Swedbank (SWED) Pre-close call summary

Executive summary

• Q2 2026 pre-close call covered macro trends, P&L statements, capital, and organizational updates, focusing on publicly available data and recent developments.

• One extra day in the quarter positively impacted NII and AUM, with SEK 60 million per day for NII and SEK 20 million per day for AUM.

Trading performance and revenue trends

• Swedish krona appreciated vs. USD and EUR by end of March, but depreciated on average quarter-to-date; relevant for P&L tracking.

• Three-month STIBOR up 5 bps, six-month EURIBOR up 30 bps quarter-to-date; mortgage list prices in Sweden lowered by 5–15 bps in late May.

• Mortgage volumes in own channels rose SEK 2.8bn in April (23.2% market share); corporate lending up SEK 6.5bn (29% share).

• In the Baltics, lending increased 13.9% YoY in April; deposits up 12.7% YoY.

• Swedish stock market up 1.8%, US up 5.9%, Europe up 1.2% vs. Q1; mutual fund net inflows SEK 47bn in April-May.

Profitability and margins

• Mortgage margins showed slight improvement in Q1, with stabilization observed, but competition remains intense.

• Net interest margin improved slightly in Q1; mortgage margins stabilizing but market remains highly competitive.