# EDGAR Filing Document

**Accession Number:** 0000352960
**File Stem:** 0000352960-26-000007
**Filing Date:** 2026-1
**Character Count:** 132962
**Document Hash:** 8738b8c4fd5d9e4228be4d09cfddc00d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000352960-26-000007.hdr.sgml**: 20260126

**ACCESSION NUMBER**: 0000352960-26-000007

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260126

**DATE AS OF CHANGE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SWEDISH EXPORT CREDIT CORP /SWED/
- **CENTRAL INDEX KEY:** 0000352960
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS BUSINESS CREDIT INSTITUTION [6159]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-08382
- **FILM NUMBER:** 26558616

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FLEMINGGATAN 20
- **STREET 2:** P.O. BOX 194
- **CITY:** STOCKHOLM
- **PROVINCE COUNTRY:** V7
- **BUSINESS PHONE:** 46-8-613-8300

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** FLEMINGGATAN 20
- **STREET 2:** P.O. BOX 194
- **CITY:** STOCKHOLM
- **PROVINCE COUNTRY:** V7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AB SVENSK EXPORTKREDIT
- **DATE OF NAME CHANGE:** 19890731

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SWEDISH EXPORT CREDIT CORP
- **DATE OF NAME CHANGE:** 19880329

![shape-c4e2e0f7ae3f8aff.gif](shape-c4e2e0f7ae3f8aff.gif)

**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 January, 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 ☐

![shape-c7c6a24bbec53481.gif](shape-c7c6a24bbec53481.gif)

**<u>Incorporation by Reference</u>**

This Report on Form 6-K, including the exhibits hereto, is hereby incorporated by reference, in its entirety, into the registration statement on

<u>[Form F-3 (](https://www.sec.gov/Archives/edgar/data/352960/000110465923113704/tm2329031d1_f3.htm)</u><u>[File No. 333-275269](https://www.sec.gov/Archives/edgar/data/352960/000110465923113704/tm2329031d1_f3.htm)</u><u>[)](https://www.sec.gov/Archives/edgar/data/352960/000110465923113704/tm2329031d1_f3.htm)</u> of Aktiebolaget Svensk Exportkredit (publ) ("SEK").

This Report comprises the following:

1. Registrant's report for the fourth quarter of 2025.

<u>[Exhibit 99.2 Table of unaudited consolidated capitalization of the Registrant.](exhibit992q42025.htm)</u>

![shape-19a97115b020280d.gif](shape-19a97115b020280d.gif)

AB Svensk Exportkredit (publ)

*Swedish Export Credit Corporation*

**Year-End Report 2025**

January-December 2025

**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: January 26, 2026

AB Svensk Exportkredit (publ)

(Swedish Export Credit Corporation)

By: /s/ Magnus Montan

![shape-9cd3e3a6d39de244.gif](shape-9cd3e3a6d39de244.gif)

Magnus Montan, Chief Executive Officer

![framsida.jpg](framsida.jpg)

**AB Svensk Exportkredit**

*Swedish Export Credit Corporation*

![sek_blue.jpg](sek_blue.jpg)

**Year-end Report 2025**

![qreportbackground.jpg](qreportbackground.jpg)

Year-end Report 2025Page 6 of [34](#i7d0487f916de4b729183abd43f013589_106)

Summary

Net interest income, quarterly

Skr mn

![chart-52cbe883ccd04543860.gif](chart-52cbe883ccd04543860.gif)

Operating profit, quarterly

Skr mn

![chart-32a0aec0c6934887ae8.gif](chart-32a0aec0c6934887ae8.gif)

After-tax return on equity, quarterly

Percent

![chart-93fed14c9c304c80982.gif](chart-93fed14c9c304c80982.gif)

Total capital ratio, quarterly

Skr mn

![chart-23c897cc41a34823843.gif](chart-23c897cc41a34823843.gif)

**January-December 2025**

(January-December 2024)

• Net interest income Skr 2,719million (2024: Skr 3,058 million)

• Operating profit Skr 1,491million (2024: Skr 2,121 million)

• Net profit Skr 1,183million (2024: Skr 1,683 million)

• Lending portfolio growth -7.3 percent (2024: 0.0 percent)

• New credit and guarantee commitments Skr 125.8 billion

(2024: Skr 90.3 billion)

• Basic and diluted earnings per share Skr 296 (2024: Skr 422)

• After-tax return on equity 4.9 percent (2024: 7.1 percent)

• Proposed/actual dividend Skr 473 million (2024: Skr 1,673 million)

**October-December 2025**

(October-December 2024)

• Net interest income Skr 669 million (4Q24: Skr 778 million)

• Operating profit Skr 33 million (4Q24: Skr 702 million)

• Net profit Skr 25 million (4Q24: Skr 556 million)

• Lending portfolio growth -3.1 percent (4Q24: 4.0 percent)

• New credit and guarantee commitments Skr 28.5 billion

(4Q24: Skr 22.2 billion)

• Basic and diluted earnings per share Skr 6 (4Q24: Skr 140)

• After-tax return on equity 0.4 percent (4Q24: 9.2 percent)

**Equity and balances, December 31, 2025**

(December 31, 2024)

• Total capital ratio 23.1 percent (year-end 2024: 22.2 percent)

• Total assets Skr 350.0 billion (year-end 2024: Skr 368.1 billion)

• Total lending portfolio Skr 262.7 billion (year-end 2024: Skr 283.4 billion)

*– of which sustainability classified lending Skr 56.3 billion* 

*(year-end 2024: Skr 53.4 billion)*

• Loans, outstanding and undisbursed Skr 344.3 billion

(year-end 2024: Skr 340.3 billion)

• Outstanding senior debt Skr 304.6 billion (year-end 2024: Skr 325.0 billion)

*– of which green borrowings Skr 27.8 billion* 

*(year-end 2024: Skr 35.0 billion)*

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Year-end Report 2025Page 7 of [34](#i7d0487f916de4b729183abd43f013589_106)

Statement of the CEO

**High volume of new business in a rapidly** 

**changing world**

**2025 has been a year of high business activity for SEK. Our long-term strategic investments have borne fruit, resulting in several major** 

**deals. A total of Skr 126 billion in new credit and guarantee agreements were signed – one of the highest levels in SEK's history – of which** 

**Skr 28 billion occurred in the fourth quarter of the year. Our customers are increasingly optimistic about the future, while the world around** 

**continues to be marked by geopolitical tensions and ongoing conflicts. SEK enters the new year with a strong financial position and solid** 

**ability to support Swedish exports in a world that is changing at an increasingly rapid pace.**

**High confidence from our customers and increased business flow** 

Customer confidence in SEK remained high during the year, as reflected

in the clear increase in new business. New credit and guarantee

agreements amounted to Skr 126 billion (2024: Skr 90 billion), of which

Skr 28 billion (4Q24: Skr 22 billion) were signed in the fourth quarter.

The lending portfolio at year-end amounted to Skr 263 billion (year-end

2024: Skr 283 billion). Excluding the effect of the strengthened Swedish

krona, the portfolio was largely unchanged. Sustainability-classified

lending increased by Skr 2.9 billion compared to the previous year.

Net interest income amounted to Skr 2.7 billion (2024: Skr 3.1

billion). The decrease compared to the previous year is explained by a

lower average Swedish short-term interest rate, as well as a stronger

Swedish krona. Net profit for the yearwas Skr 1,183 million (2024: Skr

1,683 million) and return on equity amounted to 4.9 percent (2024: 7.1

percent). The decrease in net profit was, in addition to lower net interest

income, attributable to an increase in provisions for expected credit

losses linked to a limited number of individual exposures during the

fourth quarter.

**Expectations of better economic conditions despite increased** 

**geopolitical concerns**

The year was marked by increased geopolitical tensions, armed conflicts

and elevated global trade tariffs. At the same time, central banks around

the world continued to lower interest rates, and market expectations of

an improved economic situation gradually increased during the year.

The Swedish Riksbank also lowered its key interest rate, from 2.75 to

1.75 percent, and the economic outlook in Sweden also improved.

According to SEK's Export Credit Trends Survey in December 2025, 44

percent of Swedish export companies expect an increase in order intake

over the next twelve months, an increase from 35 percent in June 2025.

**Strengthened market position**

During the year, we have continued to focus on our mission to

strengthen the competitiveness of Swedish export companies. Our

investment in the European energy market led to several significant

deals. For example, SEK participated in the financing of two offshore

wind power projects in Poland, Bałtyk 2 and Bałtyk 3, and in the

financing of Eastern Green Link 2 between Scotland and England. We

also participated in the financing of SSAB's fossil-free steel mill in

Luleå.

SEK signed agreements with 13 new customers in 2025. Among the

new customers is Cloetta, to which we, together with other banks,

provide long-term and flexible financing. We have also supported

Mölnlycke Health Care with a long-term financing solution that enables

its continued global expansion. During the fourth quarter, we welcomed

Addnode as a new customer by providing an extended credit facility

strengthening the company's financial flexibility.

At the end of the year, SEK and Saudi Export-Import Bank signed a

Memorandum of Understanding (MOU) aiming to create new

opportunities to market Swedish financing solutions and supply chain

capabilities in the Saudi market. A new financing instrument combining

export credits with development aid was also launched during the year.

The ambition is to complete the first deal involving this new financing

instrument in 2026.

**Active in the international capital markets**

SEK continued to be an active and valued player in the international

capital markets during the year. Long-term borrowing amounted to Skr

94 billion (2024: Skr 53 billion), driven both by high business volume

and longer borrowing maturities. The borrowing has been carried out in

multiple currencies and with an increasingly broad investor base, in line

with SEK's funding strategy.

**Positive view of the future**

The conditions for SEK to be able to support Swedish exports and

transition have been further strengthened during the year. The Board has

set new financial targets that reinforce the focus on long-term value

creation, while the Government's decision to increase the credit facility

that SEK has in place with the Swedish National Debt Office

strengthens our preparedness in periods of high demand or market

volatility. During the year, SEK and EKN also appointed new members

to the Scientific Climate Council, strengthening the conditions for

continued qualified support on issues related to climate transition.

SEK enters the new year with a strong financial position and is well

equipped to support Swedish export companies in a world that is

currently changing at a rapid

pace. With a focus on a long-

![picture3.jpg](picture3.jpg)

term approach, adaptability,

sustainability and

competitiveness, we contribute to

the continued development of

Swedish exports.

