Svensk Exportkredit (SEK) Q3 2025 earnings summary

Executive summary

• Strong growth in business volumes with new credit and guarantee agreements totaling Skr 97.3 billion for the first nine months, up from Skr 68.2 billion year-over-year; Skr 40.3 billion signed in Q3 alone.

• Profitability remained robust despite a decrease in net interest income, with after-tax return on equity at 6.3% for the nine-month period and 7.1% for Q3.

• Lending portfolio declined to Skr 271.2 billion, mainly due to currency effects, but adjusted for these, the portfolio increased.

• Notable transactions included a USD 1.1 billion green loan for the UK’s Eastern Green Link 2 and a EUR 240 million financing for Cloetta AB.

Financial highlights

• Net interest income for Jan–Sep 2025 was Skr 2,050 million, down 10% from Skr 2,280 million year-over-year; Q3 net interest income was Skr 678 million, down 9% from Q3 2024.

• Operating profit for Jan–Sep 2025 was Skr 1,459 million (up from Skr 1,419 million); Q3 operating profit was Skr 531 million (down from Skr 625 million in Q3 2024).

• Net profit for Jan–Sep 2025 was Skr 1,158 million (up from Skr 1,127 million); Q3 net profit was Skr 421 million (down from Skr 497 million in Q3 2024).

• Basic and diluted EPS for Jan–Sep 2025 was Skr 290 (up from Skr 282); Q3 EPS was Skr 105 (down from Skr 124 in Q3 2024).

• Net credit losses improved to Skr -13 million for Jan–Sep 2025 (from Skr -212 million year-over-year).

Outlook and guidance

• Positive outlook for Swedish exporters, supported by a rising Export Managers’ Index and forecasts of higher growth and lower inflation in Sweden for the remainder of 2025 and into 2026.

• Continued focus on sustainability and energy transition projects, with new government financing models supporting development in low- and lower middle-income countries.