# EDGAR Filing Document

**Accession Number:** 0000357024
**File Stem:** 0001193125-25-275649
**Filing Date:** 2025-11
**Character Count:** 39966
**Document Hash:** c6103c73c8940148feae1f025e0ae642
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-275649.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001193125-25-275649

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NORDIC INVESTMENT BANK
- **CENTRAL INDEX KEY:** 0000357024
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08907
- **FILM NUMBER:** 251468247

**BUSINESS ADDRESS:**
- **STREET 1:** FABIANINKATU 34
- **STREET 2:** PB 249
- **CITY:** HELSINKI FINLAND
- **STATE:** H9
- **ZIP:** 00171
- **BUSINESS PHONE:** 01135810618001

**MAIL ADDRESS:**
- **STREET 1:** 700 19TH ST N W
- **STREET 2:** NORDIC-BALTIC EXEC DIRECTORS OFFICE IMF
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20431

**As filed with the United States Securities and Exchange Commission on November 12, 2025** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT NO. 3 TO** 

**ANNUAL REPORT** 

**of the** 

## Nordic Investment Bank
**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2024** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

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| | | |
|:---|:---|:---|
| **Title of Issues** | **Amount as to**<br> **Which Registration**<br> **is Effective** | **Names of**<br> **Exchanges on**<br> **Which Registered** |
| **N/A** | **N/A** | **N/A** |

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**Name and address of person authorized to receive notices and** 

**communications from the Securities and Exchange Commission:** 

**Executive Director** 

**Nordic-Baltic Executive Director's Office** 

**International Monetary Fund** 

**700 19th Street, N.W.** 

**Washington, D.C. 20431** 

**Copies to:** 

**Sebastian R. Sperber** 

**Cleary Gottlieb Steen & Hamilton LLP** 

**2 London Wall Place** 

**London EC2Y 5AU, England** 

**\*** **The registrant is filing this annual report on a voluntary basis.** 

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**FORWARD LOOKING STATEMENTS** 

Certain of the statements contained in this Annual Report on Form 18-K, as amended (the "Amended 18-K") may be statements of future expectations and other forward-looking statements that are based on management's views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements, which are forward-looking by reason of context, the words "may, will, should, plans, intends, anticipates, believes, estimates, potential, or continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, general economic conditions, including in particular economic conditions and markets, performance of financial markets, interest rates, currency exchange rates, changing levels of competition, changes in laws and regulations, changes in the policies of central banks and/or foreign governments, and general competitive factors, in each case on a local, regional, national and/or global basis. Nordic Investment Bank ("NIB" or the "Bank") assumes no obligation to update any forward-looking information contained in this Amended 18-K.

**EXPLANATORY NOTE** 

NIB, in connection with its Registration Statement under the Securities Act of 1933 (Schedule B) relating to Debt Securities and/or Warrants to Purchase Debt Securities, Registration No. 333-250159, hereby amends its Annual Report on Form 18-K for the fiscal year ended December 31, 2024 (the "Annual Report") as follows:

The following additional exhibits are added to the Annual Report:

Exhibit XI Interim Management Statement January - September 2025

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, Nordic Investment Bank has duly caused this amendment to its annual report on Form 18-K to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Helsinki, Finland on the 12<sup>th</sup> day of November, 2025.

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| | |
|:---|:---|
| By: | /s/ Kim Skov Jensen |
|  | Kim Skov Jensen |
|  | *Vice-President, Chief Financial Officer* |

---

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| | |
|:---|:---|
| By: | /s/ Hanna Wires |
|  | Hanna Wires |
|  | *Director, Head of Accounting* |

---

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**Exhibit Index** 

Exhibit XI [Interim Management Statement January - September 2025](d61448dex99xi.htm)

## Ex-99.Xi

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Q3 Interim ManagementStatement January–September 2025

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Q3 INTERIM MANAGEMENT STATEMENT / 2 Table of contents 3 President and CEO's comments 4 Key figures and ratios 5 Operating and financial review 5 Total comprehensive income 8 Financial position 10 Financial statements 10 Statement of comprehensive income 11 Statement of financial position 12 Statement of changes in equity 13 Cash flow statement 15 Notes to the interim financial statements 15 Note 1—Net interest income 15 Note 2—Net profit/loss on financial operations On 17 September, members 16 Note 3—Expected credit loss of NIB's Control Committee, 16 Note 4—Net loan losses together with NIB's President, 17 Note 5—Financing outstanding André Küüsvek, the Bank's 17 Note 6—Debts evidenced by certificates Executive Committee, and the 18 Note 7—Basis of preparation NIB Board Chair Merle Wilkinson, 18 Key ratio definitions had the opportunity to visit one of NIB's long-standing clients, and Iceland's biggest energy company, Landsvirkjun.