**Magnus Montan, CEO**

![qreportbackground.jpg](qreportbackground.jpg)

Year-end Report 2025Page 8 of [34](#i7d0487f916de4b729183abd43f013589_106)

Operations

Total lending portfolio, quarterly

Skr bn

![chart-a2173025e9a74dc39a6.gif](chart-a2173025e9a74dc39a6.gif)

Total lending portfolio per region

December 31, 2025

![chart-f26bb2721bda4018ab0.gif](chart-f26bb2721bda4018ab0.gif)

**Skr 262.7 bn**

(year-end 2024:

Skr 283.4 bn)

New credit and guarantee commitments,

quarterly

Skr bn

![chart-621166955f48481db04.gif](chart-621166955f48481db04.gif)

**High volume of new credit** 

**agreements as a result of long-**

**term investments**

During the year, SEK signed agreements with 13 new customers, including in the

renewable energy and healthcare sectors. New credit and guarantee agreements

amounted to Skr 125.8 billion (2024: Skr 90.3 billion) in 2025, of which Skr 28.5

billion (4Q24: Skr 22.2 billion) were signed in the fourth quarter.

The lending portfolio decreased during the year, primarily affected by the

increasingly strong Swedish krona, and amounted to Skr 263 billion (year-end 2024:

Skr 283 billion) as of December 31, 2025. Excluding currency effects, the size of the

lending portfolio was largely unchanged. Sustainability-classified lending increased

to Skr 56 billion (year-end 2024: Skr 53 billion). Undisbursed loans at year-end

2025 amounted to Skr 82 billion (year-end 2024: Skr 57 billion), an increase

reflecting the high volume of new credit agreements. These contracts have relatively

long maturities and will be reported in the lending portfolio on the balance sheet

when they are disbursed.

Significant business opportunities for Swedish exporters arise from the energy

transition, driven by the need to address climate challenges. During the year, SEK

participated in the financing of some of the first offshore wind power projects in

Poland, Bałtyk 2 and Bałtyk 3. SEK also participated in the financing of a portion of

Eastern Green Link 2, a high-voltage direct current project under the sea between

Scotland and England. Due to the deteriorating global security environment, SEK

also sees strong demand in the defense sector across several countries.

During the fourth quarter, a number of project financing and export credit

transactions were carried out and SEK also participated in the extension of the IT

consulting company Addnode's credit framework to Skr 3,700 million. The loan to

Addnode is a clear example of how SEK can help support Swedish companies with

international operations.

SEK's Export Credit Trends Survey, which measures the sentiment of the

Swedish export industry, showed rising confidence in the future among Swedish

export companies in December 2025. 44 percent of the companies indicated that

they expect an increase in export order intake over the next twelve months, an

increase from 35 percent in June 2025. This, together with the National Institute of

Economic Research's ("NIER") report, indicates that a potential turnaround in the

Swedish economy may be on the way. When demand increases and corporate

investments begin to pick up, the demand for loans from SEK also tends to increase.

---

| | | |
|:---|:---|:---|
| **SEK's lending** | **SEK's lending** | **SEK's lending** |
| **Skr bn** | **Jan-Dec 2025** | **Jan-Dec 2024** |
| Total lending portfolio<sup>1</sup> | 262.7 | 283.4 |
| *of which sustainability classified* | *56.3* | *53.4* |
| *of which CIRR-loans* | *85.6* | *101.7* |
| Customer growth | -2% | 3% |
| 1Balance at period end. | 1Balance at period end. | 1Balance at period end. |

---

![qreportbackground.jpg](qreportbackground.jpg)

Year-end Report 2025Page 9 of [34](#i7d0487f916de4b729183abd43f013589_106)

New long-term borrowing, quarterly

Skr bn

![chart-a55a92f8c29042b1979.gif](chart-a55a92f8c29042b1979.gif)

Investors by geographical region

New long-term borrowing,

January-December 2025

![chart-6f6680679fc04fe5a9f.gif](chart-6f6680679fc04fe5a9f.gif)

## L ong-term and cost-effective
**financing in multiple** 

**currencies**

In 2025, SEK continued to secure funding on the international capital markets,

despite geopolitical unrest and occasionally high market volatility. As a result of a

high volume of new lending transactions, coupled with a higher volume of

borrowing maturities, the borrowing requirement in 2025 was higher than in the

previous year. Borrowings with maturities over one year amounted to Skr 93.5

billion in 2025, compared to Skr 52.6 billion in the previous year.

As in previous years, SEK's borrowing was largely based on public issuances in

USD and EUR. SEK also carried out major public transactions in GBP and AUD,

among others. During the fourth quarter, a four-year transaction in USD SOFR was

carried out. Through liquid transactions across several currencies, SEK is able to

satisfy its lending needs while at the same time ensuring stable and cost-effective

financing from a diversified investor base.

In the Swedish market, SEK borrowed Skr 12 billion (2024: Skr 6 billion) during

**Skr 93.5 bn**

(year-end 2024:

Skr 52.6 bn)

the year, of which Skr 3 billion (2024: Skr 6 billion) consisted of green borrowings.

---

| | | |
|:---|:---|:---|
| **SEK's borrowing** | **SEK's borrowing** | **SEK's borrowing** |
| **Skr bn** | **Jan-Dec 2025** | **Jan-Dec 2024** |
| Outstanding senior debt<sup>1</sup> | 304.6 | 325.0 |
| of which green | 27.8 | 35.0 |
| New long-term borrowing | 93.5 | 52.6 |
| New short-term borrowing | 64.3 | 77.6 |
| Repurchase and redemption of own debt | 7.2 | 7.4 |
| 1Balance at period end. | 1Balance at period end. | 1Balance at period end. |

---

![bildshutterstock.jpg](bildshutterstock.jpg)

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Year-end Report 2025Page 10 of [34](#i7d0487f916de4b729183abd43f013589_106)

Comments on the consolidated

financial accounts (unaudited)

**January-December 2025**

Operating profit amounted to Skr 1,491 million (2024: Skr 2,121

million). Net profit amounted to Skr 1,183 million (2024: Skr 1,683

million). The decrease in net profit compared to the previous year

was primarily due to lower net interest income, but also increased

provisions for expected credit losses, presented in net credit losses.

**Net interest income**

Net interest income amounted to Skr 2,719 million (2024: Skr 3,058

million), representing a decrease of 11 percent compared to the

previous year. A large portion of the decrease is explained by lower

average short-term interest rates in the Swedish krona, with a

stronger Swedish krona also being a contributing factor.

The table below shows average interest-bearing assets and

liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn, average** | **Jan-Dec** <br>**2025**<br>| **Jan-Dec** <br>**2024**<br>| **Change** |
| Total lending portfolio | 273.1 | 283.4 | -4% |
| Liquidity investments | 63.6 | 59.4 | 7% |
| **Interest-bearing assets** | **341.2** | **349.9** | **-2%** |
| **Interest-bearing liabilities** | **314.8** | **321.4** | **-2%** |

---

**Net results of financial transactions**

Net results of financial transactions amounted to Skr 18 million

(2024: Skr -40 million). The results were primarily attributable to

realized value changes.

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 -778 million (2024: Skr -758

million). The increase of 3 percent compared to the previous year

was primarily attributable to increased personnel expenses, as a

result of new recruitment.

**Net credit losses**

Net credit losses amounted to Skr -429 million (2024: Skr -93

million). The increase in net credit losses for the year were mainly

attributable to increased provisions for expected credit losses in

stage 2 and stage 3 related to a limited number of exposures. SEK

assesses that the credit quality of its lending portfolio remains high.

During the period, SEK established losses amounting to Skr -100

million attributable to exposures that had previously been mostly

reserved.

Loss allowances as of December 31, 2025 amounted to Skr -807

million compared to Skr -526 million as of December 31, 2024, of

which exposures in stage 3 amounted to Skr -359 million (year-end

2024: Skr -386 million). The provision ratio amounted to 0.23

percent (year-end 2024: 0.15 percent).

**Taxes**

Tax costs amounted to Skr -309 million (2024: Skr -438 million),

and the effective tax rate amounted to 20.7 percent (2024: 20.7

percent).

**Other comprehensive income (OCI)**

Other comprehensive income before tax amounted to Skr 10 million

(2024: Skr 367 million). This result was mainly attributable to a

positive result obtained from changes in own credit risk, offset by a

negative result from revaluation of defined benefit plans. The

positive result last year was attributable to changes in own credit

risk and gains from derivatives used in cash flow hedging.

**October-December 2025**

Operating profit amounted to Skr 33 million (4Q24: Skr 702

million). Net profit amounted to Skr 25 million (4Q24: Skr 556

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

to increased provisions for expected credit losses, presented in net

credit losses, and lower net interest income.

**Net interest income**

Net interest income amounted to Skr 669 million (4Q24: Skr 778

million), representing a decrease of 14 percent compared to the same

period in the previous year. The majority of the decrease is

explained by lower average short-term interest rates in the Swedish

krona.

The table below shows average interest-bearing assets and

liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn, average** | **Oct-Dec** <br>**2025**<br>| **Oct-Dec** <br>**2024**<br>| **Change** |
| Total lending portfolio | 267.0 | 277.9 | -4% |
| Liquidity investments | 67.4 | 67.7 | —% |
| **Interest-bearing assets** | **340.4** | **350.7** | **-3%** |
| **Interest-bearing liabilities** | **309.6** | **325.4** | **-5%** |

---

**Net results of financial transactions**

Net results of financial transactions amounted to Skr 8million

(4Q24: Skr 25 million). The results were primarily attributable to

unrealized value changes.

**Operating expenses**

Operating expenses amounted to Skr -217 million (4Q24: Skr -208

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

the previous year was primarily attributable to increased personnel

expenses, as a result of new recruitment.

**Net credit losses**

Net credit losses amounted to Skr -416 million (4Q24: Skr 119

million). Net credit losses for the period were mainly attributable to

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Year-end Report 2025Page 11 of [34](#i7d0487f916de4b729183abd43f013589_106)

increased provisions for expected credit losses in stage 2 and stage 3

related to a limited number of exposures. SEK assesses that the

credit quality of its lending portfolio remains high.

The positive result for the same period last year was primarily

explained by the fact that an individual exposure was moved from

stage 3 to stage 2 during the period.

**Taxes**

Tax costs amounted to Skr -8 million (4Q24: Skr -146 million) and

the effective tax rate amounted to 24.4 percent (4Q24: 20.8

percent).

**Other comprehensive income (OCI)**

Other comprehensive income before tax amounted to Skr -2 million

(4Q24: Skr 193 million). This result was mainly attributable to a

negative result from revaluation of defined benefit plans, offset by a

positive result obtained from changes in own credit risk. The

positive result last year was attributable to changes in own credit

risk and gains from derivatives used in cash flow hedging.

