UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 under
the Securities Exchange Act of 1934
For the month of October, 2026
Commission File Number
001-08382
Aktiebolaget Svensk Exportkredit (publ)
Swedish Export Credit Corporation
(Translation of Registrant’s Name into English)
Fleminggatan 20
SE-112 26 Stockholm
Sweden
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Incorporation by Reference
This Report on Form 6-K, including the exhibits hereto, is hereby incorporated by reference, in its entirety, into the registration statement on
This Report comprises the following:
1. Registrant’s report for the third quarter of 2026.
Aktiebolaget Svensk Exportkredit (publ)
Swedish Export Credit Corporation
Interim report
January-September 2026
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned, thereunto duly authorized.
Dated: October 20, 2026
Aktiebolaget Svensk Exportkredit (publ)
(Swedish Export Credit Corporation)
By: /s/ Magnus Montan
Magnus Montan, Chief Executive Officer
Aktiebolaget Svensk Exportkredit
Swedish Export Credit Corporation
Interim report January-September
2026
Interim report January-September 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-September 2026
(January-September 2025)
•Net interest income Skr 2,104 million (9M25: Skr 2,050 million)
•Operating profit Skr 1,618 million (9M25: Skr 1,459 million)
•C/I ratio 28 percent (9M25: 28 percent)
•After-tax return on equity 7.0 percent (9M25: 6.3 percent)
•Lending portfolio growth YTD 1.6 percent (9M25: -4.3 percent)
•New credit and guarantee commitments Skr 45.6 billion
(9M25: Skr 97.4 billion)
July-September 2026
(July-September 2025)
•Net interest income Skr 717 million (3Q25: Skr 678 million)
•Operating profit Skr 527 million (3Q25: Skr 531 million)
•C/I ratio 24 percent (3Q25: 26 percent)
•After-tax return on equity 6.8 percent (3Q25: 7.1 percent)
•Lending portfolio growth QTD 1.3 percent (3Q25: -0.4 percent)
•New credit and guarantee commitments Skr 8.5 billion
(3Q25: Skr 40.3 billion)
Equity and balances, September 30, 2026
(December 31, 2025)
•Total capital ratio 23.8 percent (year-end 2025: 23.1 percent)
– capital margin against FSA requirement 7.8 percentage points
(year-end 2025: 7.1 percentage points)
•Total assets Skr 353.8 billion (year-end 2025: Skr 350.0 billion)
•Total lending portfolio Skr 266.8 billion (year-end 2025: Skr 262.7 billion)
– of which sustainability classified lending Skr 61.8 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 308.6 billion (year-end 2025: Skr 304.6 billion)
– of which green borrowings Skr 23.5 billion
(year-end 2025: Skr 27.8 billion)
Interim report January-September 2026Page 7 of 33
Statement by the CEO
Good profitability and strong financial position
SEK continues to report strong results with a return on equity of 7.0 percent for the first nine months of the year. The long-
term needs for investments in competitiveness, security and transformation across the world are significant. At the same time,
the market is characterized by geopolitical and trade policy uncertainty, which is contributing to companies holding off on
major investment decisions. With a strong financial position, close customer relationships and a clear mission, SEK is well
positioned to help make these investments a reality.
Strong results in the first nine months of the year
For the first nine months of the year, the return on equity amounted
to 7.0 percent, compared to 6.3 percent in the corresponding period
last year. In the first nine months of the year, net interest income
increased by 3 percent to Skr 2,104 million compared to the same
period in the previous year. The results in the first nine months of
the year were also positively affected by reduced provisions for
expected credit losses.
For the third quarter, the return on equity amounted to 6.8
percent. Profitability thus remains good, even though business
activity was somewhat subdued during the quarter.
Global environment and market
The conditions for world trade are changing rapidly. Geopolitical
unrest and trade policy uncertainty are, in some cases, making
companies more cautious about major investments. Many
companies are instead prioritizing strengthening their balance sheets
and securing their liquidity. At the same time, the need for increased
competitiveness, security and transformation is driving extensive
investments. For Swedish export companies, this presents both
challenges and new business opportunities.
During the third quarter, we saw weaker demand for long-term
financing, while the availability of capital in the banking system was
strong. In these market conditions, we continue to work closely with
our customers, understand their long-term needs and, together with
our partners, offer competitive financing solutions.
Strong investor interest in SEK's issuances
After the summer, the international capital markets were active,
although market conditions were also characterized by unrest, rising
long-term interest rates and periods of increased volatility. In early
September, SEK carried out its second benchmark issuance of the
year in US dollars. The issuance was met with strong interest from a
broad international investor base, including central banks, public
institutions and banks.
The strong investor interest is a testament to the confidence in
SEK and our ability to secure long-term and competitive financing
for Swedish export companies.
New vision for SEK
During the third quarter, SEK launched a new vision: Stronger
societies through the power of Swedish exports.
The vision puts into words what is at the core of our mission and
the societal benefit we contribute to. When Swedish companies
grow internationally, they create jobs, innovation and investments
that strengthen competitiveness and contribute to development both
in Sweden and elsewhere in the world.
To realize our ambitions, we also need to continue to develop as
an organization. During the quarter, we initiated a broad investment
in self-leadership, learning and collaboration that involves all
employees. By strengthening our shared capabilities and creating
space for initiative and responsibility, we are building an
organization that is well equipped for the future.
Future prospects
Short-term market conditions remain difficult to assess. Uncertainty
may slow companies' decision-making processes and dampen
demand for financing. At the same time, I am convinced that large
investment needs will create significant opportunities for Swedish
export companies and SEK.
Our task is to be a long-term financing partner, even when the
world around us is uncertain. With our financial strength, our
expertise and our close customer relationships, we are well placed to
contribute to the competitiveness of the Swedish export industry and
stronger societies through the power of Swedish exports.
