Slides
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© Swedbank 2 ● Global economy more resilient than expected despite geopolitical tensions ● Swedish GDP growth above 2.5 per cent in 2026 ● Lithuania will continue its strong development in 2026 ● Growth in Estonia and Latvia picks up in 2026
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© Swedbank 3 1) Ordinary dividend SEK 20.45 plus special dividend SEK 9.35 per share
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© Swedbank 4
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© Swedbank 5 ● 30 per cent more calls answered in 2025 ● More than 80 per cent of all calls answered within 3 minutes ● Increased efficiency
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© Swedbank 6
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© Swedbank 7 ● Mortgage market shares doubled in own channels in 2025 - but not enough ● Savings net inflows in Swedbank Robur of SEK 11bn in Q4 ● Expanding our customer base in Premium and Private Banking
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© Swedbank 8 ● Strong growth in all our home markets ● Market share in Sweden increased by 0.5 p.p. in 20251) ● Customer focus and increased efficiency ● Good start for SB1 Markets in Sweden 1) Market share data until November 2025
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© Swedbank 10 ▲ ▲ Net interest income 10 775 10 819 0% 44 000 49 267 -11% Net commission income 4 249 4 117 3% 16 320 16 716 -2% Net gains and losses 982 847 16% 3 227 3 687 -12% Other income 1 334 1 322 1% 5 189 4 435 17% Total income 17 340 17 105 1% 68 736 74 104 -7% Total expenses 6 268 6 030 4% 24 532 25 376 -3% Profit before impairments 11 072 11 075 0% 44 203 48 728 -9% Other impairments n.a n.a n.a 790 Credit impairments 355 -398 -34 -268 Bank tax and resolution fund fee 713 663 8% 2 982 4 019 -26% Profit before tax 10 004 10 809 -7% 41 255 44 187 -7% Tax 1 838 2 298 -20% 8 496 9 320 -9% Net profit 8 166 8 512 -4% 32 759 34 866 -6% C/I ratio 0.36 0.35 0.36 0.34 Return on equity, % 14.7 16.0 15.2 17.1 Earnings per share (after dilution), SEK 7.22 7.53 28.98 30.86
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© Swedbank 11 ● Stabelo fully consolidated as per 4 November and Entercard as per 1 December 2025 ● Limited impact on RoE and C/I-ratio ● Loan volumes: Stabelo SEK 17bn, Entercard SEK 27bn ● CET1 capital ratio impact of -50bps Net interest income 10 775 178 Net commission income 4 249 42 Net gains and losses 982 -4 Other income 1 334 11 Total income 17 340 228 Total expenses 6 268 180 Profit before impairments 11 072 48 Other impairments n.a n.a. Credit impairments 355 416 Bank taxes and resolution fees 713 1 Profit before tax 10 004 -369 Tax 1 838 -77 Net profit 8 166 -292 Loans to customers 1 882 44 Full-time employees 17 300 492
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© Swedbank -91 829 9 9 1 847 44 1 882 Q3 2025 Sweden Baltic Banking Q4 excl. FX Stabelo & Entercard FX Q4 2025 12 1) 1) Sweden including Swedish Banking, Premium and Private Banking, Corporates and Institutions and Group Functions 2) Excluding FX +18 297 4 5 306 Q3 2025 Private Corporate Q4 2025 1 532 1 5852 8 44 Q3 2025 Private Corporate Stabelo & Entercard Q4 2025 QoQ +2.9% QoQ +3.5%QoQ +2.9%
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© Swedbank -7 -10 1 293 21 1 306 1 297 Q3 2025 Sweden Baltic Banking Q4 excl. FX FX Q4 2025 13 QoQ +0.3% 1) Sweden including Swedish Banking, Premium and Private Banking, Corporates and Institutions (excl. Group Treasury) 2) Excluding FX 423 13 7 444 Q3 2025 Private Corporate Q4 2025 -2 -5 869 862 Q3 2025 Private Corporate Q4 2025 QoQ +4.8% QoQ -0.8% +13 1)
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© Swedbank -747 -638 10 819 661 502 178 10 775 Q3 2025 Lending income Deposit expense Cash with central banks & other assets Wholesale funding & other liabilities Stabelo & Entercard Q4 2025 14 QoQ -0.4% ● Higher volumes partly mitigated negative impact from lower interest rates ● Lower funding cost partly offset by lower income from central bank placements ● FX SEK -52m -43 Interest income Interest expense
