Interim report
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Swedbank – Report for the Third quarter│2025│1 Interim report Third quarter | January – September 2025 23 October 2025
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Swedbank – Report for the Third quarter│2025│2 Third quarter 2025 “Our customer focus is producing results.” Jens Henriksson President and CEO Financial information Q3 Q2 Jan-Sep Jan-Sep SEKm 2025 2025 % 2025 2024 % Total income 17 105 16 962 1 51 396 55 470 -7 Net interest income 10 819 10 917 -1 33 225 36 993 -10 Net commission income 4 117 3 902 6 12 071 12 430 -3 Net gains and losses on financial items 847 856 -1 2 245 2 763 -19 Other income¹ 1 322 1 286 3 3 855 3 283 17 Total expenses 6 030 6 119 -1 18 264 18 636 -2 Profit before impairments, bank taxes and resolution fees 11 075 10 843 2 33 131 36 834 -10 Impairment of tangible and intangible assets 0 0 0 32 -99 Credit impairments -398 150 -389 126 Bank taxes and resolution fees 663 677 -2 2 269 3 162 -28 Profit before tax 10 809 10 016 8 31 251 33 513 -7 Tax expense 2 298 2 130 8 6 657 7 112 -6 Profit for the period 8 512 7 886 8 24 593 26 401 -7 Earnings per share, SEK, after dilution 7.53 6.99 21.77 23.37 Return on equity, % 16.0 15.4 15.4 17.5 C/I ratio 0.35 0.36 0.36 0.34 Common Equity Tier 1 capital ratio, % 19.7 19.7 19.7 20.4 Credit impairment ratio, % -0.08 0.03 -0.03 0.01 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures, and Other income from the Group income statement. Return on equity 16.0% Solid credit quality Most loved brand in the Baltics for the seventh year in a row
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Swedbank – Report for the Third quarter│2025│3 CEO Comment Swedbank has once again delivered a strong result in an uncertain global environment. The geopolitical situation, continued uncertainty about tariffs and trade, and the increasing concerns about weak public finances are slowing down global growth. During the quarter, the European Central Bank left its policy rate unchanged, while the Riksbank and the Federal Reserve cut rates. There are differences in the pace of economic develop- ment among Swedbank’s four home markets. In Sweden, economic conditions remain weak, although there are some signs of improvement. In Estonia, economic development is still subdued, while we are seeing some recovery in Latvia while there is a strong development in Lithuania. In these uncertain times, Swedbank stands strong. The result for the quarter amounted to SEK 8 512m. The return on equity was 16.0 per cent. Net interest income decreased slightly compared to the preceding quarter due to lower policy rates. Net commission income increased, mainly as a result of higher income from asset management. Costs fell, and the cost to income ratio was 0.35. Credit quality is solid, with credit impairment reversals during the quarter. The credit rating agency S&P Global upgraded Swedbank’s credit rating during the quarter. In their decision, they highlighted the bank’s improved governance, regulatory compliance and risk management. The US Securities and Exchange Commission (SEC) closed its investigation of the bank’s historic disclosures of information without enforcement. Two other US authorities are still investigating the bank. We are delivering according to our plan Swedbank 15/27. It focuses on three areas: strengthened customer interactions, grow volumes and increased efficiency. Our customer focus is producing results. We have further improved our availability in Sweden during the quarter, and now 70 per cent of incoming calls are answered within three minutes. We are thereby getting closer to our target of at least 80 per cent. We consist- ently work to improve our digital offerings. And we see that more and more customers are choosing to do their everyday banking through our app or the internet bank. We have also increased efficiency. Our employees can spend more time meeting customers and less time on administration, using our new AI tools. The number of advisory sessions per employee has increased. During the quarter, mortgage lending increased by SEK 5bn. Mortgage loans in Sweden accounted for SEK 2.6bn of this amount. Lending through our own channels increased volumes by SEK 4.2bn. Mortgage lending within our Baltic operations rose by 3 per cent in local currency. Deposits from private customers increased slightly in the Baltic countries, while deposits decreased some- what in Sweden from high levels during the second quarter. We continue to be close to our customers and advise them. Strengthening their financial health is an important task for the bank. Savings and pensions continued to develop positively. Swedbank Robur saw a net inflow of SEK 9bn in our four home markets. In August, we announced that we plan to acquire the remaining 50 per cent of Entercard. Thereby we are now forming the largest card business in the Nordic and Baltic region. In Lithuania, the business climate remains strong. In Sweden, Estonia and Latvia, we are seeing gradually rising activity, but from low levels. During the quarter, lending corporate lending increased by SEK 7bn. Our customers are showing a high demand for sustain- able investments; 36 per cent of the bonds arranged by Swedbank during the quarter were classified as sustain- able. Our Sustainable Assets Register has now surpassed SEK 150bn. We now own 20 per cent of the investment bank SB1 Markets. During the quarter, the company began its operations in Sweden – an important step in further developing our offering to corporate customers. In addition, our customers will gain access to an expanded range of equity research. In the Baltic markets, we launched the card payment feature "Click to Pay", a secure and convenient service that simplifies card payments. Being named the most loved brand in the Baltics for the seventh year in a row makes all of us at Swedbank proud. Swedbank stands strong and is well-positioned for sustainable growth and profitability. We continue to create value for our customers and owners in both good and bad times. Jens Henriksson President and CEO
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Swedbank – Report for the Third quarter│2025│4 Table of Contents Financial overview 5 Notes to the financial statements Important to note 6 Note 1 Accounting policies 22 Group development 6 Note 2 Critical accounting estimates 22 Volume trend by product area 7 Note 3 Changes in the Group structure 22 Credit and asset quality 8 Note 4 Operating segments (business areas) 23 Funding and liquidity 9 Ratings 9 Note 5 Net interest income 26 Operational risks 9 Note 6 Net commission income 27 Capital and capital adequacy 9 Note 7 Net gains and losses on financial items 28 Investigations 10 Other events 10 Note 8 Net insurance income 29 Events after the end of the period 11 Note 9 Other general administrative expenses 29 Business areas Swedish Banking 12 Note 10 Credit impairments 30 Baltic Banking 13 Note 11 Bank taxes and resolution fees 33 Corporates and Institutions 14 Note 12 Loans 34 Premium and Private Banking 15 Note 13 Credit impairment provisions 35 Group Functions and Other 16 Note 14 Credit risk exposures 37 Financial statements - Group Note 15 Intangible assets 38 Income statement, condensed 17 Note 16 Amounts owed to credit institutions 38 Statement of comprehensive income, condensed 18 Note 17 Deposits and borrowings from the public 38 Balance sheet, condensed 19 Statement of changes in equity, condensed 20 Note 18 Debt securities in issue, senior non-preferred liabilities and subordinated liabilities 39 Cash flow statement, condensed 21 Note 19 Derivatives 39 Note 20 Valuation categories for financial instruments 40 Note 21 Financial instruments recognised at fair value 42 Note 22 Assets pledged, contingent liabilities/-assets and commitments 43 Note 23 Offsetting financial assets and liabilities 44 Note 24 Capital adequacy, consolidated situation 45 Note 25 Internal capital requirement 47 Note 26 Risks and uncertainties 47 Note 27 Related-party transactions 48 Note 28 Swedbank’s share 49 Financial statements - Swedbank AB 50 Alternative performance measures 55 Signatures of the Board of Directors and the President 56 Review report 57 Publication of financial information 58 More detailed information be found in Swedbank’s Factbook, www.swedbank.com/factbook
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Swedbank – Report for the Third quarter│2025│5 Financial overview Income statement Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 % 2024 % 2025 2024 % Net interest income 10 819 10 917 -1 12 229 -12 33 225 36 993 -10 Net commission income 4 117 3 902 6 4 286 -4 12 071 12 430 -3 Net gains and losses on financial items 847 856 -1 1 170 -28 2 245 2 763 -19 Other income¹ 1 322 1 286 3 1 461 -10 3 855 3 283 17 Total income 17 105 16 962 1 19 146 -11 51 396 55 470 -7 Staff costs 3 773 3 767 0 3 710 2 11 370 11 194 2 Other expenses 2 257 2 352 -4 2 277 -1 6 894 7 442 -7 Total expenses 6 030 6 119 -1 5 986 1 18 264 18 636 -2 Profit before impairments, bank taxes and resolution fees 11 075 10 843 2 13 160 -16 33 131 36 834 -10 Impairment of tangible and intangible assets 0 0 0 50 0 32 -99 Credit impairments -398 150 271 -389 126 Bank taxes and resolution fees 663 677 -2 1 012 -35 2 269 3 162 -28 Profit before tax 10 809 10 016 8 11 876 -9 31 251 33 513 -7 Tax expense 2 298 2 130 8 2 497 -8 6 657 7 112 -6 Profit for the period 8 512 7 886 8 9 379 -9 24 593 26 401 -7 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures, and Other income from the Group i ncome statement. Q3 Q2 Q3 Jan-Sep Jan-Sep Key ratios and data per share 2025 2025 2024 2025 2024 Return on equity, % 16.0 15.4 18.4 15.4 17.5 Earnings per share before dilution, SEK¹ 7.57 7.02 8.33 21.88 23.46 Earnings per share after dilution, SEK¹ 7.53 6.99 8.30 21.77 23.37 C/I ratio 0.35 0.36 0.31 0.36 0.34 Equity per share, SEK¹ 193.7 185.6 185.6 193.7 185.6 Loans to customers/deposit from customers ratio, % 140 138 141 140 141 Common Equity Tier 1 capital ratio, % 19.7 19.7 20.4 19.7 20.4 Tier 1 capital ratio, % 21.3 21.5 22.3 21.3 22.3 Total capital ratio, % 24.0 23.5 24.6 24.0 24.6 Credit impairment ratio, % -0.08 0.03 0.06 -0.03 0.01 Share of Stage 3 loans, gross, % 0.55 0.58 0.60 0.55 0.60 Total credit impairment provision ratio, % 0.29 0.34 0.37 0.29 0.37 Liquidity coverage ratio (LCR), % 157 164 167 157 167 Net stable funding ratio (NSFR), % 128 128 126 128 126 1) The number of shares and calculation of earnings per share are specified in Note 28. Balance sheet data 30 Sep 31 Dec 30 Sep SEKbn 2025 2024 % 2024 % Loans to customers 1 829 1 800 2 1 796 2 Deposits from customers 1 307 1 285 2 1 273 3 Equity attributable to shareholders of the parent company 218 219 -1 209 4 Total assets 3 125 3 010 4 3 134 0 Risk exposure amount 901 872 3 858 5 Definitions of all key ratios can be found in Swedbank’s Factbook on page 77.
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Swedbank – Report for the Third quarter│2025│6 Important to note This interim report contains alternative performance measures that Swedbank considers valuable information for the reader, since they are used by the executive management for internal governance and performance measurement as well as for comparisons between reporting periods. Further information on the alternative performance measures used in the interim report can be found on page 55. Group development Result third quarter 2025 compared to second quarter 2025 Swedbank’s profit increased to SEK 8 512m (7 886). Income rose, and credit impairments were net positive. Expenses fell compared to the preceding quarter. Foreign exchange effects positively impacted profit before impairments, bank taxes and resolution fees by SEK 45m. The return on equity was 16.0 per cent (15.4) and the cost/income ratio was 0.35 (0.36). Income increased to SEK 17 105m (16 962). Net commission income and other income rose, while net interest income and net gains and losses on financial items fell. Foreign exchange effects positively impacted income by SEK 69m. Net interest income decreased to SEK 10 819m (10 917), driven by declining interest rates related to the Riksbank’s interest rate cut at the end of the preceding quarter. Lower lending rates were partly offset by lower deposit rates as well as one extra day of interest in the quarter. Net commission income increased to SEK 4 117m (3 902). The increase was mainly due to higher income from asset management, which was impacted by the market’s development during the quarter, as well as by seasonally higher card commissions. This was partly offset by seasonally lower income from issuing bonds and from equity-related transactions. Net gains and losses on financial items remained strong but fell slightly to SEK 847m (856). The decrease from the preceding quarter was mainly driven by lower revaluation effects on shareholdings and by a slight decline in FX trading from a high level. The decrease was partly offset by stronger fixed income trading. Other income rose to SEK 1 322m (1 286), partly due to a one-off effect related to a business transfer to SB1 Markets. Within Baltic Banking, revaluation effects within the insurance business and a normalisation in the level of insurance claims both contributed negatively. Expenses decreased to SEK 6 030m (6 119), driven by seasonally lower expenses for consultants and IT. Staff costs were largely unchanged, impacted by seasonal effects. The bank received a VAT reimbursement during the quarter of SEK 197m for 2016, in addition to the SEK 174m received for 2018 in the preceding quarter. Foreign exchange effects increased expenses by SEK 24m. Credit impairments were net positive and amounted to SEK -398m (150), corresponding to a credit impairment ratio of -0.08 per cent (0.03). Provisions fell by SEK 233m (95) due to updated macroeconomic scenarios, and post-model adjustments decreased by SEK 228m (129). The decrease was partly offset by an increase in individually assessed loans. Bank taxes and resolution fees amounted to SEK 663m (677). The decrease was mainly due to lower expenses for bank taxes in Lithuania during the quarter. The income tax expense amounted to SEK 2 298m (2 130) and corresponded to an effective tax rate of 21.3 per cent (21.3). Result January-September 2025 compared to January- September 2024 Swedbank’s profit decreased to SEK 24 593m (26 401). Foreign exchange effects negatively impacted profit before impairments, bank taxes and resolution fees by SEK 272m. The return on equity was 15.4 per cent (17.5) and the cost/income ratio was 0.36 (0.34). Income fell to SEK 51 396m (55 470) due to lower net interest income, net gains and losses on financial items and net commission income. The decrease was partly offset by higher other income. Foreign exchange effects negatively impacted income by SEK 436m. Net interest income decreased to SEK 33 225m (36 993), negatively impacted by lower interest rates. Net commission income fell and amounted to SEK 12 071m (12 430). The decline was primarily due to lower card commissions and higher payment-related costs, partly offset by higher income from service concepts. Net gains and losses on financial items decreased to SEK 2 245m (2 763), mainly due to negative revaluation effects on derivatives, partly offset by positive revaluation effects on shareholdings as well as trading in financial instruments. Other income rose to SEK 3 855m (3 283). The increase was primarily due to higher sales of IT and administrative services to the savings banks, the sale of a building in Latvia and improved net insurance income. The increase was in part offset by a lower result from partly owned companies. Expenses decreased to SEK 18 264m (18 636). The decrease was mainly driven by three VAT reimburse- ments totalling SEK 576m for the years 2016-2018 and by lower consulting expenses compared to the corre- sponding period in 2024. The decline was partly offset
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Swedbank – Report for the Third quarter│2025│7 by slightly higher IT and staff costs. Foreign exchange effects reduced expenses by SEK 164m. Credit impairments were net positive and amounted to SEK -389m (126), corresponding to a credit impairment ratio of -0.03 per cent (0.01), where decreased provisions due to changes in exposures and other risk factors were partly offset by increased provisions for individually assessed loans. Bank taxes and resolution fees amounted to SEK 2 269m (3 162). The decrease was mainly due to a lower bank tax in Lithuania. The income tax expense amounted to SEK 6 657m (7 112) and corresponded to an effective tax rate of 21.3 per cent (21.2). The slightly higher effective tax rate in 2025 is partly explained by a higher corporate tax rate in Estonia. Volume trend by product area Swedbank mainly conducts business in the product areas of lending, deposits, fund savings and life insurance, and payments. Lending Loans to customers increased by SEK 12bn during the quarter to SEK 1 829bn (1 817). Compared to the corre- sponding quarter in 2024, lending rose by SEK 33bn. Foreign exchange effects negatively impacted lending volumes by SEK 3bn compared to the second quarter of 2025 and negatively by SEK 17bn compared to the third quarter of 2024. 30 Sep 30 Jun 30 Sep Loans to customers, SEKbn 2025 2025 2024 Loans, private mortgage 1 050 1 045 1 041 of which Sweden¹ 915 913 914 of which Baltic countries 135 132 127 Loans, private other 51 51 51 of which Sweden² 22 23 24 of which Baltic countries 28 28 27 Loans, corporate² 728 721 704 of which Sweden 527 526 516 of which Baltic countries 134 129 122 of which other³ 67 66 66 Total 1 829 1 817 1 796 1) Including volumes brokered by the savings banks on behalf of Swedbank Hypotek. 2) During Q3 2025, there has been a reclassification of Tenant-owner associations from the private to the corporate sector. Comparative figures have been restated. 3) Other consists of loans in Norway, Finland, China and the USA. In Sweden, loans to customers increased by SEK 2bn in the quarter to SEK 1 464bn (1 462). Compared to the corresponding quarter in 2024, lending rose by SEK 10bn. Loans to mortgage customers in Sweden increased by just under SEK 3bn during the quarter to SEK 915bn (913). Lending through our own channels rose by SEK 4.2bn, while volumes in Swedbank Hypotek brokered by the savings banks decreased by SEK 1.6bn. Compared to the corresponding quarter in 2024, loans to mortgage customers increased by SEK 1bn. Swedbank’s market share for mortgages in Sweden was 22 per cent as of 31 August, including volumes brokered by the savings banks in Swedbank Hypotek, which accounted for 4 percentage points. Other private lending in Sweden fell by SEK 1bn and amounted to SEK 22bn (23). Corporate lending in Sweden increased by SEK 1bn in the quarter to SEK 527bn (526). Compared to the corre- sponding quarter in 2024, corporate lending rose by SEK 11bn. In Sweden, the market share for corporate loans was 15 per cent as of 31 August. In the Baltic countries, lending volume increased in local currency (EUR). Lending to private customers rose by 3 per cent, while lending to corporate customers rose by 5 per cent. The Sustainable Asset Register increased by SEK 10bn to just over SEK 152bn (142) during the quarter. The increase was primarily related to the financing of green buildings. At the end of the quarter, the register contained almost SEK 145bn in green assets and SEK 8bn in social assets, which are financed through the bank’s sustainable bonds. For more information on lending and the Sustainable Asset Register, see pages 37 and 70 of the Factbook. Deposits Total deposits decreased by SEK 7bn to SEK 1 307bn (1 314) compared to the preceding quarter and increaseed by SEK 34bn compared to the corresponding period in 2024. Foreign exchange effects negatively impacted total deposit volume by SEK 4bn compared to the preceding quarter and negatively by SEK 20bn compared to the corresponding quarter in 2024. 30 Sep 30 Jun 30 Sep Deposits from customers, SEKbn 2025 2025 2024 Deposits, private 765 766 726 of which Sweden 496 497 478 of which Baltic countries 269 269 247 Deposits, corporate 541 549 547 of which Sweden 376 378 384 of which Baltic countries 155 158 159 of which other¹ 10 12 4 Total 1 307 1 314 1 273 1) Other consist of deposits in Norway, Finland, China and the USA. Deposits in Sweden decreased by SEK 3bn to SEK 872bn (875). Household deposits in Sweden fell by SEK 1bn to SEK 496bn (497), while corporate deposits decreased by SEK 2bn to SEK 376bn (378). Compared to the corresponding quarter in 2024, deposits in Sweden increased by SEK 10bn. In the Baltic countries, total deposits were unchanged in local currency (EUR) during the quarter. Household deposits rose by 1 per cent (EUR), while corporate deposits fell by 1 per cent (EUR). Compared to the corresponding quarter in 2024, deposits rose by 7 per cent (EUR).
