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© Swedbank ● Certain statements made in this presentation are forward looking statements. Such statements are based on current expectations and are subject to several risks and uncertainties that could cause actual results and performance to differ materially from any expected future results or performance, express or implied, by the forward-looking statements. ● Factors that might cause forward looking statements to differ materially from actual results include, among other things, regulatory and economic factors. Swedbank AB assumes no responsibility to update any of the forward-looking statements contained herein. ● No representation or warranty, express or implied, is made or given by or on behalf of Swedbank AB or its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. ● None of Swedbank AB or any of its directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. ● This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Swedbank AB, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. 2
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© Swedbank Financial results Liquidity and funding Cover pool data Swedish and Baltic economy 3
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© Swedbank An attractive workplace for employees with a culture based on inclusion and accountability An efficient, profitable and compliant bank and financial services platform A standardised, scalable and stable infrastructure • By providing guidance on your terms • By helping you to be more sustainable • By supporting you in a proactive way • By making the difficult simple 4
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© Swedbank Loan-to-deposits CET1 capital buffer LCR NSFR Impairment ratio Savings Swedbank Robur Insurance Swedbank Insurance Payment franchise Mortgages Swedbank Hypotek Mobile App Customer centre Branches 140 in Sweden 69 in the Baltics Internet bank Note: Figures as of Q4 2025 ~80% of loan book ~16% of loan book Partnership with more than 55 Savings Banks 5
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© Swedbank 18.3 17.8 19.0 20.6 17.8 1 8 9 -1 0 Dividend per share, SEK Dividend, % of profit Cost to income ratio Credit impairment ratio, bps CET1 capital ratio, % Earnings per share, SEK Return on equity, % 6 0.54 0.44 0.40 0.33 0.34 18.6 19.4 30.4 30.87 28.98 13.2 13.3 18.3 17.1 15.2 -90 -40 10 -5.0 5.0 15.0 25.0 35.0 2021 2022 2023 2024 2025 0 ~300bps buffer 1) 1) BoD proposal to AGM: Ordinary dividend SEK 20.45 per share plus special dividend SEK 9.35 per share 11.25 9.75 15.15 21.70 29.80 50 50 50 70 70
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© Swedbank 2050 Carbon neutrality and interim target setting 2050 Swedbank Robur combined fund capital will be net zero by 2050 latest. 2030 Reduce direct greenhouse gas emission by 60 per cent1) 2030 Reduce financed emissions in line with 1.5-degree pathways2) 2027 Ambition to grow sustainable lending volumes by at least 3x 3) Ambition to increase the share of arranged ESG bonds to at least 40%4) 1) Baseline 2019. Scope 1, 2 and scope 3 (own operations). Sector targets defined for 2030 2) Targets set for mortgages, commercial real estate, oil and gas, power generation and steel (base year 2019) Targets set for mortgages, commercial real estate, oil and gas, power generation and steel (base year 2019) 3) Baseline year: 2022 4) Of total bonds arranged by Swedbank 7
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© Swedbank Note: Baseline 2019 for all sectors excluding shipping 1) Exploration, production and refining 2) International Maritime Organization 3) The average emission intensity of the portfolio will be approximately halved compared with the 2022 baseline ● Mortgages: reduce the financed emission intensity by 39 per cent (kgCO2e/m2) ● Commercial real estate: reduce the financed emission intensity by 43 per cent (kgCO2e/m2) ● Oil & gas1): reduce the absolute financed emissions by 50 per cent (tCO2e) ● Power generation: reduce the financed emission intensity by 59 per cent (tCO2e/MWh) ● Steel: reduce the financed emission intensity by 29 per cent (tCO2e/tonne) ● Shipping: align the emission intensity with IMO2) most ambitious reduction pathway (reach 0% ‘alignment delta’) 3)
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© Swedbank 9 ● Personalisation ● Availability ● Customer experience ● Leverage customer relationships ● Daily banking and asset management ● Technology and AI ● Simplify processes ● Restrictive hiring
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© Swedbank 10 By 20271) Target level SB Increase availability 80% of calls answered in 3min Number of assisted service interactions -50% from 2024 Number of digital sales +50% from 2024 Market share in mortgages and deposits Maintain or increase Market share in mutual funds and insurance Increase P&PB Discretionary investment solution coverage 25% Number of customers per advisor +50% Number of concept customers +100% C&I Corporate lending market share +1.5pp2) from 2024 Client activity Positive development Prospera rank for Real Estate Rank 1 Prospera rank for Institutions Rank 2 (at least) BB Private lending market share Maintain Corporate lending Leading in EE, LV3) and LT Grow insurance business +25% from 2024 Number of customers with long-term savings +60% by 20304) from 2024 1) Unless stated otherwise 2) Long-term ambition beyond 2027 3) Ambition in Latvia subject to bank tax considerations 4) Maintained ambition in line with the target to double from a 2022 baseline
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© Swedbank 17.1% ≥15% ● Volume growth ● Ancillary income growth ● Cost discipline ● CET1 buffer of 200bps 11 RoE 2024 NII rate effect NII volumes Ancillary income Expe- nses Bank tax Credit impair- ments Capital gener- ation 70% annual divid- end1) Excess capital reduc- tion RoE 2027 1) Assumed pay-out ratio of 70% for illustrative purposes. Swedbank’s dividend policy is 60-70% and proposed dividends are subject to approval at the Annual General Meeting.
