Swedbank Ab Class A · OMXSTO:SWED_A
Swedbank Ab Class A — Q4 2024 Earnings Presentation
72 slides from Swedbank Ab Class A's earnings presentation, Jan 23, 2025
Slide 1: Investor presentation Q4 2024
Slide 2: Disclaimer
● Certain statements made in this presentation are forward ● None of Swedbank AB or any of its directors, officers or looking statements. Such statements are based on current employees nor any other person accepts any liability expectations and are subject to several risks and uncertainties whatsoev
Slide 3: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank
Slide 4: Key financial metrics 2020-2024
8.9 13.2 13.3 18.3 17.1 35 10 25 15 30.87 Earnings per share, SEK 30.4 -40 18.6 19.4 Return on equity, % 5 11.5 -5 -90 Cost to income ratio 0.54 0.44 0.40 0.33 0.34 Credit impairment 26 ratio, bps 1 9 8 -1 460bps buffer CET1 capital ratio, % 19.0 19.8 17.5 18.3 17.8 70 50 50 50 50 Dividend per share
Slide 5: Swedbank franchise at a glance
~80% of loan book Mortgages Savings Insurance Payment Swedbank Swedbank Swedbank franchise Loan-to-deposits CET1 capital buffer Hypotek Robur Insurance Mobile App Internet bank LCR NSFR ~15% of loan book Partnership Branches with more than Customer 142 in Sweden Impairment ratio 50 Savings centre 72
Slide 6: Swedbank's purpose and strategic direction
• By providing guidance on your terms • By helping you to be more sustainable • By supporting you in a proactive way • By making the difficult simple An attractive workplace for An efficient, profitable and A standardised, scalable employees with a culture based compliant bank and financial and stab
Slide 7: Strategic priorities and 2024 progress
● Leverage proven business model and pricing strategy – Slightly lower NII in 2024 (-3%), mainly due to a +54% growth in 2023 ● Grow share of wallet for existing customers – Strong development in 2024 for savings, pensions & insurance – especially in the Baltic countries – Green mortgage loans drive
Slide 8: AML investigations status
● No ongoing AML investigations from Swedish or Baltic authorities ● Ongoing investigations by U.S. authorities – DoJ, SEC and DFS New York © Swedbank 8
Slide 9: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank
Slide 10: Green advisory, biodiversity and sustainable asset register
Green Advisory Biodiversity ● In collaboration with Hemma, our private customers can now ● Analysing targets in the GBF1 to identify get digital energy inspections, advice on how to reduce what is most relevant for our operations, energy consumption and cut energy costs to maximise impact ● In colla
Slide 11: Carbon neutrality and interim target setting
2050 Net-Zero Banking Alliance Carbon neutrality and interim target setting 2030 targets set and published in November 2022 2040 Climate Action 100+ (Swedbank Robur) Carbon neutral investments by Swedbank Robur1) Member since 2018, cooperation to engage with the largest GHG emitters Partnership for
Slide 12: 2030 financed emissions targets by sector
● Mortgages: reduce the financed emission intensity by 39 per cent (kgCO2e/m2) ● Commercial real estate: reduce the financed emission intensity by 43 per cent (kgCO2e/m2) ● Oil & gas1): reduce the absolute financed emissions by 50 per cent (tCO2e) ● Power generation: reduce the financed emission int
Slide 13: Green and social assets
Social assets Green buildings 4.7 Of which Other1) 39.8bn 2.1 4.0 1% Of which Property upgrade 2.2bn Of which Mortgages, Sweden 47.2bn 7.5 15% 9.0 19% Green assets Of which Mortgages, Baltic banking 9.9bn Clean transportation Renewable energy 8% Pollution prevention and control 18% Sustainable manag
