Responsible Investments Report 2025

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Contents Facing Forward

3 5 5 6 7 8

ESG highlights

2025 at a glance

ESG highlights of the year

ESG Awards

Active in the global RI Community New investor initiatives 2025

10 12 13 13 16 17 21 22 23 24 26 28 28 31 33 36 39

Sustainability at Nordea Group Responsible Investment approach

ESG Governance and Teams

Responsible Investment framework

Responsible Investment Strategies at NAM

Stewardship

Engagement

Voting

Stewardship Activities

Focus on Methane Engagement

ESG Focus Areas

Climate

Biodiversity

Human Rights

Good Governance

Outlook 2026

Nordea Nordea is the largest financial services group in the Nordic region (approx. 10 million personal customers and 600,000 corporate customers)1 and one of the biggest banks in Europe. We want to make a real difference – for our customers and for the communities in which we operate – by sharing our extensive expertise based on 200 years in the banking business. About Nordea Asset Management 2 Nordea Asset Management (NAM) is part of the Nordea Group. We are an active asset manager with a global business model, offering services to institutional clients in Europe, the Americas and Asia. We manage investments across the full spectrum of asset classes. Active ownership activities in investee companies are done on behalf of our unit holders 3 and clients. 3 Our third-party distribution franchise services a wide range of international fund distributors, including many of the leading global wealth managers. We distribute our products through banks, asset managers, independent financial advisors, insurance companies and family offices. Our client base is equally split between Nordea Group-related and external clients. With EUR 325bn (31 December 2025) in assets under management, we have been experiencing strong growth over the past decade. 1) As at 31.12.2025. 2) Nordea Asset Management is the functional name of the asset management business conducted by the legal entities Nordea Investment Funds S.A., Nordea Investment Management AB, and Nordea Funds Ltd and their branches and subsidiaries. Nordea Investment Funds S.A. is the management company and Nordea Investment Management AB is the investment manager of all funds belonging to NAM. 3) On behalf of the unitholders of Nordea Funds Ltd and Nordea Investment Funds S.A. Reference to companies or other investments mentioned should not be construed as a recommendation to the investor to buy or sell the same but is included for the purpose of illustration.

RI Annual Report 2025

Facing forward A Year of Resilience and Responsibility

The past year tested the resolve of the global sustainable investment community, with some scaling back their net-zero and sustainability efforts amid market and regulatory pressures. By staying true to our principles, NAM turned these challenges into opportunities, driving sustainable growth, deepening client trust and reaping rewards.

By year-end 2025, our ESG assets – comprising Article 8 and 9 funds under the EU's Sustainable Finance Disclosure Regula- tion – reached approximately €240 billion, representing over 70% of our total AuM. This reflects our firm-wide dedication to responsible investing and reflects our clients' continued demand for sustainable financial products. Last year, NAM won nearly €7 billion in new sustainability- focused mandates, demonstrating the trust our clients place in our ability to integrate sustainability considerations into robust investment strategies – as well as their commitment to decar- bonisation and responsible investment. We are especially proud of our sustainability-focused BetaPlus strategies. In June 2025, we expanded the range with the launch of our first BetaPlus Active ETFs, giving investors a new, flexible way to access this long-standing approach. By year- end, the BetaPlus Active ETF range had surpassed €3 billion in

AUM, with the BetaPlus Enhanced Global Sustainable Equity UCITS ETF becoming Europe’s largest sustainable active ETF just six months after launch, exceeding €2 billion. This rapid success highlights strong client demand and reflects the strat- egy’s ability to deliver consistent alpha 4 , robust risk manage- ment, and sustainability at its core. With this momentum behind us, we achieved meaningful impact through the 1391 engagements we participated last year. Our efforts were recognized independently, reflecting our commitment to sustainability and responsible investing. Notable highlights include the Sustainable Investment Awards, where Nordea 1 – Global Climate and Environment Fund was named Environmental Fund of the Year and Nordea 1 – Global Diversity Engagement Fund Social Fund of the Year; and the ICGN Global Stewardship Disclosure Award for NAM’s UK Stewardship Code.

4) There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money.

RI Annual Report 2025

Central to this approach is the principle that responsible invest- ing isn’t just about promoting accountability and mitigating risks; it is also about seizing the opportunities presented by the global transition to a more sustainable economy. We invite you to explore this report, which details our achieve- ments, strategies, and outlook in responsible investing. Thank you for your continued trust and partnership as we work together towards a more sustainable financial future.

We actively collaborate with prominent organizations to drive sustainable investment, including the ShareAction Chemicals Working Group, which engages European chemical companies to accelerate climate alignment with 1.5°C pathways through targeted, research-backed investor actions, and the Plastics Solutions Investor Alliance, which addresses corporate risks from plastic pollution while advancing multiple UN Sustainable Development Goals. We also partnered with The China Climate Engagement Initiative (CCEI), promoting green, low-carbon transitions in Chinese companies by leveraging institutional investors to foster deeper dialogue with industries. As we move forward, NAM remains committed to delivering investment strategies that generate strong financial returns while creating positive societal and environmental impact 5 .

