sek-20260630

Interim report January-June 2026Page 6 of 33

Summary

Net interest income, quarterly

Skr mn

Operating profit, quarterly

Skr mn

After-tax return on equity, quarterly

Percent

Total capital ratio, quarterly

Skr mn

January-June 2026

(January-June 2025)

•Net interest income Skr 1,387 million (1H25: Skr 1,372 million)

•Operating profit Skr 1,091 million (1H25: Skr 928 million)

•C/I ratio 29 percent (1H25: 29 percent)

•After-tax return on equity 7.1 percent (1H25: 6.1 percent)

•Lending portfolio growth YTD 0.3 percent (1H25: -4.0 percent)

•New credit and guarantee commitments Skr 37.1 billion

(1H25: Skr 57.0 billion)

April-June 2026

(April-June 2025)

•Net interest income Skr 703 million (2Q25: Skr 662 million)

•Operating profit Skr 587 million (2Q25: Skr 351 million)

•C/I ratio 30 percent (2Q25: 31 percent)

•After-tax return on equity 7.7 percent (2Q25: 4.7 percent)

•Lending portfolio growth QTD 0.9 percent (2Q25: 1.6 percent)

•New credit and guarantee commitments Skr 21.8 billion

(2Q25: Skr 45.1 billion)

Equity and balances, June 30, 2026

(December 31, 2025)

•Total capital ratio 23.3 percent (year-end 2025: 23.1 percent)

– capital margin against FSA requirement 7.2 percentage points

(year-end 2025: 7.1 percentage points)

•Total assets Skr 366.2 billion (year-end 2025: Skr 350.0 billion)

•Total lending portfolio Skr 263.4 billion (year-end 2025: Skr 262.7 billion)

– of which sustainability classified lending Skr 59.0 billion

(year-end 2025: Skr 56.3 billion)

•Loans, outstanding and undisbursed Skr 342.3 billion

(year-end 2025: Skr 344.3 billion)

•Outstanding senior debt Skr 317.6 billion (year-end 2025: Skr 304.6 billion)

– of which green borrowings Skr 25.1 billion

(year-end 2025: Skr 27.8 billion)

Interim report January-June 2026Page 7 of 33

Statement of the CEO

Robust results and strengthened role in customers'

transition

The first half of the year has been characterized by continued geopolitical uncertainty, which has contributed to many companies

being more cautious in their investment decisions. At the same time, SEK delivered a robust result and is financially strong. This gives

us good conditions to support Swedish export companies in an increasingly complex environment. During the period, we updated our

strategic climate goal to further strengthen our contribution to customers' transition and long-term sustainable development.

Stable financial performance during the first half of the year

SEK reports an increase in operating profit during the first half of

the year, compared to the same period in the previous year. The

profit development is mainly explained by higher net interest

income, a positive net result from financial transactions and reduced

provisions for credit losses. After-tax return on equity amounted to

7.1 percent, compared to 6.1 percent in the same period in the

previous year. Business activity increased slightly in the second

quarter, compared to the first quarter, and a total of Skr 37 billion in

new credit and guarantee agreements was signed during the first half

of the year.

Geopolitics increases the need for long-term financing solutions

Geopolitical developments, not least in the Middle East, continue to

create uncertainty around trade flows, energy markets and

investment decisions.

At the same time, SEK's Export Credit Barometer, published in

June, shows that confidence in the future among Swedish export

companies is the strongest since 2022. Despite a continued

challenging environment, companies are showing impressive

resilience and a willingness to continue investing for the future. This

increases companies' need for long-term financing and stable

partners.

A climate target that clarifies SEK's role

In June, the Board of Directors decided on an updated strategic

climate target that clarifies SEK’s role in the transition. Pursuant to

this updated target, our lending will support customers’ transition

and be adjusted to be in line with the 1.5-degree target of the Paris

Agreement. The updated climate target makes it possible to continue

financing the transition even in emission intensive industries. This

strengthens our ability to make a difference where we have the

greatest impact, on each individual deal, while fulfilling our mission

to promote Swedish exports.

During the first half of the year, SEK participated in the

financing solution led by Wallenberg Investments to complete

Stegra’s fossil-free steel mill in Boden. The investment has the

potential to contribute significantly to the EU’s net-zero target by

2050 and shows how long-term financing can enable investments in

industrial transition.

Financing where Swedish expertise meets societal needs

SEK is participating together with other export credit institutions in

the financing of the Standard Gauge Railway project in Tanzania.

The project strengthens regional development while creating

opportunities for Swedish export companies to contribute

technology, expertise and sustainable solutions.

During the first half of the year, we welcomed six new

customers, a confirmation that our growth strategy continues to

yield results even in a wait-and-see market. We continued to

develop our business in the defense and security area, including

through collaboration with the Swedish Security and Defense

Companies (SOFF). During the spring, we provided financing to

several smaller companies in the sector.

Strong investor interest

In May, SEK issued a seven-year benchmark bond of EUR 1 billion.

Despite a large supply of issuances and continued geopolitical

uncertainty, investor interest was very strong. This confirms the

high level of confidence in SEK in the international capital markets,

which continues to provide us with good opportunities to borrow

capital on competitive terms. Long-term new borrowing amounted

to Skr 49 billion (1H25: Skr 62 billion).

Well equipped to meet customer needs

In an increasingly complex world, there is an increasing need for

cooperation between financial institutions to share risks, coordinate

resources and mobilize capital for large investments. With our

international experience and strong financial position, SEK has an

important role in enabling investments where Swedish exports

contribute to increased competitiveness, security and sustainable

development.

During the year, we have continued to develop our offering in

export and development financing for projects in low-income and

lower-middle-income countries,

where aid financing is combined

with traditional export credits. We

also see good opportunities to

expand lending via development

banks and the offering in working

capital to export companies'

international customers.

With strong capitalization,

good access to financing and

growing international cooperation,

SEK is well equipped to meet

customers' needs.

Magnus Montan, CEO

Interim report January-June 2026Page 8 of 33

Operations

Total lending portfolio, quarterly

Skr bn

Total lending portfolio per region

June 30, 2026

Skr 263.4 bn

(year-end 2025:

Skr 262.7 bn)

New credit and guarantee commitments,

quarterly

Skr bn

Customer business

Business activity increased in the second quarter after a cautious start to the year.

New credit and guarantee commitments during the period amounted to Skr 37.1

billion (1H25: Skr 57.0 billion), while the lending portfolio was largely unchanged

since the turn of the year and amounted to Skr 263.4 billion (year-end 2025: Skr

262.7 billion). Committed undisbursed loans amounted to Skr 79.0 billion (year-end

2025: Skr 81.6 billion).

The uncertain global situation means that many companies are holding back

investments, which is dampening demand for new financing. At the same time, there

are still good opportunities to deliver on SEK’s growth strategy, which involves

broadening the customer base by financing exporters' customers and Swedish

companies' local establishments in foreign markets.

During the second quarter SEK participated in the financing of Tanzania's

Standard Gauge Railway, sections 3 and 4, a deal totaling USD 2.3 billion. Both the

Swedish Export Credit Agency (EKN) and export credit agencies from Italy and

Poland participated in the financing, which underlines the importance of

international collaboration in this type of project.

During the first half of the year, SEK welcomed six new customers, two of which

were in the second quarter. One of these was HAKI Safety, which provides safety

solutions for temporary workplaces in construction and industry, among other

sectors. In addition, refinancing agreements were signed with several existing

customers. Overall, this indicates continued strong focus on both new customer

acquisition and the development of existing customer relationships.


SEK’s lending
Skr bn	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Total lending portfolio1	263.4	272.2	262.7
of which sustainability classified	59.0	55.2	56.3
of which CIRR-loans	83.1	91.1	85.6
Customer growth	-3%	-1%	-2%
1Balance at period end.

Interim report January-June 2026Page 10 of 33

Comments on the consolidated

financial accounts (unaudited)

January-June 2026

Operating profit amounted to Skr 1,091 million (1H25: Skr 928

million). Net profit amounted to Skr 866 million (1H25: Skr 737

million). The increase in net profit compared to the same period in

the previous year was primarily due to a positive result for net credit

losses and higher net results of financial transactions.

