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Interim Report - First Half

2025 Sydbank Group

Sydbank

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Sydbank's Interim Report – First Half 2025

Sydbank delivers solid H1 performance

Despite declining interest rates and global uncertainty, Sydbank continues to deliver a return on equity at the top among the major banks while attracting more customers, increasing credit intermediation and lifting assets under management.

Sydbank's financial statements for the first six months of 2025 show a resilient bank in a more subdued environment. The Bank has generated a profit of DKK 1,212m, equal to a return on equity of 16.7% after tax – placing it at the top of the largest banks in Denmark. In H1 total credit intermediation went up by DKK 1.6bn and there was an upward trend in customer satisfaction.

There is a healthy influx of customers, a high level of satisfaction across our customer segments and increased activity – activity among retail clients in particular was significant in the first six months. Despite the decline in net interest income, which was expected, the higher level of activity along with the increase in other core income has helped us to ensure that core income remains satisfactory and demonstrates that our core business is in a strong position, comments CEO Mark Luscombe.
Our strategy is based on profitable growth and responsible use of capital. With a CET1 ratio of 16.7% and an ongoing share buyback programme of DKK 1,350m, we are in a strong position to create value for shareholders and support customers – also in a more volatile market, comments board chairman Ellen Trane Nørby.

Even though corporate clients continue to show some restraint, there is a positive trend in activity compared to the previous quarter.

We are also very grateful for the acknowledgement we have received from our corporate clients, who have given Sydbank the highest score ever in Aalund's annual customer satisfaction survey, comments Mark Luscombe.

In H1 core income amounted to DKK 3,335m, which is in line with expectations at the beginning of 2025. Net interest income has gone down as anticipated, as a result of the effect of lower interest rates. The decline in net interest income was offset by an impressive 7% increase in other core income, which reflects a higher level of activity. Trading income came in at DKK 127m and remains at a satisfactory level. Costs (core earnings) have grown from DKK 1,659m to DKK 1,765m – primarily as a result of the acquisition of Coop Bank and collectively agreed pay rises. In addition, in the first six months of the year, shares amounting to DKK 490m were repurchased under the current share buyback programme of DKK 1,350m.

H1 2025 highlights

Profit for the period of DKK 1,212m equals a return on equity 16.7% p.a. after tax
Core income of DKK 3,335m is 9% lower compared to the same period in 2024 the decline is attributable to lower net interest income which is partly offset by an increase in other core income
Trading income of DKK 127m compared to DKK 153m in the same period in 2024
Costs (core earnings) up from DKK 1,659m to DKK 1,765m primarily as a result of the acquisition of Coop Bank and collectively agreed pay increases
Very satisfactory influx of customers growth in lending of DKK 0.2bn (DKK 1.4bn in Q2) and growth in deposits of DKK 5.1bn (DKK 3.7bn in Q2)
Impairment charges for loans and advances represent DKK 97m
The CET1 ratio stands at 16.7% and has fallen by 1.1pp compared to year-end 2024 the drop is attributable to the current share buyback programme
At end-June 2025 shares totalling DKK 490m had been repurchased under the current share buyback programme of DKK 1,350m
The annual Aalund Business Research poll shows an all-time high level of customer satisfaction as regards corporate clients with a score of 8.4 – by far the highest score among banks.

Outlook for 2025

Moderate growth is projected for the Danish economy.
Profit after tax is expected to be in the range of DKK 2,200-2,600m.
The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.

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Group Financial Highlights	4
Highlights	5
Financial Review – Performance in H1 2025	9
Income Statement
Statement of Comprehensive Income	17
Balance Sheet	18
Financial Highlights – Quarterly	19
Financial Highlights - Half-yearly	20
Statement of Changes in Equity	21
Capital Statement	22
Cash Flow Statement	23
Segment Reporting etc	24
Notes	26
Management Statement
Supplementary Information	49

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Group Financial Highlights

	H1	H1	Index	Q2	Q2	Full year
	2025	2024	25/24	2025	2024	2024

Income statement (DKKm) Core income	3,335	3,646	91	1,635	1,797	7,227
Trading income	127	153	83	63	64	268
Total income	3,462	3,799	91	1,698	1,861	7,495
Costs, core earnings	1,765	1,659	106	884	828	3,312
Core earnings before impairment	1,697	2,140	79	814	1,033	4,183
Impairment of loans and advances etc	97	24	-	62	16	595
Core earnings	1,600	2,116	76	752	1,017	3,588
Investment portfolio earnings	39	36	108	15	12	73
Profit before non-recurring items	1,639	2,152	76	767	1,029	3,661
Non-recurring items, net	(23)	4	-	(10)	(11)	(16)
Profit before tax	1,616	2,156	75	757	1,018	3,645
Tax	404	532	76	190	255	883
Profit for the period	1,212	1,624	75	567	763	2,762

Balance sheet highlights (DKKbn)
Loans and advances at amortised cost	82.7	79.2	104	82.7	79.2	82.5
Loans and advances at fair value	21.8	14.8	147	21.8	14.8	23.8
Deposits and other debt	121.8	111.6	109	121.8	111.6	116.7
Bonds issued at amortised cost	11.2	14.9	75	11.2	14.9	11.2
Subordinated capital	2.2	1.9	116	2.2	1.9	2.1
AT1 capital	1.6	0.8	200	1.6	0.8	0.8
Shareholders' equity	14.3	14.5	99	14.3	14.5	15.0
Total assets	197.9	191.3	103	197.9	191.3	193.7
Financial ratios per share (DKK per share of DKK 10)
EPS	23.3	29.5		10.9	14.0	50.9
Share price at end of period	469.8	369.0		469.8	369.0	380.0
Book value	285.2	271.5		285.2	271.5	291.4
Share price/book value	1.65	1.36		1.65	1.36	1.30
Average number of shares outstanding (in millions)	50.8	54.2		50.5	53.9	53.3
Dividend per share	-	-		-		26.88

Other financial ratios and key figures
CET1 ratio	16.7	17.7		16.7	17.7	17.8
T1 capital ratio	19.1	18.9		19.1	18.9	19.0
Capital ratio	21.5	21.1		21.5	21.1	21.4
Pre-tax profit as % p.a. of average equity	22.4	29.8		20.8	28.2	24.6
Post-tax profit as % p.a. of average equity	16.7	22.4		15.5	21.1	18.6
Costs (core earnings) as % of total income	51.0	43.7		52.1	44.5	44.2
Return on assets (%)	0.6	0.9		0.3	0.4	1.5
Interest rate risk	0.6	0.8		0.6	0.8	1.2
Foreign exchange position	1.2	1.3		1.2	1.3	1.2
Foreign exchange risk	0.0	0.0		0.0	0.0	0.0
Liquidity, LCR (%)	243	240		243	240	230
Loans and advances relative to deposits	0.6	0.6		0.6	0.6	0.6
Loans and advances relative to equity	5.8	5.5		5.8	5.5	5.5
Growth in loans and advances during the period	0.1	6.2		1.7	1.7	10.7
Total large exposures	119	111		119	111	110
Accumulated impairment ratio	2.2	2.0		2.2	2.0	2.2
Impairment ratio for the period	0.10	0.02		0.06	0.02	0.59
Number of full-time staff at end of period	2,149	2,015	107	2,149	2,015	2,094

When calculating financial ratios AT1 capital is considered a liability regardless of the fact that it is accounted for as equity. Reference is made to financial ratio definitions in the 2024 Annual Report (page 144).

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Highlights

Sydbank's financial statements for H1 2025 show a profit before tax of DKK 1,616m compared to DKK 2,156m in the same period in 2024. Profit before tax equals a return on equity of 22.4% p.a.

Profit before tax shows a decline of DKK 540m, which is primarily attributable to a drop in core income.

Core income constitutes DKK 3,335m compared to DKK 3,646m in the same period in 2024 – a drop of DKK 311m, equivalent to 9%. The decline is attributable to lower net interest income.

Core income is in line with the expectations presented in the 2024 Annual Report.

Trading income in H1 2025 amounted to DKK 127m compared to DKK 153m in the same period in 2024.

Total income amounts to DKK 3,462m – a decline of 9% compared to the same period in 2024.

Costs (core earnings) represented DKK 1,765m in H1 2025 – an increase of DKK 106m compared to the same period in 2024. The increase is in line with the expectations presented in the 2024 Annual Report.

Core earnings before impairment total DKK 1,697m for H1 2025 – a drop of DKK 443m, equivalent to 21% compared to the same period in 2024.

Impairment charges for loans and advances represent an expense of DKK 97m compared with an expense of DKK 24m in the same period in 2024.

Core earnings for H1 2025 represent DKK 1,600m – a drop of DKK 516m compared to the same period in 2024.

Non-recurring items etc total an expense of DKK 23m compared to an income of DKK 4m in the same period in 2024.

Profit for the period before tax represents DKK 1,616m compared to DKK 2,156m in 2024 – a decline of DKK 540m. Tax represents DKK 404m, equal to an effective tax rate of 25.0%.

Profit for the period amounts to DKK 1,212m compared to DKK 1,624m in the same period in 2024, equal to a return on equity of 16.7% p.a.

Profit for H1 2025 is in line with the expectations presented in the 2024 Annual Report.

Sydbank's strategy 2025-2027 "Bigger Sydbank"

Bigger Sydbank centres on 5 themes:

Customer-focused
Bigger and efficient
Attractive and cooperating
Data, digitization, AI and security
ESG integrated in core business

Customer-focused – more customers and more satisfied customers

We view Sydbank from a customer's perspective and incorporate customer needs and requirements.
Our customers receive proactive and relevant advice built on a foundation of close customer relationships and excellence.
Sydbank must be more visible and known by more as a driver to attract and retain satisfied customers.
We do business with confidence and courage and we are clear in our recommendations to our customers.
We strengthen Sydbank's position as a decent bank by continuously contributing to society at large.
We make it easier to be a customer at Sydbank via our high accessibility and flexible solutions.

Bigger and efficient – profitable growth

We strengthen our position and grow organically by attracting and retaining customers in our priority segments and locations.
We ensure that our efforts create value by means of shared priorities, execution and full implementation.
We cover over time customers' total needs and requirements by means of our customer insight and relevant advice.
We continue to focus on managing Sydbank's operating costs by optimising our engine room.
We run a healthy business based on the principle quid pro quo – creating value for our customers and Sydbank.
We actively seek collaborations that enhance our customer service, contribute to our growth or optimise our engine room.

Attractive and cooperating – strong Sydbank culture

We attract and retain talent by continuously focusing on professional and personal development.
We cooperate across the organisation to enhance the overall customer experience and increase internal efficiency.
Sydbank is driven by clear leadership that facilitates our day-to-day operations and promotes our strategic ambition.

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We develop and strengthen Sydbank's culture for the benefit of everyone at Sydbank and our customers.
Greater diversity creates value and contributes to Sydbank's growth as an attractive workplace.
We attract, nurture and retain talent to support Sydbank's development and ensure natural succession planning.

Data, digitization, AI and security – customer value, lower costs and digital mindset

We will strengthen our influence and collaboration with Bankdata to optimise the effect of our development and operating costs.
We use the digital tools and solutions available to increase productivity.
Overall technological proficiency must be enhanced and therefore we broaden our digital mindset and skills where it creates value.
We increasingly use data in our interaction with customers as well as in internal decision-making processes.
We use AI where it contributes favourably to the development of the customer experience or enhances our efficiency.
We enhance our operational robustness by strengthening our cyber defence and the organisation's ability to deal with IT breakdowns.

ESG integrated in core business – long-term value creation and strong reputation

As a solid financial partner, we integrate ESG in the customer dialogue.
We are expanding our ESG data and we address ESG risks in our credit evaluation of the Bank's customers on an ongoing basis.
We invest responsibly on our own behalf and on behalf of our customers, thus contributing to sustainable developments in society.
We support the financing of the green transition by offering green products.
We actively work on the transition of our own operations to reduce the Bank's footprint.
We make a positive contribution to developments in society and are actively involved in the local communities where we operate.

Strategic goals represent the values from the Bank's core story with promises to its customers, to its employees and to its shareholders.

The strategic goals cover these areas:

Customer satisfaction
Return on equity
Employee engagement

Customer satisfaction

Sydbank builds on long-term customer relationships. Our ambition is to see a positive trend in customer satisfaction. We monitor this closely through internal and external customer surveys at touch points with the Bank. Our goal is to maintain and further strengthen our position as Denmark's Corporate Bank and have a top 3 ranking among the 6 largest banks in Denmark in terms of customer satisfaction in the retail (EPSI) and Private Banking (EPSI) segments.

Return on equity

We will continue to deliver competitive returns to the Bank's shareholders and our goal is a return on equity among the top 2 of the 6 largest banks in Denmark. Return on equity is expected to exceed 15% during the strategy period. The expectation is based on normalised interest rates with a CD rate of around 2%.

Employee engagement

Sydbank considers excellent and committed employees to be its most important asset and aims to retain the present high level. This is monitored closely through internal employee engagement surveys. The target is to have an employee engagement in the top quartile of the Ennova survey.

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H1 2025 performance

Net interest income has fallen by DKK 408m to DKK 1,849m, equal to a drop of 18% compared to the same period in 2024. The decrease is primarily attributable to the effects of lower interest rates.

Total core income has gone down by DKK 311m to DKK 3,335m, equal to 9% compared to the same period in 2024.

Trading income amounted to DKK 127m in H1 2025 compared to DKK 153m in the same period in 2024.

Total income has dropped by DKK 337m to DKK 3,462m.

Costs (core earnings) have risen by DKK 106m to DKK 1,765m.

