Core Insights - OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Pohjola, which changed its name on 28 October 2025 [1] - The financial standing of OP MB remains stable, with bonds issued totaling EUR 14,800 million by the end of September 2025 [2][5] Financial Performance - Operating profit for the reporting period was EUR 4.3 million, down from EUR 6.4 million in the previous year [5] - The Common Equity Tier 1 (CET1) ratio decreased to 377.0% from 797.0% due to an increase in total risk exposure amount [8][13] Bond Issuance and Collateralization - OP MB issued a fixed-rate covered bond of EUR 1 billion in April 2025, with proceeds intermediated to 38 OP cooperative banks [4][42] - The cover pool for bonds issued under the Euro Medium Term Covered Bond (Premium) programme totaled EUR 8,052 million in loans as of 30 September 2025, exceeding the minimum overcollateralization requirement [6][7] Capital Adequacy - OP MB's CET1 capital requirement is fully covered, with a minimum requirement of 10.5% [9] - The total risk exposure amount increased significantly to EUR 96,736 thousand from EUR 45,755 thousand in the previous year [12] Risk Management - OP MB has a strong capital base and risk-bearing capacity, with key credit risk indicators showing stability [37] - Interest rate swaps are utilized to hedge against interest rate risk, maintaining control over interest risk exposure [38] Sustainability Initiatives - OP Pohjola is committed to sustainability, reporting in accordance with the European Sustainability Reporting Standards [27][28] - The company has issued green covered bonds, with environmental impacts including 58,000 MWh of energy use avoided and 5,500 tonnes of CO2-equivalent emissions avoided in 2024 [32][33] Governance and Personnel - OP MB had six employees at the end of the reporting period, with key support services digitized and sourced from OP Cooperative [34] - The Board of Directors includes members with significant experience in finance and banking [35][36]

SG SFH & SG SCF Structure Overview - SG SFH and SG SCF are two issuers operating under strict regulation with similar structures, aiming for transparency and investor protection[6, 9] - Both programs have been awarded the European Covered Bond 'Premium' Label since July 8th, 2022[7, 19] - The legal framework includes a Legal Cover Ratio of 105%[15] - Covered bonds benefit from a preferential regulatory treatment, with a 10% Risk Weight under Capital Requirements Regulations (CRR)[19] - Overcollateralization is maintained at levels exceeding regulatory requirements, with SG SFH at 20% and SG SCF at 35% as of June 30, 2023[19] SG SFH Covered Bond Program - SG SFH has a EUR 70 billion program listed in Paris and is rated Aaa/AAA by Moody's/Fitch Ratings[13] - The collateral pool consists of French home loans originated only by SG Group Retail network[13] - As of June 30, 2023, the total cover pool is EUR 5581 billion, comprising EUR 4728 billion from Société Générale and EUR 853 billion from online banks[34] - The cover pool consists of 445,545 loans with an average loan balance of EUR 1253k, a WA LTV of 6764%, and a WAL of 96 months[63] - As of June 30, 2023, the program has an issuance capacity of EUR 2055 billion[85] SG SCF Covered Bond Program - SG SCF has a EUR 20 billion program listed in Paris and is rated Aaa/AAA by Moody's/Standard & Poor's[13] - The collateral pool consists of public sector exposures only, including sovereign, municipalities, and export credit agencies[13] - As of June 30, 2023, the cover pool is EUR 1657 billion, with 62% from SG and 38% from investment entities[102] - The cover pool has a WAL of 73 months and 89% of the exposures are denominated in EUR, with 11% in USD[102] - As of June 30, 2023, the program has an issuance capacity of EUR 1135 billion[117]

Core Points - A correction has been made regarding the maturity dates for bonds DK0009549933 and DK0009549859, changing the maturity date from 10 January 2029 to 1 October 2029 due to an internal error [1][6] Group 1: Auction Terms - All other terms related to the bond auctions remain unchanged [2] - The auction for DK0009549933 is scheduled for 20 August 2025, with a total offering of DKK 11,800 million [4] - The auction for DK0009549859 is scheduled for 21 August 2025, with a total offering of DKK 16,400 million [4] Group 2: Additional Information - Questions regarding the bond sale can be directed to Nykredit Realkredit A/S, Group Treasury [2] - The Nykredit Group is not obligated to sell the announced offering, and changes may occur following loan disbursements during the auction period [4] - A determination of sufficient purchasers for the covered bonds must be made by the second-last business day of the quarter, with immediate market notification required [5]

