sek-20251231

As filed with the Securities and Exchange Commission on February 26, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)

☐ Registration statement pursuant to Section 12(b) or 12(g) of the Securities Exchange Act of 1934

☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended December 31, 2025

☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

☐ Shell company report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Date of event requiring this shell company report …………………

For the transition period from to

Commission file number: 001-08382



AKTIEBOLAGET SVENSK EXPORTKREDIT (PUBL)
(Exact name of Registrant as specified in its charter)

SWEDISH EXPORT CREDIT CORPORATION
(Translation of Registrant’s name into English)

Kingdom of Sweden
(Jurisdiction of incorporation or organization)

Fleminggatan 20, SE-112 26 Stockholm, Sweden
(Address of principal executive offices)

Tobias Hornberger, Swedish Export Credit Corporation, P.O.Box 194, SE-101 23 Stockholm Email: Tobias.Hornberger@sek.se Phone +46 70 8481385
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

None

Securities registered or to be registered pursuant to Section 12(g) of the Act.


None
(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.


Debt Securities
(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:


Shares			3,990,000

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☑ Yes ☐ No

Table of Contents

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

☐ Yes ☑ No

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☐			Accelerated filer ☐			Non-accelerated filer ☑			Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:


U.S. GAAP ☐			International Financial Reporting Standards as issued by the International Accounting Standards Board ☑			Other ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☑ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

☐ Yes ☐ No

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TABLE OF CONTENTS


PART I			5
ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS			5
ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE			5
ITEM 3. KEY INFORMATION			5
ITEM 4. INFORMATION ON THE GROUP AND THE PARENT COMPANY			12
ITEM 4A. UNRESOLVED STAFF COMMENTS			24
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS			24
ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES			33
ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS			41
ITEM 8. FINANCIAL INFORMATION			42
ITEM 9. THE OFFER AND LISTING			43
ITEM 10. ADDITIONAL INFORMATION			44
ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			47
ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES			48
PART II			49
ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES			49
ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS			49
ITEM 15. CONTROLS AND PROCEDURES			49
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT			50
ITEM 16B. CODE OF ETHICS			50
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES			50
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES			51
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.			51
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT			51
ITEM 16G. CORPORATE GOVERNANCE			51
ITEM 16H. MINE SAFETY DISCLOSURE			51
ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION			51
ITEM 16J. INSIDER TRADING POLICIES			51
ITEM 16K. CYBERSECURITY			51
PART III			55
ITEM 17. FINANCIAL STATEMENTS			55
ITEM 18. FINANCIAL STATEMENTS			55
ITEM 19. EXHIBITS			56


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INTRODUCTORY NOTES

In this annual report on Form 20-F (the “annual report”), unless otherwise specified, all amounts are expressed in Swedish kronor (“Skr”). Amounts presented in this annual report have been rounded independently. Accordingly, totals may not equal the sum of individual amounts.

In this annual report, unless otherwise indicated, all descriptions and financial information relate to the consolidated group consisting of Aktiebolaget Svensk Exportkredit (publ), (Swedish Export Credit Corporation) (the “Parent Company,” the “Company” or “SEK”), including the Commercial Interest Reference Rate-system (the Swedish system for officially supported export credits or the “CIRR-system”), which is described herein, and the Parent Company’s wholly owned, inactive subsidiary SEKETT AB (the “Subsidiary”). These are jointly referred to as the “Consolidated Group” or the “Group”.

The consolidated financial statements of SEK included in Item 18 (the “Consolidated Financial Statements”) comprise the consolidated statement of financial position of SEK and its subsidiaries as of December 31, 2025 and December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, including the related notes. In certain cases, comparable figures for earlier financial periods are reported in parentheses after the relevant figure for the current period. For example, “(2024: Skr 10 million)” means that the relevant figure for 2024, or as of December 31, 2024, as the context requires, was Skr 10 million.

The Parent Company is a “public limited liability company” within the meaning of the Swedish Companies Act (2005:551). A Swedish limited liability company, even if its shares are not listed on an exchange and are not publicly traded, may choose to declare itself a “public limited liability company”. Only public limited liability companies are allowed to raise funds from the public through the issuance of debt instruments. A public limited liability company is required to add the notation “publ” to its name, unless it is evident from the company’s name that the company is a public limited liability company.

Additional information about SEK, including investor presentations, capital reports and the annual report for the financial year of 2025, is available at www.sek.se/en/for-investors. None of the foregoing reports or presentations, nor any other information available on or accessible through SEK’s website is incorporated herein by reference.


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FORWARD-LOOKING STATEMENTS

This annual report contains forward-looking statements. SEK has based these forward-looking statements on its current expectations and projections about future events. These statements include but are not limited to:

•statements regarding financial projections and estimates and their underlying assumptions;

•statements regarding plans, objectives and expectations relating to future operations and services;

•statements regarding the impact of regulatory initiatives on SEK’s operations;

•statements regarding general industry and macroeconomic growth rates and SEK’s performance relative to them; and

•statements regarding future performance.

Forward-looking statements are generally identified by the words “expect,” “anticipate,” “believe,” “intend,” “estimate,” “should” and similar expressions.

Forward-looking statements are based on current plans, estimates and projections, and therefore readers should not place undue reliance on them. Forward-looking statements speak only as of the date they are made, and SEK undertakes no obligation to update any forward-looking statement in light of new information or future events, although SEK intends to continue to meet its ongoing disclosure obligations under the U.S. securities laws (such as the obligations to file annual reports on Form 20-F and reports on Form 6-K) and under other applicable laws. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and generally beyond SEK’s control. Readers are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, forward-looking statements. These factors include, among others, the following:

Credit risk and counterparty credit risk

•Disruptions in the financial markets or economic recessions (including as a result of geopolitical instability) can adversely affect SEK’s operations and financial performance.

•Disruptions in the financial markets or economic recessions can adversely affect SEK’s credit risk and counterparty credit risk.

•SEK’s concentrated credit portfolio could have a material adverse effect on SEK’s business and/or its ability to repay its debts.

•The deteriorating national security situation in Sweden could have an adverse effect on SEK’s business and operations.

Operational risk

•SEK is exposed to material operational risk, which could harm SEK’s business, financial performance, or the ability to repay its debt.

Financial risk

•SEK may experience negative changes in the value of its assets or liabilities and may incur other losses related to volatile and illiquid market conditions.

•Losses could result from SEK’s derivatives used for hedging, and SEK’s hedging strategies may not be effective.

•Reduced access to international capital markets for the financing of SEK’s operations, or less favorable financing terms, may have a negative impact on SEK’s profitability and its ability to fulfill its obligations.

•Fluctuations in foreign currency exchange rates could harm SEK’s business.

•Fluctuations in interest rates could have an adverse effect on SEK’s business and results of operations.

Environmental, social and governance factors and the risks related thereto

•Environmental, social and governance (“ESG") factors could negatively impact SEK’s financial performance, for example by impacting credit risk and operational risk.

•Developments in emerging market countries may result in credit losses for SEK on loans to customers in those countries.

Regulatory changes

•Changes in laws, regulations or accounting standards may adversely affect SEK’s business.


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PART I

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not required as this 20-F is filed as an annual report.

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

Not required as this 20-F is filed as an annual report.

ITEM 3. KEY INFORMATION

A. Selected Financial Data

Not applicable.

B. Capitalization and Indebtedness

Not applicable.

C. Reasons for the Offer and Use of Proceeds

Not applicable.

D. Risk Factors

The following section provides a description of the material risk factors that (i) could affect SEK’s businesses, results of operations and financial condition; and (ii) could cause SEK’s results to differ materially from those expressed in public statements or documents.

Credit risk and counterparty credit risk

Disruptions in the financial markets or economic recessions (including as a result of geopolitical instability) can adversely affect SEK’s operations and financial performance.

SEK’s business and earnings are affected by general business, economic and market conditions, especially those pertaining to Sweden and Europe, and those that have a global impact affecting the financial markets. Uncertainty remains concerning the outlook and the future economic environment globally, due to, among other things, the ongoing Russia-Ukraine war, the continued regional instability in the Middle East and other regions and further changes in U.S. tariff policy, including the imposition of new tariffs, increased existing tariffs, retaliatory measures or other trade policies affecting imports of goods and services. These events may have a negative effect on trade flows leading to higher freight rates and shipping delays, and higher inflation, interest rates and recessionary concerns.

These events could each, if intensified further, give rise to added substantial geopolitical instability (also taking into account, for example, the current friction between China and Taiwan and between China and the United States), trade restrictions, broadening of sanctions regimes against states, companies or individuals, supply chain disruptions, increases in energy prices and global inflationary pressure, which could in turn have further adverse impacts on the regional and global economic environment.

Additionally, even in the absence of slow economic growth or recessions, other economic circumstances or systemic events – including, but not limited to, high inflation, high interest rates, volatility in energy prices, contractions in infrastructure spending, fluctuations in market interest or exchange rates, concerns over the financial health of sovereign governments and their instrumentalities and epidemics and pandemics (such as the Covid-19 pandemic) – may have negative consequences for the companies and industries to which SEK provides financing. Similar factors could adversely affect the financial condition of SEK’s financial counterparties and could, in addition to the other factors cited above, have material adverse effects on SEK’s business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.


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Disruptions in the financial markets or economic recessions can adversely affect SEK’s credit risk and counterparty credit risk.

Credit and counterparty risk exposure is inherent in SEK’s business model. Dysfunctional and volatile financial markets or effects of an economic recession could have material negative effects on asset values and credit losses. As a financial institution, which lends money to customers globally, SEK’s business could be materially adversely affected by unfavorable global and local economic and market conditions, as well as geopolitical events and other developments in Europe, the United States, Asia and elsewhere around the world. For example, the continuation or escalation of the conflicts between Russia and Ukraine, and in the Middle East and other regions, as well as further changes in U.S. tariff policy, including the imposition of new tariffs, increases in existing tariffs, retaliatory measures or other trade policies affecting imports of goods and services, could lead to further instability in financial markets. Such developments may result in significant volatility in commodity prices and supply of energy resources, supply chain disruptions, due to higher freight rates and shipping delays, heightened political and social instability, increased cyberattacks and espionage, and elevated inflation, interest rates and recessionary concerns. Dysfunctional markets and an economic recession may affect business and consumer spending, bankruptcy rates and asset prices and could lead to SEK’s customers’ and counterparties’ increasing their demand for loans, becoming delinquent in their loan repayments or other obligations and ultimately losing their ability to fulfill their obligations towards SEK. While SEK’s loans are to a large extent covered by government export credit guarantees, there could be circumstances where dysfunctional markets and an economic recession could increase provisions for delinquent and defaulted debt, as well as higher provisions for non-guaranteed loans, which could have a material adverse effect on SEK’s business and/or its ability to repay its debts.

SEK’s concentrated credit portfolio could have a material adverse effect on SEK’s business and/or its ability to repay its debts.

SEK’s credit portfolio has a composition that reflects the Swedish export industry. A large part of SEK’s exposures is covered by guarantees from the Swedish Export Credit Agency and other government export credit agencies within the Organisation for Economic Co-operation and Development (the “OECD”). However, SEK has some large exposures, without guarantees, to international export corporations that have high ratings. Even though these companies are large international corporations with high ratings they could be affected by, for example, disruption in supply chains, increases in prices, high interest rates, volatile capital markets and current geopolitical events. A default by any of these large corporations could lead to an increase in SEK’s provisions for delinquent and defaulted debt and other provisions, which could in turn have a material adverse effect on SEK’s business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.

The deteriorating national security situation in Sweden could have an adverse effect on SEK’s business and operations.

Sweden is facing a deteriorating national security situation for two different reasons.

First, the threat of attacks from terrorists or violent extremists has increased over the past three years. Although the national terrorist threat level was reduced from level four to level three (on a five-level scale) in May 2025, it had remained at level four for nearly two years, reflecting a sustained elevated threat.

Second, Russia’s invasion of Ukraine in early 2022 has materially affected Sweden’s security environment and led to Sweden becoming a member of the North Atlantic Treaty Organisation (NATO) in 2024. While the risk of an armed attack against Sweden is currently assessed as low, the risk of influence operations and other hostile actions has increased. There have, for example, been suspected acts of sabotage against undersea infrastructure in the Baltic Sea, recurring cybersecurity incidents and political influence campaigns against Sweden. A deteriorating national security situation due to actual or threatened attacks from terrorists or violent extremists could have an adverse effect on the Swedish economy and lead to instability in the Swedish financial market, which could impact SEK’s ability to raise capital and to conduct its funding and lending business. Additionally, the aforementioned factors could increase SEK’s counterparty risk as it could lead to some of SEK’s customers not being able to perform their obligations to SEK. The effect of any of these events, developments, or threats could have material adverse effects on SEK’s business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.

Operational risk

SEK is exposed to material operational risk, which could harm SEK’s business, financial performance, or the ability to repay its debt.

SEK’s business is dependent on its ability to process complex transactions in an efficient and accurate manner. Operational risk for a financial institution such as SEK can arise from inadequate or failed internal processes or systems, human error or malfeasance or from external events.


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Failed internal processes and legal risks: Failed internal processes and legal risks can arise from internal or external sources, including from human error, employee misconduct, failure to document transactions properly or to obtain proper internal authorizations, non-compliance with regulations or fraud related to money laundering, financing of terrorism, corruption, or other criminal activities. Failure to address risks relating to failed internal processes and legal risks or failure to in any other way meet SEK’s commitments and expectations may lead to increased costs, losses, or damage to SEK’s reputation, which may negatively affect customers’ and investors’ confidence in SEK, and consequently SEK’s business, financial performance, or ability of the Company to fulfill its debt obligations.

IT- and information security risks: IT- and information security risks can, for example, arise from internal or external (outsourced or counterparties) system failures, failure in system development, loss of information, information security failures, such as data loss, cybersecurity incidents, human error by employees, internal fraud, or other criminal acts.

As an example, cybersecurity incidents continue to be a global threat and have been amplified as a result of the current geopolitical turmoil. Western support of the ongoing war in Ukraine could further intensify such risks if Swedish government activities and companies are targeted in future cybersecurity incidents. There is also an increased level of risk for cybersecurity incidents due to the sophistication, availability and use of artificial intelligence (AI) by threat actors. Although management of operational risk includes 24/7 surveillance of critical parts of the IT-systems and is designed to efficiently mitigate all material risk and to be compliant with regulatory requirements, the processes and systems in place could prove to be insufficient, or cybersecurity incidents against national critical infrastructure in Sweden or elsewhere could compromise SEK’s ability to successfully prevent and defend against cybersecurity incidents.

A successful cybersecurity incident could have a material adverse effect on SEK, including operational consequences such as unavailability of services, networks, systems, or data, and could also lead to unauthorized access to customer data and other sensitive information. It may also lead to additional costs, as a result of, for example, remediation measures, losses or damages to SEK’s reputation, which may negatively affect customers’ and investors’ confidence in SEK, and consequently SEK’s business prospects, financial condition or the ability of the Company to fulfill its debt obligations.

Furthermore, recent technological advances in AI and machine learning technologies create opportunities for SEK, as well as risks. SEK is currently exploring and implementing AI technologies within its operations on a continuous basis to enhance operational efficiency. SEK applies risk management strategies and governance frameworks to its own deployment of these technologies. However, any failure to appropriately evaluate, actively manage and closely monitor risks arising from the development and implementation of AI into SEK’s operations could introduce new vulnerabilities and security flaws. SEK could also be exposed to risks to the extent third-party service providers or any counterparties use AI technologies in their business activities. In this respect, SEK is not able to control the way third-party products are developed or maintained or the way third-party services utilizing AI technologies are provided to it, which could make SEK more susceptible to, for example, cybersecurity or fraud risks. Such risks may be heightened if AI systems generate errors or hallucinations, produce biased, harmful or discriminatory outputs, infringe the intellectual property or data privacy rights of third parties, or otherwise fail to operate as intended, any of which could have a material adverse effect on SEK’s business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.


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Financial risk

SEK may experience negative changes in the value of its assets or liabilities and may incur other losses related to volatile and illiquid market conditions.

Increased market volatility, illiquid market conditions and disruptions in the credit markets, such as those observed during the spring of 2020 at the beginning of the COVID-19 pandemic and, to a certain extent, in the spring of 2023 when several financial institutions in the United States and Europe faced significant financial difficulties, could make it difficult to value SEK’s assets and liabilities during certain periods. In particular, SEK is exposed to changes in the fair value of certain assets of liabilities due to unrealized gains and losses (e.g., in the form of changes in currency basis spread). Such changes in fair value could have a negative impact on SEK’s results as reported under IFRS.

Subsequent valuations, in light of factors then prevailing, may result in significant changes in the value of SEK’s assets or liabilities in future periods. Changes in asset prices can also lead to increased margin requirements for SEK’s derivative exposures. Furthermore, at the time of any sale of any such assets, the prices SEK ultimately realizes will depend on the demand and liquidity in the market at the time of sale and may be materially lower than such assets’ current fair value. Any of these factors could have an impact on the valuation of SEK’s assets and liabilities and may therefore have an adverse effect on SEK’s results of operations, financial condition and/or the ability of the Company to fulfill its debt obligations.

Losses could result from SEK’s derivatives used for hedging, and SEK’s hedging strategies may not be effective.

SEK uses hedging instruments to seek to manage interest rate-, currency-, credit-, basis- and other market-related risks. If any of the variety of instruments and strategies SEK uses to hedge exposure to various types of risk is not effective, SEK may incur losses, which may have an adverse effect on SEK’s financial condition and could impair its ability to timely repay or refinance its debts. Many of SEK’s derivative contracts are OTC (over-the-counter) derivatives, i.e., derivative contracts that are not traded on an exchange. These derivatives are entered into under ISDA Master Agreements. If a counterparty were to default on these contracts, the underlying exposure would no longer be effectively hedged, which could result in losses.

In addition, there can be no assurance that SEK will continue to be able to hedge risks related to current or future assets or liabilities in accordance with its current policies in an efficient manner or at all. Disruptions such as market crises and economic recessions may bring a challenge to the availability and effective hedging instruments or strategies. An inability to hedge any material risks could result in additional losses, which could have an adverse effect on SEK’s results of operations, financial condition and/or the ability of the Company to fulfill its debt obligations.

Reduced access to international capital markets for the financing of SEK’s operations, or less favorable financing terms may, have a negative impact on SEK’s profitability and its ability to fulfill its obligations.

In order to finance its operations, SEK is dependent on the international capital markets, where it competes with other issuers of similar standing to obtain financing. Although SEK has been able to finance its operations successfully to date, factors outside of SEK’s control may have material adverse effects on SEK’s continued ability to obtain such financing or could cause the cost of such financing to increase. As a result of the global outbreak of COVID-19, for example, global markets became extremely turbulent and volatile during the spring of 2020 and SEK experienced an increase in costs of funding through the international capital markets (as did other issuers during the same period). A similar situation, although not as severe, occurred as a result of the significant financial difficulties that several financial institutions in the United States and Europe faced in the spring of 2023. In both periods, SEK was able to offset the increased cost of funding by increasing the margins on its lending, but that might not be possible in the future. This could result in more expensive access to the capital markets, which could in turn, have a material adverse effect on SEK’s results of operations.


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An additional key factor influencing the cost and availability of financing is SEK’s credit rating. Although notes issued by SEK under several of its securities programs, including its U.S.$ Medium Term Notes Program, have favorable credit ratings from various credit rating agencies currently, those credit ratings depend on many factors, some of which are outside of SEK’s control. Significant factors in determining SEK’s credit ratings or that otherwise could affect its ability to raise financing include its ownership structure, asset quality, liquidity profile, short and long-term financial prospects, risk exposures, capital ratios, prudential measures as well as government support and SEK’s public policy role. Although SEK’s owner (the Swedish State) has reaffirmed continued support for SEK’s current public policy role, there is a risk that this stance could change in the future. Deterioration in any one of these factors or any combination of these factors may lead rating agencies to downgrade SEK’s credit ratings. If SEK were to experience a downgrade in its credit ratings, it would likely become necessary to offer increased interest margins in the capital markets in order to obtain financing, which would likely have a material adverse effect on SEK’s profit margins and earnings, and harm its overall liquidity and business and its ability to fulfill its debt obligations.

Fluctuations in foreign currency exchange rates could harm SEK’s business.

As an international lending institution, SEK faces exposure to adverse movements in foreign currency exchange rates. The adequacy of SEK’s financial resources may be impacted by changes in currency exchange rates that affect the value, in Swedish currency, of SEK’s foreign currency obligations. SEK’s exposure to foreign currency exchange risk is caused primarily by fluctuations in the Swedish krona (“Skr”)/United States dollar (“USD”) exchange rate and the Skr/Euro exchange rate. Countries could undertake actions that could significantly impact the value of their currencies such as “quantitative easing” or “quantitative tightening” measures and potential withdrawals from common currencies and other currency control measures. Even though SEK carefully monitors and hedges its foreign currency exposures, changes in currency exchange rates adverse to SEK could harm SEK’s business, its profitability and its ability to repay its debts. SEK does not hedge its exposure towards currency exchange-rate effects related to unrealized changes in the fair value of its assets and liabilities, which could negatively affect SEK’s results of operations. Also, any strengthening of the Swedish krona against other currencies may reduce demand for the products sold overseas by SEK’s Swedish clients and thus reduce demand for its loans from end-purchasers of such products, or cause such clients to experience increased difficulty in repaying their loans to SEK. Such eventualities could have an adverse effect on SEK’s business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.

Fluctuations in interest rates could have an adverse effect on SEK’s business and results of operations.

Interest rate changes can have a significant effect on SEK and its business and results of operations. Interest rates are highly sensitive to many factors beyond SEK’s control, including increased regulation of the financial sector, inflation, fiscal and monetary policies of governments and central banks and domestic and international economic and political conditions, and can thus be volatile. For example, the monetary policy in Sweden and other countries has since early 2024 changed due to falling inflation. Since January 2024, the Riksbank (Sweden’s central bank) has cut the policy rate from 4.00 percent to 1.75 percent as at December 31, 2025.

These actions affect interest rates, which in turn affects SEK’s interest income, the value of SEK’s financial instruments, the value of SEK’s loans and deposits and the volume of new loans, increase the likelihood of a more volatile Swedish krona exchange rate and impact SEK’s customers.

For example, fluctuations in interest rates could affect the interest earned on SEK’s lending portfolio and the interest paid on SEK’s borrowings, thereby affecting SEK’s net interest income, with the risk of reducing its growth rate and profitability. Furthermore, increases in interest rates may result in lower demand for new lending. For example, in 2024 significantly higher interest rates led certain of SEK's customers to postpone or cancel planned investments following revisions to their investment estimates. Changes in interest rates may also affect SEK’s customers’ ability to repay their loans, which could result in SEK having to record losses on such loans, which could have a material adverse effect on SEK’s results of operations, financial condition and prospects.

Environmental, social and governance factors and the risks related thereto

Environmental, social and governance (“ESG”) factors could negatively impact SEK’s financial performance, for example by impacting credit risk and operational risk.

ESG factors, such as climate change, human rights issues and financial crime, pose risks to SEK’s business, its customers’ and the wider society. If SEK fails to meet evolving regulatory expectations or requirements relating to these matters, it could have regulatory compliance and reputational impacts.


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Increased attention to ESG matters, regulatory requirements to, for example, address climate change risks, the risk of greenwashing and ESG risks generally, and societal expectations regarding voluntary ESG initiatives and disclosures, may result in increased costs (including but not limited to costs related to compliance), impact SEK’s reputation or otherwise affect its business performance. SEK has, to date, and may in the future, continue to take certain actions, including further establishment of ESG-related goals or targets, to address ESG matters. There can be no assurances that SEK’s commitments will be achieved in the manner it currently intends, or at all, and any inability to satisfy such commitments or to meet societal expectations can result in negative impacts on SEK’s reputation or otherwise affect its business performance.

Climate change could expose SEK to financial risks either through its physical (e.g., climate or weather-related events) or transitional (e.g., changes in climate policy) effects. Transition risks could be further accelerated by the occurrence of changes in the physical climate. Physical risks from climate change arise from climate and weather-related events, such as heatwaves, droughts, floods, storms, sea level rise, coastal erosion and subsidence. These risks could result in significant damage to SEK’s customers’ property or businesses or have a material impact on SEK’s customers’ business models, which in turn could negatively affect SEK’s customers’ financial position or solvency. Transition risks arise from the process of adjustment towards a low-carbon economy. SEK may face significant and rapid developments in stakeholder expectations, policy, law, and regulation which could impact the lending activities SEK undertakes, as well as the risks associated with its lending portfolio, and the value of SEK’s financial assets. Reputational risk could arise from a failure to meet changing societal, investor or regulatory demands.In particular, recent years have seen an increase in climate-related disclosure requirements with which SEK may be required to comply. SEK may also become subject to claims and/or legal proceedings and other investigations relating to, for example, allegedly financing or contributing to climate change and environmental degradation or because SEK’s response to climate change or other ESG factors, including its

ESG disclosures, are perceived to be ineffective, insufficient or inappropriate.

Failure to adequately embed risks associated with climate change into its risk framework to appropriately manage and disclose the various financial and operational risks it faces as a result of climate change, or failure to adapt SEK’s strategy and business model to the changing regulatory requirements and market expectations on a timely basis may have a material and adverse impact on SEK’s reputation, business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.

Developments in emerging market countries may result in credit losses for SEK on loans to customers in those countries.

SEK grants loans to customers in a number of emerging markets. Lending in emerging markets generally involves greater economic or political risk than in more developed countries, including economic crises, potentially unstable governments, risks of nationalization of businesses or appropriation of assets, restrictions on foreign ownership and uncertain legal systems. Although a significant amount of SEK’s loans are guaranteed by the Swedish Export Credit Agency (EKN) and other government export credit agencies within the OECD, 67 percent as of December 31, 2025, SEK could experience credit losses with respect to those loans not covered by a guarantee, which could reduce the SEK’s net income and have a material adverse effect on the SEK’s business prospects, financial condition and/or the ability of the Company to fulfill its debt obligations.

Regulatory Risks

Changes in laws, regulations or accounting standards may adversely affect SEK’s business.

SEK’s business is subject to regulation and regulatory oversight. In particular, SEK is subject to financial services laws, regulations, administrative actions and policies in each location in which it operates. Significant legal or regulatory developments could affect the manner in which SEK conducts its business and the results of SEK’s operations. Changes to existing laws, or the interpretation or enforcement of laws, may directly impact SEK’s business, results of operations and financial condition.

Furthermore, changes to the current system of supervision and regulation, or any failure to comply with applicable rules (and particularly those applicable in Sweden), could materially and adversely affect SEK’s authorization to operate, its business, its financial condition or results of operation and/or the ability of the Company to fulfill its debt obligations. For example, as a result of legislative changes in 2017, the Swedish FSA required most financial institutions in Sweden, including SEK, to pay a higher resolution fee to the resolution fund to support the recovery of credit institutions, which adversely affected SEK’s results of operations.


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On June 20, 2023, the Swedish National Debt Office communicated its decision that it does not consider there to be grounds for managing SEK through resolution. The decision implied that SEK does not have to issue senior non-preferred bonds (for which the interest rate may be considerably higher than on senior preferred bonds) to meet the MREL requirement. Furthermore, in December 2025, the Swedish National Debt Office waived the minimum requirement for own funds and eligible liabilities for SEK under the MREL framework. However, the Swedish National Debt Office reviews the above position of SEK on an annual basis, so it may be subject to change in the future. If the Swedish National Debt Office were to change its position in relation to SEK so that SEK again will have to meet the MREL requirement by issuing senior non-preferred bonds, SEK’s ability to obtain financing may be reduced or impeded, the cost of funding may increase for SEK or SEK’s ability to fulfill its obligations may be impaired.

A further example of such regulation that has had, and could continue to have, an impact on SEK’s results of operations is the Basel Framework. The CRD VI will become applicable to SEK when it has been implemented into Swedish national legislation during 2026, while the CRR III in large became applicable for SEK on January 1, 2025. The CRR III rules led to a reduced risk exposure amount for the Company, which in its turn led to lesser capital requirements. However, there is no assurance that the capital requirements will not be increased in the future to include new and more burdensome capital requirements, which could result in the Company being obliged to incur the cost of raising more capital. If new and more burdensome capital requirements are introduced, there is a risk that SEK would need to revise existing business models which could have a material adverse effect on its results of operations, financial condition and prospects. The CRR III and the CRD VI will also require the Company to adjust its risk management and reporting framework to comply with the new regulations, which will entail an increased regulatory burden for SEK and may result in increased operational and compliance costs.

In addition, laws and regulations relating to financial crime, including in relation to anti-money laundering, counter-terrorism, anti-bribery and corruption and sanctions, in the locations where SEK operates, have become, and may continue to become, increasingly complex and detailed. For example, the war between Russia and Ukraine has led to severe financial and economic sanctions and export controls being imposed by the United States, the European Union, the United Kingdom and other UN member states and jurisdictions against Russia, Belarus and certain regions in Ukraine and there is a risk that additional sanctions or restrictions will be implemented. The scope and complexity of these sanctions give rise to significant operational and compliance risks for SEK. Such sanctions and other measures, may result in increased costs and regulatory burden for SEK and have an impact on SEK’s borrowing business due to even more limited business opportunities in the relevant regions or early termination of loan agreements. The increasing complexity of financial crime regulation also pose a significant challenge to SEK, involving overlapping requirements between different local legislation, which could have adverse reputational and regulatory consequences for SEK in case of, for example, misinterpretation of such legislation, and also lead to increased operational and compliance costs as a result of, for example, SEK having to seek legal advice from local legal advisors.

Moreover, there is also ongoing regulatory focus on policies and procedures for identifying and managing cybersecurity risks, cybersecurity governance, and related disclosure and reporting obligations. The growing digitization of business operations and the corresponding rise in cybersecurity incidents have led, for example, to the adoption of the EU Digital Operational Resilience Act (DORA) (Regulation (EU) 2022/2554), which has been applicable in all EU member states since January 17, 2025. In addition, SEK is also subject to evolving regulatory expectations regarding the use of AI, including requirements under the EU Artificial Intelligence Act (Regulation (EU) 2024/1689). Compliance with these and similar regulations may increase regulatory complexity and operational costs, and any failure by SEK to comply could result in significant regulatory fines and reputational harm.

For more information, see Item 4 “Information on the Group and the Parent Company—B. Business Overview—Swedish Government Supervision—Supervisory Authorities”.


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ITEM 4. INFORMATION ON THE GROUP AND THE PARENT COMPANY

A. History and Development of the Group and the Parent Company

Aktiebolaget Svensk Exportkredit (publ) (Swedish Export Credit Corporation) is a “public limited liability company” under the Swedish Companies Act (2005:551). It is wholly owned by the Swedish State through the Ministry of Finance (“Sweden”, the “Swedish State” or the “State”).

The Parent Company was founded in 1962 in order to strengthen the competitiveness of the Swedish export industry by meeting a need for long-term financing for both exporters and their foreign customers. SEK’s objective is to engage, on commercial grounds, in Swedish and international financing activities in accordance with the Swedish Banking and Financing Business Act (2004:297) in order to promote activities of Swedish interest, directly or indirectly related to the Swedish export industry, including Swedish infrastructure, and further to otherwise strengthen the internationalization and competitiveness of Swedish industry. The duration of the Parent Company is indefinite.

SEK’s mission has evolved since it began its operations in 1962. SEK’s range of products has expanded from its roots in export loans; however it remains a niche operator in the financial markets.

The address of the Parent Company’s principal executive office is AB Svensk Exportkredit (Swedish Export Credit Corporation), Fleminggatan 20, Stockholm, Sweden; and the Parent Company’s telephone number is +46-8-613-83 00. The Parent Company’s authorized representative in the United States is Business Sweden, whose contact information is as follows:

Business Sweden

295 Madison Avenue

Floor 40

New York, NY 10017
www.business-sweden.com


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B. Business Overview

SEK’s mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms, with the aim of promoting the development and international competitiveness of Swedish industry and trade. Its mission includes, as a public policy assignment, administration of the CIRR-system. Pursuant to agreements established in 1978 and amended from time to time thereafter, the Group administers the CIRR-system on behalf of the Swedish State in return for compensation.

SEK extends loans on commercial terms at prevailing fixed or floating market interest rates as well as loans on State-supported terms at fixed interest rates that may be lower than prevailing fixed market rates in the CIRR-system. The compensation from the CIRR-system to SEK is recorded as a part of interest income in the Consolidated Statement of Comprehensive Income. See Note 1(e) to the Consolidated Financial Statements. Because Sweden is a member of the OECD, the CIRR-system is designed to comply with the Arrangement on Guidelines for Officially Supported Export Credits of the OECD (the “Export Credit Guidelines”).

SEK’s product offerings are aimed at Swedish exporters and their customers, and its customers are large and medium-sized Swedish exporters with sales exceeding Skr 500 million.

SEK works mainly in lending and as a result, SEK acts as a complement to, and works in cooperation with, Swedish and international banks as well as other financial institutions. SEK also has close partnerships with other export promotion agencies in Sweden such as Business Sweden, EKN and Swedfund.

SEK can provide loans in a number of different currencies and with different maturities. The majority of its lending is in Swedish kronor, US dollars or euros, but SEK also offers loans in several other currencies.

SEK’s borrowing activities in the international capital markets have given SEK expertise in financial instruments.

SEK’s niche specialization in long-term export-related financing, combined with its financial capacity and flexible organization, are key factors in the management of its operations.

2025

•In 2025 SEK recorded a net interest income of Skr 2,719 million (2024: Skr 3,058 million). A large portion of the decrease is explained by lower average short-term Swedish krona interest rates, with a stronger Swedish krona also being a contributing factor. Operating profit amounted to Skr 1,491 million (2024: Skr 2,121 million). The decrease compared to the previous year was primarily due to lower net interest income, and increased provisions for expected credit losses.

•New credit and guarantee commitments in 2025 amounted to Skr 126 billion (2024: Skr 90 billion), which is higher than the historical average. These contracts have relatively long maturities. Portions of these commitments have already been disbursed and are therefore included in the lending portfolio, while the remaining committed amounts will be recognized on the balance sheet as they are disbursed.The lending portfolio decreased during the year, primarily as a result of the increasingly strong Swedish krona, and amounted to Skr 263 billion (year-end 2024: Skr 283 billion) as of December 31, 2025. Excluding currency effects, the lending portfolio was largely unchanged.

•SEK is focused on increasing the customer portfolio and offering more companies access to Sweden’s export credit system. 13 new customers were welcomed during 2025, although some customers finished their repayments during 2025, which resulted in a decrease of 2 percent during the year compared to year-end 2024,.

•The Swedish government has resolved on a new financing model that combines development assistance funding with export financing. The aim is to promote sustainable and socially beneficial development in low- and lower middle-income countries, while providing Swedish companies with the opportunity to contribute with technology and innovation to important social projects. The new ordinance entered into force on August 1, 2025. Together with EKN, SEK has been tasked to provide the financing, which is referred to as Export and development financing.

•The global environment was characterized by geopolitical tensions, increased trade barriers and volatility in the financial markets, with uncertainty increasingly becoming the new normal. At the same time, demand for financing for long-term investments was strong, especially in the energy transition, infrastructure, defense and industrial transformation sectors, reflecting the structural changes underway in the global economy.


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•SEK had a credit facility with the Swedish National Debt Office of up to Skr 150 billion in 2025. In December 2025, the credit facility was set at Skr 175 billion for 2026, of which Skr 14 billion can be used for commercial export financing. SEK had not utilized the credit facility by December 31, 2025.

•The Board of Directors of SEK (the “Board”) has resolved to propose the payment of a dividend of 40 percent of the year’s profit at the Annual General Meeting, corresponding to Skr 473 million (2024: Skr 1,673 million), which is in line with the Company’s dividend policy of 20-40 percent.


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Competition

SEK is the only institution authorized by the Swedish State to grant export financing loans under the CIRR-system. With support from the Swedish State, SEK helps Swedish export companies compete with other export companies within OECD member countries that provide similar support from their respective domestic export credit agencies and where such export credit agencies also provide government-supported export credits. SEK also helps Swedish export companies compete with other export companies outside the OECD member countries. SEK’s lending, excluding the CIRR-system, faces competition from other Swedish and foreign financial institutions, from the capital markets as well as financing programs from multilateral development banks, such as the Nordic Investment Bank and European Investment Bank.

The following table summarizes SEK’s loans and debt outstanding as of December 31, 2025, and 2024:


	Year ended December 31,
Skr mn	2025	2024	Changes in percent
Total loans outstanding(A)	262,712	283,408	-7	%
of which CIRR-system	85,643	101,657	-16	%
Total debt outstanding	304,633	324,995	-6	%
of which CIRR-system	89,590	106,093	-16	%

(A) Loans outstanding consist of loans due from commercial and financial institutions including loans in the form of interest-bearing securities. For a reconciliation of loans outstanding, see Note 11 to the Consolidated Financial Statements.

Lending Operations – General

The following table sets forth certain data regarding the Group’s lending operations, including the CIRR-system, during the two-year period ending December 31, 2025:


	Year ended December 31,
Skr mn	2025	2024	Changes in percent
Offers of long-term loans accepted	125,832	90,334	39	%
Total loan disbursements	-73,850	-62,317	19	%
Total loan repayments	74,879	73,963	1	%
Loans outstanding	262,712	283,408	-7	%
Loan commitments outstanding but undisbursed(A)	81,624	56,887	43	%

(A) If a loan has been accepted by the borrower it can be disbursed immediately. However, disbursement may be delayed due to a number of factors. In some cases, including as a result of changes in the commercial and financial institutions’ need for funds, an accepted loan may never be disbursed. Currency exchange-rate effects also impact the amount of loan commitments that will result in loans outstanding. Therefore, the volume of loans accepted does not equal the volume of loans disbursed as presented in the Statement of Cash Flows in the Consolidated Financial Statements for a single fiscal year. Loans accepted but not yet disbursed are presented under the heading “Commitments” as “Committed undisbursed loans”. See Note 23 to the Consolidated Financial Statements.


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Total loans outstanding, type of loans


	As of December 31,
Skr mn	2025	2024	2023	2022	2021
Lending to exporters' customers	128,623	149,828	148,389	145,049	127,943
of which CIRR-system	85,643	101,657	101,361	94,241	87,872

Lending to Swedish exporters	134,090	133,580	134,914	128,399	109,281
of which CIRR-system	—	—	—	—	—

Total	262,712	283,408	283,303	273,448	237,224
of which CIRR-system	85,643	101,657	101,361	94,241	87,872

About half of the loan volumes granted by SEK are granted to purchasers of Swedish exports. Western European markets and the United States are the largest markets for exported Swedish goods by revenue. However, exports to other markets, including less developed markets, are also important for the Swedish economy. Accordingly, the need for export financing may be related to transactions involving buyers in many different countries, with varying levels of creditworthiness. Pursuant to its credit risk exposure policy, SEK is selective in accepting such risk exposure without the support from an export credit agency such as the Swedish government backed export credit agency, EKN. The credit risk exposure policy seeks to ensure that SEK is neither dependent on the creditworthiness of individual buyers of Swedish goods and services, nor on the countries in which they are domiciled, but rather on the creditworthiness of individual counterparties to which SEK accepts credit risk exposure. For additional information on SEK’s approach to risk, see Note 26 and Note 29 to the Consolidated Financial Statements.

SEK relies largely on guarantees in its lending. Consequently, SEK has limited net exposure to loans that the Company would characterize as high-risk lending, including loans which have been modified or would otherwise qualify as distressed debt (other than the limited amount of such assets disclosed in Note 9 to the Consolidated Financial Statements).

CIRR-system

SEK treats the CIRR-system as a separate operation for accounting purposes. Although the deficits (or surpluses) of programs under the CIRR-system are reimbursed by (or paid to) the Swedish State, any loan losses that may be incurred under such programs are not reimbursed by the Swedish State. Accordingly, SEK must obtain appropriate credit support for those loans as well. All of the lending under the CIRR-system is reported on SEK’s Consolidated Statement of Financial Position. SEK has consequently presented the financial results of the CIRR-system in the Consolidated Statement of Comprehensive Income as the gross amounts collected and paid in accordance with the agreement with the Swedish State. See Note 1 to the Consolidated Financial Statements for further details. In general, loans under the program are to a large extent guaranteed by EKN or other export credit agencies. All such loans granted by SEK must also undergo SEK’s customary credit approval process.

Pursuant to an owner instruction adopted by the sole shareholder, the Swedish State, at the Annual General Meeting in March 2022, the difference between interest income related to lending and liquid assets under the CIRR-system on the one hand, and interest expenses related to borrowing, all other financing costs and any net foreign exchange losses incurred by SEK under the CIRR-system, on the other hand, are reimbursed by (or paid to) the Swedish State.

SEK reports loans in the following categories:

Loan Types and Underwriting Policies

(a) Lending to Swedish exporters

(b) Lending to exporters’ customers

oexport credits;

oexport and development financing; and


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oproject finance.

Within the CIRR-system, SEK extends loans only for the medium and long-term financing of durable goods exports. CIRR-system lending includes financing in collaboration with intergovernmental organizations and foreign export credit agencies.

SEK’s credit underwriting policies and requirements are similar regardless of loan type and pertain equally to the CIRR-system. Most of SEK’s loans to exporters’ customers are guaranteed by export credit agencies or banks, or by credit guarantees or credit default swaps issued by insurance companies, banks or other financial institutions.

For more information, see the table under the heading “Outstanding loans per business area” under Note 11 to the Consolidated Financial Statements.

Interest Rates

Outside the CIRR-system, export financing is extended at prevailing market rates. The Group normally makes loan offers at a quoted interest margin that is subject to change prior to acceptance of the loan offer (a non-binding offer). When a borrower accepts a non-binding loan offer, the interest margin is normally set at the then-prevailing market rate (which might have changed since the loan commitment was made), and a binding loan commitment arises. Binding offers can also be provided and are offers with a higher degree of commitment to the customer regarding disbursement of the loan than non-binding offers, regardless of whether the interest rate is fixed or not.

Because Sweden is a member of the OECD, the CIRR-system is designed to comply with the Export Credit Guidelines, which establish minimum interest rates, required down payments and maximum amortization periods for government-supported export loan programs.

SEK offers CIRR-loans established by the OECD in accordance with the Export Credit Guidelines. The CIRR rates for new loans are subject to periodic review and adjustment by the OECD. The Export Credit Guidelines stipulate that loan offers may remain valid for a period of up to one year. EU rules and Swedish regulations state that the loan agreement must be signed within that period. A commitment fee is charged by SEK for CIRR loans in accordance with the OECD consensus rules. SEK receives compensation from the Swedish State in the form of an administrative fee of 0.25 percent per annum, which is calculated based on the loan amount outstanding. The arranging or agent-bank, generally a commercial bank, receives compensation in the amount of 0.25 percent per annum, based on the loan amount outstanding, to cover its costs for arranging and managing loans.

Guarantees and Credit Default Swaps

SEK relies largely on guarantees in its lending. The guarantors are principally made up of government export credit agencies, such as the EKN, the Export Import Bank of the United States, the UK Export Finance, Bpifrance and Euler Hermes Kreditversicherungs AG of Germany, as well as financial institutions, insurance companies and, to a lesser extent, non-financial corporations. Credit risk is allocated to a guarantor in accordance with SEK’s policy and therefore, when disclosing net credit risk exposures, the majority of SEK’s guaranteed credit exposure is shown as exposure to sovereign counterparties. In general, loans under the CIRR-system are guaranteed by EKN.