Magnus Montan, CEO
Interim report January-September 2026Page 8 of 33
Operations
Total lending portfolio, quarterly
Skr bn
Total lending portfolio per region
September 30, 2026
Skr 266.8 bn
(year-end 2025:
Skr 262.7 bn)
New credit and guarantee commitments,
quarterly
Skr bn
Customer business
During the third quarter, SEK signed new credit and guarantee commitments
amounting to Skr 8.5 billion. The deals were executed in a market where companies'
investment decisions take longer and competition for export credit financing
remains high. During the first nine months of the year, new credit and guarantee
agreements amounted to Skr 45.6 billion (9M25: Skr 97.4 billion). The decrease is
mainly explained by lower volume of large export and project financing deals. At
the end of the period, the lending portfolio amounted to Skr 266.8 billion (year-end
2025: Skr 262.7 billion). Committed undisbursed loans amounted to Skr 75.5 billion
(year-end 2025: Skr 81.6 billion).
SEK continues to implement its growth strategy, which includes both developing
business with existing customers and reaching more Swedish export companies and
their customers. The quarter's new business largely consisted of operating financing.
One example during the third quarter is SEK's participation as one of the lenders
in the refinancing of Scandic Hotels Group’s long-term financing framework
totaling approximately Skr 7.5 billion. The deal shows how SEK can further develop
relationships with existing customers and provide long-term financing in
cooperation with other market participants.
SEK continues to see significant investment needs in areas such as energy
transition, infrastructure and defense. Close customer relationships give SEK a good
understanding of companies' long-term needs and create the conditions to jointly
develop financing solutions that enable future investments.
SEK’s lending | |||
Skr bn | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Total lending portfolio1 | 266.8 | 271.2 | 262.7 |
of which sustainability classified | 61.8 | 56.0 | 56.3 |
of which CIRR-loans | 81.8 | 88.5 | 85.6 |
Customer growth | -4% | -1% | -2% |
1Balance at period end. | |||
Interim report January-September 2026Page 9 of 33
New long-term borrowing, quarterly
Skr bn
Investors by geographical region
New long-term borrowing,
January-September 2026
Borrowing
The international capital markets were active during August and September, while
the market conditions were characterized by rising long-term interest rates and
periods of increased volatility. In early September, SEK conducted its second
benchmark issuance of the year in US dollars. The issuance amounted to USD 1.25
billion, matures in June 2031 and attracted more than 40 investors. The issuance was
met with great interest from a broad international investor base, including central
banks, public institutions and banks.
During the first nine months of the year, SEK's long-term new borrowing with a
maturity of over one year amounted to Skr 63.7 billion (9M25: Skr 84.2 billion).
The decrease is mainly attributable to a lower volume of new lending transactions,
and thus a lower funding requirement.
At the end of the third quarter, the total borrowing portfolio amounted to Skr
308.6 billion, an increase of Skr 4.0 billion since the beginning of the year. SEK's
broad global investor base provides favorable conditions for meeting financing
needs even in a changing market situation.
SEK’s borrowing | |||
Skr bn | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Outstanding senior debt1 | 308.6 | 314.5 | 304.6 |
of which green | 23.5 | 27.2 | 27.8 |
New long-term borrowing | 63.7 | 84.2 | 93.5 |
New short-term borrowing | 46.2 | 45.1 | 64.3 |
Repurchase and redemption of own debt | 9.7 | 4.6 | 7.2 |
1Balance at period end. | |||
Skr 63.7 bn
(9M25:
Skr 84.2 bn)
Interim report January-September 2026Page 10 of 33
Comments on the consolidated
financial accounts (unaudited)
January-September 2026
Operating profit amounted to Skr 1,618 million (9M25: Skr 1,459
million). Net profit amounted to Skr 1,285 million (9M25: Skr 1,158
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, higher net interest income and higher net results of financial
transactions.
Net interest income
Net interest income amounted to Skr 2,104 million (9M25: Skr
2,050 million), representing an increase of 3 percent, compared to
the same period in the previous year. The increase is mainly
explained by a lower risk tax, while lower average short-term
interest rates in the Swedish krona reduced the increase.
The table below shows average interest-bearing assets and
liabilities.
Skr bn, average | Jan-Sep 2026 | Jan-Sep 2025 | Change |
Total lending portfolio | 264.8 | 277.3 | -5% |
Liquidity investments | 65.7 | 66.0 | 0% |
Interest-bearing assets | 332.9 | 348.1 | -4% |
Interest-bearing liabilities | 306.6 | 319.7 | -4% |
Net results of financial transactions
Net results of financial transactions amounted to a positive result of
Skr 44 million (9M25: Skr 10 million). The results were primarily
attributable to realized value changes of Skr 96 million, driven by
early redemption of credits. Unrealized market value changes
amounted to Skr -52 million, primarily related to the liquidity
portfolio and currency revaluation effects.
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 580 million (9M25: Skr 561
million), an increase of 3 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 66 million
(9M25: Skr -13 million). The expected credit losses have decreased
for exposures in all stages, primarily due to repayments.
Loss allowances as of September 30, 2026 amounted to Skr 779
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 334 million (9M25: Skr 301 million),
and the effective tax rate amounted to 20.6 percent (9M25: 20.6
percent).
Other comprehensive income (OCI)
Other comprehensive income before tax amounted to a loss of Skr
-71 million (9M25: Skr 12 million). The negative result was mainly
attributable to own credit risk, primarily driven by changes in SEK's
own credit spread in EUR.
July-September 2026
Operating profit amounted to Skr 527 million (3Q25: Skr 531
million). Net profit amounted to Skr 418 million (3Q25: Skr 421
million). A higher net interest income was offset by a lower positive
result for net credit losses and a lower net results of financial
transactions. As a result, both operating profit and net profit in the
third quarter are largely unchanged, compared to the same period in
the previous year.
Net interest income
Net interest income amounted to Skr 717 million (3Q25: Skr 678
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.
The table below shows average interest-bearing assets and
liabilities.