Core Insights - OP Mortgage Bank (OP MB) reported stable financial standing with a total bond issuance of EUR 15.8 billion as of June 2025, consistent with the previous year [2][4] - The company issued its first covered bond of the year in April 2025, amounting to EUR 1 billion with a maturity of five years and three months, all proceeds were allocated to 38 OP cooperative banks [4][38] - OP MB's Common Equity Tier 1 (CET1) ratio was reported at 374.1%, a decrease from 797.0% due to an increase in total risk exposure amount following regulatory changes [8][13] Financial Standing - Total bonds issued by OP MB reached EUR 15.8 billion, with intermediary loans from OP MB to 75 cooperative banks also totaling EUR 15.8 billion [2] - Operating profit for the reporting period was EUR 2.9 million, down from EUR 4.4 million in the previous year [4] Capital Adequacy - CET1 capital stood at EUR 364.7 million, fully covering the capital requirements, which include a minimum CET1 capital requirement of 4.5% and a capital conservation buffer of 2.5% [8][11] - The total risk exposure amount increased significantly to EUR 97.5 million from EUR 45.8 million, primarily due to changes in the regulatory framework [12][14] Collateralisation of Bonds - The cover pool for the Euro Medium Term Covered Bond (Premium) Programme included EUR 8.1 billion in loans as collateral, exceeding the minimum overcollateralisation requirements [6][7] - OP MB's MREL ratio was reported at 374% of the total risk exposure amount, indicating a strong buffer above the required levels [17] Sustainability and Corporate Responsibility - OP Financial Group has committed to sustainability reporting in line with the European Sustainability Reporting Standards (ESRS) [26] - The Group's sustainability programme focuses on climate, community, and corporate governance, aiming for a net positive impact on nature by 2030 [27][28] Personnel and Governance - OP MB had six employees at the end of the reporting period, with key support services being digitized and sourced from OP Cooperative and its subsidiaries [31] - The governing body includes a Chair and several members from OP Cooperative and OP Corporate Bank, ensuring strong oversight [32] Risk Profile - OP MB maintains a strong capital base and risk-bearing capacity, with credit risk exposure remaining stable [33][34] - The liquidity coverage ratio (LCR) for OP Financial Group was reported at 213%, indicating robust liquidity management [35]

Financial Standing - OP Mortgage Bank (OP MB) reported intermediary loans and bonds issued totaling EUR 14,800 million at the end of March 2025 [2][3] - The operating profit for the period was EUR 1.7 million, a decrease from EUR 2.3 million in the previous year [4] Capital Adequacy - OP MB's Common Equity Tier 1 (CET1) ratio decreased to 372.0% from 797.0% due to an increase in total risk exposure amount following regulatory changes [8][11] - The total risk exposure amount increased significantly to EUR 98,034 thousand from EUR 45,755 thousand [10][11] Collateralisation of Bonds - The cover pool for the Euro Medium Term Covered Bond (Premium) programme included EUR 6,882 million in loans as collateral, with overcollateralisation exceeding the minimum requirement [6] - The Euro Medium Term Covered Note programme had a cover pool of EUR 9,468 million, also exceeding the minimum requirement [7] Risk Profile - OP MB has a strong capital base and risk-bearing capacity, with key credit risk indicators showing stable credit risk exposure [28] - The liquidity coverage ratio (LCR) for OP Financial Group was reported at 202%, indicating strong liquidity management [29] Outlook - The global economic outlook is weakening, with the Finnish economy expected to grow less than previously anticipated, leading to increased uncertainty [32] - OP MB's capital adequacy is expected to remain strong, allowing for future issuance of covered bonds [33]