# EDGAR Filing Document

**Accession Number:** 0000357024
**File Stem:** 0001193125-26-183375
**Filing Date:** 2026-4
**Character Count:** 36630
**Document Hash:** 080e1839a77cb1fb95c4dcaa500614b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-183375.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-183375

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

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**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:** 26902976

**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 April 28, 2026** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT NO. 1 TO** 

**ANNUAL REPORT** 

**of the** 

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

**Date of end of last fiscal year: December 31, 2025** 

**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, 2025 (the "Annual Report") as follows:

The following additional exhibits are added to the Annual Report:

Exhibit VIII Interim Management Statement January - March 2026

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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 28<sup>th</sup> day of April, 2026.

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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 VIII [Interim Management Statement January - March 2026](d229636dex99viii.htm)

## Ex-99.Viii

**Exhibit VIII**![LOGO](g229636g09g09.jpg)

Q1 Statement Interim Management January–March 2026

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Q1 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 14 Notes to the interim financial statements 14 Note 1—Net interest income 14 Note 2—Net profit/loss on financial operations Image: EC—Audiovisual Service In February, NIB became a 15 Note 3—Expected credit loss signatory to the EastInvest 15 Note 4—Net loan losses financing platform, which aims 16 Note 5—Financing outstanding to support the EU's eastern 16 Note 6—Debts evidenced by certificates border regions that have faced 17 Note 7—Basis of preparation severe security, economic, and 17 Key ratio definitions social impacts from Russia's war of aggression against Ukraine. The EastInvest facility was signed by Jeanette Vitasp, NIB's Head of Lending.

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Q1 INTERIM MANAGEMENT STATEMENT / 3 President and CEO's comments During the first quarter, NIB continued to deliver impact by financing projects across several sectors, including battery storage systems, defence-related R&D, and wind power. Overall business activity remained at a good level, and total disbursed new financing reached EUR 588 million, an increase of 28% compared to the first quarter of 2025. The Bank's mandate fulfilment rate was 100%. NIB's financial results remained solid. Net profit amounted to EUR 62.9 million, showing a decrease of 10% compared to the very strong first quarter of 2025. The result was supported by stable core earnings, with net interest income reaching EUR 84.8 million. In March, the Board of Governors of NIB approved the Bank's audited financial statements for 2025 and a dividend payment of EUR 86 million to the Nordic and Baltic member countries. Elisabeth Svantesson, Minister for Finance of Sweden and Chair of NIB's Board of Governors noted that NIB's record profitability and strong mandate fulfilment underscore the Bank's effectiveness in delivering on shared Nordic-Baltic priorities. To further support the goals of the Nordic and Baltic countries, NIB published its new Climate and Nature Strategy at the end of the first quarter. The strategy outlines sectoral goals for decarbonisation, biodiversity conservation and ecosystem restoration, reflecting NIB's commitment to a sustainable future. Finally, I would like to thank Gunnar Okk, Vice President and Chief Operating Officer, who retired in March 2026, for 20 years of dedicated service. NIB subsequently implemented organisational adjustments to The first quarter was active from a funding perspective with a total of EUR 4.1 billion raised in new funding, ensure continuity, clarity in responsibilities, and strengthened operational alignment across the Bank. accounting for approximately 45% of NIB's annual funding plan. During the quarter, NIB priced its first USD global benchmark bond of 2026, a USD 1 billion transaction. NIB also continued to be active in other currencies and in transactions under its NIB Environmental Bond framework, issuing a total of SEK 3 billion during the first three months of the year. André Küüsvek, President & CEO At the end of March, NIB's AAA credit rating was reaffirmed by S&P Global Ratings.