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Q3 INTERIM MANAGEMENT STATEMENT / 3 President and CEO's comments During the third quarter, the Nordic-Baltic region continued to operate in a complex geopolitical landscape. Despite the prevailing uncertainties, NIB continued to deliver very strong results. Net profit for first nine months reached EUR 229 million, reflecting an increase of 16% compared to the same period prior year. Demand for NIB's financing continued to grow with new financing reaching EUR 2.7 billion during the first nine months. 97% of new projects fulfilled our mandate to a level of good or excellent. Higher financing volumes had a positive impact on NIB's core earnings, with net interest income increasing by 7% compared to the same period last year. NIB's financing remains distributed across various sectors and countries. New loans included projects enabling carbon capture and storage, research and development investments in battery electric vehicles, and investments in electricity grids. During the quarter, NIB also invested EUR 6 million in a EUR 25 million, four-year bond to support regional defence capabilities. This investment followed the revision of NIB's Sustainability Policy Exclusion List in July 2025. We reached another milestone during the quarter, as we introduced a Sustainability-linked Loans financing Bond (SLLB) Framework. It complements and expands our sustainability offering to support our clients transition efforts while offering investors an opportunity to engage in Nordic-Baltic companies transition I am truly honoured that the Board of Directors of NIB announced in September the extension of my pathways. The framework enables NIB to issue bonds to finance a portfolio of selected sustainability- appointment as President and CEO of NIB until the end of August 2029. As we approach the Bank's 50th linked loans (SLLs). anniversary, we will gather in Copenhagen with our Board and key stakeholders to mark the signing of NIB's founding agreement in December 1975. This moment offers an opportunity to reflect on our achievements Building on this, the Bank issued its inaugural SLLB later in September, and became the first supranational, and further explore how we can serve our region even better. sovereign and agency (SSA) issuer to launch such an instrument in the global capital markets. To meet the demand for our financing, a total of EUR 8.5 billion was raised in new funding during the first André Küüsvek, President & CEO nine months of the year. This included a record breaking USD 1 billion three-year global benchmark bond. The transaction drew exceptional demand of more than USD 4.4 billion from over 100 investors, over four times oversubscribed—the highest ratio ever for an NIB USD benchmark.

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Q3 INTERIM MANAGEMENT STATEMENT / 4 Key figures and ratios In millions of euro, unless otherwise specified Jan–Sep Jan–Sep YoY Jan–Dec 20251 20241 change 2024 Net interest income 262 244 7.3% 332 Profit before net loan losses 234 198 17.9% 259 Net profit 229 198 15.9% 256 New financing2 2,686 2,442 10.0% 4,353 EUR 2,686 million EUR 3,533 million New financing committed3 3,533 3,227 9.5% 5,021 in new financing in new financing committed % of loans achieving good or above mandate4 97.5% 99.9% -2.4 99.9% New debt issuance 8,517 8,198 3.9% 9,070 Financing outstanding5 24,267 22,471 8.0% 23,574 Total assets 43,801 41,356 5.9% 43,104 Debts evidenced by certificates 36,947 34,717 6.4% 36,230 Total equity 4,688 4,483 4.6% 4,553 97.5% Equity/total assets6 10.7% 10.8% -0.1 10.6% Return on equity6 6.7% 6.0% 0.7 5.8% of disbursed loans fulfil our mandate EUR 229 million Cost/income6 16.0% 17.8% -1.8 18.5% to a level of good or excellent in net profit Number of employees at period end 272 253 7.5% 257 1 Unaudited figures. 2 Including loan disbursements and investments in lending bonds. Lending bonds are investments in labelled (green, social, sustainability and sustainability-linked), MREL (minimum requirement for own funds and eligible liabilities) and other bonds initiated by Lending organisation. 3 Including new loans signed and commitments to investments in lending bonds. 4 See page 8 for mandate fulfilment explanation. 5 Including loans outstanding and investments in lending bonds. 6 See page 18 for key ratio definitions. 16.0% 7.3% cost/income YoY increase in ratio net interest income