Nils Bolmstrand, CEO of Nordea Asset Management

5) There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money.

ESG highlights

2025 at a glance

ESG Offering

Products

Assets under Management

New reports in 2025

4 Thematic Reports 19 ESG Reports

€ 325 bn total AuM 74% In RI solutions

260 Art. 8 funds 6 12 Art. 9 funds 6

ESG Capabilities

Voted

ESG Resources

Engaged 8

25 Dedicated ESG analysts 7 4 Governance Committees

1391 Engagements 50% Climate 19% Biodiversity 12% Human Rights 19% Good Governance

~3400 General meetings in 2025

ESG Leadership

Awards 9

Initiatives

Labels 10

36 International investor initiatives

4 ESG Awards won 9 ESG Awards shortlisted

2 European ESG labels

Net Zero Targets

By 2025

By 2030

By 2050

80% of Top 200 constributors to

100% of Top 200 constributors to financed emissions to be Paris-aligned or engaged to become so

Net zero emissions across all assets under management

financed emissions to be Paris- aligned or engaged to become so Phase out investments in coal- related companies without plans to achieve a full exit from coal by 2040

6) According to European SFDR classification, see page 51. 7) Data as of 31.12.2025. 8) Climate, Biodiversity, Human Rights, Good Gover- nance categorizations are not mutually exclusive. For analytical purposes, we count such instances separately under each applicable cat- egory. The resulting figures are then normalized to represent proportions of total engagements. 9) More information on ESG awards on page 7. 10) More information on labels on page 20.

ESG highlights

ESG highlights of the year

In 2025, we remained focused on reinforcing our ESG credentials and capabilities. We continued to drive real-world decarbonization through our climate strategies and proprietary tools.

Playing our part in real world decarbonisation Investors increasingly recognize climate change as a global crisis threatening the environment, society and economy. The last few years we have seen important steps towards adopting climate policies with a positive impact on achieving net zero emissions targets by 2050. At Nordea Asset Management, we do not believe net zero can be achieved purely through avoid- ance and exclusion. Climate has been a strategic focus for us since becoming a signatory to the UN-supported Principles for Responsible Investment (PRI) in 2007. Our proprietary Forward Decarbonization Tool is now avail- able across our investment boutiques. The tool provides a forward-looking view of companies’ potential decarbonization trajectories, supporting portfolio managers in making informed allocation and engagement decisions aligned with strategy- specific climate objectives. Our commitment to climate action was further recognized in late 2024 with our Methane Engage- ment Campaign receiving the 'Recognition for Action – Climate' award at the PRI Awards ceremony in Toronto, Canada. Expanding our capabilities In 2025, we expanded our Sustainable Thematic offering and launched two Article 9 11 funds: Nordea 1 – European High Yield Sustainable Climate Bond Fund and Nordea 2 – Global Edge Sustainable Equity Fund. These funds support asset allocators in building sustainable fixed income and multi-asset portfolios and demonstrate NAM’s continued ESG innovation. In 2025, we strengthened our deforestation screening by integrating AI-driven analysis into our assessment process. After identifying companies exposed to deforestation-risk commodities through third-party ESG and open-source data,

we deployed a custom AI tool aligned with the Accountability Framework Initiative Core Principles to assess the robustness of company policies. This allowed us to move beyond binary assessments and evaluate key elements such as commitments to eliminate deforestation, cut-off dates, and alignment with frameworks including SBTi FLAG. The enhanced approach pro- vides more granular insights to inform stewardship priorities, while we continue to assess its consistency and scalability. Maintaining our ESG credentials With more than 35 years of experience in sustainable invest- ing, we continue to earn recognition. In 2025, we ranked 5th among global asset managers in the RIBI ESG Brand Report, demonstrating our commitment to responsible investing and sustainable development. Additionally, our Nordea 1 – Global Climate and Environment Fund won "Environmental Fund of the year" and our Nordea 1 – Global Diversity Engagement Fund won "Social Fund of the year" at the Sustainable Invest- ment Awards 2025. Our credentials extend to international ESG labels and in 2025 12 , selected funds secured the Label ISR and Towards Sustainability labels, recognising the strength of our ESG products. We maintained our UK Stewardship Code signa- tory status, meeting the highest disclosure and reporting standards in the UK. In 2025, our latest UK Stewardship Code report received the 2025 ICGN Global Stewardship Disclosure Award. On top of this, all our funds received ESG4Real certi- fication 13 , confirming compliance with baseline responsible investment requirements, including exclusions, norms, con- ventions, ESG criteria and engagement standards. Additional- ly, some funds obtained Nummus Ethics Certification, aligning with CEI's ethical guidelines.

11) According to European SFDR classification, see page 51. 12) More information on ESG labels can be found in page 20. 13) ESG4Real is an independent label certifying the credibility and transparency of ESG and impact investment approaches. More information: https://www.esg4real.org.

ESG highlights

ESG Awards *

At Nordea Asset Management, we are proud to report a very important year in 2025 for our responsible investing efforts. Our commitment to ESG principles has earned us significant global recognition.

