Slides
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Investor presentation Third Quarter 2025
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2 Mission Vision A sustainable world through increased Swedish export. SEK is to strengthen the competitiveness of the Swedish export industry and create employment and sustainable growth in Sweden.
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100% Owned by the Swedish Government
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Kingdom of Sweden 4 Population 11 million Surface 450 000 km2 Capital Stockholm Language Swedish, English widely spoken Political system Parliamentary democracy European status Inside EU, outside Euro Currency Swedish Krona
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0 50 100 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 year CDS spreads Sweden Italy France Germany Japan USA bps Economy of Sweden 5 * USD/SEK average 2024, 10.57 ** Seasonally adjusted, % of labour force *** CPIF = CPI with fixed mortgage rates Source: Bloomberg, IMF ,SCB Rating AAA/Aaa/Aaa GDP Growth Q2 2025 (QoQ/YoY) 0.5% / 1.4% GDP Growth 2024 1.0% GDP 2024 USD 610bn* GDP per capita 2024 USD 57 332* Unemployment September2025 8.7%** CPI/CPIF*** September 2025(Y oY) 0.9% / 3.1% Repo Rate September 2025 1.75% Public Debt to GDP% 0 50 100 150 200 250 Japan Italy USA France Germany Sweden
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6 Swedish Exports Large part of GDP and well diversified 6 Key export goods 2024 Materials 19% Auto 15% Machinery 15% Consumer goods 14% IT & telecom 11% Pulp & paper 9% Energy 8% Health care 7% Construction 2% Source: SCB Exports and Imports Share of GDP 25 30 35 40 45 50 55 60 Exports and Imports Share of GDP Export Import %
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Swedish exporters
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8 SEK has a complementary role in the market ▪ Our offering provides a complement to bank and capital market finance for exporters that want a range of different financing sources. ▪ SEK creates client value on market terms through its strong international network, extensive experience and expertise in export finance. Bank & capital market Customer SEK
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Our offering ▪ Export Finance ▪ Project Finance ▪ Trade Finance ▪ Leasing & Installment credits ▪ On-lending ▪ Corporate Lending and Capital Market Products ▪ Our offer is available in all major currencies and selected emerging market currencies. 9
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The Swedish Export Credit System 10 SEK finances EKN guarantees Bank arranges Exporter negotiates with buyer
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Ratings 11 “Strong asset quality, benefiting from guarantees and insurance” “The Swedish government has generally supported its fully owned companies in the past, and SEK in particular.” “The commitment as an owner and the proven support by the Swedish government to SEK result in our assessment of a very high probability of government support for SEK's senior, junior senior and subordinated debt classes.” “We expect the Government of Sweden to inject capital — if needed — well ahead of any potential breach of SEK's minimum regulatory requirements, significantly reducing the risk of loss to all creditor classes.” September 30, 2025 Aa1 (stable) “... that there is an extremely high likelihood the Swedish government would provide timely and sufficient support …” “…will maintain a sound financial position, underpinned by a robust risk-adjusted capitalization and ample liquidity access.” “…we expect SEK will remain an important pillar of Swedish exporters' success, owing to its strong relationships with the country's largest exporters.” October 30, 2025 AA+ (stable)
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ESG governance & commitments ✓ The Ten Principles of the UN Global Compact ✓ The OECD Guidelines for Multinational Enterprises ✓ The OECD’s Conventions and Guidelines within Anti- corruption ✓ The UN Guiding Principles on Business and Human Rights ✓ The Equator Principles and the OECD’s Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (which refer to IFC Performance Standards) ✓ The OECD’s Principles and Guidelines to Promote Sustainable Lending in the Provision of Official Export Credits to Low Income Countries. 12 ▪ The State Ownership Policy, and the Owner instruction ▪ Sustainability targets and strategies ▪ Sustainability policies, incl. SEK’s approach to fossil fuels ▪ EKN’s (Exportkreditnämnden , the Swedish Export Credit Agency) and SEK’s scientific climate council ▪ KYC and ESG risk management integrated in risk management framework ▪ Sustainability reporting: e.g. yearly updated Green Bond Letter and ESG Factbook ▪ Sustainability Bond Framework (Feb 2025) 12
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SEK long-term targets 13 Lending portfolio Skr 375 bn (USD 40 bn) by 2035 Green and social lending Skr 150 bn (USD 16 bn) by 2035 Climate Net-zero GHG emissions (2045) FX rate as of Sept 30, 2025
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Funding and liquidity: No refinancing risk 14 As of September 30, 2025
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Total USD 38.9 bn 15 Derivatives and other assets Liquidity Portfolio Agreed but undisbursed credits Credit Portfolio Derivatives and other liabilities Senior Debt Equity Assets Liabilities & equity As of September 30, 2025 Not to scale
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Credit Portfolio 16 As of September 30, 2025 ▪ Demand for financing from the Swedish export industry increased dramatically during the financial crisis 2008/2009 ▪ The Swedish government heavily increased SEK’s lending capacity during the financial crisis 2008/2009 ▪ Further measures were introduced during Q1 2020 due to the COVID-19 pandemic ▪ SEK secured access to financing for the Swedish exporters ▪ New credits accepted Q1 to Q3 2025: Skr 97.3bn 0 5 10 15 20 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 USD bn New credits accepted