Net interest income

Net interest income amounted to Skr 1,387 million (1H25: Skr 1,372

million), representing an increase of 1 percent compared to the same

period in the previous year. The increase is mainly explained by a

lower risk tax, partly offset by lower average short-term interest

rates in the Swedish krona.

The table below shows average interest-bearing assets and

liabilities.


Skr bn, average	Jan-Jun 2026	Jan-Jun 2025	Change
Total lending portfolio	263.0	277.8	-5%
Liquidity investments	74.2	68.0	9%
Interest-bearing assets	340.2	351.3	-3%
Interest-bearing liabilities	311.1	327.8	-5%

Net results of financial transactions

Net results of financial transactions amounted to a positive result of

Skr 59 million (1H25: Skr 4 million). The results were primarily

attributable to realized value changes of Skr 64 million, driven by

the early redemption of a credit.

SEK’s general principle is to hold financial instruments

measured at fair value until maturity. Accordingly, the results of

market value changes tend to net toward zero over time.

Operating expenses

Operating expenses amounted to Skr 406 million (1H25: Skr 387

million), an increase of 5 percent compared to the same period in the

previous year. The increase was primarily attributable to increased

personnel expenses, due to an increased number of employees

following strategic initiatives.

Net credit losses

Net credit losses amounted to a positive result of Skr 61 million

(1H25: Skr -38 million). The expected credit losses have decreased

for exposures in all stages, primarily due to repayments.

Loss allowances as of June 30, 2026 amounted to Skr 768

million compared to Skr 807 million as of December 31, 2025, of

which exposures in stage 3 amounted to Skr 365 million (year-end

2025: Skr 359 million). The provision ratio amounted to 0.22

percent (year-end 2025: 0.23 percent). SEK assesses that the credit

quality of its lending portfolio remains high.

Taxes

Tax costs amounted to Skr 225 million (1H25: Skr 191 million), and

the effective tax rate amounted to 20.6 percent (1H25: 20.6 percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to a loss of Skr

-111 million (1H25: Skr 58 million). The result was mainly

attributable to a negative result obtained from changes in own credit

risk, driven by movements in the EUR yield curve.

April-June 2026

Operating profit amounted to Skr 587 million (2Q25: Skr 351

million). Net profit amounted to Skr 466 million (2Q25: Skr 279

million). The increase in net profit for the period was primarily

explained by positive results for net credit losses and net results of

financial transactions, and higher net interest income.

Net interest income

Net interest income amounted to Skr 703 million (2Q25: Skr 662

million), representing an increase of 6 percent compared to the same

period in the previous year. The majority of the increase is explained

by a lower risk tax and lower financing costs.

The table below shows average interest-bearing assets and

liabilities.


Skr bn, average	Apr-Jun 2026	Apr-Jun 2025	Change
Total lending portfolio	262.2	270.1	-3%
Liquidity investments	83.0	67.3	23%
Interest-bearing assets	346.4	344.3	1%
Interest-bearing liabilities	314.7	317.9	-1%

Net results of financial transactions

Net results of financial transactions amounted to a positive result of

Skr 34 million (2Q25: Skr -29 million). The results were primarily

attributable to unrealized value changes of Skr 29 million, mainly

related to the liquidity portfolio and changes in currency basis

swaps.

Operating expenses

Operating expenses amounted to Skr 208 million (2Q25: Skr 199

million). The increase of 4 percent compared to the same period in

the previous year was primarily attributable to increased personnel

expenses, due to an increased number of employees.

Net credit losses

Net credit losses amounted to a positive result of Skr 61 million

(2Q25: Skr -71 million). The expected credit losses have decreased

for exposures in all stages, primarily due to repayments and rating

improvements.

Interim report January-June 2026Page 11 of 33

Taxes

Tax costs amounted to Skr 121 million (2Q25: Skr 72 million) and

the effective tax rate amounted to 20.6 percent (2Q25: 20.5

percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to a loss of Skr

-55 million (2Q25: Skr 53 million). This result was mainly

attributable to a negative result obtained from changes in own credit

risk, driven by movements in the EUR yield curve.

Statement of Financial Position

Total assets and liquidity investments

Total assets increased by 5 percent compared to year-end 2025. The

increase in the period was driven by an increased volume of

liquidity investments.


Skr bn	June 30, 2026	December 31, 2025	Change
Total assets	366.2	350.0	5%
Liquidity investments	83.4	65.0	28%
Total lending portfolio	263.4	262.7	0%
of which sustainability classified	59.0	56.3	5%
of which CIRR-loans	83.1	85.6	-3%

Liabilities and equity

As of June 30, 2026, the aggregate volume of available funds and

shareholders’ equity exceeded the aggregate volume of loans

outstanding and committed undisbursed CIRR-loans at all

maturities.

SEK has a credit facility in place with the Swedish National Debt

Office of up to Skr 175 billion. The credit facility can be utilized

when the Swedish export industry’s demand for financing is

particularly high.

Capital adequacy

As of June 30, 2026, SEK’s total own funds amounted to Skr 23.4

billion (year-end 2025: Skr 23.1 billion). The total capital ratio was

23.3 percent (year-end 2025: 23.1 percent), representing a margin of

7.2 percentage points above SEK’s estimate of Finansinspektionen’s

(the “Swedish FSA”) requirement of 16.1 percent as of June 30,

2026. The corresponding Common Equity Tier 1 capital estimated

requirement was 11.3 percent. Given that SEK’s own funds are

comprised solely of Common Equity Tier 1 capital, this total capital

ratio represents a margin of 12.0 percentage points above the

requirement. Overall, SEK is strongly capitalized.


Percent	June 30, 2026	December 31, 2025
Common Equity Tier 1 capital ratio	23.3	23.1
Tier 1 capital ratio	23.3	23.1
Total capital ratio	23.3	23.1
Leverage ratio	9.0	9.5
Liquidity coverage ratio (LCR)	669	611
Net stable funding ratio (NSFR)	129	120

Rating


	Skr	Foreign currency
Moody’s	Aa1/Stable	Aa1/Stable
Standard & Poor’s	AA+/Stable	AA+/Stable

Other events

At SEK’s annual general meeting held on March 26, 2026, Mr.

Reinhold Geijer stepped down from his position as a member of the

Board of Directors of SEK (the “Board”), and Ms. Elisabeth

Beskow was elected as a new member of the Board. Additionally,

the Board passed a resolution at the annual general meeting to adopt

the income statement and balance sheet in the Annual and

Sustainability Report 2025 and to appropriate distributable funds

pursuant to the Board’s proposal.

In March, SEK appointed Ms. Anna Åhlberg as Head of

Compliance and she assumed her new position in May 2026 when

SEK’s previous Head of Compliance, Ms. Anna-Lena Söderlund,

retired.

In 2025, the European Commission published a simplification

package (the “Omnibus package”) relating to sustainability

reporting. The part of the package postponing the reporting

requirements under the EU Corporate Sustainability Reporting

Directive (CSRD) has been transposed into Swedish law, resulting

in SEK’s CSRD reporting obligation being deferred by two years,

until the 2027 financial year. In February 2026, the second proposal

was adopted at the EU level, introducing significant simplifications

to the EU’s sustainability regulatory framework and substantially

reducing the scope of companies formally subject to the CSRD and

the EU Corporate Sustainability Due Diligence Directive (CSDDD).

The proposed increase in the CSRD thresholds is primarily based on

whether companies have an average of at least 1,000 employees.

Accordingly, if the amendments enter into force and are

implemented into Swedish law, SEK is not expected to be subject to

the requirement to prepare sustainability reporting in accordance

with the CSRD from the 2027 financial year.

Interim report January-June 2026Page 12 of 33

The macro environment

In the first quarter of 2026, Sweden’s GDP decreased by 0.2 percent

quarter-on-quarter, and exports increased by 2.2 percent.

Unemployment amounted to 8.8 percent at the end of May 2026,

which represented an increase compared to the end of February

2026. The rate of inflation in May 2026 was 1.5 percent, which

represented an increase from April 2026.

In June 2026, the Riksbank announced that the policy rate would

be left unchanged at 1.75 percent.

