the issuance and sale of the SDO Bonds are applied to the funding of loans secured against real property, unsecured loans to public authorities or loans guaranteed by public authorities. Funds generated by issuance and sale of SDOs can also be invested in assets permissible according to CRR, article 129 (575/2013/EU as subsequently amended). Conflicts of interest Jyske Realkredit is not familiar with any interests and/or conflicts of interest of importance
for the supply of the Bonds.
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