**Statement of Financial Position**

**Total assets and liquidity investments**

Total assets decreased by 5 percent compared to year-end 2024, as a

result of a decreased lending portfolio, offset by an increased

volume of liquidity investments. During the year, the Swedish krona

strengthened, including against the U.S. dollar, driving the decrease

in the total lending portfolio.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn** | **December 31,**<br>**2025**<br>| **December 31,**<br>**2024**<br>| **Change** |
| Total assets | 350.0 | 368.1 | -5% |
| Liquidity investments | 65.0 | 62.2 | 4% |
| Total lending portfolio | 262.7 | 283.4 | -7% |
| *of which sustainability* <br>*classified*<br>| *56.3* | *53.4* | *5%* |
| *of which CIRR-loans* | *85.6* | *101.7* | *-16%* |

---

**Liabilities and equity**

As of December 31, 2025, 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 150 billion. In December 2025, the credit facility

was increased to Skr 175 billion for 2026. The credit facility can be

utilized when the Swedish export industry's demand for financing is

particularly high.

**Capital adequacy**

As of December 31, 2025, SEK's total own funds amounted to Skr

23.1 billion (year-end 2024: Skr 23.4 billion). The total capital ratio

was 23.1 percent (year-end 2024: 22.2 percent), representing a

margin of 7.1 percentage points above SEK's estimate of Finans

inspektionen's (the "Swedish FSA") requirement of 16.0 percent as

of December 31, 2025. The corresponding Common Equity Tier 1

capital estimated requirement was 11.2 percent. Given that SEK's

own funds are comprised solely of Common Equity Tier 1 capital,

this total capital ratio represents a margin of 11.9 percentage points

above the requirement. Overall, SEK is strongly capitalized.

---

| | | |
|:---|:---|:---|
| **Percent** | **December 31,**<br>**2025**<br>| **December 31,**<br>**2024**<br>|
| Common Equity Tier 1 capital | 23.1 | 22.2 |
| Tier 1 capital ratio | 23.1 | 22.2 |
| Total capital ratio | 23.1 | 22.2 |
| Leverage ratio | 9.5 | 9.6 |
| Liquidity coverage ratio (LCR) | 611 | 583 |
| Net stable funding ratio (NSFR) | 120 | 129 |

---

**Rating** 

---

| | | |
|:---|:---|:---|
|  | **Skr** | **Foreign currency** |
| Moody's | Aa1/Stable | Aa1/Stable |
| Standard & Poor's | AA+/Stable | AA+/Stable |

---

**Dividend**

The Board of Directors has resolved to propose the payment of a

dividend of 40 percent of the year's profit at the company's annual

general meeting, corresponding to Skr 473 million (dividend 2024:

Skr 1,673 million), which is in line with the company's dividend

policy of 20-40 percent.

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Year-end Report 2025Page 12 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Other events**

At SEK's annual general meeting held on March 25, 2025, Ms.

Hanna Lagercrantz stepped down from her position as a member of

the Board of Directors of SEK (the "Board"), and Mr. Erik Mattsson

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 2024 and to appropriate distributable funds pursuant to the

Board's proposal. At an extraordinary general meeting on the same

day, the Board also resolved to authorize the distribution of an

extraordinary dividend, amounting to Skr 1,000 million, which

resulted in a total dividend to SEK's owner, the Swedish State, of

Skr 1,673 million.

In January 2025, Mr. Mattias Hasselbo assumed the position of

Chief Credit Officer ("COO"). SEK's previous COO, Ms. Teresa

Hamilton Burman, retired in June 2025. Mr. Tobias Hornberger was

recruited to the position of Chief Financial Officer ("CFO") of SEK

and he took up his position in June 2025.

To further focus on increased client value and growth, SEK

implemented a number of organizational changes within the lending

organization in March 2025. The International Finance function was

restructured and became Global Trade and Export Finance. Mr. Jens

Hedar took on the role as head of this new function. The two

existing functions, "Client Relationship Management" and

"Sustainability," were combined into a single function where Ms.

Maria Simonson became Head of Client Relationship Management

and Sustainability.

During the second quarter, SEK adjusted its financing strategy

for commercial credit commitments. Previously, SEK secured

funding for all credit commitments, including for committed,

undisbursed credits. The adjustment in the financing strategy means

that funding is secured for all credits on the balance sheet and for at

least the next two years for commercial committed, undisbursed

credits. The financing strategy for the CIRR-system is unchanged.

During the fourth quarter, SEK's Board of Directors decided on

new financial targets. SEK's capital target for the total capital ratio

was adjusted, and the upper limit for the margin against the Swedish

FSA's requirements was increased from 4 to 7 percentage points.

The capital target for the Common Equity Tier 1 capital ratio was

left unchanged. The company's profitability target and dividend

policy were also left unchanged.

In February 2025, the European Commission published an

"Omnibus" package intended to simplify sustainability reporting

requirements. The package included two proposals referred to as the

"stop the clock" and "content" proposals. The "stop the clock"

proposal was approved by EU in April 2025 and was transposed into

Swedish law in December 2025. SEK's reporting requirements

pursuant to the CSRD is postponed by two years until financial year

2027 as a result of this proposal. In December 2025, the EU-

Parliament adopted a provisional agreement related to the "content"

proposal, and the Council has also indicated that it would approve

the agreement following the EU-Parliament's approval. The

proposal includes, among other things, a change in scope where an

entity's reporting obligation will primarily depend on whether it has

more than 1,000 employees. The "content" proposal, would, if

implemented, remove SEK from the scope of entities subject to

CSRD in 2027.

During 2025, the Swedish central bank (Riksbanken) decided

that Swedish banks and other credit institutions shall hold interest-

free deposits (deposit requirement) in accounts with the Riksbank.

The purpose of the interest-free deposit is to contribute to the

Riksbank's ability to fund itself. Institutions shall hold a certain

share of their deposit base as interest-free deposits at the Riksbank.

Deposit base for these purposes consists of the institutions'

borrowing from credit institutions and issued debt instruments, with

some exceptions. The share shall be the same for all institutions so

that they contribute to the Riksbank's financing in proportion to the

institutions' deposit base. Each year, the Riksbank will decide

whether to apply a deposit requirement and, if so, how large the

requirement should be. The institutions cannot freely dispose of the

funds in the deposit account. SEK presents the deposit requirement

amount in the balance sheet as loans to credit institutions. The

difference between the nominal value of the deposit requirement and

its net present value is treated as a regulatory fee to Riksbanken. The

fee is included in net interest income in line with how SEK presents

other regulatory fees, see Note 2.

Year-end Report 2025Page 13 of [34](#i7d0487f916de4b729183abd43f013589_106)

![vrldskarta.jpg](vrldskarta.jpg)

![sek_negativ.jpg](sek_negativ.jpg)

**The macro environment**

In the third quarter of 2025, Sweden's GDP increased by 1.1 percent

quarter-on-quarter. Exports increased by 1.8 percent.

Unemployment amounted to 9.1 percent at the end of November

2025, which represented an increase compared to the end of August

2025. The rate of inflation in November 2025 was 2.3 percent,

which represented a decrease from August.

In December 2025, the Riksbank announced that the policy rate

would be left unchanged at 1.75 percent.

SEK believes that, compared with normal conditions, the risk

level with respect to external factors with a potentially negative

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

conflicts and geopolitical tensions, which can negatively affect

supply chains and create volatility in the financial markets. The

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

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

uncertainty in the financial markets. Although several agreements

have been negotiated, reducing uncertainty to some extent, ongoing

ambiguities in their interpretation, along with frequent new tariff

announcements, mean that a degree of uncertainty persists.

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

The Company has a gross exposure of EUR 3.3 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, including recent

Russian air violations of NATO countries, sabotage and

cybersecurity incidents, and by other ongoing military conflicts,

including in the Middle East and South America, 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 the future.

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 are likely to lead 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.

**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) 2024 and Note 29 to the annual

financial statements included in SEK's 2024 Annual Report on

Form 20-F, as well as the "Risk Factors" section in SEK's 2024

Annual Report on Form 20-F.

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Year-end Report 2025Page 14 of [34](#i7d0487f916de4b729183abd43f013589_106)

**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 <br>and SEK's Common Equity Tier 1 capital ratio is to exceed the Swedish FSA's requirement by at <br>least 4 percentage points. Currently, the capital targets mean that the total capital ratio should <br>amount to 18.0-23.0 percent and the Common Equity Tier 1 capital ratio should amount to 15.2 <br>percent, based on SEK's estimation of the Swedish FSA's requirements as of December 31, 2025.<br>|

---

**Key performance indicators (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn (if not otherwise indicated)** | **Oct-Dec**<br>**2025**<br>| **Jul-Sep**<br>**2025**<br>| **Oct-Dec**<br>**2024**<br>| **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| Total lending portfolio<sup>1</sup> | 262712 | 271194 | 283408 | 262712 | 283408 |
| *of which green* | *43209* | *43136* | *37422* | *43209* | *37422* |
| *of which social* | *2201* | *2134* | *2228* | *2201* | *2228* |
| *of which sustainability-linked* | *10878* | *10778* | *13712* | *10878* | *13712* |
| Loans, outstanding and undisbursed<sup>1</sup> | 344336 | 346563 | 340295 | 344336 | 340295 |
| New credit and guarantee commitments | 28481 | 40313 | 22174 | 125832 | 90334 |
| *of which to Swedish exporters* | *5000* | *8985* | *10561* | *45063* | *40663* |
| *of which to exporters´ customers* | *23481* | *31328* | *11613* | *80769* | *49671* |
| Customer growth | -1% | —% | 2% | -2% | 3% |
| Outstanding senior debt<sup>1</sup> | 304633 | 314504 | 324995 | 304633 | 324995 |
| *of which green* | *27784* | *27213* | *34990* | *27784* | *34990* |
| New long-term borrowings | 9307 | 21793 | 8131 | 93531 | 52552 |
| New short-term borrowings | 19180 | 3701 | 7337 | 64328 | 77561 |
| After-tax return on equity | 0.4% | 7.1% | 9.2% | 4.9% | 7.1% |
| Proposed/actual dividend |  |  |  | 473 | 1673 |
| Common Equity Tier 1 capital<sup>1</sup> | 23.1 | 23.2 | 22.2 | 23.1 | 22.2 |
| Tier 1 capital ratio<sup>1</sup> | 23.1 | 23.2 | 22.2 | 23.1 | 22.2 |
| Total capital ratio<sup>1</sup> | 23.1 | 23.2 | 22.2 | 23.1 | 22.2 |
| Leverage ratio | 9.5% | 9.1% | 9.6% | 9.5% | 9.6% |
| Liquidity coverage ratio (LCR) | 611% | 924% | 583% | 611% | 583% |
| Net stable funding ratio (NSFR) | 120% | 121% | 129% | 120% | 129% |
| Risk exposure amount<sup>1</sup> | 99912 | 99484 | 105466 | 99912 | 105466 |
| 1 Balance at period end | 1 Balance at period end | 1 Balance at period end | 1 Balance at period end | 1 Balance at period end | 1 Balance at period end |