Skr bn, average | Jul-Sep 2026 | Jul-Sep 2025 | Change |
Total lending portfolio | 265.1 | 271.7 | -2% |
Liquidity investments | 74.9 | 71.8 | 4% |
Interest-bearing assets | 339.6 | 350.5 | -3% |
Interest-bearing liabilities | 313.1 | 322.6 | -3% |
Net results of financial transactions
Net results of financial transactions amounted to Skr -15 million
(3Q25: Skr 6 million). The results were primarily attributable to
unrealized value changes of Skr -48 million, mainly related to
inefficiency in hedging relationships and changes in currency basis
swaps. Realized results amounted to Skr 32 million, related to early
redemption of credits.
Operating expenses
Operating expenses amounted to Skr 174 million (3Q25: Skr 174
million). The operating expenses were unchanged compared to the
same period in the previous year, with higher personnel expenses
Interim report January-September 2026Page 11 of 33
being offset by lower costs for external projects, IT consultants and
write-offs.
Net credit losses
Net credit losses amounted to a positive result of Skr 5 million
(3Q25: Skr 25 million). The expected credit losses have decreased
for exposures in stage 3, primarily due to revaluation, and increased
for exposures in stage 1 due to new loan payments.
Taxes
Tax costs amounted to Skr 109 million (3Q25: Skr 110 million) and
the effective tax rate amounted to 20.6 percent (3Q25: 20.7
percent).
Other comprehensive income (OCI)
Other comprehensive income before tax amounted to Skr 40 million
(3Q25: Skr -46 million). The positive result was mainly attributable
to changes in own credit risk, primarily driven by changes in SEK’s
own credit spread and market interest rates in EUR.
Statement of Financial Position
Total assets and liquidity investments
Total assets increased by 1 percent compared to year-end 2025. The
increase in the period was driven by an increased volume of
liquidity investments.
Skr bn | September 30, 2026 | December 31, 2025 | Change |
Total assets | 353.8 | 350.0 | 1% |
Liquidity investments | 66.4 | 65.0 | 2% |
Total lending portfolio | 266.8 | 262.7 | 2% |
of which sustainability classified | 61.8 | 56.3 | 10% |
of which CIRR-loans | 81.8 | 85.6 | -5% |
Liabilities and equity
As of September 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 September 30, 2026, SEK’s total own funds amounted to Skr
23.7 billion (year-end 2025: Skr 23.1 billion). The total capital ratio
was 23.8 percent (year-end 2025: 23.1 percent), representing a
margin of 7.8 percentage points above SEK’s estimate of
Finansinspektionen’s (the “Swedish FSA”) requirement of 16.1
percent as of September 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 12.6
percentage points above the requirement. Overall, SEK is strongly
capitalized.
Percent | September 30, 2026 | December 31, 2025 |
Common Equity Tier 1 capital ratio | 23.8 | 23.1 |
Tier 1 capital ratio | 23.8 | 23.1 |
Total capital ratio | 23.8 | 23.1 |
Leverage ratio | 9.7 | 9.5 |
Liquidity coverage ratio (LCR) | 996 | 611 |
Net stable funding ratio (NSFR) | 122 | 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. In 2026, the EU adopted amendments to the Corporate
Sustainability Reporting Directive (CSRD) that limit its scope to
companies and groups with more than 1,000 employees and net
turnover exceeding EUR 450 million. The amendments are to be
transposed into Swedish law by March 2027. SEK expects not to be
subject to the reporting requirements once the new rules have been
transposed into Swedish law.
Interim report January-September 2026Page 12 of 33
The macro environment
In the second quarter of 2026, Sweden’s GDP increased by 1.6
percent quarter-on-quarter, and exports increased by 1.0 percent.
Unemployment amounted to 8.9 percent at the end of August 2026,
which represented an increase compared to the end of May 2026.
The rate of inflation in August 2026 was 0.7 percent, unchanged
from July 2026.
In September 2026, the Riksbank announced that the policy rate
would be left unchanged at 1.75 percent, but signaled that an interest
rate hike in the fall is likely.
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. Long-
term interest rates have also increased sharply worldwide during the
third quarter. 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. The increasingly high
long-term interest rates worldwide also risk making projects
unprofitable and generally reducing activity in the economy.
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-September 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 September 30, 2026. |
Key performance indicators (unaudited)
Skr mn (if not otherwise indicated) | Jul-Sep 2026 | Apr-Jun 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Total lending portfolio1 | 266,839 | 263,385 | 271,194 | 266,839 | 271,194 | 262,712 |
of which green | 47,065 | 44,120 | 43,136 | 47,065 | 43,136 | 43,209 |
of which social | 2,363 | 2,330 | 2,134 | 2,363 | 2,134 | 2,201 |
of which sustainability-linked | 12,418 | 12,535 | 10,778 | 12,418 | 10,778 | 10,878 |
Loans, outstanding and undisbursed1 | 342,343 | 342,348 | 346,563 | 342,343 | 346,563 | 344,336 |
New credit and guarantee commitments | 8,509 | 21,820 | 40,313 | 45,594 | 97,351 | 125,832 |
of which to Swedish exporters | 2,340 | 12,721 | 8,985 | 23,335 | 40,063 | 45,063 |
of which to exporters´ customers | 6,169 | 9,099 | 31,328 | 22,259 | 57,288 | 80,769 |
Customer growth | -1% | -2% | 0% | -4% | -1% | -2% |
Outstanding senior debt1 | 308,636 | 317,619 | 314,504 | 308,636 | 314,504 | 304,633 |
of which green | 23,520 | 25,078 | 27,213 | 23,520 | 27,213 | 27,784 |
New long-term borrowings | 14,533 | 20,219 | 21,793 | 63,650 | 84,224 | 93,531 |
New short-term borrowings | 5,528 | 18,904 | 3,701 | 46,175 | 45,148 | 64,328 |
C/I ratio | 24% | 30% | 26% | 28% | 28% | 29% |
After-tax return on equity | 6.8% | 7.7% | 7.1% | 7.0% | 6.3% | 4.9% |
Common Equity Tier 1 capital ratio1 | 23.8% | 23.3% | 23.2% | 23.8% | 23.2% | 23.1% |
capital margin against FSA requirement (percentage points) | 12.6 | 12.0 | 11.9 | 12.6 | 11.9 | 11.9 |
Tier 1 capital ratio1 | 23.8% | 23.3% | 23.2% | 23.8% | 23.2% | 23.1% |
Total capital ratio1 | 23.8% | 23.3% | 23.2% | 23.8% | 23.2% | 23.1% |
capital margin against FSA requirement (percentage points) | 7.8 | 7.2 | 7.1 | 7.8 | 7.1 | 7.1 |
Leverage ratio | 9.7% | 9.0% | 9.1% | 9.7% | 9.1% | 9.5% |
Liquidity coverage ratio (LCR) | 996% | 669% | 924% | 996% | 924% | 611% |
Net stable funding ratio (NSFR) | 122% | 129% | 121% | 122% | 121% | 120% |
Risk exposure amount1 | 99,379 | 100,513 | 99,484 | 99,379 | 99,484 | 99,912 |
1 Balance at period end | ||||||
See definitions on page 32.