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© Swedbank 15 ● Securities & corporate finance higher due to year-end fees ● Asset management commissions supported by stock market performance – Fund net inflow, SEK 11bn – AuM growth of +3% ● Card commissions seasonally lower QoQ +3.2% +132 176 72 15 -112 -18 Q3 2025 Securities & Corp. Finance Asset Management Cards & Payments Insurance & Service concepts Other Q4 2025 4 117 4 249
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© Swedbank 16 ● Continued strong business activity ● Positive revaluations in Treasury ● Positive revaluations in equity holdings -33638 32 172 173 982 Client trading Bond inventories Funding (Treasury) Liquidity portfolio Equity holdings & Other Total NGL Q4 2025
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© Swedbank -10 -34 1 322 36 20 1 334 Q3 2025 Underlying insurance Revaluations Associates Other Q4 2025 17 ● Lower net insurance due to higher claims and negative revaluations ● Higher results from partly owned companies (Associates) ● Other includes income from sold services to savings banks -44 Net insurance QoQ +0.9% +12
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© Swedbank 5 986 6 740 6 115 6 119 6 030 6 268 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Costs C/I ratio +238 0.31 0.36 0.35 0.36 0.35 0.36 18 ● Delivering on FY 2025 cost guidance – Full-year reported cost SEK 24.5bn – VAT recovery of SEK 963m in Q4 of which SEK 125m for 2021 – Stabelo and Entercard Q4 costs SEK 180m – Endowment of EUR 10m for Lithuania QoQ +3.9% FX SEKm Q4 -31 FY 2025 -278
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© Swedbank 1.5 1.6 - 0.8 - 0.2 24.5 25.1 26.7 27.5 19 ~3% ● Cost guidance for 2026 of SEK 27.5bn (~3 per cent ) – Net of efficiencies, cost headwinds, investments – Based on current FX rates1) Stabelo & Entercard Q4 Pro forma costs 2025 Cost guidance 2026 FY 2025 underlying cost VAT recovery FY 2025 cost Stabelo & Entercard FY run-rate Temp investments Annual net growth 1) EUR/SEK: 10.60 0.8
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© Swedbank 26 1 8 9 -1 0 2020 2021 2022 2023 2024 2025 -186 355 433 -228 -62 44 354 20 ● Solid asset quality ● Total credit impairments of SEK 355m corresponds to an impairment ratio of 7bps in Q4 ● Rating – downgrade of a few larger corporate customers ● Remaining post model adjustment of SEK 131m ● Individual assessment – adjustments on few customers ● Entercard impairments of SEK 415m (incl. day 1 effect of SEK 354m) Macro scenarios Rating & stage migrations Post model adjustments Individual assessment Other, incl. repayments & write-offs Total credit impairments, Q4 Entercard, day1 effect
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© Swedbank 19.7% 17.8% 14.8% 0.3% -0.1% -0.1% -0.5% -1.1% -0.2% 21 ● CET1 capital ratio of 17.8 per cent ● REA increased by SEK 31bn – Annual update of operational risks ● Impact from Stabelo and Entercard of 50bps ● BoD dividend proposal to AGM; – Ordinary dividend of SEK 20.45 per share – Special dividend of SEK 9.35 per share ● 100-300bps capital buffer range ~300bps buffer1) 1) Above Pillar2 Guidance Q3 2025 Profit after anticipated dividend Credit risk Op. risks Other Stabelo & Entercard Q4 2025 CET1 capital ratio requirement Special dividend
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© Swedbank 22 ● A successful 2025 for Swedbank ● Strong result: 15.2 per cent return on equity in 2025 ● Proposed dividend of SEK 29.80 per share ● Swedbank is well positioned for sustainable growth and profitability
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© Swedbank 184% 125% Liquidity Coverage Ratio Net Stable Funding Ratio 179% Overcollateralisation (Cover pool) >2Y Survival horizon Q4 2025, SEKbn Q4 2025, SEKbn SEK EUR USD OTHERCash and balances with central banks Sovereigns, central banks or multilateral development banks1 Municipalities or public service entities Extremely high-quality covered bonds High quality covered bonds 24 1) Held at Fair Value through PnL, except for holdings of central bank issued certificates of SEK 100bn that is held at Amortised Cost. 259 154 7 93 9 280 180 56 6
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© Swedbank ● Robust capital generation ● Dividend payout ratio of 60-70 per cent ● Normalised CET1 capital ratio buffer of 200bps ● RoE of at least 15 per cent ● C/I ratio not above 0.40 ● Ensure long-term shareholder value 25