Swedbank Ab Class A · OMXSTO:SWED_A
Swedbank Ab Class A — Q1 2026 Earnings Presentation
25 slides from Swedbank Ab Class A's earnings presentation, Apr 29, 2026
Slide 1: First quarter result
First quarter result
Slide 2: Economic outlook
Economic outlook Global development @ Increased geopolitical tensions and higher energy prices IMF revised down global growth Home markets Perform well relative to other countries Growth in Sweden, Estonia, Latvia around 2 per cent 2026 Lithuania around 3 per cent © Swedbank
Slide 3: Key highlights Q1
Key highlights Q1 Net profit SEK 7.3bn Return on equity 13.3 per cent C/I ratio 0.40 © Swedbank Credit impairment ratio 3 bps CET1 buffer ~270 bps Earnings per share SEK 6.50
Slide 4: Strengthen our efficiency
Swedbank 15/27 Strengthen our Increase Grow our business our efficiency customer interactions volumes © Swedbank
Slide 5: Grow our card business
Grow our card business Unified consumer credit business Realise synergies © Swedbank
Slide 6: Private customers
Private customers ) Increased proactivity and business activity during the quarter ) In Sweden, 17 per cent mortgage market share in own channels @ _Robur - SEK 4bn net inflow © Swedbank
Slide 7: Corporate customers
Corporate customers e@ Corporate lending grew by SEK 9 bn ) Somewhat muted demand due to uncertain times Proactivity and customer focus @ _leads to increased customer satisfaction among large corporates W © Swedbank
Slide 8: © Swedbank
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Slide 9: Net profit SEK 7.3bn
▲ ● Net profit SEK 7.3bn Net interest income 11 147 10 775 3% Net commission income 4 172 4 249 -2% ● Return on equity Net gains and losses 689 982 -30% 13.3 per cent Other income 1 064 1 334 -20% ● Cost/Income ratio 0.40 Total income 17 073 17 340 -2% Total expenses 6 881 6 268 10% ● EPS after dilu
Slide 10: Lending volumes
QoQ +1% QoQ +0.5% +15 1 582 3 6 1 591 9 7 1 897 8 1 898 1 882 -7 Q4 2025 Private Corporate Q1 2026 QoQ +2.3% 4 3 307 300 Q4 2025 Sweden 1) Baltic Q1 2026 Assets FX Q1 2026 Q4 2025 Private Corporate Q1 2026 Banking excl. FX held for sale 1) Sweden including Swedish Banking, Premium and Private Bankin
Slide 11: Deposit volumes
QoQ +1% QoQ +0.1% +6 862 2 862 -1 6 1 303 7 1 310 1 297 1 Q4 2025 Private Corporate Q1 2026 QoQ +1.4% 435 1 5 441 Q4 2025 Sweden1) Baltic Q1 2026 FX Q1 2026 Q4 2025 Private Corporate Q1 2026 Banking excl. FX 1) Sweden including Swedish Banking, Premium and Private Banking, Corporates and Institution
Slide 12: Net interest income
QoQ +3% ● Lower policy rates fully priced in +372 ● Full quarter from Entercard 481 11 147 ● Improved funding cost 10 775 263 -256 -82 -34 Other NII impact SEKm Interest income Interest expense Business volumes 68 FX -73 Q4 2025 Lending Deposit Cash with Wholesale Entercard Q1 2026 Day count -119 in
Slide 13: Net commission income
QoQ -2% ● Securities & corporate finance – back -77 at normalised level following Q4 one- off’s ● Asset management positively 4 249 35 53 3 4 172 impacted by stock market -117 performance offset by day count and -51 FX - net inflow, SEK 4bn ● Higher income from payments and Entercard partly offset b
Slide 14: Net gains and losses