Interim report January-September 2026Page 14 of 33
Condensed Consolidated Statement
of Comprehensive Income (unaudited)
Skr mn | Note | Jul-Sep 2026 | Apr-Jun 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Interest income | 3,153 | 3,117 | 3,536 | 9,279 | 10,788 | 14,117 | |
Interest expenses | -2,436 | -2,414 | -2,858 | -7,175 | -8,738 | -11,398 | |
Net interest income | 2 | 717 | 703 | 678 | 2,104 | 2,050 | 2,719 |
Net fee and commission expense | -5 | -4 | -4 | -15 | -27 | -39 | |
Net results of financial transactions | 3 | -15 | 34 | 6 | 44 | 10 | 18 |
Total operating income | 697 | 733 | 680 | 2,132 | 2,033 | 2,699 | |
Personnel expenses | -108 | -134 | -103 | -374 | -346 | -475 | |
Other administrative expenses | -53 | -60 | -56 | -165 | -171 | -239 | |
Depreciations and impairment of non-financial assets | -14 | -14 | -15 | -41 | -44 | -64 | |
Total operating expenses | -174 | -208 | -174 | -580 | -561 | -778 | |
Operating profit before credit losses | 522 | 526 | 506 | 1,552 | 1,472 | 1,921 | |
Net credit losses | 4 | 5 | 61 | 25 | 66 | -13 | -429 |
Operating profit | 527 | 587 | 531 | 1,618 | 1,459 | 1,491 | |
Tax expenses | -109 | -121 | -110 | -334 | -301 | -309 | |
Net profit1 | 418 | 466 | 421 | 1,285 | 1,158 | 1,183 | |
Other comprehensive income related to: | |||||||
Items to be reclassified to profit or loss | |||||||
Derivatives in cash flow hedges | — | — | 0 | — | 3 | 3 | |
Tax on items to be reclassified to profit or loss | — | — | 0 | — | 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 | 41 | -53 | -46 | -67 | 9 | 17 | |
Revaluation of defined benefit plans | -1 | -1 | 0 | -4 | 0 | -10 | |
Tax on items not to be reclassified to profit or loss | -8 | 11 | 10 | 15 | -2 | -1 | |
Net items not to be reclassified to profit or loss | 32 | -43 | -36 | -56 | 7 | 6 | |
Total other comprehensive income | 32 | -43 | -36 | -56 | 10 | 9 | |
Total comprehensive income1 | 450 | 422 | 385 | 1,228 | 1,168 | 1,192 | |
Skr | |||||||
Basic and diluted earnings per share2 | 105 | 117 | 105 | 322 | 290 | 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-September 2026Page 15 of 33
Consolidated Statement of Financial Position
(unaudited)
Skr mn | Note | September 30, 2026 | December 31, 2025 |
Assets | |||
Cash and cash equivalents | 5 | 9,485 | 7,259 |
Treasuries/government bonds | 5 | 7,414 | 13,419 |
Other interest-bearing securities except loans | 5 | 45,630 | 43,237 |
Loans in the form of interest-bearing securities | 4, 5 | 43,566 | 47,485 |
Loans to credit institutions | 4, 5 | 24,119 | 22,939 |
Loans to the public | 4, 5 | 206,012 | 200,216 |
Derivatives | 5, 6 | 9,004 | 6,721 |
Tangible and intangible assets | 123 | 158 | |
Deferred tax asset | 10 | 0 | |
Other assets | 615 | 754 | |
Prepaid expenses and accrued revenues | 7,853 | 7,775 | |
Total assets | 353,831 | 349,964 | |
Liabilities and equity | |||
Borrowing from credit institutions | 5, 7 | 6,914 | 4,410 |
Debt securities issued | 5, 7 | 301,722 | 300,222 |
Derivatives | 5, 6 | 4,699 | 8,988 |
Other liabilities | 7,630 | 3,664 | |
Accrued expenses and prepaid revenues | 8,013 | 8,581 | |
Provisions | 9 | 10 | |
Total liabilities | 328,987 | 325,875 | |
Share capital | 3,990 | 3,990 | |
Reserves | 156 | 212 | |
Retained earnings | 20,698 | 19,887 | |
Total equity | 24,844 | 24,089 | |
Total liabilities and equity | 353,831 | 349,964 |
Interim report January-September 2026Page 16 of 33
Condensed Consolidated Statement
of Changes in Equity (unaudited)
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-Sep 2025 | 1,158 | — | — | — | — | 1,158 |
Other comprehensive income Jan-Sep 2025 | 10 | — | 3 | 7 | 0 | — |
Total comprehensive income Jan-Sep 2025 | 1,168 | — | 3 | 7 | 0 | 1,158 |
Dividend | -1,673 | — | — | — | — | -1,673 |
Closing balance of equity September 30, 2025 | 24,067 | 3,990 | — | 220 | -6 | 19,863 |
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-Sep 2026 | 1,285 | — | — | — | — | 1,285 |
Other comprehensive income Jan-Sep 2026 | -56 | — | — | -53 | -3 | — |
Total comprehensive income Jan-Sep 2026 | 1,228 | — | — | -53 | -3 | 1,285 |
Dividend | -473 | — | — | — | — | -473 |
Closing balance of equity September 30, 2026 | 24,844 | 3,990 | — | 173 | -17 | 20,698 |
1 The entire equity is attributable to the shareholder of the Parent Company. | ||||||
Interim report January-September 2026Page 17 of 33
Condensed Statement of Cash Flows
in the Consolidated Group (unaudited)
Skr mn | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Operating activities | |||
Operating profit | 1,618 | 1,459 | 1,491 |
Adjustments for non-cash items in operating profit | -529 | 182 | 1,053 |
Income tax paid | -412 | -463 | -606 |
Changes in assets and liabilities from operating activities | 13,304 | -6,718 | -9,813 |
Cash flow from operating activities | 13,981 | -5,540 | -7,875 |
Investing activities | |||
Capital expenditures | -6 | -42 | -45 |
Cash flow from investing activities | -6 | -42 | -45 |