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Q3 INTERIM MANAGEMENT STATEMENT / 5 Operating and financial review Total comprehensive income January–September 2025 compared to January–September 2024 NET PROFIT NET INTEREST INCOME The net profit for the period January–September 2025 amounted to EUR 229.2 million, which was Net interest income for the period amounted to EUR 261.6 million compared to EUR 243.8 million in the EUR 31.4 million higher than the corresponding period in 2024. Total operating income increased from same period in 2024, an increase of EUR 17.8 million. Net interest income on lending activities amounted EUR 241.5 million to EUR 278.7 million. Net interest income increased by EUR 17.8 million while net fee and to EUR 160.9 million and was EUR 18.4 million higher than in 2024 mainly due to a higher amount of loans commission income decreased by EUR 2.1 million. The net profit on financial operations was outstanding. The interest income on treasury activities decreased slightly from EUR 101.3 million to EUR EUR 15.0 million compared to a loss of EUR 6.5 million in the same period in 2024. Net loan losses ended 100.7 million. at EUR 4.9 million compared to a loss of EUR 0.7 million in the same period in 2024. There have been no realised loan losses year to date. NET FEE AND COMMISSION INCOME Net fee and commission income for the period January–September 2025 of EUR 2.2 million was EUR 2.1 million lower than the same period in 2024. Net profit Net interest income Net commission income and fees In millions of euro In millions of euro In millions of euro 100 100 3 80 80 2 60 60 1 40 40 0 20 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2023 2024 2025 2023 2024 2025 Lending Treasury

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Q3 INTERIM MANAGEMENT STATEMENT / 6 NET PROFIT/LOSS ON FINANCIAL OPERATIONS TOTAL OPERATING EXPENSES The net profit/loss on financial operations for the the period ended 30 September 2025 amounted to a Total operating expenses amounted to EUR 44.6 million which is EUR 1.6 million higher than for the profit of EUR 15.0 million compared to a loss of EUR 6.5 million in the same period last year. The result in corresponding period in 2024. The Bank continues to invest in people and technology to remain relevant the first three quarters of 2025 comprised of unrealised profit of EUR 12.7 million and realised gains of and fulfil the Bank's mandate. The cost/income ratio for period January-September 2025 was 16.0% EUR 2.3 million. compared to 17.8% in the same period in 2024. Unrealised valuation gains and losses on assets in the Bank's liquidity portfolio of high quality bonds arise The Bank's main expenses comprise personnel costs, cost related to IT and depreciations of past from changes in credit spreads. When credit spreads tighten, this results in positive valuations on the investments in IT and its fixed assets like equipments and property. Personnel costs of EUR 28.6 million bonds. If the Bank holds the bonds to maturity, so that they are not sold based on the current exit market were EUR 0.5 million higher in the first three quarters of 2025 compared to the same period in 2024 due value, any valuation gains and losses will reverse, as the bonds will settle at par. Unrealised valuation gains to annual salary adjustments and a higher head count. The other operating expenses were EUR 1.1 million and losses can also relate to the interest rate hedges of the Bank's funding and lending transactions. higher in the first nine months of 2025 compared to the same period in 2024. When the Bank raises funds with fixed rates or offers borrowers fixed rate loans, it hedges the resulting interest rate risk using swaps, in which the fixed rate is swapped to short term floating rates. The valuation of the swap hedges and underlying transactions use different rates and is therefore exposed to spread changes between those rates. As the Bank intends to hold these hedging transactions to maturity these valuation gains and losses are expected to reverse in full. Net profit/loss on financial operations Personnel expenses Other operating expenses In millions of euro In millions of euro In millions of euro 30 0 0 20 -2 -2 10 -4 -4 0 -6 -6 -10 -8 -20 -10 -8 -30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2023 2024 2025 2023 2024 2025 Unrealised

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Q3 INTERIM MANAGEMENT STATEMENT / 7 NET LOAN LOSSES TOTAL COMPREHENSIVE INCOME For the period ended 30 September 2025, the Bank recorded net loan losses of EUR 4.9 million compared All in all, NIB had a 7.9% higher total comprehensive income in the first nine months of 2025 compared to to a loss of EUR 0.7 million for the corresponding period in 2024. The increase in expected credit losses the same period in 2024. Total comprehensive income ended at EUR 211.6 million compared to was mainly driven by new loan commitments and credit migration. Overall asset quality remained stable EUR 196.0 million in the same period in 2024. and there were no realised losses during the period. OTHER COMPREHENSIVE INCOME The Bank separates the foreign currency basis spread from financial instruments used in fair value hedge accounting and this separated amount is recorded in Other comprehensive income (OCI). This unrealised amount was a loss of EUR 15.8 million for the first nine months of 2025 compared to a loss of EUR 4.3 million in the same period last year. The loss recorded is mainly due to the widening of the Cross Currency Basis Spreads, which negatively affect the valuation of basis swaps used to convert funding currencies into lending currencies. As the fair value hedges are kept to maturity the gains and losses in OCI are expected to reverse in full. For financial liabilities recorded at fair value through the profit and loss, valuation changes due to changes in own credit spreads are also recorded in OCI. For the nine month period ended 30 September 2025, the Bank recorded unrealised losses of EUR 1.8 million from these changes compared to an unrealised gain of EUR 2.6 million in the same period in 2024. Net loan losses Other comprehensive income Total comprehensive income In millions of euro In millions of euro In millions of euro 10 20 100 80 5 10 60 0 0 40 -5 -10 20 -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 -20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2023 2024 2025 2023 2024 2025

