﻿<?xml version="1.0" encoding="utf-8"?>
<linkbase xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns="http://www.xbrl.org/2003/linkbase">
  <roleRef roleURI="http://nordeagroup.com/roles/Roerelseresultat" xlink:href="nord-2021-12-31.xsd#Roerelseresultat" xlink:type="simple" xmlns:xlink="http://www.w3.org/1999/xlink" />
  <calculationLink xlink:role="http://nordeagroup.com/roles/Roerelseresultat" xlink:type="extended" xmlns:xlink="http://www.w3.org/1999/xlink">
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_OperatingExpense" xlink:label="ifrs-full_OperatingExpense" />
    <loc xlink:type="locator" xlink:href="nord-2021-12-31.xsd#nord_ResultatForeKreditforluster" xlink:label="nord_ResultatForeKreditforluster" />
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2020-03-16/full_ifrs/full_ifrs-cor_2020-03-16.xsd#ifrs-full_RevenueAndOperatingIncome" xlink:label="ifrs-full_RevenueAndOperatingIncome" />
    <calculationArc xlink:type="arc" xlink:from="nord_ResultatForeKreditforluster" xlink:to="ifrs-full_RevenueAndOperatingIncome" order="15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" priority="1" weight="1.0" />
    <calculationArc xlink:type="arc" xlink:from="nord_ResultatForeKreditforluster" xlink:to="ifrs-full_OperatingExpense" order="21" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" priority="1" weight="-1.0" />
  </calculationLink>
</linkbase>