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

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.

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

approach. The scenario approach is used for calculating the gamma

and volatility risks.

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

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

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.


	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.