Svenska Handelsbanken Ab Class A · OMXSTO:SHB_A
Svenska Handelsbanken Ab Class A — Handelsbanken — Debt Investor Presentation (2026)
64 slides from Svenska Handelsbanken Ab Class A's debt investor presentation, 2026
Slide 1: Handelsbanken Debt investor presentation Q1 2026
Handelsbanken Debt investor presentation Q1 2026
Slide 2: Contents
Contents • Fundamentals • Balance sheet structure & Liquidity • Latest interim results • Asset quality • Capital • Funding • Stadshypotek & housing markets • Sustainability
Slide 3: Fundamentals
Contents Fundamentals Handelsbanken
Slide 4: Long-term profitable growth potential in home markets
Long -term profitable growth potential in home markets Geographical footprint 32 branches 206 • Stable democracies with large economies branches • Stable legal systems • Stable political and regulatory environment 139 branches • Opportunities to be unique in offering 26 branches • Opportunities to s
Slide 5: Safety and stability – over cycles
Safety and stability – over cycles Senior (LT) credit rating Net credit loss ratio 2006 -202 5 %* Moody's S&P Fitch 0.40 Handelsbanken Aa2 AA- AA+ DNB Aa2 AA- Nordea Aa2 AA- AA- 0.19 0.15 0.16 SEB Aa3 AA- AA 0.14 Swedbank Aa2 AA- AA 0.06 Danske Bank A1 A+ AA- Handelsbanken Bank 2 Bank 5 Bank 4 Bank
Slide 6: Customer satisfaction overview 2025
Customer satisfaction overview 2025 Private customers Corporate customers Customer satisfaction level Customer satisfaction level 100 100 86.5 79.1 82.1 76.1 77.3 80 80 67.8 67.1 70.1 67.2 67.2 68.9 66.4 65.2 65.7 65.7 64.2 60 60 40 40 20 20 0 0 Sweden UK Norway Netherlands Sweden UK Norway Netherla
Slide 7: Net credit losses
Net credit losses Credit loss ratio 1997 – 2025 Credit losses Q1 2025 – Q1 2026 SEK m Credit loss ratio 1.2% -1,200 1.2% Handelsbanken Comparable Nordic banks* 1.0% -1,000 1.0% 0.8% -800 0.8% 0.6% -600 0.6% 0.4% -400 0.4% 0.2% -200 0.2% 0.0% 0 0.0% -0.01% -0.02% 0.00% 0.01% 0.01% -0.2% 200 -0.2% -0.
Slide 8: Lending in home markets
Lending in home markets* Other lending to corporates and 100% households Commercial Average LTV 47% 226 Real Estate LTV>75% 0.3% 90% 14% 328 80% Residential Real Average LTV 48% 70% 363 Estate LTV>75% 0.1% 60% 16% 250 50% Housing co - Average LTV 29% operatives LTV>75% 0.1% 40% 11% 30% 1,119 20% Hou
Slide 9: Credit portfolio – geographical split
Credit portfolio – geographical split Lending to households Lending to corporates 100% 100% 58 Handelsbanken 90% 131 90% Markets 80% 65 Netherlands 80% Netherlands 70% 70% Norway Norway 60% 60% Corporates 50% Households SEK 1088 50% UK UK SEK 1240 bn 40% bn 40% 959 Sweden other 30% Sweden, other 30%
Slide 10: Credit portfolio - sectors
Credit portfolio - sectors Lending to the public: Property management Sweden: Property management abroad: SEK 2,333 bn SEK 333 bn SEK 386 bn 100% 100% 100% Other corporate lending Finland 90% Holding companies, insurance companies, … 90% 90% Retail and services 80% 80% 80% The Netherlands Manufactur
Slide 11: Balance Sheet & Liquidity
Contents Balance Sheet & Liquidity
Slide 12: Strength and Stability
Strength and Stability Low risk balance sheet. Focus on Conservative funding structure & Capital position supporting low risk long-term relationships ample liquidity buffer tolerance & growth • Easy to understand balance sheet • Balance between sticky deposits and • Strong capitalization - CET1 -rat
Slide 13: Long term assets funded by long term liabilities
