Danske Bank delivered a strong Q4 result with a DKK 7.7 EPS vs our DKK 7.1 estimate, with the beat primarily driven by stronger core revenues. It also provided an outlook for FY26 where it sees a net profit between DKK 22.0bn and DKK 24.0bn, where the midpoint implies flat earnings y/y and is fairly in line with our pre-Q4 estimate. We’ve lifted our EPS for 2026-2027 by ~1-2% in this update driven by higher core revenues. As expected, DANSKE will also distribute 100% of total earnings for 2025, ....