Nordea Asset Management Awards

In 2025, NAM won ICGN Global Stewardship Disclosure Award for NAM’s UK Stewardship Code reporting, recognising our commitment to transparency and high-quality stewardship practices.

In addition, in 2025 NAM was recognised by the Responsible Investment Brand Index (RIBI) as the "1st best asset manager in Scandinavia" and the "5th best asset manager globally", out of a universe of 600 asset managers assessed worldwide.

Fund Awards

In 2025 our Global Climate Environment Fund was awarded as “Environmental Fund of the year” and our Global Diversity Engagement Fund was awarded as “Social Fund of the year”, by the Environmental Finance – Sustainable Investment Awards 2025 .

* For certain awards (such as the Environmental Finance Sustainable Investment Awards), Nordea Asset Management submitted entries for consideration. No payments were made to influence the outcome, and all awards were determined independently by the awarding organisations based on their own methodologies and criteria.

ESG highlights

Active in the global RI community

Contributing actively to industry-wide responsible investment discussions and promoting.

Participating in investor initiatives is a way for us to exchange knowledge, shape the sustainable finance industry, and to benchmark and develop our own ESG approach and frame- work. During 2025, we were active in 36 investor initiatives across a broad range of ESG topics 14 . We were also active in several Sustainable Investment Forums (SIFs) throughout Europe and participated in numerous engagements in collabo- ration with other investors. While these initiatives and collaborative actions are an extremely important part of our work, we recognize that our role and responsibility in the RI community extend beyond these initiatives. We aim to engage with our stakeholders, to educate and learn. We do this by participating in events and discussions, contributing to publications, engaging with our clients and fostering academic collaborations. Industry Committees Representation In 2025, we continued to play an active role in several key industry initiatives and governance bodies. As founding members of the ISSB Investor Advisory Group 14 (formerly SASB's Investor Advisory Group), we helped shape global sustainability disclosure standards, with our Head of Responsible Investments, Eric Pedersen, representing NAM. We lead company disclosure engagements and demonstrate ISSB standards' investor applications across scenarios. Additionally, we have been supporters of Task Force on Cli- mate-related Financial Disclosures (TCFD) 14 framework, whose reporting principles have now been incorporated into the ISSB standards. These standards provide an important foundation for climate-related financial disclosures and support compa- nies in reporting on the climate risks and opportunities most relevant to their business activities. Our Head of Climate and Nature Team, Cecilia Fryklöf, partici¬pated on the steering committee of the Investor Initia- tive on Hazardous Chemicals (IIHC) 14 , addressing environmen- tal and financial risks associated with chemical use. Since 2018 we have held a unique position as the sole asset manager on the Advisory Board of the Pharmaceutical Supply Chain Initia- tive, promoting responsible practices in the industry. Magdalena Kettis from our Stewardship team serves on the management committee of the Investor Policy Dialogue on Deforestation (IPDD) 14 . Nordea is also an active member of the IPDD Brazil and Indonesia working groups, contributing to investor dialogue with policymakers on forest protection, land- use governance and sustainable supply chains. Additionally,

Magdalena serves on the Leadership Committee of the Corpo- rate Human Rights Benchmark (CHRB) 14 .

Nordea Asset Management is also a founding member of the multistakeholder initiative Guidance for Responsible Invest- ment in Defence (GRID), which focuses on developing guid- ance for responsible investments in the defence sector and is governed by a Steering Group of which we are members. During 2025 Kenn Urhøj, Head of our Sustainability Research team participated in work with interest groups looking into the SFDR 2 regulation. Nordea Investment Management participat- ed in FinanceDenmarks working group on Sustainable Invest- ments and the Eurosif SFDR advisory group. Further Kenn Urhøj participated in the Partnership for Carbon Accounting Finan- cials (PCAF) 14 working group on the methodology for financed emissions from structured products and covered bonds. Industry Conferences We actively contribute to responsible investment discussions by participating in leading industry conferences, roundtables and investor forums globally. These platforms enable us to share insights from our stewardship and ESG integration work, exchange perspectives with peers, and contribute to shaping best practice across the industry. In 2025, we participated in PRI in Person and several PRI-relat- ed events, contributing to discussions on sustainable finance, net zero alignment, stewardship, EU climate policy and emerg- ing sustainability risks. Representatives from our Responsible Investment and Climate & Nature teams engaged in panel dis- cussions and investor forums addressing topics such as climate transition pathways, sustainable finance regulation, corporate sustainability, and investor-company dialogue. Throughout the year, we also participated in investor forums and sustainability conferences across Europe, including inves- tor-company dialogues and sustainable finance events. At these events, we shared insights from our Methane Engage- ment campaign and our work with the Oil & Gas Methane Partnership 2.0 (OGMP 2.0) 14 , highlighting methane reduction as one of the most immediate and cost-effective levers for near-term decarbonisation. This work continues to position us as an active voice in advancing investor expectations on methane transparency, target-setting and implementation. In October 2025 we joined IIGCC and a select group of investor members in a delegation to Brussels to underscore the impor- tance of continued EU climate leadership and the development of the EU’s sustainable finance framework. The delegation met

14) More information about RI Initiatives can be found in the appendix page 43.