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© Swedbank Financial results Liquidity and funding Cover pool data Swedish and Baltic economy 12
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© Swedbank SEK 355m SEK 17.3bn SEK 6.3bnTOTAL EXPENSES CREDIT IMPAIRMENTS TOTAL INCOME ● Return on equity of 14.7 per cent ● Cost/Income ratio 0.36 ● Credit impairment ratio 7 bps ● CET1 capital ratio 17.8 per cent, buffer ~300bps ● LCR 184 per cent ● NSFR 125 per cent ● EPS after dilution SEK 7.22 NET PROFIT SEK 8.2bn QoQ +1% QoQ +4% QoQ n.m. QoQ -4% 13 18.6 17.3 17.0 17.1 17.3 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 -394 -141 150 -398 355 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 6.7 6.1 6.1 6.0 6.3 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 8.5 8.2 7.9 8.5 8.2 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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© Swedbank 14 ▲ ▲ 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 15 ● 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 16 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 17 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 18 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 19 ● 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 20 ● 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 21 ● 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 22 ● 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 23 ~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 24 ● 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 Financial results Liquidity and funding 25
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© Swedbank Sweden Baltic Banking Other Private Corporate 1 1461) 7361) Geographic split Private 60% Corporate 40% 26 0.2% 0.3% 0.7% 0.7% 0.7% 1.1% 1.1% 1.4% 1.6% 2.3% 2.4% 2.5% 2.6% 3.2% 5.0% 5.1% 8.2% 60.9% Shipping and offshore Hotels and restaurants Transportation Information and communication Other corporate lending Construction Finance and insurance Professional services Other (e.g. public property) Manufacturing Retail and wholesale Public sector and utilities Industrial and Warehouse Agriculture, forestry, fishing Residential properties Tenant owner associations Commercial Private mortgage & other 1) Increase mainly due to volumes from Entercard and Stabelo
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© Swedbank Q4 2024 – Q4 2025, SEKbn Q4 2024 – Q4 2025, SEKbn 1 8851 8341 8231 806 6.2 6.1 5.3 5.61 795 6.1 27 1 627 1 625 1 657 1 668 1 723 167 159 155 156 152 12 11 11 10 9 50% 60% 70% 80% 90% 100% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Stage 1 Stage 2 Stage 3 1.2 1.2 1.3 1.1 1.2 2.7 2.4 2.2 2.0 2.3 2.4 2.4 2.6 2.2 2.0 0% 20% 40% 60% 80% 100% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Stage 1 Stage 2 Stage 3
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© Swedbank SEKbn 1) Total loans, carrying amount, SEK 1 882bn, Q4 2025 28
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© Swedbank 80% 10% 10% Q4 2025, SEK 259bn in total Residential Commercial Industrial & Warehouse Other 29 ● Focus on strong cash flows and collateral ● Average LTV − Property management, 52 per cent − Non-residential, 52 per cent − Residential, 54 per cent Q4 2025, per cent Sweden Baltics Norway & Finland SEK 326bn 39 24 87 110
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© Swedbank 1) Debt Service Tolerance is defined as net operating income (rolling 12 months) divided by total interest-bearing debt 2) Interest Coverage Ratio is defined as net operating income divided by financing costs, rolling 12 months 30 Q3 2025 disclosures (Q2 2025) Interest Coverage Ratio (ICR)2) 2.5x (2.4x) − Interest rate cost 7.0% on debt maturing within 12 months 2.0x (2.1x) − No exposure with ICR below 1.0x ● Well functioning financing market ● Transaction market improving ● Future macro impacting ● Operational performance in focus – Vacancies – Net-letting Q3 2025 disclosures, per cent 8.0% 8.4% 8.3% 8.6% 8.5% 8.6% 8.9% 8.8% 8.7% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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© Swedbank ● Full recourse (very limited debt forgiveness possibilities) ● No securitisation (on balance sheet), no sub-prime market, no 3rd party origination ● Restricted buy-to-let market – limits speculation ● Rental market is regulated ● 65% home ownership ● Transparent credit information (credit information agency, www.uc.se) – Publicly available information regarding income, debt, payment track record etc. ● Consumer credit legislation requires affordability calculations including stress test of higher interest rate and conservative cost of living ● Strong social security and generous unemployment benefit system Swedbank’s underwriting criteria – Minimum 15% own equity (LTV cap of 85%). – In the repayment ability calculation, the interest rate used is the higher of 6.0 % or the 5Y fixed mortgage interest rate + 2 percentage points. – Amortisation rate requirement according to SFSA: ● For LTV ≤ 70 %, then 1 % is used as rate. ● For LTV > 70 %, then 2 % is used as rate. ● For DTI > 450 %, then the amortisation rate is one percentage more. – For underwriting credits to tenant-owner rights, the tenant-owner association’s financials are examined, and based the interest rate sensitivity of the association and price per square meter an add-on to the tenant’s fee is applied in the affordability calculation. 31
