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© Swedbank ● Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to several risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, express or implied, by the forward-looking statements. ● Factors that might cause forward looking statements to differ materially from actual results include, among other things, regulatory and economic factors. Swedbank AB assumes no responsibility to update any of the forward-looking statements contained herein. ● No representation or warranty, express or implied, is made or given by or on behalf of Swedbank AB or its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. ● None of Swedbank AB or any of 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 contents or otherwise arising in connection therewith. ● This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Swedbank AB, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. 2
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© Swedbank 3
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© Swedbank 11.5 18.6 19.4 30.4 30.87 8.9 13.2 13.3 18.3 17.1 -90 -40 10 -5 5 15 25 35 Dividend per share, SEK Dividend, % of profit Cost to income ratio Credit impairment ratio, bps CET1 capital ratio, % Earnings per share, SEK Return on equity, % 4 0.54 0.44 0.40 0.33 0.34 26 1 8 9 -1 17.5 18.3 17.8 19.0 19.8 460bps buffer 5.80 11.25 9.75 15.15 21.70 50 50 50 50 70 2020 2021 2022 2023 2024
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© Swedbank Loan-to-deposits CET1 capital buffer LCR NSFR Impairment ratio Savings Swedbank Robur Insurance Swedbank Insurance Payment franchise Mortgages Swedbank Hypotek Mobile App Customer centre Branches 142 in Sweden 70 in the Baltics Internet bank Note: Figures as of Q1 2025 ~80% of loan book ~15% of loan book Partnership with more than 55 Savings Banks 5
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© Swedbank An attractive workplace for employees with a culture based on inclusion and accountability An efficient, profitable and compliant bank and financial services platform A standardised, scalable and stable infrastructure • By providing guidance on your terms • By helping you to be more sustainable • By supporting you in a proactive way • By making the difficult simple 6
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© Swedbank 7 ● Personalisation ● Availability ● Customer experience ● Leverage customer relationships ● Daily banking and asset management ● Strict credit standards ● Technology and AI ● Simplify processes ● Restrictive hiring
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© Swedbank 17.1% ≥15% ● Volume growth ● Ancillary income growth ● Cost discipline ● CET1 buffer of 200bps 8 RoE 2024 NII rate effect NII volumes Ancillary income Expe- nses Bank tax Credit impair- ments Capital gener- ation 70% annual divid- end1) Excess capital reduc- tion RoE 2027 1) Assumed pay-out ratio of 70% for illustrative purposes. Swedbank’s dividend policy is 60-70% and proposed dividends are subject to approval at the Annual General Meeting.
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© Swedbank 60 100 140 180 220 2019 20 21 22 23 24 25 26 27 60 100 140 180 220 2019 20 21 22 23 24 25 26 27 9 ● At least maintain mortgage market shares in all home markets ● Grow corporate lending market share in Sweden ● Deposit growth in line with market Indexed, 2019 = 100 Indexed, 2019 = 100 Source: Swedbank Macro Research (2025-27E). 1) Weighted average of Estonia, Latvia and Lithuania Mortgage, SE Mortgage, Baltics1) Corporate lending, SE Corporate lending, Baltics1) Private deposits, SE Private deposits, Baltics1) Corporate deposits, SE Corporate deposits, Baltics1) 3% 3% 10% 8% 6% 6% 10% 9% CAGR 2024-27 CAGR 2019-24 3% 3% 8% 7% 4% 5% 7% 7% CAGR 2024-27 CAGR 2019-24
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© Swedbank ● Large share of AuM in equities ● Substantial income from partnership with savings banks ● Net insurance growth focus 0 2 4 6 8 10 12 14 16 18 20 2019 2020 2021 2022 2023 2024 Asset management and custody Cards Other net commission income SEK bn 0 1 2 3 4 5 6 2019 2020 2021 2022 2023 2024 Income from services to savings banks AssociatesNet insurance SEK bn 10
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© Swedbank 450 50 300 200 -200 -400 11 CET1 buffer Q1 2025 IRB models Profit net of 70% dividend policy1) Organic lending / asset growth Excess capital CET buffer 2027 bps (rounded) 1) Assumed pay-out ratio of 70% for illustrative purposes. Swedbank’s dividend policy is 60-70% and proposed dividends are subject to approval at the Annual General Meeting. ● IRB models net impact of at least 50bps ● 14.2% CET1 requirement assumed in 2027 ● 200bps CET1 buffer target
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© Swedbank 12 By 20271) Target level SB Increase availability 80% of calls answered in 3min Number of assisted service interactions -50% from 2024 Number of digital sales +50% from 2024 Market share in mortgages and deposits Maintain or increase Market share in mutual funds and insurance Increase P&PB Discretionary investment solution coverage 25% Number of customers per advisor +50% Number of concept customers +100% C&I Corporate lending market share +1.5pp2) from 2024 Client activity Positive development Prospera rank for Real Estate Rank 1 Prospera rank for Institutions Rank 2 (at least) BB Private lending market share Maintain Corporate lending Leading in EE, LV3) and LT Grow insurance business +25% from 2024 Number of customers with long-term savings +60% by 20304) from 2024 1) Unless stated otherwise 2) Long-term ambition beyond 2027 3) Ambition in Latvia subject to bank tax considerations 4) Maintained ambition in line with the target to double from a 2022 baseline
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© Swedbank ● No ongoing AML investigations from Swedish or Baltic authorities ● Ongoing investigations by U.S. authorities – DoJ, SEC and DFS New York 13
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© Swedbank 14