SEK believes that, compared with normal conditions, the risk

level with respect to external factors with a potentially negative

impact on the Company remains high as a result of ongoing armed

conflicts and geopolitical tensions, which can negatively affect

supply chains, increase inflation directly or indirectly through higher

energy prices and create volatility in the financial markets. The

major trade tariffs that the United States has imposed, or threatened

to impose, on large parts of the world also contribute to the

uncertainty in the financial markets. Although several agreements

have been negotiated, reducing uncertainty to some extent, ongoing

ambiguities in their interpretation, ongoing judicial review in the

United States along with frequent new tariff announcements, mean

that a degree of uncertainty persists.

The above mentioned threats, and the imposition of trade tariffs

and other trade barriers by state actors, are reasonably likely to have

a negative effect on international trade and have likely led to

increased inflation, lower growth and thus potentially reduced

demand for lending by SEK. At the other end of the scale, SEK

believes there is a need for comprehensive infrastructure, energy and

defense investments in Europe, which can create significant

business opportunities for SEK.

SEK believes that information security threats, particularly in

relation to cybersecurity, have increased and remain more acute than

before as a consequence of Sweden’s membership in NATO and its

support for Ukraine.

The war in the Middle East and the resulting damage to energy and

other infrastructure in Iran and across the region have led to

significant volatility in global capital markets. The biggest impact

has been the very limited traffic through the Strait of Hormuz,

resulting in very volatile oil and gas prices. It is too early to assess

what impact this will have on SEK. While SEK's direct exposure to

such infrastructure is limited, it may be affected indirectly through

wider macroeconomic effects, including higher energy prices,

inflation and changes in market conditions.

Russia’s war in Ukraine has little direct financial impact on SEK.

The Company has a gross exposure of EUR 2.2 million to one

Russian counterparty, where the risk is 100 percent covered, and the

exposure dates back to prior to the war breaking out. SEK has no

exposure to Ukraine or Belarus. Nevertheless, the high level of

uncertainty caused by Russia’s war in Ukraine, as well as Russian

air violations of NATO countries, sabotage and cybersecurity

incidents, together with other ongoing military conflicts, including

in the Middle East, could have a more long-term effect on SEK’s

customers and, consequently, on SEK. The uncertainty concerning

the United States’ future commitment to Europe and NATO and its

support for Ukraine adds to the difficulty of predicting future

developments.

Risk factors

SEK’s operations are exposed to various types of risks, including

primarily credit risks, but also market, liquidity, refinancing,

operational and sustainability risks. For a more detailed description

of these risks, refer to the separate risk report Capital Adequacy and

Risk Management Report (Pillar 3) 2025 and Note 29 to the annual

financial statements included in SEK’s 2025 Annual Report on

Form 20-F, as well as the “Risk Factors” section in SEK’s 2025

Annual Report on Form 20-F.

Interim report January-June 2026Page 13 of 33

Financial targets


Profitability target	A return on equity after tax of at least 5 percent over time.
Dividend policy	Payment of an ordinary dividend of 20-40 percent of the profit for the year.
Capital target	SEK’s total capital ratio is to exceed the Swedish FSA’s requirement by 2 to 7 percentage points and SEK’s Common Equity Tier 1 capital ratio is to exceed the Swedish FSA’s requirement by at least 4 percentage points. Currently, the capital targets mean that the total capital ratio should amount to 18.1-23.1 percent and the Common Equity Tier 1 capital ratio should amount to 15.3 percent, based on SEK’s estimation of the Swedish FSA’s requirements as of June 30, 2026.

Key performance indicators (unaudited)


Skr mn (if not otherwise indicated)	Apr-Jun 2026	Jan-Mar 2026	Apr-Jun 2025	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Total lending portfolio1	263,385	261,044	272,235	263,385	272,235	262,712
of which green	44,120	42,359	41,005	44,120	41,005	43,209
of which social	2,330	2,241	2,176	2,330	2,176	2,201
of which sustainability-linked	12,535	9,385	11,995	12,535	11,995	10,878
Loans, outstanding and undisbursed1	342,348	341,411	330,358	342,348	330,358	344,336
New credit and guarantee commitments	21,820	15,265	45,062	37,085	57,038	125,832
of which to Swedish exporters	12,721	8,274	24,551	20,995	31,078	45,063
of which to exporters´ customers	9,099	6,991	20,511	16,090	25,960	80,769

Customer growth	-2%	-1%	0%	-3%	-1%	-2%

Outstanding senior debt1	317,619	311,754	330,661	317,619	330,661	304,633
of which green	25,078	24,795	30,796	25,078	30,796	27,784
New long-term borrowings	20,219	28,898	44,370	49,117	62,431	93,531
New short-term borrowings	18,904	21,743	27,129	40,647	41,447	64,328

C/I ratio	30%	29%	31%	29%	29%	29%
After-tax return on equity	7.7%	6.7%	4.7%	7.1%	6.1%	4.9%

Common Equity Tier 1 capital ratio1	23.3%	23.0%	23.5%	23.3%	23.5%	23.1%
capital margin against FSA requirement (percentage points)	12.0	11.7	11.4	12.0	11.4	11.9
Tier 1 capital ratio1	23.3%	23.0%	23.5%	23.3%	23.5%	23.1%
Total capital ratio1	23.3%	23.0%	23.5%	23.3%	23.5%	23.1%
capital margin against FSA requirement (percentage points)	7.2	6.9	6.3	7.2	6.3	7.1
Leverage ratio	9.0%	9.0%	9.8%	9.0%	9.8%	9.5%
Liquidity coverage ratio (LCR)	669%	274%	710%	669%	710%	611%
Net stable funding ratio (NSFR)	129%	125%	127%	129%	127%	120%
Risk exposure amount1	100,513	101,545	97,115	100,513	97,115	99,912
1 Balance at period end

See definitions on page 32.

Interim report January-June 2026Page 14 of 33

Condensed Consolidated Statement

of Comprehensive Income (unaudited)


Skr mn	Note	Apr-Jun 2026	Jan-Mar 2026	Apr-Jun 2025	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Interest income		3,117	3,009	3,528	6,126	7,252	14,117
Interest expenses		-2,414	-2,325	-2,866	-4,739	-5,880	-11,398
Net interest income	2	703	684	662	1,387	1,372	2,719

Net fee and commission expense		-4	-6	-12	-10	-23	-39
Net results of financial transactions	3	34	25	-29	59	4	18
Total operating income		733	702	621	1,436	1,353	2,699

Personnel expenses		-134	-132	-125	-266	-243	-475
Other administrative expenses		-60	-53	-59	-112	-115	-239
Depreciations and impairment of non-financial assets		-14	-14	-15	-28	-29	-64
Total operating expenses		-208	-198	-199	-406	-387	-778

Operating profit before credit losses		526	504	422	1,030	966	1,921

Net credit losses	4	61	0	-71	61	-38	-429
Operating profit		587	504	351	1,091	928	1,491

Tax expenses		-121	-104	-72	-225	-191	-309
Net profit1		466	400	279	866	737	1,183

Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges		—	—	-1	—	3	3
Tax on items to be reclassified to profit or loss		—	—	1	—	0	0
Net items to be reclassified to profit or loss		—	—	0	—	3	3
Items not to be reclassified to profit or loss
Own credit risk		-53	-55	54	-108	55	17
Revaluation of defined benefit plans		-1	-1	0	-3	0	-10
Tax on items not to be reclassified to profit or loss		11	12	-12	23	-12	-1
Net items not to be reclassified to profit or loss		-43	-45	42	-88	43	6
Total other comprehensive income		-43	-45	42	-88	46	9
Total comprehensive income1		422	356	321	778	783	1,192
Skr
Basic and diluted earnings per share2		117	100	70	217	185	296

1 The entire profit is attributable to the shareholder of the Parent Company.

2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.

Interim report January-June 2026Page 18 of 33

Notes


Note 1. Accounting policies	18
Note 2. Net interest income	19
Note 3. Net results of financial transactions	19
Note 4. Impairments	20
Note 5. Financial assets and liabilities at fair value	21
Note 6. Derivatives	24
Note 7. Debt	24
Note 8. CIRR-system	24
Note 9. Pledged assets and contingent liabilities	25
Note 10. Capital adequacy and liquidity situation	26
Note 11. Exposures	29
Note 12. Transactions with related parties	30
Note 13. Events after the reporting period	30

References to “SEK” or the “Parent Company” are to Aktiebolaget Svensk Exportkredit. References to “Consolidated Group” are to SEK

and its consolidated subsidiary. All figures relate to the Consolidated Group, unless otherwise indicated. All amounts are in Skr million,

unless otherwise indicated. Amounts presented in this report have been rounded independently. Accordingly, totals may not equal the sum of

individual amounts.