Financing activities | |||
Change in senior debt | -8,773 | 19,148 | 19,544 |
Derivatives, net | -3,158 | -6,159 | -7,249 |
Dividend, paid | -473 | -1,673 | -1,673 |
Payment of lease liability | -23 | -22 | -29 |
Cash flow from financing activities | -12,427 | 11,294 | 10,593 |
Cash flow for the period | 1,548 | 5,712 | 2,673 |
Cash and cash equivalents at beginning of the period | 7,259 | 5,219 | 5,219 |
Cash flow for the period | 1,548 | 5,712 | 2,673 |
Exchange-rate differences on cash and cash equivalents | 678 | -566 | -633 |
Cash and cash equivalents at end of the period1 | 9,485 | 10,365 | 7,259 |
1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date. |
Interim report January-September 2026Page 18 of 33
Notes
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
Corporate 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-September 2026Page 19 of 33
Note 2. Net interest income
Skr mn | Jul-Sep 2026 | Apr-Jun 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Interest income | ||||||
Loans to credit institutions | 258 | 267 | 268 | 805 | 737 | 1,005 |
Loans to the public | 1,985 | 1,918 | 2,003 | 5,703 | 6,068 | 8,003 |
Loans in the form of interest-bearing securities | 450 | 437 | 521 | 1,334 | 1,460 | 1,948 |
Interest-bearing securities excluding loans in the form of interest-bearing securities | 437 | 392 | 502 | 1,264 | 1,443 | 1,926 |
Derivatives | -32 | 51 | 183 | 12 | 883 | 982 |
Administrative remuneration CIRR-system | 52 | 52 | 57 | 156 | 187 | 243 |
Other assets | 3 | 0 | 2 | 5 | 9 | 10 |
Total interest income1 | 3,153 | 3,117 | 3,536 | 9,279 | 10,788 | 14,117 |
Interest expenses | ||||||
Interest expenses | -2,394 | -2,352 | -2,780 | -7,030 | -8,553 | -11,154 |
Resolution fee2 | -26 | -28 | -23 | -78 | -60 | -83 |
Risk tax | -16 | -16 | -36 | -49 | -106 | -142 |
Other regulatory fees | 0 | -18 | -19 | -18 | -19 | -19 |
Total interest expenses | -2,436 | -2,414 | -2,858 | -7,175 | -8,738 | -11,398 |
Net interest income | 717 | 703 | 678 | 2,104 | 2,050 | 2,719 |
1 Interest income calculated using the effective interest method amounted to Skr 7,735 million during January-September 2026 (9M25: Skr 8,397 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 | Jul-Sep 2026 | Apr-Jun 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Derecognition of financial instruments not measured at fair value through profit or loss | 34 | 4 | 1 | 96 | 2 | 3 |
Financial assets or liabilities at fair value through profit or loss | 2 | 52 | 32 | -24 | 28 | 52 |
Financial instruments under fair value hedge accounting | -49 | -21 | -29 | -27 | -25 | -43 |
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value | -1 | 0 | 2 | -2 | 5 | 7 |
Total net results of financial transactions | -15 | 34 | 6 | 44 | 10 | 18 |
Interim report January-September 2026Page 20 of 33
Note 4. Impairments
Skr mn | Jul-Sep 2026 | Apr-Jun 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Expected credit losses, stage 1 | -4 | 5 | 18 | 11 | -11 | -19 |
Expected credit losses, stage 2 | 0 | 32 | 11 | 38 | 6 | -293 |
Expected credit losses, stage 3 | 9 | 24 | -4 | 15 | -2 | -112 |
Established credit losses | — | -2 | — | -2 | -100 | -100 |
Reserves applied to cover established credit losses | — | 2 | — | 2 | 93 | 94 |
Recovered credit losses | 0 | 0 | 0 | 1 | 1 | 1 |
Net credit losses | 5 | 61 | 25 | 66 | -13 | -429 |
September 30, 2026 | December 31, 2025 | ||||
Skr mn | Stage 1 | Stage 2 | Stage 3 | Total | Total |
Loans, before expected credit losses | 224,923 | 37,176 | 5,517 | 267,616 | 263,517 |
Off-balance sheet exposures, before expected credit losses | 75,068 | 13,538 | — | 88,606 | 91,520 |
Total, before expected credit losses | 299,992 | 50,714 | 5,517 | 356,222 | 355,038 |
Loss allowance, loans | -58 | -355 | -365 | -777 | -805 |
Loss allowance, off-balance sheet exposures1 | -2 | 0 | — | -2 | -2 |
Total loss allowance | -60 | -355 | -365 | -779 | -807 |
Provision ratio (in percent) | 0.02 | 0.70 | 6.61 | 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
September 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 | -10 | -84 | — | -94 | -343 |
Net remeasurement of loss allowance | 12 | -48 | 2 | -33 | -65 |
Transfer to stage 1 | — | — | — | — | 0 |
Transfer to stage 2 | 2 | -4 | — | -2 | -29 |
Transfer to stage 3 | 0 | 2 | -17 | -14 | -75 |
Decreases due to derecognition | 8 | 171 | 29 | 208 | 88 |
Decreases in allowance account due to write-offs | — | — | 2 | 2 | 94 |
Exchange-rate differences1 | -2 | -15 | -22 | -39 | 50 |
Closing balance | -60 | -355 | -365 | -779 | -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 0.1 and 0.8 for
the various probability of default (PD) segments. The base scenarios
have been weighted at 60 percent, the downturn scenarios have been
weighted at between 30 percent and 40 percent, and the upturn
scenarios have been weighted at between 0 percent and 10 percent
between the different PD-segments.
