Slide 1: Year-end result 2025
-year result 2025 S = mo) ¢ is] > J .<]
Slide 2: Macro outlook: global economy, Sweden and the Baltics
● Global economy more resilient than expected despite geopolitical tensions ● Swedish GDP growth above 2.5 per cent in 2026 ● Lithuania will continue its strong development in 2026 ● Growth in Estonia and Latvia picks up in 2026 © Swedbank 2
Slide 3: Ordinary and special dividend per share
© Swedbank 1) Ordinary dividend SEK 20.45 plus special dividend SEK 9.35 per share 3
Slide 4: Swedbank 15/27: grow business volumes, increase efficiency
Swedbank 15/27 Grow our Increase business our volumes efficiency Continue to deliver 15 per cent sustainable return on equity © Swedbank
Slide 5: Increased efficiency: more calls answered
● 30 per cent more calls answered in 2025 ● More than 80 per cent of all calls answered within 3 minutes ● Increased efficiency © Swedbank 5
Slide 6: Swedbank 15/27: grow business volumes, increase efficiency
Swedbank 15/27 Grow our Increase business our volumes efficiency Continue to deliver 15 per cent sustainable return on equity © Swedbank
Slide 7: Mortgage market shares and savings inflows
● Mortgage market shares doubled in own channels in 2025 - but not enough ● Savings net inflows in Swedbank Robur of SEK 11bn in Q4 ● Expanding our customer base in Premium and Private Banking © Swedbank 7
Slide 8: Strong growth in all our home markets
● Strong growth in all our home markets ● Market share in Sweden increased by 0.5 p.p. in 20251) ● Customer focus and increased efficiency ● Good start for SB1 Markets in Sweden 1) Market share data until November 2025 © Swedbank 8
Slide 9: Slide 9
Slide 10: Income statement summary
▲ ▲ Net interest income 10 775 10 819 0% 44 000 49 267 -11% Net commission income 4 249 4 117 3% 16 320 16 716 -2% Net gains and losses 982 847 16% 3 227 3 687 -12% Other income 1 334 1 322 1% 5 189 4 435 17% Total income 17 340 17 105 1% 68 736 74 104 -7% Total expenses 6 268 6 030 4% 24 532 25 376
Slide 11: Stabelo and Entercard consolidation impact
Net interest income 10 775 178 ● Stabelo fully consolidated as per 4 Net commission income 4 249 42 November and Entercard as per 1 Net gains and losses 982 -4 December 2025 Other income 1 334 11 ● Limited impact on RoE and C/I-ratio Total income 17 340 228 ● Loan volumes: Stabelo SEK 17bn, Total ex
Slide 12: Loan and deposit volumes
QoQ +2.9% QoQ +3.5% 2 8 44 1 585 1 532 +18 44 1 882 9 9 1 847 -9 1 829 Q3 2025 Private Corporate Stabelo & Q4 2025 Entercard QoQ +2.9% 297 4 5 306 Q3 2025 Sweden 1) Baltic Q4 excl. Stabelo & FX Q4 2025 Q3 2025 Private Corporate Q4 2025 Banking FX Entercard 1) Sweden including Swedish Banking, Premiu
Slide 13: Deposit and lending volume development
QoQ +0.3% QoQ -0.8% 869 862 +13 -2 -5 21 1 306 1 297 1 293 Q3 2025 Private Corporate Q4 2025 -7 -10 QoQ +4.8% 423 13 7 444 Q3 2025 Sweden1) Baltic Q4 excl. FX FX Q4 2025 Q3 2025 Private Corporate Q4 2025 Banking 1) Sweden including Swedish Banking, Premium and Private Banking, Corporates and Institu
Slide 14: Net interest income development
QoQ -0.4% ● Higher volumes partly mitigated -43 negative impact from lower interest rates 10 819 178 10 775 661 502 ● Lower funding cost partly offset by lower income from central bank placements -747 -638 ● FX SEK -52m Interest income Interest expense Q3 2025 Lending Deposit Cash with Wholesale Sta
Slide 15: Net commission income development
QoQ +3.2% ● Securities & corporate finance higher +132 due to year-end fees ● Asset management commissions 176 72 15 4 249 supported by stock market 4 117 -112 -18 performance – Fund net inflow, SEK 11bn – AuM growth of +3% ● Card commissions seasonally lower Q3 2025 Securities & Asset Cards & Insur
Slide 16: Net gains and losses on financial items
● Continued strong business activity ● Positive revaluations in Treasury ● Positive revaluations in equity 173 982 holdings 172 32 -33 638 Client Bond Funding Liquidity Equity Total NGL trading inventories (Treasury) portfolio holdings & Q4 2025 Other © Swedbank 16
Slide 17: Other income
QoQ +0.9% ● Lower net insurance due to higher +12 claims and negative revaluations 1 322 36 20 1 334 ● Higher results from partly owned companies (Associates) -10 -34 ● Other includes income from sold -44 services to savings banks Net insurance Q3 2025 Underlying Revaluations Associates Other Q4 202
Slide 18: Expenses: delivering on 2025 cost guidance
QoQ +3.9% ● Delivering on FY 2025 cost guidance – Full-year reported cost SEK 24.5bn Costs C/I ratio +238 – VAT recovery of SEK 963m in Q4 of 6 740 which SEK 125m for 2021 6 115 6 119 6 268 5 986 6 030 – Stabelo and Entercard Q4 costs SEK 180m – Endowment of EUR 10m for Lithuania 0.36 0.36 0.36 0.35
Slide 19: Cost guidance for 2026
● Cost guidance for 2026 of SEK 27.5bn (~3 per cent ) ~3% – Net of efficiencies, cost 0.8 27.5 headwinds, investments 1.5 1.6 26.7 24.5 25.1 – Based on current FX rates1) - 0.8 - 0.2 FY 2025 VAT Temp Stabelo & FY 2025 Stabelo & Pro forma Annual Cost 1) EUR/SEK: 10.60 cost recovery investments Enterc
Slide 20: Credit impairments and asset quality
354 355 433 ● Solid asset quality ● Total credit impairments of SEK 355m corresponds to an impairment 44 ratio of 7bps in Q4 -228 -62 ● Rating – downgrade of a few larger -186 corporate customers Macro Rating & stage Post model Individual Other, incl. Entercard, Total credit scenarios migrations adj
Slide 21: CET1 capital ratio and dividend proposal
● CET1 capital ratio of 17.8 per cent ● REA increased by SEK 31bn – Annual update of operational risks ~300bps ● Impact from Stabelo and Entercard of buffer1) 50bps 19.7% 0.3% -0.1% -0.2% -0.1% -0.5% 17.8% ● BoD dividend proposal to AGM; -1.1% – Ordinary dividend of SEK 20.45 per share 14.8% – Speci
Slide 22: A successful 2025 for Swedbank
● A successful 2025 for Swedbank ● Strong result: 15.2 per cent return on equity in 2025 ● Proposed dividend of SEK 29.80 per share ● Swedbank is well positioned for sustainable growth and profitability © Swedbank 22
Slide 23: Appendix
Appendix
Slide 24: Liquidity and funding
184% Liquidity Coverage Ratio Q4 2025, SEKbn Q4 2025, SEKbn 9 56 6 125% 93 7 Net Stable Funding Ratio 259 280 180 154 >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 Ext
Slide 25: Financial targets and capital policy
● 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