Total credit exposures for SEK covered by guarantees


	Year ended December 31,
Skr bn	2025	2024
Government export credit agencies	176.6	169.4
of which covered corporate exposures	61.9	75.8
of which covered exposures to financial institutions	20.9	21.0
of which covered exposures to regional governments	1.8	0.9
of which covered sovereign exposures	92.0	71.7

As of December 31, 2025, government export credit agencies guaranteed 41.4 percent (2024: 40.3 percent) of SEK’s total credit exposures.


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If a guarantee or credit default swap is entered into for risk-mitigating purposes, the instrument protects a pre-defined amount of SEK’s exposure with respect to the principal amount of the underlying loan (and in many cases interest as well) if the issuer of the guarantee or credit default swap is financially sound. The protected amount is ordinarily 75–100 percent of the principal amount. Most of the counterparties against whom SEK accepts net exposures are rated by one or more of the internationally recognized rating agencies.

For information regarding SEK’s gross and net credit exposures to counterparties, broken down by geography and type of counterparty (considering applicable guarantees but not collateral), see Note 26 to the Consolidated Financial Statements.

Loan Maturities

SEK’s historical role (and one that continues today) has been in the provision of long-term financing to promote the Swedish export industry. Since many of the projects the export industry engages in are long-term projects, both regarding disbursement periods and repayment periods, SEK’s loans often have longer terms than those of loan products offered by commercial banks. However, SEK also meets its customers’ needs by providing short-term financing when required. Consequently, SEK’s loan maturities range from very short-term loans (with terms of three to six months) to loans for as long as 20–30 years. Under the CIRR-system, new loans generally range from eight years up to 20–30 years. Loan maturities under the CIRR-system are regulated in the Export Credit Guidelines.

Currency

SEK extends loans in different currencies, depending on the needs of its borrowers. Before the Group makes any loan commitment, it ensures that the currency in which the loan is to be funded is expected to be available for the entire loan period at an interest rate (considering the costs of foreign exchange derivatives) that, as of the day the commitment is made, results in a margin that the Group deems commercially viable. The Group may decide not to hedge a specific loan commitment until sometime after the loan is made. Interest rate risks associated with such unhedged commitments are monitored closely and may not exceed interest rate risk limits established by the Board. SEK’s policies are described in Note 29 to the Consolidated Financial Statements.

The following table shows the currency breakdown of loan offers accepted for loans with maturities exceeding one year for each year in the two-year period ending December 31, 2025.


	Percentage of loan offers accepted
Currency in which loan is denominated	2025		2024
Swedish kronor	37	%	39	%
Euro	29	%	24	%
U.S. dollar	27	%	30	%
Other	7	%	7	%
Total	100	%	100	%

Credit Support for Loans Outstanding

The Group’s policies with regard to counterparty exposures are described in detail in Note 29 to the Consolidated Financial Statements.


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The following table illustrates the counterparties for the Group’s loans and guarantees outstanding as of December 31, 2025 and December 31, 2024. Although most loans fall into more than one category for any given loan, this table only reflects the counterparty (either the borrower or the guarantor) that SEK believes to be stronger in terms of creditworthiness.


	2025		2024
Loan credit exposure to Swedish State guarantees via EKN(A)	38	%	42	%
Loan credit exposure to Swedish State guarantees via National Debt Office	2	%	1	%
Loan credit exposure to Swedish credit institutions(B)	2	%	2	%
Loan credit exposure to foreign bank groups or governments(C)	2	%	3	%
Loan credit exposure to Swedish counterparties, primarily corporations(D)	39	%	35	%
Loan credit exposure to municipalities	1	%	1	%
Loan credit exposure to other foreign counterparties, primarily corporations	15	%	16	%
Total	100	%	100	%

(A) EKN guarantees are in substance insurance against losses caused by the default of a foreign borrower or buyer in meeting its contractual obligations in connection with the purchase of Swedish goods or services. In the case of a foreign private borrower or buyer, coverage is for “commercial” and, in most cases, “political” risks. Coverage for “commercial” risk refers to losses caused by events such as the borrower’s or buyer’s insolvency or failure to make required payments within a certain time period (usually six months). Coverage for “political” risk refers to losses caused by events such as a moratorium, revolution or war in the importing country or the imposition of import or currency control measures in such country. Disputed claims must be resolved by a court judgment or arbitral award, unless otherwise agreed by EKN. In the table above, only the particular amount of any given total loan that is guaranteed is listed as such. The amount of any such loan that is not covered by the relevant guarantee is excluded. EKN is a State agency whose obligations are backed by the full faith and credit of Sweden.

(B) At December 31, 2025, loans in this category amounting to approximately 25 percent (2024: 28 percent) of the total loans in this category represented loans to the four largest commercial bank groups in Sweden including guarantees in the form of bank guarantees or credit derivatives. The remaining 75 percent (2024: 72 percent) of total loans represented loans to various financial institutions and minor commercial banks in Sweden including guarantees in the form of bank guarantees or credit derivatives.

(C) At December 31, 2025, loans in this category consisted principally of obligations of other Nordic, Western European or North American bank groups, together with obligations of Western European governments, including guarantees in the form of bank guarantees or credit derivatives.

(D) At December 31, 2025, approximately 27 percent (2024: 31 percent) of the total loan credit exposure represented loans to the 20 largest Swedish corporations.

See “Lending Operations—General” for information on the geographical distribution of borrowers, see also Note 26 to the Consolidated Financial Statements.

Swedish Government Supervision

Supervisory Authorities

SEK holds a license to operate as a credit market company (and a credit institution) within the meaning of the Swedish Banking and Financing Business Act (2004:297). As such, it is subject to supervision and regulation by Finansinspektionen (the “Swedish FSA”), which licenses and monitors the activities of credit market institutions to ensure their compliance with the Swedish Banking and Financing Business Act, including the regulations linked to it, and such institutions’ corporate charters. This supervision with respect to the Group’s minimum capital and liquidity requirements covers the Parent Company but not the Subsidiary because the Subsidiary is not classified as a credit market institution. Among other things, the Swedish FSA requires SEK to submit reports on a daily, monthly, quarterly, semi-annual and annual basis and may conduct periodic inspections or information requests. The Swedish FSA has also classified SEK as a level 2 institute in accordance with the EU Supervisory Review and Evaluation Process (SREP). As such, the Swedish FSA also carries out the SREP, which entails a more detailed review and evaluation of SEK’s governance, risk management, internal control as well as capital and liquidity planning, typically every second year. The Swedish FSA may also (but currently does not) appoint an external auditor to participate with SEK’s independent auditors in examining the Group’s and the Parent Company’s financial statements and the management of the Group.


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The Swedish National Debt Office requires information to be reported by credit institutions, including SEK, in accordance with the Resolution Act. The Resolution Act originates from the BRRD, which provides an EU-wide framework for the recovery and resolution of credit institutions, among others. The BRRD requires all EEA member states to provide their relevant resolution authorities with a set of tools to intervene sufficiently early and quickly in an unsound or failing institution so as to ensure the continuity of the institution’s critical financial and economic functions, while minimizing the impact of an institution’s failure on the broader economy and financial system. The information is used to set the minimum requirement for own funds and eligible liabilities for the credit institution.

The Swedish National Audit Office (NAO), an independent authority under the Swedish Parliament, may audit the activities that are conducted by the Swedish State in the form of limited companies if the State as owner has a controlling influence over the activities. The State has controlling influence over the activities of the Parent Company, which is a limited company. The NAO last audited SEK in 2010.

As a credit market company, SEK is also subject to prudential regulations relating to, among other things, its capital adequacy, its maximal exposure to any counterparty or any group of interconnected clients and its liquidity position.

Capital adequacy regulations

As of January 1, 2014, the revised capital adequacy rules of the Basel Committee, referred to as Basel III, came into force within the European Union. Basel III was introduced by a legislative package consisting of the CRR (Regulation (EU) No 575/2013 and the Capital Requirements Directive (Directive 2013/36/EU of the European Parliament and of the Council of June 26, 2013, on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms (the “CRD”). The CRR is directly applicable in Sweden and contains detailed requirements pertaining to capital adequacy, liquidity, large exposures, leverage ratio and supervisory reporting. CRD is incorporated into Swedish legislation and covers areas such as principles for prudential supervision, internal assessments of risk and capital, corporate governance, capital buffers, sanctions and remuneration.

The current regulations introduced by the CRR and CRD replace regulations based on the previous revision of the Basel accord, Basel II, which had been the prevailing standard since 2007, as it was incorporated into EU and Swedish legislation. The CRR, as amended, and the CRD , as incorporated into national legislation, apply to credit institutions, including SEK, within Sweden and the European Union.

In 2021, a new CRR/CRD legislative proposal was published. This proposal, also known as the “Banking Package”, incorporates additional changes, mainly linked to changes in the credit, market and operational risk capital framework. The Banking Package proposals were enacted as CRR III and CRD VI. Please refer to “New regulations in force during 2025 and upcoming regulations” for further information.

The main structure of Basel III consists of three “Pillars” as follows:

(i) Pillar 1 deals with minimum capital requirements for credit risks, credit valuation adjustment risks and market risks as well as for operational risks, based on explicit calculation rules. Under Pillar 1, an institution must at all times have own funds that in size and composition are sufficient to meet those minimum capital requirements. The capital requirements and the own funds are calculated in accordance with the CRR. Pillar 1 allows institutions to choose between some alternative methods based on their size, complexity, type of operations and subject to certain conditions. For credit risk, the standardized approach is the simplest approach, containing risk weights, all of which are established by national authorities. Institutions can expand upon the supervisory authorities’ risk weights by using risk assessments from recognized credit rating agencies such as Moody’s, Standard & Poor’s and Fitch. The next level of sophistication under Pillar 1 regarding credit risk is called the foundation internal rating-based (“IRB”) approach. Under the foundation IRB approach, the risk weights, and therefore the capital requirements, are partially based on institutions’ internal risk classifications of their exposures and counterparties. SEK’s permission to base its capital requirement for credit risk on the IRB approach covers most of the Company’s exposures.


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(ii) Pillar 2 pertains to national supervisory authorities’ evaluation of risks and describes requirements for institutions’ processes for risk and capital management. It also establishes the supervisory authorities’ functions and powers. Further, under Pillar 2 each financial institution must identify risks and assess risk management from a wider perspective, to supplement the capital requirements calculated within the scope of Pillar 1. This Internal Capital Adequacy Assessment Process (ICAAP) and Internal Liquidity Adequacy Assessment Process (ILAAP) also takes qualitative risks into account. SEK annually assesses the development of its future capital and liquidity requirements and available capital primarily in connection with the update of its three-year business plan. Furthermore, each quarter, the Swedish FSA publishes the result of its assessments on the capital adequacy reflecting additional requirements for risks not covered by the Pillar 1 for the ten largest financial institutions in Sweden, including SEK. This publication covers additional estimates of concentration risk, market risk and pension risk. Moreover, it reflects the ICAAP, where the additional risks are included and evaluated annually.

(iii) Pillar 3 concerns and places requirements on transparency and comparability and how institutions, in a broad sense, should report their operations to the market and the public. The disclosure of capital and risk management must follow the requirements of the CRR and some additional regulations issued in Sweden, most notably the Swedish FSA’s regulations FFFS 2014:12 regarding prudential requirements and capital buffers. Under CRR II (discussed below), the EU introduced formal revision to the disclosure framework with extended scope, application and frequency of Pillar 3 disclosures for large and listed institutions. The revised Pillar 3 framework indicates which disclosures are required from institutions, on the basis of their size, complexity and of whether they are listed or non-listed institutions. As SEK meets the criteria for large and listed institutions since 2021 new quarterly, semi-annual and annual disclosure requirements are applicable to it. The 2025 Pillar 3 is available on the Company’s website (and does not form part of this annual report).

New regulations in force during 2025 and upcoming regulations

The CRR III was generally applicable from January 1, 2025, even though some provisions started to apply from July 9, 2024. Some provisions of the CRR III are also subject to transitional arrangements and will be phased in over the coming years. With regard to the market risk rules and the so-called Fundamental Review of the Trading Book (FRTB), the European Commission announced on June 12, 2025 that the date of implementation in the EU has been postponed by another year, from January 2026 to January 2027.

The CRD VI should be transposed into Swedish law this year.

CRR III Regulation and CRD VI Directive largely follow the standards set out by the Basel Committee, and introduced a new output floor for internal models for market risk and credit risk, revised standardized approaches for credit risk and operational risk, constraints on the use of internally modelled approaches for credit risk and changes in leverage ratio requirements. The output floor, which is designed to ensure that banks’ capital requirements calculated under internal models-based approaches may not fall below 72.5% of the capital requirements calculated under the standardized approaches, will be phased in incrementally over five years, beginning with 50% January 1, 2025 before becoming fully effective with 72.5% on January 1, 2030.

In May 2024, the EU adopted new rules designed to counter money laundering (AML) and terrorist financing (TF) (the AML Package). The AML package consists of four legislative acts, of which two, the Regulation on Money Transfer Information (Regulation (EU) 2023/1113) and the AMLA Regulation (Regulation (EU) 2024/1620), have been applicable to SEK since 2024, while the remaining two acts, the AML Regulation (Regulation (EU) 2024/1624) and the AML Directive (Directive (EU) 2024/1640), will start to apply in 2027. The main purpose of the package is to strengthen the EU's framework against AML and TF. In addition, the AML package also established a new regulatory authority, the Anti-Money Laundering Authority (AMLA), in order to synchronise the supervision of the AML and TF regulatory framework.


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Liquidity standards

As mentioned above, the CRR also includes liquidity standards: the liquidity coverage ratio (“LCR”) and net stable funding ratio (“NSFR”). The LCR requires that a bank holds enough high quality liquid assets to cover its projected net cash outflows over a 30-day stress scenario. The European Commission has adopted a delegated regulation on LCR. The detailed LCR rules came into force on October 1, 2015 and were amended by a Commission Delegated Regulation in 2018. They require institutions, including SEK, to maintain a LCR of at least 100 percent from 2018. In addition, the Swedish FSA requires institutions to maintain a LCR of at least 100 percent separately in euro and USD and also a LCR of at least 75 percent in significant currencies. The NSFR requires that a bank maintain a stable borrowing profile in relation to the composition of its assets and off-balance sheet activities under both normal and stressed conditions. A requirement to maintain a NSFR ratio of at least 100 percent was implemented on June 30, 2021. SEK has consistently maintained an LCR and NSFR in excess of minimum requirements. See Note 26 to the Consolidated Financial Statements for further details on liquidity standards.

Measures of capital adequacy

Two parallel capital requirements must be met from June 2021, a risk-based requirement and a requirement for leverage ratio. For SEK, the risk-based minimum capital requirement exceeds the leverage ratio requirement. The risk-based requirement is a capital-to-risk exposure amount ratio, which compares the own funds, as defined in the CRR, to the total of risk-weighted exposures, that is assets and off-balance sheet items measured according to the risk level.

According to the CRR, own funds consist of three components with different levels of quality from a loss absorption perspective:

•the highest quality is the Common Equity Tier 1 capital, which includes equity capital after certain adjustments and deductions;

•the next level is the Additional Tier 1 capital which, subject to detailed requirements, consists of certain types of highly subordinated, perpetual debt or hybrid capital (Tier 1 capital is the sum of Common Equity Tier 1 capital and Additional Tier 1 capital); and

•Tier 2 capital constitutes the third level and consists of, subject to detailed requirements, certain types of subordinated debt that, among other things, must have an original maturity of no less than five years.

The minimum total capital ratio requirement under Pillar 1 is 8.0 percent, a requirement that has not changed with the CRR. However, the CRR introduced additional requirements on the higher quality components of capital, with a minimum requirement of 4.5 percent and 6.0 percent relating to Common Equity Tier 1 capital and Tier 1 capital, respectively.


					Total capital
	Minimum Capital				Requirement including				SEK Capital
	Requirement1				Buffers Requirement2				Ratios
	2025		2024		2025		2024		2025		2024
Common Equity Tier 1	4.5	%	4.5	%	11.3	%	12.2	%	23.1	%	22.2	%
Tier 1	6.0	%	6.0	%	13.4	%	14.4	%	23.1	%	22.2	%
Total capital	8.0	%	8.0	%	16.1	%	17.3	%	23.1	%	22.2	%

1 Under Pillar 1.

2 Under Pillar 1 and Pillar 2 including Buffer requirements.

In addition to these minimum ratios, SEK must meet certain capital buffers requirements. Failure to meet the additional buffers requirements triggers, among other things, restrictions on distributions. The countercyclical buffer rate that is applied to exposures located in Sweden is currently 2 percent. SEK is also expected to cover the supplementary capital requirements estimated under Pillar 2, which in practice constitutes an extension of the minimum capital requirement for financial institutions in Sweden, covering additional risks not included in the Pillar 1 minimum requirements. In September 2025, an individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount was introduced, according to the decision from the latest Swedish FSA SREP.


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Furthermore, from the same date, SEK began to hold additional capital of 1.0 percent of the total risk-weighted exposure amount in accordance with Pillar 2 guidance. The Pillar 2 guidance is not a binding requirement. SEK’s policy is to maintain own funds well in excess of both the regulatory minimum requirements under Pillar 1 and the supplementary capital requirements under Pillar 2.

The main contributing factor for the increase in SEK’s capital ratios as of December 31, 2025 compared with year-end 2024 was due to the implementation of the revised Basel III standards. See Note 25 to the Consolidated Financial Statements for further details on the capital adequacy and capital buffers of SEK.

Large exposures

The CRR also imposes restrictions on large exposures, which limit a bank’s concentration of credit risks. According to the CRR, a large exposure refers to an exposure to any counterparty or any group of interconnected clients that accounts for at least 10 percent of an institution’s Tier 1 capital, which effectively for SEK is the total of own funds.


As percentage of	2025	2024
Large exposures as percentage of the own funds	186.0	207.4

The aggregate amount of SEK’s large exposures as of December 31, 2025 consisted of exposures to 14 different counterparties, or counterparty groups.

In order to monitor large exposures, SEK has defined internal limits for large exposures, which are monitored daily, along with other limits.

Minimum requirement for own funds and eligible liabilities

The Swedish National Debt Office decides on plans for how Swedish banks and other financial institutions are to be managed in a crisis situation. The Swedish National Debt Office, in its role as the Swedish resolution authority, makes an annual assessment of which banks and financial institutions are systemically important, on the basis of their significance for the financial system as a whole. Resolution applies only for systemically important banks or other financial institutions.

The Swedish National Debt Office decided on a new resolution plan and updated the minimum requirement for own funds and eligible liabilities (MREL) for SEK in 2023, which was reconfirmed in 2025. The Swedish National Debt Office determined that it does not consider there to be grounds for managing SEK through resolution. The decision in 2023 entails a change to the Swedish National Debt Office’s earlier assessment and is the result of an in-depth review of how SEK should be managed in the event of a crisis. Furthermore, in December 2025, the Swedish National Debt Office waived the minimum requirement for own funds and eligible liabilities for SEK under the MREL framework. The Swedish National Debt Office reviews the above position of SEK on an annual basis, so it may be subject to change in the future.

C. Organizational Structure

Some changes were made to the organizational structure of SEK during 2025. The “International Finance” function was restructured and became “Global Trade and Export Finance”. The two existing functions, “Client Relationship Management” and “Sustainability”, were combined into a single function named “Client Relationship Management and Sustainability”. The current CEO was appointed in 2021. The executive management team consist, in addition to the CEO, of 10 members. The functions represented in the executive management team are: the independent risk control function, the compliance function, the CFO function, the Client Relationship Management and Sustainability function, the Global Trade and Export Finance function, the Credit function, the Legal and Procurement function, the Strategy, Business Development and Communications function, the CIO function and the HR function. During 2025, SEK recruited a new CCO and a new CFO that assumed their roles in January 2025 and June 2025, respectively.


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Risk Control, Compliance and Internal Audit

SEK maintains a risk control function and a compliance function which operate independently of the business areas. See also Note 29 to the Consolidated Financial Statements. In November 2011, upon the recommendation of the Audit Committee, SEK’s Board decided that the independent internal audit function would be outsourced to an external company from the beginning of 2012. SEK’s Board appointed KPMG to be responsible for the independent internal audit function and they commenced their assignment in January 2012. Their assignment was extended for the years 2013 through 2018. As of 2019, this assignment was transferred to another external party, Deloitte, and they maintained the assignment during 2025 and will continue in that capacity during 2026. In appointing an external party to perform the internal audit, SEK benefits from significant competence and experience in auditing SEK’s compliance with applicable regulations. The Executive Committee has overall responsibility to establish the internal rules for the internal control of the financial reporting and follow-up compliance with the internal control regulations.

D. Property, Plants and Equipment

SEK’s current headquarters, which occupy approximately 3,445 square meters of office space in central Stockholm, are leased. SEK also leases a room in a shared office space in Gothenburg and two spots in a shared office space in Malmo.

ITEM 4A. UNRESOLVED STAFF COMMENTS

None.

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

A. Operating Results

Introduction

A major part of SEK’s operating profit derives from net interest income, which is earned mainly on loans to customers, but also to a lesser extent on liquidity investments. Borrowing for these assets comes from equity and from securities issued in international capital markets. Accordingly, the key determinants of SEK’s operating profit are: the interest rate on interest-bearing assets, the interest rate of issued securities, the outstanding volume of interest-bearing assets and the proportion of assets financed by equity.

SEK issues debt instruments with terms that may be fixed, floating or linked to various indices. SEK’s strategy is to economically hedge these terms at floating rates with the aim of matching the terms of its debt-financed assets. The quality of SEK’s operating profit, its relatively stable credit ratings and SEK’s public role have enabled SEK to achieve borrowing at levels that are competitive within the market. Another factor affecting net interest income is the amount of the annual resolution fee and risk tax. SEK pays an annual resolution fee to the Swedish National Debt office and the Resolution Reserve. This fee supports a buffer established by the Swedish authorities to limit systemic risk in the event of a future bank crisis.

In addition to net interest income, another key influence on SEK’s operating earnings has been changes in the fair value of certain assets, liabilities and derivatives. The factor that mainly impacts unrealized changes in fair value is cross-currency basis spreads. Cross-currency basis spread is the deviation in the nominal interest rate between two currencies in a currency interest rate swap caused by the difference between the base interest rate of the currencies.

Operating expenses, primarily driven by personnel expenses, as well as net credit losses also have a significant impact on SEK’s operating profit.

Other comprehensive income is primarily affected by unrealized changes in fair value attributable to credit spreads on SEK’s own debt, which relate to the credit rating attributed to SEK by its investors and value changes on derivatives in cash flow hedges. Actuarial profits and losses on SEK’s defined benefit plans also affect other comprehensive income.


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SEK’s general business model is to hold financial instruments measured at fair value to maturity. The net fair value changes that occur mainly relate to changes in credit spreads on SEK’s own debt and value changes on derivatives in cash flow hedges, which are reported in other comprehensive income, and basis spreads, which are recognized in net results of financial transactions. The changes could be significant in a single reporting period, but will not affect earnings over time since the lifetime cumulative changes in the instrument’s market value will be zero if it is held to maturity and is a performing instrument. When financial instruments are not held to maturity, realized gains and losses can occur, for example when SEK repurchases its own debt, or if lending is amortized early and the related hedging instruments are terminated prematurely.

For Critical Accounting Policies and Estimates as well as a summary of Recent Accounting Pronouncements Issued and Other Accounting Related Announcements relevant for SEK, see Note 1 to the Consolidated Financial Statements.

For a discussion and analysis of SEK’s financial condition and operating results for the year ended December 31, 2024 and 2023, see Item 5 of SEK’s Form 20-F for the year ended December 31, 2024 filed with the SEC on February 26, 2025.

Key Performance Indicators

The following table summarizes SEK’s key performance indicators and how SEK defines them. We use certain key performance indicators to monitor and manage our business. We use these indicators to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. We believe these indicators provide useful information to investors in understanding and evaluating our operating results in the same manner we do.


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 are committed, undisbursed credits, see Note 23. 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.

CIRR-loans as a portion of new credit and guarantee commitments						The amount of officially supported export credits (CIRR) as a portion of new credit and guarantee commitments.
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 23).
Sustainability classified loans						Sustainability classified loans refer to green, social and sustainability-linked loans.

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.

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).
Proposed ordinary dividend						Proposed payment of disposable funds to shareholders.

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.
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.


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Leverage ratio						Tier 1 capital expressed as a percentage of the exposure measured under CRR (refer to Note 25).
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. A 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.
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 Basel III.

Overview of 2025

2025 has been a year of high business activity for SEK. Customer confidence remained high during the year, as reflected in the clear increase in new business. Long-term strategic investments have borne fruit, resulting in several major deals. A total of Skr 125.8 billion (2024: Skr 90.3 billion) in new credit and guarantee agreements were signed – one of the highest levels in SEK’s history. Although the number of customers decreased 2 percent during the year compared to year-end 2024, SEK welcomed 13 new customers during 2025.

The lending portfolio at year-end amounted to Skr 263 billion (2024: Skr 283 billion). Excluding the effect of the strengthened Swedish krona, the portfolio was largely unchanged. Sustainability-classified lending increased by Skr 2.9 billion compared to the previous year. Undisbursed loans at year-end 2025 amounted to Skr 82 billion (year-end 2024: Skr 57 billion), an increase reflecting the high volume of new credit agreements. These contracts have relatively long maturities and will be reported in the lending portfolio on the balance sheet when they are disbursed.

Net interest income amounted to Skr 2,719 million (2024: Skr 3,058 million) for the full year. The decrease compared to the previous year is explained by lower average short-term Swedish krona interest rates, as well as a stronger Swedish krona. Net profit for the year was Skr 1,183 million (2024: Skr 1,683 million) and return on equity for the full-year was 4.9 percent. The decrease in net profit was, in addition to lower net interest income, attributable to an increase in provisions for expected credit losses linked to a limited number of exposures during the fourth quarter of 2025.

SEK continued to be an active and valued player in the international capital markets during the year. Long-term borrowing amounted to Skr 94 billion (2024: Skr 53 billion), driven both by high business volume and longer borrowing maturities. The borrowing has been carried out in multiple currencies and with an increasingly broad investor base, in line with SEK's funding strategy.

The year was marked by increased geopolitical tensions, armed conflicts and elevated global trade tariffs. At the same time, central banks around the world continued to lower interest rates, and market expectations of an improved economic situation gradually increased during the year. The Swedish Riksbank also lowered its key interest rate, from 2.75 to 1.75 percent, and the economic outlook in Sweden also improved. According to SEK's December 2025 Export Credit Trends Survey, 44 percent of Swedish export companies expect an increase in order intake over the next twelve months, an increase from 35 percent in June 2025.

At the start of 2026, SEK entered the new year strongly capitalized and with high liquidity.

Operations

During the year, SEK signed agreements with 13 new customers, including in the renewable energy and healthcare sectors.

Significant business opportunities for Swedish exporters arise from the energy transition, driven by the need to address climate challenges. During the year, SEK participated in the financing of some of the first offshore wind power projects in Poland, Bałtyk 2 and Bałtyk 3. SEK also participated in the financing of a portion of Eastern Green Link 2, a high-voltage direct current project under the sea between Scotland and England. Due to the deteriorating global security environment, SEK also sees strong demand in the defense sector across several countries.


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In addition to financing bigger projects, SEK participated in the extension of the IT consulting company Addnode's credit framework to Skr 3,700 million. The loan to Addnode is a clear example of how SEK can help support Swedish companies with international operations.

SEK's Export Credit Trends Survey, which measures the sentiment of the Swedish export industry, showed rising confidence in the future among Swedish export companies in December 2025. 44 percent of the companies indicated that they expect an increase in export order intake over the next twelve months, an increase from 35 percent i June 2025. This, together with the National Institute of Economic Research's (“NIER”) report, indicates that a potential turnaround in the Swedish economy may be on the way. When demand increases and corporate investments begin to pick up, the demand for loans from SEK also tends to increase.

In 2025, SEK continued to secure funding on the international capital markets, despite geopolitical unrest and occasionally high market volatility. As a result of a high volume of new lending transactions, coupled with a higher volume of borrowing maturities, the borrowing requirement in 2025 was higher than in the previous year. Borrowings with maturities over one year amounted to Skr 93.5 billion in 2025, compared to Skr 52.6 billion in the previous year.

As in previous years, SEK's borrowing was largely based on public issuances in USD and EUR. SEK also carried out major public transactions in GBP and AUD, among others. During the fourth quarter, a four-year transaction in USD SOFR was carried out. Through liquid transactions across several currencies, SEK is able to satisfy its lending needs while at the same time ensuring stable and cost-effective financing from a diversified investor base. In the Swedish market, SEK borrowed Skr 12 billion (2024: Skr 6 billion) during the year, of which Skr 3 billion (2024: Skr 6 billion) consisted of green borrowings.

Assets and Business Volume


	As of December 31,
Skr bn	2025		2024		Changes in percent
Total Assets	350.0		368.1		-5	%
Liquidity Investments	65.0		62.2		4	%
Loans outstanding and disbursed	262.7		283.4		-7	%
Percentage in the CIRR-system	33	%	36	%

Total assets decreased by 5 percent compared to the end of 2024, as a result of a decreased lending portfolio, offset by an increased volume of liquidity investments. During the year, the Swedish krona strengthened, including against the U.S. dollar, driving the decrease in the total lending portfolio.

New credit and guarantee commitments (offers accepted)


	As of December 31,
Skr billion	2025	2024
Commitments to Swedish exporters	45.1	40.7
of which CIRR-system	—	—
Commitments to exporters' customers	80.8	49.7
of which CIRR-system	10.1	16.2
Total	125.8	90.3

SEK achieved new credit and guarantee commitments of Skr 126 billion for the full year 2025, which is an increase compared to the historical average. New commitments to Swedish exporters’ customers was high during the year, but demand for loans under the state supported CIRR-system was down year-on-year.


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Binding offers outstanding of lending


	As of December 31,
Skr bn	2025	2024
Volume of binding offers outstanding	—	—
CIRR loans as percentage of volume of binding offers outstanding	—	—

Commitments of undisbursed loans amounted to Skr 81.6 billion in 2025 (year-end 2024: Skr 56.9 billion).

Counterparty Risk Exposures

SEK’s total net exposures after risk mitigation, which include undisbursed loans, amounted to Skr 426.9 billion on December 31, 2025 (year-end 2024: Skr 420.5 billion). Credit exposures have mainly increased in relation to corporates.

Total counterparty exposure


	As of December 31,
Counterparty Risk Exposures in Skr bn	2025	2024
Central governments	216.8	197.6
Regional governments	11.4	18.7
Multilateral development banks	5.1	7.0
Public sector entity	—	1.0
Financial institutions	32.2	34.1
Corporates	161.3	162.1
Equity exposures	—	0.0
Total counterparty exposure	426.9	420.5

Other exposures and risks

SEK’s hedging transactions are expected to be effective in offsetting changes in fair value attributable to hedged risks. The determination of the gross value of certain items in the statements of financial position, particularly derivatives and unsubordinated liabilities, which effectively hedge each other, requires complex judgments regarding the most appropriate valuation technique, assumptions and estimates. If different valuation models or assumptions are used, or if assumptions change, a different result may arise. Excluding the impact on the valuation of spreads on SEK’s own debt and basis spreads (which can be significant), such changes in fair value would generally offset each other, with little impact on the value of net assets.

SEK maintains a conservative policy with regard to market risk exposures, primarily consisting of interest rate risks and currency risks. For quantitative and qualitative information about risks and exposures, see Note 26 and Note 29.


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Results of Operations

Net interest income


Skr bn, average	2025	2024	%
Total loans	273.1	283.4	-4	%
Liquidity investments	63.6	59.4	7	%
Interest-bearing assets	341.2	349.9	-2	%
Interest-bearing liabilities	314.8	321.4	-2	%

Net interest income amounted to Skr 2,719 million (2024: Skr 3,058 million), representing a decrease of 11 percent compared to the previous year. A large portion of the decrease is explained by lower average short-term interest rates in the Swedish krona, with a stronger Swedish krona also being a contributing factor.

Commission earned and commission incurred

Commission earned and commission incurred amounted to Skr -39 million (2024: Skr -46 million). Commission earned amounted to Skr 9 million (2024: Skr 6 million). Commission incurred amounted to Skr -48 million (2024: Skr -52 million).

Net results of financial transactions

Net results of financial transactions amounted to Skr 18 million (2024: Skr -40 million). The results were primarily attributable to realized value changes.

Operating expenses


Skr mn	2025	2024	%
Personnel expenses	-475	-445	7	%
Other administrative expenses	-239	-229	4	%
Depreciation and impairment of non-financial assets	-64	-84	-24	%
Total Operating expenses	-778	-758	3	%

Operating expenses increased 3 percent compared to the previous year. The increase was primarily attributable to increased personnel expenses, as a result of new recruitment.

Depreciation and impairment of non-financial assets

Depreciation and impairment of non-financial assets amounted to Skr -64 million (2024: Skr -84 million), which was a decrease of 24 percent compared to the previous year.

Net credit losses

Net credit losses amounted to Skr -429 million (2024: Skr -93 million). The increase in net credit losses for the year were mainly attributable to increased provisions for expected credit losses in stage 2 and stage 3 related to a limited number of exposures. SEK assesses that the credit quality of its lending portfolio remains high. During the year, SEK established losses amounting to Skr -100 million attributable to exposures that had previously been mostly reserved.

Loss allowances as of December 31, 2025 amounted to Skr -807 million compared to Skr -526 million as of December 31, 2024, of which exposures in stage 3 amounted to Skr -359 million (year-end 2024: Skr -386 million). The provision ratio amounted to 0.23 percent (year-end 2024: 0.15 percent).


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Taxes

Tax costs amounted to Skr -309 millions (2024: Skr -438 million), of which Skr -307 million (2024: Skr -436 million) consisted of current tax and Skr -2 million (2024: Skr -2 million) consisted of deferred tax. The effective tax rate amounted to 20.7 percent (2024: 20.7 percent), compared to the nominal tax rate for 2025 of 20.6 percent (2024: 20.6 percent).

Operating and net profit

Operating profit amounted to Skr 1,491 million (2024: Skr 2,121 million). Net profit amounted to Skr 1,183 million (2024: Skr 1,683 million). The decrease in net profit compared to the previous year was primarily due to lower net interest income, but also increased provisions for expected credit losses.

Other comprehensive income


Skr mn	2025	2024
Items to be reclassified to operating profit	3	56
of which derivatives in cash flow hedges	3	56
Items not to be reclassified to operating profit	7	311
of which own credit risk	17	320
of which revaluation of defined benefit plans	-10	-9
Other comprehensive income before tax	10	367

Other comprehensive income before tax amounted to Skr 10 (2024: Skr 367 million). This result was mainly attributable to a positive result obtained from changes in own credit risk, offset by a negative result from revaluation of defined benefit plans. The positive result last year was attributable to changes in own credit risk and gains from derivatives used in cash flow hedging.

B. Liquidity and Capital Resources

SEK adjusted its financing strategy for commercial credit commitments during the second quarter of 2025. Previously, SEK secured funding for all credit commitments, including for committed, undisbursed credits. The adjustment in the financing strategy means that funding is secured for all outstanding credits and for at least the next two years for commercial committed, undisbursed credits. The financing strategy for the CIRR-system is unchanged. For CIRR loans, which SEK manages on behalf of the Swedish State, the Company counts its credit facility of Skr 175 billion with the Swedish National Debt Office, as available funds of which Skr 14 billion can be used for commercial export financing. SEK continues to have a high level of liquid assets. The aggregate volume of available funds and equity exceeded the aggregate volume of loans outstanding and committed undisbursed CIRR-loans at all maturities. See the section titled “Liquidity risk and refinancing risk” in Note 26 to the Consolidated Financial Statements and the liquidity risk discussion in Note 29 to the Consolidated Financial Statements.

Borrowing


Skr bn	2025	2024
New borrowing	93.5	52.6
Repurchase of own debt	3.1	0.7
Early redemption of borrowing	4.1	6.7

Through liquid transactions across several currencies, SEK is able to satisfy its lending needs while at the same time ensuring stable and cost-effective financing from a diversified investor base. In 2025, SEK continued to secure funding on the international capital markets, despite geopolitical unrest and occasionally high market volatility. Borrowings with maturities of more than one year amounted to Skr 94 billion compared to Skr 53 billion in 2024.


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As in previous years, SEK's borrowing was largely based on public issuances in USD and EUR. SEK also carried out major public transactions in GBP and AUD, among others. SEK strives to achieve broad geographical distribution of its borrowing. In 2025, 62 percent of all bonds issued were sold to investors in Europe, the Middle East and Africa, 27 percent to North and South America, and 11 percent to Asia, Australia and the rest of the world. In 2025, SEK raised total borrowings of Skr 12 billion in the Swedish market, up from Skr 6.1 billion in 2024.

The Group has adequate resources to continue for a period of at least 12 months from the date of approval of the financial statements.

Debt Maturities

The following table illustrates SEK’s debt maturity profile for different types of senior and subordinated debt. Repayments are assumed to occur on the maturity date and reflect nominal amounts.


Skr million	2026	2027	2028	2029	2030	Thereafter	Total
Senior debt
of which fixed-rate	98,250	43,081	43,141	12,862	29,993	15,252	242,579
of which variable-rate	15,583	17,132	3,479	4,607	—	—	40,801
of which formula-based	5,021	129	3,852	1,589	236	10,425	21,252

Subordinated debt
of which fixed rate	—	—	—	—	—	—	—
of which variable rate	—	—	—	—	—	—	—
Total debt	118,854	60,342	50,472	19,058	30,229	25,677	304,632

Senior Debt by Category:

The following table illustrates our outstanding senior debt by category.


	As of December 31,
Skr million	2025	2024
Fixed-rate(A)	242,579	270,993
Variable-rate(A)	40,801	27,547
Formula-based(A)	21,252	26,455
of which interest rate-linked	18,179	22,373
of which currency-linked	2,976	3,902
of which equity-linked	—	55
of which commodity-linked	97	125
Total senior debt	304,632	324,995

(A) As of December 31, 2025 the interest rate ranges for fixed-rate senior debt and variable-rate senior debt were 0 percent to 10 percent (2024: 0 percent to 10 percent) per annum respectively. The wide range of interest rates reflects the fact that the debt is issued in many different currencies and with different maturities.


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SEK’s economic hedges are expected to be effective in offsetting changes in fair values attributable to hedged risks. Certain assets and liabilities in such hedges require complex judgments regarding the most appropriate valuation models and assumptions. The gross values of certain assets and liabilities (primarily derivative and senior securities issued by SEK), which effectively hedge each other, are affected by this complexity. If different valuation models or assumptions were employed instead of those used in the valuations in this report, or if assumptions were changed, this could produce different results regarding the gross value of such securities issued and hedging derivatives. Changes in the fair value of derivatives will usually be offset by changes in fair value of securities issued, and the connected change in the fair value will thus not have a material effect on either results or equity except the impact on valuation of credit spreads on SEK’s own debt and basis spreads.

The outstanding volume of debt with remaining maturities of one year or less increased during 2025. At December 31, 2025, outstanding debt with remaining maturities of one year or less amounted to Skr 119 billion, compared with Skr 171 billion at December 31, 2024.

C. Research and Development, Patents and Licenses

In the ordinary course of business, the Group develops new products and services across each of its business lines.

D. Trend Information

SEK’s future development is based on a number of factors, some of which are difficult to predict and generally beyond the Company’s control. Material factors for 2025 are presented below:

•In 2025, heightened geopolitical tensions, ongoing armed conflicts and elevated global trade tariffs negatively affected the business environment for many Swedish companies. At the same time, central banks around the world continued to lower interest rates, and market expectations of an improving economic outlook gradually strengthened over the course of the year. The Swedish Riksbank also reduced its key policy rate, and the economic outlook in Sweden also improved. A potential turnaround in the Swedish economy implies rising demand and a recovery in corporate investment. As this materializes, the demand for loans from SEK also tends to increase.

•In many countries, transitional work is in progress to adjust to a sustainable future based on the United Nation’s 17 Sustainable Development Goals (SDGs). Investments are being directed to the development of new technology, infrastructure, and renewable energy solutions. Swedish companies have often been at the forefront of the development of sustainable solutions. The shift towards technologies with a lower carbon footprint is thereby creating opportunities for Swedish companies to export and contribute to the transition outside of Sweden’s borders. The climate transition requires capital and the investment horizon is often very long. SEK is one of the players contributing with financing to investments both in Sweden and internationally where product offerings from Swedish companies form part of the solution. There is a significant need for transition in sectors such as transportation and energy, sustainable urban development, and fossil-free energy production. Over the course of the year, SEK continued its focus on financing this transition in Sweden and internationally.

•During 2025, SEK has continued its work together with other export promotion agencies on the Swedish government’s Team Sweden initiative to support and promote Swedish exports and the Swedish export credit system.

•At year-end 2025, lending that was sustainability classified, as per SEK’s definition, amounted to Skr 56.3 billion (2024: Skr 53.4 billion).

For additional information on the trends affecting SEK and the risks it faces, see the discussions elsewhere in this Item 5 (including under “Assets and Business Volume” above), the “Risk Factors” in Item 3 and under “Risk development 2025” in Note 29.


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ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

The Board is responsible for the management of the Parent Company.

The Parent Company’s Articles of Association currently provide that the Board shall consist of six to eight directors. The State, as holder of all the shares, elects the directors. The Chairman of the Board is appointed at each Annual General Meeting. The Board may appoint a Vice Chairman of the Board.

The Board meets at least six times a year.

The members of the Board are elected at each Annual General Meeting to serve for a term of one year, which expires at the next Annual General Meeting. An Annual General Meeting is required to be held not later than June 30 of each year.

Certain information with respect to the Parent Company’s directors and executive officers is set forth below. Unless otherwise indicated, such information is given as of the date of this report.


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A.Directors and Senior Management

Board of Directors and Executive Officers*


Name	Age	Position
Lennart Jacobsen	59	Chairman of the Board and Director
Håkan Berg	70	Director
Paula da Silva	65	Director
Reinhold Geijer	72	Director
Erik Mattsson	44	Director
Katarina Ljungqvist	60	Director
Carl Mellander	61	Director
Eva Nilsagård	61	Director
Magnus Montan	53	Chief Executive Officer
Karl Johan Bernerfalk	53	General Counsel, Head of Legal and Procurement
Mattias Hasselbo	47	Chief Credit Officer1
Jens Hedar	51	Head of Global Trade and Export Finance
Jan Hoppe	44	Chief Risk Officer
Tobias Hornberger	51	Chief Financial Officer2
Jenny Lilja Lagercrantz	53	Head of Human Resources
Tomas Nygård	56	Chief Information Officer
Susanna Rystedt	61	Head of Strategy, Business Development and Communication
Maria Simonson	50	Head of Client Relationship Management and Sustainability
Anna-Lena Söderlund	64	Head of Compliance
1 Effective February 1, 2025. 2 Effective June 16, 2025. * All of the Group's Directors and Senior Management are located in Sweden.

A1. The Board

Mr. Jacobsen was appointed director in March 2021, and Chairman of the board of directors in March 2022. He is currently Chairman of the board of directors of Resurs Bank AB and Playground Group AB. He is also a member of the board of directors of Swedbank Robur Fonder AB and Oryx Holding AB. He has previously served as Executive Vice President, Country Senior Executive Sweden and Head of Retail Banking at Nordea Bank AB and CEO Nordics of GE Capital Global Banking.

Mr. Berg was appointed director in March 2022. He currently serves as a board member of AK Nordic AB and Resurs Bank AB and he is the founder and Chairman of the board of directors of Montaro AB. He has previously served as a member of the board of directors of ICA Banken AB and as a member of Swedbank’s Group Executive Committee. He has also held the positions of Head of Stockholm Region, Deputy of Retail Banking, Head of Baltic Banking, Chief Audit Executive and Group Chief Risk Officer at Swedbank.