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© Swedbank ● In collaboration with Ramboll we offer our corporate customers energy efficiency advice and financing solutions ● In partnerships with Almi and Aspia, we support SMEs in their transition. ● In partnership with Agronod in Sweden and e-Agronom in Estonia, we support our agricultural customers within climate transition. ● Our private customers can get digital energy inspections, advice on how to reduce energy consumption and cut energy costs. ● Climate and Nature Report for 2024 demonstrates that Swedbank Robur is well on track to meet its established sub targets. Throughout the year, Swedbank Robur has also analysed the funds' impact on biodiversity and adopted new nature-related goals. Sustainable Advisory & Partnerships 15 Swedbank Robur
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© Swedbank Partnership for Carbon Accounting Financials (PCAF) Financed emissions calculations in line with methodology published in November 2022 Net-Zero Banking Alliance 2030 targets set and published in November 2022 Climate Action 100+ (Swedbank Robur) Member since 2018, cooperation to engage with the largest GHG emitters Net Zero Asset Managers Initiative (Swedbank Robur) Signatory since 2020, interim climate targets and methods published Poseidon Principles Provides a standardised methodology for reporting of emissions from banks’ shipping portfolios. Signatory since February 2024. 2050 Carbon neutrality and interim target setting 2050 Swedbank Robur combined fund capital will be net zero by 2050 latest. 2030 Reduce direct greenhouse gas emission by 60 per cent1) 2030 Reduce financed emissions in line with 1.5-degree pathways2) 2027 Ambition to grow sustainable lending volumes by at least 3x 3) Ambition to increase the share of arranged ESG bonds to at least 40%4) 1) Baseline 2019. Scope 1, 2 and scope 3 (own operations). Sector targets defined for 2030 2) Targets set for mortgages, commercial real estate, oil and gas, power generation and steel (base year 2019) Targets set for mortgages, commercial real estate, oil and gas, power generation and steel (base year 2019) 3) Baseline year: 2022 4) Of total bonds arranged by Swedbank 16
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© Swedbank Note: Baseline 2019 for all sectors excluding shipping 1) Exploration, production and refining 2) International Maritime Organization 3) The average emission intensity of the portfolio will be approximately halved compared with the 2022 baseline ● Mortgages: reduce the financed emission intensity by 39 per cent (kgCO2e/m2) ● Commercial real estate: reduce the financed emission intensity by 43 per cent (kgCO2e/m2) ● Oil & gas1): reduce the absolute financed emissions by 50 per cent (tCO2e) ● Power generation: reduce the financed emission intensity by 59 per cent (tCO2e/MWh) ● Steel: reduce the financed emission intensity by 29 per cent (tCO2e/tonne) ● Shipping: align the emission intensity with IMO2) most ambitious reduction pathway (reach 0% ‘alignment delta’) 3)
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© Swedbank Social assets Green assets Green buildings Renewable energy Employment generation Socioeconomic advancement and empowerment Affordable housing Pollution prevention and control Sustainable management of living natural resources Sustainable water and wastewater management Social assets 18 Clean transportation Of which Other1) 43.3bn Of which Property upgrade 2.4bn Of which Mortgages, Sweden 52.4bn Of which Mortgages, Baltic banking 13.4bn 1) Including certified buildings of SEK 24bn BREEAM Excellent LEED Gold Miljöbyggnad Silver BREEAM Outstanding LEED Platinum Nordic Swan Ecolabel BREEAM Very good Miljöbyggnad Gold Passive House 112 10 8 2 1 1 0 5 4 20% 4% 30% 8% 1% 2% 18% 17% 1%
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© Swedbank 19 Continued growth in Q2 (+58% YoY) ● Organic growth, primarily in real-estate ● Contribution from green mortgages in the Baltics Outstanding sustainable bonds in Q2 2025 (~SEK 83bn) ● Issued first green SEK covered bond in Q3 2024 ● Issued first Nordic social bond in 2023 XS2343563214 Green SNP EUR 1 000 0.300 2021 2027 XS2350031048 Green SNP GBP 350 1.375 2021 2027 XS2408003650 Green SP USD 1 000 1.538 2021 2026 CH1271360401 Green SNP CHF 160 2.773 2023 2028 XS2572496623 Green SNP EUR 750 4.250 2023 2028 XS2625137265 Green SNP GBP 400 5.875 2023 2029 XS2676305779 Social SNP EUR 500 4.375 2023 2030 XS2831017467 Green SP EUR 500 3.375 2024 2030 XS2909660271 Green CB SEK 3 000 FRN 2024 2029 XS2909661089 Green CB SEK 7 000 2.342 2024 2029 XS2932805331 Green CB SEK 3 000 2.493 2024 2029 XS2930571174 Green SNP EUR 750 2.875 2024 2029 XS2997537357 Green SNP GBP 400 4.875 2025 2030 XS3031485827 Green SNP EUR 750 3.250 2025 2029 67 70 74 83 90 110 128 136 142 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Green assets Social assets
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© Swedbank SEK 150m SEK 17.0bn SEK 6.1bnTOTAL EXPENSES CREDIT IMPAIRMENTS TOTAL INCOME ● Return on equity of 15.4 per cent ● Cost/Income ratio 0.36 ● Credit impairment ratio 3 bps ● CET1 capital ratio 19.7 per cent, buffer 450bps ● LCR 164 per cent ● NSFR 128 per cent ● EPS after dilution SEK 6.99 NET PROFIT SEK 7.9bn QoQ -2% QoQ 0% QoQ n.m. QoQ -4% 21 18.2 19.1 18.6 17.3 17.0 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 6.5 6.0 6.7 6.1 6.1 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 -289 271 -394 -141 150 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 8.6 9.4 8.5 8.2 7.9 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
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© Swedbank 22 ● Net profit SEK 7.9bn ● Cost/Income ratio 0.36 ● Return on equity 15.4 per cent ● EPS after dilution, SEK 6.99 ▲ Net interest income 10 917 11 489 -5% Net commission income 3 902 4 052 -4% Net gains and losses 856 541 +58% Other income 1 286 1 247 3% Total income 16 962 17 329 -2% Total expenses 6 119 6 115 0% Profit before impairments 10 843 11 214 -3% Other impairments n.a n.a n.a Credit impairments 150 -141 n.m. Bank tax and resolution fund fee 677 929 -35% Profit before tax 10 016 10 425 -4% Tax 2 130 2 229 -4% Net profit 7 886 8 196 -4%