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© Swedbank 0 200 400 600 800 1 000 1 200 1 400 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ● Average loan-to-value of 57 per cent ● Past due loans – trending downwards ● Accumulated credit impairments of ~SEK 2.0bn1 (1982- 2025 annualised) 32 2004 – 2025, per cent and SEKm of private mortgage loans in Swedbank Mortgage FY 1982 – 2025, per cent of private mortgage loans in Swedbank Mortgage 1From 2018 (IFRS9), net of stage 3 provisions, write-offs and recoveries >60 days, SEKm, RHS >60 days, per cent, LHS 97% of portfolio below 70% LTV Q4 2025, private mortgage loans, SEKbn LTV per cent 20 16 12 8 4 0 0.14% 0.13% -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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© Swedbank Financial results Liquidity and funding Cover pool data Swedish and Baltic economy 33
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© Swedbank 4.5 14.3 1.5 2.0 8 19.0 1.5 0.2 0.5 2.2 3.1 3.1 1.0 1.0 1.8 1.8 2.5 2.5 8.9 0.5 3.5 0.5 2.9 0.4 CET1 req. Actual CET1 Q4 AT1 req. T2 req. Total capital req. Actual Total capital Q4 Leverage ratio req. Pillar 2 Guidance Leverage ratio req. & P2G (3.15%) Capital Conservation Buffer Countercyclical Buffer (2%) O-SII Buffer Systemic Risk Buffer Pillar 2 Requirements Minimum req. 14.8% 21.9%17.8% 19.0%1.7% 2.5% 9.3% Automatic MDA Restrictions ● CET1 capital ratio of 17.8% ● CET1 capital ratio buffer ~300bps1) ● REA increased by SEK 31bn to SEK 932bn ● 100-300bps capital buffer range, targeting 200bps ~300bps buffer1) 341) Over and above Pillar 2 Guidance 2) Recalculated as per cent of REA for comparison reasons 2)
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© Swedbank 21.9 13.1 8.8 8.4 20.3 7.1 ● The National Debt Office MREL decision for 2026 - MREL 27.4% (buffer of 9.2%) - Subordination requirement 20.3% (buffer of 6.3%) ● The combined buffer requirement shall be met in addition to risk-weighted MREL ● The leverage-based requirements are not constraining 35.8 43.8 Combined Buffer Requirement Subordination Requirement 2) Market Confidence Charge Own funds Subordinated eligible liabilities Eligible liabilities MREL1)+CBR requirements 2026, % of REA Own funds and eligible liabilities Q4 2025, % of REA 1) MREL requirement: 2x(P1+P2R)+(CBR-Ccyb+P2G) 2) Subordination requirement: 2x(P1+P2R) 35
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© Swedbank 19.7% 17.8% 14.8% 0.3% -0.1% -0.1% -0.5% -1.1% -0.2% 36 ● 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 ● Applicable since 1 January 2025 while market risk rules expected to apply from 1 January 2027 ● Introduction of an output floor of 72.5% of the REA calculated by the standardised approach with a phase-in period from 2025 to 2032 ● Output floor not expected to be binding for as long as the SFSA continues to apply risk-weight floors to IRB credit risk REA for Swedish CRE and mortgages ● The SFSA has imposed an add- on related to the ongoing review of IRB models in the Pillar 2 requirement, as part of its SREP 2023 decision ● The add-on is temporary and expected to be removed when new models are implemented ● The SFSA has fulfilled the hike of the Swedish CCyB rate to its neutral level of 2%, and has not announced any intended further increase ● Phase-in started during 2022 with a new default definition, followed by a new PD model for large corporates during 2023 and 2024 ● Progress with certain retail PD model approvals expected in 2026 37
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© Swedbank Financial results Swedish and Baltic economy Swedish housing and mortgage market 38
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© Swedbank Lithuania Latvia Other corporate lending, Sweden & other Nordic countries Other private, Sweden Swedish mortgage loans Senior non-preferred debt Covered bonds Deposits CET1 Assets LiabilitiesSEKbn Estonia AT1 + Tier 2 Senior preferred debt 39 (lending) Q4 2019 Liabilities pre-covid (only for comparison) 0 500 1 000 1 500 2 000 Q4 2025 Q4 2025
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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 40 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 920 954 1 131 1 259 1 298 1 230 1 285 1 300 2018 2019 2020 2021 2022 2023 2024 2025 Q4 2025, SEKbn +41% Private Sweden1) Transaction accounts On-demand savings Term savings Corporate Sweden1) Q4 2025, SEKbn Private SME Corporate Total 41 Private Baltic banking Corporate Baltic banking 1) Swedish banking, C&I, P&PB excluding Group functions 115 115 329 329 52 50 496 494 Q3 2025 Q4 2025 173 178 38 41 58 57 269 276 Q3 2025 Q4 2025 309 305 53 54 11 9 373 367 Q3 2025 Q4 2025 125 131 30 28 155 159 Q3 2025 Q4 2025 100 120 140 160 180 200 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTD-ratio 145% 80% 86% 86% 90% 54% 62% 61% 59% 2% 2% 2% 2% Sweden Estonia Latvia Lithuania 57% Total deposits
