SEB (SK) AGM 2025 summary

Opening remarks and agenda

• The meeting was held on May 20, 2025, in Paris, with a webcast, welcoming shareholders, board members, executives, and auditors, and outlining an agenda covering 2024 results, Q1 2025 update, strategy, CSR 2030 ambition, governance, and voting on resolutions.

• Legal and regulatory requirements were confirmed, with a high quorum of 86.69% of capital present, enabling valid deliberations.

Financial performance review

• 2024 sales reached EUR 8.266 billion, up 5% like-for-like, with operating profit at EUR 800 million (+10.5%), operating margin at 9.7% (+60bps), and net profit at EUR 232 million.

• Free cash flow was EUR 260 million, impacted by increased working capital needs due to Suez Canal disruptions and higher inventory costs.

• Net debt/EBITDA ratio remained stable at 1.8x, with EUR 2.5 billion in available liquidity and new long-term financing secured.

• Q1 2025 revenue was EUR 1.906 billion, stable year-on-year (-0.6% LFL), with strong consumer product momentum in China and a high comparison base for the Professional segment.

• Consumer business grew 6.3% LFL, driven by EMEA and North America, while the Professional segment consolidated after an exceptional 2023.

Board and executive committee updates

• The board now has 14 members (down from 17), 1/3 independent, 54% women, and an average age of 56; new appointments include Éric Rondolat as independent director and renewal of Brigitte Forestier for four years.

• Committees (audit, governance/remuneration, strategy/CSR) are highly active, with strong participation and regular reviews of strategy, CSR, governance, and external growth.