Skandinaviska Enskilda Banken Ab Class A · OMXSTO:SEB_A
Skandinaviska Enskilda Banken Ab Class A — Q1 2025 Earnings Presentation
82 slides from Skandinaviska Enskilda Banken Ab Class A's earnings presentation, Apr 29, 2025
Slide 1: Q1 2025 Investor presentation
Q1 2025 Investor presentation 29 April 2025
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE THE FOLLOWING APPLIES TO THIS PRESENTATION, ANY ORAL PRESENTATIONS OF THE INFORMATION IN THIS PRESENTATION BY SEB OR ANY PERSON ON ITS BEHALF, AND ANY QUESTION AND ANSWER SESSION THAT FOLLOWS ANY SUCH ORAL PRESENTATIONS. THIS PRESENTATION IS NOT AN OFFER OR SOLICITATION O
Slide 3: SEB in brief
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 4: SEB at a glance
SEB in brief SEB at a glance Leading market Leading northern European corporate bank with international reach, founded in 1856, and strong positions retail franchise in Sweden and the Baltics. Strong operating Operating in economically strong markets, with high proportion of international large corp
Slide 5: Leading market positions in economically strong markets
SEB in brief Leading market positions in economically strong markets Q1 2025 2024 2023 Finland Return on Equity (ROE) 13.4% 16.2% 17.9% Norway Cost/Income ratio (C/I) 0.42 0.38 0.34 Estonia Sweden Latvia Net Expected Credit Loss level (ECL) 9bps 3bps 3bps Lithuania Denmark Common Equity Tier 1 ratio
Slide 6: Feedback from our customers
Feedback from our customers Nordics All banks 2 Sweden Peers in Sweden 1 Large Corporates Prospera Financial Institutions Prospera Sustainability Advisor Prospera Mid Corporate Prospera 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 1 1 1 1 2 3 1 1 1 1 1 1 1 1 1 1 2020 2024 2020 2024 2020 2024 2020 2024 Co
Slide 7: Stable operating leverage growth in the long run
SEB in brief Stable operating leverage growth in the long run SEK bn Income Profit before net ECL and imposed levies Expenses 80 60 40 20 0 2000 2003 2005 2008 2010 2013 2015 2018 2020 2023 Q1 ‘25 Compound annual growth rate (CAGR) 2000-2010 2010 – 2016 2016-2021 2021 – Q1 2025 Operating income +1%
Slide 8: A diversified business compared to our peers
SEB in brief A diversified business compared to our peers Well balanced credit portfolio Diversified income stream Credit exposure (EAD) by sector Operating income by type Corporates Institutions Net interest income Net fee & commission income Real estate management Household mortgages Net financial
Slide 9: Increasing share of investment grade companies
Increasing share of investment grade companies Risk distribution for SEB’s non-retail corporate portfolio Probability of External Rating Category Default (PD) range equivalent 1 Investment grade 0.0 - 0.4% AAA - BBB Non-investment grade 0.4 - 1.1% BB (BB) Non-investment grade 1.1 - 6% B+ (BB) 65% No
Slide 10: Robust asset quality resulting in low credit losses over time
SEB in brief Robust asset quality resulting in low credit losses over time Credit loss level • Average annual credit loss level of 0.13% since 0.92% 2007 • Excluding losses in the Baltics in 2009, average annual credit loss level of 0.09% since 2007 0.30% 0.26% 0.15% 0.11% 0.10% 0.08%0.09%0.09%0.06%
Slide 11: Stable capital generation
SEB in brief Stable capital generation Return on risk exposure amount 4.3% 3.7% 3.9% 3.4% 3.0% 3.2% 3.2% 2.7% 2.6% 2.7% 2.5% Average 2.0% 2.1% 1.7% 1.9% 1.8% 2.4% 1.6% 1.2% 0.9% 0.2% 2006200720082009201020112012201320142015201620172018201920202021202220232024 Q1 2025 Note: net profit as a share of r
Slide 12: Robust financials relative peers
SEB in brief SEB Robust financials relative peers Nordic peer average European peer average Cost efficiency Asset quality Cost/income: 2011-2024, excl. unusual items Cost of risk: 2011-2024 70% 1.0% 50% SEB SEB 30% 42% 0.04% 0.0% 2011 2013 2015 2017 2019 2021 2023 2011 2013 2015 2017 2019 2021 2023
