# EDGAR Filing Document

**Accession Number:** 0000352960
**File Stem:** 0000352960-26-000017
**Filing Date:** 2026-4
**Character Count:** 122199
**Document Hash:** 2b4c4ca55e0fc75cd64ddf3975e64c4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000352960-26-000017.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0000352960-26-000017

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**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:** 26896887

**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

**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 April, 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 ☐

**<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 first quarter of 2026.

<u>[Exhibit 99.2 Table of unaudited consolidated capitalization of the Registrant.](exhibit992q12026.htm)</u>

AB Svensk Exportkredit (publ)

*Swedish Export Credit Corporation*

**Interim report**

January-March 2026

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by

the undersigned, thereunto duly authorized.

Dated: April 27, 2026

AB Svensk Exportkredit (publ)

(Swedish Export Credit Corporation)

By: /s/ Magnus Montan

Magnus Montan, Chief Executive Officer

![sek_blue.jpg](sek_blue.jpg)

**AB Svensk Exportkredit**

*Swedish Export Credit Corporation*

![bakgrund_26xjanxmars.jpg](bakgrund_26xjanxmars.jpg)

**Interim report January-March 2026**

![qreportbackground.jpg](qreportbackground.jpg)

Interim report January-March 2026Page 6 of [33](#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-March 2026**

(January-March 2025)

• Net interest income Skr 684 million (3M25: Skr 710 million)

• Operating profit Skr 504 million (3M25: Skr 577 million)

• C/I ratio 29 percent (3M25: 27 percent)

• After-tax return on equity 6.7 percent (3M25: 7.6 percent)

• Lending portfolio growth -0.6 percent (3M25: -5.5 percent)

• New credit and guarantee commitments Skr 15.3 billion

(3M25: Skr 12.0 billion)

**Equity and balances, March 31, 2026**

(December 31, 2025)

• Total capital ratio 23.0 percent (year-end 2025: 23.1 percent)

*– capital margin against FSA requirement 6.9 percentage points*

*(year-end 2025: 7.1 percentage points)*

• Total assets Skr 362.7 billion (year-end 2025: Skr 350.0 billion)

• Total lending portfolio Skr 261.0 billion (year-end 2025: Skr 262.7 billion)

*– of which sustainability classified lending Skr 54.0 billion* 

*(year-end 2025: Skr 56.3 billion)*

• Loans, outstanding and undisbursed Skr 341.4 billion

(year-end 2025: Skr 344.3 billion)

• Outstanding senior debt Skr 311.8 billion (year-end 2025: Skr 304.6 billion)

*– of which green borrowings Skr 24.8 billion* 

*(year-end 2025: Skr 27.8 billion)*

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Interim report January-March 2026Page 7 of [33](#i7d0487f916de4b729183abd43f013589_106)

Statement of the CEO

**Stable net interest income and strong customer** 

**focus in a volatile environment**

**The geopolitical situation remains uncertain and the market is characterized by volatility. During the first quarter of the year, we** 

**signed new credit and guarantee commitments of Skr 15 billion and delivered a return on equity of 6.7 percent. With a robust** 

**financial position and continued customer confidence, we are focusing on growth and prioritized sectors to continue supporting** 

**Swedish exports in a rapidly changing environment.**

**Stable net interest income in an uncertain global environment** 

The year began with increased geopolitical tensions, which has

contributed to more conservative investment decisions by

companies and a more restrained market environment. Despite this,

SEK signed new credit and guarantee commitments of Skr 15.3

billion, which can be compared with Skr 12.0 billion in the

corresponding quarter last year. After a cautious start to the year,

activity increased in March.

Net interest income amounted to Skr 684 million (3M25: Skr 710

million). Compared with the same period last year, the outcome is

mainly explained by a lower average Swedish short-term interest

rate, as well as a stronger Swedish krona. Net profit amounted to Skr

400 million (3M25: Skr 458 million) and the return on equity

amounted to 6.7 percent (3M25: 7.6 percent).

**Global environment and market**

The war in the Middle East has contributed to rising oil and gas

prices and thus increased volatility in the capital markets. At the

same time, market conditions have remained resilient, even during

periods of market unrest. At its most recent meeting, the Riksbank

left the key interest rate unchanged at 1.75 percent, while also

highlighting that the risks of higher inflation are significant.

Rising energy prices are increasing companies transport and

production costs. At the same time, after several years of recurring

global crises, companies have generally strengthened their

preparedness for rapid cost increases and price changes.

**Strategic infrastructure projects and new customers**

During the quarter, we welcomed four new customers across a range

of sectors, including the investment company Latour, demonstrating

the continued demand for our offerings.

It was also particularly pleasing that we completed a transaction

in Nigeria, one of Team Sweden's focus markets for strategic

infrastructure projects. The deal was completed one year after our

business delegation to the country, which demonstrates our ability to

convert strategic initiatives into executed transactions. It was done

together with the British export credit institution UK Export

Finance, in line with our strategy to broaden our ecosystem of

international partners.

In response to a more fragmented trade policy environment, the

EU has intensified work on new and updated free trade agreements.

In January, for example, free trade agreements were signed with

India and the Mercosur countries in South America. In the long

term, such agreements are expected to open up new opportunities

for Swedish exports and in turn new business opportunities for SEK.

**Successful borrowing** 

SEK is a valued player in the international capital markets and has a

strong financing capacity even in times of turmoil. In March, we

demonstrated this by issuing our first global benchmark bond in

USD in 2026 despite volatile market conditions. The bond amounted

to USD 1.5 billion with a maturity of three years.

Long-term new borrowing amounted to Skr 28.9 billion (3M25:

Skr 18.1 billion). With good capitalization and strong investor

confidence, we can continue to finance Swedish exports and meet

customer needs even amid rapidly changing market conditions.

**Future prospects**

During the year, we will continue to develop and refine our three

new offerings; aid-supported export credits, lending via

development banks and working capital financing for customers of

export companies. At the same time, we see great potential in the

defense, transportation, energy and mining sectors, where there is a

large investment need.

SEK's Annual General Meeting was held on March 26. It was an

important starting point for the rest of the year and reaffirmed our

mission to strengthen the competitiveness of Swedish exports by

providing financing on commercial and sustainable grounds. With a

strong financial position, we continue to support customers and

businesses in a rapidly changing world.

![magnus_montanxcirkel.jpg](magnus_montanxcirkel.jpg)

**Magnus Montan, CEO**

![qreportbackground.jpg](qreportbackground.jpg)

Interim report January-March 2026Page 8 of [33](#i7d0487f916de4b729183abd43f013589_106)

Operations

Total lending portfolio, quarterly

Skr bn

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

Total lending portfolio per region

March 31, 2026

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

**Skr 261.0 bn**

(year-end 2025:

Skr 262.7 bn)

New credit and guarantee commitments,

quarterly

Skr bn

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

**Customer business**

New credit and guarantee commitments during the period amounted to Skr 15.3

billion (3M25: Skr 12.0 billion), an increase compared to the same period last year.

The lending portfolio decreased slightly since the beginning of the year and

amounted to Skr 261.0 billion (year-end 2025: Skr 262.7 billion). Committed

undisbursed loans amounted to Skr 80.4 billion (year-end 2025: Skr 81.6 billion).

SEK's growth strategy, to do more for more companies, involves continued

development of offerings and a focus on broadening the customer base, especially

within financing for exporters' customers. In addition to export credits, the offer

includes operating financing, purchase of accounts receivable, asset backed finance

and guarantees.

The global situation means that many companies are holding off on investments,

reducing the demand for financing. At the same time, conditions remain favorable

for financing exporters' customers and supporting local establishment of Swedish

companies in foreign markets. SEK's three new offerings; aid-supported export

credits, lending via development banks and working capital financing for customers

of export companies, create more ways of meeting customers' needs. This

strengthens SEK's ability to support Swedish companies in sectors such as defense,

transportation, energy and mining. The geopolitical situation and climate-related

transition are also creating business opportunities for Swedish companies in these

sectors, as well as in Swedish infrastructure, which may contribute to increased

demand for financing.

During the quarter, agreements were signed with four new customers. One of the

new customers was the investment company Latour. SEK also participated in the

financing of the modernization of the two largest ports outside of Lagos, Nigeria,

totaling just below USD 1 billion, with risk coverage provided by UK Export

Finance.