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© Swedbank 1 789 13 8 1 810 7 1 817 Q1 2025 Sweden Baltic Banking Q2 excl. FX FX Q2 2025 23 1) 1) Sweden including Swedish Banking, Premium and Private Banking, Corporates and Institutions and Group Functions 2) Excluding FX +21 273 4 4 281 Q1 2025 Private Corporate Q2 2025 1 516 2 11 1 529 Q1 2025 Private Corporate Q2 2025 QoQ +2.9% QoQ +0.9%QoQ +1.6%
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© Swedbank 1 261 21 6 1 288 10 1 298 Q1 2025 Sweden Baltic Banking Q2 excl. FX FX Q2 2025 24 QoQ +3.0% 1) Sweden including Swedish Banking, Premium and Private Banking, Corporates and Institutions (excl. Group Treasury) 2) Excluding FX -1 410 7 416 Q1 2025 Private Corporate Q2 2025 850 19 2 871 Q1 2025 Private Corporate Q2 2025 QoQ +1.4% QoQ +2.5% +27
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© Swedbank 25 -739 -786 11 489 666 286 10 917 Q1 2025 Lending income Deposit expense Cash with central banks & other assets Wholesale funding & other liabilities Q2 2025 QoQ -5.0% ● Phase-in effects on lending partly offset by higher volumes and lower customer deposit rates ● Lower income from central bank placements ● Decreased wholesale funding costs Interest income Interest expense -572
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© Swedbank 26 ● Card commissions seasonally higher ● Asset management impacted by stock market performance QoQ -3.7% -150 -204 -29 -54 4 052 138 3 902 Q1 2025 Cards & Payments Asset Management Insurance & Service concepts Other Q2 2025
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© Swedbank 27 ● High business activity in fixed income and FX sales & trading ● Negative revaluations from derivatives in Treasury ● Positive revaluation of equity holdings -82 -4 691 72 180 856 Client trading Bond inventories Treasury Liquidity portfolio Equity holdings & Other Total NGL Q2 2025
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© Swedbank -5 -34 1 247 59 3 17 1 286 Q1 2025 Underlying insurance Revaluations Associates Services to Savings banks Other Q2 2025 28 ● Stable underlying net insurance income ● Stable results from partly owned companies (Associates) ● Increased income from services sold to savings banks +54 Net insurance QoQ +3.2% +39
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© Swedbank 6 185 6 465 5 986 6 740 6 115 6 119 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 29 ● Reduced staff cost due to fewer FTEs ● Higher IT- and consultancy costs ● Lower marketing cost due to one-off in Q1 ● VAT recovery for 2018 of SEK 174m Expenses C/I ratio ● Bank tax lower due to retroactive adjustment in Latvia and Lithuania +3 QoQ +0.1% 0.34 0.35 0.31 0.36 0.35 0.36
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© Swedbank Temp. external hiring freeze1) Annual cost headwind to be partly mitigated by efficiency gains ● Temporarily higher investments of SEK 1bn in 2024-2025 ends ● Focus on balancing resources between group functions and business areas (including consultancy usage) 30 # SEK bn and # 15 000 15 500 16 000 16 500 17 000 17 500 2021 2022 2023 2024 2025 Expenses Cost-to-income ratio 16 933 Q1 25 1) With business-critical exemptions 20.8 20.8 24.1 25.4 0.44 0.40 0.33 0.34 ≤ 0.40 2021 2022 2023 2024 2027
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© Swedbank 31
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© Swedbank 32 ● Q2 credit impairments of SEK 150m corresponds to an impairment ratio of 3bps ● Remaining post model adjustment of SEK 594m 95 150 32 -129 176 -24 Macro scenarios Rating & stage migrations Post model adjustments Individual assessment Other, incl. repayments & write-offs Total credit impairments, Q2
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© Swedbank 1) Debt Service Tolerance is defined as net operating income (rolling 12 months) divided by total interest-bearing debt 2) Interest Coverage Ratio is defined as net operating income divided by financing costs, rolling 12 months 33 Q1 2025 disclosures (Q4 2024) Interest Coverage Ratio (ICR)2) 2.4x (2.4x) − Interest rate cost 7.0% on debt maturing within 12 months 2.0x (1.9x) − No exposure with ICR below 1.0x ● Well functioning financing market ● Muted transaction market ● Future macro impacting ● Operational performance in focus – Vacancies – Net-letting Q1 2025 disclosures, per cent 7.4% 7.8% 8.0% 8.4% 8.3% 8.6% 8.5% 8.6% 8.9% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25
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© Swedbank 80% 10% 10% Q2 2025, SEK 255bn in total Residential Commercial Industrial & Warehouse Other 34 ● Focus on strong cash flows and collateral ● Average LTV − Property management, 52 per cent − Non-residential, 52 per cent − Residential, 54 per cent Q2 2025, per cent Sweden Baltics Norway & Finland SEK 316bn 39 24 87 107
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© Swedbank Sweden Estonia Latvia Lithuania Norway Finland 1) This is a very small (or non-existing) portfolio where a single exposure may have a great impact, and portfolio-LTVs are irrelevant 2) Market valuations for the Property management portfolio LTV-calculations in Sweden are updated quarterly by rolling 2 -5 months expert model indices from valuation company Svefa. 3) Not all loans in the Property management sector are collateralised by properties and those loans are not part of LTV-calculations 4) Source: Swedbank Credit Reporting and file “GRC rep YYMM” 35 Sweden Estonia Latvia Lithuania Norway Finland SEK 93bn SEK 223bn Loans carrying amount, SEKbn4) 93.0 86.6 0.5 0.3 0.1 0.2 5.4 Average loan-to- value3) 54% 54% n.a.1) n.a.1) n.a.1) n.a.1) 54% Share of loan-to- value >75%3) 0.7% 0.7% n.a.1) n.a.1) n.a.1) n.a.1) 0.0% Loan-to-value >75%, SEKbn3) 0.6 0.6 n.a.1) n.a.1) n.a.1) n.a.1) 0.0 Loans carrying amount, SEKbn4) 222.8 166.9 14.1 4.7 11.4 20.7 5.0 Average loan-to- value3) 52% 53% 48% 50% 46% 50% 44% Share of loan-to- value >75%3) 1.4% 1.7% 0.6% 0.6% 0.2% 0.0% 0.0% Loan-to-value >75%, SEKbn3) 2.9 2.8 0.1 0.0 0.0 0.0 0.0
