SEB (SEB) Pre-close call summary

Executive summary

• Q2 2026 pre-close call covered rates, key P&L lines, risk exposure, and capital, with a focus on disclosed and public data only.

• Lending and deposit growth observed in Sweden and the Baltics, with rate changes impacting both regions.

• FX movements, particularly SEK versus EUR and USD, have marginal effects on income, costs, and risk exposure.

• Share buyback program of SEK 1.25 billion ends by July 13, 2026.

Trading performance and revenue trends

• Average three-month STIBOR up five basis points and EURIBOR up 18 basis points quarter-to-date, impacting deposit and lending rates.

• Lending and deposit volumes increased in both Sweden and the Baltics.

• Net interest income (NII) benefits from volume growth and day count, but treasury effects are smaller than Q1.

• Net fee and commission income tied to daily average equity market levels; Q2 typically sees seasonal uptick.

• No large IPOs in Q2, only smaller ones.

Profitability and margins

• Treasury effects that boosted NII and reduced NFI in Q1 are smaller in Q2, with a neutral net impact.

• Net financial income (NFI) expected below the mean of SEK 2.1 billion, reflecting lower customer activity.

• Net other income expected negative due to one-offs.

• Cost target for 2026 is SEK 33.4 billion ± SEK 250 million, with FX adjustments likely to increase the target.

• Share price increase in Q2 will raise costs for long-term incentive schemes.