Svensk Exportkredit (SEK) Q2 2026 earnings summary

Executive summary

• Operating profit for January–June 2026 rose to Skr 1,091 million, up from Skr 928 million year-over-year, driven by higher net interest income, positive financial transactions, and reduced credit loss provisions.

• Net interest income increased slightly to Skr 1,387 million for the half-year, with a 6% quarterly increase in Q2 2026 compared to Q2 2025.

• Lending portfolio remained stable at Skr 263.4 billion, with sustainability-classified lending growing to Skr 59.0 billion.

• New credit and guarantee commitments declined to Skr 37.1 billion for the half-year, reflecting cautious investment activity amid geopolitical uncertainty.

• After-tax return on equity improved to 7.1% for the half-year and 7.7% for Q2 2026.

Financial highlights

• Net profit for January–June 2026 was Skr 866 million, up from Skr 737 million year-over-year.

• Cost/income ratio held steady at 29% for the half-year.

• Total assets increased to Skr 366.2 billion from Skr 350.0 billion at year-end 2025.

• Outstanding senior debt rose to Skr 317.6 billion, with green borrowings at Skr 25.1 billion.

• Net credit losses showed a positive result of Skr 61 million, reflecting improved credit quality.

Outlook and guidance

• The company remains well-capitalized and positioned to support Swedish exporters amid ongoing geopolitical and macroeconomic uncertainty.

• Updated climate targets align lending with the Paris Agreement’s 1.5-degree goal, supporting transition financing even in emission-intensive industries.

• Continued focus on expanding customer base and international cooperation, especially in infrastructure, energy, and defense sectors.