Long term assets funded by long term liabilities Assets* Liabilities* • Balance sheet structured to be resilient in 3,500 Short term 3,500 690 liabilities 816 long-term stress Cash and balances at backed by central banks Liabilities and issued 3,000 151 1.9 times 3,000 securities maturing • Long -te
Slide 14: Long term structural perspective - NSFR
Long term structural perspective - NSFR NSFR 119% 120% 119% Available Stable Funding 2051 SEK bn 110% 328 SEKbn Own funds (100% weight) 193 SEK bn Stabe retail deposits (95%) 416 SEK bn Less stable retail deposits (90%) 328 SEK bn Operational deposits (50%) 128 SEK bn 100% Other wholesale funding (5
Slide 15: Short term liquidity perspective - LCR
Short term liquidity perspective - LCR 12-months average LCR historical trend (EOP) 1,000 250% • Liquidity reserve: 100% at fair value & IRR 800 200% hedged 600 LCR 150% • Regulated on Total and specific currency 400 192 % LCR:s 356 SEK bn cushion 100% 200 • Balanced composition between significant
Slide 16: Diversified deposit base
Diversified deposit base* 1,000 600 1,800 800 1,600 1,400 600 456 400 SEK bn 1,200 214 165 1,000 SEK bn 675 422 400 SEK bn 800 600 200 400 200 410 257 659 200 106 0 0 0 Total deposits Private Corporate On demand deposits Guaranteed Not guaranteed (excl retail/SME) On demand deposits On demand deposi
Slide 17: Latest interim results
Contents Latest interim results
Slide 18: Stable growth in shareholders' equity
Stable growth in shareholders ’ equity Including dividends* SEK/ share 275 250 225 200 175 Accumulated dividends* 150 125 100 75 50 Equity per share, adjusted 25 0 Q117 Q116 Q119 Q121 Q118 Q417 Q217 Q317 Q416 Q419 Q216 Q219 Q421 Q124 Q126 Q415 Q418 Q221 Q122 Q125 Q120 Q218 Q316 Q319 Q321 Q123 Q318 Q
Slide 19: Q1 2026
Q1 2026 • Increased operating profit and ROE • Resilient income with stable NII • Lending growth trend in the UK and the Netherlands • Strong inflow into mutual funds business • Lower costs • Strong asset quality • Solid financial position 19
Slide 20: Financial summary
Financial summary Q1 2026 compared to previous quarter Key ratios : 39.5% Adjusted for C/I -ratio items affecting SEK m Q1 2026 Q4 2025 Change comparability* Net interest income 10,016 10,139 -1% -1% 0.01% Net credit loss ratio Net fee and commission income 3,073 3,117 -1% -1% Total income 14,778 14
Slide 21: Net interest income development
Net interest income development Q1 2026 compared to previous quarter NII change : -1% SEK m 10,200 20 -67 10,100 -55 39 -46 Contribution from: -14 10,000 Volumes : +0% -points 9,900 Margins and 9,800 10,139 funding : -1%-points 10,016 9,700 9,600 9,500 Q4 2025 Volume in home Margins and Day count De
Slide 22: Business growth in home markets
Business growth * in home markets Q1 2024 – Q1 2026 Sweden UK Norway The Netherlands SEK bn GBP bn NOK bn EUR bn 1,800 25 400 12 +0.4% +1% + 11% 1,600 -5% 10 1,400 20 +5% 300 1,200 +13% 8 15 1,000 +2% 200 6 800 10 -6% 600 0% 4 +5% 100 +18% 400 5 +20% 2 200 0 0 0 0 Lending Deposits AUM Lending Deposi
Slide 23: Net fee and commission income
Net fee and commission income * SEK m 3,200 3,100 CAGR: +6% 3,000 2,900 2,800 3,073 2,700 2,904 2,600 2,754 2,500 2,400 Q1 2024 Q1 2025 Q1 2026 Savings related **(68% of net fee and commissions ) Other (32%) SEK m SEK m 2,500 2,500 CAGR: +6% 2,000 2,000 1,500 1,500 CAGR: +4% 1,000 1,967 2,080 1,000
Slide 24: Savings business in Sweden
Savings business in Sweden Accumulated net inflows in the Swedish mutual fund market* SEK bn 350 Handelsbanken SEK +287bn 300 250 200 150 100 Peer 1-9 50 0 -50 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 * Top-10 institutions, Source: Swedish Investment Fund Association 24