Slide 13: Financial targets
Financial targets ~50% 1-3 percentage points Return on equity competitive with peers Dividend payout ratio of EPS CET1 ratio above requirement Long-term aspiration 15% Share repurchases will be the main form of capital distribution when SEB’s capital buffer exceeds, and is projected to remain above,
Slide 14: Q1 2025 financial update
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 15: Highlights in Q1 2025
Highlights in Q1 2025 Return on equity • Higher fee and net financial income from the Corporate & Investment Banking division offsetting lower net interest income 13.4% • Stable underlying asset quality, despite somewhat higher reserves Cost income ratio • Numerous AI initiatives in production, acro
Slide 16: Recent events
Recent events Customer satisfaction Business & Retail Banking developments • Launch of SEB Neo 1 1 1 • Mobile BankID online self-service for minors with parental support Sustainability Advisor Fixed Income Interest Rate Derivatives • Digital mortgage signing Prospera Nordics Prospera Sweden Prospera
Slide 17: Corporate growth strategy leading to geographic diversification
Corporate growth strategy leading to geographic diversification Total client income by country SEK 14.0bn, 2010 4% 1% 11% 5% Sweden 7% Norway Home markets 6% Finland Offices 66% Denmark SEK 30.4bn, 2024 Germany Our operating model 5% 3% UK Serving our clients locally 13% • Home markets are the Nordi
Slide 18: Two ways to grow a business
Two ways to grow a business Increase number Do more with of clients existing clients 18
Slide 19: Profitable expansion of the corporate client base
Profitable expansion of the corporate client base Corporate & Investment Banking Total client income Successful geographical expansion New client income 1 SEK bn 27.9 29.9 30.4 +5.6% 22.3 23.4 17.6 19.0 20.4 10-year CAGR 13.2 14.0 15.1 4.1 4.2 4.6 5.3 5.8 +10.2% 0.3 1.1 2.2 2.8 3.1 0.0 10-year CAGR
Slide 20: Digging where we stand
Digging where we stand Corporate & Investment Banking Average income by clients’ number of SEB products 15x ~60% of clients 7x 4x 2x Baseline 1 2 3 4 5 6 7 8 9 10 11 12 13 14+ Number of SEB products Note: Across all Home markets and excluding client relationships below a set client income threshold.
Slide 21: Increasing share of investment grade companies
Increasing share of investment grade companies Large corporates, Sweden 1 Large corporates, outside Sweden 1 Probability of Default (PD) External Rating Category range equivalent 2 Investment 0.0 - 0.4% AAA - BBB grade Non-investment 0.4 - 1.1% BB grade (BB) Non-investment 1.1 - 6% B+ 63% 66% grade
Slide 22: Credit growth offset by strengthening SEK
Credit growth offset by strengthening SEK Credit portfolio by sector Lending by sector SEK bn QoQ YoY QoQ YoY 1,800 Corporates -3% -2% -3% -1% 1,600 FX-adjusted 2% 2% 2% 3% 1,400 1,200 1,000 Households 1 0% 0% 0% 1% 800 Swedish mortgages 1 1% 1% 1% 1% 600 400 Property management 0% -1% -1% -1% 200 0
Slide 23: Accelerating AI adoption through two parallel tracks
Accelerating AI adoption through two parallel tracks Broad availability of AI tools Custom solutions for specific AI use-cases Clear efficiency gain or productivity enhancement Building on best-in-class models from M365 Copilot rolling out Github Copilot available to multiple providers across the ba
Slide 24: Exploring and implementing AI solutions throughout the organisation
Exploring and implementing AI solutions throughout the organisation Document search and ESG factor prediction Report generation in extraction tool in and estimation FICC ~200 operations Planned and ideas ~130 Anomaly detection in IT operations Virtual assistant in Compliance Due diligence prefill Im