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© Swedbank 42 365 119 129 310 366 116 136 251 Covered bonds Senior preferred SNP Short-term programmes Q3 2025 Q4 2025 1307 1300 Deposits 102 29 33 6 Covered bonds Senior preferred SNP Tier2 FY 2025 110 124 120 188 92 27 2026 2027 2028 2029 2030 2031- Covered bonds Senior preferred SNP AT1(call) Tier2(call) 110 124 120 188 92 27 2026 2027 2028 2029 2030 2031- SEK EUR USD GBP Other YTD SEK 170bn
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© Swedbank Social assets Green assets Green buildings Renewable energy Employment generation Socioeconomic advancement and empowerment Affordable housing Pollution prevention and control Sustainable management of living natural resources Sustainable water and wastewater management Social assets 43 Clean transportation Of which Other1) 55.5bn Of which Property upgrade 2.4bn Of which Mortgages, Sweden 58.8bn Of which Mortgages, Baltic banking 16.0bn 1) Including certified buildings of SEK 29bn BREEAM Excellent LEED Gold Miljöbyggnad Silver BREEAM Outstanding LEED Platinum Nordic Swan Ecolabel BREEAM Very good Miljöbyggnad Gold Passive House 133 10 10 2 2 1 0 4 4 20% 4% 29% 8% 1% 4% 18% 16% 0%
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© Swedbank 44 Continued growth in Q4 (+29% YoY) ● Organic growth, primarily in real-estate Outstanding sustainable bonds in Q4 2025 (~SEK 93bn) ● Issued four green bonds FY 2025 in GBP, EUR and SEK XS2343563214 Green SNP EUR 1 000 0.300 2021 2027* XS2350031048 Green SNP GBP 350 1.375 2021 2027* XS2408003650 Green SP USD 1 000 1.538 2021 2026 CH1271360401 Green SNP CHF 160 2.773 2023 2028 XS2572496623 Green SNP EUR 750 4.250 2023 2028 XS2625137265 Green SNP GBP 400 5.875 2023 2029 XS2676305779 Social SNP EUR 500 4.375 2023 2030 XS2831017467 Green SP EUR 500 3.375 2024 2030 XS2909660271 Green CB SEK 3 000 FRN 2024 2029 XS2909661089 Green CB SEK 7 000 2.342 2024 2029 XS2932805331 Green CB SEK 3 000 2.493 2024 2029 XS2930571174 Green SNP EUR 750 2.875 2024 2029 XS2997537357 Green SNP GBP 400 4.875 2025 2030 XS3031485827 Green SNP EUR 750 3.250 2025 2029 XS3176795998 Green SP SEK 1 000 2.998 2025 2030 XS3176795303 Green SP SEK 800 FRN 2025 2030 XS3176794751 Green SP SEK 1600 FRN 2025 2028 XS3203385227 Green SNP EUR 750 3.250 2025 2032 * Callable in 2026 74 83 90 110 128 136 165 142 153 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Green assets Social assets
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© Swedbank ● On 21 November 2025, Moody's updated banks methodology and upgraded Swedbank with a Positive outlook from Stable. The affirmation of all our ratings reflects the agency’s view that Swedbank’s funding profile entails low refinancing risk. Moody's revised the outlook on our long-term deposit, issuer and senior unsecured debt ratings to positive from stable, citing our growing track record of prudent solvency and liquidity management. ● On 23 September 2025, S&P upgraded Swedbank’s ratings. Among other, the issuer credit rating and the senior unsecured rating were upgraded to AA- from A+. The ratings reflect significantly strengthened governance, compliance, and risk management frameworks. The bank now operates with a mature anti-financial-crime compliance framework. ● On 1 June 2022, Fitch Ratings upgraded Swedbank AB's Long-Term Issuer Default Rating (IDR) to 'AA-' from 'A+' and Viability Rating (VR) to 'aa-' from 'a+'. The Outlook on the Long-Term IDR is Stable. The upgrade reflects the opinion that Swedbank's anti-money-laundering (AML) risk control framework has been sufficiently strengthened and is now commensurate with a VR in the 'aa' range. Swedbank has addressed historical shortcomings identified at its Estonian subsidiary and largely concluded a broad transformation of its corporate culture, compliance and organisational structure and risk oversight. The upgrade also considers Swedbank's robust financial profile and our expectation that the bank will maintain a sizeable capital buffer to absorb potentially large fines that could result from ongoing AML investigations. 45 Covered bonds Aaa AAA - Senior preferred Aa2 AA- AA Senior non-preferred A3 A AA- Tier 2 Baa1 A- A Additional Tier 1 Baa3 BBB BBB+ Short-term P-1 A-1+ F1+ Outlook Positive Stable Stable
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© Swedbank Financial results Swedish and Baltic economy 46
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© Swedbank Repayment structure 7 – Amortising 77% – Interest only 23% Average loan size SEK 691 488 Number of loans outstanding 1 573 757 Number of borrowers 973 039 Number of properties 660 821 Dynamic pool Yes Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) Rating, S&P / Moody’s AAA / Aaa Total pool size SEK 1 122.8bn Geographic distribution Sweden 100% Current OC-level 179% Weighted average seasoning 2 86 months Average LTV 3, 4 – WA LTV on property level (Max LTV) 52% Non-performing loans 5 None Fixed /Floating interest loans 6 – Fixed > 1 year 34% – Fixed <= 90 days 66% 1 As per 31 December 2025 2 Public sector loans not included 3 Index valuation Dec 2025 (with data as per Sep 2025) 4 Maximum LTV: Residential 80%, Commercial 60% 5 Past due loans > 60 days are not eligible for the cover pool 6 Fixed interest rate loans > 365 days 7 Property level of cover pool 47
