SEB (SEB) Q3 2025 earnings summary

Executive summary

• Delivered solid Q3 2025 results in a seasonally slower quarter, with stable financial markets, resilient investment banking, and increased capital markets activity late in the quarter.

• Net profit for Q3 2025 was SEK 7,677m, down 7% sequentially and 19% year-over-year, with return on equity at 14.0%.

• Continued SEK 2.5bn share buyback program per quarter, reflecting strong capital position.

• Launched a consortium with major European banks to explore a euro-denominated stablecoin, targeting 2027.

• Progressed with over 130 internal AI projects, investments in compute capabilities, and joined an AI factory consortium with NVIDIA.

Financial highlights

• Net profit for Q3 was SEK 7,677m, with a return on equity of 14.0%.

• Net interest income for Q3 was SEK 10,418m, up 1% sequentially but down 8% year-over-year.

• Net fee and commission income was SEK 6,287m, up 4% year-over-year but down 6% sequentially.

• Operating income for Q3 was SEK 18,664m, down 11% year-over-year and 5% from Q2.

• Net expected credit losses at SEK 200–203m (3 bps), reflecting stable asset quality.

Outlook and guidance

• Updated FX-adjusted full-year cost target to SEK 32.6bn, with a +/- SEK 300m range due to AirPlus integration.

• Net interest income expected to bottom out 3–6 months after the last rate cut, with further pressure anticipated in Q4 and Q1.

• Full-year guidance for imposed levies raised to SEK 3.6bn.

• Financial targets unchanged: 50% payout ratio, management capital buffer of 100–300 bps above regulatory minimum, and long-term ROE aspiration of 15%.

• Business plan for 2025–2027 focuses on business growth, technology, and efficiency, with continued investment in digitalisation and AI.