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Q3 INTERIM MANAGEMENT STATEMENT / 8 Financial position MISSION FULFILMENT Mandate fulfilment rating NIB's vision is for a prosperous and sustainable Nordic-Baltic region and the Bank has a mission % of loans disbursed¹ formulated as a dual mandate to provide lending that benefits the environment and/or improves 100 98.1% 97.1% 99.2% 99.8% 99.9% 99.9% 97.5% productivity. All projects proposed for financing undergo a thorough assessment of their potential impact on productivity and the environment of the member country area. The mandate fulfilment is rated on a six-grade scale from "negative" to "excellent". During the first nine months of 2025, projects achieving a 80 "good" or "excellent" mandate rating accounted for 97.5% of the total amount of loans disbursed thereby 60 exceeding the target defined by NIB's Board of Directors of 95%. New financing with a "good" or "excellent" rating on both mandates was maintained at a record high level of 58.6% in the first nine months of 2025. 40 FINANCING OUTSTANDING 20 The financing outstanding amounted to EUR 24,267 million. This comprises EUR 23,541 million of loans 0 outstanding and investments of EUR 726 million in lending bonds recorded in debt securities. The total new 2020 2021 2022 2023 2024 2024 2025 financing during the period amounted to EUR 2,686 million, which is EUR 244 million higher than for the Jan-Sep Jan-Sep same period in 2024. More information regarding new loans signed can be found on NIB's website. Good or excellent in environment only Good or excellent in both environment and productivity ¹ Response loans excluded FINANCING HIGHLIGHTS Development of financing outstanding during 2025 Jan–Sep Jan–Sep In millions of euro In millions of euro, unless otherwise specified 20251 20241 2024 2023 2022 2021 New loans signed 3,316 3,132 4,884 2,766 3,936 1,683 27,000 2,686 -1,667 New investments in lending bonds2 217 94 137 63 178 169 26,000 New financing 2,686 2,442 4,353 3,446 3,705 2,440 -349 Number of new loans signed 52 47 75 52 54 36 25,000 -36 33 30 24,267 -4 Number of new investments in lending bonds 15 6 8 4 10 14 23,574 24,000 Amortisations and prepayments -2,016 -1,896 -2,655 -3,618 -2,707 -1,989 Financing outstanding 24,267 22,471 23,574 22,075 22,287 22,345 23,000 Member countries3 23,625 21,818 23,054 21,595 21,827 21,721 Non-member countries3 716 721 590 546 526 774 22,000 ECL on loans outstanding -74 -67 -70 -66 -66 -150 21,000 Dec'24 New Amort. Prepaym. ECL¹ FX Hedge Other² Sep'25 Credit impaired loans (Stage 3 ECL) 106 133 108 9 10 78 Book value financing changes Acc. adj. Book value As % of total financing outstanding 0.44% 0.59% 0.46% 0.04% 0.04% 0.35% 1 Changes in expected credit losses 1 Unaudited figures. 2 Fair valuation of lending bonds and other adjustments 2 Investments in labelled (green, social, sustainability and sustainability-linked), MREL (minimum requirement for own funds and eligible liabilities) and other bonds initiated by Lending organisation. 3 Based on country of risk owner classification.

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Q3 INTERIM MANAGEMENT STATEMENT / 9 FUNDING Development of debts evidenced by certificates during 2025 By the end of September, the Bank had raised EUR 8.5 billion in new funding, which compares to In millions of euro EUR 8.2 billion in the same period last year. This corresponds to over 90% of the expected funding need 46,000 8,517 -5,540 for the year. During the third quarter the Bank launched a new Sustainability-linked Loans financing Bond (SLLB) framework and issued its inaugural five-year SEK 1.75 billion SLLB. Other notable transaction 44,000 during the quarter was a USD 1 billion 3-year benchmark. 42,000 40,000 -521 The Bank's funding strategy remains to complete benchmark transactions in US dollars and Euros, -2,012 complemented with other public issuance and private placements with investors to maintain a diversified 38,000 227 47 36,947 36,230 portfolio of currencies and a global investor base. The Bank will also continue issuing NIB Environmental 36,000 Bonds (NEB) and new SLLBs. 34,000 32,000 For a full list of funding transactions, please click here. Dec'24 New debt Amort. Call & Buy FX Hedge Other1 Sep'25 Book value issuance backs changes Acc. adj. Book value 1 Fair valuation and other adjustments

