# EDGAR Filing Document

**Accession Number:** 0000357024
**File Stem:** 0001193125-25-180291
**Filing Date:** 2025-8
**Character Count:** 58295
**Document Hash:** d995cf5035b25664d4e392d0e4ccf4d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-180291.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001193125-25-180291

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

**PUBLIC DOCUMENT COUNT**: 33

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**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:** 251214014

**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 August 14, 2025** 

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K/A** 

**For Foreign Governments and Political Subdivisions Thereof** 

**AMENDMENT NO. 2 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 IX Interim Financial Report January - June 2025

Exhibit X Consent of PricewaterhouseCoopers, Independent Auditors

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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 14<sup>th</sup> day of August, 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** 

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| | |
|:---|:---|
| Exhibit IX | [Interim Financial Report January - June 2025](d27660dex99ix.htm) |
| Exhibit X | [Consent of PricewaterhouseCoopers, Independent Auditors](d27660dex99x.htm) |

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## Ex-99.Ix

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NIB NORDIC INVESTMENT BANK FINANCING THE FUTURE Interim Financial Report January–June 2025 Q2

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Q2 INTERIM FINANCIAL REPORT / 2 Table of contents 3 President and CEO's comments 4 Key figures and ratios 5 Follow-up on long-term targets 6 Operating and financial review 6 Total comprehensive income 9 Financial position 12 Financial statements 12 Statement of comprehensive income 13 Statement of financial position 14 Statement of changes in equity 15 Cash flow statement 17 Notes to the interim financial statements 17 Note 1—Segment information 19 Note 2—Net interest income 19 Note 3—Net profit/loss on financial operations 20 Note 4—Expected credit loss 20 Note 5—Net loan losses 21 Note 6—Financing outstanding 21 Note 7—Debts evidenced by certificates 22 Note 8—Classification of financial instruments 24 Note 9—Fair value of financial instruments 27 Note 10—Basis of preparation 27 Ratio definitions 28 Signed by the Board of Directors and the President 29 Report on Review of Interim Financial Report On 6 May, NIB and the Republic of Lithuania signed a EUR 400 million financing agreement earmarked for national defence system investments during 2025–2027. The signing took place in Vilnius on the day when the Bank celebrated 20 years of the Baltic membership at NIB together with its stakeholders.

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The second quarter was characterised by continued geopolitical tensions, trade policy developments and volatile financial markets. Demand for NIB's financing remained strong. Lending activity increased throughout the quarter, and new financing in the first half of the year surpassed last year's already high levels. New financing amounted to EUR 2.0 billion, with 99% of projects fulfilling our mandate. Growth in lending volumes outweighed the impact of lower interest rates which led to an increase of 7% in NIB's core earnings in the form of net interest income compared to the first six months of 2024. Net profit remained strong. Despite being 6% lower than the first half of 2024, it was higher than the previous six months. To meet the demand for our financing, a total of EUR 6.3 billion was raised in new funding during the first half of the year. This included two Euro benchmark bonds of EUR 1 billion and EUR 750 million and a USD 1.25 billion benchmark bond. Our triple-A credit rating is built on solid financial performance and strong ownership and risk management. During the second quarter, NIB's Aaa credit rating was affirmed by Moody's ratings, while Standard & Poor reaffirmed its AAA rating of NIB in the first quarter. This reflects our high asset quality, solid liquidity and capital adequacy. In May, NIB signed its first defence-related loans with Finnish Savox Communications and the Republic of Lithuania. In June, the Board of Directors took further steps to strengthen the security, resilience and defence capabilities in the region. The revision of the Sustainability Policy Exclusion list now permits NIB to finance conventional weapons and ammunition, while excluding producers of controversial weapons. The policy entered into force in July. NIB invited its stakeholders to Vilnius in May to mark the 20th anniversary of Estonia, Latvia and Lithuania as members of NIB. The event brought together representatives from across our region to reflect the Nordic-Baltic cooperation and discuss how to strengthen resilience in the face of today's geopolitical, economic, and environmental challenges. President and CEO's comments It is our responsibility to ensure that our activities reflect societal developments and align with the needs of our member region. The steps taken during the first half of the year in the field of defence reflect that. At the same time, the core of our mission—to provide long-term sustainable finance that improves productivity and benefits the environment in the Nordic-Baltic region—continues to guide our work. André Küüsvek, President & CEO Q2 INTERIM FINANCIAL REPORT / 3

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In millions of euro, unless otherwise specified Jan–Jun 2025 Jan–Jun 2024 YoY change Jan–Dec 2024 Net interest income 173 162 6.9% 332 Profit before net loan losses 140 147 -4.8% 259 Net profit 134 143 -6.0% 256 New financing1 2,008 1,896 5.9% 4,353 New financing committed2 3,025 2,642 14.5% 5,021 % of loans achieving good or above mandate3 99.3% 99.9% -0.6pp 99.9% New debt issuance 6,344 6,422 -1.2% 9,070 Financing outstanding4 24,398 22,334 9.2% 23,574 Total assets 44,047 41,615 5.8% 43,104 Debts evidenced by certificates 37,214 34,270 8.6% 36,230 Total equity 4,600 4,424 4.0% 4,553 Equity/total assets5 10.4% 10.6% -0.2pp 10.6% Return on equity5 5.9% 6.5% -0.6pp 5.8% Cost/income5 18.2% 17.1% 1.1pp 18.5% Number of employees at period end 261 257 1.6% 257 1 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. 2 Including new loans signed and commitments to investments in lending bonds. 3 See page 9 for mandate fulfilment explanation. 4 Including loans outstanding and investments in lending bonds. 5 See page 27 for ratio definitions. Key figures and ratios EUR 2,008 million in new financing EUR 3,025 million in new financing committed EUR 134 million in net profit 99.3% of disbursed loans fulfil our mandate to a level of good or excellent 6.9% YoY increase in net interest income 18.2% cost/income ratio Q2 INTERIM FINANCIAL REPORT / 4

