Nordic Investment Bank 18K/A Annual report (foreign governments) (amended) | SEC 20 Oct 22

Exhibit XI

INTERIM MANAGEMENT STATEMENT / 1 Interim Management Statement JANUARY–SEPTEMBER 2022 (Unaudited) Q3

INTERIM MANAGEMENT STATEMENT / 2 Table of Contents 3 President & CEO's comments 4 Highlights 4 Key figures and ratios 5 Operating and financial review 5 Total comprehensive income 8 Financial position 10 Financial statements 10 Statement of comprehensive income 11 Statement of financial position 13 Statement of changes in equity 14 Cash flow statement 16 Notes to the interim financial statements 16 Note 1 - Net interest income 16 Note 2 - Net profit on financial operations 17 Note 3 - Expected credit loss 17 Note 4 - Net loan losses 18 Note 5 - Lending outstanding 18 Note 6 - Debts evidenced by certificates 19 Note 7 - Basis of preparation 19 Ratio definitions

INTERIM MANAGEMENT STATEMENT / 3 As the war in Ukraine continues and the energy crisis deepens, we have also seen the momentum to accelerate the green transition gather more pace. The need for action is urgent. The necessity for investment in new sources of energy and related research and development, helps to partially explain the significant increase the Bank has seen in demand for NIB financing. During the nine-month period ended 30 September 2022, there was a total of EUR 2,613 million in new committed loans and EUR 2,883 million was disbursed compared to EUR 880 million and EUR 1,646 million respectively, in the same period in 2021. During times of turbulence, it is not uncommon that International Financial Institutions (IFIs) such as NIB experience higher demand. Uncertainty in the financial markets had already increased before the war with inflationary pressures and expectations for rate hikes from central banks. The increased activity also reflects the implementation of the new business strategy which the Board approved in 2021. We are also seeing strong mandate fulfilment with projects achieving a “good” or “excellent” mandate rating for 99% of the total amount of loans disbursed. The new lending was distributed across various industries and countries and included sustainability linked loans (SLL) and a Covid-19 response loan, more details of which can be found here. To meet the demand for our financing, the Bank has raised EUR 8.1 billion in new funding by 30 September 2022, compared to EUR 6.1 billion in the same period in 2021. In the third quarter, NIB issued its second global USD benchmark for the year, a five-year USD 1.25 billion bond. President & CEO's comments January–September 2022 The net profit for the period January to September amounted to EUR 84 million compared to EUR 124 million in 2021. The decrease is mainly due to unrealised fair value losses on bonds in the liqudity buffer and lending labelled bonds. Net interest income and operational profit are better than planned. Further details regarding the financial performance can be found in the Operating and Financial Review on page 5-9. In September, I had the pleasure together with the Bank’s senior management to meet with our counterparts at the European Investment Bank (EIB). We discussed a wide range of topics including the European Green Deal, the impact of the war in Ukraine, the energy crisis in Europe and the need to invest in new sources of energy and innovative technologies. The EIB and NIB have a good and long-standing relationship, with a number of co-financed and parallel financed projects. As IFIs, we have a stabilising role to play during crises. We feel our joint responsibility and are ready to support the efforts of our clients and member countries to deal with the current geopolitical and economic challenges. André Küüsvek, President & CEO