---

*See definitions on page [33](#i7d0487f916de4b729183abd43f013589_103).*

Year-end Report 2025Page 15 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Condensed Consolidated Statement** 

**of Comprehensive Income (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Note** | **Oct-Dec**<br>**2025**<br>| **Jul-Sep**<br>**2025**<br>| **Oct-Dec**<br>**2024**<br>| **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| Interest income |  | 3329 | 3536 | 4382 | 14117 | 19315 |
| Interest expenses |  | -2660 | -2858 | -3604 | -11398 | -16257 |
| **Net interest income** | 2 | **669** | **678** | **778** | **2719** | **3058** |
| Net fee and commission income/expense |  | -11 | -4 | -12 | -39 | -46 |
| Net results of financial transactions | 3 | 8 | 6 | 25 | 18 | -40 |
| **Total operating income** |  | **666** | **680** | **791** | **2699** | **2972** |
| Personnel expenses |  | -129 | -103 | -112 | -475 | -445 |
| Other administrative expenses |  | -68 | -56 | -61 | -239 | -229 |
| Depreciations and impairment of non-financial assets |  | -20 | -15 | -35 | -64 | -84 |
| **Total operating expenses** |  | **-217** | **-174** | **-208** | **-778** | **-758** |
| **Operating profit before credit losses** |  | **449** | **506** | **583** | **1921** | **2214** |
| Net credit losses | 4 | -416 | 25 | 119 | -429 | -93 |
| **Operating profit** |  | **33** | **531** | **702** | **1491** | **2121** |
| Tax expenses |  | -8 | -110 | -146 | -309 | -438 |
| **Net profit**<sup>1</sup> |  | **25** | **421** | **556** | **1183** | **1683** |
| **Other comprehensive income related to:** |  |  |  |  |  |  |
| Items to be reclassified to profit or loss |  |  |  |  |  |  |
| *Derivatives in cash flow hedges* |  | *—* | *—* | *7* | *3* | *56* |
| Tax on items to be reclassified to profit or loss |  |  |  | -2 | 0 | -12 |
| **Net items to be reclassified to profit or loss** |  | **—** | **—** | **5** | **3** | **44** |
| Items not to be reclassified to profit or loss |  |  |  |  |  |  |
| *Own credit risk* |  | *7* | *-46* | *197* | *17* | *320* |
| *Revaluation of defined benefit plans* |  | *-9* | *0* | *-11* | *-10* | *-9* |
| Tax on items not to be reclassified to profit or loss |  | 0 | 10 | -38 | -1 | -64 |
| **Net items not to be reclassified to profit or loss** |  | **-2** | **-36** | **148** | **6** | **247** |
| **Total other comprehensive income** |  | **-2** | **-36** | **153** | **9** | **291** |
| **Total comprehensive income**<sup>1</sup> |  | **23** | **385** | **709** | **1192** | **1974** |
| Skr |  |  |  |  |  |  |
| Basic and diluted earnings per share<sup>2</sup> |  | 6 | 105 | 140 | 296 | 422 |

---

1 The entire profit is attributable to the shareholder of the Parent Company.<br>2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.<br>

Year-end Report 2025Page 16 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Consolidated Statement of Financial Position** 

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **Note** | **December 31,**<br>**2025**<br>| **December 31,** <br>**2024**<br>|
| **Assets** |  |  |  |
| Cash and cash equivalents | 5 | 7259 | 5219 |
| Treasuries/government bonds | 5 | 13419 | 4150 |
| Other interest-bearing securities except loans | 5 | 43237 | 52843 |
| Loans in the form of interest-bearing securities | 4, 5 | 47485 | 48726 |
| Loans to credit institutions | 4, 5 | 22939 | 13529 |
| Loans to the public | 4, 5 | 200216 | 224354 |
| Derivatives | 5, 6 | 6721 | 10643 |
| Shares |  |  | 20 |
| Tangible and intangible assets |  | 158 | 178 |
| Deferred tax asset |  | 0 | 1 |
| Other assets |  | 754 | 286 |
| Prepaid expenses and accrued revenues |  | 7775 | 8145 |
| **Total assets** |  | **349964** | **368094** |
| **Liabilities and equity** |  |  |  |
| Borrowing from credit institutions | 5, 7 | 4410 | 8607 |
| Debt securities issued | 5, 7 | 300222 | 316388 |
| Derivatives | 5, 6 | 8988 | 5227 |
| Other liabilities |  | 3664 | 4490 |
| Accrued expenses and prepaid revenues |  | 8581 | 8798 |
| Provisions |  | 10 | 12 |
| **Total liabilities** |  | **325875** | **343522** |
| Share capital |  | 3990 | 3990 |
| Reserves |  | 212 | 204 |
| Retained earnings |  | 19887 | 20378 |
| **Total equity** |  | **24089** | **24572** |
| **Total liabilities and equity** |  | **349964** | **368094** |

---

Year-end Report 2025Page 17 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Condensed Consolidated Statement**

**of Changes in Equity (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Reserves** | **Reserves** | **Reserves** |  |
| **Skr mn** | **Equity** | **Share capital** | ***Hedge reserve*** | ***Own credit*** <br>***risk***<br>| ***Defined*** <br>***benefit plans***<br>| **Retained** <br>**earnings**<br>|
| **Opening balance of equity January 1, 2024** | **22846** | **3990** | **-47** | **-41** | **1** | **18943** |
| Net profit Jan-Dec 2024 | 1683 |  |  |  |  | 1683 |
| Other comprehensive income Jan-Dec 2024 | 291 |  | 44 | 254 | -7 |  |
| **Total comprehensive income Jan-Dec 2024** | **1974** | **—** | **44** | **254** | **-7** | **1683** |
| Dividend | -248 |  | 0 | 0 | 0 | -248 |
| **Closing balance of equity December 31, 2024** | **24572** | **3990** | **-3** | **213** | **-6** | **20378** |
| **Opening balance of equity January 1, 2025** | **24572** | **3990** | **-3** | **213** | **-6** | **20378** |
| Net profit Jan-Dec 2025 | 1183 |  |  |  |  | 1183 |
| Other comprehensive income Jan-Dec 2025 | 9 |  | 3 | 13 | -8 |  |
| **Total comprehensive income Jan-Dec 2025** | **1192** | **—** | **3** | **13** | **-8** | **1183** |
| Dividend | -1673 |  |  |  |  | -1673 |
| **Closing balance of equity December 31, 2025** | **24089** | **3990** | **—** | **226** | **-14** | **19887** |
| 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. | 1 The entire equity is attributable to the shareholder of the Parent Company. |

---

Year-end Report 2025Page 18 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Condensed Statement of Cash Flows** 

**in the Consolidated Group (unaudited)**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| **Operating activities** |  |  |
| Operating profit | 1491 | 2121 |
| Adjustments for non-cash items in operating profit | 1053 | 542 |
| Income tax paid | -606 | -601 |
| Changes in assets and liabilities from operating activities | -592 | -41 |
| **Cash flow from operating activities** | **-7875** | **20078** |
| **Investing activities** |  |  |
| Capital expenditures | -45 | -17 |
| **Cash flow from investing activities** | **-45** | **-17** |
| **Financing activities** |  |  |
| Change in senior debt | 19544 | -17757 |
| Derivatives, net | -7249 | -660 |
| Dividend, paid | -1673 | -248 |
| Payment of lease liability | -29 | -28 |
| **Cash flow from financing activities** | **10593** | **-18693** |
| **Cash flow for the period** | **2673** | **1368** |
| Cash and cash equivalents at beginning of the period | 5219 | 3482 |
| Cash flow for the period | 2673 | 1368 |
| Exchange-rate differences on cash and cash equivalents | -633 | 369 |
| **Cash and cash equivalents at end of the period**<sup>1</sup> | **7259** | **5219** |

---

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.

Year-end Report 2025Page 19 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Notes**

---

| | |
|:---|:---|
| [Note 1. Accounting policies](#i81f56fd6307a47ef82ec3bfbdcc8712a) | [19](#i81f56fd6307a47ef82ec3bfbdcc8712a) |
| [Note 2. Net interest income](#icb5beb6a90bc4f84809f733be15a58af) | [20](#icb5beb6a90bc4f84809f733be15a58af) |
| [Note 3. Net results of financial transactions](#i9564665bcaec4142b19d7d462b240dc2) | [20](#i9564665bcaec4142b19d7d462b240dc2) |
| [Note 4. Impairments](#i6f6d7dad6b1a4696ac19496491dea9c5) | [21](#i6f6d7dad6b1a4696ac19496491dea9c5) |
| [Note 5. Financial assets and liabilities at fair value](#i3cf90158925342338d20b992daf2ef79) | [22](#i3cf90158925342338d20b992daf2ef79) |
| [Note 6. Derivatives](#ib8dfac052f314de3818105a97059befc) | [25](#ib8dfac052f314de3818105a97059befc) |
| [Note 7. Debt](#i1b4aec7054c2402f92429f263e47be3a) | [25](#i1b4aec7054c2402f92429f263e47be3a) |
| [Note 8. CIRR-system](#i47becfedfbee4fda9a83831f147efc64) | [25](#i47becfedfbee4fda9a83831f147efc64) |
| [Note 9. Pledged assets and contingent liabilities](#ie089d55e73d44029938e14ae90ce77ef) | [26](#ie089d55e73d44029938e14ae90ce77ef) |
| [Note 10. Capital adequacy and liquidity situation](#ic4376af22a304234b9172beb83b07f1d) | [27](#ic4376af22a304234b9172beb83b07f1d) |
| [Note 11. Exposures](#ie32bedd96e124076a2766460cf45f264) | [30](#ie32bedd96e124076a2766460cf45f264) |
| [Note 12. Transactions with related parties](#i7bd4879624b5446496ee2294e1a1cd74) | [31](#i7bd4879624b5446496ee2294e1a1cd74) |
| [Note 13. Events after the reporting period](#i29d3a41d8d97433ba39442f7ca73f4af) | [31](#i29d3a41d8d97433ba39442f7ca73f4af) |

---

References to "SEK" or the "Parent Company" are to AB 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 the report have been rounded independently. Accordingly, totals may not equal the sum of

individual amounts.

**Note 1. Accounting policies**

This condensed year-end report is presented in accordance with

International Accounting Standard (IAS) 34, Interim Financial

Reporting. The Consolidated Group's consolidated accounts have

been prepared in accordance with the International Financial

Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), together with the

interpretations from IFRS Interpretations Committee (IFRS IC). The

IFRS standards applied by SEK are all endorsed by the European

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

imposed by the Annual Accounts Act for Credit Institutions and

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

general guidelines issued by Finansinspektionen (the Swedish FSA),

"Annual Reports in Credit Institutions and Securities

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

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

Financial Reporting Board have been applied. SEK also follows the

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

Ownership Policy and principles for state-owned enterprises.

