Swedbank Ab Class A · OMXSTO:SWED_A
Swedbank Ab Class A — Q1 2025 Earnings Presentation
70 slides from Swedbank Ab Class A's earnings presentation, Apr 29, 2025
Slide 1: Investor presentation Q1 2025
Slide 2: Forward-looking statements 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 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank
Slide 4: Earnings per share, return on equity, cost to income ratio
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 overview
~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 55 Savings centre 72
Slide 6: By providing guidance on your terms
• 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: No ongoing AML investigations from Swedish or Baltic authorities
● No ongoing AML investigations from Swedish or Baltic authorities ● Ongoing investigations by U.S. authorities – DoJ, SEC and DFS New York © Swedbank 7
Slide 8: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank
Slide 9: Green Advisory, Biodiversity, 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 10: 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 2030 Partnership
Slide 11: 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 12: Green assets and social assets
Social Green buildings assets Of which Other1) 41,9bn 0,5 0,0 4,4 0% Of which Property upgrade 2.2bn 2,0 1,2 3,7 Of which Mortgages, Sweden 50.2bn Green assets Of which Mortgages, Baltic banking 12.7bn 7,8 16% 18% Clean transportation 9,3 Renewable energy 7% Pollution prevention and control Sustaina
Slide 13: Continued growth in sustainable bonds
Continued growth in Q1 (+63% YoY) Outstanding sustainable bonds in Q1 2025 (~SEK 83bn) ● 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 XS2343563214 Green SNP EUR 1
Slide 14: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 14
Slide 15: Return on equity of 15.2 per cent
18,1 18,2 19,1 18,6 17,3 QoQ -7% TOTAL ● Return on equity of INCOME SEK 17.3bn 15.2 per cent Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 ● Cost/Income ratio 0.35 6,2 6,5 6,0 6,7 6,1 QoQ -9% ● Credit impairment ratio -3 bps TOTAL EXPENSES SEK 6.1bn ● CET1 capital ratio 19.7 per cent, buffer 450bps Q1 202
Slide 16: Net profit SEK 8.2bn
▲ ● Net profit SEK 8.2bn Net interest income 11 489 12 274 -6% Net commission income 4 052 4 285 -5% ● Cost/Income ratio 0.35 Net gains and losses 541 923 -41% ● Return on equity Other income 1 247 1 152 8% 15.2 per cent Total income 17 329 18 634 -7% Total expenses 6 115 6 740 -9% ● EPS SEK 7.26 Pr
Slide 17: Loans to customers development
QoQ -0.6% QoQ +0.5% SEKbn SEKbn 1 512 10 1 520 -2 +9 1 800 8 1 1 809 1 789 Q4 2024 Private Corporate Q1 2025 -20 QoQ +0.3% SEKbn 288 2 289 -1 1) Q4 2024 Sweden Baltic Banking Q1 excl. FX FX Q1 2025 Q4 2024 Private Corporate Q1 2025 1) Sweden including Swedish Banking, Premium and Private Banking, Co
Slide 18: Deposits development
QoQ -1.6% QoQ +0.8% SEKbn SEKbn 847 1 6 853 +6 Q4 2024 Private Corporate Q1 2025 1 281 7 1 287 1 261 -0 -26 QoQ -0.1% SEKbn 434 1 434 -1 Q4 2024 Sweden Baltic Banking Q1 excl. FX FX Q1 2025 Q4 2024 Private Corporate Q1 2025 1) Sweden including Swedish Banking, Premium and Private Banking, Corporates
Slide 19: Net interest income
QoQ -6.4% SEKm ● Lower customer rates, leading -785 to lower lending income and lower deposit expense 12 274 ● Lower wholesale funding costs 1 002 11 489 ● SEK -204m from FX and day 1 398 count effects -488 -2 697 Q4 2024 Lending Deposit Cash with Wholesale Q1 2025 income expense central banks & fun
Slide 20: Net commission income
QoQ -5.4% SEKm ● NCI lower mainly due to -233 seasonality and calendar effects 4 285 ● Card commissions decreased 43 25 4 052 and payments impacted by -208 -94 higher commission costs ● Asset management impacted by stock market performance and FX effects ● Increased insurance and service concept com
Slide 21: Net gains and losses