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© Swedbank Q2 2024 – Q2 2025, SEKbn Q2 2024 – Q2 2025, SEKbn 1 8031 805 1 8231 806 6.2 6.16.5 6.81 795 6.1 36 1 625 1 619 1 627 1 625 1 657 170 173 167 159 155 10 11 12 11 11 50% 60% 70% 80% 90% 100% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Stage 1 Stage 2 Stage 3 1.4 1.3 1.2 1.2 1.3 3.1 3.1 2.7 2.4 2.2 2.0 2.4 2.4 2.4 2.6 0% 20% 40% 60% 80% 100% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Stage 1 Stage 2 Stage 3
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© Swedbank SEKbn 1) Total loans, carrying amount, SEK 1 817bn, Q2 2025 37 0.7% 1.4% 1.7% 2.4% 8.2% 5.1% 1.1% 0.7% 0.3% 0.3% 0.7% 2,5% 1.1% 2.5% 2.5% 3.3% 0 40 80 120 160 Other corporate lending Professional services Other Industrial and Warehouse Commercial Residential properties Finance and insurance Information and communication Hotels and restaurants Shipping and offshore Transportation Retail and wholesale Construction Public sector and utilities Manufacturing Agriculture, forestry, fishing Stage 1 Stage 2 Stage 3
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© Swedbank ● Full recourse (very limited debt forgiveness possibilities) ● No securitisation (on balance sheet), no sub-prime market, no 3rd party origination ● Restricted buy-to-let market – limits speculation ● Rental market is regulated ● 65% home ownership ● Transparent credit information (credit information agency, www.uc.se) – Publicly available information regarding income, debt, payment track record etc. ● Consumer credit legislation requires affordability calculations including stress test of higher interest rate and conservative cost of living ● Strong social security and generous unemployment benefit system Swedbank’s underwriting criteria – Minimum 15% own equity (LTV cap of 85%). – In the repayment ability calculation, the interest rate used is the higher of 6.0 % or the 5Y fixed mortgage interest rate + 2 percentage points. – Amortisation rate requirement according to SFSA: ● For LTV ≤ 70 %, then 1 % is used as rate. ● For LTV > 70 %, then 2 % is used as rate. ● For DTI > 450 %, then the amortisation rate is one percentage more. – For underwriting credits to tenant-owner rights, the tenant-owner association’s financials are examined, and based the interest rate sensitivity of the association and price per square meter an add-on to the tenant’s fee is applied in the affordability calculation. 38
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© Swedbank 0 200 400 600 800 1 000 1 200 1 400 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 4 7 10 13 16 19 22 25 28 31 34 37 40 43 46 49 52 55 58 61 64 67 70 73 76 79 82 85 88 91 94 97 100 ● Average loan-to-value of 57 per cent ● Still high past due loan volumes ● Accumulated credit impairments of ~SEK 2.2bn1 (1982- YTD Q2 2025 annualised) 39 2004 – Q2 2025, per cent and SEKm of private mortgage loans in Swedbank Mortgage FY 1982 – Q2 2025, per cent of private mortgage loans in Swedbank Mortgage 1From 2018 (IFRS9), net of stage 3 provisions, write-offs and recoveries >60 days, SEKm, RHS >60 days, per cent, LHS 97% of portfolio below 70% LTV Q2 2025, private mortgage loans, SEKbn LTV per cent 20 16 12 8 4 0 0.14% 0.14% -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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© Swedbank 4.5 14.7 1.5 2.0 8.0 19.1 1.9 0.3 0.6 2.8 3.1 3.1 1.0 1.0 1.8 1.8 2.5 2.5 9.6 0.5 0.5 1.7 5.0 4.4 CET1 req. Actual CET1 Q2 AT1 req. Tier 2 req. Total capital req. Actual Total capital Q2 Leverage ratio req. Buffer to MDA Pillar 2 Guidance Leverage ratio req. & P2G (3.5%) Capital Conservation Buffer Countercyclical Buffer (2%) O-SII Buffer Systemic Risk Buffer Pillar 2 req. Minimum req. 15.2% 23.5%19.7% 19.6%1.8% 2.6% 11.3% Automatic MDA Restrictions ● CET1 capital ratio of 19.7% ● CET1 capital ratio buffer ~450bps1) ● 100-300bps capital buffer range ● REA increased by SEK 12bn to SEK 889bn ~450bps buffer1) 41 1) Over and above P2G
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© Swedbank 23.5 14.4 10.0 8.2 21.7 7.1 ● The National Debt Office MREL decision for 2025 - MREL 28.65% (buffer of 11.0%) - Subordination requirement 21.58% (buffer of 8.0%) ● The combined buffer requirement shall be met in addition to risk-weighted MREL ● The leverage-based requirements are not constraining 37.0 48.0 Combined Buffer Requirement Subordination Requirement 2) Market Confidence Charge Own funds Subordinated eligible liabilities Eligible liabilities MREL1)+CBR requirements 2025 % of REA Own funds and eligible liabilities Q2 2025 % of REA 1) MREL requirement: 2x(P1+P2R)+(CBR-Ccyb+P2G) 2) Subordination requirement: 2x(P1+P2R) 42
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© Swedbank 877 10 2 889 Q1 2025 Credit risk Market risk & other Q2 2025 43 ● Total REA increased by SEK 12bn ● Credit risk increased REA – Lending SEK 7bn – FX effect of SEK 3bn +12
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© Swedbank -0.2% -0.1% 19.7% 0.3% 19.7% 15.2% Q1 2025 Profit after anticipated dividend Credit risk Other Q2 2025 CET1 capital ratio requirement 44 ● CET1 capital ratio of 19.7 per cent ● 100-300bps capital buffer range ~450bps buffer1) 1) Over and above Pillar2 Guidance
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© Swedbank 450 50 300 200 -200 -400 45 CET1 buffer Q1 2025 IRB models Profit net of 70% dividend policy1) Organic lending / asset growth Excess capital CET buffer 2027 bps (rounded) 1) Assumed pay-out ratio of 70% for illustrative purposes. Swedbank’s dividend policy is 60-70% and proposed dividends are subject to approval at the Annual General Meeting. ● IRB models net impact of at least 50bps ● 14.2% CET1 requirement assumed in 2027 ● 200bps CET1 buffer target
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© Swedbank ● Applicable since 1 January 2025 while market risk rules expected to apply from 1 January 2027 ● Introduction of an output floor of 72.5% of the REA calculated by the standardised approach with a phase-in period from 2025 to 2032 ● Output floor not expected to be binding for as long as the SFSA continues to apply risk-weight floors to IRB credit risk REA for Swedish CRE and mortgages ● The SFSA has imposed an add- on related to the ongoing review of IRB models in the Pillar 2 requirement, as part of its SREP 2023 decision ● The add-on is temporary and expected to be removed when new models are implemented ● The SFSA has fulfilled the hike of the Swedish CCyB rate to its neutral level of 2%, and has not announced any intended further increase ● New guidelines to be fully phased in by end of 2021 according to EBA decision ● Phase-in has been delayed according to communication from the SFSA ● Phase-in started during 2022 with a new default definition, followed by a new PD model for large corporates during 2023 and 2024 46