INTERIM MANAGEMENT STATEMENT / 4 During the nine month period ended 30 September 2022, the Bank has seen a significant increase in demand for NIB financing. There was a total of EUR 2,613 million in new committed lending and EUR 2,883 million was disbursed compared to EUR 880 million and EUR 1,646 million respectively, in the same period in 2021. Among the new committed loans in the third quarter was a SEK 432.5 million (EUR 40.5 million) loan with Swedish real estate company Fabege AB for the construction of Scandinavia’s first zero-energy hotel in Arenastaden, Solna. Other new committed loans will finance green construction, digitalisation, acquisitions and research and development. The net profit for the nine-month period amounted to EUR 84 million compared to EUR 124 million in 2021. The decrease is mainly due to unrealised fair value losses on bonds in the liqudity buffer and lending labelled bonds. The underlying core earnings were better than expected with net interest income and commission fee income higher than in 2021. The ratios are impacted by the unrealised losses but costs are better than planned and supports profitability. Due to the increased demand for NIB financing, the Bank has also increased its funding levels. By the end of September, the Bank had raised EUR 8.1 billion (January–September 2021: EUR 6.1 billion) in new funding. In the third quarter, NIB issued its second global USD benchmark for the year, a five-year USD 1.25 billion bond. NIB’s funding plan for the whole of 2022 is EUR 8.0-9.0 billion. The Bank is in a strong financial position as confirmed by our triple-A rating which was reaffirmed by Standard & Poor’s and Moody’s in April. Highlights Key figures and ratios In millions of euro unless otherwise specified Jan-Sep 2022* Jan-Sep 2021* Jan-Dec 2021 Net interest income 162 152 201 Profit before net loan losses 76 101 133 Net profit 84 124 159 Lending disbursed 2,883 1,646 2,440 New committed lending 2,613 880 1,852 Mandate fulfilment ** 99% 98 % 97 % Lending outstanding 22,608 22,019 22,313 Total assets 41,490 37,952 37,553 New debt issues 8,070 6,132 7,028 Debts evidenced by certificates 33,019 31,842 31,526 Total equity 4,022 3,971 3,999 Equity/total assets *** 9.7 % 10.5 % 10.6 % Profit/average equity *** 2.8 % 4.2 % 4.1 % Cost/income *** 33.8 % 27.0 % 27.9 % Number of employees at period end 228 224 221 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements ** See page 9 for mandate fulfilment explanation *** See page 19 for ratio definitions

INTERIM MANAGEMENT STATEMENT / 5 Total comprehensive income January–September 2022 compared to January–September 2021 NET PROFIT The net profit for the period January–September 2022 amounted to EUR 84.4 million, compared to EUR 124.0 million in the same period last year. This is mainly due to higher unrealised fair value losses on bonds in the liqudity buffer and lending labelled bonds which is explained further under the section Net loss/profit on financial operations on page 6. Net interest income and net commission income were on the other-hand higher than in 2021 and better than planned. Total operating expenses increased by EUR 1.6 million to EUR 38.9 million. Net loan losses for the period is a positive amount of EUR 8.1 million compared to a positive amount of EUR 23.0 million in 2021. The third quarter of 2022 was a solid quarter with net profit of EUR 45.7 million. NET INTEREST INCOME Net interest income for the period increased from EUR 152.0 million to EUR 161.9 million. Net interest income on lending activities increased by EUR 2.2 million from EUR 121.7 million to EUR 123.8 million due to higher loan volumes and margins. The net interest income on treasury activities of EUR 38.0 million was EUR 7.7 million higher than in 2021 as Treasury bond portfolios benefited from increases in the market interest rate level. Net interest income in the third quarter of 2022 was higher than any quarter in the past two years. NET FEE AND COMMISSION INCOME Net fee and commission income for the period January–September 2022 was EUR 1.1 million higher than in 2021 due to the higher volume of loans agreed and disbursed. Operating and financial review NET PROFIT FOR THE PERIOD EUR m 120 100 80 60 40 20 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 60 50 40 30 20 10 0 NET INTEREST INCOME EUR m Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 NET COMMISSION INCOME AND FEES EUR m 5.0 4.0 3.0 2.0 1.0 0 2020 2021 2022 2020 2021 2022 2020 2021 2022 Lending Treasury Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