Slide 14: Green and social funding
● Organic growth, primarily in real-estate ● Issued first green SEK covered bond in Q3 2024 ● Contribution from green mortgages in the Baltics ● Issued first Nordic social bond in 2023 128 XS2343563214 Green SNP EUR 1 000 0.300 2021 2027 XS2350031048 Green SNP GBP 350 1.375 2021 2027 110 XS240800365
Slide 15: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 15
Slide 16: Q4 2024 highlights
19.0 18.1 18.2 19.1 18.6 QoQ -3% TOTAL ● Return on equity of INCOME SEK 18.6bn 15.8 per cent Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 ● Cost/Income ratio 0.36 6.4 6.2 6.5 6.7 6.0 QoQ 13% ● Credit impairment ratio -8 bps TOTAL EXPENSES SEK 6.7bn ● CET1 capital ratio 19.8 per cent, buffer 460bps Q4 202
Slide 17: Full year 2024 income statement
▲ ● Net profit SEK 34.9bn Net interest income 49 267 50 933 -3% Net commission income 16 716 15 088 11% ● Cost/Income ratio 0.34 Net gains and losses 3 687 2 938 25% ● Return on equity Other income 4 435 4 098 8% 17.1 per cent Total income 74 104 73 057 1% Total expenses 25 376 24 100 5% ● EPS after
Slide 18: Q4 2024 income statement
▲ ● Net profit SEK 8.5bn Net interest income 12 274 12 229 0% Net commission income 4 285 4 286 0% ● Cost/Income ratio 0.36 Net gains and losses 923 1 170 -21% ● Return on equity Other income 1 152 1 461 -21% 15.8 per cent Total income 18 634 19 146 -3% Total expenses 6 740 5 986 13% ● EPS after dil
Slide 19: Lending development
QoQ +0.2% QoQ -0.7% SEKbn SEKbn 1 520 1 510 -2 -8 -2 1 796 8 1 794 6 1 800 Q3 2024 Private Corporate Q4 2024 -10 QoQ +3.0% SEKbn 2 6 284 275 Q3 2024 Sweden 1) Baltic Banking Q4 excl. FX FX Q4 2024 Q3 2024 Private Corporate Q4 2024 1) Sweden including Swedish Banking, Premium and Private Banking, Cor
Slide 20: Deposit development
QoQ +0.9% QoQ -2.0% SEKbn SEKbn 866 849 -1 -16 +4 1 273 21 1 277 8 1 285 -17 Q3 2024 Private Corporate Q4 2024 QoQ +5.2% SEKbn 407 17 4 428 Q3 2024 Sweden 1) Baltic Banking Q4 excl. FX FX Q4 2024 Q3 2024 Private Corporate Q4 2024 1) Sweden including Swedish Banking, Premium and Private Banking, Corp
Slide 21: Net interest income development
QoQ +0.4% SEKm ● Lower customer rates, leading +45 to lower lending income and lower deposit expense 12 229 1 015 12 274 1 367 ● Lower wholesale funding costs ● SEK 27m from FX -901 -1 436 Q3 2024 Lending Deposit Cash with Central bank Wholesale Q4 2024 income expense central banks placements fundi
Slide 22: Net interest income sensitivity
SEKbn (rounded), Q4 2024 ● 3.2 SEKbn NII sensitivity from = Administrative rate pricing = Base rate pricing 50 bps interest rate shift (fully priced in) 220 Equity SEK 640bn equity and 0.5% × 640 SEKbn = 3.2 SEKbn Transaction deposits zero-interest rate funding Swedish mortgages 950 420 Assuming zer
Slide 23: Net commission income
QoQ 0% SEKm ● Asset management impacted -1 by higher average stock market performance 4 286 101 13 4 285 ● SEK 50m in market maker fees -74 -40 ● Card commissions seasonally lower Q3 2024 Cards & Asset Securities & Other Q4 2024 Payments Management Corporate Finance © Swedbank 23
Slide 24: Net gains and losses on financial items
SEKm ● Solid FX sales and trading 222 923 ● Large positive revaluation from funding related swaps in Q3 107 ● Positive revaluations of equity 58 -9 investments 545 Client trading Bond inventories Funding Liquidity Other Total NGL, (Treasury) portfolio Q4 © Swedbank 24