**(a) Changes to accounting policies and presentation**

SEK analyzes and assesses the application and impact of changes

in financial reporting standards that are applied within the Group.

Changes that are not mentioned are either not applicable to SEK

or have been determined to not have a material impact on SEK's

financial reporting.

The accounting policies, methods of computation and presentation

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

those used for the 2024 annual financial statements included in

SEK's 2024 Annual Report on Form 20-F.

**(i) New and amended standards and interpretations applicable for 2025**

There are no new or amended IFRS or IFRS Interpretations

Committee interpretations applicable for 2025 that have had a

material impact on SEK's financial statements, capital adequacy or

large exposure ratios.

**(ii) Standards issued but not yet effective**

In May 2024, IASB issued amendments to IFRS 9 and IFRS 7,

which clarify that a financial liability is derecognized on the

'settlement date'. It also introduces an accounting policy option to

derecognize financial liabilities that are settled through an electronic

payment system before settlement date if certain conditions are met.

The amendments clarify how to assess the contractual cash flow

characteristics of financial assets that include environmental, social

and governance (ESG)-linked features and other similar contingent

features as well as the treatment of non-recourse assets and

contractually linked instruments. Additional disclosures will be

needed in line with IFRS 7 for financial assets and liabilities with

contractual terms that reference a contingent event (including those

that are ESG-linked), and equity instruments classified at fair value

through other comprehensive income. The amendments are effective

for reporting periods beginning on or after 1 January 2026 and have

not had any effect on the primary financial statements.

In April 2024, the IASB issued IFRS 18, which replaces IAS 1

Presentation of Financial Statements. IFRS 18 introduces new

requirements for presentation within the statement of profit or loss,

including specified totals and subtotals. Furthermore, entities are

required to classify all income and expenses within the statement of

profit or loss into one of five categories: operating, investing,

financing, income taxes and discontinued operations, whereof the

first three are new. It also requires disclosure of new management-

defined performance measures, subtotals of income and expenses,

and includes new requirements for aggregation and disaggregation

of financial information based on the identified 'roles' of the

primary financial statements (PFS) and the notes. IFRS 18 is

effective for reporting periods beginning on or after 1 January 2027,

but earlier application is permitted and must be disclosed. IFRS 18

will apply retrospectively. As IFRS 18 will not change any

recognition and measurement, it is not expected to have any

significant impact on SEK's financial reporting.

Year-end Report 2025Page 20 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Note 2. Net interest income**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec**<br>**2025**<br>| **Jul-Sep**<br>**2025**<br>| **Oct-Dec**<br>**2024**<br>| **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| **Interest income** |  |  |  |  |  |
| Loans to credit institutions | 268 | 268 | 211 | 1005 | 921 |
| Loans to the public | 1935 | 2003 | 2354 | 8003 | 9835 |
| Loans in the form of interest-bearing securities | 487 | 521 | 541 | 1948 | 2351 |
| Interest-bearing securities excluding loans in the form of interest-bearing <br>securities<br>| 483 | 502 | 536 | 1926 | 2561 |
| Derivatives | 99 | 183 | 680 | 982 | 3381 |
| Administrative remuneration CIRR-system | 55 | 57 | 51 | 243 | 240 |
| Other assets | 2 | 2 | 9 | 11 | 26 |
| **Total interest income**<sup>1</sup> | **3329** | **3536** | **4382** | **14117** | **19315** |
| **Interest expenses** |  |  |  |  |  |
| Interest expenses | -2602 | -2780 | -3543 | -11154 | -16011 |
| Resolution fee<sup>2</sup> | -23 | -23 | -26 | -83 | -105 |
| Risk tax | -35 | -36 | -35 | -142 | -141 |
| Other regulatory fees | 0 | -19 | 0 | -19 | 0 |
| **Total interest expenses** | **-2660** | **-2858** | **-3604** | **-11398** | **-16257** |
| **Net interest income** | **669** | **678** | **778** | **2719** | **3058** |
| 1 Interest income calculated using the effective interest method amounted to Skr 11,086 million during January-December 2025 (2024: Skr 13,625 million). <br>2 The amount stated for the period January-December 2025 includes a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for <br>financial year 2023. | 1 Interest income calculated using the effective interest method amounted to Skr 11,086 million during January-December 2025 (2024: Skr 13,625 million). <br>2 The amount stated for the period January-December 2025 includes a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for <br>financial year 2023. | 1 Interest income calculated using the effective interest method amounted to Skr 11,086 million during January-December 2025 (2024: Skr 13,625 million). <br>2 The amount stated for the period January-December 2025 includes a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for <br>financial year 2023. | 1 Interest income calculated using the effective interest method amounted to Skr 11,086 million during January-December 2025 (2024: Skr 13,625 million). <br>2 The amount stated for the period January-December 2025 includes a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for <br>financial year 2023. | 1 Interest income calculated using the effective interest method amounted to Skr 11,086 million during January-December 2025 (2024: Skr 13,625 million). <br>2 The amount stated for the period January-December 2025 includes a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for <br>financial year 2023. | 1 Interest income calculated using the effective interest method amounted to Skr 11,086 million during January-December 2025 (2024: Skr 13,625 million). <br>2 The amount stated for the period January-December 2025 includes a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for <br>financial year 2023. |

---

**Note 3. Net results of financial transactions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec**<br>**2025**<br>| **Jul-Sep**<br>**2025**<br>| **Oct-Dec**<br>**2024**<br>| **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| Derecognition of financial instruments not measured at fair value through profit <br>or loss<br>| 0 | 1 | 1 | 3 | 5 |
| Financial assets or liabilities at fair value through profit or loss | 23 | 32 | 44 | 52 | -5 |
| Financial instruments under fair value hedge accounting | -18 | -29 | -20 | -43 | -35 |
| Currency exchange-rate effects on all assets and liabilities excl. currency <br>exchange-rate effects related to revaluation at fair value<br>| 3 | 2 | 0 | 7 | -5 |
| **Total net results of financial transactions** | **8** | **6** | **25** | **18** | **-40** |

---

Year-end Report 2025Page 21 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Note 4. Impairments**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec**<br>**2025**<br>| **Jul-Sep**<br>**2025**<br>| **Oct-Dec**<br>**2024**<br>| **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| Expected credit losses, stage 1 | -8 | 18 | 4 | -19 | 116 |
| Expected credit losses, stage 2 | -299 | 11 | -85 | -293 | -24 |
| Expected credit losses, stage 3 | -110 | -4 | 210 | -112 | -178 |
| Established credit losses | 0 |  | -288 | -100 | -404 |
| Reserves applied to cover established credit losses | 1 |  | 277 | 94 | 393 |
| Recovered credit losses | 0 | 0 | 1 | 1 | 4 |
| **Net credit losses** | **-416** | **25** | **119** | **-429** | **-93** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| **Skr mn** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Total** |
| Loans, before expected credit losses | 222137 | 35421 | 5960 | 263517 | 283931 |
| Off-balance sheet exposures, before expected credit losses | 76138 | 15382 | 0 | 91520 | 66315 |
| **Total, before expected credit losses** | **298275** | **50803** | **5960** | **355038** | **350246** |
| Loss allowance, loans | -68 | -378 | -359 | -805 | -523 |
| Loss allowance, off-balance sheet exposures<sup>1</sup> | -2 | 0 | 0 | -2 | -3 |
| **Total loss allowance** | **-69** | **-378** | **-359** | **-807** | **-526** |
| *Provision ratio (in percent)* | *0.02* | *0.74* | *6.03* | *0.23* | *0.15* |
| 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments <br>and committed undisbursed loans, see Note 9. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments <br>and committed undisbursed loans, see Note 9. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments <br>and committed undisbursed loans, see Note 9. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments <br>and committed undisbursed loans, see Note 9. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments <br>and committed undisbursed loans, see Note 9. | 1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments <br>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 a 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**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| **Skr mn** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Total** |
| **Opening balance January 1** | **-54** | **-86** | **-386** | **-526** | -795 |
| Increases due to origination and acquisition | -34 | -280 | -29 | -343 | -20 |
| Net remeasurement of loss allowance | 0 | 16 | -81 | -65 | 60 |
| Transfer to stage 1 | 0 | 0 |  | 0 | 3 |
| Transfer to stage 2 | 2 | -31 | 0 | -29 | -189 |
| Transfer to stage 3 | 0 |  | -76 | -75 | -95 |
| Decreases due to derecognition | 13 | 1 | 73 | 88 | 155 |
| Decreases in allowance account due to write-offs |  |  | 94 | 94 | 393 |
| Exchange-rate differences<sup>1</sup> | 3 | 1 | 45 | 50 | -38 |
| **Closing balance** | **-69** | **-378** | **-359** | **-807** | **-526** |
| 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 1 Recognized under net results of financial transactions in Statement of Comprehensive Income. | 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 1.1 for

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

have been weighted at between 60 and 80 percent, the downturn

scenarios have been weighted at 20 percent, and the upturn scenarios

have been weighted at between 0 and 20 percent between the

different PD-segments.

Year-end Report 2025Page 22 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Note 5. Financial assets and liabilities at fair value**

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Skr mn** | **Book value** | **Fair value** | **Surplus value (+)/**<br>**Deficit value (-)**<br>|
| Cash and cash equivalents | 7259 | 7259 |  |
| Treasuries/governments bonds | 13419 | 13419 |  |
| Other interest-bearing securities except loans | 43237 | 43237 |  |
| Loans in the form of interest-bearing securities | 47485 | 48748 | 1263 |
| Loans to credit institutions | 22939 | 23304 | 365 |
| Loans to the public | 200216 | 200566 | 350 |
| Derivatives | 6721 | 6721 |  |
| Shares |  |  |  |
| **Total financial assets** | **341277** | **343254** | **1977** |
| Borrowing from credit institutions | 4410 | 4410 |  |
| Debt securities issued | 300222 | 300906 | 684 |
| Derivatives | 8988 | 8988 |  |
| **Total financial liabilities** | **313620** | **314304** | **684** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Skr mn** | **Book value** | **Fair value** | **Surplus value (+)/**<br>**Deficit value (-)**<br>|
| Cash and cash equivalents | 5219 | 5219 |  |
| Treasuries/governments bonds | 4150 | 4150 |  |
| Other interest-bearing securities except loans | 52843 | 52843 |  |
| Loans in the form of interest-bearing securities | 48726 | 49951 | 1225 |
| Loans to credit institutions | 13529 | 13863 | 334 |
| Loans to the public | 224354 | 223945 | -409 |
| Derivatives | 10643 | 10643 |  |
| Shares | 20 | 20 |  |
| **Total financial assets** | **359484** | **360634** | **1150** |
| Borrowing from credit institutions | 8607 | 8607 |  |
| Debt securities issued | 316388 | 316375 | -13 |
| Derivatives | 5227 | 5227 |  |
| **Total financial liabilities** | **330222** | **330209** | **-13** |

---

**Determination of fair value**

The determination of fair value is described in the annual financial

statements included in SEK's 2024 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.