Slide 25: Financial summary Q1 2025
Financial summary Q1 2025 SEK m Q1 2025 Q4 2024 Q1 2024 Net interest income 10,469 11,112 -6% 11,818 -11% Net fee and commission income 6,705 6,508 3% 5,625 19% RoE 13.4% Net financial income 2,743 2,061 33% 3,196 -14% Operating income 19,822 19,985 -1% 20,682 -4% C/I Operating expenses 8,241 8,688
Slide 26: Net interest income development
Net interest income development Net interest income (SEK bn) Net interest income (SEK bn) Jan-Mar 2024 vs Jan-Mar 2025 Q4 2024 – Q1 2025 -11% 11.1 11.8 -0.1 0.1 10.5 10.5 -0.3 -0.3 Jan-Mar 2024 Jan-Mar 2025 Q4 2024 CIB BRB Baltic Funding & Other Q1 2025 1 ”Funding & Other” includes division Wealth &
Slide 27: Net fee and commission income development
Net fee and commission income development Net fee and commission income (SEK bn) Net fee and commission income by income type (SEK bn) Jan-Mar 2024 vs Jan-Mar 2025 Q1 2023 – Q1 2025 YoY QoQ Net securities commissions (custody, mutual funds, brokerage) 19% 2.3 2.5 2.8 +13% +3% Q1-23 Q1-24 Q1-25 6.7 N
Slide 28: Net financial income development
Net financial income development Net financial income (SEK bn) Net financial income development (SEK bn) Jan-Mar 2024 vs Jan-Mar 2025 Q1 2023 – Q1 2025. Mean and standard deviation (SD) based on last 16 quarters -14% NFI Divisions NFI Other 3.2 +1 SD 2.7 3.1 2.4 0.8 Mean 0.2 2.4 0.6 3.2 -1 SD 1.8 2.
Slide 29: Development of CET1 buffer quarter-on-quarter
Development of CET1 buffer quarter-on-quarter Buffer above regulatory requirement and P2G, bps 49 45 290 280 -26 -58 -21 Target buffer 100-300 bps 31 Dec 2024 Profit 1 REA Asset size REA FX REA CRR3 effect Other2 31 Mar 2025 1 Profit net of dividend. 2 Other includes REA impact from other model upda
Slide 30: Strong asset quality and balance sheet
Strong asset quality and balance sheet 2024 March2025 Asset quality Asset quality Net expected credit loss level 3 bps Net expected credit loss level 9 bps Funding & liquidity Funding & liquidity Customer deposits (SEK) 1,681bn Customer deposits (SEK) 1,943bn Liquidity coverage ratio 160% Liquidity
Slide 31: Credit portfolio and asset quality
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 32: Well balanced credit portfolio with robust asset quality
Credit portfolio and asset quality Well balanced credit portfolio with robust asset quality Corporate franchise growth strategy has driven credit portfolio development in past decade Robust asset quality resulting in low credit losses SEK bn Corporates Households 0.4% 2,000 Housing co-ops Residentia
Slide 33: Lending portfolio more sector-diverse than competitors’
Lending portfolio more sector-diverse than competitors’ Lending portfolio by industry 1 Q4 2024, total lending excl. banks, reversed repos and collateral margin 100% Public Administration Other 80% Mining and quarrying Hotels and restaurants Electricity, gas and water supply 60% Construction Service
Slide 34: Corporate portfolio focused on large corporates, diversified across industries
Credit portfolio and asset quality SEK Corporate portfolio focused on large corporates, 3,062bn 55% 56% diversified across industries Focus on large corporates Industry diversification and low on-balance sheet exposure Corporate exposure by division (excludes real estate) Share of credit portfolio e
Slide 35: Conservative approach to real estate lending
Credit portfolio and asset quality SEK Conservative approach to real estate lending 3,062bn 12% Real estate exposure mainly in Sweden and other Nordics Closely monitored credit growth SEK bn Commercial real estate Residential real estate 8%2% Sweden 15% Other Nordic 200 SEK 361bn Baltics 100 75% Ger