Note 1. Accounting policies

This condensed interim report is presented in accordance with

International Accounting Standard (IAS) 34, Interim Financial

Reporting. The Consolidated Group’s consolidated accounts have

been prepared in accordance with the International Financial

Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), together with the

interpretations from IFRS Interpretations Committee (IFRS IC). The

IFRS standards applied by SEK are all endorsed by the European

Union (EU). The accounting also follows the additional standards

imposed by the Annual Accounts Act for Credit Institutions and

Securities Companies (1995:1559) (ÅRKL) and the regulation and

general guidelines issued by Finansinspektionen (the Swedish FSA),

“Annual Reports in Credit Institutions and Securities

Companies” (FFFS 2008:25). In addition to this, the supplementary

accounting rules for groups (RFR 1) issued by the Swedish

Financial Reporting Board have been applied. SEK also follows the

state’s principles for external reporting in accordance with its State

Ownership Policy and principles for state-owned enterprises.

(a) Changes to accounting policies and presentation

SEK analyzes and assesses the application and impact of changes in

financial reporting standards that are applied within the Group.

Changes that are not mentioned are either not applicable to SEK or

have been determined to not have a material impact on SEK’s

financial reporting, capital adequacy or large exposure ratios.

The accounting policies, methods of computation and presentation

of the Consolidated Group are, in all material aspects, the same as

those used for the 2025 annual financial statements included in

SEK’s 2025 Annual Report on Form 20-F.

(i) Standards issued but not yet effective

IASB has issued a new standard, IFRS 18 – Presentation and

Disclosures in Financial Statements, which replaces IAS 1 –

Presentation of Financial Statements. The standard has been

endorsed by the EU and is effective for annual reporting periods

beginning on or after 1 January 2027. IFRS 18 introduces new

requirements for the presentation and disclosures in financial

statements, with particular focus on the income statement and

disclosures regarding management performance measures. Since the

standard does not affect the classification and measurement of assets

and liabilities, no material impact on SEK’s financial statements is

expected.

Interim report January-June 2026Page 19 of 33

Note 2. Net interest income


Skr mn	Apr-Jun 2026	Jan-Mar 2026	Apr-Jun 2025	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Interest income
Loans to credit institutions	267	279	263	546	470	1,005
Loans to the public	1,918	1,801	1,982	3,719	4,065	8,003
Loans in the form of interest-bearing securities	437	446	452	884	939	1,948
Interest-bearing securities excluding loans in the form of interest-bearing securities	392	436	481	827	940	1,926
Derivatives	51	-8	290	44	700	982
Administrative remuneration CIRR-system	52	52	59	104	130	243
Other assets	0	2	1	2	8	10
Total interest income1	3,117	3,009	3,528	6,126	7,252	14,117

Interest expenses
Interest expenses	-2,352	-2,285	-2,810	-4,637	-5,773	-11,154
Resolution fee2	-28	-24	-22	-52	-37	-83
Risk tax	-16	-16	-34	-32	-70	-142
Other regulatory fees	-18	—	—	-18	—	-19
Total interest expenses	-2,414	-2,325	-2,866	-4,739	-5,880	-11,398
Net interest income	703	684	662	1,387	1,372	2,719
1 Interest income calculated using the effective interest method amounted to Skr 5,081 million during January-June 2026 (1H25: Skr 5,589 million). 2 The amounts stated for the period January-June and January-December 2025 include a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for financial year 2023.

Note 3. Net results of financial transactions


Skr mn	Apr-Jun 2026	Jan-Mar 2026	Apr-Jun 2025	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Derecognition of financial instruments not measured at fair value through profit or loss	4	59	0	63	1	3
Financial assets or liabilities at fair value through profit or loss	52	-77	-24	-26	-4	52
Financial instruments under fair value hedge accounting	-21	43	-8	22	4	-43
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	0	0	3	0	3	7
Total net results of financial transactions	34	25	-29	59	4	18

Interim report January-June 2026Page 20 of 33

Note 4. Impairments


Skr mn	Apr-Jun 2026	Jan-Mar 2026	Apr-Jun 2025	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Expected credit losses, stage 1	5	10	-39	15	-29	-19
Expected credit losses, stage 2	32	6	-12	38	-5	-293
Expected credit losses, stage 3	24	-17	-14	7	2	-112
Established credit losses	-2	—	-100	-2	-100	-100
Reserves applied to cover established credit losses	2	—	93	2	93	94
Recovered credit losses	0	1	1	1	1	1
Net credit losses	61	0	-71	61	-38	-429


	June 30, 2026				December 31, 2025
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Loans, before expected credit losses	222,081	36,373	5,698	264,153	263,517
Off-balance sheet exposures, before expected credit losses	77,393	13,993	0	91,386	91,520
Total, before expected credit losses	299,475	50,366	5,698	355,539	355,038
Loss allowance, loans	-55	-347	-365	-768	-805
Loss allowance, off-balance sheet exposures1	0	0	—	0	-2
Total loss allowance	-55	-347	-365	-768	-807
Provision ratio (in percent)	0.02	0.69	6.41	0.22	0.23
1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments and committed undisbursed loans, see Note 9.

The table above shows the book value of loans and nominal

amounts for off-balance sheet exposures before expected credit

losses for each stage as well as related loss allowance amounts, in

order to place expected credit losses in relation to credit exposures.

Overall, the credit portfolio has an extremely high credit quality and

SEK often uses risk mitigation measures, primarily through

guarantees from the Swedish Export Credit Agency (EKN) and

other government export credit agencies in the Organisation for

Economic Co-operation and Development (OECD), which explains

the low provision ratio.

Loss Allowance


	June 30, 2026				December 31, 2025
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Opening balance January 1	-69	-378	-359	-807	-526
Increases due to origination and acquisition	-4	-70	—	-74	-343
Net remeasurement of loss allowance	13	-68	-7	-62	-65
Transfer to stage 1	0	5	—	5	0
Transfer to stage 2	2	-4	—	-2	-29
Transfer to stage 3	0	2	-16	-14	-75
Decreases due to derecognition	6	171	29	206	88
Decreases in allowance account due to write-offs	—	—	2	2	94
Exchange-rate differences1	-1	-7	-14	-23	50
Closing balance	-55	-347	-365	-768	-807
1 Recognized under net results of financial transactions in Statement of Comprehensive Income.

Provisions for expected credit losses (ECLs) are calculated using

quantitative models based on inputs, assumptions and methods that

are highly reliant on assessments. In particular, the following could

heavily impact the level of provisions: the establishment of a

material increase in credit risk, allowing for forward-looking

macroeconomic scenarios, and the measurement of both ECLs over

the next 12 months and lifetime ECLs. ECLs are based on objective

assessments of what SEK expects to lose on the exposures given

what was known on the reporting date and taking into account

possible future events. The ECL is a probability-weighted amount

that is determined by evaluating the outcome of several possible

scenarios and where the data taken into consideration comprises

information from previous conditions, current conditions and

projections of future economic conditions. SEK’s method entails

three scenarios being prepared for each probability of default curve:

a base scenario, a downturn scenario, and an upturn scenario, where

the scenarios are expressed in a business cycle parameter. The

business cycle parameter reflects the general risk of default in each

geographic segment. The business cycle parameter follows a

standard normal distribution where zero indicates a neutral economy

as the economy has been on average, historically. The business

cycle parameters for the base scenario are between 0.3 and 1.1 for

the various probability of default (PD) segments. The base scenarios

have been weighted at 50 percent, the downturn scenarios have been

weighted at between 40 percent and 50 percent, and the upturn

scenarios have been weighted at between 0 percent and 10 percent

between the different PD-segments.

