Svensk Exportkredit (SEK) Q4 2025 earnings summary

Executive summary

• High business activity in 2025 with Skr 126 billion in new credit and guarantee agreements, among the highest in history, despite a challenging geopolitical environment.

• Lending portfolio decreased to Skr 263 billion, mainly due to currency effects; sustainability-classified lending increased to Skr 56.3 billion.

• Net interest income fell to Skr 2,719 million, and net profit dropped to Skr 1,183 million, impacted by lower interest rates and increased credit loss provisions.

• Return on equity declined to 4.9% from 7.1% year-over-year.

Financial highlights

• Net interest income for 2025 was Skr 2,719 million (down from Skr 3,058 million in 2024).

• Operating profit was Skr 1,491 million (2024: Skr 2,121 million); net profit was Skr 1,183 million (2024: Skr 1,683 million).

• After-tax return on equity was 4.9% (2024: 7.1%).

• Basic and diluted EPS was Skr 296 (2024: Skr 422).

• Proposed dividend of Skr 473 million (2024: Skr 1,673 million).

Outlook and guidance

• Board set new financial targets, reinforcing focus on long-term value creation.

• Government increased SEK’s credit facility with the Swedish National Debt Office to Skr 175 billion for 2026.

• Positive sentiment among Swedish exporters, with 44% expecting increased order intake in 2026.