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© Swedbank 2 Sweden Estonia Latvia Lithuania ● Global economy continues to be marked by uncertainty ● Rate cuts from the ECB and the Riksbank during Q2 ● Better GDP growth outlook for 2026 in our home markets than in the eurozone and US Riksbank FED (upper bound)ECB (deposit rate) Sweden Latvia LithuaniaEstonia Source: Swedbank Economic Outlook (May 2025), Statistics Sweden, Macrobond 0.9% 1.5% 2.5% -0.2% 1.2% 2.0% -0.4% 1.5% 2.5%2.7% 2.8% 2.3% 2024 2025F 2026F 0.0% 2.5% 5.0% 7.5% Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26 0% 5% 10% 15% 20% 25% Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Dec-26
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© Swedbank 3 ● 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 ● Solid credit quality ● Credit impairments of SEK 150m – 0.03% impairment ratio ● CET1 capital buffer of 4.5 percentage points ● Strong liquidity position 4
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© Swedbank 5 ● Business priorities and financial plan – Continue to deliver RoE of at least 15% – C/I ratio shall not exceed 0.4 ● Three main areas – Strengthen customer interactions – Grow volumes – Increase efficiency More information about Swedbank 15/27 is available here.
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© Swedbank ● Leader in mortgages in all our four home markets ● Swedish mortgage market – Lending increased – Own channels increased with SEK 3.5bn ● Baltic mortgage market – Lending increased ● Stabelo acquisition – Developing the mortgage business ● Savings, pensions & insurance – Positive development 6
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© Swedbank ● Swedish corporate market – Lending increased – Good activity in real estate and manufacturing as well as SMEs ● Baltic corporate market – Lending increased – Increasing demand for credit related to energy transition ● Higher activity in Norway – Partnership strategy is working well 7
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© Swedbank ● Sustainable asset register increased by SEK 6bn ● 48% of arranged bonds were sustainability bonds ● Financial health – Important during uncertain times 8
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© Swedbank 9 ● Robust capital generation ● Dividend payout ratio of 60-70 per cent ● Normalised CET1 capital ratio buffer of 200bps ● RoE of at least 15 per cent ● C/I ratio not above 0.40 ● Ensure long-term shareholder value
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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 10 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 11 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 12 -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 13 ● 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 14 ● 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 15 ● 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 16 ● 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 17 ● 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 877 10 2 889 Q1 2025 Credit risk Market risk & other Q2 2025 18 ● 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 19 ● 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 ● Return on equity 15.4 per cent ● Cost to income ratio 0.36 ● Solid credit quality ● Strong liquidity and capital position – Capital buffer at 4.5 percentage points 20
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© Swedbank SEK 710bn deposits reprice immediately on rate changes SEK 640bn equity and zero-interest rate funding 22 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 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) 23 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 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 24 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