Slide 25: Expenses
Expenses Q1 2025 – Q1 2026 SEK m 4,000 -4% 3,677 3,500 3,000 2,500 2,000 -8% 1,677 1,500 1,000 482 500 2 0 -500 Q126 Q126 Q126 Q126 Q125 Q125 Q125 Q125 Q425 Q425 Q425 Q425 Q225 Q225 Q225 Q225 Q325 Q325 Q325 Q325 Staff costs excl Oktogonen and restructuring expenses Other expenses Depreciation, amort
Slide 26: Asset Quality
Contents Asset Quality Handelsbanken
Slide 27: Resilience and stability
Resilience and stability Accumulated credit losses SEK m 1,500 Accumulated credit losses Q1 2020 – Q1 2026 = SEK 50m Average per quarter Q1 2020 – Q1 2026 = SEK 2m 1,000 Q1 2020: Q2 2025: SEK 440m SEK 0m New management add’on in remaining management add’on 500 198 19 Accumulated 0 249 61 -70 -35 -50
Slide 28: Asset quality
Asset quality • Rating migrations SEK -10m • Better quality on new loans compared to exits SEK 1m • Other (incl. effects from change in loan durations and migrations to stage 3) SEK 12m Expected credit losses Credit losses Credit losses , net Stage 3, net SEK m SEK m SEK m -100 Updated -100 -15 macr
Slide 29: Macro assumptions in ECL calculation
Macro assumptions in ECL calculation Upgraded value with positive effect Upgraded value with negative effect Central bank interest Commercial property House price Annual GDP growth, Unemployment, rates price development, development, forecasts % % % % % Scenario 2025-2029 Swe UK Nor Fin Swe UK Nor F
Slide 30: Low LTVs in CRE & RRE portfolios
Low LTVs in CRE & RRE portfolios* Commercial real estate Residential real estate 350,000 48% 140,000 41% 300,000 120,000 250,000 100,000 28% 200,000 25% 80,000 22% 150,000 19% 60,000 100,000 11% 40,000 50,000 6% 20,000 Home Home 0 markets Sweden Norway UK the Netherlands markets 0 Sweden UK the Neth
Slide 31: Property management – Exposure & Stage 2 provisions
Property management – Exposure & Stage 2 provisions Total exposure Stage 2 provisions – Sweden and abroad SEK mn SEK mn 800,000 110,000 60,000 160,000 100,000 140,000 750,000 50,000 90,000 120,000 700,000 80,000 40,000 100,000 70,000 30,000 80,000 650,000 60,000 60,000 20,000 600,000 50,000 40,000 4
Slide 32: Property management – type of collateral
Property management – type of collateral * SEK bn Sweden UK Norway Netherlands Group % Government guarantees 17 0 4 21 3% Residential 178 70 16 18 283 41% Office, retail, hotel 92 55 73 18 238 34% Other real estate 12 1 9 38 59 9% Industry, logistics 18 20 10 1 49 7% Agriculture, forestry 1 1 0 - 2
Slide 33: Capital
Contents Capital Handelsbanken
Slide 34: Strong financial position
Strong financial position CET1 ratio, Q1 2026 SEK bn 160 20% 17.2% 18% Long term target 140 range 16% 15.7 – 17.7% 14.7% 120 ▪ Solid asset quality 14% 100 12% ▪ Low funding and liquidity risk 80 10% ▪ Strong liquidity buffer 138 8% 60 118 ▪ CET1 ratio 17.2%, within target range 6% 40 4% 20 2% 0 0% R
Slide 35: Change in CET1-ratio from previous quarter
Change in CET1 -ratio from previous quarter CET1 -ratio REA % SEK bn 19.0 810 18.5 800 0.2 0.2 0.1 0.0 0.1 14 0.4 18.0 0.8 790 2 7 0.7 3 5 1 17.5 780 802 17.0 770 17.6 780 17.2 16.5 760 16.0 750 Q4 2025 Earnings for Volume Migrations Currency Currency Structural FX Other Anticipated Q1 2026 Q4 2025
Slide 36: Total capital requirement and capital position
Total capital requirement* and capital position** 200 180 Requirement, SEKm Q126 T2 , 25.3 Total 18,967 160 T1 13,422 CET1 118,464 AT1 , 15.5 FI requirement, % of REA Q126 Target 140 T2 , 19.0 Total 18.8% > +1 %-point T1 16.4% > +1 %-point AT1 , 13.4 120 CET1 14.7% 1-3 %-points above req Actual, % o
