Svenska Handelsbanken Ab Class A · OMXSTO:SHB_A
Svenska Handelsbanken Ab Class A — Handelsbanken — Debt Investor Presentation (2026)
62 slides from Svenska Handelsbanken Ab Class A's debt investor presentation, 2026
Slide 1: Handelsbanken Debt investor presentation Q4 2025
Handelsbanken Debt investor presentation Q4 2025
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: 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 0.14 SEB Aa3 AA- AA 0.06 Swedbank Aa2 AA- AA Danske Bank A1 A+ AA- Handelsbanken Bank 2 Bank 5 Bank 4 Bank
Slide 5: Net credit losses
Net credit losses Credit loss ratio 1997 – 2025 Credit losses Q4 2023 – Q4 2025 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% 0.00% -0.01% -0.02% -0.02% -0.01% -0.01% 0.00% -0.0
Slide 6: Lending in home markets
Lending in home markets* Other lending to corporates and 100% households Commercial Average LTV 46% 229 Real Estate LTV>75% 0.3% 90% 14% 315 80% Residential Real Average LTV 48% 70% 355 Estate LTV>75% 0.1% 60% 16% 248 50% Housing co - Average LTV 28% operatives LTV>75% 0.0% 40% 11% 30% 1,108 20% Hou
Slide 7: Credit portfolio – geographical split
Credit portfolio – geographical split Lending to households Lending to corporates 100% 100% 57 90% 125 90% Handelsbanken 63 Netherlands 80% 80% Markets 70% Netherlands 70% Norway 60% 60% Corporates Norway SEK 1024 50% 50% UK Households bn UK SEK 1226 40% 40% 956 bn 30% Sweden, other Sweden other 30%
Slide 8: Credit portfolio - sectors
Credit portfolio - sectors Lending to the public: Property management Sweden: Property management abroad: SEK 2,307 bn SEK 332 bn SEK 368 bn 100% 100% 100% Other corporate lending Finland 90% Holding companies, insurance companies, … 90% 90% Retail and services 80% 80% 80% Manufacturing The Netherla
Slide 9: Balance Sheet & Liquidity
Contents Balance Sheet & Liquidity
Slide 10: 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 11: Long term assets funded by long term liabilities
Long term assets funded by long term liabilities Assets* Liabilities* 3,500 • Balance sheet structured to be resilient in 3,500 long-term stress Cash and balances at central banks Short term 3,000 Liabilities and issued 3,000 liabilities securities maturing • Long -term assets funded by stable long
Slide 12: Long term structural perspective - NSFR
Long term structural perspective - NSFR NSFR 119% 120% 119% Available Stable Funding 2025 SEK bn 110% 325 SEKbn Own funds (100% weight) 194 SEK bn Stabe retail deposits (95%) 401 SEK bn Less stable retail deposits (90%) 344 SEK bn Operational deposits (50%) 129 SEK bn 100% Other wholesale funding (5
Slide 13: 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 400 191 % LCR:s 375 SEK bn cushion 100% 200 • Balanced composition between significant
Slide 14: Diversified deposit base
Diversified deposit base* 800 600 1,400 600 1,200 140 232 1,000 400 SEK bn 419 400 575 160 800 SEK bn SEK bn 600 200 400 200 400 658 259 200 99 0 0 0 Total deposits Private Corporate On demand deposits Guaranteed Not guaranteed (excl retail/SME) On demand deposits On demand deposits retail/SME (excl
Slide 15: Latest interim results
Contents Latest interim results
Slide 16: Q4 2025
Q4 2025 • Growth in savings business • Growth in lending in the UK and the Netherlands • Income up and costs under control • 8th consecutive quarter with net credit loss reversals • Strong financial position • Proposed dividend SEK 17.50 per share 16
Slide 17: Financial summary