Year-end Report 2025Page 23 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Financial assets in fair value hierarchy**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial assets at fair value** | **Financial assets at fair value** | **Financial assets at fair value** | **Financial assets at fair value** |
| **Skr mn** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Treasuries/governments bonds | 1031 | 12388 |  | 13419 |
| Other interest-bearing securities except loans | 21184 | 22053 |  | 43237 |
| Derivatives |  | 6720 | 1 | 6721 |
| Shares |  |  |  |  |
| **Total December 31, 2025** | **22215** | **41161** | **1** | **63377** |
| **Total December 31, 2024** | **22648** | **44969** | **39** | **67656** |

---

**Financial liabilities in fair value hierarchy**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Financial liabilities at fair value** | **Financial liabilities at fair value** | **Financial liabilities at fair value** | **Financial liabilities at fair value** |
| **Skr mn** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Debt securities issued |  | 14262 | 2598 | 16860 |
| Derivatives |  | 7924 | 1064 | 8988 |
| **Total December 31, 2025** | **—** | **22186** | **3662** | **25848** |
| **Total December 31, 2024** | **—** | **18193** | **4942** | **23135** |

---

There were no transfers during the period (year-end 2024: no transfers during the period).

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **January 1,**<br>**2025**<br>| **Purchases** | **Settlements** <br>**& sales**<br>| **Transfers** <br>**to Level 3**<br>| **Transfers** <br>**from** <br>**Level 3**<br>| **Gains (+)** <br>**and losses (-)** <br>**through** <br>**profit or** <br>**loss**<sup>1</sup><br>| **Gains (+) and** <br>**losses (-) in** <br>**other** <br>**comprehensive** <br>**income**<br>| **Exchange** <br>**rate** <br>**differences**<br>| **December 31,**<br>**2025**<br>|
| Debt securities issued | -3452 |  | 414 |  |  | -32 | -22 | 494 | -2598 |
| Derivatives, net | -1451 |  | 174 |  |  | 22 |  | 192 | -1063 |
| **Net assets and liabilities** | **-4903** | **—** | **588** | **—** | **—** | **-10** | **-22** | **686** | **-3661** |

---

**Financial assets and liabilities at fair value in Level 3, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **January 1,**<br>**2024**<br>| **Purchases** | **Settlements** <br>**& sales**<br>| **Transfers** <br>**to Level 3**<br>| **Transfers** <br>**from** <br>**Level 3**<br>| **Gains (+)** <br>**and losses (-)** <br>**through** <br>**profit or** <br>**loss**<sup>1</sup><br>| **Gains (+) and** <br>**losses (-) in** <br>**other** <br>**comprehensive** <br>**income**<br>| **Exchange** <br>**rate** <br>**differences**<br>| **December 31,**<br>**2024**<br>|
| Debt securities issued | -8271 |  | 4870 |  |  | -81 | 3 | 27 | -3452 |
| Derivatives, net | -2279 |  | 1176 |  |  | 92 |  | -440 | -1451 |
| **Net assets and liabilities** | **-10550** | **—** | **6046** | **—** | **—** | **11** | **3** | **-413** | **-4903** |
| 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. | 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. <br>The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss<br>(year end 2024: Skr 1 million gain) and are reported as net results of financial transactions. |

---

**Uncertainty of valuation of Level 3 instruments**

As the estimation of parameters included in the models used to

calculate the market value of Level 3 instruments is associated with

subjectivity and uncertainty, SEK has conducted an analysis of the

difference in fair value of Level 3 instruments using other

established parameter values. Option models and discounted cash

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

instruments that are significantly affected by different types of

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

revaluation has been made by shifting the correlations. The

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

indicates no relationship, 1 indicates a maximum positive

relationship and -1 indicates a maximum negative relationship. The

maximum correlation in the range of unobservable inputs can thus

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

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

prudent valuation framework. For Level 3 instruments that are

significantly affected by non-observable market data in the form of

SEK's own creditworthiness, a revaluation has been made by

shifting the credit curve. The revaluation is made by shifting the

credit spreads by +/– 10 basis points, which has been assessed as a

reasonable change in SEK's credit spread. The analysis shows the

impact of the non-observable market data on the market value. In

addition, the market value will be affected by observable market

data. The result of the analysis corresponds with SEK's business

model where issued securities are linked with a matched hedging

derivative. The underlying market data is used to evaluate the issued

security as well as to evaluate the fair value in the derivative. This

means that a change in fair value of the issued security, excluding

SEK's own credit spread, is offset by an equally large change in fair

value in the derivative.

Year-end Report 2025Page 24 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Sensitivity analysis – level 3 assets and liabilities**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets and liabilities** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **Skr mn** | **Fair Value** | **Unobservable** <br>**input**<br>| **Range of** <br>**estimates** <br>**for** <br>**unobservable** <br>**input**<br>| **Valuation method** | **Sensitivity** <br>**max**<br>| **Sensitivity** <br>**min**<br>|
| Equity | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
| Interest rate | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
| FX | -957 | Correlation | 0.12 - (0.12) | Option Model | -17 | 17 |
| Other | -106 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
| **Sum derivatives, net** | **-1063** |  |  |  | **-17** | **17** |
| Equity | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
|  | 0 | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 |
| Interest rate | 0 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
|  | 0 | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 |
| FX | -2501 | Correlation | 0.12 - (0.12) | Option Model | 17 | -17 |
|  | 0 | Credit spreads | 10BP - (10BP) | Discounted cash flow | 10 | -10 |
| Other | -97 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
|  | 0 | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 |
| **Sum debt securities issued** | -2598 |  |  |  | **27** | **-27** |
| **Total effect on total comprehensive** <br>**income**<br>|  |  |  |  | **10** | **-10** |
| **Derivatives, net, December 31, 2024** | **-1451** |  |  |  | **-18** | **18** |
| **Debt securities issued, December 31,** <br>**2024**<br>| **-3452** |  |  |  | **34** | **-34** |
| **Total effect on total comprehensive** <br>**income, December 31, 2024**<br>|  |  |  |  | **16** | **-16** |

---

The sensitivity analysis shows the effect that a shift in correlations

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

presents maximum positive and negative change in fair value when

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

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

maximum/minimum effect on total comprehensive income the most

adverse/favorable shift is chosen, considering the net exposure

arising from the issued securities and the derivatives, for each

correlation

**Fair value related to credit risk**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value originating from credit risk**<br>**(- liabilities increase/ + liabilities decrease)** | **Fair value originating from credit risk**<br>**(- liabilities increase/ + liabilities decrease)** | **The period's change in fair value originating** <br>**from credit risk (+ income/- loss)** | **The period's change in fair value originating** <br>**from credit risk (+ income/- loss)** |
| **Skr mn** | **December 31,**<br>**2025**<br>| **December 31,** <br>**2024**<br>| **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| CVA/DVA, net<sup>1</sup> | -11 | -17 | 6 | 22 |
| OCA<sup>2</sup> | 282 | 265 | 17 | 320 |
| 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 <br>fair value of derivatives.<br>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. | 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 <br>fair value of derivatives.<br>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. | 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 <br>fair value of derivatives.<br>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. | 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 <br>fair value of derivatives.<br>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. | 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 <br>fair value of derivatives.<br>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. |

---

Year-end Report 2025Page 25 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Note 6. Derivatives**

**Derivatives by category**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Skr mn** | **Assets** <br>**Fair value**<br>| **Liabilities**<br>**Fair value**<br>| **Nominal** <br>**amounts**<br>| **Assets** <br>**Fair value**<br>| **Liabilities**<br>**Fair value**<br>| **Nominal** <br>**amounts**<br>|
| Interest rate-related contracts | 4624 | 1332 | 510865 | 5066 | 919 | 531122 |
| Currency-related contracts | 2097 | 7550 | 137052 | 5577 | 4120 | 154836 |
| Equity-related contracts |  |  |  |  | 70 | 90 |
| Contracts related to commodities, credit risk, etc. |  | 105 | 2890 |  | 118 | 4648 |
| **Total derivatives** | **6721** | **8988** | **650807** | **10643** | **5227** | **690696** |

---

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** | **December 31,** <br>**2025**<br>| **December 31,**<br>**2024**<br>|
| Currency-related contracts | 3777 | 4802 |
| Interest rate-related contracts | 300759 | 320014 |
| Equity-related contracts |  | 54 |
| Contracts related to commodities, credit risk, etc. | 97 | 125 |
| **Total debt** | **304633** | **324995** |
| *of which denominated in:* |  |  |
| *Skr* | *24599* | *22509* |
| *USD* | *166687* | *203141* |
| *EUR* | *84653* | *67070* |
| *AUD* | *12119* | *10281* |
| *GBP* | *7899* | *10238* |
| *CHF* | *4188* | *4461* |
| *Other currencies* | *4487* | *7295* |

---

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. In addition to the CIRR-

system, SEK administers the Swedish government's previous

concessionary credit program according to the same principles as the

CIRR-system. No new lending is being offered under the

concessionary credit program. As of December 31, 2025, there were

no concessionary loans outstanding (year-end 2024: Skr 64 million)

and operating profit for the program amounted to Skr -1 million

(2024: Skr -7 million) for the period January-December 2025.

SEK's administrative compensation for administrating the

concessionary credit program amounted to Skr 0 million (2024: Skr

0 million).