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Swedbank – Report for the Third quarter│2025│8 As of 31 August, Swedbank’s market share for house- hold deposits in Sweden was 18 per cent. The market share for corporate deposits was 13 per cent. For more information on deposits, see page 38 of the Factbook. Assets under management Fund assets under management rose by 5 per cent during the quarter to SEK 1 997bn (1 900). The increase relates to both Sweden and the Baltic countries and was mainly due to positive market development. Net inflows also contributed. Asset management 30 Sep 30 Jun 30 Sep (including life insurance) SEKbn 2025 2025 2024 Sweden¹ 1 840 1 753 1 747 Estonia 37 34 32 Latvia 49 47 45 Lithuania 49 47 44 Other countries¹ 22 19 20 Total Mutual funds under Management 1 997 1 900 1 888 Closed End Funds 1 1 1 Discretionary asset management 499 485 474 Total assets under Management 2 497 2 386 2 363 1) During the second quarter, geographical domicile for distributors from Sweden to Other countries has been revised. Comparative figures have been restated. The net inflow in the Swedish fund market amounted to SEK 40bn (52). For Swedbank Robur’s funds distributed in Sweden, net inflows improved to SEK 7bn (5) during the quarter. Distributions through Swedbank and the savings banks, as well as third-party distributions, strengthened, and all reported net inflows during the quarter. Net inflows also increased within the institutional business compared to the preceding quarter. In Estonia, Latvia and Lithuania, the total net inflow amounted to SEK 2bn (2). The increase in value was primarily in equity funds, while the largest inflow was in actively managed equity funds. By assets under management, Swedbank Robur is the leader in the fund market in Sweden and the Baltic countries. As of 30 September, the market share in Sweden was 22 per cent. In Estonia, Latvia and Lithuania, the market shares were 39, 38 and 36 per cent, respectively. Assets under management within the Swedish life insurance business increased by 5 per cent in the third quarter to SEK 432bn (413) as of 30 September. Insurance premium income, consisting of premium pay- ments and capital transfers, amounted to SEK 8bn (10). Assets under management, life 30 Sep 30 Jun 30 Sep insurance SEKbn 2025 2025 2024 Sweden 432 413 401 of which collective occupational pensions 251 238 230 of which endowment insurance 114 110 108 of which occupational pensions 55 53 50 of which other 12 12 12 Baltic countries 10 10 10 Total assets under management 442 422 410 For premium income, excluding capital transfers, Swedbank’s market share in the second quarter was 6 per cent (7 per cent in the first quarter). In the transfer market, Swedbank’s market share in the second quarter was 13 per cent (12). Payments The total number of card transactions acquired by Swedbank during the quarter was 1 031 million, an increase of 3 per cent compared to the corresponding period in 2024. The total number of transactions acquired in Sweden, Norway, Finland and Denmark increased by 12 million, equivalent to 2 per cent, while total card transactions acquired in the Baltic countries rose by 7 per cent. Acquired transaction volumes in Sweden, Norway, Finland and Denmark totalled SEK 235bn, which is a decrease of 1 per cent compared to the corresponding period in 2024. In the Baltic countries, transaction volumes calculated in Swedish krona rose by 6 per cent to SEK 42bn, compared to the corresponding quarter in 2024. In local currency, the increase was 9 per cent. The total number of Swedbank cards in issue at the end of the quarter was 8.6 million. 30 Sep 30 Jun 30 Sep Number of cards, millions 2025 2025 2024 Issued cards 8.6 8.5 8.5 of which Sweden 4.5 4.5 4.5 of which Baltic countries 4.0 4.0 4.0 The number of purchases made in Sweden with Swedbank cards decreased slightly during the quarter compared to the corresponding quarter in 2024. A total of 402 million card purchases were made. In the Baltic countries, the number of card purchases rose by 6 per cent compared to the corresponding quarter in 2024 and totalled 287 million during the quarter. In Sweden, a total of 242 million domestic payments were made during the quarter, an increase of 3 per cent compared to the corresponding period in 2024. Swedbank’s market share of payments executed via Bankgirot was 34 per cent. In the Baltic countries, a total of 140 million domestic payments were processed, an increase of 8 per cent compared to the corresponding period in 2024. The number of international payments made in Sweden decreased by 4 per cent compared to the corresponding quarter in 2024, to 1.2 million. In the Baltic countries, international payments rose by 22 per cent to 11 million, including transactions between the Baltic countries. The increase was partly driven by cheaper payment options in the bank and lower amounts per payment. Credit and asset quality The credit quality of Swedbank’s lending is solid and credit impairments are low. Total credit impairment provisions amounted to SEK 6 073m (7 002), of which SEK 364m (594) was post-model adjustments.
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Swedbank – Report for the Third quarter│2025│9 For mortgages in Sweden, forborne loans continued to increase, but at a slower rate than in the preceding year. The number of loans with late payments decreased slightly. The total share of loans in stage 2, gross, amounted to 8.4 per cent (8.4). For loans to private customers, the corresponding share was 7.3 per cent (7.0), and for corporate lending it was 10.3 per cent (10.9). The total share of loans in stage 3, gross, was 0.55 per cent (0.58). For loans to private customers, the share was 0.39 per cent (0.44), and for corporate lending it was 0.82 per cent (0.81). For more information on credit exposures, provisions and credit quality, see Notes 10 and 12-14 as well as pages 40-48 of the Factbook. Funding and liquidity During the quarter, the financial markets were dominated by easing concerns about US tariffs, but also by increased worries about strained government finances. France was in focus with its large budget deficit and complex political landscape. Short-term interest rates were stable even though the Riksbank decided to cut its policy rate by 25 basis points in September. Meanwhile, the Riksbank signalled that this was probably the last rate cut in this cycle. The combination of expectations that rates are now close to bottoming out in Sweden and Europe, as well as concerns about strained government finances, raised long-term rates slightly. The credit appetite was good during the quarter, and Swedbank remained active in the funding markets. During the quarter, issuance consisted of covered bonds in Swedish krona but also subordinated debt in the form of a Tier 2 instrument in euro as well as a green senior unsecured bond in Swedish krona. In total for the quarter, Swedbank issued SEK 24bn in long-term debt instruments. As of 30 September, Swedbank’s outstanding short-term funding in issue amounted to SEK 310bn (299). The need for financing is affected by the current liquidity situation, future maturities and changes in deposit and lending volumes, and therefore is adjusted over the course of the year. For more information on funding and liquidity, see Notes 16-18 and pages 57–69 of the Factbook. 30 Sep 30 Jun 30 Sep Liquid assets and ratios 2025 2025 2024 Cash and balances with central banks and the National Debt Office, SEKbn 316 320 277 Liquidity reserve, SEKbn 641 667 680 Liquidity coverage ratio (LCR), %¹ 157 164 167 Net stable funding ratio (NSFR), % 128 128 126 1) As of 30 September 2025: USD 491 %; EUR 260 %; SEK 98 % Ratings On 23 September, the credit rating agency S&P Global upgraded Swedbank’s ratings. The long-term rating was raised to AA- from A+ and the outlook was restored from positive to stable. The upgrade is, according to S&P, the result of improved governance, compliance and risk management as well as the bank's resilient earnings and robust capitalisation, which provide a good financial buffer. For more information on the ratings, see page 69 of the Factbook. Credit ratings Moody's S&P Fitch Covered bonds Aaa AAA - Senior unsecured bonds Aa2 AA- AA Senior non-preferred bonds A3 A AA- Tier 2 Baa1 A- A Additional tier 1 Baa3 BBB BBB+ Short term P-1 A-1+ F1+ Outlook Stable Stable Stable Operational risks Swedbank continuously monitors operational risks and focuses on areas where risks are considered highest. The bank has made its work with cyber, IT and information security risks a priority. A number of IT incidents occurred during the third quarter that impacted the availability of critical channels and payment services. Measures were taken to increase IT stability, and the bank has several ongoing initiatives to further improve operational resilience and ensure a high level of availability for customers. Geopolitical tensions persist, and the bank continues to prioritise activities aimed at strengthening digital operational resilience. Swedbank closely monitors developments in this area and has a strong capabilty to manage the associated risks. Capital and capital adequacy Capital ratio and capital requirement The Common Equity Tier 1 (CET1) capital ratio was 19.7 per cent (19.7) at the end of the quarter. The total CET1 capital requirement, including Pillar 2 guidance, was 14.8 per cent (15.2) of the risk exposure amount, which resulted in a CET1 capital buffer of 4.8 percentage points (4.5). CET1 capital amounted to SEK 177bn (175) and was mainly affected by the quarterly result and estimated dividend.
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Swedbank – Report for the Third quarter│2025│10 Change in Common Equity Tier 1 capital (Refers to Swedbank consolidated situation) Risk Exposure Amount (REA) REA increased to SEK 900.8bn (888.5) in the third quarter. REA for credit risks rose by SEK 13.8bn, mainly due to increased volumes in Sweden and the Baltic countries. The increase was partly offset by lower REA for past- due exposures. REA for market risks fell by SEK 0.9bn, mainly due to reduced positions in covered bonds in Swedish institutions. REA for Credit Valuation Adjustment (CVA) decreased due to lower exposures. Change in REA (Refers to Swedbank consolidated situation) The leverage ratio was 6.6 per cent (6.7) and thereby exceeds the leverage ratio requirement including Pillar 2 guidance of 3.2 per cent (3.5). Capital and resolution regulations The Swedish Financial Supervisory Authority (SFSA) has decided on new capital requirements in connection with the annual Supervisory Review and Evaluation Process (SREP). Overall, the decision resulted in an approximat- ely 0.4 percentage point lower Pillar 2 requirement (P2R) for CET1 in relation to the risk exposure amount (REA). The decrease in P2R is partly due to internal ratings- based (IRB) models, as the new risk weights under the Capital Requirements Regulation (CRR3) impact the SFSA’s calculation of the capital requirement, and partly due to a lower capital requirement for interest rate risk in the banking book (IRRBB). In relation to REA, P2R for CET1 amounted to 1.5 per cent (1.9), and Pillar 2 guidance (P2G) was unchanged at 0.5 per cent. P2G for leverage decreased from 0.5 per cent to 0.15 per cent of the exposure amount. In accordance with the guidelines from the European Banking Authority (EBA) and revisions to CRR3, Swedbank is applying for approval of new IRB models. The bank expects the review processes to continue with ongoing approvals from supervisory authorities, which will facilitate further implementations of Swedish PD models and certain Baltic models in 2026. Swedbank had already decided on an Article 3 add-on equivalent to the bank’s assessment of the impact on REA of the introduction of the remaining IRB models. This add-on has been reduced to SEK 6bn in line with the phase-in that has occurred. The CRR3 regulation took effect on 1 January 2025 with a phase-in period through 2032. The European Commission has decided to postpone the market risk requirements by two years, until 2027. The capital requirement floor under CRR3 for banks that use internal models is not expected to impact Swedbank’s capital requirements, as long as the SFSA applies risk weight floors to internal lending models for Swedish mortgages and commercial properties. The SFSA has received approval from the European Commission to extend the risk weight floors by two years until 2027. Investigations The U.S. Securities and Exchange Commission (SEC) announced during the quarter that it has closed its investigation of the bank without enforcement. The Department of Justice (DoJ) and the Department of Financial Services in New York (DFS) are investigating Swedbank’s historical anti-money laundering and counter-terrorism financing work and historical information disclosures. The bank cannot at this time determine any financial consequences or when the investigations will be completed. Other events On 1 July, Swedbank signed an agreement to acquire all the shares in Stabelo Group AB with expected transfer of ownership in autumn 2025 after approval is received from the relevant authorities. Through access to a complementary brand, new technology and new channels for mortgage loans, the acquisition will enable Swedbank to reach more customers in the mortgage market. Stabelo currently has about 30 employees and
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Swedbank – Report for the Third quarter│2025│11 will continue to operate in the mortgage market under its own brand. Swedbank announced on 28 August that the bank had reached an agreement to acquire Barclays’ ownership stake in Entercard, which will thereby become a wholly owned subsidiary of Swedbank. Swedbank and Barclays have co-owned Entercard since 2005, where the parties have each owned 50 per cent. Entercard currently has approximately 450 employees and 1.5 million customers and will continue to operate under its own brand. The purchase price is based on an amount corresponding to 50 per cent of Entercard’s equity at the time of acquisition. In the second quarter of 2025, the company’s total equity amounted to approximately SEK 5.3bn. The acquisition is subject to approval by the relevant authorities. On 1 September 2025, Swedbank acquired 20 per cent of the shares in SB1 Markets for a cash consideration of NOK 355m and by divesting part of its investment banking operations within Corporates and Institutions to SB1 Markets. Swedbank has appointed Martin Noréus as the Group’s new Chief Risk Officer. He will take on his role on 1 May 2026, and will join Swedbank’s Group Executive Committee on that date. Swedbank’s current Chief Risk Officer, Rolf Marquardt, will remain in his role until Martin Noréus takes over, after which he will become a senior advisor at Swedbank. During the third quarter, Swedbank received a reimbursement corresponding to SEK 197m for excess VAT payments for 2016. According to a judgment by the Administrative Court of Appeal, Swedbank has been granted the right to use a new method to calculate deductible VAT in accordance with amended case law from the Supreme Administrative Court. The bank has previously received reimbursements of SEK 205m for 2017 in the first quarter and SEK 174m for 2018 in the second quarter and has also applied for VAT reimbursements for 2019–2023. The Riksbank has decided that Swedish banks must hold interest-free deposits with the Riksbank from 31 October 2025. The purpose of this decision is to contribute to the Riksbank’s ability to fund itself. For Swedbank, this means interest-free deposits of approximately SEK 6bn. Events after the end of the period No significant events have taken place after the end of the period.