Core earnings before impairment for H1 2025 represent DKK 1,697m – a decrease of DKK 443m, equivalent to 21% compared to the same period in 2024.

Impairment charges for loans and advances represent an expense of DKK 97m compared with an expense of DKK 24m in the same period in 2024.

Core earnings for H1 2025 amount to DKK 1,600m – a drop of DKK 516m compared to the same period in 2024.

Together the Group's position-taking and liquidity handling generated positive earnings of DKK 39m in H1 2025 compared to DKK 36m a year ago.

Non-recurring items etc total an expense of DKK 23m compared to an income of DKK 4m in the same period in 2024.

Profit before tax for H1 2025 amounts to DKK 1,616m compared to DKK 2,156m in 2024. Tax represents DKK 404m, equal to an effective tax rate of 25.0%.

Profit for the period amounts to DKK 1,212m compared to DKK 1,624m in 2024.

Return on shareholders' equity before and after tax constitutes 22.4% and 16.7% respectively against 29.8% and 22.4% respectively in the same period in 2024.

Bank loans and advances

Bank loans and advances represented DKK 82.7bn at 30 June 2025 – an increase of DKK 3.5bn since 30 June 2024 and an increase of DKK 0.2bn compared to year-end 2024.

Bank loans and advances (DKKbn)	30 Jun 2025	31 Dec 2024	30 Jun 2024
Corporate clients	67.6	68.3	67.1
Retail clients	15.1	14.2	12.1
Public authorities	0.0	0.0	0.0
Total	82.7	82.5	79.2

Bank loans and advances to corporate clients represent DKK 67.6bn – a decrease of DKK 0.7bn in H1 2025.

Bank loans and advances to retail clients represent DKK 15.1bn – an increase of DKK 0.9bn in H1 2025.

Credit facilities to corporate clients (DKKbn)	30 Jun 2025	31 Dec 2024	30 Jun 2024
Drawn facilities =
loans/advances before
impairment charges	69.4	70.0	68.5
Undrawn facilities	43.5	43.8	46.3
Total	112.9	113.8	114.8

Credit facilities to corporate clients went down by DKK 0.9bn to DKK 112.9bn in H1 2025. During H1 2025 corporate clients drew DKK 0.6bn

Credit intermediation

less under their credit facilities.

In addition to traditional bank loans and advances the Group distributes mortgage loans from Totalkredit and DLR Kredit. The Group's total credit intermediation comprises bank loans and advances, mortgage-like loans funded by Totalkredit as well as mortgage loans distributed through Totalkredit and DLR Kredit.

Total credit intermediation (DKKbn)	30 Jun 2025	31 Dec 2024	30 Jun 2024
Bank loans and advances	82.7	82.5	79.2
Funded mortgage-like loans	3.0	3.5	3.9
Distributed mortgage loans – Totalkredit Distributed mortgage loans	89.1	87.3	85.1
– DLR	15.8	15.7	14.7
Total	190.6	189.0	182.9

The Group's total credit intermediation represents DKK 190.6bn – an increase of DKK 1.6bn compared to year-end 2024. The change is attributable to a rise in bank loans and advances of DKK 0.2bn, a decline in funded mortgage-like loans of DKK 0.5bn and an increase in distributed mortgage loans of DKK 1.9bn.

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Outlook for 2025

Moderate growth is projected for the Danish economy.

Profit after tax is expected to be in the range of DKK 2,200-2,600m.

The outlook is subject to uncertainty and depends on financial market developments and macroeconomic factors which may affect eg the level of impairment charges.

Sydbank's core story

Banking

Sydbank's mission is to be a bank that is close to its customers. We find solutions where they are – quickly and efficiently. We build on relationships between people. And we focus on what is important – banking and sound business. Banking – pure and simple.

Our bank

Rooted in Southern Jutland, Sydbank is a strong and independent nationwide bank operating on its own terms. For the backbone of the Danish corporate sector and for retail clients who value professional advice we are a bank for most people but not the same bank for everyone. Good old-fashioned attentiveness, new technology – we use what works. We know our customers and we are close to them providing advice tailored to their individual needs. Backed by the best business partners our competitive strength is increased. Our bank – excellence and relationships create value.

Sydbank

Our bank makes 3 promises – to our customers, to our employees and to our shareholders. You will know us for the value we create for our customers. You will know us for our belief that excellent and committed employees are our most important asset. And you will know us for always having a level of profitability that will enable us to remain an independent and resourceful bank. Sydbank – what can we do for you?

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Financial Review – Performance in H1 2025

The Sydbank Group has recorded a profit before tax of DKK 1,616m compared to DKK 2,156m in 2024. Profit before tax equals a return on equity of 22.4% p.a.

Profit for the period after tax represents DKK 1,212m compared to DKK 1,624m in 2024, equal to a return on equity of 16.7% p.a.

The financial statements are characterised by the following:

A decrease in core income of DKK 311m, equal to 9%
A drop in trading income of DKK 26m
A rise in costs (core earnings) of DKK 106m
Impairment charges for loans and advances represent an expense of DKK 97m
A decline in core earnings of DKK 516m to DKK 1,600m
Investment portfolio earnings of DKK 39m
Non-recurring items etc represent an expense of DKK 23m
Bank loans and advances of DKK 82.7bn (yearend 2024: DKK 82.5bn)
Bank deposits of DKK 121.8bn (year-end 2024: DKK 116.7bn)
A CET1 ratio of 16.7% (year-end 2024: 17.8%)
An individual solvency need of 10.3% (year-end 2024: 9.8%)

Income statement – H1 (DKKm)	2025	2024
Core income	3,335	3,646
Trading income	127	153
Total income	3,462	3,799
Costs, core earnings	1,765	1,659
Core earnings before impairment	1,697	2,140
Impairment of loans and advances etc	97	24
Core earnings	1,600	2,116
Investment portfolio earnings	39	36
Profit before non-recurring items	1,639	2,152
Non-recurring items, net	(23)	4
Profit before tax	1,616	2,156
Tax	404	532
Profit for the period	1,212	1,624

Core income

Total core income has gone down by DKK 311m or 9% to DKK 3,335m. The decline is attributable to lower net interest income.

Net interest income has dropped by DKK 408m to DKK 1,849m. The decrease is primarily attributable to the effects of lower interest rates.

Net income from the cooperation with Totalkredit represents DKK 247m (2024: DKK 217m) after a setoff of loss of DKK 5m (2024: DKK 4m). The increase is predominantly attributable to an increase in distributed mortgage loans of DKK 1.9bn and funded mortgage-like loans having returned to a normal level.

The cooperation with DLR Kredit has generated an income of DKK 53m (2024: DKK 62m). The drop in income is attributable to the return on the Group's ownership share of DLR Kredit.

Total mortgage credit income represents DKK 301m – an increase of DKK 22m compared to 2024.

Asset management income has increased by DKK 41m to DKK 250m. The increase is mainly attributable to more assets under management.

The remaining income components have risen by DKK 34m – an increase of 4% compared to the same period in 2024.

Core income – H1 (DKKm)	2025	2024
Net interest etc	1,849	2,257
Mortgage credit	301	279
Payment services	135	147
Remortgaging and loan fees	91	84
Commission and brokerage	267	244
Commission etc investment funds and pooled pension plans	173	157
Asset management	250	209
Custody account fees	54	53
Other operating income	215	216
Total	3,335	3,646

Trading income

Trading income represents DKK 127m against DKK 153m in the same period in 2024. Trading income is considered satisfactory.

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Costs and depreciation

The Group's total costs and depreciation constitute DKK 1,791m – an increase of DKK 107m compared to the same period in 2024.

Costs and depreciation – H1 (DKKm)	2025	2024
Staff costs	1,037	959
Other administrative expenses	688	650
Amortisation/depreciation and impairment of intangible assets and property, plant and equipment	65	58
Other operating expenses	1	17
Total	1,791	1,684
Distributed as follows:
Costs, core earnings	1,765	1,659
Costs, investment portfolio earnings	4	4
Non-recurring costs	23	21

Costs (core earnings) represent DKK 1,765m against DKK 1,659m in the same period in 2024. DKK 63m of the DKK 106m rise in costs is attributable to Coop Bank, which was acquired as of 1 July 2024.

At 30 June 2025 the Group's staff numbered 2,149 including 70 at Coop Bank (full-time equivalent) compared to 2,015 at 30 June 2024 and 2,094 at 31 December 2024.

Compared to year-end 2024 the number of branches is unchanged, ie 54 in Denmark and 3 in Germany at the end of June 2025.

Core earnings before impairment of loans and advances

Core earnings before impairment charges for loans and advances represent DKK 1,697m – a decrease of DKK 443m or 21% compared to the same period in 2024.

Impairment of loans and advances etc

Impairment charges for loans and advances represent an expense of DKK 97m compared to an expense of DKK 24m in the same period in 2024.

At 30 June 2025 the Group maintained its management estimate of DKK 500m to hedge macroeconomic uncertainty where DKK 400m concerns corporate clients and DKK 100m concerns retail clients.

The management estimate to hedge macroeconomic risks covers potential losses related to the geopolitical situation as well as the risk of a trade war centred on tariff barriers.

The chart below shows impairment charges for loans and advances in the last 4 quarters as regards agriculture etc, trade, real estate, other industries as well as retail clients.

At 30 June 2025 accumulated impairment and provisions amounted to DKK 2,285m (year-end 2024: DKK 2,188m).

In H1 2025 reported losses amounted to DKK 19m (H1 2024: DKK 51m). Of the reported losses DKK 14m has previously been written down (H1 2024: DKK 47m).

The impairment ratio for the period represented 0.10% relative to bank loans and advances and guarantees at 30 June 2025.

Impairment charges are made for expected credit losses as regards all financial assets measured at amortised cost and similar provisions are made for expected credit losses as regards undrawn facilities and financial guarantees. Impairment charges for expected credit losses depend on whether the credit risk of a financial asset has increased significantly since initial recognition and follow a 3-stage model. The portfolio in stage 3 acquired from Alm. Brand Bank is recognised under "credit impaired at initial recognition":

Stage 1 – facilities with no significant increase in credit risk. The asset is written down by an amount equal to the expected credit loss as a result of the probability of default over the coming 12 months.

Stage 2 – facilities with a significant increase in credit risk. The asset is transferred to stage 2 and is written down by an amount equal to the expected credit loss over the life of the asset.

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Stage 3 – facilities where the financial asset is in default or is otherwise credit impaired.

Credit impaired at initial recognition (POCI) –

facilities which were credit impaired at the time of acquisition of Alm. Brand Bank. They are recognised on acquisition at the fair value of the debt acquired.

The Group's loans and advances and impairment charges at 30 June 2025 allocated to these stages are shown below.

Loans/advances and impairment charges
	Stage 1	Stage 2	Stage 3	POCI	Total
30 Jun 2025 (DKKm)
Loans/advances before Impair
ment charges	72,871	9,973	1,812	93	84,749
Impairment
charges	375	554	1,168		2,097
Total loans/advances	72,496	9,419	644	93	82,652

30 Jun 2025 (%)
Impairment
charges as % of bank
loans/ advances	0.5	5.6	64.5	-	2.5
Share of bank
loans/advances
before impairment
charges (%)	86.0	11.8	2.1	0.1	100
Share of bank
loans/advances
after impairment
charges (%)	87.7	11.4	0.8	0.1	100

Credit impaired bank loans and advances – stage 3 – represent 2.1% (year-end 2024: 1.9%) of total bank loans and advances before impairment charges and 0.8% (year-end 2024: 0.6%) of total bank loans and advances after impairment charges.

Impairment charges concerning credit impaired bank loans and advances as a percentage of credit impaired bank loans and advances at 30 June 2025 stand at 64.5% (year-end 2024: 66.3%).

Core earnings

Core earnings for H1 2025 represent DKK 1,600m – a drop of DKK 516m compared to the same period in 2024.

Investment portfolio earnings

Together the Group's position-taking and liquidity handling generated earnings of DKK 39m in H1 2025 compared to earnings of DKK 36m a year ago.

Investment portfolio earnings – H1 (DKKm)	2025	2024
Position-taking	0	(3)
Liquidity generation and liquidity reserves	40	47
Strategic positions	3	(4)
Costs	(4)	(4)
Total	39	36

The interest rate risk was positive at the end of H1 2025 and consequently the Group would suffer a loss in the event of interest rate increases. In terms of the Group's bond portfolios – including cash resources – the interest rate risk is considered to be modest.

Non-recurring items, net

Non-recurring items represent an expense of DKK 23m compared to an income of DKK 4m in H1 2024.

In H1 2025 DKK 21m was recognised as an expense related to the development of the home loan processes and DKK 2m was recognised as an expense related to the insurance partnership.

Profit for the period

Profit before tax for H1 2025 amounts to DKK 1,616m compared to DKK 2,156m in 2024. Tax represents DKK 404m, equal to an effective tax rate of 25.0%. Profit for the period amounts to DKK 1,212m compared to DKK 1,624m in H1 2024.

Return

Return on shareholders' equity after tax constitutes 16.7% against 22.4% in H1 2024.

Earnings per share stands at DKK 23.3 compared to DKK 29.5 in 2024.

Subsidiaries

Profit after tax of the subsidiaries represents DKK 27m (H1 2024: DKK 28m).

{11}------------------------------------------------

Group – Q2 2025 compared to Q1 2025

The Group's profit before tax for the quarter stands at DKK 757m (Q1: DKK 859m).