Year-end Report 2025Page 26 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Statement of Comprehensive Income for the CIRR-system**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Oct-Dec**<br>**2025**<br>| **Jul-Sep**<br>**2025**<br>| **Oct-Dec**<br>**2024**<br>| **Jan-Dec**<br>**2025**<br>| **Jan-Dec**<br>**2024**<br>|
| Interest income | 510 | 526 | 571 | 2139 | 2302 |
| Interest expenses | -570 | -595 | -538 | -2346 | -2070 |
| Interest compensation | 0 | 0 | 0 | 0 | 0 |
| Foreign exchange effects | 0 | 0 | 1 | 2 | 1 |
| **Profit before compensation to SEK** | **-61** | **-69** | **34** | **-205** | **233** |
| Administrative remuneration to SEK | -55 | -57 | -51 | -243 | -240 |
| **Operating profit CIRR-system** | **-116** | **-126** | **-17** | **-448** | **-7** |
| Reimbursement to (-) / from (+) the State | 116 | 126 | 17 | 448 | 7 |

---

**Statement of Financial Position for the CIRR-system**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **December 31,** <br>**2025**<br>| **December 31,**<br>**2024**<br>|
| Cash and cash equivalents | 0 | 0 |
| Loans | 85643 | 101657 |
| Derivatives | 3231 | 3939 |
| Other assets | 629 | 217 |
| Prepaid expenses and accrued revenues | 1772 | 1817 |
| **Total assets** | **91275** | **107630** |
| Liabilities | 89590 | 106093 |
| Derivatives | 194 | 266 |
| Accrued expenses and prepaid revenues | 1490 | 1271 |
| **Total liabilities** | **91275** | **107630** |
| **Commitments** |  |  |
| Committed undisbursed loans | 37286 | 42007 |

---

**Note 9. Pledged assets and contingent liabilities**

---

| | | |
|:---|:---|:---|
| Skr mn | **December 31,** <br>**2025**<br>| **December 31,**<br>**2024**<br>|
| **Collateral provided** |  |  |
| Cash collateral under the security agreements for derivative contracts | 6858 | 3201 |
| **Contingent liabilities**<sup>1</sup> |  |  |
| Guarantee commitments | 9896 | 9428 |
| **Commitments**<sup>1</sup> |  |  |
| Committed undisbursed loans | 81624 | 56887 |
| 1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4. | 1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4. | 1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4. |

---

Year-end Report 2025Page 27 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Note 10. Capital adequacy and liquidity situation**

The capital adequacy analysis relates to the parent company AB 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 2024 Annual Report on Form 20-F and see SEK's Capital Adequacy and Risk Management (Pillar 3) Report

2024. **Capital Adequacy Analysis**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Capital adequacy** | **percent**<sup>1</sup> | **percent**<sup>1</sup> |
| Common Equity Tier 1 capital ratio | 23.1 | 22.2 |
| Tier 1 capital ratio | 23.1 | 22.2 |
| Total capital ratio | 23.1 | 22.2 |
| 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. <br>See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. | 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. <br>See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. | 1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. <br>See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Total risk-based capital requirement** | **Skr mn** | **percent**<sup>1</sup> | **Skr mn** | **percent**<sup>1</sup> |
| **Capital base requirement of 8 percent**<sup>2</sup> | **7993** | **8.0** | **8437** | **8.0** |
| of which Tier 1 requirement of 6 percent | 5995 | 6.0 | 6328 | 6.0 |
| of which minimum requirement of 4.5 percent | 4496 | 4.5 | 4746 | 4.5 |
| **Pillar 2 capital requirements**<sup>3</sup> | **3007** | **3.0** | **3871** | **3.7** |
| Common Equity Tier 1 capital available to meet buffer requirements<sup>4</sup> | 12123 | 12.1 | 11106 | 10.5 |
| **Capital buffer requirements** | **4072** | **4.1** | **4317** | **4.1** |
| of which Capital conservation buffer | 2498 | 2.5 | 2637 | 2.5 |
| of which Countercyclical buffer | 1574 | 1.6 | 1680 | 1.6 |
| **Pillar 2 guidance**<sup>5</sup> | **999** | **1.0** | **1582** | **1.5** |
| **Total risk-based capital requirement including Pillar 2 guidance** | **16071** | **16.1** | **18207** | **17.3** |
| 1 Expressed as a percentage of total risk exposure amount.<br>2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, <br>on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012).<br>3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest <br>Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 30, 2025.<br>4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements <br>with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent). <br>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) <br>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. <br>The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total risk exposure amount.<br>2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, <br>on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012).<br>3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest <br>Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 30, 2025.<br>4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements <br>with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent). <br>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) <br>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. <br>The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total risk exposure amount.<br>2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, <br>on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012).<br>3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest <br>Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 30, 2025.<br>4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements <br>with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent). <br>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) <br>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. <br>The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total risk exposure amount.<br>2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, <br>on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012).<br>3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest <br>Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 30, 2025.<br>4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements <br>with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent). <br>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) <br>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. <br>The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total risk exposure amount.<br>2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, <br>on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012).<br>3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest <br>Swedish FSA Supervisory Review and Evaluation Process ("SREP") on September 30, 2025.<br>4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements <br>with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent). <br>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) <br>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. <br>The Pillar 2 guidance is not a binding requirement. |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Leverage ratio**<sup>1</sup> | **Skr mn** | **Skr mn** |
| On-balance sheet exposures | 236953 | 234139 |
| Off-balance sheet exposures | 7161 | 8775 |
| **Total exposure measure** | **244114** | **242914** |
| **Leverage ratio**<sup>2</sup> | **9.5%** | **9.6%** |
| 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized.<br>2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. | 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized.<br>2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. | 1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized.<br>2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
| **Total Leverage ratio requirement** | **Skr mn** | **percent**<sup>1</sup> | **Skr mn** | **percent**<sup>1</sup> |
| Capital base requirement of 3 percent | 7323 | 3.0 | 7288 | 3.0 |
| Pillar 2 guidance<sup>2</sup> | 366 | 0.2 | 365 | 0.2 |
| **Total capital requirement relating to Leverage ratio including Pillar 2** <br>**guidance**<br>| **7689** | **3.2** | **7653** | **3.2** |
| 1 Expressed as a percentage of total exposure amount.<br>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 <br>total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total exposure amount.<br>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 <br>total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total exposure amount.<br>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 <br>total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total exposure amount.<br>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 <br>total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. | 1 Expressed as a percentage of total exposure amount.<br>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 <br>total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement. |

---

Year-end Report 2025Page 28 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Own funds – Adjusting items**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **December 31,**<br>**2025**<br>| **December 31,**<br>**2024**<br>|
| Share capital | 3990 | 3990 |
| Retained earnings | 18468 | 18413 |
| Accumulated other comprehensive income and other reserves | 456 | 241 |
| Independently reviewed profit net of any foreseeable charge or dividend | 703 | 1255 |
| **Common Equity Tier 1 (CET1) capital before regulatory adjustments** | **23617** | **23899** |
| Additional value adjustments due to prudent valuations | -83 | -84 |
| Intangible assets | -22 | -22 |
| Fair value reserves related to gains or losses on cash flow hedges |  | 3 |
| Gains or losses on liabilities valued at fair value resulting from changes in own credit standing | -229 | -217 |
| IRB shortfall of credit risk adjustments to expected losses | -144 | -180 |
| Insufficient coverage for non-performing exposures | -15 | -2 |
| **Total regulatory adjustments to Common Equity Tier 1 capital** | **-493** | **-502** |
| **Total Common Equity Tier 1 capital** | **23124** | **23397** |
| **Total own funds** | **23124** | **23397** |

---

**Minimum capital requirements exclusive of buffer**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Skr mn** | **EAD**<sup>1</sup> | **Risk exposure** <br>**amount**<br>| **Min. capital** <br>**requirement**<br>| **EAD**<sup>1</sup> | **Risk exposure** <br>**amount**<br>| **Min. capital** <br>**requirement**<br>|
| **Credit risk, standardized approach** |  |  |  |  |  |  |
| Corporates | 5829 | 5770 | 462 | 5532 | 5528 | 442 |
| Equity exposures |  |  |  | 20 | 30 | 2 |
| Default exposures | 0 | 0 | 0 | 6 | 6 | 1 |
| **Total credit risk, standardized approach** | **5829** | **5770** | **462** | **5558** | **5564** | **445** |
| **Credit risk, IRB approach** |  |  |  |  |  |  |
| Central governments | 233305 | 9487 | 759 | 211834 | 9159 | 733 |
| Financial institutions<sup>2</sup> | 32236 | 6493 | 519 | 34067 | 6153 | 492 |
| Corporates<sup>3</sup> | 149636 | 69128 | 5530 | 147820 | 75541 | 6043 |
| Non-credit-obligation assets | 201 | 201 | 16 | 213 | 213 | 17 |
| **Total credit risk, IRB approach** | **415378** | **85310** | **6825** | **393934** | **91066** | **7285** |
| Credit valuation adjustment risk | n.a. | 1882 | 151 | n.a. | 1936 | 154 |
| Foreign exchange risk | n.a. | 2494 | 200 | n.a. | 1498 | 120 |
| Commodity risk | n.a. | 4 | 0 | n.a. | 7 | 1 |
| Operational risk | n.a. | 4452 | 356 | n.a. | 5395 | 432 |
| **Total** | **421207** | **99912** | **7994** | **399492** | **105466** | **8437** |
| 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million <br>(year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million).<br>3 Of which related to specialized lending: EAD Skr 8,258 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 8,473 million <br>(year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 million). | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million <br>(year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million).<br>3 Of which related to specialized lending: EAD Skr 8,258 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 8,473 million <br>(year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 million). | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million <br>(year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million).<br>3 Of which related to specialized lending: EAD Skr 8,258 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 8,473 million <br>(year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 million). | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million <br>(year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million).<br>3 Of which related to specialized lending: EAD Skr 8,258 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 8,473 million <br>(year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 million). | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million <br>(year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million).<br>3 Of which related to specialized lending: EAD Skr 8,258 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 8,473 million <br>(year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 million). | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million <br>(year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million).<br>3 Of which related to specialized lending: EAD Skr 8,258 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 8,473 million <br>(year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 million). | 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million <br>(year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million).<br>3 Of which related to specialized lending: EAD Skr 8,258 million (year-end 2024: Skr 7,322 million), Risk exposure amount of Skr 8,473 million <br>(year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 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.

Year-end Report 2025Page 29 of [34](#i7d0487f916de4b729183abd43f013589_106)

**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.

**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 December 31, 2025, the capital

requirement related to relevant exposures in Sweden was 71 percent

(year-end 2024: 74 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

December 31, 2025, the contribution to SEK's countercyclical

buffer from buffer rates in other countries was 0.15 percentage

points (year-end 2024: 0.12 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** | **December 31,**<br>**2025**<br>| **December 31,**<br>**2024**<br>|
| Total liquid assets | 59.1 | 64.1 |
| Net liquidity outflows<sup>1</sup> | 10.3 | 14.9 |
| *Liquidity outflows* | *22.9* | *26.0* |
| *Liquidity inflows* | *13.2* | *11.2* |
| **Liquidity coverage ratio** | **660%** | **518%** |
| 1 Net liquidity outflows are calculated as the net of liquidity outflows and <br>capped liquidity inflows. Capped liquidity inflows are calculated in accordance with <br>article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated <br>Regulation (EU) 2015/61. | 1 Net liquidity outflows are calculated as the net of liquidity outflows and <br>capped liquidity inflows. Capped liquidity inflows are calculated in accordance with <br>article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated <br>Regulation (EU) 2015/61. | 1 Net liquidity outflows are calculated as the net of liquidity outflows and <br>capped liquidity inflows. Capped liquidity inflows are calculated in accordance with <br>article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated <br>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** | **December 31,**<br>**2025**<br>| **December 31,**<br>**2024**<br>|
| Available stable funding | 244.3 | 272.5 |
| Required stable funding | 202.8 | 211.0 |
| **Net stable funding ratio** | **120%** | **129%** |

---

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 reserve**<sup>1</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **Skr bn** | **Total** | **Skr** | **EUR** | **USD** | **Other** | **Total** | **Skr** | **EUR** | **USD** | **Other** |
| Securities issued or guaranteed by <br>sovereigns, central banks or multilateral <br>development banks<br>| 33.0 | 6.0 | 11.2 | 15.8 |  | 25.3 | 11.0 | 8.0 | 6.3 |  |
| Securities issued or guaranteed by <br>municipalities or other public entities<br>| 11.2 | 4.2 | 0.7 | 6.3 |  | 18.3 | 7.1 | 3.8 | 7.4 |  |
| Covered bonds issued by other institutions | 12.0 | 11.2 | 0.8 |  |  | 13.1 | 13.1 |  |  |  |
| Balances with National Debt Office | 1.0 | 1.0 |  |  |  | 1.0 | 1.0 |  |  |  |
| **Total liquidity reserve** | **57.2** | **22.4** | **12.7** | **22.1** | **—** | **57.7** | **32.2** | **11.8** | **13.7** | **—** |
| 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 1 The liquidity reserve is a part of SEK's liquidity investments. | 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.