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Swedbank – Report for the Third quarter│2025│12 Swedish Banking Income statement Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025¹ % 2024¹ % 2025 2024¹ % Net interest income 3 835 3 991 -4 4 267 -10 11 835 13 283 -11 Net commission income 1 976 1 765 12 1 930 2 5 550 5 574 0 Net gains and losses on financial items 43 50 -13 84 -48 148 217 -32 Other income² 429 375 14 495 -13 1 208 1 147 5 Total income 6 283 6 181 2 6 776 -7 18 740 20 222 -7 Staff costs 440 424 4 481 -8 1 314 1 479 -11 Variable staff costs 19 17 10 12 55 54 42 29 Other expenses 1 616 1 652 -2 1 589 2 4 922 4 891 1 Depreciation/amortisation of tangible and intangible assets 2 2 -4 4 -51 6 11 -50 Total expenses 2 077 2 095 -1 2 085 0 6 296 6 423 -2 Profit before impairments, bank taxes and resolution fees 4 207 4 086 3 4 691 -10 12 444 13 799 -10 Credit impairments -167 83 116 72 45 59 Bank taxes and resolution fees 214 215 0 213 1 643 640 0 Profit before tax 4 159 3 787 10 4 362 -5 11 729 13 113 -11 Tax expense 759 702 8 781 -3 2 160 2 409 -10 Profit for the period 3 400 3 086 10 3 581 -5 9 569 10 704 -11 Return on allocated equity, % 25.3 22.9 26.8 23.7 26.6 Loan/deposit ratio, % 179 178 187 179 187 Credit impairment ratio, % -0.08 0.04 0.05 0.01 0.01 Cost/income ratio 0.33 0.34 0.31 0.34 0.32 Loans to customers, SEKbn 833 835 0 847 -2 833 847 -2 Deposits from customers, SEKbn 467 468 0 453 3 467 453 3 Full-time employees 2 107 2 121 -1 2 433 -13 2 107 2 433 -13 1) During the second quarter 2025, an allocation model regarding fund savings between Swedish banking and Premium and Private Banking was updated, why also comparatives have been restated. The change has impacted net commission income, other expenses and tax expe nse. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income f rom the Group income statement. Business development During the quarter, the mortgage market continued to recover. A number of efforts were made to strengthen Swedbank’s market position, including the launch of the “Bo-start” package to help young customers buy their first home. The acquisition of Stabelo announced by the bank is aimed at further developing the mortgage business and customer offering. During the quarter, availability for customers was improved both by phone and when visiting a branch. By phone, 70 per cent of customers received assistance within three minutes, and around 20 branches have adjusted their opening hours to meet demand for advice and service. The quality and efficiency of customer meetings was improved through the use of AI to summarise and document conversations about insurance and savings between the customer and the advisor. Fraud protection was further strengthened by limiting Swish users to two daily maximum online payments, replacing the previous rolling seven-day limit, as well as a new feature in the bank’s app and internet bank that shows the customer when they are speaking to a bank employee on the phone. Profit increased, mainly due to lower credit impairments and higher commission income. Net interest income fell due to lower margins related to price adjustments. Mortgage volume was stable. Corporate lending decreased by SEK 1bn. Deposit volumes fell by SEK 1bn, mainly driven by household deposits. Net commission income increased, mainly related to higher income from asset management and higher card commissions. Expenses decreased, mainly due to lower costs for internally purchased development services. Credit impairments were net positive and amounted to SEK-167m (83). The change was mainly explained by model updates as well as updated macroeconomic scenarios.
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Swedbank – Report for the Third quarter│2025│13 Baltic Banking Income statement Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 % 2024 % 2025 2024 % Net interest income 3 365 3 317 1 4 358 -23 10 311 13 503 -24 Net commission income 843 831 1 892 -5 2 482 2 574 -4 Net gains and losses on financial items 134 132 1 151 -11 386 422 -9 Other income¹ 276 349 -21 442 -38 923 781 18 Total income 4 618 4 629 -0 5 843 -21 14 102 17 281 -18 Staff costs 570 544 5 529 8 1 629 1 532 6 Variable staff costs 38 38 -1 33 13 114 95 20 Other expenses 969 990 -2 900 8 3 045 2 884 6 Depreciation/amortisation of tangible and intangible assets 69 43 59 44 55 155 131 18 Total expenses 1 644 1 615 2 1 506 9 4 943 4 642 6 Profit before impairments, bank taxes and resolution fees 2 974 3 014 -1 4 337 -31 9 159 12 639 -28 Impairment of tangible and intangible assets 0 0 0 0 0 6 Credit impairments -153 58 30 -146 21 Bank taxes and resolution fees 187 202 -7 528 -65 845 1 707 -51 Profit before tax 2 939 2 753 7 3 779 -22 8 461 10 911 -22 Tax expense 629 618 2 776 -19 1 824 2 226 -18 Profit for the period 2 309 2 136 8 3 003 -23 6 637 8 685 -24 Return on allocated equity, % 23.3 21.9 33.3 22.7 32.7 Loan/deposit ratio, % 70 68 68 70 68 Credit impairment ratio, % -0.21 0.09 0.04 -0.07 0.01 Cost/income ratio 0.36 0.35 0.26 0.35 0.27 Loans to customers, SEKbn 297 289 3 275 8 297 275 8 Deposits from customers, SEKbn 423 427 -1 407 4 423 407 4 Full-time employees 4 725 4 722 0 4 727 0 4 725 4 727 0 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. Business development During the quarter, the housing market continued to re- cover, and demand for mortgages increased in all three Baltic countries. Home purchasing power rose due to lower interest rates and higher wages. On the corporate side, lending was stable, especially in agriculture, renew- able energy and manufacturing. During the quarter, corporate and mortgage lending both increased. In Estonia, the offering for private customers was further expanded to include travel insurance and purchase protection. The bank also introduced “Click to Pay” card payment functionality in e-commerce for affiliated merchants, which offers faster and more secure online checkouts. In addition, Swedbank’s Mastercard users now have access to Mastercard’s Priceless platform. Swedbank has continued to promote sport and a healthier lifestyle. In Latvia, the bank has partnered with Youth Basketball, and in Lithuania Swedbank is now the main sponsor of the Swedbank Vilnius Marathon. For the seventh consecutive year, Swedbank was named the most-loved brand in the Baltics. The bank was also named the most engaged – and most humane brand – in all three countries, as well as the fastest- growing brand in Estonia. Profit increased by 7 per cent in local currency (EUR), mainly due to lower credit impairments. Net interest income was stable (EUR). The impact of lower lending rates was offset by a lower cost for deposits and higher volumes. Lending volumes rose by 4 per cent (EUR). The increase was mainly in mortgages and corporate lending. Net commission income (EUR) remained stable. Other income (EUR) fell, driven by higher insurance claims within the insurance business and revaluation effects. Expenses rose slightly (EUR) due to higher staff costs and depreciation in connection with the new head office in Estonia. Credit impairments were net positive and amounted to SEK -153m (58). The change was mainly explained by decreased post-model adjustments as well as updated macroeconomic scenarios.
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Swedbank – Report for the Third quarter│2025│14 Corporates and Institutions Income statement Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 % 2024 % 2025 2024 % Net interest income 2 870 2 892 -1 3 190 -10 8 628 9 809 -12 Net commission income 923 973 -5 1 023 -10 2 943 3 010 -2 Net gains and losses on financial items 627 569 10 463 35 1 619 1 450 12 Other income¹ 99 47 40 190 100 89 Total income 4 519 4 482 1 4 716 -4 13 379 14 369 -7 Staff costs 567 584 -3 557 2 1 743 1 687 3 Variable staff costs 47 36 31 32 48 126 97 29 Other expenses 1 107 1 094 1 1 021 8 3 279 3 013 9 Depreciation/amortisation of tangible and intangible assets 5 5 9 2 15 13 16 Total expenses 1 726 1 719 0 1 611 7 5 164 4 810 7 Profit before impairments, bank taxes and resolution fees 2 793 2 763 1 3 105 -10 8 216 9 559 -14 Credit impairments -90 -4 125 -327 94 Bank taxes and resolution fees 226 225 1 239 -6 676 720 -6 Profit before tax 2 657 2 543 4 2 740 -3 7 867 8 745 -10 Tax expense 530 533 -1 582 -9 1 615 1 795 -10 Profit for the period 2 126 2 009 6 2 158 -1 6 252 6 949 -10 Return on allocated equity, % 16.9 16.1 18.8 17.1 19.7 Loan/deposit ratio, % 173 172 165 173 165 Credit impairment ratio, % -0.05 (0.00) 0.08 -0.07 0.02 Cost/income ratio 0.38 0.38 0.34 0.39 0.33 Loans to customers, SEKbn 559 557 0 543 3 559 543 3 Deposits from customers, SEKbn 323 324 0 329 -2 323 329 -2 Full-time employees 1 761 1 799 -2 1 839 -4 1 761 1 839 -4 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income f rom the Group income statement. Business development During the quarter, lending volumes increased despite seasonally lower business activity. Loans to the real estate sector and medium-sized companies in other sectors rose, while lending to large companies outside the real estate sector decreased. Deposit volumes fell slightly. Decreased corporate deposits were partly offset by increased deposits from institutions. A favourable market increased investors’ interest in corporate bonds, which positively affected primary market activity. Expectations of a wider range of government bonds, partly due to expansionary fiscal policy, led to higher interest rates. Uncertainty surrounding the US economy and fixed income market are making Swedish debt investors cautious about interest hedges. Customers remain focused on the US dollar, and its weakness has led to increased FX trading. On 1 September, Swedbank acquired shares in SB1 Markets, and at the same time the company established a Swedish branch office. The ownership stake in SB1 Markets strengthens Swedbank’s offering and gives customers increased access to high-quality investment banking services. The bank is working actively to integrate learning into its daily work, which has had an impact on both customers and employees. During the quarter, the bank received an award in the category Transformation of the Year at the Swedish Learning Awards 2025, hosted by the Swedish Learning Association, for the contribution “Företag Bas”. Net interest income fell slightly during the quarter. Decreased volumes and lower margins on deposits were offset by increased lending volumes. Net commission income decreased, mainly due to seasonally lower income from issuing bonds and from equity-related transactions. Net gains and losses on financial items increased, driven by fixed income trading, which benefitted from high customer activity and favourable market conditions. Expenses were stable. Credit impairments were net positive and amounted to SEK -90m (-4). The change was mainly explained by lower post-model expert credit adjustments and reduced provisions due to updated macroeconomic scenarios, partly offset by increased provisions for individually assessed loans.
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Swedbank – Report for the Third quarter│2025│15 Premium and Private Banking Income statement Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025¹ % 2024¹ % 2025 2024¹ % Net interest income 378 387 -2 411 -8 1 150 1 320 -13 Net commission income 483 448 8 521 -7 1 427 1 451 -2 Net gains and losses on financial items 10 9 13 7 40 28 22 27 Other income² 15 9 69 1 34 12 Total income 886 852 4 940 -6 2 638 2 804 -6 Staff costs 157 161 -2 153 2 484 446 8 Variable staff costs 6 6 6 4 70 18 11 62 Other expenses 214 210 2 224 -5 632 569 11 Total expenses 377 377 0 381 -1 1 134 1 027 10 Profit before impairments, bank taxes and resolution fees 509 475 7 559 -9 1 504 1 778 -15 Credit impairments 16 11 51 2 21 -30 Bank taxes and resolution fees 35 35 0 31 12 105 94 11 Profit before tax 458 429 7 526 -13 1 379 1 713 -20 Tax expense 96 87 9 105 -8 283 352 -19 Profit for the period 362 342 6 422 -14 1 095 1 361 -20 Return on allocated equity, % 21.1 20.0 27.8 21.8 29.5 Loan/deposit ratio, % 173 172 171 173 171 Credit impairment ratio, % 0.05 0.03 0.00 0.02 -0.03 Cost/income ratio 0.43 0.44 0.41 0.43 0.37 Loans to customers, SEKbn 139 137 2 130 7 139 130 7 Deposits from customers, SEKbn 80 80 1 76 5 80 76 5 Full-time employees 586 597 -2 625 -6 586 625 -6 1) During the second quarter 2025, an allocation model regarding fund savings between Swedish banking and Premium and Private Banking was updated, why also comparatives have been restated. The change has impacted net commission income, other expenses and tax expense. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income f rom the Group income statement. Business development Premium and Private Banking’s comprehensive offering of tailored solutions for each customer’s personal finances, for companies and for families continues to attract customers and is generating increased volumes. During the quarter, conditions in the financial market improved. Customers’ interest in investing and their risk tolerance increased – but still at a restrained pace. Demand for financial advice remained high and contributed to growth in both savings and pensions. In July, net sales within savings set a new record for the business area. Premium and Private Banking has continued to deliver a stable, positive net flow within mortgages for the entire year despite fierce competition in the market. August was the strongest month so far this year in terms of mortgage volumes. Demand for customer concepts was good during the quarter, where the highest growth rate related to corporate customers seeking qualified investment advice. So far this year, the business area has connected nearly 9 000 customers, including just over 2 500 in Q3. Profits strengthened. Net commission income increased, mainly driven by higher income from asset management. Net interest income decreased due to lower margins driven by price adjustments. Expenses were unchanged. Credit impairments amounted to SEK 16m (11) and were mainly explained by model updates, partly offset by updated macroeconomic scenarios.
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Swedbank – Report for the Third quarter│2025│16 Group Functions and Other Income statement Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 % 2024 % 2025 2024 % Net interest income¹ 348 308 13 -20 1 234 -989 Net commission income -104 -113 -8 -82 27 -321 -181 77 Net gains and losses on financial items¹ 34 96 -65 465 -93 65 653 -90 Other income¹˒² 1 191 1 188 0 1 110 7 3 566 3 070 16 Total income 1 468 1 480 -1 1 473 0 4 543 2 553 78 Staff costs 1 845 1 855 -1 1 821 1 5 593 5 539 1 Variable staff costs 87 105 -17 92 -6 305 278 10 Other expenses¹ -1 572 -1 476 6 -1 388 13 -4 635 -3 764 23 Depreciation/amortisation of tangible and intangible assets 516 491 5 481 7 1 472 1 440 2 Total expenses¹ 876 975 -10 1 005 -13 2 735 3 493 -22 Profit before impairments, bank taxes and resolution fees 592 505 17 468 27 1 808 -940 Impairment of tangible and intangible assets 0 0 0 0 32 Credit impairments -5 2 -1 -8 -4 84 Bank taxes and resolution fees 0 -1 0 0 -0 Profit before tax 597 503 19 469 27 1 816 -968 Tax expense 283 190 49 254 12 775 329 Profit for the period 313 313 0 215 46 1 041 -1 297 Full-time employees 7 519 7 552 0 7 775 -3 7 519 7 775 -3 1) Net interest income and net gains and losses on financial items mainly stem from Group Treasury. Other income mainly refers to income from the savings banks. Expenses mainly relate to Group Products & Advice and Group Staffs and are allocated to a large extent. 2) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income f rom the Group income statement. Result During the quarter, profit was unchanged at SEK 313m (313). Net interest income increased by SEK 40m, driven by lower compensation to the business areas for deposits as well as lower funding costs, partly offset by lower income from the business areas for lending as well as lower income from central bank holdings. Net gains and losses on financial items amounted to SEK 34m (96). The change between quarters was mainly related to negative revaluation effects of shareholdings, partly offset by positive unrealised revaluation effects of derivatives. Expenses decreased on a seasonal basis, primarily driven by lower IT and consulting expenses as well as by lower staff costs.
