Swedbank (SWED) investor relations material

Executive summary

• Achieved a 15.2% return on equity for 2025, with net profit of SEK 32.8bn and a proposed dividend of SEK 29.8 per share, including an extra dividend of SEK 9.35.

• Maintained strong capital generation and robust asset quality, positioning for sustainable growth.

• Acquisitions of Entercard and Stabelo completed, strengthening product offerings.

• DOJ investigation in the US closed with no action; DFS investigation ongoing.

Financial highlights

• Net profit for 2025 was SEK 32.8bn, down 6% year-over-year; Q4 net profit was SEK 8.2bn, down 4% sequentially.

• Total income for 2025 was SEK 68.7bn, a 7% decrease year-over-year; Q4 income was SEK 17.3bn, up 1% sequentially.

• Cost/income ratio for 2025 was 0.36; return on equity was 15.2%.

• Earnings per share (after dilution) for 2025 was SEK 28.98.

• Dividend proposal includes SEK 20.45 ordinary and SEK 9.35 special per share.

Outlook and guidance

• Swedish GDP growth expected above 2.5% in 2026; strong development in Lithuania and growth in Estonia and Latvia.

• 2026 cost guidance set at SEK 27.5bn, reflecting ~3% annual growth.

• Lending growth targeted to match or exceed market pace, especially in mortgages.

• Targeting sustainable return on equity of at least 15% and C/I ratio not above 0.40.

• 2026 funding plan aligns with 2025, with SEK 110bn in long-term debt maturing.