Financial summary Q4 2025 compared to previous quarter Key ratios : 40.7% Adjusted for C/I -ratio items affecting SEK m Q4 2025 Q3 2025 Change comparability* Net interest income 10,038 10,468 -4% -3% 0.00% Net credit loss ratio Net fee and commission income 3,118 2,979 5% 5% Total income 14,262 14,1
Slide 18: Home markets
Home markets Sweden United Kingdom 71% of Group operating profits 14% of Group operating profits Q4 2025 vs Q3 2025: Q4 2025 vs Q3 2025: Operating profit SEK 1.1bn Operating profit SEK 5.5bn Operating profit, qoq +3% Operating profit, qoq -4% C/I ratio 57.5% (58.7) C/I ratio 32.8% (30.7) Return on a
Slide 19: Net interest income development
Net interest income development Q4 2025 compared to previous quarter NII change : -4% SEK m 10,700 10,500 14 Contribution from: 10,300 -286 Volumes : +0% -points -53 Margins and 10,100 -85 -20 funding : -3% -points 10,468 9,900 10,038 9,700 9,500 Q3 2025 Volume in home Margins and Deposit Foreign Ot
Slide 20: Lending to the public
Lending to the public* Green mortgages Households Corporates Green & sustainability linked lending 1,250 1,100 1,200 1,050 1,000 1,150 950 1,100 900 1,050 850 1,000 800 950 750 900 700 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec 2025 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec
Slide 21: Deposits from the public
Deposits from the public* Households Corporates 700 700 650 650 600 600 550 550 500 500 450 450 400 400 350 350 300 300 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec 2025 31 Dec 2021 31 Dec 2022 31 Dec 2023 31 Dec 2024 31 Dec 2025 * Volumes at EOP in home markets: Sweden, Norway, UK and the
Slide 22: Net fee and commission income
Net fee and commission income SEK m 3,200 3,100 CAGR: +6% 3,000 2,900 2,800 3,118 3,067 2,700 2,600 2,800 2,500 2,400 Q4 2023 Q4 2024 Q4 2025 Savings related * (67% of net fee and commissions ) Other (33%) SEK m SEK m 2,500 2,500 CAGR: +7% 2,000 2,000 1,500 1,500 CAGR: +2% 1,000 2,076 2,100 1,000 1,
Slide 23: Expenses
Expenses Q4 2023 – Q4 2025 SEK m 4,000 -5% 3,587 3,500 3,000 2,500 2,000 -4% 1,781 1,500 1,000 480 500 0 -39 -500 Q124 Q124 Q124 Q124 Q125 Q125 Q125 Q125 Q424 Q424 Q424 Q424 Q224 Q224 Q224 Q224 Q425 Q425 Q425 Q425 Q225 Q225 Q225 Q225 Q324 Q423 Q324 Q423 Q324 Q423 Q324 Q423 Q325 Q325 Q325 Q325 Staff
Slide 24: Asset Quality
Contents Asset Quality Handelsbanken
Slide 25: Asset quality
Asset quality • Rating migrations SEK -4m • Better quality on new loans compared to exits SEK 11m • Other (incl. effects from change in loan durations and migrations to stage 3) SEK 10m Expected credit losses Credit losses Credit losses , net Stage 3, net SEK m SEK m SEK m -120 -100 Updated -2 macro
Slide 26: 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 27: Low LTVs in CRE & RRE portfolios
Low LTVs in CRE & RRE portfolios* Commercial real estate Residential real estate 140,000 200,000 42% 64% 180,000 120,000 160,000 100,000 140,000 28% 80,000 24% 120,000 100,000 60,000 80,000 24% 40,000 60,000 6% 20,000 40,000 6% 5% 20,000 Home 0 Home markets 0 markets Sweden Norway UK the Netherlands
Slide 28: 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 29: 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 179 68 15 17 280 42% Office, retail, hotel 91 54 70 18 232 35% Other real estate 12 0 8 37 58 9% Industry, logistics 18 19 9 1 47 7% Agriculture, forestry 1 1 0 - 2 0%
Slide 30: Capital
Contents Capital Handelsbanken
Slide 31: Strong financial position
