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Unaudited Semi-Annual Report 2026
Nordea 1, SICAV
Société d’Investissement à Capital Variable à compartiments multiples
Investment Fund under Luxembourg Law
562, rue de Neudorf L-2220 Luxembourg Grand Duchy of Luxembourg R.C.S. number: Luxembourg B-31442
Page 2
No subscriptions can be received on the basis of these f inancial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.
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Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 1
Table of Contents
Statement of Net Assets as of 30/06/2026 4 Statement of Operations and Changes in Net Assets for the period ended 30/06/2026 26 Statement of Statistics as at 30/06/2026 48 Total Expense Ratios 72 Statement of Investments in Securities and Other Net Assets as of 30/06/2026, Breakdown by Country and Economic sector of the investments in Securities as of 30/06/2026 and Statement of Derivative Instruments as of 30/06/2026 Nordea 1 - Active Rates Opportunities Fund 93 Nordea 1 - Alpha 7 MA Fund 105 Nordea 1 - Alpha 10 MA Fund 114 Nordea 1 - Alpha 15 MA Fund 124 Nordea 1 - Asia ex Japan Equity Fund 134 Nordea 1 - Asian Sustainable Stars Equity Fund 137 Nordea 1 - Balanced Income Fund 140 Nordea 1 - Chinese Equity Fund 149 Nordea 1 - Danish Covered Bond Fund 151 Nordea 1 - Dynamic Rates Opportunities Fund 155 Nordea 1 - Emerging ex China Sustainable Stars Equity Fund 166 Nordea 1 - Emerging Market Bond Fund 169 Nordea 1 - Emerging Market Corporate Bond Fund 175 Nordea 1 - Emerging Market Select Bond Fund 180 Nordea 1 - Emerging Sustainable Stars Equity Fund 185 Nordea 1 - Empower Europe Fund 188 Nordea 1 - EUR Corporate Bond Fund 1-3 Years 191 Nordea 1 - European Corporate Bond Fund 195 Nordea 1 - European Corporate Sustainable Labelled Bond Fund 201 Nordea 1 - European Corporate Sustainable Stars Bond Fund 205 Nordea 1 - European Covered Bond Fund 211 Nordea 1 - European Cross Credit Fund 219 Nordea 1 - European Financial Debt Fund 223 Nordea 1 - European High Yield Bond Fund 228 Nordea 1 - European High Yield Credit Fund 235 Nordea 1 - European High Yield Opportunities Fund 241 Nordea 1 - European High Yield Sustainable Climate Bond Fund 247 Nordea 1 - European High Yield Sustainable Stars Bond Fund 251 Nordea 1 - European Short-term Corporate Bond Fund 257 Nordea 1 - European Small and Mid Cap Sustainable Stars Equity Fund 261 Nordea 1 - European Sustainable Labelled Bond Fund 264 Nordea 1 - European Sustainable Stars Equity Fund 268 Nordea 1 - Fixed Maturity Bond 2027 Fund 271 Nordea 1 - Fixed Maturity Bond 2028 Fund 275 Nordea 1 - Fixed Maturity Bond V Fund 279 Nordea 1 - Fixed Maturity Bond VI Fund (Note 1a) 283 Nordea 1 - Flexible Fixed Income Fund 285 Nordea 1 - Flexible Fixed Income Plus Fund 294 Nordea 1 - GBP Diversifi ed Return Fund 304 Nordea 1 - Global AI Innovators Fund (Note 1a) 312 Nordea 1 - Global Climate and Environment Fund 314 Nordea 1 - Global Climate Transition Engagement Fund 317 Nordea 1 - Global Disruption Fund 320 Nordea 1 - Global Diversity Engagement Fund 323 Nordea 1 - Global Equity Long/Short Fund (Note 1a) 326 Nordea 1 - Global High Yield Bond Fund 333 Nordea 1 - Global High Yield Sustainable Stars Bond Fund 340 Nordea 1 - Global Impact Fund 346 Nordea 1 - Global Listed Infrastructure Fund 349 Nordea 1 - Global Opportunity Fund 352 Nordea 1 - Global Portfolio Fund 355 Nordea 1 - Global Real Estate Fund 358 Nordea 1 - Global Small Cap Fund 361 Nordea 1 - Global Social Empowerment Fund 364 Nordea 1 - Global Stable Equity Fund 367
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2 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Table of Contents (continued)
Nordea 1 - Global Stable Equity Fund - Euro Hedged 370 Nordea 1 - Global Stable Equity Plus Fund 374 Nordea 1 - Global Sustainable Listed Real Assets Fund 377 Nordea 1 - Global Sustainable Stars Equity Fund 380 Nordea 1 - Indian Equity Fund 383 Nordea 1 - International High Yield Opportunities Fund 385 Nordea 1 - Latin American Equity Fund 390 Nordea 1 - Low Duration European Covered Bond Fund 393 Nordea 1 - Low Duration US High Yield Bond Fund 401 Nordea 1 - Multi Credit Fund of Funds 406 Nordea 1 - Nordic Equity Fund 409 Nordea 1 - Nordic Equity Small Cap Fund 412 Nordea 1 - Nordic Sustainable Stars Equity Fund 415 Nordea 1 - North American Sustainable Stars Equity Fund 417 Nordea 1 - Norwegian Bond Fund 420 Nordea 1 - Norwegian Equity Fund 424 Nordea 1 - Norwegian Short-Term Bond Fund 427 Nordea 1 - Smart Step Fund (Note 1a) 431 Nordea 1 - Stable Emerging Markets Equity Fund 434 Nordea 1 - Stable Return Fund 437 Nordea 1 - Swedish Bond Fund 446 Nordea 1 - Swedish Short-Term Bond Fund 449 Nordea 1 - US Corporate Bond Fund 452 Nordea 1 - US Corporate Sustainable Stars Bond Fund 458 Nordea 1 - US High Yield Bond Fund (Note 1b) 466 Nordea 1 - US High Yield Sustainable Stars Bond Fund 473 Nordea 1 - US Total Return Bond Fund 479 Notes to the Financial Statements as of 30/06/2026 484 Shareholder’s Information 502 Disclosures under the Securities Financing Transaction Regulation 503 Management and Administration 507 Public Marketing Authorisations 510 Representatives & Paying & Information Agents outside Luxembourg 511 Auditor 512
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Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 3
[This page has been left blank intentionally]
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4
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Combined Statement Nordea 1 Active Rates Opportunities Fund
Nordea 1 Alpha 7 MA Fund
(in EUR) (in EUR) (in EUR)
Assets Shares portfolio at market value (Note 2a) 31,892,564,631.73 - 134,021,693.88 Funds portfolio at market value (Note 2a) 81,209,101.01 - Bonds portfolio at market value (Note 2a) 38,957,504,134.46 2,291,300,132.60 163,962,330.08 Cash at banks 3,781,033,364.07 122,205,686.36 81,085,804.10 Dividends and interest receivable (Note 2e ) 528,237, 7,379.17 26,177,192.54 1,951,685.18 Receivable for investments sold 210,422,205.60 - 3,101,122.84 Receivable for subscribed shares 168,764,366.74 4,057,071.82 2,907.90 Receivable on forward foreign exchange contracts 196,965,357.29 - Net other receivable (Note 2q) 38,163,088.76 - 310,161.61 Unrealised gain on equity swaps (Note 2h) 54,969,673.30 - 2,156,954.74 Unrealised gain on equity swaps already cashed (Note 2) 225,615,463.14 - 5,134,212.34 Credit default swaps at cost (Note 2i) 163,466,621.68 - 4,958,446.01 Interest rate swaps at cost (Note 2j) 595,571.66 527,517.01 Unrealised gain on credit default swaps (Note 2i) 57,124,208.41 - 1,500,751.64 Unrealised gain on futures (Note 2f) 10,557,947.12 573,161.79 Unrealised gain on futures already cashed (Note 2f) 52,197,729.70 482,383.52 1,268,534.23 Unrealised gain on interest rate and inflation swaps (Note 2j, m) 20,905,277.89 3,810,097.03 Unrealised gain on forward foreign exchange contracts (Note 2g) 28,720,332.47 - Unrealised gain on foreign currencies receivables and payables (Note 2c) 3,867,758.40 1,732,014.26 76,472,884,212.62 2,450,865,256.93 399,454,604.55 Liabilities Accrued fees 144,876,224.99 1,870,054.55 251,692.69 Options bought or written at market value negative (Note 2l) 1,967,910.56 1,797,840.64 Overdraft at banks 7,296,991.98 - Payable on forward foreign exchange contracts 196,981,842.94 - Payable for investments purchased 544,049,768.39 12,372,472.00 11,433,249.17 Payable for redeemed shares 243,068,190.77 4,740,262.93 106,523.79 Payable under repurchase agreements (Note 2n) 1,184,612,728.08 1,113,659,007.06 Net other payable 5,849,501.38 292,898.27 Unrealised loss on equity swaps (Note 2h) 343,622.80 - Credit default swaps at cost (Note 2i) 14,676,205.09 1,815,954.15 Interest rate swaps at cost (Note 2j) 6,289,524.52 - Unrealised loss on credit default swaps (Note 2i) 9,833,999.78 183,477.29 Unrealised loss on total return swaps (Note 2) 37,314,734.08 - Unrealised loss on total return swaps already cashed (Note 2) 625,696,642.49 - Unrealised loss on futures (Note 2f) 1,274,463.32 - 51,721.43 Unrealised loss on futures already cashed (Note 2f) 14,299,424.54 - Unrealised loss on interest rate and inflation swaps (Note 2j, m) 3,887,678.18 - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) 223,925.30 209,696.36 Unrealised loss on forward foreign exchange contracts (Note 2g) 180,367,133.67 2,716,568.39 1,932,714.75 Unrealised loss on foreign currencies receivables and payables (Note 2c) 918,246.42 - 17,191.21 3,223, 828,759.28 1,139,65 8,231.6 4 13,793,093.04 Total net assets - unswung 73,249,055,453.34 1,311,207,025.29 385,661,511.51 Add/(deduct) swing adjustment (Note 10) 333,290.88 - Total net assets - swung 73,249,388,744.22 1,311,207,025.29 385,661,511.51 Portfolio at acquisition cost (Note 2d) 65,411,413,374.32 2,285,655,593.42 283,123,251.99
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5
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Alpha 10 MA Fund Nordea 1 Alpha 15 MA Fund Nordea 1 Asia ex Japan Equity Fund
Nordea 1 Asian Sustainable Stars Equity Fund
Nordea 1 Balanced Income Fund (in EUR) (in EUR) (in USD) (in USD) (in EUR)
840,517,780.87 890,591,190.86 109,736,598.32 656,603,432.96 - - - - 10, 831,016.45 737,685,235.37 507,164,617.05 - - 241,314,417.78 885,096,655.04 1,037,949,807.54 6,506,234.80 28,381,892.67 10,332,569.02 9,631,707.09 7,775,539.87 203,274.64 1,094,371.89 1,874,125.17 22,035,007.15 35,598,187.22 - - 346,113.03 195,093.81 338,554.39 1,185,026.73 2,099.46 - 3,994,358.41 393,324.63 1,456,378.90 4,054,585.84 6,203,024.28 - - 210,990.76 23,704,456.05 29,108,262.51 - - 74,228,141.71 144,704,591.73 - - 38,886,035.37 60,651,482.38 - - 4,931,902.89 ----14,183,839.85 21,967,996.20 - - 2,441,864.21 2,943,965.42 4,137,486.36 - 198,090.00 77,507.64 10,985,178.68 17,546,814.11 - - 1,408,070.51 --------- - 294.39 15,797.42 2,664,298,701.47 2,767,588,452.33 117,178,281.17 688,934,990.57 273,424,563.89
4,686,917.44 5,348,029.68 485,214.13 2,092,010.18 473,203.99 --------- 3,995,480.81 393,581.94 1,462,173.49 112,241,453.25 138,200,399.28 354,386.63 1,499,616.21 680,117.75 2,153,442.13 4,750,512.04 107,286.47 389,212.94 98,620.93 ----- - 211,639.17 810,094.60 ----------------16,091,851.47 21,222,882.61 - - 287,340,839.67 338,355,802.82 - - ----- - - 471,495.46 --------15,408,226.69 9,855,345.36 10.83 9.12 297,254.12 143,192.62 205,909.35 - - 47,421.67 438,065,923.27 521,934,361.95 1,552,119.17 6,724,612.00 1,596,618.46 2,226,232,778.20 2,245,654,090.38 115,626,162.00 682,210,378.57 271,827,945.43 ----2,226,232,778.20 2,245,654,090.38 115,626,162.00 682,210,378.57 271,827,945.43 1,505,921,952.23 1,325,750,542.33 79,082,725.98 419,476,870.12 254,231,747.92
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6
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 Chinese Equity Fund
Nordea 1 Danish Covered Bond Fund
Nordea 1 Dynamic Rates Opportunities Fund (in USD) (in DKK) (in EUR) Assets Shares portfolio at market value (Note 2a) 210,155,508.12 - Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) - 6,209,287,520.39 149,778,321.93 Cash at banks 2,381,663.21 267,032,574.97 12,730,528.35 Dividends and interest receivable (Note 2e) 891,560.88 42,434,725.58 1,238,168.87 Receivable for investments sold - - Receivable for subscribed shares 16,754.29 66,052,061.07 1,244,376.95 Receivable on forward foreign exchange contracts 5,817,610.00 - Net other receivable (Note 2q) - 120,653,589.43 90,297.08 Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - 165,263.69 34,514.08 Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - - 40,439.39 Unrealised gain on futures already cashed (Note 2f) - - 535,229.82 Unrealised gain on interest rate and inflation swaps (Note 2j, m) - 91,126,037.69 Unrealised gain on forward foreign exchange contracts (Note 2g) - 4,181,393.12 Unrealised gain on foreign currencies receivables and payables (Note 2c) - - 164,476.32 219,263,096.50 6,800,933,165.94 165,856,352.79 Liabilities Accrued fees 126,271.90 7,707,058.56 79,720.84 Options bought or written at market value negative (Note 2l) - - 170,069.92 Overdraft at banks --Payable on forward foreign exchange contracts 5,815,189.26 - Payable for investments purchased - 198,604,630.13 2,494,450.00 Payable for redeemed shares 5,882,162.02 1,707,164.00 Payable under repurchase agreements (Note 2n) - - 70,953,721.02 Net other payable --Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - 136,936.40 Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - 14,575.63 Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - 15,098.33 Unrealised loss on futures already cashed (Note 2f) - 3,217,391.99 Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - 500,679.15 Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - 14,228.94 Unrealised loss on forward foreign exchange contracts (Note 2g) - - 170,802.04 Unrealised loss on foreign currencies receivables and payables (Note 2c) 8,244.18 225,714.27 11,831,867.36 211,477,057.28 74,535,183.94 Total net assets - unswung 207,431,229.14 6,589,456,108.66 91,321,168.85 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 207,431,229.14 6,589,456,108.66 91,321,168.85 Portfolio at acquisition cost (Note 2d) 202,547,872.90 6,831,151,681.72 149,148,143.53
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7
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Emerging ex China Sustainable Stars Equity Fund
Nordea 1 Emerging Market Bond Fund
Nordea 1 Emerging Market Corporate Bond Fund
Nordea 1 Emerging Market Select Bond Fund
Nordea 1 Emerging Sustainable Stars Equity Fund (in USD) (in USD) (in USD) (in USD) (in USD)
414,568,754.99 - - - 1,716,291,700.50 ----- 867,670,951.45 115,638,890.86 270,217,994.59 10,330,199.12 26,785,479.10 1,615,863.37 6,747,798.68 11,374,756.82 612,543.15 17,132,572.54 2,071,167.90 5,925,821.18 3,730,750.85 99,809.33 - 409,958.34 - 4,540,916.97 5,788,218.85 55,021.03 123,494.19 22,628.01 33,153,025.19 5,584,330.82 - - 18,306.17 5,815,791.24 ---------------------------------------- 13,583.49 10,629.58 2.63 - 6,973.61 436,994,485.84 911,644,026.75 119,859,374.66 282,939,522.24 1,774,920,525.06
850,451.12 1,314,652.96 381,758.56 192,873.79 6,334,822.82 --------5,594,143.91 - - 18,321.13 5,823,141.49 4,115,978.42 3,820,000.00 501,750.00 - 15,430,878.59 419,140.64 1,391,802.05 54,828.77 18,501.31 7,196,238.43 ----215,340.39 - - - 2,292,902.57 ----------------------------------------13.32 24,906,831.75 1,331,461.87 12,246,442.51 - - 2.45 - 8,791.34 11,195,067.80 31,433,286.76 2,269,801.65 12,476,138.74 37,086,775.24 425,799,418.04 880,210,739.99 117,589,573.01 270,463,383.50 1,737,833,749.82 ----425,799,418.04 880,210,739.99 117,589,573.01 270,463,383.50 1,737,833,749.82 271,657,599.36 846,584,625.54 115,927,889.13 261,103,909.72 1,163,905,813.99
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8
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 Empower Europe Fund
Nordea 1 EUR Corporate Bond Fund 1-3 Years
Nordea 1 European Corporate Bond Fund (in EUR) (in EUR) (in EUR) Assets Shares portfolio at market value (Note 2a) 861,218,468.96 - Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) - 540,172,642.44 693,708,127.46 Cash at banks 2,594,144.87 6,047,313.45 19,550,794.92 Dividends and interest receivable (Note 2e) 615,817.71 6,221,674.82 6,839,246.47 Receivable for investments sold - 10,145,933.17 2,784,769.54 Receivable for subscribed shares 4,621,743.34 3,434,668.51 216,840.91 Receivable on forward foreign exchange contracts 3,845,690.81 - Net other receivable (Note 2q) --Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - 1,485,244.60 Interest rate swaps at cost (Note 2j) - - Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - 4,650.00 6,814.52 Unrealised gain on futures already cashed (Note 2f) - 29,736.91 128,594.64 Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) - - Unrealised gain on foreign currencies receivables and payables (Note 2c) 6,334.95 - 0.01 872,902,200.64 566,056,619.30 724,720,433.07 Liabilities Accrued fees 2,507,567.86 475,777.18 540,558.39 Options bought or written at market value negative (Note 2l) - - Overdraft at banks --Payable on forward foreign exchange contracts 3,848,953.35 - Payable for investments purchased 705,574.57 2,306,613.40 8,473,284.98 Payable for redeemed shares 721,875.14 13,259,131.35 755,052.57 Payable under repurchase agreements (Note 2n) - - Net other payable --Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - 39,810.49 Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) 45.59 68,588.30 1,766,011.77 Unrealised loss on foreign currencies receivables and payables (Note 2c) - - 7,784,016.51 16,110,110.23 11,574,718.20 Total net assets - unswung 865,118,184.13 549,946,509.07 713,145,714.87 Add/(deduct) swing adjustment (Note 10) - 219,978.63 Total net assets - swung 865,118,184.13 550,166,487.70 713,145,714.87 Portfolio at acquisition cost (Note 2d) 812,169,340.52 540,542,818.27 690,713,712.02
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9
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 European Corporate Sustainable Labelled Bond Fund
Nordea 1 European Corporate Sustainable Stars Bond Fund
Nordea 1 European Covered Bond Fund
Nordea 1 European Cross Credit Fund
Nordea 1 European Financial Debt Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)
- - - - 83,748 .34 ----146,736,955.11 2,625,389,681.53 5,218,488,688.72 768,385,561.74 1,831,473,309.02 2,411,568.41 8,706,279.92 111,730,624.74 29,526,799.64 93,949,673.54 2,074,575.10 26,654,031.83 55,949,483.77 9,888,045.61 44,325,641.94 - 59,850,196.97 19,506,492.24 - 1,068,201.61 2,887,241.90 3,995,418.19 854,975.98 2,280,881.33 ----- - 435,428.68 - -------------------- 365,367.29 560.00 23,313.30 1,318,758.82 22,115.28 294,021.99 4,008.28 565,754.13 - - - - 3,316,086.66 - ----0.02 0.01 753,138.86 0.01 152,295,868.53 2,724,076,499.59 5,415,494,120.68 808,677,498.26 1,972,772,643.45
52,655.10 1,382,433.25 6,544,872.30 1,912,673.44 4,806,131.33 ------------2,287,879.00 33,203,779.16 16,463,370.00 5,570,488.00 36,582.06 684,136.18 10,053,566.53 465,298.64 2,160,422.70 ------------- - 810,806.99 - 111,576.39 - - 3,251,352.43 - - - 460,839.32 - ------------- - 5,036,623.48 90,868.97 2,162,905.87 --------437,482.84 5,211,449.41 3,619,307.15 1,806,664.83 9,529,441.83 ---- 0.02 2,814,599.00 40,481,798.00 46,240,738.20 9,845,993.88 18,770,478.14 149,481,269.53 2,683,594,701.59 5,369,253,382.48 798,831,504.38 1,954,002,165.31 ----149,481,269.53 2,683,594,701.59 5,369,253,382.48 798,831,504.38 1,954,002,165.31 146,261,167.08 2,613,733,009.22 5,277,225,031.53 763,198,662.40 1,800,360,843.63
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10
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 European High Yield Bond Fund
Nordea 1 European High Yield Credit Fund
Nordea 1 European High Yield Opportunities Fund (in EUR) (in EUR) (in EUR) Assets Shares portfolio at market value (Note 2a) 14,145.00 1,581,980.19 1,450.00 Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) 2,795,971,567.87 373,755,046.97 149,484,673.91 Cash at banks 162,633,460.10 22,464,669.12 6,247,491.79 Dividends and interest receivable (Note 2e) 41,327,135.10 5,811,365.21 2,228,295.03 Receivable for investments sold 4,046,901.37 375,394.46 Receivable for subscribed shares 2,543,777.97 44,675.69 202,951.78 Receivable on forward foreign exchange contracts 4,387,391.69 1,307,376.21 562,176.28 Net other receivable (Note 2q) --Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) 7,982,570.88 - 226,951.44 Interest rate swaps at cost (Note 2j) - - Unrealised gain on credit default swaps (Note 2i) 4,773,445.71 - 135,292.32 Unrealised gain on futures (Note 2f) - 10,901.24 Unrealised gain on futures already cashed (Note 2f) - 99,859.74 Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) - - Unrealised gain on foreign currencies receivables and payables (Note 2c) - - 3,023,680,395.69 405,451,268.83 159,089,282.55 Liabilities Accrued fees 5,245,347.41 389,917.65 551,523.78 Options bought or written at market value negative (Note 2l) - - Overdraft at banks --Payable on forward foreign exchange contracts 4,392,603.52 1,307,933.22 561,800.94 Payable for investments purchased 27,620,837.70 5,810,792.40 1,592,361.40 Payable for redeemed shares 1,781,636.33 710,088.43 93,861.21 Payable under repurchase agreements (Note 2n) - - Net other payable --Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - 2,837,567.06 Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - 1,894,563.85 Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) 4,036,991.21 1,049,152.28 285,947.94 Unrealised loss on foreign currencies receivables and payables (Note 2c) 19,825.47 599.60 1,863.07 43,097,241.64 14,000,614.49 3,087,358.34 Total net assets - unswung 2,980,583,154.05 391,450,654.34 156,001,924.21 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 2,980,583,154.05 391,450,654.34 156,001,924.21 Portfolio at acquisition cost (Note 2d) 2,759,392,763.68 378,757,575.08 148,919,325.67
Page 13
11
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 European High Yield Sustainable Climate Bond Fund
Nordea 1 European High Yield Sustainable Stars Bond Fund
Nordea 1 European Short-term Corporate Bond Fund
Nordea 1 European Small and Mid Cap Sustainable Stars Equity Fund
Nordea 1 European Sustainable Labelled Bond Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)
- 5,519,352.60 - 326,597,283.37 ----217,346,086.31 2,073,426,044.26 203,417,852.21 - 422,710,605.70 8,125,238.36 163,965,056.39 2,054,166.85 1,846,216.36 12,307,653.29 4,180,595.91 32,841,359.37 1,265,848.35 320,915.35 3,515,684.71 2,244,852.50 20,209,755.36 - 2,109,016.26 - 760,018.68 40,086,350.82 101,232.61 157,399.29 - 38,368,012.18 - 685,627.01 - - - 3,025.13 --------------------2,549.23 55,541.68 - - 21,291.46 655,436.60 - - --------- - - 1,600.80 0.02 231,920,613.77 2,335,800,5 77.12 246,82 4,218.23 331,664,916.89 43 8,691,343.01