● Continued strong business activity ● Negative revaluations in Treasury partly offset by positive revaluations in equity holdings 201 4 55 689 -36 465 FX sales & Fixed income DCM Treasury Other Total NGL Q1 trading and Equity 2026 sales & trading © Swedbank 14
Slide 15: Other income
QoQ -20% ● Lower net insurance due to higher -269 claims partly offset by positive revaluations 1 334 33 ● Lower results from partly owned -112 1 064 companies (Associates) -136 -79 -55 ● Other includes income from sold services to savings banks Net insurance ● Sale of old Estonian HQ in Q4 (Other)
Slide 16: Seasonally lower underlying costs
QoQ +10% ● Seasonally lower underlying costs +613 – VAT recovery in Q4, SEK -963m Costs C/I ratio – Endowment in Lithuania in Q4, 6 740 6 881 SEK 110m 6 268 6 115 6 119 6 030 ● Entercard - full quarter impact of SEK 241m 0.40 0.36 0.35 0.36 0.35 0.36 FX SEKm QoQ -40 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q
Slide 17: Solid asset quality
109 ● Solid asset quality 136 ● Total credit impairments of SEK 90 48 164 164m corresponding to an 74 impairment ratio of 3bps in Q1 -292 ● Post model adjustment increased to Macro Rating & stage Post model Individual Other, incl. Entercard Total credit SEK 268m scenarios migrations adjustments asse
Slide 18: CET1 capital ratio of 17.5 per cent
● CET1 capital ratio of 17.5 per cent ● REA increased by SEK 23bn – Higher lending volumes and additional Article 3 add-on ~270bps buffer1) ● 100-300bps capital buffer range 17.8% 0.2% 17.5% -0.2% -0.2% -0.1% 14.8% Q4 2025 Profit after Credit risk Article 3 Other Q1 2026 CET1 anticipated capital rat
Slide 19: Focused card strategy
2026 2027 2028 -> ● Focused card strategy ● Focused consumer finance strategy ● Continued investments ● SEK 1bn in lower run- offset by synergies rate by year-end 2028 ● Competence shift, streamlining, efficiency ● FTE ~16 8001) by year- end ● SEK 1.3bn extraordinary costs ● Divestment of PayEx 15-2
Slide 20: © Swedbank
Ne Wah sa hiddhal! Mor Seine ihe ai ‘profitability a Gi Lh ] | ‘a | bi Sea Return on equity 13.3% CET1 buffer
Slide 21: Appendix
Appendix
Slide 22: Interest rate sensitivity on net interest income
● +50bps = SEK +2.9bn NII (of which SEK +1.4bn in the Baltic countries) -50bps = SEK -4.3bn NII (of which SEK -1.4bn in the Baltic countries) (fully priced in) Assuming zero passthrough on transaction deposits and full passthrough on all other assets and liabilities down to a floor of 0% rates. SEKb
Slide 23: Portfolio SEK 11bn gross
● Portfolio SEK 11bn gross ● FY 2025 Income: SEK ~400m – Sweden 83% ● FY 2025 Costs: SEK ~400m – Other Nordic countries 17% ● CET1 5-10 bps ● NII FY 2025, SEK ~600m ● ~300 full-time employees ● Stage 2 and 3 credit impairments already provisioned for at purchase ● CET1 10-15 bps ● As of Q1 2026, cla
Slide 24: Liquidity and funding
184% Liquidity Coverage Ratio Q1 2026, SEKbn Q1 2026, SEKbn 6 86 10 71 123% 8 Net Stable Funding Ratio 274 335 200 >2Y 229 Survival horizon Cash and balances with central banks SEK EUR USD OTHER Sovereigns, central banks or multilateral development banks1 Municipalities or public service entities Ex
Slide 25: Robust capital generation
● Robust capital generation ● Dividend payout ratio of 60-70 per cent ● Normalised CET1 capital ratio buffer of 200bps ● RoE of at least 15 per cent ● C/I ratio not above 0.40 ● Ensure long-term shareholder value © Swedbank 25