Sydbank (SYDB) Q4 2025 earnings summary

Executive summary

• Completed merger between Sydbank and AL Group, resulting in significant increases in assets, employees, and branches.

• Profit for 2025 was DKK 1,893m, with a reported ROTE of 12.1% after tax; adjusted ROTE was 17.1%.

• Core income for 2025 was DKK 7,174m, slightly down from DKK 7,227m in 2024, with added entities contributing DKK 483m.

• Merger resulted in goodwill of DKK 7.7bn recognized as an intangible asset.

Financial highlights

• Profit for 2025 was DKK 1,893m, down from DKK 2,762m in 2024.

• Core income for 2025 was DKK 7,174m, compared to DKK 7,227m in 2024.

• Costs (core earnings) increased to DKK 3,715m in 2025 from DKK 3,312m in 2024.

• Impairment charges for loans and advances were DKK 297m in 2025, with DKK 161m as day-one loss.

• Proposed dividend of DKK 25 per share, totaling DKK 2,145m.

Outlook and guidance

• Profit after tax for 2026 is expected in the range of DKK 3,500–4,000m.

• Forecast assumes stable Danish central bank rates; outlook subject to macroeconomic and market uncertainties.