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Q3 INTERIM MANAGEMENT STATEMENT / 10 Financial statements Statement of comprehensive income In thousands of euro Note Jan–Sep 20251 Jan–Sep 20241 YoY change % Jan–Dec 2024 Interest income calculated using the effective interest method 819,619 957,675 -14.4% 1,261,657 Other interest income 397,585 502,031 -20.8% 659,395 Interest expense -955,650 -1,215,938 -21.4% -1,589,413 Net interest income (1) 261,553 243,768 7.3% 331,639 Commission income and fees received 5,613 6,150 -8.7% 6,257 Commission expense and fees paid -3,399 -1,834 85.3% -2,607 Net fee and commission income 2,214 4,316 -48.7% 3,650 Net profit/loss on financial operations (2) 15,001 -6,548 -17,020 Foreign exchange gains and losses -96 -48 -140 Total operating income 278,672 241,487 15.4% 318,129 Expenses General administrative expenses Personnel expenses -28,582 -28,121 1.6% -37,982 Other administrative expenses -12,010 -10,898 10.2% -15,661 Depreciation -3,964 -3,978 -0.4% -5,336 Total operating expenses -44,557 -42,998 3.6% -58,979 Profit before loan losses 234,115 198,489 17.9% 259,150 Net loan losses (3) (4) -4,945 -735 -3,003 Net profit for the period 229,171 197,754 15.9% 256,147 Other comprehensive income Items that will be reclassified to income statement Fair value hedges —valuation of cross currency basis spread -15,835 -4,327 3,639 Items that will not be reclassified to income statement Changes in own credit risk on liabilities recorded at fair value -1,769 2,610 6,216 Total other comprehensive income -17,604 -1,717 9,855 Total comprehensive income 211,567 196,037 7.9% 266,002 1 Unaudited figures. The accompanying notes are an integral part of these financial statements.

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Q3 INTERIM MANAGEMENT STATEMENT / 11 Statement of financial position In thousands of euro Note 30 Sep 20251 30 Sep 20241 2 31 Dec 20242 Assets Cash and balances at banks 994,966 923,885 1,103,039 Placements with credit institutions 6,591,621 6,054,219 6,499,969 Debt securities 11,699,640 10,523,003 10,602,315 Other financial placements 222 219 223 Loans outstanding (5) 23,540,738 21,941,298 23,024,306 Intangible assets 13,107 10,399 11,157 Tangible assets, property and equipment 28,059 28,445 28,806 Derivatives 895,883 1,341,322 1,805,566 Other assets 36,460 579,484 28,372 Total assets 43,800,697 41,402,274 43,103,754 Liabilities and equity Amounts owed to credit institutions 123,900 501,885 931,872 Debts evidenced by certificates (6) 36,947,222 34,717,140 36,229,507 Derivatives 1,768,779 1,462,570 1,289,875 Other liabilities 272,657 238,071 99,926 Total liabilities 39,112,558 36,919,666 38,551,181 Paid-in capital 845,543 845,543 845,543 Statutory reserve 836,884 836,884 836,884 General credit risk fund 2,754,917 2,574,771 2,574,771 Other reserves 21,624 27,656 39,228 Profit available for appropriation 229,171 197,754 256,147 Total equity 4,688,139 4,482,608 4,552,573 Total liabilities and equity 43,800,697 41,402,274 43,103,754 1 Unaudited figures. 2 Presentation of Statement of financial position has been reclassified, see note 7. The accompanying notes are an integral part of these financial statements.

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Q3 INTERIM MANAGEMENT STATEMENT / 12 Statement of changes in equity Statutory General credit Profit available Changes in own credit risk on liabilities Cost of hedg- In thousands of euro Paid-in capital reserve risk fund for appropriation recorded at fair value ing reserve Total Equity at 31 December 2023 845,543 836,884 2,387,111 250,659 4,610 24,763 4,349,571 Net profit for the period ——197,754 — 197,754 Other comprehensive income — — 2,610 -4,327 -1,717 Total comprehensive income 0 0 0 197,754 2,610 -4,327 196,037 Transactions with owners in their capacity as owners Appropriation of profit — 187,659 -187,659 — 0 Dividends ——-63,000 — -63,000 Equity at 30 September 20241 845,543 836,884 2,574,771 197,754 7,220 20,436 4,482,608 Net profit for the period ——58,392 — 58,392 Other comprehensive income — — 3,606 7,966 11,572 Total comprehensive income 0 0 0 58,392 3,606 7,966 69,964 Equity at 31 December 2024 845,543 836,884 2,574,771 256,147 10,826 28,403 4,552,573 Net profit for the period ——229,171 — 229,171 Other comprehensive income — — -1,769 -15,835 -17,604 Total comprehensive income 0 0 0 229,171 -1,769 -15,835 211,567 Transactions with owners in their capacity as owners Appropriation of profit — 180,147 -180,147 — 0 Dividends ——-76,000 — -76,000 Equity at 30 September 20251 845,543 836,884 2,754,917 229,171 9,057 12,567 4,688,139 1 Unaudited figures. The accompanying notes are an integral part of these financial statements.