SEKm ● Solid fixed income and FX sales & trading 609 22 ● Larger negative revaluation 116 541 from funding and FX related swaps 10 ● Positive revaluation of equity -216 investments Client trading Bond inventories Funding Liquidity Other Total NGL (Treasury) portfolio Q1 2025 © Swedbank 21
Slide 22: Other income
QoQ +8.3% SEKm ● Underlying net insurance +95 income increase partly offset by revaluations 147 53 1 247 1 152 ● Higher results from partly -93 -12 owned companies +54 Net insurance Q4 2024 Underlying Revaluations Associates Other Q1 2025 insurance © Swedbank 22
Slide 23: Expenses
QoQ -9.3% SEKm ● Q1 seasonally lower Expenses C/I ratio -625 ● VAT recovery of SEK 205m ● Estonian endowment of 6 465 6 740 SEK 113m 6 185 6 115 5 986 ● Stable staff cost 0,36 0,35 0,35 0,34 0,31 ● Latvian bank tax base changed Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 from mortgage volumes to NII © S
Slide 24: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 24
Slide 25: Q1 credit impairments of SEK -141m
SEKm ● Q1 credit impairments of SEK -141m corresponds to an impairment ratio of -3bps 89 ● Remaining post model 29 17 adjustment buffer of SEK 715m -12 -265 -141 Macro Rating & stage Post model Individual Other, incl. Total credit scenarios migrations adjustment assessment repayments impairments, &
Slide 26: Well functioning financing market
● Well functioning financing Q4 2024 disclosures, per cent market 8,4% 8,3% 8,6% 8,5% 8,6% 7,8% 8,0% ● Muted transaction market 7,2% 7,4% ● Future macro impacting ● Operational performance in Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 focus – Vacancies Q4 2024 disclosures (Q3 2024) – Net-
Slide 27: Focus on strong cash flows and collateral
● Focus on strong cash flows Q1 2025, per cent Q1 2025, SEK 247bn in total and collateral ● Continuous dialogue with customers 84 10% ● Average LTV SEK 105 309bn 81% 9% − Property management, 21 53 per cent 38 − Non-residential, 52 per cent Sweden Residential − Residential, 54 per cent Baltics Comme
Slide 28: Commercial real estate exposure by country
Sweden Sweden Estonia Estonia SEK Latvia SEK Latvia 91bn Lithuania 219bn Lithuania Norway Norway Finland Finland Loans carrying Loans carrying amount, SEKbn4) 91.2 84.6 0.6 0.3 0.1 0.2 5.4 amount, SEKbn4) 219.0 165.8 14.2 3.9 10.5 19.8 4.7 Average loan-to- Average loan-to- value3) 54% 54% n.a.1) n.a
Slide 29: Loans by stage
Q1 2024 – Q1 2025, SEKbn Q1 2024 – Q1 2025, SEKbn 1 798 1 805 1 803 1 806 1 795 7.2 6.5 6.8 6.2 6.1 100% 10 10 11 12 11 100% 187 170 173 167 159 2,3 2,0 2,4 2,4 90% 80% 2,4 80% 60% 3,5 3,1 3,1 70% 1 601 1 625 1 619 1 627 1 625 40% 2,7 2,4 60% 20% 1,4 1,4 1,3 1,2 1,2 50% 0% Q1 2024 Q2 2024 Q3 2024 Q4
Slide 30: Corporate lending by sector and stage
Agriculture, forestry, fishing 3.3% Manufacturing 2.4% Public sector and utilities 2.5% Construction 1.1% Retail and wholesale 2.4% Transportation 0.7% Shipping and offshore 0.3% Hotels and restaurants 0.3% Information and communication 0.7% Finance and insurance 1.2% Residential properties 5.1% Com
Slide 31: Swedbank's 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 32: Average loan-to-value of 57 per cent
Q1 2025, private mortgage loans, SEKbn 20 16 97% of portfolio below 70% LTV ● Average loan-to-value of 12 57 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 – Q1 2025, per cent and SEKm of private mortgage loans in
Slide 33: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 33
Slide 34: CET1 capital ratio of 19.7%
15.2% 19.7% 1.8% 2.6% 19.6% 23.6% 11.4% ● CET1 capital ratio of 19.7% ● CET1 capital ratio buffer ~450bps buffer1) ~450bps1) 4,5 Pillar 2 Guidance ● 100-300bps capital buffer 0,5 range targeting 200bps 2,5 Leverage ratio req. & P2G 5,0 1,8 (3.5%) ● REA increased by SEK 5bn to 0,5 Automatic MDA Capit
Slide 35: MREL and combined buffer requirement
