Skandinaviska Enskilda Banken Ab Class A · OMXSTO:SEB_A
Skandinaviska Enskilda Banken Ab Class A — Q2 2026 Earnings Presentation
70 slides from Skandinaviska Enskilda Banken Ab Class A's earnings presentation, Jul 15, 2026
Slide 1: Q2 2026 Investor presentation
Q2 2026 Investor presentation 1
Slide 2: Content
Content 1. SEB in brief 2. Financial update Q2 2026 3. Credit portfolio & asset quality 4. Capital 5. Liquidity & funding 6. Strategy and sustainability 7. Macroeconomic environment 8. Appendix 2
Slide 3: 1. SEB in brief
1. SEB in brief SIEIB
Slide 4: SEB at a glance
SEB in brief SEB at a glance Leading market Leading northern European corporate bank with international reach, founded in 1856, and positions strong retail franchise in Sweden and the Baltics. Strong operating Operating in economically strong markets , with high proportion of international large cor
Slide 5: Leading northern European corporate bank with strong retail franchise in Sweden and the Baltics
SEB in brief Leading northern European corporate bank with strong retail franchise in Sweden and the Baltics Key figures YTD 2026 2025 202 4 Return on equity 14.3% 13.8% 16.2% CET1 capital ratio 17.2% 17.7% 17.6% Cost/income ratio 0.41 0.42 0.38 Net expected credit loss level 6bps 5bps 3bps Credit r
Slide 6: A well-balanced credit portfolio and diversified income mix compared to peers
SEB in brief A well-balanced credit portfolio and diversified income mix compared to peers Lending by sector Operating income by type 75% 61% 64% 54% 34% 23% 14% 7% SEB Nordea Swedbank SHB SEB Nordea Swedbank SHB Corporates Institutions Net interest income Net fee & commission income Real estate man
Slide 7: Increasing share of investment grade companies in SEB's corporate credit portfolio
SEB in brief Increasing share of investment grade companies in SEB’s corporate credit portfolio Risk distribution for SEB’s non-retail corporate portfolio Probability of External Rating Category Default (PD) range equivalent 1 Investment grade 0.0 - 0.4% AAA - BBB Non-investment grade 0.4 - 1.1% BB
Slide 8: Robust asset quality resulting in low credit losses over time
SEB in brief Robust asset quality resulting in low credit losses over time Credit loss level 0,92% • Average annual credit loss level of 0.12% since 2007 • Excluding losses in the Baltics in 2009, average annual credit loss level of 0.09% since 2007 0,30% 0,26% 0,15% 0,11% 0,10% 0,08% 0,09% 0,09% 0,
Slide 9: Strong capital generation
SEB in brief Strong capital generation Return on risk exposure amount 4,3% 3,7% 3,9% 3,4% 3,0% 3,2% 3,2% 3,2% 2,7% 2,6% 2,7% 2,5% Average 2,0% 2,1% 1,9% 1,8% 2.5% 1,6% 1,2% 0,9% 0,2% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 Note: net pro
Slide 10: SEB Group financial targets
SEB in brief SEB Group financial targets Return on equity ~50% 1– 3 percentage points competitive with peers Dividend payout ratio of EPS CET1 ratio above requirement Long-term aspiration 15% Share repurchases will be the main form of capital distribution when SEB’s capital is in excess of the targe
Slide 11: Financial performance relative peers
SEB in brief Financial performance relative peers SEB Nordic peer average European peer average Cost efficiency Asset quality Cost/income: 2011 -2025, excl. unusual items Cost of risk: 2011 -2025 70% 1,0% SEB 50% 42% SEB 30% 0.05% 0,0% 2011 2013 2015 2017 2019 2021 2023 2025 2011 2013 2015 2017 2019
Slide 12: Feedback from our customers
Feedback from our customers Nordics Peers in Sweden Sweden All banks 3 Large Corporates Prospera Financial Institutions Prospera Sustainability Advisor Prospera Mid Corporate Prospera 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 1 1 1 1 2 3 1 1 1 1 1 1 1 1 1 1 2021 2025 2021 2025 2021 2025 2021 2026 Corp