Interim report January-September 2026Page 21 of 33
Note 5. Financial assets and liabilities at fair value
Skr mn | September 30, 2026 | ||
Book value | Fair value | Surplus value (+)/ Deficit value (-) | |
Cash and cash equivalents | 9,485 | 9,485 | — |
Treasuries/governments bonds | 7,414 | 7,414 | — |
Other interest-bearing securities except loans | 45,630 | 45,630 | — |
Loans in the form of interest-bearing securities | 43,566 | 44,746 | 1,180 |
Loans to credit institutions | 24,119 | 24,082 | -37 |
Loans to the public | 206,012 | 205,273 | -740 |
Derivatives | 9,004 | 9,004 | — |
Total financial assets | 345,230 | 345,633 | 404 |
Borrowing from credit institutions | 6,914 | 6,914 | — |
Debt securities issued | 301,722 | 302,716 | 994 |
Derivatives | 4,699 | 4,699 | — |
Total financial liabilities | 313,335 | 314,329 | 994 |
Skr mn | December 31, 2025 | ||
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-September 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 | 1,077 | 6,337 | — | 7,414 |
Other interest-bearing securities except loans | 26,830 | 18,800 | — | 45,630 |
Derivatives | — | 9,004 | 0 | 9,004 |
Total September 30, 2026 | 27,907 | 34,141 | 0 | 62,048 |
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 | — | 17,387 | 938 | 18,325 |
Derivatives | — | 4,133 | 566 | 4,699 |
Total September 30, 2026 | — | 21,520 | 1,503 | 23,024 |
Total December 31, 2025 | — | 22,186 | 3,662 | 25,848 |
Transfers of Skr 344 million for debt securities issued and Skr 71
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 | September 30, 2026 |
Debt securities issued | -2,598 | — | 1,295 | — | 344 | 114 | 10 | -102 | -938 |
Derivatives, net | -1,063 | — | 578 | — | 71 | -110 | — | -42 | -565 |
Net assets and liabilities | -3,661 | — | 1,873 | — | 415 | 4 | 10 | -143 | -1,503 |
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 September 30, 2026, amounted to a Skr 2 million gain (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. 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-September 2026Page 23 of 33
Sensitivity analysis – level 3 assets and liabilities
Assets and liabilities | September 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 | -469 | Correlation | 0.12 - (0.12) | Option Model | -6 | 6 |
Other | -96 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
Sum derivatives, net | -565 | -6 | 6 | |||
Equity | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
Interest rate | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
FX | -843 | Correlation | 0.12 - (0.12) | Option Model | 6 | -6 |
Other | -95 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
Sum debt securities issued | -938 | 6 | -6 | |||
Total effect on total comprehensive income | 0 | 0 | ||||
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
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. 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 | September 30, 2026 | December 31, 2025 | Jan-Sep 2026 | Jan-Sep 2025 |
CVA/DVA, net1 | -13 | -11 | -2 | 3 |
OCA2 | 215 | 282 | -67 | 9 |
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-September 2026Page 24 of 33
Note 6. Derivatives
Derivatives by category
September 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 | 3,452 | 2,303 | 566,394 | 4,624 | 1,332 | 510,865 |
Currency-related contracts | 5,553 | 2,299 | 133,139 | 2,097 | 7,550 | 137,052 |
Contracts related to commodities, credit risk, etc. | — | 97 | 3,023 | — | 105 | 2,890 |
Total derivatives | 9,004 | 4,699 | 702,556 | 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 | September 30, 2026 | December 31, 2025 |
Currency-related contracts | 2,410 | 3,777 |
Interest rate-related contracts | 306,132 | 300,759 |
Contracts related to commodities, credit risk, etc. | 94 | 97 |
Total debt | 308,636 | 304,633 |
of which denominated in: | ||
Skr | 24,225 | 24,599 |
USD | 175,679 | 166,687 |
EUR | 84,415 | 84,653 |
AUD | 11,454 | 12,119 |
GBP | 4,252 | 7,899 |
CHF | 4,176 | 4,188 |
Other currencies | 4,434 | 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-September 2026Page 25 of 33
Statement of Comprehensive Income for the CIRR-system
Skr mn | Jul-Sep 2026 | Apr-Jun 2026 | Jul-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
Interest income | 501 | 497 | 526 | 1,480 | 1,629 | 2,139 |
Interest expenses | -565 | -520 | -595 | -1,601 | -1,776 | -2,346 |
Foreign exchange effects | 1 | 0 | 0 | 1 | 2 | 2 |
Profit before compensation to SEK | -63 | -23 | -69 | -120 | -145 | -205 |
Administrative remuneration to SEK | -52 | -52 | -57 | -156 | -187 | -243 |
Operating profit CIRR-system | -115 | -75 | -126 | -276 | -332 | -448 |
Reimbursement to (-) / from (+) the State | 115 | 75 | 126 | 276 | 332 | 448 |
Statement of Financial Position for the CIRR-system
Skr mn | September 30, 2026 | December 31, 2025 |
Cash and cash equivalents | 0 | 0 |
Loans | 81,781 | 85,643 |
Derivatives | 6,331 | 3,231 |
Other assets | 448 | 629 |
Prepaid expenses and accrued revenues | 1,849 | 1,772 |
Total assets | 90,409 | 91,275 |
Liabilities | 88,851 | 89,590 |
Derivatives | -47 | 194 |
Accrued expenses and prepaid revenues | 1,604 | 1,490 |
Total liabilities | 90,409 | 91,275 |
Commitments | ||
Committed undisbursed loans | 35,064 | 37,286 |
Note 9. Pledged assets and contingent liabilities