Slide 25: Other income
QoQ -21% SEKm ● Net insurance income -309 decreased mainly due to less positive revaluation effects 1 461 QoQ in Baltic Banking ● Associates decreased -142 76 1 152 – One-off credit impairment -244 adjustment in Entercard in Q3 of SEK 120m Q3 2024 Net insurance Associates Other Q4 2024 © Swedbank 25
Slide 26: Expenses and cost guidance
QoQ +13% SEKm ● Q4 seasonally higher Expenses C/I ratio ● FY 2024 costs ended at SEK 25.4bn 6 740 – According to guidance, where 6 411 6 465 6 185 FX impact was SEK 240m 5 986 5 562 0.36 ● 2025 cost guidance of 0.34 0.34 0.35 SEK 26.5bn, based on 2024 year-end FX rates 0.31 0.30 Q3 2023 Q4 2023 Q1 2
Slide 27: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 27
Slide 28: Credit impairments
SEKm ● FY credit impairments of SEK -268m equals an 353 impairment ratio of -1bps -146 ● Remaining post model -56 adjustment buffer of -212 SEK 720m in Q4 -333 -394 ● Property management (CRE) Macro Rating & stage Post model Individual Other, incl. Total credit – Stable debt service tolerance scenar
Slide 29: Property management debt service tolerance
● Well functioning financing Q3 2024 disclosures, per cent market 8.4% 8.3% 8.6% 8.5% 7.4% 7.8% 8.0% ● Muted transaction market 7.2% ● Future macro impacting Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q3 2024 disclosures (Q2 2024) Interest Coverage Ratio (ICR)2) 2.4x (2.4x) − Interest rate cost
Slide 30: Commercial real estate exposure
● Focus on strong cash flows Q4 2024, per cent Q4 2024, SEK 243bn in total and collateral ● Continuous dialogue with customers 81 11% ● Average LTV SEK 306bn 79% 103 10% − Property management, 22 53 per cent 37 • Non-residential, 52 per cent Sweden Residential • Residential, 54 per cent Baltics Comm
Slide 31: Property management loans by country
Sweden Sweden Estonia Estonia SEK Latvia SEK Latvia 89bn Lithuania 217bn Lithuania Norway Norway Finland Finland Loans carrying Loans carrying amount, SEKbn 89.4 81.3 0.6 0.4 0.1 0.2 6.9 amount, SEKbn 216.9 161.9 14.7 4.1 11.2 19.6 5.3 Average loan-to- Average loan-to- value 54% 54% n.a. n.a. n.a. n
Slide 32: Loans by stage
Q4 2023 – Q4 2024, SEKbn Q4 2023 – Q4 2024, SEKbn 1 789 1 798 1 805 1 803 1 806 7.1 7.2 6.5 6.8 6.2 100% 100% 8 10 10 11 12 192 187 170 173 167 2.0 2.3 2.0 2.4 80% 2.4 90% 80% 60% 3.5 3.5 3.1 40% 3.1 2.7 70% 1 590 1 601 1 625 1 619 1 627 60% 20% 1.6 1.4 1.4 1.3 1.2 50% 0% Q4 2023 Q1 2024 Q2 2024 Q3
Slide 33: Corporate lending by sector and stage
Agriculture, forestry, fishing 3.3% Manufacturing 2.4% ● Corporate lending declined by Public sector and utilities 2.5% SEK 8bn in Sweden and Construction 1.1% increased by SEK 6bn in Baltic Retail and wholesale 2.4% banking including FX Transportation 0.7% Shipping and offshore 0.3% Hotels and rest
Slide 34: Swedish mortgage market and underwriting criteria
● Full recourse (very limited debt forgiveness possibilities) Swedbank’s underwriting criteria ● No securitisation (on balance sheet), no sub-prime market, no 3rd – Minimum 15% own equity (LTV cap of 85%). party origination – In the repayment ability calculation, the interest rate used is the higher
Slide 35: Private mortgage LTV and past dues
Q4 2024, private mortgage loans, SEKbn 20 16 97% of portfolio below 70% LTV ● Average loan-to-value of 12 56 per cent 8 4 0 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97 100 LTV per cent 2004 - 2024, per cent and SEKm of private mortgage loans in Swe
Slide 36: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 36
Slide 37: Capital requirements and buffer