INTERIM MANAGEMENT STATEMENT / 6 NET LOSS/PROFIT ON FINANCIAL OPERATIONS The loss on financial operations amounted to EUR 51.9 million compared to a loss of EUR 18.1 million in the same period last year. This result includes realised net gains of EUR 4.5 million and unrealised net losses of EUR 56.4 million compared to realised net profits of EUR 3.4 million and unrealised net losses of EUR 21.5 million in 2021. Against a backdrop of rising inflation, fears of a recession and the turbulent geopolitical environment, risk aversion led to spread widening in financial markets throughout the first half of the year. This generated unrealised valuation losses on interest rate hedges, and on the liquidity buffer and lending labelled bond portfolios. The unrealised valuation gains and losses on assets in the Bank’s liquidity portfolio arise from changes in credit spreads. The Bank maintains a large liquidity portfolio, which it invests in high quality bonds. When credit spreads widen, this results in negative valuations on the bonds. In periods of financial turbulence credit spreads tend to rise, which also affects NIB’s high quality bonds. When the Bank holds the bonds to maturity, so that they are not sold based on the current exit market value, any valuation losses and gains will reverse, as the bonds will settle at par. The unrealised valuation gains and losses on interest rate hedges mainly arise from the change of the interest rate spreads that are embedded in the Bank’s funding and lending transactions. When the Bank raises funds with fixed rates or offers borrowers fixed rate loans, it hedges the resulting interest rate risk using swaps, in which the fixed rate is swapped to the short-term money market floating rates referred to as the IBORs. Fair value hedge accounting is applied on the hedges of these fixed rate funding transactions and loans. In keeping with what NIB believes is industry best practice, the valuation of these swaps is based on a risk-free discounting rate called OIS (Overnight Interest rate Swap). The changes in spread between the risk-free OIS rates and the relevant IBORs applicable to each swap creates unrealised valuation gains and losses. It should be noted that as the Bank intends to hold these transactions to maturity, so that they are not sold for a price based on their exit market value, these valuation gains and losses will not be realised as the transactions will settle at par. TOTAL OPERATING EXPENSES Total operating expenses amounted to EUR 38.9 million which is EUR 1.6 million higher than the same period in 2021 but better than plan. The decrease in depreciation of EUR 1.0 million is due to some assets reaching the end of their depreciable lives during 2022. The increase in personnel costs of EUR 1.2 million is mainly due to the annual inflation related adjustments. The increase in total administrative expenses of EUR 1.3 million compared to January-September 2021, was expected as the level of activities in the Bank increased when Covid restrictions eased. NET LOSS/PROFIT ON FINANCIAL OPERATIONS EUR m 60 40 20 0 -20 -40 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 TOTAL OPERATING EXPENSES EUR m 0 -3 -6 -9 -12 -15 -18 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 NET LOAN LOSSES EUR m 20 15 10 5 0 -5 -10 -15 -20 -25 2020 2021 2022 2020 2021 2022 2020 2021 2022 Realised Unrealised Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

INTERIM MANAGEMENT STATEMENT / 7 NET LOAN LOSSES During 2022, the Bank implemented a new and more sophisticated ECL model resulting in an increase in the ECL provisions of approximately EUR 20 million. As uncertainities regarding the economic outcome of Covid-19 diminished and considering that the model is now more robust, the management overlay of EUR 30 million from 2020 was released earlier in 2022. The net impact from the model change together with other movements resulted in a gain of EUR 14.8 million on performing loans. During the first half of 2022, the Bank also recovered losses on a fully impaired loan and the Bank fully impaired loans in Belarus and Russia which resulted in a net loss of EUR 7.0 million on non-performing loans. The overall impact for the January-Septmber period was a reversal on loan loss provisions of EUR 8.1 million compared to a reversal of EUR 23.0 million in the same period in 2021. The net loan losses for the period July-September 2022 was a positive amount of EUR 0.3 million compared to a postive impact of EUR 8.2 million in July-September 2021. There have been no significant observed changes in the credit quality of the overall loan portfolio and apart from loans to Russia and Belarus, there were no new non-performing loans during the period. During the first half of 2022, the Bank wrote off old loans of EUR 79.3 million, however this had no impact on net profit as these loans had been fully impaired some years ago. OTHER COMPREHENSIVE INCOME The Bank separates the foreign currency basis spread from financial instruments used in fair value hedge accounting and this separated amount is recorded in “Other comprehensive income” (OCI) which amounted to a loss of EUR 24.3 million for the nine-month period ending 30 September 2022 compared to a loss of EUR 14.1 million in 2021. This recorded loss was due to the widening of the Cross Currency Basis spreads, which negatively affect the valuation of basis swaps used to convert funding currencies into lending currencies. During the first nine months of the year, the basis spread of some currencies has widened against the Euro. For financial liabilities recorded at fair value through profit or loss, valuation changes due to changes in own credit spreads also need to be recorded in OCI. For the nine-month period ending 30 September 2022, the Bank recorded a positive impact from these changes of EUR 3.0 million compared to EUR 0.0 million in 2021. The total comprehensive income for the period January-September 2022 amounted to EUR 63.1 million compared to EUR 109.8 million in the same period 2021.