---

| | | | |
|:---|:---|:---|:---|
| **SEK's lending** | **SEK's lending** | **SEK's lending** | **SEK's lending** |
| **Skr bn** | **Jan-Mar 2026** | **Jan-Mar 2025** | **Jan-Dec 2025** |
| Total lending portfolio<sup>1</sup> | 261.0 | 267.9 | 262.7 |
| *of which sustainability classified* | *54.0* | *54.0* | *56.3* |
| *of which CIRR-loans* | *84.4* | *95.6* | *85.6* |
| Customer growth | -1% | -1% | -2% |
| 1Balance at period end. | 1Balance at period end. | 1Balance at period end. | 1Balance at period end. |

---

![qreportbackground.jpg](qreportbackground.jpg)

Interim report January-March 2026Page 9 of [33](#i7d0487f916de4b729183abd43f013589_106)

New long-term borrowing, quarterly

Skr bn

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

Investors by geographical region

New long-term borrowing,

January-March 2026

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

**Borrowing**

The capital markets continued to function well at the beginning of the quarter, with

good liquidity and strong investor demand in the supranational, sub-sovereign and

agency (SSA) segment. This provided SEK with favorable conditions to maintain

stable and cost-effective borrowing in several currencies.

In March, activity in the capital markets slowed down and the number of

transactions decreased, as a result of the war in the Middle East and geopolitical

tensions. Despite continued volatility, SEK completed a three-year USD benchmark

issuance of 1.5 billion. The issuance was met with strong demand and the order

book was significantly oversubscribed with participation from approximately 70

international investors. A number of smaller transactions were also completed in

various currencies during the quarter. In the Swedish market, SEK borrowed Skr 7.6

billion (3M25: —) during the period, of which Skr 2.0 billion (3M25: —) in the

form of green bonds.

Borrowings with maturities over one year amounted to Skr 28.9 billion (3M25:

Skr 18.1 billion). New short-term borrowing amounted to Skr 21.7 billion (3M25:

Skr 14.3 billion).

---

| | | | |
|:---|:---|:---|:---|
| **SEK's borrowing** | **SEK's borrowing** | **SEK's borrowing** | **SEK's borrowing** |
| **Skr bn** | **Jan-Mar 2026** | **Jan-Mar 2025** | **Jan-Dec 2025** |
| Outstanding senior debt<sup>1</sup> | 311.8 | 305.2 | 304.6 |
| *of which green* | *24.8* | *33.4* | *27.8* |
| New long-term borrowing | 28.9 | 18.1 | 93.5 |
| New short-term borrowing | 21.7 | 14.3 | 64.3 |
| Repurchase and redemption of own <br>debt<br>| 7.7 | 1.8 | 7.2 |
| 1Balance at period end. | 1Balance at period end. | 1Balance at period end. | 1Balance at period end. |

---

**Skr 28.9 bn**

(3M25:

Skr 18.1 bn)

![bildshutterstock.jpg](bildshutterstock.jpg)

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Interim report January-March 2026Page 10 of [33](#i7d0487f916de4b729183abd43f013589_106)

Comments on the consolidated

financial accounts (unaudited)

**January-March 2026**

Operating profit amounted to Skr 504 million (3M25: Skr 577

million). Net profit amounted to Skr 400 million (3M25: Skr 458

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

the previous year was primarily due to lower net interest income and

a positive result for to net credit losses in the first quarter of 2025.

**Net interest income**

Net interest income amounted to Skr 684 million (3M25: Skr 710

million), representing a decrease of 4 percent compared to the same

period in the previous year. The decrease is mainly explained by

lower average short-term interest rates in the Swedish krona and a

stronger Swedish krona, partly offset by a lower risk tax.

The table below shows average interest-bearing assets and

liabilities.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn, average** | **Jan-Mar** <br>**2026**<br>| **Jan-Mar** <br>**2025**<br>| **Change** |
| Total lending portfolio | 261.9 | 275.7 | -5% |
| Liquidity investments | 73.7 | 61.5 | 20% |
| **Interest-bearing assets** | **340.2** | **341.9** | **0%** |
| **Interest-bearing liabilities** | **308.2** | **315.1** | **-2%** |

---

**Net results of financial transactions**

Net results of financial transactions amounted to Skr 25 million

(3M25: Skr 33 million). The results were primarily attributable to

realized value changes of Skr 59 million, driven by the early

redemption of a credit, partially offset by unrealized value changes

of Skr -34 million.

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 198 million (3M25: Skr 188

million). The increase of 5 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 0 million (3M25: Skr 33 million).

The result for the period was mainly attributable to decreased

provisions for expected credit losses in stage 1 and stage 2, offset by

increased provisions for expected credit losses in stage 3.

Loss allowances as of March 31, 2026 amounted to Skr 821

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

which exposures in stage 3 amounted to Skr 385 million (year-end

2025: Skr 359 million). The provision ratio amounted to 0.23

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

quality of its lending portfolio remains high.

**Taxes**

Tax costs amounted to Skr 104 million (3M25: Skr 119 million),

and the effective tax rate amounted to 20.6 percent (3M25: 20.6

percent).

**Other comprehensive income (OCI)**

Other comprehensive income before tax amounted to a loss of Skr

-56 million (3M25: Skr 5 million). The result was mainly

attributable to a negative result obtained from changes in own credit

risk, driven by movements in the EUR yield curve.

**Statement of Financial Position**

**Total assets and liquidity investments**

Total assets increased by 4 percent compared to year-end 2025. The

increase in the first quarter was driven by an increased volume of

liquidity investments.

---

| | | | |
|:---|:---|:---|:---|
| **Skr bn** | **March 31,**<br>**2026**<br>| **December 31,** <br>**2025**<br>| **Change** |
| Total assets | 362.7 | 350.0 | 4% |
| Liquidity investments | 82.5 | 65.0 | 27% |
| Total lending portfolio | 261.0 | 262.7 | -1% |
| *of which sustainability* <br>*classified*<br>| *54.0* | *56.3* | *-4%* |
| *of which CIRR-loans* | *84.4* | *85.6* | *-1%* |

---

**Liabilities and equity**

As of March 31, 2026, the aggregate volume of available funds and

shareholders' equity exceeded the aggregate volume of loans

outstanding and committed undisbursed CIRR-loans at all

maturities.

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

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

when the Swedish export industry's demand for financing is

particularly high.

**Capital adequacy**

As of March 31, 2026, SEK's total own funds amounted to Skr 23.3

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

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

6.9 percentage points above SEK's estimate of Finans

inspektionen's (the "Swedish FSA") requirement of 16.1 percent as

of March 31, 2026. The corresponding Common Equity Tier 1

capital estimated requirement was 11.3 percent. Given that SEK's

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

this total capital ratio represents a margin of 11.7 percentage points

above the requirement. Overall, SEK is strongly capitalized.

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Interim report January-March 2026Page 11 of [33](#i7d0487f916de4b729183abd43f013589_106)

---

| | | |
|:---|:---|:---|
| **Percent** | **March 31,**<br>**2026**<br>| **December 31,** <br>**2025**<br>|
| Common Equity Tier 1 capital ratio | 23.0 | 23.1 |
| Tier 1 capital ratio | 23.0 | 23.1 |
| Total capital ratio | 23.0 | 23.1 |
| Leverage ratio | 9.0 | 9.5 |
| Liquidity coverage ratio (LCR) | 274 | 611 |
| Net stable funding ratio (NSFR) | 125 | 120 |

---

**Rating** 

---

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

---

**Other events**

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

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

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

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

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

the income statement and balance sheet in the Annual and

Sustainability Report 2025 and to appropriate distributable funds

pursuant to the Board's proposal.

In March, SEK appointed Ms. Anna Åhlberg as SEK's new head of

Compliance. Ms. Åhlberg is currently SEK's Head of Transaction

Legal group but will assume her new position in May 2026. SEK's

current Head of Compliance, Ms. Anna-Lena Söderlund, will retire

in May 2026.

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 are postponed by two years until financial

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

European Parliament considered the second proposal, to introduce

significant simplifications to the EU's sustainability regulatory

framework and a materially reduced scope of companies formally

covered by CSRD and CSDDD. The proposed increase in the CSRD

thresholds is primarily based on whether companies have an average

of 1,000 employees. If adopted, SEK is not expected to be subject to

the requirement to prepare sustainability reporting in accordance

with CSRD from 2027.

**The macro environment**

In the fourth quarter of 2025, Sweden's GDP increased by 0.5

percent quarter-on-quarter, and exports decreased by 1.2 percent.

Unemployment amounted to 8.4 percent at the end of February

2026, which represented a decrease compared to the end of

November 2025. The rate of inflation in February 2026 was 1.7

percent, which represented a decrease from January 2026.

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

be left unchanged at 1.75 percent.