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Q1 INTERIM MANAGEMENT STATEMENT / 4 Key figures and ratios Jan–Mar Jan–Mar YoY Jan–Dec In millions of euro, unless otherwise specified 20261 20251 change 2025 Net interest income 85 85 0.4% 349 Profit before net loan losses 68 69 -1.5% 299 Net profit 63 70 -10.3% 287 New financing2 588 458 28.3% 3,891 EUR 588 million EUR 903 million New financing committed3 903 606 48.9% 4,753 in new financing in new financing committed % of loans achieving good or above mandate4 100.0% 97.1% 2.9pp 98.1% New debt issuance 4,098 3,126 31.1% 9,162 Financing outstanding5 24,293 23,919 1.6% 24,089 Total assets 43,529 44,924 -3.1% 42,639 Debts evidenced by certificates 36,690 37,942 -3.3% 35,883 Total equity 4,711 4,538 3.8% 4,741 100.0% Equity/total assets6 10.8% 10.1% 0.7pp 11.1% Return on equity6 5.4% 6.2% -0.9pp 6.2% of disbursed loans fulfil our mandate EUR 63 million Cost/income6 18.1% 17.7% 0.4pp 17.0% to a level of good or excellent in net profit Number of employees at period end 270 259 4.2% 272 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 17 for key ratio definitions. 18.1% 0.4% cost/income YoY increase in ratio net interest income

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Q1 INTERIM MANAGEMENT STATEMENT / 5 Operating and financial review Total comprehensive income January–March 2026 compared to January–March 2025 NET PROFIT NET INTEREST INCOME The net profit for the period January–March 2026 amounted to EUR 62.9 million, which was Net interest income for the period amounted to EUR 84.8 million compared to EUR 84.5 million in the EUR 7.2 million lower than the corresponding period in 2025. Total operating income decreased from same period in 2025, an increase of EUR 0.3 million. Net interest income on lending activities amounted EUR 84.1 million to EUR 83.3 million. Net interest income increased by EUR 0.3 million while net fee and to EUR 50.9 million and was EUR 0.6 million lower than in 2025. The interest income on treasury activities commission income decreased by EUR 0.4 million. The net loss on financial operations was increased from EUR 33.1 million to EUR 34.0 million. EUR 1.8 million compared to a loss of EUR 1.1 million in the same period in 2025. Net loan losses ended at EUR 5.4 million compared to a gain of EUR 0.8 million in the same period in 2025. There have been no NET FEE AND COMMISSION INCOME realised loan losses year to date. Net fee and commission income for the period January–March 2026 of EUR 0.2 million was EUR 0.4 million lower than the same period in 2025 due to higher expenses related to risk-sharing instruments. Net profit Net interest income Net fee and commission income In millions of euro In millions of euro In millions of euro 100 100 4 80 80 3 60 60 2 40 40 1 20 20 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 2024 2025 2026 2024 2025 2026 Lending Treasury

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Q1 INTERIM MANAGEMENT STATEMENT / 6 NET PROFIT/LOSS ON FINANCIAL OPERATIONS TOTAL OPERATING EXPENSES The net profit/loss on financial operations for the period ended 31 March 2026 amounted to a loss of EUR Total operating expenses amounted to EUR 15.1 million which was EUR 0.2 million higher than for the 1.8 million compared to a loss of EUR 1.1 million in the same period last year. The result in the first quarter corresponding period in 2025. The Bank continues to invest in people and technology to remain relevant of 2026 comprised of unrealised loss of EUR 1.7 million and realised loss of EUR 0.1 million. and fulfil the Bank's mandate. The cost/income ratio for period January-March 2026 was 18.1% compared to 17.7% in the same period in 2025. Unrealised valuation gains and losses on assets in the Bank's liquidity portfolio of high quality bonds arise from changes in credit spreads. When credit spreads tighten, this results in positive valuations. If The Bank's main expenses comprise personnel costs, cost related to IT and depreciations of past the Bank holds the bonds to maturity, so that they are not sold based on the current exit market value, investments in IT and its fixed assets like equipment and property. Personnel costs of EUR 10.0 million any valuation gains and losses will reverse, as the bonds will settle at par. Unrealised valuation gains and were EUR 0.5 million higher in the first quarter of 2026 compared to the same period in 2025 due to losses can also relate to the interest rate hedges of the Bank's funding and lending transactions. When annual salary adjustments and a higher head count. The other operating expenses were EUR 0.2 million the Bank raises funds with fixed rates or offers borrowers fixed rate loans, it hedges the resulting interest lower in the first three months of 2026 compared to the same period in 2025. 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 -12 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 2024 2025 2026 2024 2025 2026 Realised Unrealised