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© Swedbank 164% 128% Liquidity Coverage Ratio Net Stable Funding Ratio 188% Overcollateralisation (Cover pool) >2Y Survival horizon Q2 2025, SEKbn Q2 2025, SEKbn SEK EUR USD OTHERCash and balances with central banks Sovereigns, central banks or multilateral development banks1 Municipalities or public service entities Extremely high-quality covered bonds High quality covered bonds 48 1) Held at Fair Value through PnL, except for holdings of central bank issued certificates of SEK 160bn that is held at Amortised Cost. 320 210 4 127 5 334 229 95 9
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© Swedbank Q2 2025 0 500 1 000 1 500 2 000 Q2 2025 Lithuania Latvia Other corporate lending, Sweden & other Nordic countries Other private, Sweden Swedish mortgage loans Senior non-preferred debt Covered bonds Deposits CET1 Assets LiabilitiesSEKbn Estonia AT1 + Tier 2 Senior preferred debt Liabilities (comparison) Q4 2019 49 (lending)
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© Swedbank Q2 2025, SEKbn +43% Private Sweden1) Transaction accounts On-demand savings Term savings Corporate Sweden1) Q2 2025, SEKbn Private SME Corporate Total 50 Private Baltic banking Corporate Baltic banking 1) Swedish business areas and excluding Group functions 107 115 320 329 51 52 478 497 Q1 2025 Q2 2025 164 173 30 35 61 60 255 269 Q1 2025 Q2 2025 312 312 52 538 9 372 374 Q1 2025 Q2 2025 124 126 31 32 155 158 Q1 2025 Q2 2025 920 954 1 131 1 259 1 298 1 230 1 285 1 314 2018 2019 2020 2021 2022 2023 2024 Q2 2025 100 120 140 160 180 200 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTD-ratio 138% 82% 87% 88% 92% 55% 62% 62% 62% 3% 3% 3% 4% Sweden Estonia Latvia Lithuania 56% Total
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© Swedbank 51 370 133 129 287 359 118 130 299 Covered bonds Senior preferred SNP Short-term programmes Q1 2025 Q2 2025 1286 1314 Deposits 65 14 24 Covered bonds Senior preferred SNP YTD Q2 2025 17 128 118 117 170 89 2025 2026 2027 2028 2029 2030- Covered bonds Senior preferred SNP AT1(call) Tier2 17 128 118 117 170 89 2025 2026 2027 2028 2029 2030- SEK EUR USD GBP Other YTD SEK 102bn
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© Swedbank ● On April 10, 2025, Moody's upgraded Swedbank’s ratings on long-term deposit, senior unsecured debt and long-term issuer ratings to Aa2 from Aa3. Furthermore, the bank's Baseline Credit Assessment (BCA) and Adjusted BCA were upgraded to a3 from baa1. The ratings reflect the bank's consistent work to repair and address its past Anti-Money Laundering weaknesses, while prudently managing its capital buffers and asset liability risks. Furthermore, Swedbank continues to demonstrate very strong credit quality, with a focus on low- risk Swedish mortgages, and solid capitalisation, which we expect will remain broadly resilient despite the macro related uncertainties. ● On 20 September 2024, S&P revised the outlook on Swedbank AB to positive from stable and affirmed the 'A+/A-1' long and short-term issuer credit ratings on Swedbank and its core subsidiary Swedbank Mortgage AB. The positive outlook is a reflection that while residual risks remain for the bank, progress has been made to remediate AML and governance shortcomings, and the impact of the pending investigations is expected to remain contained; an upgrade would, however, also depend on Swedbank displaying earnings stability. ● On 1 June 2022, Fitch Ratings upgraded Swedbank AB's Long-Term Issuer Default Rating (IDR) to 'AA-' from 'A+' and Viability Rating (VR) to 'aa-' from 'a+'. The Outlook on the Long-Term IDR is Stable. The upgrade reflects the opinion that Swedbank's anti-money-laundering (AML) risk control framework has been sufficiently strengthened and is now commensurate with a VR in the 'aa' range. Swedbank has addressed historical shortcomings identified at its Estonian subsidiary and largely concluded a broad transformation of its corporate culture, compliance and organisational structure and risk oversight. The upgrade also considers Swedbank's robust financial profile and our expectation that the bank will maintain a sizeable capital buffer to absorb potentially large fines that could result from ongoing AML investigations. 52 Covered bonds Aaa AAA - Senior preferred Aa2 A+ AA Senior non-preferred A3 A- AA- Tier 2 Baa1 BBB+ A Additional Tier 1 Baa3 BBB- BBB+ Short-term P-1 A-1 F1+ Outlook Stable Positive Stable
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© Swedbank ● Senior preferred, senior non-preferred and covered bond format ● Major / opportunistic currencies ● Bullet format, FRN or Fixed ● EUR 20m equivalent minimum size ● Listing is optional ● Program formats available: – GMTN, EMTN, and potentially USD 144a format 53
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© Swedbank Repayment structure 7 – Amortising 77% – Interest only 23% Average loan size SEK 686 465 Number of loans outstanding 1 580 057 Number of borrowers 985 793 Number of properties 669 006 Dynamic pool Yes Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Rating, S&P / Moody’s AAA / Aaa Total pool size SEK 1 107.6bn Geographic distribution Sweden 100% Current OC-level 188% Weighted average seasoning 2 84 months Average LTV 3, 4 – WA LTV on property level (Max LTV) 52% Non-performing loans 5 None Fixed /Floating interest loans 6 – Fixed > 1 year 36% – Fixed <= 90 days 64% 1 As per 30 June 2025 2 Public sector loans not included 3 Index valuation June 2025 (with data as per March 2025) 4 Maximum LTV: Residential 80%, Commercial 60% 5 Past due loans > 60 days are not eligible for the cover pool 6 Fixed interest rate loans > 365 days 7 Property level of cover pool 55