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Follow-up on long-term targets Strategic ambition Our targets Status as of 30 June 2025 Comments Capital accumulation Sustainability Diversity, engagement & leadership Return on equity >5% Maintain AAA/Aaa rating 30-by-30 (EUR 30bn of green projects financed between 2021-20301) Delivering on 2030 climate targets Doubling in transition lending to hard-to-abate sectors by 2030 (EUR 1.1bn of new loan disbursements)2 Each gender to have at least 40% representation at leadership roles by 2030 Share of international member country workforce at least 25% by 2030 Engagement index in the same level or above the external benchmark 1 Total project costs in EUR for the loans that have received "good" or "excellent" rated environmental mandate taking into account that NIB typically finances up to 50% of total project costs. 2 Cumulative new NIB climate strategy aligned hard-to-abate financing 2024–2030 compared to 2017–2023. Hard-to-abate: steel, aluminium, commodity chemicals, fertilizers & agricultural chemicals, airlines, marine, trucking, construction materials, construction machinery & heavy trucks, diversified metals & mining. Continued good development in ROE for 2025, with the metric over the target level. S&P Global Ratings and Moody's both confirmed NIB's rating at AAA and Aaa, respectively. We continue to make good progress towards the 30-by-30 target. During 2025 so far, NIB financed EUR 1.2 billion of projects that received good or excellent rating with its environmental mandate. We made solid progress on our climate commitments in 2024, with seven out of nine targets on track to achieve our 2030 ambition. The follow-up on this target happens annually. Solid start with the hard-to-abate target fulfilment. In first half of 2025, NIB financed EUR 225 million in eight projects in sectors such as Marine, Steel, Mining and Construction Machinery & Heavy Trucks. The total amount of loans signed was EUR 754 million as of 30 June 2025. At the end of June 2025, 35% of our leaders were women and 65% were men. Share of international member country workforce increased from 18% to 19% during the first half of 2025. NIB also launched a Young Professional Programme targeting to further increase the international member country share. NIB conducts semi-annual employee engagement surveys. On the first survey for 2025, both NIB's engagement level as well as the benchmark level remained at 4.0. EUR 19.3bn 30bn 35% 40% 19% 25% EUR 419 million 1.1bn 7/9 Targets on track 5.9% AAA/Aaa ratings confimed 4.0 Benchmark: 4.0 5.0% Q2 INTERIM FINANCIAL REPORT / 5

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Total comprehensive income January–June 2025 compared to January–June 2024 NET PROFIT The net profit for the period January–June 2025 amounted to EUR 134.2 million, which was EUR 8.6 million lower than the corresponding period in 2024. Total operating income decreased from EUR 177.0 million to EUR 170.7 million. Net interest income increased by EUR 11.1 million while net fee and commission income decreased by EUR 1.8 million. The net loss on financial operations was EUR 3.2 million compared to a gain of EUR 12.4 million in the same period in 2024. Net loan losses ended at EUR 5.5 million compared to a loss of EUR 4.0 million in 2024. There have been no realised loan losses year to date. Operating and financial review NET INTEREST INCOME Net interest income for the period amounted to EUR 172.7 million compared to EUR 161.6 million in 2024, an increase of EUR 11.1 million. Net interest income on lending activities amounted to EUR 106.0 million and was EUR 12.4 million higher than in 2024 mainly due to a higher amount of loans outstanding. The interest income on treasury activities decreased from EUR 67.9 million to EUR 66.7 million as a result of a decrease in market interest rates. NET FEE AND COMMISSION INCOME Net fee and commission income for the period January–June 2025 of EUR 1.2 million was EUR 1.8 million lower than the same period in 2024. Q2 INTERIM FINANCIAL REPORT / 6 180 150 120 90 60 30 0 Net interest income In millions of euro Lending Treasury H1'23 H2'23 H1'24 H2'24 H1'25 Net profit In millions of euro 150 120 90 60 30 0 H1'23 H2'23 H1'24 H2'24 H1'25 Net fee and commission income In millions of euro 5 4 3 2 1 0 H1'23 H2'23 H1'24 H2'24 H1'25

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NET PROFIT/LOSS ON FINANCIAL OPERATIONS The net profit/loss on financial operations for the first half of the year amounted to a loss of EUR 3.2 million compared to a profit of EUR 12.4 million in the same period last year. The result in the first half of 2025 comprised of unrealised losses of EUR 5.5 million and realised gains of EUR 2.4 million. 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 widen, this results in negative valuations on the bonds. If the Bank holds the bonds to maturity, so that they are not sold based on the current exit market value, any valuation gains and losses will reverse, as the bonds will settle at par. Unrealised valuation gains and losses can also relate to the interest rate hedges of the Bank's funding and lending transactions. 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 total 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. TOTAL OPERATING EXPENSES Total operating expenses amounted to EUR 31.0 million which is EUR 0.8 million higher than for the corresponding period in 2024. The Bank continues to invest in people and technology to remain relevant and fulfil the Bank's mandate. The cost/income ratio for period January-June 2025 was 18.2% compared to 17.1% in the same period in 2024. The Bank's main expenses comprise personnel costs, cost related to IT and depreciation. Personnel costs of EUR 20.3 million were EUR 0.5 million higher in the first half of 2025 compared to the same period in 2024 due to annual salary adjustments and a higher head count. The other operating expenses were EUR 0.3 million higher in the first six months of 2025 compared to the same period in 2024. Q2 INTERIM FINANCIAL REPORT / 7 Net profit/loss on financial operations In millions of euro Realised Unrealised 30 20 10 0 -10 -20 -30 -40 H1'23 H2'23 H1'24 H2'24 H1'25 Personnel expenses In millions of euro 0 -5 -10 -15 -20 -25 H1'23 H2'23 H1'24 H2'24 H1'25 0 -5 -10 -15 Other operating expenses In millions of euro H1'23 H2'23 H1'24 H2'24 H1'25

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NET LOAN LOSSES During the first half of 2025, the Bank recorded net loan losses of EUR 5.5 million compared to a loss of EUR 4.0 million for the corresponding period in 2024. Increase in net loan losses is mainly explained by new loan commitments. In general, there have been no significant observed changes in the credit quality in the overall loan portfolio 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 7.9 million for the first six months of 2025 compared to a loss of EUR 5.7 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 six month period ended 30 June 2025, the Bank recorded unrealised losses of EUR 2.9 million from these changes compared to an unrealised gain of EUR 0.8 million in the same period in 2024. TOTAL COMPREHENSIVE INCOME All in all, NIB had a 10.4% lower total comprehensive income in the first half of 2025 compared to the same period in 2024. Total comprehensive income ended at EUR 123.5 million compared to EUR 137.8 million in the first half of 2024. Q2 INTERIM FINANCIAL REPORT / 8 Net loan losses In millions of euro 10 5 0 -5 -10 H1'23 H2'23 H1'24 H2'24 H1'25 30 20 10 0 -10 -20 -30 Other comprehensive income In millions of euro H1'23 H2'23 H1'24 H2'24 H1'25 Total comprehensive income In millions of euro 150 120 90 60 30 0 H1'23 H2'23 H1'24 H2'24 H1'25