Compared to Q1 2025 profit before tax reflects:

A decline in core income of DKK 65m
A decline in trading income of DKK 1m
A rise in costs (core earnings) of DKK 3m
Impairment charges for loans and advances: an expense of DKK 62m (Q1: expense of DKK 35m)
Investment portfolio earnings of DKK 15m (Q1: DKK 24m)

Quarterly results (DKKm)	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Core income	1,635	1,700	1,780	1,801	1,797	1,849
Trading income	63	64	45	70	64	89
Total income	1,698	1,764	1,825	1,871	1,861	1,938
Costs, core earnings	884	881	859	794	828	831
Core earnings before impairment	814	883	966	1,077	1,033	1,107
Impairment of loans and advances etc	62	35	508	63	16	8
Core earnings	752	848	458	1,014	1,017	1,099
Investment portfolio earnings	15	24	4	33	12	24
Profit before non-recurring items	767	872	462	1,047	1,029	1,123
Non-recurring items, net	(10)	(13)	(12)	(8)	(11)	15
Profit before tax	757	859	450	1,039	1,018	1,138
Tax	190	214	84	267	255	277
Profit for the period	567	645	366	772	763	861

{12}------------------------------------------------

Total assets

At 30 June 2025 the Group's total assets made up DKK 197.9bn (year-end 2024: DKK 193.7bn).

Assets (DKKbn)	30 Jun 2025	31 Dec 2024
Amounts owed by credit institutions etc	17.8	17.2
Loans and advances at fair value (reverse transactions)	21.8	23.8
Loans and advances at amortised cost (bank loans and advances)	82.7	82.5
Securities and holdings etc	40.7	35.2
Assets related to pooled plans	26.9	27.0
Other assets etc	8.0	8.0
Total	197.9	193.7

The Group's bank loans and advances totalled DKK 82.7bn at 30 June 2025. Compared to year-end 2024 this is an increase of DKK 0.2bn.

Equity and liabilities (DKKbn)	30 Jun 2025	31 Dec 2024
Amounts owed to credit institutions etc	5.0	6.1
Deposits and other debt	121.8	116.7
Deposits in pooled plans	26.9	27.0
Bonds issued	11.2	11.2
Other liabilities etc	14.5	14.4
Provisions	0.4	0.4
Subordinated capital	2.2	2.1
Equity	15.9	15.8
Total	197.9	193.7

The Group's deposits make up DKK 121.8bn – an increase of DKK 5.1bn compared to year-end 2024.

Equity

At 30 June 2025 shareholders' equity constituted DKK 14,274m – a decrease of DKK 708m since the beginning of the year. The change comprises the addition of comprehensive income for the period of DKK 1,259m, net purchase of own shares etc of DKK 568m, dividend paid of DKK 1,395m as well as other transactions of DKK 4m.

Capital

The Bank announced a new share buyback programme of DKK 1,350m on 26 February 2025. The share buyback is made in line with the Bank's aim to optimise the capital structure in accordance with the Bank's capital targets and capital policy. The share buyback programme was initiated on 3 March 2025 and will be completed by 31 January 2026.

At 30 June 2025 shares totalling DKK 490m had been repurchased.

On 21 May 2025 the Group issued AT1 capital of SEK 1,000m and NOK 250m. The issues replace AT1 capital of EUR 100m which is expected to be redeemed on 28 August 2025.

In addition the Group will look into the possibilities of issuing SNP loans of EUR 500m in 2025. The issue will replace existing loans.

Risk exposure amount

The risk exposure amount (REA) constitutes DKK 65.1bn – a drop of DKK 0.1bn compared to year-end 2024.

REA (DKKbn)	30 Jun 2025	31 Dec 2024
Credit risk	43.4	40.7
Market risk	4.9	6.0
Operational risk	10.4	11.9
Other exposures, incl CVA	6.4	6.6
Total	65.1	65.2

Retail:

The development in gross exposure by rating category at 31 December 2023, 31 December 2024 and 30 June 2025 is illustrated below.

The gross exposure consists of loans and advances, undrawn credit commitments, interest receivable, guarantees and counterparty risk on derivatives. The graph comprises exposures treated according to A-IRB. Exposures relating to customers in default are not included in the breakdown of rating categories. Impairment charges for exposures have not been deducted from the exposure.

The gross exposure by rating category shows an unchanged high share in the 4 best rating categories.

{13}------------------------------------------------

Corporate:

The development in the gross exposure by rating category at 31 December 2023, 31 December 2024 and 30 June 2025 is illustrated below.

The gross exposure by rating category shows an unchanged high share in the 4 best rating categories.

Solvency

Solvency (DKKm)	30 Jun 2025	31 Dec 2024
REA	65,120	65,214
CET1 capital	10,872	11,635
T1 capital	12,445	12,381
Total capital	14,011	13,936
CET1 ratio	16.7	17.8
T1 capital ratio	19.1	19.0
Capital ratio	21.5	21.4

At 30 June 2025 the CET1 ratio and the capital ratio stood at 16.7% and 21.5% respectively compared to 17.8% and 21.4% respectively at year-end 2024.

The development in the capital ratio in H1 2025 is shown below.

In H1 2025 the capital ratio went up by 0.1pp to 21.5%. The increase is mainly attributable to the issue of AT1 capital of SEK 1,000m and NOK 250m and the inclusion of 50% of profit for the period set off against the initiated

share buyback programme of DKK 1,350m.

At 30 June 2025 the individual solvency need represented 10.3% (31 December 2024: 9.8%).

Solvency of the parent

At 30 June 2025 the CET1 ratio and the capital ratio of the parent stood at 16.6% and 21.4% respectively (31 December 2024: 17.8% and 21.2%).

Capital and solvency and capital requirements

The Group's capital management is anchored in the Internal Capital Adequacy Assessment Process (ICAAP), a review conducted to identify risks and determine the individual solvency need.

At end-June 2025 the individual solvency need represented 10.3%. The solvency need consists of a minimum capital requirement of 8% under Pillar I and a capital add-on under Pillar II. Approximately 56% of the solvency need must be covered by CET1 capital, equal to 5.8% of the risk exposure amount.

In addition to the solvency need the Group must meet a combined buffer requirement of 6.0% at 30 June 2025.

{14}------------------------------------------------

Capital and solvency and capital requirements (% of REA)	30 Jun 2025	31 Dec 2024
Capital and solvency
CET1 ratio	16.7	17.8
T1 capital ratio	19.1	19.0
Capital ratio	21.5	21.4
Capital requirements (incl buffers)*
Total capital requirement	16.3	15.8
CET1 capital requirement	11.8	11.5
- of which sector-specific systemic buffer	0.2	0.2
- of which SIFI buffer	1.0	1.0
- of which capital conservation buffer	2.5	2.5
- of which countercyclical buffer**	2.3	2.3
Excess capital
CET1 capital	4.9	6.3
Total capital	5.2	5.6

* The total capital requirement consists of an individual solvency need and a combined buffer requirement. The countercyclical buffer is determined by the Danish Ministry of Industry, Business and Financial Affairs and may not exceed 2.5%. The rate currently makes up 2.5%.
** The countercyclical buffer is calculated as an exposure weighted average of the specific rates as regards the countries in which the companies to which exposures have been granted are domiciled. The rate as regards exposures to companies domiciled in Denmark constitutes 2.5%.

Market risk

At 30 June 2025 the Group's interest rate risk represented DKK 78m. The Group's exchange rate risk continues to be very low and its equity exposure modest.

Funding and liquidity

The guidelines for calculating the Liquidity Coverage Ratio (LCR) specify a run-off of exposures while taking into account counterparties, funding size, hedging and maturity. Consequently the most stable deposits are favoured relative to large deposits, in particular from corporates and financial counterparties.

The Group's LCR constituted 243% at 30 June 2025 (31 December 2024: 230%).

LCR (DKKbn)	30 Jun 2025	31 Dec 2024	30 Jun 2024
Total liquidity buffer	68.8	61.9	60.6
Net cash outflows	28.3	27.0	25.2
LCR (%)	243	230	240

The Group meets the LCR requirement of 100% and its excess cover was significant at 30 June 2025.

NSFR

The guidelines for calculating the Net Stable Funding Ratio (NSFR) require that the available stable funding exceeds the required stable funding. The required stable funding is calculated on the basis of the balance sheet values and degree of stability of assets where the strictest requirements in terms of degree of stability are imposed on long-term illiquid assets. The available stable funding is calculated on the basis of

the balance sheet values and degree of stability of the funding where the highest degrees of stability apply to equity and long-term funding.

At 30 June 2025 the Group's NSFR constituted 141% (year-end 2024: 138%).

NSFR (DKKbn)	30 Jun 2025	31 Dec 2024	30 Jun 2024
Required stable funding	100.8	100.1	95.8
Available stable funding	141.7	137.6	135.3
NSFR (%)	141	138	141

The Group meets the NSFR requirement of 100% and its excess cover was significant at 30 June 2025.

Rating

Moody's most recent rating of Sydbank:

 Outlook:	Positive
 Long-term deposit:	A1
 Baseline Credit Assessment:	Baa1
 Senior unsecured:	A1
 Short-term deposit:	P-1

Supervisory Diamond

The Supervisory Diamond sets up a number of benchmarks to indicate banking activities that initially should be regarded as involving a higher risk. Any breach of the Supervisory Diamond is subject to reactions by the Danish FSA.

At 30 June 2025 the Group as well as the parent complied with all the benchmarks of the Supervisory Diamond.

Supervisory Diamond benchmarks	30 Jun 2025	31 Dec 2024	30 Jun 2024
Sum of 20 largest exposures < 175%	119	110	111
Lending growth < 20% annually	4	11	6
Commercial property exposure < 25%	13	12	11
Excess liquidity coverage > 100%	230	228	246

Subordinated debt and MREL requirements

Once a year the Danish FSA sets requirements as to subordinated debt and own funds and eligible liabilities (MREL) for Danish institutions, including Sydbank.

{15}------------------------------------------------

At 1 January 2025 the subordinated debt requirement and the MREL represented 26.4% and 24.1% respectively of the risk exposure amount. The subordinated debt requirement can be calculated as follows:

Subordinated debt at 30 Jun 2025	Requirement (%)	DKKm
REA		65,120
Total requirement	26.4	17,192
Total capital		14,011
SNP loans with maturities exceeding 1 year		11,181
Total subordinated debt	38.7	25,192
Excess cover	12.3	8,000

At 30 June 2025 the Group met the subordinated debt requirement with an excess cover of DKK 8,000m. The excess cover corresponds to an increase in the solvency need of 6.1pp or an increase in the risk exposure amount of DKK 30,305m.

The MREL can be calculated as follows:

MREL at 30 Jun 2025	Requirement (%)	DKKm
REA		65,120
Total requirement	24.1	15,694
Total capital		14,011
SNP loans with maturities exceeding 1 year		11,181
Cover of combined buffer requirement		(3,923)
Total MREL	32.7	21,269
Excess cover	8.6	5,575

At 30 June 2025 the Group met the MREL with an excess cover of DKK 5,575m. The excess cover corresponds to an increase in the solvency need of 4.3pp or an increase in the risk exposure amount of DKK 23,133m.

Leverage ratio

The CRR2 Regulation stipulates that T1 capital must constitute at least 3% of total exposures.

The Group's leverage ratio constituted 6.4% at 30 June 2025 (year-end 2024: 6.4%) taking into account the transitional rules.

SIFI

Sydbank has been designated as a SIFI in Denmark and there is an additional buffer requirement of 1.0% as regards CET1 capital. The intention is to bring Danish SIFI capital requirements on a par with the requirements in other comparable European countries.

Bank Recovery and Resolution Directive

The directive, including the bail-in provisions, has been implemented in Danish law. According to legislation each credit institution must meet a minimum requirement for own funds and eligible liabilities (MREL).

The general resolution principle for SIFIs is that it should be possible to restructure them and send them back to the market with adequate capitalisation to ensure market confidence. The Group's MREL is based on the risk exposure amount using a factor which has been set at the sum of twice the solvency need plus the combined capital buffer requirement, excluding the countercyclical buffer.

The establishment of a resolution fund was completed as of 31 December 2024. Credit institutions must contribute according to their relative size and risk in Denmark. The resolution fund represents 1% of the covered deposits of all Danish credit institutions.

Basel IV

The Basel Committee on Banking Supervision published its recommendations regarding changes to the calculation of capital requirements – Basel IV – in 2017.

Except for the part of the FRTB Regulation covering market risk the proposed changes have been implemented via CRR (regulation) or CRD (directive). The implementation comprises transitional rules in a number of fields – including the increased risk weights assigned to shares outside the trading book, a reduced risk weight as regards exposures to non-rated companies in connection with the basis of calculation of the floor requirement and the implementation of the floor requirement.

Uncertainty remains as regards the implementation of FRTB – neither the time nor the extent of the changes have been finally determined.

Sector-specific systemic risk buffer

On 30 June 2024 the government activated the sector-specific systemic risk buffer for exposures to real estate companies at a rate of 7% of the exposures' risk-weighted assets.

The buffer applies to exposures to real estate companies, ie under activity code "Development of building projects" as well as "Real estate" whereas exposures to "Social housing associations" and "Cooperative housing societies" under activity code "Real estate" are exempt.

As a result the Bank will be subject to a sector-specific systemic risk buffer of approx 0.2% in addition to the regulatory capital requirements.