SEK believes that, compared with normal conditions, the risk level

with respect to external factors with a potentially negative impact on

the Company remains high as a result of ongoing armed conflicts

and geopolitical tensions, which can negatively affect supply chains,

increase inflation directly or indirectly through higher energy prices

and create volatility in the financial markets. The major trade tariffs

that the United States has imposed, or threatened to impose, on large

parts of the world also contribute to the uncertainty in the financial

markets. Although several agreements have been negotiated,

reducing uncertainty to some extent, ongoing ambiguities in their

interpretation, ongoing judicial review in the United States along

with frequent new tariff announcements, mean that a degree of

uncertainty persists.

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

other infrastructure in Iran and across the region have led to

significant volatility in global capital markets. The biggest impact

has been the near closure of the Strait of Hormuz, resulting in much

higher oil and gas prices. It is too early to assess what impact this

will have on SEK. While SEK's direct exposure to such

infrastructure is limited, it may be affected indirectly through wider

macroeconomic effects, including higher energy prices, inflation and

changes in market conditions.

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

The Company has a gross exposure of EUR 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, as well as Russian

air violations of NATO countries, sabotage and cybersecurity

incidents, together with other ongoing military conflicts, including

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

customers and, consequently, on SEK. The uncertainty concerning

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

support for Ukraine adds to the difficulty of predicting future

developments.

The above mentioned threats, and the imposition of trade tariffs and

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

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Interim report January-March 2026Page 12 of [33](#i7d0487f916de4b729183abd43f013589_106)

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) 2025 and Note 29 to the annual

financial statements included in SEK's 2025 Annual Report on

Form 20-F, as well as the "Risk Factors" section in SEK's 2025

Annual Report on Form 20-F.

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**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 18.1-23.1 percent and the Common Equity Tier 1 capital ratio should amount to 15.3 <br>percent, based on SEK's estimation of the Swedish FSA's requirements as of March 31, 2026.<br>|

---

**Key performance indicators (unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Skr mn (if not otherwise indicated)** | **Jan-Mar**<br>**2026**<br>| **Oct-Dec**<br>**2025**<br>| **Jan-Mar**<br>**2025**<br>| **Jan-Dec**<br>**2025**<br>|
| Total lending portfolio<sup>1</sup> | 261044 | 262712 | 267927 | 262712 |
| *of which green* | *42359* | *43209* | *38961* | *43209* |
| *of which social* | *2241* | *2201* | *2110* | *2201* |
| *of which sustainability-linked* | *9385* | *10878* | *12947* | *10878* |
| Loans, outstanding and undisbursed<sup>1</sup> | 341411 | 344336 | 315545 | 344336 |
| New credit and guarantee commitments | 15265 | 28481 | 11976 | 125832 |
| *of which to Swedish exporters* | *8274* | *5000* | *6527* | *45063* |
| *of which to exporters´ customers* | *6991* | *23481* | *5449* | *80769* |
| Customer growth | -1% | -1% | -1% | -2% |
| Outstanding senior debt<sup>1</sup> | 311754 | 304633 | 305173 | 304633 |
| *of which green* | *24795* | *27784* | *33368* | *27784* |
| New long-term borrowings | 28898 | 9307 | 18061 | 93531 |
| New short-term borrowings | 21743 | 19180 | 14318 | 64328 |
| C/I ratio | 29% | 33% | 27% | 29% |
| After-tax return on equity | 6.7% | 0.4% | 7.6% | 4.9% |
| Common Equity Tier 1 capital ratio<sup>1</sup> | 23.0% | 23.1% | 24.7% | 23.1% |
| *capital margin against FSA requirement (percentage points)* | *11.7* | *11.9* | *12.6* | *11.9* |
| Tier 1 capital ratio<sup>1</sup> | 23.0% | 23.1% | 24.7% | 23.1% |
| Total capital ratio<sup>1</sup> | 23.0% | 23.1% | 24.7% | 23.1% |
| *capital margin against FSA requirement (percentage points)* | *6.9* | *7.1* | *7.5* | *7.1* |
| Leverage ratio | 9.0% | 9.5% | 9.7% | 9.5% |
| Liquidity coverage ratio (LCR) | 274% | 611% | 1,053% | 611% |
| Net stable funding ratio (NSFR) | 125% | 120% | 120% | 120% |
| Risk exposure amount<sup>1</sup> | 101545 | 99912 | 91752 | 99912 |
| 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 [32](#i7d0487f916de4b729183abd43f013589_103).*

Interim report January-March 2026Page 14 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Condensed Consolidated Statement** 

**of Comprehensive Income (unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **Note** | **Jan-Mar**<br>**2026**<br>| **Oct-Dec**<br>**2025**<br>| **Jan-Mar**<br>**2025**<br>| **Jan-Dec**<br>**2025**<br>|
| Interest income |  | 3009 | 3329 | 3724 | 14117 |
| Interest expenses |  | -2325 | -2660 | -3014 | -11398 |
| **Net interest income** | 2 | **684** | **669** | **710** | **2719** |
| Net fee and commission expense |  | -6 | -11 | -11 | -39 |
| Net results of financial transactions | 3 | 25 | 8 | 33 | 18 |
| **Total operating income** |  | **702** | **666** | **732** | **2699** |
| Personnel expenses |  | -132 | -129 | -118 | -475 |
| Other administrative expenses |  | -53 | -68 | -56 | -239 |
| Depreciations and impairment of non-financial assets |  | -14 | -20 | -14 | -64 |
| **Total operating expenses** |  | **-198** | **-217** | **-188** | **-778** |
| **Operating profit before credit losses** |  | **504** | **449** | **544** | **1921** |
| Net credit losses | 4 | 0 | -416 | 33 | -429 |
| **Operating profit** |  | **504** | **33** | **577** | **1491** |
| Tax expenses |  | -104 | -8 | -119 | -309 |
| **Net profit**<sup>1</sup> |  | **400** | **25** | **458** | **1183** |
| **Other comprehensive income related to:** |  |  |  |  |  |
| Items to be reclassified to profit or loss |  |  |  |  |  |
| *Derivatives in cash flow hedges* |  | *—* | *—* | *4* | *3* |
| Tax on items to be reclassified to profit or loss |  |  |  | -1 | 0 |
| **Net items to be reclassified to profit or loss** |  | **—** | **—** | **3** | **3** |
| Items not to be reclassified to profit or loss |  |  |  |  |  |
| *Own credit risk* |  | *-55* | *7* | *1* | *17* |
| *Revaluation of defined benefit plans* |  | *-1* | *-9* | *0* | *-10* |
| Tax on items not to be reclassified to profit or loss |  | 12 | 0 | 0 | -1 |
| **Net items not to be reclassified to profit or loss** |  | **-45** | **-2** | **1** | **6** |
| **Total other comprehensive income** |  | **-45** | **-2** | **4** | **9** |
| **Total comprehensive income**<sup>1</sup> |  | **356** | **23** | **462** | **1192** |
| Skr |  |  |  |  |  |
| Basic and diluted earnings per share<sup>2</sup> |  | 100 | 6 | 115 | 296 |

---

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>

Interim report January-March 2026Page 15 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Consolidated Statement of Financial Position** 

**(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **Note** | **March 31,**<br>**2026**<br>| **December 31,** <br>**2025**<br>|
| **Assets** |  |  |  |
| Cash and cash equivalents | 5 | 12450 | 7259 |
| Treasuries/government bonds | 5 | 9768 | 13419 |
| Other interest-bearing securities except loans | 5 | 59215 | 43237 |
| Loans in the form of interest-bearing securities | 4, 5 | 44247 | 47485 |
| Loans to credit institutions | 4, 5 | 19988 | 22939 |
| Loans to the public | 4, 5 | 201300 | 200216 |
| Derivatives | 5, 6 | 7003 | 6721 |
| Tangible and intangible assets |  | 146 | 158 |
| Deferred tax asset |  | 0 | 0 |
| Other assets |  | 588 | 754 |
| Prepaid expenses and accrued revenues |  | 8003 | 7775 |
| **Total assets** |  | **362706** | **349964** |
| **Liabilities and equity** |  |  |  |
| Borrowing from credit institutions | 5, 7 | 4044 | 4410 |
| Debt securities issued | 5, 7 | 307710 | 300222 |
| Derivatives | 5, 6 | 5895 | 8988 |
| Other liabilities |  | 12892 | 3664 |
| Accrued expenses and prepaid revenues |  | 8186 | 8581 |
| Provisions |  | 8 | 10 |
| **Total liabilities** |  | **338735** | **325875** |
| Share capital |  | 3990 | 3990 |
| Reserves |  | 168 | 212 |
| Retained earnings |  | 19814 | 19887 |
| **Total equity** |  | **23972** | **24089** |
| **Total liabilities and equity** |  | **362706** | **349964** |

---

Interim report January-March 2026Page 16 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Condensed Consolidated Statement**