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FINANCING OUTSTANDING The financing outstanding amounted to EUR 24,398 million. This comprises EUR 23,719 million of loans outstanding and investments of EUR 680 million in lending bonds recorded in debt securities. The total new financing during the period amounted to EUR 2,008 million, which is EUR 111 million higher than for the same period in 2024. More information regarding new loans signed can be found on NIB's website. Financial position FINANCING HIGHLIGHTS In millions of euro, unless otherwise specified Jan–Jun 2025 Jan–Jun 2024 2024 2023 2022 2021 New loans signed 2,865 2,610 4,884 2,766 3,936 1,683 New investments in lending bonds1 160 32 137 63 178 169 New financing 2,008 1,896 4,353 3,446 3,705 2,440 Number of new loans signed 37 38 75 52 54 36 Number of new investment in lending bonds 11 2 8 4 10 14 Amortisations and prepayments -1,119 -1,473 -2,655 -3,618 -2,707 -1,989 Financing outstanding 24,398 22,334 23,574 22,075 22,287 22,345 Member countries2 23,894 21,813 23,054 21,595 21,827 21,721 Non-member countries2 580 591 590 546 526 774 ECL on loans outstanding -75 -70 -70 -66 -66 -150 Credit impaired loans (Stage 3 ECL) 105 97 108 9 10 78 As % of total financing outstanding 0.43% 0.43% 0.46% 0.04% 0.04% 0.35% 1 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. 2 Based on country of risk owner classification. MISSION FULFILMENT NIB's vision is for a prosperous and sustainable Nordic-Baltic region and the Bank has a mission formulated as a dual mandate to provide lending that benefits the environment and/or improves 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 six months of 2025, projects achieving a "good" or "excellent" mandate rating accounted for 99.3% of the total amount of loans disbursed thereby 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 56.1% in the first half of 2025. Q2 INTERIM FINANCIAL REPORT / 9 Mandate fulfilment rating % of loans disbursed¹ 100 80 60 40 20 0 Good or excellent in productivity only Good or excellent in environment only Good or excellent in both environment and productivity ¹ Response loans excluded 98.1% 97.1% 99.2% 99.8% 99.9% 99.3% 2024 Jan-Jun Jan-Jun 2020 2021 2022 2023 2024 2025 99.9% Development of financing outstanding during 2025 In millions of euro 26,000 25,000 24,000 23,000 22,000 21,000 ¹ Changes in expected credit losses ² Fair valuation of lending labelled bonds and other adjustments Dec'24 Book value 23,574 New financing 2,008 Amort. -1,089 Prepaym. -30 ECL¹ -5 FX changes -103 Hedge Acc. adj. 54 Other² -9 Jun'25 Book value 24,398

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FUNDING By the end of June, the Bank had raised EUR 6.3 billion in new funding, which compares to EUR 6.4 billion in the same period last year. This corresponds to approximately 70% of the expected funding need for the year. The strategy for 2025 remains to complete benchmark transactions in US dollars and Euros, complemented with other public issuance and private placement of bonds with investors to maintain a diversified portfolio of currencies and a global investor base. The Bank will also continue issuing NIB Environmental Bonds (NEB). During the second quarter the Bank priced a SEK 2 billion 5-year NEB. With this transaction, the Bank has now for the first time issued environmental bonds in all its member countries' currencies in the same year. Other notable transactions during the quarter were a USD 1.25 billion 5-year global benchmark bond and a EUR 1 billion 3-year benchmark bond. For a full list of funding transactions, please click here. Q2 INTERIM FINANCIAL REPORT / 10 Development of debts evidenced by certificates during 2025 In millions of euro 44,000 42,000 40,000 38,000 36,000 34,000 32,000 30,000 ¹ Fair valuation and other adjustments Dec'24 Book value 36,230 New debt issuance 6,344 -3,477 Amort. Call & Buy backs -283 -1,924 FX changes Hedge Acc. adj. 275 Other¹ 50 37,214 Jun'25 Book value

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STATUTORY REQUIREMENTS Statutory metric Minimum 30 June 20252 31 December 2024 Risk-based (economic) capital ratio 100%¹ 162% 162% Leverage ratio 7.0% 10.5% 10.3% Leverage ratio with callable capital 20.0% 27.6% 27.9% Liquidity survival horizon (days) 180 476 407 ¹ The Board of Governors also requires the Board of Directors to observe a monitoring threshold of 110% and the Bank is expected to operate at capital levels well above the monitoring threshold under normal circumstances. 2 Reported total equity used in calculated metrics as of 30 June 2025 instead of adjusted common equity (used as of 31 December 2024). CREDIT RISK EXPOSURE BY INTERNAL RATING BASED ON EXPECTED LOSS (EL) In millions of euro Risk S&P 30 June 2025 31 December 2024 Class Equivalent Lending Treasury Total Lending Treasury Total 1–2 AAA/AA+ 6,323 10,082 16,405 6,061 9,319 15,380 3–4 AA/AA- 1,101 1,618 2,719 1,090 1,469 2,559 5–6 A+/A 2,765 986 3,751 2,664 828 3,492 7–8 A-/BBB+ 7,379 186 7,565 6,869 160 7,029 9–10 BBB/BBB- 6,869 55 6,925 6,652 63 6,715 11–12 BB+/BB 1,342—1,342 1,223—1,223 13–14 BB/BB- 293—293 296—296 15–16 BB-/B+ 41—41 81—81 17–18 B/B- 111—111 22—22 19–20 B-/CCC — — — D 90—90 92—92 Total 26,314 12,928 39,242 25,050 11,839 36,889 Class D Gross 105—105 108—108 Impairment 15—15 16—16 Net 90 0 90 92 0 92 RISK MANAGEMENT—CAPITAL AND LIQUIDITY NIB maintained strong capital and liquidity positions throughout the first half of the year, despite the challenging macro-financial and geopolitical environment. The total economic capital requirement as of 30 June 2025 was EUR 3,444 million. With total equity of EUR 4,600 million, the capital headroom – equity net of the total economic capital requirement – was approximately EUR 1,156 million compared to EUR 1,221 million at year-end 2024 or 25% of equity compared to 27% of equity as of 31 December 2024. The economic capital ratio was approximately 162% compared to 100% Statutory requirement. The leverage ratio was approximately 10.5% compared to 7.0% Statutory requirement. The liquidity survival horizon was 476 days at the end of June 2025 compared to 407 days at year-end 2024. The liquidity headroom (liquidity buffer net of the 12-months liquidity requirement) was EUR 1.8 billion compared to EUR 2.9 billion as of 31 December 2024. The liquidity coverage ratio (LCR) was 5,878% and the net stable funding ratio (NSFR) was 167% as of 30 June 2025 compared to 6,782% and 169% as of 31 December 2024, respectively. Asset quality remained solid, with 93% of lending credit exposure within the investment-grade category as of 30 June 2025 compared to 93% at year-end 2024. In terms of geographical distribution, 97% of lending exposure was to counterparties in Nordic-Baltic countries compared to 98% as of 31 December 2024. Q2 INTERIM FINANCIAL REPORT / 11