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Q1 INTERIM MANAGEMENT STATEMENT / 7 NET LOAN LOSSES TOTAL COMPREHENSIVE INCOME For the period ended 31 March 2026, the Bank recorded net loan losses of EUR 5.4 million compared to a All in all, NIB had a 9.1% lower total comprehensive income in the first three months of 2026 compared to gain of EUR 0.8 million for the corresponding period in 2025. The increase in expected credit losses was the same period in 2025. Total comprehensive income ended at EUR 56.1 million compared to mainly driven by new loan commitments and credit migration. Overall asset quality remained stable and EUR 61.7 million in the same period in 2025. 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 6.1 million for the first three months of 2026 compared to a loss of EUR 8.4 million in the same period last year. The loss recorded is mainly due to the widening of 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 three month period ended 31 March 2026, the Bank recorded unrealised losses of EUR 0.7 million from these changes compared to an unrealised gain of EUR 0.0 million in the same period in 2025. Net loan losses Other comprehensive income Total comprehensive income In millions of euro In millions of euro In millions of euro 8 20 100 4 80 10 60 0 0 40 -4 -10 20 -8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 2025 2026 2024 2025 2026 2024 2025 2026

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Q1 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 97.1% 99.2% 99.8% 99.9% 98.1% 97.1% 100.0% productivity. All projects proposed for financing undergo a thorough assessment of their 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 three months of 2026, projects achieving a 80 "good" or "excellent" mandate rating accounted for 100.0% 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 high level of 51.8% in the first three months of 2026. 40 FINANCING OUTSTANDING 20 The financing outstanding amounted to EUR 24,293 million. This comprises EUR 23,439 million of loans 0 outstanding and investments of EUR 854 million in Lending bonds recorded in debt securities. The total new 2021 2022 2023 2024 2025 2025 2026 financing during the period amounted to EUR 588 million, which is EUR 130 million higher than for the same Jan-Mar Jan-Mar Good or excellent in productivity only period in 2025. 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 2026 Jan–Mar Jan–Mar In millions of euro In millions of euro, unless otherwise specified 20261 20251 2025 2024 2023 2022 New loans signed 874 514 4,413 4,884 2,766 3,936 26,000 New investments in Lending bonds2 29 92 340 137 63 178 25,000 588 -574 New financing 588 458 3,891 4,353 3,446 3,705 24,089 230 -49 30 24,293 Number of new loans signed 12 9 71 75 52 54 -17 -4 24,000 Number of new investments in Lending bonds 2 5 20 8 4 10 Amortisations and prepayments -591 -470 -3,394 -2,655 -3,618 -2,707 23,000 Financing outstanding 24,293 23,919 24,089 23,574 22,075 22,287 Member countries3 23,628 23,271 23,427 23,054 21,595 21,827 22,000 Non-member countries3 749 718 742 590 546 526 ECL on loans outstanding -84 -69 -80 -70 -66 -66 21,000 Dec'25 New Amort. Prepaym. ECL1 FX Hedge Other2 Mar'26 Credit impaired loans (Stage 3 ECL) 107 110 99 108 9 10 Book value financing changes Acc. adj. Book value As % of total financing outstanding 0.44% 0.46% 0.41% 0.46% 0.04% 0.04% 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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Q1 INTERIM MANAGEMENT STATEMENT / 9 FUNDING Development of debts evidenced by certificates during 2026 By the end of March, the Bank had raised EUR 4.1 billion in new funding, which compares to In millions of euro EUR 3.1 billion in the same period last year. This represents approximately 45% of the Bank's expected 42,000 funding need for the year. During the first quarter, the Bank issued a USD 1.0 billion global benchmark transaction, being its first USD Benchmark issuance for 2026. NIB also continued to be active in the 40,000 4,098 -3,343 environmental bond market, issuing a total of SEK 3.0 billion in NIB Environmental Bonds (NEBs) during the quarter. 38,000 512 -276 -75 -110 36,690 35,883 The Bank's funding strategy remains to complete benchmark transactions in US dollars and Euros, 36,000 complemented with other public issuance in other international and nordic currencies and private placements with investors to maintain a diversified portfolio of currencies and a global investor base. The 34,000 Bank will also continue issuing NEBs and new Sustainability Linked Loan financing Bonds (SLLBs). 32,000 Dec'25 New debt Amort. Call & Buy FX Hedge Other1 Mar'26 For a full list of funding transactions, please click here. Book value issuance backs changes Acc. adj. Book value 1 Fair valuation and other adjustments