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Swedbank – Report for the Third quarter│2025│17 Financial statements - Group Income statement, condensed Group Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Interest income 20 487 21 093 28 140 64 197 84 818 Interest expense -9 668 -10 176 -15 911 -30 972 -47 825 Net interest income (note 5) 10 819 10 917 12 229 33 225 36 993 Net commission income (note 6) 4 117 3 902 4 286 12 071 12 430 Net gains and losses on financial items (note 7) 847 856 1 170 2 245 2 763 Net insurance income (note 8) 421 523 557 1 414 1 115 Share of profit or loss of associates and joint ventures 212 163 350 535 667 Other income 689 600 554 1 906 1 501 Total income 17 105 16 962 19 146 51 396 55 470 Staff costs 3 773 3 767 3 710 11 370 11 194 Other general administrative expenses (note 9) 1 665 1 811 1 746 5 246 5 847 Depreciation/amortisation of tangible and intangible assets 592 541 531 1 648 1 596 Total expenses 6 030 6 119 5 986 18 264 18 636 Profit before impairments, bank taxes and resolution fees 11 075 10 843 13 160 33 131 36 834 Impairment of tangible and intangible assets 0 0 0 0 32 Credit impairments (note 10) -398 150 271 -389 126 Bank taxes and resolution fees (note 11) 663 677 1 012 2 269 3 162 Profit before tax 10 809 10 016 11 876 31 251 33 513 Tax expense 2 298 2 130 2 497 6 657 7 112 Profit for the period 8 512 7 886 9 379 24 593 26 401 Earnings per share, SEK 7.57 7.02 8.33 21.88 23.46 Earnings per share after dilution, SEK 7.53 6.99 8.30 21.77 23.37
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Swedbank – Report for the Third quarter│2025│18 Statement of comprehensive income, condensed Group Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Profit for the period reported via income statement 8 512 7 886 9 379 24 593 26 401 Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans 620 -311 -105 -102 59 Share related to associates and joint ventures 6 -3 -30 7 -8 Total 626 -314 -135 -96 51 Items that may be reclassified to the income statement Exchange rate differences, foreign operations -602 1 663 -321 -3 236 1 129 Hedging of net investments in foreign operations 388 -1 074 221 2 187 -729 Cash flow hedges -3 -1 -2 -6 -2 Foreign currency basis risk 8 5 -3 18 -30 Share of other comprehensive income of associates and joint ventures 1 -3 -9 -18 4 Total -209 590 -114 -1 055 372 Other comprehensive income for the period, net of tax 418 276 -249 -1 150 423 Total comprehensive income for the period 8 929 8 161 9 129 23 443 26 824 Total comprehensive income attributable to: Shareholders of Swedbank AB 8 929 8 164 9 127 23 450 26 822 Non-controlling interests 0 -3 2 -6 2 For the period January – September 2025 a loss after tax of SEK -102m (59) was recognised in other comprehensive income, relating to remeasurements of defined benefit pension plans. As per 30 September 2025 the discount rate used to calculate the closing pension obligation was 4.01 per cent, compared with 3.86 per cent per 31 December 2024. The inflation assumption was 1.61 per cent compared with 1.72 per cent per 31 December 2024. The fair value of plan assets decreased during 2025 by SEK 674 m. In total, at 30 September 2025 the fair value of plan assets exceeded the obligation for funded defined benefit pension plans by SEK 3 866 m, therefore the funded plans are presented as an asset. For January – September 2025 an exchange rate difference of SEK -3 236m (1 129) was recognised for the Group's foreign net investments in subsidiaries. The loss related to subsidiaries mainly arose because the Swedish krona strengthened against the euro during the period. In addition, an exchange rate difference of SEK -- -18m (4) for the Group's foreign net investments in associates and joint ventures is included in Share of other comprehensive income of associates and joint ventures. The total loss of SEK -3 254m is not taxable. Most of the Group's foreign net investments are hedged against currency risk resulting in a loss after tax of SEK 2 187m (-729) for the hedging instruments.
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Swedbank – Report for the Third quarter│2025│19 Balance sheet, condensed Group 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 Assets Cash and balances with central banks 320 849 325 604 281 365 Treasury bills and other bills eligible for refinancing with central banks, etc. 190 571 182 205 280 581 Loans to credit institutions 31 425 34 068 53 590 Loans to the public 1 954 184 1 882 244 1 916 355 Value change of the hedged assets in portfolio hedges of interest rate risk -397 -2 723 -2 104 Bonds and other interest-bearing securities 77 389 57 790 90 679 Financial assets for which customers bear the investment risk 414 514 394 883 382 571 Shares and participating interests 49 040 45 438 46 405 Derivatives (note 19) 17 598 37 595 23 788 Intangible assets (note 15) 20 969 20 871 21 156 Other assets 48 918 31 722 39 659 Total assets 3 125 060 3 009 697 3 134 045 Liabilities and equity Amounts owed to credit institutions (note 16) 87 197 64 500 84 940 Deposits and borrowings from the public (note 17) 1 313 574 1 288 609 1 279 754 Value change of the hedged liabilities in portfolio hedges of interest rate risk 422 549 684 Financial liabilities for which customers bear the investment risk 415 782 395 800 383 690 Debt securities in issue (note 18) 794 389 758 199 858 430 Short positions, securities 25 022 16 458 39 115 Derivatives (note 19) 25 103 35 274 39 082 Insurance provisions 27 119 28 260 28 303 Other liabilities 50 889 45 335 55 985 Senior non-preferred liabilities (note 18) 128 820 121 204 119 868 Subordinated liabilities (note 18) 38 979 36 609 35 337 Total liabilities 2 907 296 2 790 797 2 925 188 Equity 217 764 218 901 208 857 Total liabilities and equity 3 125 060 3 009 697 3 134 045
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Swedbank – Report for the Third quarter│2025│20 Statement of changes in equity, condensed
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Swedbank – Report for the Third quarter│2025│21 Cash flow statement, condensed Group Jan-Sep Full year Jan-Sep SEKm 2025 2024 2024 Operating activities Profit before tax 31 251 44 187 33 513 Adjustments for non-cash items in operating activities -849 -3 959 -4 622 Income taxes paid -6 744 -8 732 -7 730 Cash flow before changes in operating assets and liabilities 23 658 31 496 21 161 Increase (-) / decrease (+) in assets -115 874 12 755 -174 345 Increase (+) / decrease (-) in liabilities 104 399 36 566 188 362 Cash flow from operating activities 12 183 80 817 35 178 Investing activities Business combinations 0 -49 -49 Acquisitions of and contributions to associates and joint ventures -517 -191 -129 Disposal of shares in associates 151 0 0 Dividend from associates and joint ventures 153 186 186 Acquisitions of other fixed assets and strategic financial assets -361 -407 -268 Disposals of/maturity of other fixed assets and strategic financial assets 95 314 214 Cash flow from investing activities -479 -147 -46 Financing activities Amortisation of lease liabilities -739 -908 -707 Issuance of senior non-preferred liablities 23 559 20 742 12 156 Redemption of senior non-preferred liablities -11 742 -15 020 -3 475 Issuance of subordinated liabilities 5 583 6 811 6 811 Redemption of subordinated liabilities -1 728 -7 222 -6 987 Dividends paid -24 392 -17 048 -17 048 Cash flow from financing activities -9 459 -12 645 -9 250 Cash flow for the period 2 245 68 025 25 882 Cash and cash equivalents at the beginning of the period 325 604 252 994 252 994 Cash flow for the period 2 245 68 025 25 882 Exchange rate differences on cash and cash equivalents -7 000 4 585 2 488 Cash and cash equivalents at end of the period 320 849 325 604 281 364 2025 During the third quarter Swedbank acquired shares in SB1 Markets AS for SEK 334m. The ownership amounts to 20 per cent. Swedbank also acquired additional shares in Swedbank Sjuhärad AB for SEK 17m. Thereafter, the ownership amounts to 47.9 per cent. During the first quarter, contributions were made to the joint ventures P27 Nordic Payments Platform AB (P27) and Svenska e-fakturabolaget AB of SEK 135m and 4m respectively. Swedbank also acquired additional shares in P27 for SEK 27m. Thereafter, the ownership amounts to 22.50 per cent. During the first quarter, Swedbank’s shares in the associated company BGC Holding AB were sold. Swedbank received a cash payment of SEK 151m. 2024 During 2024, Swedbank AB acquired all the shares in the Estonian company Paywerk AS for SEK 49m. Contributions were also made to the associated companies Getswish AB, Finansiell ID-teknik BID AB and Svenska e-fakturabolaget AB of SEK 90m, 62m and 16m respectively. Swedbank also acquired additional shares in the joint venture P27 Nordic Payments Platform AB of SEK 23m. Thereafter, the ownership amounted to 20.83 per cent.
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Swedbank – Report for the Third quarter│2025│22 Note 1 Accounting policies The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The condensed consolidated financial statements have also been prepared in accordance with the recommendations and statements of the Swedish Corporate Reporting Board, the Annual Accounts Act for Credit Institutions and Securities Companies and the directives of the Swedish Financial Supervisory Authority (SFSA). The Parent Company report has been prepared in accordance with the Annual Accounts Act for Credit Institutions and Securities Companies, the directives of the SFSA and recommendation RFR 2 of the Swedish Corporate Reporting Board. The accounting policies applied in the interim report conform to those applied in the Annual and Sustainability Report for 2024, which was prepared in accordance with International Financial Reporting Standards (IFRS accounting standards) as adopted by the European Union and interpretations thereof. The financial statements are presented in Swedish kronor and all figures are rounded to millions of kronor (SEKm) unless otherwise indicated. No adjustments for rounding are made, therefore summation differences may occur. Changes in accounting regulations Amended regulations that are applicable from 1 January 2025 did not have a significant impact on the Group’s financial position, results, cash flows or disclosures. Note 2 Critical accounting estimates Presentation of consolidated financial statements in conformity with IFRS requires the executive management to make judgments and estimates that affect the recognised amounts of assets, liabilities and disclosures of contingent assets and liabilities as of the reporting date as well as the recognised income and expenses during the reporting period. The executive management continuously evaluates these judgments and estimates, including assessing control over investment funds, the fair value of financial instruments, provisions for credit impairment, impairment testing of goodwill, provisions and contingent liabilities, defined benefit pension provisions, insurance contracts and deferred taxes. Post-model expert credit adjustments to the credit impairment provisions continue to be necessary, given the geopolitical and economic uncertainties. Further information is provided in Note 10. Beyond this, there have been no significant changes to the basis upon which the critical accounting judgments and estimates have been determined compared with 31 December 2024. Note 3 Changes in the Group structure During the third quarter 2025 no significant changes to the Group structure occurred.
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Swedbank – Report for the Third quarter│2025│23 Note 4 Operating segments (business areas) Group January-September 2025 Swedish Baltic Corporates and Premium and Functions SEKm Banking Banking Institutions Private Banking and Other Eliminations Group Income statement Net interest income 11 835 10 311 8 628 1 150 1 234 68 33 225 Net commission income 5 550 2 482 2 943 1 427 -321 -10 12 071 Net gains and losses on financial items 148 386 1 619 28 65 0 2 245 Other income¹ 1 208 923 190 34 3 566 -2 065 3 855 Total income 18 740 14 102 13 379 2 638 4 543 -2 007 51 396 Staff costs 1 314 1 629 1 743 484 5 593 -10 10 753 Variable staff costs 54 114 126 18 305 -0 618 Other expenses 4 922 3 045 3 279 632 -4 635 -1 998 5 246 Depreciation/amortisation of tangible and intangible assets 6 155 15 0 1 472 -0 1 648 Total expenses 6 296 4 943 5 164 1 134 2 735 -2 007 18 264 Profit before impairments, bank taxes and resolution fees 12 444 9 159 8 216 1 504 1 808 -0 33 131 Impairment of tangible and intangible assets 0 0 Credit impairments 72 -146 -327 21 -8 -0 -389 Bank taxes and resolution fees 643 845 676 105 -0 2 269 Profit before tax 11 729 8 461 7 867 1 379 1 816 -0 31 251 Tax expense 2 160 1 824 1 615 283 775 -0 6 657 Profit for the period 9 569 6 637 6 252 1 095 1 041 0 24 594 Profit for the period attributable to: Shareholders of Swedbank AB 9 575 6 637 6 252 1 095 1 041 0 24 600 Non-controlling interests -6 -6 Net commission income Commission income Payment processing 296 368 755 8 343 -15 1 755 Cards 1 527 1 654 1 568 58 -397 0 4 410 Asset management and custody 4 627 562 1 847 1 487 -3 -269 8 252 Lending 63 168 681 4 0 -6 911 Other commission income² 1 125 612 1 325 428 72 -15 3 548 Total 7 638 3 363 6 177 1 985 16 -305 18 876 Commission expense 2 088 881 3 234 558 337 -294 6 805 Net commission income 5 550 2 482 2 943 1 427 -321 -10 12 071 Balance sheet, SEKbn Cash and balances with central banks 0 4 2 315 -0 321 Loans to credit institutions 6 1 96 0 208 -279 31 Loans to the public 833 298 684 139 1 -1 1 954 Interest-bearing securities 2 95 172 -1 268 Financial assets for which customers bear the investment risk 322 2 37 54 415 Investments in associates and joint ventures 7 0 3 10 Derivatives 0 65 51 -98 18 Tangible and intangible assets 2 14 -0 0.0000 12 -0.00000 27 Other assets 19 147 35 3 431 -555 82 Total assets 1 189 468 1 014 195 1 192 -934 3 125 Amounts owed to credit institutions 3 1 306 53 -276 87 Deposits and borrowings from the public 467 424 342 80 15 -14 1 314 Debt securities in issue -0 1 -0 795 -1 794 Financial liabilities for which customers bear the investment risk 323 2 37 54 416 Derivatives 0 70 54 -98 25 Other liabilities 343 209 54 41 -544 103 Senior non-preferred liabilities -0 129 129 Subordinated liabilities -0.0124 39 39 Total liabilities 1 135 428 964 188 1 126 -934 2 907 Allocated equity 54 40 51 7 66 218 Total liabilities and equity 1 189 468 1 014 195 1 192 -934 3 125 Key figures Return on allocated equity, % 23.7 22.7 17.1 21.8 2.2 0.00 15.4 Cost/income ratio 0.34 0.35 0.39 0.43 0.60 0.00 0.36 Credit impairment ratio, % 0.01 -0.07 -0.07 0.02 -0.06 0.00 -0.03 Loan/deposit ratio, % 179 70 173 173 4 0 140 Lending to the public, stage 3, SEKbn (gross) 3 1 5 0 0 0 10 Loans to customers, total, SEKbn 833 297 559 139 1 0 1 829 Provisions for loans to customers, total, SEKbn 1 1 3 0 0 0 5 Deposits from customers, SEKbn 467 423 323 80 14 0 1 307 Risk exposure amount, SEKbn 301 202 327 43 27 0 901 Full-time employees 2 107 4 725 1 761 586 7 519 0 16 698 Allocated equity, average, SEKbn 54 39 49 7 64 0 213 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. 2) Other commission income includes Service concepts, Insurance, Securities and corporate finance and Other, see Note 6.