Skr mn | September 30, 2026 | December 31, 2025 |
Collateral provided | ||
Cash collateral under the security agreements for derivative contracts | 2,990 | 6,858 |
Contingent liabilities1 | ||
Guarantee commitments | 13,102 | 9,896 |
Commitments1 | ||
Committed undisbursed loans | 75,504 | 81,624 |
1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4. | ||
Interim report January-September 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
September 30, 2026 | December 31, 2025 | |
Capital adequacy | percent1 | percent1 |
Common Equity Tier 1 capital ratio | 23.8 | 23.1 |
Tier 1 capital ratio | 23.8 | 23.1 |
Total capital ratio | 23.8 | 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. | ||
September 30, 2026 | December 31, 2025 | |||
Total risk-based capital requirement | Skr mn | percent1 | Skr mn | percent1 |
Capital base requirement of 8 percent2 | 7,950 | 8.0 | 7,993 | 8.0 |
of which Tier 1 requirement of 6 percent | 5,963 | 6.0 | 5,995 | 6.0 |
of which minimum requirement of 4.5 percent | 4,472 | 4.5 | 4,496 | 4.5 |
Pillar 2 capital requirements3 | 2,991 | 3.0 | 3,007 | 3.0 |
Common Equity Tier 1 capital available to meet buffer requirements4 | 12,746 | 12.8 | 12,123 | 12.1 |
Capital buffer requirements | 4,035 | 4.1 | 4,072 | 4.1 |
of which Capital conservation buffer | 2,484 | 2.5 | 2,498 | 2.5 |
of which Countercyclical buffer | 1,551 | 1.6 | 1,574 | 1.6 |
Pillar 2 guidance5 | 994 | 1.0 | 999 | 1.0 |
Total risk-based capital requirement including Pillar 2 guidance | 15,971 | 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. | ||||
September 30, 2026 | December 31, 2025 | |
Leverage ratio1 | Skr mn | Skr mn |
On-balance sheet exposures | 239,366 | 236,953 |
Off-balance sheet exposures | 5,125 | 7,161 |
Total exposure measure | 244,492 | 244,114 |
Leverage ratio2 | 9.7% | 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. | ||
September 30, 2026 | December 31, 2025 | |||
Total Leverage ratio requirement | Skr mn | percent1 | Skr mn | percent1 |
Capital base requirement of 3 percent | 7,335 | 3.0 | 7,323 | 3.0 |
Pillar 2 guidance2 | 367 | 0.2 | 366 | 0.2 |
Total capital requirement relating to Leverage ratio including Pillar 2 guidance | 7,701 | 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-September 2026Page 27 of 33
Own funds – Adjusting items
Skr mn | September 30, 2026 | December 31, 2025 |
Share capital | 3,990 | 3,990 |
Retained earnings | 19,174 | 18,468 |
Accumulated other comprehensive income and other reserves | 399 | 456 |
Independently reviewed profit net of any foreseeable charge or dividend | 767 | 703 |
Common Equity Tier 1 (CET1) capital before regulatory adjustments | 24,330 | 23,617 |
Additional value adjustments due to prudent valuations | -80 | -83 |
Intangible assets | -27 | -22 |
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing | -175 | -229 |
IRB shortfall of credit risk adjustments to expected losses | -94 | -144 |
Insufficient coverage for non-performing exposures | -267 | -15 |
Total regulatory adjustments to Common Equity Tier 1 capital | -642 | -493 |
Total Common Equity Tier 1 capital | 23,688 | 23,124 |
Total own funds | 23,688 | 23,124 |
Minimum capital requirements exclusive of buffer
September 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 | 5,442 | 5,416 | 433 | 5,829 | 5,770 | 462 |
Default exposures | 44 | 44 | 4 | 0 | 0 | 0 |
Total credit risk, standardized approach | 5,486 | 5,460 | 437 | 5,829 | 5,770 | 462 |
Credit risk, IRB approach | ||||||
Central governments | 222,765 | 9,217 | 737 | 233,305 | 9,487 | 759 |
Financial institutions2 | 36,477 | 7,254 | 580 | 32,236 | 6,493 | 519 |
Corporates3 | 154,503 | 70,466 | 5,637 | 149,636 | 69,128 | 5,530 |
Non-credit-obligation assets | 190 | 190 | 15 | 201 | 201 | 16 |
Total credit risk, IRB approach | 413,936 | 87,127 | 6,970 | 415,378 | 85,310 | 6,825 |
Credit valuation adjustment risk | n.a. | 1,722 | 138 | n.a. | 1,882 | 151 |
Foreign exchange risk | n.a. | 617 | 49 | n.a. | 2,494 | 200 |
Commodity risk | n.a. | 2 | 0 | n.a. | 4 | 0 |
Operational risk | n.a. | 4,451 | 356 | n.a. | 4,452 | 356 |
Total | 419,422 | 99,379 | 7,950 | 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 4,069 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 780 million (year-end 2025: Skr 1,059 million) and Capital requirement of Skr 62 million (year-end 2025: Skr 85 million). 3 Of which related to specialized lending: EAD Skr 8,937 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 9,410 million (year-end 2025: Skr 8,473 million) and Capital requirement of Skr 753 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-September 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 September 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
September 30, 2026, the contribution to SEK’s countercyclical
buffer from buffer rates in other countries was 0.17 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 | September 30, 2026 | December 31, 2025 |
Total liquid assets | 59.0 | 59.1 |
Net liquidity outflows1 | 13.9 | 10.3 |
Liquidity outflows | 25.4 | 22.9 |
Liquidity inflows | 11.4 | 13.2 |
Liquidity coverage ratio | 494% | 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 | September 30, 2026 | December 31, 2025 |