Slide 13: 2. Financial update Q2 2026
2. Financial update Q2 2026 13
Slide 14: Highlights in Q2 2026
Highlights in Q2 2026 Return on equity 15.7% Cost income ratio 0.40 • Positive operating jaws – strong business momentum and continued cost discipline CET1 ratio 17.2% • New high for net fee and commission income – increased client activity Capital buffer • Accelerated corporate lending growth 250bp
Slide 15: Recent events
Recent events Assets under management SEB ranked #3 most Nordic alliance for European surpasses SEK 3,000bn appreciated foreign bank in competitiveness Germany 1 3 5 7 8 4 streams: capital markets, deep tech, defence and energy 2023 2024 2025 2026 1 Ra nking by Der Treasurer, Finance Banken -Survey
Slide 16: Business pulse
Business pulse Corporate & Investment Banking Investment Banking Business & Retail Banking franchise strength Swedish household lending growth 2 • Broad-based corporate credit demand with +5% loan growth quarter -on-quarter • High capital markets activity, #1 in ECM league tables 1 Lending growth (S
Slide 17: Development of credit exposure and lending
Development of credit exposure and lending QoQ YoY Credit exposure by sector Lending by sector FX -adjusted lending by division SEK bn QoQ YoY QoQ YoY Corporates (FX - 4% 2% 4% adjusted) 3% 3% 5% 2% 1% 0% Corporates 4% 3% 0% Corporate & Business & Investment Banking Retail Banking 1% 1% Households 1
Slide 18: Maintaining focus on operating jaws
Maintaining focus on operating jaws Average quarterly income Average quarterly expenses Average quarterly profit before credit losses and imposed levies 19,2 11,4 9,4 7,8 5,9 3,5 2011 2016 2021 Jan-Jun 2011 2016 2021 Jan -Jun 2011 2016 2021 Jan -Jun 2026 2026 2026 Note: Excluding items affecting com
Slide 19: Financial summary Q2 2026
Financial summary Q2 2026 SEK m Q2 2026 Q1 2026 Q2 2025 Net interest income 10,687 10,242 4% 10,622 1% Net fee and commission income 7,194 6,410 12% 6,685 8% Net financial income 2,421 1,699 43% 2,188 11% RoE 15.7% Operating income 20,055 18,406 9% 19,559 3% Operating expenses 8,014 7,616 5% 7,982 0
Slide 20: Financial summary Jan-Jun 2026
Financial summary Jan-Jun 2026 SEK m H1 2026 H1 2025 Net interest income 20,929 21,467 -3% Net fee and commission income 13,603 13,390 2% RoE 14.3% Net financial income 4,119 4,556 -10% Operating income 38,461 39,381 -2% C/I Operating expenses 15,630 16,223 -4% 0.41 Profit before ECL and imposed lev
Slide 21: Net interest income development
Net interest income development Net interest income (SEK bn) Net interest income (SEK m) Jan -Jun 2025 vs Jan -Jun 2026 Q1 2026 – Q2 2026 -3% 21,5 20,9 Jan-Jun 2025 Jan-Jun 2026 21
Slide 22: Net fee and commission income development
Net fee and commission income development Net fee and commission income (SEK bn) Net fee and commission income by income type (SEK bn) Jan -Jun 2025 vs Jan -Jun 2026 Q2 2024 – Q2 2026 YoY QoQ Net securities commissions (custody, mutual funds, brokerage) +2% 2,7 2,8 3,3 +17% +18% 13,4 13,6 Q2-24 Q2-2
Slide 23: Net financial income development
Net financial income development Net financial income (SEK bn) Net financial income development (SEK bn) Jan -Jun 2025 vs Jan -Jun 2026 Q2 2025 – Q2 2026 . Mean and standard deviation (SD) based on proforma last 12 quarters excluding strategic shares -10% NFI Divisions NFI Other 2,4 +1 SD 2,2 2.4 0,
Slide 24: Development of CET1 capital buffer quarter-on-quarter
