Svensk Exportkredit (SEK) Q2 2025 earnings summary

Executive summary

• Strong business volume growth in H1 2025, with new credit and guarantee commitments of Skr 57 billion, including Skr 45 billion in Q2, reflecting continued customer trust and strategic project participation.

• Profitability improved, with after-tax return on equity at 6.1% for H1 2025 (1H24: 5.5%), despite a 4% decrease in the lending portfolio due to currency effects and scheduled maturities.

• Net profit for H1 2025 rose to Skr 737 million (1H24: Skr 630 million), mainly due to lower net credit losses; Q2 net profit was Skr 279 million, down from Q1, impacted by higher credit loss provisions and unrealized value changes.

• SEK remains financially strong, with a focus on sustainability, readiness for future export financing needs, and a diversified global investor base.

Financial highlights

• H1 2025 net interest income was Skr 1,372 million (1H24: Skr 1,536 million), down 11% year-over-year, mainly due to lower market rates and a stronger krona.

• Operating profit for H1 2025 reached Skr 928 million (1H24: Skr 794 million); Q2 2025 operating profit was Skr 351 million (2Q24: Skr 578 million).

• Net credit losses for H1 2025 were Skr -38 million (1H24: Skr -281 million); Q2 2025 saw net credit losses of Skr -71 million (2Q24: Skr 46 million), driven by increased provisions.

• Basic and diluted EPS for H1 2025 was Skr 185 (1H24: Skr 158); Q2 2025 EPS was Skr 70 (2Q24: Skr 115).

• Total assets as of June 30, 2025, were Skr 380.3 billion (year-end 2024: Skr 368.1 billion); total lending portfolio was Skr 272.2 billion (year-end 2024: Skr 283.4 billion).

Outlook and guidance

• Despite geopolitical tensions and trade barriers, Swedish exporters remain resilient, with a positive outlook for new order intake.

• SEK expects continued demand for export financing, especially in infrastructure, energy, and defense sectors in Europe.

• The company is monitoring regulatory changes, including potential delays in CSRD sustainability reporting requirements.