349,917.55 2,716,289.26 92,277.63 1,491,594.34 183,884.94 ----- - - 274.00 - 38,360,631.02 - 684,507.25 2,255,000.00 37,169,956.80 24,148,220.76 494,515.41 7,815,763.70 - 38,798,944.38 11,819.02 980,716.52 62,879.02 ------------- 7,945,266.13 - - ----- 5,667,703.74 - - --------- - - - 3, 210.00 - - - - 78,617. 7.58 --------84,009.33 6,653,530.72 - 20.95 71,220.86 - 2,132.37 - - 2,688,926.88 137,314,454.42 24,252,317.41 3,651,628.47 8,215,576.10 229,231,686.89 2,198,486,122.70 222,571,900.82 328,013,288.42 430,475,766.91 ----229,231,686.89 2,198,486,122.70 222,571,900.82 328,013,288.42 430,475,766.91 215,678,955.05 2,094,908,713.86 203,433,903.48 293,229,560.06 419,002,134.30
Page 14
12
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 European Sustainable Stars Equity Fund
Nordea 1 Fixed Maturity Bond 2027 Fund
Nordea 1 Fixed Maturity Bond 2028 Fund (in EUR) (in EUR) (in EUR) Assets Shares portfolio at market value (Note 2a) 3,426,945,542.90 - Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) - 33,233,479.74 252,435,635.41 Cash at banks 21,390,163.63 326,979.52 1,784,023.04 Dividends and interest receivable (Note 2e) 2,320,963.66 432,601.66 3,109,759.34 Receivable for investments sold - - Receivable for subscribed shares 11,143,051.54 - Receivable on forward foreign exchange contracts 5,780,690.16 - Net other receivable (Note 2q) --Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - 8,774.00 Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - - Unrealised gain on futures already cashed (Note 2f) - - Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) - - Unrealised gain on foreign currencies receivables and payables (Note 2c) 13,346.27 - 3,467,593,758.16 33,993,060.92 257,338,191.79 Liabilities Accrued fees 5,972,534.93 72,940.33 845,546.51 Options bought or written at market value negative (Note 2l) - - Overdraft at banks --Payable on forward foreign exchange contracts 5,781,792.13 - Payable for investments purchased - - Payable for redeemed shares 1,053,107.22 - 127,350.44 Payable under repurchase agreements (Note 2n) - - Net other payable --Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - 1,239.62 204,901.33 Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) 1,260.11 - Unrealised loss on foreign currencies receivables and payables (Note 2c) - 757.75 11,585.18 12,808,694.39 74,937.70 1,189,383.46 Total net assets - unswung 3,454,785,063.77 33,918,123.22 256,148,808.33 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 3,454,785,063.77 33,918,123.22 256,148,808.33 Portfolio at acquisition cost (Note 2d) 2,765,188,992.14 32,661,387.95 250,513,079.16
Page 15
13
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Fixed Maturity Bond V Fund
Nordea 1 Fixed Maturity Bond VI Fund (Note 1a)
Nordea 1 Flexible Fixed Income Fund
Nordea 1 Flexible Fixed Income Plus Fund
Nordea 1 GBP Diversifi ed Return Fund (in EUR) (in EUR) (in EUR) (in EUR) (in GBP)
- - - - 767, 7,601,255.93 - - 43,395,244.27 7,869,258.51 318,387,536.66 240,266,527.87 998,480,894.78 83,203,935.76 515,912,470.60 - 9,827,938.42 37,572,407.48 1,871,727.66 86,118,513.29 4,927,210.02 4,311,483.36 8,163,537.52 796,020.97 6,428,970.49 ----- - 637,945.06 - 966,882.39 - - 23,351.08 - - - 877,573.55 154,084.90 --------19,287,123.44 - 20,317,369.25 4,739,495.42 2,589.00 ---- - 10,102,897.54 1,652,753.65 ----- - 2,241,204.63 1,046,893.81 2,787,138.47 - - - 1.03 ----15,504.37 - - - 4,823.95 342,619,963.49 254,405,949.65 1,121,812,425.16 101,334,171.71 1,379,820,055.12
1,042,722.23 246,213.40 1,035,270.53 47,877.82 3,456,796.54 ----1,508,473.21 ---- - 23,342.01 - - - 265,744.21 664,360.52 20,257.73 275,067.58 160,754.36 - 119,598.39 --------------------1,009,095.71 ------------ - 309,824.19 79,190.14 73,818.61 ----371,677.91 -------- - 2,704,849.62 47,537.87 15,729,662.34 - - 203,793.12 23,239.52 3,952,226.79 521,280.98 4,703,578.04 862,205.87 19,379,875.88 338,667,736.70 253,884,668.67 1,117,108,847.12 100,471,965.84 1,360,440,179.24 ----338,667,736.70 253,884,668.67 1,117,108,847.12 100,471,965.84 1,360,440,179.24 319,071,690.78 240,230,974.04 1,046,582,302.68 90,831,247.46 1,171,865,473.60
Page 16
14
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 Global AI Innovators Fund (Note 1a)
Nordea 1 Global Climate and Environment Fund
Nordea 1 Global Climate Transition Engagement Fund (in USD) (in EUR) (in USD) Assets Shares portfolio at market value (Note 2a) 314,542,121.83 8,305,580,365.96 784,091,703.13 Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) - - Cash at banks - 92,314,754.38 1,998,024.64 Dividends and interest receivable (Note 2e) 51,831.70 8,595,030.08 345,127.58 Receivable for investments sold - - 1,093,252.14 Receivable for subscribed shares 16,852,191.40 6,744,307.16 209,639.16 Receivable on forward foreign exchange contracts 15,236,898.55 7,508,792.79 28,251.76 Net other receivable (Note 2q) --Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - - Unrealised gain on futures already cashed (Note 2f) - - Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) - - 545,556.42 Unrealised gain on foreign currencies receivables and payables (Note 2c) 21,056.64 108,112.09 346,704,100.12 8,420,851,362.46 788,311,554.83 Liabilities Accrued fees 454,230.69 28,129,157.22 2,050,333.27 Options bought or written at market value negative (Note 2l) - - Overdraft at banks 5,883,010.21 - Payable on forward foreign exchange contracts 15,257,655.21 7,505,254.04 28,346.00 Payable for investments purchased 1,731,413.43 6,228,189.48 Payable for redeemed shares 623,667.74 11,417,640.21 97,734.19 Payable under repurchase agreements (Note 2n) - - Net other payable --Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) - 270,347.96 Unrealised loss on foreign currencies receivables and payables (Note 2c) - - 745.67 23,949,977.28 53,550,588.91 2,177,159.13 Total net assets - unswung 322,754,122.84 8,367,300,773.55 786,134,395.70 Add/(deduct) swing adjustment (Note 10) 129,102.31 - Total net assets - swung 322,883,225.15 8,367,300,773.55 786,134,395.70 Portfolio at acquisition cost (Note 2d) 295,356,937.60 6,601,979,933.35 700,346,748.52
Page 17
15
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Global Disruption Fund
Nordea 1 Global Diversity Engagement Fund
Nordea 1 Global Equity Long/Short Fund (Note 1a)
Nordea 1 Global High Yield Bond Fund
Nordea 1 Global High Yield Sustainable Stars Bond Fund (in USD) (in USD) (in EUR) (in USD) (in USD)
60,014,607.32 1,421,140,700.30 101,026,430.05 - ----- - 44,453,772.73 172,122,175.75 1,089,577,532.18 836,255.56 18,678,335.10 32,953,999.53 2,347,112.90 8,708,212.49 57,490.83 1,393,873.53 676,400.00 2,816,769.89 17,953,884.83 174,163.58 - 2,237,749.72 - 30,263.44 973,217.30 - 11,890.82 3,019,163.50 1,113,782.47 3,413,434.77 - - ------------- - 386,693.14 - --------- - 52,110.84 - --------14.72 - - 714,923.91 5,553,832.13 - - 3,031.10 278.63 62,226,577.92 1,445,599,561.00 181,790,187.11 178,013,151.90 1,124,812,625.13
253,998.60 1,012,612.36 14,807.73 596,241.80 201,938.00 --------1,114,337.92 3,417,452.10 - - - - 837,801.24 - 122,845.75 2,893,866.36 - 391,954.49 247,906.97 ----21,701.52 - 31,007.46 - - - 193,740.42 - ------------------------- - 299,915.93 - --------- 644.06 1,598,861.18 - 167.98 7,439.26 - - 0.02 1,513,051.77 7,332,014.14 2,976,133.96 988,196.29 449,844.99 60,713,526.15 1,438,267,546.86 178,814,053.15 177,024,955.61 1,124,362,780.14 ----60,713,526.15 1,438,267,546.86 178,814,053.15 177,024,955.61 1,124,362,780.14 45,166,027.82 1,087,561,230.34 142,443,700.13 171,159,398.88 1,071,690,243.55
Page 18
16
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 Global Impact Fund
Nordea 1 Global Listed Infrastructure Fund
Nordea 1 Global Opportunity Fund (in USD) (in USD) (in EUR)
Assets Shares portfolio at market value (Note 2a) 165,870,022.43 324,579,413.66 1,376,385,900.61 Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) - - Cash at banks 1,724,529.55 3,324,719.47 14,723,836.68 Dividends and interest receivable (Note 2e) 54,624.69 525,333.73 261,497.38 Receivable for investments sold 784,923.57 - 688,457.80 Receivable for subscribed shares 6,461.26 182,994.70 571,894.41 Receivable on forward foreign exchange contracts 497,885.85 30,020.46 Net other receivable (Note 2q) 29,906.87 - Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - - Unrealised gain on futures already cashed (Note 2f) - - Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) 33.54 36,194.67 248.03 Unrealised gain on foreign currencies receivables and payables (Note 2c) - - 2,580.95 168,968,387.76 328,678,676.69 1,392,634,415.86 Liabilities Accrued fees 494,140.87 1,330,444.35 2,452,599.92 Options bought or written at market value negative (Note 2l) - - Overdraft at banks --Payable on forward foreign exchange contracts 497,463.48 30,049.92 Payable for investments purchased 137,271.69 350,400.76 Payable for redeemed shares 518,298.93 171,063.24 153,402.24 Payable under repurchase agreements (Note 2n) - - Net other payable --Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) - - Unrealised loss on foreign currencies receivables and payables (Note 2c) 1,406.56 2,332.49 1,648,581.53 1,884,290.76 2,606,002.16 Total net assets - unswung 167,319,806.23 326,794,385.93 1,390,028,413.70 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 167,319,806.23 326,794,385.93 1,390,028,413.70 Portfolio at acquisition cost (Note 2d) 138,583,862.96 297,093,773.16 1,088,230,287.22
Page 19
17
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Global Portfolio Fund
Nordea 1 Global Real Estate Fund
Nordea 1 Global Small Cap Fund
Nordea 1 Global Social Empowerment Fund
Nordea 1 Global Stable Equity Fund (in EUR) (in USD) (in USD) (in USD) (in EUR)
942,206,896.13 820,692,760.50 197,676,787.83 39,585,559.15 1,094,736,279.43 --------6,869,489.33 18,015,121.37 3,438,463.60 382,431.56 5,061,365.81 571,412.93 1,339,775.64 178,140.41 30,156.26 1,200,989.31 1,072,724.52 ---575,356.40 299,273.07 191,265.11 131,631.18 455,063.09 1,813,133.43 553,152.57 190,714.91 134,824.53 144,729.63 ------------------------------------4.75 2,797.15 8,289.45 8.02 - 2,974.92 - 177.88 3,667.81 953,109,017.49 840,905,855.22 201,683,661.31 40,264,788.58 1,101,602,095.08
2,559,865.43 2,485,372.27 907,452.18 117,566.43 3,620,855.57 --------1,812,668.70 554,300.87 191,130.47 134,891.29 144,956.79 - 1,446,780.52 - - 3,463,370.73 656,958.21 356,599.66 4,908.60 2,496,331.30 ----- 4.19 - - ----------------------------------------- - - - 37,7 26.01 412.26 - 1,041.40 - 7,836,317.12 5,143,416.06 1,456,223.71 257,366.32 6,299,869.67 945,272,700.37 835,762,439.16 200,227,437.60 40,007,422.26 1,095,302,225.41 ----945,272,700.37 835,762,439.16 200,227,437.60 40,007,422.26 1,095,302,225.41 775,800,564.63 681,230,086.99 140,543,263.07 27,631,139.01 1,118,300,464.89
Page 20
18
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 Global Stable Equity Fund Euro Hedged
Nordea 1 Global Stable Equity Plus Fund
Nordea 1 Global Sustainable Listed Real Assets Fund (in EUR) (in EUR) (in USD) Assets Shares portfolio at market value (Note 2a) 730,754,085.15 95,387,393.94 129,792,641.57 Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) - - Cash at banks 2,039,168.85 2,745,987.70 2,116,487.57 Dividends and interest receivable (Note 2e) 785,366.68 95,935.84 415,823.78 Receivable for investments sold - - Receivable for subscribed shares 126,020.69 - 223,624.96 Receivable on forward foreign exchange contracts 106,755.85 - 1,363,504.05 Net other receivable (Note 2q) 0.04 - Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - 1,161,824.22 Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - - Unrealised gain on futures already cashed (Note 2f) - - Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) - - Unrealised gain on foreign currencies receivables and payables (Note 2c) 2,062.00 414.44 733,813,459.26 99,391,556.14 133,912,081.93 Liabilities Accrued fees 2,227,804.02 309,452.25 244,087.17 Options bought or written at market value negative (Note 2l) - - Overdraft at banks --Payable on forward foreign exchange contracts 106,546.17 - 1,365,341.98 Payable for investments purchased - 327,596.53 Payable for redeemed shares 258,456.04 - 1,219,884.56 Payable under repurchase agreements (Note 2n) - - Net other payable --Unrealised loss on equity swaps (Note 2h) - 149,882.38 Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) 12,275,886.94 - 15.13 Unrealised loss on foreign currencies receivables and payables (Note 2c) - - 2,589.12 14,868,693.17 786,931.16 2,831,917.96 Total net assets - unswung 718,944,766.09 98,604,624.98 131,080,163.97 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 718,944,766.09 98,604,624.98 131,080,163.97 Portfolio at acquisition cost (Note 2d) 749,944,198.53 102,621,687.48 119,145,396.80
Page 21
19
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Global Sustainable Stars Equity Fund
Nordea 1 Indian Equity Fund
Nordea 1 International High Yield Opportunities Fund
Nordea 1 Latin American Equity Fund
Nordea 1 Low Duration European Covered Bond Fund (in USD) (in USD) (in USD) (in EUR) (in EUR)
2,216,552,821.50 411,989,139.08 1,131.38 58,393,484.05 ----- 96,219.31 222,917,246.53 - 3,669,439,021.06 13,452,042.02 19,501,632.14 10,247,906.86 1,533,863.60 110,175,651.83 1,643,964.02 386,622.11 3,621,360.11 341,794.96 29,420,825.88 - 2,475,931.04 - - 10,359,950.68 1,950,314.18 293,941.59 30,462.52 107,577.55 4,674,391.76 697,067.28 ------- 9,536,054.35 ------------------------ 815,496.66 -------- 1,583,231.13 20,970.43 - 3,593,365.23 - 1,912.74 - 19,197.44 5,567.16 969,361.76 2,234,319,092.17 434,743,485.27 240,430,670.07 60,382,287.32 3,836,973,985.11
6,541,952.02 181,236.60 177,908.04 330,140.14 4,436,404.88 --------699,440.72 ---- 7,344,419.03 5,717,637.38 - 11,474,470.00 2,253,158.04 32,725.19 60,335.67 136,241.61 6,485,484.46 ----- 2,730,554.85 - - -------- 1,018,097.97 - - - - 2, 275,465.04 ---- 563,933.75 ------------- - - - 5,751, 815.62 --------- - - 10.83 2,087,078.19 - 3,841.69 - - 9,494,550.78 10,292,777.36 5,955,881.09 466,392.58 34,092,749.91 2,224,824,541.39 424,450,707.91 234,474,788.98 59,915,894.74 3,802,881,235.20 ----2,224,824,541.39 424,450,707.91 234,474,788.98 59,915,894.74 3,802,881,235.20 1,684,606,240.74 396,168,893.07 217,108,620.66 53,239,785.71 3,748,420,349.31
Page 22
20
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 Low Duration US High Yield Bond Fund
Nordea 1 Multi Credit Fund of Funds
Nordea 1 Nordic Equity Fund (in USD) (in EUR) (in EUR) Assets Shares portfolio at market value (Note 2a) - - 178,622,164.09 Funds portfolio at market value (Note 2a) - 19,113,581.78 Bonds portfolio at market value (Note 2a) 107,466,102.85 3,956,969.01 Cash at banks 1,180,266.38 48,095.61 2,903,599.72 Dividends and interest receivable (Note 2e) 1,809,047.96 37,410.19 6,617.46 Receivable for investments sold - 3,217,496.78 210,002.50 Receivable for subscribed shares 40,916.40 4,734.08 71,653.00 Receivable on forward foreign exchange contracts 17,276.11 - Net other receivable (Note 2q) --Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - 67.00 Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) 5,344.32 - Unrealised gain on futures already cashed (Note 2f) - 128.08 Unrealised gain on interest rate and inflation swaps (Note 2j, m) - 4,143.16 Unrealised gain on forward foreign exchange contracts (Note 2g) 75,345.28 - Unrealised gain on foreign currencies receivables and payables (Note 2c) - - 595.22 110,594,299.30 26,382,625.69 181,814,631.99 Liabilities Accrued fees 365,324.15 70,139.50 764,318.27 Options bought or written at market value negative (Note 2l) - - Overdraft at banks --Payable on forward foreign exchange contracts 17,270.35 - Payable for investments purchased - 3,185,083.00 105,854.98 Payable for redeemed shares 258,192.97 11,113.82 311,068.50 Payable under repurchase agreements (Note 2n) - - Net other payable --Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - 20.00 Unrealised loss on futures already cashed (Note 2f) 39,187.88 - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) - - 34.49 Unrealised loss on foreign currencies receivables and payables (Note 2c) 20.31 37.70 679,995.66 3,266,394.02 1,181,276.24 Total net assets - unswung 109,914,303.64 23,116,231.67 180,633,355.75 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 109,914,303.64 23,116,231.67 180,633,355.75 Portfolio at acquisition cost (Note 2d) 106,633,557.43 22,740,490.82 162,744,133.26
Page 23
21
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Nordic Equity Small Cap Fund
Nordea 1 Nordic Sustainable Stars Equity Fund
Nordea 1 North American Sustainable Stars Equity Fund
Nordea 1 Norwegian Bond Fund
Nordea 1 Norwegian Equity Fund (in EUR) (in EUR) (in USD) (in NOK) (in NOK)
113,651,371.70 106,299,401.01 1,254,887,651.50 - 1,250,850,800.75 ----- - - 1,504,862,048.00 1,638,349.10 1,310,382.60 109,596,027.59 78,429,338.06 3,698,466.20 4,352.05 1,759.20 586,552.36 55,319,708.65 134,319.09 221,592.28 - - - 7,134,763.64 52,071.89 116,272.62 935,392.30 2,747,418.42 287,883.38 - 10,199.70 102,549,310.12 1,636,972.61 1,150,175.33 - - - 320,614.32 --------------------------------- - 488,824.74 - 23.40 - 299.11 - - 2,529.77 115,567,737.02 107,738,314.24 1,469,043,758.61 1,643,316,100.06 1,263,258,961.56
526,564.64 435,637.99 3,249,300.84 3,287,661.61 5,723,523.25 ----1.43 - - - - 10,260.19 102,516,819.89 1,639,866.52 1,154,122.00 - 60,484.93 - - 117,372.57 260,498.56 103,945,809.48 2,580,095.03 2,635,677.93 ----------------- - - 8,622,425.71 --------------------- - - 31,757,864.65 ----- - - 1,862,012.18 579.47 - 129,366.07 721,273.09 644,518.11 766,881.67 209,841,296.28 50,471,198.79 9,513,323.18 114,923,218.91 106,971,432.57 1,259,202,462.33 1,592,844,901.27 1,253,745,638.38 ----114,923,218.91 106,971,432.57 1,259,202,462.33 1,592,844,901.27 1,253,745,638.38 97,427,818.73 96,650,445.92 906,835,193.12 1,504,622,342.80 1,053,312,992.15
Page 24
22
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 Norwegian Short-Term Bond Fund
Nordea 1 Smart Step Fund (Note 1a)
Nordea 1 Stable Emerging Markets Equity Fund (in NOK) (in EUR) (in USD) Assets Shares portfolio at market value (Note 2a) - 3,708,062.39 367,181,779.56 Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) 1,954,625,114.10 7,129,900.86 Cash at banks 12,704,636.23 193,016.90 4,178,661.45 Dividends and interest receivable (Note 2e) 10,989,839.33 61,504.28 1,355,009.29 Receivable for investments sold 15,466,437.50 - Receivable for subscribed shares 2,547,738.91 38,749.94 1,103,502.70 Receivable on forward foreign exchange contracts 2,848,330.24 - 772,607.69 Net other receivable (Note 2q) 562,177.78 - Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - - Unrealised gain on futures already cashed (Note 2f) - - Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) - - 50.81 Unrealised gain on foreign currencies receivables and payables (Note 2c) 5,816.13 11.67 468.32 1,999,750,090.22 11,131,246.04 374,592,079.82 Liabilities Accrued fees 1,982,291.38 8,962.79 1,200,478.66 Options bought or written at market value negative (Note 2l) - - Overdraft at banks --Payable on forward foreign exchange contracts 2,858,104.00 - 772,267.01 Payable for investments purchased - - Payable for redeemed shares 10,324,735.85 15,007.29 344,599.56 Payable under repurchase agreements (Note 2n) - - Net other payable - - 13,342.82 Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) 14,726.27 - Unrealised loss on foreign currencies receivables and payables (Note 2c) - - 15,179,857.50 23,970.08 2,330,688.05 Total net assets - unswung 1,984,570,232.72 11,107,275.96 372,261,391.77 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 1,984,570,232.72 11,107,275.96 372,261,391.77 Portfolio at acquisition cost (Note 2d) 1,938,529,648.77 10,919,470.71 315,554,296.37
Page 25
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 23
Nordea 1 Stable Return Fund
Nordea 1 Swedish Bond Fund
Nordea 1 Swedish Short-Term Bond Fund
Nordea 1 US Corporate Bond Fund
Nordea 1 US Corporate Sustainable Stars Bond Fund (in EUR) (in SEK) (in SEK) (in USD) (in USD)
1,101,699,942.09 -------712,916,690.64 2,542,323,175.00 2,637,181,330.69 1,028,491,717.08 3,311,563,723.10 169,344,414.94 17,453,480.78 22,725,474.52 5,602,032.97 12,807,949.26 8,967,273.75 36,011,437.78 13,233,129.36 13,735,118.33 40,452,979.45 ----227,107.63 2,266,275.20 72,054.81 230,273.05 4,418,171.32 - - - 54,918.50 16,035.16 - - 458,200.00 - ------------------------4,827,874.57 14,752,664.40 - 3,069,006.78 3,521,570.38 ----- - - 1,745,663.23 10,119,380.28 9,237.10 - 6.94 61.99 1,997,992,540.72 2,612,807,033.16 2,673,670,196.32 1,052,928,791.93 3,382,899,808.95
7,930,276.64 1,061,628.37 998,109.89 1,604,660.27 1,444,468.04 ----- 364,432.60 - - - - - 54,963.39 16,025.00 411,464.82 - 36,792,071.10 - 16,487,663.21 717,866.48 740,235.74 778,919.56 788,758.55 --------------------------------167,782.60 1,200,425.90 - 164,120.18 367,646.82 ------------44,136,895.29 4,939.44 520.80 - - 11.57 - - 21.21 69,134,082.56 3,349,304.36 38,530,937.53 2,602,663.40 2,616,919.62 1,928,858,458.16 2,609,457,728.80 2,635,139,258.79 1,050,326,128.53 3,380,282,889.33 ----1,928,858,458.16 2,609,457,728.80 2,635,139,258.79 1,050,326,128.53 3,380,282,889.33 1,638,111,751.32 2,574,132,144.13 2,633,057,866.79 1,037,706,720.67 3,343,900,986.82
The accompanying notes form an integral part of these f inancial statements.