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Q1 INTERIM MANAGEMENT STATEMENT / 10 Financial statements Statement of comprehensive income In thousands of euro Note Jan–Mar 20261 Jan–Mar 20251 YoY change % Jan–Dec 2025 Interest income calculated using the effective interest method 247,375 280,948 -11.9% 1,074,048 Other interest income 90,508 146,767 -38.3% 502,980 Interest expense -253,038 -343,186 -26.3% -1,227,610 Net interest income (1) 84,845 84,529 0.4% 349,418 Commission income and fees received 1,944 1,411 37.8% 9,853 Commission expense and fees paid -1,707 -759 125.0% -4,818 Net fee and commission income 237 652 -63.7% 5,035 Net profit/loss on financial operations (2) -1,756 -1,076 63.3% 5,966 Foreign exchange gains and losses 9 24 -64.2% -128 Total operating income 83,334 84,129 -0.9% 360,290 Expenses General administrative expenses Personnel expenses -9,978 -9,513 4.9% -38,545 Other administrative expenses -3,683 -4,024 -8.5% -17,269 Depreciation -1,419 -1,318 7.7% -5,483 Total operating expenses -15,080 -14,855 1.5% -61,297 Profit before loan losses 68,253 69,274 -1.5% 298,994 Net loan losses (3) (4) -5,399 769 N/A -11,606 Net profit for the period 62,855 70,043 -10.3% 287,387 Other comprehensive income Items that will be reclassified to income statement Fair value hedges —valuation of cross currency basis spread -6,058 -8,418 -28.0% -17,148 Items that will not be reclassified to income statement Changes in own credit risk on liabilities recorded at fair value -744 44 N/A -5,510 Total other comprehensive income -6,802 -8,374 -18.8% -22,658 Total comprehensive income 56,053 61,669 -9.1% 264,729 1 Unaudited figures. The accompanying notes are an integral part of these financial statements.

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Q1 INTERIM MANAGEMENT STATEMENT / 11 Statement of financial position In thousands of euro Note 31 Mar 20261 31 Mar 20251 31 Dec 2025 Assets Cash and balances at banks 976,888 1,076,392 1,004,731 Placements with credit institutions 6,192,414 7,851,309 5,542,048 Debt securities 11,906,060 11,366,962 11,812,968 Other financial placements 191 223 199 Loans outstanding (5) 23,439,194 23,295,701 23,249,266 Intangible assets 15,130 11,808 14,471 Tangible assets, property and equipment 27,048 28,736 27,626 Derivatives 849,997 1,259,414 909,670 Other assets 122,092 33,447 77,972 Total assets 43,529,014 44,923,992 42,638,951 Liabilities and equity Amounts owed to credit institutions 128,839 317,629 184,022 Debts evidenced by certificates (6) 36,689,727 37,942,316 35,883,334 Derivatives 1,629,044 1,735,907 1,737,002 Other liabilities 370,049 389,899 93,292 Total liabilities 38,817,659 40,385,750 37,897,650 Paid-in capital 845,543 845,543 845,543 Statutory reserve 836,884 836,884 836,884 General credit risk fund 2,956,304 2,754,917 2,754,917 Other reserves 9,768 30,854 16,570 Profit available for appropriation 62,855 70,043 287,387 Total equity 4,711,354 4,538,242 4,741,302 Total liabilities and equity 43,529,014 44,923,992 42,638,951 1 Unaudited figures. The accompanying notes are an integral part of these financial statements.