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In thousands of euro Note Jan–Jun 2025 Jan–Jun 2024 YoY change % Jan–Dec 2024 Interest income calculated using the effective interest method 554,555 642,763 -13.7% 1,261,657 Other interest income 274,948 339,354 -19.0% 659,395 Interest expense -656,844 -820,550 -20.0% -1,589,413 Net interest income (2) 172,659 161,567 6.9% 331,639 Commission income and fees received 3,076 4,252 -27.6% 6,257 Commission expense and fees paid -1,847 -1,188 55.5% -2,607 Net fee and commission income 1,229 3,064 -59.9% 3,650 Net profit/loss on financial operations (3) -3,155 12,402 -17,020 Foreign exchange gains and losses -60 -68 -11.8% -140 Total operating income 170,673 176,965 -3.6% 318,129 Expenses General administrative expenses Personnel expenses -20,338 -19,886 2.3% -37,982 Other administrative expenses -8,019 -7,706 4.1% -15,661 Depreciation -2,624 -2,617 0.3% -5,336 Total operating expenses -30,981 -30,210 2.6% -58,979 Profit before loan losses 139,692 146,756 -4.8% 259,150 Net loan losses (4) (5) -5,504 -3,977 38.4% -3,003 Net profit for the period 134,188 142,779 -6.0% 256,147 Other comprehensive income Items that will be reclassified to income statement Fair value hedges—valuation of cross currency basis spread -7,854 -5,743 36.8% 3,639 Items that will not be reclassified to income statement Changes in own credit risk on liabilities recorded at fair value -2,863 781 6,216 Total other comprehensive income -10,717 -4,962 9,855 Total comprehensive income 123,471 137,818 -10.4% 266,002 The accompanying notes are an integral part of these financial statements. Financial statements Statement of comprehensive income Q2 INTERIM FINANCIAL REPORT / 12

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Statement of financial position In thousands of euro Note 30 Jun 2025 30 Jun 20241 31 Dec 20241 Assets Cash and balances at banks 886,573 1,116,962 1,103,039 Placements with credit institutions 6,930,452 6,117,466 6,499,969 Debt securities 11,404,740 10,179,580 10,602,315 Other financial placements 217 175 223 Loans outstanding (6) 23,718,571 21,849,872 23,024,306 Intangible assets 12,704 9,891 11,157 Tangible assets, property and equipment 28,204 28,764 28,806 Derivatives 1,040,532 1,649,758 1,805,566 Other assets 25,250 662,325 28,372 Total assets 44,047,244 41,614,792 43,103,754 Liabilities and equity Amounts owed to credit institutions 154,607 746,042 931,872 Debts evidenced by certificates (7) 37,214,352 34,270,429 36,229,507 Derivatives 1,914,096 1,699,516 1,289,875 Other liabilities 164,145 474,416 99,926 Total liabilities 39,447,200 37,190,403 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 28,511 24,412 39,228 Profit available for appropriation 134,188 142,779 256,147 Total equity 4,600,044 4,424,389 4,552,573 Total liabilities and equity 44,047,244 41,614,792 43,103,754 1 Presentation of Statement of financial position has been reclassified, see note 10. The accompanying notes are an integral part of these financial statements. Q2 INTERIM FINANCIAL REPORT / 13

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In thousands of euro Paid-in capital Statutory reserve General credit risk fund Profit available for appropriation Changes in own credit risk on liabilities recorded at fair value Cost of hedging 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 ——142,779 — 142,779 Other comprehensive income — — 781 -5,743 -4,962 Total comprehensive income 0 0 0 142,779 781 -5,743 137,818 Transactions with owners in their capacity as owners Appropriation of profit — 187,659 -187,659 — 0 Dividends ——-63,000 — -63,000 Equity at 30 June 2024 845,543 836,884 2,574,771 142,779 5,391 19,020 4,424,389 Net profit for the period ——113,367 — 113,367 Other comprehensive income — — 5,434 9,382 14,817 Total comprehensive income 0 0 0 113,367 5,434 9,382 128,184 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 ——134,188 — 134,188 Other comprehensive income — — -2,863 -7,854 -10,717 Total comprehensive income 0 0 0 134,188 -2,863 -7,854 123,471 Transactions with owners in their capacity as owners Appropriation of profit — 180,147 -180,147 — 0 Dividends ——-76,000 — -76,000 Equity at 30 June 2025 845,543 836,884 2,754,917 134,188 7,963 20,548 4,600,044 The accompanying notes are an integral part of these financial statements. Statement of changes in equity Q2 INTERIM FINANCIAL REPORT / 14

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In thousands of euro Jan–Jun 2025 Jan–Jun 20241 Jan–Dec 20241 Cash flows from operating activities Net profit for the period 134,188 142,779 256,147 Adjustments: Unrealised gains/losses of financial assets and liabilities measured at fair value -357 -5,661 12,366 Hedge accounting ineffectiveness 6,020 -6,554 4,782 ECL non-lending activities -127 166 128 Net loan losses (ECL lending activities) 5,504 3,977 3,003 Depreciation and write-down in value of tangible and intangible assets 2,624 2,617 5,336 Other adjustments to the net profit for the period 2,220 4,792 8,056 Adjustments 15,884 -663 33,671 Change in operative assets Change in placements with credit institutions 455,725 353,321 -570,273 Change in debt securities -835,418 -179,230 -556,550 Change in other financial placements—3,583 3,583 Change in loans outstanding -750,865 -405,644 -1,600,499 Change in derivatives, net -187,754 8,956 198,357 Change in other assets 852 -361 13,776 Change in operative assets -1,317,460 -219,375 -2,511,607 Change in operative liabilities Change in amounts owed to credit institutions -776,839 255,169 442,091 Change in other liabilities 62,644 80,006 130,765 Change in operative liabilities -714,195 335,175 572,856 Cash flows from operating activities -1,881,582 257,917 -1,648,933 1 Presentation of Cash flow statement has been reclassified, see note 10. 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. Cash flow statement Q2 INTERIM FINANCIAL REPORT / 15

