SEB (SEB) Q4 2025 earnings summary

Executive summary

• 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.

Financial highlights

• 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.

Outlook and guidance

• 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%.