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24
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Net Assets
as of 30/06/2026
Nordea 1 US High Yield Bond Fund (Note 1b)
Nordea 1 US High Yield Sustainable Stars Bond Fund
Nordea 1 US Total Return Bond Fund (in USD) (in USD) (in USD) Assets Shares portfolio at market value (Note 2a) - - Funds portfolio at market value (Note 2a) - - Bonds portfolio at market value (Note 2a) 661,815,662.64 1,339,402,484.15 200,228,109.24 Cash at banks 12,894,848.00 11,605,478.08 Dividends and interest receivable (Note 2e) 11,512,962.92 22,869,365.31 1,270,040.34 Receivable for investments sold - - Receivable for subscribed shares 16,230.92 458,004.85 Receivable on forward foreign exchange contracts - - Net other receivable (Note 2q) --Unrealised gain on equity swaps (Note 2h) - - Unrealised gain on equity swaps already cashed (Note 2) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised gain on credit default swaps (Note 2i) - - Unrealised gain on futures (Note 2f) - - Unrealised gain on futures already cashed (Note 2f) - - Unrealised gain on interest rate and inflation swaps (Note 2j, m) - - Unrealised gain on forward foreign exchange contracts (Note 2g) 2,802,049.46 6,278,284.84 85,669.44 Unrealised gain on foreign currencies receivables and payables (Note 2c) - 0.05 0.01 689,041,753.94 1,380,613,617.28 201,583,819.03 Liabilities Accrued fees 303,677.40 892,962.08 440,058.56 Options bought or written at market value negative (Note 2l) - - Overdraft at banks - - 674,375.69 Payable on forward foreign exchange contracts - - Payable for investments purchased - - Payable for redeemed shares 188,522.15 139,899.77 61,043.27 Payable under repurchase agreements (Note 2n) - - Net other payable - - 7.29 Unrealised loss on equity swaps (Note 2h) - - Credit default swaps at cost (Note 2i) - - Interest rate swaps at cost (Note 2j) - - Unrealised loss on credit default swaps (Note 2i) - - Unrealised loss on total return swaps (Note 2) - - Unrealised loss on total return swaps already cashed (Note 2) - - Unrealised loss on futures (Note 2f) - - Unrealised loss on futures already cashed (Note 2f) - - Unrealised loss on interest rate and inflation swaps (Note 2j, m) - - Unrealised loss on repurchase and reverse repurchase agreements (Note 2n) - - Unrealised loss on forward foreign exchange contracts (Note 2g) - - Unrealised loss on foreign currencies receivables and payables (Note 2c) 0.02 - 492,199.57 1,032,861.85 1,175,484.81 Total net assets - unswung 688,549,554.37 1,379,580,755.43 200,408,334.22 Add/(deduct) swing adjustment (Note 10) - - Total net assets - swung 688,549,554.37 1,379,580,755.43 200,408,334.22 Portfolio at acquisition cost (Note 2d) 666,688,878.16 1,350,488,832.95 243,148,440.91
Page 27
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 25
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26
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Combined Statement Nordea 1 Active Rates Opportunities Fund
Nordea 1 Alpha 7 MA Fund
(in EUR) (in EUR) (in EUR) Total net assets at the beginning of the year 69,635,444,322.94 1,012,174,606.85 301,401,130.24 Revaluation diff erence on opening total net assets (Note 2p) 575,544,892.11 - Combined opening net assets at period-end rate 70,210,989,215.05 - -
Income Net dividends (Note 2e) 296,766,944.37 - 776,356.36 Net interest on bonds (Note 2e) 762,871,095.59 31,003,588.78 454,556.45 Net interest on banks (Note 2e) 37,553,116.53 1,413,351.64 730,332.03 Net interest on derivatives 59,761,408.93 - 589,347.67 Net interest on reverse repurchase transactions (Note 4) 33,791.10 32,694.50 1,156,986,356.52 32,449,634.92 2,550,592.51 Expenses Net dividends (Note 2e) 1,056.87 - Net interest on banks (Note 2e) 66,883.08 - Net interest on derivatives 17,015,877.68 3,248,493.56 Net interest on repurchase transactions (Note 4) 11,304,700.54 10,681,918.49 Audit, legal, registration, board of directors and other fees (Note 3b) 5,491,679.23 86,737.74 24,064.49 Central administration fees (Note 3b) 41,621,699.28 393,804.65 79,198.02 Depositary bank fees (Note 3b) 2,671,792.27 80,766.35 8,487.99 Distribution fees E-shares and HE-shares (Note 3c) 5,950,188.35 286,274.55 24,297.14 Management fees (Note 3a) 218,630,734.25 2,540,288.85 355,551.56 Printing, publication and internet fees (Note 3b) 2,928,114.87 81,599.91 5,410.96 Taxe d’abonnement (Note 3b) 8,480,379.54 176,980.26 24,116.53 Transaction related costs (Note 11) 7,524,026.81 644,475.96 147,240.94 321,687,132.77 18,221,340.32 668,367.63 Net income/(loss) 835,299,223.75 14,228,294.60 1,882,224.88 Net realised gain/(loss) on securities 1,983,196,708.99 (935,509.47) 15,312,587.66 Net realised gain/(loss) on equity swaps and total return swaps (197,903,418.31) - (1,586,120.59) Net realised gain/(loss) on credit default swaps (53,559,315.33) (4,911,128.41) (1,194,712.52) Net realised gain/(loss) on futures (15,533,990.01) (10,564,663.63) (3,109,222.35) Net realised gain/(loss) on swaps 24,825,401.41 11,138,158.72 Net realised gain/(loss) on options 58,375.00 307,550.00 Net realised gain/(loss) on forward foreign exchange contracts 134,244,771.46 39,336.72 2,443,441.80 Net realised gain/(loss) on foreign currencies (115,480,058.70) (184,697.32) 469,960.88 Net realised gain/(loss) 2,595,147,698.26 9,117,341.21 14,218,159.76 Changes in unrealised gain/(loss) on securities 2,253,764,522.09 6,123,150.91 9,257,448.08 Changes in unrealised gain/(loss) on equity swaps and total return swaps 262,817,113.75 - 4,207,218.93 Changes in unrealised gain/(loss) on credit default swaps 42,703,439.50 841,257.76 1,234,183.92 Changes in unrealised gain/(loss) on futures 67,569,409.50 (1,151,686.93) 2,137,850.65 Changes in unrealised gain/(loss) on swaps (82,243,663.54) (29,606,109.93) Changes in unrealised gain/(loss) on options 4,942,733.29 4,457,404.31 Changes in unrealised gain/(loss) on forward foreign exchange contracts (403,619,456.27) (2,968,721.03) (5,241,168.08) Changes in unrealised gain/(loss) on foreign currencies 6,895,124.24 2,433,103.73 12,866.70 Changes in unrealised gain/(loss) on repurchase agreements 72,274.71 62,406.79 Net increase/(decrease) in net assets as a result of operations 4,748,049,195.53 (10,691,853.18) 25,826,559.96 Reversal of swing adjustment (Note 10) 65,986.64 - Movements in capital Proceeds from shares issued 11,169,705,408.38 455,265,011.29 135,196,158.91 Payments for shares redeemed (12,741,927,990.67) (144,712,022.91) (76,762,318.60) Dividends paid (Note 12) (137,826,361.59) (828,716.76) (19.00) Total net assets at the end of the period - unswung 73,249,055,453.34 1,311,207,025.29 385,661,511.51 Add/(deduct) swing adjustment (Note 10) 333,290.88 - Total net assets at the end of the period - swung 73,249,388,744.22 1,311,207,025.29 385,661,511.51
Page 29
27
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Alpha 10 MA Fund Nordea 1 Alpha 15 MA Fund Nordea 1 Asia ex Japan Equity Fund
Nordea 1 Asian Sustainable Stars Equity Fund
Nordea 1 Balanced Income Fund (in EUR) (in EUR) (in USD) (in USD) (in EUR) 2,411,112,567.49 2,414,878,313.54 88,697,140.48 472,707,733.64 419,818,190.52 ---------
8,417,372.60 13,547,361.40 949,653.74 3,388,441.85 3,382,101.91 3,161,749.77 - - 3,399,443.44 7,441,667.13 7,911,375.06 48,926.31 294,560.13 173,139.42 18,300,708.62 18,028,867.72 - - 2,950,236.96 ----37,541,850.26 42,649,353.95 998,580.05 3,683,001.98 6,522,819.82
----------------183,702.29 183,581.69 7,634.00 42,343.03 30,858.93 1,217,022.91 1,205,717.61 99,509.60 419,584.86 156,850.43 61,759.41 60,520.12 5,753.60 50,446.18 18,565.31 182,095.01 375,174.53 12,685.06 1,021.08 14,569.64 7,614,202.29 9,072,992.37 734,127.50 3,157,794.16 722,883.43 97,141.88 41,970.49 13,659.38 3,869.34 24,264.60 215,156.35 167,693.33 24,750.03 107,562.06 37,791.49 728,512.42 999,679.34 11,232.29 17,090.58 152,780.61 10,299,592.56 12,107,329.48 909,351.46 3,799,711.29 1,158,564.44 27,242,257.70 30,542,024.47 89,228.59 (116,709.31) 5,364,255.38 168,742,523.21 202,618,857.06 15,404,747.43 60,641,288.02 (1,087,160.26) (90,994,819.36) (105,717,561.98) - - (11,594,881.85) (17,950,072.55) - - (2,509,945.17) 51,160,556.71 42,368,438.96 - 3,822,914.77 3,062,754.73 ---- 11.41 ----32,959,104.90 61,191,572.85 (5,175.47) (23,903.38) (2,339,190.94) (2,481,550.89) 281,899.70 (1,139.98) (227,820.18) (1,882,663.98) 175,033,190.42 213,335,158.51 15,487,660.57 64,095,769.92 608,061.17 18,429,931.92 (7,121,924.90) 11,444,696.93 140,126,185.94 6,283,478.68 77,049,500.01 180,473,928.29 - - 11,343,657.86 17,675,857.66 - - 1,903,939.57 17,735,168.27 26,625,907.95 - (273,405.46) 1,201,755.98 ---- (1.05) ----(35,749,312.15) (23,973,436.54) (130.28) (9.12) (3,010,901.78) 325,264.75 348,807.91 1,076.30 27,913.26 82,273.29 ----264,167,401.08 407,364,298.88 26,933,303.52 203,976,454.54 7,068,605.86 -----
261,293,801.24 241,942,558.64 48,336,147.67 37,792,173.00 91,842,011.74 (708,752,178.95) (817,979, 118.30) (48, 275,515.74) (32,143,287.54) (246,897,455.51) (1,588,812.66) (551,962.38) (64,913.93) (122,695.07) (3,407.18) 2,226,232,778.20 2,245,654,090.38 115,626,162.00 682,210,378.57 271,827,945.43 ----2,226,232,778.20 2,245,654,090.38 115,626,162.00 682,210,378.57 271,827,945.43
Page 30
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The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 Chinese Equity Fund
Nordea 1 Conservative Fixed Income Fund (Note 1b)
Nordea 1 Danish Covered Bond Fund (in USD) (in EUR) (in DKK)
Total net assets at the beginning of the year 233,558,914.41 44,282,496.49 7,272,248,019.55 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) 2,033,944.45 - Net interest on bonds (Note 2e) - 74,379.96 74,217,971.90 Net interest on banks (Note 2e) 68,126.93 13,769.17 1,091,650.87 Net interest on derivatives - 12,101.52 4,403,060.20 Net interest on reverse repurchase transactions (Note 4) - - 2,102,071.38 100,250.65 79,712,682.97 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives --Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 17,937.06 670.96 533,927.96 Central administration fees (Note 3b) 48,626.76 1,344.24 3,536,767.80 Depositary bank fees (Note 3b) 5,515.58 255.72 156,237.09 Distribution fees E-shares and HE-shares (Note 3c) 21,629.24 - 24,979.97 Management fees (Note 3a) 138,083.13 700.11 10,994,414.20 Printing, publication and internet fees (Note 3b) 2,533.50 78.98 81,513.02 Taxe d’abonnement (Note 3b) 14,452.09 - 455,269.42 Transaction related costs (Note 11) 16,110.23 5,235.04 1,197,008.19 264,887.59 8,285.05 16,980,117.65 Net income/(loss) 1,837,183.79 91,965.60 62,732,565.32 Net realised gain/(loss) on securities 24,217,827.28 (574,660.78) 36,010,206.90 Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps - 24384.09 Net realised gain/(loss) on futures - 69,112.04 (1,756,163.99) Net realised gain/(loss) on swaps --Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts 1,724.25 (77,068.77) (13,774,103.32) Net realised gain/(loss) on foreign currencies (16,969.85) 15,943.78 6,599,052.37 Net realised gain/(loss) 26,039,765.47 (450,324.04) 89,811,557.28 Changes in unrealised gain/(loss) on securities (20,406,813.31) 689,506.56 16,971,696.90 Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps - (22,659.49) Changes in unrealised gain/(loss) on futures - (70,510.90) (8,858,372.65) Changes in unrealised gain/(loss) on swaps - - (18,458,853.73) Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts - 4,633.67 10,533,553.82 Changes in unrealised gain/(loss) on foreign currencies (8,605.35) 6,850.14 785,479.37 Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 5,624,346.81 157,495.94 90,785,060.99 Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 35,214,628.04 1,035,960.34 572,783,152.51 Payments for shares redeemed (66,966,660.12) (45,475,952.77) (1,279,101,033.42) Dividends paid (Note 12) - - (67,259,090.97) Total net assets at the end of the period - unswung 207,431,229.14 - 6,589,456,108.66 Add/(deduct) swing adjustment (Note 10) - Total net assets at the end of the period - swung 207,431,229.14 - 6,589,456,108.66
Page 31
29
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Diversifi ed Growth Fund (Note 1b)
Nordea 1 Dynamic Rates Opportunities Fund
Nordea 1 Emerging ex China Sustainable Stars Equity Fund
Nordea 1 Emerging Market Bond Fund
Nordea 1 Emerging Market Corporate Bond Fund (in EUR) (in EUR) (in USD) (in USD) (in USD)
26,873,866.24 55,429,930.43 286,937,158.21 881,639,562.97 113,801,593.85 ---------
19983.74 - 2,401,103.20 - 15,338.27 1,921,028.25 - 29,802,508.46 3,781,465.50 12,044.46 134,512.48 90,247.15 369,729.43 84,346.57 ----- 1,096.60 - - 47,366.47 2,056,637.33 2,491,350.35 30,172,237.89 3,865,812.07
--------27,584.12 338,460.51 - - - 622,782.05 - - 762.50 4,920.60 26,362.86 66,484.33 8,834.97 1,229.25 22,600.71 222,209.56 526,087.77 117,551.40 158.82 6,523.68 46,405.80 38,814.28 1,720.45 1.36 569.36 14,208.99 38,968.74 29,044.95 28.34 108,342.87 1,182,717.84 1,882,658.92 570,867.48 0.34 67.48 5,029.66 17,989.15 7,716.83 - 3,924.07 33,581.75 78,916.41 16,795.35 6,994.76 143,350.84 10,728.45 130,321.25 10,206.56 36,759.49 1,251,542.17 1,541,244.91 2,780,240.85 762,737.99 10,606.98 805,095.16 950,105.44 27,391,997.04 3,103,074.08 45,703.98 (142,957.74) 55,855,864.46 7,325,993.74 745,762.11 (190,033.35) ---- (452,357.08 )--(22,814.97) (288,173.11) - - - 1,038,499.39 - - - (249,175.00 )--(115,774.46) (45,351.24) (68,902.84) 2,280,420.51 394,027.40 (81,063.64) 22,566.55 (330,809.75) (5,297,230.92) (296,999.46) (353,375.46) 688,146.93 56,406,257.31 31,701,180.37 3,945,864.13 (1,008,522.99) 814,609.80 85,581,250.29 (3,521,947.17) (664,945.45) (166,003.28) ---- 86,343.06 - - 13,669.70 443,291.77 - - - (3,141,414.59 )--- 485,328.98 - - (145,084.87) (189,279.71) 259.90 (27,019,459.42) (1,608,493.67) 8.29 218,812.17 14,996.89 (12.95) 32.51 9,867.92 - - (1,659,308.61) (584,293.67) 142,002,764.39 1,159,760.83 1,672,457.52 -----
1,599.97 37,412,549.31 63,352,044.66 128,986,919.95 10,132,852.24 (25,216,157.60) (937,017.22) (65,725,103.34) (122,086,396.29) (7,913,424.35) - - (767,445.88) (9,489,107.47) (103,906.25) - 91,321,168.85 425,799,418.04 880,210,739.99 117,589,573.01 ---- 91,321,168.85 425,799,418.04 880,210,739.99 117,589,573.01
Page 32
30
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 Emerging Market Select Bond Fund
Nordea 1 Emerging Market Select Local Bond Fund (Note 1b)
Nordea 1 Emerging Sustainable Stars Equity Fund (in USD) (in USD) (in USD) Total net assets at the beginning of the year 353,678,980.66 17,311,186.98 1,443,694,967.34 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - -
Income Net dividends (Note 2e) - - 9,970,447.88 Net interest on bonds (Note 2e) 10,180,639.83 253,050.95 Net interest on banks (Note 2e) 140,162.31 15,633.50 191,179.86 Net interest on derivatives --Net interest on reverse repurchase transactions (Note 4) - - 10,320,802.14 268,684.45 10,161,627.74 Expenses Net dividends (Note 2e) - 1,204.14 Net interest on banks (Note 2e) --Net interest on derivatives --Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 22,962.42 564.14 116,713.18 Central administration fees (Note 3b) 94,882.28 3,443.92 1,428,140.82 Depositary bank fees (Note 3b) 9,879.46 1,458.86 150,945.74 Distribution fees E-shares and HE-shares (Note 3c) 4,133.93 487.19 150,373.46 Management fees (Note 3a) 240,603.65 13,083.40 9,743,191.46 Printing, publication and internet fees (Note 3b) 1,552.81 175.58 159,104.59 Taxe d’abonnement (Note 3b) 19,227.95 - 300,334.71 Transaction related costs (Note 11) 55,976.42 1,275.55 43,318.51 449,218.92 21,692.78 12,092,122.47 Net income/(loss) 9,871,583.22 246,991.67 (1,930,494.73) Net realised gain/(loss) on securities 8,035,006.98 512,554.28 206,038,537.35 Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps - - Net realised gain/(loss) on futures - - (975,150.00) Net realised gain/(loss) on swaps --Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts 5,246,346.75 (39,752.68) (539,653.18) Net realised gain/(loss) on foreign currencies (3,384,377.40) (8,087.43) (233,935.03) Net realised gain/(loss) 19,768,559.55 711,705.84 202,359,304.41 Changes in unrealised gain/(loss) on securities (6,145,106.59) (552,948.16) 249,249,942.91 Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps - - Changes in unrealised gain/(loss) on futures - - Changes in unrealised gain/(loss) on swaps - - Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts (16,215,539.37) (43,475.89) (30,445.17) Changes in unrealised gain/(loss) on foreign currencies 37.25 (2,794.02) (4,899.44) Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations (2,592,049.16) 112,487.77 451,573,902.71 Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 27,727,807.79 1,059,758.75 240,965,308.97 Payments for shares redeemed (108,351,355.79) (18,483,433.50) (397,486,875.65) Dividends paid (Note 12) - - (913,553.55) Total net assets at the end of the period - unswung 270,463,383.50 - 1,737,833,749.82 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 270,463,383.50 - 1,737,833,749.82
Page 33
31
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Empower Europe Fund
Nordea 1 EUR Corporate Bond Fund 1-3 Years
Nordea 1 European Corporate Bond Fund
Nordea 1 European Corporate Sustainable Labelled Bond Fund
Nordea 1 European Corporate Sustainable Stars Bond Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) 443,953,216.48 569,069,398.37 702,744,330.78 124,503,862.18 2,319,683,634.91 ---------
10,530,600.05 ---- 8,988,098.75 11,398,989.98 2,250,513.33 39,410,288.46 57,725.17 80,712.43 261,382.32 42,868.05 629,110.24 - - 170,659.05 - ----10,588,325.22 9,068,811.18 11,831,031.35 2,293,381.38 40,039,398.70
----------------53,452.47 47,052.71 54,972.06 10,478.43 189,576.10 528,088.82 143,901.26 238,526.51 27,817.41 668,717.91 22,431.69 20,135.56 22,626.42 4,287.81 77,327.15 32,534.46 13,473.45 20,864.12 3.84 1,497.15 3,520,736.17 643,043.48 647,764.47 50,739.08 1,531,064.48 6,441.12 2,692.67 22,701.33 1,769.39 20,857.55 135,754.13 61,785.97 66,053.78 9,816.57 233,832.92 27,343.73 9,127.64 103,542.82 15,439.88 225,187.22 4,326,782.59 941,212.74 1,177,051.51 120,352.41 2,948,060.48 6,261,542.63 8,127,598.44 10,653,979.84 2,173,028.97 37,091,338.22 24,499,680.78 1,254,247.74 354,288.13 657,235.29 2,423,679.25 ----- - 362,691.11 - - (239,891.78) (373,280.59) (26,921.52) (242,663.36) --------(249,008.15) 130,780.69 14,230,034.42 3,252,999.09 32,637,628.62 271,817.50 (39,368.06) (3,512,779.14) (577,577.22) (9,369,997.59) 30,784,032.76 9,233,367.03 21,714,933.77 5,478,764.61 62,539,985.14 34,699,604.62 (5,204,525.86) (1,716,255.18) (962,037.71) (6,396,464.25) ----- - 29,085.83 - - 95,265.21 157,722.13 22,293.42 713,004.72 --------(305.58) (89,206.39) (5,902,233.47) (818,897.10) (15,453,580.54) (1,944.16) - (0.01) - 0.03 ----65,481,387.64 4,034,899.99 14,283,253.07 3,720,123.22 41,402,945.10 -----
399,117,873.65 161,523,946.48 30,865,115.05 27,020,439.86 448,322,738.37 (43,434,293.64) (183,673,670.89) (33,497,867.91) (5,763,155.73) (125,793,576.70) - (1,008,064.88) (1,249,116.12) - (21,040.09) 865,118,184.13 549,946,509.07 713,145,714.87 149,481,269.53 2,683,594,701.59 - 219,978.63 - - 865,118,184.13 550,166,487.70 713,145,714.87 149,481,269.53 2,683,594,701.59
Page 34
32
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 European Covered Bond Fund
Nordea 1 European Cross Credit Fund
Nordea 1 European Financial Debt Fund (in EUR) (in EUR) (in EUR)
Total net assets at the beginning of the year 6,227,129,620.15 828,435,288.38 1,916,004,939.37 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) --Net interest on bonds (Note 2e) 77,291,596.64 18,036,207.24 50,324,115.81 Net interest on banks (Note 2e) 2,085,323.93 269,253.88 854,891.13 Net interest on derivatives - 1,944.44 253,944.43 Net interest on reverse repurchase transactions (Note 4) - - 79,376,920.57 18,307,405.56 51,432,951.37 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives 2,489,303.28 - Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 449,455.64 63,919.82 150,455.32 Central administration fees (Note 3b) 2,899,255.59 500,668.84 1,177,306.72 Depositary bank fees (Note 3b) 401,344.30 25,269.94 62,847.70 Distribution fees E-shares and HE-shares (Note 3c) 520,567.52 134,232.23 776,544.66 Management fees (Note 3a) 9,006,716.13 2,956,719.22 7,009,732.41 Printing, publication and internet fees (Note 3b) 141,387.20 53,479.84 141,324.92 Taxe d’abonnement (Note 3b) 464,984.56 119,372.61 293,937.60 Transaction related costs (Note 11) 667,361.69 21,022.56 57,607.46 17,040,375.91 3,874,685.06 9,669,756.79 Net income/(loss) 62,336,544.66 14,432,720.50 41,763,194.58 Net realised gain/(loss) on securities (13,860,861.62) 3,525,825.66 10,691,829.34 Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps (3,031,596.41) 665.03 433,438.67 Net realised gain/(loss) on futures (6,720,134.85) 107,743.99 3,952,154.83 Net realised gain/(loss) on swaps (3,813,747.59) - Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts 5,776,626.04 (283,060.29) 683,572.66 Net realised gain/(loss) on foreign currencies (445,238.71) (607,018.89) 1,674,068.19 Net realised gain/(loss) 40,241,591.52 17,176,876.00 59,198,258.27 Changes in unrealised gain/(loss) on securities 17,511,588.76 (4,214,112.12) (15,772,708.20) Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps 1,036,320.10 (690.69) (611,022.45) Changes in unrealised gain/(loss) on futures (5,054,035.66) (202,665.99) (331,973.47) Changes in unrealised gain/(loss) on swaps (19,748,014.68) - Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts (9,048,424.08) (1,471,175.63) (10,236,878.94) Changes in unrealised gain/(loss) on foreign currencies 1,175,195.04 - Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 26,114,221.00 11, 288,2 31.57 32,245,675.21 Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 971,435,178.27 76,561,221.94 300,884,514.94 Payments for shares redeemed (1,841,536,950.06) (113,992,496.32) (278,405,682.73) Dividends paid (Note 12) (13,888,686.88) (3,460,741.19) (16,727,281.48) Total net assets at the end of the period - unswung 5,369,253,382.48 798,831,504.38 1,954,002,165.31 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 5,369,253,382.48 798,831,504.38 1,954,002,165.31
Page 35
33
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 European High Yield Bond Fund
Nordea 1 European High Yield Credit Fund
Nordea 1 European High Yield Opportunities Fund
Nordea 1 European High Yield Sustainable Climate Bond Fund
Nordea 1 European High Yield Sustainable Stars Bond Fund (in EUR) (in EUR) (in EUR) (in EUR) (in EUR)
3,140,990,372.13 375,779,238.05 142,574,799.48 215,195,288.28 2,166,312,496.92 ---------
----78,418,139.83 10,202,416.38 4,395,904.40 5,176,260.90 57,225,979.78 1,700,217.20 194,908.38 64,707.69 44,390.47 1,205,576.84 3,227,291.67 - 84,458.34 - ----83,345,648.70 10,397,324.76 4,545,070.43 5,220,651.37 58,431,556.62
--------- 1,134,671.68 - - 3,214,861.66 ----233,659.51 29,895.56 11,801.64 16,878.10 169,307.62 2,439,470.31 173,958.75 159,889.51 152,723.55 1,176,379.57 90,321.38 11,819.89 4,656.67 6,686.54 66,198.92 101,783.96 40.68 115,208.63 3.62 5,777.14 7,426,450.97 526,230.41 752,475.09 502,681.72 3,816,705.74 84,199.87 2,119.79 13,665.85 - 19,096.88 262,803.55 22,114.51 31,281.26 10,992.80 165,488.35 145,875.65 31,471.82 4,335.66 3,485.09 101,852.94 10,784,565.20 1,932,323.09 1,093,314.31 693,451.42 8,735,668.82 72,561,083.50 8,465,001.67 3,451,756.12 4,527,199.95 49,695,887.80 2,582,460.58 (152,818.80) 1,155,802.69 (1,569,848.99) (1,714,402.74) ----(3,970,079.69) 1,081,048.29 (92,684.53) - 2,791,004.94 - (453,786.06) - (45,728.67) (2,361,429.97) --------7,523,319.83 890,574.73 295,133.12 (296,045.48) (2,583,291.71) (1,197,053.74) (482,160.52) (86,152.79) 13,829.81 (2,729,973.18) 77,499,730.48 9,347,859.31 4,723,854.61 2,629,406.62 43,097,795.14 (12,640,377.88) 1,952,144.51 (1,845,032.22) 1,282,363.27 3,830,539.50 ----4,010,720.27 (1,346,322.53) 119,334.71 - (3,749,606.10) - 241,831.74 - (2,548.29) 1,470,060.53 --------(8,532,345.73) (1,444,993.61) (380,262.11) (13,037.47) (12,398,648.38) (19,825.45) (621.16) (1,861.88) - (3,000.40) ----60,317,901.69 8,749,898.26 2,616,033.11 3,896,184.13 32,247,140.29 -----
349,197,800.54 40,137,504.95 24,883,486.85 18,876,500.19 191,125,511.92 (547,877,997.40) (33,215,986.92) (13,929,255.95) (8,736,285.71) (185,173,552.18) (22,044,922.91) - (143,139.28) - (6,025,474.25) 2,980,583,154.05 391,450,654.34 156,001,924.21 229,231,686.89 2,198,486,122.70 ----2,980,583,154.05 391,450,654.34 156,001,924.21 229,231,686.89 2,198,486,122.70
Page 36
34
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 European Short-term Corporate Bond Fund
Nordea 1 European Small and Mid Cap Sustainable Stars Equity Fund
Nordea 1 European Sustainable Labelled Bond Fund (in EUR) (in EUR) (in EUR) Total net assets at the beginning of the year 174,495,549.46 365,071,898.30 355,127,182.80 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - -
Income Net dividends (Note 2e) - 6,325,646.07 Net interest on bonds (Note 2e) 2,304,144.02 - 4,372,004.96 Net interest on banks (Note 2e) 18,092.84 53,116.77 44,921.06 Net interest on derivatives --Net interest on reverse repurchase transactions (Note 4) - - 2,322,236.86 6,378,762.84 4,416,926.02 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives --Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 13,794.03 26,862.35 28,607.92 Central administration fees (Note 3b) 44,257.39 340,918.98 93,377.48 Depositary bank fees (Note 3b) 2,679.63 11,914.50 16,991.88 Distribution fees E-shares and HE-shares (Note 3c) 3.62 8,167.45 3.62 Management fees (Note 3a) 110,644.51 2,526,582.99 192,089.61 Printing, publication and internet fees (Note 3b) - 47,821.99 69.13 Taxe d’abonnement (Note 3b) 10,018.71 79,700.27 32,684.23 Transaction related costs (Note 11) 526.83 6,405.50 19,931.46 181,924.72 3,048,374.03 383,755.33 Net income/(loss) 2,140,312.14 3,330,388.81 4,033,170.69 Net realised gain/(loss) on securities (54,274.24) 7,315,765.39 589,473.31 Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps - - Net realised gain/(loss) on futures - - (534,363.13) Net realised gain/(loss) on swaps --Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts - 32,701.09 365,238.56 Net realised gain/(loss) on foreign currencies 2.58 (39,454.73) (576,482.57) Net realised gain/(loss) 2,086,040.48 10,639,400.56 3,877,036.86 Changes in unrealised gain/(loss) on securities (34,291.04) (3,447,779.78) 751,606.96 Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps - - Changes in unrealised gain/(loss) on futures - - 37,346.75 Changes in unrealised gain/(loss) on swaps - - Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts - (2,339.45) (1,233,088.92) Changes in unrealised gain/(loss) on foreign currencies - (2,455.01) Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 2,051,749.44 7,186,826.32 3,432,901.65 Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 48,551,484.96 4,504,080.64 84,524,945.16 Payments for shares redeemed (2,526,883.04) (48,599,764.12) (12,606,699.11) Dividends paid (Note 12) - (149,752.72) (2,563.59) Total net assets at the end of the period - unswung 222,571,900.82 328,013,288.42 430,475,766.91 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 222,571,900.82 328,013,288.42 430,475,766.91
Page 37
35
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 European Sustainable Stars Equity Fund
Nordea 1 Fixed Maturity Bond 2027 Fund
Nordea 1 Fixed Maturity Bond 2028 Fund
Nordea 1 Fixed Maturity Bond V Fund
Nordea 1 Fixed Maturity Bond VI Fund (Note 1a) (in EUR) (in EUR) (in EUR) (in EUR) (in EUR) 3,395,590,585.80 41,255,372.06 269,130,881.56 338,582,952.13 ---------
63,092,400.73 ---- 556,080.05 4,806,952.09 5,744,974.82 322,760.60 427,090.87 4,314.00 27,616.08 - 4,283.63 - 4,813.46 13,163.19 5,668,545.67 ----63,519,491.60 565,207.51 4,847,731.36 11,413,520.49 327,044.23
----- - - 44,866.82 --------263,491.15 2,837.21 20,221.73 26,135.50 2,540.80 1,704,067.01 7,512.31 64,759.19 83,730.68 8,863.91 111,660.74 1,118.75 8,176.18 12,824.86 886.39 128,807.73 - - - 9,173,685.71 130,776.07 1,554,219.94 1,870,523.51 202,181.71 82,297.91 ---288,109.82 6,420.22 63,851.25 83,864.86 31,740.59 13,184.21 960.95 1,830.58 15,450.98 11,765,304.28 149,625.51 1,713,058.87 2,137,397.21 246,213.40 51,754,187.32 415,582.00 3,134,672.49 9,276,123.28 80,830.83 185,587,323.21 280,302.96 455,446.83 (190,075.80) 6.73 --------(65,250.00 )-----------750,886.86 ---332,716.50 (570.33) (6,776.67) 2,349.10 238,359,863.89 695,314.63 3,583,342.65 9,088,396.58 80,837.56 257,310,698.64 (421,438.38) (1,231,266.03) (671,498.66) 35,553.83 ----- - - 11,028.99 ----- (25,723.94) (273,887.84) (378,074.95) ----2,145.67 ---3,668.45 1,459.56 21,607.36 18,347.38 ----495,676,376.65 249,611.87 2,099,796.14 8,068,199.34 116,391.39 -----