{16}------------------------------------------------

Income Statement

			Sydbank Group		Sydbank A/S
		H1	H1	H1	H1
DKKm	Note	2025	2024	2025	2024

Interest income calculated using the effective interest method		2,074	2,637	2,002	2,642
Other interest income		620	860	620	860
Interest income	2	2,694	3,497	2,622	3,502
Interest expense	3	873	1,296	858	1,312
Net interest income		1,821	2,201	1,764	2,190
Dividends on shares		109	105	125	128
Fee and commission income	4	1,440	1,312	1,335	1,237
Fee and commission expense	4	187	147	156	129
Net interest and fee income		3,183	3,471	3,068	3,426
Market value adjustments	5	294	345	381	392
Other operating income		15	12	15	13
Staff costs and administrative expenses	6	1,725	1,608	1,629	1,574
Amortisation/depreciation and impairment of intangible assets
and property, plant and equipment		65	58	57	57
Other operating expenses	8	1	17	1	17
Impairment of loans and advances etc	9	97	24	98	24
Profit/(Loss) on holdings in associates and subsidiaries	10	12	35	29	59
Profit before tax		1,616	2,156	1,708	2,218
Tax	11	404	532	424	542
Profit for the period		1,212	1,624	1,284	1,676

Distribution of profit for the period
Shareholders of Sydbank A/S		1,182	1,601	1,259	1,657
Holders of AT1 capital		25	19	25	19
Minority shareholders		5	4	-	-
Total amount to be allocated		1,212	1,624	1,284	1,676
Interest paid to holders of AT1 capital		25	19	25	19
Minority shareholders		5	4	-	-
Transfer to equity		1,182	1,601	1,259	1,657
Total amount allocated		1,212	1,624	1,284	1,676
EPS Basic for the period (DKK) *		23.3	29.5	24.8	30.6
EPS Diluted for the period (DKK) *		23.3	29.5	24.8	30.6
Dividend per share (DKK)		-	-	-	-
* Calculated on the basis of average number of shares outstanding, see page 21.
Statement of Comprehensive Income
Profit for the period		1,212	1,624	1,284	1,676
Other comprehensive income
Items that may not be reclassified to the income statement:
Property revaluations		-	-	-	-
Value adjustment of certain strategic shares		77	56	-	-

Other comprehensive income after tax		77	56	-	-

{17}------------------------------------------------

Balance Sheet

			Sydbank Group		Sydbank A/S
		30 Jun	31 Dec	30 Jun	31 Dec
DKKm	Note	2025	2024	2025	2024

Assets
Cash and balances on demand at central banks		3,445	3,349	1,191	1,249
Amounts owed by credit institutions and central banks	12	14,347	13,873	14,278	13,725
Loans and advances at fair value		21,768	23,842	21,768	23,842
Loans and advances at amortised cost	13	82,652	82,534	81,903	81,827
Bonds at fair value		37,209	31,780	37,209	31,780
Shares etc		3,066	3,004	3,066	3,004
Holdings in associates etc		433	433	433	433
Holdings in subsidiaries etc		-	-	522	534
Assets related to pooled plans		26,892	27,005	26,892	27,005
Intangible assets		404	421	295	306
Owner-occupied property		1,123	1,122	898	896
Owner-occupied property (leasing)		94	104	92	102
Total land and buildings		1,217	1,226	990	998
Other property, plant and equipment		65	79	63	78
Current tax assets		344	309	378	335
Deferred tax assets		13	13	13	13
Other assets	14	5,903	5,725	5,398	5,222
Prepayments		92	76	84	71
Total assets		197,850	193,669	194,483	190,422
Equity and liabilities
Amounts owed to credit institutions and central banks	15	5,003	6,113	4,947	6,039
Deposits and other debt	16	121,765	116,672	118,792	113,780
Deposits in pooled plans		26,892	27,005	26,892	27,005
Bonds issued at amortised cost		11,181	11,175	11,181	11,175
Current tax liabilities		-	10	-	10
Other liabilities	17	14,547	14,394	14,356	14,257
Deferred income		30	16	22	16
Total liabilities		179,418	175,385	176,190	172,282

Provisions	18	373	358	348	331
Subordinated capital	19	2,154	2,142	2,079	2,067
Total liabilities		181,945	177,885	178,617	174,680
Equity:
Share capital		512	546	512	546
Revaluation reserves		163	163	163	163
Other reserves:
Reserves according to articles of association		435	435	435	435
Reserve for net revaluation according to equity method		56	56	56	56
Retained earnings		13,108	12,387	13,108	12,387
Proposed dividend etc		-	1,395	-	1,395
Shareholders of Sydbank A/S		14,274	14,982	14,274	14,982

Holders of AT1 capital		1,592	760	1,592	760
Minority shareholders Total equity		39 15,905	42 15,784	- 15,866	- 15,742

Total equity and liabilities		197,850	193,669	194,483	190,422

{18}------------------------------------------------

Financial Highlights – Quarterly

						Sydbank Group
	Q2	Q1	Q4	Q3	Q2	Q1
	2025	2025	2024	2024	2024	2024
Income statement (DKKm)

Core income	1,635	1,700	1,780	1,801	1,797	1,849
Trading income	63	64	45	70	64	89
Total income	1,698	1,764	1,825	1,871	1,861	1,938
Costs, core earnings	884	881	859	794	828	831
Core earnings before impairment	814	883	966	1,077	1,033	1,107
Impairment of loans and advances etc	62	35	508	63	16	8
Core earnings	752	848	458	1,014	1,017	1,099
Investment portfolio earnings	15	24	4	33	12	24
Profit before non-recurring items	767	872	462	1,047	1,029	1,123
Non-recurring items, net	(10)	(13)	(12)	(8)	(11)	15
Profit before tax	757	859	450	1,039	1,018	1,138
Tax	190	214	84	267	255	277
Profit for the period	567	645	366	772	763	861

Balance sheet highlights (DKKbn)
Loans and advances at amortised cost	82.7	81.3	82.5	82.5	79.2	77.9
Loans and advances at fair value	21.8	22.8	23.8	22.9	14.8	16.0
Deposits and other debt	121.8	118.1	116.7	114.8	111.6	109.2
Bonds issued at amortised cost	11.2	11.2	11.2	11.2	14.9	11.2
Subordinated capital	2.2	2.2	2.1	2.1	1.9	1.9
AT1 capital	1.6	0.8	0.8	0.8	0.8	0.7
Shareholders' equity Total assets	14.3 197.9	14.1 191.6	15.0 193.7	14.8 189.6	14.5 191.3	14.1 183.9

Financial ratios per share (DKK per share of DKK 10)
EPS	10.9	12.3	6.9	14.3	14.0	15.5
Share price at end of period	469.8	431.8	380.0	330.0	369.0	356.8
Book value	285.2	276.4	291.4	283.9	271.5	258.9
Share price/book value	1.65	1.56	1.30	1.16	1.36	1.38
Average number of shares outstanding (in millions) Dividend per share	50.5 -	51.2 -	51.8 26.88	52.9 -	53.9 -	54.5 -

Other financial ratios and key figures
CET1 ratio	16.7	16.3	17.8	18.0	17.7	17.4
T1 capital ratio	19.1	17.5	19.0	19.2	18.9	18.7
Capital ratio	21.5	20.0	21.4	21.7	21.1	21.0
Pre-tax profit as % p.a. of average equity	20.8	23.3	11.8	27.9	28.2	31.0
Post-tax profit as % p.a. of average equity	15.5	17.4	9.6	20.6	21.1	23.4
Costs (core earnings) as % of total income	52.1	49.9	42.6	42.4	44.5	42.9
Return on assets (%)	0.3	0.3	0.2	0.4	0.4	0.5
Interest rate risk	0.6	0.8	1.2	0.5	0.8	0.5
Foreign exchange position	1.2	1.1	1.2	5.5	1.3	3.4
Foreign exchange risk	0.0	0.0	0.0	0.0	0.0	0.0
Liquidity, LCR (%)	243	237	230	231	240	220
Loans and advances relative to deposits	0.6	0.6	0.6	0.6	0.6	0.6
Loans and advances relative to equity	5.8	5.8	5.5	5.6	5.5	5.5
Growth in loans and advances during the period	1.7	(1.5)	0.0	4.2	1.7	4.5
Total large exposures	119	116	110	113	111	119
Accumulated impairment ratio	2.2	2.2	2.2	1.9	2.0	2.0
Impairment ratio for the period	0.06	0.04	0.51	0.06	0.02	0.01
Number of full-time staff at end of period	2,149	2,135	2,094	2,094	2,015	2,026

{19}------------------------------------------------

Financial Highlights – Half-yearly

					Sydbank Group
	H1	H1	H1	H1	H1
	2025	2024	2023	2022	2021
Income statement (DKKm)
Core income	3,335	3,646	3,389	2,399	2,193
Trading income	127	153	186	116	141
Total income	3,462	3,799	3,575	2,515	2,334
Costs, core earnings	1,765	1,659	1,600	1,574	1,647
Core earnings before impairment	1,697	2,140	1,975	941	687
Impairment of loans and advances etc	97	24	(16)	(84)	(206)
Core earnings	1,600	2,116	1,991	1,025	893

Investment portfolio earnings	39	36	30	(91)	(19)
Profit before non-recurring items	1,639	2,152	2,021	934	874
Non-recurring items, net	(23)	4	(26)	25	(49)
Profit before tax	1,616	2,156	1,995	959	825
Tax	404	532	503	211	180
Profit for the period	1,212	1,624	1,492	748	645
Balance sheet highlights (DKKbn)
Loans and advances at amortised cost	82.7	79.2	74.6	74.2	61.4
Loans and advances at fair value	21.8	14.8	9.7	12.9	20.3
Deposits and other debt	121.8	111.6	102.7	100.2	98.1
Bonds issued at amortised cost	11.2	14.9	13.2	9.6	9.6
Subordinated capital	2.2	1.9	1.1	1.1	1.9
AT1 capital	1.6	0.8	0.8	0.8	0.8
Shareholders' equity	14.3	14.5	13.7	12.2	12.2
Total assets	197.9	191.3	179.3	169.1	169.8
Financial ratios per share (DKK per share of DKK 10)
EPS	23.3	29.5	26.0	12.5	10.4
Share price at end of period	469.8	369.0	315.2	217.2	193.1
Book value	285.2	271.5	242.7	212.3	205.1
Share price/book value	1.65	1.36	1.30	1.02	0.94
Average number of shares outstanding (in millions)	50.8	54.2	56.5	58.2	59.3
Dividend per share	-	-	-	-	-
Other financial ratios and key figures
CET1 ratio	16.7	17.7	18.7	16.6	17.7
T1 capital ratio	19.1	18.9	20.0	17.8	19.1
Capital ratio	21.5	21.1	21.0	19.1	22.5
Pre-tax profit as % p.a. of average equity	22.4	29.8	29.6	15.3	13.4
Post-tax profit as % p.a. of average equity	16.7	22.4	22.0	11.9	10.4
Costs (core earnings) as % of total income	51.0	43.7	44.8	62.6	70.6
Return on assets (%) Interest rate risk	0.6 0.6	0.9 0.8	0.8 1.0	0.4 1.4	0.4 1.7
Foreign exchange position	1.2	1.3	1.8	3.3	1.2
Foreign exchange risk	0.0	0.0	0.0	0.0	0.0
Liquidity, LCR (%)	243	240	227	170	235
Loans and advances relative to deposits	0.6	0.6	0.6	0.6	0.5
Loans and advances relative to equity	5.8	5.5	5.4	6.1	5.0
Growth in loans and advances during the period	0.1	6.2	0.9	10.7	1.9
Total large exposures	119	111	142	154	141
Accumulated impairment ratio	2.2	2.0	2.1	2.0	2.4
Impairment ratio for the period	0.10	0.02	(0.02)	(0.09)	(0.24)
Number of full-time staff at end of period	2,149	2,015	2,053	2,017	2,126

{20}------------------------------------------------

Statement of Changes in Equity

										Sydbank Group
DKKm	Share capital	Revalu ation reserves	Reserves acc to articles of association *	Reserve for net revaluation acc to equity method	Retained earnings	Proposed dividend etc	Share holders of Sydbank A/S	AT1 capital**	Minority share holders	Total equity

Equity at 1 Jan 2025	546	163	435	56	12,387	1,395	14,982	760	42	15,784
Profit for the period					1,182		1,182	25	5	1,212
Other comprehensive income					77		77			77
Comprehensive income for the period	-	-	-	-	1,259	-	1,259	25	5	1,289
Transactions with owners
Issue of AT1 capital							-	850		850
Transaction costs (fee – issue)					(8)		(8)			(8)
Purchase of own shares					(1,152)		(1,152)			(1,152)
Sale of own shares					584		584			584
Reduction in share capital	(34)				34		-			-
Interest paid on AT1 capital							-	(20)		(20)
Exchange rate adjustment					0		0	(23)		(23)
Dividend etc paid						(1,395)	(1,395)		(8)	(1,403)
Dividend, own shares					4		4			4
Total transactions with owners	(34)	-	-	-	(538)	(1,395)	(1,967)	807	(8)	(1,168)
Equity at 30 Jun 2025	512	163	435	56	13,108	-	14,274	1,592	39	15,905
Equity at 1 Jan 2024	565	134	429	3	12,133	1,686	14,950	759	39	15,748
Profit for the period					1,601		1,601	19	4	1,624
Other comprehensive income					56		56			56
Comprehensive income for the period	-	-	-	-	1,657	-	1,657	19	4	1,680
Transactions with owners
Purchase of own shares					(1,112)		(1,112)			(1,112)
Sale of own shares					686		686			686
Reduction in share capital	(19)				19		-			-
Interest paid on AT1 capital							-	(20)		(20)
Exchange rate adjustment					(1)		(1)	1		-
Dividend etc paid						(1,686)	(1,686)		(6)	(1,692)
Dividend, own shares					6		6			6
Total transactions with owners	(19)	-	-	-	(402)	(1,686)	(2,107)	(19)	(6)	(2,132)

^* Reserves according to the articles of association equal the undistributable savings bank reserve in accordance with Article 4 of the Articles of Association.

will be written down if the CET1 ratio of Sydbank A/S or the Sydbank Group drops below 7%.