Development of CET1 capital buffer quarter-on-quarter Buffer above regulatory requirement, bps 43 290 -12 -44 250 -10 Target buffer 100 – 300bps -16 2 31 Mar 2026 Profit net 1 Share REA asset size REA FX REA models & other 30 Jun 2026 buyback 1 Profit net of dividend. 2 Net effect from Art 3 add-on
Slide 25: AI use case evaluation
AI use case evaluation Factors affecting model choice and task suitability Privacy & security Task complexity Iteration model 1 Where is the data allowed to go? 2 How hard is the work? 3 Who reviews and passes the work? Cloud API On-prem / Sferical Simple lookup Multi-step reasoning Human-in-the-loo
Slide 26: 3. Credit portfolio & asset quality
3. Credit portfolio & asset quality 26
Slide 27: Well balanced credit portfolio with robust asset quality
Credit portfolio and assetquality Well balanced credit portfolio with robust asset quality Corporate franchise growth strategy has driven credit portfolio development in past decade Robust asset quality resulting in low credit losses SEK bn Corporates Households 0,4% 2 000 Housing co-ops Residential
Slide 28: Corporate portfolio focused on large corporates, diversified across industries
Credit portfolio and assetquality SEK Corporate portfolio focused on large corporates, 3,176bn 56% diversified across industries Focus on large corporates Industry diversification and low on -balance sheet exposure Corporate exposure by division (excludes real estate) Share of credit portfolio exclu
Slide 29: Conservative approach to real estate lending
Credit portfolio and assetquality SEK Conservative approach to real estate lending 3,176bn 12% Real estate exposure mainly in Sweden and other Nordics Closely monitored credit growth 4% SEK bn Commercial real estate Residential real estate 8% Sweden Other Nordic countries 200 16% SEK 391bn Baltics 1
Slide 30: Real estate portfolio remains resilient
Credit portfolio and assetquality SEK Real estate portfolio remains resilient 3,176bn 12% Slight decrease in stage 3 real estate volumes % of real estate loans in Stage 2 and Stage 3 Stage 2 Stage 3 0,1% 0,2% 0,2% 0,3% 0,2% 0,1% 0,0% 3,6% 3,0% 2,3% 2,1% 2,1% 1,3% 1,4% Dec Dec Dec Dec Dec Mar Jun '21
Slide 31: Swedish household mortgage portfolio of high asset quality and based on affordability
Credit portfolio and assetquality 21% 1 SEK Swedish householdmortgage portfolio of high 3,176bn asset quality and based on affordability Swedish householdmortgage lending Low LTVs by global and regional Solid market fundamentals and underwriting Lending growth vs total market ,SEK bn standards crite
Slide 32: SEB's exposure to private credit is limited
Credit portfolio and assetquality SEB ’s exposure to private credit is limited Credit exposure , 30 Jun 2026 , SEK bn • SEB has long -term relationships with leading private equity companies in 3 176 home markets • Private capital defined as private equity and private credit companies/funds • Minima
Slide 33: Continued robust credit quality
Credit portfolio and assetquality Continuedrobust credit quality Stage 2 and 3 gross carrying amounts ECL allowances by stage and Stage 3 coverage ratio Total ECL allowances and portfolio model overlays SEK bn SEK bn SEK bn Stage 2 exposure Stage 3 exposure Stage 3 ECJ Portfolio Stage 2 Stage 1 60%
Slide 34: Macroeconomic scenarios used in Q2 2026
Credit portfolio and assetquality Macroeconomicscenarios used in Q2 2026 Three scenarios for ECL modelling GDP growth assumptions Q2 2026 (Q1 2026) Positive scenario: Base scenario: Negative scenario: 15% probability (20%) 55% probability (55%) 30% probability (25%) 4,0% 3,6% 4,0% Probability -weigh
Slide 35: Lending portfolio more sector-diverse than competitors'