330,376,767.49 - - - 255,921,966.25 (766,389,881.72) (6,911,620.83) (8,444,158.80) (5,275,008.31) (2,153,688.97) (468,784.45) (675,239.88) (6,637,710.57) (2,708,406.46) 3,454,785,063.77 33,918,123. 22 256,1 48,808.33 338,667,736.70 253, 884,668.67 ----3,454,785,063.77 33,918,123. 22 256,1 48,808.33 338,667,736.70 253, 884,668.67
Page 38
36
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 Flexible Fixed Income Fund
Nordea 1 Flexible Fixed Income Plus Fund
Nordea 1 GBP Diversifi ed Return Fund (in EUR) (in EUR) (in GBP)
Total net assets at the beginning of the year 1,157,113,648.13 79,009,712.12 1,324,510,282.23 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) - - 8,295,624.70 Net interest on bonds (Note 2e) 10,526,530.29 675,219.99 7,471,485.08 Net interest on banks (Note 2e) 235,670.03 25,166.86 1,115,510.15 Net interest on derivatives 8,494,347.70 1,371,894.69 Net interest on reverse repurchase transactions (Note 4) - - 19,256,548.02 2,072,281.54 16,882,619.93 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives --Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 88,313.56 6,242.66 102,675.96 Central administration fees (Note 3b) 404,240.12 19,404.61 991,887.15 Depositary bank fees (Note 3b) 43,214.26 3,335.57 33,137.43 Distribution fees E-shares and HE-shares (Note 3c) 49,696.61 - Management fees (Note 3a) 1,457,712.46 62,553.35 5,551,896.81 Printing, publication and internet fees (Note 3b) 17,939.64 4.88 37,547.03 Taxe d’abonnement (Note 3b) 86,273.95 4,442.68 118,729.02 Transaction related costs (Note 11) 220,848.12 77,400.84 106,976.31 2,368,238.72 173,384.59 6,942,849.71 Net income/(loss) 16,888,309.30 1,898,896.95 9,939,770.22 Net realised gain/(loss) on securities (9,268,680.30) 165,698.59 34,961,576.79 Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps (9,645,046.55) (1,437,532.23) Net realised gain/(loss) on futures 295,655.69 (1,257,816.01) (30,492,116.96) Net realised gain/(loss) on swaps --Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts (6,832,570.81) (238,591.71) 9,075,722.08 Net realised gain/(loss) on foreign currencies (1,829,469.55) 31,712.74 580,530.07 Net realised gain/(loss) (10,391,802.22) (837,631.67) 24,065,482.20 Changes in unrealised gain/(loss) on securities 23,705,483.90 858,377.62 22,621,633.52 Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps 8,585,001.03 1,338,234.63 Changes in unrealised gain/(loss) on futures 1,962,901.44 1,279,743.18 6,778,103.53 Changes in unrealised gain/(loss) on swaps - (6.87) Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts (1,419,911.77) 226,530.63 (25,422,558.84) Changes in unrealised gain/(loss) on foreign currencies 127,757.70 26,454.21 5,622.06 Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 22,569,430.08 2, 891,701.73 28,0 48, 282.47 Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 176,421,932.15 22,583,675.73 116,753,260.80 Payments for shares redeemed (232,309,300.27) (4,013,123.74) (106,703,699.68) Dividends paid (Note 12) (6,686,862.97) - (2,167,946.58) Total net assets at the end of the period - unswung 1,117,108,847.12 100,471,965.84 1,360,440,179.24 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 1,117,108,847.12 100,471,965.84 1,360,440,179.24
Page 39
37
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Global AI Innovators Fund (Note 1a)
Nordea 1 Global Climate and Environment Fund
Nordea 1 Global Climate Transition Engagement Fund
Nordea 1 Global Disruption Fund
Nordea 1 Global Diversity Engagement Fund (in USD) (in EUR) (in USD) (in USD) (in USD)
- 7,051,562,268.42 644,703,471.19 71,456,917.84 1,111,323,576.48 ---------
96,040.83 45,140,281.77 7,304,458.78 392,721.73 10,270,664.25 ----- 1,063,713.56 123,993.50 15,557.13 237,667.99 --------96,040.83 46,203,995.33 7,428,452.28 408,278.86 10,508,332.24
----25,084.23 -----------4,936.61 581,453.71 55,083.96 4,786.26 91,208.49 60,937.18 6,630,063.16 542,928.86 59,990.64 343,061.55 1,740.35 199,100.86 20,206.49 1,744.86 36,640.48 4.30 1,060,474.05 5,463.11 4,446.21 22,771.08 362,693.57 43,570,504.37 3,233,459.91 430,935.66 1,334,042.27 8.60 653,518.04 19,251.57 7,413.20 3,991.43 31,765.44 1,322,228.22 67,258.28 14,268.05 74,828.51 3,298.63 39,600.41 25,902.40 10,884.59 11,370.80 490,468.91 54,056,942.82 3,969,554.58 534,469.47 1,917,914.61 (394,428.08) (7,852,947.49) 3,458,897.70 (126,190.61) 8,590,417.63 1,457,501.51 466,367,250.11 48,737,240.90 5,825,289.55 55,732,980.37 --------------------(75,849.64) 1,498,221.35 (106,264.10) 10,935.86 (798,328.89) (130,672.67) 2,065,621.41 (641,041.88) (15,761.18) 743,345.26 856,551.12 462,078,145.38 51,448, 832.62 5,694,273.62 64 ,268,414.37 19,185,184.23 1,181,772,897.17 17,643,270.10 468,941.52 89,475,525.80 --------------------- 371,374.52 (1,568,328.28) 14.72 (644.06) 21,056.64 84,816.62 (579.75) (367.31) (9,287.82) ----20,062,791.99 1,644,307,233.69 67,523,194.69 6,162,862.55 153,734,008.29 -----
310,188,578.54 371,107,165.23 91,874,593.23 1,616,405.17 269,371,340.17 (7,497,247.69) (692,081,782.19) (16,456,236.04) (18,522,659.41) (96,161,378.08) - (7,594,111.60) (1,510,627.37) - 322,754,122.84 8,367,300,773.55 786,134,395.70 60,713,526.15 1,438,267,546.86 129,102.31 ---322,883,225.15 8,367,300,773.55 786,134,395.70 60,713,526.15 1,438,267,546.86
Page 40
38
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 Global Equity Long/Short Fund (Note 1a)
Nordea 1 Global High Yield Bond Fund
Nordea 1 Global High Yield Sustainable Stars Bond Fund (in EUR) (in USD) (in USD)
Total net assets at the beginning of the year - 360,503,430.85 1,010,016,694.32 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) 252,833.94 - Net interest on bonds (Note 2e) 79,856.53 11,957,889.73 33,083,207.33 Net interest on banks (Note 2e) 131,899.48 156,814.29 392,758.55 Net interest on derivatives --Net interest on reverse repurchase transactions (Note 4) - - 464,589.95 12,114,704.02 33,475,965.88 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives 40,708.62 - Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 3,451.98 28,444.75 82,608.76 Central administration fees (Note 3b) 5,732.29 268,621.06 151,336.21 Depositary bank fees (Note 3b) 1,146.30 7,894.78 23,251.03 Distribution fees E-shares and HE-shares (Note 3c) 0.50 8,224.36 6.94 Management fees (Note 3a) 5.98 849,940.79 77,902.68 Printing, publication and internet fees (Note 3b) - 6,785.71 1,615.25 Taxe d’abonnement (Note 3b) 4,470.68 22,808.13 58,190.00 Transaction related costs (Note 11) 13,042.57 72,461.79 146,201.88 68,558.92 1,265,181.37 541,112.75 Net income/(loss) 396,031.03 10,849,522.65 32,934,853.13 Net realised gain/(loss) on securities 587,784.30 1,366,010.55 6,785,125.49 Net realised gain/(loss) on equity swaps and total return swaps (38,871.66) - Net realised gain/(loss) on credit default swaps - - Net realised gain/(loss) on futures 1,472,038.67 - Net realised gain/(loss) on swaps --Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts (734,600.57) 19,994,573.83 17,385,411.05 Net realised gain/(loss) on foreign currencies 53,439.72 (6,841,626.44) (11,428,745.20) Net realised gain/(loss) 1,735,821.49 25,368,480.59 45,676,644.47 Changes in unrealised gain/(loss) on securities 3,036,502.65 (7,176,341.34) (22,976,769.90) Changes in unrealised gain/(loss) on equity swaps and total return swaps 192,952.72 - Changes in unrealised gain/(loss) on credit default swaps - - Changes in unrealised gain/(loss) on futures (247,805.09) - Changes in unrealised gain/(loss) on swaps - - Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts (1,598,861.18) (5,043,961.75) (5,117,809.58) Changes in unrealised gain/(loss) on foreign currencies 3,031.10 279.14 2,668.98 Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 3,121,641.69 13,148,456.64 17,584,733.97 Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 175,692,411.46 2,125,009.90 187,968,855.88 Payments for shares redeemed - (198,751,941.78) (91,207,504.03) Dividends paid (Note 12) --Total net assets at the end of the period - unswung 178,814,053.15 177,024,955.61 1,124,362,780.14 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 178,814,053.15 177,024,955.61 1,124,362,780.14
Page 41
39
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Global Impact Fund
Nordea 1 Global Listed Infrastructure Fund
Nordea 1 Global Opportunity Fund
Nordea 1 Global Portfolio Fund
Nordea 1 Global Real Estate Fund (in USD) (in USD) (in EUR) (in EUR) (in USD)
205,331,005.46 320,740,762.42 1,290,952,800.91 537,631,467.41 768,015,932.08 ---------
1,021,583.39 4,349,294.40 6,073,153.55 4,830,513.44 10,587,665.20 ----56,956.04 72,493.03 203,233.83 50,305.74 150,989.22 --------1,078,539.43 4,421,787.43 6,276,387.38 4,880,819.18 10,738,654.42
----------------12,934.86 25,056.82 103,031.86 58,721.04 60,666.74 135,091.10 344,716.97 809,440.21 569,240.96 699,345.44 5,123.02 9,371.66 32,910.36 17,268.58 21,043.71 18,810.05 66,027.91 66,198.63 127,037.91 17,667.02 817,645.79 2,097,825.57 3,691,212.80 3,177,824.67 3,960,207.96 4,868.67 28,349.77 12,199.99 18,106.33 39,514.25 17,325.51 71,470.75 97,200.08 212,522.01 108,728.92 10,000.61 13,554.31 8,736.51 5,647.82 12,859.26 1,021,799.61 2,656,373.76 4,820,930.44 4,186,369.32 4,920,033.30 56,739.82 1,765,413.67 1,455,456.94 694,449.86 5,818,621.12 6,189,208.47 23,142,504.74 74,393,302.83 6,101,589.81 16,271,375.96 --------------------2,167.23 (165,565.22) 629,193.98 5,133.38 (31,241.58) (6,338.41) (22,942.20) 94,516.11 (902,014.05) (17,176.59) 6,241,777.11 24,719,410.99 76,572,469.86 5,899,159.00 22,041,578.91 10,354,979.61 4,035,066.01 90,133,945.19 77,353,349.56 59,349,597.77 --------------------(387.27) (76,539.51) 248.03 4.75 (4,814.31) (1,575.28) (6,305.20) 3,292.21 313.50 1,581.45 ----16,594,794.17 28,671,632.29 166,709,955.29 83,252,826.81 81,387,943.82 -----
6,551,521.04 20,390,028.29 199,712,606.84 542,322,694.31 75,521,716.16 (61,157,514.44) (42,050,873.09) (267,346,949.34) (217,934,288.16) (88,498,414.93) - (957,163.98) - - (664,737.97) 167,319,806.23 326,794,385.93 1,390,028,413.70 945,272,700.37 835,762,439.16 ----167,319,806.23 326,794,385.93 1,390,028,413.70 945,272,700.37 835,762,439.16
Page 42
40
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 Global Small Cap Fund
Nordea 1 Global Social Empowerment Fund
Nordea 1 Global Stable Equity Fund (in USD) (in USD) (in EUR)
Total net assets at the beginning of the year 223,989,059.04 34,141,684.68 1,174,194,766.94 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) 1,583,362.28 164,854.24 16,867,574.52 Net interest on bonds (Note 2e) --Net interest on banks (Note 2e) 50,471.95 5,382.46 106,202.79 Net interest on derivatives --Net interest on reverse repurchase transactions (Note 4) - - 1,633,834.23 170,236.70 16,973,777.31 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives --Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 15,906.98 2,661.25 87,565.57 Central administration fees (Note 3b) 233,049.55 27,418.70 903,850.98 Depositary bank fees (Note 3b) 5,501.88 4,404.55 25,514.25 Distribution fees E-shares and HE-shares (Note 3c) 14,037.38 2,253.24 315,140.19 Management fees (Note 3a) 1,481,019.45 184,875.45 5,792,916.84 Printing, publication and internet fees (Note 3b) 25,989.44 712.49 78,119.99 Taxe d’abonnement (Note 3b) 46,119.49 6,239.50 166,617.68 Transaction related costs (Note 11) 11,641.34 3,675.52 13,635.03 1,833,265.51 232,240.70 7,383,360.53 Net income/(loss) (199,431.28) (62,004.00) 9,590,416.78 Net realised gain/(loss) on securities 13,897,777.45 2,042,384.33 31,423,693.44 Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps - - Net realised gain/(loss) on futures --Net realised gain/(loss) on swaps --Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts (50,772.85) 62.80 106,092.29 Net realised gain/(loss) on foreign currencies (16,186.12) 7,794.81 (1,404.30) Net realised gain/(loss) 13,631,387.20 1,988,237.94 41,118,798.21 Changes in unrealised gain/(loss) on securities 12,244,056.45 4,688,793.81 (7,518,250.54) Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps - - Changes in unrealised gain/(loss) on futures - - Changes in unrealised gain/(loss) on swaps - - Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts (18,150.55) 8.02 119,601.98 Changes in unrealised gain/(loss) on foreign currencies (1,644.26) 272.95 25,554.53 Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 25,855,6 48.84 6,677, 7,312.72 33,745,704.18 Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 9,734,117.69 1,526,834.97 105,462,732.06 Payments for shares redeemed (59,351,019.81) (2,338,410.11) (217,802,998.75) Dividends paid (Note 12) (368.16) - (297,979.02) Total net assets at the end of the period - unswung 200,227,437.60 40,007,422.26 1,095,302,225.41 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 200,227,437.60 40,007,422.26 1,095,302,225.41
Page 43
41
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Global Stable Equity Fund Euro Hedged
Nordea 1 Global Stable Equity Plus Fund
Nordea 1 Global Sustainable Listed Real Assets Fund
Nordea 1 Global Sustainable Stars Equity Fund
Nordea 1 Indian Equity Fund (in EUR) (in EUR) (in USD) (in USD) (in USD)
510,483,487.23 134,754,513.07 119,277,047.70 2,199,389,145.06 461,273,115.04 ---------
9,889,425.37 2,539,906.23 1,898,549.20 13,887,310.00 1,100,413.80 ---- 4,615.17 53,233.59 35,154.40 35,811.22 232,104.76 230,712.00 --------9,942,658.96 2,575,060.63 1,934,360.42 14,119,414.76 1,335,740.97
--------- 861,462.24 - - ----49,707.40 10,047.32 9,682.87 164,653.66 32,162.73 534,955.41 96,264.15 77,578.81 1,663,491.27 78,192.72 17,600.60 3,581.29 4,131.21 62,717.66 41,876.74 90,136.65 10.90 5.76 138,447.47 15,231.43 3,638,676.98 545,496.31 376,095.48 10,427,862.89 162,306.44 51,988.84 0.41 46.97 135,290.91 2,566.37 108,048.04 5,844.76 13,230.07 364,607.73 24,528.12 48,468.63 3,519.27 6,136.43 19,860.69 21,683.04 4,539,582.55 1,526,226.65 486,907.60 12,976,932.28 378,547.59 5,403,076.41 1,048,833.98 1,447,452.82 1,142,482.48 957,193.38 18,041,825.63 1,863,478.60 2,388,108.00 68,772,132.59 (8,608,999.51) - 623,988.63 - - ----------------(9,490,525.52) 9,093.40 4,063.26 (166,576.23) (14,969.38) 1,754,415.46 (19,832.59) (17,013.95) 498,285.89 (977,258.34) 15,708,791.98 3,525,562.02 3,822,610.13 70,246,324.73 (8,644,033.85) (13,588,531.70) (1,012,254.36) 4,710,662.27 93,116,376.93 (15,242,543.94) - 1,059,517.08 - - ----------------(17,436,601.01) - (956.14) (55,797.92) 2,783.24 622.98 (4,141.08) 4,207.26 (2,578.58) ----(15,313,557.49) 3,573,447.72 8,528,175.18 163,311,111.00 (23,889,156.37) -----
438,719,370.19 4,646,083.95 15,625,620.89 135,543,665.21 61,792,206.39 (211,565,488.70) (44,369,419.76) (12,350,679.80) (273,332,285.20) (74,725,457.15) (3,379,045.14) - - (87,094.68) 718,944,766.09 98,604,624.98 131,080,163.97 2,224,824,541.39 424,450,707.91 ----718,944,766.09 98,604,624.98 131,080,163.97 2,224,824,541.39 424,450,707.91
Page 44
42
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Nordea 1 International High Yield Opportunities Fund
Nordea 1 Latin American Equity Fund
Nordea 1 Low Duration European Covered Bond Fund (in USD) (in EUR) (in EUR)
Total net assets at the beginning of the year 235,254,804.14 43,925,192.73 3,399,957,416.90 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) - 982,595.74 Net interest on bonds (Note 2e) 7,215,215.40 - 42,758,127.51 Net interest on banks (Note 2e) 81,108.36 44,368.44 1,557,508.69 Net interest on derivatives --Net interest on reverse repurchase transactions (Note 4) - - 7,296,323.76 1,026,964.18 44,315,636.20 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives - - 5,201,350.01 Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 17,684.79 5,037.64 276,665.76 Central administration fees (Note 3b) 78,697.88 74,051.71 1,279,595.04 Depositary bank fees (Note 3b) 5,503.06 9,299.76 297,466.96 Distribution fees E-shares and HE-shares (Note 3c) 5,926.20 7,895.87 22,053.04 Management fees (Note 3a) 231,465.21 512,049.42 6,201,219.30 Printing, publication and internet fees (Note 3b) 5,301.39 9,146.98 217,104.25 Taxe d’abonnement (Note 3b) 18,647.30 15,946.13 496,693.70 Transaction related costs (Note 11) 44,928.64 23,707.52 448,039.60 408,154.47 657,135.03 14,440,187.66 Net income/(loss) 6,888,169.29 369,829.15 29,875,448.54 Net realised gain/(loss) on securities 2,026,411.24 3,865,781.66 (7,544,230.72) Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps - - (1,462,510.47) Net realised gain/(loss) on futures - - 2,452,854.82 Net realised gain/(loss) on swaps - - 16,536,409.76 Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts (3,566,338.49) (20,688.55) 734,922.71 Net realised gain/(loss) on foreign currencies (2,160,782.49) 9,004.29 87,151.92 Net realised gain/(loss) 3,187,459.55 4,223,926.55 40,680,046.56 Changes in unrealised gain/(loss) on securities (7,938,981.09) 47,764.13 13,435,689.89 Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps - - 218,775.37 Changes in unrealised gain/(loss) on futures - - (7,493,813.38) Changes in unrealised gain/(loss) on swaps - - (24,433,330.14) Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts 629,751.42 (402.63) (3,700,302.33) Changes in unrealised gain/(loss) on foreign currencies 19,245.76 6,728.69 1,899,007.70 Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations (4,102,524.36) 4,278,016.74 20,606,073.67 Reversal of swing adjustment (Note 10) - 65,986.64 Movements in capital Proceeds from shares issued 11,990,495.83 47,651,303.71 1,154,677,035.54 Payments for shares redeemed (8,667,986.63) (35,914,556.29) (770,887,978.06) Dividends paid (Note 12) - (90,048.79) (1,471,312.85) Total net assets at the end of the period - unswung 234,474,788.98 59,915,894.74 3,802,881,235.20 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 234,474,788.98 59,915,894.74 3,802,881,235.20
Page 45
43
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Low Duration US High Yield Bond Fund
Nordea 1 Multi Credit Fund of Funds
Nordea 1 Nordic Equity Fund
Nordea 1 Nordic Equity Small Cap Fund
Nordea 1 Nordic Sustainable Stars Equity Fund (in USD) (in EUR) (in EUR) (in EUR) (in EUR)
109,993,753.31 27,187,609.57 194,701,469.50 139,382,442.39 114,433,505.19 ---------
- - 3,941,224.13 2,016,589.77 2,469,861.62 3,374,924.74 55,328.42 - - 51,320.98 645.21 32,413.53 10,032.37 20,470.35 --------3,426,245.72 55,973.63 3,973,637.66 2,026,622.14 2,490,331.97
--------- 153.76 - - ----8,658.83 1,935.80 14,173.34 9,530.69 8,494.95 124,157.10 18,257.06 175,968.48 117,317.36 103,122.74 2,230.57 465.24 4,735.34 6,330.85 3,098.63 19,795.72 9,650.97 22,246.75 46,239.74 2,255.57 517,261.96 112,176.12 1,264,765.49 858,556.29 729,543.16 12,633.85 3,389.58 22,852.97 14,899.65 12,356.68 24,382.05 982.27 39,833.81 25,690.20 21,849.37 11,760.47 3,882.06 6,898.98 4,300.89 4,362.42 720,880.55 150,892.86 1,551,475.16 1,082,865.67 885,083.52 2,705,365.17 (94,919.23) 2,422,162.50 943,756.47 1,605,248.45 304,946.35 64,921.30 4,784,871.85 8,553,928.37 2,819,298.67 --------220,875.00 (7,514.75) - 3,906.18 --------(186,262.88) - (15,785.98) (1,601.25) 1,736.09 (333,349.53) 47.12 17,540.54 3,384.75 18,612.16 2,711,574.11 (37,465.56) 7,208,788.91 9,503,374.52 4,444,895.37 (1,351,200.51) 194,878.83 (3,080,172.84) (12,186,395.35) (1,300,731.44) --------(62,937.12) 473.08 - - - 134.33 - - ----(431,844.21) - 733.01 (57.89) 30.89 (23.96) 217.79 2,284.35 (569.68) 674.47 ----865,568.31 15 8,238 .47 4,131,633.43 (2,683,648 .40) 3,144,869.29 -----
29,342,946.65 265,405.10 4,417,020.02 7,539,777.00 6,983,790.06 (30,040,385.15) (4,426,368.45) (22,328,077.28) (29,046,553.87) (17,557,582.99) (247,579.48) (68,653.02) (288,689.92) (268,798.21) (33,148.98) 109,914,303.64 23,116,231.67 180,633,355.75 114,923,218.91 106,971,432.57 ----109,914,303.64 23,116,231.67 180,633,355.75 114,923,218.91 106,971,432.57
Page 46
44
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 North American High Yield Bond Fund (Note 1b)
Nordea 1 North American Sustainable Stars Equity Fund
Nordea 1 Norwegian Bond Fund (in USD) (in USD) (in NOK)
Total net assets at the beginning of the year 275,477,621.71 1,366,684,417.13 1,768,581,569.22 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) - 5,031,451.25 Net interest on bonds (Note 2e) 2,473,883.20 - 34,804,378.17 Net interest on banks (Note 2e) 40,847.17 159,037.09 999,824.33 Net interest on derivatives --Net interest on reverse repurchase transactions (Note 4) - - 2,514,730.37 5,190,488.34 35,804,202.50 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives - - 5,187,066.74 Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 6,534.86 100,079.24 127,193.75 Central administration fees (Note 3b) 14,874.40 839,630.50 1,182,889.85 Depositary bank fees (Note 3b) 1,579.16 24,741.38 37,726.34 Distribution fees E-shares and HE-shares (Note 3c) 1,354.94 55,108.67 167,019.62 Management fees (Note 3a) 20,950.17 5,216,644.60 4,579,678.81 Printing, publication and internet fees (Note 3b) 582.67 79,362.10 215,525.87 Taxe d’abonnement (Note 3b) - 176,700.17 373,641.15 Transaction related costs (Note 11) 16,760.71 32,811.80 107,813.33 62,636.91 6,525,078.46 11,978,555.46 Net income/(loss) 2,452,093.46 (1,334,590.12) 23,825,647.04 Net realised gain/(loss) on securities 2,998,693.65 61,842,159.37 (2,099,181.21) Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps - - Net realised gain/(loss) on futures --Net realised gain/(loss) on swaps - - (835,784.00) Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts 7,963,487.44 (2,086,040.41) 2,223,974.23 Net realised gain/(loss) on foreign currencies (2,781,182.66) (921,924.44) (642,106.97) Net realised gain/(loss) 10,633,091.89 57,499,604.40 22,472,549.09 Changes in unrealised gain/(loss) on securities (2,569,816.77) 11,962,809.86 (5,402,205.95) Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps - - Changes in unrealised gain/(loss) on futures - - Changes in unrealised gain/(loss) on swaps - - (24,505,128.52) Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts (5,104,736.50) (1,235,983.43) (2,003,063.63) Changes in unrealised gain/(loss) on foreign currencies - (131,241.94) 625,083.88 Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 2,958,538.62 68,095,188.89 (8,812,765.13) Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 6,846,773.07 108,915,615.13 185,238,464.65 Payments for shares redeemed (285,282,933.40) (284,452,118.88) (343,155,813.68) Dividends paid (Note 12) - (40,639.94) (9,006,553.79) Total net assets at the end of the period - unswung - 1,259,202,462.33 1,592,844,901.27 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung - 1,259,202,462.33 1,592,844,901.27
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Page 47
45
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Norwegian Equity Fund
Nordea 1 Norwegian Short-Term Bond Fund
Nordea 1 Smart Step Fund (Note 1a)
Nordea 1 Stable Emerging Markets Equity Fund
Nordea 1 Stable Return Fund (in NOK) (in NOK) (in EUR) (in USD) (in EUR)
1,233,513,310.44 1,720,490,099.39 - 381,593,781.49 2,414,929,081.00 ---------
41,062,511.87 - 31,424.53 5,805,003.55 13,580,163.66 - 48,774,576.03 41,106.11 - 11,395,467.08 913,048.66 1,047,129.91 992.41 75,674.40 1,562,091.31 --------41,975,560.53 49,821,705.94 73,523.05 5,880,677.95 26,537,722.05
----------------106,109.74 146,992.88 426.43 30,395.12 168,256.96 1,270,705.01 1,373,063.14 2,187.67 270,435.42 1,899,340.56 41,468.10 45,694.51 221.29 27,240.94 48,167.18 84,511.77 242,247.56 1,099.20 31,575.97 701,072.14 8,834,046.68 1,170,992.62 5,408.04 1,931,900.19 13,216,557.64 149,746.17 253,187.74 16.80 12,043.14 217,066.04 275,937.71 459,677.77 563.46 36,061.57 386,068.00 23,636.17 36,906.86 2,754.80 19,160.74 210,371.37 10,786,161.35 3,728,763.08 12,677.69 2,358,813.09 16,846,899.89 31,189,399.18 46,092,942.86 60,845.36 3,521,864.86 9,690,822.16 124,467,506.84 3,040,868.60 49,002.43 22,514,096.95 95,728,283.21 ------------ (53,942,181.41) --------6,738.41 (258,701.00) - (34,227.12) (2,172,947.24) (26,999.08) 138,517.49 181.70 (53,879.47) 2,464,477.17 155,636,645.35 49,013,627.95 110,029.49 25,947,855.22 51,768,453.89 (107,000,961.83) (3,534,194.31) (81,507.46) (93,967.21) 20,403,688.35 --------- - - - 12, 202,332.72 --------23.40 (16,297.98) - (96.53) (63,752,186.57) 5,564.48 5,440.57 11.67 273.84 (3,847.32) ----48,641,271.40 45,468,576.23 28,533.70 25,854,065.32 20,618,441.07 -----
280,961,284.52 867,481,786.01 11,229,698.98 35,257,445.48 41,957,661.02 (306,904,337.99) (640,819,476.72) (150,956.72) (70,443,900.52) (540,301,495.03) (2,465,889.99) (8,050,752.19) - - (8,345,229.90) 1,253,745,638.38 1,984,570,232.72 11,107,275.96 372,261,391.77 1,928,858,458.16 ----1,253,745,638.38 1,984,570,232.72 11,107,275.96 372,261,391.77 1,928,858,458.16
Page 48
46
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 Swedish Bond Fund
Nordea 1 Swedish Short-Term Bond Fund
Nordea 1 US Corporate Bond Fund (in SEK) (in SEK) (in USD)
Total net assets at the beginning of the year 2,611,876,605.96 2,531,733,613.69 1,190,851,772.80 Revaluation diff erence on opening total net assets (Note 2p) - - Combined opening net assets at period-end rate - - Income Net dividends (Note 2e) --Net interest on bonds (Note 2e) 35,559,236.56 32,881,369.50 27,619,415.97 Net interest on banks (Note 2e) 256,209.38 65,283.51 216,363.40 Net interest on derivatives --Net interest on reverse repurchase transactions (Note 4) - - 35,815,445.94 32,946,653.01 27,835,779.37 Expenses Net dividends (Note 2e) --Net interest on banks (Note 2e) --Net interest on derivatives --Net interest on repurchase transactions (Note 4) - - Audit, legal, registration, board of directors and other fees (Note 3b) 203,789.15 203,878.39 85,842.30 Central administration fees (Note 3b) 518,196.54 754,004.00 934,340.61 Depositary bank fees (Note 3b) 64,008.13 65,208.56 21,589.50 Distribution fees E-shares and HE-shares (Note 3c) 60,114.70 70,814.34 8,815.03 Management fees (Note 3a) 1,001,910.93 471,346.50 2,109,438.84 Printing, publication and internet fees (Note 3b) 27,733.27 88,532.22 44,653.60 Taxe d’abonnement (Note 3b) 203,718.99 251,966.59 120,330.58 Transaction related costs (Note 11) 103,837.80 26,122.75 183,694.20 2,183,309.51 1,931,873.35 3,508,704.66 Net income/(loss) 33,632,136.43 31,014,779.66 24,327,074.71 Net realised gain/(loss) on securities (5,569,634.05) 6,394,533.99 (853,919.23) Net realised gain/(loss) on equity swaps and total return swaps - - Net realised gain/(loss) on credit default swaps - - Net realised gain/(loss) on futures (13,030,566.17) - (2,339,310.10) Net realised gain/(loss) on swaps --Net realised gain/(loss) on options --Net realised gain/(loss) on forward foreign exchange contracts 23,107.95 (19,207.39) 4,405,227.86 Net realised gain/(loss) on foreign currencies (3,005.21) (5,024.02) (12,106,900.17) Net realised gain/(loss) 15,052,038.95 37,385,082.24 13,432,173.07 Changes in unrealised gain/(loss) on securities 20,421,185.23 (2,729,640.73) (12,727,536.67) Changes in unrealised gain/(loss) on equity swaps and total return swaps - - Changes in unrealised gain/(loss) on credit default swaps - - Changes in unrealised gain/(loss) on futures 21,503,839.50 - 3,228,161.24 Changes in unrealised gain/(loss) on swaps - - Changes in unrealised gain/(loss) on options - - Changes in unrealised gain/(loss) on forward foreign exchange contracts (4,577.65) (1,697.28) (17,407,608.00) Changes in unrealised gain/(loss) on foreign currencies (31.60) 200.78 150.16 Changes in unrealised gain/(loss) on repurchase agreements - - Net increase/(decrease) in net assets as a result of operations 56,972,454.43 34,653,945.01 (13,474,660.20) Reversal of swing adjustment (Note 10) - - Movements in capital Proceeds from shares issued 30,995,552.18 106,365,905.04 54,472,629.25 Payments for shares redeemed (90,058,540.00) (37,568,757.19) (178,263,770.15) Dividends paid (Note 12) (328,343.77) (45,447.76) (3,259,843.17) Total net assets at the end of the period - unswung 2,609,457,728.80 2,635,139,258.79 1,050,326,128.53 Add/(deduct) swing adjustment (Note 10) - - Total net assets at the end of the period - swung 2,609,457,728.80 2,635,139,258.79 1,050,326,128.53
Statement of Operations and Changes in
Net Assets for the period ended
30/06/2026
Page 49
47
The accompanying notes form an integral part of these f inancial statements.