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Q1 INTERIM MANAGEMENT STATEMENT / 12 Statement of changes in equity Statutory General credit Profit available Changes in own on credit liabilities risk Cost of hedg- In thousands of euro Paid-in capital reserve risk fund for appropriation recorded at fair value ing reserve Total Equity as of 31 December 2024 845,543 836,884 2,574,771 256,147 10,826 28,403 4,552,573 Net profit for the period ——70,043 — 70,043 Other comprehensive income — — 44 -8,418 -8,374 Total comprehensive income 0 0 0 70,043 44 -8,418 61,669 Transactions with owners in their capacity as owners Appropriation of profit — 180,147 -180,147 — 0 Dividends ——-76,000 — -76,000 Equity as of 31 March 20251 845,543 836,884 2,754,917 70,043 10,870 19,984 4,538,242 Net profit for the period ——217,344 — 217,344 Other comprehensive income — — -5,555 -8,730 -14,284 Total comprehensive income 0 0 0 217,344 -5,555 -8,730 203,060 Equity as of 31 December 2025 845,543 836,884 2,754,917 287,387 5,315 11,255 4,741,302 Net profit for the period ——62,855 — 62,855 Other comprehensive income — — -744 -6,058 -6,802 Total comprehensive income 0 0 0 62,855 -744 -6,058 56,053 Transactions with owners in their capacity as owners Appropriation of profit — 201,387 -201,387 — 0 Dividends ——-86,000 — -86,000 Equity as of 31 March 20261 845,543 836,884 2,956,304 62,855 4,571 5,197 4,711,354 1 Unaudited figures. The accompanying notes are an integral part of these financial statements.

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Cash flow statement In thousands of euro Jan–Mar 20261 Jan–Mar 20251 Jan–Dec 2025 Cash flows from operating activities Net profit for the period 62,855 70,043 287,387 Adjustments: Unrealised gains/losses of financial assets and liabilities measured at fair value 1,867 335 -18,758 Hedge accounting ineffectiveness -86 3,044 14,188 ECL non-lending activities -125 14 152 Net loan losses (ECL lending activities) 5,399 -769 11,606 Depreciation and write-down in value of tangible and intangible assets 1,419 1,318 5,483 Other adjustments to the net profit for the period 1,445 368 4,123 Adjustments 9,919 4,310 16,793 Change in operative assets Change in placements with credit institutions -702,707 -228,757 2,169,461 Change in debt securities 85,335 -731,318 -1,250,692 Change in loans outstanding -22,669 29,511 -209,882 Change in derivatives, net -20,263 103,196 -500,650 Change in other assets -11,301 -13,064 3,930 Change in operative assets -671,606 -840,433 212,168 Change in operative liabilities Change in amounts owed to credit institutions -3,388 -615,063 -799,219 Change in other liabilities -112,941 -22,665 129,079 Change in operative liabilities -116,329 -637,728 -670,140 Cash flows from operating activities -715,161 -1,403,808 -153,791 1 Unaudited figures. 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. Q1 INTERIM MANAGEMENT STATEMENT / 13 In thousands of euro Jan–Mar 20261 Jan–Mar 20251 Jan–Dec 2025 Cash flows from investing activities Acquisition of intangible assets -1,026 -1,021 -4,791 Acquisition of tangible assets -359 -694 -2,242 Cash flows from investing activities -1,385 -1,715 -7,032 Cash flows from financing activities Debts evidenced by certificates New debt issuance 4,004,735 3,126,366 9,161,702 Redemptions -3,417,529 -984,601 -7,855,656 Debts evidenced by certificates 587,206 2,141,764 1,306,046 Dividend paid — -76,000 Cash flows from financing activities 587,206 2,141,764 1,230,046 Change in cash and cash equivalents, net -129,341 736,241 1,069,222 Opening balance for cash and cash equivalents, net 2,849,624 1,767,453 1,767,453 Exchange rate adjustments 35,683 17,453 12,949 Closing balance for cash and cash equivalents, net 2,755,966 2,521,147 2,849,624 Change in cash and cash equivalents, net -129,341 736,241 1,069,222 Additional information to the statement of cash flows Interest received 341,702 412,538 1,614,440 Interest paid -251,453 -345,989 -1,224,578 The following items are included in cash and cash equivalents, net Cash and balances at banks 976,888 1,076,392 1,004,731 Short-term placements with credit institutions 1,779,078 1,446,001 1,844,893 Short-term amounts owed to credit institutions—-1,246 - Cash and cash equivalents, net 2,755,966 2,521,147 2,849,624 1 Unaudited figures. The accompanying notes are an integral part of these financial statements. The cash flow statement has been prepared