15.2% 19.8% 1.8% 2.6% 19.6% 24.0% 11.2% ● CET1 capital ratio buffer ~460bps1) ~460bps buffer ● 100-300bps capital buffer Pillar 2 Guidance range targeting 200bps 4.9 Leverage ratio req. & P2G ● REA increased by SEK 14bn to 0.5 (3.5%) Capital Conservation Buffer SEK 871.9bn 5.1 2.5 0.5 Automatic MDA
Slide 38: MREL requirements and eligible liabilities
49.2% ● The National Debt Office MREL Eligible liabilities decision for 2024 11.1% - MREL 28.4% (buffer of 12.5%) 36.7% - Subordination requirement 21.3% (buffer of 8.5%) Market Subordinated eligible Confidence 7.0% 14.1% liabilities ● CBR to be met with own funds Charge at all times (in addition to
Slide 39: Regulatory developments and Basel 4
● New guidelines to be fully ● The SFSA has imposed an add- ● Includes amendments to the phased in by end of 2021 on related to the ongoing review frameworks for calculating according to EBA decision of IRB models in the Pillar 2 credit risk, CVA, market risk and requirement, as part of its SREP ope
Slide 40: Risk exposure amount development
SEKbn ● REA increased by SEK 14bn ● Annual recalculation of operational risk 15.9 871.9 857.8 6.3 - 0.6 - 3.2 ● Next quarter, limited negative - 4.4 impact from Basel 4 Q3 2024 Credit risk Article 3 Article 458 Market & CVA Operational Q4 2024 (RW floor) risk risk © Swedbank 40
Slide 41: CET1 capital ratio development
● CET1 capital ratio of 19.8 per cent 20.4% ~460bps 0.1% 19.8% ● 100-300bps capital buffer buffer -0.3% -0.4% range targeting 200bps 15.2% Q3 2024 Profit after Operational risk Credit & Market Q4 2024 CET1 capital anticipated risk, Other requirement dividend © Swedbank 41
Slide 42: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 42
Slide 43: Liquidity reserve, LCR and NSFR
201% Liquidity Coverage Ratio Q4 2024, SEKbn Q4 2024, SEKbn 4 37 10 88 127% 3 Net Stable Funding Ratio 321 311 233 173 >2Y 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 44: Balance sheet composition
SEKbn Assets SEKbn Liabilities SEKbn Liabilities (comparison) CET1 2 000 2 000 AT1 + Tier 2 Senior non-preferred debt Lithuania Senior preferred debt Latvia Estonia 1 500 1 500 Other corporate lending, Sweden & other Nordic countries Deposits 1 000 1 000 Other private, Sweden Swedish 500 mortgage lo
Slide 45: Deposits and loan-to-deposit ratio
Transaction accounts On-demand savings Q4 2024, SEKbn Q4 2024, SEKbn Term savings Private Sweden Private Baltic banking Corporate Sweden Corporate Baltic banking +40% 471 477 372 369 60 52 269 1 259 1 298 1 230 1 285 231 19 10 1 131 64 52 50 28 48 920 954 303 316 17 165 152 305 307 22 32 164 177 109
Slide 46: Funding profile and maturities
SEKbn 1400 Strong funding profile ● LCR 201% Outstanding volumes 1200 Q4 2023 Q4 2024 ● NSFR 127% 1000 800 ● Issued SEK 145bn1) of long- 600 term funding 2024 400 200 0 Covered Senior SNP Short-term Deposits bonds preferred programmes SEKbn Issued, long-term debt SEKbn Maturity profile LT-funding SE
Slide 47: Credit ratings
● On 20 September 2024, S&P revised the outlook on Swedbank AB to positive from stable and affirmed the 'A+/A-1' long and short-term issuer credit ratings on Swedbank and its core subsidiary Swedbank Mortgage AB. The positive outlook is a reflection that while residual risks remain for the bank, pro
Slide 48: Funding programmes and formats
● Senior preferred, senior non-preferred and covered bond format ● Major / opportunistic currencies ● Bullet format, FRN or Fixed ● EUR 20m equivalent minimum size ● Listing is optional ● Program formats available: – Senior unsecured debt (preferred/non-preferred): GMTN, potentially USD 144a format,