Interim report January-June 2026Page 21 of 33

Note 5. Financial assets and liabilities at fair value


Skr mn	June 30, 2026
Skr mn	Book value	Fair value	Surplus value (+)/ Deficit value (-)
Cash and cash equivalents	15,188	15,188	—
Treasuries/governments bonds	12,047	12,047	—
Other interest-bearing securities except loans	54,268	54,268	—
Loans in the form of interest-bearing securities	43,778	45,026	1,248
Loans to credit institutions	20,008	20,493	486
Loans to the public	203,513	204,202	689
Derivatives	7,208	7,208	—
Total financial assets	356,010	358,433	2,423

Borrowing from credit institutions	5,252	5,252	—
Debt securities issued	312,367	313,381	1,014
Derivatives	3,816	3,816	—
Total financial liabilities	321,435	322,449	1,014


Skr mn	December 31, 2025
Skr mn	Book value	Fair value	Surplus value (+)/ Deficit value (-)
Cash and cash equivalents	7,259	7,259	—
Treasuries/governments bonds	13,419	13,419	—
Other interest-bearing securities except loans	43,237	43,237	—
Loans in the form of interest-bearing securities	47,485	48,748	1,263
Loans to credit institutions	22,939	23,304	365
Loans to the public	200,216	200,566	350
Derivatives	6,721	6,721	—
Total financial assets	341,277	343,254	1,977

Borrowing from credit institutions	4,410	4,410	—
Debt securities issued	300,222	300,906	684
Derivatives	8,988	8,988	—
Total financial liabilities	313,620	314,304	684

Determination of fair value

The determination of fair value is described in the annual financial

statements included in SEK’s 2025 Annual Report on Form 20-F,

see Note 1 (f) (vii) Principles for determination of fair value of

financial instruments and (viii) Determination of fair value of certain

types of financial instruments.

Interim report January-June 2026Page 22 of 33

Financial assets in fair value hierarchy


	Financial assets at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	1,059	10,988	—	12,047
Other interest-bearing securities except loans	23,328	30,940	—	54,268
Derivatives	—	7,207	1	7,208
Total June 30, 2026	24,387	49,135	1	73,523
Total December 31, 2025	22,215	41,161	1	63,377

Financial liabilities in fair value hierarchy


	Financial liabilities at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	17,129	1,037	18,166
Derivatives	—	3,239	577	3,816
Total June 30, 2026	—	20,367	1,614	21,982
Total December 31, 2025	—	22,186	3,662	25,848

A transfer of Skr 128 million from level 1 to level 2 was made

within other interest-bearing securities except loans. Transfers of

Skr 346 million for debt securities issued and Skr 58 million for

derivatives were made from level 3 to level 2, since the valuation of

these contracts is estimated to no longer have a significant impact

from unobservable market data (year-end 2025: no transfers during

the period).

Financial assets and liabilities at fair value in Level 3, 2026


Skr mn	January 1, 2026	Purchases	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (-) through profit or loss1	Gains (+) and losses (-) in other comprehensive income	Exchange rate differences	June 30, 2026
Debt securities issued	-2,598	—	1,188	—	346	38	10	-20	-1,037
Derivatives, net	-1,063	—	543	—	58	-36	—	-78	-577
Net assets and liabilities	-3,661	—	1,730	—	404	2	10	-98	-1,614

Financial assets and liabilities at fair value in Level 3, 2025


Skr mn	January 1, 2025	Purchases	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (-) through profit or loss1	Gains (+) and losses (-) in other comprehensive income	Exchange rate differences	December 31, 2025
Debt securities issued	-3,452	—	414	—	—	-32	-22	494	-2,598
Derivatives, net	-1,451	—	174	—	—	22	—	192	-1,063
Net assets and liabilities	-4,903	—	588	—	—	-10	-22	686	-3,661
1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of June 30, 2026, amounted to a Skr 1 million loss (year end 2025: Skr 10 million loss) and are reported as net results of financial transactions.

Uncertainty of valuation of Level 3 instruments

As the estimation of parameters included in the models used to

calculate the market value of Level 3 instruments is associated with

subjectivity and uncertainty, SEK has conducted an analysis of the

difference in fair value of Level 3 instruments using other

established parameter values. Option models and discounted cash

flows are used to value the Level 3 instruments. For the Level 3

instruments that are significantly affected by different types of

correlations, which are not based on observable market data, a

revaluation has been made by shifting the correlations. The

correlation is expressed as a value between 1 and -1, where 0

indicates no relationship, 1 indicates a maximum positive

relationship and -1 indicates a maximum negative relationship. The

maximum correlation in the range of unobservable inputs can thus

be from 1 to –1. In the analysis, the correlations have been adjusted

by +/– 0.12, which represents the level SEK uses within its prudent

valuation framework. For Level 3 instruments that are significantly

affected by non-observable market data in the form of SEK’s own

creditworthiness, a revaluation has been made by shifting the credit

curve. The revaluation is made by shifting the credit spreads by +/–

10 basis points, which has been assessed as a reasonable change in

SEK’s credit spread. The analysis shows the impact of the non-

observable market data on the market value. In addition, the market

value will be affected by observable market data. The result of the

analysis corresponds with SEK’s business model where issued

securities are linked with a matched hedging derivative. The

underlying market data is used to evaluate the issued security as

well as to evaluate the fair value in the derivative. This means that a

change in fair value of the issued security, excluding SEK’s own

credit spread, is offset by an equally large change in fair value in the

derivative.

Interim report January-June 2026Page 23 of 33

Sensitivity analysis – level 3 assets and liabilities


Assets and liabilities	June 30, 2026
Skr mn	Fair Value	Unobservable input	Range of estimates for unobservable input	Valuation method	Sensitivity max	Sensitivity min
Equity	0	Correlation	0.12- (0.12)	Option Model	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-463	Correlation	0.12 - (0.12)	Option Model	-13	13
Other	-114	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-577				-13	13
Equity	0	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
FX	-938	Correlation	0.12 - (0.12)	Option Model	13	-13
		Credit spreads	10BP - (10BP)	Discounted cash flow	7	-7
Other	-99	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Sum debt securities issued	-1,037				20	-20
Total effect on total comprehensive income					7	-7
Derivatives, net December 31, 2025	-1,063				-17	17
Debt securities issued December 31, 2025	-2,598				27	-27
Total effect on total comprehensive income December 31, 2025					10	-10

The sensitivity analysis shows the effect that a shift in correlations

or SEK’s own credit spread has on Level 3 instruments. The table

presents maximum positive and negative change in fair value when

correlations or SEK’s own credit spread is shifted by +/– 0.12 and

+/– 10 basis points, respectively. When determining the total

maximum/minimum effect on total comprehensive income the most

adverse/favorable shift is chosen, considering the net exposure

arising from the issued securities and the derivatives, for each

correlation.

Fair value related to credit risk


	Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)		The period’s change in fair value originating from credit risk (+ income/- loss)
Skr mn	June 30, 2026	December 31, 2025	Jan-Jun 2026	Jan-Jun 2025
CVA/DVA, net1	-12	-11	-1	1
OCA2	174	282	-108	55
1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.

Interim report January-June 2026Page 24 of 33

Note 6. Derivatives

Derivatives by category


	June 30, 2026			December 31, 2025
Skr mn	Assets Fair value	Liabilities Fair value	Nominal amounts	Assets Fair value	Liabilities Fair value	Nominal amounts
Interest rate-related contracts	2,784	1,310	533,585	4,624	1,332	510,865
Currency-related contracts	4,423	2,392	147,643	2,097	7,550	137,052
Contracts related to commodities, credit risk, etc.	—	114	2,983	—	105	2,890
Total derivatives	7,208	3,816	684,211	6,721	8,988	650,807

In accordance with SEK’s policies with regard to counterparty,

interest rate, currency exchange, and other exposures, SEK uses, and

is a party to, different kinds of derivative instruments, mostly

various interest rate-related and currency exchange-related contracts,

primarily to hedge risk exposure inherent in financial assets and

liabilities. These contracts are carried at fair value in the statements

of financial position on a contract-by-contract basis.

Note 7. Debt

Debt by category


Skr mn	June 30, 2026	December 31, 2025
Currency-related contracts	2,557	3,777
Interest rate-related contracts	314,962	300,759
Contracts related to commodities, credit risk, etc.	99	97
Total debt	317,619	304,633
of which denominated in:
Skr	24,882	24,599
USD	183,639	166,687
EUR	83,386	84,653
AUD	12,623	12,119
GBP	4,236	7,899
CHF	4,281	4,188
Other currencies	4,573	4,487

The information is disclosed in accordance with FFFS 2014:21.