Ms. da Silva was appointed director in March 2022. She has previously served as CEO for P27 Nordic Payments Platform AB and as CEO for SEB Strategic Investments, as Global Head of Transaction Banking at Skandinaviska Enskilda Banken (“SEB”) and has also held several leading positions for SEB in Latin America and the United States.

Mr. Geijer was appointed director in March 2017. He is currently a member of the board of directors of BTS Group AB and Livförsäkringsaktiebolaget Skandia ömsesidigt. He has previously served as member of the board of directors of Eterna Invest AB with associated companies and as CEO for The Royal Bank of Scotland, Nordic Branch, Nordisk Renting AB and Föreningssparbanken (Swedbank) and as Executive Vice President at Telia AB. He has also previously worked at Ericsson Radio Systems AB, SSAB Swedish Steel and Weyerhaeuser Integrated Forest Company, United States.


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Mr. Mattsson was appointed director in March 2025. He is currently Investment Director and senior advisor at the Ministry of Finance. He is currently also a member of the board of directors of Akademiska Hus, Almi and of Apoteket AB.

Ms. Ljungqvist was appointed director in March 2022. She is currently the CEO of Kommuninvest AB. She is currently also a member of the board of directors of Ernströmgruppen AB and Hufvudstaden AB and of Svenska Mässan Stiftelse and a member of Svenska Mässans Stiftelse’s Supervisory Council. She has previously worked as CEO of Kommuninvest AB and Kommuninvest Ekonomisk förening and Head of the division Handelsbanken Digital and Head of Business Development Sweden and Executive Vice President and Head of Regional Bank Western Sweden Handelsbanken.

Mr. Mellander was appointed director in March 2024. He is currently a member of the board of directors of Görnskär Gruppen AB, Tobii AB (publ), MilDef Group AB and of Dustin Group AB. Additionally, he is a member of the Save the Children’s Financing and Partnership Council and advisory board member of Stockholm School of Economics’ Accounting and Financial Management Center of Excellence. He has previously served as CFO, member of the executive leadership team and Group Treasurer of Ericsson, and has held various senior finance roles at Ericsson. He has also served as CFO for a telecom operator in Africa, CFO for a business unit within Saab and Department Director at BITS.

Ms. Nilsagård was appointed director in April 2018. She is the founder and CEO of Nilsagård consulting AB. She serves as Chairman of the board of directors of Spermosens AB. She is also director and Chairman of the audit committees of AddLife AB, Bufab AB, Xbrane Biopharma AB, Hansa Biopharma AB, Nimbus Group AB and Ernströmgruppen AB. She has previously served as the Chairman of the board of directors of Diagonal Bio AB and as the CFO for Plastal Industri AB, SVP Strategy & Business development Volvo Trucks (EMEA), Vitrolife and VP Finance & IT Volvo Penta, as director and Chairman of the audit committee of Nanexa AB and Silex Microsystems AB and has held other senior positions within finance and business development at Volvo, AstraZeneca Group and SKF.

A2. Management – Executive Officers

Mr. Montan has been Chief Executive Officer since 2021. He also currently holds a position as the Founding Partner at RRM Capital since January 2020. He has held several positions within Nordea between 2014 and 2019; Nordic Head of Business Banking (2016-2019) and Nordic Head of Commercial & Business Banking Strategy & Development (2014-2016). Prior to that he held several positions within HSBC in Europe, Asia and Latin America between 1996 and 2014; Managing Director & Regional Head of Global Trade & Receivables Finance, Latin America (2012-2014), Director & Head of International Business & COO, China (2009-2012), Director & Head of International Business Strategy, Asia Pacific (2008-2009), Director & Head of Multinational Companies, South Korea (2005-2007), Associate Director & Financing & Risk Advisory, Asia Pacific (2004-2005), Relationship Executive Debt Recovery & Restructuring, Asia Pacific (2002-2004), Chief Operating Officer, Uruguay (2001-2002), Relationship Manager Corporate Banking, Brazil (1999-2001) and International Manager Trainee Program (1996-1999). In addition, Mr. Montan holds and has held the following positions of trust; member of the board of directors of Majblomman (a Swedish nationwide charity) (2020-2024), member of the board of directors of Nordea Hypotek (the Nordea mortgage company) (2019-2022), Assets & Liabilities Committee (ALCO), Nordea Group (2015-2019), Business Ethics & Values Committee (BEVC), Nordea Group (2015-2019), Risk Committee (RICO), Nordea Group (2015-2017) and International Branches Board, Nordea Group (2015-2019).

Mr. Bernerfalk has been General Counsel since 2015 and Head of Legal and Procurement since 2022. Previously he was Head of Legal Lending from 2007-2015. Prior to that he served as legal counsel of SBAB and before that he worked as legal counsel with leading Swedish law firms.

Mr. Hasselbo has been Chief Credit Officer since February 2025. Previously he held several positions within Svenska Handelsbanken, such as Head of Credit Handelsbanken Sweden and Head of Credit Handelsbanken International.

Mr. Hedar has been Head of Global Trade and Export Finance since March 2025. Previously he held several positions within SEK, including acting Chief Financial Officer from April 2024 to February 2025, Head of Client Relationship Management from 2021-2024, Head of Large Corporates from 2018-2021, and Senior Director and Head of Large Corporates, Director, Senior Client Executive and Senior Manager of the Financial Advisory business from 2007-2018. Prior to that he served in various capacities in Boliden Mineral AB, Outokumpu Oyj and AvestaPolarit AB.


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Mr. Hoppe has been Chief Risk Officer since January 2023. He has previously held several positions within the Nordea Group, such as Chief Risk Officer at Nordea Hypotek (the Nordea mortgage company) since 2020 and, prior thereto, he held various positions with responsibility for the credit risk framework, pricing models and allocation of economic capital.

Mr. Hornberger has been Chief Financial Officer since June 2025. Previously he was Head of Group Financial Management in Group Finance at Nordea Bank Abp from 2015-2025 and Head of Group Reporting & Analysis, Group Strategy & Business Control from 2014-2015. Prior to that he served as a Senior Investment Analyst, Financial Institutions, at Handelsbanken Asset Management from 2005-2014. From 1999-2005, he held a position as Financial Analyst within Equity Research at Öhman Fondkommission.

Ms. Lilja Lagercrantz has been Head of Human Resources since 2022. Previously she was Executive Vice President & Head of Human Resources at AFRY AB since 2021. Prior to that she was Senior Vice President & Head of Human Resources at Bonava AB from 2016 and Senior Vice President Human Resources at NCC AB Business Area Housing from 2012. She was also a Human Resources Business Partner at SKANDIA - Bank & Insurance from 2008-2012 and served in various capacities at NASDAQ OMX AB since 1999. Prior to that she was an organizational consultant at Vitaegruppen AB from 1996-1999.

Mr. Nygård has been Chief Information Officer (“CIO”) since 2022. Previously he was Chief Technology Officer at Fintech Startup since 2021. Prior to that he was Business Information Officer at Skandia from 2019-2021. Prior to that he was CIO & Head of Online Trading & Advice IT, CIO, Head of SWO IT/ISAC IT, CIO, Head of Savings & Financial Planning IT and Senior Executive Advisor, SWO IT at Nordea from 2013-2019. Prior to that he was Key Account Manager & Senior Project Manager and Project Manager at Cinnober Financial Technology AB from 2007-2013. Prior to that he served in various capacities at HiQ from 2000-2007, at G2 Solutions from 1998-2000 and at Volvo from 1995-1998.

Ms. Rystedt has been Head of Strategy, Business Development and Communication since 2021. She had previously worked as Head of Business Development, Business Support and Transformation from January 2019-2021, and Chief Administrative Officer from March 2009-2019. Prior to that, she served as Head of Business Development & IT at SEB Life beginning in 2005. From 2002 to 2005, she served as Head of IT at SEB Trygg Liv, and before that she served in other capacities at SEB Trygg Liv and Enskilda Securities and as a member of the Group Staff within the SEB Group, beginning in 1990.

Ms. Simonson has been Head of Client Relationship Management and Sustainability since March 2025. Previously she was acting Head of Client Relationship Management between April 2024 and February 2025 and Head of Sustainability between April 2022 and February 2025. She previously held several positions at Danske Bank Group beginning in 2001, such as Head of Group Sustainability from 2019-2022 and Head of Societal Impact & Sustainability SE from 2017-2019. Prior to that she served in various capacities within Danske Bank Sweden Branch, including in the debt origination group within structured loans.

Ms. Söderlund has been Head of Compliance since February 2023. Prior to that she served as Head of Non-Financial Risk between 2020 and 2023. In addition, she served as a senior regulatory specialist within the Risk function between 2015 and 2019 and as Head of Accounting between 1999 and 2015. Prior to that she held various positions within SEK beginning in 1991. Previously she served in various capacities at KPMG from 1987 to 1991.

B.Compensation


Remuneration, Skr mn	2025	2024	2023
Aggregate remuneration of all directors and executive officers as a group1	33.6	39.0	34.3
Chairman of the Board	0.7	0.7	0.6
Each director2	0.0-0.4	0.0-0.4	0.0-0.4
CEO3	6.3	6.0	5.7
Other executive officers of the Parent Company4	24.2	30.2	26.2
Pension plan with an insurance company on behalf of all executive officers	9.2	9.3	9.1

1 In the form of salaries, fees and other benefits in the case of executive officers. In the form of fees and other benefits in the case of directors.

2 Since April 29, 2010, remuneration is not paid from the Company to the representatives on the Board who are employed by the owner, the Swedish State.

3 Remuneration and other benefits. The CEO did not receive any variable compensation.


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4 Remuneration and other benefits.

For information on amounts set aside or accrued by SEK to provide employee pension benefits, see also Note 5 to the Consolidated Financial Statements.

C. Board Practices

Activities and Division of Responsibility within the Board

The Board is responsible for the organization and the administration of SEK’s affairs in which sustainability forms an integral part. The Board is also tasked with ensuring that the Company’s financial statements, including sustainability reporting, are prepared in accordance with legislation, applicable accounting standards and other requirements. The Board must continually assess SEK’s financial position and ensure that SEK is structured in such a way that its accounting, management of funds and SEK’s other financial circumstances are governed by satisfactory controls. The Board adopts the operating targets and strategies for the operations, and issues general internal regulations in policies and instructions. The Board ensures that an efficient system is in place to monitor and control SEK’s operations. In addition, the Board is tasked with appointing, and dismissing, if necessary, the CEO and the Chief Risk Officer, and deciding on the remuneration of these individuals and other members of executive management.

The Board’s work follows its rules of procedure and the Board’s rules of procedure are adopted each year at the statutory Board meeting. The Board met on 11 occasions in 2025. The CEO attends all Board meetings except those addressing matters in which there is a conflict of interest, such as when evaluating the CEO’s work or determining the CEO’s compensation.

The Board´s rules of procedure govern such matters as reporting to the Board, the frequency and form of the meetings of the Board, and delegation and assessment of the work of the Board and the CEO. In addition to this, the Board monitors financial developments and has ultimate responsibility for internal control, compliance and risk management.

The Board is responsible for a well thought-out and firmly established policy and strategy for dealing with the environment, social responsibility, human rights, corruption as well as equal opportunities and diversity.

The Chairman of the Board leads the work of the Board and is responsible for ensuring that the other members of the Board are provided with the necessary information.

When required, the Chairman of the Board participates in important meetings and represents the Company in ownership matters. The tasks of the Chairman of the Board conform to applicable legislation and the rules of procedure of the Board. Auditors are invited to participate at meetings of the Board at least once a year. The auditors appointed by the Annual General Meeting have attended one of the meetings of the Board. The General Counsel acts as secretary to the Board.

The Board has established a Credit Committee (the body that deals with credit-related matters), a Finance and Risk Committee (the body that deals with other financial matters besides those relating to credits as well as risk issues), an Audit Committee (the body that deals with the Company’s financial reporting, internal control, etc.) and a Remuneration Committee (the body that deals with certain remuneration matters). Besides the Board committees and the work for which the Chairman is responsible, work is not divided within the Board.

Appointing the Board and Auditors

The nomination procedure for Board members complies with the State’s ownership policy and was during 2025 conducted and coordinated by the Division for State-owned enterprises at the Swedish Ministry of Finance. For each enterprise, the expertise required is analyzed on the basis of the enterprise’s operations, situation and future challenges, board composition and board evaluations performed by the Ministry of Finance. As part of its work in the board nomination process, the Government Offices also conducts its own ongoing evaluation of the boards of all State-owned enterprises. Any recruitment need is then determined, and recruitment work is begun. The State’s ownership policy sets out that the government seeks to achieve an even gender balance and the target is a minimum of 40 percent board representation for both women and men. Boards with six to eight directors elected by the general meeting of shareholders must include at least three persons of each gender. Directors are to be selected from a broad recruitment base with the aim of utilizing the expertise of women and men, as well as of individuals with various backgrounds and experience. Discrimination associated with gender, transgender identity or expression, ethnic affiliation, religion or other belief, disability, sexual orientation preference or age is prohibited.


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SEK carries out a suitability assessment of Board members and senior executives pursuant to the regulatory framework issued by the European Banking Authority (the “EBA”). SEK’s assessment of potential new Board members is based on the owner (the Swedish State) having identified the candidate in question according to a job specification. The owner is informed of the outcome following SEK’s assessment. Thereafter, SEK reports the candidate to the Swedish Financial Supervisory Authority for its assessment and validation of the candidate. When the procedure is complete, the nominations are disclosed publicly in accordance with the provisions of the Swedish Corporate Governance Code. The terms of the Board members’ engagement do not provide for benefits upon an early termination of engagement or resignation.

The 2025 Annual General Meeting elected Öhrlings PricewaterhouseCoopers AB as auditor of the Company, with auditor authorized public accountant Peter Sott as principal auditor.

Policy documents

In 2025, SEK’s Board and committees adopted the following policies and instructions:

Document

The Board’s rules of procedure

Instruction for the CEO

Instruction for the Internal Audit function

Instruction for the Compliance function

Instruction for the Chief Risk Officer, CRO

Risk Policy

Credit Policy

Credit Instruction

Anti-corruption Policy

Policy of Sustainable Financing

Security Policy

Accounting Instruction

HR Policy (incl. policies for work environment, diversity and remuneration)

Code of Conduct

Code of Conduct for Suppliers

Board’s work during the year

SEK operated during the year in an uncertain global environment characterized by volatile markets. Against this backdrop, the Board focused on monitoring the impact of these conditions on SEK, including how risks are managed and how opportunities for new businesses may arise in such a market environment. During this year’s strategy days, the Board discussed whether the Company's long-term strategy needs to change in light of lessons learned from the global situation and its impact on markets and customer demand and concluded that it continues to stand up well. The implementation of the business plan has been followed up regularly, but in 2025 the Board focused more closely on how SEK approaches business generation and governance. Major investment decisions are made by the Board and in 2025 it approved new investments, including enhanced system support for credit analysis and increased capabilities within borrowing. The Board also followed up on the implementation of previously approved decisions, including the implementation of the DORA regulation and system support for regulatory reporting.

On several occasions during the year, the Board participated in training initiatives organized by the Company as well as with external providers.

In November, the annual Board trip was carried out, which included customer visits in Värmland, Närke and Västmanland.

Quality assurance of financial reporting

To ensure correct and reliable financial reporting, SEK has developed a management system for financial reporting based on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) framework for internal control (2013 version). This internal control framework is divided into five components: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities.


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Evaluation of the work of the Board and the CEO

A separate assessment of the work of the Board and CEO is carried out once a year under the leadership of the Chairman. The results of this assessment were reported to the Board and, by the Board’s Chairman, to the owner. An evaluation is also performed by the owner in conjunction with the nomination of directors.

The Board Committees

The Board has established the following committees: Credit Committee, Finance and Risk Committee, Remuneration Committee and Audit Committee. The Board’s rules of procedure include establishing annual instructions for all of its committees. The minutes from each committee are reported at meetings of the Board by the respective committee’s chairman.

Credit Committee

Katarina Ljungqvist (Chairman), Paula da Silva, Reinhold Geijer and Lennart Jacobsen.

•Ensure the Board’s involvement in decision-making regarding credit risks.

•Prepare matters relating to credits and credit decisions that are of fundamental or otherwise significant importance to the Company, and also to make decisions regarding credits in accordance with the delegation rules determined by the Board, where sustainability aspects are implicated.

Finance and Risk Committee

Håkan Berg (Chairman), Paula da Silva and Erik Mattsson.

Ensure that the Company can identify, measure, manage, report internally and control the risks to which it is or can be expected to be exposed.

•Prepare matters pertaining to general policies, strategies and risk appetite in all risk and capital-related issues where sustainability risk is a component, as well as regarding overall issues concerning the Company’s financial operations. Set limits for such risk and capital-related matters that the Board delegates to the Committee to determine, and to establish measurement methods and limits concerning market and liquidity risk, in addition to models for valuing financial instruments.

Remuneration Committee

Lennart Jacobsen (Chairman), Reinhold Geijer, and Carl Mellander.

•Prepare matters relating to employment terms and conditions, salaries, pensions and other benefits for the CEO and the executive management, and general issues relating to salaries, pensions, and other benefits.

•Prepare proposals regarding the remuneration policy for decision by the Board.

•Prepare proposals on salaries for other individuals in management positions for whom the Board determines the terms of remuneration.

•Evaluate compliance with the Annual General Meeting’s resolutions on remuneration.

Audit Committee

Eva Nilsagård (Chairman), Håkan Berg and Carl Mellander.

•Monitor the Company’s financial reporting and submit recommendations and proposals aimed at assuring the reliability of the Company’s reporting.


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•Monitor the efficiency of the Company’s internal control, internal audit and risk management in terms of the financial reporting.

•Evaluate the audit process and inform the Board of the results and, through the Chairman of the Board, inform the Company’s owner about the results of the evaluation.

•Keep informed about the audit of the annual accounts and the consolidated financial statements, as well as the conclusions of the Supervisory Board of Public Accountants’ quality control.

•Assist in the preparation of proposals regarding the selection of auditors for resolution by the Annual General Meeting.

Attendance at Board and committee meetings in 2025


	Total	Board of Directors	Remuneration Committee	Finance and Risk Committee	Credit Committee	Audit Committee
Number of meetings	47	11	5	8	16	7
Lennart Jacobsen	31	11	5	—	15	—
Håkan Berg	26	11	—	8	—	7
Paula da Silva	35	11	—	8	16	—
Reinhold Geijer1	32	11	5	—	16	—
Hanna Lagercrantz2	7	4	2	1	—	—
Katarina Ljungqvist3	26	11	—	—	15	—
Erik Mattsson4	11	6	—	5	—	—
Carl Mellander5	20	10	3	—	—	7
Eva Nilsagård	16	9	—	—	—	7
1 Reinhold Geijer resigned as chairman of the Credit Committee on March 25, 2025. 2 Hanna Lagercrantz stepped down from the Board of Directors, the Finance and Risk Committee and the Remuneration Committee on March 25, 2025. 3 Katarina Ljungqvist was elected as chairman of the Credit Committee on March 25, 2025. 4 Erik Mattsson was elected as a member of the Board of Directors and as a member of the Finance and Risk Committee on March 25, 2025. 5 Carl Mellander was elected as a member of the Audit Committee on March 25, 2025.

D. Employees


	2025	2024	2023
Average employees	301	288	273
of which female	142	133	131
of which male	159	155	142
Employees at year-end	317	307	283

The total number of employees is small in relation to the volume of lending because the number of lending transactions is relatively small and the administration and documentation of loans are in many cases handled by the banks participating in the transactions. The Group has not experienced any strikes or labor disputes and considers its employee relations to be strong. All of the Group’s employees are located in Sweden.

For more information, see “Personnel Expenses” in Note 5 to the Consolidated Financial Statements.


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Members of the Board, the CEO, and other executive officers have no share ownership in the Parent Company or Subsidiary and no options have been granted to them with respect to the Parent Company’s shares. There are no arrangements for involving the employees in the capital of the Parent Company, including any arrangement that involves the issue or grant of options, shares or securities of the Parent Company.

E. Share Ownership

None.

F. Disclosure of a registrant’s action to recover erroneously awarded compensation

Not applicable.

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

A. Major Shareholders

As of December 31, 2025, the total number of shares outstanding was 3,990,000. Since June 30, 2003, the Swedish State has been the sole (100 percent) owner of SEK. The State owns all of the Company’s shares.

The following table sets forth the share ownership of the Parent Company:


Shareholder	Ownership %	Number of shares
Kingdom of Sweden	100	3,990,000

Ownership and governance

SEK is fully owned by the Swedish State. The State exerts its influence at the Parent Company’s general meetings and through representation on the Board.

The governance of SEK is divided between the shareholder, the Board, and the CEO, in accordance with the Swedish Companies Act, the Articles of Association, and the Board’s procedural rules. The Board appoints the CEO, who conducts ongoing management in accordance with the Board’s guidelines and instructions.

The State as shareholder has decided that State-owned companies should observe the Swedish Corporate Governance Code.

B. Related party transactions

SEK defines related parties for the Consolidated Group as:

•the shareholder, i.e., the Swedish State;

•companies and organizations that are controlled through a common owner, the Swedish State;

•subsidiaries;

•key management personnel; and

•other related parties.


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The Swedish State owns 100 percent of the Company’s share capital. By means of direct guarantees extended by the Swedish National Debt Office and the Swedish Export Credits Guarantee Board, EKN, 38 percent (year-end 2024: 43 percent) of the Company’s outstanding loans on December 31, 2025, were guaranteed by the Swedish State. The remuneration to EKN for the guarantees paid by SEK during 2025 amounted to Skr 6 million (2024: Skr 30 million). SEK administers, for compensation, the CIRR-system and the State’s related concessionary credit program, see Note 1(e) and Note 24 to the Consolidated Financial Statements.

SEK has a Skr 150 billion (2024: Skr 150 billion) credit facility with the Swedish National Debt Office. The credit facility can be used for loans covered by the CIRR-system up to Skr 138 billion (2024: Skr 138 billion), and for commercial export financing up to Skr 12 billion (2024: Skr 12 billion). In December 31, 2025, the credit facility was set at Skr 175 billion for 2026, of which Skr 14 billion can be used for commercial export financing.

SEK enters into transactions in the ordinary course of business with entities that are partially or wholly-owned or controlled by the State. SEK also extends export credits (in the form of direct or pass-through loans) to entities related to the State. Transactions with such parties are conducted on the same terms (including interest rates and repayment schedules) as transactions with unrelated parties.

Key management personnel include the following persons:

•Members of the Board

•The President and CEO

•Other members of the executive management

For information about remuneration and other benefits to key management personnel, see Note 5 to the Consolidated Financial Statements.

Other related parties include close family members of key management personnel as well as companies which are controlled by key management personnel controlled by close family members to key management personnel.

See also Note 27 to the Consolidated Financial Statements for further details on related-party transactions.

C. Interests of Experts and Counsel.

Not applicable.

ITEM 8. FINANCIAL INFORMATION

A. Consolidated Statements and Other Financial Information

See Item 18, “Financial Statements.”

Legal Proceedings

There are no material pending or, to the Group’s knowledge, threatened, legal or governmental proceedings to which the Group is or would be a party or to which any of its property is or would be subject.


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Dividend Policy

The Board resolved for each year, as listed in the table below, that the corresponding amount was to be paid to the sole shareholder, the Swedish State, in relation to the fiscal year of each such year.


	In relation to the respective years
	2025	2024	2023
Dividend	Skr 473 mn	Skr 1,673 mn	Skr 248 mn
- of which per share	Skr 118.58	Skr 419.29	Skr 62.24

For additional details regarding equity, see the Consolidated Statement of Equity.

B. Significant Changes

Except as otherwise disclosed in this report, there has been no significant change in SEK’s financial position since December 31, 2025.

ITEM 9. THE OFFER AND LISTING

A. Offer and Listing Details

Not applicable.

B. Plan of Distribution

Not applicable.

C. Markets

The Parent Company’s shares, all of which are owned by the Swedish State, are not listed on any exchange in Sweden or outside Sweden.

Certain global issues of SEK’s U.S. Medium Term Notes are listed on European exchanges.


			As of December 31, 2025
Notes listed on European exchanges of which:			4.459% Global Notes due February 13, 2026
-Listed on the Irish Stock Exchange, Euronext Dublin			Floating Rate Global Notes due August 3, 2026
			4.875% Global Notes due September 14, 2026
			2.250% Global Notes due March 22, 2027
			Floating Rate Global Notes due May 5, 2027
			3.875% Global Notes due August 4, 2027
			3.750% Global Notes due September 13, 2027
			3.750% Global Notes due May 8, 2028
			4.125% Global Notes due June 14, 2028
			4.250% Global Notes due February 1, 2029
			Floating Rate Global Notes due November 21, 2029
			3.750% Global Notes due July 29, 2030 and
			4.875% Global Notes due October 4, 2030

Other issuances of SEK’s Medium Term Notes are traded in the over-the-counter market.


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D. Selling Shareholders

Not applicable.

E. Dilution

Not applicable.

F. Expenses of the Issue

Not applicable.

ITEM 10. ADDITIONAL INFORMATION

A. Share Capital

The share capital of the Parent Company shall be not less than Skr 1,500 million and not more than Skr 6,000 million. No shareholder is obliged to make additional capital contributions to the Parent Company solely as a result of being a shareholder.

Shareholders’ rights may only be changed by a majority (and in certain cases a qualified majority) of the shares represented at a general meeting of the shareholders. However, all resolutions passed at a general meeting of the shareholders are subject to mandatory provisions under Swedish law (for practical purposes, primarily the Swedish Companies Act). In particular, there are rules protecting minority shareholders and there is a general principle that all shares and shareholders shall be treated equally.

Annual General Meeting

The Annual General Meeting is held once a year not later than six months following the end of the preceding fiscal year. Notices convening an Annual General Meeting, or any other general meeting called to resolve upon any amendment of the Articles of Association, shall be issued not earlier than six weeks and not later than four weeks prior to the meeting. Notices convening a general meeting, in cases other than those set forth in the preceding sentence, shall be issued not earlier than six weeks and not later than three weeks prior to the meeting. Each person entitled to vote at an Annual General Meeting shall have the right to vote all the shares owned and represented by that person. There are no restrictions on the rights of non-Swedish nationals to own shares or vote their shares at the Annual General Meeting.

Swedish law provides that, in matters other than elections, resolutions are passed by a simple majority of the votes cast, except that (among other exceptions):

•a resolution to amend the Articles of Association (except as described in the following paragraphs) requires a majority of at least two-thirds of the votes cast as well as at least two-thirds of the shares represented at the meeting;

•a resolution to amend the Articles of Association that reduces any existing shareholder’s rights to profits or other assets, restricts the transferability of issued shares or alters the legal relationship between issued shares, normally requires the unanimous approval of the shareholders present or represented at the meeting and representing at least nine-tenths of all shares issued; and

•a resolution to amend the Articles of Association for the purpose of limiting the number of shares which a shareholder may vote at an annual general meeting normally requires the approval of shareholders representing at least two-thirds of the votes cast and at least nine-tenths of the shares represented at the meeting.

In elections, the person receiving the most votes is deemed to have been elected.


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B. Memorandum and Articles of Association

Set forth below is a brief summary of certain significant provisions of the Parent Company’s Articles of Association and Swedish law. This description does not purport to be complete and is qualified by reference to the Articles of Association, which are incorporated by reference, as an exhibit to this annual report.

Registration

The Parent Company’s registry number with the Swedish Company Registry (Sw. Bolagsregistret) of the Swedish Companies Registration Office (Sw. Bolagsverket) is 556084-0315.

Purpose

Under Article 3 of the Articles of Association, the Parent Company’s objective is to engage, on commercial grounds, in Swedish and international financing activities in accordance with the Swedish Banking and Financing Business Act (2004:297) in order to promote activities of Swedish interest, directly or indirectly related to the Swedish export industry, including Swedish infrastructure, and further to otherwise strengthen the internationalization and competitiveness of Swedish industry. The Parent Company’s financing activities include, but are not limited to: (i) borrowing funds, for example by accepting deposits from the general public or issuing bonds or other comparable debt instruments; (ii) granting and intermediating loans, for example in the form of loans secured by charges over real property or claims; (iii) issuing guarantees and assuming similar obligations; (iv) the holding of securities and the conduct of trading in securities; and (v) engaging in securities operations in accordance with the Swedish Securities Market Act (2007:528).

Certain Powers of Directors

Under the Swedish Companies Act (2005:551), the Board is ultimately responsible for the Parent Company’s organization and the management of its affairs.

All members of the Board shall, if possible, be given the opportunity to participate in the deliberations relating to a matter and be given sufficient information to do so. A resolution of the Board requires the participation of a majority of the members of the Board and the approval of the higher of (i) a majority of the participating members of the Board and (ii) more than a third of the total number of Board members. However, the Board may delegate the authority to borrow and lend funds on behalf of the Parent Company to the CEO or another employee, acting singly or jointly, provided that such financing transaction does not contravene any fundamental policy of the Parent Company and is not otherwise of great significance to the Parent Company. There are no legal requirements applicable to any member of the Board requiring the ownership of shares in the Parent Company, or requiring retirement at a certain age.

Although the Articles of Association do not address voting by directors on matters in which they are interested, under the Swedish Companies Act, a director may not take part in the Board’ deliberations with respect to any of the following:

1.agreements between such director and the Parent Company;

2.agreements between the Parent Company and third parties, where such director has a material interest in the matter that may conflict with the interests of the Parent Company; or

3.agreements between the Parent Company and a legal entity that such director himself, or together with someone else, may represent.

Under the Swedish Companies Act, the Parent Company may not lend funds to shareholders or directors.


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Under Swedish law, the CEO and at least half of the Board must be resident in a European Economic Area country unless exempted by the Swedish Companies Registration Office. Under Swedish law, a director’s term of office may not be more than four years, but the Parent Company’s Articles of Association require one-year terms. A director may, however, serve any number of consecutive terms. Directors elected at a general meeting of the shareholders may be removed from office at another general meeting of the shareholders, and vacancies on the Board, except when filled by a deputy director, may only be filled by a resolution of shareholders. Each year, if not otherwise stipulated in the Parent Company’s Articles of Association, one director is elected Chairman of the Board by resolution of the Board (unless elected by the shareholders) at the statutory meeting following the Board’s appointment.

C. Material Contracts

The Parent Company is a party to various contracts in the ordinary course of business. For the two years immediately preceding publication of this annual report, there have been no material contracts entered into outside the ordinary course of business.

D. Exchange Controls

There are currently no Swedish exchange control laws or laws restricting the import or export of capital. No approvals are necessary under Swedish law to enable the Group, at the times and in the manner provided in the Group’s debt securities and the indentures or other instruments pursuant to which such securities have been issued, to acquire and transfer out of Sweden all the amounts necessary to pay in full the principal of and/or interest on such securities, and any additional amounts payable with respect thereto, and no external approval is required for any prepayment of such securities.

Under Swedish law and the Parent Company’s Articles of Association, there are no limitations on the right of non-resident or foreign owners to hold debt securities issued by the Parent Company.

E. Taxation

The following summary outlines certain Swedish tax consequences relating to holders of SEK’s debt securities. The summary is based on the laws of Sweden as currently in effect and is intended to provide general information only. The summary does not address, among other things, situations where debt securities are held in an investment savings account (Sw. investeringssparkonto), the tax consequences in connection with a relevant authority’s exercise of bail-in tools and/or any other powers under the Resolution Act, the tax consequences in connection with any impairment of the debt securities, or the rules regarding reporting obligations for, among others, payers of interest. Investors should consult their professional tax advisors regarding Swedish and other tax consequences (including the applicability and effect of tax treaties for the avoidance of double taxation) of acquiring, owning and disposing of debt securities in their particular circumstances.

Holders not tax resident in Sweden

Payments of any principal amount or any amount that is considered to be interest for Swedish tax purposes to the holder of any debt security should not be subject to Swedish income tax, provided that such holder (i) is not resident in Sweden for Swedish tax purposes and (ii) does not have a permanent establishment in Sweden to which the debt securities are effectively connected.

However, if the value of or the return on the debt securities is deemed equity-related for Swedish tax purposes, private individuals who have been residents of Sweden for tax purposes due to a habitual abode in Sweden or a stay in Sweden for six consecutive months at any time during the calendar year of disposal or redemption or the ten calendar years preceding the year of disposal or redemption are liable for capital gains taxation in Sweden upon disposal or redemption of such debt securities. In a number of cases though, the applicability of this rule is limited by the applicable tax treaty for the avoidance of double taxation.

Swedish withholding tax, or Swedish tax deduction, is not imposed on payments of any principal amount or any amount that is considered to be interest for Swedish tax purposes, except for certain payments of interest (and other returns on debt securities) to a private individual (or an estate of a deceased individual) who is resident in Sweden for Swedish tax purposes (see “Holders tax resident in Sweden” below).


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Holders tax resident in Sweden

In general, for Swedish corporations and private individuals (and estates of deceased individuals) with residence in Sweden for Swedish tax purposes, all capital income (for example income that is considered to be interest for Swedish tax purposes and capital gains on debt securities) will be taxable. Specific tax consequences may be applicable to certain categories of corporations, for example life insurance companies. Moreover, specific tax consequences may be applicable if, and to the extent that, a holder of debt securities realizes a capital loss on the debt securities and any currency exchange gains or losses.

If amounts that are deemed as interest for Swedish tax purposes are paid by Euroclear Sweden AB or by another legal entity domiciled in Sweden - including a Swedish branch of a non-Swedish corporation - or, in certain cases, a clearing institution within the EEA, to a private individual (or an estate of a deceased individual) with residence in Sweden for Swedish tax purposes, Swedish preliminary taxes are normally withheld by Euroclear Sweden AB /the legal entity/the clearing institution on such payments. Swedish preliminary taxes should normally also be withheld on other returns on debt securities (but not capital gains), if the return is paid out together with such a payment of interest referred to above.

F. Dividends and Paying Agents

Not applicable.

G. Statements by Experts

Not applicable.

H. Documents on Display

The Parent Company files reports and other information electronically with the SEC. For a fee, members of the public may request copies of these documents by writing to the SEC. The SEC maintains an Internet site that contains reports, proxy and information statements and other information regarding issuers that file electronically with the SEC at https://www.sec.gov.

I. Subsidiary Information

See Note 1 to the Consolidated Financial Statements.

J. Annual Report to Security Holders

Not applicable.

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

SEK is exposed to market risk in the ordinary course of business. Market risk represents the risk of loss that may impact the results, capital or value in an adverse manner due to changes in the financial markets, such as movements in interest rates, foreign exchange rates, basis spreads or credit spreads. SEK uses a range of different quantitative models for measuring market risk, including analyses of the effects of specific shifts in individual and groups of risk factors, Value-at-Risk (VaR) models under both normal as well as stressed scenarios, and firm-wide stress tests. Although VaR is a valuable risk metric it is used with awareness of its limitations which are mitigated with complementary measures. For example, the use of historical data as a proxy for estimating future market moves may not encompass all potential market events, particularly those that are extreme in nature. The stressed VaR-model (sVaR) measures the short-term impact on capital from a severe financial stress scenario, which may not fully capture the risk level of future stressed periods. Furthermore, the use of a 1-day holding period for risk management purposes of SEK’s portfolio is only an indication of exposure and does not represent the time required to hedge or liquidate positions. In addition, the use of a 99% confidence level does not take into account losses that might occur beyond this level of confidence. These limitations are addressed by conducting analyses of extreme but plausible stress scenarios, including reverse stress tests focused on SEK’s material market risk drivers.

For more information about Quantitative and Qualitative Disclosures about market risk, see Note 26 and Note 29 to the Consolidated Financial Statements.


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ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Not applicable.


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PART II

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

None.

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

None.

ITEM 15. CONTROLS AND PROCEDURES

A. Disclosure Controls and Procedures

Management, including the CEO and the CFO have evaluated the effectiveness of SEK’s disclosure controls and procedures (as defined in Rule 13a–15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as of December 31, 2025. The Group’s disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports the Parent Company files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the applicable rules and forms, and that it is compiled with and communicated to the Parent Company’s management, including the CEO and the CFO as appropriate to allow timely decisions regarding required disclosure.

Based upon that evaluation, management, including the CEO and the CFO concluded that the Group’s internal control over financial reporting described in the Management’s Report on Internal Control over Financial Reporting below, and the Group’s disclosure controls and procedures were effective as of December 31, 2025.

B. Management’s Annual Report on Internal Control over Financial Reporting

Management, including the CEO and the CFO, is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of SEK’s financial statements for external purposes in accordance with IFRS.

Internal control over financial reporting includes policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Group; (ii) provide reasonable assurance that transactions are recorded as necessary to permit the preparation of financial statements in accordance with IFRS; (iii) provide reasonable assurance that receipts and expenditures are being made only in accordance with the authorization of management and directors of the Group; and (iv) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Group’s assets that could have a material effect on the financial statements.

Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness for future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies and procedures may deteriorate.

Management, including the CEO and the CFO assessed the effectiveness of SEK’s internal control over financial reporting as of December 31, 2025, based on criteria set forth in “Internal Control — Integrated Framework” issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission, and using the information contained in the Interpretive Release No.33–8810, “Commission Guidance Regarding Management’s Report on Internal Control Over Financial Reporting Under Section 13(a) or 15(d) of the Securities Exchange Act of 1934,” issued by the U.S. Securities and Exchange Commission. Management concluded that, as of December 31, 2025, SEK’s internal control over financial reporting was effective based on these criteria.

C. Attestation Report of the Registered Public Accounting Firm

Because SEK is a “non-accelerated filer,” this annual report is not required to include an attestation report of the SEK’s registered public accounting firm regarding internal control over financial reporting.


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D. Changes in Internal Control over Financial Reporting

There have been no changes in the Group’s internal control over financial reporting that occurred during the year ended December 31, 2025, that have materially affected, or are reasonably likely to materially affect, SEK’s internal control over financial reporting.

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

The Audit Committee of the Parent Company’s Board was established in January 2008. This committee, whose members are Eva Nilsagård (Chairman) (as of March 26, 2020), Håkan Berg (as of March 24, 2022), and Carl Mellander (as of March 25, 2025), has a mandate to, among other things, supervise the Group’s financial reporting and review the work of its independent auditors. While the members of the Audit Committee have varying degrees of financial and accounting experience, the committee has not concluded that any of its members is an “audit committee financial expert” within the meaning of the regulations adopted under the Sarbanes-Oxley Act of 2002.

The Parent Company has not found it necessary to designate an audit committee financial expert because the Group is under the supervision of the Swedish FSA. Accordingly, SEK believes that there is the opportunity for meaningful independent review of its financial statements by qualified experts (at the Swedish FSA), in addition to the independent review performed by the Parent Company’s external auditor.

ITEM 16B. CODE OF ETHICS

The Group has ethical guidelines (the “Code of Conduct”) in place that apply to all employees including all executive officers. The guidelines are consistent with, and in some respects more restrictive than, applicable Swedish regulations. The ethical guidelines are designed to deter wrongdoing and promote:

•honest and ethical conduct, including the ethical handling of actual and apparent conflicts of interest between personal and professional relationships; and

•compliance with applicable governmental laws, rules and regulations.

Although these ethical guidelines do not meet the definition of “code of ethics” in the regulations adopted pursuant to the Sarbanes-Oxley Act of 2002, primarily because they do not specifically address matters relating to the Parent Company’s disclosure in reports and documents filed with the SEC and in other public communications, the Parent Company believes that its ethical guidelines are sufficient to regulate the conduct of SEK’s executive officers, including its principal executive officer, its principal financial officer and its principal accounting officer. The guidelines have also been specifically designed to comply with relevant Swedish regulations and guidelines (including the Swedish Governance Code), which is why SEK has not attempted to alter them to comply with the Sarbanes-Oxley Act of 2002.

The Code of Conduct is available on SEK’s website, https://www.sek.se/en/about-sek/corporate-governance/code-of-conduct/. Information available on or accessible through SEK’s website is not incorporated herein by reference.

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets forth, for the years ending December 31, 2025 and 2024, the fees billed from the Parent Company’s independent auditors, Öhrlings PricewaterhouseCoopers AB.


Skr mn	2025	2024
Öhrlings PricewaterhouseCoopers AB
Audit fees1	-10	-10
Audit related fees2	—	—
Tax related fees3	0	—
Other fees4	-3	-3
Total	-13	-13


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1 Fees related to audit of annual financial statements and reviews of interim financial statements.

2 Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under (1).

3 Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice.

4 Fees for products and services rendered by the principal independent auditors, other than the services reported in (1) through (3) above.

In the financial statements remuneration to auditors is mainly included in Other administrative expenses. No additional fees have been billed by the principal auditors.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

Not applicable.

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable.

ITEM 16G. CORPORATE GOVERNANCE

Not applicable.

ITEM 16H. MINE SAFETY DISCLOSURE

Not applicable.

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTION

Not applicable.

ITEM 16J. INSIDER TRADING POLICIES

The Group has adopted rules relating to transactions in financial instruments governing the purchase, sale, and other dispositions of its securities by directors, senior management, and employees (the “Insider Trading Policy”) that are reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and listing standards applicable to the Group. The Insider Trading Policy is part of the Group’s HR Instruction. An excerpt from the Group’s HR Instruction constituting the Insider Trading Policy was filed as Exhibit 11.1 to the Company’s Annual Report on Form 20-F for the year ended December 31, 2024, filed by the Company on February 26, 2025 and is incorporated herein by reference.

ITEM 16K. CYBERSECURITY

Cybersecurity Risk Management and Strategy

Due to the increasing risks from cybersecurity threats, measures are continuously taken to strengthen SEK’s protection both before, during and after a possible cybersecurity incident. The security monitoring of the cybersecurity threat landscape is important in order to detect and mitigate cybersecurity risks and threats and prevent any cybersecurity incidents. Analyses of the security monitoring show that SEK is continuously exposed to risks from cybersecurity threats. Attempted attacks and identified vulnerabilities are controlled and continuously followed up on.

SEK’s business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats. However, we cannot provide assurance that they will not be materially affected in the future by such risks or any future material incidents. Cybersecurity risk management is integrated into SEK’s overall risk management procedures and is part of information and communication technology (ICT) and information security risk management.


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SEK has a framework for risk management (the Risk Framework) to seek to ensure that SEK can continuously identify, measure, manage, report and have control over the significant risks to which SEK is or may be exposed. The Risk Framework is described in the risk policy, which is adopted each year by the Board.

SEK maintains a holistic approach to the risks that the Company is or could be exposed to and all material risks are documented in the risk taxonomy. The risk taxonomy is updated at least annually and on a continual basis as new risks are identified. Cybersecurity risk is one of the most significant operational risks in SEK’s risk taxonomy. For additional information on SEK’s approach to risk, see Note 29 to the Consolidated Financial Statements.

Internal governance and responsibility

The Risk Framework encompasses the entire operations and is ultimately governed by SEK’s mission. The Board has the ultimate responsibility for SEK’s organization and administration of SEK’s affairs, including governing and monitoring cybersecurity risk exposure and risk management, and for ensuring satisfactory internal control. The Board determines, annually, overall risk management principles in relation to cybersecurity risks by establishing the risk strategy, the risk policy and the risk appetite. All business activities are kept within the Board’s established risk appetite and limits and are conducted in adherence with SEK’s risk strategy.

According to the Risk Framework, SEK is to promptly reduce critical and high operational risks, including cybersecurity risks, and limit operational losses resulting from potential incidents.