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In thousands of euro Jan–Jun 2025 Jan–Jun 20241 Jan–Dec 20241 Cash flows from investing activities Acquisition of intangible assets -2,243 -320 -2,272 Acquisition of tangible assets -964 -285 -1,945 Cash flows from investing activities -3,207 -605 -4,217 Cash flows from financing activities Debts evidenced by certificates New debt issuance 6,343,631 5,792,544 9,070,303 Redemptions -3,760,120 -4,914,139 -6,527,584 Debts evidenced by certificates 2,583,511 878,405 2,542,719 Dividend paid -76,000 -63,000 -63,000 Cash flows from financing activities 2,507,511 815,405 2,479,719 Change in cash and cash equivalents, net 622,722 1,072,717 826,569 Opening balance for cash and cash equivalents, net 1,767,453 963,805 963,805 Exchange rate adjustments -15,938 -26,676 -22,921 Closing balance for cash and cash equivalents, net 2,374,237 2,009,846 1,767,453 Change in cash and cash equivalents, net 622,722 1,072,717 826,569 Additional information to the statement of cash flows Interest received 890,345 1,003,489 1,841,803 Interest paid -659,466 -774,020 -1,452,822 In thousands of euro 30 Jun 2025 30 Jun 20241 31 Dec 20241 The following items are included in cash and cash equivalents, net Cash and balances at banks 886,573 1,116,962 1,103,039 Short-term placements with credit institutions 1,487,664 894,403 664,840 Short-term amounts owed to credit institutions—-1,519 -426 Cash and cash equivalents, net 2,374,237 2,009,846 1,767,453 1 Presentation of Cash flow statement has been reclassified, see note 10. 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. Q2 INTERIM FINANCIAL REPORT / 16

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Note 1: Segment information NET PROFIT/LOSS FOR THE PERIOD JANUARY-JUNE 2025 In thousands of euro Lending total Asset and liability management Portfolio management Treasury total Total Net interest income 106,005 7,010 59,644 66,654 172,659 Commission income and fees received 2,897 179—179 3,076 Commission expense and fees paid -307 -1,540—-1,540 -1,847 Net profit/loss on financial operations 262 -10,292 6,875 -3,417 -3,155 Foreign exchange gains and losses—-60—-60 -60 Operating expenses -20,065 -7,642 -3,275 -10,917 -30,981 Net loan losses -5,504 — 0 -5,504 Net profit/loss for the period ended 30 June 2025 83,290 -12,345 63,244 50,899 134,188 Notes to the interim financial statements Q2 INTERIM FINANCIAL REPORT / 17

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NET PROFIT/LOSS FOR THE PERIOD JANUARY-JUNE 2024 In thousands of euro Lending total Asset and liability management Portfolio management Treasury total Total Net interest income 93,653 7,780 60,135 67,915 161,567 Commission income and fees received 4,062 190—190 4,252 Commission expense and fees paid -76 -1,112 0 -1,112 -1,188 Net profit/loss on financial operations 4,633 -9,303 17,072 7,769 12,402 Foreign exchange gains and losses—-68—-68 -68 Operating expenses -19,302 -7,635 -3,272 -10,907 -30,210 Net loan losses -3,977 — 0 -3,977 Net profit/loss for the period ended 30 June 2024 78,993 -10,149 73,935 63,786 142,779 NET PROFIT/LOSS FOR THE PERIOD JANUARY-DECEMBER 2024 In thousands of euro Lending total Asset and liability management Portfolio management Treasury total Total Net interest income 195,880 12,460 123,299 135,759 331,639 Commission income and fees received 5,959 298—298 6,257 Commission expense and fees paid -353 -2,254 0 -2,254 -2,607 Net profit/loss on financial operations 3,602 -20,537 -85 -20,622 -17,020 Foreign exchange gains and losses—-140—-140 -140 Operating expenses -38,595 -14,269 -6,115 -20,385 -58,979 Net loan losses -3,003 — 0 -3,003 Net profit/loss for the year ended 31 December 2024 163,490 -24,442 117,099 92,657 256,147 Q2 INTERIM FINANCIAL REPORT / 18

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Note 2: Net interest income In thousands of euro Jan–Jun 2025 Jan–Jun 2024 Jan–Dec 2024 Interest income Cash and balances at banks 12,767 19,590 37,147 Placements with credit institutions 18,837 31,504 53,109 Debt securities 44,085 33,490 72,867 Loans outstanding 442,295 481,800 961,373 Derivatives 36,570 76,378 137,161 Interest income calculated using the effective interest method 554,555 642,763 1,261,657 Placements with credit institutions 93,553 102,608 203,840 Debt securities 99,463 88,742 186,125 Derivatives 81,931 147,960 269,385 Other financial assets measured at fair value—45 45 Other interest income 274,948 339,354 659,395 Total interest income 829,503 982,117 1,921,052 Interest expense Placements owed to credit institutions -6,159 -13,997 -25,836 Debts evidenced by certificates -550,927 -472,643 -980,750 Derivatives -99,758 -333,910 -582,827 Total interest expense -656,844 -820,550 -1,589,413 Net interest income 172,659 161,567 331,639 Note 3: Net profit/loss on financial operations In thousands of euro Jan–Jun 2025 Jan–Jun 2024 Jan–Dec 2024 Financial instruments measured at fair value, realised gains and losses 5,739 288 398 Financial instruments measured at fair value, unrealised gains and losses 357 5,661 -12,366 Financial instruments measured at amortised cost, realised gains and losses -3,359 66 -142 Expected credit loss on financial placements 127 -166 -128 Hedge accounting ineffectiveness -6,020 6,554 -4,782 Net profit/loss on financial operations -3,155 12,402 -17,020 Q2 INTERIM FINANCIAL REPORT / 19