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Swedbank – Report for the Third quarter│2025│24 Group January-September 2024 Swedish Baltic Corporates and Premium and Functions SEKm Banking Banking Institutions Private Banking and Other Eliminations Group Income statement Net interest income 13 283 13 503 9 809 1 320 -989 67 36 993 Net commission income 5 574 2 574 3 010 1 451 -181 2 12 430 Net gains and losses on financial items 217 422 1 450 22 653 0 2 763 Other income¹ 1 147 781 100 12 3 070 -1 828 3 283 Total income 20 222 17 281 14 369 2 804 2 553 -1 759 55 470 Staff costs 1 479 1 532 1 687 446 5 539 -12 10 670 Variable staff costs 42 95 97 11 278 0 524 Other expenses 4 891 2 884 3 013 569 -3 764 -1 747 5 847 Depreciation/amortisation of tangible and intangible assets 11 131 13 0 1 440 1 596 Total expenses 6 423 4 642 4 810 1 027 3 493 -1 759 18 636 Profit before impairments, bank taxes and resolution fees 13 799 12 639 9 559 1 778 -940 -0 36 834 Impairment of tangible and intangible assets 0 32 32 Credit impairments 45 21 94 -30 -4 -0 126 Bank taxes and resolution fees 640 1 707 720 94 -0 3 162 Profit before tax 13 113 10 911 8 745 1 713 -968 -0 33 513 Tax expense 2 409 2 226 1 795 352 329 7 112 Profit for the period 10 704 8 685 6 949 1 361 -1 297 -0 26 401 Profit for the period attributable to: Shareholders of Swedbank AB 10 702 8 685 6 949 1 361 -1 297 -0 26 400 Non-controlling interests 2 2 Net commission income Commission income Payment processing 336 469 700 8 339 -12 1 840 Cards 1 702 1 680 2 446 35 -514 0 5 349 Asset management and custody² 4 496 506 1 821 1 509 -4 -266 8 062 Lending 70 171 669 4 0 -6 908 Other commission income²˒³ 1 036 550 1 198 384 31 -11 3 189 Total 7 641 3 376 6 835 1 940 -147 -295 19 349 Commission expense 2 067 802 3 825 488 34 -297 6 919 Net commission income 5 574 2 574 3 010 1 451 -181 2 12 430 Balance sheet, SEKbn Cash and balances with central banks 1 4 0 277 -0 281 Loans to credit institutions 6 1 161 0.0002 262 -376 54 Loans to the public 847 276 653 130 12 -1 1 916 Interest-bearing securities 2 107 270 -7 371 Financial assets for which customers bear the investment risk 301 2 30 49 383 Investments in associates 7 2 9 Derivatives 0 90 70 -137 24 Tangible and intangible assets 2 13 -0 0.00003 12 -0.00000 26 Other assets 19 149 30 3 356 -488 70 Total assets 1 182 447 1 072 183 1 261 -1 010 3 134 Amounts owed to credit institutions 4 0 358 0 87 -365 85 Deposits and borrowings from the public 453 407 347 76 7 -11 1 280 Debt securities in issue -0 1 1 864 -8 858 Financial liabilities for which customers bear the investment risk 301 2 31 50 384 Derivatives 0 95 80 -137 39 Other liabilities 369 193 51 -0 -489 124 Senior non-preferred liabilities -0 120 -0.00000 120 Subordinated liabilities -0.0131 35 35 Total liabilities 1 128 411 1 025 177 1 194 -1 010 2 925 Allocated equity 54 36 46 6 67 209 Total liabilities and equity 1 182 447 1 072 183 1 261 -1 010 3 134 Key figures Return on allocated equity, % 26.6 32.7 19.7 29.5 -3.0 0.0 17.5 Cost/income ratio 0.32 0.27 0.33 0.37 1.37 0.00 0.34 Credit impairment ratio, % 0.01 0.01 0.02 -0.03 -0.01 0.00 0.01 Loan/deposit ratio, % 187 68 165 171 13 0 141 Lending to the public, stage 3, SEKbn (gross) 5 2 5 0 11 Loans to customers, total, SEKbn 847 275 543 130 1 1 796 Provisions for loans to customers, total, SEKbn 1 1 4 0 0 7 Deposits from customers, SEKbn 453 407 329 76 7 0 1273 Risk exposure amount, SEKbn 296 200 293 38 31 0 858 Full-time employees 2 433 4 727 1 839 625 7 775 0 17 398 Allocated equity, average, SEKbn 54 35 47 6 58 0 201 During the second quarter 2025, an allocation model regarding fund savings between Swedish banking and Premium and Private Banking was updated, why comparatives have been restated. The change as impacted net commission income, other expenses and tax expense 1) Other income includes the items Net insurance, Share of profit or loss of associates and joint ventures and Other income from the Group income statement. 2) There has been a reclassification of commission income from row Asset management and custody to Insurance within row Other commission income. The figures above have been restated. 3) Other commission income includes Service concepts, Insurance, Securities and corporate finance and Other, see Note 6.
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Swedbank – Report for the Third quarter│2025│25 Operating segments accounting policies The operating segment report is based on Swedbank’s accounting policies, organisation and management accounts. Market-based transfer prices are applied between operating segments, while all expenses for Group functions and Group staffs are transfer priced at cost to the operating segments. Cross-border transfer pricing is applied according to OECD transfer pricing guidelines. The Group’s equity attributable to shareholders is allocated to each operating segment based on capital adequacy rules and estimated capital requirements based on the bank’s Internal Capital Adequacy Assessment Process (ICAAP). The return on allocated equity for the operating segments is calculated based on profit for the period attributable to the shareholders for the operating segment, in relation to average monthly allocated equity for the operating segment. For periods shorter than one year the key ratio is annualised. During January-September 2025, no organizational changes between Swedbank’s operating segments were made.
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Swedbank – Report for the Third quarter│2025│26 Note 5 Net interest income Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Interest income Cash and balances with central banks 2 600 2 637 3 909 8 451 12 037 Treasury bills and other bills eligible for refinancing with central banks, etc. 863 1 067 2 182 3 092 6 225 Loans to credit institutions 423 528 765 1 470 2 370 Loans to the public 17 577 18 127 22 999 54 570 69 465 Bonds and other interest-bearing securities 428 521 657 1 380 1 805 Derivatives¹ 501 276 -318 2 029 -1 727 Other assets 26 0 4 39 -8 Total 22 417 23 156 30 198 71 032 90 167 Transfer of trading-related interests reported in Net gains and losses 1 930 2 063 2 058 6 835 5 350 Total interest income 20 487 21 093 28 140 64 197 84 818 Interest expense Amounts owed to credit institutions -927 -1 051 -1 289 -2 795 -3 763 Deposits and borrowings from the public -3 463 -4 332 -7 764 -12 793 -24 490 of which deposit guarantee fees -151 -176 -178 -505 -478 Debt securities in issue -6 537 -6 255 -7 602 -19 300 -21 832 Senior non-preferred liabilities -1 144 -1 138 -1 042 -3 386 -3 009 Subordinated liabilities -514 -488 -591 -1 529 -1 735 Derivatives¹ 1 443 1 153 -90 3 417 -171 Other liabilities -38 -16 -22 -75 -69 Total -11 180 -12 128 -18 400 -36 461 -55 069 Transfer of trading-related interests reported in Net gains and losses -1 512 -1 952 -2 489 -5 489 -7 244 Total interest expense -9 668 -10 176 -15 911 -30 972 -47 825 Net interest income 10 819 10 917 12 229 33 225 36 993 Net interest margin² 1.51 1.55 1.49 1.55 1.51 Average total assets excluding trading related assets 2 860 892 2 817 249 3 158 051 2 851 745 3 098 607 Interest income on financial assets at amortised cost 20 167 20 850 28 015 63 451 84 370 Interest expense on financial liabilities at amortised cost 12 375 12 933 17 569 38 857 52 374 1) The derivatives lines include net interest income from derivatives hedging assets and liabilities in the balance sheet. Th ese may have both positive and negative impact on interest income and interest expense. 2) Starting from 2025, the new key ratio net interest margin is presented.
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Swedbank – Report for the Third quarter│2025│27 Note 6 Net commission income Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Commission income Payment processing 575 595 601 1 755 1 840 Cards 1 238 1 789 1 881 4 619 5 349 Service concepts 474 474 462 1 425 1 332 Asset management and custody¹ 2 827 2 600 2 802 8 252 8 062 of which insurance operation 361 324 352 1 031 1 008 Insurance¹ 184 168 185 550 545 Securities and corporate finance 172 206 240 627 644 Lending 312 291 309 911 908 Other 255 222 260 738 668 Total commission income 6 038 6 346 6 740 18 876 19 349 Commission expense Payment processing -416 -421 -377 -1 264 -1 152 Cards -282 -900 -899 -2 008 -2 496 Service concepts -41 -47 -46 -137 -142 Asset management and custody¹ -876 -829 -835 -2 556 -2 393 of which insurance operation -59 -65 -60 -191 -178 Insurance¹ -36 -35 -34 -106 -99 Securities and corporate finance -105 -89 -113 -294 -306 Lending -41 -40 -39 -123 -101 Other -123 -82 -113 -318 -230 Total commission expense -1 921 -2 444 -2 455 -6 805 -6 919 Net commission income Payment processing 159 174 225 491 687 Cards 956 889 982 2 611 2 854 Service concepts 433 427 416 1 288 1 190 Asset management and custody 1 950 1 771 1 967 5 696 5 670 of which insurance operation 302 260 292 840 830 Insurance 148 133 151 443 447 Securities and corporate finance 67 117 127 333 338 Lending 271 251 270 788 807 Other 132 140 147 420 438 Total net commission income 4 117 3 902 4 286 12 071 12 430 1) There has been a reclassification from row Asset management and custody to row Insurance. Comparative figures have been restated for 2024. From the third quarter 2025 general terms in client contracts regarding card acquiring have been adjusted to clarify that Swedbank is acting as an agent in relation to external card issuers and card scheme providers. As a result in agent relations, as opposed to principal relations, fees charged the clients for services provided by external card issuers and card schemes are not recognised as Commission income and Commission expense. For the third quarter such fees transferred via Swedbank amounted to SEK 693m. The change of terms does not impact Net commission income. If Swedbank had been principal instead of agent, both Commission income and Commission expense would each have been SEK 693m higher.
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Swedbank – Report for the Third quarter│2025│28 Note 7 Net gains and losses on financial items Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Fair value through profit or loss Shares and share related derivatives 114 325 183 741 840 of which dividend 13 129 4 238 228 Interest-bearing securities and interest related derivatives -58 124 1 055 -579 2 853 Financial liabilities 1 -4 -3 -3 -4 Financial assets and liabilities where the customers bear the investment risk, net 0 -5 22 5 36 Other financial instruments -1 0 1 1 1 Total fair value through profit or loss 57 441 1 259 165 3 727 Hedge accounting Ineffectiveness, one-to-one fair value hedges 13 10 -213 -73 -263 of which hedging instruments -2 116 5 481 11 891 3 821 10 676 of which hedged items 2 130 -5 471 -12 104 -3 894 -10 939 Ineffectiveness, portfolio fair value hedges 33 21 119 57 171 of which hedging instruments 91 -2 180 -3 156 -2 384 -5 738 of which hedged items -58 2 201 3 274 2 442 5 909 Ineffectiveness, cash flow hedges 0 -2 -1 -5 17 Total hedge accounting 46 29 -96 -20 -76 Amortised cost Derecognition gain or loss for financial assets 27 23 19 75 47 Derecognition gain or loss for financial liabilities 2 63 133 62 128 Total amortised cost 29 86 152 137 175 Trading related interest Interest income 1 930 2 063 2 058 6 835 5 350 Interest expense -1 512 -1 952 -2 489 -5 489 -7 244 Total trading related interest 417 111 -431 1 346 -1 895 Change in exchange rates 298 188 287 616 832 Total 847 856 1 170 2 245 2 763
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Swedbank – Report for the Third quarter│2025│29 Note 8 Net insurance income Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Insurance service revenue 1 310 1 273 1 250 3 914 3 663 Insurance service expenses -863 -751 -864 -2 412 -2 599 Insurance service result 447 523 386 1 503 1 064 Result from reinsurance contracts held -20 -16 2 -57 -18 Insurance finance income and expense -529 -602 -362 -148 -2 525 Insurance result -102 -95 25 1 297 -1 479 Return on financial assets backing insurance contracts with participation features 523 618 532 117 2 594 Total 421 523 557 1 414 1 115 Note 9 Other general administrative expenses Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Premises 103 103 92 303 287 IT expenses 917 946 888 2 755 2 658 Telecommunications and postage 26 30 30 90 95 Consultants 123 158 108 389 661 Compensation to savings banks 50 51 52 152 158 Other purchased services 335 364 342 1 053 1 012 Travel 27 41 25 99 91 Entertainment 13 8 6 29 22 Supplies 21 13 9 42 42 Advertising, PR and marketing 80 79 42 344 288 Security transport and alarm systems 21 22 18 62 56 Repair/maintenance of inventories 43 41 42 127 121 Administrative fines 0 13 0 13 0 Other administrative expenses¹ -99 -75 78 -247 300 Other operating expenses 5 17 13 34 55 Total 1 665 1 811 1 746 5 246 5 847 1) The negative amounts are related to VAT recoveries of SEKm 205 in Q1, SEKm 174 in Q2, and SEKm 197 in Q3, which were previously recognised as expenses.
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Swedbank – Report for the Third quarter│2025│30 Note 10 Credit impairments Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Credit impairments for loans at amortised cost Credit impairments - stage 1 -215 68 -24 -49 -224 Credit impairments - stage 2 -196 -167 -45 -580 -446 Credit impairments - stage 3 -397 120 386 -182 317 Credit impairments - purchased or originated credit impaired 0 0 -1 -1 -1 Total -809 20 316 -812 -354 Write-offs 556 159 98 800 819 Recoveries -19 -22 -20 -66 -257 Total 537 137 77 734 563 Total - credit impairments for loans at amortised cost -271 158 394 -77 208 Credit impairments for loan commitments and guarantees Credit impairments - stage 1 -34 4 -13 -53 -59 Credit impairments - stage 2 -60 -35 -76 -163 -64 Credit impairments - stage 3 -33 24 -34 -95 41 Total - credit impairments for loan commitments and guarantees -127 -7 -123 -311 -82 Total credit impairments -398 150 271 -389 126 Credit impairment ratio, % -0.08 0.03 0.06 -0.03 0.01 Disposal of loans During the third quarter 2025 a portfolio of loans to private persons was disposed. The loans were classified in stage 3. The disposal of the loans in stage 3 resulted in write offs amounting to SEK 323m together with reversals of credit impairment provisions amounting to SEK 332m. Calculation of credit impairment provisions The measurement of expected credit losses is described in Note G3 section 3.1 Credit risk on pages 244-249 of the 2024 Annual and Sustainability Report. Measurement of 12-month and lifetime expected credit losses Geopolitical tensions, supply chain disruptions and increased global tariffs result in uncertainty regarding potential deteriorations in credit quality, beyond what is currently captured in the quantitative risk models. Therefore, post-model expert credit adjustments continue to be made to capture increased credit risk, such as potential future rating and stage migrations. Post-model expert credit adjustments amounted to SEK 364m (SEK 594m at 30 June 2025, SEK 720m at 31 December 2024) and are allocated as SEK 240m in stage 1 and SEK 123m in stage 2 (SEK 365m in stage 1, SEK 229m in stage 2 at 30 June 2025). Customers and industries are reviewed and analysed considering the current situation, particularly in more vulnerable sectors. During the third quarter, the largest releases of post- model expert credit adjustments were in Manufacturing and Property management sectors, where the risks are increasingly captured in the macroeconomic scenarios and the quantitative risk models. The most significant post-model adjustments at 30 September 2025 were in the Property management, Manufacturing and Agriculture, forestry, fishing sectors.