Slide 37: REA and buffer split
REA and buffer split REA CET1 capital requirement, % of REA* 16.0 Pillar 2G SEK mn Capital requirement based on: 900,000 CVA and market risks 0.5 14.0 MDA 800,000 CRE -floors 1.0 SREP 2025 14.7% CET1 Operational risk Norway Pillar 2R (Conc. 700,000 Risk 0.3, IRB 12.0 2.0 non-C 0.5, IRBB P2G: 0.50% C
Slide 38: Buffer to Distribution Restrictions and Principal Loss Absorption
Buffer to Distribution Restrictions and Principal Loss Absorption MDA -lines – Q1 2026, excl. 0.5% P2G. T1 & Total capital including March 26 AT1 25 25 25 CET1 capital Tier1 capital Total capital 20 20 20 3.2 1.9 1.9 2.4 15 15 1.7 15 1.0 2.0 10 2.5 10 10 17.2 17.2 15.9 17.2 4.2 14.2 5 5 5 4.5 0 0 0
Slide 39: Outstanding subordinated debt
Outstanding subordinated debt AT1 format Issue month Currency Amount (m) First potential call date SHBASS 4.375%, PNC6.5 Sep 2020 USD 500 Mar 1 2027 SHBASS 4.750%, PNC10.5 Sep 2020 USD 500 Mar 1 2031 SHBASS 5.300%, PNC5* March 2026 SEK 1,400 Apr 1 2031 SHBASS Float, PNC5* March 2026 SEK 4,600 Apr 1
Slide 40: Funding
Contents Funding Handelsbanken
Slide 41: Highest combined credit rating globally
Highest combined credit rating globally Highest rating globally among comparable Banks when combining Fitch, Moody’s and S&P* Bank Moodys S&P Fitch Handelsbanken Aa2 AA- AA+ Bank 2 Aa1 AA- AA April 2026 rating actions from Moody’s Bank 3 Aa2 AA- AA • BCA -rating uplifted to a1 (a2) Bank 4 Aa1 AA- AA
Slide 42: Market funding
Market funding Currency mix senior bonds* 100% Other 90% AUD , 15% 100% 100% 2% 80% 70% Norwegian EUR 90% 60% cover pool EUR Certificat 79% in EUR 50% 58% es 95% 42 80% 539 40% Subordinated debt 30% 34 70% 20% USD USD 10% 25% 21% 90% 0% 60% Senior Senior preferred Senior non-preferred non- Senior pr
Slide 43: Long-term funding
Long -term funding Q1 Q1 Q1 Long-term bond issuance, SEK bn 2026 2025 Change Long-term bond issuance, SEK bn 2023 2024 2025 2026 Senior preferred 22 14 8 Senior preferred 56 17 34 22 Senior Non-Preferred 0 0 0 Senior Non-Preferred 11 17 16 0 Covered bonds 29 39 -10 Covered bonds 163 121 100 29 Subor
Slide 44: Maturity profile senior long-term funding
Maturity profile senior long -term funding SEK bn SEK bn 80 20 60 15 40 10 20 5 0 0 2026 2027 2028 2029 2030- 2026 2027 2028 2029 2030- SP SNP SP Other SEK bn SEK bn 25 80 70 20 60 50 15 40 10 30 20 5 10 0 0 2026 2027 2028 2029 2030- 2026 2027 2028 2029 2030- SP USD SNP USD SP SNP 44
Slide 45: MREL-requirements and available funds
MREL -requirements and available funds* Total MREL Subordinated MREL SEK bn 450 SEK bn 450 387 400 400 350 SP>1yr 350 300 281 138 300 250 CBR* 248 70 SNP>1yr 250 223 200 69 SNP>1yr MCB** 200 CBR* 69 58 70 150 150 Leverage ratio x2 Own funds 100 2x Leverage ratio x2 213 (T1+T2) 100 2x Own funds (P1 m
Slide 46: Non-encumbered assets
Non-encumbered assets 31 mars 2026 Ack. andel av icke säkerställd mdkr IPT (NEA) upplåning* Behållning i centralbanker samt värdepapper i likviditetsportföljen 841 89% Hypotekslån 839 177% Övrig hushållsutlåning 131 191% Fastighetsföretagsutlåning lägsta riskklass (1-3) 263 219% Övrig företagsutlåni
Slide 47: Stadshypotek & Housing markets
Contents Stadshypotek & Housing markets
Slide 48: Mortgage growth picking up
Mortgage growth picking up 48
Slide 49: Swedish mortgage business
Swedish mortgage business Mortgage lending in Sweden 2011 -2026YTD Accumulated net new lending 2010 -2026YTD Handelsbanken 1,000 400 900 350 800 300 # 2 -6 700 250 600 200 500 150 400 100 300 50 200 0 2010 2012 2014 2016 2018 2020 2022 2024 2026 Stable contribution to growth Market share – back book