SEK’s risk control function monitors and follows up on risk appetite limits regularly. At least on a quarterly basis, the Board is provided with a comprehensive update of risk exposures in relation to the risk appetite.

SEK tracks certain key risk indicators that warn of increased cybersecurity risk levels. If an increased level is identified, the security specialists within SEK’s CIO department and an independent risk control function analyze the reason for the increase and follow up with the decided mitigating actions.

The Finance and Risk Committee’s responsibilities include ensuring that the Company can identify, measure, manage, report internally and control the risks to which SEK is or can be expected to be exposed. It also handles matters pertaining to general policies, strategies and risk appetite in all risk and capital-related issues. Cybersecurity risk management is included in this work.

The Audit Committee’s responsibilities include monitoring the Company’s financial reporting and submitting recommendations and proposals aimed at assuring the reliability of the Company’s reporting, monitoring the efficiency of the Company’s internal control, internal audit and risk management in terms of the financial reporting, evaluating the audit process and informing the Board of the results and, through the Chairman of the Board, informing the Company’s owner about the results of the evaluation. The Audit Committee is also responsible for the integration of cybersecurity-related topics into control monitoring procedures.

SEK’s CEO is responsible for the day-to-day management of business operations in accordance with the Board’s guidelines, established policies, and instructions. The executive management is tasked with supporting the CEO in the operational management of the Company. For example, the CIO plays a pivotal role when it comes to cybersecurity risks and is responsible for assessing and managing cybersecurity risks within SEK. The CEO is responsible for SEK’s work in relation to risks from cybersecurity threats. This includes ensuring that SEK’s policies and guidelines relating to cybersecurity are relevant and up-to-date.


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The CIO-team collectively possesses significant experience gained via previous IT management and cybersecurity-related roles within banking, insurance, and other industries and relevant education. They are supported by a dedicated IT security department comprised of specialists across various operational security domains such as information security, security architecture, operational security and physical security. The members of the IT security department hold cybersecurity certifications that are kept relevant by attending dedicated training and specialist conferences.

SEK’s Board, its management and other employees undergo cybersecurity training and simulations on a regular basis. In addition, SEK utilizes a structured security training methodology in conformity with the International Organization for Standardizations (ISO) 27001 standard, with appropriate adjustments and adaptations made to complement SEK’s business.

Division of responsibility for risk management in SEK

SEK has organized risk management and risk control in accordance with the principle of three lines of defense, wherein there is a clear-cut separation of responsibilities between (i) the business and support operations that own and handle the cybersecurity risks, (ii) the control functions that independently monitor the cybersecurity risks and (iii) the internal audit function, which reviews the control functions.

The first line of defense is responsible for the daily oversight of cybersecurity risks, ensuring alignment with risk appetite and strategy. This includes implementing controls and conducting regular monitoring and follow-up on these risks.

The second line of defense consists of the independent risk control and compliance functions. Responsibilities include independent identification, quantification, monitoring and control and reporting of cybersecurity risks, ensuring that cybersecurity risks are part of the risk management framework and internal control framework and that the Company complies with such frameworks and reports to the Board.

The third line of defense consists of the independent internal audit function (outsourced to Deloitte). Responsibilities of that function include review and evaluation of the efficiency and integrity of cybersecurity risk management. The internal audit function reports directly to the Board.

SEK constantly monitors the development of business activities, actively utilizes risk-reduction capabilities, and controls the development of risks including cybersecurity risks, over time, to ensure that the Company operates within the boundaries of its risk appetite and other applicable limits. In addition, SEK has a process for continuity of business-critical processes and systems during crises which could be triggered by a cybersecurity incident. Crisis and/or continuity exercises and trainings are performed regularly for handling of situations that require actions to be taken in accordance with SEK’s crisis and/or continuity management.

Risk management and Strategy

Cybersecurity risk management is integrated into SEK’s overall risk management procedures. In adherence to industry standards, SEK takes on a systematic approach to managing risks from cybersecurity threats. SEK’s risk management framework considers cybersecurity risks alongside other company risks. The Company’s risk management procedures encompass risk identification, risk measurement, risk management, reporting and control of those risks to which SEK is or can be exposed to. They are designed to identify, assess, and mitigate potential threats, thereby providing a foundation for the protection of the organization’s information assets. However, security conditions are subject to constant change, prompting SEK to continuously evaluate and address emerging threats. Beyond new threats, increased expectations from regulatory authorities, partners, and society at large are emphasizing the need for a proactive and structured approach to these risks.

Changes in factors underpinning SEK’s cybersecurity risk management require regular review and adaptation of internal frameworks. Factors that can initiate such change include shifts in the external environment and corresponding alterations in the threat landscape facing SEK. Changes are continuously monitored, documented, and followed up to ensure that information protection aligns with current threats and risks.


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Risk identification and measurement

At any given time, SEK must be aware of the risks from cybersecurity threats to which it can be exposed in order to determine the security measures needed to protect the integrity of and access to its information assets. Risk and control self-assessments are conducted in relation to identified risks. Risk analysis considers potential losses associated with a given incident and key risk indicators. The likelihood and potential impact of identified risks are measured and assessed quantitatively and qualitatively on an ongoing basis. The risk assessments inform the selection and design of security measures, controls and subsequent systematic information security work.

SEK effectively manages cybersecurity risks by identifying and addressing them across all relevant areas, including in relation to its digital systems, physical IT infrastructure and organizational processes. The risk identification process includes, but is not limited to, analyzing external factors and security-related events, security monitoring and vulnerability scanning, performing risk workshops, including self-assessments with all business units to identify and assess risks, incident management, assessment of key risks and performance indicators and analyzing potential deficiencies. The risk identification process is structured to align with the International Organization for Standardizations (ISO) 27001/27002 standards for general information technology controls. The security specialists within the CIO department at SEK, supports the Company in identifying and assessing cybersecurity risks. Additionally, SEK has engaged an external Security Operations Center (SOC) provider that continuously monitors and improves SEK’s cybersecurity posture.

The risk identification process is also in place to ensure that information security at SEK is developed in line with the current security landscape. The procedures enhance the Company’s understanding and awareness of the risks to which it is exposed.

In addition, SEK has rules and procedures associated with the procurement of new systems, services or third party vendors. The procurement process covers everything from analyzing potential vendors to concluding an agreement. To ensure that risks related to third parties are identified and handled, the procurement process includes assessments and risk evaluations pertinent to cybersecurity. Furthermore, SEK continuously monitors and evaluates third-party vendors over the duration of their involvement, verifying compliance with cybersecurity controls aligned with SEK’s policies. SEK manages third-party risks in accordance with the Digital Operational Resilience Act (DORA). Accordingly, SEK has strengthened its assessment and continuous monitoring of risks related to ICT third-party service providers to ensure full regulatory compliance and supply chain resilience.

Reporting

SEK’s independent control functions provide regular report, at least quarterly, to the Board, the Finance and Risk Committee (FRC) and the CEO regarding the development of the Company’s significant risks. The risk reports are designed to provide an accurate and comprehensive picture of SEK’s risk exposure.

Further, SEK has processes for reporting and handling operational incidents, including in the event of a cybersecurity incident. Upon discovery of a cybersecurity incident, notification is promptly relayed through agreed-upon communication channels. The security specialists within SEK’s CIO department remain on standby to address any cybersecurity incidents outside of office hours. If an incident occurs, the immediate focus will be to resolve the direct event and minimize potential damage. SEK has established documented escalation procedures to notify relevant stakeholders empowered to decide on appropriate action plans. After the incident has been resolved, an analysis would be performed to determine the root cause of the incident to understand why it occurred, and what remedial actions should be undertaken and followed up on to prevent reoccurrence. In relevant cases, an analysis of lessons learned would be performed to make appropriate corrections and ensure future resilience.


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Incident reports are an important component of SEK’s continuous improvement measures. Incidents are reported on an ongoing basis both to the CIO function and to the independent risk control and compliance function and affected parties, who in turn, regularly, and at least quarterly, report on material risks and incidents to the Board and the Board’s Finance and Risk Committee. Risk reporting is designed to give an accurate and comprehensive picture of SEK’s risk exposure, including risks from cybersecurity threats. In addition, the CIO reports on relevant cybersecurity risks and threats on an ongoing basis to the Board and the CEO. Material incidents would also be reported to competent authorities, such as the Swedish Financial Supervisory Authority (Sw. Finansinspektionen).

Risk control

SEK’s independent risk control function and compliance function controls and monitors adherence to risk appetite statements and applicable limits, risk management principles as well as internal and external rules based on its internal control framework to ensure that risk exposures are kept at an acceptable level and that risk management is effective and appropriate. Those control and monitoring activities encompass risks from cybersecurity threats and potential incidents. Continuous monitoring and follow-up activities are undertaken to evaluate the progress of action plans and to ensure that the protection of information is adapted to current threats and risks.

SEK’s independent risk control function and compliance function conducts regular control testing throughout the year to ensure control effectiveness with regards to design, implementation, and operative effectiveness. The control testing is performed by staff who are independent from the individuals who perform the controls. The outcome of this testing and a follow-up on any action plans are reported to the Board’s Audit Committee.

In addition, SEK’s independent internal audit function and SEK’s external auditors perform controls throughout the year, both operational control testing and testing of controls over the financial reporting (i.e., Sarbanes-Oxley Act controls). Further, SEK enhances its cybersecurity measures by annually engaging external experts to perform penetration tests of SEK’s digital environment. Cybersecurity risk management is subject to internal audits on a regular basis.

PART III

ITEM 17. FINANCIAL STATEMENTS

Not applicable.

ITEM 18. FINANCIAL STATEMENTS

The Group’s Consolidated Financial Statements prepared in accordance with Item 18 of Form 20-F begin on page F-3 of this annual report.

Consolidated Financial Statements


Report of Independent Registered Public Accounting Firm (PCAOB ID: 1419)			F-1
Consolidated Statement of Comprehensive Income			F-3
Consolidated Statement of Financial Position			F-4
Consolidated Statement of Changes in Equity			F-5
Consolidated Statement of Cash Flows			F-6
Notes to the Consolidated Financial Statements			F-7


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ITEM 19. EXHIBITS


1.1						Articles of Association of the Registrant in effect as of the date of this annual report (filed as Exhibit 1.1 to the Company’s Annual Report on 20-F (No. 001-08382) for the year ended December 31, 2014 and incorporated herein by reference).

2.1						Indenture, dated as of August 15, 1991, between the Company and J.P. Morgan Trust Company, National Association (as successor in interest to the First National Bank of Chicago) as Trustee, providing for the issuance of debt securities, in one or more series, by the Company (filed as Exhibit 4(a) to the Company’s Report of Foreign Issuer on Form 6-K (No. 001-08382) dated September 30, 1991 and incorporated herein by reference).

2.2						First Supplemental Indenture dated as of June 2, 2004 between the Company and J.P. Morgan Trust Company, National Association (filed as Exhibit 4(b) to the Company’s Registration Statement on Form F-3 (No. 333-131369) dated January 30, 2006 and incorporated herein by reference).

2.3						Second Supplemental Indenture, dated as of January 30, 2006, between the Company and J.P. Morgan Trust Company, National Association (filed as Exhibit 4(c) to the Company’s Registration Statement on Form F-3 (No. 333-131369) dated January 30, 2006 and incorporated herein by reference).

2.4						Third Supplemental Indenture, dated as of October 23, 2008, relating to the Debt Securities (filed as Exhibit 4 to the Company’s Report of Foreign Issuer on Form 6-K dated October 23, 2008 (No. 001-08382) and incorporated herein by reference).

2.5						Fourth Supplemental Indenture, dated as of March 8, 2010, relating to the Debt Securities (filed as Exhibit 4(f) to the Company’s Post-Effective Amendment (No. 333-156118) to the Company’s Registration Statement on Form F-3, filed by the Company on March 10, 2010 and filed as Exhibit 2.8 to the Company’s Annual Report on Form 20-F (No. 001-08382) for the year ended December 31, 2009, filed by the Company on March 31, 2010 and incorporated herein by reference).

2.6						Fifth Supplemental Indenture, dated as of November 3, 2020, relating to the Debt Securities (filed as Exhibit 4(f) to the Company’s Registration Statement on Form F-3 (No. 333-249829) dated November 3, 2020 and incorporated herein by reference).

2.7						Sixth Supplemental Indenture, dated as of November 2, 2023, relating to the Debt Securities (filed as Exhibit 4(g) to the Company’s Registration Statement on Form F-3 (No. 333-275269) dated November 2, 2023 and incorporated herein by reference).

2.8						Fiscal Agency Agreement dated April 2, 2025 relating to an unlimited aggregate principal amount of debt securities authorized to be issued under the Company’s Unlimited Programme for the Continuous Issuance of Debt Instruments.*

2.9						Deed of Covenant dated April 2, 2025 relating to an unlimited aggregate principal amount of securities of SEK authorized to be issued under the Company’s Unlimited Programme for the Continuous Issuance of Debt Instruments.*

2.10						ASX Austraclear Registry and IPA Services Agreement dated February 29, 2016, as amended on February 15, 2023, relating to an unlimited principal amount of debt securities authorized to be issued under the Company’s Australian Dollar Debt Issue Programme (filed as Exhibit 2.9 to the Company’s Annual Report on Form 20-F (001-08382) for the year ended December 31, 2022, filed by the Company on February 28, 2023 and incorporated herein by reference ).

2.11						Third Note Deed Poll dated 29 February, 2016 relating to an unlimited principal amount of debt securities authorized to be issued under the Company’s Australian Dollar Debt Issuance Program (filed as Exhibit 2.9 to the Company’s Annual Report on Form 20-F (No. 001-08382) for the year ended December 31, 2017, filed by the Company on February 26, 2018 and incorporated herein by reference).

11.1						Insider Trading Policy (English translation) (filed as Ex hibit 11.1 to the C o m p a ny ’s Annual Report on Form 20-F (001-08382) for the year ended December 31, 2024 , filed by the Com pa ny on February 26, 2025 and incorporated herein by reference ).


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12.1						Certifications pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Exchange Act.*

13.1						Certifications pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

14.1						Consent of Independent Registered Public Accounting Firm.*

101.INS						XBRL Instance Document

101.SCH						XBRL Taxonomy Extension Schema Document

101.CAL						XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						XBRL Taxonomy Extension Label Linkbase Document

101.PRE						XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

Pursuant to Instruction 2(b)(i) in the “Instructions as to Exhibits” in Form 20-F, various instruments defining the rights of holders of long-term debt securities issued by the Company are not being filed herewith because such debt securities are not registered with the Commission and the total amount of debt securities authorized under each such instrument does not exceed 10 percent of the total assets of the Company. The Company hereby agrees to furnish a copy of any such instrument to the Commission upon request.

* Exhibits filed herewith.


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Report of Independent Registered Public Accounting Firm

To the Board of Directors and shareholder of

Aktiebolaget Svensk Exportkredit (Swedish Export Credit Corporation)

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of financial position of Aktiebolaget Svensk Exportkredit (Swedish Export Credit Corporation) and its subsidiaries (the “Company”) as of December 31, 2025 and December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and December 31, 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Valuation of Certain Level 3 Financial Instruments

As described in Notes 1 and 13 to the consolidated financial statements, the Company carries financial instruments at fair value, which includes Skr 2.6 billion of liabilities classified in Level 3 of the fair value hierarchy as one or more inputs to the financial instrument’s valuation technique are significant and unobservable. The Company utilized an internally established model and unobservable inputs to estimate the fair value of the level 3 financial instruments. As disclosed by management, the unobservable parameters included in the model for assessing fair value are associated with subjectivity and uncertainty.

The principal considerations for our determination that performing procedures relating to the valuation of certain Level 3 financial instruments is a critical audit matter are (i) the valuation of these certain financial instruments involved the application of significant judgment on the part of management, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures related to the valuation of these financial instruments, and (ii) the audit effort involved professionals with specialized skill and knowledge to assist in evaluating the audit evidence.


F-1

Table of Contents

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the valuation of these financial instruments, including controls over the Company’s model validation and governance. These procedures also included, among others, the involvement of professionals with specialized skill and knowledge to assist in developing an independent estimate of fair value for a sample of these certain financial instruments and comparison of management’s estimate to the independently developed estimate of fair value. Developing the independent estimate involved testing the completeness and accuracy of data provided by management and evaluating the reasonableness of management’s assumptions, methodologies, and models used by the Company.

Loss allowance on loans

As described in Notes 1 and 9 to the consolidated financial statements, the loss allowance on loans represents the expected credit losses in relation to the Company’s credit exposures. As of December 31, 2025, the loss allowance on loans was Skr 807 million, on total loans before expected credit losses of Skr 264 billion. As disclosed by management, the loss allowance or expected credit losses (ECL) are estimated using quantitative models and overall adjustment, which incorporate inputs, assumptions and methodologies that involve a high degree of management judgment. The most significant inputs included determination of significant increase in credit risk, incorporation of forward-looking macroeconomic scenarios and measurement of both 12-month and lifetime expected credit losses. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible stages, and where the data taken into consideration comprises both information from previous conditions, the current conditions and forecasts of future economic conditions. The Company entailed three scenarios for the probability of default curve which are defined by a weight allocated to each scenario. The ECL calculation also takes into consideration any collateral held, repayments or guarantees.

The principal considerations for our determination that performing procedures relating to the ECL is a critical audit matter are: (i) there was a significant judgment by management in determining the ECL, which in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures related to the ECL model, key assumptions, such as significant increase in credit risk, and the determination of the scenarios, which were used to estimate the ECL, and (ii) the audit effort involved the use of professionals with specialized skill and knowledge to assist in evaluating the audit evidence.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the impairment of loans, which included controls over the data, models and assumptions used in determining the ECL. These procedures also included, among others; (i) the involvement of professionals with specialized skills and knowledge to assist and recalculate the ECL for a sample of loans to evaluate the reasonableness of significant assumptions used in the ECL model; (ii) testing the completeness and accuracy of data points used to determine the ECL; (iii) evaluating the reasonableness of the assumptions and weighting in the scenarios; (iv) assessing individual credit provisions in stage 3 against documentation over assumptions and occurred events that have formed the basis of the assessment and (v) assessed the reasonableness of management’s adjustment related to expert credit judgments.

/s/ Öhrlings PricewaterhouseCoopers AB

Öhrlings PricewaterhouseCoopers AB

Stockholm, Sweden

February 26, 2026

We have served as the Company's auditor since 2017.


F-2

Table of Contents

Consolidated Statement of Comprehensive Income


Skr mn	Note	2025	2024	2023
Interest income calculated using the effective interest method		11,086	13,625	13,396
Other interest income		3,031	5,690	6,042
Interest expenses		-11,398	-16,257	-16,543
Net interest income	2	2,719	3,058	2,895
Net fee and commission expense	3	-39	-46	-51
Net results of financial transactions	4	18	-40	21
Total operating income		2,699	2,972	2,865
Personnel expenses	5	-475	-445	-402
Other administrative expenses	6	-239	-229	-222
Depreciations and impairment of non-financial assets	7	-64	-84	-88
Total operating expenses		-778	-758	-712
Operating profit before credit losses		1,921	2,214	2,153
Net credit losses	9	-429	-93	-585
Operating profit		1,491	2,121	1,568
Tax expenses	10	-309	-438	-324
Net profit1		1,183	1,683	1,244
Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges		3	56	63
Tax on items to be reclassified to profit or loss	10	0	-12	-13
Net items to be reclassified to profit or loss		3	44	50
Items not to be reclassified to profit or loss
Own credit risk		17	320	-23
Revaluation of defined benefit plans		-10	-9	-6
Tax on items not to be reclassified to profit or loss	10	-1	-64	6
Net items not to be reclassified to profit or loss		6	247	-23
Total other comprehensive income		9	291	27
Total comprehensive income1		1,192	1,974	1,271


Skr
Basic and diluted earnings per share2	296	422	313
1 The entire profit is attributable to the shareholder of the Parent Company.
2 The average number of shares in 2025 amounted to 3,990,000 (2024: 3,990,000).


F-3

Table of Contents

Consolidated Statement of Financial Position


Skr mn	Note	December 31, 2025	December 31, 2024
Assets
Cash and cash equivalents	11, 12	7,259	5,219
Treasuries/government bonds	11, 12	13,419	4,150
Other interest-bearing securities except loans	11, 12	43,237	52,843
Loans in the form of interest-bearing securities	9, 11, 12	47,485	48,726
Loans to credit institutions	9, 11, 12	22,939	13,529
Loans to the public	8, 9, 11, 12	200,216	224,354
Derivatives	12, 14	6,721	10,643
Shares	12	—	20
Tangible and intangible assets	7	158	178
Deferred tax assets	10	0	1
Other assets	16	754	286
Prepaid expenses and accrued revenues	17	7,775	8,145
Total assets		349,964	368,094
Liabilities and equity
Borrowing from credit institutions	12, 18	4,410	8,607
Debt securities issued	12, 18	300,222	316,388
Derivatives	12, 14	8,988	5,227
Other liabilities	19	3,664	4,490
Accrued expenses and prepaid revenues	20	8,581	8,798
Provisions	5, 21	10	12
Total liabilities		325,875	343,522
Share capital		3,990	3,990
Reserves		212	204
Retained earnings		19,887	20,378
Total equity	22	24,089	24,572
Total liabilities and equity		349,964	368,094


F-4

Table of Contents

Consolidated Statement of Changes in Equity


			Reserves
Skr mn	Equity1	Share capital	Hedge reserve	Own credit risk	Defined benefit plans	Retained earnings
2025
Opening balance of equity Jan 1, 2025	24,572	3,990	-3	213	-6	20,378
Changes in equity:
Net profit for the year	1,183					1,183
Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges	3		3
Tax on items to be reclassified to profit or loss
Items not to be reclassified to profit or loss
Own credit risk	17			17
Revaluation of defined benefit plans	-10				-10
Tax on items not to be reclassified to profit or loss	-1			-3	2
Total other comprehensive income	9	—	3	13	-8	—
Total comprehensive income	1,192	—	3	13	-8	1,183
Dividend	-1,673					-1,673
Closing balance of equity Dec 31, 2025	24,089	3,990	—	226	-14	19,887


2024
Opening balance of equity Jan 1, 2024	22,846	3,990	-47	-41	1	18,943
Changes in equity:
Net profit for the year	1,683					1,683
Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges	56		56
Tax on items to be reclassified to profit or loss	-12		-12
Items not to be reclassified to profit or loss
Own credit risk	320			320
Revaluation of defined benefit plans	-9				-9
Tax on items not to be reclassified to profit or loss	-64			-66	2
Total other comprehensive income	291	—	44	254	-7	—
Total comprehensive income	1,974	—	44	254	-7	1,683
Dividend	-248					-248
Closing balance of equity Dec 31, 2024	24,572	3,990	-3	213	-6	20,378


2023
Opening balance of equity Jan 1, 2023	21,575	3,990	-97	-23	6	17,699
Changes in equity:
Net profit for the year	1,244					1,244
Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges	63		63
Tax on items to be reclassified to profit or loss	-13		-13
Items not to be reclassified to profit or loss
Own credit risk	-23			-23
Revaluation of defined benefit plans	-6				-6
Tax on items not to be reclassified to profit or loss	6			5	1
Total other comprehensive income	27	—	50	-18	-5	—
Total comprehensive income	1,271	—	50	-18	-5	1,244
Dividend
Closing balance of equity Dec 31, 2023	22,846	3,990	-47	-41	1	18,943
1 The entire equity is attributable to the shareholder of the Parent Company.


F-5

Table of Contents

Statement of Cash Flows in the Consolidated Group


Skr mn	2025	2024	2023
Operating activities
Operating profit1	1,491	2,121	1,568
Adjustments for non-cash items in operating profit	1,053	542	1,259
of which provision for credit losses, net	429	93	585
of which depreciation and impairment of non-financial assets	64	84	88
of which exchange-rate differences	-6	9	-1
of which unrealized changes in fair value	-21	-346	-54
of which other2	587	702	641
Income tax paid	-606	-601	-528
Increase (-)/decrease (+) in lending	-5,664	20,058	-13,785
Increase (-)/decrease (+) in bonds and securities held	-3,557	-2,001	17,404
Other changes in assets and liabilities - net4	-592	-41	-74
Cash flow from operating activities	-7,875	20,078	5,844

Investing activities
Investments	-45	-17	-26
Cash flow from investing activities	-45	-17	-26

Financing activities
Senior debt	143,623	120,899	167,282
Repayment of debt	-116,956	-130,020	-165,249
Repurchase and early redemption of own long-term debt	-7,123	-8,636	-10,933
Derivatives	-7,249	-660	2,868
Dividend paid	-1,673	-248	0
Payment of lease liability	-29	-28	-28
Cash flow from financing activities	10,593	-18,693	-6,060
Net cash flow for the period sum	2,673	1,368	-242

Cash and cash equivalents at beginning of the year	5,219	3,482	4,060
Net cash flow for the period	2,673	1,368	-242
Exchange-rate differences on cash and cash equivalents	-633	369	-336
Cash and cash equivalents at end of year3	7,259	5,219	3,482
of which cash at banks	122	186	672
of which cash equivalents	7,137	5,033	2,810


1 Interest payments received and expenses paid
Interest payments received	14,493	19,157	15,621
Interest expenses paid	11,635	15,869	12,313


2 Of which other includes accrued interest, taxes not paid and changes in other comprehensive income.
3 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. See Note 11.


4 Reported on a net basis in line with IAS 7 because it relates to cash receipts/payments for items in which the turnover is either quick, the amounts are large, and/or the maturities are short.


F-6

Table of Contents

Notes

Corporate information

Svensk Exportkredit (SEK) is a state-owned company that finances Swedish exporters, their subsidiaries, and their foreign customers. AB Svensk Exportkredit (publ) is the parent company of the group. The parent company is a Swedish limited liability company with its registered office in Stockholm, Sweden. The consolidated accounts for the financial year 2025 were approved for publication by the Board of Directors on February 20, 2026, and will be presented for adoption at the 2025 Annual General Meeting on March 26, 2026.

Mandatory information


Name of reporting entity			Aktiebolaget Svensk Exportkredit (publ)
Legal form of entity			Public limited company
Share capital			3,990,000 shares/par value Skr 1,000
Organizational number			556084-0315
Domicile of entity			Sweden
Country of incorporation			Sweden


Address of entity’s registered office			Fleminggatan 20, 112 26 Stockholm, Sweden
Principal place of business			Sweden
Nature of the entity’s operations and principal activities			Credit market company, financing of exports


F-7

Table of Contents

Note table


Note 1. Significant accounting policies			F-9
Note 2. Net interest income			F-22
Note 3. Net fee and commissions expense			F-23
Note 4. Net results of financial transactions			F-23
Note 5. Personnel expenses			F-24
Note 6. Other administrative expenses			F-33
Note 7. Tangible and intangible assets			F-34
Note 8. Leasing			F-34
Note 9. Impairments			F-36
Note 10. Taxes			F-40
Note 11. Loans and liquidity investments			F-41
Note 12. Classification of financial assets and liabilities			F-42
Note 13. Financial assets and liabilities at fair value			F-43
Note 14. Derivatives and hedge accounting			F-48
Note 15. Shares in subsidiaries			F-51
Note 16. Other assets			F-51
Note 17. Prepaid expenses and accrued revenues			F-51
Note 18. Debt			F-52
Note 19. Other liabilities			F-53
Note 20. Accrued expenses and prepaid revenues			F-53
Note 21. Provisions			F-53
Note 22. Equity			F-53
Note 23. Pledged assets and contingent liabilities			F-54
Note 24. CIRR-system			F-54
Note 25. Capital adequacy			F-55
Note 26. Risk information			F-61
Note 27. Transactions with related parties			F-82
Note 28. Events after the reporting period			F-84
Note 29. Risk and capital management			F-84


F-8

Table of Contents

Note 1. Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these consolidated Financial Statements, unless otherwise stated.

Table of contents:

(a) Reporting entity

(b) Basis of presentation

(d) Segment reporting

(e) Recognition of operating income

(f) Financial instruments

(g) Critical accounting policies, assumptions and estimates

(a) Reporting entity

AB Svensk Exportkredit (the “Parent Company”, the “Company” or “SEK”) is a limited liability company incorporated and domiciled in Sweden. Its registered office is at Fleminggatan 20, P.O. Box 194, SE-112 26 Stockholm, Sweden. The Consolidated Group as of December 31, 2025 consists of SEK and its wholly owned, inactive subsidiary, SEKETT AB. These are jointly referred to as the “Consolidated Group” or the “Group”.

(b) Basis of presentation

(i) Statement of compliance

The consolidated financial statements of the group have been prepared in accordance with International Financial Reporting Standards (IFRS accounting standards) as issued by the International Accounting Standards Board (IASB). The IFRS standards applied by SEK are all endorsed by the European Union (EU). Additional standards, consistent with IFRS, are imposed by the Swedish Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) (ÅRKL), Recommendation RFR 1, Supplementary Accounting Principles for Groups, issued by the Swedish Financial Reporting Board (RFR), and the accounting regulations of the Swedish FSA (FFFS 2008:25), all of which have been complied with in preparing the Consolidated Financial Statements, of which these notes form a part. SEK also follows the Swedish Government’s principles for external reporting in accordance with its State Ownership Policy and principles for state-owned enterprises.

The Consolidated Financial Statements and annual report were approved for issuance by SEK’s Board of Directors on February 20, 2026. The Group’s Statements of Comprehensive Income and Financial Position will be subject to approval by SEK’s shareholder at the Annual General Meeting to be held on March 26, 2026.

(ii) Basis of measurement

The Consolidated Financial Statements have been prepared on an amortized cost basis, subject to the following exceptions:

all derivatives are measured at fair value,

financial instruments — measured at fair value through profit or loss — are measured at fair value, and

when applying hedge accounting at fair value, amortized cost is adjusted in the Consolidated Financial Statements based on the underlying hedged item, to reflect changes in fair value with regard to the hedged risk.


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(iii) Functional and presentation currency

The Group’s consolidated financial statements are presented in Swedish krona (Skr), which is also the parent company’s functional currency. Significant factors are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish kronor and other currencies.

In all significant respects, the accounting policies, bases of calculation and presentation are unchanged compared with the 2024 annual report, except for the changes described below. 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 exposures.

(i) Standards issued but not yet effective

In May 2024, IASB issued amendments to IFRS 9 and IFRS 7, which clarify that a financial liability is derecognized on the ‘settlement date’. It also introduces an accounting policy option to derecognize financial liabilities that are settled through an electronic payment system before settlement date if certain conditions are met. The amendments clarify how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-linked features and other similar contingent features as well as the treatment of non-recourse assets and contractually linked instruments. Additional disclosures will be needed in line with IFRS 7 for financial assets and liabilities with contractual terms that reference a contingent event (including those that are ESG-linked), and equity instruments classified at fair value through other comprehensive income. The amendments are effective for reporting periods beginning on or after 1 January 2026 and have not had any effect on the primary financial statements.

In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Furthermore, entities are required to classify all income and expenses within the statement of profit or loss into one of five categories: operating, investing, financing, income taxes and discontinued operations, whereof the first three are new. It also requires disclosure of new management-defined performance measures, subtotals of income and expenses, and includes new requirements for aggregation and disaggregation of financial information based on the identified ‘roles’ of the primary financial statements (PFS) and the notes. IFRS 18 is effective for reporting periods beginning on or after 1 January 2027, but earlier application is permitted and must be disclosed. IFRS 18 will apply retrospectively. As IFRS 18 will not change any recognition and measurement, it is not expected to have any significant impact on SEK’s financial reporting.


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(d) Segment reporting

Segments are identified based on internal reporting to the chief executive officer (“CEO”) who serves as the chief operating decision maker. SEK has one segment, lending, based partly on the Company’s assignment from the owner, which is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms, and partly on how governance and earnings monitoring of the business are conducted. Accordingly, no segment reporting has been prepared. Disclosures regarding the geographic breakdown and revenue per product group are presented in Note 2

(e) Recognition of operating income

(i) Net interest income

Interest income and interest expense related to all financial assets and liabilities, regardless of classification, are recognized in net interest income. Interest income and interest expense are recognized on a gross basis, with the exception of interest income and interest expenses related to derivatives, which are reported on a net basis. Interest for derivatives used to hedge borrowing is recognized as interest expense and interest on all derivatives used to hedge assets is recognized as interest income, regardless of whether the contracts’ net interest is positive or negative. This reflects the real interest expense of borrowing after taking economic hedges into account. Negative interest rates on assets are recognized as interest expense and negative interest rates on liabilities are recognized as interest income. Interest income calculated using the effective interest method presented in SEK’s Financial Statements applies only to those assets that are subsequently measured at amortized cost and the interest for hedging instruments related to those assets as the effective interest method is a measurement technique whose purpose is to calculate amortized cost and allocate interest income over the relevant time period. This interest income and corresponding interest expense are calculated and recognized based on the effective interest rate method. The effective interest rate is regarded as an integral part of the effective interest rate of a financial instrument (usually fees received as compensation for risk). Guarantee commissions that are comparable to interest are a part of the effective interest rate. The effective interest rate is equivalent to the rate used to discount contractual future cash flows to the carrying amount of the financial asset or liability. The item Other interest income covers interest income of financial assets at fair value through profit or loss and the remuneration for the CIRR-system (as defined below).

In addition to interest income and interest expense, net interest income, where these are recognized as interest expense, includes the resolution fee, the risk tax and other regulatory fees (e.g., bank levy to Riksbanken).

Pursuant to the Company’s assignment as stated in its owner instruction issued by the Swedish State, SEK administers credit granting in the Swedish system for officially supported export credits (the “CIRR-system”). All revenue and expenses from the CIRR-system are recognized in SEK’s profit or loss. SEK receives compensation from the Swedish State in the form of an administration fee, which is calculated based on the principal amount outstanding. The administrative compensation received by SEK from the Swedish State is recognized as part of interest income in SEK’s Statement of Comprehensive Income since the commission received in compensation is equivalent to interest.

(ii) Net fee and commission expense

Commissions earned and commissions incurred are recognized as net fee and commission expense in SEK’s Statement of Comprehensive Income. The gross amounts of commissions earned and commissions incurred are disclosed in the notes to the Financial Statements.


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(iii) Net results of financial transactions

Net results of financial transactions include realized gains and losses related to all financial instruments and unrealized gains and losses on all financial instruments measured at fair value, except for the types of financial instruments for which the change is to be recognized in other comprehensive income. Gains and losses include gains and losses related to currency exchange effects, interest-rate changes, changes in basis-spreads and changes in the credit rating of the counterparty to the financial contract. The item also includes the hedge ineffectiveness, i.e., market value changes attributable to hedged risks and derivatives in fair value hedges and cash flow hedges. Realized gains and losses from financial instruments measured at amortized cost, such as interest rate compensation received and realized gains/losses from the repurchase of issued own debt, are recognized as they arise directly under net results of financial transactions. Currency exchange effects on the nominal amounts of financial assets and liabilities measured at fair value are recognized as currency exchange effects, although the currency exchange effect on the change in fair value that arises due to other components is not separated. Currency exchange effects are included as a component of net results of financial transactions.

(f) Financial instruments

(i) Recognition and derecognition in the Statement of Financial Position

When recognizing financial instruments, trade date accounting is applied for the recognition and derecognition of securities bought, securities issued and derivatives. Other financial instruments are recognized in the Statement of Financial Position and derecognized from this on the relevant settlement date. The difference between the carrying amount of a financial liability or an asset (or part of a financial liability or an asset) that is extinguished or transferred to another party and the consideration paid is recognized in the Statement of Comprehensive Income under net results of financial transactions. A financial asset or liability is recognized in the Statement of Financial Position only when SEK becomes a party to the contractual provisions of the instrument. A financial asset is derecognized from the Statement of Financial Position when the contractual rights to receive the cash flows from the asset cease or when the asset is transferred and the transfer qualifies for derecognition. A financial liability (or part of a financial liability) is derecognized from the Statement of Financial Position only when it is extinguished, such as when the obligation specified in the contract is discharged, canceled or expired. In the case of renegotiated financial assets, such as lending, the asset is derecognized from the Statement of Financial Position when the modified terms of the loan are deemed to be substantially different. The terms are deemed to be substantially different when the present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate, differs by not less than 10 percent from the discounted present value of the remaining cash flows for the original debt instrument. The 10 percent threshold for materiality is decided based on a qualitative assessment of what is considered a reasonable level. Moreover, this level corresponds to the materiality threshold in terms of the modification of debt instruments pursuant to IFRS 9. A change of currency or counterparty are deemed substantially different terms. Should the renegotiated loan entail terms that are substantially different, it is recognized as a new loan. When the contractual cash flows of a financial asset are renegotiated or otherwise modified and the renegotiation or modification does not result in the derecognition of that financial asset, the gross carrying amount of the financial asset is recalculated and a modification gain or loss is recognized in profit or loss.

(ii) Offsetting

Financial assets and liabilities are offset and presented in the Statement of Financial Position when the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Derivative assets and derivative liabilities in relation to central clearing counterparties are offset in the Consolidated Statement of Financial Position, but cash collateral received or paid is accounted for separately as paid or received cash collaterals. Refer to Note 14 for further information about the offsetting of financial assets and financial liabilities.

(iii) Classification of financial assets and liabilities

Financial assets and liabilities are categorized into two categories for valuation purposes: amortized cost and fair value through profit or loss.

Financial assets at amortized cost. The balance sheet items Cash and cash equivalents, Loans to credit institutions, Loans to the public and Loans in the form of interest-bearing securities are recognized at amortized cost, provided that the following criteria are met by all assets:

the financial asset is included in a portfolio where the business model aims to collect contractual cash flows and

the terms and conditions for the financial asset entail that the cash flows received comprise solely payments of principal and interest (SPPI) on nominal amounts outstanding.

IFRS 9 requires that SEK categorize financial assets based on the properties of the contractual cash flows, where the financial asset is held in a business model with the objective of holding assets to collect contractual cash flows (hold to collect).


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The assessment of the properties of the contractual cash flows aims to identify if the contractual cash flows comprise solely payments of principal and interest, which is an SPPI test. Contractual cash flows that are solely comprised of payments of principal and interest qualify as a basic lending arrangement, which is a prerequisite for measuring the instrument at amortized cost. For financial assets with ESG-linked features, the SPPI test is considered to be met provided that the contingent feature gives rise to contractual cash flows that are consistent with a basic lending arrangement both before and after the change and that are not significantly different from the cash flow for an identical financial asset without such a contingent feature. SEK has prepared a tool for the implementation and documentation of evaluations and assessments of financial assets in the lending portfolios, whereby relevant factors are taken into consideration, such as the tenor of the interest rate in relation the interest-rate setting period, interest-rate cap/floor, index-linked coupon/interest, sustainability-linked interest, payment trigger, currency mismatch, government interest rates and early repayment.

Financial assets measured at fair value through profit or loss. Derivatives and equity instruments are measured at fair value. Interest-bearing securities included in SEK’s liquidity investments, consisting of the balance-sheet items treasuries/government bonds and other interest-bearing securities except loans, are measured at fair value through profit or loss and, accordingly, they are included in a portfolio, where the business model entails measurement at fair value. The following parameters have been evaluated in relation to the liquidity portfolio:

Internal targets and governance of the liquidity portfolio, and documentation thereof;

Administration and commercial follow-up;

Risk management, follow-up and reporting;

Frequency, objective and volume in terms of noted sales; and

Remuneration models, and how these are impacted by valuation methods.

Financial assets measured at fair value through profit or loss are recognized at fair value in the Statement of Financial Position. Changes in fair value are recognized in profit or loss under the item Net results of financial transactions.

Financial liabilities measured at fair value through profit or loss. Securities issued by SEK containing embedded derivatives are in their entirety irrevocably classified as financial liabilities at fair value through profit or loss using the fair value option. Derivatives are measured at fair value through profit or loss. Financial liabilities measured at fair value through profit and loss are recognized at fair value in the Statement of Financial Position. Changes in fair value are recognized in profit or loss under the item Net results of financial transactions with the exception of gains and losses that arise from changes in SEK’s own credit risk on liabilities classified in accordance with the fair value option. Such changes are recognized in the Reserve for changes in own credit risk under Other comprehensive income and are not reclassified to profit or loss.

Financial liabilities at amortized cost. All debt securities issued by SEK other than those classified as financial liabilities at fair value through profit or loss are measured at amortized cost, using the effective interest rate method. Where one or more derivative is used to hedge currency, interest rate and/or other exposures, fair value hedge accounting is applied. Subordinated debt is classified as other financial liabilities and is subject to fair value hedge accounting. When applying fair value hedge accounting on subordinated debt, hedging is applied to the subordinated debt for the period corresponding to the derivative’s time to maturity, when the maturities do not coincide.


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(iv) Presentation of certain financial instruments in the Statement of Financial Position

The presentation of financial instruments in the Statement of Financial Position differs in certain respects from the categorization of financial instruments made for valuation purposes. Loans in the form of interest-bearing securities comprise loans granted to customers that are contractually documented in the form of interest-bearing securities, as opposed to bilateral loan agreements, which are classified in the Statement of Financial Position either as loans to credit institutions or loans to the public. All other financial assets that are not classified in the Statement of Financial Position as loans in the form of interest-bearing securities are presented as cash and cash equivalents, treasuries/government bonds, other interest-bearing securities except loans or derivatives.

(v) Presentation of certain financial instruments

Derivatives. In the ordinary course of its business, SEK uses various types of derivatives for the purpose of hedging or eliminating SEK’s interest rate, currency-exchange-rate or other exposures. Derivatives are classified as financial assets or liabilities at fair value through profit or loss. Where SEK decides to categorize a financial liability at fair value through profit or loss in accordance with the fair value option, the purpose is to avoid the mismatch that would otherwise arise from the fact that the changes in the value of the derivative, measured at fair value, would not match the changes in value of the underlying liability, measured at amortized cost.

Guarantees. SEK holds financial guarantees in connection with certain loans. Such guarantees are ordinarily accounted for as guarantees in accordance with SEK’s established accounting policy and are therefore not recognized in the Consolidated Statement of Financial Position except for the deferred costs of related guarantee fees paid in advance for future periods. When SEK classifies a risk-mitigating instrument as a financial guarantee, SEK always owns the specific asset whose risk the financial guarantee mitigates and the potential amount that SEK can receive from the counterparty under the guarantee represents only the actual loss incurred by SEK related to its holding. Premiums on financial guarantees are accrued and recognized in net interest income. Credit default swaps are recognized at fair value through profit or loss.

Embedded derivatives. In the ordinary course of its business, SEK issues financial liabilities that frequently contain embedded derivatives. When financial liabilities contain embedded derivatives, where the financial characteristics and risks of the instrument’s unique components are not related, the entire instrument is irrevocably classified as financial liabilities measured at fair value through profit or loss in accordance with the fair value option and thus does not separate the embedded derivatives.

Committed undisbursed loans and binding offers. Committed undisbursed loans and binding offers, disclosed under the heading “Commitments” in Note 23 are measured as the undiscounted future cash flows concerning loan disbursements related to loans committed but not yet disbursed at the reporting period end date, as well as binding offers.

Repurchased debt. SEK repurchases its own debt from time to time. Gains or losses that SEK realizes when repurchasing its own debt instruments are recognized in the Statement of Comprehensive Income as a component of Net results of financial transactions.

Interest-free deposit to Riksbanken (Sweden’s central bank). SEK presents the interest-free deposit paid to Riksbanken, in accordance with the new deposit requirement, as loans to credit institution in the consolidated statement of financial position because SEK cannot freely dispose of the funds in the deposit account held with Riksbanken. The difference between the nominal value of the deposit requirement and its net present value is treated as a regulatory fee paid to Riksbanken. The fee is presented as an regulatory fee included in net interest income in line with how SEK presents other regulatory fees. The unwinding of the discount is presented as interest income using the effective interest rate method.