Credit portfolio and assetquality Lending portfolio more sector-diverse than competitors’ Lending portfolio by industry 1 Q4 2025, total lending excl. banks, reversed repos and collateral margin 100% Mining and quarrying Hotels and restaurants Public Administration 80% Construction Other Agriculture
Slide 36: 4. Capital
4. Capital SIEIB
Slide 37: Strong capital position
Capital Strong capital position CET1 capital ratio Total capital ratio % % 100 -300bps 250bps CET1 capital buffer target 21.3 T2 2,2 18.8 P2G 17.2% 17.2 1,9 0,5 AT1 2,5 Capital conservation CET1 capital ratio implying 250bps 14.6 0,5 1,6 buffer buffer above regulatory requirement Countercyclical buf
Slide 38: Development of CET1 capital buffer and REA
Capital Development of CET1 capital buffer and REA CET1 capital buffer, Q -on-Q REA, Q-on-Q Buffer above regulatory requirement, bps SEK bn - 12 43 - 44 26 6 10 -5 1049 - 10 1011 - 16 290 250 1 31 Mar Profit net 1 Share REA asset REA FX REA model 30 Jun 2026 31 Mar 2026 Asset size FX Model updates O
Slide 39: Capital buffer to cover FX and interest rate sensitivities and general macro uncertainties
Capital Capital buffer to cover FX and interest rate sensitivities and general macro uncertainties Sensitivity to currency fluctuations Sensitivity of Swedish pension surplus As per 30 Jun 2026 to interest rates SEK EUR USD NOK Pension liabilities DKK GBP Other Impact of ±5% SEK vs. other 70 Surplus
Slide 40: 5. Liquidity & funding
5. Liquidity & funding SIEIB
Slide 41: Strong credit ratings
Liquidity and funding Strong credit ratings • Fitch upgraded rating to AA+ in May 2026 and “Stand -alone affirmed rating and stable Rating institute Short term Long term Outlook rating” outlook in June 2026 Fitch F1+ Aa- AA+ Stable • Moody’s affirmed rating of Aa3 and changed outlook from positive t
Slide 42: Strong balance sheet structure
Liquidity and funding Strong balance sheet structure Strong balance sheet structure with deposits as Stable structural funding position primary source of funding 30 June 2026 Net Stable Funding Ratio (NSFR) SEK 4,355bn 112% 111% 113% 112% 110% Min. 100% Life Insurance Life Insurance Derivatives and
Slide 43: Stable and diversified deposit base
Liquidity and funding Stable and diversified deposit base Deposits SEK bn, quarterly development FX -adjusted 2000 Treasury deposits QoQ YoY • Well diversified deposit base with Financial 2% 3% proven stable corporate deposit base 1500 through long-term relationship model 1000 Corporate 6% 11% 500 H
Slide 44: Strong liquidity position
Liquidity and funding Strong liquidityposition High Quality Liquid Assets • Liquidity portfolio is invested in 30 Jun 2026, SEK 1 021bn, by assets and currency high quality liquid assets (predominantly SSA’s and covered 2% bonds) that are central bank eligible Cash & holdings in 20% central banks 20
Slide 45: Well-balanced, long-term market funding profile
Liquidity and funding Well-balanced, long-term market funding profile Outstanding long-term market funding by product Issuance history SEK 627bn equivalent, 30 Jun 2026 SEK bn 46 10 Covered bonds SEK 17 5 Covered bonds non-SEK 5 59 132 16 39 EUR 5.25bn 27 281 Senior preferred debt 5 14 29 6 green- 3
Slide 46: MREL requirements and available funds
Liquidity and funding MREL requirementsand available funds MREL requirement Subordination requirement % of REA (SEK 1,049bn) % of REA (SEK 1,049bn) Total available Total required Total available Total required SEK 411bn SEK 371bn SEK 321bn SEK 297bn +370bps +320bps SNP need: SEK 73bn 39.1% SNP avail
Slide 47: International bond issuance in 2025-2026