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© Swedbank Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) O M AB 1 Substitute assets, eligible for the liquidity reserve 56 Type of loans 30 Jun (based on loan volume) 2025 Residentials 92.3 of which Single-family housing 56.7 of which Tenant owner rights 23.6 of which Tenant owner association 7.5 of which Multi-family housing 4.5 Public 0.2 Commercial 0.8 Forest & Agricultural 4.6 Substitute assets1 2.1 100% Geographical distribution, Sweden, per cent 30 Jun (based on loan volume) 2025 North 6.8 Norrbotten county (BD) 1.3 Västerbotten county (AC) 2.5 Västernorrland county (Y) 1.6 Jämtland county (Z) 1.4 Middle (including Stockholm) 45.5 Dalarna county (W) 2.0 Gävleborg county (X) 2.2 Värmland county (S) 2.0 Örebro county (T) 2.4 Västmanland county (U) 2.2 Uppsala county ( C) 3.9 Södermanland county (D) 1.7 Stockholm county (including Stockholm) (AB) 29.1 South (including Göteborg and Malmö) 47.7 Västra götaland county (Including Göteborg) (O) 17.2 Östergötland county (E) 4.7 Jönköping county (F) 3.5 Halland county (N) 3.8 Kronoberg county (G) 2.1 Kalmar county (H) 2.8 Skåne county (including Malmö) (M) 11.6 Blekinge county (K) 1.3 Gotland county (I) 0.7 Total 100 Population Mar (thousands) 2025 Sweden 10 588 Stockholm, county 2 475 Västra Götaland, county (incl. Gothenburg) 1 773 Skåne, county (incl. Malmoe) 1 429
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© Swedbank ● Weighted average LTV on property level 52% Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) LTV distribution per property1 LTV distribution by volume1, 2 1 Public loans of 0.2% of the cover pool are excluded as they are either guaranteed by a Swedish municipality or the government and have therefore no LTV assigned to them. 2 LTV distribution as defined by the Association of Swedish Covered Bond Issuers (www.ascb.se) 57 0% 5% 10% 15% 20% 25% 30% 00-10 10-20 20-30 30-40 40-50 50-60 60-70 70-80 0% 5% 10% 15% 20% 25% 30% 00-10 10-20 20-30 30-40 40-50 50-60 60-70 70-80
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© Swedbank 0% 20% 40% 60% 80% 100% 120% 0% 20% 40% 60% 80% 100% 120% Substitute assets Single-family homes Tenant owner rights (apartments) Tenant owner associations Multi-family housing Commercial Forestry & Agricultural Total all types Percentage of the pool Average LTV per loan type Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) WA LTV per property type1 2) 2) Excluding public sector loans of 0.3% 1) 1) Substitute assets, eligible for the liquidity reserve 58
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© Swedbank Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) ● Current OC-level of 188% ● 2% legal minimum requirement ● Can withstand a severe house price drop and still be able to issue AAA-rated covered bonds Over-collateralisation House price drop 59 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 220% 240% 0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50% Q4 2024 Q2 2025 Min req. 2%
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© Swedbank ● The Covered Bond Act entered into force on July 1, 2004, with most recent amendments effective as per July 8, 2022, and is over-sighted by the Swedish FSA. Its main characteristics are: − Dual recourse to the issuer and cover pool − Dynamic, regulated pool of assets, frequently monitored by the Swedish FSA via appointment of an independent inspector − Regulated valuation of cover pool assets which remain on the balance sheet ● The cover pool may consist of certain mortgage credits, public credits and exposure to credit institutions. There is no requirement to segregate mortgage and public credits ● The cover pool shall include a Liquidity Buffer that cover the maximum cumulative net liquidity outflow over the next 180 days. Assets that fulfill the requirement for the liquidity buffer shall be included in the cover pool ● Bonds with extendable maturity structures: A bond can be extended after approval from Swedish FSA as a result of it being deemed likely that the extension will prevent insolvency ● Maximum LTV’s: Residential 80%, Commercial 60% or up to 70% in line with CRR art. 129.1 f ● Maximum 10% commercial loans of cover pool except commercial properties used primarily for agricultural or forestry ● Exposure to credit institutions may not exceed the provisions set out in CRR article 129.1a ● Regular monitoring of the property values, revaluation of property prices in case of significant drop (generally interpreted as 15% drop) ● The Covered Bond Act requires that the nominal value of the cover pool shall, at all times, be at least two per cent. higher than the aggregate nominal value of the liabilities relating to the covered bonds. The cover pool shall also cover the expected cost related to maintenance and administration for winding-down the covered bond programme ● Regional constraint on collateral assets (Mortgage - EEA, Public – CRR article 129.1 a and b) ● A sound balance in terms of FX, interest rates and maturities must be achieved. It is deemed to exist when the present value of the cover pool at all times exceed the present value of liabilities (including derivatives), even on a stressed basis. Present value cover must hold even after 1% upward and downward shift in the yield curve and a 10% change in the currency ● Non-performing assets in the cover pool which are more than 60 days overdue must be disregarded for the purposes of the matching tests ● Holders of covered bonds and relevant derivative counterparties benefit from a priority claim over the cover pool should the institution be declared bankrupt and rank pari passu ahead of unsecured creditors and all other creditors of the institution in respect of assets in the cover pool ● The registered assets in the cover pool, the covered bonds and any relevant derivative contracts are required to be maintained as a unit and kept segregated from other assets and liabilities of the bankruptcy estate of the institution. The administrators-in-bankruptcy are then required to procure the continued timely service of payments due under the covered bonds and any relevant derivative contracts 60