Assets and liabilities related to the CIRR-system. All assets and liabilities related to the CIRR-system are included in SEK’s assets and liabilities in the Group’s report on financial position and the Parent Company’s balance sheet as SEK bears the credit risk for lending and is the party to the agreement regarding lending and borrowing. Unrealized revaluation effects on derivatives related to the CIRR-system are recognized net under other assets.

(vi) Hedge accounting

SEK applies hedge accounting in cases where derivatives are used to create economic hedging and the hedge relationship is eligible for hedge accounting, with the exception of lending within the CIRR-system, for which hedge accounting is not applied. The method used for hedge accounting is either fair value hedge accounting or cash flow hedge accounting.

Fair value hedge accounting. Fair value hedge accounting is used for transactions in which one or several derivatives are used to hedge the interest-rate risk that has arisen from a fixed-rate financial asset or liability. When applying fair value hedging, the hedged item is revalued at fair value with regard to the risk being hedged. SEK defines the risk being hedged in fair value hedge accounting as the risk of a change in fair value with regard to a chosen reference rate (referred to as interest-rate risk). The hedged item may be a component of the financial asset or liability, i.e., comprises less than the entire fair value change for the financial asset or liability. That could be a component of the nominal


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amount or the tenor of the item. The hedging instrument may consist of one or several derivatives that exchange fixed interest for floating interest in the same currency (interest-rate derivatives) or one or several instruments that exchange fixed interest in one currency for floating interest in another currency (interest and currency derivatives), in which case the currency risk is a part of the fair value hedge. Both at inception of the hedge and on an ongoing basis, SEK’s hedging relationships are expected to be highly effective in achieving offsetting changes in fair values attributable to the hedged risk. An assessment of effectiveness is performed by comparing critical terms for the hedged item and the hedging transaction. If they are identical, but reversed, the hedge relationship is regarded 100 percent effective. The hedge ratio is 1:1 other than in specific circumstances where SEK may choose a hedge ratio other than 1:1 in order to improve the effectiveness. Potential sources of ineffectiveness in the hedge relationship are:

changes in timing of the payment of the hedged item;

use of an existing derivative with a non-zero fair value due to changes in timing of the trade date of the derivative and the validation of the hedge relationship;

the different treatment of currency basis in calculating changes in the fair value of the hedging instrument and hedged item; and

a significant change in the credit risk of either party to the hedge relationship.

The credit risk of the entities is monitored by the Credit Department on an ongoing basis. The risk associated with SEK and the counterparty at the inception of the hedge relationship is considered minimal and does not dominate the value changes that result from the economic relationship. This will be reassessed in cases where there is a significant change in either party’s circumstances, for example if the counterparty is in default.

In addition, the hedging instruments used by SEK consist of derivatives subject to margining, clearing and cash collateralization, which significantly reduce the credit risk for both parties involved. Therefore, the credit risk is unlikely to dominate the change in fair value of the hedging instrument.

Ineffectiveness is defined as the difference between the fair value change relating to the hedged risk of the hedged item and the fair value change relating to the hedging instrument. Any ineffectiveness is recognized automatically in profit or loss as a result of separately remeasuring the hedged item and the hedging instrument.

Cash flow hedges. Cash flow hedge accounting is used for transactions in which one or several derivatives hedge risk for variability in the cash flows from a floating-rate financial asset or liability. When hedging cash flows, the hedged asset or liability is measured at amortized cost and the portion of changes in fair value in the hedging instrument, determined to be an effective hedge, is recognized in other comprehensive income and accumulated in the cash flow hedge reserve in equity. The ineffective portion of the gain or loss on the hedging instrument is recognized in the profit or loss under net result of financial transactions. When the hedged cash flow is recognized in profit or loss, the value changes in the hedging instrument in the Statement of Comprehensive Income are reclassified from other comprehensive income to profit or loss, when the interest income and interest expense is recognized. SEK defines the risk hedged in a cash flow hedge as the risk of variability of cash flows with regard to a chosen reference rate (referred to as cash flow risk). The hedging instrument may consist of one or several derivatives that exchange floating interest for fixed interest in the same currency (interest-rate derivatives) or one or several derivatives that exchange floating interest in one currency for fixed interest in another currency (interest and currency derivatives). The hypothetical derivative method is used when measuring the effectiveness of cash flow hedges, meaning that the change in a perfect hypothetical swap is used as a proxy for the present value of the cumulative change in expected future cash flows from the hedged transaction. The possible sources of ineffectiveness for cash flow hedges are generally the same as for those for fair value hedges described above. If a cash flow hedge relationship no longer fulfills the requirements for hedge accounting, and accumulated gains or losses related to the hedge have been recorded in equity, such gains or losses remain in equity and are amortized through other comprehensive income to net interest income over the remaining tenor of the hedged item.


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(vii) Principles for determination of fair value of financial instruments

SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments, based on valuation techniques:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: valuation models for which all inputs with a significant effect on the recorded fair value are observable, either directly or indirectly; and

Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

SEK recognizes transfers between levels of the fair value hierarchy at the beginning of the reporting period in which the change has occurred.

For all classes of financial instruments (assets and liabilities), fair value is established by using observable market prices or established valuation models. If the market for a financial instrument is not active, fair value is established by using a valuation technique. The objective of using a valuation technique is to establish what the transaction price would have been at the measurement date in an arm’s length exchange based on normal business terms and conditions. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available. Reference to the current fair value of another instrument that is substantially the same can also be used. If the aforementioned are not available, discounted cash flow analysis or option pricing models may be used for assessing the instrument’s value. Periodically, the valuation techniques are calibrated and tested for validity using prices from observable current market transactions in the same instruments, or based on any available observable market data, or compared with the counterparty’s prices.

In calculating fair value with valuation models, SEK seeks to use liquid, observable market quotes (market data) as far as possible, to best reflect the market’s view on prices. These market quotes are used, directly or indirectly, for the calculation of fair value. Examples of the indirect use of market data are:

the derivation of discount curves from observable market data, which is then interpolated to calculate the non-observable data points; and

model parameters in quantitative models, which are used to calculate the fair value of a structured product, where the model is calibrated so that available market data can be used to recreate observable market prices on similar instruments.

In some cases, due to low liquidity in the market, there is no access to observable market data. In these cases, SEK follows market practice by basing its valuations on similar observable market data. One example is if there are no observable market prices for a bond it can be valued through a credit curve based on observable prices for instruments with the same credit risk.

For observable market data, SEK uses third-party information based on purchased contracts (such as Bloomberg). This type of information can be divided into two groups, with the first group consisting of directly observable prices and the second of market data calculated from the observed prices. SEK continuously assures the high quality of market data, and a thorough validation of market data is exercised quarterly in connection with the financial reporting.

For transactions that cannot be valued based on observable market data, the use of non-observable market data is necessary. Examples of non-observable market data are discount curves created using observable market data that are then extrapolated to calculate non-observable interest rates, correlations between different underlying market parameters and volatilities at long maturities. Correlations that are non-observable market data are calculated from time series of observable market data. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair value adjustments are applied by SEK when there are additional factors that market participants take into account and that are not captured by the valuation model. The independent risk function assesses the level of fair value adjustments to reflect counterparty risk, SEK’s own credit rating and other non-observable parameters, where relevant.

Models for the valuation of financial instruments are approved by the Chief Financial Officer. New models for valuation are reported to the Board’s Finance and Risk Committee annually, together with the applicable validation. The use of a valuation model demands a validation and an approval thereafter. Validation is conducted by the independent risk function. Analysis of significant non-observable market data, fair value adjustments and significant changes in fair values of level 3-instruments are reviewed on quarterly basis by plausibility checks.


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

Derivatives. Derivatives are recognized at fair value, and fair value is calculated based on established valuation models or market prices. When calculating fair value for derivative instruments, the impact on the fair value of the instrument related to credit risk (own or counterparty) is based on publicly quoted prices on credit default swaps of the counterparty or SEK, if such prices are available.

Equity instruments. Equity instruments are recognized at fair value. The instruments are actively traded on public stock exchanges with readily available active prices on a regular basis.

Issued debt instruments. When calculating the fair value of issued debt instruments, the effect on the fair value of SEK’s own credit risk is assessed based on internally established models. These are if possible based on observable prices. In cases where observable prices are not available, recent transactions or spread against similar lenders are used.

Issued debt instruments that are compound financial instruments with embedded derivatives. SEK issues debt instruments in many financial markets. A large portion of these are compound financial instruments with embedded derivatives. SEK’s policy is to hedge the risks in these instruments using derivatives in order to obtain effective financial hedges. The entire compound financial instruments are irrevocably classified as financial liabilities measured at fair value through profit or loss, and accordingly derivatives are not separated. As there are no quoted market prices for these instruments, valuation models are used to calculate fair value. The method applied for calculating gains and losses that arise from changes in SEK’s own credit risk (OCA) is based on the change in the credit risk for the financial liability from initial recognition. In practice, this means that OCA incorporates market movements not related to changes in benchmark rates or the embedded derivatives.

(ix) Impairment of financial assets

The impairment of exposures is based on expected credit losses (ECL). All assets measured at amortized cost, including credit commitments and financial guarantees, are to be tested for any impairment.

SEK uses both models and expert assessment to calculate reserves for expected credit losses. The degree of expert assessment depends on the models’ results, materiality and available information and can be used to take into account factors that are not captured by the models. The model for calculating ECL is based on an exposure being at one of three different stages. Initially, all exposures were at stage 1. Stage 1 also includes exposures where the credit risk is no longer significantly higher, and which have therefore been reclassified from stage 2. In stage 1, the ECL calculation should correspond to provisions based on expected credit losses for the forthcoming 12-month period (12mECL). Where the credit risk has increased significantly since initial recognition, the exposure is moved to stage 2. Stage 2 also includes exposures where the counterparty/exposure is no longer in default and which have therefore been reclassified from stage 3, as well as a smaller portion of exposures that lack an initial rating and where the rating is below BBB. In stage 2, the provision is based on expected credit losses over the remaining lending period of the asset (LTECL). If the exposure moves into default, it is moved to stage 3, where the ECL calculation continues to be based on LTECL. 12mECL comprises the part of LTECL that arises from expected credit losses based on the probability of default (PD) within 12 months of the reporting date. Both LTECL and 12mECL are calculated on an individual basis.

SEK has chosen to use credit rating models for all exposures, in other words, to calculate expected credit losses (ECL) by using the probability of default (PD), loss given default (LGD) and exposure at default (EAD).

Significant increase in credit risk. A significant increase in credit risk is a relative assessment, whereby the credit quality at the reporting date is compared with the initial credit quality when the exposure was recognized. The starting point when assessing what should be included as criteria for the assessment of credit risk is the existing process for following up credit risk and credit risk management within SEK. All counterparties are given a risk rating, which means that risk classification forms the basis for follow-up should a significant increase in credit risk occur. Moreover, other indicators currently in use to follow up credit risk in exposures and of counterparties, include the number of days past due, forbearance measures and other risk raising factors, such as deviations from covenants. These indicators are applied to assess credit risk and whether a significant increase in credit risk has occurred.

Risk classification. A significant increase in credit risk is defined based on a deterioration by a number of steps in the initial rating and where a separation is made between exposures with an initial rating of AAA to A – and others.

Number of days past due. SEK applies the presumption specifically stated in IFRS 9 and applies a more than 30-days-past-due criterion for receivables when assessing a significant increase in credit risk. All exposures that are more than 30-days-past-due will therefore be included in stage 2 and the LTECL will be calculated for these exposures.


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To ensure that there is no longer a significant increase in credit risk, a waiting period is applied following the resumption of payments and all past-due receivables being extinguished for the exposure. Appropriate waiting periods are assessed on an ongoing basis to, at any given time, ensure that a reasonable waiting period is set given SEK’s exposures and payment structures.

Forbearance measures. Exposures encompassed by forbearance measures have a raised credit risk assessment and, therefore, will also be assessed as having a significant increase in credit risk on application of IFRS 9. Similar to the days-past-due criterion, a waiting period will be applied to ensure the exposure no longer has a raised credit risk at the time it is returned to stage 1. Appropriate waiting periods are assessed on an ongoing basis to, at any given time, ensure that a reasonable waiting period is set given SEK’s exposures and the reasons the exposure was marked for forbearance.

Other risk raising factors. Other factors can exist that indicate an exposure, or a counterparty has an increased credit risk, which are not captured by a change in the risk classification, days-past-due or forbearance measures. Examples of these include recurring waivers that impact credit risk, sector trends and extraordinary changes in the management and/or Board of Directors. To capture these risk-raising factors, management can conduct a specific qualitative assessment of the significant increase in credit risk at a counterparty. Since this assessment comprises a qualitative expert assessment, the waiting period for any transfer to stage 1 will be taken into consideration in the assessment and no extra waiting period will be applied.

Default. If the exposure moves into default, it is moved to stage 3, where the ECL calculation continues to be based on LTECL. In the financial reporting when applying IFRS 9, default is defined as:

SEK assesses that it is unlikely that the counterparty will meet its loan commitments in full, irrespective of whether collateral or guarantees are used, and independent of any overdue amount or the number of calendar days since they fell due for payment. This also includes special reasons, such as the risk counterparty’s financial position or equivalent is such that it finds itself in a position which — from a creditor’s perspective — does not correspond to any form of composition or insolvency procedure. This is termed “unlikely to pay.”

The risk counterparty is more than 90 calendar days past due with the payment of a receivable.

If any exposure to a counterparty is deemed in default, all exposures to that counterparty are deemed in default. When an exposure or a counterparty that was previously classified as being in default no longer meets this definition, the exposure or counterparty should no longer be deemed in default. To ensure that default status no longer applies, a waiting period is applied after the moment the exposure or counterparty is no longer deemed to be in default and can accordingly return to stage 2.

Calculation of expected credit losses (ECL). The ECL is based on SEK’s objective expectation of how much it will lose on the exposure given its knowledge on the reporting date and after taking into consideration what could occur in the future. The ECL is a probability-weighted amount that is determined by evaluating the outcome of several possible stages, and where the data taken into consideration comprises both information from previous conditions, the current conditions and forecasts of future economic conditions. The expected credit loss should be calculated on the gross counterparty, in other words the borrower, which means that the PD, as defined below, for the borrower is used in the model.

Moreover, the LGD should incorporate actual future expectations, in other words, all cash flows including guarantees. The calculation of ECL is point-in-time and the included parameters PD, LGD and EAD are all point-in-time and should not be confused with the corresponding parameters for capital adequacy.

Probability of default (PD). PD is the likelihood that a counterparty defaults on one or more exposures on a one-year horizon (for stage 1) or for the entire lending period (for stages 2 and 3). When calculating expected credit losses under IFRS 9, PD represents the probability of default at a specific point-in-time in an economic cycle (point-in-time PD). The most important data sources for PD models are Standard & Poor’s, Federal Reserve and the Organization for Economic Co-operation and Development (OECD), where SEK obtains default statistics and transition matrices as well as macroeconomic series and GDP growth forecasts. SEK has chosen to create a PD segmentation at geographic level; North America, Europe and Rest of the world. SEK’s method entails three scenarios being prepared for each PD curve: a base scenario, a downturn scenario, and an upturn scenario.

The three scenarios are defined by a weight allocated to each scenario; the weights should add up to 1, in other words 100 percent. The weights are prepared quarterly by a cross-functional group at SEK and are then adopted by the CEO. By allocating a weight to each PD curve, SEK defines its expectations of future macroeconomic trends.


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Loss Given Default (LGD). LGD is the amount expressed as a percentage of the credit exposure that on default, SEK expects to lose from the defaulting counterparty. The segments used for preparing the LGD are Large corporates, Medium Enterprises, and Bank and Financial companies. Due to the low historic rate of default in SEK’s lending, the LGD is modeled by using default data from Global Credit Data (GCD), with the exception of the Sovereign segment, where LGD is prepared based on a qualitative assessment.

When estimating expected losses in cash flows, collateral and other credit enhancements included in the terms and conditions are taken into consideration, subject to the prerequisite that they are not reported separately by the Company. The LGD used for estimating ECL should take into consideration all cash flows that could be collected in the case of a default. These also include the cash flows that SEK can expect from collateral and guarantees included in the terms and conditions. Accordingly, the LGD takes into consideration guarantees where the exposure guaranteed with a guarantee included in the terms and conditions unless an increased correlation between the borrower and the guarantee counterparty is deemed to exist.

Exposure at default (EAD). The impairment requirement under IFRS 9 applies for all financial assets measured at amortized cost. Moreover, this encompasses accepted undisbursed binding offers and financial guarantees issued, which are recognized off balance sheet until used. In the above regard, an assessment is to be made of the scope of the default by the borrower on default, since only that amount should be included in the ECL estimate. These are generally termed credit conversion factors (CCF).

The ECL estimate is performed based on the appearance of the exposure at default, which means that the repayment structure and any expectations in terms of early repayment or extension clauses in the agreement need to be considered when assessing the EAD. Based on the completed analyses, contractual maturities are assessed given the repayment structures as being a good approximation of the expected maturities on which the ECL is to be estimated. No specific pattern exists regarding early repayment, which could possibly comprise the basis for another approach.

For existing facilities (accepted, undisbursed), two different credit conversion factors (CCFs) exist depending on when default occurs: (1) for default within one year, calculated using default data from GCD; and (2) for default after one year, calculated using internal default data. For binding offers regarding existing facilities, CCFs are based on historic internal data regarding the proportion of binding offers that are used. CCFs are used together with the preliminary repayment plan for both the utilized and unutilized portions of existing facilities to model the future exposure on default.

For exposures in stage 3 where SEK has net risk, the impairment is not calculated in the ECL model, but the account manager calculates and proposes impairment based on established guidelines and methods. The Board’s Credit Committee determines the impairment requirements for stage 3.

Impairment of an asset’s carrying amount is made to a reserve account which, in the Consolidated Statement of Financial Position, reduces the line item to which it relates.

Charge-offs are recorded when a loss has been confirmed, that is that it is evident that it is highly unlikely that any remaining part of SEK’s claim on a counterparty will be reimbursed within the foreseeable future and when there exists no guarantee or collateral covering the claim. Charge-offs may also be made once bankruptcy proceedings have been concluded and a final loss can be established, taking into account the value of any assets held by the bankruptcy estate and SEK’s share of these assets.

Recoveries are recorded only if there is virtual certainty of collection, such as in the aftermath of a bankruptcy proceeding when the payment due to SEK has been finally determined.

Restructured loan receivables pertain to loan receivables where SEK has granted concessions to the borrower as a result of the borrower’s deteriorated financial position. Following a restructure, normally, the loan receivable is no longer considered doubtful if the obligation is being met in compliance with the new terms and conditions. Concessions granted in connection with loan restructuring are regarded as credit losses.


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(g) Critical accounting policies, assumptions and estimates

When adopting and applying the Group’s accounting policies, in certain cases, management makes judgments and estimates that have a significant effect on the amounts recognized in the Financial Statements. These estimates are based on past experience and assumptions that the Company believes are fair and reasonable. These estimates and the judgments behind them affect the reported amounts of assets, liabilities, income and expenses as well as disclosures. Actual outcomes can later differ from the estimates and the assumptions made.

SEK considers the judgments made related to the following critical accounting policy to be the most significant:

Functional currency of the Parent Company

Furthermore, SEK has identified the following key sources of estimation uncertainty when applying IFRS:

Fair value assessments of certain financial instruments; and

Provisions for expected credit losses.

(i) Functional currency of the Parent Company

SEK has established that the Swedish krona (Skr) is its functional currency under IFRS. Large portions of its assets, liabilities and related derivatives are denominated in foreign currencies. Significant factors for judgment are that SEK’s equity is denominated in Swedish kronor, its performance is evaluated based on a result expressed in Swedish kronor, and that a large portion of SEK’s expenses, especially personnel expenses, other expenses and taxes, are denominated in Swedish kronor. SEK manages its foreign currency risk by hedging exposures between the Swedish krona and other currencies. See Note 26 for information on SEK’s positions in foreign currency.

(ii) Fair value assessments of certain financial instruments

SEK recognizes a large part of the balance sheet at fair value, primarily interest-bearing securities recognized on the lines Treasuries/Government bonds and Other interest-bearing securities except loans, derivatives, equity instruments and issued debt. When financial instruments are recognized at fair value, these amounts are calculated on the basis of market prices, valuation models, valuations conducted by external parties and discounted cash flows. SEK’s financial instruments are predominantly not subject to public trading and quoted market prices are not available. When recognizing the amounts for assets, liabilities and derivatives, as well as income and expenses, it is necessary to make assumptions and assessments regarding the fair value of financial instruments and derivatives, particularly if they comprise unquoted or illiquid securities or other instruments of debt. Should the conditions underlying these assumptions and assessments change, the recognized amounts would also change. Refer to Note 26 for further information about the impact on the value of financial assets and liabilities of a one percentage point movement in the market interest rate. Other valuation models or assumptions could produce different valuation results. SEK makes judgments regarding what the most appropriate valuation techniques are for the different financial instruments based on their categories. In all cases, the decision is based on a professional assessment pursuant to SEK’s accounting and valuation policies. The use of a valuation model demands a validation and an approval thereafter. The valuation models applied by SEK comply with accepted methods for pricing financial instruments. Fair value adjustments are applied when there are additional factors that market participants take into account and that are not captured by the valuation model. A CVA (Credit Value Adjustment) and DVA (Debt Value Adjustment) are made to reflect the counterparty’s credit risk and SEK’s own credit rating, which affects the fair value of the derivatives (see Note 13, for fair value changes related to credit risk).

When financial assets or liabilities are recognized at fair value, the instruments are recognized at their full fair value, including any credit spreads. When quoted market prices are not available for such instruments, certain assumptions must be made about the credit spread of either the counterparty or one’s own credit spread, depending on whether the instrument is an asset or a liability.

Developments in the financial markets have to some extent affected the prices at which SEK’s debt is issued. These changes, which are different in different markets, have been included in the calculation of fair value for these liabilities. SEK issues debt instruments in many financial markets. A large portion of these are compound financial instruments with embedded derivatives. SEK’s policy is to hedge the risks in these instruments using derivatives with corresponding structures in order to obtain effective economic hedges. Such compound financial instruments are classified as financial liabilities measured at fair value. As there mostly are no market quotes for this group of transactions, valuation models are used to calculate fair value. The gross value of these instruments and derivatives, which effectively hedge each other, requires complex judgments regarding the most appropriate valuation technique, assumptions and estimates. If other valuation models or assumptions are used, or if assumptions are changed, this could produce other valuation results. Excluding the impact on the valuation of credit spreads on SEK’s own debt and basis spreads, such changes in fair value would generally offset each other.


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SEK uses derivative instruments to mitigate and reduce risks attributable to financial assets and liabilities. In order to mitigate counterparty risk, i.e., the form of credit risk generated from derivative transactions, SEK enters into such transactions only with counterparties with good credit ratings. Moreover, SEK endeavors to enter into ISDA Master Agreements with Credit Support Annexes (CSAs) with its counterparties. This means that the highest allowed risk level is established in advance, regardless of what changes in market value may occur.

Derivatives are measured at fair value with reference to listed market prices where available. If market prices are not available, valuation models are used instead. SEK uses a model to adjust the fair value of the net exposure for changes in SEK’s or the counterparty’s credit quality. The models use directly observable market parameters if such are available.

As of December 31, 2025, financial assets and liabilities for which valuation models were used, and where market inputs with a significant effect on the recorded fair value were observable (level 2) amounted to Skr 41 billion (2024: Skr 45 billion) and Skr 22 billion (2024: Skr 18 billion), 12 percent (2024: 13 percent) and 7 percent (2024: 6 percent) of total financial assets and total financial liabilities, respectively. Financial assets and liabilities for which valuation included significant non-observable parameters (level 3) amounted to Skr 0 billion (2024: Skr 0 billion) and Skr 4 billion (2024: Skr 5 billion), 0 percent (2024: 0 percent) and 1 percent (2024: 1 percent) of total financial assets and total financial liabilities respectively. The assessment of non-observable parameters included in models for assessing market value are associated with subjectivity and uncertainty, which can impact the results recognized for specific positions. Despite SEK using appropriate valuation models which are consistent with those used in the market, other models and assumptions for determining the fair value of financial instruments could result in other fair value estimates on the reporting date. At December 31, 2025, the total minimum and maximum effects of changing one or more non-observable parameters to reflect the assumptions under other reasonable circumstances for level 3 instruments amounted to Skr -10 million million (2024: Skr -16 million) and Skr 10 million (2024: Skr 16 million ), respectively. Refer to Note 13 for information regarding value changes for assets and liabilities if non-observable market parameters are changed and section (f) (vii) above for the Principles for determination of fair value of financial instruments.

(iii) Provisions for expected credit losses

Provisions are estimated using quantitative models, which incorporate inputs, assumptions and methodologies that involve a high degree of management judgment. In particular, the following can have a significant impact on the level of impairment provisions: determination of a significant increase in credit risk, incorporation of forward-looking macroeconomic scenarios and measurement of both 12-month and lifetime expected credit losses. A significant increase in credit risk is defined by SEK based on a deterioration by a number of steps from the initial rating. On December 31, 2025 if the definition of significant increase in credit risk had been 1 less step of deterioration, the impairments would have been Skr 31 million higher (2024: Skr 19 million), and if the definition had been 1 more step of deterioration, the impairments would have been Skr 2 million million lower (2024: Skr 0 million). SEK’s method of calculating probability of default entails three scenarios being prepared for each PD curve. The three scenarios are defined by a weight allocated to each scenario. On December 31, 2025 if the probability of a downturn scenario, or an upturn scenario, would have been weighted with 100% probability, the impairments would have been Skr 70 million higher (2024: Skr 65 million) or Skr 53 million lower (2024: Skr 43 million), respectively. On December 31, 2025, SEK’s total lending including off-balance sheet exposures amounted to Skr 355 billion (2024: Skr 350 billion) and the related impairment reserve amounted to Skr 807 million (2024: Skr 526 million). If, for example, the actual amount of total future cash flow were to have been 10% higher or lower than the estimate, this would have affected operating profit for the fiscal year ended December 31, 2025 by an additional approximately Skr 81 million (2024: Skr 53 million) and equity at the same date by approximately Skr 64 million (2024: Skr 42 million). A higher total future cash flow would affect operating profit and equity positively, while a lower total future cash flow would affect operating profit and equity negatively.


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Note 2. Net interest income


Skr mn	2025	2024	2023
Interest income
Loans to credit institutions	1,005	921	1,113
Loans to the public	8,003	9,835	9,181
Loans in the form of interest-bearing securities	1,948	2,351	2,448
Interest-bearing securities excluding loans in the form of interest-bearing securities	1,926	2,561	2,885
Derivatives	982	3,381	3,519
Administrative remuneration CIRR-system1	243	240	260
Other assets	10	26	31
Total interest income	14,117	19,315	19,438
Interest expenses
Interest expenses excl. regulatory fees	-11,154	-16,011	-16,299
Resolution fee	-83	-105	-94
Risk tax	-142	-141	-150
Other regulatory fees2	-19	—	—
Total interest expenses	-11,398	-16,257	-16,543
Net interest income	2,719	3,058	2,895
1 Including administrative remuneration for concessionary loans by Skr 0 million (2024: Skr 0 million).
2 Other regulatory fees includes the fee to Riksbanken.


Skr mn	2025	2024	2023
Interest income were related to:
Financial assets at fair value through profit or loss	2,782	5,520	5,817
Derivatives used for hedge accounting	129	506	637
Financial assets at amortized cost	11,206	13,289	12,984
Total interest income	14,117	19,315	19,438
Interest expenses were related to:
Financial liabilities at fair value through profit or loss	1,046	752	1,048
Financial assets measured at fair value through profit or loss – negative interest on income	—	—	—
Financial assets measured at amortized cost – negative interest income	—	—	—
Derivatives used for hedge accounting	-1,576	-5,731	-8,035
Financial liabilities at amortized cost	-10,868	-11,278	-9,556
Total interest expenses	-11,398	-16,257	-16,543
Net interest income	2,719	3,058	2,895

Interest income geographical areas


Skr mn	2025	2024	2023
Sweden	6,029	8,014	7,256
Europe except Sweden1	3,718	6,141	6,866
Countries outside of Europe2	4,370	5,160	5,316
Total interest income	14,117	19,315	19,438
1 Within Europe except Sweden, interest income from France makes up a significant portion, amounting to Skr 1,604 million (2014: Skr 3,662 million). 2 Within Countries outside of Europe, interest income from the USA makes up a significant portion, amounting to Skr 1,633 million (2014: Skr 2,139 million).


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Interest income per product group


Skr mn	2025	2024	2023
Lending to Swedish exporters	6,098	7,795	7,352
Lending to exporters’ customers1	2,524	3,570	3,679
Liquidity	5,495	7,950	8,407
Total interest income	14,117	19,315	19,438
1 In interest income for Lending to exporters’ customers, Skr 243 million (2024: Skr 240 million) represents remuneration from the CIRR-system, see Note 24.

Note 3. Net fee and commissions expense


Skr mn	2025	2024	2023
Fee and commissions earned were related to:
Lending	9	6	2
Total	9	6	2
Commissions incurred were related to:
Custodian- and bank fees	-12	-12	-13
Brokerage	—	-1	-1
Other commissions incurred	-37	-39	-39
Total	-48	-52	-53
Net fee and commissions expense¹	-39	-46	-51
1 Skr -39 million (2024: Skr -45 million) includes financial assets and liabilities not measured at fair value through profit or loss.

Note 4. Net results of financial transactions


Skr mn	2025	2024	2023
Derecognition of financial instruments not measured at fair value through profit or loss:
Financial assets at amortized cost	3	5	9
Financial assets or liabilities at fair value through profit or loss:
Designated upon initial recognition (FVO)	614	-197	-2,024
Mandatorily	-563	192	2,057
Financial instruments under fair value hedge accounting:
Net results of the hedging instrument	675	1,818	6,808
Net results of the hedged item	-718	-1,853	-6,831
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	7	-5	2
Total net results of financial transactions	18	-40	21


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Note 5. Personnel expenses


Skr mn	2025	2024	2023
Salaries and remuneration to the Board of Directors and the CEO	-11	-9	-8
Salaries and remuneration to Senior Executives	-31	-30	-26
Salaries and remuneration to other employees	-242	-227	-203
Pensions	-75	-70	-70
Social insurance	-92	-85	-78
Other personnel expenses	-23	-24	-17
Total personnel expenses	-475	-445	-402

The combined total of the remuneration excluding benefits and other remuneration to senior executives, excluding the CEO of the Parent Company, amounted to Skr 24 million (2024: Skr 25 million). Of the remuneration to senior executives, Skr 24 million (2024: Skr 25 million) is pensionable. Of the remuneration to the CEO of the Parent Company, Skr 6 million (2024: Skr 6 million) is pensionable. For all employees, excluding the CEO, SEK follows collective agreements between the Banking Institution Employers’ Organization (BAO) and trade unions.


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Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group


2025	Fee, including committee fee	Fixed remuneration1	Other benefits2	Pension fee3	Other remuneration4	Total
Skr thousand
Chairman of the Board of Directors:
Lennart Jacobsen	-706	—	—	—	—	-706
Other members of the Board of Directors:
Håkan Berg	-417	—	—	—	—	-417
Paula da Silva	-402	—	—	—	—	-402
Reinhold Geijer	-381	—	—	—	—	-381
Hanna Lagercrantz, resigned March 25, 20255	—	—	—	—	—	—
Katarina Ljungqvist	-365	—	—	—	—	-365
Erik Mattsson, from March 25, 20255	—	—	—	—	—	—
Carl Mellander	-375	—	—	—	—	-375
Eva Nilsagård	-370	—	—	—	—	-370
Senior Executives:
Magnus Montan, Chief Executive Officer (CEO)6	—	-6,301	-25	-1,892	—	-8,218
Karl Johan Bernerfalk, General Counsel, Head of Legal and Procurement	—	-2,184	-39	-927	—	-3,150
Pontus Davidsson, Head of International Finance, resigned February 28, 2025	—	-520	-3	-110	—	-634
Mattias Hasselbo, Chief Credit Officer (CCO), from February 1, 2025	—	-1,972	-19	-528	—	-2,519
Jens Hedar, Head of Global Trade and Export Finance, from March 1, 2025 (acting Chief Financial Officer (CFO), resigned February 28, 2025)	—	-2,871	-20	-929	—	-3,820
Jan Hoppe, Chief Risk Officer (CRO)	—	-2,611	-20	-657	—	-3,288
Tobias Hornberger, Chief Financial Officer (CFO), from June 16, 2025	—	-1,950	-11	-356	—	-2,317
Teresa Hamilton Burman, Chief Credit Officer (CCO), resigned January 31, 2025	—	-215	-3	-61	—	-279
Jenny Lilja Lagercrantz, Head of Human Resources	—	-2,377	-33	-666	—	-3,076
Tomas Nygård, Chief Information Officer (CIO)	—	-2,244	-39	-639	—	-2,922
Susanna Rystedt, Head of Strategy, Business Development and Communications (acting Chief Financial Officer (CFO), from March 1, 2025, resigned June 15, 2025)	—	-2,767	-25	-962	—	-3,753
Maria Simonson, Head of Client Relationship Management and Sustainability from March 1, 2025 (Head of Sustainability and acting Head of Client Relationship Management, resigned February 28, 2025)	—	-2,561	-17	-677	—	-3,255
Anna-Lena Söderlund, Head of Compliance	—	-1,678	-37	-761	—	-2,475
Total	-3,015	-30,249	-292	-9,165	—	-42,721
1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits include dietary benefits, health insurance and household services. 3 Includes premiums for insurance, covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Other remuneration refers to salary, benefits and pension costs during the notice period as well as severance pay. 5 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish State. 6 The retirement age of the CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of his fixed salary.


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Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group


2024	Fee, including committee fee	Fixed remuneration1	Other benefits2	Pension fee3	Other remuneration4	Total
Skr thousand
Chairman of the Board of Directors:
Lennart Jacobsen	-660	—	—	—	—	-660
Other members of the Board of Directors:
Anna Brandt, resigned March 26, 20245	—	—	—	—	—	—
Reinhold Geijer	-373	—	—	—	—	-373
Carl Mellander, from March 26, 2024	-254	—	—	—	—	-254
Eva Nilsagård	-347	—	—	—	—	-347
Hanna Lagercrantz5	—	—	—	—	—	—
Håkan Berg	-385	—	—	—	—	-385
Paula da Silva	-372	—	—	—	—	-372
Katarina Ljungqvist	-338	—	—	—	—	-338
Senior Executives:
Magnus Montan, Chief Executive Officer (CEO)6	—	-6,001	-37	-1,815	—	-7,853
Karl Johan Bernerfalk, General Counsel, Head of Legal and Procurement	—	-2,124	-32	-912	—	-3,068
Pontus Davidsson, Head of International Finance	—	-3,120	-20	-668	—	-3,808
Stefan Friberg, Chief Financial Officer (CFO), resigned April 25, 2024	—	-1,060	-7	-208	-4,540	-5,815
Teresa Hamilton Burman, Chief Credit Officer (CCO)	—	-2,580	-38	-636	—	-3,254
Jens Hedar, acting Chief Financial Officer (CFO)7	—	-2,837	-19	-869	—	-3,725
Jan Hoppe, Chief Risk Officer (CRO)	—	-2,549	-20	-638	—	-3,207
Jenny Lilja Lagercrantz, Head of Human Resources	—	-2,233	-11	-646	—	-2,890
Tomas Nygård, Chief Information Officer (CIO)	—	-2,203	-33	-600	—	-2,836
Susanna Rystedt, Head of Strategy, Business Development and Communications	—	-2,607	-33	-921	—	-3,561
Maria Simonson, Head of Sustainability and acting Head of Client Relationship Management7	—	-2,502	-17	-638	—	-3,157
Anna-Lena Söderlund, Head of Compliance	—	-1,608	-19	-739	—	-2,366
Total	-2,729	-31,424	-286	-9,290	-4,540	-48,269
1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits include dietary benefits, health insurance and household services. 3 Includes premiums for insurance, covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Other remuneration refers to salary, benefits and pension costs during the notice period as well as severance pay. 5 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish State. 6 The retirement age of the CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of his fixed salary. 7 Effective April 25, 2024, SEK’s Chief Financial Officer, Stefan Friberg, left SEK, and Head of Client Relationship Management, Jens Hedar, assumed the role as acting Chief Financial Officer. Also effective April 25, 2024, Maria Simonson became acting Head of Client Relationship Management in addition to her role as Head of Sustainability.


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Remuneration and other benefits to the Board of Directors and Senior Executives in the Consolidated Group


2023	Fee, including committee fee	Fixed remuneration1	Other benefits2	Pension fee3	Other remuneration4	Total
Skr thousand
Chairman of the Board of Directors:
Lennart Jacobsen	-626	—	—	—	—	-626
Other members of the Board of Directors:
Anna Brandt5	—	—	—	—	—	—
Reinhold Geijer	-355	—	—	—	—	-355
Eva Nilsagård	-331	—	—	—	—	-331
Hanna Lagercrantz5	—	—	—	—	—	—
Håkan Berg	-369	—	—	—	—	-369
Paula da Silva	-354	—	—	—	—	-354
Katarina Ljungqvist	-354	—	—	—	—	-354
Senior Executives:
Magnus Montan, Chief Executive Officer (CEO)6	—	-5,676	-18	-1,715	—	-7,409
Karl Johan Bernerfalk, General Counsel, Head of Legal and Procurement	—	-1,934	-35	-800	—	-2,769
Pontus Davidsson, Head of International Finance	—	-3,120	-18	-597	—	-3,735
Stefan Friberg, Chief Financial Officer (CFO)	—	-3,060	-18	-635	—	-3,713
Teresa Hamilton Burman, Chief Credit Officer (CCO)	—	-2,516	-35	-623	—	-3,174
Jens Hedar, Head of Client Relationship Management	—	-2,508	-20	-836	—	-3,364
Jan Hoppe, Chief Risk Officer (CRO), from January 12, 2023	—	-2,427	-17	-584	—	-3,028
Jenny Lilja Lagercrantz, Head of Human Resources	—	-2,169	-13	-605	—	-2,787
Tomas Nygård, Chief Information Officer (CIO)	—	-2,005	-18	-558	—	-2,581
Susanna Rystedt, Head of Strategy, Business Development and Communications	—	-2,557	-21	-891	—	-3,469
Maria Simonson, Head of Sustainability	—	-2,184	-14	-604	—	-2,802
Anna-Lena Söderlund, Head of Compliance, from February 1, 2023 (Chief Risk Officer (CRO), resigned January 11, 2023)	—	-1,507	-31	-674	—	-2,212
Total	-2,389	-31,663	-258	-9,122	—	-43,432
1 Predetermined salary or other compensation such as holiday pay and allowances. 2 Other benefits include dietary benefits, health insurance and household services. 3 Includes premiums for insurance, covering sickness benefits for prolonged illness and other public risk insurance as a result of collective pension agreements. 4 Other remuneration refers to salary, benefits and pension costs during the notice period as well as severance pay. 5 Remuneration is not paid from the Company to the representatives on the Board of Directors who are employed by the owner, the Swedish State. 6 The retirement age of the CEO, Magnus Montan, is 65 years and the pension fee is 30 percent of his fixed salary.

Total Expenditure on Remuneration

Finansinspektionens (the Swedish FSA’s) regulations (FFFS 2011:1) regarding remuneration structures in credit institutions, investment firms and fund management companies licensed to conduct discretionary portfolio management apply to SEK. Moreover, SEK applies the State’s Ownership Policy and Guidelines on Terms of Employment for Senior Executives in State-owned Companies, and the 2025 Remuneration Policy is based on the State's Ownership Policy and principles for state-owned enterprises 2020. In accordance with these regulations, SEK’s Annual General Meeting has established a set of guidelines for the remuneration of senior executives at SEK, which was adopted at the 2021 Annual General Meeting. The guidelines stipulate that salary and remuneration to the senior executives of SEK should be fair and reasonable. They should also be


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competitive, capped and appropriate as well as contribute to good ethical principles and corporate culture. Remuneration should not be higher than at comparable companies and should be reasonable. Remuneration to senior executives consists of fixed salary, severance pay, pension benefits and other benefits.

SEK’s remuneration guidelines are designed to create conditions for being an attractive and healthy workplace. The remuneration system at SEK aligns with the Company’s operational goals and risk strategy, corporate culture and values, and measures taken to avoid conflicts of interest. Remuneration to employees is mainly determined at fixed amounts and provided solely in monetary means.

SEK’s Board of Directors’ Remuneration Committee (the “Remuneration Committee”) prepares proposals for decisions by the Board relating to remuneration policy for the Company, on total remuneration for the CEO and other members of the Company’s management team, prepares and handles overall remuneration issues (salary, pension and other benefits), follows up on the application of SEK’s remuneration policy, and prepares and handles succession issues. Further, the Remuneration Committee prepares overall instructions for remuneration issues that it deems necessary. The Remuneration Committee also ensures that the relevant oversight department, together with the Remuneration Committee, annually reviews and evaluates the Company’s remuneration systems and also reviews whether such systems comply with the Company’s remuneration policy and relevant instructions regarding remuneration. The outcome is presented to the Board in a separate report on the same day as the annual report is submitted. The Remuneration Committee met five times in 2025.

The Company only has one variable remuneration system, individual variable compensation (“IRE”). Within this system, permanent staff who have customer or business responsibilities, but are not members of senior management, are offered the opportunity to receive individual variable remuneration. IRE has been around since 2017 and has been evaluated on a yearly basis. The result of the evaluations has been reported to the Remuneration Committee. SEK has decided to abolish the system from January 1, 2025, and the last provision for the IRE was made in 2024.

The IRE system is discretionary in nature, in that all outcomes are subject to deferred payment and the Board takes all decisions regarding results and payments. Before an individual receives any IRE payment, the payment is subject to testing at three different levels: the Company level, the Department level and the Individual level. The test at the Company level is the basis for any IRE outcome. The outcome at the Company level is conditional on the actual return exceeding a predetermined target. If appropriate, actual return is adjusted for the impact of non-operational items and unexpectedly high risk-taking. Of the profit that corresponds to any excess return, a percentage accrues to the IRE at the Company level. The outcome at the Company level is capped at a maximum of 2 months’ salary, calculated on the basis of all Company employees entitled to IRE. In the case of a positive outcome at the Company level, the next step is to test at the Department level. This test assesses the outcome at the Department level in relation to the department’s quantitative targets. If the targets have not been reached, the outcome at the Company level is reduced for all members of the department. The remainder after this test comprises the outcome at the Department level, which is capped at a maximum of 2 months’ salary, calculated on the basis of all department's employees entitled to IRE. The final test is at the Individual level. This test assesses the performance and behavior of individuals. For each individual, the outcome following the test at the Individual level is subject to a floor of zero and a ceiling of the lower amount corresponding to 1.5 times the outcome at the main function level or an amount corresponding to EUR 50,000. Accordingly, the maximum outcome for any individual is three months’ salary or an amount corresponding to EUR 50,000. The total outcome for all employees encompassed by IRE in a department must be within the outcome at the Department level. The Company pays payroll taxes on any IRE paid.


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SEK’s remuneration policy is designed in such a way that the Company may decide that remuneration that is subject to deferred disbursement may be withheld, in part or full, if it subsequently transpires that the performance criteria have not been fulfilled or if the employee has breached certain internal rules or terminated employment. The same applies if disbursement would not be justifiable by the Company’s financial situation. Moreover, the outcome may also be adjusted if credit losses, or recoveries of credit losses, have occurred after the relevant income year, but are deemed to be attributable to that year.