ESG highlights

our commitment to both collective and direct approaches in promoting sustainable practices.

with representatives from the European Commission, including DG CLIMA and DG FISMA, and emphasised the importance of the timely and full implementation of the EU Methane Regula- tion. We also participated as a panellist at the Danish Parlia- ment discussing Denmark’s role in global methane reduction and implementation of the EU Methane Regulations. Lena Du, from our Sustainability Research team, also partici- pated in the China SIF conference, contributing to discussions on sustainable investing and climate engagement in China. As part of the China Climate Engagement Initiative (CCEI) 15 , she joined UN PRI China and other investor peers to exchange per- spectives on advancing responsible investment practices and strengthening investor engagement with Chinese companies on climate-related topics. Through our participation in industry conferences, PRI forums and policy dialogues, we aim to both contribute to and learn from evolving responsible investment practices, strengthening our own approach while supporting the broader development of sustainable capital markets.

We continued our Methane Engagement campaign, which was awarded in 2024 the "Recognition for Action – Climate" award at the Principles for Responsible Investment (PRI) Awards ceremony in Toronto, Canada. Through these collaborative ini- tiatives, we continue to leverage our joint influence to driving positive change, promoting sustainable practices, and creating long-term value for our clients and stakeholders. Academic Collaborations Eric Pedersen, Head of Responsible Investments, holds aca- demic positions at Copenhagen Business School and Boston University. In 2025, the Responsible Investment team collabo- rated with students, delivered guest lectures and supported research on regulatory developments, sustainable finance and transition dynamics. Dr. Nagihan Simeth, Senior ESG Analyst within Responsible Invest- ments, authored the academic paper “Debt-for-nature swaps: A case study of Gabon” 16 , published in Emerging Markets Review, contributing to the debate on sustainable sovereign financing. In 2025, she delivered a guest lecture at Lund University. We also continued contributing to industry methodologies. Through our involvement with the Partnership for Carbon Accounting Financials (PCAF) 15 , including participation in the securitised and structured products working group, we sup- ported the harmonisation of GHG measurement approaches. In addition, we developed a covered bond methodology aligned with our Net Zero Asset Managers Initiative commitment 15 , to be implemented from 2025. Serena Tan, Senior ESG Specialist, supported research on engage- ment and sustainable investing. The related SMU paper is avail- able on SSRN and in the European Corporate Governance Insti- tute (ECGI) Working Paper Series and received the Best Paper Award at the 2025 Massey Sustainable Finance Conference. Our Responsible Investments team supports the ESG programmes at Copenhagen Business School (CBS) with lectures on circular- ity by Senior ESG analyst Till Jorde and collaboration through ESG-focused case work with CBS students. For many year now, NAM has been a partner to the Critical Cases in ESG Master course at CBS. This year the topics at focus included EU's fertil- izer industry and the changing competitive landscape from the introduction of CBAM (Carbon Border Adjustment Mechanism). Renée Tengberg, ESG Director Climate and Nature, delivered an in person case study lecture to IMD Business School MBA/ master’s students in Switzerland as part of the PRI Academy- IMD collaboration. The session focused on practical applica- tions of responsible investment and methane stewardship, drawing on Nordea’s engagement experience to illustrate col- lective investor action for real-world impact.

Eric Pedersen, Head of Responsible Investments at Nordea Asset Management, joined IIGCC and selected investor members in a delegation to Brussels to engage on EU climate and sustainable finance policy. Photo credit: IIGCC.

Collaborative Engagements We recognize the value of collaborative engagements in our active ownership strategy, as they allow us to share industry perspectives and expand our impact. In 2025, we participated in 605 collaborative engagements, leading 119 of these. Key collaborations focused on Climate Action 100+, Nature Action 100+, and Oil & Gas Methane Partnership 2.0 (OGMP) 15 . We also participated in engagements addressing social and human rights topics, including the Corporate Human Rights Benchmark (CHRB), the Digital Rights and Children in the Digi- tal Environment engagements, as well as initiatives related to responsible investment in defence and investor due diligence 15 . Complementing these efforts, we also individually engaged with 786 companies during the same period, demonstrating

15) More information about RI Initiatives can be found in the appendix page 43. 16) More information can be found here.

ESG highlights

New investor initiatives 2025

As a responsible investors, we actively participate in investor initiatives on various ESG topics. We are currently part of 35 initiatives, including 3 new initiatives that we joined during 2025.