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Q3 INTERIM MANAGEMENT STATEMENT / 13 Cash flow statement In thousands of euro Jan–Sep 20251 Jan–Sep 20241 2 Jan–Dec 20242 Cash flows from operating activities Net profit for the period 229,171 197,754 256,147 Adjustments: Unrealised gains/losses of financial assets and liabilities measured at fair value -14,308 2,654 12,366 Hedge accounting ineffectiveness 1,604 4,072 4,782 ECL non-lending activities 33 60 128 Net loan losses (ECL lending activities) 4,945 735 3,003 Depreciation and write-down in value of tangible and intangible assets 3,964 3,978 5,336 Other adjustments to the net profit for the period 3,497 6,829 8,056 Adjustments -265 18,329 33,671 Change in operative assets Change in placements with credit institutions 2,000,571 98,313 -570,273 Change in debt securities -1,059,588 -403,411 -556,550 Change in other financial placements—3,583 3,583 Change in loans outstanding -527,619 -528,945 -1,600,499 Change in derivatives, net -404,910 185,839 198,357 Change in other assets 3,423 -460 13,776 Change in operative assets 11,878 -645,081 -2,511,607 Change in operative liabilities Change in amounts owed to credit institutions -807,546 11,871 442,091 Change in other liabilities 46,458 47,060 130,765 Change in operative liabilities -761,088 58,932 572,856 Cash flows from operating activities -520,305 -370,066 -1,648,933 1 Unaudited figures. 2 Presentation of Cash flow statement has been reclassified, see note 7. The accompanying notes are an integral part of these financial statements. The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions.

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Q3 INTERIM MANAGEMENT STATEMENT / 14 In thousands of euro Jan–Sep 20251 Jan–Sep 20241 2 Jan–Dec 20242 Cash flows from investing activities Acquisition of intangible assets -3,024 -1,249 -2,272 Acquisition of tangible assets -1,689 -769 -1,945 Cash flows from investing activities -4,713 -2,018 -4,217 Cash flows from financing activities Debts evidenced by certificates New debt issuance 8,506,173 7,648,978 9,070,303 Redemptions -6,061,205 -6,313,360 -6,527,584 Debts evidenced by certificates 2,444,968 1,335,618 2,542,719 Dividend paid -76,000 -63,000 -63,000 Cash flows from financing activities 2,368,968 1,272,618 2,479,719 Change in cash and cash equivalents, net 1,843,951 900,533 826,569 Opening balance for cash and cash equivalents, net 1,767,453 963,805 963,805 Exchange rate adjustments 10,049 -36,927 -22,921 Closing balance for cash and cash equivalents, net 3,621,453 1,827,411 1,767,453 Change in cash and cash equivalents, net 1,843,951 900,533 826,569 Additional information to the statement of cash flows Interest received 1,221,684 1,429,386 1,841,803 Interest paid -957,173 -1,172,111 -1,452,822 In thousands of euro 30 Sep 2025 30 Sep 20241 31 Dec 20241 The following items are included in cash and cash equivalents, net Cash and balances at banks 994,966 923,885 1,103,039 Short-term placements with credit institutions 2,626,487 904,186 664,840 Short-term amounts owed to credit institutions—-660 -426 Cash and cash equivalents, net 3,621,453 1,827,411 1,767,453 1 Unaudited figures. 2 Presentation of Cash flow statement has been reclassified, see note 7. The accompanying notes are an integral part of these financial statements. The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions.

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Q3 INTERIM MANAGEMENT STATEMENT / 15 Notes to the interim financial statements Note 1: Net interest income Note 2: Net profit/loss on financial operations Jan–Sep Jan–Sep Jan–Dec Jan–Sep Jan–Sep Jan–Dec In thousands of euro 20251 20241 2024 In thousands of euro 20251 20241 2024 Interest income Financial instruments measured at fair value, realised gains and losses 5,689 380 398 Cash and balances at banks 17,682 28,578 37,147 Financial instruments measured at fair value, Placements with credit institutions 29,417 43,040 53,109 unrealised gains and losses 14,308 -2,654 -12,366 Debt securities 68,090 52,521 72,867 Financial instruments measured at amortised cost, Loans outstanding 655,606 723,859 961,373 realised gains and losses -3,359 -142 -142 Derivatives 48,823 109,677 137,161 Expected credit loss on financial placements -33 -60 -128 Interest income calculated using the effective interest method 819,619 957,675 1,261,657 Hedge accounting ineffectiveness -1,604 -4,072 -4,782 Placements with credit institutions 129,380 153,154 203,840 Net profit/loss on financial operations 15,001 -6,548 -17,020 Debt securities 152,114 136,641 186,125 1 Unaudited figures. Derivatives 116,090 212,191 269,385 Other financial assets measured at fair value—45 45 Other interest income 397,585 502,031 659,395 Total interest income 1,217,203 1,459,706 1,921,052 Interest expense Placements owed to credit institutions -6,953 -19,755 -25,836 Debts evidenced by certificates -835,145 -718,482 -980,750 Derivatives -113,553 -477,701 -582,827 Total interest expense -955,650 -1,215,938 -1,589,413 Net interest income 261,553 243,768 331,639 1 Unaudited figures.