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Swedbank – Report for the Third quarter│2025│31 The tables below show the quantitative thresholds used by the Group for assessing a significant increase in credit risk, namely: • Changes in the 12-month PD and internal risk rating grades, which have been applied for the portfolio of loans originated before 1 January 2018. For instance, for exposures originated with risk grades 0 to 5, a downgrade by 1 grade from initial recognition is assessed as a significant change in credit risk. Alternatively, for exposures originated with risk grades 18 to 21, a downgrade by 5 to 8 grades from initial recognition is considered significant. Internal risk ratings are assigned according to the risk management framework outlined in Note G3 Risks in the 2024 Annual and Sustainability Report. • Changes in the lifetime PD, which have been applied for the portfolio of loans originated on or after 1 January 2018. For instance, for exposures originated with risk grades 0 to 5, a 50 per cent increase in the lifetime PD from initial recognition is assessed as a significant change in credit risk. Alternatively, for exposures originated with risk grades 18 to 21, an increase of 200-300 per cent from initial recognition is considered significant except for Swedish mortgages where an absolute 12-month PD threshold is also applied. These limits reflect a lower sensitivity to change in the low-risk end of the risk scale and a higher sensitivity to change in the high-risk end of the scale. The Group has performed a sensitivity analysis on how credit impairment provisions would change if thresholds applied were increased or decreased. A lower threshold would increase the number of loans that have migrated from Stage 1 to Stage 2 and also increase the estimated credit impairment provisions. A higher threshold would have the opposite effect. The tables below disclose the impacts of this sensitivity analysis on the credit impairment provisions. Positive amounts represent higher credit impairment provisions that would be recognised. Significant increase in credit risk - financial instruments with initial recognition before 1 January 2018 Significant increase in credit risk - financial instruments with initial recognition on or after 1 January 2018
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Swedbank – Report for the Third quarter│2025│32 Incorporation of forward-looking macroeconomic scenarios The Swedbank Economic Outlook was published on 26 August 2025 and the baseline scenario was updated by Swedbank Macro Research as of 10 September 2025. The baseline scenario, with an assigned probability weight of 66.6 per cent, is aligned with the published outlook and incorporates updated observed outcome and data points. The alternative scenarios are aligned with the updated baseline scenario, with probability weights of 16.7 per cent assigned to both the upside and downside scenario. The table below sets out the key assumptions of the scenarios at 30 September 2025. 30 September 2025 Positive scenario Baseline scenario Negative scenario 2025 2026 2027 2025 2026 2027 2025 2026 2027 Sweden GDP (annual % change) 1.1 3.1 2.5 1.1 2.3 2.1 0.2 -5.3 0.7 Unemployment (annual %) 8.7 8.4 7.8 8.7 8.5 7.9 8.8 10.4 11.1 House prices (annual % change) 1.8 3.1 5.3 1.8 2.6 4.7 0.9 -7.7 1.6 Stibor 3m (%) 2.10 1.78 2.04 2.05 1.60 1.79 2.12 0.30 0.20 Estonia GDP (annual % change) 0.9 3.6 2.3 0.7 2.0 2.3 -0.2 -8.0 -2.0 Unemployment (annual %) 7.7 6.5 5.2 7.8 6.8 5.7 8.0 10.7 14.9 House prices (annual % change) 4.9 5.3 5.7 4.9 3.1 4.8 1.9 -23.1 -14.7 CPI (annual % change) 5.6 4.2 2.6 5.5 3.7 2.5 5.3 0.9 0.9 Latvia GDP (annual % change) 1.0 3.2 2.6 0.9 2.3 2.5 0.1 -5.7 -0.1 Unemployment (annual %) 6.7 6.0 5.8 6.8 6.3 6.1 7.0 9.7 14.3 House prices (annual % change) 5.1 7.9 5.4 4.9 5.7 5.7 0.9 -27.5 -18.5 CPI (annual % change) 3.8 3.3 2.7 3.7 2.8 2.7 3.5 -0.4 1.0 Lithuania GDP (annual % change) 2.8 4.2 2.1 2.7 3.2 2.0 1.7 -6.8 0.1 Unemployment (annual %) 7.0 6.4 6.2 7.1 7.1 7.2 7.1 10.6 14.8 House prices (annual % change) 9.0 12.1 6.9 8.6 8.2 6.1 3.9 -26.0 -15.2 CPI (annual % change) 3.8 4.1 3.4 3.8 3.5 3.0 3.6 0.8 1.3 Global indicators US GDP (annual %) 1.8 2.3 2.0 1.7 1.4 1.7 1.4 -2.8 -0.4 EU GDP (annual %) 1.3 2.1 1.7 1.2 1.2 1.6 0.9 -4.6 -0.7 Brent Crude Oil (USD/Barrel) 69.9 69.6 68.1 69.3 66.5 66.4 64.7 34.5 43.2 Euribor 6m (%) 2.10 1.72 1.69 2.09 1.62 1.62 2.15 0.95 0.05 The US has now imposed higher tariffs on the majority of its trading partners, at levels not seen since the 1930s. Additional sectoral tariffs are most likely coming, and changes to the tariffs that have recently been set cannot be ruled out. The uncertainty has not faded – it’s here to stay. The global economy has so far been more resilient than expected. The tariffs will need to be paid, however, and the US economy will bear the lion’s share of the burden. European growth will be weak, but increased defence spending, lower policy rates and higher consumption will provide some support. A slower economy amid rising inflation has put the US Federal Reserve in an awkward spot. We deem that inflation stemming from tariffs will be temporary, enabling the Fed to cut rates by 100 bps the coming 12 months. In the euro area, the inflation outlook remains benign; we expect the European Central Bank to cut rates by 50 bps during the winter. Despite global turbulence, the Swedish economy is expected to grow at a solid pace in 2026-27. Household finances and confidence will continue to strengthen, supporting consumption, although tariffs and a weak global outlook will weigh on exports and investment. The budget bill for 2026 includes large tax cuts offering a modest fiscal boost. Despite global trade tensions, we expect growth to pick up in all three Baltic countries next year, largely supported by domestic demand. The housing market is recovering rapidly and demand for mortgages is rising, while corporates are also stepping up investments, particularly in renewable energy.
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Swedbank – Report for the Third quarter│2025│33 Sensitivity The following table presents the credit impairment provisions as at year end that would result from applying only the downside or only the upside scenario, which are considered reasonably possible. Post-model expert credit adjustments are assumed to be constant in the results. Note 11 Bank taxes and resolution fees Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Swedish bank tax 274 273 275 819 828 Lithuanian bank tax 0 35 411 238 1 357 Latvian bank tax 187 167 110 607 328 Resolution fees 202 201 216 605 648 Total 663 677 1 012 2 269 3 162 Swedish bank tax on credit institutions is levied at 0.06 percent of the credit institution’s total adjusted debt at the beginning of the financial year. The Lithuanian solidarity contribution tax is temporary from May 2023 until year end 2025. The tax rate is 60 per cent and is applied to the part of the adjusted net interest income earned during the period which exceeds the average net interest income for the years 2019-2022 by more than 50 per cent. The reduced solidarity contribution tax is the result of decreased adjusted net interest income during the period compared to average net interest income during the comparison period. No additional bank tax was accounted for in Q3, as the two previous quarters accounted bank tax is estimated to cover the expected bank tax for the period Q1 to Q3. The Latvian mortgage levy that applied in 2024 has been replaced in 2025 with a solidarity contribution tax. The tax rate is 60 per cent and is applied to the part of the adjusted net interest income earned during the period which exceeds the average net interest income for the years 2018-2022 by more than 50 per cent.
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Swedbank – Report for the Third quarter│2025│34 Note 12 Loans The following tables present loans to the public and credit institutions at amortised cost by industry sectors, loans and credit impairment provisions ratios.
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Swedbank – Report for the Third quarter│2025│35 Note 13 Credit impairment provisions The following table presents a summary of credit impairment provisions for financial instruments that are subject to the credit impairment requirements. The following table presents gross carrying amounts and nominal amounts, respectively, by stage for financial instruments that are subject to the credit impairment requirements.
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Swedbank – Report for the Third quarter│2025│36 Reconciliation of credit impairment provisions for loans The table below provide a reconciliation of credit impairment provisions for loans to the public and credit institutions at amortised cost. During the third quarter, IFRS 9 model updates were implemented for the Swedish segments as part of model lifecycle management and routine maintenance, which resulted in released credit impairments by SEK 78m. During the second quarter, IFRS 9 model updates were implemented for the Baltic segments as part of model lifecycle management and routine maintenance. The model updates resulted in increased credit impairments of SEK 74m. See also table Loan commitments and financial guarantees.
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Swedbank – Report for the Third quarter│2025│37 Loan commitments and financial guarantees The table below provide a reconciliation of credit impairment provisions for loan commitments and financial guarantees. Note 14 Credit risk exposures 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 Assets Cash and balances with central banks 320 849 325 604 281 365 Interest-bearing securities 267 959 239 996 371 260 Loans to credit institutions 31 425 34 068 53 590 Loans to the public 1 954 184 1 882 244 1 916 355 Derivatives 17 598 37 595 23 788 Other financial assets 23 305 8 296 18 298 Total assets 2 615 320 2 527 802 2 664 656 Contingent liabilities and commitments Guarantees 39 884 44 037 42 591 Loan commitments 267 914 266 011 257 311 Total contingent liabilities and commitments 307 797 310 048 299 901 Total 2 923 118 2 837 850 2 964 557
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Swedbank – Report for the Third quarter│2025│38 Note 15 Intangible assets Indefinite useful life Definite useful life Total Goodwill & Brand Other intangible assets Jan-Sep Full year Jan-Sep Jan-Sep Full year Jan-Sep Jan-Sep Full year Jan-Sep SEKm 2025 2024 2024 2025 2024 2024 2025 2024 2024 Opening balance 14 250 13 861 13 861 6 621 6 580 6 580 20 871 20 440 20 440 Additions 7 7 1 178 1 676 1 156 1 178 1 683 1 163 Amortisation for the period -630 -858 -613 -630 -858 -613 Impairment for the period 0 0 -789 -32 -789 -32 Sales and disposals 0 0 0 12 -4 0 12 -4 Exchange rate differences -446 381 202 -3 0 -1 -449 383 201 Closing balance 13 804 14 250 14 071 7 166 6 621 7 086 20 969 20 871 21 156 As of September 2025, there was no indication of an impairment of intangible assets. During 2024, impairments of SEK 789m were made in relation to internally developed software, which will no longer be used. During 2024 the Estonian company Paywerk AS was acquired and a goodwill of SEK 7m was obtained. Note 16 Amounts owed to credit institutions 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 Central banks 7 441 2 256 8 664 Banks 68 631 50 744 56 415 Other credit institutions 7 348 7 189 8 107 Repurchase agreements 3 777 4 311 11 755 Total 87 197 64 500 84 940 Note 17 Deposits and borrowings from the public 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 Private customers 764 972 746 177 725 916 Corporate customers 541 571 538 389 546 773 Total deposits from customers 1 306 543 1 284 566 1 272 689 Cash collaterals received 1 729 3 338 2 902 Swedish National Debt Office 73 126 95 Repurchase agreements 5 229 578 4 068 Total borrowings 7 031 4 043 7 065 Deposits and borrowings from the public 1 313 574 1 288 609 1 279 754
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Swedbank – Report for the Third quarter│2025│39 Note 18 Debt securities in issue, senior non-preferred liabilities and subordinated liabilities 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 Commercial papers 309 810 265 526 384 431 Covered bonds 365 111 353 430 345 668 Senior unsecured bonds 119 467 139 113 127 899 Structured retail bonds 1 129 431 Total debt securities in issue 794 389 758 199 858 430 Senior non-preferred liabilities 128 820 121 204 119 868 Subordinated liabilities 38 979 36 609 35 337 Total 962 188 916 012 1 013 635 Jan-Sep Full-year Jan-Sep Turnover 2025 2024 2024 Opening balance 916 012 866 217 866 217 Issued 553 773 739 932 597 411 Repurchased -18 271 -27 593 -24 162 Repaid -433 167 -733 227 -457 946 Interest, change in fair values or hedged items in fair value hedges and changes in exchange rates -56 159 70 683 32 115 Closing balance 962 188 916 012 1 013 635 Note 19 Derivatives The Group trades in derivatives in the normal course of business and for the purpose of hedging certain positions that are exposed to share price, interest rate, credit and currency risks. The carrying amounts of all derivatives refer to fair value including accrued interest. The amount offset for financial assets includes offset cash collateral of SEK 2 216m (6 372) derived from the balance sheet item Amounts owed to credit institutions. The amount offset for financial liabilities includes offset cash collateral of SEK 4 300m (7 522), derived from the balance sheet item Loans to credit institutions. Nominal amount Positive fair value Negative fair value 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 2025 2024 2024 2025 2024 2024 Derivatives in hedge accounting One-to-one fair value hedges¹ 596 312 598 513 577 851 9 512 8 696 11 088 5 795 8 931 9 392 Portfolio fair value hedges¹ 284 201 334 142 333 917 1 871 3 923 4 154 2 392 1 485 2 119 Cash flow hedges² 7 811 8 466 8 336 522 858 727 Total 888 324 941 120 920 104 11 904 13 477 15 969 8 186 10 415 11 511 Non-hedge accounting derivatives 35 669 240 36 112 482 35 762 165 583 740 726 136 732 006 597 048 728 025 754 955 Gross amount 36 557 564 37 053 602 36 682 269 595 645 739 612 747 974 605 234 738 441 766 466 Offset amount -578 047 -702 017 -724 186 -580 131 -703 167 -727 385 Total 17 598 37 595 23 788 25 103 35 274 39 082 1) Interest rate swaps 2) Cross currency basis swaps
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Swedbank – Report for the Third quarter│2025│40 Note 20 Valuation categories for financial instruments The tables below present the carrying amount and fair value of financial assets and financial liabilities, according to valuation categories. The methodologies to determine the fair value are described in the Annual and Sustainability Report 2024, note G47 Fair value of financial instruments.
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Swedbank – Report for the Third quarter│2025│41
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Swedbank – Report for the Third quarter│2025│42 Note 21 Financial instruments recognised at fair value The determination of fair value, the valuation hierarchy and the valuation process for fair value measurements in Level 3 are described in the Annual and Sustainability Report 2024, note G47 Fair value of financial instruments. The financial instruments are distributed in three levels depending on the degree of observable market data in the valuation and activity in the market. • Level 1: Unadjusted quoted price on an active market. • Level 2: Adjusted quoted price or valuation model with valuation parameters derived from an active market. • Level 3: Valuation model where significant valuation parameters are non-observable and based on internal assumptions. The following tables present fair values of financial instruments recognised at fair value split between the three valuation hierarchy levels. Transfers between levels are reflected as per the fair value at closing day. There were no transfers of financial instruments between valuation levels 1 and 2 during the period. Financial instruments are transferred to or from level 3 depending on whether the internal assumptions have changed in significance to the valuation. Level 3 mainly comprises strategic unlisted shares. These include holdings in VISA Inc. C shares, which are subject to selling restrictions until June 2028 and under certain conditions may have to be returned. Liquid
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Swedbank – Report for the Third quarter│2025│43 quotes are not available for these shares, therefore the fair value is established with significant elements of Swedbank’s own internal assumptions. During the third quarter a conversion of Visa C-shares were made to A- shares. The carrying amount of the holdings in Visa Inc. C amounted as per 30 September 2025 to SEK 117m (SEK 344m 31 December 2024). During the second quarter shares in Kepler Cheuvreux were sold for SEK 223m. In the Group’s insurance operations, fund units are held in which the customers have chosen to invest their insurance savings. The holdings are reported in the balance sheet as financial assets where the customers bear the investment risk and are normally measured at fair value according to level 1, because the units are traded in an active market. The Group’s obligations to insurance savers are reported as financial liabilities where the customers bear the investment risk because it is the customers who bear the entire market value change of the assets. The liabilities are normally measured at fair value according to level 2. During the first quarter 2022, trading was closed in whole or in part in Russia and Eastern Europe targeted funds. Remaining unit holdings, only correlated to the Russia funds, and related liabilities to the insurance savers have been measured at fair value according to level 3 and been measured at value SEK 0m. Note 22 Assets pledged, contingent liabilities/-assets and commitments 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 Loans used as collateral for covered bonds¹ 417 036 374 936 369 294 Assets recorded in register on behalf of insurance policy holders 432 553 411 120 398 868 Other assets ledged for own liabilities 106 882 124 731 138 514 Other assets pledged 11 879 12 244 14 058 Assets pledged 968 349 923 031 920 734 Nominal amounts Guarantees 39 884 44 037 42 591 Other 71 89 108 Contingent liabilities 39 955 44 126 42 699 Nominal amounts Loans granted not paid 214 764 210 575 202 809 Overdraft facilities granted but not utilised 53 150 55 435 54 502 Unsettled acquisition of Riksbank Certificates 133 000 0 0 Commitments 400 914 266 011 257 311 1) The pledge is defined as the borrower’s nominal debt including accrued interest and refers to the loans of the total avail able collateral that are used as the pledge at each point in time. During the third quarter, the Securities and Exchange Commission (SEC) announced that it has concluded its investigation of Swedbank, regarding historical disclosures of information, without enforcement. The US Department of Justice (DoJ) and the Department of Financial Services in New York (DFS) are still investigating Swedbank's historical work against money laundering and terrorist financing, as well as historical disclosures of information. At present, Swedbank cannot assess the extent of any financial consequences or when these investigations will be completed. It is therefore not possible to reliably estimate the potential financial impacts, which could be material. On 20 December 2024, the Swedish Pensions Agency filed a SEK 2 790m lawsuit against Swedbank in the Stockholm District Court for Swedbank’s role as a custodian of the Optimus High Yield fund during the period 2012–2015. Swedbank contests the Swedish Pensions Agency’s claim and has not allocated any provisions for the Swedish Pensions Agency’s suit. Swedbank has applied for a VAT refund for the years 2016 and 2019-2023. This is following the Swedish Tax Agency's approval of a new method for calculating deductible VAT, based on a change in legal precedent from the Supreme Administrative Court in 2023. Swedbank has not yet received a response.