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
Nordea 1 US Corporate Sustainable Stars Bond Fund
Nordea 1 US High Yield Bond Fund (Note 1b)
Nordea 1 US High Yield Sustainable Stars Bond Fund
Nordea 1 US Total Return Bond Fund (in USD) (in USD) (in USD) (in USD)
3,154,911,363.72 439,141,268.10 1,433,773,688.99 214,622,432.44 -------
---77,421,257.08 18,852,929.13 41,300,651.95 6,729,106.57 586,721.91 279,221.11 832,898.33 66,727.17 ------78,007,978.99 19,132,150.24 42,133,550.28 6,795,833.74
------------249,449.67 46,987.73 107,094.86 15,397.71 962,018.74 141,028.43 446,941.30 150,669.52 63,715.70 14,854.07 26,894.00 3,634.63 - 4,601.62 - 1,992.30 1,296,321.79 312,164.02 1,065,210.04 678,072.91 6,910.71 8,846.90 1,723.16 11,275.86 259,297.38 46,800.15 107,176.53 25,714.83 664,705.63 109,976.18 271,255.89 4,512.24 3,502,419.62 685,259.10 2,026,295.78 891,270.00 74,505,559.37 18,446,891.14 40,107,254.50 5,904,563.74 55,766.34 888,924.68 3,176,000.95 (8,403,441.30) ------(4,619,183.14) - - ------(24,889,531.69) (18,034,551.12) (23,931,884.81) (321,415.07) (42,749,040.42) (5,996,500.71) (17,568,264.09) (168,879.35) 2,303,570.46 (4,695,236.01) 1,783,106.55 (2,989,171.98) (38,563,257.07) (10,850,357.51) (24,487,352.96) 5,858,501.28 ------5,266,663.19 - - ------(57,075,705.86) (6,976,638.48) (26,099,191.97) (224,336.69) (21.21) 3.41 0.06 (0.08) ---(88,068,750.49) (22,5 22,228.59) (48, 803,438.32) 2,644,992.53 ----
440,331,006.21 301,121,593.96 88,466,247.21 20,086,951.91 (126,856,062.69) (29,191,079.10) (93,836,608.94) (34,900,571.06) (34,667.42) - (19,133.51) (2,045,471.60) 3,380,282,889.33 688,549,554.37 1,379,580,755.43 200,408,334.22 ---3,380,282,889.33 688,549,554.37 1,379,580,755.43 200,408,334.22
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48
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Active Rates Opportunities Fund EUR 1,311,207,025.29 1,012,174,606.85 535,591,430.19 10,570,737.048 AC - Shares EUR 102.4616 106.0306 104.7220 44,744.000 AI - Shares EUR 107.8333 111.4643 109.8354 189,037.000 AP - Shares EUR 121.7167 - - 8.359 BC - Shares EUR 124.0212 125.2863 118.2166 61,422.459 BF - Shares EUR 122.7599 123.8956 116.6988 10,997.381 BI - Shares EUR 125.9572 127.1037 119.6684 2,294,928.014 BP - Shares EUR 121.6943 123.0882 116.4366 3,836,536.295 E - Shares EUR 115.1190 116.8717 111.3853 685,490.517 HAI - CHF Shares CHF 100.0788 103.3190 - 245,656.788 HB - SEK Shares SEK 1,383.7795 1,401.4142 1,327.6721 94.619 HB - USD Shares USD 153.0001 153.3906 141.8666 4,071.853 HBC - CHF Shares CHF 122.4576 125.0969 120.7151 120,025.458 HBI - CHF Shares CHF 124.2811 126.8133 122.1306 146,472.648 HBI - NOK Shares NOK 1,328.2912 1,328.2109 1,225.0678 18,286.885 HBI - SEK Shares SEK 1,435.5114 1,450.6351 1,368.4564 119.918 HBI - USD Shares USD 139.1682 139.1326 128.1760 6,133.702 Y - Shares EUR 129.5648 130.5025 122.4073 2,906,711.152
Nordea 1 - Alpha 7 MA Fund EUR 385,661,511.51 301,401,130.24 376,950,985.21 2,979,444.781 AI - Shares EUR 114.8933 107.0667 105.8773 12.000 BC - Shares EUR 121.6803 111.8129 109.4793 51.210 BI - Shares EUR 123.8900 113.7447 111.1398 106,679.583 BP - Shares EUR 115.8434 106.7881 105.1977 245,046.663 E - Shares EUR 109.0030 100.8570 100.1037 55,277.378 HBC - CHF Shares CHF 109.2996 101.6028 102.2212 552.200 HY - NOK Shares NOK - 1,270.6295 1,205.4265 HY - SEK Shares SEK 1,388.1879 1,271.0771 1,232.2268 857,254.768 Y - Shares EUR 134.5108 122.8708 118.8327 1,714,570.979
Page 51
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 49
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Alpha 10 MA Fund EUR 2,226,232,778.20 2,411,112,567.49 3,127,870,797.76 133,936,045.726 AD - Shares EUR 15.2955 14.0115 14.0184 3,583,506.000 AI - Shares EUR 14.9022 13.6849 13.7239 68.955 AP - Shares EUR 12.4379 11.4575 11.5902 76,893.547 BC - Shares EUR 15.4057 13.7234 13.4401 112,877.751 BF - Shares EUR 15.3205 13.6347 13.3285 352,545.543 BI - Shares EUR 16.0816 14.3096 13.9835 20,462,893.108 BN - Shares EUR - 13.2634 12.9934 BP - Shares EUR 14.6287 13.0697 12.8764 16,341,516.247 BV - Shares EUR 25.3807 19.8422 17.6321 420.177 E - Shares EUR 13.5923 12.1889 12.0992 3,491,743.184 HB - CHF Shares CHF 14.0534 12.6990 12.8128 28,342.817 HB - NOK Shares NOK 150.0777 132.9757 128.5849 510,838.568 HB - SEK Shares SEK 150.3328 134.7379 133.1367 6,012,976.122 HB - USD Shares USD 19.7188 17.4328 16.8108 394,724.179 HBC - CHF Shares CHF 15.0811 13.5874 13.6252 12,175.203 HBC - GBP Shares GBP 15.1639 13.3996 12.8761 11,409.922 HBC - SEK Shares SEK 149.6908 134.1670 131.7828 81,683.009 HBC - USD Shares USD 21.4025 18.8658 18.0787 9,799.705 HBF - SEK Shares SEK 160.3293 143.1526 140.3591 128,976.494 HBI - CHF Shares CHF 16.3849 14.7476 14.7589 1,877,012.000 HBI - GBP Shares GBP 13.8525 13.5143 12.9605 3,233.496 HBI - JPY Shares JPY 1,830.0000 1,639.0000 1,634.0000 2,446,134.551 HBI - SEK Shares SEK 165.5969 147.8271 144.8804 1,144,601.455 HBI - SGD Shares SGD 25.5680 22.8412 22.3962 5,445,938.587 HBI - USD Shares USD 20.9059 18.4070 17.5826 250,761.762 HM - SGD Shares SGD 16.3508 15.0732 15.8872 348.300 HY - SEK Shares SEK 180.7424 160.4502 155.5026 14,374,625.318 Y - Shares EUR 18.3268 16.2168 15.6701 56,779,999.726
Page 52
50
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Alpha 15 MA Fund EUR 2,245,654,090.38 2,414,878,313.54 2,851,427,206.83 16,064,699.508 AC - Shares EUR 82.0353 72.3209 72.8343 1,812.251 AI - Shares EUR 92.0360 81.0427 81.4418 1,129.293 AN - Shares EUR - 73.6875 74.0395 AP - Shares EUR 77.6734 68.7322 69.7207 168,581.504 BC - Shares EUR 99.6094 84.1238 82.3226 8,476.445 BF - Shares EUR 98.8276 83.3803 81.4515 121,287.660 BI - Shares EUR 108.9326 91.8975 89.7388 2,763,056.942 BN - Shares EUR - 84.2048 - BP - Shares EUR 93.8492 79.5345 78.3813 1,261,482.250 E - Shares EUR 86.2213 73.3428 72.8236 1,193,041.053 HAD - GBP Shares GBP - 79.9770 78.8420 HAN - GBP Shares GBP - 79.6197 78.6500 HAN - USD Shares USD - 120.5758 118.8760 HB - CHF Shares CHF 96.8434 83.0367 83.8297 1,958.350 HB - NOK Shares NOK 969.0332 814.9936 788.9610 58,956.271 HB - SEK Shares SEK 875.9867 745.6417 737.3656 168,228.537 HB - SGD Shares SGD 134.9865 114.8572 113.6241 426.240 HB - USD Shares USD 124.3177 104.1674 100.5056 3,272.643 HBC - SEK Shares SEK 984.5408 838.8252 823.7843 1,583.169 HBC - USD Shares USD 131.9322 110.1726 105.5631 1,949.000 HBD - USD Shares USD 157.1332 130.9662 125.1088 679.000 HBI - CHF Shares CHF 103.4719 88.3034 88.2887 321,202.313 HBI - GBP Shares GBP 96.5570 80.8282 77.5258 2,133,435.441 HBI - SEK Shares SEK 1,079.2511 914.5002 896.1466 5,413.965 HBI - USD Shares USD 149.2734 124.5145 119.0461 1,681,563.190 HBN - USD Shares USD - 124.2781 118.9212 HM - SGD Shares SGD 114.9240 101.4620 109.6137 75.388 HY - SEK Shares SEK 2,285.7708 1,924.1344 1,860.6280 1,708,141.274 X - Shares EUR 110.0459 92.2298 88.8782 1,683,599.458 Y - Shares EUR 232.1796 194.5917 187.5202 2,775,347.871
Nordea 1 - Asia ex Japan Equity Fund USD 115,626,162.00 88,697,140.48 71,937,293.81 2,130,377.361 AP - Shares USD 43.4165 34.0515 27.3277 94,963.241 BC - Shares USD 58.0475 44.6022 34.8097 58,904.781 BI - Shares USD 64.8978 49.8108 38.7897 37,097.498 BP - Shares USD 54.8905 42.2910 33.1887 1,847,607.754 E - Shares USD 46.4252 35.9025 28.3872 91,597.098 HE - PLN Shares PLN 143.3262 111.5450 87.9157 206.989
Nordea 1 - Asian Sustainable Stars Equity Fund USD 682,210,378.57 472,707,733.64 401,703,071.00 3,247,098.159 AF - Shares USD 198.9591 141.0456 112.9082 6,606.094 AQ - Shares USD 201.3538 143.1269 114.6249 34,436.055 BC - Shares USD 212.2485 147.9699 116.4145 1,050.310 BD - Shares USD 213.2810 148.9853 117.6874 58,022.043 BF - Shares USD 214.1778 149.1782 117.1490 11,683.855 BI - Shares USD 216.1087 150.4928 118.1367 934,952.645 BP - Shares USD 204.8768 143.2884 113.4620 177,664.969 BQ - Shares USD 207.8571 145.1565 114.6003 2,021,227.261 E - Shares USD 195.6388 137.3347 109.5716 1,454.927
Page 53
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 51
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Balanced Income Fund EUR 271,827,945.43 419,818,190.52 432,339,172.14 2,092,572.332 AP - Shares EUR 92.4074 93.3868 95.5522 1,000.538 BC - Shares EUR 121.1692 117.6490 115.6209 418.476 BF - Shares EUR 120.2537 116.6549 114.4385 51,702.603 BI - Shares EUR 125.6515 121.8677 119.5039 6,019.194 BP - Shares EUR 115.9368 112.8189 111.3738 154,981.527 E - Shares EUR 104.1512 101.7283 101.1820 35,436.479 HB - NOK Shares NOK 1,348.6776 1,299.8861 1,257.9931 89.619 HB - SEK Shares SEK 1,091.3187 1,064.2758 1,052.9895 72,728.876 HBC - SEK Shares SEK 1,179.46 41 1,1 48.8499 1,131.5650 5,099.431 HY - NOK Shares NOK 1,404.3650 1,343.9378 1,282.8556 25,317.433 HY - SEK Shares SEK 1,412.9174 1,368.5480 1,335.3607 286,686.493 Y - Shares EUR 134.6521 130.1306 126.6879 1,453,091.663
Nordea 1 - Chinese Equity Fund USD 207,431,229.14 233,558,914.41 141,358,030.34 1,079,020.840 BC - Shares USD 160.2115 158.2577 117.8580 4,088.144 BF - Shares USD 160.4168 158.3443 117.7435 6,043.000 BI - Shares USD 162.2426 160.1163 118.9888 2,140.705 BP - Shares USD 155.5128 154.0517 115.3533 54,727.391 E - Shares USD 141.1742 140.3741 105.9173 38,894.388 Y - Shares USD 196.7449 193.2001 142.1399 973,127.212
05/02/2026* 31/12/2025 31/12/2024 05/02/2026*
Nordea 1 - Conservative Fixed Income Fund (Note 1b) EUR 43,508,442.47 44,282,496.49 44,592,142.29 388,437.102 BI - Shares EUR 112.0106 111.6208 109.1651 20,045.354 BP - Shares EUR 110.3261 109.9587 107.8873 24,247.764 Y - Shares EUR 112.1275 111.7234 109.2655 344,143.984
Nordea 1 - Danish Covered Bond Fund DKK 6,589,456,108.66 7,272,248,019.55 7,104,852,301.18 30,125,540.739 AI - Shares DKK 189.7463 192.2001 191.5371 1,116,271.000 AP - Shares DKK 154.6413 156.9798 157.1060 1,399,420.371 BC - Shares DKK 255.6609 252.8818 247.0528 18,328.625 BF - Shares DKK 244.2276 241.3620 235.3617 39,179.892 BI - Shares DKK 262.3833 259.2569 252.7213 1,275,764.000 BP - Shares DKK 239.3216 236.9618 231.9556 1,315,673.988 E - Shares DKK 202.5771 201.3250 198.5535 30,278.826 HAC - EUR Shares EUR 30.5544 30.9238 30.7943 49,979.982 HAI - EUR Shares EUR 23.4492 23.7059 23.5517 12,795,069.574 HBI - CHF Shares CHF 38.4147 38.3087 38.1137 205,825.445 HBI - EUR Shares EUR 36.3546 35.8548 34.8467 11,445,502.649 HBI - USD Shares USD 58.7209 57.3874 54.5665 8,154.000 HMX - JPY Shares JPY 3,483.0000 3,515.0000 3,602.0000 426,092.387
09/03/2026* 31/12/2025 31/12/2024 09/03/2026*
Nordea 1 - Diversifi ed Growth Fund (Note 1b) EUR 25,201,014.78 26,873,866.24 27,214,320.27 250,052.139 BC - Shares EUR 98.4820 105.2080 107.3260 10.000 BI - Shares EUR 99.2250 105.9250 107.6030 10.000 BP - Shares EUR 97.5116 104.2798 106.9644 22.139 E - Shares EUR 96.1690 102.9950 106.5060 10.000 Y - Shares EUR 100.7837 107.4196 108.1721 250,000.000
(*) For Sub-funds merged or liquidated, the fi gures disclosed correspond to the last NAV calculation at merger or liquidation date. Refer to Notes 1b) for more details. The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Page 54
52
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Dynamic Rates Opportunities Fund EUR 91,321,168.85 55,429,930.43 22,332,637.69 844,342.813 BC - Shares EUR 107.2030 109.0240 100.9540 10.000 BF - Shares EUR 106.1207 - - 9.659 BI - Shares EUR 107.4872 109.2651 101.0344 417,665.498 BP - Shares EUR 105.9726 108.0737 100.5965 3,648.495 BQ - Shares EUR 106.0286 - - 9.659 E - Shares EUR 104.5557 107.0450 100.2050 2,684.100 HBI - NOK Shares NOK 1,206.8243 - - 42.661 HBI - SEK Shares SEK 1,179.8477 - - 43.411 HBI - USD Shares USD 122.2539 123.1577 111.3968 8,981.861 HBQ - NOK Shares NOK 1,190.2545 - - 43.206 HBQ - SEK Shares SEK 1,163.4715 - - 347.842 X - Shares EUR 108.8900 110.3481 101.3968 200,000.000 Y - Shares EUR 108.9134 110.3756 - 210,856.421
Nordea 1 - Emerging ex China Sustainable Stars Equity Fund USD 425,799,418.04 286,937,158.21 183,669,006.08 1,523,249.219
AD - Shares USD 271.2610 183.5756 - 2,307.277 AI - Shares USD 269.4008 184.2043 139.4540 147,079.238 BC - Shares USD 278.1839 186.7219 139.1956 4,202.678 BF - Shares USD 278.4689 186.7473 138.9656 100,160.573 BI - Shares USD 280.3004 187.9364 139.7916 685,866.845 BP - Shares USD 271.3841 182.7483 137.1209 171,312.538 BQ - Shares USD 273.2062 183.7721 137.5712 69,954.643 E - Shares USD 263.9030 178.3721 134.8445 20,403.264 X - Shares USD 289.6390 193.3571 - 321,962.163
Nordea 1 - Emerging Market Bond Fund USD 880,210,739.99 881,639,562.97 349,785,662.59 6,407,855.900 AC - Shares USD 107.3644 111.0387 103.7036 3,381.112 AI - Shares USD 96.2243 99.3976 92.6186 611,073.849 AP - Shares USD 91.4902 94.8300 88.9410 195,438.641 BC - Shares USD 176.1137 170.7440 149.6897 22,246.947 BF - Shares USD 176.2348 170.7057 149.3831 1,000.340 BI - Shares USD 184.2249 178.4157 156.0696 365,968.608 BP - Shares USD 171.1253 166.2368 146.3208 354,771.510 E - Shares USD 154.1650 150.3188 133.3061 66,736.680 HA - EUR Shares EUR 65.6094 68.5587 65.5635 566.000 HAC - EUR Shares EUR 75.2104 78.4197 74.6777 42,740.440 HAF - EUR Shares EUR 81.4236 80.8433 - 6,087.273 HAI - EUR Shares EUR 59.2793 61.7282 58.6399 942,328.956 HAQ - EUR Shares EUR 81.2726 80.7950 - 92,454.374 HB - EUR Shares EUR 121.2263 118.9769 107.0953 13,546.858 HB - NOK Shares NOK 920.2196 894.0508 788.9382 9,345.632 HB - SEK Shares SEK 984.0080 966.8378 871.4773 161,929.057 HBC - EUR Shares EUR 105.4736 103.2476 92.4858 16,558.192 HBD - EUR Shares EUR - 132.5161 118.2160 HBF - EUR Shares EUR 157.9319 154.4644 138.1655 130,018.762 HBI - DKK Shares DKK 1,250.3226 1,225.0075 1,098.5026 498,497.987 HBI - EUR Shares EUR 117.4018 114.7962 101.5383 1,059,964.692 HBI - NOK Shares NOK 939.0353 909.5049 797.8240 273,753.839 HBQ - EUR Shares EUR 144.6351 141.6340 - 150,475.060 HY - DKK Shares DKK 1,262.7366 1,233.2978 1,098.9754 254,369.095 HY - EUR Shares EUR 156.0781 152.1328 - 1,042,253.713 HY - SEK Shares SEK 1,884.3134 1,840.1714 1,637.9503 92,348.283
Page 55
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 53
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Emerging Market Corporate Bond Fund USD 117,589,573.01 113,801,593.85 103,722,827.20 698,207.208 AP - Shares USD 81.1367 84.2950 83.8046 22,200.474 BF - Shares USD 192.7441 187.1884 173.5248 915.000 BI - Shares USD 202.5718 196.6884 182.2590 267,240.111 BP - Shares USD 187.5804 182.6015 170.0836 111,460.462 E - Shares USD 168.1746 164.3205 154.2110 46,450.005 HB - CHF Shares CHF 121.8209 121.0030 117.7678 7,373.000 HB - EUR Shares EUR 120.1429 117.9812 112.3097 109,874.741 HB - NOK Shares NOK 1,877.3225 - - 27.348 HB - SEK Shares SEK 1,043.0173 1,025.3736 977.6488 72,018.665 HBC - EUR Shares EUR 139.5527 136.8297 129.8117 328.595 HBF - EUR Shares EUR 146.9280 143.9407 136.3680 7,254.819 HBI - EUR Shares EUR 129.6918 127.0271 120.2918 47,772.233 HBI - NOK Shares NOK 1,044.1874 1,012.9977 940.6039 5,285.949 Y - Shares USD 202.7851 - - 5.806
Nordea 1 - Emerging Market Select Bond Fund USD 270,463,383.50 353,678,980.66 279,240,098.78 2,392,917.808 BI - Shares USD 132.2249 128.0517 112.7801 101,784.110 BP - Shares USD 127.2478 123.5472 109.3786 14,959.894 E - Shares USD 120.3357 117.2738 104.6078 9,814.392 HB - EUR Shares EUR 95.9473 94.0580 85.1054 21,590.198 HB - NOK Shares NOK 1,009.0425 979.9166 869.5354 1,723.845 HB - SEK Shares SEK 989.4411 971.7877 881.0350 42,710.948 HBF - DKK Shares DKK 820.2326 804.2118 726.4591 299.960 HBF - EUR Shares EUR 98.9630 96.7779 87.1475 35,120.873 HBF - SEK Shares SEK 1,017.5123 996.7900 899.3756 140,612.522 HBI - EUR Shares EUR 104.7081 102.3840 92.1545 319,005.879 HBI - NOK Shares NOK 1,048.3290 1,015.3903 896.6828 2,791.093 HBI - SEK Shares SEK 1,024.1316 1,003.1019 904.7958 44,382.813 HY - EUR Shares EUR 106.6708 103.9785 93.0013 709,428.594 HY - SEK Shares SEK 1,016.5245 992.8757 889.9325 948,692.687
16/03/2026* 31/12/2025 31/12/2024 16/03/2026*
Nordea 1 - Emerging Market Select Local Bond Fund (Note 1b) USD 17,864,177.98 17,311,186.98 49,602,936.71 140,879.240
BI - Shares USD 132.1874 130.9155 109.7271 40,876.875 BP - Shares USD 125.3255 124.2416 104.6775 12,231.226 E - Shares USD 115.9980 115.1722 97.7678 2,735.894 HB - EUR Shares EUR 8 8.2305 87.8253 75.8249 4,814.412 HB - SEK Shares SEK 800.0996 796.8505 689.6358 7,909.118 HBF - EUR Shares EUR 96.8231 96.2897 82.7542 669.009 Y - Shares USD 114.0540 129.4023 107.6746 71,642.706
(*) For Sub-funds merged or liquidated, the fi gures disclosed correspond to the last NAV calculation at merger or liquidation date. Refer to Notes 1b) for more details. The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Page 56
54
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Emerging Sustainable Stars Equity Fund USD 1,737,833,749.82 1,443,694,967.34 1,334,697,776.25 7,049,351.468 AC - Shares USD 221.5977 168.1066 129.7384 100,664.667 AF - Shares USD 219.3854 166.2758 128.0928 21,691.214 AI - Shares USD 231.4374 175.3758 135.0462 125,548.141 AP - Shares USD 208.9060 159.0038 123.5225 45,047.498 BC - Shares USD 260.2948 194.4156 147.6669 196,141.220 BF - Shares USD 251.9591 188.0257 142.5591 110,369.766 BI - Shares USD 271.7721 202.7709 153.6752 1,606,586.254 BP - Shares USD 240.0275 179.8568 137.5012 4,618,131.111 E - Shares USD 213.3438 160.4589 123.5945 212,989.696 HBC - CHF Shares CHF 192.3761 147.3785 117.2268 1,420.000 HBC - GBP Shares GBP 180.6191 135.6639 104.0176 433.196 HBI - CHF Shares CHF 200.9413 153.7828 122.0462 7,744.757 HBI - EUR Shares EUR 180.0718 136.1930 105.5692 2,583.948
Nordea 1 - Empower Europe Fund EUR 865,118,184.13 443,953,216.48 - 7,285,080.845 AP - Shares EUR 117.7237 - - 8.417 BC - Shares EUR 118.9180 105.7683 - 129,061.890 BF - Shares EUR 119.0747 105.8081 - 1,693,082.807 BI - Shares EUR 119.1996 105.8970 - 2,667,717.051 BP - Shares EUR 117.7672 105.2132 - 367,409.301 BQ - Shares EUR 118.1699 105.3964 - 1,958,526.369 BQ3 - Shares EUR 118.5947 105.5133 - 341,915.252 E - Shares EUR 116.8309 104.7661 - 111,750.826 HB - SGD Shares SGD 176.4739 - - 48.208 HB - USD Shares USD 140.3004 - - 49.333 X - Shares EUR 119.3043 - - 15,511.391
Nordea 1 - EUR Corporate Bond Fund 1-3 Years EUR 550,166,487.70 569,069,398.37 466,821,233.87 4,898,719.223 BC - Shares EUR 112.3142 111.5190 108.1040 4,479.633 BF - Shares EUR 112.8215 111.9322 108.3521 107,334.196 BI - Shares EUR 113.0964 112.1862 108.5530 2,286,014.951 BP - Shares EUR 111.7980 111.0751 107.8288 140,733.331 BQ - Shares EUR 112.0636 111.2978 107.9566 1,103,402.742 E - Shares EUR 108.6341 108.3362 105.9564 37,753.816 HBI - NOK Shares NOK 1,242.2159 1,221.1484 1,157.9055 30,543.188 HBI - SEK Shares SEK 1,279.3034 1,270.6944 1,231.6495 22,697.360 JI - Shares EUR 103.9956 106.0453 105.2986 349,185.937 X - Shares EUR 114.1842 113.1395 109.2290 464,921.397 Y - Shares EUR 114.1805 113.1358 109.2253 351,652.672
Page 57
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 55
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - European Corporate Bond Fund EUR 713,145,714.87 702,744,330.78 665,273,962.85 12,700,824.853 BC - Shares EUR 51.8754 51.2950 49.8731 7,919.725 BF - Shares EUR 52.4265 51.7963 50.2705 7,756.993 BI - Shares EUR 55.5332 54.8506 53.2141 990,187.261 BP - Shares EUR 51.3148 50.7893 49.4805 820,842.555 E - Shares EUR 43.3859 43.1018 42.3069 130,419.414 HB - NOK Shares NOK 550.6442 539.9522 515.5831 33,138.966 HB - SEK Shares SEK 536.5238 531.7729 519.0244 1,465,176.367 HBC - NOK Shares NOK 545.7322 534.6755 509.4827 646,550.461 HBF - NOK Shares NOK 619.8378 - - 82.035 HBI - NOK Shares NOK 673.2812 658.9567 626.6388 799,361.071 HE - PLN Shares PLN 254.8738 251.0173 239.1787 159.085 HY - DKK Shares DKK 429.6992 424.4249 411.4478 1,124,465.911 HY - NOK Shares NOK 706.0692 689.7097 653.4295 1,570,760.886 HY - SEK Shares SEK 662.6283 654.2608 633.5170 1,604,387.071 JI - Shares EUR 52.3322 53.4308 53.2092 716,688.347 Y - Shares EUR 58.2393 57 .4165 55.4945 2,782,928.705
Nordea 1 - European Corporate Sustainable Labelled Bond Fund EUR 149,481,269.53 124,503,862.18 109,145,180.70 1,314,717.699
BC - Shares EUR 108.9800 107.8000 104.6350 10.000 BI - Shares EUR 109.1690 107.9383 104.6910 75,583.239 BP - Shares EUR 108.2318 107.2326 104.4270 487.000 BQ - Shares EUR 108.7754 107.6517 104.6010 3,387.223 E - Shares EUR 106.6360 106.0000 103.9270 10.000 HB - SEK Shares SEK 1,257.0176 1,247.1717 1,216.7488 118,288.515 HBI - NOK Shares NOK 1,320.2454 1,293.4752 1,229.4310 129.340 HBQ - NOK Shares NOK 1,333.9765 1,307.9401 1,246.0127 106.293 HBQ - SEK Shares SEK 1,263.2554 1,251.9446 1,218.6950 2,871.556 HX - NOK Shares NOK 1,350.2105 1,320.6671 1,250.4972 473,867.598 X - Shares EUR 110.0742 108.6313 104.9562 639,976.935
Nordea 1 - European Corporate Sustainable Stars Bond Fund EUR 2,683,594,701.59 2,319,683,634.91 2,113,616,831.06 24,697,549.366
