Swedbank (SWED) investor relations material

Executive summary

• Q1 2026 saw two fewer days than Q4, negatively impacting net interest income (NII) and net commission income (NCI) by SEK 50 million and SEK 20 million per day, respectively.

• Swedish krona appreciated on average versus USD and EUR during the quarter, though it weakened by period end.

• Riksbank and ECB policy rates remained unchanged; market rates (Stibor, Euribor) increased sharply toward quarter end.

Trading performance and revenue trends

• Mortgage list prices in Sweden were adjusted multiple times, with both decreases and increases during the quarter.

• Mortgage volumes (excluding savings banks) rose by SEK 2 billion, representing 13.4% of total market growth.

• Corporate lending volumes grew by SEK 3.3 billion, also 13.4% of market growth; retail deposits increased by SEK 13 billion, with a 46.1% share captured.

• In the Baltics, lending and deposit growth remained robust, with lending up 13.7% and deposits up 8.3% year-on-year in January.

• Swedish mutual fund market saw net inflows of SEK 15 billion in Jan-Feb, down from SEK 80 billion in Q4.

Profitability and margins

• Asset management fees benefited from higher average stock market levels, especially in Sweden (+9.6%).

• Card commissions were seasonally lower in Q1, with ongoing higher commission expenses due to payment system transformation.

• 2026 cost guidance remains at SEK 27.5 billion, with a higher run rate for commission expenses compared to early 2025.