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Q3 INTERIM MANAGEMENT STATEMENT / 16 Note 3: Expected credit loss In thousands of euro Stage 1 Stage 2 Stage 3 Total ECL—STATEMENT OF FINANCIAL POSITION Balance at 31 December 2023 53,563 10,001 8,732 72,295 In thousands of euro 30 Sep 20251 30 Sep 20241 31 Dec 2024 Transfer to Stage 1 208 -208—0 Loans outstanding2 73,858 67,433 70,388 Transfer to Stage 2 -294 294—0 Commitments (recorded in other liabilities) 4,723 4,284 4,171 Transfer to Stage 3 -537 -3,529 4,066 0 Financial placements 1,558 1,456 1,525 New assets originated or disbursed 13,154 0—13,154 Amortisations and repayments -8,366 -288—-8,654 Total 80,138 73,172 76,084 Impact of remeasurement on existing assets -7,968 1,333 2,987 -3,648 1 Unaudited figures. 2 Including write-down of accrued interest. Foreign exchange adjustments and other changes — 25 25 Net change income statement -3,804 -2,398 7,079 877 ECL—STATEMENT OF COMPREHENSIVE INCOME Realised losses ——0 1 1 In thousands of euro Jan–Sep 2025 Jan–Sep 2024 Jan–Dec 2024 Balance at 30 September 20241 49,759 7,603 15,811 73,172 Net profit/loss on financial operations (Note 2) -33 -60 -128 Transfer to Stage 1 374 -374—0 -792 -3,061 Net loan losses (Note 4) -4,945 Transfer to Stage 2 -572 572—0 Foreign exchange gains and losses 923 -25 -600 Transfer to Stage 3 ——0 Total recognised in income statement -4,054 -877 -3,789 New assets originated or disbursed 3,392 653—4,045 Amortisations and repayments -2,553 -788—-3,341 1 Unaudited figures. Impact of remeasurement on existing assets 701 806 126 1,633 Foreign exchange adjustments and other changes — 575 575 Net change income statement 1,342 869 701 2,912 Note 4: Net loan losses Realised losses ——0 Balance at 31 December 2024 51,100 8,472 16,512 76,084 Transfer to Stage 1 2,552 -2,552—0 1 1 Transfer to Stage 2 -3,023 3,023—0 In thousands of euro Jan–Sep 2025 Jan–Sep 2024 Jan–Dec 2024 Transfer to Stage 3 ——0 Change in expected credit loss on Stage 1 and 2 loans -4,945 6,261 4,120 11,787 178 Change in expected credit loss on Stage 3 loans—-7,054 -7,180 New assets originated or disbursed—11,964 Expected credit loss -4,945 -792 -3,061 Amortisations and repayments -9,768 -1,687—-11,455 Recoveries on claims—57 57 Impact of remeasurement on existing assets -6,289 10,757—4,468 Net loan losses -4,945 -735 -3,003 Foreign exchange adjustments and other changes — -923 -923 1 Unaudited figures. Net change income statement -4,741 9,719 -923 4,054 There were no realised losses for the periods Jan-Sep 2025, Jan-Sep 2024 or Jan-Dec 2024. Realised losses ——0 Balance at 30 September 20251 46,359 18,190 15,589 80,138 1 Unaudited figures.