Strong financial position CET1 ratio, Q4 2025 SEK bn 160 20% 17.6% 140 18% Long term target range 14.7% 16% 15.7 – 17.7% ▪ Solid asset quality 120 14% 100 ▪ Low funding and liquidity risk 12% 80 ▪ Strong liquidity buffer 10% 137 60 115 8% ▪ CET1 ratio 17.6%, within target range 6% 40 ▪ Proposed divi
Slide 32: Change in CET1-ratio from previous quarter
Change in CET1 -ratio from previous quarter CET1 -ratio REA % SEK bn 19.5 810 0.1 0.2 0.2 0.2 19.0 0.1 800 5 6 11 18.5 0.7 7 1.7 7 790 5 18.0 4 780 17.5 802 18.2 770 17.0 17.6 780 16.5 760 16.0 750 Q3 2025 Earnings for Volume Migrations Riskweight Operational Structural FX Anticipated Q4 2025 Q3 202
Slide 33: Total capital requirement and capital position
Total capital requirement* and capital position 180 160 T2 , 25.0 Requirement, SEKm Q425 Total 18,402 T1 13,021 140 AT1 , 9.1 T2 , 18.4 CET1 114,875 FI requirement, % of REA Q425 Target AT1 , 13.0 Total 18.8% > +1 %-point 120 T1 16.4% > +1 %-point CET1 14.7% 1-3 %-points above req 100 Actual, % of B
Slide 34: REA and buffer split
REA and buffer split REA CET1 capital requirement, % of Capital requirement based on: REA* SREP 2025: 14.7% CET1 16.0 Pillar 2G SEK mn P2G: 0.50% 900,000 MDA: Incudes all buffers excl. P2G CVA and market risks 0.5 MDA-line 14.0 MDA 14.2% 110,977 SEKmn 800,000 1.0 CRE -floors Pillar 2R (Conc. Norway
Slide 35: Buffer to Distribution Restrictions and Principal Loss Absorption
Buffer to Distribution Restrictions and Principal Loss Absorption MDA -lines – Q4 2025, excl. 0.5% P2G 25 25 25 CET1 capital Tier1 capital Total capital 20 20 20 3.2 1.2 1.2 2.4 15 15 1.7 15 1.0 2.0 10 2.5 10 10 17.6 17.6 17.6 15.9 4.2 14.2 5 5 5 4.5 0 0 0 Minimum capital req. Systemic risk buffer**
Slide 36: 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 T2 format Issue month Currency Amount (m) First potential call date SHBASS 4.625%, 10NC5 Aug 2022 GB
Slide 37: Funding
Contents Funding Handelsbanken
Slide 38: Highest credit rating globally
Highest 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 Bank 3 Bank 4 Aa2 Aa1 AA- AA- AA AA- Ratings confirmed Bank 5 Aa1 AA- AA- Bank 6 Aa2 AA- Bank 7 Aa2 AA- Bank 8 Aa2 A+
Slide 39: Market funding
Market funding Currency mix senior bonds* 100% Other 90% AUD , 13% 100% 100% 2% 80% 70% Norwegian EUR 90% 90% 60% cover pool EUR 79% Certificates in EUR 50% 58% 519 80% 42 80% Subordinated debt 40% 34 30% 70% 70% 20% USD USD Norwegian 10% 26% 21% cover pool 0% 60% Senior 60% in NOK Senior preferred
Slide 40: Long-term funding
Long -term funding Long-term bond issuance, SEK bn 2025 2024 Change Long-term bond issuance, SEK bn 2022 2023 2024 2025 Senior preferred 34 17 17 Senior preferred 44 56 17 34 Senior Non-Preferred 16 17 -1 Senior Non-Preferred 13 11 17 16 Covered bonds 100 121 -21 Covered bonds 131 163 121 100 Subord
Slide 41: Maturity profile senior long-term funding
Maturity profile senior long -term funding SEK bn SEK bn 70 10 60 50 40 5 30 20 10 0 0 2026 2027 2028 2029 2030- 2026 2027 2028 2029 2030- SP SNP SP Other SEK bn SEK bn 25 60 50 20 40 15 30 10 20 5 10 0 0 2026 2027 2028 2029 2030- 2026 2027 2028 2029 2030- SP USD SNP USD SP EUR SNP EUR 41
Slide 42: MREL-requirements and available funds
MREL -requirements and available funds Total MREL Subordinated MREL SEK bn 400 SEK bn 368 450 350 400 SP>1yr 300 120 350 274 250 CBR* 300 68 SNP>1yr 248 200 250 218 MCB** 77 SNP>1yr 56 200 CBR* 77 150 68 150 Leverage ratio x2 Own funds 100 2x 192 (T1+T2) 100 2x Leverage ratio x2 (P1 min+P2R) Own fun