**of Changes in Equity (unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Reserves** | **Reserves** | **Reserves** |  |
| **Skr mn** | **Equity**<sup>1</sup> | **Share capital** | ***Hedge reserve*** | ***Own credit*** <br>***risk***<br>| ***Defined*** <br>***benefit plans***<br>| **Retained** <br>**earnings**<br>|
| **Opening balance of equity January 1, 2025** | **24572** | **3990** | **-3** | **213** | **-6** | **20378** |
| Net profit Jan-Mar 2025 | 458 |  |  |  |  | 458 |
| Other comprehensive income Jan-Mar 2025 | 4 |  | 3 | 1 | 0 |  |
| **Total comprehensive income Jan-Mar 2025** | **462** | **—** | **3** | **1** | **0** | **458** |
| Dividend | -1673 |  |  |  |  | -1673 |
| **Closing balance of equity March 31, 2025** | **23361** | **3990** | **0** | **214** | **-6** | **19163** |
| **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** |
| **Opening balance of equity January 1, 2026** | **24089** | **3990** | **—** | **226** | **-14** | **19887** |
| Net profit Jan-Mar 2026 | 400 |  |  |  |  | 400 |
| Other comprehensive income Jan-Mar 2026 | -45 |  |  | -45 | 0 |  |
| **Total comprehensive income Jan-Mar 2026** | **356** | **—** | **—** | **-45** | **0** | **400** |
| Dividend | -473 |  |  |  |  | -473 |
| **Closing balance of equity March 31, 2026** | **23972** | **3990** | **—** | **182** | **-14** | **19814** |
| 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. |

---

Interim report January-March 2026Page 17 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Condensed Statement of Cash Flows** 

**in the Consolidated Group (unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **Jan-Mar**<br>**2026**<br>| **Jan-Mar**<br>**2025**<br>| **Jan-Dec**<br>**2025**<br>|
| **Operating activities** |  |  |  |
| Operating profit | 504 | 577 | 1491 |
| Adjustments for non-cash items in operating profit | -486 | -361 | 1053 |
| Income tax paid | -172 | -170 | -606 |
| Changes in assets and liabilities from operating activities | 4886 | -1229 | -9813 |
| **Cash flow from operating activities** | **4732** | **-1183** | **-7875** |
| **Investing activities** |  |  |  |
| Capital expenditures | -1 | -1 | -45 |
| **Cash flow from investing activities** | **-1** | **-1** | **-45** |
| **Financing activities** |  |  |  |
| Change in senior debt | 2168 | 3120 | 19544 |
| Derivatives, net | -1918 | -1628 | -7249 |
| Dividend, paid |  |  | -1673 |
| Payment of lease liability | -7 | -7 | -29 |
| **Cash flow from financing activities** | **243** | **1485** | **10593** |
| **Cash flow for the period** | **4974** | **301** | **2673** |
| Cash and cash equivalents at beginning of the period | 7259 | 5219 | 5219 |
| Cash flow for the period | 4974 | 301 | 2673 |
| Exchange-rate differences on cash and cash equivalents | 217 | -292 | -633 |
| **Cash and cash equivalents at end of the period**<sup>1</sup> | **12450** | **5228** | **7259** |

---

1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits for which the time to maturity does not exceed three months from trade date.

Interim report January-March 2026Page 18 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Notes**

---

| | |
|:---|:---|
| [Note 1. Accounting policies](#i81f56fd6307a47ef82ec3bfbdcc8712a) | [18](#i81f56fd6307a47ef82ec3bfbdcc8712a) |
| [Note 2. Net interest income](#icb5beb6a90bc4f84809f733be15a58af) | [19](#icb5beb6a90bc4f84809f733be15a58af) |
| [Note 3. Net results of financial transactions](#i9564665bcaec4142b19d7d462b240dc2) | [19](#i9564665bcaec4142b19d7d462b240dc2) |
| [Note 4. Impairments](#i6f6d7dad6b1a4696ac19496491dea9c5) | [20](#i6f6d7dad6b1a4696ac19496491dea9c5) |
| [Note 5. Financial assets and liabilities at fair value](#i3cf90158925342338d20b992daf2ef79) | [21](#i3cf90158925342338d20b992daf2ef79) |
| [Note 6. Derivatives](#ib8dfac052f314de3818105a97059befc) | [24](#ib8dfac052f314de3818105a97059befc) |
| [Note 7. Debt](#i1b4aec7054c2402f92429f263e47be3a) | [24](#i1b4aec7054c2402f92429f263e47be3a) |
| [Note 8. CIRR-system](#i47becfedfbee4fda9a83831f147efc64) | [24](#i47becfedfbee4fda9a83831f147efc64) |
| [Note 9. Pledged assets and contingent liabilities](#ie089d55e73d44029938e14ae90ce77ef) | [25](#ie089d55e73d44029938e14ae90ce77ef) |
| [Note 10. Capital adequacy and liquidity situation](#ic4376af22a304234b9172beb83b07f1d) | [26](#ic4376af22a304234b9172beb83b07f1d) |
| [Note 11. Exposures](#ie32bedd96e124076a2766460cf45f264) | [29](#ie32bedd96e124076a2766460cf45f264) |
| [Note 12. Transactions with related parties](#i7bd4879624b5446496ee2294e1a1cd74) | [30](#i7bd4879624b5446496ee2294e1a1cd74) |
| [Note 13. Events after the reporting period](#i29d3a41d8d97433ba39442f7ca73f4af) | [30](#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 interim report is presented in accordance with

International Accounting Standard (IAS) 34, Interim Financial

Reporting. The Consolidated Group's consolidated accounts have

been prepared in accordance with the International Financial

Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), together with the

interpretations from IFRS Interpretations Committee (IFRS IC). The

IFRS standards applied by SEK are all endorsed by the European

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

imposed by the Annual Accounts Act for Credit Institutions and

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

general guidelines issued by Finansinspektionen (the Swedish FSA),

"Annual Reports in Credit Institutions and Securities

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

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

Financial Reporting Board have been applied. SEK also follows the

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

Ownership Policy and principles for state-owned enterprises.

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

SEK analyzes and assesses the application and impact of changes in

financial reporting standards that are applied within the Group.

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

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

financial reporting, capital adequacy or large exposure ratios.

The accounting policies, methods of computation and presentation

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

those used for the 2025 annual financial statements included in

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

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

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

Disclosures in Financial Statements, which replaces IAS 1 –

Presentation of Financial Statements. Provided that IFRS 18 is

adopted by the EU, and that the effective date proposed by the IASB

is not changed, the standard will apply from the 2027 financial year.

IFRS 18 introduces new requirements for the presentation and

disclosures in financial statements, with particular focus on the

income statement and disclosures regarding management

performance measures. Since the standard does not affect the

classification and measurement of assets and liabilities, no material

impact on SEK's financial statements is expected.

Interim report January-March 2026Page 19 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Note 2. Net interest income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Skr mn** | **Jan-Mar**<br>**2026**<br>| **Oct-Dec**<br>**2025**<br>| **Jan-Mar**<br>**2025**<br>| **Jan-Dec**<br>**2025**<br>|
| **Interest income** |  |  |  |  |
| Loans to credit institutions | 279 | 268 | 206 | 1005 |
| Loans to the public | 1801 | 1935 | 2083 | 8003 |
| Loans in the form of interest-bearing securities | 446 | 487 | 488 | 1948 |
| Interest-bearing securities excluding loans in the form of interest-bearing securities | 436 | 483 | 459 | 1926 |
| Derivatives | -8 | 99 | 410 | 982 |
| Administrative remuneration CIRR-system | 52 | 55 | 71 | 243 |
| Other assets | 2 | 2 | 7 | 10 |
| **Total interest income**<sup>1</sup> | **3009** | **3329** | **3724** | **14117** |
| **Interest expenses** |  |  |  |  |
| Interest expenses | -2285 | -2602 | -2964 | -11154 |
| Resolution fee<sup>2</sup> | -24 | -23 | -15 | -83 |
| Risk tax | -16 | -35 | -35 | -142 |
| Other regulatory fees |  |  |  | -19 |
| **Total interest expenses** | **-2325** | **-2660** | **-3014** | **-11398** |
| **Net interest income** | **684** | **669** | **710** | **2719** |
| 1 Interest income calculated using the effective interest method amounted to Skr 2,486 million during January-March 2026 (3M25: Skr 2,844 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 2,486 million during January-March 2026 (3M25: Skr 2,844 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 2,486 million during January-March 2026 (3M25: Skr 2,844 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 2,486 million during January-March 2026 (3M25: Skr 2,844 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 2,486 million during January-March 2026 (3M25: Skr 2,844 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** | **Jan-Mar**<br>**2026**<br>| **Oct-Dec**<br>**2025**<br>| **Jan-Mar**<br>**2025**<br>| **Jan-Dec**<br>**2025**<br>|
| Derecognition of financial instruments not measured at fair value through profit or loss | 59 | 0 | 1 | 3 |
| Financial assets or liabilities at fair value through profit or loss | -77 | 23 | 20 | 52 |
| Financial instruments under fair value hedge accounting | 43 | -18 | 12 | -43 |
| Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects <br>related to revaluation at fair value<br>| 0 | 3 | 0 | 7 |
| **Total net results of financial transactions** | **25** | **8** | **33** | **18** |