For all employees subject to IRE, the disbursement plan states that 40 percent of the outcome will be disbursed in the year following the income year to which the remuneration relates, and 20 percent will be disbursed in each of the three subsequent years.

As part of its strategic analysis and planning, the Company undertakes an annual process for internal capital and liquidity assessment. As part of this assessment, an analysis is conducted with the aim of identifying employees whose work duties have a material impact on SEK’s risk profile, including risks related to the Company’s remuneration policy and remuneration system. The outcome of this analysis is taken into account when designing the remuneration systems in order to promote sound and efficient risk management and to restrict excessive risk-taking. 0 employees receive remuneration of EUR 1 million or more per fiscal year. No new agreements containing variable remunerations have been established during the year.

The CEO’s, Magnus Montan’s, terms of employment comply with the Guidelines on Terms of Employment for Senior Executives in State-owned Companies 2020.

SEK pays an old-age and survivors’ pension amounting to 30 percent of the CEO’s pensionable salary. The retirement age for the CEO is 65.

For the CEO, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance corresponding to those applicable under the pension plan between the Swedish Banking Institutions and the Financial Sector Union of Sweden (“BTP”) as well as private healthcare insurance under Skandia and travel insurance. Other benefits for the CEO consist of, among other things, a meal allowance, health insurance and household services. The CEO is entitled to 6 months’ notice prior to termination initiated by SEK and severance pay corresponding to 12 months’ salary. A deduction is made for any income arising from new employment.

The retirement age is 65 for all senior executives. The pension terms, conditions for termination of employment and other terms of employment for the senior executives follow the current Guidelines for Terms of Employment for Senior Executives in State-owned Companies 2020, where the BTP plan is included as an approved, collectively bargained, defined-benefit and defined-contribution pension plan. Since the 2017 Annual General Meeting, the new guidelines apply when appointing new senior executives at SEK. Pension provisions for senior executives in SEK are limited to 30 percent of pensionable income for retirement and survivors’ pension. Due to SEK’s implementation of a defined-benefit pension plan, the BTP plan, resulting from a collective agreement between the BAO and the Financial Sector Union of Sweden, covering employees in the banking and finance industries, the contribution for retirement and survivors’ pension can exceed 30 percent. In 2021, parties to the Banking Institutions Employers’ Organization (BAO) agreement area agreed to strengthen the provision for occupational pensions under the BTP plan. The expanded provision means that the employer will make an additional contribution of 2 percent to the occupational pension. This is enabled by exchanging a holiday pay supplement of 1.45 percent for a higher pension premium. SEK began to apply the enhanced pension on January 1, 2022, in accordance with the pension agreement.

For the senior executives, SEK pays premiums for insurance for sickness benefits for prolonged illness, other collective risk insurance arising out of applicable collective agreements as well as travel insurance and private health insurance. Other benefits offered by the employer include per diem allowances, wellness benefit, health insurance and household services.

Pensions

The employees of SEK have a collectively bargained pension plan through the BTP plan, which is a common pension plan for salaried bank employees in Sweden. The BTP plan is funded by means of insurance with the insurance companies SPP and SEB. The BTP-plan includes both defined-benefit and defined-contribution pension plans.

A defined-contribution pension means that the size of the premium is predetermined, such as is the case with the BTP1 and BTPK plans. A defined-contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate legal entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined-contribution pension plans are recognized as an employee benefit expense in profit or loss at the rate at which they are accrued by employees providing services to the entity during a period.

Defined-benefit pension plans mean that the pension benefit is predetermined, such as is the case with the BTP2 plan. Defined-benefit plans are post-employment benefit plans other than defined-contribution plans. The present value of the net obligation for defined-benefit plans is calculated separately for each plan by estimating the amount of future benefits that employees have earned in return for their service in the current period and prior periods. The net obligation is recognized in the balance sheet at its present value less the fair value of any plan assets.


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The cost for defined-benefit plans is allocated over the employee’s service period. The obligations are valued at the present value of the expected future disbursements, taking into consideration assumptions such as expected future pay increases, rate of inflation and mortality rates. Changes in actuarial assumptions and experience-based adjustments to obligations may result in actuarial gains or losses. These actuarial gains and losses are reported together with the difference between the actual and expected return on pension assets in other comprehensive income as incurred. Service cost, gains/losses from changes in plans, and the interest net of pension assets and liabilities are recognized in profit or loss. SEK participates in various collective pension plans covering all employees. Sufficient information is available to allow the calculation of SEK’s proportionate share in the defined-benefit liabilities, assets and the costs for these plans. The future costs of the plans may change accordingly if the underlying assumptions of the plans change.

Total pension cost for defined benefit and defined contribution obligations


Skr mn	2025	2024	2023
Service cost	-3	-3	-3

Interest cost, net	0	-1	-1
Pension cost for defined benefit pensions, incl. payroll tax	-3	-4	-4
Pension cost for defined contribution pension cost incl. payroll tax	-72	-66	-66
Pension cost recognized in personnel costs	-75	-70	-70
Actuarial gains (+) and losses (-) on defined benefit obligation during period	12	2	-22
Return above expected return, gains (+) and losses (-) on plan assets	-12	8	-5
Change in the effect of the asset ceiling excluding interest	-9	-19	21
Revaluation of defined benefit plans	-10	-9	-6

Net value of defined benefit pension obligations


Skr mn	2025	2024	2023
Defined benefit obligations	174	188	191
Plan assets	-195	-200	-181
Restriction due to the asset ceiling	28	19	—
Provision for pensions, net obligation1	8	7	10
1 See Note 21.


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Development of defined benefit obligations


Skr mn	2025	2024	2023
Defined benefit obligation, opening balance	188	191	167
Service cost	3	3	3
Interest cost	6	6	6
Pension Payments incl. special payroll tax	-12	-10	-8
Actuarial gains (-) and losses (+), effect due to changed demographic assumptions	—	—	1
Actuarial gains (-) and losses (+), effect due to changed financial assumptions	-12	-6	22
Actuarial gains (-) and losses (+), effect due to experience based outcome	0	4	0
Defined benefit obligation, closing balance	174	188	191

Development of plan assets related to defined benefit obligation


Skr mn	2025	2024	2023
Fair value of plan assets, opening balance	200	181	180
Expected return on plan assets	7	6	6
Contributions by the employer1	11	14	7
Benefits paid2	-10	-9	-7
Return on plan assets excluding interest income	-12	8	-5
Fair value of plan assets, closing balance	195	200	181
1 Expected contribution from the employer in the following year is Skr 8 million (2024: Skr 6 million), excluding payroll tax. 2 Expected compensation paid in the following year is Skr 10 million (2024: Skr 10 million).

Distribution of plan assets related to defined benefit obligation


Skr mn	2025	2024	2023
Domestic equity investments	8	6	5
Foreign equity investments	27	28	26
Bonds	101	104	85
Other Investments	29	34	38
Properties	29	28	27
Total plan assets	195	200	181

Principal actuarial assumptions used end of year


Percent	2025	2024	2023
Discount rate	3.9	3.5	3.4
Assumption of early pension withdrawal	20.0	20.0	20.0
Expected salary increase	2.0	2.0	2.0
Expected inflation	2.0	2.0	2.0
Expected lifetime	DUS23	DUS23	DUS23
Expected turnover	5.0	5.0	5.0


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Sensitivity analysis of essential assumptions


	Negative outcome			Positive outcome
Skr mn	2025	2024	2023	2025	2024	2023
Discount rate	-1%	-1%	-1%	1%	1%	1%
Defined benefit obligation	204	230	235	148	155	156
Service cost	4	4	4	3	2	2
Interest cost	6	6	5	7	7	7

Expected lifetime	+1 year	+1 year	+1 year	-1 year	-1 year	-1 year
Defined benefit obligation	178	197	200	167	180	182
Service cost	3	3	3	3	3	3
Interest cost	7	7	7	6	6	6

Net reconciliation of pension liabilities


Skr mn	2025	2024	2023
Pension liabilities, opening balance	7	10	8
Net periodic pension cost	3	3	4
Contributions by the employer	-11	-14	-7
Net pension payments	-1	-1	-1
Revaluations recognized in other comprehensive income	10	9	6
Pension liabilities, closing balance	8	7	10

Net interest is calculated using the discount rate of pension obligations, based on the net surplus or net deficit in the defined benefit plan.

Pension expense in 2025 for defined benefit pensions amounts to Skr 3 million (2024: Skr 4 million).

As of December 31, 2025, the expected weighted average remaining service time for active employees was 9.51 years (2024: 9.99 years), the expected weighted average duration for the present value was 16.74 years (2024: 14.95 years) and the average salary for active employees was Skr 1 million (2024: Skr 1 million).

Discount rate

The discount rate is based on the estimated interest curve of Swedish mortgage bonds, as this market is regarded as liquid enough to be used for this purpose. The discount rate is based on market expectations at the end of the accounting period, using bonds with the same duration as the pension liability.

Expected early retirement

According to the transitional rule for § 8 in the BTP-plan, the calculation includes the assumption that 20 percent of the employees use the possibility for early retirement. The earliest retirement age is 61 for employees born 1956 or earlier. Employees born in 1967 or later have no right to retire before age 65.

Expected return on plan assets
Expected return on plan assets is equal to the discount rate as regulated in IAS 19.

Expected salary increase
The assumption of salary increase is based on SEK’s assessment of the long-term salary increase rate in SEK.

Expected inflation
The expected inflation is in line with Swedish inflation-linked bonds.

Expected employee turnover
Expected employee turnover is based on SEK’s assessment of the long-term expected Company staff attrition during one year.


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Average number of employees


	2025	2024	2023
Women	142	133	131
Men	159	155	142
Total average number of employees	301	288	273

Equality and diversity


	2025	2024	2023
Allocation of women/men on the Board of Directors1	38/62	50/50	63/37
Allocation of women/men in SEK's executive management	36/64	45/55	42/58
Allocation of women/men in management positions	43/57	50/50	53/47
Allocation of women/men at SEK in total	47/53	47/53	48/52
1 During 2025, one female member of the Board resigned and one male member was appointed. During 2024, one female member of the Board resigned and one male member was appointed.

Note 6. Other administrative expenses


Skr mn	2025	2024	2023
Travel expenses and marketing	-11	-11	-10
IT and information system (incl. fees)	-174	-166	-165
Other fees	-36	-35	-32
Premises	-10	-10	-9
Other	-7	-7	-6
Total other administrative expenses	-239	-229	-222

Remuneration to auditors


Skr mn	2025	2024	2023
Öhrlings PricewaterhouseCoopers AB:
Audit fees1	-10	-10	-10
Audit related fees2	—	—	—
Tax related fees3	0	—	—
Other fees4	-3	-3	-3
Total	-13	-13	-13
1 Fees related to audit of annual financial statements and reviews of interim financial statements. 2 Fees charged for assurance and related services that are related to the performance of audit or review of the financial statements and are not reported under Audit fees. 3 Fees for professional services rendered by the principal independent auditors for tax compliance and tax advice. 4 Fees for products and services rendered by the principal independent auditors, other than the services reported in Audit fees through Tax–related fees above.

In the financial statements, remuneration to auditors is mainly included in Other administrative expenses.


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Note 7. Tangible and intangible assets

Tangible assets are depreciated using the straight-line method over their estimated useful lives. The right-of-use assets according to IFRS 16 Leases are accounted for as tangible assets when the underlying assets are tangible assets. SEK accounts for right-of-use assets for rental premises as tangible assets. Intangible assets consist of the capitalized portion of investments in IT systems. The average useful life for intangible assets is 5 years. Average useful lives are evaluated and reconsidered on a yearly basis. An annual impairment test is performed on intangible assets not yet used.


Skr mn	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023
Carrying amount
Tangible assets	34	32	34
Right-of-use assets	86	96	123
Intangible assets	38	50	88
Total carrying amount	158	178	245
Depreciation and impairment during the year according to the Consolidated Statement of Comprehensive Income	-64	-84	-88

For disclosures on right-of-use assets see Note 8.

Note 8. Leasing

SEK as lessee

All leases, with the exception of short-term and low-value leases, are recognized as a right-of-use asset subject to depreciation with corresponding liabilities in the lessee’s balance sheet, and the lease payments are to be recognized as repayments and interest expenses. The right-of-use assets are accounted for under Tangible and intangible assets and the lease liability is accounted for under Other liabilities, see Note 7 and Note 19. The right-of-use assets and the lease liability relate to rental premises. The lease term is determined as the non-callable period of a lease, together with any extension or termination option that SEK is reasonably certain to exercise. SEK has extension options which it is not reasonably certain to exercise. The potential future cash flows related to the extension options amount to Skr 91 million (2024: Skr 91 million) for a period of 3 years. Reassessments of extensions and terminations options are made upon the occurrence of either a significant event or a significant change in circumstances that is within the control of SEK and will affect the assessment of whether it is reasonably certain to exercise the option.

The lease term is revised if there is a change in the non-cancellable period of lease, for example, if an option not previously included in the lease term is exercised. The lease liability consists of the future cash flows, which are discounted using SEK’s incremental borrowing rate. SEK has elected not to separate non-lease components from lease components, and accounts for each lease component and any associated non-lease component, except for expenses for real estate tax and non-deductible value added tax, as a single lease.

Right-of-use assets


Skr mn	2025	2024
Opening balance	96	123
Depreciation	-27	-27
Addition	17	—
Closing balance	86	96


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Accounted for in profit or loss


Skr mn	2025	2024
Depreciation charge on right-of-use assets	-27	-27
Interest expenses on lease liability	-1	-1
Expenses relating to short-term leases1	-3	-2
Expenses relating to low-value leases1	-3	-3
Variable lease fees1	-7	-7
Total amount accounted for in profit or loss	-41	-40
1 Accounted for under Other administrative expenses.

Lease liability


Skr mn	2025	2024
Opening balance	98	125
Interest expenses accrued	1	1
Payments of lease liability	-29	-28
Addition	17	—
Closing balance	86	98
1 There have been canceled and new leases.

Contractual flows of lease liability


Skr mn	2025	2024
Within 1 year	31	28
Between 1 and 5 years	56	71
More than 5 years	—	—
Discounting effect	-1	-1
Closing balance	86	98

The total cash outflow for leases in 2025 was Skr 43 million (2024: Skr 40 million).

SEK as lessor

All SEK’s leasing transactions, where SEK is the lessor, are classified as financial leases. When making such classification, all aspects regarding the leasing contract, including third-party guarantees, are taken into account. A reconciliation between the gross investment in the leases and the present value of minimum lease payments receivable at the end of the reporting period can be found below. Future lease payments receivable will mature in the following periods. Any lease payment that is received from a lessee is divided into two components for the purposes of measurement: one component constituting a repayment of the loan and the other component recognized as interest income. The leases are included in the line item Loans to the public in the Statement of Financial Position.


	December 31, 2025		December 31, 2024
Skr mn	Gross investment	Present value of minimum lease payments	Gross investment	Present value of minimum lease payments
Within 1 year	20	20	36	35
Between 1 and 5 years	77	69	116	102
More than 5 years	—	—	—	—
Total	97	89	152	137
Unearned finance income	—	8	—	15


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Note 9. Impairments


Skr mn	Loans in the form of interest-bearing securities	Loans to credit institutions	Loans to the public	Off-balance	Total
2025
Expected credit losses, stage 1	0	0	-19	1	-19
Expected credit losses, stage 2	-1	—	-292	0	-293
Expected credit losses, stage 3	—	—	-112	0	-112
Established credit losses	—	—	-100	0	-100
Reserves applied to cover established credit losses	—	—	94	—	94
Recovered credit losses	—	—	1	—	1
Net credit losses1	-1	0	-429	1	-429
2024
Expected credit losses, stage 1	17	2	83	14	116
Expected credit losses, stage 2	0	—	-45	21	-24
Expected credit losses, stage 3	147	—	-329	4	-178
Established credit losses	-113	—	-288	-3	-404
Reserves applied to cover established credit losses	113	—	280	—	393
Recovered credit losses	—	—	4	—	4
Net credit losses	164	2	-295	36	-93
2023
Expected credit losses, stage 1	1	1	-34	-4	-36
Expected credit losses, stage 2	3	0	-22	-21	-40
Expected credit losses, stage 3	-260	—	-252	-1	-513
Established credit losses	—	—	—	—	—
Reserves applied to cover established credit losses	—	—	—	—	—
Recovered credit losses	—	—	4	—	4
Net credit losses	-256	1	-304	-26	-585
1 The increase in net credit losses for the year was mainly attributable to increased provisions for expected credit losses in stage 2 and stage 3 related to a limited number of exposures.


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The table below shows the carrying amount 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 OECD, which explains the low provision ratio.


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Loans, before expected credit losses
Loans in the form of interest-bearing securities	46,131	1,361	—	47,492	48,665	67	—	48,732
Loans to credit institutions	15,011	—	—	15,011	10,328	—	—	10,328
Loans to the public	160,994	34,060	5,960	201,014	187,005	30,611	7,255	224,871
Total, loans, before expected credit losses	222,137	35,421	5,960	263,517	245,998	30,678	7,255	283,931
Off balance, before expected credit losses
Guarantees	9,729	168	—	9,896	7,533	1,895	—	9,428
Committed undisbursed loans	66,409	15,214	—	81,624	36,455	15,809	4,623	56,887
Total, off balance, before expected credit losses	76,138	15,382	—	91,520	43,988	17,704	4,623	66,315
Total, before expected credit losses	298,275	50,803	5,960	355,038	289,986	48,382	11,878	350,246
of which guaranteed (percent)	64.4	91.8	80.7	68.3	61.9	94.2	94.3	67.3
Loss allowance, loans
Loans in the form of interest-bearing securities	-6	-1	—	-7	-6	0	—	-6
Loans to credit institutions	0	0	—	0	0	—	—	0
Loans to the public	-62	-377	-359	-798	-45	-86	-386	-517
Total, loss allowance, loans	-68	-378	-359	-805	-51	-86	-386	-523
Loss allowance, off balance1
Guarantees	0	0	—	0	0	0	—	0
Committed undisbursed loans	-1	0	—	-1	-3	0	0	-3
Total, loss allowance, off balance	-2	0	—	-2	-3	0	0	-3
Total, loss allowance	-69	-378	-359	-807	-54	-86	-386	-526
Provision ratio (percent)	0.02	0.74	6.03	0.23	0.02	0.18	3.25	0.15
1 Recognized under provision in the Consolidated Statement of Financial Position.


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Loans and off balance, before loss allowance


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Opening balance	289,986	48,382	11,878	350,246	278,263	54,290	13,953	346,506
Increase due to origination and acquisition	113,205	27,153	53	140,411	84,871	4,042	345	89,258
Transfer to stage 1	1,108	-1,105	-11	-8	3,296	-3,938	—	-642
Transfer to stage 2	-8,711	4,419	-444	-4,737	-423	328	-94	-189
Transfer to stage 3	-566	—	467	-99	-90	-522	163	-449
Decrease due to derecognition	-96,749	-28,045	-5,982	-130,775	-75,931	-5,818	-2,489	-84,238
Closing balance	298,275	50,803	5,960	355,038	289,986	48,382	11,878	350,246

Modified loans that did not lead to derecognition

For modified loans during 2025, amortized cost before modification amounted to Skr 0 million (2024: 1,040 million). Net modification gain/loss during 2025 amounted to Skr 0 million (2024: 95 million).


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Loss allowance


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Opening balance	-54	-86	-386	-526	-167	-61	-567	-795
Increases due to origination and acquisition	-34	-280	-29	-343	-20	0	0	-20
Net remeasurement of loss allowance	0	16	-81	-65	99	128	-167	60
Transfer to stage 1	0	0	—	0	0	3	—	3
Transfer to stage 2	2	-31	0	-29	1	-210	20	-189
Transfer to stage 3	0	—	-76	-75	0	2	-97	-95
Decreases due to derecognition	13	1	73	88	35	56	64	155
Decrease in allowance account due to write-offs	—	—	94	94	—	—	393	393
Exchange-rate differences1	3	1	45	50	-2	-4	-32	-38
Closing balance	-69	-378	-359	-807	-54	-86	-386	-526
1 Recognized under Net results of financial transactions in the Statement of Comprehensive Income.

Provisions for 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 parameter is standard, normally distributed where zero indicates a neutral economy where the economy has been on average, historically. The business cycle parameters for the base scenario are between 0.1 and 1.1 for the various probability of default (PD) segments. The base scenarios have been weighted at between 60 percent and 80 percent, the downturn scenarios have been weighted at 20 percent, and the upturn scenarios have been weighted at between 0 percent and 20 percent between the different PD-segments.

Loan credit quality, before expected credit losses, allocated by stage


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
AAA	—	—	—	—	—	—	—	—
AA+ to A-	45,539	—	—	45,539	40,548	—	—	40,548
BBB+ to BBB-	121,602	1,361	—	122,962	141,632	66	—	141,698
BB+ to BB-	37,308	27,515	—	64,823	45,239	27,237	—	72,476
B+ to B-	17,354	1,521	—	18,874	18,437	553	—	18,990
CCC to D	334	5,024	5,960	11,319	142	2,822	7,255	10,219
Total, before expected credit losses	222,137	35,421	5,960	263,517	245,998	30,678	7,255	283,931

More information regarding SEK’s Credit Policy is found in Note 26 and Note 29.


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Note 10. Taxes


Skr mn	2025	2024	2023
Income tax
Adjustment previous year	0	—	—
Current tax	-307	-436	-323
Deferred tax	-2	-2	-1
Total income tax	-309	-438	-324

Income tax related to other comprehensive income
Tax on items to be reclassified to profit or loss
Deferred tax	0	-12	-13
Tax on items not to be reclassified to profit or loss
Current tax	-3	-66	5
Deferred tax	2	2	1
Income tax related to other comprehensive income	-1	-76	-7

Reconciliation of effective tax rate
The Swedish corporate tax rate (percent)	20.6	20.6	20.6
Profit before taxes	1,491	2,121	1,568
National tax based on profit before taxes	-308	-437	-323
Tax effects of:
Tax adjustments	-1	-1	-1
Other	0	—	—
Total tax	-309	-438	-324
Effective tax expense (percent)	20.7	20.7	20.7

Deferred taxes


Skr mn	2025	2024
Deferred tax assets concerning:
Temporary differences, related to pensions	0	0
Temporary differences, related to cash flow hedges	—	1
Temporary differences, related to lease liabilities	18	20
Offset deferred tax liability temporary differences related to right-of-use assets	-18	-20
Total deferred tax assets	0	1

No deductible loss to carry forward existed as of December 31, 2025, or December 31, 2024.

Change in deferred taxes


Skr mn	2025	2024
Opening balance	1	13
Change through profit or loss	-2	-2
Change in other comprehensive income	1	-10
Closing balance	0	1


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Note 11. Loans and liquidity investments


Skr mn	Dec 31, 2025	Dec 31, 2024
Loans:
Loans in the form of interest-bearing securities	47,485	48,726
Loans to credit institutions	22,939	13,529
Loans to the public	200,216	224,354
Less:
Cash collateral under the security agreements for derivative contracts	-6,858	-3,201
Deposits where time to maturity exceeds 3 months1	-1,070	—
Total lending portfolio	262,712	283,408

Liquidity investments:
Cash and cash equivalents	7,259	5,219
Treasuries/government bonds	13,419	4,150
Other interest-bearing securities except loans	43,237	52,843
Deposits where the time to maturity exceeds 3 months1	1,070	—
Total liquidity investments	64,985	62,212
of which issued by public authorities	15,530	11,697
1 The line item also includes deposits which are not freely available, e.g., the deposit requirement with the Swedish central bank.

Difference between carrying amount and amount contractually required to be paid at maturity for interest-bearing securities not carried at fair value


Skr mn	2025	2024
Sum of amounts exceeding nominal	119	74
Sum of amounts falling below nominal	-328	-640

Outstanding loans per business area


			of which the CIRR-system
Skr mn	Dec 31, 2025	Dec 31, 2024	Dec 31, 2025	Dec 31, 2024
Lending to Swedish exporters	134,090	133,580	—	—
Lending to exporters’ customers	128,623	149,828	85,643	101,657
Total lending portfolio1	262,712	283,408	85,643	101,657
1 Including concessionary loans in the amount of Skr 0 million (year-end 2024: Skr 64 million).


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Note 12. Classification of financial assets and liabilities

Financial assets by accounting category


	December 31, 2025
	Financial assets at fair value		Amortized cost	Total
Skr mn	Mandatorily	Derivatives used for hedge accounting
Cash and cash equivalents	—	—	7,259	7,259
Treasuries/government bonds	13,419	—	—	13,419
Other interest-bearing securities except loans	43,237	—	—	43,237
Loans in the form of interest-bearing securities	—	—	47,485	47,485
Loans to credit institutions	—	—	22,939	22,939
Loans to the public	—	—	200,216	200,216
Derivatives	3,776	2,944	—	6,721
Shares	—	—	—	—
Total financial assets	60,433	2,944	277,900	341,277


	December 31, 2024
	Financial assets at fair value		Amortized cost	Total
Skr mn	Mandatorily	Derivatives used for hedge accounting
Cash and cash equivalents	—	—	5,219	5,219
Treasuries/government bonds	4,150	—	—	4,150
Other interest-bearing securities except loans	52,843	—	—	52,843
Loans in the form of interest-bearing securities	—	—	48,726	48,726
Loans to credit institutions	—	—	13,529	13,529
Loans to the public	—	—	224,354	224,354
Derivatives	8,674	1,969	—	10,643
Shares	20	—	—	20
Total financial assets	65,687	1,969	291,828	359,484

Financial liabilities by accounting category


	December 31, 2025
	Financial liabilities at fair value
Skr mn	Mandatorily	Designated upon initial recognition (FVO)	Derivatives used for hedge accounting	Amortized cost	Total
Borrowing from credit institutions	—	—	—	4,410	4,410
Debt securities issued	0	16,861	—	283,362	300,222
Derivatives	7,578	—	1,409	—	8,988
Total financial liabilities	7,578	16,861	1,409	287,772	313,620


	December 31, 2024
	Financial liabilities at fair value
Skr mn	Mandatorily	Designated upon initial recognition (FVO)	Derivatives used for hedge accounting	Amortized cost	Total
Borrowing from credit institutions	—	—	—	8,607	8,607
Debt securities issued	0	17,908	—	298,480	316,388
Derivatives	2,303	—	2,924	—	5,227
Total financial liabilities	2,303	17,908	2,924	307,087	330,222


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Note 13. Financial assets and liabilities at fair value


	December 31, 2025
Skr mn	Carrying amount	Fair value	Surplus value (+) /Deficit value (–)
Cash and cash equivalents	7,259	7,259	—
Treasuries/governments bonds	13,419	13,419	—
Other interest-bearing securities except loans	43,237	43,237	—
Loans in the form of interest-bearing securities	47,485	48,748	1,263
Loans to credit institutions	22,939	23,304	365
Loans to the public	200,216	200,566	350
Derivatives	6,721	6,721	—
Shares	—	—	—
Total financial assets	341,277	343,254	1,977

Borrowing from credit institutions	4,410	4,410	—
Debt securities issued	300,222	300,906	684
Derivatives	8,988	8,988	—
Total financial liabilities	313,620	314,304	684


	December 31, 2024
Skr mn	Carrying amount	Fair value	Surplus value (+) /Deficit value (–)
Cash and cash equivalents	5,219	5,219	—
Treasuries/governments bonds	4,150	4,150	—
Other interest-bearing securities except loans	52,843	52,843	—
Loans in the form of interest-bearing securities	48,726	49,951	1,225
Loans to credit institutions	13,529	13,863	334
Loans to the public	224,354	223,945	-409
Derivatives	10,643	10,643	—
Shares	20	20	—
Total financial assets	359,484	360,634	1,150

Borrowing from credit institutions	8,607	8,607	—
Debt securities issued	316,388	316,375	-13
Derivatives	5,227	5,227	—
Total financial liabilities	330,222	330,209	-13

The majority of financial liabilities and some of the financial assets in the Statement of Financial Position are accounted for at full fair value or at a value that represents fair value for the components hedged in a hedging relationship. Lending and borrowing not classified as hedge accounting or FVO are accounted for at amortized cost.

Determining fair value of financial instruments

The best evidence of fair value is quoted prices in an active market. The majority of SEK’s financial instruments are not publicly traded, and quoted market values are not readily available.

Fair value measurements are categorized using a fair value hierarchy. The financial instruments have been categorized under the three levels of the IFRS fair value hierarchy that reflects the significance of inputs. The categorization of these instruments is based on the lowest level of input that is significant to the fair value measurement in its entirety.

SEK uses the following hierarchy for determining and disclosing the fair value of financial instruments based on valuation techniques:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities;

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly; and


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Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.

For more information on determining the fair value of financial transactions, see Note 1 (f).

In the process of estimating or deriving fair values for items accounted for at amortized cost, certain assumptions have been made. In those cases where quoted market values for the relevant items are available, such market values have been used.

The following tables show the fair values of the items carried at amortized cost or fair value. They are distributed according to the fair value hierarchy.

Financial assets reported at amortized cost in fair value hierarchy


	December 31, 2025
Loans and accounts receivable	Fair value				Carrying amount
Skr mn	Level 1	Level 2	Level 3	Total	Total
Cash and cash equivalents	7,259	—	—	7,259	7,259
Loans in the form of interest-bearing securities	—	48,748	—	48,748	47,485
Loans to credit institutions	—	23,304	—	23,304	22,939
Loans to the public	—	200,566	—	200,566	200,216
Total financial assets in fair value hierarchy	7,259	272,618	—	279,877	277,900


	December 31, 2024
Loans and accounts receivable	Fair value				Carrying amount
Skr mn	Level 1	Level 2	Level 3	Total	Total
Cash and cash equivalents	5,219	—	—	5,219	5,219
Loans in the form of interest-bearing securities	648	49,303	—	49,951	48,726
Loans to credit institutions	—	13,863	—	13,863	13,529
Loans to the public	—	223,945	—	223,945	224,354
Total financial assets in fair value hierarchy	5,867	287,111	—	292,978	291,828

Financial liabilities reported at amortized cost in fair value hierarchy


	December 31, 2025
Other financial liabilities	Fair value				Carrying amount
Skr mn	Level 1	Level 2	Level 3	Total	Total
Borrowing from credit institutions	—	4,410	—	4,410	4,410
Debt securities issued	—	284,046	—	284,046	283,362
Total financial liabilities in fair value hierarchy	—	288,456	—	288,456	287,772


	December 31, 2024
Other financial liabilities	Fair value				Carrying amount
Skr mn	Level 1	Level 2	Level 3	Total	Total
Borrowing from credit institutions	—	8,607	—	8,607	8,607
Debt securities issued	—	298,467	—	298,467	298,480
Total financial liabilities in fair value hierarchy	—	307,074	—	307,074	307,087


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Financial assets reported at fair value in fair value hierarchy


	December 31, 2025
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	1,031	12,388	—	13,419
Other interest-bearing securities except loans	21,184	22,053	—	43,237
Derivatives	—	6,720	1	6,721
Shares	—	—	—	—
Total financial assets in fair value hierarchy	22,215	41,161	1	63,377


	December 31, 2024
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	—	4,150	—	4,150
Other interest-bearing securities except loans	22,628	30,215	—	52,843
Derivatives	—	10,604	39	10,643
Shares	20	—	—	20
Total financial assets in fair value hierarchy	22,648	44,969	39	67,656

Financial liabilities reported at fair value in fair value hierarchy


	December 31, 2025
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	14,262	2,598	16,860
Derivatives	—	7,924	1,064	8,988
Total financial liabilities in fair value hierarchy	—	22,186	3,662	25,848


	December 31, 2024
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	14,456	3,452	17,908
Derivatives	—	3,737	1,490	5,227
Total financial liabilities in fair value hierarchy	—	18,193	4,942	23,135

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


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Financial assets and liabilities at fair value in Level 3


	December 31, 2025
Skr mn	Jan 1, 2025	Purchases/Issues	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (–) through profit or loss1	Gains (+) and losses (-) through other comprehen-sive income	Currency exchange-rate effects	Dec 31, 2025
Debt securities issued	-3,452	—	414	—	—	-32	-22	494	-2,598
Derivatives, net	-1,451	—	174	—	—	22	—	192	-1,063
Net assets and liabilities	-4,903	—	588	—	—	-10	-22	686	-3,661


	December 31, 2024
Skr mn	Jan 1, 2024	Purchases/issues	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (–) through profit or loss1	Gains (+) and losses (-) through other comprehen-sive income	Currency exchange-rate effects	Dec 31, 2024
Debt securities issued	-8,271	—	4,870	—	—	-81	3	27	-3,452
Derivatives, net	-2,279	—	1,176	—	—	92	—	-440	-1,451
Net assets and liabilities	-10,550	—	6,046	—	—	11	3	-413	-4,903
1 Gains and losses through profit or loss, including the impact of exchange rates, are reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr 10 million loss (year-end 2024: Skr 1 million gain) and are reported as net results of financial transactions.

Uncertainty of valuation of Level 3-instruments

As the estimation of parameters included in the models used to calculate the market value of Level 3 instruments is associated with subjectivity and uncertainty, SEK has conducted an analysis of the difference in fair value of Level 3 instruments using other established parameter values. Option models and discounted cash flows are used to value the Level 3 instruments. For the Level 3 instruments that are significantly affected by different types of correlations, which are not based on observable market data, a revaluation has been made by shifting the correlations. The correlation is expressed as a value between 1 and -1, where 0 indicates no relationship, 1 indicates a maximum positive relationship and -1 indicates a maximum negative relationship. The maximum correlation in the range of unobservable inputs can thus be from 1 to -1. In the analysis, the correlations have been adjusted by +/- 0.12, which represents the level SEK uses within its prudent valuation framework. For level 3 instruments that are significantly affected by non-observable market data in the form of SEK’s own creditworthiness, a revaluation has been made by shifting the credit curve. The revaluation is made by shifting the credit spreads by +/- 10 basis points, which has been assessed as a reasonable change in SEK’s credit spread. The analysis shows the impact of the non-observable market data on the market value. In addition, the market value will be affected by observable market data. The result of the analysis corresponds with SEK’s business model where issued securities are linked with a matched hedging derivative. The underlying market data is used to evaluate the issued security as well as to evaluate the fair value in the derivative. This means that a change in fair value of the issued security, excluding SEK’s own credit spread, is offset by an equally large change in fair value in the derivative.


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Sensitivity analysis – Level 3


Assets and liabilities	December 31, 2025
Skr mn	Fair value	Unobservable input	Range of estimates for unobservable input	Valuation method	Sensitivity Max	Sensitivity Min
Equity	0	Correlation	0.12 - (0.12)	Option Model	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-957	Correlation	0.12 - (0.12)	Option Model	-17	17
Other	-106	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-1,063				-17	17

Equity	0	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
FX	-2,501	Correlation	0.12 - (0.12)	Option Model	17	-17
		Credit spreads	10BP - (10BP)	Discounted cash flow	10	-10
Other	-97	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Sum debt securities issued	-2,598				27	-27

Total effect on total comprehensive income					10	-10


Assets and liabilities	December 31, 2024
Skr mn	Fair value	Unobservable input	Range of estimates for unobservable input	Valuation method	Sensitivity Max	Sensitivity Min
Equity	-70	Correlation	0.12 - (0.12)	Option Model	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-1,263	Correlation	0.12 - (0.12)	Option Model	-18	18
Other	-118	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-1,451				-18	18

Equity	-55	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
FX	-3,272	Correlation	0.12 - (0.12)	Option Model	18	-18
		Credit spreads	10BP - (10BP)	Discounted cash flow	16	-16
Other	-125	Correlation	0.12 - (0.12)	Option Model	0	0
		Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Sum debt securities issued	-3,452				34	-34

Total effect on total comprehensive income					16	-16

The sensitivity analysis shows the effect that a shift in correlations or SEK's own credit spread has on Level 3 instruments. The table presents maximum positive and negative change in fair value when correlations or SEK’s own credit spread is shifted by +/– 0.12 and +/- 10 basis points, respectively. When determining the total maximum/minimum effect on total comprehensive income the most adverse/favorable shift is chosen, considering the net exposure arising from the issued securities and the derivatives, for each correlation.


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Fair value related to credit risk


	Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)		The period’s change in fair value origination from credit risk (+ income/ - loss)
Skr mn	December 31, 2025	December 31, 2024	2025	2024
CVA/DVA, net1	-11	-17	6	22
OCA2	282	265	17	320
1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflect how the counterparties’ credit risk as well as SEK’s own credit rating affect the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.

Note 14. Derivatives and hedge accounting

Derivatives by categories


	December 31, 2025			December 31, 2024
Skr mn	Assets Fair value	Liabilities Fair value	Nominal amounts1	Assets Fair value	Liabilities Fair value	Nominal amounts1
Interest rate-related contracts	4,624	1,332	510,865	5,066	919	531,122
of which in fair value hedges	1,067	302	227,635	525	358	261,126
of which in cash flow hedges	—	—	—	-4	—	5,000
Currency-related contracts	2,097	7,550	137,052	5,577	4,120	154,836
of which in fair value hedges	1,877	1,107	32,167	1,448	2,566	35,260
Equity-related contracts	—	—	—	—	70	90
Contracts related to commodities, credit risk, etc.	—	105	2,890	—	118	4,648
Total derivatives2	6,721	8,988	650,807	10,643	5,227	690,696
1 Nominal amounts before set-off. 2 All derivatives are used for economic hedging purposes.

Maturity analysis of the nominal amounts of hedging instruments


	December 31, 2025
Skr mn	< 1 year	1 year < 5 years	> 5 years	Nominal amounts
Interest rate-related contracts
Hedge of fixed rate assets	58,290	137,043	29,045	224,378
Hedge of fixed rate liabilities	—	1,240	2,017	3,257
Hedge of floating rate assets	—	—	—	—
Currency-related contracts
Hedge of fixed rate assets	4,262	13,730	408	18,400
Hedge of fixed rate liabilities	1,948	8,190	3,629	13,767


	December 31, 2024
Skr mn	< 1 year	1 year < 5 years	> 5 years	Nominal amounts
Interest rate-related contracts
Hedge of fixed rate assets	70,503	148,112	37,929	256,544
Hedge of fixed rate liabilities	5,000	—	—	5,000
Hedge of floating rate assets	1,155	1,194	2,233	4,582
Currency-related contracts
Hedge of fixed rate assets	452	11,936	6,062	18,450
Hedge of fixed rate liabilities	8,199	7,966	646	16,811


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The carrying amount of hedged items in fair value hedge relationships, and the accumulated amount of fair value hedge adjustments included in these carrying amounts


Assets	December 31, 2025		December 31, 2024
Skr mn	Carrying amount	Fair value hedge adjustments	Carrying amount	Fair value hedge adjustments
Loans in the form of interest-bearing securities	13,333	-155	15,979	-598
Loans to credit institutions	874	-2	1,058	—
Loans to the public	13,707	-26	12,315	-44
Total	27,914	-183	29,352	-642


Liabilities	December 31, 2025		December 31, 2024
Skr mn	Carrying amount	Fair value hedge adjustments	Carrying amount	Fair value hedge adjustments
Debt securities issued	223,952	1,556	256,459	378
Total	223,952	1,556	256,459	378

For disclosure on hedge ineffectiveness of fair value hedges, see Note 4.

Cash flow hedge effectiveness


Skr mn	2025	2024
Changes in fair value of hedging instruments	4	56
Changes in value of hedged items used as a basis for recognizing hedge ineffectiveness	-3	-58
Hedge ineffectiveness recognized in profit or loss1	—	—
Hedging gain or losses recognized in other comprehensive income	4	56
1 Recognized in the line item “Net result of financial transactions”.

Cash flow hedge reserve


Skr mn	2025	2024
Opening balance January 1	-3	-47
Valuation gains and losses	6	126
Tax on valuation gains and losses	-1	-26
Transferred to the income statement	-2	-71
Tax on transfers to the income statement	0	15
Other comprehensive income, net of tax	3	44
Total comprehensive income	3	44
Closing balance December 31	—	-3
of which relates to continuing hedges for which hedge accounting is applied	—	-3
of which relates to hedging relationships for which hedge accounting is no longer applied	0	—

It is SEK’s risk management strategy and objective to identify its material foreign currency and interest rate exposures and to manage those exposures with appropriate derivative instruments or non-derivative alternatives. SEK has the intention to, as much as possible, achieve fair value hedge accounting for transactions entered into for economic hedging purposes.

SEK primarily sets interest rate terms based on the various needs and preferences of customers and counterparties. Consequently, assets and liabilities can to some extent have different fixed interest periods, which leads to interest rate risk. Using different derivatives, the original interest rate risk in assets and liabilities are normally transformed from fixed to floating interest terms in currencies with well-functioning markets. EUR, USD and Skr are preferably used.

It is SEK’s objective to mitigate the risk of changes in fair value of the underlying hedged item due to changes in benchmark interest rates, i.e., to convert a fixed interest rate in a financial asset or liability into a floating rate. For that SEK uses interest rate swaps, or a proportion of interest rate swaps, swapping fixed to floating interest rates.


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SEK’s granting of credits and a large portion of its borrowing can take place in the currency of the borrower’s and investor’s choice. It is therefore seldom that borrowing and lending are made in the same currency and therefore directly balance each other. Differences in exposures to individual currencies that exist between different transactions are fully matched with the aid of various derivatives, primarily currency swaps. It is SEK’s objective to mitigate the risk of changes in fair value due to changes in FX and interest rates. For example, converting a fixed interest rate in a financial asset or liability into a variable rate financial asset or liability denominated in SEK’s functional currency Skr. For that, SEK uses cross currency interest rate swaps or a proportion of these swaps, swapping fixed to floating interest rates in Skr.

For more disclosures regarding SEK’s hedge accounting, see Note 29, the Consolidated Statement of Changes in Equity, Note 1 and Note 4.

In accordance with SEK’s policies with regard to counterparty, interest rate, currency exchange rate, and other exposures, SEK uses, and is a party to, different kinds of derivative instruments, mostly various interest rate-related and currency exchange-rate-related contracts. These contracts are carried at fair value in the statements of financial position on a contract-by-contract basis.

SEK uses derivatives to hedge risk exposure inherent in financial assets and liabilities. Derivatives are measured at fair value by using market quoted rates where available. If market quotes are not available, valuation models are used. SEK uses models to adjust the net exposure fair value for changes in counterparties’ credit quality. The models used include both directly observable and non-observable market parameters.

The majority of SEK’s derivative contracts are what are known as OTC derivatives, i.e., derivative contracts that are not transacted on an exchange. SEK’s derivative transactions that are not transacted on an exchange are entered into under ISDA Master Netting Agreements. In general, under such agreements the amounts owed by each counterparty in respect of all transactions outstanding in the same currency under the agreement are aggregated into a single net amount payable by one party to the other. In certain circumstances, for example when a credit event such as a default occurs and all outstanding transactions under the agreement are terminated, the termination value is assessed and only a single net amount is due or payable in settlement of all transactions. SEK endeavors to only enter into derivatives transactions with counterparties in jurisdictions where such netting is enforceable when such events occur.

The above ISDA arrangements do not meet the criteria for offsetting in the Statement of Financial Position. This is because such agreements create a right of set-off of recognized amounts that is enforceable only following an event of default, insolvency or bankruptcy of SEK or the counterparties. In addition, SEK and its counterparties do not intend to settle on a net basis or to realize the assets and settle the liabilities simultaneously.