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17 Counterparty exposures & risk mitigation • Export credit agency guarantees • Bank guarantees • Credit derivatives • Collateral agreements • Insurance company guarantees As of September 30, 2025
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18 Liquidity Portfolio Investment profile • Average duration of new investments: 9 months • Maximum maturity: Generally 24 months, with some exceptions • Minimum rating: Generally A-, with some exceptions As of September 30, 2025
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19 Funding: Flexible and diversified ▪ Multiple funding programs in all major currencies ▪ Funding in local currencies ▪ Responsive to investor needs ▪ An experienced benchmark issuer Risk Management policy ▪ No currency risk ▪ Very limited interest rate risk ▪ All structured notes are hedged New funding by structure, as of September30, 2025 (2024, whole year) Plain Vanilla 93% (87%) IR-linked 7% (13%) New funding by region, as of September30, 2025 (2024, whole year) Nordics 14% (14%) EMEA excl Nordics 46% (37%) Americas 28% (33%) Asia-Pacific 12% (16%) As of September 30, 2025
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Diversified funding, by region 0 2 4 6 8 10 12 14 2018 2019 2020 2021 2022 2023 2024 2025 Q3 Nordics EMEA excl Nordics Americas Asia-Pacific As of September 30, 2025 USD bn 20
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Diversified funding, by structure 0 2 4 6 8 10 12 14 2018 2019 2020 2021 2022 2023 2024 2025 Q3 Commodity linked Equity linked FX linked Plain/Vanilla IR linked As of September 30, 2025 21 USD bn
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22 Awards
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23 Capitalization and Profitability • Common Equity Tier 1 capital ratio of 23.2% as of Sep 30, 2025 • Leverage ratio of 9.1% as of Sep 30, 2025 • Dividend policy: 20-40% of profit after tax to our owner • Return on equity: 6.3% (target: 5%) Return on equity (IFRS) As of September 30, 2025 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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About SEK 24 Owner: Swedish government, 100% SEK’s mission: To ensure access to sustainable financial solutions for the Swedish export industry on commercial terms Primary task: Financing of export credits Credit rating: S&P: AA+ /Stable/A-1+ Moody’s: Aa1/Stable/P-1 Established: 1962 Financial information as of Sept 30, 2025 Total assets USD 38.9 bn Lending USD 28.8 bn Common Equity Tier 1 capital ratio 23.2% After-tax return on equity 6.3%
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Disclaimer The information, statements and opinions contained in this presentation and accompanying discussion (this "Presentation") arefor informational and reference purposes only, and the information herein may be condensed or incomplete. No representation or warranty, express or implied, is made on behalf of SEK or its directors, officers or employees or any other person as to the accuracy or completeness of this Presentation. None of SEK, its directors, officers or employees, nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this Presentation or its content or otherwise arising in connection therewith. This Presentation does not constitute a public offer under any applicable legislation, an offer to sell or solicitation of any offer to purchase securities or financial instruments issued by SEK, or any advice or recommendation with respect to such securities or other financial instruments. Any such offer or solicitation will be made pursuant to separate and distinct documentation in the form of a prospectus, offering circular or other equivalent document. This Presentation does not contain all of the information material to an investor. The information included in this Presentation may contain data from external third-party sources. SEK does not guarantee the accuracy or completeness of the information from these external sources. This Presentation may contain certain forward-looking statements. Such statements are based on current expectations andare subject to risks and uncertainties, and actual results and performance may differ materially from those expressed in the forward-looking statements. Factors that might cause forward-looking statements to differ materially from actual results include, but are not limited to, regulatory and economic factors. SEK makes no assurance that such statements will prove to have been correct and assumes no obligation to update any forward-looking information contained in this Presentation. This Presentation is not intended to comply with the United States Securities Act of 1933, as amended or any other laws regulating securities offerings in the United States. This presentation may not be distributed, displayed, or relied upon by individuals in the United States or in any jurisdiction where such actions would violate applicable law. This Presentation contains non-IFRS measures. SEK management believes that the non-IFRS performance measures included in this Presentation provide valuable information to the readers. However, any non-IFRS performance measures in this presentation are not a substitute for IFRS measures and readers should consider the IFRS measures as well. For additional information concerning SEK, please refer to SEK’s financial reports and other relevant information available at sek.se 25
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Funding team: sekfunding@sek.se www.sek.se | +46 8 613 83 00