New RI Initiatives China Climate Engagement Initiative Guidance of Responsible Investment in Defence Impact Finance Belgium ShareAction Chemicals Working Group Investor Statements

Investor joint statement on the European Commission’s “Omnibus” legislation IIGCC collective investor statement on the EU Methane Emissions Regulation CERES investor statement on methane regulation ICGN letter to the Governor of Texas on proxy advisory regulation Petrochemical Industry Sustainability Statement Investor Statement to end plastic pollution

New RI Initiatives:

China Climate Engagement Initiative (CCEI) Supported by the PRI, the China Climate Engagement Initiative aims to promote a green, low-carbon and high-quality transi- tion of companies in China. The initiative facilitates institutional investors in leveraging their active ownership influence and engaging in more coordinated and sophisticated dialogues with Chinese companies and industries. Through this collabo- ration, we seek to support credible climate transition pathways in one of the world’s most systemically important markets. Guidance of Responsible Investment in Defence We are members of the steering committee of this multistake- holder initiative aiming at the development, promotion and adoption of an internationally recognised and credible set of Guidance for Responsible Investment in Defence-related companies supported by practical implementation tools.

Impact Finance Belgium Impact Finance Belgium is a membership association founded in 2023 that brings together investors, foundations, banks and public actors to grow the impact investing ecosystem in Belgium. The organisation does not invest directly; instead, it mobilises and coordinates stakeholders through research, pol- icy advocacy, working groups and events aimed at increasing the share of capital delivering measurable social and environ- mental impact. Our membership strengthens our engagement in the European impact investing landscape. ShareAction Chemicals Working Group The ShareAction Chemicals Working Group is a collaborative engagement initiative supported by the NGO ShareAction. The group focuses on accelerating climate transition strate- gies among key European chemicals companies. Through coordinated investor action, the initiative promotes alignment with 1.5°C pathways by setting high-impact, sector-specific expectations grounded in in-depth research. Participation strengthens our engagement on transition risk in one of the most emissions-intensive industrial sectors.

ESG highlights

Investor Statements:

EU policy – Investor joint statement on the European Com- mission’s “Omnibus” legislation Nordea Asset Management supported a joint investor state- ment coordinated by PRI, IIGCC and Eurosif regarding the European Commission’s proposed “Omnibus” package. The statement, signed by more than 160 investors representing €6.6 trillion in assets under management, highlighted concerns that the proposed legislative changes could weaken key ele- ments of the EU’s sustainable finance framework, including the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). Investors emphasised that maintaining a stable and ambitious regulatory framework is critical for investment certainty and for supporting the transition to a net-zero economy. IIGCC collective investor statement on the EU Methane Emissions Regulation Nordea Asset Management joined 44 institutional investors representing more than €4.85 trillion in assets in calling on the European Commission, the European Parliament and EU Mem- ber States to maintain and swiftly implement the EU Methane Emissions Regulation as adopted. The statement emphasised that regulatory certainty is essential for long-term investment planning and for enabling companies and investors to manage methane-related risks and emissions effectively.

CERES investor statement on methane regulation We supported a CERES-led investor statement calling for the implementation of performance-based methane regulations and timely policy action to improve the reliability, transpar- ency, and comparability of methane emissions data. ICGN letter to the Governor of Texas on proxy advisory regulation In June 2025, Nordea Asset Management supported a letter coordinated by the International Corporate Governance Net- work (ICGN) to Texas Governor Greg Abbott regarding Senate Bill 2337 on proxy advisory services. The letter expressed con- cerns that the proposed legislation could interfere with inves- tors’ ability to fulfil their fiduciary duties and exercise effective proxy voting. It also highlighted that imposing additional disclosure requirements on proxy advisors could increase costs for investors and potentially reduce market efficiency and the competitiveness of Texas-based companies. Proxy advisory services play an important role in supporting insti- tutional investors in exercising their voting rights efficiently, while investors retain full control over their voting decisions and policies.

”

Regulatory certainty is fundamental to long-term business planning, and methane reductions are essential for limiting near-term global warming. The EU methane rules as they stand aren’t just good climate policy — they’re needed to reduce risk for companies, portfolios, the securities market and society at large. Eric Christian Pedersen, Head of Responsible Investments, Nordea Asset Management

Sustainability at Nordea

Sustainability at Nordea Group

Nordic values are an essential part of Nordea Asset Management’s (NAM) business culture, guiding us in everything we do.

Sustainability is embedded across Nordea Group’s business strategy, backed by measurable targets, strong governance, and a broad sustainability offering. Nordea Group has long and solid experience within Sustainable Finance and at NAM, we are fully committed to – and actively working on – making the financial sector more sustainable. As a leading Nordic bank, we have the capacity to support the transition to net zero – via our customer offerings, through our lending and investment decisions and by reducing the emis- sions from our internal operations and supply chain. Therefore, our business objective is to achieve net-zero emissions across our value chain in terms of scope 1, 2 and 3 emissions by the end of 2050 at the latest. In addition to our net-zero commit- ment for 2050, we see interim targets as essential components of the global effort to limit warming to 1.5°C. We have therefore

established objectives to reduce emissions across both our lending and investment portfolios as well as our internal opera- tions by the end of 2030. Nordea Group’s sustainability work is led by the Group Sustain- ability team. This includes everything from setting and meeting our internal sustainability targets, from resource usage to diversity, and also integrating sustainable considerations into the products and services across the Group. At NAM level, the Responsible Investment (RI) team carries out research on the integration of environmental, social, and governance (ESG) aspects into our investments. The two boxes below summarise some of Nordea Group’s key sustainability metrics. More information about Nordea Group’s sustainability efforts can be found in Nordea’s Annual Report 2025. Carbon emissions from own operations (2025) Nordea Group has committed to achieving net-zero carbon emissions by 2050 across investment portfolios and internal operations

Diversity and inclusion

Age distribution in the total workforce

Gender balance

15%

27%

Board of directors 43% Group Leadership Team 38% People leaders 45% Total workforce 51% Nordea Asset Management 36%

57%

CO2 GHG Emission Intensity: -52% reduction from 2019 baseline

58%

62%

55%

below 30 years old 30–50 years old above 50 years old

49%

64%

Source: Nordea Annual Report 2025, Nordea Investment Management AB.