Liquidity and funding International bondissuance in 2025-2026 Type ISIN CCY Amount (+/ - TCCY) Market quote Trade date Maturity First call date = green format SP XS2993969323 EUR 750,000 MS+72 31-Jan -25 10-Feb-32 SNP XS3029220392 EUR 1,000,000 MS+90 12-Mar-25 19-Mar-30 Covered XS3065236609 EUR 1,00
Slide 48: SEB's covered bonds and cover pool
Liquidity and funding SEB’s covered bonds and cover pool • 100% Swedish residential mortgages , Outstanding covered bonds Cover pool which historically have had very low 30 Jun 2026 30 Jun 2026 credit losses Moody’s rating Aaa Total residential mortgage assets SEK 712bn • More concentrated towards s
Slide 49: Cover pool characteristics
Liquidity and funding Cover pool characteristics Type of collateral Interest rate type Regional distribution in Sweden Residential apartment Larger regional buildings 22% cities 26% Stockholm Fixed rate reset <2y Single 17% region 44% family homes 50% Floating (3m) Tenant owned 77% Fixed rate reset
Slide 50: SEB issues green bonds to finance green loans
Liquidity and funding SEB issues green bonds to finance green loans Eligible green asset portfolio - linked to one of SEB’s Eligible green asset portfolio by category sustainability goals, the Sustainability Activity Index , SEK bn 31 December 2025 (SEK 95bn) 3% 3% Renewable energy 95 7% 83 Green bu
Slide 51: 6. Strategy and Sustainability
6. Strategy and Sustainability 51
Slide 52: Business plan update 2026: business growth, technology and efficiency
Strategy Business plan update2026: business growth,technologyand efficiency Wealth & asset management Corporates & financial institutions Retail banking • • • Selectively grow outside the Continue the digital Improve digital capabilities Nordics transformation journey Accelerate international Target
Slide 53: Cost target for 2026
Strategy Cost target for 2026 Costs 2025 SEK 32.6 bn Inflation +1,000m Of which Salary +650m Other +350m Running & developing ~2% increase Investments +400m Cost reducing actions -700m AI, regulatory & resilience +500m Implementation costs AirPlus -400m Cost target 2026 SEK 33.4 +/– 0.25bn Note: Ass
Slide 54: SEB - a catalyst in the transition to a sustainable society
Sustainability SEB - a catalyst in the transition to a sustainable society A selection of our support and commitments Our sustainability objectives • The UN Global Compact • The UN Principles for Responsible Banking Net-zero emissions in our lending and investment 2050 portfolios, at the latest • Ne
Slide 55: Our climate ambitions and goals to ensure progress
Sustainability Our climate ambitions andgoals to ensure progress • SEB has the power, opportunity and responsibility to impact the world we operate in Carbon Exposure Sustainability 2030 Sector • As part of our sustainability strategy and Targets Index Activity Index ambition to be a leading catalys
Slide 56: Carbon Exposure Index: goal to reduce fossil credit exposure by 45-60% by 2030
Sustainability Carbon Exposure Index: goal to reduce fossil credit exposure by 45-60% by 2030 2019=100 SEB’s fossil credit exposure EUR 11.5bn Net Zero – World – without CCUS 1 >30% decrease Change >70% decrease 2030 vs 2019 Divergent Net Zero – Europe – Remind Power Energy fossil credit exposure co
Slide 57: Sustainability Activity Index to accelerate our efforts
Sustainability Sustainability Activity Index to accelerate our efforts Ambition to increase average activity 6x -8x by 2030 1 Sustainability -related financing Sustainable finance advisory Volume, increase vs 2021 Volume, increase vs 2021 8.0x 10.0x SEK 131bn 3.0x SEK 328bn Q4 2025 Q4 2025 2.0x 2.9x
Slide 58: Sustainability Activity Index to measure our support to sustainable development
