SEB (SEB) Q3 2025 earnings summary

Executive summary

• Delivered solid Q3 2025 results in a seasonally slower quarter, with resilient investment banking and increased capital markets activity late in the quarter.

• Customer satisfaction and employee engagement remained strong, supported by positive survey results.

• Launched a consortium with eight European banks to explore a euro-denominated stablecoin, targeting 2027.

• Rebranded Eurocard to AirPlus, focusing on the Scandinavian corporate card market.

• Continued investment in digital services, AI, and sustainability initiatives, including joining an AI factory consortium and launching a new thematic defence fund.

Financial highlights

• Net profit for Q3 2025 was SEK 7,677m, down 19% year-over-year and 7% sequentially, with return on equity at 14.0%.

• Net interest income was SEK 10,418m, up 1% quarter-on-quarter but down 8% year-over-year.

• Net fee and commission income was SEK 6,287m, up 4% year-over-year but down 6% sequentially.

• Operating income for Q3 2025 was SEK 18,664m, down 11% year-over-year.

• Operating expenses declined slightly from the previous quarter but increased 3% year-over-year to SEK 7,921m.

Outlook and guidance

• Net interest income expected to bottom out 3–6 months after the last rate cut, with further declines anticipated in Q4 and Q1.

• Full-year FX-adjusted cost target updated to SEK 32.6 billion, with a range of ±SEK 300 million.

• Long-term aspiration for return on equity is 15%, with a dividend payout ratio of ~50% of EPS.

• Share buybacks continue at SEK 2.5bn per quarter, remaining the main form of capital distribution.

• The business plan for 2025–2027 focuses on business growth, technology, and efficiency, with continued investment in digitalisation and AI.