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Q3 INTERIM MANAGEMENT STATEMENT / 17 Note 5: Financing outstanding Note 6: Debts evidenced by certificates In thousands of euro Jan–Sep 20251 Jan–Sep 20241 Jan–Dec 2024 In thousands of euro Jan–Sep 20251 Jan–Sep 20241 Jan–Dec 2024 Opening balance 23,573,771 22,075,500 22,075,500 Opening balance 36,229,507 32,496,123 32,496,123 New financing 2,686,232 2,442,185 4,352,883 New debt issuance 8,516,569 8,197,925 9,070,303 Amortisations -1,667,443 -1,257,830 -1,940,977 Amortisations -5,540,375 -6,288,914 -6,453,138 Prepayments -348,607 -637,697 -713,693 Calls and buy backs -520,830 -24,446 -74,446 Changes in expected credit losses -4,393 -1,721 -4,104 Foreign exchange changes -2,011,620 -227,015 699,271 Foreign exchange changes -36,152 -290,236 -255,202 Fair value adjustments 12,896 11,016 -8,880 Fair value adjustments 5,249 7,295 6,954 Hedge accounting adjustments 227,068 519,203 353,922 Hedge accounting adjustments 33,225 93,929 69,000 Other 34,007 33,249 146,353 Other 25,149 39,836 -16,590 Closing balance 36,947,222 34,717,140 36,229,507 Closing balance 24,267,030 22,471,261 23,573,771 1 Unaudited figures. Loans outstanding 23,540,738 21,941,298 23,024,306 Investments in lending bonds 726,292 529,962 549,464 Total financing outstanding 24,267,030 22,471,261 23,573,771 1 Unaudited figures.

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Q3 INTERIM MANAGEMENT STATEMENT / 18 Note 7: Basis of preparation This interim management statement is not presented in accordance with IAS 34 Interim Financial In addition, Accrued interest and fees receivables/payables have also been reallocated to their respective Reporting, as this statement excludes number of disclosures. The accounting policies and methods of financial instrument line items. The total balances reclassified from Accrued interest and fees receivable computation are the same as described in Note 1 Accounting policies of NIB's Financial Report 2024. as of 30 September 2024, 31 December 2024 and 31 March 2025 amounted to EUR 548 million, This statement should be read in conjunction with NIB's 2024 audited IFRS financial statements. The EUR 612 million and EUR 591 million, respectively. The total balances reclassified from Accrued interest International Accounting Standards Board (IASB) has amended a number of standards, however they have and fees payable as of 30 September 2024, 31 December 2024 and 31 March 2025 amounted to not had any significant impact on the Bank's financial statements. EUR 373 million, EUR 466 million and EUR 408 million, respectively. Also, the Total equity section has been enhanced to provide a more detailed breakdown. It now includes Paid-in capital, Statutory reserve, General There have been no material changes in the used accounting judgements, estimates and assumptions credit risk fund, Other reserves and Profit available for appropriation. that may affect the Bank's profits, its financial position and other information presented. Significant judgements and estimates are applied mainly to loan impairment testing and valuations of financial In the Cash flow statement, the definition of Cash and cash equivalents, net has been updated to align assets and liabilities. with the revised classification. Furthermore, the presentation of changes in balance sheet items has been adjusted to reflect the new structure. NIB's business model gives rise to credit, market and liquidity risks which are managed through sound banking principles and practices. There have been no significant changes in the Bank's exposures to these In addition to the above, the bank has revised certain terminology related to its lending activities. risks compared to those described in Note 2 Risk management in the 2024 IFRS financial statements. Specifically, the term New lending disbursed has been replaced with New financing to more accurately reflect the nature and scope of activities undertaken by the Bank's lending organisation. There have been no material changes in relation to transactions with related parties compared to those described in Note 25 Related party disclosures in the 2024 IFRS financial statements. There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements. In June 2025, the Bank made changes to the presentation of its Statement of financial position and Cash flow statement to enhance clarity, improve transparency, and ensure compliance with IFRS reporting This report was approved by the Executive Committee on 4 November 2025. standards. These changes were presentation-related only and had no impact on the reported total assets or total equity. As a result of the reclassification in the Statement of financial position, notes 5 and 6 have also been updated accordingly. KEY RATIO DEFINITIONS In the Statement of financial position, the line item previously titled Cash and cash equivalents has been Total equity at reporting date Equity/total assets = renamed to Cash and balances at banks. This revised category now comprises bank accounts, short-term Total assets at reporting date loans to banks, and cash balances related to futures. Additionally, items that were previously categorised under Cash and cash equivalents; collateral assets, short-term reverse repurchase agreements and Annualised profit for the period Return on equity = short-term commercial papers have been reclassified under Placements with credit institutions. The total Average equity for the period balances reclassified from Cash and cash equivalents to Placements with credit institutions as of 30 September 2024, 31 December 2024 and 31 March 2025 amounted to EUR 1,488 million, Total operating expenses for the period Cost/income = EUR 1,031 million and EUR 2,221 million, respectively. Total operating income for the period

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CONTACT Kim Skov Jensen Jens Hellerup Jukka Ahonen Vice President & CFO Senior Director, Senior Director, kim.jensen@nib.int Head of Funding & Head of Communications Investor Relations jukka.ahonen@nib.int jens.hellerup@nib.int For more information about the Nordic Investment Bank, visit www.nib.int