Available stable funding | 257.3 | 244.3 |
Required stable funding | 210.6 | 202.8 |
Net stable funding ratio | 122% | 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
September 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 | 24.2 | 6.0 | 4.4 | 13.8 | — | 33.0 | 6.0 | 11.2 | 15.8 | — |
Securities issued or guaranteed by municipalities or other public entities | 14.2 | 4.0 | 4.1 | 6.0 | — | 11.2 | 4.2 | 0.7 | 6.3 | — |
Covered bonds issued by other institutions | 14.0 | 11.7 | 2.3 | — | — | 12.0 | 11.2 | 0.8 | — | — |
Balances with National Debt Office | 1.0 | 1.0 | — | — | — | 1.0 | 1.0 | — | — | — |
Total liquidity reserve | 53.4 | 22.7 | 10.8 | 19.8 | — | 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-September 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 | ||||||||||
September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | September 30, 2026 | December 31, 2025 | |||||||
Skr bn | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | Amount | % |
Central governments | 135.5 | 40.3 | 140.5 | 42.5 | 71.4 | 76.9 | 76.3 | 78.9 | 206.8 | 48.2 | 216.8 | 50.8 |
Regional governments | 12.6 | 3.8 | 10.9 | 3.3 | 0.6 | 0.6 | 0.6 | 0.6 | 13.2 | 3.1 | 11.4 | 2.7 |
Multilateral development banks | 1.8 | 0.5 | 5.1 | 1.6 | — | — | — | — | 1.8 | 0.4 | 5.1 | 1.2 |
Public sector entity | 1.1 | 0.3 | — | — | — | — | — | — | 1.1 | 0.3 | — | — |
Financial institutions | 31.9 | 9.5 | 26.6 | 8.1 | 4.6 | 4.9 | 5.7 | 5.8 | 36.5 | 8.5 | 32.2 | 7.6 |
Corporates | 153.4 | 45.6 | 147.1 | 44.6 | 16.3 | 17.6 | 14.2 | 14.7 | 169.7 | 39.6 | 161.3 | 37.8 |
Total | 336.2 | 100.0 | 330.1 | 100.0 | 92.8 | 100.0 | 96.8 | 100.0 | 429.1 | 100.0 | 426.9 | 100.0 |
Net exposure by region and exposure class, as of September 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 | — | — | 1.7 | — | 187.7 | 15.5 | 1.9 | 206.8 |
Regional governments | 0.0 | — | — | — | — | 11.3 | 1.9 | 0.0 | 13.2 |
Multilateral development banks | — | 0.2 | — | 0.8 | — | — | 0.7 | — | 1.8 |
Public sector entity | — | — | — | — | — | — | 1.1 | — | 1.1 |
Financial institutions | 0.0 | — | 2.1 | 4.7 | — | 18.3 | 11.4 | — | 36.5 |
Corporates | 0.3 | 0.8 | 2.6 | 8.6 | 2.4 | 120.4 | 32.7 | 2.1 | 169.7 |
Total | 0.3 | 1.0 | 4.7 | 15.7 | 2.4 | 337.7 | 63.3 | 4.0 | 429.1 |
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 | — | 16.6 | 10.3 | — | 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-September 2026Page 30 of 33
Net exposure to European countries, excluding Sweden
Skr bn | September 30, 2026 | December 31, 2025 |
Belgium | 2.6 | 3.4 |
Denmark | 7.4 | 5.8 |
Finland | 10.4 | 6.5 |
France | 6.6 | 6.4 |
Ireland | 2.7 | 1.5 |
Iceland | 0.0 | 0.0 |
Italy | 0.2 | 0.2 |
Latvia | 0.0 | 0.0 |
Luxembourg | 2.7 | 7.6 |
Montenegro | 0.0 | 0.0 |
The Netherlands | 1.3 | 0.6 |
Norway | 3.7 | 3.6 |
Poland | 3.5 | 3.4 |
Portugal | 0.5 | 0.8 |
Switzerland | 0.4 | 0.5 |
Serbia | 0.4 | 0.1 |
Slovakia | 0.0 | 0.1 |
Spain | 2.3 | 2.3 |
United Kingdom | 9.6 | 8.7 |
Czech Republic | 0.1 | 0.1 |
Germany | 12.7 | 12.6 |
Austria | 0.3 | 0.7 |
Total | 67.3 | 64.8 |
Note 12. Transactions with related parties
Transactions with related parties are described in Note 27 to the
annual financial statements in SEK’s 2025 Annual Report on Form
20-F. No material changes have taken place in relation to
transactions with related parties compared to the description in
SEK’s 2025 Annual Report on Form 20-F.
Note 13. Events after the reporting period
No events with significant impact on the information in this report
have occurred after the end of the reporting period.
Interim report January-September 2026Page 31 of 33
The Board of Directors and the Chief Executive Officer confirm that this interim report provides a fair
overview of the Consolidated Group’s operations and financial position and results and describes
material risks and uncertainties facing the Consolidated Group.
Stockholm, October 20, 2026
AKTIEBOLAGET SVENSK EXPORTKREDIT
SWEDISH EXPORT CREDIT CORPORATION
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 has established the following expected dates for the publication of financial information
and other related matters:
January 26, 2027Interim report for the period January 1, 2026 – December 31, 2026
The report contains information that SEK will disclose pursuant to the Securities Markets Act
and/or the Financial Instruments Trading Act. The information was submitted for publication on
October 20, 2026, 15:00 (CEST).
Additional information about SEK, including investor presentations and SEK’s 2025 Annual Report
on Form 20-F, is available at www.sek.se. Information available on or accessible through SEK’s
website is not incorporated herein by reference.
Interim report January-September 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.
Interim report January-September 2026Page 33 of 33
About SEK
About Swedish Export Credit Corporation (SEK)
SEK is owned by the Swedish state, and since 1962 has enabled growth for thousands
of Swedish companies. To expand their production, make acquisitions, employ more people
and enable selling goods and services to customers worldwide.
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 stronger societies through the power of 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. |