INTERIM MANAGEMENT STATEMENT / 8 LENDING OUTSTANDING The lending outstanding amounted to EUR 22,608.1 million. This comprises EUR 22,199.2 million of loans outstanding and investments of EUR 408.9 million in Lending labelled bonds. The total disbursements and investments during the period amounted to EUR 2,882.7 million, which is EUR 1,236.3 million higher than for the same period in 2021. More information regarding new committed loans can be found on our website here. Total lending outstanding, excluding exchange rate and valuation effects, increased from EUR 22,312.6 million at 31 December 2021 to EUR 23,852.2 million. The book value amounted to EUR 22,608.1 million due to foreign exchange movements and fair valuations/hedge accounting effects of EUR -267.4 million and EUR -635.6 million, respectively. The foreign exchange impact is mainly from the weakening of Nordic currencies against the Euro, partially offset by the strengthening of the USD. The fair value and hedge accounting adjustments are driven by changes in interest rates. Financial position LENDING HIGHLIGHTS in EUR millions, unless otherwise specified Jan-Sep* 2022 Jan-Sep* 2021 2021 2020 2019 2018 New committed loans excluding lending bonds 2,480 781 1,683 5,632 3,186 4,269 New lending 7labelled bonds 132 99 169 34 131 61 Total disbursements 2,883 1,646 2,440 4,853 2,676 4,047 Number of new committed loans in period 36 19 36 59 55 58 Number of new lending labelled bonds in period 7 10 14 4 9 3 Lending outstanding 22,608 22,019 22,313 21,727 18,931 19,065 Member countries 22,202 21,491 21,827 21,098 18,055 17,960 Non-member countries 471 679 635 798 996 1,222 Loan impairment provision -65 -152 -150 -169 -119 -117 DEVELOPMENT OF LENDING OUTSTANDING DURING 2022 EUR m 25,000 24,000 23,000 22,000 21,000 20,000 19,000 18,000 17,000 16,000 15,000 -267 -596 2,883 -1,355 Dec’21 Disb. Amort. Prepaym. Impairm. FX changes Hedge Other* Sep’22 Book value Acc. Book value 22,313 * Fair valuation of lending labelled bonds and hedging accounting. -341 -40 22,608 12

INTERIM MANAGEMENT STATEMENT / 9 MISSION FULFILMENT NIB’s vision is for a prosperous and sustainable Nordic−Baltic region and the Bank has a dual mandate to provide lending that benefits the environment and/or improves productivity. All projects proposed for financing undergo an assessment of their potential impact on productivity and the environment of the member country area. The mission fulfilment is rated on a five-grade scale from “negative” to “excellent”. In response to the Covid-19 pandemic, NIB provided “response loans” to alleviate the economic and social consequences of the crisis. These response loans are tracked separately and are not included in the standard mandate rating. During the nine-month period ended 30 September, projects achieving a “good” or “excellent” mandate rating accounted for 99% of the total amount of loans disbursed which exceeded the target of 90%. FUNDING By the end of September 2022 , the Bank had raised EUR 8,069.9 million in new funding compared to EUR 6,132.2 million in the first nine months of 2021. The strategy for 2022 is to complete benchmark transactions in US dollars and NEB benchmark issuance in Euros, complemented with other public and private issues in order to maintain a diversified global investor base and low funding costs. NIB’s updated funding plan for 2022 is EUR 8.0-9.0 billion. Some of the larger transactions during the first nine months of 2022 included a three-year GBP 500 million benchmark. This transaction has since been increased with a further GBP 300 million, taking the new total to GBP 800 million. The Bank also issued its inaugural NIB Environmental Bond denominated in Danish Kroner, an eight-year DKK 2 billion issuance. In accordance with the Bank’s funding strategy, NIB issued its first global USD benchmark in March, a USD 1.25 billion issue with a maturity of 3 years. The second global USD benchmark was issued in August, a five-year USD 1.25 billion bond. During the first nine months of the year the Bank has issued bonds in twelve different currencies. A full list of funding transactions can be found on our website at Funding Transactions. Total debts evidenced by certificates increased from EUR 31.5 billion to EUR 33.1 billion. During the year, the bank has recorded significant foreign exchange movements due to the strengtening of USD offset somewhat by the weakening of the Nordic currencies against the Euro. The bank has also recorded significant hedge accounting adjustments as interest rates rose. These hedge accounting adjustments offset the impact from the fair value changes of interest rate swaps used to hedge the interest rate risk. DEBT DEVELOPMENT DURING 2022 EUR m 36,000 35,000 34,000 33,000 32,000 31,000 30,000 29,000 28,000 27,000 26,000 25,000 Dec’21 Book value New Issues -2,437 33,019 1,371 -5,352 8,070 31,526 Amort. Call & Buy backs Other FX changes Hedge Acc. Sep’22 Book value -107 -52