---

Interim report January-March 2026Page 20 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Note 4. Impairments**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Skr mn** | **Jan-Mar**<br>**2026**<br>| **Oct-Dec**<br>**2025**<br>| **Jan-Mar**<br>**2025**<br>| **Jan-Dec**<br>**2025**<br>|
| Expected credit losses, stage 1 | 10 | -8 | 10 | -19 |
| Expected credit losses, stage 2 | 6 | -299 | 7 | -293 |
| Expected credit losses, stage 3 | -17 | -110 | 16 | -112 |
| Established credit losses |  | 0 | 0 | -100 |
| Reserves applied to cover established credit losses |  | 1 |  | 94 |
| Recovered credit losses | 1 | 0 | 0 | 1 |
| **Net credit losses** | **0** | **-416** | **33** | **-429** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
| **Skr mn** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Total** |
| Loans, before expected credit losses | 219532 | 36427 | 5905 | 261864 | 263517 |
| Off-balance sheet exposures, before expected credit losses | 76993 | 13943 | 0 | 90936 | 91520 |
| **Total, before expected credit losses** | **296524** | **50370** | **5905** | **352800** | **355038** |
| Loss allowance, loans | -59 | -376 | -385 | -820 | -805 |
| Loss allowance, off-balance sheet exposures<sup>1</sup> | -1 | 0 |  | -1 | -2 |
| **Total loss allowance** | **-60** | **-376** | **-385** | **-821** | **-807** |
| *Provision ratio (in percent)* | *0.02* | *0.75* | *6.53* | *0.23* | *0.23* |
| 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 an extremely high credit quality and

SEK often uses risk mitigation measures, primarily through

guarantees from the Swedish Export Credit Agency (EKN) and

other government export credit agencies in the Organisation for

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

the low provision ratio.

**Loss Allowance**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** |
| **Skr mn** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** | **Total** |
| **Opening balance January 1** | **-69** | **-378** | **-359** | **-807** | -526 |
| Increases due to origination and acquisition | -2 | -38 | 0 | -40 | -343 |
| Net remeasurement of loss allowance | 10 | -128 | -1 | -119 | -65 |
| Transfer to stage 1 |  |  |  |  | 0 |
| Transfer to stage 2 | 0 | -1 |  | -1 | -29 |
| Transfer to stage 3 | 0 | 2 | -16 | -13 | -75 |
| Decreases due to derecognition | 2 | 171 | 0 | 173 | 88 |
| Decreases in allowance account due to write-offs |  |  |  |  | 94 |
| Exchange-rate differences<sup>1</sup> | -1 | -5 | -9 | -14 | 50 |
| **Closing balance** | **-60** | **-376** | **-385** | **-821** | **-807** |
| 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 0.3 and 1.5 for

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

have been weighted at between 50 and 75 percent, the downturn

scenarios have been weighted at 25 percent, and the upturn scenarios

have been weighted at between 0 and 25 percent between the

different PD-segments.

Interim report January-March 2026Page 21 of [33](#i7d0487f916de4b729183abd43f013589_106)

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

---

| | | | |
|:---|:---|:---|:---|
| **Skr mn** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Skr mn** | **Book value** | **Fair value** | **Surplus value (+)/**<br>**Deficit value (-)**<br>|
| Cash and cash equivalents | 12450 | 12450 |  |
| Treasuries/governments bonds | 9768 | 9768 |  |
| Other interest-bearing securities except loans | 59215 | 59215 |  |
| Loans in the form of interest-bearing securities | 44247 | 45208 | 961 |
| Loans to credit institutions | 19988 | 20194 | 206 |
| Loans to the public | 201300 | 200866 | -434 |
| Derivatives | 7003 | 7003 |  |
| **Total financial assets** | **353970** | **354702** | **733** |
| Borrowing from credit institutions | 4044 | 4044 |  |
| Debt securities issued | 307710 | 308545 | 835 |
| Derivatives | 5895 | 5895 |  |
| **Total financial liabilities** | **317649** | **318484** | **835** |

---

---

| | | | |
|:---|:---|:---|:---|
| **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 |  |
| **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** |

---

**Determination of fair value**

The determination of fair value is described in the annual financial

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

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

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

types of financial instruments.

Interim report January-March 2026Page 22 of [33](#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 | 1042 | 8727 |  | 9768 |
| Other interest-bearing securities except loans | 22526 | 36688 |  | 59215 |
| Derivatives | 6 | 6996 | 1 | 7003 |
| **Total March 31, 2026** | **23574** | **52411** | **1** | **75986** |
| **Total December 31, 2025** | **22215** | **41161** | **1** | **63377** |

---

**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 |  | 15930 | 1970 | 17900 |
| Derivatives |  | 4921 | 974 | 5895 |
| **Total March 31, 2026** | **—** | **20852** | **2944** | **23795** |
| **Total December 31, 2025** | **—** | **22186** | **3662** | **25848** |

---

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

within other interest-bearing securities except loans. Transfers of

Skr 342 million for debt securities issued and Skr 54 million for

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

these contracts is estimated to no longer have a significant impact

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

the period).

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Skr mn** | **January 1,**<br>**2026**<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>| **March 31,**<br>**2026**<br>|
| Debt securities issued | -2598 |  | 297 |  | 342 | 8 | 13 | -32 | -1970 |
| Derivatives, net | -1063 |  | 110 |  | 54 | -9 |  | -65 | -973 |
| **Net assets and liabilities** | **-3661** | **—** | **408** | **—** | **396** | **-1** | **13** | **-97** | **-2943** |

---

**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** |
| 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) 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 March 31, 2026, amounted to a Skr 0 million loss <br>(year end 2025: Skr 10 million loss) and are reported as net results of financial transactions. |

---

**Uncertainty of valuation of Level 3 instruments**

As the estimation of parameters included in the models used to

calculate the market value of Level 3 instruments is associated with

subjectivity and uncertainty, SEK has conducted an analysis of the

difference in fair value of Level 3 instruments using other

established parameter values. Option models and discounted cash

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

instruments that are significantly affected by different types of

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

revaluation has been made by shifting the correlations. The

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

indicates no relationship, 1 indicates a maximum positive

relationship and -1 indicates a maximum negative relationship. The

maximum correlation in the range of unobservable inputs can thus

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

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

prudent valuation framework. For Level 3 instruments that are

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

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

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

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

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

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

addition, the market value will be affected by observable market

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

model where issued securities are linked with a matched hedging

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

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

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

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

value in the derivative.

Interim report January-March 2026Page 23 of [33](#i7d0487f916de4b729183abd43f013589_106)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets and liabilities** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **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 | -868 | Correlation | 0.12 - (0.12) | Option Model | -15 | 15 |
| Other | -105 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
| **Sum derivatives, net** | **-973** |  |  |  | **-15** | **15** |
| 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 | -1866 | Correlation | 0.12 - (0.12) | Option Model | 15 | -15 |
|  | 0 | Credit spreads | 10BP - (10BP) | Discounted cash flow | 8 | -8 |
| Other | -104 | Correlation | 0.12 - (0.12) | Option Model | 0 | 0 |
|  | 0 | Credit spreads | 10BP - (10BP) | Discounted cash flow | 0 | 0 |
| **Sum debt securities issued** | **-1970** |  |  |  | **23** | **-23** |
| **Total effect on total comprehensive** <br>**income**<br>|  |  |  |  | **8** | **-8** |
| **Derivatives, net December 31, 2025** | **-1063** |  |  |  | **-17** | **17** |
| **Debt securities issued December 31,** <br>**2025**<br>| **-2598** |  |  |  | **27** | **-27** |
| **Total effect on total comprehensive** <br>**income December 31, 2025**<br>|  |  |  |  | **10** | **-10** |

---

The sensitivity analysis shows the effect that a shift in correlations

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

presents maximum positive and negative change in fair value when

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

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

maximum/minimum effect on total comprehensive income the most

adverse/favorable shift is chosen, considering the net exposure

arising from the issued securities and the derivatives, for each

correlation.