Slide 49: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 49
Slide 50: Cover pool overview
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Rating, S&P / Moody’s AAA / Aaa Repayment structure 7 Total pool size SEK 1 108.7bn – Amortising 77% Geographic distribution Sweden 100% – Interest only 23% Current OC-level 214% Weighted average seaso
Slide 51: Cover pool loan types and geographic distribution
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Type of loans 31 Dec Geographical distribution, Sweden, per cent 31 Dec (based on loan volume) 2024 (based on loan volume) 2024 Residentials 92,3 North 6.8 of which Single-family housing 56,8 Norrbotte
Slide 52: Weighted average LTV on property level
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation ● Weighted average LTV on property level 52% (www.coveredbondlabel.com ) LTV distribution per property1 LTV distribution by volume1, 2 30% 30% 25% 25% 20% 20% 15% 15% 10% 10% 5% 5% 0% 0% 00-10 10-20 20-30 30-40 40-50 50-60 60-70
Slide 53: WA LTV per property type
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) WA LTV per property type1 Percentage of the pool Average LTV per loan type 120% 120% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% Substitute Single-family Tenant Tenant Multi-family Commercial Fores
Slide 54: Over-collateralisation
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) ● Current OC-level of 214% 240% Q4 2024 220% Q4 2023 ● 2% legal minimum requirement 200% Min req. 2% ● Can withstand a severe house 180% price drop and still be able to Over-collateralisation 160% issu
Slide 55: Swedish Covered Bond Act
● The Covered Bond Act entered into force on July 1, 2004, with most recent amendments effective as per July 8, 2022, and is over-sighted by the Swedish FSA. Its main characteristics are: − Dual recourse to the issuer and cover pool − Dynamic, regulated pool of assets, frequently monitored by the Sw
Slide 56: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 56
Slide 57: Swedish economy key indicators
Key economic indicators1, 2023-2026 Most recent 2023 2024F 2025F 2026F Real GDP (calendar adjusted) 0.7 (Q3) -0.1 0.6 2.3 2.8 • Kingdom of Sweden rated CPI growth, average CPIF growth, average 0.8 (Dec) 1.5 (Dec) 8.6 6.0 2.8 1.9 0.6 2.1 1.5 1.9 Aaa/AAA/AAA Unemployment rate (15-74), % of labor force
Slide 58: Inflation, krona, lending growth and interest rates
Inflation trending down Weaker krona Headline inflation (CPI) and with fixed interest rate (CPIF) Krona (SEK), US dollar (USD), euro (EUR) and trade-weighted 14 index (KIX) 12 135 12 4 10 130 3 11 8 6 2 125 10 4 1 120 2 0 9 0 115 -2 -1 8 110 2020 2021 2023 2024 2020 2021 2022 2023 2024 CPI, mom% , r
Slide 59: Baltic economy key indicators
Key economic indicators1, 2023-2026 Most recent 2023 2024F 2025F 2026F Real GDP Estonia -0.7 (Q3) -3.0 -0.8 1.5 2.5 Latvia -1.6 (Q3) 1.7 -0.3 2.4 2.8 Ratings CPI growth, annual rate Lithuania Estonia 2.4 (Q3) 3.9 (Dec) 0.3 9.2 2.4 3.7 3.0 4.3 2.5 3.5 • Republic of Estonia: A1/AA-/A+ Latvia 3.2 (Dec)
Slide 60: Baltic economic sentiment
Economic sentiment Confidence indicators, sa, index represents deviations from long term average (=0) Estonia Latvia Lithuania 27 20 20 20 30 17 20 10 10 10 20 7 10 0 0 10 0 -3 0 0 -10 -10 -13 -10 -10 -10 -20 -20 -23 -20 -20 -20 -30 -30 -33 -30 -30 -30 -43 -40 -40 -40 -50 -40 -53 -40 -50 -50 Dec-21
Slide 61: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 61