The ISDA Master Netting Agreements are complemented by supplementary agreements providing for the collateralization of counterparty exposure. SEK receives and accepts collateral in the form of cash. Such collateral is subject to the standard industry terms of an ISDA Credit Support Annex (CSA).

The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement that cover similar financial instruments. SEK’s derivative transactions are subject to enforceable master netting agreements or similar agreements. Derivative assets and derivative liabilities in relation to central clearing counterparties are offset in the Statement of Financial Position.


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Financial assets subject to offsetting, enforceable master netting arrangements and similar agreements


Skr mn	Dec 31, 2025	Dec 31, 2024
Gross amounts of recognized financial assets	8,185	13,328
Amounts offset in the Statement of Financial Position	-1,465	-2,685
Net amounts of financial assets presented in the Statement of Financial Position	6,721	10,643
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments	-2,124	-1,881
Cash collateral received	-4,339	-7,997
Net amount	258	765

Financial liabilities subject to offsetting, enforceable master netting arrangements and similar agreements


Skr mn	Dec 31, 2025	Dec 31, 2024
Gross amounts of recognized financial liabilities	10,452	7,912
Amounts offset in the Statement of Financial Position	-1,465	-2,685
Net amounts of financial liabilities presented in the Statement of Financial Position	8,988	5,227
Amounts subject to an enforceable master netting arrangement or similar agreement not offset in the Statement of Financial Position related to:
Financial instruments	-2,124	-1,881
Cash collateral paid	-6,560	-3,170
Net amount	303	176

Note 15. Shares in subsidiaries

Since March 2018, SEKETT AB is a wholly owned, non-active, subsidiary to AB Svensk Exportkredit with a share capital of Skr 50 thousand.

December 31, 2025

December 31, 2024

Skr mn

Carrying amount

Number of shares

Carrying amount

Number of shares

SEKETT AB (org. nr 559132–9668)

Note 16. Other assets


Skr mn	Dec 31, 2025	Dec 31, 2024
Claim against the State for CIRR-loans and concessionary loans	448	8
Cash receivables, funding operations	181	207
Other	125	71
Total	754	286

Note 17. Prepaid expenses and accrued revenues


Skr mn	Dec 31, 2025	Dec 31, 2024
Interest income accrued	7,721	8,097
Prepaid expenses and other accrued revenues	54	48
Total	7,775	8,145


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Note 18. Debt


	December 31, 2025
Skr mn	Debt excl. debt securities issued	Debt securities issued	Total
Exchange-rate related contracts	—	3,777	3,777
Interest rate related contracts	4,410	296,349	300,759
Equity related contracts	—	—	—
Contracts related to raw materials, credit risk etc.	—	97	97
Total debt outstanding	4,410	300,222	304,633


of which denominated in:	Skr	USD	EUR	AUD	Other currencies	Total
	24,599	166,687	84,653	12,119	16,574	304,633


	December 31, 2024
Skr mn	Debt excl. debt securities issued	Debt securities issued	Total
Exchange-rate related contracts	—	4,802	4,802
Interest rate related contracts	8,607	311,407	320,014
Equity related contracts	—	54	54
Contracts related to raw materials, credit risk etc.	—	125	125
Total debt outstanding	8,607	316,388	324,995


of which denominated in:	Skr	USD	EUR	AUD	Other currencies	Total
	22,509	203,141	67,070	10,281	21,994	324,995

SEK’s Borrowing programs, value outstanding1


Skr mn	December 31, 2025	December 31, 2024
Medium-term note program:
Unlimited Euro Medium-Term Note Program	127,105	118,657
Unlimited SEC-registered U.S. Medium-Term Note Program	141,742	171,247
Unlimited Swedish Medium-Term Note Program	458	447
Unlimited MTN/STN AUD Debt Issuance Program	11,621	9,663
Commercial paper program:
USD 3,000,000,000 U.S. Commercial Paper Program	2,493	10,202
USD 4,000,000,000 Euro-Commercial Paper Program	16,115	4,273
1 Amortized cost excluding fair value adjustments.

Liabilities in financing activities


			Non-cash items
Skr mn	January 1, 2025	Cash Flow	Exchange rate difference	Unrealized changes in fair value	Accrued interest	December 31, 2025
Senior debt	324,995	19,543	-40,452	547	—	304,633
Lease liability	98	-30	—	17	1	86
Derivatives, net	-5,416	-7,249	14,389	543	—	2,267
Total liabilities in financing activities	319,677	12,265	-26,063	1,107	1	306,986


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			Non-cash items
Skr mn	January 1, 2024	Cash Flow	Exchange rate difference	Unrealized changes in fair value	Accrued interest	December 31, 2024
Senior debt	317,736	-17,757	23,139	1,877	—	324,995
Lease liability	125	-28	—	—	1	98
Derivatives, net	6,205	-660	-8,742	-2,219	—	-5,416
Total liabilities in financing activities	324,066	-18,445	14,397	-342	1	319,677

Note 19. Other liabilities


Skr mn	Dec 31, 2025	Dec 31, 2024
Liability against the State for CIRR-loans and concessionary loans	3,037	3,673
Cash payables, debt purchases	181	207
Other	446	610
Total	3,664	4,490

Note 20. Accrued expenses and prepaid revenues


Skr mn	Dec 31, 2025	Dec 31, 2024
Interest expenses accrued	8,480	8,720
Other accrued expenses and prepaid revenue	101	78
Total	8,581	8,798

Note 21. Provisions


Skr mn	December 31, 2025	December 31, 2024
Pension liabilities1	8	7
Long term employee benefit	1	2
Off balance, expected credit losses2	2	3
Total	10	12
1 See Note 5. 2 Provisions for expected credit losses for off-balance-sheet exposures, in accordance with IFRS 9, see Note 9.

Note 22. Equity

The total number of shares is 3,990,000 with a par value of Skr 1,000.

Own credit risk consists of gains and losses that arise from changes in SEK´s own credit risk on liabilities designated at fair value. These are recognized in Other comprehensive income under the reserve for own credit risk and are not reclassified to profit or loss in the financial statements of the Group.

Defined benefit plans consist of gains and losses that arises from changes in the value of defined benefit plans. These are presented in other comprehensive income in the reserve for defined benefit plans in accordance with IAS 19.

The fair value reserve consists of the hedge reserve (value changes on derivatives in cash flow hedges).

The entire equity is attributable to the shareholder of the Parent Company.

For information on the objectives, policies and processes for managing capital, see Note 29.


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Proposal for the distribution of profits

The results of the Consolidated Group’s operations during the year and its financial position at December 31, 2025, can be seen in the Statement of Comprehensive Income, Statement of Financial Position and Statement of Cash Flows for the Consolidated Group and related notes.

The Board has decided to propose to the Annual General Meeting the payment of a dividend of 40 percent of the year’s profit, corresponding to Skr 473 million (year-end 2024: 1,673), in accordance with the Company’s dividend policy of 20-40 percent. The following proposal regarding distribution of profits relates to the Parent Company.


Skr mn
At the disposal of the Annual General Meeting			19,869
The Board of Directors proposes that the Annual General Meeting dispose of these funds as follows:
– dividend to the shareholder of Skr 118.58 share amounting to			473
Remaining disposable funds to be carried forward			19,396

Note 23. Pledged assets and contingent liabilities


Skr mn	Dec 31, 2025	Dec 31, 2024
Collateral provided
Cash collateral under the security agreements for derivative contracts	6,858	3,201

Contingent liabilities
Guarantee commitments	9,896	9,428

Commitments
Committed undisbursed loans	81,624	56,887

Note 24. 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 differ from SEK’s accounting principles. Arrangement fees to SEK are recognized together with other arrangement fees as interest expenses.

In addition to the CIRR-system, SEK administers the Swedish government’s previous concessionary credit program according to the same principles as the CIRR-system. No new lending is being offered under the concessionary credit program. As of December 31, 2025, concessionary loans outstanding amounted to Skr 0 million (year-end 2024: Skr 64 million) and operating profit for the program amounted to Skr -1 million for the period January-December 2025 (2024: Skr -7 million). SEK´s administrative compensation for administrating the concessionary credit program amounted to Skr 0 million (2024: Skr 0 million).


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Statement of comprehensive income for the CIRR-system


Skr mn	2025	2024
Interest income	2,139	2,302
Interest expenses	-2,346	-2,070

Foreign exchange effects	2	1
Profit before compensation to SEK	-205	233
Administrative remuneration to SEK	-243	-240
Operating profit CIRR-system	-448	-7
Reimbursement to (-) / from (+) the State	448	7

Statement of financial position for the CIRR-system


Skr mn	Dec 31, 2025	Dec 31, 2024
Cash and cash equivalents	0	0
Loans	85,643	101,657
Derivatives	3,231	3,939
Other assets	629	217
Prepaid expenses and accrued revenues	1,772	1,817
Total assets	91,275	107,630

Liabilities	89,590	106,093
Derivatives	194	266
Accrued expenses and prepaid revenues	1,490	1,271
Total liabilities and equity	91,275	107,630

Commitments
Committed undisbursed loans	37,286	42,007

Note 25. Capital adequacy

Capital Adequacy Analysis


	December 31, 2025	December 31, 2024
Capital ratios	percent1	percent1
Common Equity Tier 1 capital ratio	23.1	22.2
Tier 1 capital ratio	23.1	22.2
Total capital ratio	23.1	22.2
1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffers.


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	December 31, 2025		December 31, 2024
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	7,993	8.0	8,437	8.0
of which Tier 1 requirement of 6 percent	5,995	6.0	6,328	6.0
of which minimum requirement of 4.5 percent	4,496	4.5	4,746	4.5
Pillar 2 capital requirements3	3,007	3.0	3,871	3.7
Common Equity Tier 1 capital available to meet buffer requirements4	12,123	12.1	11,106	10.5
Capital buffer requirements	4,072	4.1	4,317	4.1
of which Capital conservation buffer	2,498	2.5	2,637	2.5
of which Countercyclical buffer	1,574	1.6	1,680	1.6
Pillar 2 guidance5	999	1.0	1,582	1.5
Total risk-based capital requirement including Pillar 2 guidance	16,071	16.1	18,207	17.3
1 Expressed as a percentage of total risk exposure amount.
2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013 on prudential requirements for credit institutions and investment firm).
3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA SREP.
4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent).
5 On September 30, 2025, the Swedish FSA notified SEK, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.00 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.


	December 31, 2025	December 31, 2024
Leverage ratio1	Skr mn	Skr mn
On-balance exposures	236,953	234,139
Off-balance exposures	7,161	8,775
Total exposure measure	244,114	242,914
Leverage ratio2	9.5%	9.6%
1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.


	December 31, 2025		December 31, 2024
Total Leverage ratio requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	7,323	3.0	7,288	3.0
Pillar 2 guidance2	366	0.2	365	0.2
Total capital requirement relating to Leverage ratio including Pillar 2 guidance	7,689	3.2	7,653	3.2
1 Expressed as a percentage of total exposure amount.
2 On September 30, 2025, the Swedish FSA notified SEK, within the latest SREP, that SEK should hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.


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Own funds — adjusting items


	Parent Company
Skr mn	December 31, 2025	December 31, 2024
Share capital1	3,990	3,990
Retained earnings	18,468	18,413
Accumulated other comprehensive income and other reserves	456	241
Independently reviewed profit net of any foreseeable charge or dividend	703	1,255
Common equity Tier 1 (CET1) capital before regulatory adjustments	23,617	23,899
Additional value adjustments due to prudent valuations	-83	-84
Intangible assets	-22	-22
Fair value reserves related to gains or losses on cash flow hedges	—	3
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	-229	-217
IRB shortfall of credit risk adjustments to expected losses	-144	-180
Insufficient coverage for non-performing exposures	-15	-2
Total regulatory adjustments to Common Equity Tier 1 capital	-493	-502
Total Common Equity Tier 1 capital	23,124	23,397
Total own funds	23,124	23,397
1 For a detailed description of the instruments constituting share capital, see Note 22.

Minimum capital requirements exclusive of buffers


	Parent Company
	December 31, 2025			December 31, 2024
Skr mn	EAD1	Risk exposure amount	Min. capital requirement	EAD1	Risk exposure amount	Min. capital requirement
Credit risk, standardized approach
Corporates	5,829	5,770	462	5,532	5,528	442
Equity exposures	—	—	—	20	30	2
Default exposures	0	0	0	6	6	1
Total credit risk, standardized approach	5,829	5,770	462	5,558	5,564	445
Credit risk, IRB approach
Central governments	233,305	9,487	759	211,834	9,159	733
Financial institutions2	32,236	6,493	519	34,067	6,153	492
Corporates3	149,636	69,128	5,530	147,820	75,541	6,043
Non-credit-obligation assets	201	201	16	213	213	17
Total credit risk, IRB approach	415,378	85,310	6,825	393,934	91,066	7,285
Credit valuation adjustment risk	n.a.	1,882	151	n.a.	1,936	154
Foreign exchange risk	n.a.	2,494	200	n.a.	1,498	120
Commodity risk	n.a.	4	0	n.a.	7	1
Operational risk	n.a.	4,452	356	n.a.	5,395	432
Total	421,207	99,912	7,994	399,492	105,465	8,437
1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivative contracts: EAD Skr 5,145 million (year-end 2024: Skr 5,899 million), Risk exposure amount of Skr 1,059 million (year-end 2024: Skr 1,513 million) and Capital requirement of Skr 85 million (year-end 2024: Skr 121 million). 3 Of which related to Specialized lending: EAD Skr 8,258 million (year-end 2024 Skr 7,322 million), Risk exposure amount of Skr 8,473 million (year-end 2024: Skr 5,019 million) and Capital requirement of Skr 678 million (year-end 2024: Skr 402 million).


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Credit risk by PD grade

The tables illustrate the exposure at default (EAD), the portion of the exposure that will be lost in the event of a default (LGD) and the probability of default or cancellation of payments by a counterparty (PD) for the exposure classes where PD is estimated internally. Average PD is calculated without consideration of PD floors. Average PD and LGD are weighted by EAD, the average risk weight is the quotient of risk exposure amount and EAD.


	December 31, 2025					December 31, 2024
	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	CCC to D	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	CCC to D
Skr mn	0.003%-0.010%	0.020%–0.060%	0.100%–0.270%	0.450%–7.690%	38.280%–100.000%	0.003%-0.010%	0.020%–0.060%	0.100%–0.270%	0.450%–7.690%	38.280%–100.000%
Central governments
EAD	229,172	4,125	—	7	—	209,730	2,091	—	12	—
Average PD in %	0.003	0.04	—	0.70	—	0.003	0.06	—	1.20	100.00
Average LGD in %	45.0	45.0	—	45.0	—	45.0	45.0	—	45.0	45.0
Average risk weight in %	3.8	16.4	—	82.5	—	4.1	22.8	—	105.2	—


	December 31, 2025					December 31, 2024
	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	CCC to D	AAA to AA-	A+ to A-	BBB+ to BBB-	BB+ to B-	CCC to D
Skr mn	0.003%-0.032%	0.050%–0.060%	0.150%–0.350%	0.500%–11.430%	35.290%–100.000%	0.010%-0.040%	0.060%–0.110%	0.160%–0.320%	0.500%–8.270%	28.910%–100.000%
Financial institutions
EAD	17,093	11,298	873	22	—	14,245	18,777	995	50	—
Average PD in %	0.03	0.05	0.35	0.79	—	0.03	0.05	0.33	1.18	—
Average LGD in %	27.6	36.3	45.0	45.0	—	34.8	29.4	45.0	45.0	—
Average risk weight in %	16.4	22.3	77.4	109.0	—	15.0	16.8	80.0	130.0	—
Corporates
EAD	6,143	24,362	78,997	30,530	1,345	4,423	27,693	75,379	32,193	809
Average PD in %	0.03	0.06	0.21	0.86	61.10	0.03	0.06	0.21	0.81	45.50
Average LGD in %	40.0	40.0	40.0	40.0	40.0	45.0	45.0	45.0	45.0	45.0
Average risk weight in %	17.5	18.7	38.8	74.0	131.3	11.8	19.8	46.1	86.9	219.4

Credit risks

For risk classification and quantification of credit risk, SEK uses an internal ratings-based (IRB) approach. Specifically, SEK applies the foundation IRB approach. Under the foundation IRB approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with the 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 for calculating the capital requirement. For further information regarding these exposures see the Risk measurement section in Note 26. Counterparty risk exposure amounts in derivative contracts are calculated in accordance with the standardized approach for counterparty credit risk.

Credit valuation adjustment risk

A capital requirement for credit valuation adjustment risk is calculated for all OTC derivatives, except for credit derivatives used as credit risk hedges and transactions with a qualifying central counterparty. SEK calculates this capital requirement using the basic approach.

Foreign exchange risk

Foreign exchange risk is calculated with the standardized approach, whereas the scenario approach is used for calculating the gamma and volatility risks.


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Commodity risk

Own funds requirements for commodity risk are calculated using the simplified approach under the standardized approach, and where 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 as set out in the regulation. For SEK, the BIC is multiplied by 12 percent.

Capital buffer requirements

SEK meets capital buffer requirements with Common Equity Tier 1 capital as of December 31, 2025. The Swedish FSA has not classified SEK as a systemically important institution. Accordingly, the capital buffer requirements for systemically important institutions that entered into force on January 1, 2016 do not apply to SEK. 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. At December 31, 2025, the capital requirement related to credit risk exposures in Sweden was 71 percent (year-end 2024: 74 percent) of the total capital requirement regardless of location, this fraction is also the weight applied to the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. Buffer rates activated in other countries may impact SEK, but the potential effect is limited since most buffer requirements from relevant credit exposures relate to Sweden. As of December 31, 2025, the contribution to SEK’s countercyclical capital buffer from buffer rates in other countries was 0.15 percentage points (year-end 2024: 0.12 percentage points).

Leverage ratio

The leverage ratio is a metric that was introduced in 2015. A capital base requirement amounts to 3 percent and is calculated on the total leverage ratio exposure measure. The leverage ratio is defined in the CRR as the quotient of the Tier 1 capital and an exposure measure. The exposure measure consists of assets, with special treatment of derivatives among other items, and off-balance-sheet credit risk exposures that have been weighted with a factor depending on the type of exposure. The leverage ratio as of December 31, 2025 was 9.5 percent (year-end 2024: 9.6 percent).

Pillar 2 guidance

The Pillar 2 guidance refers to what the Swedish FSA believes to be an appropriate level of the institution’s own funds. The difference between the believed appropriate level of own funds and the minimum capital requirement, the Pillar 2 capital requirement and the combined capital buffer requirement is calculated, decided and established by the Swedish FSA in the form of a non-binding recommendation (so-called Pillar 2 guidance). The Pillar 2 guidance covers both the risk-based capital requirement and the leverage ratio requirement, and replaces the previous capital planning buffer.


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Liquidity coverage


Skr bn, 12 month average	Dec 31, 2025	Dec 31, 2024
Total liquid assets	59.1	64.1
Net liquidity outflows1	10.3	14.9
Liquidity outflows	22.9	26.0
Liquidity inflows	13.2	11.2
Liquidity Coverage Ratio	660%	518%
1 Net liquidity outflows is calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows is calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.

Information on Liquidity Coverage Ratio (LCR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.

Net stable funding


Skr bn	Dec 31, 2025	Dec 31, 2024
Available stable funding	244.3	272.5
Required stable funding	202.8	211.0
Net Stable Funding Ratio	120%	129%

Information on Net Stable Funding Ratio (NSFR) in accordance with article 447 of the CRR (EU 575/2013), calculated in accordance with the Commission Delegated Regulation (EU) 2015/61.


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Note 26. Risk information

For further information on SEK’s risk management, see Note 29.

Consolidation of SEK pursuant to the supervisory regulations differs from consolidation in the consolidated financial statements, where no consolidation pursuant to the supervisory regulation was conducted, since the wholly owned subsidiary, SEKETT AB, which is the only company in the Group aside from the Parent Company, is not a financial company. Since no subsidiary is an institute pursuant to the CRR definition, subsidiaries are not subject to the supervisory regulations on an individual basis. The table of credit quality per category in the Statement of Financial Position and the table illustrating the link between the Statement of Financial Position categories and exposures under the CRR, contain carrying amounts. Other tables show amounts in accordance with the capital requirements calculations before the application of conversion factors.

Credit risk

For a description of risk class, risk management, risk profile and risk appetite, please refer to the detailed risk statement in Note 29.

Risk management

The Risk policy and the Credit Policy

The Risk Policy and the Credit Policy issued by the Board, and the Credit Instruction issued by the Board’s Credit Committee, are the foundations upon which SEK’s credit risk management is based. These policy documents constitute the framework for the level of credit risk that SEK can accept and describe the decision-making structure and credit decision mandate as well as the credit norm. The underlying methodological working papers clarify the credit process, fundamental principles for credit limits and the management of problem loans.

The credit norm is a core concept for SEK’s credit granting and clarifies expectations in terms of credit quality. For a business transaction to be considered to fall within the credit norm, it is necessary for the proposition to satisfy the requirements in the following areas: norm for the risk level and norm for the lending terms.

All credit decisions are to be made in line with the decision-making mandate structure established by the Board for delegated decision-making. SEK’s credit-decision structure and established mandates are built on a decision-making structure based on the duality principle, thus ensuring thorough analysis and assessment of all credit propositions.

Risk reduction

Credit risk is reduced through the use of various credit risk hedges, in the form of guarantees, netting agreements, credit insurance and other forms of collateral.

The guarantors, particularly with regard to lending to exporters’ customers, are predominantly government export credit agencies in the OECD, of which EKN is the largest. Since credit risk is allocated to a guarantor, SEK’s guaranteed credit risk exposure in reports of its net credit risk exposure largely consists of exposure to government counterparties. Guarantees are also received from financial institutions and, to a lesser extent, non-financial corporations and insurance companies.

The counterparty risk associated with derivative contracts is always documented using ISDA Master Agreements, which also entail a netting agreement, with the support of collateral agreements in the form of a CSA. Approved collateral under the CSAs entered into by SEK always take the form of liquid assets.

SEK also uses various types of collateral to reduce credit risks pertaining to certain types of credit granting. While collateral is significant for individual transactions, it has a limited impact on the total lending portfolio.

Limit setting

SEK utilizes limits to restrict credit risks to a specified level. Limits express the highest permissible exposure to a counterparty for specific tenors and for various types of exposures, such as corporate lending, guarantees, counterparty risk in derivative contracts or liquidity investments. Exposures must be encompassed within the limits that have been decided for the particular counterparties. The overall limits are set by the Board. All limits are reviewed at least once annually.

Testing provisions

SEK applies IFRS 9 for the impairment of financial instruments. Impairment is based on the model for expected credit losses (ECL). The assets being impairment tested are divided into three stages: Stage 1, Stage 2 and Stage 3. Initially, all exposures are in Stage 1. Exposures where there is a significant increase in credit risk are placed in Stage 2 and Stage 3 encompasses exposures in default. Stage 3 impairments are calculated through individual testing based on an expert assessment. Individual testing provisions are


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made when objective conditions exist that indicate a possible need for the financial asset to be impaired according to Stage 3. Individual provisions may also, where applicable, be relevant for exposures in stage 2. The Credit Committee prepares provision proposals from the account managers and credit analysts, which are thereafter determined by the Board’s Credit Committee. The Board adopts the accounts and thereby the provisions. Refer to Note 1(f) for more information on the calculation of expected credit losses under IFRS 9.

Risk measurement

With the exception of a few counterparties, SEK uses, and has permission to use, the Foundation IRB approach for measuring the credit risk inherent in exposures to a majority of SEK’s counterparties. This means that for these exposures SEK uses its own estimates of the probability of default (PD) risk parameter which, per counterparty, reflects the assigned internal rating. Other risk parameters, including loss given default (LGD) and credit conversion factors (CCF), are determined by the Capital Requirements Regulation (CRR).

In the credit assessment process, all of SEK’s counterparties must be risk classified and assigned an internal risk class. In case of internal risk classification, SEK performs its own analysis of the counterparty. The potential impact of ESG factors is taking into account the counterparty’s repayment ability, hence it is integrated in SEK’s rating methodologies, In the risk classification process for companies, risk drivers and transmission channels are assessed for the specific counterparty and from a sector perspective. The analysis is based on public information found in, for example, annual and sustainability reports as well as on information obtained through dialogue with the counterparty. The analysis assesses, among other things, how the counterparty manages and mitigates ESG-related risks such as policy changes, technological advances and/or shifts in consumer preferences. The risks can affect the counterparty’s creditworthiness, for example through reduced sales, lower profitability, stranded assets and/or large investment costs and can lower the counterparty’s internal risk rating.

SEK’s permission from the Swedish FSA to use the Foundation IRB approach encompasses exposures to central governments, regional governments, municipalities, companies, insurance companies, financial systems and financial institutions. The Swedish FSA has granted SEK permission to apply exceptions from the IRB approach for certain exposures. For these exposures, SEK uses the Standardized approach and external ratings when calculating risk exposure amounts (when no external rating is available, the exposure is assigned a risk weight of 100 percent).

The exempted exposures, for which the Standardized approach are used, are as follows (the permissions are valid as long as these exposures are of minor importance in terms of scope and risk profile):
exposures to small and medium-sized companies (with an annual turnover not exceeding EUR 50 million);
exposures in the Customer Finance business area; and
guarantees for the benefit of small and medium-sized enterprises.

In the assessment of capital adequacy, those counterparties using external ratings are assigned an internal rating under IFRS 9.

Counterparty risk in derivatives contracts

Counterparty risk in derivative contracts, which is a type of credit risk, arises when derivatives are used to manage risks. To limit this risk, SEK enters into such transactions solely with counterparties with strong credit ratings. Risk is further reduced by SEK’s entering into ISDA Master Agreements (ISDAs), together with associated CSAs, with its counterparties before entering into derivative contracts. These bilateral CSAs define the maximum permissible risk levels in form of threshold amounts. ISDA and CSA agreements are reviewed continuously to be able to renegotiate the terms as necessary. For counterparty exposures that exceed the threshold amounts and the minimum transfer amount under the relevant CSAs due to market value changes, settlement is demanded so that the counterparty exposure is reduced to the pre-agreed level. There are no thresholds in SEK’s CSAs for variation margin. Additionally, SEK is monitoring the initial margin requirements for non-centrally cleared transactions according to the European Markets Infrastructure Regulation (EMIR). Furthermore, interest derivative contracts are cleared with a central counterpart according to EMIR. SEK measures the exposures from counterparty risk by using the standardized approach (SA-CCR) described in the CRR.

Risk control

SEK’s exposures are analyzed, reported and followed up regularly in respect of credit portfolio risk concentration and the credit quality of individual debtors. The analysis encompasses, among other things, (i) the size of individual commitments, (ii) domicile and (iii) sector. The analysis refers to both direct exposure and indirect exposure. For the purpose of monitoring and checking large exposures, SEK has defined internal limits, which impose further limitations on the size of such exposures in addition to those stated in the CRR.


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Exposures assessed as problem loans, meaning those for which SEK assesses that there is a high probability that the undertaking according to the original agreement will not be fulfilled, are analyzed in greater detail and more frequently. The intention is to identify, at an early stage, credits with an elevated risk. This is to adapt the exposure, reduce credit losses and ensure that the risk rating reflects the actual risk associated with the particular counterparty.

The credit portfolio is subject to regular stress tests. The results of the scenario analyses and stress tests are reported to the Board and the Finance and Risk Committee on a regular basis. Reporting of credit risk in different segments comprises a central feature of the reporting of credit risk to the Board, the Board’s Finance and Risk Committee, management and the Credit Committee. The senior management and the Board’s Finance and Risk Committee approves all material changes regarding SEK’s IRB system. SEK’s IRB system is validated by the independent risk function at least once annually.

Risk information

For a supplementary and expanded account of the credit risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2025”, available on the Company’s website (and does not form part of this annual report).

The following table shows the maximum credit exposure. Nominal amounts are shown, apart from cash and cash equivalents, derivatives and shares, which are recognized at the carrying amount. Maximum credit risk exposure for loans to credit institutions and loans to the public includes committed but undisbursed loans at year end, which are recognized in nominal amounts.


	December 31, 2025
	Maximum credit risk exposure
Skr mn	Assets at fair value through profit or loss	Amortized costs
Cash and cash equivalents	—	7,259
Treasuries/government bonds	13,428	—
Other interest-bearing securities except loans	43,197	—
Loans in the form of interest-bearing securities	—	47,760
Loans to credit institutions	—	27,350
Loans to the public	—	282,509
Derivatives	6,721	—
Shares	—	—
Total financial assets	63,346	364,879


	December 31, 2024
	Maximum credit risk exposure
Skr mn	Assets at fair value through profit or loss	Amortized costs
Cash and cash equivalents	—	5,219
Treasuries/government bonds	4,150	—
Other interest-bearing securities except loans	52,973	—
Loans in the form of interest-bearing securities	—	49,039
Loans to credit institutions	—	26,756
Loans to the public	—	276,225
Derivatives	10,643	—
Shares	20	—
Total financial assets	67,786	357,239


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The table below shows the credit quality following risk mitigation (net) per row in the Statement of Financial Position. The figures pertain to carrying amounts. SEK uses guarantees and insurance policies as credit risk hedges. The credit quality of financial assets is assessed using internal and external ratings.


	December 31, 2025
Skr mn	AAA	AA+ to A-	BBB+ to BBB-	BB+ to B-	CCC to D	Carrying amount
Cash and cash equivalents	1,000	6,258	—	1	—	7,259
Treasuries/government bonds	11,585	1,834	—	—	—	13,419
Other interest-bearing securities except loans	22,989	19,573	676	—	—	43,237
Loans in the form of interest-bearing securities	—	16,715	30,770	—	—	47,485
Loans to credit institutions	11,169	10,433	1,143	195	—	22,939
Loans to the public	97,626	18,567	47,313	34,229	2,481	200,216
Derivatives	—	6,700	0	20	—	6,721
Shares	—	—	—	—	—	—
Total financial assets	144,369	80,079	79,903	34,445	2,481	341,277
Committed undisbursed loans	76,607	678	1,664	2,264	410	81,624


	December 31, 2024
Skr mn	AAA	AA+ to A-	BBB+ to BBB-	BB+ to B-	CCC to D	Carrying amount
Cash and cash equivalents	1,000	4,217	—	2	—	5,219
Treasuries/government bonds	1,650	2,500	—	—	—	4,150
Other interest-bearing securities except loans	31,758	20,527	558	—	—	52,843
Loans in the form of interest-bearing securities	600	18,329	28,997	800	—	48,726
Loans to credit institutions	4,730	7,566	1,219	14	—	13,529
Loans to the public	120,840	21,292	44,737	36,586	899	224,354
Derivatives	—	10,625	18	—	—	10,643
Shares	—	—	—	—	20	20
Total financial assets	160,578	85,056	75,529	37,402	919	359,484
Committed undisbursed loans	49,762	675	3,236	3,214	—	56,887

The table below illustrates the link between the Statement of Financial Position categories and net exposures according to CRR.


	December 31, 2025
Skr bn	Carrying amount	Adjustment to carrying amount from exposure	Central governments	Regional governments	Multilateral development banks	Public sector entity	Financial institutions	Corporates
Cash and cash equivalents	7.3	0.1	1.0	—	—	—	6.1	—
Treasuries/government bonds	13.4	0.0	13.4	—	—	—	—	—
Other interest-bearing securities except loans	43.2	0.2	14.9	9.4	5.1	—	12.9	0.7
Loans in the form of interest-bearing securities	47.5	-0.3	—	—	—	—	—	47.8
Loans to credit institutions including cash and cash equivalents1	22.9	6.7	10.8	0.4	—	—	4.1	0.9
Loans to the public	200.2	-2.2	100.4	1.0	0.0	—	3.4	97.8
Derivatives	6.7	1.6	—	—	—	—	5.1	—
Shares	—	—	—	—	—	—	—	—
Other assets	0.8	0.8	—	—	—	—	—	—
Total financial assets	342.0	6.8	140.5	10.9	5.1	—	31.7	147.1
Contingent liabilities and commitments2	91.5	0.0	76.3	0.6	—	—	0.5	14.2
Total	433.6	6.8	216.8	11.4	5.1	—	32.2	161.3


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	December 31, 2024
Skr bn	Carrying amount	Adjustment to carrying amount from exposure	Central governments	Regional governments	Multilateral development banks	Public sector entity	Financial institutions	Corporates
Cash and cash equivalents	5.2	—	1.0	—	—	—	4.2	0.0
Treasuries/government bonds	4.2	0.1	4.1	—	—	—	—	—
Other interest-bearing securities except loans	52.8	-0.1	13.2	16.6	6.3	1.0	15.2	0.6
Loans in the form of interest-bearing securities	48.7	-0.3	0.6	—	—	—	—	48.4
Loans to credit institutions including cash and cash equivalents1	13.5	3.1	4.8	0.5	—	—	4.2	0.9
Loans to the public	224.4	-1.9	124.4	1.0	0.7	—	4.4	95.8
Derivatives	10.6	4.7	—	—	—	—	5.9	0.0
Shares	0.0	0.0	—	—	—	—	—	0.0
Other assets	0.3	0.1	0.2	—	—	—	—	—
Total financial assets	359.7	5.7	148.3	18.1	7.0	1.0	33.9	145.7
Contingent liabilities and commitments2	66.3	-0.2	49.3	0.6	—	—	0.2	16.4
Total	426.0	5.5	197.6	18.7	7.0	1.0	34.1	162.1
1 Skr 6.9 billion (2024: Skr 3.2 billion) of the carrying amount for Loans to credit institutions is cash collateral under the CSAs for derivative contracts. 2 Contingent liabilities and commitments, except cash collateral.

Total credit exposures in the Group

Net exposures are recognized after taking the impact of credit risk hedges into account. Gross exposures are recognized without taking the impact of credit risk hedges into account. According to the internal risk follow-up, the amounts coincide with the capital requirements calculations, although without the application of conversion factors. In tables showing the geographical breakdown of exposures, North America is shown excluding Central America.

Total net exposures


Skr bn	Interest-bearing securities and lending				Committed undisbursed loans, derivatives, etc.				Total
	31 dec 2025		31 dec 2024		31 dec 2025		31 dec 2024		31 dec 2025		31 dec 2024
Exposure class	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Central governments	140.5	42.5	148.3	42.6	76.3	78.8	49.3	68.2	216.8	50.8	197.6	47.0
Regional governments	10.9	3.3	18.2	5.3	0.6	0.6	0.5	0.7	11.4	2.7	18.7	4.5
Multilateral development banks	5.1	1.6	7.0	2.0	—	—	—	—	5.1	1.2	7.0	1.7
Public sector entity	—	—	1.0	0.3	—	—	—	—	0.0	0.0	1.0	0.2
Financial institutions	26.6	8.1	28.0	8.0	5.7	5.9	6.1	8.4	32.2	7.5	34.1	8.1
Corporates	147.1	44.6	145.7	41.8	14.2	14.7	16.4	22.7	161.3	37.8	162.1	38.5
Equity exposures	—	—	0.0	0.0	—	—	—	—	—	—	0.0	0.0
Total	330.1	100.0	348.2	100.0	96.8	100.0	72.3	100.0	426.9	100.0	420.5	100.0


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Geographical breakdown of credit exposures

Geographical breakdown of gross exposures by exposure class


	December 31, 2025
Skr bn	Middle East/Africa/Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	49.4	0.8	—	—	42.0	19.9	10.7	—	122.8
Regional governments	1.8	—	—	—	—	8.6	1.1	0.0	11.5
Multilateral development banks	—	0.8	—	—	—	—	4.4	—	5.1
Public sector entity	—	—	—	—	—	—	—	—	—
Financial institutions	—	—	2.0	2.9	—	15.5	8.4	20.9	49.7
Corporates	11.8	1.8	—	38.3	10.9	126.3	43.6	5.1	237.8
Equity exposures	—	—	—	—	—	—	—	—	—
Total	63.0	3.4	2.0	41.2	52.9	170.2	68.1	26.0	426.9


	December 31, 2024
Skr bn	Middle East/Africa/Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	26.2	1.7	—	—	44.3	13.9	4.7	—	90.8
Regional governments	0.9	—	—	—	—	15.3	1.5	0.1	17.8
Multilateral development banks	—	0.6	—	0.6	—	—	5.1	—	6.3
Public sector entity	—	—	—	—	—	—	1.0	—	1.0
Financial institutions	—	—	0.8	1.7	—	17.7	9.8	21.1	51.1
Corporates	16.3	2.5	—	56.2	10.7	131.0	33.0	3.8	253.5
Equity exposures	—	—	—	—	—	0.0	—	—	—
Total	43.4	4.8	0.8	58.5	55.0	177.9	55.1	25.0	420.5

Geographical breakdown of net exposures by exposure class


	December 31, 2025
Skr bn	Middle East/Africa/Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	0.0	—	0.2	—	201.8	12.8	2.0	216.8
Regional governments	—	—	—	—	—	10.3	1.1	0.0	11.4
Multilateral development banks	—	0.8	—	—	—	—	4.4	—	5.1
Public sector entity	—	—	—	—	—	—	—	—	—
Financial institutions	0.0	—	2.1	3.2	0.0	16.6	10.3	—	32.2
Corporates	0.3	0.9	3.2	7.7	2.4	112.5	32.6	1.8	161.3
Equity exposures	—	—	—	—	—	—	—	—	—
Total	0.3	1.7	5.3	11.1	2.4	341.2	61.1	3.7	426.9


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	December 31, 2024
Skr bn	Middle East/Africa/Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	0.1	—	0.4	—	187.4	7.7	2.0	197.6
Regional governments	—	—	—	—	—	17.1	1.5	0.1	18.7
Multilateral development banks	—	0.7	—	0.5	—	—	5.8	—	7.0
Public sector entity	—	—	—	—	—	—	1.0	—	1.0
Financial institutions	—	—	0.9	2.2	—	18.8	12.2	—	34.1
Corporates	0.1	1.1	3.0	8.4	3.3	110.2	35.1	0.9	162.1
Equity exposures	—	—	—	—	—	0.0	—	—	0.0
Total	0.1	1.9	3.9	11.5	3.3	333.5	63.3	3.0	420.5

Impact of credit risk hedges by exposure class and hedge type

The following table shows, on the basis of gross exposure class, a breakdown based on whether or not the amounts are covered by credit risk hedges that are included in the capital adequacy calculations. Credit insurance issued by insurance companies is thus counted as a guarantee. Hedged amounts have been divided in accordance with the hedge issuer’s exposure class and type of hedge. Accordingly, the tables show the hedge types that convert gross exposures to net exposures.


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Impact of credit risk hedges

Gross exposures by exposure class


	December 31, 2025
Skr bn	Central govern-ments	Regional govern-ments	Multilateral development banks	Public sector entity	Financial institutions	Corpo-rates	Equity exposures	Total	whereof subject to the write-down requirement in IFRS91
Amounts related to hedges issued by:
Central governments	92.0	1.8	—	—	20.9	71.5	—	186.2	186.2
of which, guarantees issued by EKN	92.0	1.8	—	—	20.9	59.4	—	174.1	174.1
of which, guarantees issued by other export credit agencies	0.0	—	—	—	—	2.4	—	2.5	2.5
of which, other guarantees	—	—	—	—	—	9.6	—	9.6	9.6
Regional governments	—	—	—	—	0.4	1.3	—	1.7	1.7
Multilateral development banks	—	—	—	—	—	0.0	—	0.0	0.0
Financial institutions	0.0	—	—	—	—	3.8	—	3.9	3.9
of which, credit default swaps	—	—	—	—	—	—	—	—	—
of which, guarantees	0.0	—	—	—	—	3.8	—	3.9	3.9
Corporates	0.2	—	—	—	—	13.2	—	13.4	13.4
of which, credit insurance from insurance companies	0.2	—	—	—	—	8.8	—	9.0	9.0
of which, other guarantees	—	—	—	—	—	4.4	—	4.4	4.4
Total hedged exposures	92.2	1.8	—	—	21.3	89.8	—	205.2	205.2
Unhedged exposures2	30.6	9.7	5.1	—	28.4	148.0	—	221.7	165.1
Total	122.8	11.5	5.1	—	49.7	237.8	—	426.9	370.2


	December 31, 2024
Skr bn	Central govern-ments	Regional govern-ments	Multilateral development banks	Public sector entity	Financial institutions	Corpo-rates	Equity exposures	Total	whereof subject to the write-down requirement in IFRS91
Amounts related to hedges issued by:
Central governments	71.7	0.9	—	—	21.0	85.3	—	178.9	178.9
of which, guarantees issued by EKN	71.6	0.9	—	—	21.0	72.5	—	166.0	166.0
of which, guarantees issued by other export credit agencies	0.1	—	—	—	—	3.3	—	3.4	3.4
of which, other guarantees	—	—	—	—	—	9.5	—	9.5	9.5
Regional governments	—	—	—	—	0.5	1.3	—	1.8	1.8
Multilateral development banks	—	—	—	—	—	0.7	—	0.7	0.7
Financial institutions	0.1	—	—	—	—	4.4	—	4.5	4.5
of which, credit default swaps	—	—	—	—	—	—	—	—	—
of which, guarantees	0.1	—	—	—	—	4.4	—	4.5	4.5
Corporates	0.4	—	—	—	—	14.8	—	15.2	15.2
of which, credit insurance from insurance companies	0.4	—	—	—	—	10.6	—	11.0	11.0
of which, other guarantees	—	—	—	—	—	4.2	—	4.2	4.2
Total hedged exposures	72.2	0.9	—	—	21.5	106.5	—	201.1	201.1
Unhedged exposures2	18.6	16.9	6.3	1.0	29.6	147.0	0.0	219.4	162.5
Total	90.8	17.8	6.3	1.0	51.1	253.5	—	420.5	363.6
1 Assets valued at accrued acquisition value, which are subject to the write-down requirements in IFRS 9. 2 Exposures whereby the hedge issuer belongs to the same group as the counterparty in the unhedged exposure have been reported as “Unhedged exposures.” The amounts for these were Skr 39.0 billion (2024: Skr 36.1 billion) for corporates, Skr 0.0 billion (2024: Skr 0.0 billion) for financial institutions and Skr 0.0 billion (2024: Skr 0.0 billion) for central governments.