Sydbank issued:

^{- 21} May 2025 NOK 250m with optional redemption on 21 May 2030. The issue carries interest at 3M NIBOR + a margin of 3.35% until expiry.

The Sydbank share	30 Jun 2025	31 Dec 2024	30 Jun 2024

Share capital (DKK)	512,044,600	545,884,200	545,884,200
Shares issued (number)	51,204,460	54,588,420	54,588,420
Shares outstanding at end of period (number)	50,060,677	51,425,137	53,416,890
Average number of shares outstanding (number)	50,825,598	53,288,904	54,206,077

The Bank has only one class of shares as all shares carry the same rights.

^** AT1 capital has no maturity date. Payment of interest and repayment of principal are voluntary. Therefore AT1 capital is accounted for as equity. Under all the issues the loans

^- May 2018 EUR 100m with optional redemption on 28 August 2025. The issue carries interest at the Mid-Swap Rate + a margin of 4.62%, a total of 5.25%.

^{- 21} May 2025 SEK 1,000m with optional redemption on 21 May 2030. The issue carries interest at 3M STIBOR + a margin of 3.30% until expiry.

{21}------------------------------------------------

Capital Statement

			Sydbank Group
	30 Jun	31 Dec	30 Jun
DKKm	2025	2024	2024

Solvency
CET1 ratio T1 capital ratio	16.7 19.1	17.8 19.0	17.7 18.9
Capital ratio	21.5	21.4	21.1
Total capital
Equity, shareholders of Sydbank A/S	14,274	14,982	14,500
Expected maximum dividend based on dividend policy	(604)	-	(810)
Capital deduction – prudent valuation	(79)	(78)	(77)
Actual or contingent obligations to purchase own shares	(881)	(114)	(797)
Proposed dividend	-	(1,395)	-
Intangible assets and capitalised deferred tax assets	(312)	(329)	(258)
Significant investments in the financial sector	(1,410)	(1,356)	(1,289)
Insufficient coverage for non-performing exposures	(116)	(75)	(67)
CET1 capital	10,872	11,635	11,202
AT1 capital – equity	1,573	746	745
T1 capital	12,445	12,381	11,947
T2 capital	1,594	1,582	1,343
Instruments in entities in the financial sector in which the institution has
significant investments	(28)	(28)	(146)
Difference between expected losses and impairment for accounting purposes	-	-	234
Total capital	14,011	13,936	13,378
Credit risk*	43,394	40,721	40,568
Market risk	4,854	6,023	5,755
Operational risk	10,423	11,934	10,250
Other exposures, incl CVA	6,449	6,536	6,688
REA	65,120	65,214	63,261
Pillar I capital requirement	5,210	5,217	5,061

* Credit risk
Corporate clients, IRB	32,255	30,472	30,848
Retail clients, IRB	8,709	7,787	8,225
Corporate clients, STD	262	211	222
Retail clients, STD	1,205	1,307	403
Credit institutions etc	963	944	870
Total	43,394	40,721	40,568

{22}------------------------------------------------

Cash Flow Statement

DKKm	H1 2025	Full year 2024	Sydbank Group H1 2024
Operating activities
Pre-tax profit for the period Taxes paid	1,616 (485)	3,645 (887)	2,156 (155)
Adjustment for non-cash operating items:
Profit/(Loss) on holdings in associates	4	47	32
Amortisation and depreciation of intangible assets and property, plant and equipment	57	111	58
Impairment of loans and advances/guarantees	97	595	24
Other non-cash operating items	15	273	(9)
Changes in working capital:
Credit institutions and central banks	(1,552)	5,868	(3,485)
Trading portfolio	(5,538)	2,975	(3,306)
Other financial instruments at fair value	(326)	77	(199)
Loans and advances	1,859	(14,449)	(2,758)
Deposits	5,093	1,916	(15)
Other assets/liabilities	379	(1,081)	(198)
Cash flows from operating activities	1,219	(910)	(7,855)
Investing activities
Purchase of holdings in associates	-	(7)	(3)
Sale of holdings in associates	-	14	-
Purchase of equity investments	-	(6)	(6)
Sale of equity investments	43	28	28
Acquisition of Coop Bank	-	(347)	-
Purchase of holdings in subsidiaries	(2)	-	-
Sale of holdings in subsidiaries	2	-	-
Purchase/sale of intangible assets	(1)	-	(2)
Purchase of property, plant and equipment	(16)	(94)	(23)
Sale of property, plant and equipment	-	3	4
Cash flows from investing activities	26	(409)	(2)
Financing activities
Purchase and sale of own holdings	(568)	(1,115)	(426)
Dividend etc	(1,391)	(1,680)	(1,680)
Raising of subordinated capital	842	1,529	783
Redemption of subordinated capital	-	(560)	-
Issue of bonds	-	3,731	3,731
Redemption of bonds Cash flows from financing activities	- (1,117)	(3,728) (1,823)	- 2,408

Cash flows for the period	128	(3,142)	(5,449)
Cash and cash equivalents at 1 Jan	3,762	6,904	6,904
Cash flows for the period	128	(3,142)	(5,449)
Cash and cash equivalents at end of period	3,890	3,762	1,455
Cash and cash equivalents at end of period
Cash and balances on demand at central banks	3,445	3,349	1,113
Fully secured cash and cash equivalent balances on demand with credit institutions and insurance companies	445	413	342
Cash and cash equivalents at end of period	3,890	3,762	1,455

{23}------------------------------------------------

Segment Reporting etc

						Sydbank Group
		Asset	Sydbank
DKKm	Banking	Management	Markets	Treasury	Other	Total
Operating segments
H1 2025
Core income	3,019	252	64	-	-	3,335
Trading income	-	-	127	-	-	127
Total income	3,019	252	191	-	-	3,462
Costs, core earnings	1,539	77	109	-	40	1,765
Impairment of loans and advances etc	97	-	-	-	-	97
Core earnings	1,383	175	82	-	(40)	1,600
Investment portfolio earnings	3	-	-	36	-	39
Profit before non-recurring items	1,386	175	82	36	(40)	1,639
Non-recurring items, net	(23)	-	-	-	-	(23)
Profit before tax	1,363	175	82	36	(40)	1,616
H1 2024
Core income	3,379	210	57	-	-	3,646
Trading income	-	-	153	-	-	153
Total income	3,379	210	210	-	-	3,799
Costs, core earnings	1,454	70	95	-	40	1,659
Impairment of loans and advances etc	24	-	-	-	-	24
Core earnings	1,901	140	115	-	(40)	2,116
Investment portfolio earnings	(4)	-	-	40	-	36
Profit before non-recurring items	1,897	140	115	40	(40)	2,152
Non-recurring items, net	4	-	-	-	-	4
Profit before tax	1,901	140	115	40	(40)	2,156

Operating segments

The Group's segment statements are divided into the following business units: Banking, Asset Management, Sydbank Markets, Treasury and Other.

Banking serves all types of retail and corporate clients.

Asset Management primarily comprises the Bank's advisory-related income from customers and investment funds.

Sydbank Markets comprises trading income as well as a share of the income from customers with decentral affiliation calculated on the basis of its market price. The share represents the payment by Banking for Sydbank Markets' facilities, including advisory services and administration.

Treasury comprises the Group's return on positions handled by Treasury, including liquidity allocation.

Other includes non-recurring items, costs to the Group Executive Management etc as well as return on strategic shareholdings that are not allocated to Banking or Sydbank Markets.

Inter-segment transactions are settled on an arm's length basis. Centrally incurred costs are allocated to the business units in accordance with their estimated proportionate share of overall activities.

Excess liquidity is settled primarily at short-term money market rates whereas other balances are settled on an arm's length basis.

{24}------------------------------------------------

Segment Reporting etc

								Sydbank Group
DKKm	Core income	Trading income	Costs, core earnings	Impair ment of loans/ advances etc	Core earn ings	Invest ment port folio earn ings	Non recurring items, net	Profit before tax
Correlation between the Group's performance measures and the income statement according to IFRS
H1 2025
Net interest and fee income	3,144	14			3,158	25		3,183
Market value adjustments	164	112		0	276	18		294
Other operating income	15				15			15
Income	3,323	127	-	0	3,450	43	-	3,492
Staff costs and administrative expenses Amortisation, depreciation and			(1,699)		(1,699)	(4)	(23)	(1,725)
impairment of intangible assets and property, plant and equipment			(65)		(65)			(65)
Other operating expenses Impairment of loans and advances etc			(1)	(97)	(1) (97)			(1) (97)
Profit/(Loss) on holdings in associates and subsidiaries	12				12			12
Profit before tax	3,335	127	(1,765)	(97)	1,600	39	(23)	1,616
H1 2024
Net interest and fee income	3,425	61			3,486	(15)		3,471
Market value adjustments	174	91		0	265	55	25	345
Other operating income	12				12			12
Income Staff costs and administrative	3,611	153	-	0	3,763	40	25	3,828
expenses Amortisation, depreciation and impairment of intangible assets and			(1,583)		(1,583)	(4)	(21)	(1,608)
property, plant and equipment Other operating expenses			(58) (17)		(58) (17)			(58) (17)
Impairment of loans and advances etc Profit/(Loss) on holdings in associates				(24)	(24)			(24)
and subsidiaries	35				35			35
Profit before tax	3,646	153	(1,659)	(24)	2,116	36	4	2,156

The Sydbank Group's internal reporting is not based on products and services. Reference is made to notes 2, 3 and 4 for the distribution of net interest income as well as fee income.

{25}------------------------------------------------

Note 1

Accounting policies

The interim report covers the period from 1 January to 30 June 2025 and is prepared in compliance with IAS 34 "Interim Financial Reporting" as adopted by the EU and in compliance with Danish disclosure requirements for interim reports of listed financial companies. As a result of the use of IAS 34, the presentation is less complete compared with the presentation of an annual report and the recognition and measurement principles are in compliance with IFRS.

The accounting policies are consistent with those adopted in the 2024 Annual Report, to which reference is made.

The 2024 Annual Report provides a comprehensive description of the accounting policies applied.

Accounting estimates and judgements

The measurement of certain assets and liabilities requires that management makes accounting estimates as to how future events will affect the value of such assets, liabilities, income and costs. Actual results may deviate from such estimates.

The significant estimates made by management in the use of the Group's accounting policies and the inherent considerable uncertainty of such estimates used in the preparation of the interim report are identical to those used in the preparation of the 2024 Annual Report.

Impairment of loans and advances and provisions for guarantees and undrawn credit commitments are made to take into account the expected losses on conclusion as well as any credit impairment after initial recognition. The determination of impairment charges for expected losses is subject to a number of estimates, including which loans and advances or portfolios of loans and advances are subject to credit impairment as well as calculation of expected losses.

Assessing the degree of credit impairment of exposures involves a number of estimates which may be subject to uncertainty.

To a large extent the determination of expected losses at exposure level is based on risk registrations, models and past experience but it also involves a number of estimates of risks and expected developments in the individual exposure, including the future ability to pay and the value of collateral which in particular comprises mortgages on property. During periods of uncertain economic trends or significant demographic or structural changes uncertainty is greater. This is reflected in the need for management adjustments that by their nature are subject to uncertainty.

The Group's models to calculate impairment of exposures in stages 1 and 2 include expectations as to economic developments. The outlook is based on estimates of the probability of different outcomes of economic growth.

The outlook results in a determination of the probability of the scenarios baseline, upturn and downturn. At 30 June 2025 the probability of the downturn scenario was fixed at 95%, which is unchanged compared with 31 December 2024.

Impairment of exposures in stage 3 and the weak part of stage 2 is based on individual assessments which include expectations of future changes in collateral value etc.

{26}------------------------------------------------

Note 1 – continued

In addition to the calculated impairment charges, management estimates whether there is a need for special impairment charges as regards exposed industries, customer segments or other elements that are estimated as having not yet been reflected in the Bank's registrations.

At 30 June 2025 the Group maintained its management estimate of DKK 500m to hedge macroeconomic uncertainty where DKK 400m concerns corporate clients and DKK 100m concerns retail clients.

The management estimate to hedge macroeconomic risks covers potential losses related to high interest rates, the geopolitical situation as well as the risk of a trade war centred on tariff barriers.

The Group's significant risks and the external elements which may affect the Group are described in greater detail in the 2024 Annual Report.

{27}------------------------------------------------

	Sydbank Group		Sydbank A/S
	H1	H1	H1	H1
DKKm	2025	2024	2025	2024

Note 2
Interest income calculated using the effective interest method
Amounts owed by credit institutions and central banks	269	444	248	444
Loans and advances and other amounts owed	1,812	2,193	1,761	2,198
Other interest income	(7)	0	(7)	0
Total	2,074	2,637	2,002	2,642
Other interest income
Reverse transactions with credit institutions and central banks	22	49	22	49
Reverse loans and advances	258	306	258	306
Bonds	263	482	263	482
Total derivatives	77	23	77	23
comprising:
Foreign exchange contracts	42	32	42	32
Interest rate contracts	35	(9)	35	(9)
Total	620	860	620	860
Total interest income	2,694	3,497	2,622	3,502
Fair value, designated at initial recognition	280	355	280	355
Fair value, held for trading	340	505	340	505
Assets recognised at amortised cost	2,074	2,637	2,002	2,642
Total	2,694	3,497	2,622	3,502

The Group's cash resources primarily comprise Danish mortgage bonds. The interest rate risk concerning these positions is reduced via derivatives. As a result the Group's external income statement is affected in terms of interest income and the market value adjustment of bonds and derivatives. The same applies to the Group's position-taking as regards bonds as well as shares. The breakdown by income statement item does not disclose income independently and consequently these items must be regarded as one as they are in "Segment Reporting" as well as in the Group's financial review, which also takes funding of the positions into account.