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© Swedbank • Kingdom of Sweden rated Aaa/AAA/AAA Growth in 2025 and 2026 driven by domestic demand Sources: Statistics Sweden & Swedbank Research 1 Annual percentage growth in percent unless indicated otherwise. Forecasts from Swedbank Economic Outlook, May 2025. 2 Seasonally adjusted and smoothed Key economic indicators1, 2023-2026 Labour market remains weak 62 Most recent 2023 2024 2025F 2026F Real GDP (calendar adjusted) 0.9 (Q1) 0.1 1.0 1.5 2.5 CPI growth, average 0.7 (Jun) 8.6 2.9 0.5 1.4 CPIF growth, average 2.8 (Jun) 6.0 1.9 2.4 1.8 Unemployment rate (15-74), % of labor force 8.7 (May)2 7.7 8.4 8.7 8.4 Household own savings,% of disp. income … 5.3 6.4 7.9 7.4 Household real disposable income … -1.3 1.9 2.7 2.2 -0.1 1.0 1.3 2.7 -4.0 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2020 2021 2022 2023 2024 2025 2026 Contribution to growth (p.p.) and GDP (yoy%) Household consumption Public consumption Investments Net-export Inventories GDP growth Sources: Sw edbank Research & Macrobond 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Employment, millions, sa, rhs Unemployment rate, %, trend Redundancy notices, sa (Apr 2023=1) Wage growth, yoy% Sources: Sw edbank Research & Macrobond
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© Swedbank Household and corporate loan growth recovering Interest rates levels out Inflation picks up Krona strengthening reverses -1 0 1 2 3 4 -2 0 2 4 6 8 10 12 14 2022 2023 2024 2025 Headline inflation (CPI) and with fixed interest rate (CPIF) CPI, mom% , rhs CPIF, yoy% CPI, yoy% Sources: Sw edbank Research & Macrobond -1 0 1 2 3 4 5 2021 2022 2023 2024 2025 Interest rates (%) Mortgage lending rate (3m new loans) Government 10 year, yield Repo rate STIBOR, 3m Sources: Sw edbank Research & Macrobond 110 115 120 125 130 135 8 9 10 11 12 2021 2022 2023 2024 2025 Krona (SEK), US dollar (USD), euro (EUR) and trade -weighted index (KIX) SEK/EUR SEK/USD KIX index, rhs Sources: Sw edbank Research & Macrobond -5.0 0.0 5.0 10.0 15.0 20.0 2020 2021 2022 2023 2024 2025 Bank lending (annual change in %) Households Non-Financial Corporations Sources: Sw edbank Research & Macrobond 63
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© Swedbank Ratings • Republic of Estonia: A1/AA-/A+ • Republic of Latvia: A3/ A-/A- • Republic of Lithuania: A3/ A-/A- Key economic indicators1, 2023-2026 1 % growth rate unless indicated otherwise, Y/Y growth for the most recent data. Forecasts from Swedbank Economic Outlook, January 2025. -5 0 5 10 15 2020 2021 2022 2023 2024 2025 2026 Estonia Change yoy % -3.0% 1.2% -0.8% 2.0% -5 0 5 10 15 2020 2021 2022 2023 2024 2025 2026 Latvia Change yoy % 1.7% -0.2% 2.5% 1.5% -5 0 5 10 15 2020 2021 2022 2023 2024 2025 2026 Lithuania Change yoy % 0.3% Sources: Sw edbank Research & Macrobond 2.4% 2.3% 2.8% Real economic growth (Quarterly year-on-year change and annual growth projections) 64 Most recent 2023 2024 2025F 2026F Real GDP Estonia -0.3 (Q1) -3.0 -0.8 1.2 2.0 Latvia -0.3 (Q1) 1.7 -0.2 1.5 2.5 Lithuania 3.2 (Q1) 0.3 2.4 2.8 2.3 CPI growth, annual rate Estonia 5.0 (Jun) 9.2 3.5 5.5 3.9 Latvia 3.8 (Jun) 8.9 1.3 3.1 2.7 Lithuania 3.7 (Jun) 9.5 0.7 3.8 2.3 Unemployment rate (15-74), Estonia 8.6 (Q1) 6.4 7.6 7.7 6.8 % of labor force Latvia 7.4 (Q1) 6.5 6.9 6.6 6.2 Lithuania 6.9 (Q1) 6.8 7.2 7.1 7.1
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© Swedbank Economic sentiment Confidence indicators, sa, index represents deviations from long term average (=0) Sources: Swedbank Research & Macrobond Economic Sentiment Indicator, rhs Consumers Industry Retail trade Construction Services -40 -30 -20 -10 0 10 20 -50 -40 -30 -20 -10 0 10 20 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Estonia -40 -30 -20 -10 0 10 20 -50 -40 -30 -20 -10 0 10 20 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Latvia -40 -30 -20 -10 0 10 20 -50 -40 -30 -20 -10 0 10 20 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Lithuania 65
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© Swedbank 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Valueguard index (2005 Jan = 100) -16 -6 4 14 24 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Composite Flats Houses ● Overall housing prices decreased by 1.1 percent in June, not seasonally adjusted ● Prices declined for both apartments and single-family houses, and across the country ● Prices were flat annually, but are still down by more than 10 percent from the peak in March 2022 Price developments flats and single-family homes Trends and average house prices, June 2025 Annual growth rates (in percent) 67 1 month 3 months 12 months Tenant owner rights Sweden total -0.8% -1.6% 0.5% Greater Stockholm -1.0% -1.6% 1.2% Greater Gothenburg -0.5% -2.1% -1.6% Greater Malmoe -0.1% -1.5% 2.1% Single-family homes Sweden total -1.3% -1.6% -0.5% Greater Stockholm -1.8% -2.9% -0.9% Greater Gothenburg -0.7% -1.0% 0.8% Greater Malmoe 0.9% -1.7% 3.2% Total housing Index Sweden -1.1% -1.6% -0.1%
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© Swedbank ● Seasonally adjusted prices decreased in June 2025 reversing the recovery in May ● Housing market transactions slows down in the second quarter Housing prices Housing market transactions 68 -2 -1 1 2 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Seasonally adjusted housing prices: June 2023 - June 2025 (Monthly change in %) Tenant-Owner Rights Single Family Houses Housing prices Source: Valueguard 0 2000 4000 6000 8000 10000 12000 14000 16000 18000 -4000 -3000 -2000 -1000 0 1000 2000 3000 Jun-13 Jun-15 Jun-17 Jun-19 Jun-21 Jun-23 Jun-25 Housing Turnover Number of transaction, ∆ rolling 12m average Total number of transactions (12m ma) rhs Houses Tenant-Owned Flats Total Source: Mäklarstatistik
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© Swedbank ● Household mortgage borrowing increases gradually ● Household debt service increase in 2024 – the highest since 1996 Household interest expensesMortgage loan growth, housing prices and interest rate 0 2 4 6 8 10 12 14 16 18 1984 1989 1994 1999 2004 2009 2014 2019 2024 percent of disposable income Sources: Sw edbank Research & Macrobond 69 200 220 240 260 280 300 320 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 jul-21 jan-22 jul-22 jan-23 jul-23 jan-24 jul-24 jan-25 jul-25 Riksbank's policy rate Mortgage loans to households, yoy% Mortgage lending rate (3m new loans) Housing price index, HOX, rhs Sources: Swedbank Research & Macrobond percent index