Slide 36: Real estate portfolio remains resilient
Credit portfolio and asset quality SEK Real estate portfolio remains resilient 3,062bn 12% Slight decrease in stage 2 real estate volumes % of real estate loans in Stage 2 and Stage 3 Stage 2 Stage 3 0.1% 0.2% 0.2% 0.1% 3.6% 0.0% 3.0% 2.7% 1.3% 1.4% 20 largest real estate clients resilient to higher
Slide 37: Household mortgage portfolio of high asset quality and based on affordability
Credit portfolio and asset quality 21% SEK Household mortgage portfolio of high asset 3,062bn quality and based on affordability SEB’s Swedish household mortgage lending Low LTVs by global and Solid market fundamentals and underwriting criteria: Growth vs total market , SEK bn regional standards • S
Slide 38: Continued robust credit quality
Credit portfolio and asset quality Continued robust credit quality Stage 2 and 3 gross carrying amounts ECL allowances by stage and Stage 3 coverage ratio SEK bn SEK bn Stage 2 exposure Stage 3 exposure Stage 1 Stage 2 Stage 3 Coverage ratio, Stage 3 60% 12 Excluding Retail ECL 58% 57% model updates
Slide 39: Macroeconomic scenarios used in Q1 2025
Credit portfolio and asset quality Macroeconomic scenarios used in Q1 2025 Three scenarios for ECL modelling GDP growth assumptions Q1 2025 (Q4 2024) Positive scenario: Base scenario: Negative scenario: 20% probability (20%) 60% probability (60%) 20% probability (20%) 3.1%3.5% 3.5% 3.1% 2.5% 1.9% 2.
Slide 40: Capital
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 41: Strong capital position
Capital Strong capital position CET1 capital ratio Total capital ratio % % 100-300bps 280bps CET1 capital buffer target 21.2 18.9 T2 2.0 0.5 AT1 1.6 P2G 17.5 2.5 17.5% 1.6 Capital conservation 14.7 CET1 capital ratio implying 280bps buffer 0.5 4.1 Countercyclical buffer buffer above regulatory requi
Slide 42: Development of CET1 capital buffer and REA
Capital Development of CET1 capital buffer and REA CET1 capital buffer Risk exposure amount Bps SEK bn 3 14 -2 -25 32 - 26 49 - 58 45 - 21 290 280 970 948 Target buffer 100-300bps 2 31 Dec Profit1 REA Asset REA FX REA CRR3 Other 2 31 Mar 31 Dec Asset Asset FX CRR3 Other 31 Mar 2024 size effect 2025
Slide 43: Reasons for management capital buffer
Capital Reasons for management capital buffer Sensitivity to currency fluctuations Sensitivity of Swedish pension surplus As per 31 March 2025 to interest rates SEK EUR USD NOK Pension liabilities DKK GBP Other 60 Surplus Impact of ±5% SEK vs. other 50 currencies is ± 40bps on CET1 ratio 10% 40 32%
Slide 44: Liquidity and funding
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 45: Strong credit ratings
Liquidity and funding Strong credit ratings “Stand-alone Rating institute Short term Long term Uplift Outlook rating” • Fitch affirmed rating and outlook in December 2024 Fitch F1+ Aa- AA- 0 Stable • S&P changed outlook to positive in November 2024 Moody’s P-1 A3 Aa3 3 Positive • Moody’s affirmed ra
Slide 46: Strong balance sheet structure
Liquidity and funding Strong balance sheet structure Strong balance sheet structure with deposits as Stable structural funding position primary source of funding 31 March 2025 Net Stable Funding Ratio (NSFR) SEK 4,087bn 108% 111% 110% 113% Min. 100% Life Insurance Life Insurance Derivatives and othe
Slide 47: Strong liquidity position
Liquidity and funding Strong liquidity position High Quality Liquid Assets 31 March 2025, SEK 1,051bn • Liquidity portfolio is invested in high quality liquid assets (predominantly 2% SSA’s and covered bonds) that are 22% central bank eligible for pledging Cash & holdings in Central Banks • Currency
Slide 48: Stable and diversified deposit base