BF - Shares EUR 108.7903 107.5433 104.5365 377,488.355 BI - Shares EUR 109.8034 108.5238 105.4478 4,021,090.609 BP - Shares EUR 106.4352 105.4127 102.8551 127,413.814 E - Shares EUR 100.8877 100.2908 98.5945 3,696.615 HAF - SEK Shares SEK 964.0977 985.5829 990.5953 7,681.309 HB - NOK Shares NOK 1,132.1105 1,110.9947 1,062.3943 1,827.215 HB - SEK Shares SEK 1,093.1692 1,084.1955 1,059.8304 1,416,126.380 HBF - NOK Shares NOK 1,262.3151 1,236.6871 1,178.0053 46,401.827 HBF - SEK Shares SEK 1,119.6505 1,108.3821 1,079.3142 3,525,788.221 HBI - NOK Shares NOK 1,168.2550 1,144.1795 1,089.4066 21,582.172 HBI - SEK Shares SEK 1,128.1291 1,116.5297 1,086.8550 35,458.370 HX - NOK Shares NOK 1,216.2120 1,188.9617 1,127.8088 5,065,032.353 X - Shares EUR 112.9165 111.3929 107.8298 2,670,453.049 Y - Shares EUR 112.9219 111.3983 107.8355 7,377,509.077
Page 58
56
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - European Covered Bond Fund EUR 5,369,253,382.48 6,227,129,620.15 5,350,475,084.52 379,304,703.793 AC - Shares EUR 11.4912 11.7144 11.6465 5,744,258.304 AI - Shares EUR 12.4504 12.6781 12.5766 39,566,206.323 AP - Shares EUR 11.2774 11.5084 11.4651 2,926,346.891 BC - Shares EUR 13.2540 13.1936 12.8398 8,763,933.068 BF - Shares EUR 14.7402 14.6602 14.2414 1,254,465.302 BI - Shares EUR 14.7669 14.6838 14.2587 220,008,765.958 BN - Shares EUR 13.0883 13.0198 12.6542 183,912.828 BP - Shares EUR 12.9470 12.9008 12.5797 42,092,987.701 E - Shares EUR 10.7983 10.7999 10.6104 11,531,219.522 HAI - CHF Shares CHF 11.6284 11.7569 - 60,034.273 HB - NOK Shares NOK 138.0604 136.2930 130.1525 483.407 HB - SEK Shares SEK 135.0166 134.7141 131.5812 24,521.471 HB - USD Shares USD 14.9572 14.7716 14.1026 72,944.748 HBC - CHF Shares CHF 13.7534 13.8476 13.7908 90,119.466 HBC - USD Shares USD 15.2436 15.0404 14.3163 350,224.112 HBI - CHF Shares CHF 15.6913 15.7806 15.6798 2,041,094.575 HBI - GBP Shares GBP 14.4192 14.2155 13.5261 98,373.116 HBI - SEK Shares SEK 152.4350 151.8290 147.6915 3,635,115.884 HBI - USD Shares USD 24.3625 24.0089 22.8171 699,260.028 HY - SEK Shares SEK 173.4812 172.4246 167.0962 1,758,878.713 X - Shares EUR 15.2431 15.1292 14.6362 13,290,549.210 Y - Shares EUR 15.2435 15.1296 14.6366 25,111,008.893
Nordea 1 - European Cross Credit Fund EUR 798,831,504.38 828,435,288.38 714,926,806.14 5,477,855.388 AC - Shares EUR 95.6665 98.4929 97.9211 7,564.294 AI - Shares EUR 93.9415 96.6027 95.8243 190,049.023 AP - Shares EUR 88.8656 91.6877 91.5326 439,507.198 BC - Shares EUR 158.7965 156.4749 148.9078 24,514.192 BF - Shares EUR 154.1390 151.7471 144.1505 187,642.364 BI - Shares EUR 162.6413 160.0852 152.0105 2,289,948.700 BP - Shares EUR 148.8263 1 46.9372 140.3927 1,734,015.709 E - Shares EUR 133.5906 132.3871 127.4447 271,437.654 HB - SEK Shares SEK 1,335.5967 1,320.5024 1,264.4566 201,805.187 HBI - NOK Shares NOK 1,477.2859 1,441.1704 1,341.8821 82,445.902 MP - Shares EUR 130.4726 131.4083 131.0086 24,231.980 Y - Shares EUR 136.3910 133.8650 - 24,693.185
Nordea 1 - European Financial Debt Fund EUR 1,954,002,165.31 1,916,004,939.37 1,702,649,555.95 9,694,293.675 AD - Shares EUR 140.9982 146.1598 146.3463 1,091,521.302 AE - Shares EUR 140.7015 - - 7.199 AI - Shares EUR 145.2230 150.5787 150.8506 295,597.696 AP - Shares EUR 127.2723 132.4101 133.5129 887,395.681 BC - Shares EUR 219.4268 216.0932 205.7489 10,342.792 BD - Shares EUR 222.0376 218.3820 207.3601 164,157.528 BI - Shares EUR 230.7342 226.9874 215.6438 2,257,616.454 BP - Shares EUR 212.0769 209.2752 200.0541 2,968,210.015 E - Shares EUR 191.1953 189.3718 182.3902 1,074,242.088 HB - CHF Shares CHF - 194.4139 - HB - SGD Shares SGD 307.7276 304.9430 292.2309 503.563 HBI - CHF Shares CHF 219.0698 217.9441 211.7870 24,708.648 HBI - SGD Shares SGD 456.5329 450.9533 429.4503 8,012.689 HBI - USD Shares USD 387.9847 378.3361 351.6865 334,257.227 HM - SGD Shares SGD 261.8682 265.2006 266.8350 768.997 MP - Shares EUR 179.3831 180.8148 181.5196 231,389.869 X - Shares EUR 248.2944 24 3.5673 230.0685 335,120.898 Y - Shares EUR 2 48.2835 24 3.5561 - 10,441.029
Page 59
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 57
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - European High Yield Bond Fund EUR 2,980,583,154.05 3,140,990,372.13 3,102,793,089.02 98,329,575.289 AC - Shares EUR 9.6227 9.9539 9.9193 1,612,509.703 AI - Shares EUR 10.4184 10.7670 10.7067 17,860,246.964 AP - Shares EUR 14.2913 14.8190 14.8314 6,151,617.164 BC - Shares EUR 17.6643 17.3631 16.4252 3,285,483.369 BF - Shares EUR 41.8807 41.1403 38.8520 98,178.224 BI - Shares EUR 46.7490 45.9138 43.3448 28,446,169.211 BP - Shares EUR 41.0974 40.4872 38.4591 6,443,510.147 E - Shares EUR 35.2673 34.8731 33.3754 759,387.933 HA - GBP Shares GBP 8.8995 9.1418 8.9614 5,815.684 HA - USD Shares USD 15.3025 15.7476 15.4487 131,191.854 HAC - GBP Shares GBP 8.0006 8.2001 8.0067 18,900.279 HAC - USD Shares USD 15.3712 15.7759 15.4129 145,402.243 HAI - GBP Shares GBP 9.3568 9.5852 9.3398 9,212,481.891 HAI - USD Shares USD 16.1403 16.5513 16.1333 812,179.711 HB - CHF Shares CHF 39.7735 39.6239 38.5040 26,394.000 HB - GBP Shares GBP 38.3179 37.4295 34.8582 5,311.533 HB - SEK Shares SEK 401.0693 395.6466 376.7294 1,747,677.374 HB - USD Shares USD 27.7159 27.0618 25.1498 1,168,661.849 HBC - CHF Shares CHF 17.1003 17.0003 16.4486 271,714.041 HBC - GBP Shares GBP 15.7447 15.3442 14.2224 46,765.939 HBC - USD Shares USD 76.8196 74.8345 69.2725 222,175.238 HBI - CHF Shares CHF 22.2882 22.1376 21.3715 324,124.490 HBI - NOK Shares NOK 164.5311 160.1616 148.3264 553,374.685 HBI - SEK Shares SEK 156.9698 154.4360 146.1702 85,040.605 HBI - USD Shares USD 30.7450 29.9267 27.6480 9,272,793.383 HY - SEK Shares SEK 594.8583 583.1932 548.3423 4,402,110.797 MP - Shares EUR 27.1368 27.4699 27.6291 30,042.330 X - Shares EUR 52.7467 51.6365 48.4290 3,272,295.131 Y - Shares EUR 52.7443 51.6341 48.4264 1,918,019.517
Nordea 1 - European High Yield Credit Fund EUR 391,450,654.34 375,779,238.05 323,021,333.21 3,480,789.695 BI - Shares EUR 111.8445 109.7021 106.3974 1,635,072.488 BP - Shares EUR 106.5796 104.8618 102.3337 2,815.765 HB - SEK Shares SEK 870.5660 857.6160 838.8786 176,079.224 HB - USD Shares USD 120.7201 117.7203 112.3997 70.271 HBI - USD Shares USD 126.6808 123.1266 116.8356 68.357 HE - PLN Shares PLN 483.7761 473.5334 452.2667 97.127 HX - NOK Shares NOK 1,298.9942 1,259.0557 1,190.1967 224,669.153 HY - DKK Shares DKK 880.5511 862.6260 833.9384 576,942.696 X - Shares EUR 112.8865 110.3815 106.3888 402,180.122 Y - Shares EUR 119.3629 116.7142 112.4924 462,794.492
Nordea 1 - European High Yield Opportunities Fund EUR 156,001,924.21 142,574,799.48 104,928,144.50 961,128.851 AI - Shares EUR 152.2479 158.2175 155.2459 16,370.000 BF - Shares EUR 166.9375 163.9319 154.3446 135,689.302 BI - Shares EUR 167.9965 164.9390 155.2267 168,434.047 BP - Shares EUR 160.9962 158.5919 150.2576 382,595.437 E - Shares EUR 153.5472 151.8173 144.9190 202,629.906 HB - CHF Shares CHF 161.7007 161.0903 156.1189 362.214 HB - NOK Shares NOK 2,001.9613 1,954.6742 1,815.7712 612.271 HB - SEK Shares SEK 1,767.1643 1,743.0811 1,655.3260 13,306.333 HB - USD Shares USD 214.6535 209.5507 194.3062 10,243.271 HBI - NOK Shares NOK 2,061.2732 2,005.4919 1,851.2010 30,091.303 HBI - USD Shares USD 199.6418 - - 33.153 HE - USD Shares USD 204.9740 200.8507 187.5899 761.614
Page 60
58
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - European High Yield Sustainable Climate Bond Fund EUR 229,231,686.89 215,195,288.28 - 2,199,431.702
BC - Shares EUR 103.7990 102.2100 - 10.000 BI - Shares EUR 104.1789 102.3999 - 2,049,401.702 BP - Shares EUR 103.4310 102.0260 - 10.000 E - Shares EUR 102.6890 101.6640 - 10.000 X - Shares EUR 104.8280 102.7190 - 150,000.000
Nordea 1 - European High Yield Sustainable Stars Bond Fund EUR 2,198,486,122.70 2,166,312,496.92 1,406,785,004.91 15,823,575.486
AI - Shares EUR 122.0537 125.8883 127.6214 1,144,691.000 AP - Shares EUR 97.6455 101.0461 103.0999 108,650.414 AQ2 - Shares EUR 124.2835 125.9362 - 18,213.037 BC - Shares EUR 138.2063 135.9633 131.8584 7,334.435 BF - Shares EUR 138.9379 136.5603 132.1964 118,229.232 BI - Shares EUR 140.7327 138.2961 133.8238 6,700,799.802 BP - Shares EUR 134.3180 132.3974 128.9167 321,961.479 BQ2 - Shares EUR 128.2161 125.9322 - 7.960 E - Shares EUR 127.0616 125.7117 123.3341 12,080.395 HAF - SEK Shares SEK 1,067.9685 1, 101.9549 1,118.5876 2,97 8.230 HB - NOK Shares NOK 1,416.1663 1,383.8945 1,321.5100 53,912.205 HB - SEK Shares SEK 1,374.6124 1,356.7985 1,324.2287 562,206.878 HB - SGD Shares SGD 187.3525 185.4117 - 46.948 HB - USD Shares USD 146.1308 142.7633 135.9491 48.394 HBF - NOK Shares NOK 1,606.7511 1,565.5924 1,486.3604 21,321.539 HBF - SEK Shares SEK 1,427.4608 1,405.0365 1,363.4632 1,105,851.263 HBI - CHF Shares CHF 142.7102 141.8878 140.4236 323.000 HBI - NOK Shares NOK 1,482.4963 1,444.2331 1,370.5479 62,037.501 HBI - SEK Shares SEK 1,454.1484 1,430.9359 1,388.0135 46,427.524 HBI - USD Shares USD 153.0489 149.0723 141.1253 46.651 HX - SEK Shares SEK 1,505.1352 1,476.5961 1,423.1941 1,020,130.822 X - Shares EUR 147.3921 144.3922 138.8510 994,863.953 Y - Shares EUR 147.4121 144.4119 138.8701 3,521,412.824
Nordea 1 - European Short-term Corporate Bond Fund EUR 222,571,900.82 174,495,549.46 - 2,183,863.698 BC - Shares EUR 101.9030 100.7500 - 10.000 BI - Shares EUR 101.9166 100.7538 - 2,183,833.698 BP - Shares EUR 101.7020 100.6680 - 10.000 E - Shares EUR 101.1010 100.4300 - 10.000 X - Shares EUR - 100.8090 - -
Nordea 1 - European Small and Mid Cap Sustainable Stars Equity Fund EUR 328,013,288 .42 365,071,898.30 348,27 9,576.40 377,885.342
AP - Shares EUR 661.2240 667.2397 667.2476 7,374.039 BC - Shares EUR 907.3249 885.6868 856.9627 2,284.176 BF - Shares EUR 884.2023 862.3384 832.8860 1,499.176 BI - Shares EUR 973.1804 948.9414 916.1646 8,503.573 BP - Shares EUR 870.2951 852.2796 830.0144 355,415.373 E - Shares EUR 764.5256 751.4923 737.3669 2,809.005
Page 61
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 59
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - European Sustainable Labelled Bond Fund EUR 430,475,766.91 355,127,182.80 301,323,038.52 4,061,275.589 BC - Shares EUR 104.3797 103.3884 102.9603 3,194.685 BF - Shares EUR 104.7549 103.6665 103.0535 95,053.931 BI - Shares EUR 104.8508 103.7411 103.0857 535,018.302 BP - Shares EUR 103.9328 103.0451 102.8221 1,379.597 BQ - Shares EUR 104.4354 103.4272 102.9688 25,809.312 E - Shares EUR 102.4670 101.9150 102.3820 10.000 HAF - SEK Shares SEK 1,167.0605 1,182.5595 1,190.6017 1,132.292 HBF - NOK Shares NOK 1,256.7179 1,232.1504 1,200.0108 18,318.175 HBF - SEK Shares SEK 1,206.4266 1,195.7341 1,190.4860 460,312.815 HBI - NOK Shares NOK 1,258.0802 1,233.2893 1,200.6968 2,423.715 HBI - SEK Shares SEK 1,207.6129 1,196.6748 1,190.9499 84,146.154 HBQ - NOK Shares NOK 1,252.9104 1,229.3197 1,199.2283 147.752 HBQ - SEK Shares SEK 1,202.6845 1,192.9270 1,189.5238 4,816.706 X - Shares EUR 105.6850 104.3733 103.3300 941,959.011 Y - Shares EUR 105.6826 104.3698 103.3200 1,887,553.142
Nordea 1 - European Sustainable Stars Equity Fund EUR 3,454,785,063.77 3,395,590,585.80 2,076,731,023.63 14,603,211.711 AC - Shares EUR 200.1137 177.5633 152.2654 2,741.035 AI - Shares EUR 196.7728 172.3336 - 30,679.000 AP - Shares EUR 192.4524 171.3453 147.9175 85,931.358 AQ2 - Shares EUR 198.3434 171.5014 - 62,033.686 BC - Shares EUR 232.7126 201.3709 167.9723 26,977.994 BD - Shares EUR 242.3284 208.7059 172.4452 1,747,788.335 BF - Shares EUR 231.5871 200.2172 166.7095 49,945.265 BI - Shares EUR 237.4695 205.2639 170.8460 5,264,396.178 BP - Shares EUR 220.5972 191.5034 160.7842 2,531,864.740 BQ2 - Shares EUR 198.5561 171.4909 - 5.956 E - Shares EUR 206.7518 180.1553 152.4023 197,894.669 HB - USD Shares USD 294.1380 252.5879 207.3876 479.979 HBI - CHF Shares CHF 235.6664 206.0204 175.1416 407.000 HBI - USD Shares USD 316.8310 270.9050 220.5431 415.869 MP - Shares EUR 201.4959 177.1944 153.1357 649.770 X - Shares EUR 240.6504 207.1112 170.8817 1,138,420.745 Y - Shares EUR 246.6273 212.2567 175.1263 3,462,580.132
Nordea 1 - Fixed Maturity Bond 2027 Fund EUR 33,918,123.22 41,255,372.06 42,854,109.33 325,501.288 LP - Shares EUR 101.5239 103.9783 104.1098 225,501.288 Z - Shares EUR 110.2435 109.1092 104.9637 100,000.000
Nordea 1 - Fixed Maturity Bond 2028 Fund EUR 256,148,808.33 269,130,881.56 - 2,528,587.920 LP - Shares EUR 101.3011 103.0622 - 2,528,587.920
Nordea 1 - Fixed Maturity Bond V Fund EUR 338,667,736.70 338,582,952.13 - 3,332,596.201 LP - Shares EUR 101.6032 100.0170 - 1,129,968.390 LP1 - Shares EUR 101.6328 100.0213 - 2,202,627.811
Nordea 1 - Fixed Maturity Bond VI Fund (Note 1a) EUR 253,884,668.67 - - 2,536,776.973 LP - Shares EUR 100.0809 - - 1,879,242.168 LP1 - Shares EUR 100.0837 - - 657,534.805
Page 62
60
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Flexible Fixed Income Fund EUR 1,117,108,847.12 1,157,113,648.13 1,308,199,232.04 9,339,555.025 AC - Shares EUR 93.9443 95.6978 97.7856 6,247.407 AI - Shares EUR 94.1045 95.7509 97.6188 1,726,463.181 AP - Shares EUR 88.3077 90.0990 92.3479 79,386.699 BC - Shares EUR 118.0318 115.7232 114.0529 165,759.628 BF - Shares EUR 117.6000 115.1935 113.3271 210,278.516 BI - Shares EUR 122.2237 119.7005 117.7159 1,403,546.104 BP - Shares EUR 114.2932 112.2222 110.9338 575,687.465 E - Shares EUR 103.5782 102.0794 101.6678 116,168.074 HA - USD Shares USD 124.0885 125.5659 126.0811 1,040.000 HB - CHF Shares CHF 111.1254 110.3608 111.6363 33,746.447 HB - NOK Shares NOK 1,193.1215 1,160.4167 1,124.5217 2,194.231 HB - SEK Shares SEK 1,049.1297 1,031.8940 1,022.1343 62,994.012 HB - USD Shares USD 159.6258 155.3029 150.2376 53,198.070 HBC - GBP Shares GBP 93.2702 90.6642 87.5789 6,597.643 HBC - USD Shares USD 141.1564 137.1052 - 47.600 HBI - CHF Shares CHF 113.2252 112.1517 112.8767 173,441.335 HBI - GBP Shares GBP 110.7754 107.5967 103.7331 26,655.000 HBI - NOK Shares NOK 1,282.3668 1,244.2297 1,199.5512 1,804.038 HBI - SEK Shares SEK 1,145.9566 1,124.2362 1,107.9562 109,152.397 HBI - USD Shares USD 173.2281 168.1005 161.8380 282,227.349 HY - SEK Shares SEK 1,369.0088 1,339.9075 1,314.2961 611,894.967 Y - Shares EUR 130.0883 127.1041 124.4044 3,691,024.862
Nordea 1 - Flexible Fixed Income Plus Fund EUR 100,471,965.84 79,009,712.12 65,792,322.59 961,382.364 BI - Shares EUR 104.3312 101.0560 100.6571 2 36,048.2 44 BP - Shares EUR 101.3076 98.4301 98.6523 324.885 Y - Shares EUR 104.5668 100.9965 100.0213 725,009.235
Nordea 1 - GBP Diversifi ed Return Fund GBP 1,360,440,179.24 1,324,510,282.23 1,836,057,593.70 9,848,907.980 AI - Shares GBP 121.5050 120.9149 119.4932 966,663.798 BC - Shares GBP 140.7649 137.8134 133.9860 4,721.208 BD - Shares GBP 148.1592 144.6679 139.8977 607,590.543 BI - Shares GBP 142.4109 139.3448 135.3162 6,132,714.864 BP - Shares GBP 130.5135 128.2873 125.7304 2,137,217.567
Nordea 1 - Global AI Innovators Fund (Note 1a) USD 322,883,225.15 - - 2,577,330.620 BC - Shares USD 125.4753 - - 15.000 BF - Shares USD 125.3590 - - 639,710.540 BI - Shares USD 125.5491 - - 818,059.387 BP - Shares USD 125.0998 - - 2,533.716 BQ - Shares USD 125.0815 - - 712,981.346 BQ3 - Shares USD 124.9498 - - 404,015.631 E - Shares USD 124.8200 - - 15.000
Page 63
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 61
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Global Climate and Environment Fund EUR 8,367,300,773.55 7,051,562,268.42 8,159,541,674.13 188,911,702.656 AC - Shares EUR 41.2923 33.6131 33.4653 773,232.526 AI - Shares EUR 45.1154 36.6836 36.4424 1,040,195.432 AP - Shares EUR 38.6837 31.5925 31.6614 14,826,565.932 BC - Shares EUR 44.7743 36.0463 35.4395 5,534,901.716 BF - Shares EUR 44.3633 35.6838 35.0201 259,367.364 BI - Shares EUR 49.0112 39.4143 38.6670 59,888,282.960 BP - Shares EUR 42.3096 34.1720 33.8162 91,245,504.659 E - Shares EUR 37.0457 30.0321 29.9430 8,638,874.927 HB - CHF Shares CHF 40.6187 33.1842 33.5853 430,051.668 HB - USD Shares USD 63.7479 51.0107 49.5534 639,994.309 HBC - CHF Shares CHF 44.8331 36.5088 36.7166 92,483.829 HBC - GBP Shares GBP 43.1991 34.4969 33.3516 153,076.216 HBI - CHF Shares CHF 53.3675 43.4112 43.5654 353,327.120 HBI - USD Shares USD 68.6949 54.7361 52.7115 265,559.955 JI - Shares EUR 43.5860 35.8368 36.1592 1,101,815.567 X - Shares EUR 51.3502 41.1165 39.9854 3,668,448.635 Y - Shares EUR 51.3487 - - 19.841
Nordea 1 - Global Climate Transition Engagement Fund USD 786,134,395.70 644,703,471.19 356,015,018.87 4,781,579.825 AC - Shares USD 154.3524 141.6917 117.7694 71.961 AI - Shares USD 158.7743 145.6107 122.2921 15,125.374 AP - Shares USD 149.6419 138.0199 117.2533 5,493.977 BC - Shares USD 163.7472 147.9902 122.2520 25,087.511 BF - Shares USD 164.9876 148.9755 122.8456 12,515.125 BI - Shares USD 165.2205 149.1568 122.9458 2,888,577.570 BP - Shares USD 157.7441 143.1984 119.3627 813,543.261 BQ - Shares USD 159.8193 144.8459 120.3388 92,158.115 E - Shares USD 152.8326 139.2592 116.9514 11,970.935 HA - EUR Shares EUR 133.2257 124.2261 108.2271 10,448.340 HAI - GBP Shares GBP 127.0500 116.6743 - 553,895.574 HB - EUR Shares EUR 140.3870 128.8775 110.2276 15,041.478 HB - SGD Shares SGD 198.4878 - - 106.215 HBI - CHF Shares CHF 128.0655 - - 19,886.412 HBI - EUR Shares EUR 140.2111 127.9657 - 8,001.835 X - Shares USD 171.3853 154.0519 125.8734 309,656.142
Nordea 1 - Global Disruption Fund USD 60,713,526.15 71,456,917.84 90,884,738.72 316,842.741 BF - Shares USD 199.5763 179.6671 155.7969 39,218.128 BI - Shares USD 202.5779 182.3367 158.0521 7,818.122 BP - Shares USD 190.3817 172.0959 150.4769 263,441.027 E - Shares USD 180.4096 163.6898 144.2037 6,365.464
Nordea 1 - Global Diversity Engagement Fund USD 1,438,267,546.86 1,111,323,576.48 651,739,547.43 5,427,919.134 BC - Shares USD 249.0207 220.5735 181.4559 9,275.897 BF - Shares USD 248.9796 220.3365 180.9338 20,469.570 BI - Shares USD 252.9617 223.8169 183.7182 1,049,263.891 BP - Shares USD 235.0511 209.1309 173.5951 115,367.686 BQ - Shares USD 238.1032 211.4952 174.9799 90,858.543 E - Shares USD 222.9993 199.1446 166.5510 31,878.607 X - Shares USD 269.9174 237.7859 193.4835 4,110,804.940
Page 64
62
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Global Equity Long/Short Fund (Note 1a) EUR 178,814,053.15 - - 1,743,972.159 BI - Shares EUR 102.8850 - - 10.000 BP - Shares EUR 102.6850 - - 10.000 E - Shares EUR 102.6236 - - 9.872 HY - SEK Shares SEK 1,117.4929 - - 397,327.401 Y - Shares EUR 103.0472 - - 1,346,614.886
Nordea 1 - Global High Yield Bond Fund USD 177,024,955.61 360,503,430.85 329,149,069.85 7,948,072.760 BC - Shares USD 22.4704 22.0357 20.5236 15,545.150 BI - Shares USD 22.9907 22.5318 20.9392 68.385 BP - Shares USD 21.6161 21.2295 19.8317 267,986.396 E - Shares USD 19.0788 18.8071 17.7012 104,576.991 HBC - NOK Shares NOK 169.5859 166.2919 155.2627 2,188,560.737 HBF - NOK Shares NOK 216.5255 - - 234.905 HBI - EUR Shares EUR 13.6001 13.4455 12.7685 20,674.649 HBI - NOK Shares NOK 241.0367 236.1618 220.0240 1,375,077.015 HBI - SEK Shares SEK 122.7324 121.4845 115.7347 8,559.304 HE - PLN Shares PLN 64.6366 63.7293 59.4621 3,996.634 HY - NOK Shares NOK 244.3160 238.4184 220.4652 3,962,792.594
Nordea 1 - Global High Yield Sustainable Stars Bond Fund USD 1,124,362,780.14 1,010,016,694.32 820,028,691.07 8,513,889.527 BC - Shares USD 123.8980 121.9233 113.4493 15.000 BI - Shares USD 124.2133 122.1153 113.6387 15.000 BP - Shares USD 122.8367 121.0307 113.0327 15.000 E - Shares USD 120.3420 119.0547 112.0387 15.000 HB - SEK Shares SEK 1,270.5394 1,265.5016 1,210.8066 93,306.326 HBF - EUR Shares EUR 111.6567 110.7892 105.2599 191.000 HBF - SEK Shares SEK 1,287.7250 1,279.4665 1,218.2934 58.626 HBI - EUR Shares EUR 112.1134 111.2689 105.6709 16,012.414 HBI - NOK Shares NOK 1,333.6392 1,310.9908 1,221.2253 827.806 HBQ - EUR Shares EUR 111.0306 110.2769 104.9935 779.961 HBQ - NOK Shares NOK 1,325.2757 1,304.2894 1, 218.2350 325.528 HBQ - SEK Shares SEK 1,279.8679 1,273.1067 1,214.5583 17,944.849 HX - EUR Shares EUR 114.0639 112.7319 106.2674 1,920,432.709 HX - NOK Shares NOK 1,361.6510 1,333.2762 1,233.0595 3,627,021.019 X - Shares USD 126.9566 124.3355 114.6992 2,836,929.289
Nordea 1 - Global Impact Fund USD 167,319,806.23 205,331,005.46 227,596,126.01 1,450,698.817 BC - Shares USD 115.8307 104.7613 96.4793 44,687.190 BF - Shares USD 116.8427 105.5845 97.0595 31,588.705 BI - Shares USD 117.0901 105.7863 97.2104 985,687.870 BP - Shares USD 111.0084 100.8499 93.7162 244,040.715 BQ - Shares USD 112.4631 102.0038 94.4764 85,595.186 E - Shares USD 106.9571 97.5326 91.3175 58,958.039 HB - SGD Shares SGD 143.0382 131.9057 125.8078 141.112
Page 65
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 63
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Global Listed Infrastructure Fund USD 326,794,385.93 320,740,762.42 344,235,440.05 20,272,344.682 AI - Shares USD 17.0344 15.9028 14.1045 1,931,499.605 AP - Shares USD 13.6958 12.8446 11.5000 208,167.400 BC - Shares USD 16.7469 15.3069 13.2472 233,131.085 BF - Shares USD 16.7248 15.2730 13.1940 4,359,271.349 BI - Shares USD 17.0201 15.5397 13.4187 595,748.343 BP - Shares USD 15.8899 14.5741 12.7016 11,216,514.286 E - Shares USD 15.0888 13.8909 12.1973 1,204,150.480 HAI - EUR Shares EUR 12.8439 12.0999 10.9911 425,260.000 HBI - CHF Shares CHF 12.6251 11.7649 10.6518 70,689.640 MP - Shares USD 13.0879 12.1640 10.9341 27,912.494