INTERIM MANAGEMENT STATEMENT / 10 In thousands of euro NOTE Jan-Sep 2022* Jan-Sep 2021* Jan-Dec 2021 Interest income from financial assets measured at amortised cost 209,800 147,463 197,089 Interest income from financial assets measured at fair value 24,852 3,358 4,159 Interest expense -72,769 1,145 145 Net interest income 1 161,883 151,966 201,393 Commission income and fees received 7,039 6,086 9,199 Commission expense and fees paid -1,562 -1,699 -2,165 Net fee and commission income 5,477 4,387 7,034 Net loss/profit on financial operations 2 -51,893 -18,075 -23,663 Foreign exchange gains and losses -305 36 13 Total operating income 115,162 138,314 184,777 Expenses General administrative expenses Personnel expenses -23,181 -21,981 -29,182 Other administrative expenses -10,369 -9,031 -12,766 Depreciation -5,318 -6,302 -9,545 Total operating expenses -38,868 -37,313 -51,493 Profit before loan losses 76,295 101,001 133,284 Net loan losses 3, 4 8,123 22,969 25,874 Net profit for the period 84,418 123,970 159,158 Other comprehensive income Items that will be reclassified to income statement Fair value hedges - valuation of cross currency basis spread -24,279 -14,147 -21,612 Items that will not be reclassified to income statement Changes in own credit risk on liabilities recorded at fair value 2,970 -1 329 Total other comprehensive income -21,309 -14,149 -21,283 Total comprehensive income 63,109 109,822 137,876 Financial statements Statement of comprehensive income * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements.

INTERIM MANAGEMENT STATEMENT / 10 In thousands of euro NOTE Jan-Sep 2022* Jan-Sep 2021* Jan-Dec 2021 Interest income from financial assets measured at amortised cost 209,800 147,463 197,089 Interest income from financial assets measured at fair value 39 3,358 4,159 Interest expense -72,769 1,145 145 Net interest income 1 161,883 151,966 201,393 Commission income and fees received 7,039 6,086 9,199 Commission expense and fees paid -1,562 -1,699 -2,165 Net fee and commission income 5,477 4,387 7,034 Net loss/profit on financial operations 2 -51,893 -18,075 -23,663 Foreign exchange gains and losses -305 36 13 Total operating income 115,162 138,314 184,777 Expenses General administrative expenses Personnel expenses -23,181 -21,981 -29,182 Other administrative expenses -10,369 -9,031 -12,766 Depreciation -5,318 -6,302 -9,545 Total operating expenses -38,868 -37,313 -51,493 Profit before loan losses 76,295 101,001 133,284 Net loan losses 3, 4 8,123 22,969 25,874 Net profit for the period 84,418 123,970 159,158 Other comprehensive income Items that will be reclassified to income statement Fair value hedges - valuation of cross currency basis spread -24,279 -14,147 -21,612 Items that will not be reclassified to income statement Changes in own credit risk on liabilities recorded at fair value 2,970 -1 329 Total other comprehensive income -21,309 -14,149 -21,283 Total comprehensive income 63,109 109,822 137,876 Financial statements Statement of comprehensive income * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements.

INTERIM MANAGEMENT STATEMENT / 11 In thousands of euro NOTE 30 Sep 2022* 30 Sep 2021* 31 Dec 2021 ASSETS Cash and cash equivalents 2,288,925 2,145,023 1,826,451 Financial placements Placements with credit institutions 4,898,007 4,510,345 3,881,023 Debt securities 8,758,484 8,014,173 8,291,062 Other 4,184 6,443 8,661 13,660,675 12,530,961 12,180,747 Loans outstanding 5 22,199,228 21,748,390 21,975,146 Intangible assets 8,154 8,863 7,524 Tangible assets, property and equipment 33,557 36,229 35,632 Other assets Derivatives 2,675,884 1,212,915 1,254,828 Other assets 364,000 40,829 31,916 3,039,884 1,253,745 1,286,744 Accrued interest and fees receivable 259,162 229,097 241,145 TOTAL ASSETS 41,489,585 37,952,309 37,553,390 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. Statement of financial position