Note 8. CIRR-system

Pursuant to the company’s assignment as stated in its owner

instruction issued by the Swedish government, SEK administers

credit granting in the Swedish system for officially supported export

credits (CIRR-system). SEK receives compensation from the

Swedish government in the form of an administrative compensation,

which is calculated based on the principal amount outstanding. The

administrative compensation paid by the state to SEK is recognized

in the CIRR-system as administrative remuneration to SEK. Refer to

the following tables of the statement of comprehensive income and

statement of financial positions for the CIRR-system, presented as

reported to the owner. Interest expenses include interest expenses

for loans between SEK and the CIRR-system which reflects the

borrowing cost for the CIRR-system. Interest expenses for

derivatives hedging CIRR-loans are also recognized as interest

expenses, which differs from SEK’s accounting principles.

Arrangement fees to SEK are recognized together with other

arrangement fees as interest expenses.

Interim report January-June 2026Page 26 of 33

Note 10. Capital adequacy and liquidity situation

The capital adequacy analysis relates to the parent company Aktiebolaget Svensk Exportkredit. The information is disclosed according to

FFFS 2014:12, FFFS 2008:25 and FFFS 2010:7. For further information on capital adequacy and risks,see Note 29 to the annual financial

statements included in SEK’s 2025 Annual Report on Form 20-F and see SEK’s Capital Adequacy and Risk Management (Pillar 3) Report

2025.

Capital Adequacy Analysis


	June 30, 2026	December 31, 2025
Capital adequacy	percent1	percent1
Common Equity Tier 1 capital ratio	23.3	23.1
Tier 1 capital ratio	23.3	23.1
Total capital ratio	23.3	23.1
1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer.


	June 30, 2026		December 31, 2025
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	8,041	8.0	7,993	8.0
of which Tier 1 requirement of 6 percent	6,031	6.0	5,995	6.0
of which minimum requirement of 4.5 percent	4,523	4.5	4,496	4.5
Pillar 2 capital requirements3	3,025	3.0	3,007	3.0
Common Equity Tier 1 capital available to meet buffer requirements4	12,334	12.3	12,123	12.1
Capital buffer requirements	4,083	4.1	4,072	4.1
of which Capital conservation buffer	2,513	2.5	2,498	2.5
of which Countercyclical buffer	1,570	1.6	1,574	1.6
Pillar 2 guidance5	1,005	1.0	999	1.0
Total risk-based capital requirement including Pillar 2 guidance	16,154	16.1	16,071	16.1
1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012). 3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process (“SREP”) on September 30, 2025. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent). 5 The Swedish FSA notified SEK on September 30, 2025, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.00 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.


	June 30, 2026	December 31, 2025
Leverage ratio1	Skr mn	Skr mn
On-balance sheet exposures	254,290	236,953
Off-balance sheet exposures	5,734	7,161
Total exposure measure	260,024	244,114
Leverage ratio2	9.0%	9.5%
1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.


	June 30, 2026		December 31, 2025
Total Leverage ratio requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	7,801	3.0	7,323	3.0
Pillar 2 guidance2	390	0.2	366	0.2
Total capital requirement relating to Leverage ratio including Pillar 2 guidance	8,191	3.2	7,689	3.2
1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 30, 2025, notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.

Interim report January-June 2026Page 27 of 33

Own funds – Adjusting items


Skr mn	June 30, 2026	December 31, 2025
Share capital	3,990	3,990
Retained earnings	19,173	18,468
Accumulated other comprehensive income and other reserves	368	456
Independently reviewed profit net of any foreseeable charge or dividend	516	703
Common Equity Tier 1 (CET1) capital before regulatory adjustments	24,047	23,617
Additional value adjustments due to prudent valuations	-93	-83
Intangible assets	-26	-22
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	-142	-229
IRB shortfall of credit risk adjustments to expected losses	-114	-144
Insufficient coverage for non-performing exposures	-271	-15
Total regulatory adjustments to Common Equity Tier 1 capital	-646	-493
Total Common Equity Tier 1 capital	23,401	23,124
Total own funds	23,401	23,124

Minimum capital requirements exclusive of buffer


	June 30, 2026			December 31, 2025
Skr mn	EAD1	Risk exposure amount	Min. capital requirement	EAD1	Risk exposure amount	Min. capital requirement
Credit risk, standardized approach
Corporates	5,923	5,897	472	5,829	5,770	462
Default exposures	43	43	3	0	0	0
Total credit risk, standardized approach	5,966	5,940	475	5,829	5,770	462
Credit risk, IRB approach
Central governments	241,518	10,094	808	233,305	9,487	759
Financial institutions2	37,213	7,596	608	32,236	6,493	519
Corporates3	152,103	69,641	5,571	149,636	69,128	5,530
Non-credit-obligation assets	225	225	18	201	201	16
Total credit risk, IRB approach	431,059	87,556	7,004	415,378	85,310	6,825
Credit valuation adjustment risk	n.a.	1,851	148	n.a.	1,882	151
Foreign exchange risk	n.a.	708	57	n.a.	2,494	200
Commodity risk	n.a.	7	1	n.a.	4	0
Operational risk	n.a.	4,451	356	n.a.	4,452	356
Total	437,025	100,513	8,041	421,207	99,912	7,994
1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 4,491 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 852 million (year-end 2025: Skr 1,059 million) and Capital requirement of Skr 68 million (year-end 2025: Skr 85 million). 3 Of which related to specialized lending: EAD Skr 8,718 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 9,201 million (year-end 2025: Skr 8,473 million) and Capital requirement of Skr 736 million (year-end 2025: Skr 678 million).

Credit risk

For classification and quantification of credit risk, SEK uses the

internal ratings-based (IRB) approach. Specifically, SEK applies the

Foundation Approach. Under the Foundation Approach, the

company determines the PD within one year for each of its

counterparties, while the remaining parameters are established in

accordance with CRR. Application of the IRB approach requires the

Swedish FSA’s permission and is subject to ongoing supervision.

Certain exposures are, by permission from the Swedish FSA,

exempted from application of the IRB approach, and, instead, the

standardized approach is applied. Counterparty risk exposure

amounts in derivatives are calculated in accordance with the

standardized approach for counterparty credit risk.

Credit valuation adjustment risk

Credit valuation adjustment risk is calculated for all over-the-

counter derivative contracts, except for credit derivatives used as

credit protection and transactions with a qualifying central

counterparty. SEK calculates this capital requirement according

to the standardized approach.

Foreign exchange risk

Foreign exchange risk is calculated according to the standardized

approach, whereas the scenario approach is used for calculating the

gamma and volatility risks.

Commodities risk

Capital requirements for commodity risk are calculated in

accordance with the simplified approach under the standardized

Interim report January-June 2026Page 28 of 33

approach. The scenario approach is used for calculating the gamma

and volatility risks.

Operational risk

SEK calculates the capital requirement for operational risks in

accordance with the standardized approach in the CRR (Article 312

of Regulation (EU) 575/2013). The standardized approach is based

on a Business Indicator Component (BIC), where the Company’s

Business Indicator (BI) is first calculated as the sum of three

components: Interest, Leases and Dividend Component (ILDC),

Services Component (SC), and Financial Component (FC). The BIC

then forms the regulatory capital base for operational risks and is

used to determine the capital requirement by applying standardized

percentages set out in the regulation. For SEK, the BIC is multiplied

by 12 percent.

Transitional rules

The capital adequacy ratios reflect the full impact of IFRS 9 as no

transitional rules for IFRS 9 were utilized.

Capital buffer requirements

SEK expects to meet capital buffer requirements with Common

Equity Tier 1 capital. The mandatory capital conservation buffer is

2.5 percent. The countercyclical buffer rate that is applied to

exposures located in Sweden was increased from 1 percent to 2

percent as of June 22, 2023. As of June 30, 2026, the capital

requirement related to relevant exposures in Sweden was 70 percent

(year-end 2025: 71 percent) of the total relevant capital requirement

regardless of location; this fraction is also the weight applied on the

Swedish buffer rate when calculating SEK’s countercyclical capital

buffer. Buffer rates applicable in other countries may have effects on

SEK, but as most capital requirements for SEK’s relevant credit

exposures are related to Sweden, the potential effect is limited. As of

June 30, 2026, the contribution to SEK’s countercyclical buffer

from buffer rates in other countries was 0.16 percentage points

(year-end 2025: 0.15 percentage points). SEK has not been

classified as a systemically important institution by the Swedish

FSA. The capital buffer requirements for systemically important

institutions that came into force on January 1, 2016, therefore do not

apply to SEK.

