SEB (SEB) Q2 2026 earnings summary

Executive summary

• Achieved positive jaws in Q2 2026, with income growing faster than costs, strong business momentum, and record net fee and commission income.

• Return on equity reached 15.7% in Q2 2026, reflecting disciplined cost management.

• Net profit for Q2 2026 was SEK 8,664m, up 16% year-over-year and 5% sequentially.

• Assets under management surpassed SEK 3,000bn after a 7% increase quarter-on-quarter.

• Management changes in the Baltic division and formal ECB approval for merging three Baltic banks, targeted for year-end.

Financial highlights

• Total operating income for Q2 2026 was SEK 20,055m, up 9% sequentially and 3% year-over-year.

• Net interest income increased 4% quarter-on-quarter to SEK 10,687m, mainly due to higher lending volumes and interest rates.

• Net fee and commission income hit a record SEK 7,194m, up 8% year-over-year.

• Net financial income surged 43% to SEK 2,421m, mainly from positive valuation effects on strategic holdings.

• Operating expenses were SEK 8,014m, flat year-over-year but up 5% from Q1 due to higher staff costs.

• EPS for Q2 2026 was SEK 4.44, up 16% year-over-year.

Outlook and guidance

• Full-year cost target remains at SEK 33.3bn ±0.25bn, with continued focus on cost discipline and efficiency.

• CET1 ratio target remains above regulatory requirements, with a buffer of 250bps.

• Share buybacks of SEK 1.25bn executed in Q2 2026.

• Financial targets remain unchanged: 50% payout ratio, capital buffer of 100–300 basis points, and 15% ROE.

• Macroeconomic forecasts remain cautious, with global GDP growth expected at 3% for 2026-2027 and ongoing geopolitical risks.