INTERIM MANAGEMENT STATEMENT / 12 In thousands of euro NOTE 30 Sep 2022* 30 Sep 2021* 31 Dec 2021 LIABILITIES AND EQUITY Liabilities Short-term amounts owed to credit institutions 1,257,641 702,998 751,697 Owed to credit institutions, total 1,257,641 702,998 751,697 Debts evidenced by certificates 6 33,019,432 31,842,499 31,525,985 Other liabilities Derivatives 2,616,651 989,920 1,052,474 Other liabilities 370,671 273,281 39,426 2,987,321 1,263,201 1,091,900 Accrued interest and fees payable 203,444 173,029 185,171 Total liabilities 37,467,838 33,981,726 33,554,753 Equity 4,021,746 3,970,583 3,998,637 TOTAL LIABILITIES AND EQUITY 41,489,585 37,952,309 37,553,390 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements.

INTERIM MANAGEMENT STATEMENT / 13 In thousands of euro PAID-IN CAPITAL STATUTORY RESERVE GENERAL CREDIT RISK FUND PROFIT AVAILABLE FOR APPROPRIATION CHANGES IN OWN CREDIT RISK ON LIABILITIES RECORDED AT FAIR VALUE HEDGING RESERVE TOTAL Equity at 31 December 2020 845,543 686,325 2,139,544 164,695 -3,376 28,030 3,860,761 Profit for the period - - - 123,970 - - 123,970 Other comprehensive income - - - - -1 -14,147 -14,149 Total comprehensive income 0 0 0 123,970 -1 -14,147 109,822 Transactions with owners in their capacity as owners Appropriation of profit - 150,559 14,136 -164,695 - - 0 Equity at 30 September 2021 845,543 836,884 2,153,680 123,970 -3,377 13,882 3,970,583 Profit for the period - - - 35,188 - - 35,188 Other comprehensive income - - - - 330 -7,465 -7,135 Total comprehensive income 0 0 0 35,188 330 -7,465 28,054 EQUITY AT 31 DECEMBER 2021 845,543 836,884 2,153,680 159,158 -3,047 6,418 3,998,637 Profit for the period - - - 84,418 - - 84,418 Other comprehensive income - - - - 2,970 -24,279 -21,309 Total comprehensive income 0 0 0 84,418 2,970 -24,279 63,109 Transactions with owners in their capacity as owners Dividends - - - -40,000 - - -40,000 Appropriation of profit - - 119,158 -119,158 - - 0 EQUITY AT 30 SEPTEMBER 2022 845,543 836,884 2,272,838 84,418 -76 -17,861 4,021,746 The accompanying notes are an integral part of these financial statements. Statement of changes in equity

INTERIM MANAGEMENT STATEMENT / 14 In thousands of euro Jan-Sep 2022* Jan-Sep 2021* Jan-Dec 2021 Cash flows from operating activities Net loss/profit for the period 84,418 123,970 159,158 Adjustments: Unrealised gains/losses of financial assets and liabilities held at fair value 53,093 -20 -9,169 ECL non-lending activities 1,263 -314 -323 Depreciation and write-down in value of tangible and intangible assets 5,318 6,302 9,545 Change in accrued interest and fees (assets) -18,016 3,100 -8,948 Change in accrued interest and fees (liabilities) 18,271 -2,676 10,584 Net loan losses (ECL lending activities) -8,123 -22,969 -25,874 Adjustment to hedge accounting 2,052 21,951 37,966 Other adjustments to the period´s profit 955 1,996 -104 Adjustments, total 54,812 7,370 13,676 Lending Disbursements of loans -2,750,572 -1,547,271 -2,270,722 Repayments of loans 1,688,686 1,424,013 1,975,518 Capitalisations, redenominations, index adjustments, etc. 5,108 731 1,390 Lending, total -1,056,778 -122,527 -293,815 Cash flows from operating activities, total -917,547 8,813 -120,980 Cash flows from investing activities Placements and debt securities Purchase of debt securities -2,104,814 -1,230,755 -2,191,647 Sold and/or matured debt securities 1,362,038 1,100,461 1,645,287 Placements with credit institutions -863,546 -2,618,605 -2,002,565 Other financial placements -26 -39 51 Placements and debt securities, total -1,606,348 -2,748,938 -2,548,873 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. Cash flow statement