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© Swedbank Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) O M AB 1 Substitute assets, eligible for the liquidity reserve 48 Geographical distribution, Sweden, per cent 31 Dec (based on loan volume) 2025 North 6.7 Norrbotten county (BD) 1.2 Västerbotten county (AC) 2.5 Västernorrland county (Y) 1.6 Jämtland county (Z) 1.4 Middle (including Stockholm) 45.7 Dalarna county (W) 2.0 Gävleborg county (X) 2.1 Värmland county (S) 1.9 Örebro county (T) 2.4 Västmanland county (U) 2.2 Uppsala county ( C) 3.8 Södermanland county (D) 1.7 Stockholm county (including Stockholm) (AB) 29.6 South (including Göteborg and Malmö) 47.6 Västra götaland county (Including Göteborg) (O) 17.2 Östergötland county (E) 4.7 Jönköping county (F) 3.5 Halland county (N) 3.8 Kronoberg county (G) 2.1 Kalmar county (H) 2.8 Skåne county (including Malmö) (M) 11.5 Blekinge county (K) 1.3 Gotland county (I) 0.7 Total 100 Type of loans 31 Dec (based on loan volume) 2025 Residentials 91.5 of which Single-family housing 56.1 of which Tenant owner rights 23.5 of which Tenant owner association 7.5 of which Multi-family housing 4.4 Public 0.2 Commercial 0.7 Forest & Agricultural 4.5 Substitute assets1 3.1 100% Population Sep (thousands) 2025 Sweden 10 609 Stockholm, county 2 485 Västra Götaland, county (incl. Gothenburg) 1 778 Skåne, county (incl. Malmoe) 1 433
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© Swedbank ● Weighted average LTV on property level 52% Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) LTV distribution per property1 LTV distribution by volume1, 2 1 Public loans of 0.2% of the cover pool are excluded as they are either guaranteed by a Swedish municipality or the government and have therefore no LTV assigned to them. 2 LTV distribution as defined by the Association of Swedish Covered Bond Issuers (www.ascb.se) 49 0% 5% 10% 15% 20% 25% 30% 00-10 10-20 20-30 30-40 40-50 50-60 60-70 70-80 0% 5% 10% 15% 20% 25% 30% 00-10 10-20 20-30 30-40 40-50 50-60 60-70 70-80
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© Swedbank Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) WA LTV per property type 2) 2) Excluding public sector loans of 0.2% 1) 1) Substitute assets, eligible for the liquidity reserve 50 0% 20% 40% 60% 80% 100% 120% 0% 20% 40% 60% 80% 100% 120% Substitute assets Single-family homes Tenant owner rights (apartments) Tenant owner associations Multi-family housing Commercial Forestry & Agricultural Total all types Percentage of the pool Average LTV per loan type
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© Swedbank Swedbank is a labeled issuer of the ECBC Covered Bond Label Foundation (www.coveredbondlabel.com ) ● Current OC-level of 179% ● Issued SEK 102bn in covered bonds FY 2025 ● 2% legal minimum requirement ● Can withstand a severe house price drop and still be able to issue AAA-rated covered bonds Over-collateralisation House price drop 51 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% 220% 240% 0% -5% -10% -15% -20% -25% -30% -35% -40% -45% -50% Q4 2025 Q4 2024 Min req. 2%
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© Swedbank ● The Covered Bond Act entered into force on July 1, 2004, with most recent amendments effective as per July 8, 2022, and is over-sighted by the Swedish FSA. Its main characteristics are: − Dual recourse to the issuer and cover pool − Dynamic, regulated pool of assets, frequently monitored by the Swedish FSA via appointment of an independent inspector − Regulated valuation of cover pool assets which remain on the balance sheet ● The cover pool may consist of certain mortgage credits, public credits and exposure to credit institutions. There is no requirement to segregate mortgage and public credits ● The cover pool shall include a Liquidity Buffer that cover the maximum cumulative net liquidity outflow over the next 180 days. Assets that fulfill the requirement for the liquidity buffer shall be included in the cover pool ● Bonds with extendable maturity structures: A bond can be extended after approval from Swedish FSA as a result of it being deemed likely that the extension will prevent insolvency ● Maximum LTV’s: Residential 80%, Commercial 60% or up to 70% in line with CRR art. 129.1 f ● Maximum 10% commercial loans of cover pool except commercial properties used primarily for agricultural or forestry ● Exposure to credit institutions may not exceed the provisions set out in CRR article 129.1a ● Regular monitoring of the property values, revaluation of property prices in case of significant drop (generally interpreted as 15% drop) ● The Covered Bond Act requires that the nominal value of the cover pool shall, at all times, be at least two per cent. higher than the aggregate nominal value of the liabilities relating to the covered bonds. The cover pool shall also cover the expected cost related to maintenance and administration for winding-down the covered