Responsible Investment approach

Responsible Investment approach ESG Governance and Teams

Responsible Investments (RI) Team

Formed in 2009, Nordea Asset Management's (NAM) RI team is one of the most highly-regarded in Europe in terms of ESG ana- lysts. It is composed of 25 analysts, who work closely with their respective portfolio management teams in Copenhagen, Stock- holm, Oslo, Helsinki and Singapore. Besides working closely with the investment boutiques managing ESG products and setting the framework for the development of new quantitative tools and data sources. The team carries out ESG research, active ownership activities, and represents NAM in international RI initiatives. We are con- tinuously developing our RI approach in line with the increasing complexity, depth and scope of application of ESG methods, in order to maintain NAM’s leadership in the area. The team provides a broad RI coverage with a particular focus on our ESG Flagship Strategies, working closely with their respective portfolio management teams. The RI team often participates in client meetings and ESG conferences to share its latest insights and findings. It also leads ESG training (e.g. climate workshops) both internally and for clients.

The RI team’s various functions and main responsibilities can be divided into four clusters:

•

The Investment Stewardship cluster is responsible for NAM’s engagement framework, including escalation pro- cedures, proxy voting, firm-level PAI process as well as for driving the Responsible Investment Committee agenda The Climate & Nature cluster maintains focused exper- tise and analysis of climate change and biodiversity fac- tors and policies, implementation, engagement campaigns and reporting (e.g. Task Force on Climate related Financial Disclosures (TCFD) recommendations). Additionally, the team supports on developing tools and solutions for clients and PMs The Sustainability Research cluster carries out company and sector specific ESG research and engagement for NAM’s ESG funds, as well as ESG product development. This includes our proprietary ESG scoring, which is an integral part of our ESG-enhanced strategies such as the Sustainable STARS funds The ESG Quant cluster develops and maintains NAM’s proprietary ESG scoring tool and platform, as well as other advanced applications of ESG data

•

Responsible Investments Team

Eric Pedersen Head of Responsible Investments

Morten Bo ESG Quant

Katarina Hammar Investment Stewardship

Cecilia Fryklöf Climate and Nature

Kenn Urhøj Sustainability Research

+4 Analysts

+8 Analysts

+5 Analysts

+3 Analysts

Responsible Investment approach

ESG and Responsible Investments Committees

At Nordea Asset Management (NAM), we have established a robust structure for both oversight and implementation of respon- sible investment practices. This structure ensures that our commitment to ESG principles is embedded throughout our organiza- tion, from the Board of Directors to individual investment teams.

ESG Committee Following a firm wide ESG project carried out in 2021-22, in 2023 we created an ESG Committee, supported by an operational forum, to secure the governance of our ESG related methods and principles. An ESG Operational Forum facilitates discussions and secures alignment and coordination on ESG matters across the NAM internal value chain, ensuring that the relevant decisions-are brought to the ESG Committee for approval.

Chair AM CEO Nils Bolmstrand

Head of Responsible Investments (non-voting)

Head of Multi Assets

Head of Trading & Operations

Head of Equities & Fixed Income

ESG Committee

The ESG Committee is also responsible for the content of and adherence to our Responsible Investment Policy:

Head of Institutional & Wholesale Distribution

• •

Drive NAM’s ESG Strategy Approve entity level ESG principles, policies and statements Approve significant changes to ESG methodologies and product strategies Secure good governance and proper handling of potential conflict of interest matters in the ESG area

Head of Technology

Head of NAM Governance

Head of Product Office

•

Responsible Investment Committee Our Responsible Investment Committee (RIC), which is comprised of the NAM CEO and Senior NAM executives, ensures compliance with our RI Policy by monitoring engagements and deciding on the level of engagement in companies that violate international norms or companies where an engagement is deemed relevant for other rea- sons. Additionally, RIC also submits recommendations on companies to be included/excluded from the Exclusion List (decision is taken by the CIO’s). The RI Committee acts on behalf of all actively managed funds. Day-to-day manage- ment of RI issues is handled by the RI team.

