Swedbank (SWED) investor relations material

Executive summary

• Q3 2026 saw a positive impact on net interest income (NII) and net commission income (NCI) due to an extra day in the quarter compared to Q2.

• The Swedish krona depreciated against both the USD and EUR, influencing FX-related income and costs.

• Macro trends included stable Riksbank policy rates and a rise in ECB rates, with STIBOR and EURIBOR rates also increasing.

Trading performance and revenue trends

• Mortgage list prices in Sweden were raised for fixings longer than three months, while three-month fixings remained unchanged.

• Mortgage volumes in own channels increased by SEK 5.3 billion, with a 19% market share; corporate lending grew by SEK 2.8 billion, with a 22% market share.

• Retail and corporate deposits in Sweden decreased, with Swedbank accounting for SEK 3.6 billion and SEK 1.2 billion of the declines, respectively.

• In the Baltics, lending and deposits grew strongly year-on-year, with private and corporate segments both contributing.

• Asset management fees benefited from a 4.8% increase in the Swedish stock market and similar gains in US and European markets.

Profitability and margins

• Full-year 2026 cost guidance is SEK 27.5 billion, excluding extraordinary items and FX effects, with FX expected to add SEK 200 million.

• SEK 50 million settlement with NY State DFS and SEK 1.3 billion restructuring costs are excluded from guidance; most restructuring costs were booked in Q2, with the remainder spread over Q3 and Q4.

• Bank tax accrual in Latvia continues at SEK 17 million per quarter.