Nordea 1 - Global Opportunity Fund EUR 1,390,028,413.70 1,290,952,800.91 1,365,129,950.79 3,120,797.186 BC - Shares EUR 422.1669 373.5477 373.4738 627.879 BF - Shares EUR 423.5865 374.4833 373.7505 194,704.911 BI - Shares EUR 447.5188 395.5515 394.6129 1,558,300.556 BP - Shares EUR 406.4384 360.6132 362.5268 173,295.025 E - Shares EUR 370.1194 329.6141 333.8589 51,249.873 X - Shares EUR 455.5481 400.6466 395.6995 1,142,618.942
Nordea 1 - Global Portfolio Fund EUR 945,272,700.37 537,631,467.41 562,699,925.91 17,635,790.687 AF - Shares EUR 54.0497 - - 18.878 BC - Shares EUR 54.9021 50.4529 51.0623 13,328.485 BF - Shares EUR 54.0337 - - 10,291,706.699 BI - Shares EUR 56.3554 51.7322 52.2427 933,410.510 BP - Shares EUR 53.8373 49.6343 50.5153 1,769,890.895 BQ - Shares EUR 54.3945 49.9549 - 3,784,260.230 E - Shares EUR 41.1646 38.0923 39.0645 843,156.904 Y - Shares EUR 57.1547 52.2274 52.3045 18.086
Nordea 1 - Global Real Estate Fund USD 835,762,439.16 768,015,932.08 720,067,142.34 3,256,852.484 AD - Shares USD 226.4201 207.8989 - 141,140.000 AP - Shares USD - 190.5592 181.6334 BC - Shares USD 253.1840 228.5299 210.0968 1,000.355 BD - Shares USD 272.1955 244.7939 - 702,038.000 BF - Shares USD 251.8034 227.0925 208.4142 292,894.108 BI - Shares USD 270.3578 243.7797 223.6418 952,512.771 BP - Shares USD 241.4500 218.5434 202.0378 1,138,137.994 E - Shares USD 216.5242 196.7136 183.2256 22,521.433 HB - SGD Shares SGD 300.5513 275.8856 261.8046 4,875.336 HBI - CHF Shares CHF 220.5933 203.2006 194.4128 29.278 HM - SGD Shares SGD 283.2706 264.4382 260.1745 112.153 MP - Shares USD 217.2444 200.0279 191.7131 1,591.056
Nordea 1 - Global Small Cap Fund USD 200,227,437.60 223,989,059.04 223,749,614.81 988,475.359 AP - Shares USD 191.9227 171.8961 158.7014 159.736 BC - Shares USD 211.5200 186.5265 168.7540 181.798 BF - Shares USD 207.4519 182.7752 165.0802 3,712.690 BI - Shares USD 222.0937 195.6380 176.6281 41,016.232 BP - Shares USD 202.0431 178.6593 162.5423 912,594.552 E - Shares USD 184.2845 163.5658 149.9324 22,811.442 HB - EUR Shares EUR 185.5920 165.9563 154.7580 7,998.909
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64
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Global Social Empowerment Fund USD 40,007,422.26 34,141,684.68 30,078,502.90 269,808.686 BC - Shares USD 149.5173 124.4056 107.9415 3,404.959 BF - Shares USD 150.7666 125.3336 108.5557 63,510.666 BI - Shares USD 151.3210 125.7698 108.8898 99,832.229 BP - Shares USD 142.8997 119.4319 104.5669 33,442.392 BQ - Shares USD 144.7291 120.7633 105.3848 64,626.426 E - Shares USD 137.0362 114.9574 101.4067 4,992.014
Nordea 1 - Global Stable Equity Fund EUR 1,095,302,225.41 1,174,194,766.94 2,280,422,880.78 29,845,253.588 AC - Shares EUR 29.6719 29.4462 30.1906 24,985.963 AP - Shares EUR 27.9977 27.8653 28.7301 375,212.386 BC - Shares EUR 35.7867 34.7470 34.8430 1,787,386.047 BF - Shares EUR 35.1024 34.0518 34.0852 314,695.987 BI - Shares EUR 39.6127 38.4200 38.4417 10,469,916.987 BN - Shares EUR 34.5780 33.5515 33.5991 514,832.676 BP - Shares EUR 33.6538 32.7650 33.0364 10,434,858.835 E - Shares EUR 28.6449 27.9923 28.4368 2,820,620.785 HB - USD Shares USD 44.9087 43.3736 42.9372 189,808.928 X - Shares EUR 47.4583 45.8074 45.3883 2,719,300.682 Y - Shares EUR - 39.9534 39.5970 Z - Shares EUR 41.2991 39.9861 39.8691 193,634.312
Nordea 1 - Global Stable Equity Fund - Euro Hedged EUR 718,944,766.09 510,483,487.23 479,805,841.01 29,419,394.601 AI - Shares EUR 22.8569 23.2147 21.8404 6,497,145.001 AP - Shares EUR 19.5325 19.9167 18.8849 477,958.190 BC - Shares EUR 26.6304 26.5098 24.4620 190,007.730 BI - Shares EUR 28.6141 28.4539 26.1986 3,076,723.033 BP - Shares EUR 25.2053 25.1597 23.3443 5,642,942.063 E - Shares EUR 22.8551 22.8988 21.4065 1,038,837.559 HB - NOK Shares NOK 234.1012 231.5425 211.1999 166,586.000 HB - SEK Shares SEK 220.7959 220.7534 205.6251 4,653,968.702 HE - PLN Shares PLN 127.0010 126.2241 114.8216 731.473 HY - SEK Shares SEK 309.0887 - - 6,064,145.625 Y - Shares EUR 22.8707 - - 1,610,349.225
Nordea 1 - Global Stable Equity Plus Fund EUR 98,604,624.98 134,754,513.07 131,414,711.13 954,633.097 BC - Shares EUR 102.6570 100.1830 98.0470 10.000 BI - Shares EUR 103.2908 100.6042 98.1108 954,542.205 BP - Shares EUR 101.8450 99.6180 97.9590 10.000 E - Shares EUR 100.5800 98.7230 97.8210 70.892
Nordea 1 - Global Sustainable Listed Real Assets Fund USD 131,080,163.97 119,277,047.70 45,487,465.53 1,125,470.853 BC - Shares USD 115.9387 108.5060 92.6940 15.000 BF - Shares USD 116.5951 109.0630 93.0107 154,402.166 BI - Shares USD 116.6579 109.1001 93.0127 381,387.890 BP - Shares USD 112.0595 105.3561 90.7797 2,904.300 BQ - Shares USD 113.4854 106.5237 91.4837 147,631.369 E - Shares USD 108.8860 102.7360 89.1540 15.000 HB - SGD Shares SGD 146.2081 139.4120 123.2945 66.259 X - Shares USD 117.2886 109.1719 - 4 39,048. 869
Page 67
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 65
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Global Sustainable Stars Equity Fund USD 2,224,824,541.39 2,199,389,145.06 3,433,856,434.65 7,414,556.061 AF - Shares USD 293.7794 275.2499 240.3211 16,416.362 AP - Shares USD 264.5304 2 48.8863 219.1351 5,387.226 BC - Shares USD 302.8500 281.0802 242.8746 100,373.323 BF - Shares USD 301.0209 279.1365 240.7533 1,324,771.591 BI - Shares USD 312.7873 289.9891 250.0194 1,698,982.240 BP - Shares USD 287.3000 267.5069 232.6514 3,114,394.102 E - Shares USD 266.2796 2 48.8588 218.0628 141,793.968 HA - EUR Shares EUR 211.3556 201.1660 181.2038 9,580.715 HB - SGD Shares SGD 371.9119 351.5538 313.7008 14,743.373 X - Shares USD - 309.2747 264.3180 Y - Shares USD 322.7471 297.9277 254.6247 988,113.161
Nordea 1 - Indian Equity Fund USD 424,450,707.91 461,273,115.04 524,249,636.23 1,291,507.186 BC - Shares USD 288.7426 307.3728 314.3020 4,559.934 BI - Shares USD 309.6329 329.2553 335.9406 1,439.713 BP - Shares USD 272.2605 290.8354 299.4715 37,420.148 E - Shares USD 244.8835 262.5662 272.4048 16,877.309 X - Shares USD 295.2926 312.1076 314.5703 346,070.990 Y - Shares USD 345.9062 365.6022 368.4852 885,139.092
Nordea 1 - International High Yield Opportunities Fund USD 234,474,788.98 235,254,804.14 195,448,307.69 1,467,740.794 BF - Shares USD 176.8300 173.9251 161.2542 2,331.824 BI - Shares USD 183.3837 180.3388 167.1300 12,424.280 BP - Shares USD 172.4242 169.9962 158.3638 83,232.220 E - Shares USD 155.8285 154.2076 144.7397 10,169.026 HB - EUR Shares EUR 103.8871 103.3582 98.3614 39,340.116 HB - NOK Shares NOK 886.5481 873.7462 815.9891 5,580.703 HB - SEK Shares SEK 1,348.5161 1,343.5335 1,281.4730 96,875.025 HBI - EUR Shares EUR 110.8779 110.0320 104.2071 34,275.081 HBI - NOK Shares NOK 944.1493 928.1913 861.8516 74,966.962 HY - EUR Shares EUR 147.1119 145.4186 136.6351 1,108,545.557
Nordea 1 - Latin American Equity Fund EUR 59,915,894.74 43,925,192.73 27,848,853. 71 3,261,656.868 AP - Shares EUR 11.8506 11.1265 8.5827 147,385.018 BC - Shares EUR 19.2390 17.2116 12.5172 33,783.195 BF - Shares EUR 19.4806 17.4133 12.6403 19,445.927 BI - Shares EUR 22.0256 19.6834 14.2833 45,460.161 BP - Shares EUR 18.7291 16.7971 12.2772 2,878,301.375 E - Shares EUR 16.2398 14.6190 10.7655 136,850.321 HE - PLN Shares PLN 86.6074 77.4550 55.6943 430.871
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Page 68
66
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Low Duration European Covered Bond Fund EUR 3,802,881,235.20 3,399,957,416.90 2,278,923,273.95 33,498,243.603 AC - Shares EUR 103.7753 105.3679 103.4182 18,160.694 AI - Shares EUR 104.3909 105.8756 103.6926 599,523.648 AP - Shares EUR 102.6583 104.3147 102.5544 107,836.716 BC - Shares EUR 113.0087 112.4275 108.0052 1,355,358.778 BF - Shares EUR 113.6613 112.9351 108.2989 221.000 BI - Shares EUR 115.1424 114.4252 109.6842 18,325,596.878 BN - Shares EUR 112.9735 112.3192 107.7657 523,498.362 BP - Shares EUR 111.5040 111.0122 106.8094 11,624,007.531 E - Shares EUR 104.6018 104.5327 101.3318 64,573.119 HAI - GBP Shares GBP 101.2451 101.8004 97.6840 17,827.180 HB - CHF Shares CHF 117.5894 118.3939 116.5230 4,902.273 HB - NOK Shares NOK 1,167.3664 1,151.6558 1,085.5443 919.110 HB - SEK Shares SEK 1,160.9779 1,157.0613 1,115.0961 42,483.242 HB - USD Shares USD 149.9283 147.9954 139.3511 58,469.033 HBC - CHF Shares CHF 119.1809 119.8974 117.8045 28,151.744 HBC - USD Shares USD 151.9177 149.8277 140.8175 30,791.139 HBI - CHF Shares CHF 122.8206 123.3991 121.0010 62,362.747 HBI - SEK Shares SEK 1,141.2910 1,135.3660 1,090.3282 447,819.231 HBI - USD Shares USD 155.1125 152.8250 143.3103 169,566.454 Y - Shares EUR 116.7729 115.8897 110.7833 16,174.724
Nordea 1 - Low Duration US High Yield Bond Fund USD 109,914,303.64 109,993,753.31 102,773,632.70 7,944,281.894 AP - Shares USD 7.8934 8.2524 8.2068 436,346.291 BC - Shares USD 12.7804 12.5646 11.7563 35,944.277 BI - Shares USD 17.2986 16.9886 15.8609 337,461.159 BP - Shares USD 16.1110 15.8631 14.8874 4,288,911.147 E - Shares USD 14.0813 13.9160 13.1582 335,419.599 HA - EUR Shares EUR 4.9541 5.2194 5.2927 25,220.000 HAI - EUR Shares EUR 4.3252 4.5438 4.5819 40,915.504 HB - EUR Shares EUR 9.2252 9.1657 8.7883 919,925.615 HB - SEK Shares SEK 86.2981 85.8411 82.4724 345,452.838 HBF - EUR Shares EUR 12.6736 12.5609 11.9818 367,761.197 HBI - EUR Shares EUR 10.0900 10.0020 9.5480 83,985.041 HBI - NOK Shares NOK 95.5294 93.8048 87.7742 726,939.226
Nordea 1 - Multi Credit Fund of Funds EUR 23,116,231.67 27,187,609.57 31,826,979.07 1,445,863.843 AP - Shares EUR 11.7412 11.9211 12.0401 252,134.115 BC - Shares EUR 17.3046 17.1441 16.8178 240,789.793 BI - Shares EUR 18.2638 18.0778 17.6963 66,251.981 BP - Shares EUR 17.0822 16.9574 16.6748 747,408.969 E - Shares EUR 14.4434 14.3912 14.2580 139,278.985
Nordea 1 - Nordic Equity Fund EUR 180,633,355.75 194,701,469.50 208,368,221.78 1,509,569.553 AC - Shares EUR 21.2924 21.5753 20.5544 12,856.533 AP - Shares EUR 96.2023 97.7715 93.6690 72,316.114 BC - Shares EUR 28.2761 27.5220 25.2749 283,790.600 BI - Shares EUR 163.1925 158.6681 145.3945 127,076.514 BP - Shares EUR 143.7700 140.3184 129.5717 964,481.211 E - Shares EUR 121.8197 119.3381 111.0275 49,005.264 HBI - USD Shares USD 183.9422 177.0183 - 43.317
Page 69
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 67
(*) For Sub-funds merged or liquidated, the fi gures disclosed correspond to the last NAV calculation at merger or liquidation date. Refer to Notes 1b) for more details. The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Nordic Equity Small Cap Fund EUR 114,923,218.91 139,382,442.39 118,974,962.37 2,283,127.705 AP - Shares EUR 36.2123 37.8206 32.7769 280,285.324 BC - Shares EUR 55.4420 56.2888 47.5452 86,152.262 BI - Shares EUR 58.7488 59.5810 50.2155 225,490.219 BP - Shares EUR 52.4126 53.3187 45.2166 1,425,282.400 E - Shares EUR 45.3036 46.2585 39.5246 265,917.500
Nordea 1 - Nordic Sustainable Stars Equity Fund EUR 106,971,432.57 114,433,505.19 110,498,968.28 504,414.351 AP - Shares EUR 190.6384 190.4035 184.1032 6,082.000 BC - Shares EUR 219.3315 212.2434 197.8439 231.990 BF - Shares EUR 218.4376 211.2233 196.5518 3,010.993 BI - Shares EUR 228.1303 220.5512 205.1520 100,976.599 BP - Shares EUR 208.3686 202.3140 189.8297 391,089.116 E - Shares EUR 190.7777 185.9244 175.7630 3,023.653
24/02/2026* 31/12/2025 31/12/2024 24/02/2026*
Nordea 1 - North American High Yield Bond Fund (Note 1b) USD 278,726,558.22 275,477,621.71 268,998,454.28 1,724,790.195 BC - Shares USD 171.9565 170.4022 158.7501 453.000 BI - Shares USD 178.9172 177.2497 164.7632 145.000 BP - Shares USD 168.3029 166.8566 155.9086 6,304.122 E - Shares USD 152.4329 151.2942 142.4363 7,890.098 HB - EUR Shares EUR 121.4856 120.7590 115.3075 7,336.086 HB - SEK Shares SEK 863.2797 858.3433 821.1728 99,964.536 HBI - EUR Shares EUR - - 117.3985 HY - DKK Shares DKK 1,036.5909 1,029.1274 972.8927 1,421,406.110 HY - SEK Shares SEK 1,674.6167 1,661.7624 1,570.1484 181,291.243 MX - Shares USD - - 115.4153 -
Nordea 1 - North American Sustainable Stars Equity Fund USD 1,259,202,462.33 1,366,684,417.13 1,727,727,276.59 2,781,637.523 AF - Shares USD 463.2272 441.2810 398.9068 2.575 AI - Shares USD 461.7362 440.0088 397.5914 6,031.495 AP - Shares USD 376.7165 360.5536 328.6640 7,578.175 BC - Shares USD 402.8105 381.4994 342.3545 43,523.801 BD - Shares USD 467.0050 - - 2.404 BF - Shares USD 480.1366 454.3348 406.9832 76,192.368 BI - Shares USD 514.0443 486.3262 435.4699 494,992.736 BP - Shares USD 457.8338 435.0125 392.9228 943,858.865 E - Shares USD 412.3995 393.3045 357.9247 36,698.750 HA - EUR Shares EUR 232.6132 225.0766 209.6813 193.518 HB - EUR Shares EUR 258.8227 248.6578 229.5822 293,912.589 HBC - EUR Shares EUR 238.0870 228.0204 209.1861 50,142.951 HBI - CHF Shares CHF 331.9024 321.1072 300.0715 100.000 X - Shares USD 479.6751 451.8437 401.0648 828,407.296
Page 70
68
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Norwegian Bond Fund NOK 1,592,844,901.27 1,768,581,569.22 2,163,635,568.06 8,516,350.153 AC - Shares NOK 100.8961 104.9642 103.6942 232,341.748 AP - Shares NOK 94.1374 98.0362 97.0480 2,338,623.136 BC - Shares NOK 129.2405 129.7264 124.2136 411,171.272 BI - Shares NOK 250.7753 251.4524 240.2454 539,912.838 BP - Shares NOK 234.2101 235.3304 225.7827 4,745,719.386 E - Shares NOK 197.9958 199.6856 193.0260 248,581.773
Nordea 1 - Norwegian Equity Fund NOK 1,253,745,638.38 1,233,513,310.44 1,117,117,964.33 2,528,928.804 AP - Shares NOK 345.3886 346.4372 304.9227 157,273.343 BC - Shares NOK 536.2671 514.4402 422.7763 176,499.416 BI - Shares NOK 532.0836 509.8603 418.0949 442,558.538 BP - Shares NOK 498.7096 479.7094 396.4093 1,689,934.492 E - Shares NOK 423.0519 408.4605 340.0719 62,663.015
Nordea 1 - Norwegian Short-Term Bond Fund NOK 1,984,570,232.72 1,720,490,099.39 1,787,485,166.83 8,526,472.110 AC - Shares NOK 197.0444 203.3146 203.5677 87,567.370 AP - Shares NOK 101.2608 104.4837 104.6120 1,368,568.858 BC - Shares NOK 260.1987 254.0510 240.5589 741,506.785 BI - Shares NOK 264.5051 258.0936 244.1009 617,437.825 BP - Shares NOK 260.0858 253.9321 240.4500 5,391,031.567 E - Shares NOK 219.5904 215.1968 205.3043 320,359.705
Nordea 1 - Smart Step Fund (Note 1a) EUR 11,107,275.96 - - 111,651.761 BI - Shares EUR 99.4511 - - 50,941.938 BP - Shares EUR 99.1440 - - 10.058 E - Shares EUR 98.9246 - - 10,699.765 Y - Shares EUR 99.6316 - - 50,000.000
Nordea 1 - Stable Emerging Markets Equity Fund USD 372,261,391.77 381,593,781.49 283,398,402.48 3,335,651.876 BC - Shares USD 110.9511 104.2490 77.1145 10,665.306 BF - Shares USD 104.4564 98.0586 72.4032 46,537.611 BI - Shares USD 113.6815 106.6997 78.7523 1,984,371.044 BP - Shares USD 99.2847 93.6118 69.7326 736,694.040 E - Shares USD 88.8836 84.1182 63.1320 101,549.349 X - Shares USD 130.1469 121.4738 88.6531 131,001.933 Y - Shares USD 127.4892 118.9925 86.8426 324,832.593
Page 71
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 69
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - Stable Return Fund EUR 1,928,858,458.16 2,414,929,081.00 3,548,319,923.76 109,107,946.890 AC - Shares EUR 15.0955 15.1648 15.3253 152,151.243 AI - Shares EUR 17.5204 17.5820 17.7287 4,677,606.690 AP - Shares EUR 14.3477 14.4544 14.6890 18,500,919.711 BC - Shares EUR 19.4632 19.2354 19.0965 850,954.558 BD - Shares EUR 19.5815 19.2981 19.0505 2,738,529.926 BI - Shares EUR 20.7868 20.5215 20.3291 14,427,472.039 BN - Shares EUR 18.6946 18.4634 18.3066 510,110.441 BP - Shares EUR 18.0255 17.8632 17.8321 45,509,754.253 E - Shares EUR 15.5036 15.4213 15.5104 10,796,442.680 HA - NOK Shares NOK 165.0715 164.5267 164.0395 318,593.660 HAC - GBP Shares GBP 14.9607 14.9052 14.7714 6,800.000 HAI - USD Shares USD 23.8424 23.7029 23.3907 33,600.000 HAX - CAD Shares CAD 28.7426 28.6705 28.5502 4,106,915.235 HB - CHF Shares CHF 19.2633 19.3094 19.7396 393,752.702 HB - NOK Shares NOK 189.3491 185.9517 182.0661 9,975.000 HB - SEK Shares SEK 169.6050 168.4670 168.5945 54,879.595 HB - SGD Shares SGD 30.7487 30.5965 30.6367 59,735.838 HB - USD Shares USD 30.1088 29.5468 28.8567 2,436,440.243 HBC - CHF Shares CHF 18.3546 18.3487 18.6543 100,588.303 HBC - GBP Shares GBP 18.1431 17.7792 17.3141 57,216.834 HBC - USD Shares USD 25.8213 25.2688 24.5414 174,183.522 HBI - CHF Shares CHF 22.1072 22.0795 22.4006 106,359.109 HBI - GBP Shares GBP - 17.9143 17.3947 HBI - NOK Shares NOK 222.0749 217.2623 211.1527 69,835.000 HBI - SGD Shares SGD 35.4159 35.1065 34.8819 12,700.000 HBI - USD Shares USD 34.8018 34.0232 32.9718 626,395.429 HE - PLN Shares PLN 88.6590 87.4854 85.4881 1,474.709 HM - AUD Shares AUD 20.4264 20.8833 22.2073 148,368.422 HM - GBP Shares GBP 10.7057 10.9492 11.5476 91,804.673 HM - SGD Shares SGD 18.8047 19.2909 20.4997 61,792.021 HM - USD Shares USD 14.7301 15.0597 15.8395 588,271.372 ME - Shares EUR 10.8034 11.1044 11.8739 616,953.693 MP - Shares EUR 11.6831 11.9587 12.6862 867,369.989 X - Shares EUR - 23.0174 22.5802 -
Nordea 1 - Swedish Bond Fund SEK 2,609,457,728.80 2,611,876,605.96 2,791,644,893.26 20,748,169.781 AC - Shares SEK 93.4769 94.1034 95.3642 97,381.043 AP - Shares SEK 86.0485 86.7106 88.0554 21,632.056 BC - Shares SEK 112.1655 109.9817 108.7572 114,612.339 BI - Shares SEK 115.1188 112.7540 111.2547 247,255.960 BP - Shares SEK 289.9539 284.5901 281.9786 517,293.019 BQ - Shares SEK 291.2136 285.5001 282.2373 618,150.765 E - Shares SEK 245.2880 241.6457 241.2329 62,880.023 Y - Shares SEK 115.9867 113.3931 111.4662 19,068,964.576
Nordea 1 - Swedish Short-Term Bond Fund SEK 2,635,139,258.79 2,531,733,613.69 2,316,386,513.89 12,040,153.531 AP - Shares SEK 186.2381 188.6290 189.6504 9,461.000 BC - Shares SEK 215.3901 212.7930 206.8776 1,557,183.872 BI - Shares SEK 219.6017 216.8271 210.5197 872,364.540 BP - Shares SEK 215.4536 212.8550 206.9100 1,152,549.339 E - Shares SEK 182.2624 180.7342 177.0076 99,368.320 Y - Shares SEK 220.3762 217.3740 210.6304 8,349,226.460
Page 72
70
Statement of Statistics as at
30/06/2026
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - US Corporate Bond Fund USD 1,050,326,128.53 1,190,851,772.80 1,073,688,203.29 78,630,029.542 AI - Shares USD 11.2662 11.7181 11.4990 791,835.873 AP - Shares USD 10.7341 11.1929 11.0373 578,288.460 BC - Shares USD 13.9437 13.8060 12.9058 245,150.146 BF - Shares USD 17.3197 17.1335 15.9874 554,924.405 BI - Shares USD 18.3388 18.1380 16.9183 6,074,389.389 BP - Shares USD 16.8896 16.7435 15.6911 9,199,049.684 E - Shares USD 12.8525 12.7889 12.0752 178,170.571 HA - EUR Shares EUR 8.2208 8.6411 8.6978 99,130.985 HAI - EUR Shares EUR 5.8454 6.1289 6.1393 6,394,616.000 HAI - GBP Shares GBP 5.8018 6.0272 5.9137 199,516.847 HB - CHF Shares CHF 9.4956 9.6075 9.4175 16,485.000 HB - EUR Shares EUR 10.1698 10.1750 9.7507 2,358,915.059 HB - SEK Shares SEK 101.6357 101.8303 97.7733 5,645,936.293 HBC - EUR Shares EUR 10.0452 10.0380 9.5959 598,847.026 HBC - NOK Shares NOK 147.4223 145.9218 136.7517 2,229,184.872 HBF - DKK Shares DKK 112.6959 112.7462 107.8327 8,975.654 HBF - EUR Shares EUR 13.1639 13.1422 12.5393 1,405,874.107 HBF - NOK Shares NOK 173.2045 - - 293.185 HBI - CHF Shares CHF 10.1248 10.2203 9.9681 39,677.492 HBI - EUR Shares EUR 10.8497 10.8303 10.3290 13,749,144.818 HBI - NOK Shares NOK 108.1060 106.8914 99.9678 17,894,407.107 HBI - SEK Shares SEK 84.2817 84.2960 80.5613 55,600.000 HY - DKK Shares DKK 121.8737 121.5726 115.6819 1,100,059.239 HY - SEK Shares SEK 183.8359 183.2734 174.2423 9,211,557.330
Nordea 1 - US Corporate Sustainable Stars Bond Fund USD 3,380,282,889.33 3,154,911,363.72 2,481,809,547.90 30,932,373.065 BC - Shares USD 117.9245 117.0089 109.5874 70,011.145 BI - Shares USD 119.5039 118.4475 110.6908 275,483.627 BP - Shares USD 115.7764 115.0124 107.9863 7,604.085 HAF - SEK Shares SEK 731.1016 766.5535 767.2676 10,142.283 HB - EUR Shares EUR 87.7274 87.9659 84.4534 26,748.608 HB - NOK Shares NOK 924.4564 918.2917 864.3282 6,284.447 HB - SEK Shares SEK 913.8368 917.5542 882.6077 354,393.793 HBC - EUR Shares EUR 104.0399 104.1989 99.7596 16,445.450 HBF - DKK Shares DKK 745.0148 746.8607 715.9886 2,643.453 HBF - EUR Shares EUR 90.0802 90.1305 86.1569 373,589.566 HBF - NOK Shares NOK 1,046.3872 1,037.1953 971.9356 58,049.695 HBF - SEK Shares SEK 926.6638 928.4436 889.1786 4,179,139.892 HBI - EUR Shares EUR 90.8056 90.8352 86.7921 1,650,716.373 HBI - NOK Shares NOK 956.2040 947.5010 887.5543 39,805.067 HBI - SEK Shares SEK 945.0036 946.6557 906.3068 241,677.440 HX - EUR Shares EUR 109.1615 108.9283 103.5557 3,504,475.098 HX - NOK Shares NOK 1,021.6052 1,009.7935 941.2639 6,664,421.743 HY - EUR Shares EUR 96.0741 95.8691 91.1375 10,174,928.820 HY - SEK Shares SEK 1,260.3409 1,259.3295 1,199.4580 2,919,879.838 X - Shares USD 124.2021 122.7967 114.1735 355,932.642
Page 73
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 71
The non-hedged classes are expressed in these fi nancial statements only in the base currency of the Sub-fund but may exist in other currencies even if there is no outstanding share for this specifi c share class in base currency. The number of outstanding shares is aggregated per share class. The hedged classes, when existing, are expressed in their respective hedge currency which is diff erent from the base currency of the Sub-fund.