Year-end Report 2025Page 30 of [34](#i7d0487f916de4b729183abd43f013589_106)

**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** | **Interest-bearing securities and lending** | **Interest-bearing securities and lending** | **Interest-bearing securities and lending** | **Committed undisbursed loans,** <br>**derivatives, etc.** | **Committed undisbursed loans,** <br>**derivatives, etc.** | **Committed undisbursed loans,** <br>**derivatives, etc.** | **Committed undisbursed loans,** <br>**derivatives, etc.** | **Total** | **Total** | **Total** | **Total** |
|  | **December 31,** <br>**2025** | **December 31,** <br>**2025** | **December 31,** <br>**2024** | **December 31,** <br>**2024** | **December 31,** <br>**2025** | **December 31,** <br>**2025** | **December 31,** <br>**2024** | **December 31,** <br>**2024** | **December 31,** <br>**2025** | **December 31,** <br>**2025** | **December 31,** <br>**2024** | **December 31,** <br>**2024** |
| **Skr bn** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Central governments | 140.5 | 42.5 | 148.3 | 42.6 | 76.3 | 78.9 | 49.3 | 68.2 | 216.8 | 50.8 | 197.6 | 47.0 |
| Regional governments | 10.9 | 3.3 | 18.2 | 5.3 | 0.6 | 0.6 | 0.5 | 0.7 | 11.4 | 2.7 | 18.7 | 4.5 |
| Multilateral development <br>banks<br>| 5.1 | 1.6 | 7.0 | 2.0 |  |  |  |  | 5.1 | 1.2 | 7.0 | 1.7 |
| Public sector entity |  |  | 1.0 | 0.3 |  |  |  |  |  |  | 1.0 | 0.2 |
| Financial institutions | 26.6 | 8.1 | 28.0 | 8.0 | 5.7 | 5.8 | 6.1 | 8.4 | 32.2 | 7.6 | 34.1 | 8.1 |
| Corporates | 147.1 | 44.6 | 145.7 | 41.8 | 14.2 | 14.7 | 16.4 | 22.7 | 161.3 | 37.8 | 162.1 | 38.5 |
| Equity exposures |  |  | 0.0 | 0.0 |  |  | 0.0 | 0.0 |  |  | 0.0 | 0.0 |
| **Total** | **330.1** | **100.0** | **348.2** | **100.0** | **96.8** | **100.0** | **72.3** | **100.0** | **426.9** | **100.0** | **420.5** | **100.0** |

---

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

---

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

---

**Net exposure by region and exposure class, as of December 31, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr bn** | **Middle** <br>**East/Africa/**<br>**Turkey**<br>| **Asia excl.** <br>**Japan**<br>| **Japan** | **North** <br>**America**<br>| **Latin** <br>**America**<br>| **Sweden** | **Western** <br>**Europe** <br>**excl.** <br>**Sweden**<br>| **Central** <br>**and** <br>**Eastern** <br>**Europe**<br>| **Total** |
| Central governments | 0.0 | 0.1 |  | 0.4 |  | 187.4 | 7.7 | 2.0 | 197.6 |
| Regional governments |  |  |  |  |  | 17.1 | 1.5 | 0.1 | 18.7 |
| Multilateral development banks |  | 0.7 |  | 0.5 |  |  | 5.8 |  | 7.0 |
| Public sector entity |  |  |  |  |  |  | 1.0 |  | 1.0 |
| Financial institutions |  |  | 0.9 | 2.2 |  | 18.8 | 12.2 |  | 34.1 |
| Corporates | 0.1 | 1.1 | 3.0 | 8.4 | 3.3 | 110.2 | 35.1 | 0.9 | 162.1 |
| Equity exposures |  |  |  |  |  | 0.0 |  |  | 0.0 |
| **Total** | **0.1** | **1.9** | **3.9** | **11.5** | **3.3** | **333.5** | **63.3** | **3.0** | **420.5** |

---

Year-end Report 2025Page 31 of [34](#i7d0487f916de4b729183abd43f013589_106)

**Net exposure to European countries, excluding Sweden**

---

| | | |
|:---|:---|:---|
| **Skr bn** | **December 31,**<br>**2025**<br>| **December 31,**<br>**2024**<br>|
| Germany | 12.6 | 6.5 |
| United Kingdom | 8.7 | 8.8 |
| Luxembourg | 7.6 | 10.7 |
| Finland | 6.5 | 8.2 |
| France | 6.4 | 7 |
| Denmark | 5.8 | 6.9 |
| Norway | 3.6 | 3.6 |
| Poland | 3.4 | 2.1 |
| Belgium | 3.4 | 3 |
| Spain | 2.3 | 2.2 |
| Ireland | 1.5 | 1.4 |
| Portugal | 0.8 | 0.8 |
| Austria | 0.7 | 1.7 |
| The Netherlands | 0.6 | 1.4 |
| Switzerland | 0.5 | 0.7 |
| Italy | 0.2 | 0.2 |
| Serbia | 0.1 | 0.3 |
| Czech Republic | 0.1 | 0.2 |
| Slovakia | 0.1 | 0.1 |
| Montenegro | 0.0 |  |
| Lithuania | 0.0 | 0.2 |
| Estonia |  | 0.1 |
| **Total** | **64.8** | **66.3** |

---

**Note 12. Transactions with related parties**

Transactions with related parties are described in Note 27 to the

annual financial statements in SEK's 2024 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 2024 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.

Year-end Report 2025Page 32 of [34](#i7d0487f916de4b729183abd43f013589_106)

The Board of Directors and the Chief Executive Officer confirm that this year-end 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, January 26, 2026

AB SVENSK EXPORTKREDIT

SWEDISH EXPORT CREDIT CORPORATION

---

| | | | |
|:---|:---|:---|:---|
| Lennart Jacobsen |  | Håkan Berg | Håkan Berg |
| *Chairman of the Board* |  | *Director of the Board* | *Director of the Board* |
| Paula da Silva | Reinhold Geijer |  | 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* |  |  |

---

**Annual General Meeting**

The company's annual general meeting will be held March 26, 2026.

**Annual Report on Form 20-F**

The company's Annual Report on Form 20-F is expected to be available on SEK's website

www.sek.se beginning February 26, 2026.

SEK has established the following expected dates for the publication of financial information

and other related matters:

April 27, 2026Interim report for the period January 1, 2026 – March 31, 2026

July 17, 2026Interim report for the period January 1, 2026 – June 30, 2026

October 20, 2026Interim report for the period January 1, 2026 – September 30, 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

January 26, 2026, 15:00 (CEST).

Additional information about SEK, including investor presentations and SEK's 2024 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.

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Year-end Report 2025Page 33 of [34](#i7d0487f916de4b729183abd43f013589_106)

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.*

**Available funds**

Available funds is comprised of outstanding senior

debt and credit facility in place with the Swedish

National Debt Office.

**\*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).

**\*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.

***\*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"). AB 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.

![sistasidaq.jpg](sistasidaq.jpg)

Year-end Report 2025Page 34 of [34](#i7d0487f916de4b729183abd43f013589_106)

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

---

About SEK

**Exhibit 99.2**

**CAPITALIZATION**

The following table sets out SEK's consolidated capitalization as at December 31, 2025. This table should be read in conjunction with the

unaudited financial statements included in our Report on Form 6-K for the full year ended December 31, 2025.

---

| | |
|:---|:---|
| **(Skr millions)** |  |
| **Senior debt:** |  |
| Long-term | 208679 |
| Short-term | 95954 |
| Total senior debt (1), (2) | 304633 |
| **Subordinated debt:** |  |
| Long-term |  |
| Short-term |  |
| Total subordinated debt (1) |  |
| **Equity:** |  |
| Share capital (3990000) shares issued and paid-up, par value Skr 1,000 (3) | 3990 |
| Reserves | 212 |
| Retained earnings | 19887 |
| Total | 24089 |
| Total capitalization | 328722 |

---

(1) At December 31, 2025, our consolidated group had no contingent liabilities. Other than that disclosed herein, we had no other

indebtedness as at December 31, 2025.

(2) Unguaranteed and unsecured.

(3) In accordance with our Articles of Association, SEK's share capital shall neither be less than Skr 1,500 million nor more than Skr 6,000

million.

There has been no material change in SEK's capitalization, contingent liabilities and guarantees since December 31, 2025.

## Exhibit 99.2

**Exhibit 99.2**

CAPITALIZATION

The following table sets out SEK's consolidated capitalization as at December 31, 2025. This table should be read in conjunction with the unaudited financial statements included in our Report on Form 6-K for the full year ended December 31, 2025.

---

| | |
|:---|:---|
| **(Skr millions)** | |
| **Senior debt:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term | 208679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term | 95954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total senior debt (1), (2) | 304633 |
| **Subordinated debt:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total subordinated debt (1) |  |
| **Equity:** |  |
| Share capital (3990000) shares issued and paid-up, par value Skr 1,000 (3) | 3990 |
| Reserves | 212 |
| Retained earnings | 19887 |
| Total | 24089 |
| Total capitalization | 328722 |

---

(1) At December 31, 2025, our consolidated group had no contingent liabilities. Other than that disclosed herein, we had no other indebtedness as at December 31, 2025.

(2) Unguaranteed and unsecured.

(3) In accordance with our Articles of Association, SEK's share capital shall neither be less than Skr 1,500 million nor more than Skr 6,000 million.

There has been no material change in SEK's capitalization, contingent liabilities and guarantees since December 31, 2025.

<br>