INTERIM MANAGEMENT STATEMENT / 15 In thousands of euro Jan-Sep 2022* Jan-Sep 2021* Jan-Dec 2021 Other items Acquisition of intangible assets -3,385 -1,060 -1,617 Acquisition of tangible assets -273 -1,060 -1,810 Change in other assets -7,518 -37,658 -1,431 Other items, total -11,177 -39,778 -4,858 Cash flows from investing activities, total -1,617,525 -2,788,716 -2,553,732 Cash flows from financing activities Debts evidenced by certificates Issues of new debt 7,742,933 6,132,245 7,027,535 Redemptions -5,453,965 -3,687,398 -5,073,812 Debts evidenced by certificates, total 2,288,968 2,444,847 1,953,722 Other items Long-term placements from credit institutions - - - Change in swap receivables excluding fair value changes 75,101 25,488 92,626 Change in swap payables excluding fair value changes 22,723 72,087 147,890 Change in other liabilities 103,213 124,485 -2,491 Dividend paid -40,000 - - Other items, total 161,037 222,059 238,025 Cash flows from financing activities, total 2,450,005 2,666,906 2,191,747 CHANGE IN CASH AND CASH EQUIVALENTS, NET -85,067 -112,997 -482,964 Opening balance for cash and cash equivalents, net 1,074,754 1,546,591 1,546,591 Exchange rate adjustments 41,596 8,431 11,127 Closing balance for cash and cash equivalents, net 1,031,283 1,442,026 1,074,754 Additional information to the statement of cash flows Interest income received 216,636 153,921 192,300 Interest expense paid -54,496 -1,446 9,696 * Unaudited figures, to be read in conjunction with NIB's 2021 audited financial statements The accompanying notes are an integral part of these financial statements. The cash flow statement has been prepared using the indirect method and cash flow items cannot be directly concluded from the statements of financial positions.

INTERIM MANAGEMENT STATEMENT / 16 Note 1: Net interest income In thousands of euro Jan-Sep 2022 Jan-Sep 2021 Jan-Dec 2021 Cash and cash equivalents -6,320 -13,769 -17,446 Placements with credit institutions -9,006 -10,955 -17,024 Debt securities 36,754 24,893 33,515 Loans outstanding 213,148 150,389 201,862 Other interest income 76 264 341 Total, interest income 234,652 150,821 201,248 Of which, interest income from financial assets measured at amortised cost 209,800 147,463 197,089 Short-term amounts owed to credit institutions 2,277 5,492 7,686 Long-term amounts owed to credit institutions - - - Short-term repurchase agreements 16 - - Debts evidenced by certificates -354,794 -284,492 -382,637 Swap contracts and other interest expenses, net 279,732 280,145 375,096 Total, interest expense -72,769 1,145 145 Of which, interest expense from financial liabilities measured at amortised cost -127,804 -9,900 -12,147 Net interest income 161,883 151,966 201,393 Note 2: Net loss/profit on financial operations In thousands of euro Jan-Sep 2022 Jan-Sep 2021 Jan-Dec 2021 Financial instruments held at fair value, realised gains and losses 10,357 3,405 4,776 Financial instruments held at fair value, unrealised gains and losses -53,093 133 9,169 Financial instruments held at amortised cost, realised gains and losses -5,843 24 34 Expected credit loss on financial placements -1,263 314 323 Adjustment to hedge accounting, unrealised gains and losses of fair value hedges -2,052 -21,951 -37,966 Net loss/profit on financial operations -51,893 -18,075 -23,663 Notes to the interim financial statements