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\Q1 INTERIM MANAGEMENT STATEMENT / 14 Notes to the interim financial statements Note 1: Net interest income Note 2: Net profit/loss on financial operations Jan–Mar Jan–Mar Jan–Dec Jan–Mar Jan–Mar Jan–Dec In thousands of euro 20261 20251 2025 In thousands of euro 20261 20251 2025 Interest income Financial instruments measured at fair value, realised gains and losses -113 5,676 4,906 Cash and balances at banks 4,908 7,008 22,772 Financial instruments measured at fair value, Placements with credit institutions 7,946 8,871 38,377 unrealised gains and losses -1,867 -335 18,758 Debt securities 25,380 21,357 93,290 Financial instruments measured at amortised cost, Loans outstanding 200,034 223,058 860,438 realised gains and losses 13 -3,359 -3,359 Derivatives 9,107 20,654 59,172 Expected credit loss on financial placements 125 -14 -152 Interest income calculated using the effective interest method 247,375 280,948 1,074,048 Hedge accounting ineffectiveness 86 -3,044 -14,188 Placements with credit institutions 26,029 51,075 157,901 Net profit/loss on financial operations -1,756 -1,076 5,966 Debt securities 53,143 48,237 205,619 1 Unaudited figures. Loans outstanding 529—32 Derivatives 10,807 47,454 139,428 Other interest income 90,508 146,767 502,980 Total interest income 337,883 427,715 1,577,028 Interest expense Placements owed to credit institutions -472 -4,930 -7,634 Debts evidenced by certificates -287,203 -270,896 -1,112,990 Derivatives 34,637 -67,360 -106,987 Total interest expense -253,038 -343,186 -1,227,610 Net interest income 84,845 84,529 349,418 1 Unaudited figures.

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Note 3: Expected credit loss In thousands of euro Stage 1 Stage 2 Stage 3 Total Balance as of 31 December 2024 51,100 8,472 16,512 76,084 Transfer to Stage 1 3,147 -3,147—0 Transfer to Stage 2 -412 412—0 Transfer to Stage 3 ——0 New assets originated or purchased 6,757 0—6,757 Amortisations and repayments -17,038 -2,797—-19,835 Impact of remeasurement on existing assets 7,847 4,475 0 12,323 Foreign exchange adjustments and other changes — -317 -317 Net change in statement of comprehensive income 300 -1,056 -317 -1,072 Realised losses ——0 Balance as of 31 March 2025¹ 51,400 7,416 16,195 75,012 Transfer to Stage 1 -319 319—0 Transfer to Stage 2 -3,814 3,814—0 Transfer to Stage 3—-724 724 0 New assets originated or purchased 7,593 148—7,740 Amortisations and repayments 4,047 707—4,754 Impact of remeasurement on existing assets -14,238 6,994 7,265 20 Foreign exchange adjustments and other changes — -614 -614 Net change in statement of comprehensive income -6,731 11,257 7,374 11,900 Realised losses ——0 Balance as of 31 December 2025 44,669 18,673 23,570 86,912 Transfer to Stage 1 1,241 -1,241—0 Transfer to Stage 2 -607 607—0 Transfer to Stage 3 ——0 New assets originated or purchased 5,758 106—5,864 Amortisations and repayments -1,711 -963—-2,674 Impact of remeasurement on existing assets -3,568 3,916 1,736 2,084 Foreign exchange adjustments and other changes — 163 163 Net change in statement of comprehensive income 1,113 2,425 1,899 5,437 Realised losses ——0 Balance as of 31 March 2026¹ 45,782 21,098 25,468 92,349 1 Unaudited figures. Q1 INTERIM MANAGEMENT STATEMENT / 15 EXPECTED CREDIT LOSS IN STATEMENT OF FINANCIAL POSITION In thousands of euro 31 Mar 20261 31 Mar 20251 31 Dec 2025 Loans outstanding2 84,204 69,296 80,263 Loan commitments (recorded in other liabilities) 6,593 4,178 4,972 Debt securities 1,552 1,538 1,677 Total 92,349 75,012 86,912 1 Unaudited figures. 2 Including write-down of accrued interest. EXPECTED CREDIT LOSS IN STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan–Mar 20261 Jan–Mar 20251 Jan–Dec 2025 Net profit/loss on financial operations (Note 2) 125 -14 -152 Net loan losses (Note 4) -5,399 769 -11,606 Foreign exchange gains and losses -163 317 931 Total recognised in statement of comprehensive income -5,437 1,072 -10,827 1 Unaudited figures. Note 4: Net loan losses In thousands of euro Jan–Mar 20261 Jan–Mar 20251 Jan–Dec 2025 Change in expected credit loss on Stage 1 and 2 loans and loan commitments -3,663 769 -3,618 Change in expected credit loss on Stage 3 loans -1,736—-7,989 Expected credit loss -5,399 769 -11,606 Recoveries on claims — - Net loan losses -5,399 769 -11,606 1 Unaudited figures. There were no realised losses for the periods Jan-Mar 2026, Jan-Mar 2025 or Jan-Dec 2025.