Pillar 2 guidance

The Swedish FSA will in connection with the Supervisory Review

and Evaluation Process (SREP) determine appropriate levels for the

institution’s own funds. The Swedish FSA will then inform the

institution of the differences between the appropriate levels and

requirements under the Supervisory Regulation, the Buffer Act and

the Pillar 2 requirements. These notifications are called Pillar 2

guidance. The Pillar 2 guidance covers both the risk-based capital

requirement and the leverage ratio requirement.

Liquidity Coverage Ratio


Skr bn, 12-month average	June 30, 2026	December 31, 2025
Total liquid assets	59.4	59.1
Net liquidity outflows1	13.5	10.3
Liquidity outflows	25.1	22.9
Liquidity inflows	11.6	13.2
Liquidity coverage ratio	505%	660%
1 Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.

Information on Liquidity Coverage Ratio (LCR) in accordance with

article 447 of the CRR (EU 575/2013), calculated in accordance

with the Commission Delegated Regulation (EU) 2015/61.

Net stable funding ratio


Skr bn	June 30, 2026	December 31, 2025
Available stable funding	265.5	244.3
Required stable funding	205.8	202.8
Net stable funding ratio	129%	120%

Information on Net stable funding ratio (NSFR) in accordance with

article 447 of the CRR (EU 575/2013), calculated in accordance

with the Commission Delegated Regulation (EU) 2015/61.

Liquidity reserve1


	June 30, 2026					December 31, 2025
Skr bn	Total	Skr	EUR	USD	Other	Total	Skr	EUR	USD	Other
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	29.6	5.0	7.3	17.3	—	33.0	6.0	11.2	15.8	—
Securities issued or guaranteed by municipalities or other public entities	14.6	4.0	5.5	5.1	—	11.2	4.2	0.7	6.3	—
Covered bonds issued by other institutions	12.8	11.1	1.7	—	—	12.0	11.2	0.8	—	—
Balances with National Debt Office	7.9	7.9	—	—	—	1.0	1.0	—	—	—
Total liquidity reserve	64.9	28.0	14.5	22.4	—	57.2	22.4	12.7	22.1	—
1 The liquidity reserve is a part of SEK’s liquidity investments.

Information on Liquidity reserve is included in accordance with the Commission Delegated Regulation (EU) 2015/61.

Interim report January-June 2026Page 29 of 33

Note 11. Exposures

Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in

accordance with capital adequacy calculations, but before the application of credit conversion factors.

Total net exposures by exposure class


	Interest-bearing securities and lending				Committed undisbursed loans, derivatives, etc.				Total
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
Skr bn	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Central governments	154.3	44.2	140.5	42.5	73.2	76.3	76.3	78.9	227.5	51.1	216.8	50.8
Regional governments	11.1	3.2	10.9	3.3	0.6	0.6	0.6	0.6	11.6	2.6	11.4	2.7
Multilateral development banks	2.3	0.7	5.1	1.6	—	—	—	—	2.3	0.5	5.1	1.2
Public sector entity	—	—	—	—	—	—	—	—	—	—	—	—
Financial institutions	32.0	9.2	26.6	8.1	5.2	5.4	5.7	5.8	37.2	8.4	32.2	7.6
Corporates	149.7	42.8	147.1	44.6	17.0	17.7	14.2	14.7	166.7	37.4	161.3	37.8
Total	349.5	100.0	330.1	100.0	96.0	100.0	96.8	100.0	445.4	100.0	426.9	100.0

Net exposure by region and exposure class, as of June 30, 2026


Skr bn	Middle East/Africa/ Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	—	—	2.1	—	204.9	18.6	1.9	227.5
Regional governments	—	—	—	—	—	10.2	1.4	0.0	11.6
Multilateral development banks	—	1.6	—	0.4	—	—	0.4	—	2.3
Public sector entity	—	—	—	—	—	—	—	—	—
Financial institutions	0.0	—	2.7	4.6	0.0	17.1	12.7	—	37.2
Corporates	0.3	0.7	3.6	8.0	2.3	118.6	31.2	2.0	166.7
Total	0.3	2.3	6.4	15.0	2.3	350.9	64.3	3.9	445.4

Net exposure by region and exposure class, as of December 31, 2025


Skr bn	Middle East/Africa/ Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	0.0	—	0.2	—	201.8	12.8	2.0	216.8
Regional governments	—	—	—	—	—	10.3	1.1	0.0	11.4
Multilateral development banks	—	0.8	—	—	—	—	4.4	—	5.1
Public sector entity	—	—	—	—	—	—	—	—	—
Financial institutions	0.0	—	2.1	3.2	0.0	16.6	10.3	0.0	32.2
Corporates	0.3	0.9	3.2	7.7	2.4	112.5	32.6	1.8	161.3
Total	0.3	1.7	5.3	11.1	2.4	341.2	61.1	3.7	426.9

Interim report January-June 2026Page 32 of 33

Definitions

Alternative performance measures (see *) Alternative

performance measures (APMs) are key performance

indicators that are not defined under IFRS or in the

Capital Requirements Directive IV (CRD IV) or in

regulation (EU) No. 575/2013 on prudential

requirements for credit institutions and investment firms

(CRR). SEK has presented these, either because they are

in common use within the industry or because they

comply with SEK’s assignment from the Swedish

government. The APMs are used internally to monitor

and manage operations, and are not considered to be

directly comparable with similar key performance

indicators presented by other companies. For additional

information regarding the APMs, refer to www.sek.se.

*After-tax return on equity

Net profit, expressed as a percentage per annum of the

current year’s average equity (calculated using the

opening and closing balances for the report period).

Asset backed finance

Asset backed finance is financing in the form of leasing

and installment purchases for export transactions, with

the capital goods serving as collateral.

Available funds

Available funds is comprised of outstanding senior debt

and credit facility in place with the Swedish National

Debt Office.

*Average interest-bearing assets

This item includes cash and cash equivalents, treasuries/

government bonds, other interest-bearing securities

except loans, loans in the form of interest-bearing

securities, loans to credit institutions and loans to the

public, and is calculated using the opening and closing

balances for the reporting period.

*Average interest-bearing liabilities

This item includes borrowing from credit institutions,

borrowing from the public and debt securities issued and

is calculated using the opening and closing balances for

the reporting period.

Basic and diluted earnings per share (Skr)

Net profit divided by the average number of shares,

which amounted to 3,990,000 for each period.

*C/I ratio

Cost/income ratio. Operating expenses for the reporting

period in relation to net interest income and net fee and

commission expense. The C/I ratio aims to provide the

reader with an understanding of SEK’s cost-efficiency by

showing operating expenses in relation to net income.

*CIRR loans as percentage of new lending

The proportion of officially supported export credits

(CIRR) of new lending.

CIRR-system

The CIRR-system comprises of the system of officially

supported export credits (CIRR).

Common Equity Tier 1 capital ratio

The capital ratio is the quotient of total common equity

tier 1 capital and the total risk exposure amount.

Green bond

A green bond is a bond where the capital is earmarked for

various forms of environmental projects.

Green loans

SEK offers green loans that promote the transition to a

climate-smart and environmentally sustainable economy.

Green loans are categorized under SEK’s framework for

green bonds. The purpose is to stimulate green

investments that are environmentally sustainable and

contribute to one or more of the six environmental

objectives in the EU taxonomy.

Leverage ratio

Tier 1 capital expressed as a percentage of the exposure

measured under CRR (refer to Note 10).

Liquidity coverage ratio (LCR)

The liquidity coverage ratio is a liquidity metric that

shows SEK’s highly liquid assets in relation to the

company’s net cash outflows for the next 30 calendar

days. An LCR of 100 percent means that the company’s

liquidity reserve is of sufficient size to enable the

company to manage stressed liquidity outflows over a

period of 30 days. Unlike the Swedish FSA’s rules, the

EU rules take into account the outflows that correspond

to the need to pledge collateral for derivatives that would

arise as a result of the effects of a negative market

scenario.