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Note 5: Net loan losses In thousands of euro Jan–Jun 2025 Jan–Jun 2024 Jan–Dec 2024 Change in expected credit loss on Stage 1 and 2 loans -5,504 1,249 4,120 Change in expected credit loss on Stage 3 loans—-5,282 -7,180 Expected credit loss -5,504 -4,034 -3,061 Recoveries on claims—57 57 Net loan losses -5,504 -3,977 -3,003 There were no realised losses for the periods Jan-Jun 2025, Jan-Jun 2024 or Jan-Dec 2024. In thousands of euro Stage 1 Stage 2 Stage 3 Total Balance at 31 December 2023 53,563 10,001 8,732 72,295 Transfer to Stage 1 208 -208—0 Transfer to Stage 2 -294 294—0 Transfer to Stage 3—-3,529 3,529 0 New assets originated or disbursed 13,437 — 13,437 Amortisations and repayments -20,083 -2,554—-22,638 Impact of remeasurement on existing assets 8,256 3,391 1,753 13,401 Foreign exchange adjustments and other changes — 76 76 Net change income statement 1,523 -2,606 5,358 4,276 Realised losses ——0 Balance at 30 June 2024 55,086 7,395 14,090 76,571 Transfer to Stage 1 374 -374—0 Transfer to Stage 2 -572 572—0 Transfer to Stage 3 -537—537 0 New assets originated or disbursed 3,109 653—3,763 Amortisations and repayments 9,164 1,478—10,642 Impact of remeasurement on existing assets -15,524 -1,253 1,361 -15,416 Foreign exchange adjustments and other changes — 524 524 Net change income statement -3,986 1,077 2,422 -487 Realised losses ——0 Balance at 31 December 2024 51,100 8,472 16,512 76,084 Transfer to Stage 1 3,147 -3,147—0 Transfer to Stage 2 -4,023 4,023—0 Transfer to Stage 3 ——0 New assets originated or disbursed 14,667 75—14,742 Amortisations and repayments -19,406 -3,548—-22,954 Impact of remeasurement on existing assets 4,334 9,255—13,588 Foreign exchange adjustments and other changes — -912 -912 Net change income statement -1,282 6,659 -912 4,466 Realised losses ——0 Balance at 30 June 2025 49,818 15,131 15,601 80,550 Note 4: Expected credit loss ECL—STATEMENT OF FINANCIAL POSITION In thousands of euro 30 Jun 2025 30 Jun 2024 31 Dec 2024 Loans outstanding1 74,742 70,136 70,388 Commitments (recorded in other liabilities) 4,410 4,872 4,171 Financial placements 1,398 1,563 1,525 Total 80,550 76,571 76,084 1 Including write-down of accrued interest ECL—STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan–Jun 2025 Jan–Jun 2024 Jan–Dec 2024 Net profit/loss on financial operations (Note 3) 127 -166 -128 Net loan losses (Note 5) -5,504 -4,034 -3,061 Foreign exchange gains and losses 912 -76 -600 Total recognised in income statement -4,466 -4,276 -3,789 Q2 INTERIM FINANCIAL REPORT / 20

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Note 6: Financing outstanding In thousands of euro Jan–Jun 2025 Jan–Jun 2024 Jan–Dec 2024 Opening balance 23,573,771 22,075,500 22,075,500 New financing 2,007,900 1,896,428 4,352,883 Amortisations -1,088,840 -839,833 -1,940,977 Prepayments -30,325 -633,497 -713,693 Changes in expected credit losses -5,265 -4,374 -4,104 Foreign exchange changes -103,391 -120,537 -255,202 Fair value adjustments 4,092 3,268 6,954 Hedge accounting adjustments 54,042 -39,374 69,000 Other movements -13,586 -3,712 -16,590 Closing balance 24,398,397 22,333,869 23,573,771 Loans outstanding 23,718,571 21,849,872 23,024,306 Investments in lending bonds 679,826 483,997 549,464 Total financing outstanding 24,398,397 22,333,869 23,573,771 In thousands of euro Jan–Jun 2025 Jan–Jun 2024 Jan–Dec 2024 Opening balance 36,229,507 32,496,123 32,496,123 New debt issuance 6,343,631 6,421,774 9,070,303 Amortisations -3,477,451 -4,904,893 -6,453,138 Calls and buy backs -282,670 -9,246 -74,446 Foreign exchange changes -1,923,934 415,709 699,271 Fair value adjustments 17,520 -11,060 -8,880 Hedge accounting adjustments 275,070 -177,694 353,922 Other 32,679 39,717 146,353 Closing balance 37,214,352 34,270,429 36,229,507 Note 7: Debts evidenced by certificates Q2 INTERIM FINANCIAL REPORT / 21

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In thousands of euro Amortised cost (AC) Fair value through profit and loss (FVTPL) Designated at fair value through profit and loss (FVO) Derivatives designated as hedging instruments Total Financial assets Cash and balances at banks 886,573 ——886,573 Placements with credit institutions 1,684,838 5,245,614 — 6,930,452 Debt securities 4,209,156 7,195,584 — 11,404,740 Other financial placements—217 — 217 Loans outstanding 23,718,571 ——23,718,571 Derivatives—440,078—600,454 1,040,532 Total 30 June 2025 30,499,138 12,881,493 0 600,454 43,981,085 Financial liabilities Amounts owed to credit institutions 154,607 ——154,607 Debts evidenced by certificates 36,562,420—651,933—37,214,352 Derivatives—642,723—1,271,373 1,914,096 Total 30 June 2025 36,717,027 642,723 651,933 1,271,373 39,283,055 Note 8: Classification of financial instruments In thousands of euro Amortised cost (AC) Fair value through profit and loss (FVTPL) Designated at fair value through profit and loss (FVO) Derivatives designated as hedging instruments Total Financial assets Cash and balances at banks 1,116,962 ——1,116,962 Placements with credit institutions 1,241,101 4,876,365 — 6,117,466 Debt securities 3,751,077 6,428,503 — 10,179,580 Other financial placements—175 — 175 Loans outstanding 21,849,872 ——21,849,872 Derivatives—930,925—718,833 1,649,758 Total 30 June 2024 27,959,011 12,235,968 0 718,833 40,913,812 Financial liabilities Amounts owed to credit institutions 746,042 ——746,042 Debts evidenced by certificates 33,370,956—899,473—34,270,429 Derivatives—129,836—1,569,680 1,699,516 Total 30 June 2024 34,116,998 129,836 899,473 1,569,680 36,715,987 Q2 INTERIM FINANCIAL REPORT / 22