48.7 ● The National Debt Office MREL Eligible liabilities decision for 2025 10,4 - MREL 28.65% (buffer of 11.7%) 37.0 - Subordination requirement 21.58% (buffer of 8.4%) Market Subordinated eligible Confidence 7,1 liabilities ● The combined buffer Charge 14,7 requirement shall be met in addition to
Slide 36: Total REA increased by SEK 5bn
SEKbn ● Total REA increased by SEK 5bn +5 ● CRR 3 day-one impact 20,3 871,9 0,3 876,7 ● Credit risk reduced REA - 15,8 – Lending SEK 3bn – FX SEK -9bn – Improvement in asset quality and shorter loan maturities, SEK -10bn Q4 2024 CRR 3 effect Credit risk Other Q1 2025 © Swedbank 36
Slide 37: CET1 capital ratio of 19.7 per cent
● CET1 capital ratio of 19.7 per cent ~450bps buffer1) ● CET1 capital ratio buffer impact of -46bps from CRR 3 19,8% 0,4% 19,7% 0,3% -0,3% ● 100-300bps capital buffer -0,5% range targeting 200bps 15,2% Q4 2024 CRR 3 effect Profit after Credit risk Other Q1 2025 CET1 capital anticipated requirement d
Slide 38: Regulatory framework updates
● 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 39: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 39
Slide 40: LCR 173% NSFR 126%
173% Liquidity Coverage Ratio Q1 2025, SEKbn Q1 2025, SEKbn 6 9 124 106 126% 4 303 Net Stable Funding Ratio 359 166 >2Y 243 Survival horizon Cash and balances with central banks SEK EUR USD OTHER Sovereigns, central banks or multilateral development banks1 Municipalities or public service entities E
Slide 41: Balance sheet comparison
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 42: Deposits and loan-to-deposit ratio
Transaction accounts On-demand savings Q1 2025, SEKbn Q1 2025, SEKbn Term savings Private Sweden1) Private Baltic banking Corporate Sweden1) Corporate Baltic banking +40% 477 478 269 255 369 372 52 51 64 10 8 1 259 1 298 1 230 1 285 1 286 61 1 131 28 30 52 52 954 316 320 165 155 920 177 164 307 312
Slide 43: Strong funding profile
SEKbn 1400 Strong funding profile ● LCR 173% 1200 Outstanding volumes Q4 2024 Q1 2025 ● NSFR 126% 1000 800 ● Issued SEK 47bn of long-term 600 funding in Q1 400 200 0 Covered Senior SNP Short-term Deposits bonds preferred programmes SEKbn Issued, long-term debt SEKbn Maturity profile LT-funding SEKbn
Slide 44: Moody's upgraded Swedbank's ratings
● On April 10 2025, Moody's upgraded Swedbank’s ratings on long-term deposit, senior unsecured debt and long-term issuer ratings to Aa2 from Aa3. Furthermore, the bank's Baseline Credit Assessment (BCA) and Adjusted BCA were upgraded to a3 from baa1. The ratings reflect the bank's consistent work to
Slide 45: Senior preferred, senior non-preferred and covered bond format
● 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 46: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 46
Slide 47: 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 1 115.5bn – Amortising 77% Geographic distribution Sweden 100% – Interest only 23% Current OC-level 187% Weighted average seaso
Slide 48: 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 Mar Geographical distribution, Sweden, per cent 31 Mar (based on loan volume) 2025 (based on loan volume) 2025 Residentials 91.4 North 6.8 of which Single-family housing 56.1 Norrbotte
Slide 49: Weighted average LTV on property level 52%
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 50: 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 51: Over-collateralisation
Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) ● Current OC-level of 186% 240% Q4 2024 220% Q1 2025 ● 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 52: Swedish covered bond legislation
● 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 53: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 53
Slide 54: Kingdom of Sweden rated Aaa/AAA/AAA
Key economic indicators1, 2023-2026 Most recent 2023 2024 2025F 2026F Real GDP (calendar adjusted) 2.4 (Q4) 0.1 1.0 1.5 2.5 • Kingdom of Sweden rated CPI growth, average 0.5 (Mar) 8.6 2.9 0.5 1.4 Aaa/AAA/AAA CPIF growth, average 2.3 (Mar) 6.0 1.9 2.4 1.8 Unemployment rate (15-74), % of labor force 8