Slide 43: Non-encumbered assets
Non-encumbered assets 31 December 2025 Accumulated coverage ratio in SEK bn NEA % of unsecured funding* Holdings with central banks and securities in the liquidity portfolio 675 81% Mortgage loans 827 180% Other household lending 125 194% Property company lending lowest risk class (1-3) 254 225% Oth
Slide 44: Stadshypotek & Housing markets
Contents Stadshypotek & Housing markets
Slide 45: Mortgage growth picking up
Mortgage growth picking up 45
Slide 46: Swedish mortgage business
Swedish mortgage business Mortgage lending in Sweden 2011 -2025 Accumulated net new lending 2010 -2025 Handelsbanken 1,000 400 900 350 800 300 # 2 -6 700 250 200 600 150 500 100 400 50 300 0 2010 2012 2014 2016 2018 2020 2022 2024 200 2011 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Stable contributio
Slide 47: Swedish retail mortgage portfolio
Swedish retail mortgage portfolio LTV & Debt -to-income Misc. facts 70.0 3.40 Debt - Interest - Stressed interest service -ratio* service -ratio rate 3.35 65.0 3.30 2025Q4 2023Q4 2025Q4 2023Q4 2025Q4 2023Q4 13.5% 16.3% 8.7% 11.4% 6.0% 7.0% 60.0 3.25 3.20 55.0 3.15 Interest payments 50.0 3.10 Float/f
Slide 48: Stadshypotek – Swedish cover pool
Stadshypotek – Swedish cover pool Current available pool size SEK 1316bn (EUR 122bn) Assets utilized SEK 653bn (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 49: Housing market: Signs of recovery
Housing market: Signs of recovery 49
Slide 50: Transaction activity at decent levels
Transaction activity at decent levels 50
Slide 51: Elevated supply of unsold flats
Elevated supply of unsold flats 51
Slide 52: Stadshypotek – Norwegian cover pool
Stadshypotek – Norwegian cover pool Current available pool size NOK 136bn (EUR 11bn) Interest index distribution Assets utilized NOK 75bn (EUR 6bn) Floating rate (<1 year fixing) 92% Fixed rate (>1 year fixing) 8% Asset types Loans secured by mortgages Outstanding issues of covered bonds Domestic be
Slide 53: Signs of price pressure in Norwegian market
Signs of price pressure in Norwegian market 53
Slide 54: Transaction activity trending upwards – as well as supply
Transaction activity trending upwards – as well as supply 54
Slide 55: 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 594 653 1,316 54.6 110 Property values -40% 594 653 1,099 64.6 110 Norwegian pool Liabilities Used assets Available assets WA max -LTV OC (NOKbn ) (NOKb
Slide 56: Sustainability
Contents Sustainability Handelsbanken
Slide 57: 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 58: Green and sustainability linked loans
Green and sustainability linked loans Green lending: 27% growth rate 2025Q4 vs 2024Q4 SEK mn 160,000 Green, social and sustainability -linked loans as 140,000 per Q4 2025 (Q4 2024): 120,000 • 12.1%of the sum of total loans and undrawn 100,000 revolving credit facility commitments (9.8%) 80,000 • Gre
Slide 59: 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 60: Summary and highlights of the updated 2025 Framework
Summary and highlights of the updated 2025 Framework Key highlights No major updates compared to the previous Framework • New Framework is aligned with ICMA’s Green Bond Principles (2025 edition) • Additional consideration has been given to the EU Taxonomy’s technical screening criteria • The Framew
Slide 61: 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 62: 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