{28}------------------------------------------------

		Sydbank Group		Sydbank A/S
	H1	H1	H1	H1
DKKm	2025	2024	2025	2024
Note 3
Interest expense
Repo transactions with credit institutions and central banks	21	51	21	51
Amounts owed to credit institutions and central banks	36	38	36	38
Repo deposits	15	44	15	44
Deposits and other debt	560	899	549	915
Bonds issued	184	211	184	211
Subordinated capital	55	51	51	51
Other interest expense	2	2	2	2
Total	873	1,296	858	1,312
Fair value, designated at initial recognition	36	95	36	95
Liabilities recognised at amortised cost	837	1,201	822	1,217
Total	873	1,296	858	1,312
Note 4
Fee and commission income
Securities trading and custody accounts	446	409	352	334
Advisory fee, asset management	254	215	254	215
Payment services	216	196	207	196
Loan fees	104	96	104	96
Guarantee commission	79	82	79	82
Income concerning funded mortgage-like loans	39	24	39	24
Other fees and commission	302	290	300	290
Total fee and commission income	1,440	1,312	1,335	1,237
Fee expense, asset management	3	5	3	5
Other fee and commission expense	184	142	153	124
Total fee and commission expense	187	147	156	129
Net fee and commission income	1,253	1,165	1,179	1,108

Except for guarantee commission recognised according to IFRS 9, fee and commission income is recognised according to IFRS 15. The set-off of loss concerning distributed mortgage loans represented DKK 5m in H1 2025 (H1 2024: DKK 4m) and has been deducted from commission received which is included under other fees and commission.

{29}------------------------------------------------

		Sydbank Group		Sydbank A/S
	H1	H1	H1	H1
DKKm	2025	2024	2025	2024
Note 5
Market value adjustments
Other loans and advances and amounts owed at fair value	16	13	16	13
Bonds	127	103	127	103
Shares etc	29	52	116	99
Foreign exchange	151	145	151	145
Derivatives	(29)	32	(29)	32
Assets related to pooled plans	(259)	1,634	(259)	1,634
Deposits in pooled plans	259	(1,634)	259	(1,634)
Other assets/liabilities	0	0	0	0
Total	294	345	381	392
Note 6
Staff costs and administrative expenses
Salaries and remuneration:
Group Executive Management	11	12	11	12
Board of Directors	4	4	4	4
Shareholders' Committee	2	2	2	2
Total	17	18	17	18
Staff costs:
Wages and salaries	813	750	765	727
Pensions	86	79	81	77
Social security contributions	5	4	4	4
Payroll tax	116	107	108	104
Total	1,020	940	958	912
Other administrative expenses:
IT	454	405	434	399
Rent etc	41	50	40	55
Marketing and entertainment expenses	48	54	36	49
Other costs	145	141	144	141
Total	688	650	654	644
Total	1,725	1,608	1,629	1,574
Note 7
Staff
Average number of staff (full-time equivalent)	2,161	2,048	2,022	1,981

{30}------------------------------------------------

		Sydbank Group		Sydbank A/S
	H1	H1	H1	H1
DKKm	2025	2024	2025	2024

Note 8
Other operating expenses
Contribution to the resolution fund	1	17	1	17
Other expenses	0	0	0	0
Total	1	17	1	17
Note 9
Impairment of loans and advances recognised in the income statement
Impairment and provisions	113	58	115	58
Write-offs	5	4	4	4
Recovered from debt previously written off	21	38	21	38
Impairment of loans and advances etc	97	24	98	24

Impairment and provisions at end of period (allowance account)
Stage 1	129	129	123	129
Stage 2	438	642	435	642
Stage 3	1,212	622	1,562	963
Management estimates	506	500	500	500
Impairment and provisions at end of period	2,285	1,893	2,620	2,234
Impairment and provisions
Impairment and provisions at 1 Jan	2,188	1,899	2,498	2,195
New impairment charges and provisions during the period, net	111	41	136	86
Impairment charges previously recorded, now finally written off	14	47	14	47
Impairment and provisions at end of period	2,285	1,893	2,620	2,234

Impairment charges for loans and advances	2,097	1,742	2,432	2,083
Provisions for undrawn credit commitments Provisions for guarantees	53 135	64 87	53 135	64 87

Impairment and provisions at end of period	2,285	1,893	2,620	2,234

Loans and advances recognised as a loss for the period constitute DKK 19m. As regards loans and advances recognised as a loss for the period a legal claim of DKK 13m has been upheld. As regards loans and advances recognised as a loss a legal claim of DKK 263m has been upheld at year-end 2024.

{31}------------------------------------------------

							Sydbank Group
		Loans/advances		Impairment	loans/advances etc	Impairment charges for		Losses
		and guarantees		and provisions		for the period		for the period
DKKm	30 Jun	31 Dec	30 Jun	31 Dec	H1	H1	H1	H1
	2025	2024	2025	2024	2025	2024	2025	2024
Note 9 – continued
Loans and advances and guarantees as well as impairment of loans and advances etc by industry
Building and construction	3,566	3,075	155	106	49	(18)	0	24
Energy supply	4,683	5,284	264	262	1	3	0	0
Real estate	11,093	11,792	102	101	(2)	19	0	0
Finance and insurance	10,713	11,255	176	155	20	32	0	4
Trade	17,044	17,662	456	501	(36)	33	5	3
Hotels and restaurants Manufacturing and extraction of raw	396	373	32	31	(1)	(1)	0	2
materials	10,449	9,345	350	301	41	38	2	2
Information and communication Agriculture, hunting, forestry and	417	410	35	31	6	(2)	2	0
fisheries	3,958	3,819	190	161	47	(39)	1	5
Transportation	2,684	2,709	37	39	(2)	0	0	0
Other industries	11,213	11,538	180	180	(2)	(4)	2	1
Total corporate	76,215	77,262	1,977	1,868	121	61	12	41
Public authorities	4	26	0	0	0	0	0	0
Retail	25,718	23,417	308	320	(24)	(37)	7	10
Total	101,937 100,705		2,285	2,188	97	24	19	51
Building and construction Building and construction activities,
specialised	1,905	1,869	145	87	56	(9)	0	24
Construction of buildings	905	603	5	15	(9)	(9)	0	0
Other building and construction	756	603	5	4	2	0	0	0
Total	3,566	3,075	155	106	49	(18)	0	24
Real estate
Non-profit housing associations	6,461	6,795	2	3	0	1	0	0
Leasing of commercial property	2,837	2,887	52	47	2	(3)	0	0
Leasing of residential property	442	715	6	9	(2)	1	0	0
Completion of building projects	365	448	28	25	2	22	0	0
Other related to real estate	988	947	14	17	(4)	(2)	0	0
Total	11,093	11,792	102	101	(2)	19	0	0
Finance and insurance
Holding companies	6,665	6,472	112	100	11	24	0	0
Financing companies	4,048	4,783	64	55	9	8	0	4
Total	10,713	11,255	176	155	20	32	0	4

{32}------------------------------------------------

		Loans/advances		Impairment	loans/advances etc	Impairment charges for	Sydbank Group	Losses
		and guarantees		and provisions		for the period		for the period
Mio. kr.	30 Jun 2025	31 Dec 2024	30 Jun 2025	31 Dec 2024	H1 2025	H1 2024	H1 2025	H1 2024

Note 9 – continued
Loans and advances and guarantees as well as impairment of loans and advances etc by industry
Trade
Retail	1,710	1,803	72	68	10	(12)	5	0
Trade, passenger cars and motorcycles	3,023	3,085	59	63	(1)	(6)	0	0
Wholesale, other machinery	1,673	1,769	88	93	(2)	2	0	2
Wholesale, food, beverages and tobacco	2,333	2,171	43	73	(32)	1	0	0
Wholesale, household durables Wholesale, agricultural raw materials and	3,499	3,990	117	118	(4)	18	0	0
live animals	1,346	1,608	16	34	(16)	(4)	0	0
Other specialised wholesale	2,041	2,220	39	28	12	37	0	0
Other trade	1,419	1,016	22	24	(3)	(3)	0	1
Total	17,044	17,662	456	501	(36)	33	5	3

Manufacturing and extraction of raw materials
Extraction of raw materials	242	279	5	1	3	(1)	0	0
Manufacture of textiles and clothing	1,463	661	11	8	3	3	0	0
Manufacture and repair of machinery and
equipment	1,259	1,728	22	36	(1)	(1)	0	0
Manufacture of food products Manufacture of fabricated metal products,	2,718	2,468	57	64	(12)	11	0	2
excl machinery and equipment	930	1,172	119	79	41	3	2	0
Other manufacturing	3,837	3,037	136	113	7	23	0	0
Total	10,449	9,345	350	301	41	38	2	2
Agriculture, hunting, forestry and fisheries
Pig farming	615	510	16	14	2	(7)	0	0
Cattle farming	816	998	116	77	40	(3)	0	1
Crop production	1,337	1,321	15	22	(12)	(21)	0	4
Other agriculture	1,190	990	43	48	17	(8)	1	0
Total	3,958	3,819	190	161	47	(39)	1	5
Transportation
Land transport	977	1,000	17	22	(5)	(3)	0	0
Water transport	379	394	0	0	0	0	0	0
Air transport	197	188	3	2	1	3	0	0
Other transportation	1,131	1,127	17	15	2	0	0	0
Total	2,684	2,709	37	39	(2)	0	0	0
Other industries
Rental and leasing activities	5,171	4,773	45	32	11	1	0	0
Activities of head offices	1,758	2,472	12	14	(1)	(4)	0	0
Liberal professions	1,588	1,563	44	45	1	7	1	2
Other industries	2,696	2,730	79	89	(13)	(8)	1	(1)
Total	11,213	11,538	180	180	(2)	(4)	2	1

{33}------------------------------------------------

		Sydbank Group	Sydbank A/S
	H1	H1	H1	H1
DKKm	2025	2024	2025	2024

Note 10
Profit/(Loss) on holdings in associates and subsidiaries
Profit/(Loss) on holdings in associates etc	12	35	12	35
Profit/(Loss) on holdings in subsidiaries etc	-	-	17	24
Total	12	35	29	59
Note 11
Effective tax rate
Current tax rate of Sydbank	22.0	22.0	22.0	22.0
Special tax applying to financial undertakings	4.0	4.0	4.0	4.0
Permanent differences	(1.2)	(1.3)	(1.4)	(1.6)
Adjustment of prior year tax charges	0.2	0.0	0.2	0.0
Effective tax rate	25.0	24.7	24.8	24.4

		Sydbank Group	Sydbank A/S
	30 Jun	31 Dec	30 Jun	31 Dec
DKKm	2025	2024	2025	2024

Note 12
Amounts owed by credit institutions and central banks
Amounts owed at notice by central banks	11,929	10,747	11,929	10,747
Amounts owed by credit institutions	2,418	3,126	2,349	2,978
Total	14,347	13,873	14,278	13,725

Of which reverse transactions 1,648 2,363 1,648 2,363

{34}------------------------------------------------

						Sydbank Group
				Credit
				impaired at initial	30 Jun 2025	31 Dec 2024
DKKm	Stage 1	Stage 2	Stage 3	recognition	Total	Total

Note 13
Loans and advances, guarantees and allowance account by stage
Loans and advances before impairment charges	72,871	9,973	1,812	93	84,749	84,551
Guarantees	16,388	628	173		17,189	16,154
Total loans and advances and guarantees	89,259	10,601	1,985	93	101,938	100,705
%	87.6	10.4	1.9	0.1	100.0	100.0

Impairment charges for loans and advances	375	554	1,168		2,097	2,017
Provisions for undrawn credit commitments	16	28	9		53	57
Provisions for guarantees	7	22	106		135	114
Total allowance account	398	604	1,283	-	2,285	2,188

Allowance account at 1 Jan	405	656	1,127		2,188	1,899
New impairment charges and provisions during the
period, net	(7)	(52)	170		111	439
Impairment charges previously recorded, now finally written off			14		14	187
Additions allowance account, Coop Bank					-	37
Total allowance account at end of period	398	604	1,283	-	2,285	2,188

Impairment charges as % of loans and advances	0.5	5.6	64.5		2.5	2.4
Provisions as % of guarantees	0.0	3.5	61.3		0.8	0.7
Allowance account as % of loans and advances and
guarantees	0.4	5.7	64.6		2.2	2.2
Loans and advances before impairment charges	72,871	9,973	1,812	93	84,749	84,551
Impairment charges for loans and advances	375	554	1,168		2,097	2,017
Loans and advances after impairment charges	72,496	9,419	644	93	82,652	82,534
%	87.7		0.8

{35}------------------------------------------------

						Sydbank Group
				Credit impaired at initial	30 Jun 2025	31 Dec 2024
DKKm	Stage 1	Stage 2	Stage 3	recognition	Total	Total

Note 13 – continued
Loans and advances before impairment charges Rating category
1	15,532				15,532	15,442
2	22,528				22,528	23,481
3	11,716				11,716	11,778
4	14,535	2,068			16,603	16,869
5	5,704	2,066			7,770	6,832
6	922	2,033			2,955	2,501
7	61	2,026			2,087	2,163
8	7	528			535	418
9		1,215			1,215	1,313
Default			1,693		1,693	1,566
NR/STD	1,866	37	119	93	2,115	2,188
Total	72,871	9,973	1,812	93	84,749	84,551