**Fair value related to credit risk**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair value originating from credit risk**<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** | **March 31,**<br>**2026**<br>| **December 31,** <br>**2025**<br>| **Jan-Mar**<br>**2026**<br>| **Jan-Mar**<br>**2025**<br>|
| CVA/DVA, net<sup>1</sup> | -14 | -11 | -3 | -1 |
| OCA<sup>2</sup> | 227 | 282 | -55 | 1 |
| 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. |

---

Interim report January-March 2026Page 24 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Note 6. Derivatives**

**Derivatives by category**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **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 | 3984 | 1240 | 520238 | 4624 | 1332 | 510865 |
| Currency-related contracts | 3018 | 4550 | 153750 | 2097 | 7550 | 137052 |
| Contracts related to commodities, credit risk, etc. |  | 105 | 2946 |  | 105 | 2890 |
| **Total derivatives** | **7003** | **5895** | **676934** | **6721** | **8988** | **650807** |

---

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** | **March 31,** <br>**2026**<br>| **December 31,**<br>**2025**<br>|
| Currency-related contracts | 3430 | 3777 |
| Interest rate-related contracts | 308220 | 300759 |
| Contracts related to commodities, credit risk, etc. | 104 | 97 |
| **Total debt** | **311754** | **304633** |
| *of which denominated in:* |  |  |
| *Skr* | *24352* | *24599* |
| *USD* | *178263* | *166687* |
| *EUR* | *83400* | *84653* |
| *AUD* | *12196* | *12119* |
| *GBP* | *4064* | *7899* |
| *CHF* | *4222* | *4188* |
| *Other currencies* | *5259* | *4487* |

---

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

**Note 8. CIRR-system**

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

instruction issued by the Swedish government, SEK administers

credit granting in the Swedish system for officially supported export

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

Swedish government in the form of an administrative compensation,

which is calculated based on the principal amount outstanding. The

administrative compensation paid by the state to SEK is recognized

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

the following tables of the statement of comprehensive income and

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

reported to the owner. Interest expenses include interest expenses

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

borrowing cost for the CIRR-system. Interest expenses for

derivatives hedging CIRR-loans are also recognized as interest

expenses, which differs from SEK's accounting principles.

Arrangement fees to SEK are recognized together with other

arrangement fees as interest expenses.

Interim report January-March 2026Page 25 of [33](#i7d0487f916de4b729183abd43f013589_106)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Skr mn** | **Jan-Mar**<br>**2026**<br>| **Oct-Dec**<br>**2025**<br>| **Jan-Mar**<br>**2025**<br>| **Jan-Dec**<br>**2025**<br>|
| Interest income | 482 | 510 | 563 | 2139 |
| Interest expenses | -516 | -570 | -598 | -2346 |
| Foreign exchange effects | 0 | 0 | 1 | 2 |
| **Profit before compensation to SEK** | **-34** | **-61** | **-34** | **-205** |
| Administrative remuneration to SEK | -52 | -55 | -71 | -243 |
| **Operating profit CIRR-system** | **-86** | **-116** | **-105** | **-448** |
| Reimbursement to (-) / from (+) the State | 86 | 116 | 105 | 448 |

---

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

---

| | | |
|:---|:---|:---|
| **Skr mn** | **March 31,** <br>**2026**<br>| **December 31,**<br>**2025**<br>|
| Cash and cash equivalents | 0 | 0 |
| Loans | 84436 | 85643 |
| Derivatives | 3730 | 3231 |
| Other assets | 284 | 629 |
| Prepaid expenses and accrued revenues | 2377 | 1772 |
| **Total assets** | **90827** | **91275** |
| Liabilities | 88605 | 89590 |
| Derivatives | 37 | 194 |
| Accrued expenses and prepaid revenues | 2185 | 1490 |
| **Total liabilities** | **90827** | **91275** |
| **Commitments** |  |  |
| Committed undisbursed loans | 36248 | 37286 |

---

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

---

| | | |
|:---|:---|:---|
| Skr mn | **March 31,** <br>**2026**<br>| **December 31,**<br>**2025**<br>|
| **Collateral provided** |  |  |
| Cash collateral under the security agreements for derivative contracts | 3411 | 6858 |
| **Contingent liabilities**<sup>1</sup> |  |  |
| Guarantee commitments | 10569 | 9896 |
| **Commitments**<sup>1</sup> |  |  |
| Committed undisbursed loans | 80367 | 81624 |
| 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. |

---

Interim report January-March 2026Page 26 of [33](#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 2025 Annual Report on Form 20-F and see SEK's Capital Adequacy and Risk Management (Pillar 3) Report

2025. **Capital Adequacy Analysis**

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Capital adequacy** | **percent**<sup>1</sup> | **percent**<sup>1</sup> |
| Common Equity Tier 1 capital ratio | 23.0 | 23.1 |
| Tier 1 capital ratio | 23.0 | 23.1 |
| Total capital ratio | 23.0 | 23.1 |
| 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. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **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> | **8124** | **8.0** | **7993** | **8.0** |
| of which Tier 1 requirement of 6 percent | 6093 | 6.0 | 5995 | 6.0 |
| of which minimum requirement of 4.5 percent | 4570 | 4.5 | 4496 | 4.5 |
| **Pillar 2 capital requirements**<sup>3</sup> | **3056** | **3.0** | **3007** | **3.0** |
| Common Equity Tier 1 capital available to meet buffer requirements<sup>4</sup> | 12163 | 12.0 | 12123 | 12.1 |
| **Capital buffer requirements** | **4133** | **4.1** | **4072** | **4.1** |
| of which Capital conservation buffer | 2539 | 2.5 | 2498 | 2.5 |
| of which Countercyclical buffer | 1595 | 1.6 | 1574 | 1.6 |
| **Pillar 2 guidance**<sup>5</sup> | **1015** | **1.0** | **999** | **1.0** |
| **Total risk-based capital requirement including Pillar 2 guidance** | **16329** | **16.1** | **16071** | **16.1** |
| 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. |

---

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **December 31, 2025** |
| **Leverage ratio**<sup>1</sup> | **Skr mn** | **Skr mn** |
| On-balance sheet exposures | 253058 | 236953 |
| Off-balance sheet exposures | 6382 | 7161 |
| **Total exposure measure** | **259440** | **244114** |
| **Leverage ratio**<sup>2</sup> | **9.0%** | **9.5%** |
| 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. |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** |
| **Total Leverage ratio requirement** | **Skr mn** | **percent**<sup>1</sup> | **Skr mn** | **percent**<sup>1</sup> |
| Capital base requirement of 3 percent | 7783 | 3.0 | 7323 | 3.0 |
| Pillar 2 guidance<sup>2</sup> | 389 | 0.2 | 366 | 0.2 |
| **Total capital requirement relating to Leverage ratio including Pillar 2** <br>**guidance**<br>| **8172** | **3.2** | **7689** | **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. |

---

Interim report January-March 2026Page 27 of [33](#i7d0487f916de4b729183abd43f013589_106)

**Own funds – Adjusting items**

---

| | | |
|:---|:---|:---|
| **Skr mn** | **March 31,**<br>**2026**<br>| **December 31,**<br>**2025**<br>|
| Share capital | 3990 | 3990 |
| Retained earnings | 19172 | 18468 |
| Accumulated other comprehensive income and other reserves | 411 | 456 |
| Independently reviewed profit net of any foreseeable charge or dividend | 239 | 703 |
| **Common Equity Tier 1 (CET1) capital before regulatory adjustments** | **23812** | **23617** |
| Additional value adjustments due to prudent valuations | -97 | -83 |
| Intangible assets | -24 | -22 |
| Gains or losses on liabilities valued at fair value resulting from changes in own credit standing | -185 | -229 |
| IRB shortfall of credit risk adjustments to expected losses | -152 | -144 |
| Insufficient coverage for non-performing exposures | -11 | -15 |
| **Total regulatory adjustments to Common Equity Tier 1 capital** | **-469** | **-493** |
| **Total Common Equity Tier 1 capital** | **23343** | **23124** |
| **Total own funds** | **23343** | **23124** |