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Swedbank – Report for the Third quarter│2025│44 Note 23 Offsetting financial assets and liabilities The tables below present recognised financial instruments that have been offset in the balance sheet under IAS 32 and those that are subject to legally enforceable master netting or similar agreements but do not qualify for offset. Such financial instruments relate to derivatives, repurchase and reverse repurchase agreements, securities settlements, securities borrowing and lending transactions. Collateral amounts represent financial instruments or cash collateral received or pledged for transactions that are subject to a legally enforceable master netting or similar agreements and which allow for the netting of obligations against the counterparty in the event of a default. Collateral amounts are limited to the amount of the related instruments presented in the balance sheet; therefore any over-collateralisation is not included. Amounts that are not offset in the balance sheet are presented as a reduction to the financial assets or liabilities in order to derive net asset and net liability exposure. Financial assets Financial liabilities 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 2025 2024 2024 Financial assets and liabilities, which have been offset or are subject to netting Gross amount 814 757 884 796 1 002 610 707 666 810 229 930 934 Offset amount -671 146 -769 213 -868 947 -673 229 -770 363 -872 146 Net amounts presented in the balance sheet 143 611 115 582 133 663 34 437 39 867 58 788 Related amounts not offset in the balance sheet Financial instruments, netting arrangements 17 611 17 015 25 311 17 611 17 015 25 310 Financial Instruments, collateral 118 791 81 897 98 116 2 069 7 406 9 372 Cash collateral 3 700 13 389 4 484 9 312 11 273 21 180 Total amount not offset in the balance sheet 140 102 112 300 127 911 28 992 35 694 55 862 Net amount 3 509 3 282 5 752 5 445 4 172 2 926 The amount offset for financial assets includes offset cash collateral of SEK 2 216m (6 372) derived from the balance sheet item Amounts owed to credit institutions. The amount offset for financial liabilities includes offset cash collateral of SEK 4 300m (7 522), derived from the balance sheet item Loans to credit institutions.
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Swedbank – Report for the Third quarter│2025│45 Note 24 Capital adequacy, consolidated situation This note contains the information made public according to the Swedish Financial Supervisory Authority Regulation FFFS 2008:25. Additional periodic information according to Regulation (EU) No 575/2013 of the European Parliament and of the Council on Supervisory Requirements for Credit Institutions and Implementing Regulation (EU) No 2021/637 of the European Commission can be found on Swedbank’s website: https://www.swedbank.com/investor-relations/reports-and-presentations/risk-reports. In the consolidated situation the Group’s insurance companies are accounted for according to the equity method instead of full consolidation. Joint venture companies EnterCard Group AB, Invidem AB, P27 Nordic Payments Platform AB, Tibern AB and Svenska e-fakturabolaget AB consolidates by proportional method instead of accounted for with the equity method. Otherwise, the same principles for consolidations are applied as for the Group. 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep Consolidated situation, SEKm 2025 2025 2025 2024 2024 Available own funds Common Equity Tier 1 (CET1) capital 177 051 175 081 172 843 172 620 174 816 Tier 1 capital 192 284 190 658 188 906 189 809 191 178 Total capital 216 038 209 222 207 271 209 547 211 344 Risk-weighted exposure amounts Total risk exposure amount 900 821 888 540 876 721 871 902 857 827 Total risk exposure pre-floor 900 821 888 540 876 721 0 0 Capital ratios as a percentage of risk-weighted exposure amount Common Equity Tier 1 ratio 19.7 19.7 19.7 19.8 20.4 Common Equity Tier 1 ratio considering unfloored TREA 19.7 19.7 19.7 0.0 0.0 Tier 1 ratio 21.3 21.5 21.5 21.8 22.3 Tier 1 ratio considering unfloored TREA 21.3 21.5 21.5 0.0 0.0 Total capital ratio 24.0 23.5 23.6 24.0 24.6 Total capital ratio considering unfloored TREA 24.0 23.5 23.6 0.0 0.0 Additional own funds requirements to address risks other than the risk of excessive leverage as a percentage of risk-weighted exposure amount Additional own funds requirements to address risks other than the risk of excessive leverage 2.2 2.8 2.8 2.8 2.8 of which: to be made up of CET1 capital 1.5 1.9 1.9 1.9 1.9 of which: to be made up of Tier 1 capital 1.7 2.2 2.2 2.2 2.2 Total SREP own funds requirements 10.2 10.8 10.8 10.8 10.8 Combined buffer and overall capital requirement as a percentage of risk -weighted exposure amount Capital conservation buffer 2.5 2.5 2.5 2.5 2.5 Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member State Institution-specific countercyclical capital buffer 1.8 1.8 1.8 1.7 1.7 Systemic risk buffer 3.1 3.1 3.1 3.1 3.1 Global Systemically Important Institution buffer Other Systemically Important Institution buffer 1.0 1.0 1.0 1.0 1.0 Combined buffer requirement 8.3 8.4 8.3 8.3 8.3 Overall capital requirements 18.5 19.1 19.1 19.1 19.1 CET1 available after meeting the total SREP own funds requirements 13.7 12.8 12.9 13.2 15.0 Leverage ratio Total exposure measure 2 893 956 2 853 641 2 843 931 2 790 854 2 994 068 Leverage ratio, % 6.6 6.7 6.6 6.8 6.4 Additional own funds requirements to address the risk of excessive leverage as a percentage of total exposure measure Additional own funds requirements to address the risk of excessive leverage of which: to be made up of CET1 capital Total SREP leverage ratio requirements 3.0 3.0 3.0 3.0 3.0 Leverage ratio buffer and overall leverage ratio requirement as a percentage of total exposure measure Leverage ratio buffer requirement 0 0 Overall leverage ratio requirement 3.0 3.0 3.0 3.0 3.0 Liquidity Coverage Ratio¹² Total high-quality liquid assets, average weighted value 676 492 694 115 698 231 692 476 679 483 Cash outflows, total weighted value 470 601 475 527 472 004 467 304 471 365 Cash inflows, total weighted value 63 037 63 226 58 994 56 180 57 712 Total net cash outflows, adjusted value 407 564 412 302 413 010 411 124 413 654 Liquidity coverage ratio, % 167.0 169.4 170.3 169.7 165.2 Net stable funding ratio Total available stable funding 1 851 232 1 828 265 1 774 805 1 795 743 1 790 578 Total required stable funding 1 447 493 1 424 320 1 409 373 1 418 861 1 421 457 Net stable funding ratio, % 127.9 128.4 125.9 126.6 126.0 1) The liquidity coverage ratio has been recalculdated and figures prior to 2024 have been adjusted. 2) High quality liquid assets and cashflows refer to the average of the values at each month -end during the last 12 months. The ratio is calculated as an average of the 12 last month-end observations.
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Swedbank – Report for the Third quarter│2025│46 Common Equity Tier 1 capital 30 Sep 31 Dec 30 Sep Consolidated situation, SEKm 2025 2024 2024 Shareholders' equity according to the Group's balance sheet 217 743 218 874 208 825 Anticipated dividend -17 220 -24 396 -13 200 Value changes in own financial liabilities -61 -106 -89 Cash flow hedges -1 -9 -7 Additional value adjustments -453 -415 -562 Goodwill -13 923 -14 262 -14 083 Deferred tax assets 0 -2 -1 Intangible assets -4 917 -3 764 -3 856 Insufficient coverage for non-performing exposures -163 -114 -124 Deductions of CET1 capital due to Article 3 CRR -162 -158 -139 Shares deducted from CET1 capital -65 -49 -49 Pension fund assets -3 204 -3 010 -1 930 Net provisions for reported IRB credit exposures -549 0 0 Other 26 30 31 Total 177 051 172 620 174 816 Risk exposure amount 30 Sep 31 Dec 30 Sep Consolidated situation, SEKm 2025 2024 2024 Credit risks, standardised approach 65 730 62 639 62 617 Credit risks, IRB 476 301 425 897 419 550 Default fund contribution 278 266 290 Settlement risks 0 0 0 Market risks 15 483 13 482 17 552 Credit value adjustment 3 039 1 085 1 411 Operational risks 135 852 112 018 96 123 Additional risk exposure amount, Article 3 CRR 6 338 7 256 7 842 Additional risk exposure amount, Article 458 CRR 197 801 249 259 252 441 Total 900 821 871 902 857 827 SEKm % Capital requirements¹ 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep Consolidated situation, SEKm / % 2025 2024 2024 2025 2024 2024 Capital requirement Pillar 1 147 269 142 157 139 624 16.3 16.3 16.3 of which Buffer requirements² 75 204 72 405 70 998 8.3 8.3 8.3 Capital requirement Pillar 2³ 19 458 24 326 23 933 2.2 2.8 2.8 Pillar 2 guidance 4 504 4 360 4 289 0.5 0.5 0.5 Total capital requirement including Pillar 2 guidance 171 231 170 842 167 847 19.0 19.6 19.6 Own funds 216 038 209 547 211 344 1) Swedbank's calculation based on the SFSA's announced capital requirements, including Pillar 2 requirements and Pillar 2 guidance. 2) Buffer requirements include systemic risk buffer, capital conservation buffer, countercyclical capital buffer and buffer f or other systemically important institutions. 3) Individual Pillar 2 requirement according to decision from SFSA SREP 2025. SEKm % Leverage ratio requirements¹ 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep Consolidated situation, SEKm / % 2025 2024 2024 2025 2024 2024 Leverage ratio requirement Pillar 1 86 819 83 726 89 822 3.0 3.0 3.0 Leverage ratio Pillar 2 guidance 4 341 13 954 14 970 0.2 0.5 0.5 Total capital requirement including Pillar 2 guidance 91 160 97 680 104 792 3.2 3.5 3.5 Tier 1 capital 192 284 189 809 191 178 1) Swedbank's calculation based on the SFSA's announced leverage ratio requirements, including Pillar 2 requirements and Pill ar 2 guidance.
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Swedbank – Report for the Third quarter│2025│47 Note 25 Internal capital requirement This note provides information on the internal capital assessment according to chapter 8, section 4 of the SFSA’s regulation on prudential requirements and capital buffers (2014:12). The internal capital assessment is published in the interim report according to chapter 8, section 4 of the SFSA’s regulation and general advice on annual reports from credit institutions and investment firms (2008:25). A bank must identify, measure and manage the risks with which its activities are associated and have sufficient capital to cover these risks. The purpose of the Internal Capital Adequacy Assessment Process (ICAAP) is to ensure that the bank is sufficiently capitalised to cover its risks and to conduct and develop its business activities. Swedbank applies its own models and processes to evaluate its capital need for all relevant risks. The models that serve as a basis for the internal capital assessment evaluate the need for economic capital over a one-year horizon at a 99.9 per cent confidence level for each type of risk. Diversification effects between various types of risks are not taken into account in the calculation of economic capital. As a complement to the economic capital calculation, scenario-based simulations and stress tests are conducted at least once a year. The analyses provide an overview of the most important risks Swedbank is exposed to by quantifying their impact on the income statement and balance sheet as well as the own funds and risk-weighted assets. The purpose is to ensure efficient use of capital. This methodology serves as a basis of proactive risk and capital management. As of 30 September 2025, the internal capital assessment for Swedbank’s consolidated situation amounted to SEK 62.1bn (SEK 65.5bn as of 31 December 2024). Swedbank’s internal capital assessment using its own models is not comparable with the estimated capital requirement that the SFSA releases quarterly and does not consider the SFSA risk- weight floor for Swedish mortgages. In addition to what is stated in this interim report, risk management and capital adequacy according to the Basel III framework are described in more detail in Swedbank’s Annual and Sustainability Report 2024 as well as in Swedbank’s yearly Risk Management and Capital Adequacy Report, available on http://www.swedbank.com. Note 26 Risks and uncertainties Swedbank’s earnings are affected by changes in the global marketplace over which it has no control, including macroeconomic factors such as GDP, asset prices and unemployment, as well as changes in interest rates, equity prices and exchange rates. Geopolitical situation The geopolitical situation remains uncertain due to continued unrest in the Middle East, the ongoing Russian aggression against Ukraine, and increasingly protectionist trade policies. Swedbank has low to negligible direct exposures to the counterparts at war and is well positioned to manage the indirect risks that may arise from the heightened geopolitical uncertainty. Trade restrictions such as tariffs and other trade barriers have significant direct and indirect effects on the economies of our home markets, and consequently also on Swedbank’s borrowers. Economic outlook Economic growth in the Nordic and Baltic regions is showing signs of recovery, although shifts in global trade policy and various geopolitical tensions increases the downside risks. Interest rate trends and monetary policy Global inflation is decreasing, and several central banks, including the Riksbank and the European Central Bank (ECB) have decreased interest rates. At the same time, increased geopolitical uncertainty due to new trade tariffs and unrest in the Middle East has complicated the task for central banks and created uncertainty about the future economic outlook. Challenges and risk in digitalisation Swedbank continuously monitors operational risks and focuses on areas where the risks are assessed to be the highest. Swedbank has prioritised efforts concerning cyber, IT and information security risks. During the third quarter, several IT incidents occurred that affected accessibility to critical channels and payment services. Multiple measures were implemented to enhance IT stability. Swedbank has numerous ongoing initiatives aimed at further improving operational resilience and ensuring a high level of availability for customers. Geopolitical tensions persist, and Swedbank continues to prioritise actions to strengthen Swedbank's digital operational resilience. Swedbank closely monitors developments in these matters and possesses strong capabilities to manage associated risks. Anti-money laundering and Counter terrorist financing For risks related to the ongoing investigations of authorities in US related to historic anti-money laundering compliance and response related to anti- money laundering controls, please refer to Note 22 Assets pledged, contingent liabilities and commitments. Tax The tax area is complex and there can be a scope for different interpretations. Practices and interpretations of applicable laws can be changed, sometimes retroactively. In the event that the tax authorities and, where appropriate, the tax courts decide on a different
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Swedbank – Report for the Third quarter│2025│48 interpretation than what Swedbank initially made, it could impact the Group’s operations, results and financial position. In addition to what is stated in this interim report, detailed descriptions are provided in Swedbank’s 2024 Annual and Sustainability report and in the disclosures in the Risk Management and Capital Adequacy reports available at www.swedbank.com. Change in value if the market interest rate rises by one percentage point Impact in SEKm on the net value of assets and liabilities, including derivatives, when market interest rates are increased by one percentage point. 30 September 2025 < 5 yrs 5-10 yrs > 10 yrs Total SEK -964 866 396 298 Foreign currencies 592 1 571 426 2 589 Total -372 2 437 822 2 887 31 December 2024 SEK 99 1 103 480 1 682 Foreign currencies 446 1 898 379 2 723 Total 545 3 001 859 4 405 Impact in SEKm on the net value of assets and liabilities measured at fair value through profit or loss, when market interest rates are increased by one percentage point. 30 September 2025 < 5 yrs 5-10 yrs > 10 yrs Total SEK 8 -58 26 -24 Foreign currencies -843 17 -60 -886 Total -835 -41 -34 -910 31 December 2024 SEK 578 -505 54 127 Foreign currencies -1 036 444 -58 -650 Total -458 -61 -4 -523 Note 27 Related-party transactions During the period normal business transactions were executed between companies in the Group, including other related companies such as associates and joint ventures. Partly owned savings banks are important associates.