bond programme ● Regional constraint on collateral assets (Mortgage - EEA, Public – CRR article 129.1 a and b) ● A sound balance in terms of FX, interest rates and maturities must be achieved. It is deemed to exist when the present value of the cover pool at all times exceed the present value of liabilities (including derivatives), even on a stressed basis. Present value cover must hold even after 1% upward and downward shift in the yield curve and a 10% change in the currency ● Non-performing assets in the cover pool which are more than 60 days overdue must be disregarded for the purposes of the matching tests ● Holders of covered bonds and relevant derivative counterparties benefit from a priority claim over the cover pool should the institution be declared bankrupt and rank pari passu ahead of unsecured creditors and all other creditors of the institution in respect of assets in the cover pool ● The registered assets in the cover pool, the covered bonds and any relevant derivative contracts are required to be maintained as a unit and kept segregated from other assets and liabilities of the bankruptcy estate of the institution. The administrators-in-bankruptcy are then required to procure the continued timely service of payments due under the covered bonds and any relevant derivative contracts 52
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© Swedbank Financial results 53
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© Swedbank • Kingdom of Sweden rated Aaa/AAA/AAA Growth in 2026 and 2027 driven by domestic demand Sources: Statistics Sweden & Swedbank Research 1 Annual percentage growth in percent unless indicated otherwise. Forecasts from Swedbank Economic Outlook, Jan 2026. 2 Seasonally adjusted and smoothed Key economic indicators1, 2024-2027 Labour market remains weak 54 Most recent 2024 2025F 2026F 2027F Real GDP (calendar adjusted) 2.6 (Q3) 1.0 1.8 2.6 2.2 CPI growth, average 0.3 (Dec) 2.9 0.7 0.4 1.6 CPIF growth, average 2.1 (Dec) 1.9 2.6 1.0 1.5 Unemployment rate (15-74), % of labor force 9.0 (Dec)2 8.4 8.8 8.7 8.0 Household own savings,% of disp. income … 6.7 7.1 7.3 7.0 Household real disposable income … 0.9 2.0 3.2 2.1 -0.2 0.9 1.5 2.9 2.5 -3.0 -2.0 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 2021 2022 2023 2024 2025 2026 2027 Contribution to growth (p.p.) and GDP (yoy%) Household consumption Public consumption Investments Net-export Inventories GDP growth Sources: Sw edbank Research & Macrobond 4.4 4.5 4.6 4.7 4.8 4.9 5.0 5.1 5.2 5.3 5.4 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Employment, millions, sa, rhs Unemployment rate, %, trend Redundancy notices, sa (Apr 2023=1) Wage growth, yoy% Sources: Sw edbank Research & Macrobond
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© Swedbank Household and corporate loan growth recovering Interest rates level out Inflation slows Krona stronger vs. USD and euro -1 0 1 2 3 4 -2 0 2 4 6 8 10 12 14 2022 2023 2024 2025 Headline inflation (CPI) and with fixed interest rate (CPIF) CPI, mom% , rhs CPIF, yoy% CPI, yoy% Sources: Sw edbank Research & Macrobond -1 0 1 2 3 4 5 2021 2022 2023 2024 2025 2026 Interest rates (%) Mortgage lending rate (3m new loans) Government 10 year, yield Repo rate STIBOR, 3m Sources: Sw edbank Research & Macrobond 110 115 120 125 130 135 8 9 10 11 12 2021 2022 2023 2024 2025 Krona (SEK), US dollar (USD), euro (EUR) and trade -weighted index (KIX) SEK/EUR SEK/USD KIX index, rhs Sources: Sw edbank Research & Macrobond -5.0 0.0 5.0 10.0 15.0 20.0 2021 2022 2023 2024 2025 Bank lending (annual change in %) Households Non-Financial Corporations Sources: Sw edbank Research & Macrobond 55
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© Swedbank Ratings • Republic of Estonia: A1/AA-/A+ • Republic of Latvia: A3/ A-/A- • Republic of Lithuania: A3/ A-/A- Key economic indicators1, 2024-2027 1 % growth rate unless indicated otherwise, Y/Y growth for the most recent data. Forecasts from Swedbank Economic Outlook, Jan 2026. -5 0 5 10 15 2020 2021 2022 2023 2024 2025 2026 2027 Estonia Change yoy % 2.3% -0.1% 2.6% 0.6% -5 0 5 10 15 2020 2021 2022 2023 2024 2025 2026 2027 Latvia Change yoy % 1.3% 0.0% 2.5%2.3% -5 0 5 10 15 2020 2021 2022 2023 2024 2025 2026 2027 Lithuania Change yoy % 3.0% Sources: Sw edbank Research & Macrobond 2.5% 2.5% 3.5% Real economic growth (Quarterly year-on-year change and annual growth projections) 56 Most recent 2024 2025F 2026F 2027F Real GDP Estonia 0.9 (Q3) -0.1 0.6 2.3 2.6 Latvia 2.5 (Q3) 0.0 1.7 2.3 2.5 Lithuania 2.1 (Q3) 3.0 2.5 3.5 2.5 CPI growth, annual rate Estonia 4.1 (Dec) 3.5 4.8 2.6 2.4 Latvia 3.5 (Dec) 1.3 3.7 2.8 2.7 Lithuania 3.4 (Dec) 0.7 3.8 3.5 3.0 Unemployment rate (15-74), Estonia 7.8 (Q2) 7.6 7.6 6.7 6.1 % of labor force Latvia 6.9 (Q3) 6.9 7.0 6.6 6.3 Lithuania 6.6 (Q3) 7.1 7.0 7.0 7.0
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© Swedbank Economic sentiment Confidence indicators, sa, index represents deviations from long term average (=0) Sources: Swedbank Research & Macrobond Economic Sentiment Indicator, rhs Consumers Industry Retail trade Construction Services -50 -40 -30 -20 -10 0 10 20 -50 -40 -30 -20 -10 0 10 20 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Estonia -40 -30 -20 -10 0 10 -40 -30 -20 -10 0 10 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Latvia -40 -30 -20 -10 0 10 20 -40 -30 -20 -10 0 10 20 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Lithuania 57