---

**Minimum capital requirements exclusive of buffer**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **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 | 6047 | 6019 | 481 | 5829 | 5770 | 462 |
| Default exposures | 42 | 42 | 3 | 0 | 0 | 0 |
| **Total credit risk, standardized approach** | **6089** | **6061** | **485** | **5829** | **5770** | **462** |
| **Credit risk, IRB approach** |  |  |  |  |  |  |
| Central governments | 239198 | 10102 | 808 | 233305 | 9487 | 759 |
| Financial institutions<sup>2</sup> | 41653 | 8751 | 700 | 32236 | 6493 | 519 |
| Corporates<sup>3</sup> | 150244 | 68684 | 5495 | 149636 | 69128 | 5530 |
| Non-credit-obligation assets | 256 | 256 | 20 | 201 | 201 | 16 |
| **Total credit risk, IRB approach** | **431352** | **87793** | **7023** | **415378** | **85310** | **6825** |
| Credit valuation adjustment risk | n.a. | 2456 | 196 | n.a. | 1882 | 151 |
| Foreign exchange risk | n.a. | 781 | 62 | n.a. | 2494 | 200 |
| Commodity risk | n.a. | 3 | 0 | n.a. | 4 | 0 |
| Operational risk | n.a. | 4451 | 356 | n.a. | 4452 | 356 |
| **Total** | **437441** | **101545** | **8124** | **421207** | **99912** | **7994** |
| 1 Exposure at default (EAD) shows the size of the outstanding exposure at default.<br>2 Of which counterparty risk in derivatives: EAD Skr 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million <br>(year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million).<br>3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million <br>(year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 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 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million <br>(year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million).<br>3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million <br>(year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 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 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million <br>(year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million).<br>3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million <br>(year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 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 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million <br>(year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million).<br>3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million <br>(year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 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 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million <br>(year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million).<br>3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million <br>(year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 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 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million <br>(year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million).<br>3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million <br>(year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 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 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million <br>(year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million).<br>3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million <br>(year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 million). |

---

**Credit risk**

For classification and quantification of credit risk, SEK uses the

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

Foundation Approach. Under the Foundation Approach, the

company determines the PD within one year for each of its

counterparties, while the remaining parameters are established in

accordance with CRR. Application of the IRB approach requires the

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

Certain exposures are, by permission from the Swedish FSA,

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

standardized approach is applied. Counterparty risk exposure

amounts in derivatives are calculated in accordance with the

standardized approach for counterparty credit risk.

**Credit valuation adjustment risk**

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

counter derivative contracts, except for credit derivatives used as

credit protection and transactions with a qualifying central

counterparty. SEK calculates this capital requirement according

to the standardized approach.

**Foreign exchange risk**

Foreign exchange risk is calculated according to the standardized

approach, whereas the scenario approach is used for calculating the

gamma and volatility risks.

**Commodities risk**

Capital requirements for commodity risk are calculated in

accordance with the simplified approach under the standardized

Interim report January-March 2026Page 28 of [33](#i7d0487f916de4b729183abd43f013589_106)

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 March 31, 2026, the capital

requirement related to relevant exposures in Sweden was 70 percent

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

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

Swedish buffer rate when calculating SEK's countercyclical capital

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

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

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

March 31, 2026, the contribution to SEK's countercyclical buffer

from buffer rates in other countries was 0.16 percentage points

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

classified as a systemically important institution by the Swedish

FSA. The capital buffer requirements for systemically important

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

apply to SEK.

**Pillar 2 guidance**

The Swedish FSA will in connection with the Supervisory Review

and Evaluation Process (SREP) determine appropriate levels for the

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

institution of the differences between the appropriate levels and

requirements under the Supervisory Regulation, the Buffer Act and

the Pillar 2 requirements. These notifications are called Pillar 2

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

requirement and the leverage ratio requirement.

**Liquidity Coverage Ratio**

---

| | | |
|:---|:---|:---|
| **Skr bn, 12-month average** | **March 31,**<br>**2026**<br>| **December 31,**<br>**2025**<br>|
| Total liquid assets | 59.7 | 59.1 |
| Net liquidity outflows<sup>1</sup> | 13.4 | 10.3 |
| *Liquidity outflows* | *26.7* | *22.9* |
| *Liquidity inflows* | *13.7* | *13.2* |
| **Liquidity coverage ratio** | **520%** | **660%** |
| 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** | **March 31,**<br>**2026**<br>| **December 31,**<br>**2025**<br>|
| Available stable funding | 255.1 | 244.3 |
| Required stable funding | 204.4 | 202.8 |
| **Net stable funding ratio** | **125%** | **120%** |

---

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

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

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

**Liquidity reserve**<sup>1</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| **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>| 30.5 | 6.5 | 9.3 | 14.7 |  | 33.0 | 6.0 | 11.2 | 15.8 |  |
| Securities issued or guaranteed by <br>municipalities or other public entities<br>| 17.8 | 4.2 | 6.0 | 7.6 |  | 11.2 | 4.2 | 0.7 | 6.3 |  |
| Covered bonds issued by other institutions | 12.6 | 11.8 | 0.8 |  |  | 12.0 | 11.2 | 0.8 |  |  |
| Balances with National Debt Office | 1.2 | 1.2 |  |  |  | 1.0 | 1.0 |  |  |  |
| **Total liquidity reserve** | **62.1** | **23.7** | **16.1** | **22.3** | **—** | **57.2** | **22.4** | **12.7** | **22.1** | **—** |
| 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.

Interim report January-March 2026Page 29 of [33](#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** |
|  | **March 31, 2026** | **March 31, 2026** | **December 31,** <br>**2025** | **December 31,** <br>**2025** | **March 31, 2026** | **March 31, 2026** | **December 31,** <br>**2025** | **December 31,** <br>**2025** | **March 31, 2026** | **March 31, 2026** | **December 31,** <br>**2025** | **December 31,** <br>**2025** |
| **Skr bn** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** | **Amount** | **%** |
| Central governments | 145.4 | 42.0 | 140.5 | 42.5 | 75.1 | 77.3 | 76.3 | 78.9 | 220.5 | 49.7 | 216.8 | 50.8 |
| Regional governments | 13.4 | 3.9 | 10.9 | 3.3 | 0.6 | 0.6 | 0.6 | 0.6 | 14.0 | 3.2 | 11.4 | 2.7 |
| Multilateral development <br>banks<br>| 3.7 | 1.1 | 5.1 | 1.6 |  |  |  |  | 3.7 | 0.8 | 5.1 | 1.2 |
| Public sector entity | 1.0 | 0.3 |  |  |  |  |  |  | 1.0 | 0.2 | 0.0 |  |
| Financial institutions | 34.8 | 10.0 | 26.6 | 8.1 | 6.8 | 7.0 | 5.7 | 5.8 | 41.7 | 9.4 | 32.2 | 7.6 |
| Corporates | 148.1 | 42.7 | 147.1 | 44.6 | 14.7 | 15.1 | 14.2 | 14.7 | 162.8 | 36.7 | 161.3 | 37.8 |
| **Total** | **346.5** | **100.0** | **330.1** | **100.0** | **97.1** | **100.0** | **96.8** | **100.0** | **443.7** | **100.0** | **426.9** | **100.0** |

---

**Net exposure by region and exposure class, as of March 31, 2026**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 |  | 1.1 |  | 198.6 | 18.7 | 2.0 | 220.5 |
| Regional governments |  |  |  |  |  | 11.4 | 2.6 |  | 14.0 |
| Multilateral development banks |  | 0.8 |  | 0.4 |  |  | 2.6 |  | 3.7 |
| Public sector entity |  |  |  |  |  |  | 1.0 |  | 1.0 |
| Financial institutions | 0.0 |  | 2.2 | 3.5 | 0.0 | 20.9 | 15.0 |  | 41.7 |
| Corporates | 0.3 | 0.8 | 3.6 | 6.5 | 2.4 | 114.7 | 32.7 | 1.8 | 162.8 |
| **Total** | **0.3** | **1.6** | **5.9** | **11.5** | **2.4** | **345.6** | **72.6** | **3.8** | **443.7** |

---

**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 | 0.0 | 11.4 |
| Multilateral development banks |  | 0.8 |  |  |  |  | 4.4 |  | 5.1 |
| Public sector entity |  |  |  |  |  |  |  |  |  |
| Financial institutions |  |  | 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 |  |  |  |  |  | 0.0 |  |  | 0.0 |
| **Total** | **0.3** | **1.7** | **5.3** | **11.1** | **2.4** | **341.2** | **61.1** | **3.7** | **426.9** |

---

Interim report January-March 2026Page 30 of [33](#i7d0487f916de4b729183abd43f013589_106)

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

---

| | | |
|:---|:---|:---|
| **Skr bn** | **March 31,**<br>**2026**<br>| **December 31,**<br>**2025**<br>|
| Belgium | 2.8 | 3.4 |
| Denmark | 6.6 | 5.8 |
| Finland | 7.8 | 6.5 |
| France | 11.4 | 6.4 |
| Ireland | 1.4 | 1.5 |
| Iceland | 0.0 | 0.0 |
| Italy | 0.2 | 0.2 |
| Latvia | 0.0 | 0.0 |
| Luxembourg | 5.3 | 7.6 |
| Montenegro | 0.0 | 0.0 |
| The Netherlands | 3.8 | 0.6 |
| Norway | 3.6 | 3.6 |
| Poland | 3.5 | 3.4 |
| Portugal | 0.7 | 0.8 |
| Switzerland | 0.5 | 0.5 |
| Serbia | 0.2 | 0.1 |
| Slovakia | 0.1 | 0.1 |
| Spain | 2.3 | 2.3 |
| United Kingdom | 14.7 | 8.7 |
| Austria | 0.3 | 0.7 |
| **Total** | **76.4** | **64.8** |

---

**Note 12. Transactions with related parties**

Transactions with related parties are described in Note 27 to the

annual financial statements in SEK's 2025 Annual Report on Form

20-F. No material changes have taken place in relation to

transactions with related parties compared to the description in

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

**Note 13. Events after the reporting period**

No events with significant impact on the information in this report

have occurred after the end of the reporting period.