Slide 62: Swedish housing price developments
Price developments flats and single-family homes Valueguard index (2005 Jan = 100) 350 300 250 200 150 100 Annual growth rates (in percent) 24 2009 2010 2011 2012 2013 2014 2015 2016 2017 Composite 2018 Flats 2019 Houses 2020 2021 2022 2023 2024 14 4 -6 -16 2009 2010 2011 2012 2013 2014 2015 2016 20
Slide 63: Housing prices and transactions
● Seasonally adjusted prices increased in December 2024, in particular for single family homes ● Housing market transactions are trending up Housing market transactions Housing prices Housing Turnover Seasonally adjusted housing prices: Dec 2022 - Dec 2024 Number of transaction, ∆ rolling 12m averag
Slide 64: Household mortgage borrowing and debt service
● Household mortgage borrowing gradually increases ● Household debt service in 2023 highest since 2008 Mortgage loan growth, housing prices and interest rate Household interest expenses percent of disposable income percent index 18 8.0 320 16 7.0 300 14 6.0 280 12 5.0 4.0 260 10 3.0 8 240 2.0 6 220
Slide 65: Population growth and household balance sheets
● Population grows slows sharply, while completed housing rose in 2023 – New starts drop sharply in 2024 ● Households adjust indebtedness levels to higher rates Population growth slows Strong household balance sheets Completed housing and population growth, no. of persons and Household loans as perc
Slide 66: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality Capital considerations Liquidity and funding Cover pool data Swedish and Baltic economy Swedish housing and mortgage market 10. Appendix SE S&S fw © Swedbank 66
Slide 67: ESG ratings
As per Q4 ISS Corporate Rating C+ (Prime) MSCI ESG Rating AA Sustainalytics ESG Risk Rating 22.0 © Swedbank 67
Slide 68: Macro scenarios and probability weightings
31 December 2024 Positive scenario Baseline scenario Negative scenario 2024 2025 2026 2027 2024 2025 2026 2027 2024 2025 2026 2027 ● Probability weightings Sweden GDP (annual % change) 0.6 2.7 3.1 1.8 0.6 2.3 2.8 2.0 0.6 -3.7 -0.1 3.2 ● 66.6 per cent for 1 Unemployment (%) House prices (annual % cha
Slide 69: Stage 1, 2 and 3 loans definitions
Initial recognition, or no Significant increase in Evidence of impairment significant increase of credit risk credit risk Stage 3 loans Stage 1 loans Stage 2 loans Impairment amounting to Impairment amounting to lifetime expected credit lifetime expected credit losses Impairment amounting to losses
Slide 70: Funding programmes and limits
100% owned Program Limit Program Limit Long Term Long Term Global MTN USD 40bn Domestic Benchmark CB Unlimited*** USD Senior (144a / Reg.S) USD 15bn EMTN CB EUR 25bn AUD Senior** AUD 10bn Norwegian Benchmark CB Unlimited*** NSV (stand alone doc.) AUD Covered bonds** AUD 10bn Registered CB (stand alo
Slide 71: Long-term issuance since 2023
ISIN Product Tenor Currency Amount, mn Type Spread Value date Maturity date XS2572496623 SNP 5.5Y EUR 750 Fixed MS+135 January 11, 2023 July 11, 2028 XS2580715147 AT1 PNC5.5 USD 500 Fixed 7.625% February 23, 2023 (call) September 17, 2028 XS2607781882 CB 5.25Y EUR 1 000 Fixed MS+18 April 5, 2023 Jul
Slide 72: Investor relations contacts and financial calendar
Annie Ho Magnus Alvesson Mattias Danielsson Annual report 20 Feb 2025 Head of Investor Relations Equity & Credit Ratings Equity Annual General Meeting 26 Mar 2025 Mobile: +46 703 43 78 15 Mobile: +46 706 10 33 41 Mobile: +46 702 11 91 80 Q1 Interim report 29 Apr 2025 annie.ho@swedbank.com magnus.alv