Chair AM CEO Nils Bolmstrand

Head of Equities & Fixed Income

Head of Institutional & Whosale Distribution

Responsible Investments Committee

Head of Responsible Investments

Head of Product Office

Selected representatives from relevant business areas (non-voting) +

Responsible Investment approach

Corporate Governance Committee The Corporate Governance Committee is a key body responsible for overseeing and approving NAM's corpo- rate governance principles and voting decisions. It includes board members from the Nordea Fund company, provid- ing high-level oversight and independent decision-making. The committee is chaired by one of the external board members to ensure impartiality. In sum, its key responsi- bilities include:

Chair External Board Member

External Board Member

Corporate Governance Committee

•

Annually reviewing and approving the Corporate Governance Principles, which guide NAM's voting activities Making decisions on voting matters that are escalated to the committee, particularly in cases of potential conflicts of interest Ensuring that voting decisions are made in the best interests of clients

Head of Investment Stewardship

•

CEO of the fund company

•

Proxy Voting Committee The Proxy Voting Committee (PVC) is responsible for driv- ing voting decisions and managing conflicts of interest related to voting activities for client mandates. In sum, its key responsibilities include:

Chair Head of Investment Stewardship

Head of Equities & Fixed Income

Head of NAM Compliance

•

Implementing the Corporate Governance Principles for client mandates Making voting decisions Managing potential conflicts of interest in proxy voting for client portfolios

Proxy Voting Committee

• •

Head of Multi Assets

Responsible Investment approach

Our Responsible Investment framework

At NAM, we believe it is our fiduciary duty to deliver returns with responsibility 17 . Our commitment to be a responsible asset manager is not new. We launched our first sector-screened fund in 1988 and we were an early adopter of Responsible Investment (RI), signing the UN Principles for Responsible Investment (PRI) back in 2007. By the end of 2025, Responsible Investment Solutions comprise over 74% of NAM’s AUM.

NAM has developed policies and procedures to ensure that the companies we invest in meet our expectations related to ESG performance, and that ESG and sustainability risks are managed in all our investment processes. These include both corporate-level RI approaches ("overlays") and product-specific approaches. NAM’s RI Policy defines our position on sectors that are linked to material ESG issues, going beyond the international norms and conventions. This helps to ensure that the companies we are invested in meet our expectations of sound ESG perfor-

mance. The policy describes the stance we take on a number of areas within human rights, climate change, biodiversity and good governance. Depending on the nature and gravity of in- dividual cases, breaches can trigger engagement or exclusion. The RI Policy is publicly available on our website. Our corporate-level RI overlays include norms-based screening, active ownership activities and NAM-wide exclusions, as well as Sustainability Risk Integration. We also have product specific RI approaches that take a step further into enhancing ESG integration.

A comprehensive RI Framework including various forms of RI

NAM total AUM € 325 bn

Nordea Asset Management corporate level RI “overlays” applicable to all funds

All actively managed funds € 260 bn

Sustainability Risk Integration 19

Norms-based screening

Active Ownership

Corporate-level Exclusion List 18

ESG products Article 8 and 9 funds – according to SFDR classification

~ 74% of total AUM € 203 bn

Responsible Focus € 81 bn Sustainable Thematic € 9 bn

Our Flagship ESG strategies 20

21 Responsible Focus

8 Sustainable Thematic Focus

1 Transition Focus

Transition Focus € 0.9 bn

17) There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money. 18) Over 260 compa- nies. NAM’s Exclusion List available here. 19) Integration of Sustainability Risks in the respective funds decision-making process, applied as internal guidance and not as a legally binding requirement. Every investment boutique has access to NAM's proprietary ESG Model and ESG analysis from the RI team and ESG data from external providers via our proprietary ESG data platform. 20) These only refer to Nordea 1 and Nordea 2 Funds.

Responsible Investment approach

Responsible Investment Strategies at NAM

NAM's Responsible Investment flagship solutions feature distinct offerings. Our Responsible Focus range which select high-quality companies with strong ESG profiles, aiming for long-term financial value. The ESG Thematic range which allows investors to target specific sustainability aspects. Finally, our Transition Focus funds invest in companies that are transitioning towards more sustainable and resilient business models.

Our Responsible Focus Strategies Sustainable STARS strategies – Tomorrow’s winners Our Sustainable STARS range is built on the belief that com- panies and issuers that integrate both ESG and financial met- rics into their strategic decisions will be tomorrow’s winners. In these strategies, we aim to beat the benchmark through investing in companies or bonds that meet specific STARS standards. Every investment in our Sustainable STARS strategies is exam- ined through both an ESG and a financial lens. Our ESG ana- lysts work closely with the investment teams to identify mate- rial sustainability risks and opportunities relating to the com- panies’ medium- to long-term operational performance and market positioning, and the results of their analysis feed into proprietary ESG tools that are integrated into the investment process. Active ownership and engagement are an important part of the Sustainable STARS investment approach. Our RI team and investment boutiques operate in close collaboration to engage in productive dialogues with many of our Sustain- able STARS holdings. The Sustainable STARS range covers a wide scope of regions and asset classes.