Name of Sub-fund and share classes
Total Net Assets and Net Asset Value per share in base currency
Number of outstanding shares 30/06/2026 31/12/2025 31/12/2024 30/06/2026
Nordea 1 - US High Yield Bond Fund (Note 1b) USD 688,549,554.37 439,141,268.10 439,661,308.88 27,332,907.736 BC - Shares USD 27.0652 26.7399 24.8304 27,471.972 BI - Shares USD 28.5168 28.1434 26.0762 6,405.350 BP - Shares USD 26.1967 25.9200 24.1410 292,621.994 E - Shares USD 22.9163 22.7601 21.3575 68,886.938 HB - EUR Shares EUR 15.5343 15.5120 14.7619 41,427.588 HB - NOK Shares NOK 168.8377 167.0582 155.9624 155,264.627 HB - SEK Shares SEK 161.0916 161.0780 153.6336 2,921,349.701 HX - EUR Shares EUR 22.8964 22.7198 21.3495 1,582,912.717 HX - NOK Shares NOK 217.8462 214.1765 197.4466 1,252,725.969 HY - DKK Shares DKK 163.8777 162.8858 153.4915 16,114,371.351 HY - SEK Shares SEK 309.9889 308.0100 290.0464 4,109,061.199 X - Shares USD 32.1033 31.5644 29.0260 760,408.330
Nordea 1 - US High Yield Sustainable Stars Bond Fund USD 1,379,580,755.43 1,433,773,688.99 1,126,517,416.32 11,403,499.990 BC - Shares USD 130.2079 128.9559 120.8837 1,122.000 BI - Shares USD 130.4851 129.1189 122.3333 31,402.666 BP - Shares USD 128.0000 126.9093 119.2447 15.000 HAF - SEK Shares SEK 745.5196 790.5073 801.9429 4,243.316 HAI - GBP Shares GBP 98.5119 - - 46.337 HB - EUR Shares EUR 97.9473 98.0266 94.1700 8,605.328 HB - NOK Shares NOK 1,027.3512 1,018.9167 960.1582 1,728.942 HB - SEK Shares SEK 1,026.6773 1,028.6423 990.4401 128,443.706 HBF - DKK Shares DKK 826.7594 827.1309 792.9303 1,282.774 HBF - EUR Shares EUR 99.9816 99.8318 95.4336 155,656.996 HBF - NOK Shares NOK 1,167.8993 1,155.4494 1,083.5585 23,729.546 HBF - SEK Shares SEK 1,028.2450 1,027.9838 985.1246 1,559,255.841 HBI - EUR Shares EUR 101.3668 101.1978 96.7004 1,171,098.575 HBI - NOK Shares NOK 1,064.0024 1,052.4580 986.9495 304.973 HBI - SEK Shares SEK 1,062.6523 1,062.2117 1,017.2869 52,640.634 HX - EUR Shares EUR 124.4356 123.7780 117.4152 1,131,997.681 HX - SEK Shares SEK 1,109.1120 1,104.6572 1,050.2979 1,384,776.667 HY - DKK Shares DKK 820.8651 818.1362 778.2443 441,388.903 HY - EUR Shares EUR 108.8127 108.2376 102.6709 4,619,044.280 HY - SEK Shares SEK 1,241.9826 1,237.0955 1,176.2438 686,715.825
Nordea 1 - US Total Return Bond Fund USD 200,408,334.22 214,622,432.44 242,534,602.23 1,810,213.056 AC - Shares USD 69.2796 73.2451 74.0026 355,834.466 AI - Shares USD 69.6256 73.5199 74.1025 3,400.106 AP - Shares USD 66.1362 70.0947 71.1562 22,458.253 BC - Shares USD 126.2513 124.1844 115.9088 73,750.256 BD - Shares USD 126.3820 124.0833 115.3871 99.000 BI - Shares USD 129.2388 126.9852 118.2683 873,766.277 BP - Shares USD 117.8526 116.1819 108.9297 289,993.336 E - Shares USD 106.2007 105.0855 99.2699 3,847.212 HA - EUR Shares EUR 41.4746 44.2565 45.8206 96.099 HA - GBP Shares GBP 39.4334 41.6994 42.2376 334.024 HAD - EUR Shares EUR 51.3112 54.5187 55.9249 4,447.466 HAD - GBP Shares GBP - 54.4153 54.6355 HAI - EUR Shares EUR 43.2496 45.9953 47.2948 360.000 HAI - GBP Shares GBP 41.4234 43.6446 43.8956 2,273.276 HB - EUR Shares EUR 75.2546 74.8429 71.7216 5,378.885 HBC - EUR Shares EUR 81.6927 81.0663 77.3279 66,413.433 HBD - EUR Shares EUR 90.4262 89.5654 85.1249 875.457 HBI - CHF Shares CHF 95.6264 95.8634 93.3881 1,063.001 HBI - EUR Shares EUR 82.4535 81.7345 77.8001 104,482.854 HE - EUR Shares EUR 67.4084 67.2921 64.9741 1,339.655
Page 74
72 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Total Expense Ratios
Nordea 1 Active Rates Opportunities Fund
Nordea 1 Alpha 7 MA Fund Nordea 1 Alpha 10 MA Fund
TER (Note 6) (*) AC - Shares 0.66% AD - Shares 0.92% AF - Shares AI - Shares 0.44% 1.12% 1.13% AP - Shares 0.86% 1.99% AQ - Shares BC - Shares 0.66% 1.28% 1.40% BD - Shares BF - Shares 0.49% 1.20% BI - Shares 0.44% 1.08% 1.18% BP - Shares 0.91% 1.89% 1.99% BQ - Shares BV - Shares 1.16% E - Shares 1.66% 2.64% 2.74% HAI - CHF Shares 0.44% HB - CHF Shares 2.00% HB - NOK Shares 1.99% HB - SEK Shares 0.94% 1.99% HB - SGD Shares HB - USD Shares 0.90% 2.00% HBC - CHF Shares 0.70% 1.29% 1.40% HBC - GBP Shares 1.39% HBC - SEK Shares 1.39% HBC - USD Shares 1.40% HBD - USD Shares HBF - SEK Shares 1.22% HBI - CHF Shares 0.45% 1.17% HBI - GBP Shares 1.16% HBI - JPY Shares 1.17% HBI - NOK Shares 0.44% HBI - SEK Shares 0.45% 1.18% HBI - SGD Shares 1.18% HBI - USD Shares 0.43% 1.16% HE - PLN Shares HM - SGD Shares 1.96% HY - NOK Shares HY - SEK Shares 0.06% 0.05% X - Shares Y - Shares 0.07% 0.06% 0.06%
Performance fee for the year (**)
Page 75
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 73
Nordea 1 Alpha 15 MA Fund Nordea 1 Asia ex Japan Equity Fund
Nordea 1 Asian Sustainable Stars Equity Fund
Nordea 1 Balanced Income Fund
Nordea 1 Chinese Equity Fund
1.59%
0.99% 1.37% 2.29% 1.84% 1.44% 1.52% 1.59% 1.27% 1.18% 1.00% 1.24% 1.59% 1.41% 0.99% 0.82% 1.12% 1.38% 1.04% 0.95% 0.77% 1.06% 2.29% 1.82% 1.82% 1.45% 1.81% 1.52%
3.04% 2.57% 2.57% 2.20% 2.58%
2.29% 2.30% 1.46% 2.30% 1.45% 2.36% 2.26%
1.59% 0.99% 1.60% 1.29%
1.38% 1.38%
1.38%
1.38% 2.54% 2.28% 0.06% 0.06% 0.06% 0.05% 0.06% 0.06% 0.06%
Page 76
74 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 Danish Covered Bond Fund
Nordea 1 Dynamic Rates Opportunities Fund
Nordea 1 Emerging ex China Sustainable Stars Equity Fund
TER (Note 6) (*) AC - Shares AD - Shares 0.93% AF - Shares AI - Shares 0.43% 0.95% AP - Shares 0.85% BC - Shares 0.65% 0.81% 1.18% BF - Shares 0.47% 0.78% 1.00% BI - Shares 0.43% 0.70% 0.96% BP - Shares 0.85% 1.37% 1.84% BQ - Shares 1.17% 1.61% BQ3 - Shares E - Shares 1.59% 2.21% 2.60% HA - EUR Shares HAC - EUR Shares 0.65% HAF - EUR Shares HAI - EUR Shares 0.43% HAQ - EUR Shares HB - CHF Shares HB - EUR Shares HB - NOK Shares HB - SEK Shares HB - SGD Shares HB - USD Shares HBC - CHF Shares HBC - EUR Shares HBC - GBP Shares HBF - DKK Shares HBF - EUR Shares HBF - SEK Shares HBI - CHF Shares 0.42% HBI - DKK Shares HBI - EUR Shares 0.43% HBI - NOK Shares 0.70% HBI - SEK Shares 0.69% HBI - USD Shares 0.42% 0.69% HBQ - EUR Shares HBQ - NOK Shares 1.19% HBQ - SEK Shares 1.52% HMX - JPY Shares 0.05% HY - DKK Shares HY - EUR Shares HY - SEK Shares X - Shares 0.07% 0.08% Y - Shares 0.09%
Performance fee for the year (**)
Total Expense Ratios
Page 77
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 75
Nordea 1 Emerging Market Bond Fund
Nordea 1 Emerging Market Corporate Bond Fund
Nordea 1 Emerging Market Select Bond Fund
Nordea 1 Emerging Sustainable Stars Equity Fund
Nordea 1 Empower Europe Fund
0.90% 1.17%
0.99% 0.68% 0.95% 1.30% 1.53% 1.82% 2.43% 0.90% 1.17% 1.20% 0.71% 1.05% 0.99% 0.99% 0.68% 1.01% 0.68% 0.95% 0.95% 1.30% 1.52% 1.20% 1.82% 2.12% 1.75% 1.25% 2.05% 2.28% 1.96% 2.57% 2.88% 1.30% 0.90% 0.75% 0.69% 1.01% 1.52% 1.32% 1.53% 1.20% 1.30% 1.49% 1.20% 1.30% 1.53% 1.20% 2.10% 2.03% 1.17% 0.90% 1.24% 1.16% 0.71% 0.75% 1.05% 0.72% 0.72% 0.94% 0.68% 0.70% 1.01% 0.68% 0.95% 0.68% 1.01% 0.68% 0.68%
1.01%
0.06% 0.06% 0.06% 0.06% 0.05% 0.14% 0.01%
Page 78
76 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 EUR Corporate Bond Fund 1-3 Years
Nordea 1 European Corporate Bond Fund
Nordea 1 European Corporate Sustainable Labelled Bond Fund
TER (Note 6) (*) AC - Shares AD - Shares AE - Shares AI - Shares AP - Shares BC - Shares 0.66% 0.66% 0.50% BD - Shares BF - Shares 0.32% 0.49% BI - Shares 0.28% 0.43% 0.43% BN - Shares BP - Shares 0.60% 0.85% 0.85% BQ - Shares 0.53% 0.63% E - Shares 1.39% 1.60% 1.48% HA - GBP Shares HA - USD Shares HAC - GBP Shares HAC - USD Shares HAF - SEK Shares HAI - CHF Shares HAI - GBP Shares HAI - USD Shares HB - CHF Shares HB - GBP Shares HB - NOK Shares 0.85% HB - SEK Shares 0.85% 0.85% HB - SGD Shares HB - USD Shares HBC - CHF Shares HBC - GBP Shares HBC - NOK Shares 0.65% HBC - USD Shares HBF - NOK Shares 0.47% HBF - SEK Shares HBI - CHF Shares HBI - GBP Shares HBI - NOK Shares 0.28% 0.43% 0.43% HBI - SEK Shares 0.28% HBI - SGD Shares HBI - USD Shares HBQ - NOK Shares 0.63% HBQ - SEK Shares 0.62% HE - PLN Shares 1.59% HM - SGD Shares HX - NOK Shares 0.06% HY - DKK Shares 0.06% HY - NOK Shares 0.06% HY - SEK Shares 0.06% JI - Shares 0.28% 0.43% MP - Shares X - Shares 0.06% 0.06% Y - Shares 0.06% 0.06%
Performance fee for the year (**)
Total Expense Ratios
Page 79
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 77
Nordea 1 European Corporate Sustainable Stars Bond Fund
Nordea 1 European Covered Bond Fund
Nordea 1 European Cross Credit Fund
Nordea 1 European Financial Debt Fund
Nordea 1 European High Yield Bond Fund
0.66% 0.85% 0.89% 0.58% 1.91% 0.44% 0.63% 0.63% 0.71% 0.86% 1.25% 1.25% 1.33% 0.66% 0.85% 0.86% 0.89% 0.59% 0.47% 0.48% 0.67% 0.75% 0.43% 0.44% 0.63% 0.63% 0.71% 0.52% 0.85% 0.85% 1.25% 1.25% 1.33%
1.60% 1.60% 2.01% 2.00% 2.08% 1.32% 1.33% 0.89% 0.89% 0.47% 0.45% 0.71% 0.71% 1.33% 1.33% 0.84% 0.84% 0.85% 0.85% 1.25% 1.33% 1.25% 0.89% 1.33% 0.66% 0.88% 0.89%
0.69% 0.89% 0.47% 0.48% 0.44% 0.63% 0.71% 0.44% 0.43% 0.63% 0.71% 0.43% 0.44% 0.71% 0.63% 0.44% 0.63% 0.71%
1.24% 0.06%
0.06% 0.06%
1.28% 1.25% 1.33% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06%
Page 80
78 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 European High Yield Credit Fund
Nordea 1 European High Yield Opportunities Fund
Nordea 1 European High Yield Sustainable Climate Bond Fund
TER (Note 6) (*) AC - Shares AI - Shares 0.86% AP - Shares AQ2 - Shares BC - Shares 1.02% BD - Shares BF - Shares 0.90% BI - Shares 0.68% 0.87% 0.69% BP - Shares 1.29% 1.54% 1.38% BQ - Shares BQ2 - Shares E - Shares 2.28% 2.11% HAF - SEK Shares HB - CHF Shares 1.53% HB - NOK Shares 1.51% HB - SEK Shares 1.30% 1.53% HB - SGD Shares HB - USD Shares 1.30% 1.53% HBF - NOK Shares HBF - SEK Shares HBI - CHF Shares HBI - NOK Shares 0.86% HBI - SEK Shares HBI - USD Shares 0.67% 0.87% HBQ - NOK Shares HBQ - SEK Shares HE - PLN Shares 2.05% HE - USD Shares 2.28% HX - NOK Shares 0.06% HX - SEK Shares HY - DKK Shares 0.06% MP - Shares X - Shares 0.06% 0.06% Y - Shares 0.06%
Performance fee for the year (**)
Total Expense Ratios
Page 81
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 79
Nordea 1 European High Yield Sustainable Stars Bond Fund
Nordea 1 European Short-term Corporate Bond Fund
Nordea 1 European Small and Mid Cap Sustainable Stars Equity Fund
Nordea 1 European Sustainable Labelled Bond Fund
Nordea 1 European Sustainable Stars Equity Fund
1.15% 0.68% 0.94% 1.30% 1.86% 1.81% 0.68% 0.82% 0.90% 0.17% 1.15% 0.65% 1.15% 0.20% 0.72% 0.97% 0.47% 0.97% 0.68% 0.21% 0.94% 0.43% 0.93% 1.30% 0.41% 1.80% 0.85% 1.80% 0.62% 0.54% 0.76% 2.05% 1.14% 2.55% 1.49% 2.57% 0.72% 0.47%
1.30% 1.30% 1.27% 1.26% 1.80% 0.72% 0.47% 0.73% 0.48% 0.67% 0.95% 0.68% 0.43% 0.68% 0.43% 0.65% 0.93% 0.62% 0.61%
0.06%
1.79% 0.06% 0.06% 0.06% 0.06% 0.06% 0.06%
Page 82
80 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 Fixed Maturity Bond 2027 Fund
Nordea 1 Fixed Maturity Bond 2028 Fund
Nordea 1 Fixed Maturity Bond V Fund
TER (Note 6) (*) AC - Shares AI - Shares AP - Shares BC - Shares BD - Shares BF - Shares BI - Shares BP - Shares BQ - Shares BQ3 - Shares E - Shares HA - USD Shares HB - CHF Shares HB - NOK Shares HB - SEK Shares HB - USD Shares HBC - GBP Shares HBC - USD Shares HBI - CHF Shares HBI - GBP Shares HBI - NOK Shares HBI - SEK Shares HBI - USD Shares HY - SEK Shares LP - Shares 1.22% 1.32% 1.31% LP1 - Shares 1.26% Y - Shares Z - Shares 0.06%
Performance fee for the year (**)
Total Expense Ratios
Page 83
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 81
Nordea 1 Fixed Maturity Bond VI Fund (Note 1a)
Nordea 1 Flexible Fixed Income Fund
Nordea 1 Flexible Fixed Income Plus Fund
Nordea 1 GBP Diversifi ed Return Fund
Nordea 1 Global AI Innovators Fund (Note 1a)
0.75% 0.53% 0.88% 1.05% 0.75% 0.99% 1.25% 0.46% 0.57% 1.21% 0.53% 0.63% 0.88% 1.12% 1.05% 1.25% 1.80% 2.20% 1.86% 1.37% 1.79% 2.80% 1.05% 1.05% 1.03% 1.05% 1.05% 0.75% 0.72% 0.53% 0.56% 0.53% 0.53% 0.53% 0.06% 1.36% 1.38% 0.06% 0.06%
Page 84
82 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 Global Climate and Environment Fund
Nordea 1 Global Climate Transition Engagement Fund
Nordea 1 Global Disruption Fund
TER (Note 6) (*) AC - Shares 1.15% 1.16% AI - Shares 0.93% 0.93% AP - Shares 1.80% 2.05% BC - Shares 1.15% 1.16% BF - Shares 0.97% 0.97% 0.96% BI - Shares 0.93% 0.93% 0.93% BP - Shares 1.80% 2.05% 1.79% BQ - Shares 1.72% E - Shares 2.55% 2.81% 2.54% HA - EUR Shares 2.05% HAI - GBP Shares 0.94% HB - CHF Shares 1.80% HB - EUR Shares 2.05% HB - SEK Shares HB - SGD Shares 2.10% HB - USD Shares 1.80% HBC - CHF Shares 1.15% HBC - GBP Shares 1.20% HBC - NOK Shares HBF - EUR Shares HBF - NOK Shares HBF - SEK Shares HBI - CHF Shares 0.93% 0.96% HBI - EUR Shares 0.96% HBI - NOK Shares HBI - SEK Shares HBI - USD Shares 0.93% HBQ - EUR Shares HBQ - NOK Shares HBQ - SEK Shares HE - PLN Shares HX - EUR Shares HX - NOK Shares HY - NOK Shares HY - SEK Shares JI - Shares 0.93% X - Shares 0.06% 0.06% Y - Shares 0.01%
Performance fee for the year (**)
Total Expense Ratios
Page 85
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 83
Nordea 1 Global Diversity Engagement Fund
Nordea 1 Global Equity Long/Short Fund (Note 1a)
Nordea 1 Global High Yield Bond Fund
Nordea 1 Global High Yield Sustainable Stars Bond Fund
Nordea 1 Global Impact Fund
1.16% 1.03% 0.95% 1.15% 0.97% 0.96% 0.93% 1.01% 0.74% 0.81% 0.93% 2.06% 2.18% 1.33% 1.27% 2.05% 1.72% 1.72% 2.81% 3.25% 2.07% 2.07% 2.80%
1.33% 2.06%
1.03% 0.85% 0.86% 0.84%
0.80% 0.81% 0.81% 0.81% 0.78%
1.05% 1.05% 1.05% 2.08% 0.05% 0.05% 0.05% 0.06%
0.06% 0.05% 0.06%
Page 86
84 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 Global Listed Infrastructure Fund
Nordea 1 Global Opportunity Fund
Nordea 1 Global Portfolio Fund
TER (Note 6) (*) AC - Shares AD - Shares AF - Shares 0.89% AI - Shares 1.01% AP - Shares 1.91% BC - Shares 1.23% 1.28% 1.15% BD - Shares BF - Shares 1.05% 1.11% 1.03% BI - Shares 1.01% 1.06% 0.92% BN - Shares BP - Shares 1.93% 1.83% 1.80% BQ - Shares 1.02% E - Shares 2.68% 2.58% 2.54% HAI - EUR Shares 1.01% HB - EUR Shares HB - NOK Shares HB - SEK Shares HB - SGD Shares HB - USD Shares HBI - CHF Shares 1.01% HE - PLN Shares HM - SGD Shares HY - SEK Shares MP - Shares 1.93% X - Shares 0.06% Y - Shares 0.05% Z - Shares
Performance fee for the year (**)
Total Expense Ratios
Page 87
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 85
Nordea 1 Global Real Estate Fund
Nordea 1 Global Small Cap Fund
Nordea 1 Global Social Empowerment Fund
Nordea 1 Global Stable Equity Fund
Nordea 1 Global Stable Equity Fund Euro Hedged
1.24% 0.55%
1.03% 1.83% 1.79% 1.80% 1.29% 1.26% 1.16% 1.25% 1.25% 0.55% 1.12% 1.09% 0.98% 1.07% 1.08% 1.05% 0.94% 1.03% 1.03% 1.11% 1.85% 1.83% 2.06% 1.79% 1.80% 1.73% 2.60% 2.58% 2.81% 2.54% 2.55%
1.83% 1.80% 1.79% 1.86% 1.79% 1.04% 2.54% 1.88% 0.06% 1.87% 0.05% 0.07% 0.68%
Page 88
86 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 Global Stable Equity Plus Fund
Nordea 1 Global Sustainable Listed Real Assets Fund
Nordea 1 Global Sustainable Stars Equity Fund
TER (Note 6) (*) AC - Shares AF - Shares 0.97% AI - Shares AP - Shares 1.80% BC - Shares 1.37% 1.16% 1.15% BF - Shares 1.05% 0.96% BI - Shares 1.03% 1.02% 0.93% BN - Shares BP - Shares 1.83% 2.09% 1.80% BQ - Shares 1.75% E - Shares 2.66% 2.75% 2.55% HA - EUR Shares 1.80% HAI - EUR Shares HAI - GBP Shares HB - CHF Shares HB - EUR Shares HB - NOK Shares HB - SEK Shares HB - SGD Shares 2.07% 1.80% HB - USD Shares HBC - CHF Shares HBC - USD Shares HBF - EUR Shares HBI - CHF Shares HBI - EUR Shares HBI - NOK Shares HBI - SEK Shares HBI - USD Shares HE - PLN Shares HY - EUR Shares X - Shares 0.06% Y - Shares 0.05%
Performance fee for the year (**)
Total Expense Ratios
Page 89
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 87
Nordea 1 Indian Equity Fund
Nordea 1 International High Yield Opportunities Fund
Nordea 1 Latin American Equity Fund
Nordea 1 Low Duration European Covered Bond Fund
Nordea 1 Low Duration US High Yield Bond Fund
0.55%
0.34% 1.98% 0.71% 1.33% 1.50% 1.46% 0.56% 1.02% 0.84% 1.31% 0.37% 1.26% 0.81% 1.24% 0.34% 0.81% 0.43% 2.23% 1.32% 1.98% 0.71% 1.33%
2.95% 2.08% 2.73% 1.47% 2.07% 1.33% 0.81% 0.34% 0.71% 1.33% 1.33% 1.32% 0.71% 1.33% 0.71% 1.33%
0.71% 0.57% 0.56% 0.87% 0.36% 0.81% 0.80% 0.81% 0.81% 0.35% 0.34% 2.73% 0.05% 0.07% 0.07% 0.13%
Page 90
88 Nordea 1, SICAV - Unaudited Semi-Annual Report 2026
(*) Performance fee included. (**) There has been no performance fee charged during the period, thus no ratio has been calculated. Only share-classes having a TER value or a performance fee value have been disclosed.
Nordea 1 Multi Credit Fund of Funds
Nordea 1 Nordic Equity Fund
Nordea 1 Nordic Equity Small Cap Fund
TER (Note 6) (*) AC - Shares 1.23% AF - Shares AI - Shares AP - Shares 1.09% 1.80% 1.81% BC - Shares 0.76% 1.25% 1.41% BD - Shares BF - Shares BI - Shares 0.56% 1.02% 1.18% BP - Shares 1.09% 1.80% 1.81% E - Shares 1.82% 2.55% 2.55% HA - EUR Shares HB - EUR Shares HBC - EUR Shares HBI - CHF Shares HBI - USD Shares 1.03% X - Shares
Performance fee for the year (**)
Total Expense Ratios
Page 91
Nordea 1, SICAV - Unaudited Semi-Annual Report 2026 89
Nordea 1 Nordic Sustainable Stars Equity Fund
Nordea 1 North American Sustainable Stars Equity Fund
Nordea 1 Norwegian Bond Fund
Nordea 1 Norwegian Equity Fund
Nordea 1 Norwegian Short-Term Bond Fund
0.65% 0.38% 0.95% 0.93% 1.80% 1.80% 0.85% 1.81% 0.37% 1.14% 1.14% 0.64% 1.26% 0.38% 0.27% 0.97% 0.97% 0.93% 0.93% 0.43% 1.03% 0.25% 1.80% 1.79% 0.85% 1.81% 0.38% 2.54% 2.54% 1.60% 2.57% 1.13% 1.79% 1.80% 1.14% 0.93%
0.05%
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