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In thousands of euro Amortised cost (AC) Fair value through profit and loss (FVTPL) Designated at fair value through profit and loss (FVO) Derivatives designated as hedging instruments Total Financial assets Cash and balances at banks 1,103,039 ——1,103,039 Placements with credit institutions 908,319 5,591,650 — 6,499,969 Debt securities 3,954,368 6,647,947 — 10,602,315 Other financial placements—223 — 223 Loans outstanding 23,024,306 ——23,024,306 Derivatives—1,018,190—787,376 1,805,566 Total 31 December 2024 28,990,033 13,258,010 0 787,376 43,035,419 Financial liabilities Amounts owed to credit institutions 931,872 ——931,872 Debts evidenced by certificates 35,468,747—760,760—36,229,507 Derivatives—136,633—1,153,242 1,289,875 Total 31 December 2024 36,400,619 136,633 760,760 1,153,242 38,451,254 Q2 INTERIM FINANCIAL REPORT / 23

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Note 9: Fair value of financial instruments FAIR VALUE MEASUREMENT FOR FINANCIAL INSTRUMENTS 30 Jun 2025 30 Jun 2024 31 Dec 2024 In thousands of euro Carrying amount Fair value Carrying amount Fair value Carrying amount Fair value Financial assets Cash and balances at banks 886,573 886,573 1,116,962 1,116,962 1,103,039 1,103,039 Placements with credit institutions 6,930,452 6,930,629 6,117,466 6,117,429 6,499,969 6,500,310 Debt securities 11,404,740 11,392,013 10,179,580 10,067,474 10,602,315 10,567,263 Other financial placements 217 217 175 175 223 223 Loans outstanding 23,718,571 23,833,866 21,849,872 22,018,100 23,024,306 23,096,503 Derivatives 1,040,532 1,040,532 1,649,758 1,649,758 1,805,566 1,805,566 Total 43,981,085 44,083,830 40,913,812 40,969,897 43,035,419 43,072,905 Financial liabilities Amounts owed to credit institutions 154,607 154,607 746,042 746,042 931,872 931,872 Debts evidenced by certificates 37,214,352 35,080,557 34,270,429 34,182,263 36,229,507 36,027,146 Derivatives 1,914,096 1,914,096 1,699,516 1,699,516 1,289,875 1,289,875 Total 39,283,055 37,149,260 36,715,987 36,627,821 38,451,254 38,248,894 Q2 INTERIM FINANCIAL REPORT / 24

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LEVEL OF FAIR VALUE MEASUREMENT FOR FINANCIAL INSTRUMENTS NOT HELD AT FAIR VALUE ON THE BALANCE SHEET 30 Jun 2025 30 Jun 2024 31 Dec 2024 In thousands of euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Cash and balances at banks 886,573 — 1,116,962 — 1,103,039 — Placements with credit institutions—1,685,014 — 1,241,064 — 908,660—Debt securities 4,193,620—2,809 3,635,441—3,530 3,916,299—3,017 Loans outstanding¹ — 23,833,866—22,018,100 — 23,096,503—Derivatives—589,999 10,455—706,135 12,698—777,078 10,298 Total 5,080,193 2,275,014 23,847,130 4,752,403 23,965,299 16,227 5,019,338 24,782,242 13,315 Financial liabilities Amounts owed to credit institutions—154,607 — 746,042 — 931,872—Debts evidenced by certificates—34,273,551 155,073—33,125,843 156,947—35,249,122 17,264 Derivatives—1,232,805 38,568—1,533,527 36,152—1,117,279 35,963 Total 0 35,660,963 193,641 0 35,405,413 193,099 0 37,298,273 53,227 1 All loans to clients moved to level 3 at 30 June 2025. LEVEL OF FAIR VALUE MEASUREMENT FOR FINANCIAL INSTRUMENTS HELD AT FAIR VALUE ON THE BALANCE SHEET 30 Jun 2025 30 Jun 2024 31 Dec 2024 In thousands of euro Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Financial placements with credit institutions—5,245,614 — 4,876,365 — 5,591,650—Debt securities 7,195,584 — 6,428,503 — 6,647,947 — Other financial placements — 217 — 175 — 223 Derivatives—425,773 14,305—922,614 8,311—1,009,660 8,530 Total 7,195,584 5,671,387 14,522 6,428,503 5,798,979 8,486 6,647,947 6,601,309 8,753 Financial liabilities Debts evidenced by certificates—462,365 189,567—716,641 182,832—575,800 184,960 Derivatives—636,400 6,323—111,821 18,015—120,364 16,269 Total 0 1,098,765 195,890 0 828,463 200,847 0 696,164 201,230 Q2 INTERIM FINANCIAL REPORT / 25

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CHANGES IN FAIR VALUES OF FINANCIAL INSTRUMENTS HELD AT FAIR VALUE AND CATEGORISED AT LEVEL 3 Financial assets Financial liabilities In thousands of euro Other financial placements Derivative assets Level 3, total assets Debts evidenced by ceritificates Derivative Liabilities Level 3, total liabilities Balance at 31 December 2023 3,614 12,871 16,485 189,983 11,442 201,426 New trades — 0 — 0 Matured, buy backs and calls -3,583—-3,583 — 0 Fair value adjustments 144 -1,409 -1,266 -6,185 5,199 -986 Foreign exchange changes—-3,150 -3,150 -966 1,373 407 Balance at 30 June 2024 175 8,311 8,486 182,832 18,015 200,847 New trades — 0 — 0 Matured, buy backs and calls — 0 — 0 Fair value adjustments 49 -262 -213 -1,679 -1,656 -3,335 Foreign exchange changes—481 481 3,807 -90 3,718 Balance at 31 December 2024 223 8,530 8,753 184,960 16,269 201,230 New trades — 0 — 0 Matured, buy backs and calls — 0 — 0 Fair value adjustments -6 3,587 3,581 14,041 -8,662 5,380 Foreign exchange changes—2,187 2,187 -9,435 -1,284 -10,719 Balance at 30 June 2025 217 14,305 14,522 189,567 6,323 195,890 Q2 INTERIM FINANCIAL REPORT / 26

