Svensk Exportkredit (SEK) Q1 2026 earnings summary

Executive summary

• Net interest income for Q1 2026 was Skr 684 million, down 4% year-over-year, mainly due to lower short-term rates and a stronger krona.

• Operating profit was Skr 504 million, a 13% decrease from Q1 2025, with net profit at Skr 400 million.

• New credit and guarantee commitments rose to Skr 15.3 billion, up from Skr 12.0 billion in Q1 2025.

• Lending portfolio slightly decreased to Skr 261.0 billion, with sustainability classified lending at Skr 54.0 billion.

• Strong capital position maintained, with a total capital ratio of 23.0% and a leverage ratio of 9.0%.

Financial highlights

• Net interest income: Skr 684 million (Q1 2025: Skr 710 million).

• Operating profit: Skr 504 million (Q1 2025: Skr 577 million).

• Net profit: Skr 400 million (Q1 2025: Skr 458 million).

• Cost/income ratio: 29% (Q1 2025: 27%).

• After-tax return on equity: 6.7% (Q1 2025: 7.6%).

• Total assets increased to Skr 362.7 billion from Skr 350.0 billion at year-end 2025.

Outlook and guidance

• Focus remains on growth in prioritized sectors such as defense, transportation, energy, and mining.

• Continued development of new offerings: aid-supported export credits, lending via development banks, and working capital financing.

• Strong financial position supports ongoing customer and business support amid global volatility.