Impairment of loans and advances
Rating category
1	3				3	5
2	17				17	17
3	81				81	81
4	91	23			114	108
5	86	35			121	117
6	64	54			118	108
7	15	81			96	99
8 9	1	48 303			49 303	42 365
Default			1,129		1,129	1,038
NR/STD	17	10	39		66	37
Total	375	554	1,168	-	2,097	2,017
Loans and advances after impairment charges
Rating category
1	15,529				15,529	15,437
2	22,511				22,511	23,464
3	11,635				11,635	11,697
4	14,444	2,045			16,489	16,761
5	5,618	2,031			7,649	6,715
6	858	1,979			2,837	2,393
7	46	1,945			1,991	2,064
8	6	480			486	376
9		912			912	948
Default			564		564	528
NR/STD	1,849	27	80	93	2,049	2,151
Total	72,496	9,419	644	93	82,652	82,534

{36}------------------------------------------------

						Sydbank Group
				Credit
				impaired at	30 Jun	31 Dec
DKKm	Stage 1	Stage 2	Stage 3	initial recognition	2025 Total	2024 Total

Note 13 – continued

Loans and advances before impairment charges
1 Jan	74,031	8,855	1,566	99	84,551	76,273
Transfers between stages
Additions, portfolio acquired					-	1,289
Transfers to stage 1	1,436	(1,425)	(11)		-	-
Transfers to stage 2	(4,365)	4,389	(24)		-	-
Transfers to stage 3	(53)	(398)	451		-	-
New exposures	10,677	518	47		11,242	19,234
Final repayments	(7,938)	(1,477)	(160)		(9,575)	(14,044)
Changes in balances	(917)	(489)	(38)	(6)	(1,450)	2,205
Write-offs			(19)		(19)	(406)
End of period	72,871	9,973	1,812	93	84,749	84,551


Impairment of loans and advances
1 Jan	380	599	1,038	-	2,017	1,738
Transfers between stages
Additions, portfolio acquired					-	44
Transfers to stage 1	46	(43)	(3)		-	-
Transfers to stage 2	(53)	58	(5)		-	-
Transfers to stage 3	(1)	(60)	61		-	-
New exposures	58	32	45		135	252
Final repayments	(33)	(83)	(117)		(233)	(252)
Changes in balances	(22)	51	163		192	422
Write-offs			(14)		(14)	(187)
End of period	375	554	1,168	-	2,097	2,017

Loans and advances after impairment charges
1 Jan	73,651	8,256	528	99	82,534	74,535
Transfers between stages
Additions, portfolio acquired					-	1,245
Transfers to stage 1	1,390	(1,382)	(8)		-	-
Transfers to stage 2	(4,312)	4,331	(19)		-	-
Transfers to stage 3	(52)	(338)	390		-	-
New exposures	10,619	486	2		11,107	18,982
Final repayments	(7,905)	(1,394)	(43)		(9,342)	(13,792)

Changes in balances Write-offs	(895)	(540)	(201) (5)	(6)	(1,642) (5)	1,783 (219)
End of period	72,496	9,419	644	93	82,652	82,534

{37}------------------------------------------------

		Sydbank Group	Sydbank A/S
	30 Jun	31 Dec	30 Jun	31 Dec
DKKm	2025	2024	2025	2024

Note 14
Other assets
Positive market value of derivatives etc	3,834	3,689	3,834	3,689
Sundry debtors	1,082	1,058	580	558
Interest and commission receivable	300	373	297	370
Cash collateral provided, CSA agreements	687	605	687	605
Other assets	0	0	0	0
Total	5,903	5,725	5,398	5,222
Note 15
Amounts owed to credit institutions and central banks
Amounts owed to central banks	15	4	15	4
Amounts owed to credit institutions	4,988	6,109	4,932	6,035
Total	5,003	6,113	4,947	6,039
Of which repo transactions	1,867	2,612	1,867	2,612
Note 16
Deposits and other debt
On demand	96,566	89,128	93,593	86,236
At notice	63	57	63	57
Time deposits	21,182	23,705	21,182	23,705
Special categories of deposits	3,954	3,782	3,954	3,782
Total	121,765	116,672	118,792	113,780
Of which repo transactions	1,012	1,504	1,012	1,504
Note 17

Other liabilities
Negative market value of derivatives etc	3,455	3,636	3,455	3,636
Sundry creditors	6,743	6,533	6,554	6,398
Negative portfolio, reverse transactions	3,359	3,649	3,359	3,649
Interest and commission etc	429	226	427	224
Cash collateral received, CSA agreements	561	350	561	350
Total	14,547	14,394	14,356	14,257

{38}------------------------------------------------

	Sydbank Group	Sydbank A/S
	30 Jun	31 Dec	30 Jun	31 Dec
DKKm	2025	2024	2025	2024
Note 18
Provisions
Provisions for pensions and similar obligations	2	2	2	2
Provisions for deferred tax	179	181	154	154
Provisions for guarantees	135	114	135	114
Other provisions	57	61	57	61
Total	373	358	348	331

Note 19

Subordinated capital

Interest rate	Note		Nominal (m)		Maturity
2.800 (floating)	1)	Bond loan	EUR	75	Perpetual	560	559	560	559
7.640 (floating)	2)	Bond loan	NOK	650	25 Apr 2034	409	408	409	408
5.276 (floating)	3)	Bond loan	SEK	550	25 Apr 2034	367	357	367	357
4.060 (floating)	4)	Bond loan	EUR	100	6 Sep 2035	744	743	744	743
6.467 (floating)	5)	Bond loan	DKK	25	23 Sep 2031	25	25	-	-
6.380 (floating)	6)	Bond loan	DKK	50	22 Jun 2032	50	50	-	-
Total subordinated capital						2,154	2,142	2,079	2,067

1) The interest rate follows the 10Y Mid-Swap plus a margin of 0.2%. Not included in total capital.
2) Optional redemption from 25 April 2029. The interest rate will be fixed at 3.05% above 3M NIBOR.
3) Optional redemption from 25 April 2029. The interest rate will be fixed at 3.00% above 3M STIBOR.
4) Optional redemption from 6 September 2030. The interest rate will be fixed at 2.10% above 3M EURIBOR.
5) Optional redemption from 23 September 2026. The interest rate will be fixed at 4.00% above 6M CIBOR.
6) Optional redemption from 22 June 2027. The interest rate will be fixed at 4.25% above 6M CIBOR.

Costs relating to raising and redeeming subordinated capital	0	0	0	0

Note 20

Contingent liabilities and other obligating agreements
Contingent liabilities

Total	1,187	1,953	1,222	1,991
Other liabilities*	5	5	40	43
Irrevocable credit commitments	1,182	1,948	1,182	1,948
Other obligating agreements
Total	17,189	16,154	17,129	16,096
Other contingent liabilities	1,652	1,915	1,643	1,905
Registration and remortgaging guarantees	4,033	3,787	4,011	3,779
Funded mortgage-like loan guarantees	465	574	465	574
Mortgage finance guarantees	2,196	2,310	2,196	2,309
Financial guarantees	8,843	7,568	8,814	7,529

^* Of which intra-group liabilities in relation to rented premises - - 35 38

{39}------------------------------------------------

		Sydbank Group	Sydbank A/S
	30 Jun	31 Dec		31 Dec
DKKm	2025	2024	2025	2024

Note 20 – continued

Totalkredit loans distributed by Sydbank are comprised by an agreed right of set-off against future current commission which Totalkredit may invoke in the event of losses on the loans distributed.

Sydbank does not expect that this set-off will have a significant impact on Sydbank's financial position.

As a result of the Bank's membership of Bankdata, the Bank is obligated to pay an exit charge in the event of exit.

The Group is party to legal actions. These legal actions are under continuous review and the necessary provisions made are based on an assessment of the risk of loss. Pending legal actions are not expected to have any significant impact on the financial position of the Group.

Sydbank is jointly taxed with its Danish consolidated entities. The Sydbank Group has not opted for international joint taxation. Sydbank A/S has been appointed the management company of the joint taxation entity. Being the management company, Sydbank has unlimited and joint and several liability with its subsidiaries as regards the joint taxation concerning Danish corporation tax.

Note 21

Collateral

At 30 June 2025 the Group had deposited as collateral securities and cash at a value of DKK 146m with Danish and foreign exchanges and clearing centres etc in connection with margin calls and securities settlements etc. In addition the Group has provided cash collateral in connection with CSA agreements of DKK 687m and deposited as collateral securities at a value of DKK 5m in connection with GMRA agreements.

In connection with repo transactions, which involve selling securities to be repurchased at a later date, the securities remain on the balance sheet and consideration received is recognised as a debt. Repo transaction securities are treated as assets provided as collateral for liabilities. Counterparties are entitled to sell the securities or deposit them as collateral for other loans.

In connection with reverse transactions, which involve purchasing securities to be resold at a later date, the Group is entitled to sell the securities or deposit them as collateral for other loans. The securities are not recognised in the balance sheet and consideration paid is recognised as a receivable.

Assets received as collateral in connection with reverse transactions may be sold to a third party. In such cases a negative portfolio may arise as a result of the accounting rules. This is recognised under "Other liabilities".

Assets sold as part of repo transactions Bonds at fair value 2,856 4,080 2,856 4,080 Assets purchased as part of reverse transactions Bonds at fair value 23,639 26,327 23,639 26,327

{40}------------------------------------------------

				Sydbank Group
	H1	H1	Index	31 Dec
DKKm	2025	2024	25/24	2024

Note 22

Related parties

Sydbank is the bank of a number of related parties. Transactions with related parties are settled on an arm's length basis.

No unusual transactions took place with related parties in H1 2025. Reference is made to the Group's 2024 Annual Report for a more detailed description of related party transactions.

Note 23

Reporting events occurring after the balance sheet date

No matters of significant impact on the financial position of the Sydbank Group have occurred after the expiry of H1.

Note 24

Large shareholders

Nykredit Realkredit A/S owns more than 5% of Sydbank's share capital.

Note 25

Core income
Net interest etc	1,849	2,257	82	4,391
Mortgage credit*	301	279	108	570
Payment services	135	147	92	293
Remortgaging and loan fees	91	84	108	169
Commission and brokerage	267	244	109	484
Commission etc investment funds and pooled pension plans	173	157	110	315
Asset management	250	209	120	454
Custody account fees	54	53	102	103
Other operating income	215	216	100	448
Total	3,335	3,646	91	7,227

* Mortgage credit
Totalkredit cooperation	252	221	114	450
Totalkredit, set-off of loss	5	4	125	8
Totalkredit cooperation, net	247	217	114	442
DLR Kredit	53	62	85	127
Other mortgage credit income	1	0	-	1
Total	301	279	108	570

{41}------------------------------------------------

					Sydbank Group 30 Jun 2025
		Fair value		Total fair	Amortised
DKKm	FVPL	option	FVOCI	value	cost

Note 26
Fair value disclosure
Financial instruments are included in the balance sheet either at fair value or at amortised
cost.
The table below breaks down financial instruments by valuation technique.
Financial assets
Cash and balances on demand at central banks				-	3,445
Amounts owed by credit institutions and central banks	1,648			1,648	12,699
Loans and advances at fair value	21,768			21,768	-
Loans and advances at amortised cost				-	82,652
Bonds at fair value	18,018	19,191		37,209	-
Shares etc	155	2,422	489	3,066	-
Assets related to pooled plans		26,892		26,892	-
Land and buildings			1,217	1,217	-
Other assets	3,928	114		4,042	1,861
Total	45,517	48,619	1,706	95,842	100,657
Undrawn credit commitments				-	56,098
Maximum credit risk, collateral not considered	45,517	48,619	1,706	95,842	156,755

Financial liabilities Amounts owed to credit institutions and central banks	1,867			1,867	3,136

Deposits and other debt Deposits in pooled plans	1,012	26,892		1,012 26,892	120,753 -
Bonds issued at amortised cost				-	11,181
Other liabilities	6,815			6,815	7,732
Subordinated capital				-	2,154
Total	9,694	26,892	-	36,586	144,956

{42}------------------------------------------------

					Sydbank Group 31 Dec
					2024
		Fair value		Total fair	Amortised
DKKm	FVPL VPL	option	FVOCI	value	cost
Note 26 – continued

Financial assets
Cash and balances on demand at central banks				-	3,349
Amounts owed by credit institutions and central banks	2,363			2,363	11,510
Loans and advances at fair value	23,842			23,842	-
Loans and advances at amortised cost				-	82,534
Bonds at fair value	16,778	15,002		31,780	-
Shares etc	92	2,509	403	3,004	-
Assets related to pooled plans		27,005		27,005	-
Land and buildings			1,226	1,226	-
Other assets	3,826	124		3,950	1,775
Total	46,901	44,640	1,629	93,170	99,168
Undrawn credit commitments				-	56,283
Maximum credit risk, collateral not considered	46,901	44,640	1,629	93,170	155,451
Financial liabilities
Amounts owed to credit institutions and central banks	2,612			2,612	3,501
Deposits and other debt	1,504			1,504	115,168
Deposits in pooled plans		27,005		27,005	-
Bonds issued at amortised cost				-	11,175
Other liabilities	7,288			7,288	7,106
Subordinated capital				-	2,142
Total	11,404	27,005	-	38,409	139,092

To take into account changes in credit risk concerning derivatives with positive fair value, an adjustment is made – CVA. CVA is a function of the risk of counterparty default (PD), the expected positive exposure and the loss ratio in the event of default. PD is determined on the basis of the Group's credit models – default probability in 12 months. PD beyond 12 months is adjusted on the basis of market data of exposures with a similar PD level. At 30 June 2025 CVA constituted DKK 16m compared to DKK 16m at year-end 2024.