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Q2 INTERIM FINANCIAL REPORT / 27 Note 10: Basis of preparation This interim management statement is presented in accordance with IAS 34 Interim Financial Reporting. In addition, Accrued interest and fees receivables/payables have also been reallocated to their respective The accounting policies and methods of computation are the same as described in Note 1 Accounting ?nancial instrument line items. The total balances reclassi?ed from Accrued interest and fees receivable policies of NIB's Financial Report 2024. This report should be read in conjunction with NIB's 2024 audited as of 30 June 2024, 31 December 2024 and 31 March 2025 amounted to EUR 510 million, EUR 612 million IFRS financial statements. The International Accounting Standards Board (IASB) has amended a number of and EUR 591 million, respectively. The total balances reclassi?ed from Accrued interest and fees payable standards, however they have not had any signi?cant impact on the Bank's ?nancial statements. as of 30 June 2024, 31 December 2024 and 31 March 2025 amounted to EUR 403 million, EUR 466 million and EUR 408 million, respectively. Also, the Total equity section has been enhanced to provide a more There have been no material changes in the used accounting judgements, estimates and assumptions detailed breakdown. It now includes Paid-in capital, Statutory reserve, General credit risk fund, Other that may affect the Bank's profits, its financial position and other information presented. Significant reserves and Pro?t available for appropriation. judgements and estimates are applied mainly to loan impairment testing and valuations of ?nancial assets and liabilities. In the Cash ?ow statement, the de?nition of Cash and cash equivalents, net has been updated to align with the revised classification. Furthermore, the presentation of changes in balance sheet items has been NIB's business model gives rise to credit, market and liquidity risks which are managed through sound adjusted to reflect the new structure. banking principles and practices. There have been no significant changes in the Bank's exposures to these risks compared to those described in Note 2 Risk management in the 2024 IFRS financial statements. For Based on further analysis on counterparty credit risk the Bank has classi?ed all loans to clients on level 3 more information see section Risk Management in this report. in fair value hierarchy starting from 30 June 2025. The majority of these loans were previously classi?ed on level 2. 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 ?nancial statements. In addition to the above, the bank has revised certain terminology related to its lending activities. Speci?cally, the term New lending disbursed has been replaced with New ?nancing to more accurately The Bank has made changes to the presentation of its Statement of ?nancial position and Cash ?ow reflect the nature and scope of activities undertaken by the Bank's lending organisation. statement to enhance clarity, improve transparency, and ensure compliance with IFRS reporting standards. These changes are presentation-related only and have no impact on the reported total assets There have been no material post balance sheet events that would require disclosure or adjustment to or total equity. As a result of the reclassification in the Statement of financial position, notes 6, 7, 8 and 9 these financial statements. have also been updated accordingly. KEY RATIO DEFINITIONS In the Statement of ?nancial 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 pro?t for the period Return on equity = short-term commercial papers have been reclassi?ed under Placements with credit institutions. The total Average equity for the period balances reclassi?ed from Cash and cash equivalents to Placements with credit institutions as of 30 June 2024, 31 December 2024 and 31 March 2025 amounted to EUR 1,628 million, EUR 1,031 million Total operating expenses for the period Cost/income = and EUR 2,221 million, respectively. Total operating income for the period

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Signed by the Board of Directors and the President Q2 INTERIM FINANCIAL REPORT / 28 HELSINKI, 13 AUGUST 2025 Julie Sonne (Deputy Chair of the Board) Merle Wilkinson (Chair of the Board) Minna Nikitin Esther Finnbogadóttir Līga Kļaviņa Jurgita Uzielienė Kristin Langeland Ervik Max Elger André Küüsvek (President & CEO)

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Q2 INTERIM FINANCIAL REPORT / 29 Review Opinion To the Board of Directors of the Nordic Investment Bank Report on Review of Interim Financial Report INTRODUCTION CONCLUSION We have reviewed the accompanying condensed interim statement of ?nancial position of the Nordic Based on our review, nothing has come to our attention that causes us to believe that the accompanying Investment Bank as of June 30, 2025 and the related condensed interim statement of comprehensive condensed interim financial information is not prepared, in all material respects, in accordance with income, statement of changes in equity and statement of cash flows for the six-month period then International Accounting Standard (IAS) 34, "Interim Financial Reporting". ended and notes, comprising material accounting policy information and other explanatory notes. The Board of Directors and President of the Nordic Investment Bank are responsible for the preparation and RESTRICTION ON DISTRIBUTION AND USE presentation of this condensed interim financial information in accordance with International Accounting Our report is intended only for the benefit of the Nordic Investment Bank's Board of Directors and the Standard (IAS) 34, "Interim Financial Reporting". Our responsibility is to express a conclusion on this report has been prepared in accordance with the terms of our engagement. We are responsible for our condensed interim ?nancial information based on our review. work, the report and our conclusion we have presented only to the Nordic Investment Bank, not to third parties. SCOPE OF REVIEW We conducted our review in accordance with International Standard on Review Engagements 2410, Helsinki, 13 August 2025 'Review of interim ?nancial information performed by the independent auditor of the entity'. A review of interim ?nancial information consists of making inquiries, primarily of persons responsible for ?nancial PricewaterhouseCoopers Oy Öhrlings PricewaterhouseCoopers AB and accounting matters, and applying analytical and other review procedures. A review is substantially Authorised Public Accountants less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all signi?cant matters that might be identi?ed in an audit. Accordingly, we do not express an audit opinion. Jukka Paunonen Peter Sott Authorised Public Accountant (KHT) Authorised Public Accountant

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

## Ex-99.X

**Exhibit X** 

Consent of Independent Auditors

The Board of Directors

Nordic Investment Bank

We consent to the incorporation by reference in the registration statement (No. 333-250159) on Schedule B of Nordic Investment Bank of our report dated 13 August 2025, with respect to the statement of financial position of Nordic Investment Bank as of 30 June 2025 and the related statement of comprehensive income, statement of changes in equity and cash flow statements for the six-month period then ended, and a summary of significant accounting policies and other explanatory notes to the interim financial statement, which report appears in this Amendment No. 2 to the 31 December 2024 Annual Report on Form 18-K/A.

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| | |
|:---|:---|
| /s/ Jukka Paunonen | /s/ Peter Sott |
| Jukka Paunonen | Peter Sott |
| Authorized Public Accountant | Authorized Public Accountant |
| PricewaterhouseCoopers Oy (KHT) | Öhrlings PricewaterhouseCoopers AB |
| Itämerentori 2 | Torsgatan 21 |
| FI-00101 Helsinki, Finland | SE-113 97 Stockholm, Sweden |

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14 August 2025