Profitability for the first half of the year amounted to 6.1 percent (1H24: 5.5 percent). The total lending portfolio amounted to Skr 272.2 billion (year-end 2024: Skr 283.4 billion). The decrease of 4 percent since year-end 2024 is explained by a stronger Swedish krona against the U.S. dollar, combined with relatively large scheduled maturities in the lending portfolio. The lending portfolio excluding exchange rate effects increased by 2 percent. At mid-year, sustainability classified lending amounted to Skr 55.2 billion (year-end 2024: Skr 53.4 billion). In the second quarter, SEK’s lending portfolio increased 1.6 percent quarter-on-quarter. A large portion of the new business remains undisbursed and has not yet been reflected in the portfolio. Net profit for the first half of the year totaled Skr 737 million (1H24: Skr 630 million), an increase compared to the previous year and was to a large extent attributable to decreased net credit losses. Net interest income for the first half of the year was Skr 1.4 ­billion (1H24: Skr 1.5 billion), with the year-on-yea decrease primarily attributable to lower market interest rates and a stronger Swedish krona.

A large volume of new credit and guarantee commitments were entered into during the first half of the year. SEK is part of several strategically important projects, including:

A ten-year financing agreement of USD 400 million with Mölnlycke Health Care to support the healthcare company’s continued global expansion and development.

Participation in a financing consortium for some of the first offshore wind power projects in Poland – Bałtyk 2 and Bałtyk 3, amounting to EUR 3 billion per project.

Participation in a EUR 2.3 billion financing for SSAB’s transition into a cutting-edge fossil-free steelworks in Luleå.

During the first half of the year, SEK also remained active and successful in the capital markets. SEK issued a ­ten-year benchmark bond of EUR 1 billion in January as well as a three-year benchmark bond of USD 1.75 billion in April, both with strong demand despite persistent market volatility.

The current geopolitical situation is affecting many Swedish exporters. Trade tariff developments and ongoing armed conflicts have led to increased market uncertainty. This creates significant uncertainty about future developments, which has led several companies to postpone investment decisions. At the same time, SEK believes there is a need for comprehensive infrastructure, energy and defense investments in Europe, which can create significant business opportunities for SEK’s customers as well as for SEK. SEK’s Export Credit Trends Survey also indicates that Swedish exporters have remained resilient, even in an uncertain operating environment. Despite geopolitical tensions and worries about increased trade barriers, exporters consider conditions as stable and the outlook for new order intake is unexpectedly positive.

Results January–June 2025 (January–June 2024)

• Net interest income Skr 1,372 million (1H24: Skr 1,536 million)
• Operating profit Skr 928 million (1H24: Skr 794 million)
• Net profit Skr 737 million (1H24: Skr 630 million)
• Lending portfolio growth -4.0 percent (1H24: -2.3 percent)
• New credit and guarantee commitments Skr 57.0 billion (1H24: Skr 52.1 billion)
• Basic and diluted earnings per share Skr 185 (1H24: Skr 158)
• After-tax return on equity 6.1 percent (1H24: 5.5 percent)
• Total capital ratio 23.5 percent (year-end 2024: 22.2 percent)

For more information, please contact:

Katarina Daniels, Head of Communications, Tel: +46 72 080 68 85
Tobias Hornberger, Chief Financial Officer, Tel: +46 70 848 13 85