INTERIM MANAGEMENT STATEMENT / 17 Note 4: Net loan losses In thousands of euro Jan-Sep 2022 Jan-Sep 2021 Jan-Dec 2021 Change in expected credit loss on performing loans 15,137 22,641 25,383 Change in expected credit loss on non-performing loans -7,014 328 491 Decrease of provisions to cover realised loan losses -79,331 - - Realised loan losses 79,331 - - Net loan losses 8,123 22,969 25,874 In the period Jan-Sep 2022 the bank had realised losses of EUR 79,331 thousand which had no impact to the income statement as the loans were fully impaired in previous years. There were no realised losses for the periods Jan-Sep 2021 or Jan-Dec 2021. In thousands of euro Stage 1 Stage 2 Stage 3 Total Balance at 31 December 2020 51,747 48,314 72,545 172,606 Transfer to Stage 1 1,547 -1,547 - 0 Transfer to Stage 2 -320 320 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 2,138 357 - 2,495 Amortisations and repayments -2,109 -1,459 - -3,567 Impact of remeasurment on existing assets -22,105 222 -328 -22,211 Foreign exchange adjustments and other changes - - 4,343 4,343 Net change income statement -20,849 -2,107 4,015 -18,941 Balance at 30 September 2021 30,898 46,207 76,560 153,666 Transfer to Stage 1 1,914 -1,914 - 0 Transfer to Stage 2 - - - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 1,269 3 - 1,272 Amortisations and repayments -728 -1,324 - -2,052 Impact of remeasurment on existing assets -1,251 -719 -163 -2,134 Foreign exchange adjustments and other changes - - 1,693 1,693 Net change income statement 1,205 -3,955 1,530 -1,221 Balance at 31 December 2021 32,103 42,252 78,090 152,445 Transfer to Stage 1 93 -93 - 0 Transfer to Stage 2 -933 933 - 0 Transfer to Stage 3 - - - 0 New assets originated or disbursed 11,134 31 - 11,165 Amortisations and repayments -2,372 -2,250 - -4,622 Impact of remeasurment on existing assets 3,923 -24,341 7,014 -13,404 Foreign exchange adjustments and other changes - - 4,408 4,408 Net change income statement 11,845 -25,719 11,422 -2,453 Realised losses - - -79,331 -79,331 Balance at 30 September 2022 43,948 16,532 10,181 70,661 Note 3: Expected credit loss ECL - STATEMENT OF FINANCIAL POSITION In thousands of euro 30 Sep 2022 30 Sep 2021 31 Dec 2021 Loans outstanding 65,208 151,167 149,853 Other receivables - 1,783 1,822 Commitments (recorded in other liabilities) 3,922 439 502 Financial placements 1,531 277 268 Total 70,661 153,666 152,445 ECL - STATEMENT OF COMPREHENSIVE INCOME In thousands of euro Jan-Sep 2022 Oct-Sep 2021 Jan-Sep 2021 Net result on financial operations (Note 2) -1,263 9 314 Net loan losses (Note 4) 8,123 2,905 22,969 Foreign exchange gains and losses -4,408 -1,693 -4,343 Total recognised in income statement 2,453 1,221 18,941

INTERIM MANAGEMENT STATEMENT / 18 Note 5: Lending outstanding In thousands of euro Jan-Sep 2022 Jan-Sep 2021 Jan-Dec 2021 Opening Balance 22,312,579 21,726,644 21,726,644 Disbursements 2,882,661 1,646,323 2,439,727 Amortisations -1,354,629 -1,144,345 -1,534,556 Prepayments -341,057 -279,668 -440,962 Changes in expected credit losses 11,544 22,179 25,148 Foreign exchange movements -267,387 161,283 248,567 Fair value adjustments -35,056 853 -1,477 Hedge accounting adjustments -595,572 -113,621 -149,188 Other -5,003 -688 -1,324 Closing balance 22,608,080 22,018,961 22,312,579 Loans outstanding 22,199,228 21,748,390 21,975,146 Lending bonds 408,852 270,571 337,433 Total Lending 22,608,080 22,018,961 22,312,579 In thousands of euro Jan-Sep 2022 Jan-Sep 2021 Jan-Dec 2021 Opening Balance 31,525,985 29,071,696 29,071,696 New debt issues 8,069,928 6,132,245 7,027,535 Amortisations -5,351,638 -3,555,672 -4,763,800 Calls and buy backs -106,851 -123,614 -299,348 Foreign exchange movements 1,371,500 823,762 1,222,213 Fair value adjustments -56,745 45 -7,951 Hedge accounting adjustments -2,437,271 -499,388 -720,310 Other 4,525 -6,575 -4,050 Closing balance 33,019,432 31,842,499 31,525,985 Note 6: Debts evidenced by certificates

INTERIM MANAGEMENT STATEMENT / 19 Note 7: Basis of preparation This interim management statement is not presented in accordance with IAS 34 “Interim Financial Reporting” as it excludes a number of disclosures. The accounting policies and methods of computation are the same as described in Note 1 of NIB’s Financial Report 2021. This report was approved by the Executive Committee on 19th October 2022. RATIO DEFINITIONS Equity/total assets = Total equity at reporting date Total assets at reporting date Profit/average equity = Annualised profit for the period Average equity for the period Cost/income = Total operating expenses for the period Total operating income for the period

Nordic Investment Bank 18-K/AAnnual report (foreign governments) (amended)