Loans

Lending pertains to all credit facilities provided in the

form of interest-bearing securities, and credit facilities

granted by traditional documentation. SEK considers

these amounts to be useful measurements of SEK’s

lending volumes. Accordingly, comments on lending

volumes in this report pertain to amounts based on this

definition.

* Loans, outstanding and undisbursed

The total of loans in the form of interest-bearing

securities, loans to credit institutions, loans to the public

and loans, outstanding and undisbursed. Deduction is

made for cash collateral under the security agreements for

derivative contracts and deposits with time to maturity

exceeding three months (see the Statement of Financial

Position and Note 9).

Net stable funding ratio (NSFR)

This ratio measures stable funding in relation to the

company’s illiquid assets over a one-year, stressed

scenario in accordance with CRRII.

*New credit and guarantee commitments

New credit and guarantee commitments refer to all new

credits and guarantees accepted regardless of their

maturity. Not all new credit and guarantee commitments

are reported in the consolidated statement of financial

position and consolidated statement of cash flows, but a

certain portion represents committed, undisbursed credits,

see Note 9. The reported amounts of committed,

undisbursed credits may change upon disbursement as

they are reported in the statement of financial position,

for example due to changes in exchange rates.

Furthermore, committed credits do not necessarily result

in a disbursement and thus a credit on the balance sheet.

New credit and guarantee commitments are intended to

provide the reader with a picture of the inflow of new

business during the reporting period.

*New long-term borrowings

New borrowings with maturities exceeding one year, for

which the amounts are based on the trade date.

*Outstanding senior debt

The total of borrowing from credit institutions, borrowing

from the public and debt securities issued.

Own credit risk

Net fair value change due to credit risk on financial

liabilities designated as at fair value through profit or

loss.

Repurchase and redemption of own debt

The amounts are based on the trade date.

Social loans

Social loans are categorized according to SEK’s

“Sustainability bond framework”. The purpose is to

stimulate investments that are socially sustainable, such

as in healthcare, education, basic infrastructure, or food

security.

Sustainability classified loans

Sustainability classified loans refer to green, social and

sustainability-linked loans.

Sustainability-linked loans

Sustainability-linked loans consist of working capital

finance that promote the borrower’s sustainability efforts,

which in turn support environmental and socially

sustainable economic activities and growth. SEK’s

sustainability-linked loans are based on International

Loan Market Association’s (LMA) Sustainability-Linked

Loan Principles.

Swedish exporters

SEK’s clients that directly or indirectly promote Swedish

export.

Tier 1 capital ratio

The capital ratio is the quotient of total tier 1 capital and

the total risk exposure amount.

Total capital ratio

The capital ratio is the quotient of total Own funds and

the total risk exposure amount.

Unless otherwise stated, amounts in this report are in millions (mn) of Swedish kronor (Skr), abbreviated “Skr mn” and relate to the group consisting of the Parent

Company and its consolidated subsidiary (together, the “Group” or the “Consolidated Group”). Aktiebolaget Svensk Exportkredit (SEK), is a Swedish corporation with the

identity number 556084-0315, and with its registered office in Stockholm, Sweden. SEK is a public limited liability company as defined in the Swedish Companies Act. In

some instances, under Swedish law, a public company is obliged to add “(publ.)” to its company name.


Skr mn	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Operating activities
Operating profit	1,091	928	1,491
Adjustments for non-cash items in operating profit	-228	289	1,053
Income tax paid	-327	-326	-606
Changes in assets and liabilities from operating activities	10,226	-17,670	-9,813
Cash flow from operating activities	10,762	-16,779	-7,875

Investing activities
Capital expenditures	-4	-36	-45
Cash flow from investing activities	-4	-36	-45

Financing activities
Change in senior debt	933	24,131	19,544
Derivatives, net	-3,712	-4,745	-7,249
Dividend, paid	-473	-1,673	-1,673
Payment of lease liability	-15	-14	-29
Cash flow from financing activities	-3,267	17,699	10,593

Cash flow for the period	7,491	884	2,673

Cash and cash equivalents at beginning of the period	7,259	5,219	5,219
Cash flow for the period	7,491	884	2,673
Exchange-rate differences on cash and cash equivalents	438	-514	-633
Cash and cash equivalents at end of the period1	15,188	5,589	7,259


Skr mn	June 30, 2026	December 31, 2025
Cash and cash equivalents	0	0
Loans	83,053	85,643
Derivatives	2,701	3,231
Other assets	347	629
Prepaid expenses and accrued revenues	2,298	1,772
Total assets	88,400	91,275
Liabilities	86,259	89,590
Derivatives	262	194
Accrued expenses and prepaid revenues	1,879	1,490
Total liabilities	88,400	91,275
Commitments
Committed undisbursed loans	35,870	37,286


Skr mn	June 30, 2026	December 31, 2025
Collateral provided
Cash collateral under the security agreements for derivative contracts	1,978	6,858
Contingent liabilities1
Guarantee commitments	12,423	9,896
Commitments1
Committed undisbursed loans	78,963	81,624
1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4.


Lennart Jacobsen		Håkan Berg
Chairman of the Board		Director of the Board

Elisabeth Beskow	Paula da Silva		Katarina Ljungqvist
Director of the Board	Director of the Board		Director of the Board

Erik Mattsson	Carl Mellander		Eva Nilsagård
Director of the Board	Director of the Board		Director of the Board

	Magnus Montan
	Chief Executive Officer


SEK’s mission	SEK’s mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. SEK can finance the industry’s transition in Sweden and abroad. The mission includes making available fixed- interest export credits within the officially supported CIRR-system.
SEK’s vision	SEK’s vision is a more sustainable world through increased Swedish exports.
SEK’s core values	We are a high performing team. Our mission and our ability to make an impact lead to pride and job satisfaction. We are Proactive Engaged Team players.
SEK’s clients	We finance exporters, their subcontractors and foreign clients. The target group is companies with annual sales exceeding Skr 500 million and that are linked to Swedish interests and exports.
SEK’s partnerships	Through Team Sweden, we have close partnerships with other export promotion agencies in Sweden such as Business Sweden and The Swedish Export Credit Agency (EKN). Our international network is substantial and we also work with numerous Swedish and international banks.


SEK’s borrowing
Skr bn	Jan-Jun 2026	Jan-Jun 2025	Jan-Dec 2025
Outstanding senior debt1	317.6	330.7	304.6
of which green	25.1	30.8	27.8
New long-term borrowing	49.1	62.4	93.5
New short-term borrowing	40.6	41.4	64.3
Repurchase and redemption of own debt	9.6	3.8	7.2
1Balance at period end.


			Reserves
Skr mn	Equity1	Share capital	Hedge reserve	Own credit risk	Defined benefit plans	Retained earnings
Opening balance of equity January 1, 2025	24,572	3,990	-3	213	-6	20,378
Net profit Jan-Jun 2025	737	—	—	—	—	737
Other comprehensive income Jan-Jun 2025	46	—	3	43	0	—
Total comprehensive income Jan-Jun 2025	783	—	3	43	0	737
Dividend	-1,673	—	—	—	—	-1,673
Closing balance of equity June 30, 2025	23,682	3,990	—	256	-6	19,442

Opening balance of equity January 1, 2025	24,572	3,990	-3	213	-6	20,378
Net profit Jan-Dec 2025	1,183	—	—	—	—	1,183
Other comprehensive income Jan-Dec 2025	9	—	3	13	-8	—
Total comprehensive income Jan-Dec 2025	1,192	—	3	13	-8	1,183
Dividend	-1,673	—	—	—	—	-1,673
Closing balance of equity December 31, 2025	24,089	3,990	—	226	-14	19,887

Opening balance of equity January 1, 2026	24,089	3,990	—	226	-14	19,887
Net profit Jan-Jun 2026	866	—	—	—	—	866
Other comprehensive income Jan-Jun 2026	-88	—	—	-86	-2	—
Total comprehensive income Jan-Jun 2026	778	—	—	-86	-2	866
Dividend	-473	—	—	—	—	-473
Closing balance of equity June 30, 2026	24,394	3,990	—	140	-16	20,280
1 The entire equity is attributable to the shareholder of the Parent Company.