Sustainability Sustainability Activity Index to measure our support to sustainable development Ambition to increase activity at least 5.0x by 2030 Composition of the metric: Volume, increase vs 2021 SAI 2.0 At least 5.0x 50% Sustainable financing 100% 33% Sustainable advisory 3.7x Q1 2026 17% Greent
Slide 59: 2030 Sector targets
Sustainability 2030 Sector targets • Targets in line or exceeding relevant net -zero scenarios • The seven sectors cover 74% of SEB 2024 financed emissions → Financed emissions r educed by 54% since 2020 for sectors covered by targets Financed emissions Progress Sector targets Metric Base year targe
Slide 60: ESG ratings
Sustainability ESG ratings ESG rating institute Rating Rating scale AA AAA – CCC 0-10 negligible, 10 -20 low, 20-30 15.1 (low risk) medium, 30-40 high, 40+ severe C+ A+ – D- Ratings as of 30 June 2026. 60
Slide 61: 7. Macroeconomic environment
7. Macroeconomic environment 61
Slide 62: Our home markets: Sweden
Macroenvironment Our homemarkets: Sweden GDP development Indexed Q4 2019 = 100 Key ratios Sweden 2024 2025 2026F 2027F Sweden Euro area GDP growth (%) 1.0 1.5 2.6 (3.0) 2.9 (2.9) 110 Unemployment rate (%) 8.4 8.9 8.8 8.4 100 CPIF (%) 1.9 2.6 1.4 1.4 90 Public sector debt/GDP (%) 34.0 35.1 36.9 37.6
Slide 63: Our home markets: Nordics
Macroenvironment Our homemarkets: Nordics GDP development Indexed Q4 2019 = 100 Norway Finland Denmark Euro GDP growth (%) 2024 2025 2026F 2027F 110 Denmark 3.5 2.9 2.0 (2.7) 3.0 (3.0) 100 Finland 0.4 0.2 0.7 (0.8) 1.2 (1.5) 90 Norway 1.4 1.1 1.2 (0.9) 0.6 (0.6) 80 2019 2020 2021 2022 2023 2024 2025
Slide 64: Our home markets: Germany and United Kingdom
Macroenvironment Our homemarkets: Germany and UnitedKingdom GDP development Indexed Q4 2019 = 100 Euro Germany United Kingdom GDP growth (%) 2024 2025 2026F 2027F 110 100 Germany -0.5 0.2 0.6 (1.0) 1.3 (1.3) 90 80 United Kingdom 1.1 1.4 0.8 (1.0) 1.4 (1.4) 70 2019 2020 2021 2022 2023 2024 2025 Sourc
Slide 65: Our home markets: Baltics
Macroenvironment Our homemarkets: Baltics GDP development Indexed Q4 2019 = 100 Estonia Latvia Lithuania Euro GDP growth (%) 2024 2025 2026F 2027F 120 110 Estonia -0.1 0.6 2.5 (2.7) 2.7 (2.8) 100 Latvia 0.0 2.1 2.2 (2.3) 2.4 (2.4) 90 Lithuania 3.0 2.9 3.2 (3.2) 2.1 (2.1) 80 2019 2020 2021 2022 2023
Slide 66: 8. Appendix and contacts
8. Appendix and contacts SIEIB
Slide 67: Summary key financials
Appendix Summary key financials YTD 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2026 Profitability Return on equity, % 1) 14.3 14.0 16.2 17.9 14.5 13.9 10.3 13.8 13.4 12.9 11.3 12.9 13.1 Cost/income ratio, % 2) 41 42 38 34 39 42 45 46 48 48 50 49 50 Asset quality Net ECL level / Cred
Slide 68: Summary key financials: notes
Appendix Summary key financials: notes Notes: 1) Excl . Items affecting comparability incl. technical impairment (write-down) of goodwill a. 2014: Excluding capital gains of SEK 2,982m ( sale of non-core business and shares ) b. 2015: Excluding a cost of SEK 902m relating to the Swiss Supreme Court’
Slide 69: Contacts
Contacts Pawel Wyszynski Philippa Allard Per Andersson ⎯ ⎯ ⎯ Head of Investor Relations Investor Relations - debt Investor Relations - equities Pawel.wyszynski@seb.se philippa.allard@seb.se per.andersson@seb.se +46 70 462 21 11 +46 70 618 83 35 +46 70 667 74 81 Amelie Blecher Paula Dennholt ⎯ ⎯ Inve
Slide 70: Create value. Act long-term. Build positive relationships.
Create value. Act long-term. Build positive relationships. Positively shaping the future, with responsible advice and capital. Today and for generations to come.
Skandinaviska Enskilda Banken — Q2 2026 Earnings Presentation on 6ix