Liquidity and funding Stable and diversified deposit base Deposits SEK bn, quarterly development FX-adjusted Treasury deposits QoQ YTD YoY • Well diversified deposit base with 2,000 Financial proven stable corporate deposit base 1,500 21% 21% 14% through long-term relationship model Corporate 3% 3%
Slide 49: Well-balanced long-term market funding profile
Liquidity and funding Well-balanced long-term market funding profile Long-term market funding by product Issuance history SEK bn equivalent, total SEK 612bn, per 31 Mar 2025 SEK bn 44 10 Covered bonds SEK 17 97 Covered bonds non-SEK 5 59 11 27 16 270 Senior preferred debt 28 5 14 33 19 10 Senior non
Slide 50: MREL requirements and available funds
Liquidity and funding MREL requirements and available funds MREL requirement Subordination MREL requirement % of REA (SEK 970bn) % of REA (SEK 970bn) Total available Total required Total available Total required SEK 383bn SEK 346bn SEK 304bn SEK 278bn 39.5% 35.7% SP>1yr 8.1% 31.4% CBR 8.2% 28.6% SNP
Slide 51: International long-term bond issuance in 2024-2025
Liquidity and funding International long-term bond issuance in 2024-2025 Type Trade date ISIN CCY Amount (+/- MCCY) Market quote Maturity First call date SP 27-Feb-24 US830505AZ66 USD 650 UST + 73 5-Mar-27 N/A SP 27-Feb-24 US830505BA07 USD 350 UST + 73 (float) 5-Mar-27 N/A SP 25-Apr-24 XS2813108870
Slide 52: SEB’s covered bonds and cover pool
Liquidity and funding SEB’s covered bonds and cover pool • 100% Swedish residential mortgages, which historically have had very low credit losses Outstanding covered bonds, 31 March 2025 Cover pool, 31 March 2025 • More concentrated towards single-family Moody’s rating Aaa Total residential mortgage
Slide 53: Cover pool characteristics
Liquidity and funding Cover pool characteristics Mortgages mainly in three largest and fastest growing city areas in Sweden Type of collateral Interest rate type Regional distribution in Sweden Residential apt bldgs, Larger regional Fixed rate reset <2y, Stockholm 22% 20% cities , 35% region , 42% S
Slide 54: SEB issues green bonds to finance green loans
Liquidity and funding SEB issues green bonds to finance green loans Green loans linked to SEB’s sustainability goals Eligible green asset portfolio by category (Sustainability Activity Index), SEK bn 31 December 2024 4%3% Renewable energy 83 8% Green buildings 62 47 SEK 83bn Clean transportation 24%
Slide 55: Strategy and sustainability
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 56: Group strategic priorities 2025 - 2027
Strategy Group strategic priorities 2025 - 2027 Business growth Technology and efficiency Capture long-term potential in Continued modernisation of the wealth and asset management technology stack Corporate growth Accelerate implementation of new technologies Future-proof and grow retail banking We
Slide 57: Corporate & Investment Banking
Strategy Business growth Capture long-term potential in Corporate & Investment Banking wealth and asset management Corporate growth Former Large Corporates & Financial Institutions Future-proof and grow retail banking Foundation Focus areas going forward Deepen the house bank relationships further S
Slide 58: Business & Retail Banking
Strategy Business growth Capture long-term potential in Business & Retail Banking wealth and asset management Corporate growth Former Corporate & Private Customers Future-proof and grow retail banking Foundation Focus areas going forward Customer income split Increase business banking market share b
Slide 59: Wealth & Asset Management
Strategy Business growth Capture long-term potential in Wealth & Asset Management wealth and asset management Corporate growth Former Private Wealth Management & Family Office, Asset Management and Life Future-proof and grow retail banking Foundation Focus areas going forward PWM&FO Broaden distribu