Today 21 we manage approximately 270 funds that incorporate additional ESG filters and policies beyond our corporate over- lays. These funds are classified as either Article 8 or 9 as per European Sustainable Finance Disclosure Regulation (SFDR). All our Article 8 and 9 funds consider PAI on sustainability fac- tors as part of their investment processes. As a result, they are all eligible under MiFID II for selection by clients with sustain- ability preferences. Going a step further, we offer specialized ESG flagship strate- gies, including the Responsible Focus Range, which encom- passes our ESG Sustainable STARS Funds and BetaPlus Enhanced Sustainable Funds; the ESG Thematic range and Transition Focus Funds. The Responsible Focus Strategies employ full ESG integration and positive selection, while the ESG Thematic strategies seek solutions to specific sustain- ability challenges, such as our Global Climate and Environment Fund, one of the largest article 9 funds in Europe 22 . Finally, our Transition Focus Strategy is built on the belief that we can support companies transitioning to more sustainable business models. Our credentials extend to international ESG labels such as Label ISR and the Towards Sustainability Label 23 .

The information provided here gives only a high-level description of the products' ESG approach and does not provide details on the meth- odology, criteria, or limitations applied. For details on investment strategy and binding elements, please see the relevant prospectus. 21) Date as of 31.12.2025. 22) As of 15.10.2024, Source: © 2025 Morningstar, Inc. All Rights Reserved as of 31.12.2025. 23) For more information on ESG labels, please refer to page 20.

Responsible Investment approach

BetaPlus Enhanced Sustainable Strategies NAM's BetaPlus Enhanced Sustainable Equity Strategies are active and cost-effective long-only solutions aiming to deliver con- sistent excess returns, limited active risk, and very strong ESG features. The strategies employ a proprietary quantitative, multi-factor framework that capitalizes on market inefficiencies with the aim to generate alpha. By systematically identifying the most effective factors across various market segments, BetaPlus Enhanced Sus- tainable Equity Strategies construct portfolios aimed at outperforming traditional market-cap weighted indices while integrating rigorous ESG criteria, including extensive exclusions and decarbonization targets, without necessitating benchmark changes. This approach enables valuable sustainability outcomes while pursuing consistent excess returns 24 . Managed by a team with over 15 years of experience and more than €60 billion in assets under management 25 , the strategies have established themselves in the enhanced index solutions space. In an investment landscape increasingly dominated by pas- sive strategies, they provide a sophisticated active alternative that combines the benefits of broad market exposure with the potential for outperformance and integration of sustainability features 24 . Our Sustainable Thematic solutions – Building a better future We also offer a range of thematic strategies that focus on specific sustainability challenges aligned with the UN's Sustainable Development Goals (SDGs), to tackle the most pressing social and environmental challenges. The climate crisis is one of the greatest challenges of our time. But climate change has many faces, and it cannot be separated from social problems, which are often drivers of environmental issues. Significant economic, societal and institutional changes are needed to combat these challenges. Our thematic solutions are crafted to encompass the full spectrum of these complex issues, providing investors with opportuni- ties to contribute to meaningful change while seeking financial returns 24 . By focusing on specific sustainability themes, we aim to channel capital towards innovative companies and projects that are at the forefront of developing solutions to global challenges, from renewable energy and resource efficiency to sustainable agriculture and social inclusion:

Sustainable Thematic Products

Environment

Environment & Social

Social

Global Climate & Environment Strategy

Global Impact Strategy

Global Social Empowerment Strategy

Investment Themes: Resource Efficiency; Environmental Protection and Alternative Energy

Investment Themes: Strong Communities; Resilient Economy; Livable Planet

Investment Themes: Vital Needs; Inclusion; Empowerment

Global Sustainable Listed Real Assets Strategy

Investment Themes: Environmental Stewardship; Societal Stewardship ; Technological Evolution

24) There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money. 25) Nordea Investment Management AB. Data as of 31.12.2024.

Responsible Investment approach

Our Transition Focus Strategies – Widening our horizons We truly believe that engagement can support companies transitioning to more sustainable business models. Nordea 1 – Global Climate Transition Engagement Fund In 2022, Nordea launched the Global Climate Transition Engagement strategy, which targets companies in sectors often overlooked by the market due to their less favorable carbon emission profiles. Despite this, we recognize that these companies can play a pivotal role in the energy transition. Our team at NAM, identifies opportunities for real-world decarbon- ization through a structured engagement approach with these businesses. We believe that many of these companies simply need the right guidance and expertise to unlock their ecologi- cal potential, reveal their hidden value potential, and attract investments. As such, engaging on material environmental issues forms the core of our investment process. We've exe- cuted more than 220 substantive engagements with portfolio companies over these three years, driving meaningful dialogue on climate transition strategies, emissions reduction targets, and sustainable business practices.

We have also developed a Forward Decarbonization Tool to assess companies' potential future greenhouse gas emissions trajectories, enhancing our systematic consideration of decar- bonization paths. This proprietary tool provides a forward- looking view of direct (scope 1) and indirect (scope 2) emis- sions. Our conviction in decarbonization and climate transition investing has strengthened, as we see growing interest and investments in this area. We believe our climate capabilities will continue to support our dual objective of generating share- holder value while contributing to a greener future. 26

26) There can be no warranty that an investment objective, targeted returns and results of an investment structure is achieved. The value of your investment can go up and down, and you could lose some or all of your invested money.

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