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© Swedbank ● Population growth slows sharply, as completed housing fell in 2024 ● Household indebtedness levels decline Strong household balance sheetsPopulation growth slows 0 20000 40000 60000 80000 100000 120000 140000 160000 0 10000 20000 30000 40000 50000 60000 70000 80000 1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 Completed housing and population growth, no. of persons and housing, 1980-2024 Completed Residential buildings Population growth, rhs Sources: Sw edbank Research & Macrobond 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 75% 95% 115% 135% 155% 175% 195% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Household loans as percentage of asset and income as % of households' financial assets, rhs as % of gross disposable income Source: Statistics Sw eden 70
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© Swedbank SEK 710bn deposits reprice immediately on rate changes SEK 640bn equity and zero-interest rate funding 72 SEKbn (rounded), Q2 2025 ● +50bps = +3.1 SEKbn NII -50bps = -4.1 SEKbn NII (fully priced in) Assuming zero passthrough on transaction deposits and full passthrough on all other assets and liabilities down to a floor of 0% rates. ● Liabilities reprice faster than assets on interest rate changes 700 860 60 950 Assets 1 070 300 410 160 430 210 Liabilities © Swedbank = Administrative rate pricing = Base rate pricing Swedish mortgages Other adm. lending Market rate connected lending Cash & cash equivalents Equity Transaction deposits Term deposits Savings deposits Market rate connected deposits Market funding
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© Swedbank As per Q2 ISS Corporate Rating C+ (Prime) MSCI ESG Rating AA Sustainalytics ESG Risk Rating 24.5 73
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© Swedbank ● Probability weightings ● 66.6 per cent for baseline scenario ● 16.7 per cent for positive and negative scenarios 74 1) Unemployment rate, 16-64 years 30 June 2025 2025 2026 2027 2025 2026 2027 2025 2026 2027 Sweden GDP (annual % change) 1.2 3.4 2.6 1.1 2.5 2.4 -1.3 -4.3 2.4 Unemployment (%)1 8.7 8.3 7.9 8.7 8.5 8.0 9.0 10.7 11.0 House prices (annual % change) 2.8 5.1 4.7 2.7 4.5 4.2 0.0 -5.8 3.0 Stibor 3m (%) 2.26 2.14 2.17 2.13 1.91 2.10 1.96 0.31 0.30 Estonia GDP (annual % change) 1.4 3.4 2.1 0.8 2.0 2.3 -1.9 -8.3 0.7 Unemployment (%) 7.7 6.4 5.2 7.8 6.9 5.6 8.3 12.1 15.1 House prices (annual % change) 2.3 7.5 5.1 2.1 4.8 4.9 -5.9 -25.1 -6.6 CPI (annual % change) 5.7 4.3 2.6 5.5 3.8 2.5 4.8 0.9 1.5 Latvia GDP (annual % change) 1.8 3.4 2.6 1.5 2.5 2.6 -1.0 -5.6 1.5 Unemployment (%) 6.6 5.8 5.7 6.7 6.2 6.0 7.4 11.0 14.8 House prices (annual % change) 6.2 7.7 4.5 5.4 5.3 5.3 -4.6 -31.2 -13.6 CPI (annual % change) 3.3 3.3 2.7 3.1 2.7 2.6 2.3 -0.6 1.9 Lithuania GDP (annual % change) 2.9 4.3 3.1 2.6 2.2 2.5 0.1 -6.7 2.4 Unemployment (%) 6.8 6.3 5.6 7.0 7.1 6.7 7.5 11.9 15.2 House prices (annual % change) 7.2 8.4 5.4 6.1 4.9 4.9 -4.5 -27.7 -9.5 CPI (annual % change) 3.8 2.9 2.7 3.7 2.3 2.5 3.1 -0.5 1.4 Global indicators US GDP (annual %) 1.2 1.8 2.0 1.0 1.2 1.9 0.1 -3.6 0.7 EU GDP (annual %) 1.2 1.7 1.2 0.9 0.8 1.3 -0.3 -5.2 0.4 Brent Crude Oil (USD/Barrel) 67.1 64.8 64.8 65.8 62.2 63.5 55.0 31.7 46.9 Euribor 6m (%) 1.99 1.67 1.66 1.94 1.54 1.54 1.90 0.53 0.00 Baseline scenarioPositive scenario Negative scenario
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© Swedbank Stage 1 loans Initial recognition, or no significant increase of credit risk Impairment amounting to 12-month expected credit losses 0-29 days past due Stage 2 loans Significant increase in credit risk Watchlist 30-89 days past due Stage 3 loans Evidence of impairment 90 days past due Impairment amounting to lifetime expected credit losses Impairment amounting to lifetime expected credit losses Probability of default = 1 75
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© Swedbank Program Limit Long Term Domestic Benchmark CB Unlimited*** EMTN CB EUR 25bn Norwegian Benchmark CB Unlimited*** AUD Covered bonds** AUD 10bn Registered CB (stand alone doc.) ** Combined limit for unsecured- and covered bonds *** Limited by cover pool size 100% owned 76 Program Limit Long Term Global MTN USD 40bn USD Senior (144a / Reg.S) USD 15bn AUD Senior** AUD 10bn NSV (stand alone doc.) Short Term Domestic CP SEK 80bn European CP/CD EUR 20bn US CP USD 35bn Yankee CD USD 20bn
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© Swedbank ● The table excludes volumes issued on tap in the Swedish domestic covered bond market* * https://www.swedbank.com/investor- relations/debt-investor/funding/covered- bonds/ CB: Covered bonds SP: Senior preferred bonds SNP: Senior non-preferred bonds AT1: Additional Tier 1 capital Tier2: Tier 2 capital Green bonds Social bonds 77
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© Swedbank Maria Caneman Magnus Alvesson Mattias Danielsson Head of Investor Relations Equity & Credit Rating Equity Mobile: +46 722 38 32 10 Mobile: +46 706 10 33 41 Mobile: +46 702 11 91 80 maria.caneman@swedbank.se magnus.alvesson@swedbank.com mattias.danielsson@swedbank.se Peter Stenborn Carolina Malmström Debt Debt & Credit Rating Mobile: +46 706 76 60 92 Mobile: +46 730 50 25 24 peter.stenborn@swedbank.com carolina.malmstrom@swedbank.se Gregori Karamouzis Micael Johansson Kerstin Ahlqvist Head of Group Treasury Head of Funding and Risk Head of Long-term Funding and Sustainability Mobile: +46 727 40 63 38 Tel: +46 703 90 97 55 Tel: +46 8 700 98 90 gregori.karamouzis@swedbank.com micael.johansson@swedbank.se kerstin.ahlqvist@swedbank.se Q3 Interim report 23 Oct 2025 Q4 Full-year report 29 Jan 2026 ir@swedbank.com www.swedbank.com/investor-relations.html Swedbank AB (publ) Landsvägen 40, SE-105 34 Stockholm, Sweden Sundbyberg 78