Slide 50: Swedish retail mortgage portfolio
Swedish retail mortgage portfolio LTV & Debt -to-income Misc. facts 75 Debt - Interest - Stressed interest service -ratio* service -ratio rate 3.0 70 2026Q1 2023Q4 2026Q1 2023Q4 2026Q1 2023Q4 65 2.5 13.6% 16.3% 8.7% 11.4% 6.0% 7.0% 60 2.0 Interest payments 55 1.5 Float/fixed Avg. interest rates** ra
Slide 51: Stadshypotek – Swedish cover pool
Stadshypotek – Swedish cover pool Current available pool size SEK 1321bn (EUR 121bn) Assets utilized SEK 658bn (EUR 60bn) Interest index distribution Loans secured by mortgages. Loans to or Floating rate (<1 year fixing) 69% Asset types guaranteed by public sector in Sweden (state & Fixed rate (>1 y
Slide 52: Housing market: Signs of recovery
Housing market: Signs of recovery 52
Slide 53: Transaction activity at decent levels
Transaction activity at decent levels 53
Slide 54: Elevated supply of unsold flats
Elevated supply of unsold flats 54
Slide 55: Stadshypotek – Norwegian cover pool
Stadshypotek – Norwegian cover pool Current available pool size NOK 134bn (EUR 12bn) Interest index distribution Assets utilized NOK 64bn (EUR 6bn) Floating rate (<1 year fixing) 93% Fixed rate (>1 year fixing) 7% Asset types Loans secured by mortgages Outstanding issues of covered bonds Domestic be
Slide 56: Signs of price pressure in Norwegian market
Signs of price pressure in Norwegian market 56
Slide 57: Transaction activity trending upwards – as well as supply
Transaction activity trending upwards – as well as supply 57
Slide 58: Strong assets pools even after severe stress
Strong assets pools even after severe stress Swedish pool Liabilities Used assets Available assets WA max -LTV OC (SEKbn ) (SEKbn ) (SEKbn ) Actual 598 658 1,331 54.7 110 Property values -40% 598 658 1,102 64.8 110 Norwegian pool Liabilities Used assets Available assets WA max -LTV OC (NOKbn ) (NOKb
Slide 59: Sustainability
Contents Sustainability Handelsbanken
Slide 60: Sustainability at Handelsbanken
Sustainability at Handelsbanken Handelsbanken has a holistic perspective on sustainability, where focus is the customer's needs. Through long -term and personal relationships, value is created in five focus areas; responsible entrepreneurship, advisory meetings, financing, investments and creating a
Slide 61: Green and sustainability linked loans
Green and sustainability linked loans Green lending: 29% growth rate 2026Q1 vs 2025Q1 SEK mn Green, social and sustainability -linked loans as 160,000 per Q1 2026 (Q1 2025): 140,000 120,000 • 12.5% of the sum of total loans and undrawn 100,000 revolving credit facility commitments (10.4%) 80,000 • G
Slide 62: Pool of eligible assets according to 2025 Green Bond Framework
Pool of eligible assets according to 2025 Green Bond Framework Outstanding Green Bonds SEK mn Mapped against pool excl. mortgages Green 140,000 Mortgages • EUR 500m Senior Non -preferred issued in 2020, maturing in 2027 Green Buildings • EUR 750m Senior Preferred issued in 2022, maturing in 2029 120
Slide 63: Contacts
Contacts Andreas Skogelid Peter Grabe Head Debt IR & Ratings Head of IR Andreas.Skogelid@handelsbanken.se Peter.Grabe@handelsbanken.se (+46) 70 326 7228 Lars Kenneth Dahlqvist Per Aronsson IR Officer IR Officer Lars.Kenneth.Dahqvist@handelsbanken.se Per.Aronsson@handelsbanken.se https://www.handelsb
Slide 64: Disclaimer
Disclaimer • Certain statements made in this presentation are forward looking statements . Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or