Svensk Exportkredit (SEK) Q1 2026 earnings summary

Executive summary

• Mission is to strengthen Swedish export industry competitiveness and foster sustainable growth and employment in Sweden.

• Fully owned by the Swedish government, with a mandate to provide sustainable financial solutions for exporters.

• Net interest income for Q1 2026 was Skr 684 million, down 4% year-over-year, mainly due to lower short-term rates and a stronger krona.

• Operating profit was Skr 504 million, a 13% decrease from Q1 2025, with net profit at Skr 400 million.

• Acts as a complement to bank and capital market finance, supporting exporters with a range of financing products.

Financial highlights

• Total assets as of March 31, 2026: USD 38.1 bn (Skr 362.7 bn); lending portfolio: USD 27.4 bn (Skr 261.0 bn).

• Net interest income: Skr 684 million (Q1 2025: Skr 710 million); operating profit: Skr 504 million (Q1 2025: Skr 577 million); net profit: Skr 400 million (Q1 2025: Skr 458 million).

• Cost/income ratio: 29% (Q1 2025: 27%).

• After-tax return on equity: 6.7% (target: 5%).

• New credits and guarantee commitments in Q1 2026: Skr 15.3 bn, up from Skr 12.0 bn in Q1 2025.

Outlook and guidance

• Long-term lending portfolio target: Skr 375 bn (USD 39 bn) by 2035.

• Green and social lending target: Skr 150 bn (USD 16 bn) by 2035.

• Net-zero GHG emissions goal by 2045.

• Focus on growth in prioritized sectors: defense, transportation, energy, and mining.

• Continued development of new offerings, including aid-supported export credits and working capital financing.