Interim report January-March 2026Page 31 of [33](#i7d0487f916de4b729183abd43f013589_106)

The Board of Directors and the Chief Executive Officer confirm that this interim report provides a fair

overview of the Consolidated Group's operations and financial position and results and describes

material risks and uncertainties facing the Consolidated Group.

Stockholm, April 27, 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* |
| Elisabeth Beskow | Paula da Silva |  | Katarina Ljungqvist |
| *Director of the Board* | *Director of the Board* |  | *Director of the Board* |
| Erik Mattsson | Carl Mellander |  | Eva Nilsagård  |
| *Director of the Board* | *Director of the Board* |  | *Director of the Board* |
|  | Magnus Montan |  |  |
|  | *Chief Executive Officer* |  |  |

---

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

and other related matters:

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

April 27, 2026, 15:00 (CEST).

Additional information about SEK, including investor presentations and SEK's 2025 Annual Report

on Form 20-F, is available at www.sek.se. Information available on or accessible through SEK's

website is not incorporated herein by reference.

![qreportbakgrundutanspalt.jpg](qreportbakgrundutanspalt.jpg)

Interim report January-March 2026Page 32 of [33](#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.*

**\*After-tax return on equity**

Net profit, expressed as a percentage per annum of the

current year's average equity (calculated using the

opening and closing balances for the report period).

**Asset backed finance**

Asset backed finance is financing in the form of leasing

and installment purchases for export transactions, with

the capital goods serving as collateral.

**Available funds** 

Available funds is comprised of outstanding senior debt

and credit facility in place with the Swedish National

Debt Office.

**\*Average interest-bearing assets**

This item includes cash and cash equivalents, treasuries/

government bonds, other interest-bearing securities

except loans, loans in the form of interest-bearing

securities, loans to credit institutions and loans to the

public, and is calculated using the opening and closing

balances for the reporting period.

**\*Average interest-bearing liabilities**

This item includes borrowing from credit institutions,

borrowing from the public and debt securities issued and

is calculated using the opening and closing balances for

the reporting period.

**Basic and diluted earnings per share (Skr)** 

Net profit divided by the average number of shares,

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

**\*C/I ratio**

Cost/income ratio. Operating expenses for the reporting

period in relation to net interest income and net fee and

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

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

showing operating expenses in relation to net income.

**\*CIRR loans as percentage of new lending**

The proportion of officially supported export credits

(CIRR) of new lending.

**CIRR-system**

The CIRR-system comprises of the system of officially

supported export credits (CIRR).

**Common Equity Tier 1 capital ratio**

The capital ratio is the quotient of total common equity

tier 1 capital and the total risk exposure amount.

**Green bond**

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

various forms of environmental projects.

**Green loans**

SEK offers green loans that promote the transition to a

climate-smart and environmentally sustainable economy.

Green loans are categorized under SEK's framework for

green bonds. The purpose is to stimulate green

investments that are environmentally sustainable and

contribute to one or more of the six environmental

objectives in the EU taxonomy.

**Leverage ratio**

Tier 1 capital expressed as a percentage of the exposure

measured under CRR (refer to Note 10).

**Liquidity coverage ratio (LCR)**

The liquidity coverage ratio is a liquidity metric that

shows SEK's highly liquid assets in relation to the

company's net cash outflows for the next 30 calendar

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

liquidity reserve is of sufficient size to enable the

company to manage stressed liquidity outflows over a

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

EU rules take into account the outflows that correspond

to the need to pledge collateral for derivatives that would

arise as a result of the effects of a negative market

scenario.

**Loans**

Lending pertains to all credit facilities provided in the

form of interest-bearing securities, and credit facilities

granted by traditional documentation. SEK considers

these amounts to be useful measurements of SEK's

lending volumes. Accordingly, comments on lending

volumes in this report pertain to amounts based on this

definition.

**\* Loans, outstanding and undisbursed**

The total of loans in the form of interest-bearing

securities, loans to credit institutions, loans to the public

and loans, outstanding and undisbursed. Deduction is

made for cash collateral under the security agreements for

derivative contracts and deposits with time to maturity

exceeding three months (see the Statement of Financial

Position and Note 9).

**Net stable funding ratio (NSFR)**

This ratio measures stable funding in relation to the

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

scenario in accordance with CRRII.

**\*New credit and guarantee commitments**

New credit and guarantee commitments refer to all new

credits and guarantees accepted regardless of their

maturity. Not all new credit and guarantee commitments

are reported in the consolidated statement of financial

position and consolidated statement of cash flows, but a

certain portion represents committed, undisbursed credits,

see Note 9. The reported amounts of committed,

undisbursed credits may change upon disbursement as

they are reported in the statement of financial position,

for example due to changes in exchange rates.

Furthermore, committed credits do not necessarily result

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

New credit and guarantee commitments are intended to

provide the reader with a picture of the inflow of new

business during the reporting period.

**\*New long-term borrowings**

New borrowings with maturities exceeding one year, for

which the amounts are based on the trade date.

**\*Outstanding senior debt**

The total of borrowing from credit institutions, borrowing

from the public and debt securities issued.

**Own credit risk**

Net fair value change due to credit risk on financial

liabilities designated as at fair value through profit or

loss.

**Repurchase and redemption of own debt**

The amounts are based on the trade date.

**Social loans**

Social loans are categorized according to SEK's

"Sustainability bond framework". The purpose is to

stimulate investments that are socially sustainable, such

as in healthcare, education, basic infrastructure, or food

security.

**Sustainability classified loans**

Sustainability classified loans refer to green, social and

sustainability-linked loans.

**Sustainability-linked loans**

Sustainability-linked loans consist of working capital

finance that promote the borrower's sustainability efforts,

which in turn support environmental and socially

sustainable economic activities and growth. SEK's

sustainability-linked loans are based on International

Loan Market Association's (LMA) Sustainability-Linked

Loan Principles.

**Swedish exporters**

SEK's clients that directly or indirectly promote Swedish

export*.***

**Tier 1 capital ratio**

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

the total risk exposure amount.

**Total capital ratio**

The capital ratio is the quotient of total Own funds and

the total risk exposure amount.

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

Company and its consolidated subsidiary (together, the "Group" or the "Consolidated Group"). 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)

Interim report January-March 2026Page 33 of [33](#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 March 31, 2026. This table should be read in conjunction with the

unaudited financial statements included in our Report on Form 6-K for the three months ended March 31, 2026.

---

| | |
|:---|:---|
| **(Skr millions)** |  |
| **Senior debt:** |  |
| Long-term | 226432 |
| Short-term | 85322 |
| Total senior debt (1), (2) | 311754 |
| **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 | 168 |
| Retained earnings | 19814 |
| Total | 23972 |
| Total capitalization | 335726 |

---

(1) At March 31, 2026, our consolidated group had no contingent liabilities. Other than that disclosed herein, we had no other indebtedness

as at March 31, 2026.

(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 March 31, 2026.

## Exhibit 99.2

**Exhibit 99.2**

**CAPITALIZATION**

The following table sets out SEK's consolidated capitalization as at March 31, 2026. This table should be read in conjunction with the unaudited financial statements included in our Report on Form 6-K for the three months ended March 31, 2026.

---

| | |
|:---|:---|
| **(Skr millions)** | |
| **Senior debt:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term | 226432 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term | 85322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total senior debt (1), (2) | 311754 |
| **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 | 168 |
| Retained earnings | 19814 |
| Total | 23972 |
| Total capitalization | 335726 |

---

(1) At March 31, 2026, our consolidated group had no contingent liabilities. Other than that disclosed herein, we had no other indebtedness as at March 31, 2026.

(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 March 31, 2026.

<br>