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© Swedbank Financial results 58
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© Swedbank -16 -6 4 14 24 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Composite Flats Houses 100 150 200 250 300 350 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Valueguard index (2005 Jan = 100) Price developments flats and single-family homes Annual growth rates (in percent) 59 ● Overall nominal housing prices fell in December ● Prices for apartments and single-family homes decreased nationally, with geographical variations ● Prices were down on a 3-month basis but rose slightly annually. From the peak in March 2022 prices are still down by more than 10 percent. Trends and average house prices, December 2025 1 month 3 months 12 months Tenant owner rights Sweden total -0.1% -0.1% 0.8% Greater Stockholm 0.5% 0.4% 2.0% Greater Gothenburg -1.1% -0.1% 0.5% Greater Malmoe -1.0% -0.5% 0.8% Single-family homes Sweden total -0.7% -1.6% 0.0% Greater Stockholm -2.6% -1.8% -2.4% Greater Gothenburg 1.1% -0.9% -0.5% Greater Malmoe 0.7% -0.6% 3.0% Total housing Index Sweden -0.5% -1.0% 0.3%
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© Swedbank ● Prices for single-family house and apartments increased seasonally adjusted in December. It is the seventh consecutive month of rising prices, albeit slower than earlier in the autumn ● Housing market activity fell monthly but picked up annually in December. Housing prices Housing market transactions 60 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Seasonally adjusted housing prices: Dec. 2023 - Dec. 2025 (Monthly change in %) Tenant-Owner Rights Single Family Houses Housing prices Source: Valueguard 0 5000 10000 15000 20000 25000 -40 -30 -20 -10 0 10 20 30 40 Real estate transaction Total (rhs) Total (YoY in %) Source: Svensk Mäklarstatistik
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© Swedbank 0 2 4 6 8 10 12 14 16 18 20 percent of disposable income Sources: Sw edbank Research & Macrobond ● Household mortgage borrowing increases, while interest rates decline, and prices rise ● Household debt service declines since peak in 2024 Households’ interest expensesMortgage loan growth, housing prices and interest rate 61 200 220 240 260 280 300 320 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 dec-21 jun-22 dec-22 jun-23 dec-23 jun-24 dec-24 jun-25 dec-25 Riksbank's policy rate Mortgage loans to households, yoy% Mortgage lending rate (3m new loans) Housing price index, HOX, rhs Sources: Swedbank Research & Macrobond percent index
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© Swedbank ● Population growth slows sharply, as completed housing fell in 2024 ● Household indebtedness levels decline Strong household balance sheetsPopulation growth slows 0 20000 40000 60000 80000 100000 120000 140000 160000 0 10000 20000 30000 40000 50000 60000 70000 80000 1979 1983 1987 1991 1995 1999 2003 2007 2011 2015 2019 2023 Completed housing and population growth, no. of persons and housing, 1980-2024 Completed Residential buildings Population growth, rhs Sources: Sw edbank Research & Macrobond 0% 5% 10% 15% 20% 25% 30% 35% 40% 75% 95% 115% 135% 155% 175% 195% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Household loans as percentage of asset and income as % of households' financial assets, rhs as % of gross disposable income Source: Statistics Sw eden 62
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© Swedbank Financial results 63
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© Swedbank ● No ongoing AML investigations from Swedish or Baltic authorities ● US Treasury’s Office for Foreign Assets Control (OFAC) – 19th June 2023, Settlement: Fine of SEK 37m (USD ~3.4m) regarding violation of OFAC regulations ● U.S. Securities Exchange Commission (SEC) – 6th September 2025, investigation closed without enforcement ● Department of Justice (DOJ) – 14th January 2026, investigation closed without enforcement ● Ongoing investigation by U.S. authorities – Department of Financial Services (DFS) New York 64
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© Swedbank As per Q4 ISS Corporate Rating C+ (Prime) MSCI ESG Rating AA Sustainalytics ESG Risk Rating 21.2 65