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Swedbank – Report for the Third quarter│2025│49 Note 28 Swedbank’s share 30 Sep 31 Dec 30 Sep Number of outstanding ordinary shares 2025 2024 2024 Issued shares SWED A 1 132 005 722 1 132 005 722 1 132 005 722 Repurchased shares SWED A -7 780 212 -6 686 779 -6 687 262 Number of outstanding ordinary shares on the closing day 1 124 225 510 1 125 318 943 1 125 318 460 SWED A Last price, SEK 283.20 218.30 215.30 Market capitalisation, SEKm 318 381 245 657 242 281 During 2025, within Swedbank's share-based compensation programme, Swedbank AB transferred 1 206 567 shares at no cost to employees. During February 2025 repurchased 2 300 000 shares to a weighted average price of SEK 249.62 per share. Q3 Q2 Q3 Jan-Sep Jan-Sep Earnings per share 2025 2025 2024 2025 2024 Average number of shares Average number of shares before dilution 1 124 225 510 1 124 169 606 1 125 318 460 1 124 323 194 1 125 211 662 Weighted average number of shares for potential ordinary shares that incur a dilutive effect due to share- based compensation programme 5 614 018 4 951 936 4 464 623 5 659 261 4 303 139 Average number of shares after dilution 1 129 839 528 1 129 121 542 1 129 783 083 1 129 982 455 1 129 514 801 Profit, SEKm Profit for the period attributable to shareholders of Swedbank 8 511 7 889 9 378 24 600 26 400 Earnings for the purpose of calculating earnings per share 8 511 7 889 9 378 24 600 26 400 Earnings per share, SEK Earnings per share before dilution 7.57 7.02 8.33 21.88 23.46 Earnings per share after dilution 7.53 6.99 8.30 21.77 23.37
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Swedbank – Report for the Third quarter│2025│50 Financial statements - Swedbank AB Income statement, condensed Parent company Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Interest income 16 115 16 924 22 274 51 208 67 223 Interest expense -8 958 -9 993 -16 375 -29 970 -49 812 Net interest income 7 156 6 931 5 898 21 238 17 411 Dividends received 1 588 1 737 2 120 18 221 11 140 Net commission income 1 816 1 707 1 904 5 310 5 479 Net gains and losses on financial items 98 310 925 -495 2 204 Other income 1 359 1 283 1 251 3 971 3 546 Total income 12 017 11 967 12 097 48 245 39 780 Staff costs 3 166 3 174 3 132 9 581 9 391 Other expenses 1 608 1 723 1 721 4 938 5 489 Depreciation/amortisation and impairment of tangible and intangible fixed assets 1 331 1 359 1 384 4 040 4 007 Total expenses 6 106 6 256 6 237 18 558 18 888 Profit before impairments, Swedish bank tax and resolution fees 5 910 5 711 5 861 29 687 20 893 Credit impairments, net -75 49 157 -181 -22 Impairment of financial assets 4 4 Swedish bank tax and resolution fees 328 327 335 980 1 007 Operating profit 5 657 5 335 5 365 28 888 19 902 Appropriations Tax expense 1 269 1 154 1 294 3 574 3 610 Profit for the period 4 388 4 181 4 070 25 313 16 292 Statement of comprehensive income, condensed Parent company Q3 Q2 Q3 Jan-Sep Jan-Sep SEKm 2025 2025 2024 2025 2024 Profit for the period reported via income statement 4 388 4 181 4 070 25 313 16 292 Total comprehensive income for the period 4 388 4 181 4 070 25 313 16 292
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Swedbank – Report for the Third quarter│2025│51 Balance sheet, condensed Parent company 30 Sep 31 Dec 30 Sep SEKm 2025 2024 2024 Assets Cash and balances with central banks 202 802 141 168 145 227 Loans to credit institutions 763 290 797 216 835 132 Loans to the public 516 871 454 838 499 973 Interest-bearing securities 262 353 243 588 373 943 Shares and participating interests 93 184 88 218 88 093 Derivatives 23 030 42 639 29 882 Other assets 47 013 41 994 44 527 Total assets 1 908 543 1 809 661 2 016 777 Liabilities and equity Amounts owed to credit institutions 166 010 135 106 191 647 Deposits and borrowings from the public 913 370 880 069 897 680 Value change of the hedged liabilities in portfolio hedges of interest rate risk 233 220 363 Debt securities in issue 427 301 399 842 508 770 Derivatives 37 746 53 289 57 292 Other liabilities and provisions 55 969 43 933 75 560 Senior non-preferred liabilities 128 820 121 204 119 868 Subordinated liabilities 38 979 36 609 35 337 Untaxed reserves 18 988 18 988 12 362 Equity 121 127 120 400 117 897 Total liabilities and equity 1 908 543 1 809 661 2 016 777 Pledged collateral 106 654 124 533 138 350 Other assets pledged 11 879 12 244 14 058 Contingent liabilities 71 166 79 698 78 432 Commitments 369 698 251 955 242 236
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Swedbank – Report for the Third quarter│2025│52 Statement of changes in equity, condensed Parent company SEKm Restricted equity Non-restricted equity January-September 2025 Share capital Statutory reserve Share premium reserve Retained earnings Total Opening balance 1 January 2025 24 904 5 968 13 206 76 322 120 400 Dividend -24 392 -24 392 Repurchased own shares -574 -574 Share based payments to employees 378 378 Total comprehensive income for the period 25 313 25 313 Closing balance 30 September 2025 24 904 5 968 13 206 77 047 121 125 January-December 2024 Opening balance 1 January 2024 24 904 5 968 13 206 74 281 118 359 Dividend -17 048 -17 048 Share based payments to employees 425 425 Total comprehensive income for the period 18 665 18 665 Closing balance 31 December 2024 24 904 5 968 13 206 76 322 120 400 January-September 2024 Opening balance 1 January 2024 24 904 5 968 13 206 74 281 118 359 Dividend -17 048 -17 048 Share based payments to employees 294 294 Total comprehensive income for the period 16 292 16 292 Closing balance 30 September 2024 24 904 5 968 13 206 73 819 117 897 Cash flow statement, condensed Parent company Jan-Sep Full-year Jan-Sep SEKm 2025 2024 2024 Cash flow from operating activities 49 979 29 122 27 399 Cash flow from investing activities 20 375 7 236 9 823 Cash flow from financing activities -8 720 -11 737 -8 542 Cash flow for the period 61 634 24 621 28 680 Cash and cash equivalents at beginning of period 141 168 116 547 116 547 Cash flow for the period 61 634 24 621 28 680 Cash and cash equivalents at end of period 202 802 141 168 145 227
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Swedbank – Report for the Third quarter│2025│53 Capital adequacy 30 Sep 30 Jun 31 Mar 31 Dec 30 Sep Parent company, SEKm 2025 2025 2025 2024 2024 Available own funds Common equity tier 1 (CET1) capital 117 260 118 791 119 964 109 312 112 655 Tier 1 capital 132 493 134 368 136 027 126 502 129 018 Total capital 156 786 153 318 154 774 146 716 149 125 Risk-weighted exposure amounts Total risk exposure amount¹ 594 585 589 957 592 917 447 318 446 344 Capital ratios as a percentage of risk-weighted exposure amount Common equity tier 1 ratio¹ 19.7 20.1 20.2 24.4 25.2 Tier 1 ratio¹ 22.3 22.8 22.9 28.3 28.9 Total capital ratio¹ 26.4 26.0 26.1 32.8 33.4 Additional own funds requirements to address risks other than the risk of excessive leverage as a percentage of risk-weighted exposure amount Additional own funds requirements to address risks other than the risk of excessive leverage 1.0 1.5 1.5 1.5 1.5 of which: to be made up of CET1 capital 0.6 0.9 0.9 0.9 0.9 of which: to be made up of Tier 1 capital 0.8 1.1 1.1 1.1 1.1 Total SREP own funds requirements 9.0 9.5 9.5 9.5 9.5 Combined buffer and overall capital requirement as a percentage of risk-weighted exposure amount Capital conservation buffer 2.5 2.5 2.5 2.5 2.5 Conservation buffer due to macro-prudential or systemic risk identified at the level of a Member State Institution-specific countercyclical capital buffer 1.7 1.8 1.6 1.7 1.7 Systemic risk buffer Global Systemically Important Institution buffer Other Systemically Important Institution buffer Combined buffer requirement 4.2 4.3 4.1 4.2 4.2 Overall capital requirements¹ 13.2 13.7 13.6 13.7 13.6 CET1 available after meeting the total SREP own funds requirements 14.6 14.8 17.4 19.1 19.9 Leverage ratio Total exposure measure¹ 1 490 150 1 451 659 1 444 042 1 342 959 1 597 786 Leverage ratio, % 8.9 9.3 9.4 9.4 8.1 Additional own funds requirements to address the risk of excessive leverage as a percentage of total exposure measure Additional own funds requirements to address the risk of excessive leverage of which: to be made up of CET1 capital Total SREP leverage ratio requirements 3.0 3.0 3.0 3.0 3.0 Leverage ratio buffer and overall leverage ratio requirement as a percentage of total exposure measure Leverage ratio buffer requirement Overall leverage ratio requirement 3.0 3.0 3.0 3.0 3.0 Liquidity coverage ratio² ³ Total high-quality liquid assets, average weighted value 538 289 550 129 549 016 547 516 544 134 Cash outflows, total weighted value 478 205 486 179 483 550 472 061 479 220 Cash inflows, total weighted value 57 533 57 235 52 727 49 325 50 917 Total net cash outflows, adjusted value 420 672 428 944 430 823 422 736 428 303 Liquidity coverage ratio, % 128.6 128.9 128.0 130.1 127.6 Net stable funding ratio Total available stable funding 1 113 218 1 077 542 1 085 750 1 063 545 1 060 008 Total required stable funding 612 355 604 092 614 740 614 294 622 675 Net stable funding ratio, % 181.8 178.4 176.6 173.1 170.2 1) Total risk exposure amount and capital ratios has been updated for Q1. 2) The liquidity coverage ratio has been recalculdated and figures prior to 2024 have been adjusted. 3) High quality liquid assets and cashflows refer to the average of the values at each month-end during the last 12 months. The ratio is calculated as an average of the 12 last month-end observations.
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Swedbank – Report for the Third quarter│2025│54 Risk exposure amount 30 Sep 31 Dec 30 Sep Parent company, SEKm 2025 2024 2024 Credit risks, standardised approach 230 793 133 188 130 949 Credit risks, IRB 242 926 206 977 208 314 Default fund contribution 278 266 290 Settlement risks 0 0 0 Market risks 15 493 13 382 17 453 Credit value adjustment 2 953 1 033 1 364 Operational risks 88 944 57 758 50 860 Additional risk exposure amount, Article 3 CRR 300 200 1 100 Additional risk exposure amount, Article 458 CRR 12 898 34 514 36 015 Total 594 585 447 318 446 344 SEKm % Capital requirements¹ 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep Parent company, SEKm / % 2025 2024 2024 2025 2024 2024 Capital requirement Pillar 1 72 375 54 648 54 287 12.2 12.2 12.2 of which Buffer requirements² 24 808 18 862 18 580 4.2 4.2 4.2 Capital requirement Pillar 2³ 6 005 6 531 6 517 1.0 1.5 1.2 Total capital requirement including Pillar 2 guidance 78 380 61 179 60 804 13.2 13.7 13.4 Own funds 156 786 146 716 149 125 0 0 0 1) Swedbank's calculation based on the SFSA's announced capital requirements, including Pillar 2 requirements and Pillar 2 guidance. 2) Buffer requirements include capital conservation buffer and countercyclical capital buffer. 3) Individual Pillar 2 requirement according to decision from SFSA SREP 2025. SEKm % Leverage ratio requirements¹ 30 Sep 31 Dec 30 Sep 30 Sep 31 Dec 30 Sep Parent company, SEKm / % 2025 2024 2024 2025 2024 2024 Leverage ratio requirement Pillar 1 44 705 40 289 47 934 3.0 3.0 3.0 Total leverage ratio requirement including Pillar 2 guidance 44 705 40 289 47 934 3.0 3.0 3.0 Tier 1 capital 132 493 126 502 129 018 0 0 0 1) Swedbank's calculation based on the SFSA's announced leverage ratio requirements, including Pillar 2 requirements and Pillar 2 guidance.
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Swedbank – Report for the Third quarter│2025│55 Alternative performance measures Swedbank prepares its financial statements in accordance with IFRS as adopted by the EU, as set out in Note 1. The interim report includes a number of alternative performance measures, which exclude certain items that management believes are not representative of the underlying/ongoing performance of the business. Therefore the alternative performance measures provide more comparative information between periods. Management believes that inclusion of these measures provides information to the readers that enable comparability between periods. Measure and definition Purpose Net interest margin Calculated as Net interest income in relation to average total assets excluding trading related assets. The average is calculated using month-end figures1, including the prior year end. The nearest IFRS measure is Net interest income and can be reconciled in Note 5. The key ratio replaces the previously reported key ratio net investment margin before trading interest is deducted. The previous key ratio included interest from trading-related assets, which is reported within Net gains and losses on financial items in the income statement. Net interest margin is considered a more relevant ratio going forward as it only reflects interest that is reported within Net interest income in the income statement. Expresses the difference, the margin, between the percentage return on non-trading assets and the costs of financing. Allocated equity Allocated equity is the operating segment’s equity measure and is not directly required by IFRS. The Group’s equity attributable to shareholders is allocated to each operating segment based on capital adequacy rules and estimated capital requirements based on the bank’s internal Capital Adequacy Assessment Process (ICAAP). The allocated equity amounts per operating segment are reconciled to the Group Total equity, the nearest IFRS measure, in Note 4. Used by Group Management for internal governance and operating segment performance management purposes. Return on allocated equity Calculated based on profit for the period (annualised) attributable to the shareholders for the operating segment, in relation to average allocated equity for the operating segment. The average is calculated using month-end figures 1, including the prior year end. The allocated equity amounts per operating segment are reconciled to the Group Total equity, the nearest IFRS measure, in Note 4. Used by Group Management for internal governance and operating segment performance management purposes. Other alternative performance measures These measures are defined in the Factbook on page 77 and are calculated from the financial statements without adjustment. Share of Stage 1 loans, gross Share of Stage 2 loans, gross Share of Stage 3 loans, gross Equity per share Cost/Income ratio Credit Impairment ratio Loans to customers/Deposits from customers ratio Credit impairment provision ratio Stage 1 loans Credit impairment provision ratio Stage 2 loans Credit impairment provision ratio Stage 3 loans Return on equity1 Total credit impairment provision ratio Used by Group Management for internal governance and operating segment performance management purposes. 1) The month-end figures used in the calculation of the average can be found on page 71 of the Factbook.
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Swedbank – Report for the Third quarter│2025│56 Signatures of the Board of Directors and the President The Board of Directors and the President hereby certify that the Interim report for January-September 2025 provides a fair and accurate overview of the operations, position and results of the parent company and the Group and describes the significant risks and uncertainties faced by the parent company and the companies in the Group. Stockholm, 22 October 2025 Göran Persson Biörn Riese Chair Deputy Chair Göran Bengtsson Annika Creutzer Hans Eckerström Board Member Board Member Board Member Kerstin Hermansson Helena Liljedahl Anna Mossberg Board Member Board Member Board member Per Olof Nyman Biljana Pehrsson Rasmus Roos Board Member Board Member Board Member Roger Ljung Åke Skoglund Board Member Board Member Employee Representative Employee Representative Jens Henriksson President and CEO
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Swedbank – Report for the Third quarter│2025│57 This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Review report To the Board of Directors of Swedbank AB (publ) registration no. 502017-7753 Introduction We have reviewed the condensed interim financial information (interim report) of Swedbank AB (publ) as of 30 September 2025 and the nine-month period then ended. The Board of Directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Annual Accounts Act for credit institutions and securities companies. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Annual Accounts Act for credit institutions and securities companies, regarding the Group, and with the Annual Accounts Act for credit institutions and securities companies, regarding the Parent Company. Stockholm, 23 October 2025 Öhrlings PricewaterhouseCoopers AB Anneli Granqvist Martin By Authorised Public Accountant Authorised Public Accountant Auditor in charge
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Swedbank – Report for the Third quarter│2025│58 Publication of financial information The Group’s financial reports can be found on www.swedbank.com/ir Financial calendar 2026 Year-end report 2025 29 January 2026 Annual report 2025 19 February 2026 Interim report for the first quarter 2026 29 April 2026 For further information, please contact: Jens Henriksson President and CEO Telephone +46 8 585 934 82 Jon Lidefelt CFO Telephone +46 8 585 939 45 Maria Caneman Head of Investor Relations Telephone +46 72 238 32 10 Erik Ljungberg Head of Brand and Communication Telephone +46 73 988 35 57 Information on Swedbank’s strategy, values and share is also available on www.swedbank.com. Swedbank AB (publ) Registration no. 502017-7753 Head office Visiting adress: Landsvägen 40 172 63 Sundbyberg Postal address: Swedbank AB SE-105 34 Stockholm, Sweden Telephone +46 8 585 900 00 www.swedbank.com