Slide 60: Baltic
Strategy Business growth Capture long-term potential in Baltic wealth and asset management Corporate growth Future-proof and grow retail banking Foundation Focus areas going forward Lending market share 1 (%) Expand the corporate franchise 23 22 24 27 27 19 Grow the retail business with excellent cu
Slide 61: COO agenda: More “bank for the buck”
Strategy Technology and efficiency Continue modernisation of the COO agenda: More “bank for the buck” technology stack Accelerate implementation of new technologies A changing environment Quality and security Software development is a AI is increasing Regulatory environment is is paramount core comp
Slide 62: SEB - a catalyst in the transition to a sustainable society
Strategy and sustainability SEB - a catalyst in the transition to a sustainable society Our sustainability objectives A selection of our commitments Net-zero emissions in our lending and investment • The UN Global Compact 2050 portfolios, at the latest (NZBA commitment) • The Principles for Responsi
Slide 63: Our climate ambitions and goals to ensure progress
Strategy and sustainability Our climate ambitions and goals to ensure progress • SEB has the power, opportunity and responsibility to impact the world we operate in. Net-Zero interim Carbon Exposure Sustainability • As part of our sustainability strategy and 2030 targets Index Activity Index ambitio
Slide 64: Carbon Exposure Index: goal to reduce fossil credit exposure by 45-60% by 2030
Strategy and sustainability Carbon Exposure Index: goal to reduce fossil credit exposure by 45-60% by 2030 2019=100 SEB’s fossil credit exposure EUR 11.5bn 1 Net Zero – World – without CCUS 2 >30% decrease Change >70% decrease 2030 vs 2019 Divergent Net Zero – Europe – Remind Power Energy fossil cre
Slide 65: Sustainability Activity Index to accelerate our efforts
Strategy and sustainability Sustainability Activity Index to accelerate our efforts Ambition to increase average activity 6x-8x by 2030 Sustainability-related financing Sustainable finance advisory Volume, indexed Volume, indexed 800 300 1,000 SEK 323bn SEK 118bn 6x to 8x Q4 2024 Q4 2024 177 by 2030
Slide 66: Net-Zero Banking Alliance sector targets
Strategy and sustainability Net-Zero Banking Alliance sector targets • Targets in line or exceeding relevant net-zero scenarios • New sector included in 2024: shipping • The seven sectors cover 77% of SEB 2023 financed emissions Financed emissions reduced by 49% since 2020 Financed emissions Progr
Slide 67: Net-Zero Banking Alliance sector target benchmarks
Strategy and sustainability Net-Zero Banking Alliance sector target benchmarks Oil & Gas: E&P and refining Shipping Power generation 17 peers – Index, 2020=100 (mtCO2e) 7 peers – Index, 2022=100 (g CO2e / tonne nautical mile) 20 peers – g CO2e / kWh Peers’ target range IEA Net Zero 2050 SEB Peers’ t
Slide 68: ESG ratings
Strategy and sustainability ESG ratings ESG rating institute Rating Rating scale AA AAA – CCC 0-10 negligible, 10-20 low, 20-30 19.4 (low risk) medium, 30-40 high, 40+ severe C A+ – D- C A–D 68
Slide 69: Macro environment
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 70: Our home markets: Sweden
Macro environment Our home markets: Sweden GDP development Key ratios Sweden 2023 2024F 2025F 2026F Indexed Q4 2019 = 100 GDP growth (%) -0.2 0.5 2.2 3.1 Sweden Euro area 115 CPIF (%) 6.0 1.9 2.0 2.0 105 Public sector 31.5 33.6 34.3 34.4 95 debt/GDP 85 Unemployment 1 7.7 8.4 8.7 8.3 2019 2020 2021 2
Slide 71: Deep dive: strong Swedish economy in comparison
Macro environment Deep dive: strong Swedish economy in comparison High level of employment Households have a strong asset base National employment level (20-64 years) 2024 Swedish households’ assets and debt (SEK tn), Q4 2024 82% 30 Insurance 81% 25 Funds 77% 76% Bank deposits 75% 20 Equities 71% 15