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© Swedbank ● Probability weightings ● 66.6 per cent for baseline scenario ● 16.7 per cent for positive and negative scenarios 66 1) Unemployment rate, 16-64 years 31 December 2025 Baseline scenario Negative scenario 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 Sweden GDP (annual % change) 1.8 3.0 2.8 1.7 1.8 2.4 2.2 1.8 1.8 -4.6 -1.2 3.4 Unemployment (%)1 8.7 8.3 7.5 7.2 8.7 8.4 7.8 7.4 8.7 9.6 10.8 9.9 House prices (annual % change) 1.9 2.3 4.8 3.6 1.9 1.9 4.1 3.4 1.9 -6.6 -1.7 3.2 Stibor 3m (%) 2.17 2.03 2.09 2.13 2.17 1.85 1.95 2.10 2.17 0.88 0.20 0.26 Estonia GDP (annual % change) 0.6 3.8 3.0 2.2 0.6 2.3 2.6 2.4 0.6 -6.8 -4.8 4.6 Unemployment (%) 7.7 6.9 5.6 4.9 7.7 7.2 6.2 5.2 7.7 9.5 14.4 14.3 House prices (annual % change) 5.7 4.9 6.8 4.0 5.7 3.3 4.8 4.9 5.7 -17.4 -20.2 4.4 CPI (annual % change) 5.1 3.4 2.9 2.3 5.1 3.0 2.5 2.2 5.1 0.7 0.3 1.9 Latvia GDP (annual % change) 1.7 3.1 2.8 2.4 1.7 2.3 2.5 2.4 1.7 -5.0 -2.0 3.8 Unemployment (%) 7.0 6.4 6.1 5.9 7.0 6.6 6.3 6.1 7.0 8.6 13.5 14.5 House prices (annual % change) 6.1 8.0 6.3 5.4 6.1 6.0 6.0 6.0 6.1 -21.9 -21.8 6.6 CPI (annual % change) 3.8 3.5 3.0 2.7 3.8 3.0 2.8 2.6 3.8 0.5 0.3 2.9 Lithuania GDP (annual % change) 2.5 4.2 2.6 1.7 2.5 3.3 2.3 1.8 2.5 -6.0 -2.4 4.6 Unemployment (%) 7.1 6.6 6.2 6.3 7.1 7.1 7.2 7.3 7.1 9.3 14.0 15.3 House prices (annual % change) 9.2 11.1 7.7 4.7 9.2 8.4 6.1 4.9 9.2 -20.4 -18.6 3.2 CPI (annual % change) 3.8 4.0 3.5 2.5 3.8 3.5 3.0 2.5 3.8 1.4 0.7 2.2 Global indicators US GDP (annual %) 2.0 2.4 2.4 1.8 2.0 1.7 2.0 1.8 2.0 -2.1 -1.5 1.8 EU GDP (annual %) 1.4 2.0 1.9 1.5 1.4 1.1 1.6 1.6 1.4 -3.4 -2.4 2.8 Brent Crude Oil (USD/Barrel) 68.7 67.9 67.3 66.2 68.7 64.9 65.2 65.5 68.7 37.1 37.7 55.4 Euribor 6m (%) 2.19 1.99 1.93 1.92 2.19 1.91 1.89 1.92 2.19 1.43 0.22 0.04 Positive scenario
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© Swedbank Sweden Estonia Latvia Lithuania Norway Finland 1) This is a very small (or non-existing portfolio) where a single exposure may have a great impact, and portfolio-LTVs are irrelevant 2) Market valuations for the property management portfolio LTV-calculations in Sweden are updated quarterly by rolling 2 -5 months expert model price indices from valuation company Svefa. 3) Not all loans in the property management sector are collateralised by properties, and those loans are not part of LTV-calculations 67 Sweden Estonia Latvia Lithuania Norway Finland SEK 93bn SEK 233bn Loans carrying amount, SEKbn 93.5 86.8 0.7 0.3 0.1 0.1 5.5 Average loan-to- value3) 54% 54% n.a.1) n.a.1) n.a.1) n.a.1) 54% Share of loan-to- value >75%3) 0.5% 0.5% n.a.1) n.a.1) n.a.1) n.a.1) 0.0% Loan-to-value >75%, SEKbn3) 0.3 0.4 n.a.1) n.a.1) n.a.1) n.a.1) 0.0 Loans carrying amount, SEKbn 232.7 172.7 14.1 5.0 13.1 23.0 4.8 Average loan-to- value3) 52% 53% 51% 51% 48% 48% 45% Share of loan-to- value >75%3) 1.1% 1.4% 0.6% 0.5% 0.8% 0.0% 0.0% Loan-to-value >75%, SEKbn3) 2.5 2.3 0.1 0.0 0.1 0.0 0.0
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© Swedbank Stage 1 loans Initial recognition, or no significant increase of credit risk Impairment amounting to 12-month expected credit losses 0-29 days past due Stage 2 loans Significant increase in credit risk Watchlist 30-89 days past due Stage 3 loans Evidence of impairment 90 days past due Impairment amounting to lifetime expected credit losses Impairment amounting to lifetime expected credit losses Probability of default = 1 68
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© Swedbank ● Senior preferred, senior non-preferred and covered bond format ● Major / opportunistic currencies ● Bullet format, FRN or Fixed ● EUR 20m equivalent minimum size ● Listing is optional ● Program formats available: – GMTN, EMTN, and potentially USD 144a format 69
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© Swedbank Program Limit Long Term Domestic Benchmark CB Unlimited*** EMTN CB EUR 25bn Norwegian Benchmark CB Unlimited*** AUD Covered bonds** AUD 10bn Registered CB (stand alone doc.) ** Combined limit for unsecured- and covered bonds *** Limited by cover pool size 100% owned 70 Program Limit Long Term Global MTN USD 40bn USD Senior (144a / Reg.S) USD 15bn AUD Senior** AUD 10bn NSV (stand alone doc.) Short Term Domestic CP SEK 80bn European CP/CD EUR 20bn US CP USD 35bn Yankee CD USD 20bn
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© Swedbank ● The table excludes volumes issued on tap in the Swedish domestic covered bond market* * https://www.swedbank.com/investor- relations/debt-investor/funding/covered- bonds/ CB: Covered bonds SP: Senior preferred bonds SNP: Senior non-preferred bonds AT1: Additional Tier 1 capital Tier2: Tier 2 capital Green bonds Social bonds 71
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© Swedbank Maria Caneman Magnus Alvesson Mattias Danielsson Head of Investor Relations Equity Equity Mobile: +46 722 38 32 10 Mobile: +46 706 10 33 41 Mobile: +46 702 11 91 80 maria.caneman@swedbank.se magnus.alvesson@swedbank.com mattias.danielsson@swedbank.se Peter Stenborn Carolina Malmström Debt Debt & Credit Rating Mobile: +46 706 76 60 92 Mobile: +46 730 50 25 24 peter.stenborn@swedbank.com carolina.malmstrom@swedbank.se Gregori Karamouzis Micael Johansson Kerstin Ahlqvist Head of Group Treasury Head of Funding and Risk Head of Long-term Funding and Sustainability Mobile: +46 727 40 63 38 Tel: +46 703 90 97 55 Tel: +46 8 700 98 90 gregori.karamouzis@swedbank.com micael.johansson@swedbank.se kerstin.ahlqvist@swedbank.se Annual Report 19 Feb 2026 AGM 24 Mar 2026 Q1 Interim report 29 Apr 2026 Q2 Interim report 17 Jul 2026 Q3 Interim report 22 Oct 2026 ir@swedbank.com www.swedbank.com/investor-relations.html Swedbank AB (publ) Landsvägen 40, SE-105 34 Stockholm, Sweden Sundbyberg 72