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Note 5: Financing outstanding In thousands of euro Jan–Mar 20261 Jan–Mar 20251 Jan–Dec 2025 Opening balance 24,088,945 23,573,771 23,573,771 New financing 587,807 458,167 3,890,717 Amortisations -574,473 -461,602 -2,500,942 Prepayments -16,568 -8,164 -893,495 Changes in expected credit losses -3,768 781 -10,852 Foreign exchange changes 230,365 315,944 14,380 Fair value adjustments -6,212 157 3,934 Hedge accounting adjustments -49,295 -1,754 19,456 Other 36,246 42,188 -8,024 Closing balance 24,293,045 23,919,489 24,088,945 Loans outstanding 23,439,194 23,295,701 23,249,266 Investments in Lending bonds 853,852 623,787 839,678 Total financing outstanding 24,293,045 23,919,489 24,088,945 1 Unaudited figures. Q1 INTERIM MANAGEMENT STATEMENT / 16 Note 6: Debts evidenced by certificates In thousands of euro Jan–Mar 20261 Jan–Mar 20251 Jan–Dec 2025 Opening balance 35,883,334 36,229,507 36,229,507 New debt issuance 4,097,749 3,126,366 9,161,702 Amortisations -3,342,529 -701,931 -7,324,826 Calls and buy backs -75,000 -282,670 -530,830 Foreign exchange changes 511,666 -456,828 -1,977,753 Fair value adjustments -8,490 5,785 16,518 Hedge accounting adjustments -275,607 67,074 175,833 Other -101,396 -44,986 133,182 Closing balance 36,689,727 37,942,316 35,883,334 1 Unaudited figures.

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Note 7: Basis of preparation This interim management statement is not presented in accordance with IAS 34 Interim Financial Reporting, as this statement excludes number of disclosures. The accounting policies and methods of computation are the same as described in Note 2 Accounting policies of NIB's Annual Report 2025. This interim report should be read together with the Bank's 2025 audited IFRS financial statements. The International Accounting Standards Board (IASB) issued certain amendments to existing standards during the period; however, none of these changes have had a material impact on NIB's financial statements. The Bank has not made any changes to the judgements, estimates and assumptions that could affect the Bank's profits, its financial position or other disclosures. Significant judgements and estimates are applied mainly to loan impairment testing and valuations of financial assets and liabilities. NIB's business model gives rise to financial (credit, market, and liquidity) and non-financial (e.g. operational) risks which are managed through sound banking principles and practices. There have been no significant changes in the Bank's net exposure to these risks compared to those described in Note 3 Risk management in the 2025 IFRS financial statements. There have been no material changes in relation to transactions with related parties compared to those described in Note 29 Related party disclosures in the 2025 IFRS financial statements. There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements. This report was approved by the Executive Committee on 21 April 2026. Q1 INTERIM MANAGEMENT STATEMENT / 17 KEY RATIO DEFINITIONS Total equity at reporting date Equity/total assets = Total assets at reporting date Annualised profit for the period Return on equity = Average equity for the period Total operating expenses for the period Cost/income = Total operating income for the period

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