Slide 72: Our home markets: Nordics
Macro environment Our home markets: Nordics GDP development Indexed Q4 2019 = 100 Norway Finland Denmark GDP growth (%) 2023 2024F 2025F 2026F 120 110 Norway 0.0 2.3 2.2 1.2 100 90 Finland -1.2 -0.3 1.5 1.8 80 Denmark 2.5 2.8 2.6 3.0 2019 2020 2021 2022 2023 2024 Inflation Unemployment Annual growth
Slide 73: Our home markets: United Kingdom and Germany
Macro environment Our home markets: United Kingdom and Germany GDP development Indexed Q4 2019 = 100 United Kingdom Germany 120 GDP growth (%) 2023 2024F 2025F 2026F 110 100 United Kingdom 0.3 0.9 1.6 1.4 90 80 70 Germany -0.3 -0.2 0.4 1.1 2019 2020 2021 2022 2023 2024 Inflation Unemployment Annual
Slide 74: Our home markets: Baltics
Macro environment Our home markets: Baltics GDP development Indexed Q4 2019 = 100 Estonia Latvia Lithuania GDP growth (%) 2023 2024F 2025F 2026F 120 110 Estonia -3.0 -0.9 1.8 2.8 100 90 Latvia 1.7 -0.4 1.8 2.2 80 Lithuania 0.3 2.5 2.8 2.9 2019 2020 2021 2022 2023 2024 Inflation Unemployment Annual g
Slide 75: Appendix
P.3 SEB in brief P.14 Q1 2025 financial update P.31 Credit portfolio and asset quality P.40 Capital P.44 Liquidity and funding P.55 Strategy and sustainability P.69 Macro environment P.75 Appendix
Slide 76: Financial performance by division 2012-Q1 2025
Appendix Financial performance by division 2012-Q1 2025 C/I ratio (LHS) Return on business equity (RHS) Aspiration: CIB ROBE >13% BRB Aspiration: C/I <45% 30% ROBE >16% 30% 26.2% 22.3% 21.9% C/I <40% 22.5% 21.4% 17.8% 17.6% 20% 18.2% 20% 15.3% 14.7% 15.2% 15.0% 13.9% 15.3% 15.3% 45% 14.3% 14.3% 14.5
Slide 77: Shareholders and dividends
Appendix Shareholders and dividends Capital distribution to shareholders Dividend policy ~50% of net profit SEB’s largest shareholders SEK m 31 March 2025 Share of capital, per cent Net profit Total dividend Share buyback 40,000 Investor 21.7 30,000 AMF Pension & Funds 4.7 Alecta Tjänstepension 4.6
Slide 78: Summary key financials
Appendix Summary key financials Q1 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Profitability Return on equity, % 1) 13.4 16.2 17.9 14.5 13.9 10.3 13.8 13.4 12.9 11.3 12.9 13.1 Cost/income ratio, % 2) 42 38 34 39 42 45 46 48 48 50 49 50 Asset quality Net ECL level / Credit loss level,
Slide 79: Summary key financials: notes
Appendix Summary key financials: notes Notes: 1) Excl. Items affecting comparability incl. technical impairment (write-down) of goodwill a. 2014: Excluding capital gains of SEK 2,982m (sale of non-core business and shares) b. 2015: Excluding a cost of SEK 902m relating to the Swiss Supreme Court’s n
Slide 80: Staying true to our capital and cost guidance over time
Appendix Meeting guidance Missing guidance 2007 2013 2019 Costs: increase SEK 1.5-2.0bn Costs: SEK 22.5bn Costs: SEK 2.0-2.5bn 2019-2021 Dividend: n/a Dividend: 40% of net profit over a business cycle * Dividend: 40% of net profit over a business cycle (Covid dividend ban) 2008 2014 2020 Costs: incr
Slide 81: IR contacts and calendar
IR contacts and calendar Investor Relations Financial calendar Pawel Wyszynski Per Andersson Paula Dennholt 2025 Head of IR Senior Equity IR Officer Senior ESG Specialist IR Officer 16 July Quarterly report Jan – Jun Mobile: +46 70 462 21 11 Mobile: +46 70 667 74 81 Mobile: +46 70 763 94 68 E-mail:
Slide 82: Create value. Act long-term. Build positive relationships.
Create value. Act long-term. Build positive relationships. Positively shaping the future, with responsible advice and capital. Today and for generations to come.
Skandinaviska Enskilda Banken — Q1 2025 Earnings Presentation on 6ix