Fee and commission income increased across all divisions, offsetting net interest income declines, and customer satisfaction and employee engagement reached top industry levels.
S&P upgraded the long-term credit rating to AA-/weak AA, reflecting improved financial strength and stable profitability.
AirPlus integration is progressing as planned and is expected to be EPS accretive in 2026.
Proposed ordinary dividend of SEK 8.50 per share and special dividend of SEK 2.50 per share, with a SEK 1.25bn share buyback program approved until March/April 2026.
Strategic focus on digital transformation, AI, and sustainability initiatives, including new technology investments and partnerships.
Q4 2025 operating income was SEK 18,894m, up 1% sequentially but down 5% year-over-year; full-year operating income was SEK 76,939m, down 6% year-over-year.
Q4 2025 net profit was SEK 7,308m, down 5% sequentially and 2% year-over-year; full-year net profit was SEK 31,063m, down 13% year-over-year.
Net interest income declined 10% year-over-year for FY 2025; fee and commission income rose 10% year-over-year.
Operating expenses for the year were SEK 32,596m, in line with the FX-adjusted cost target.
Net expected credit losses for Q4 were 5 bps (SEK 387m), with asset quality remaining robust.
2026 cost target set at SEK 33.4bn ± SEK 250m, reflecting inflation, investments, and AirPlus integration.
Focus on digital transformation, AI, and operational efficiency, with investments in technology, regulatory resilience, and digital assets.
NII expected to bottom out 3–6 months after the last rate cut, with technical headwinds in Q1 2026.
Long-term aspiration to achieve a sustainable ROE of 15%.
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