Slide 55: Inflation dampens, Krona strengthens significantly
Inflation dampens Krona strengthens significantly 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 2022 2023 2024 2025 2021 2022 2023 2024 2025
Slide 56: Baltic key economic indicators and ratings
Key economic indicators1, 2023-2026 Most recent 2023 2024 2025F 2026F Real GDP Estonia 1.2 (Q4) -3.0 -0.8 1.2 2.0 Latvia -0.4 (Q4) 1.7 -0.2 1.5 2.5 Ratings CPI growth, annual rate Lithuania Estonia 3.9 (Q4) 4.4 (Mar) 0.3 9.2 2.4 3.5 2.8 5.5 2.3 3.9 • Republic of Estonia: A1/AA-/A+ Latvia 3.3 (Mar) 8
Slide 57: 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 Apr-22
Slide 58: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 58
Slide 59: Overall housing prices decreased by 0.7 percent in April
Price developments flats and single-family homes Valueguard index (2005 Jan = 100) 350 300 250 200 150 100 Annual growth 2011rates (in2012 percent) 24 2010 2013 2014 2015 2016 2017 2018 Composite 2019 Flats 2020 Houses 2021 2022 2023 2024 2025 14 4 -6 -16 2010 2011 2012 2013 2014 2015 2016 2017 2018
Slide 60: Seasonally adjusted prices decreased in April 2025
● Seasonally adjusted prices decreased in April 2025 after picking up in March ● Housing market transactions rises but at a slower rate Housing market transactions Housing prices Housing Turnover Seasonally adjusted housing prices: Apr 2023 - Apr 2025 Number of transaction, ∆ rolling 12m average (Mo
Slide 61: Household mortgage borrowing gradually increases
● Household mortgage borrowing gradually increases ● Household debt service increase in 2024 – the highest since 1996 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
Slide 62: Population growth slows sharply
● Population growth slows sharply, as completed housing declined in 2024 – New starts dropped sharply in 2024 ● Household indebtedness levels decline Population growth slows Strong household balance sheets Completed housing and population growth, no. of persons and Household loans as percentage of a
Slide 63: Contents
Contents 1. This is Swedbank 2. Sustainability 3. Financial results 4. Asset quality 5. Capital considerations 6. Liquidity and funding 7. Cover pool data 8. Swedish and Baltic economy 9. Swedish housing and mortgage market 10. Appendix © Swedbank 63
Slide 64: NII sensitivity from 50 bps interest rate shift
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 65: ESG ratings
As per Q1 ISS Corporate Rating C+ (Prime) MSCI ESG Rating AA Sustainalytics ESG Risk Rating 22.4 © Swedbank 65
Slide 66: IFRS scenarios and probability weightings
IFRS 9 scenarios 31 March 2025 Positive scenario Baseline scenario Negative scenario ● Probability weightings 2025 2026 2027 2025 2026 2027 2025 2026 2027 Sweden ● 66.6 per cent for GDP (annual % change) 2.5 3.4 1.9 2.2 2.9 1.9 -2.0 -2.1 3.2 baseline scenario 1 Unemployment (%) 8.4 7.9 7.4 8.4 8.0 7
Slide 67: Stage 1, 2 and 3 loans
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 68: Funding programs 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 69: Long-term issuance table
ISIN Product Tenor Currency Amount, mn Type Spread Value date Maturity date ● The table excludes volumes issued on tap in the Swedish XS2759983385 AT1 PNC6.5 USD 650 Fixed 7.750% February 13, 2024 (call) September 17, 2030 domestic covered bond market* XS2783622561 SNP 144a 5Y USD 750 Fixed T+133 Ma
Slide 70: Investor relations contacts and financial calendar
Magnus Alvesson Mattias Danielsson Q2 Interim report 17 Jul 2025 Acting Head of Investor Relations Equity Q3 Interim report 23 Oct 2025 Mobile: +46 706 10 33 41 Mobile: +46 702 11 91 80 magnus.alvesson@swedbank.co mattias.danielsson@swedbank.se Peter Stenborn Carolina Malmström Debt Debt Mobile: +46