Customer margins recognised in connection with derivatives are amortised over the life of the transaction. At 30 June 2025 customer margins not yet recognised as income totalled DKK 16m compared to DKK 15m at year-end 2024.

Financial instruments recognised at fair value

Measurement of financial instruments is based on quoted prices from an active market, on generally accepted valuation models with observable market data or on available data that only to a limited extent is observable market data.

Measurement of financial instruments for which prices are quoted in an active market or which is based on generally accepted valuation models with observable market data is not subject to significant estimates.

As regards financial instruments where measurement is based on available data that only to a limited extent is observable market data, measurement is subject to estimates. Such financial instruments appear from the column unobservable inputs below and include primarily unlisted shares, including shares in DLR Kredit A/S.

The fair value of unlisted shares and other holdings is calculated on the basis of available information on trades etc – including to a very significant extent on shareholders' agreements based on book value. To an insignificant extent fair value is calculated on the basis of expected cash flows.

A 10% change in the calculated market value of financial assets measured on the basis of unobservable inputs will affect profit before tax by DKK 242m (31 December 2024: DKK 246m).

{43}------------------------------------------------

					Sydbank Group
	Quoted	Observable	Unobservable	Total fair	Carrying
DKKm	prices	inputs	inputs	value	amount
Note 26 – continued
30 Jun 2025
Financial assets
Amounts owed by credit institutions and central banks		1,648		1,648	1,648
Loans and advances at fair value		21,768		21,768	21,768
Bonds at fair value		37,209		37,209	37,209
Shares etc	607	37	2,422	3,066	3,066
Assets related to pooled plans	19,594	7,298		26,892	26,892
Land and buildings			1,217	1,217	1,217
Other assets	515	3,527		4,042	4,042
Total	20,716	71,487	3,639	95,842	95,842

Financial liabilities
Amounts owed to credit institutions and central banks		1,867		1,867	1,867
Deposits and other debt		1,012		1,012	1,012
Deposits in pooled plans		26,892		26,892	26,892
Other liabilities	426	6,389		6,815	6,815
Total	426	36,160		36,586	36,586
31 Dec 2024
Financial assets
Amounts owed by credit institutions and central banks		2,363		2,363	2,363
Loans and advances at fair value		23,842		23,842	23,842
Bonds at fair value		31,780		31,780	31,780
Shares etc	523	22	2,459	3,004	3,004
Assets related to pooled plans	19,488	7,517		27,005	27,005
Land and buildings			1,226	1,226	1,226
Other assets	220	3,730		3,950	3,950
Total	20,231	69,254	3,685	93,170	93,170
Financial liabilities
Amounts owed to credit institutions and central banks		2,612		2,612	2,612
Deposits and other debt		1,504		1,504	1,504
Deposits in pooled plans		27,005		27,005	27,005
Other liabilities	219	7,069		7,288	7,288
Total	219	38,190	-	38,409	38,409

DKKm	30 Jun 2025	31 Dec 2024	30 Jun 2024

Assets measured on the basis of unobservable inputs
Carrying amount at 1 Jan	2,459	2,338	2,338
Additions	-	6	6
Disposals	44	27	28
Market value adjustment	7	142	29
Carrying amount at end of period	2,422	2,459	2,345
Recognised in profit for the period
Dividend	105	101	101
Market value adjustment	7	142	29
Total	112	243	130

{44}------------------------------------------------

		Sydbank Group		Sydbank A/S
	30 Jun	31 Dec	30 Jun	31 Dec
DKKm	2025	2024	2025	2024

Note 27
Leverage ratio
Leverage ratio exposures
Total assets	197,850	193,669	194,483	190,422
Of which pooled assets	(26,892)	(27,005)	(26,892)	(27,005)
Correction derivatives etc	2,543	3,072	2,543	3,072
Guarantees etc	17,189	16,154	17,129	16,096
Undrawn credit commitments etc	4,810	11,154	4,788	11,122
Other adjustments	(2,364)	(2,286)	(2,710)	(2,702)
Total	193,136	194,758	189,341	191,005
T1 capital – current (transitional rules)	12,445	12,381	12,182	12,124
T1 capital – fully loaded	12,445	12,381	12,182	12,124

Leverage ratio (%) – current (transitional rules)	6.4	6.4	6.4	6.3
Leverage ratio (%) – fully loaded	6.4	6.4	6.4	6.3

{45}------------------------------------------------

	Sydbank Group
DKKm	1 Jul 2024

Note 28

Acquisition of subsidiaries

Acquisitions in 2025

Sydbank has no acquisitions in 2025.

Acquisitions in 2024

Sydbank has acquired 100% of the share capital of Coop Bank. The acquisition took effect on 1 July 2024.

The activities acquired are included in the segment reporting of the Sydbank Group under Banking. The acquisition cost of Coop Bank represented DKK 347m, which has been paid in cash. The transaction includes approx 88,000 customers, including approx 21,000 NemKonto (Easy Account) customers, bank loans and advances of DKK 1.2bn and distributed Totalkredit mortgage loans representing DKK 1.0bn. Moreover the agreement includes a partnership that will create attractive value propositions for the customers of Coop Bank A/S and the other members of Coop Danmark. The partnership is expected to generate an increase in business volume at Coop Bank A/S.

After recognition of identifiable assets, liabilities and contingent liabilities at fair value, goodwill in connection with the acquisition constitutes DKK 0m. The assets and liabilities acquired can be broken down as follows at the acquisition date:

Statement of fair value

Assets Cash and balances on demand at central banks Amounts owed by credit institutions and central banks Loans and advances at amortised cost Bonds at fair value	1,640 141 1,245 467
Shares etc Intangible assets, customer relationships	0 120
Land and buildings	3
Other property, plant and equipment	1
Deferred tax	3
Other assets	20
Prepayments	7
Total assets	3,647
Liabilities
Amounts owed to credit institutions and central banks	52
Deposits and other debt	3,105
Bonds issued	17
Other liabilities	21
Provisions	31
Subordinated capital	74
Total liabilities	3,300
Net assets acquired	347
Purchase price	347
Goodwill	0
Contingent liabilities
Guarantees	46

{46}------------------------------------------------

Note 28 – continued

Calculation of fair values

In connection with the acquisition of Coop Bank, Sydbank has determined identifiable assets and liabilities, which are recognised in the pre-acquisition balance sheet at fair value.

The fair value of loans and advances is based on an assessment of the market value of the portfolio acquired. Before the fair value adjustment, the net value of loans and advances represented DKK 1,246m at the acquisition date. The fair value adjustment of loans and advances totalled DKK 0m. Total loans and advances after the fair value adjustment represented DKK 1,246m.

The fair value of customer relationships has been determined using the Multi-Period Excess Earnings Method (MEEM). Customer relationships are determined at the present value of the net cash flows generated through sale to customers after deducting a reasonable return on all other assets which contribute to generating the cash flows in question.

The fair value of other intangible assets is based on the discounted cash flows expected to be derived from the ongoing use of the assets or from the sale of the assets.

Liabilities are valued at the present value of the amounts to be applied to settle the liabilities. The Group's lending rate before tax is used in connection with discounting. Discounting is avoided as regards short-term liabilities when the effect is insignificant.

Impact of the acquisition on the Sydbank Group's income statement

The activities acquired form part of the Sydbank Group's net interest and fee income from 1 July 2024 and represent DKK 80m and profit for the year represents DKK 15m for the period from the acquisition on 1 July 2024 to 31 December 2024.

The Group's net interest and fee income and profit for the year for 2024 made up pro forma as if Coop Bank had been acquired as of 1 January 2024 total DKK 161m and DKK 34m respectively. The pro forma figures are determined on the basis of the actual acquisition cost and the allocation of the acquisition cost as at the acquisition date. However depreciation/amortisation, loan costs etc are included in the pro forma figures as of 1 January 2024.

					Sydbank Group
		Share capital	Equity	Profit/(Loss)	Ownership
30 Jun 2025	Activity	(DKKm)	(DKKm)	(DKKm)	share (%)
Note 29
Group holdings and enterprises
Sydbank A/S		512
Consolidated subsidiaries
Coop Bank A/S, Albertslund	Bank	128	281	8	100
Coop Betalinger A/S, Albertslund	Payment services	2	2	0	100
Ejendomsselskabet af 1. juni 1986 A/S, Aabenraa	Real estate	11	33	3	100
Syd Administration A/S, Aabenraa	Invt & admin.	50	51	1	100
Syd Fund Management A/S, Aabenraa	Administration	100	115	15	67
Held for sale
Green Team Group A/S, Sønder Omme*	Wholesale	101	(56)	(35)	100
Holdings in associates
Foreningen Bankdata, Fredericia*	IT	472	467	2	31
Fynske Bank A/S, Svendborg*	Bank	76	1,430	124	20
Komplementarselskabet Core Property
Management A/S, Copenhagen*	Real estate	1	2	0	20
Core Property Management P/S,
Copenhagen*	Real estate	5	50	28	20

^* Financial information according to the companies' most recently published annual reports (2024).

{47}------------------------------------------------

Management Statement

We have reviewed and approved the Interim Report – First Half 2025 of Sydbank A/S.

The consolidated interim financial statements are prepared in accordance with the IFRS Accounting Standards as adopted by the EU, and the parent company interim financial statements are prepared in accordance with the legislative requirements, including the Danish Financial Business Act.

Furthermore the consolidated financial statements are prepared in compliance with Danish disclosure requirements for listed financial companies.

The Interim Report has not been audited or reviewed. However the Bank's external auditor has conducted a verification of profit for the period, including audit procedures consistent with the requirements as regards a review, and has thus verified that the conditions for ongoing recognition of profit for the period in CET1 capital were met.

In our opinion the interim financial statements give a true and fair view of the Group's assets, equity and liabilities and financial position at 30 June 2025 and of the results of the Group's operations and cash flows for the period 1 January – 30 June 2025.

Moreover it is our opinion that the management's review includes a fair review of the developments in the Group's operations and financial position as well as a description of the most significant risks and elements of uncertainty which may affect the Group.

Aabenraa, 27 August 2025

Group Executive Management

Mark Luscombe	Jørn Adam Møller	Stig Westergaard
CEO

Board of Directors

Ellen Trane Nørby Chairman	Søren Holm Vice-Chairman	Carsten Andersen
Brian Østergaard Roed	Aksel Bjørn Møller	Janne Moltke-Leth
Jarl Oxlund	Gitte Poulsen	Susanne Schou
Jon Stefansson	Jørn Krogh Sørensen	Pia Wrang

{48}------------------------------------------------

Supplementary Information

Financial calendar

In 2025 and 2026 the Group's preliminary announcement of financial statements will be released as follows:

Interim Report Q1-Q3 2025 5 November 2025
Announcement of the 2025 financial statements 25 February 2026
Annual General Meeting 2026 19 March 2026
Interim Report Q1 2026 6 May 2026
Interim Report First Half 2026 26 August 2026
Interim Report Q1-Q3 2026 4 November 2026

Sydbank contacts

Jørn Adam Møller, Deputy Group Chief Executive Tel +45 74 37 20 30

Lars Grubak Lohff, Press Officer Tel +45 20 31 54 65

Address

Sydbank A/S Peberlyk 4 6200 Aabenraa, Denmark Tel +45 74 37 37 37 CVR No DK 12626509

Relevant links

sydbank.dk sydbank.com

For further information reference is made to Sydbank's 2024 Annual Report at sydbank.com.

AI assistant

Sydbank — Interim / Quarterly Report 2025

3387_rns_2025-08-27_c76c6520-d9bd-43c1-89a2-3c624879c14f.pdf

2025 Sydbank Group

Sydbank's Interim Report – First Half 2025

Sydbank delivers solid H1 performance

H1 2025 highlights

Outlook for 2025

Contents

Group Financial Highlights

Highlights

Sydbank's strategy 2025-2027 "Bigger Sydbank"

Bigger Sydbank centres on 5 themes:

Customer-focused – more customers and more satisfied customers

Bigger and efficient – profitable growth

Attractive and cooperating – strong Sydbank culture

Data, digitization, AI and security – customer value, lower costs and digital mindset

ESG integrated in core business – long-term value creation and strong reputation

Customer satisfaction

Return on equity

Employee engagement

H1 2025 performance

Bank loans and advances

Credit intermediation

Outlook for 2025

Sydbank's core story

Banking

Our bank

Sydbank

Financial Review – Performance in H1 2025

Core income

Trading income

Costs and depreciation

Core earnings before impairment of loans and advances

Impairment of loans and advances etc

Credit impaired at initial recognition (POCI) –

Core earnings

Investment portfolio earnings

Non-recurring items, net

Profit for the period

Return

Subsidiaries

Group – Q2 2025 compared to Q1 2025

Total assets

Equity

Capital

Risk exposure amount

Retail:

Corporate:

Solvency

Solvency of the parent

Capital and solvency and capital requirements

Market risk

Funding and liquidity

NSFR

Rating

Supervisory Diamond

Subordinated debt and MREL requirements

Leverage ratio

SIFI

Bank Recovery and Resolution Directive

Basel IV

Sector-specific systemic risk buffer

Income Statement

Balance Sheet

Financial Highlights – Quarterly

Financial Highlights – Half-yearly

Statement of Changes in Equity

Capital Statement

Cash Flow Statement

Segment Reporting etc

Operating segments

Segment Reporting etc

Note 1

Accounting policies

Accounting estimates and judgements

Note 1 – continued

Note 19

Note 20

Note 20 – continued

Sydbank Interim / Quarterly Report 2025