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Gross exposures Europe, excluding Sweden, breakdown by exposure class


	December 31, 2025
Skr bn	Central governments	Regional governments	Multilateral development banks	Public sector entity	Financial institutions	Corporates	Total
Poland	—	—	—	—	20.9	4.0	25.0
United Kingdom	—	—	—	—	0.1	20.2	20.3
Germany	8.9	—	—	—	1.4	0.2	10.5
Finland	—	1.1	0.4	—	0.1	7.5	9.1
France	1.8	—	—	—	2.4	2.4	6.6
Denmark	—	—	—	—	1.2	4.9	6.2
Luxembourg	—	—	4.0	—	—	0.5	4.5
Norway	—	—	—	—	0.9	2.2	3.1
Ireland	—	—	—	—	0.1	2.0	2.1
Spain	—	—	—	—	1.0	0.9	2.0
Netherlands	—	—	—	—	0.4	0.5	0.9
Italy	—	—	—	—	—	0.7	0.7
Belgium	—	—	—	—	—	0.7	0.7
Portugal	—	—	—	—	—	0.7	0.7
Austria	—	—	—	—	0.7	—	0.7
Serbia	—	—	—	—	—	0.6	0.6
Montenegro	—	—	—	—	—	0.2	0.2
Czech Republic	—	—	—	—	—	0.1	0.1
Slovakia	—	—	—	—	—	0.1	0.1
Iceland	—	—	—	—	—	0.0	0.0
Russian Federation	—	—	—	—	—	0.0	0.0
Latvia	—	0.0	—	—	—	—	0.0
Lithuania	—	—	—	—	—	—	—
Estonia	—	—	—	—	—	—	—
Total	10.7	1.1	4.4	—	29.3	48.7	94.2


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	December 31, 2024
Skr bn	Central governments	Regional governments	Multilateral development banks	Public sector entity	Financial institutions	Corporates	Total
Poland	—	—	—	—	21.0	2.1	23.1
Finland	1.1	1.5	—	—	0.1	9.2	11.9
United Kingdom	—	—	—	—	0.1	8.4	8.5
Denmark	—	—	—	1.0	2.0	4.2	7.2
France	0.5	—	—	—	3.4	2.7	6.6
Luxembourg	—	—	5.1	—	—	0.6	5.7
Germany	2.2	—	—	—	1.0	0.4	3.6
Norway	—	—	—	—	0.2	2.9	3.1
Spain	—	—	—	—	1.2	1.1	2.3
Austria	0.9	—	—	—	0.8	—	1.7
Netherlands	—	—	—	—	0.9	0.7	1.6
Italy	—	—	—	—	—	1.1	1.1
Serbia	—	—	—	—	—	0.9	0.9
Portugal	—	—	—	—	—	0.8	0.8
Belgium	—	—	—	—	—	0.6	0.6
Ireland	—	—	—	—	0.2	0.2	0.4
Lithuania	—	—	—	—	—	0.2	0.2
Czech Republic	—	—	—	—	—	0.2	0.2
Estonia	—	—	—	—	—	0.1	0.1
Latvia	—	0.0	—	—	—	0.1	0.1
Slovakia	—	—	—	—	—	0.1	0.1
Iceland	—	—	—	—	—	0.1	0.1
Russian Federation	—	—	—	—	—	0.1	0.1
Montenegro	—	—	—	—	—	—	—
Total	4.7	1.5	5.1	1.0	30.9	36.8	80.0


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Net exposures Europe, excluding Sweden, breakdown by exposure class


	December 31, 2025
Skr bn	Central governments	Regional governments	Multilateral development banks	Public sector entity	Financial institutions	Corporates	Total
Germany	9.7	—	—	—	1.8	1.0	12.6
United Kingdom	—	—	—	—	2.4	6.3	8.7
Luxembourg	—	—	4.0	—	—	3.6	7.6
Finland	—	1.1	0.4	—	0.2	4.8	6.5
France	2.1	—	—	—	0.4	3.8	6.4
Denmark	0.3	—	—	—	1.2	4.2	5.8
Norway	0.4	—	—	—	1.0	2.2	3.6
Poland	2.0	—	—	—	—	1.5	3.4
Belgium	—	—	—	—	0.6	2.8	3.4
Spain	—	—	—	—	1.4	0.8	2.3
Ireland	—	—	—	—	—	1.5	1.5
Portugal	—	—	—	—	—	0.8	0.8
Austria	—	—	—	—	0.7	—	0.7
Netherlands	0.1	—	—	—	0.4	0.1	0.6
Switzerland	—	—	—	—	0.1	0.4	0.5
Italy	—	—	—	—	—	0.2	0.2
Serbia	—	—	—	—	—	0.1	0.1
Czech Republic	—	—	—	—	—	0.1	0.1
Slovakia	—	—	—	—	—	0.1	0.1
Iceland	—	—	—	—	—	0.0	0.0
Latvia	—	0.0	—	—	—	—	0.0
Montenegro	—	—	—	—	—	0.0	0.0
Estonia	—	—	—	—	—	—	—
Lithuania	—	—	—	—	—	—	—
Total	14.7	1.1	4.4	—	10.3	34.4	64.8


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	December 31, 2024
Skr bn	Central governments	Regional governments	Multilateral development banks	Public sector entity	Financial institutions	Corporates	Total
Luxembourg	—	—	5.8	—	—	4.9	10.7
United Kingdom	—	—	—	—	2.6	6.2	8.8
Finland	1.1	1.5	—	—	0.2	5.4	8.2
France	1.9	—	—	—	1.0	4.1	7.0
Denmark	0.5	—	—	1.0	2.0	3.4	6.9
Germany	2.6	—	—	—	1.8	2.1	6.5
Norway	0.5	—	—	—	0.3	2.8	3.6
Belgium	—	—	—	—	0.6	2.4	3.0
Spain	—	—	—	—	1.8	0.4	2.2
Poland	2.1	—	—	—	—	—	2.1
Austria	0.9	—	—	—	0.8	—	1.7
Ireland	—	—	—	—	—	1.4	1.4
Netherlands	0.1	—	—	—	1.0	0.3	1.4
Portugal	—	—	—	—	—	0.8	0.8
Switzerland	—	—	—	—	0.2	0.5	0.7
Serbia	—	—	—	—	—	0.3	0.3
Italy	—	—	—	—	—	0.2	0.2
Lithuania	—	—	—	—	—	0.2	0.2
Czech Republic	—	—	—	—	—	0.2	0.2
Estonia	—	—	—	—	—	0.1	0.1
Latvia	—	0.0	—	—	—	0.1	0.1
Slovakia	—	—	—	—	—	0.1	0.1
Iceland	—	—	—	—	—	0.1	0.1
Montenegro	—	—	—	—	—	—	—
Total	9.7	1.5	5.8	1.0	12.3	36.0	66.3

Corporate exposures, broken down by industry1


	December 31, 2025		December 31, 2024
Skr bn	Gross exposure	Net exposure	Gross exposure	Net exposure
Industrials	66.8	66.3	70.9	64.0
IT and telecom	45.3	11.7	71.2	17.0
Consumer goods	27.3	25.6	29.0	25.8
Materials	26.5	17.6	29.6	17.8
Utilities	39.8	15.5	27.6	13.5
Finance	16.6	14.6	13.9	17.0
Healthcare	9.0	6.9	4.7	4.1
Energy	3.8	1.1	4.8	1.4
Real Estate	2.2	1.5	1.4	1.1
Other	0.4	0.4	0.4	0.4
Total	237.8	161.3	253.5	162.1
1 In accordance with the reporting standard (GICS).


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Market risk

For a description of the risk category, risk strategy, risk profile and risk appetite, see the detailed risk statement in Note 29.

Risk management

SEK’s Board establishes SEK’s appetite and strategy for market risk, which clearly define and limit the permissible exposure to market risk. In addition, instructions established by the CEO regulate SEK’s management of market risks. The Chief Risk Officer decides on the methods for measuring market risks and proposes changes in limit structures in connection with reviews of risk appetite and limits. Market risk is managed operationally by the Treasury function.

SEK conducts no active trading, and the intention is to hold all assets and liabilities to maturity. The Company borrows funds by issuing bonds or other debt instruments which, regardless of the market risk exposures in the bonds, are hedged by being swapped via derivatives to a floating interest rate. Borrowed funds are used either immediately for lending, mainly at floating interest rates, or alternatively through derivatives at a floating rate, or to ensure that SEK has adequate liquidity in the form of liquidity investments and liquidity reserves. The maturity profile of liquidity investments are adapted to ensure that funds are available for committed undisbursed loans.

Unrealized changes in fair value affect the value of SEK’s assets and liabilities and impact both earnings and SEK’s own funds. SEK’s largest net exposures are to changes in interest rates, basis spreads and credit spreads. Those risks are managed by having established limits and daily limit monitoring. Interest rate and currency risk excluding unrealized changes in fair value are kept low by matching assets and liabilities or through the use of derivatives. In addition, accrued gains and losses in foreign currency are regularly converted to Swedish kronor.

ESG-related factors can give rise to movements in the financial markets, which can affect SEK’s market risk. The assessment is that ESG-related factors currently do not have a significant impact on SEK’s market risk.

Risk measurement

The following describes how SEK measures market risk internally. The State compensates SEK for all interest rate differentials, borrowing costs and net foreign-exchange losses within the CIRR-system (see Note 1). The CIRR-system is therefore reported separately.

Risk to net interest income

The risk to net interest income (NII) pertains to SEK’s overall business profile, particularly the balance between interest-bearing assets and liabilities in terms of volume and repricing periods, as well as cases where funding and lending are not matched in terms of currency and where those imbalances are managed by the use of derivatives. SEK’s measure of risk to NII is primarily calculated by stressing interest rates in accordance with the Commission Delegated Regulation (EU) 2024/856. Exposure at the end of 2025 amounted to SEK 356 million (2024: Skr 398 million). The risk to NII is also calculated by stressing interest rates by 100 basis points and currency basis spreads by 20 basis points over the next 12-month period.

Value-at-Risk and stressed Value-at-Risk

SEK uses stressed Value-at-Risk (sVaR) as the primary market risk metric regarding unrealized value changes. Value-at-Risk (VaR) is a statistical technique used to measure and quantify the level of financial risk over a specific time frame at a predefined confidence level. SEK uses a historical simulation VaR model that applies daily historic market movements from the past two years to current positions and estimates the expected loss for a time horizon of one day. Market parameters used as risk factors are interest rates, basis spreads, credit spreads, FX rates and commodity as well as volatilities of swaptions, caps/floors, FX and commodity indices. VaR is calculated for SEK’s portfolio and separately for the liquidity portfolio for positions on the balance sheet that impact own funds.

Stressed VaR (sVaR) is calculated using the same risk factors and overall methodology as VaR, but where a one year stressed period is applied instead. Stressed VaR is measured at a 99 percent confidence level. At the end of 2025, sVaR for positions affecting own funds amounted to Skr 71 million (year-end 2024: Skr 58 million), the main risk drivers being basis spreads and FX rates.

Complementary stress tests

SEK regularly conducts stress tests by applying historically observed market movements (historical scenarios) and movements that potentially could occur in the future (hypothetical or forward-looking scenarios). The hypothetical scenarios include interest rate shocks and reversed stress tests. Analyses of this type provide management with insight into the potential impact on SEK from significant movements in market risk factors or broader market scenarios.


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Risk-specific measures

The risk to NII, VaR, sVaR and stress tests are complemented with risk-specific measures, including interest rate risk measures, spread-risk measures, and currency-risk measures. These are further described in the following table.


Market risk, type	Definition	Source
Interest rate risk regarding changes in the economic value of SEK’s portfolio (EVE)	The interest rate risk regarding changes in economic value is calculated by means of a 100 basis-point parallel shift in all yield curves, as well as rotations of all yield curves.	The risk pertains to SEK’s overall business profile, particularly the balance between interest-bearing assets and liabilities in terms of volume and fixed interest terms. The risk measurement captures the long-term impact of changes in interest rates.
Credit spread risk in assets	Credit spread risk in assets is calculated as the potential impact on SEK’s own funds, in the form of unrealized gains or losses, as a result of a 100 basis-point shift in the credit spreads for assets measured at fair value.	The risk is attributable to SEK’s liquidity portfolio.
Credit spread risk in own debt	Credit spread risk in own debt is calculated as the potential impact on SEK’s equity, in the form of unrealized gains or losses, resulting from a 20 basis points change in SEK’s own credit spreads.	The risk is attributable to SEK’s structured debt measured at fair value.
Cross-currency basis spread risk	The cross-currency basis spread risk measures the potential impact on SEK’s own funds, in the form of unrealized gains or losses, as a result of changes in cross-currency basis spreads by 20 basis points.	The risk is attributable to cross-currency basis swaps used by SEK to hedge the currency risk in the portfolio.
Currency risk	The risk is calculated as the change in value of all foreign currency positions excluding unrealized changes in fair value at an assumed 10 percentage-point change in the exchange rate between the respective currency and the Swedish krona.	The foreign exchange position mainly arises on an ongoing basis due to differences between revenues and costs in foreign currency.
Tenor basis spread risk	Tenor basis spread risk measures the potential impact on SEK’s economic value, in the form of unrealized gains or losses, as a result of 10 basis point shifts of interest rate curves of different tenors.	The risk is attributable to lending and borrowing with one and six month tenors which are not swapped to three month tenors.
Other risks (commodity and volatility risks)	Commodity risk, commodity volatility risk, FX volatility risk and interest rate volatility risk all measures unrealized gains or losses and are calculated by stress tests of underlying indices or volatilities.	SEK’s interest rate volatility risk is mainly attributable to embedded interest rate floors in lending transactions, while commodity risks and FX volatility risks only arise from structured borrowing. Although all structured cash flows are matched through a hedging swap, there could be an impact on SEK’s result. These risks are low, and arise because valuation of the bond, but not the swap, takes SEK’s own credit spread into account.

Risk control

Market risks are measured, analyzed and reported to senior management on a daily basis. Any limit breaches are reported promptly and managed according to documented instructions. Market risk developments are reported to senior management on a monthly basis, and to the Board of Directors and the Board’s Finance and Risk Committee on a quarterly basis.

Risk information

For a supplementary and expanded account of the market risk-related information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2025”, available on the Company’s website (and does not form part of this annual report).

Change in value should the market interest rate rise by one percentage point

Impact on the value of assets and liabilities, including derivatives, should the market interest rate rise by one percentage point (+1 percent).


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	2025		2024
Skr mn	Total	of which, financial instruments measured at fair value through profit or loss	Total	of which, financial instruments measured at fair value through profit or loss
Foreign currency	-295	240	-53	206
Swedish kronor	-102	66	-124	83
Total	-397	306	-177	289

Change in value should the market interest rate decline by one percentage point

Impact on the value of assets and liabilities, including derivatives, should the market interest rate decline by one percentage point (-1 percent).


	2025		2024
Skr mn	Total	of which, financial instruments measured at fair value through profit or loss	Total	of which, financial instruments measured at fair value through profit or loss
Foreign currency	557	-249	159	-205
Swedish kronor	153	-66	172	-82
Total	710	-315	331	-287

Assets, liabilities and derivatives denominated in foreign currency

Assets, liabilities and derivatives denominated in foreign currency (meaning currencies other than Swedish kronor) have been translated to Swedish kronor using the exchange rates applying at year-end between the currency concerned and Swedish kronor. The relevant exchange rates for the currencies representing the largest shares in the Group’s net assets and net liabilities in the balance sheet were as shown in the table below (expressed in Swedish kronor per unit of the particular foreign currency). Share at year end is the share of the total volume of assets and liabilities denominated in foreign currency. Currency positions at year-end are the net for each currency of all assets and liabilities in the balance sheet. The figures shown are carrying amounts.


	December 31, 2025			December 31, 2024
Currency	Exchange rate	Share (%)	Currency positions (Skr mn)	Exchange rate	Share (%)	Currency positions (Skr mn)
AUD	6.1682	0.9	214	6.8684	0.7	187
EUR	10.8308	0.6	-155	11.4822	1.2	297
MXN	0.5134	0.5	-137	0.5406	0.4	-107
BRL	1.6782	0.3	-65	1.7876	0.1	-19
USD	9.2140	0.1	-27	11.0488	0.8	-210
JPY	0.0589	0.0	12	0.0703	0.2	54
GBP	12.4029	0.0	-3	13.8574	0.2	-59
Other		0.7	-130		0.6	-93
Total foreign currency position		3.1	-291		4.2	50

In accordance with SEK’s strategy for risk management, currency positions attributable to unrealized changes in fair value are not hedged. Currency positions excluding unrealized changes in fair value amounted to Skr -5 million (year-end 2024 Skr 47 million) at year end. Assets and liabilities denominated in foreign currency are included in the total volumes of assets and liabilities in the following amounts.


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Skr mn	December 31, 2025	December 31, 2024
Total assets	349,964	368,094
of which, denominated in foreign currencies	221,992	312,313
Total liabilities	325,875	343,522
of which, denominated in foreign currencies	222,283	312,265

Liquidity risk

For a description of the risk category, risk strategy, risk profile and risk appetite, see the detailed risk statement in Note 29.

Risk management

SEK’s Board has overall responsibility for liquidity risk and establishes policy documents for liquidity risk management. In addition, the CEO establishes instructions for operational management. The Chief Risk Officer decides on methods for how liquidity risks should be calculated and proposes changes in limit structure in connection with the review of the risk appetite and other limits. Liquidity risk is managed operationally by the Treasury function.

Borrowed funds not yet used to finance credits are mainly invested in interest-bearing securities. The management of liquidity investments is regulated in the financing- and liquidity strategy established by the Board’s Finance and Risk Committee. The liquidity investments consists of the liquidity reserve and other investments, which together constitute SEK’s liquidity portfolio. SEK’s liquidity investments should primarily consist of high quality assets and SEK should avoid selling assets prematurely by investing in liquidity investments at an overall level with maturities that are aligned with the expected timing of payments. The liquidity reserve, in which only securities regarded as highly liquid are included, accounts for a large portion of SEK’s liquidity investments. The purpose of the liquidity reserve is to safeguard SEK’s short-term solvency, and to fulfill the Company’s requirement for the minimum Liquidity Coverage Ratio (LCR).

SEK’s borrowing strategy is regulated in the Financing- and Liquidity Strategy. To secure access to substantial volumes of long-term borrowing, SEK issues bonds with different structures, currencies and maturities. SEK also issues bonds in many different geographic markets. To secure access to short-term borrowing, SEK has borrowing programs for securities with maturities of less than one year, including a U.S Commercial Paper Program (UCP) and a European Commercial Paper program (ECP).

SEK has a contingency plan for the management of liquidity crises, which is issued by the CEO. The plan describes what constitutes a liquidity crisis according to SEK and what actions SEK should take if such a crisis is deemed to have occurred.

ESG-related risks can impact liquidity risks directly, through transmission channels like limitation to raise funds or difficulties to divest liquid assets, or indirectly in the form of increased drawdowns on credit lines from customers. Considering SEK’s assets, the conclusion is that ESG-risks currently does not have a significant impact on SEK’s liquidity risk.

Risk measurement

Short-term liquidity risk is monitored through measurement of the Liquidity Coverage Ratio (LCR), which shows SEK’s high-liquidity assets in relation to the Company’s net cash outflows within 30 calendar days. In addition, SEK monitors an internal survival horizon measure to ensure good liquidity capacity in times of stress. For long-term structural liquidity risk, SEK’s policy is to ensure that available funds and equity exceed the aggregate volume of all outstanding loans as well as committed, undisbursed CIRR-loans. The relationship between borrowing, including equity, and lending over time is forecasted. Furthermore, the Net Stable Funding Ratio (NSFR) is also calculated. The NSFR measures the volume of available stable funding in relation to the need for stable funding. SEK also regularly performs stress tests for liquidity risk and analyzes cash flow forecasts in various scenarios.

Risk monitoring

Liquidity risk is monitored through regular analysis and reporting to the Executive Committee, the Board’s Finance and Risk Committee, the Board of Directors and the Treasury function. Reports are submitted to the Board on a regular basis and cover monitoring of LCR, NSFR, internal metrics, liquidity portfolio composition, and liquidity risk stress tests.


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Risk information

For a supplementary and extended disclosure of the liquidity and funding risk-related information, please refer to the separate risk report, ”Capital Adequacy and Risk Management (Pillar 3) Report 2025”, available on the Company’s website (and does not form part of this annual report).

Liquidity reserve1


	December 31, 2025
Skr bn	Total	Skr	EUR	USD	Other
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	33.0	6.0	11.2	15.8	—
Securities issued or guaranteed by municipalities or other public entities	11.2	4.2	0.7	6.3	—
Covered bonds issued by other institutions	12.0	11.2	0.8	—	—
Balances with National Debt Office	1.0	1.0	—	—	—
Total liquidity reserve	57.2	22.4	12.7	22.1	—


	December 31, 2024
Skr bn	Total	Skr	EUR	USD	Other
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	25.3	11.0	8.0	6.3	—
Securities issued or guaranteed by municipalities or other public entities	18.3	7.1	3.8	7.4	—
Covered bonds issued by other institutions	13.1	13.1	—	—	—
Balances with National Debt Office	1.0	1.0	—	—	—
Total liquidity reserve	57.7	32.2	11.8	13.7	—
1 The liquidity reserve is a part of SEK’s liquidity investments.

Liquidity investments by remaining maturity


Percent	Dec 31, 2025	Dec 31, 2024
< 1 year	75	78
1 year – 3 years	18	18
> 3 years	7	4

Key figures for liquidity risk


Percent	Dec 31, 2025	Dec 31, 2024
LCR	611	583
NSFR	120	129

Liquidity investments by exposure type


Percent	Dec 31, 2025	Dec 31, 2024
States and multilateral development banks	54	42
Local government	17	29
Covered bonds	19	21
Financial institutions	9	7
Corporates	1	1


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Contractual flows


	December 31, 2025
Skr mn	Due ≤ 1 month	Due 1 month ≤ 3 months	Due 3 months ≤ 1 year	Due 1 year ≤ 3 years	Due 3 years ≤ 5 years	Due > 5 years	Total cash flow	Discounting effect	Carrying amount
Financial assets
Cash and cash equivalents	4,267	3,016	—	—	—	—	7,283	-24	7,259
Treasuries/government bonds	3	9,699	2,784	1,082	—	—	13,568	-149	13,419
Other interest-bearing securities except loans	6,697	10,842	11,055	11,734	4,356	—	44,683	-1,446	43,237
Loans in the form of interest-bearing securities	2,638	1,982	4,630	12,741	14,216	21,073	57,280	-9,795	47,485
Loans to credit institutions	7,003	212	3,029	2,079	3,082	11,776	27,181	-4,242	22,939
Loans to the public	4,086	8,009	36,007	79,596	39,972	60,347	228,017	-27,801	200,216
Derivatives	157	706	882	2,643	1,319	2,703	8,410	-1,690	6,721
of which cash inflow in currency derivatives	155	4,036	3,327	12,040	8,074	508	28,140
of which cash outflow in currency derivatives	-160	-3,677	-3,251	-11,070	-7,534	-410	-26,102
Shares	—	—	—	—	—	—	—	—	—
Total	24,853	34,465	58,386	109,876	62,945	95,899	386,423	-45,146	341,277
of which derivatives in hedge relationship	73	479	481	1,950	642	494	4,119	-1,175	2,944


	December 31, 2025
Skr mn	Due ≤ 1 month	Due 1 month ≤ 3 months	Due 3 months ≤ 1 year	Due 1 year ≤ 3 years	Due 3 years ≤ 5 years	Due > 5 years	Total cash flow	Discounting effect	Carrying amount
Financial liabilities
Borrowing from credit institutions	-4,410	—	—	—	—	—	-4,410	0	-4,410
Debt securities issued	-4,473	-34,306	-62,350	-131,929	-55,687	-54,855	-343,601	43,379	-300,222
Derivatives	-594	-1,434	-3,243	-858	-639	-420	-7,189	-1,798	-8,988
of which cash inflow in currency derivatives	6,047	7,706	39,848	21,851	5,997	4,317	85,766
of which cash outflow in currency derivatives	-6,584	-8,961	-42,944	-22,663	-6,641	-4,508	-92,300
Total	-9,477	-35,741	-65,593	-132,787	-56,326	-55,276	-355,201	41,580	-313,620
of which derivatives in hedge relationship	-58	-76	-257	-228	-330	-315	-1,263	-146	-1,409
Commitments
Committed undisbursed loans	-4,678	-3,056	-21,345	-39,394	1,722	66,751
Liquidity surplus (+)/ deficit (-)	10,698	-4,332	-28,552	-62,306	8,341	107,375	31,222
Accumulated liquidity surplus (+)/deficit (-)	10,698	6,365	-22,187	-84,493	-76,152	31,222	31,222

In addition to the instruments in the Statement of Financial Position and committed undisbursed loans, SEK has additional available funds consisting of a credit facility with the Swedish National Debt Office, see Note 27. With regard to deficits in cash flow with maturities between three months and one year, one and three years and three and five years, SEK intends to refinance these through borrowing on the financial market.

Assets with repayments subject to notice are assumed to occur on the maturity date. Derivatives with payments subject to notice are assumed to be repaid on the maturity date regardless of whether SEK or the counterparty has the right to invoke repayments. Liabilities where only SEK has the right to early repayments are assumed to be repaid on the maturity date. Embedded financial derivatives in financial assets and liabilities have been handled in the same way as its host contract. It is unlikely that the applied precautionary principle regarding cash flows on derivatives will be a real outcome. Cash collateral according to collateral agreements for derivative contracts is assumed to mature within the first maturity interval. Differences between carrying amounts and future cash flows for financial assets and financial liabilities are reported in the column “Discount effect”.

The following items other than financial instruments have an approximate expected recovery time of less than 12 months: other assets; prepaid expenses; accrued revenue; other liabilities; accrued expenses; and prepaid revenue. All other balance sheet items other than financial instruments have an approximate expected recovery time of 12 months or more.

The amounts above include interest, except for committed undisbursed loans.


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	December 31, 2024
Skr mn	Due ≤ 1 month	Due 1 month ≤ 3 months	Due 3 months ≤ 1 year	Due 1 year ≤ 3 years	Due 3 years ≤ 5 years	Due > 5 years	Total cash flow	Discounting effect	Carrying amount
Financial assets
Cash and cash equivalents	5,221	—	—	—	—	—	5,221	-2	5,219
Treasuries/government bonds	552	2,712	919	—	—	—	4,183	-33	4,150
Other interest-bearing securities except loans	11,769	11,371	16,883	11,513	2,657	—	54,193	-1,350	52,843
Loans in the form of interest-bearing securities	164	1,212	8,677	15,835	13,352	18,912	58,152	-9,426	48,726
Loans to credit institutions	3,318	229	1,653	1,848	1,842	7,447	16,337	-2,808	13,529
Loans to the public	6,110	11,919	43,236	85,530	43,302	62,657	252,754	-28,400	224,354
Derivatives	924	480	2,795	3,799	2,109	2,616	12,723	-2,080	10,643
of which cash inflow in currency derivatives	4,930	5,250	34,440	29,660	9,062	7,185	90,527
of which cash outflow in currency derivatives	-4,654	-5,007	-32,313	-27,940	-8,557	-6,982	-85,453
Shares	—	—	—	—	—	20	20	0	20
Total	28,058	27,923	74,163	118,525	63,262	91,652	403,583	-44,099	359,484
of which derivatives in hedge relationship	-132	-371	-509	1,479	644	1,259	2,370	-397	1,973


	December 31, 2024
Skr mn	Due ≤ 1 month	Due 1 month ≤ 3 months	Due 3 months ≤ 1 year	Due 1 year ≤ 3 years	Due 3 years ≤ 5 years	Due > 5 years	Total cash flow	Discounting effect	Carrying amount
Financial liabilities
Borrowing from credit institutions	-8,607	—	—	—	—	—	-8,607	0	-8,607
Debt securities issued	-8,413	-14,509	-80,112	-143,615	-51,727	-63,353	-361,729	45,341	-316,388
Derivatives	36	-493	-1,219	-920	-1,054	-685	-4,335	-892	-5,227
of which cash inflow in currency derivatives	131	6,485	8,671	5,125	5,615	1,783	27,810
of which cash outflow in currency derivatives	-220	-6,958	-9,782	-5,933	-6,638	-2,188	-31,719
Total	-16,984	-15,002	-81,331	-144,535	-52,781	-64,038	-374,671	44,449	-330,222
of which derivatives in hedge relationship	-17	-240	-823	-485	-980	-460	-3,005	81	-2,924
Commitments
Committed undisbursed loans	-1,232	-6,818	-16,325	-19,775	1,384	42,766
Liquidity surplus (+)/ deficit (-)	9,842	6,103	-23,493	-45,785	11,865	70,380	28,912
Accumulated liquidity surplus (+)/deficit (-)	9,842	15,945	-7,548	-53,333	-41,468	28,912	28,912

Operational risk

For a description of the risk category, risk strategy, risk profile and risk appetite, refer to the detailed risk statement in Note 29.

Risk management

SEK's Board establishes SEK’s risk appetite and strategy for managing operational risks, which provides an overall framework for the Company's operations. In addition, the CEO establishes instructions that regulate SEK's management of operational risks, where key risk indicators (KRIs) are also linked to these instructions to enable follow-up and control. The Chief Risk Officer decides on methods for how operational risks are to be identified and measured and proposes changes to measures in connection with the review of risk appetite and KRIs. Operational risk is managed on an ongoing basis by the various functions of the business.

Primary function managers are responsible for effective management of operational risk within their own function. To support operational risk management, the company works in compliance with SEK’s risk framework and policy documents.

SEK manages operational risk in its operations through so-called key risk indicators. The key risk indicators are identified by responsible functions in consultation with the Risk function, based on both the ongoing management of operational risks within the organization and reported incidents. When a threshold in a key risk indicator is exceeded, a warning is issued regarding a potential increase in operational risk in the business. When the value in a key risk indicator surpasses the threshold, the risk-responsible function conducts a documented analysis to determine whether actions are needed to manage the potential increased risk, and if so, what those actions should be.


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Risk identification

The function managers are responsible for ensuring that personnel within their own function are aware of and can identify risks and emerging risks.

SEK conducts risk and control self-assessments (RCSA) to identify and measure risks in, for example, products, services, functions, processes, ICT assets and arrangements with third parties regardless of whether these arrangements are outsourcing solutions or not. The risks identified are based on cause, event and impact and are mapped and categorized in accordance with the risk types defined in SEK’s risk taxonomy. Risks are identified based on knowledge and experience of what can go wrong in a process. Internal observations, business environment monitoring, incident reports and audit reports are used to support risk identification.

Examples of causes and factors that could lead to operational risks include dependence on individuals, lack of resources, poor cybersecurity, increased security threats, ICT vulnerabilities or vulnerabilities in or from unsupported systems. Environmental, social and governance related factors (ESG factors) could also result in operational risks by, for example, leading to legal risks or reporting risk. The assessment is that, at this stage, ESG-related factors do not have any material impact on SEK’s operational risks.

All of SEK’s employees are responsible for reporting incidents that have occurred. Reported incidents are regularly followed up on and evaluated either by the risk function or the compliance function. If an incident leads to serious disruptions that result in a loss of operational ability in any of SEK’s material processes or critical or important capabilities, it is managed in accordance with prepared continuity plans. If an incident or event takes place that is defined as a crisis, it is managed in accordance with SEK’s crisis plan. Any events of material significance including ICT incidents are reported to the Swedish Finansinspektionen (the Swedish FSA) within set time frames.

Risk identification also takes place through SEK’s New Product Approval Process (NPAP). The NPAP is used for the approval of new or materially changed products, services, markets, processes, ICT systems and major changes to the Company’s operations and organization. The NPAP enables SEK to prevent the Company from unknowingly taking on risks that it is unable to manage.

Risk measurement

SEK measures the risk level for operational risk using its risk and control self-assessments (RCSA), including an evaluation matrix. Identified operational risks are measured by the likelihood of the risk occurring and the financial, compliance and reputational impact/consequence. Operational risks are measured both gross (before risk-reduction measures) and net (after risk-reduction measures).

A comprehensive measurement of SEK’s operational risks is also conducted each quarter. The measurement is conducted with a top-down approach and on an expert-based level but takes into account bottom-up risks that are continually identified by the organization through RCSAs.


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Risk control

SEK’s framework for internal control follows the COSO framework’s principles, and is based on five main components: Governance and Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring Activities. The aim of SEK’s framework for internal control is to ensure that operations and control functions are efficient and appropriate, that operations are conducted in a responsible manner, that the financial and non-financial information reported is reliable, and that internal and external regulations are complied with.

Risk information

For a supplementary and expanded account of the operational risk-related information, refer to the separate risk report, ”Capital Adequacy and Risk Management (Pillar 3) Report 2025”, available on the Company’s website (and does not form part of this annual report).


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Note 27. Transactions with related parties

SEK defines related parties to the Parent Company and the Consolidated Group as:
the shareholder, i.e., the Swedish State
companies and organizations that are controlled through
a common owner, the Swedish State
subsidiaries
key management personnel
other related parties

The Swedish State owns 100 percent of the Company’s share capital. By means of direct guarantees extended by the Swedish Export Credits Guarantee Board, EKN, 38 percent (year-end 2024: 43 percent) of the Company’s loans outstanding on December 31, 2025, were guaranteed by the Swedish State. The remuneration to EKN for the guarantees paid by SEK during 2024 amounted to Skr 6 million (2024: Skr 30 million). SEK administers, in return for compensation, the Swedish system for officially supported export credits (CIRR-system), and the State’s previous concessionary credits system, refer to Note 1 (e) and Note 24.

SEK has a Skr 150 billion (2024: Skr 150 billion) credit facility with the Swedish National Debt Office. The credit facility can be used for loans covered by the CIRR-system up to Skr 138 billion (2024: Skr 138 billion), and for commercial export financing up to Skr 12 billion (2024: Skr 12 billion). In December, 2025, the credit facility was again set at Skr 175 billion for 2026, of which Skr 14 billion can be used for commercial export financing.

SEK enters into transactions in the ordinary course of business with entities that are partially or wholly owned or controlled by the State. SEK also extends export credits, in the form of direct or pass-through loans, to entities related to the State. Transactions with such counterparties are conducted on the same terms, including interest rates and repayment schedules, as transactions with unrelated parties. The Group’s and the Parent Company’s transactions do not differ significantly. There are no internal transactions between the Parent Company and the subsidiary. For further information see Note 15.

Key management personnel include the following positions:
The Board of Directors
The Chief Executive Officer
Other executive directors

For information about remuneration and other benefits to key management personnel see Note 5.

Other related parties include close family members of key management personnel as well as companies which are controlled by key management personnel of SEK or controlled by close family members to key management personnel.


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The following tables further summarize the Group’s transactions with its related parties.


	2025
	The shareholder, the Swedish State		Companies and organizations controlled through a common owner, the Swedish State		Total
Skr mn	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense
Cash	1,000	33	—	—	1,000	33
Treasuries/government bonds	11,585	177	—	—	11,585	177
Other interest-bearing securities except loans	5,998	171	1,253	43	7,251	215
Loans in the form of interest-bearing securities	—	—	6,061	216	6,061	216
Loans to credit institutions	1,070	3	2,829	135	3,898	139
Loans to the public	—	—	206	6	206	6
Settlement claim against the State1	448	—	—	—	448	—
Total	20,101	385	10,348	401	30,449	786
Other liabilities	—	—	—	—	—	—
Settlement debt against the State1	3,037	—	—	—	3,037	—
Total	3,037	—	—	—	3,037	—


	2024
	The shareholder, the Swedish State		Companies and organizations controlled through a common owner, the Swedish State		Total
Skr mn	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense
Cash	1,000	94	—	—	1,000	94
Treasuries/government bonds	1,650	23	—	—	1,650	23
Other interest-bearing securities except loans	10,994	340	2,105	59	13,099	399
Loans in the form of interest-bearing securities	—	—	6,088	248	6,088	248
Loans to credit institutions	—	—	3,029	146	3,029	146
Loans to the public	—	—	637	36	637	36
Settlement claim against the State1	8	—	—	—	8	—
Total	13,652	457	11,859	489	25,511	946
Other liabilities	—	—	—	—	—	—
Settlement debt against the State1	3,673	—	—	—	3,673	—
Total	3,673	—	—	—	3,673	—
1 For information about settlement claim or debt against the State, see Note 16, Note 19 and Note 24.


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Note 28. 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.

Note 29. Risk and capital management

SEK has a risk framework that is well-integrated in SEK’s organization and decision-making structure. The risk framework ensures that SEK can continuously identify, measure, govern, report and exercise control over the material risks that SEK is or may become exposed to.

Risk development 2025

In 2025, the global economic and financial environment continued to be characterized by high uncertainty, driven by deepening trade fragmentation, geopolitical tensions, and diverging macroeconomic policies. Protectionism intensified, primarily in the United States, but also to a lesser extent in China, and parts of the European Union, with increased tariffs, industrial policy measures, and strategic trade restrictions in sectors such as semiconductors, and critical raw materials, complicating global value chains and increasing risks for export-oriented economies. China’s adjustment toward an export-led growth model accelerated amid weak domestic demand and persistent industrial overcapacity, especially in electric vehicles and clean technology, leading to increased global price competition and more trade defense measures in key markets. Geopolitical uncertainty persisted, particularly in the Middle East and along shipping routes in the Red and Black Sea, raising logistics, insurance, and delivery risks and intermittently disrupting global trade flows. At the macroeconomic level, global financial conditions remained relatively tight, as the Federal Reserve and some of the other major central banks maintained restrictive monetary policies longer than expected, limiting liquidity and keeping financing costs elevated. Policy divergence between advanced economies and emerging markets increased currency volatility and refinancing risks. Inflation moderated unevenly, leaving many real interest rates high and dampening investment activity in capital-intensive sectors relevant for Swedish exporters. Financial markets showed resilience, with continued strength in equity markets and compressed credit spreads, but this stability coexisted with elevated risks from geopolitical shocks, sudden policy shifts, and structural imbalances in the global economy.

In 2025, SEK recorded net credit losses of Skr -429 million which was a significant increase from 2024 (2024: Skr -93 million) attributable to increased provisions for expected credit losses in stage 2 and stage 3 related to a limited number of exposures.

At the end of the year, the total capital ratio was 23.1 percent (2024: 22.2 percent), of which the Tier 1 capital ratio and the Common Equity Tier 1 ratio amounted to 23.1 percent (2024: 22.2 percent). The increase in the capital ratio primarily pertained to the implementation of the revised Basel III standards, while increased net lending limited the increase in the capital ratio.

The leverage ratio amounted to 9.5 percent (2024: 9.6 percent) at year-end.

SEK’s largest financial risks are credit risk in the amount of Skr 8.0 billion (2024: Skr 7.7 billion), market risk in the amount of Skr 1.5 billion (2024: Skr 1.0 billion) and operational risk in the amount of Skr 0.4 billion (2024: Skr 0.4 billion), in line with internally assessed capital requirements.

The Swedish National Debt Office has updated the resolution plan in accordance with the MREL regulations. SEK has been assessed as being able to be wound up through normal insolvency proceedings without such a process leading to significant negative effects on financial stability. Furthermore, the Swedish National Debt Office has waived the minimum requirement for own funds and eligible liabilities for SEK.


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During 2025, SEK’s liquidity situation has been stable with good capacity for managing short- and long-term liquidity risk. The liquidity coverage ratio (LCR) was 611 percent (2024: 583 percent) at year-end. The net stable funding ratio (NSFR) amounted to 120 percent (2024: 129 percent) at year-end.

Within the scope of operational risks, particularly ICT and information security, the threat level continues to be assessed as high. The heightened geopolitical security situation is characterized by global instability and increasing threats from state-sponsored actors, which place high demands on operational readiness. To address these risks, SEK has taken steps during the year to align its practices with the EU’s Digital Operational Resilience Act (DORA), focusing on operational resilience, incident management, and supply chain security. SEK conducts continuous external monitoring and maintains ongoing security measures and has implemented business intelligence processes to protect its operations and ensure resilience in a changing global environment.

Capital target

SEK’s capital target, which is one of the principal control instruments, is established by the owner at a general meeting of shareholders. The capital target is designed to ensure that SEK has sufficient capital to support its strategy and that regulatory requirements are met, even in the event of deep economic declines. In addition, SEK’s own funds must also cover the volatility that may be expected under normal conditions. The capital target is as follows:

–SEK’s total capital ratio shall amount to between two (2) and seven (7) percentage points over the requirement communicated by the Swedish FSA.

–Moreover, SEK’s Common Equity Tier 1 ratio shall be in total at least four (4) percentage points above the requirement communicated by the Swedish FSA.

During 2025, SEK’s capital target was revised. The upper threshold was raised from 4 to 7 percentage points above the total capital requirement.

As part of the most recent review and evaluation process, as of September 30, 2025, the Swedish FSA informed SEK that SEK should hold additional capital (Pillar 2 guidance) of 1.0 percent of the total risk exposure amount and 0.15 percent of the total exposure measure for the leverage ratio in addition to the capital requirement pursuant to Regulation (EU) No. 575/2013. The risk-based Pillar 2 guidance and the leverage ratio guidance can both only be met with Common Equity Tier 1 capital. Pillar 2 guidance is not a binding requirement.

On December 31, 2025, SEK’s total capital ratio requirements, including Pillar 2 guidance, and CET1 ratio requirements, including Pillar 2 guidance, amounted to 16.1 percent and 11.3 percent, respectively (year-end 2024: 17.3 percent and 12.2 percent respectively). The requirements, including Pillar 2 guidance, should be compared to a total capital ratio and CET1 ratio that amounted to 23.1 percent on December 31, 2025 (year-end 2024: 22.2 percent).


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Risk framework

SEK’s risk management is governed by its risk framework which ensures that the Company can continuously identify, measure, manage, report and have control over the significant risks to which SEK is or may become exposed. The risk framework is described in the risk policy, which is adopted each year by the Board. A summary of the risk framework is set out below.

Risk culture

SEK’s risk culture comprises professional values, attitudes and behavior that are significant for how the business manages its risks. An essential aspect of a sound risk culture is the tone from the top. Through the Code of Conduct, the Board has communicated guiding principles for ethical behavior in daily activities and in interactions with external parties. The Board has also established guidelines for how remuneration is to be set, applied and followed up on, and how SEK defines which employees could impact the company’s risk level. In the risk policy, the Board clarifies its expectations of a sound risk culture that is built on knowledge, safety, ownership and transparency and where everyone has responsibility for efficient risk management. Executive management is responsible for implementing the Boards’ expectations in the Company.


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Risk taxonomy

SEK maintains a holistic approach to the risks that the Company is or could become exposed to and all material risks are documented in the risk taxonomy. The risk taxonomy is updated at least annually and on a continual basis as new risks are identified.

Risk appetite and risk strategy

SEK’s risk capacity constitutes the outer boundary for SEK’s strategy and risk appetite and is expressed in the form of the capital target. All business activities are kept within the Board’s established risk appetite and limits and are conducted in adherence with SEK’s risk strategy. The risk strategy and risk appetite encompass all of SEK’s material risks in accordance with the risk taxonomy. The risk appetite by risk class is described in detail in the table “Detailed risk statement”.

Risk management process

The Company’s risk management process consists of the following key elements: identification, measurement, governance, reporting and control of those risks to which SEK is or may become exposed.

Identification — At any given time, SEK must be aware of the risks to which it is or may become exposed. Risks are identified in new transactions, in external changes in SEK’s operating environment or internally in, for example, products, processes, systems and through regular risk analyses. Risks are identified in daily operations as well as in formal and recurring processes such as risk and control self-assessments, the incident management process, the New Product Approval Process (NPAP) and the procurement process. The NPAP shall ensure that an adequate risk and impact analysis is carried out, that risks identified in this analysis are adequately managed and that an adequate risk measurement is achieved before the introduction of new or significantly changed products, services, markets, processes or IT-systems in SEK’s operations. The same requirements apply in the event of major changes to SEK’s operations and organization. All identified risks are mapped against the risk taxonomy.

Measurement — Risks are measured quantitatively or assessed qualitatively as frequently as necessary. The measurement methods include forward-looking and backward-looking analyses. Where relevant, the analyses are complemented by expert assessments. Moreover, material risks are subject to regular stress tests using various scenarios.

Governance — SEK actively utilizes risk-reduction capabilities and control the development of risks over time to ensure that the business activities are kept within the established risk appetite and established limits. In addition, SEK also plans to ensure the continuity of business-critical processes and systems in the event of a crisis. Exercises and training regarding the management of situations in a crisis and/or that require crisis and/or continuity planning are performed continuously.

Reporting — SEK’s independent control functions provide regular reports, at least quarterly, to the Board, the Finance and Risk Committee (FRC) and the CEO on the development of the Company’s material risks. The risk reports are designed to provide an accurate and comprehensive understanding of SEK’s risk position.

Control — SEK continuously monitors adherence to capital targets, risk appetite limits and all other applicable limits to ensure that risk exposures are kept at an acceptable level. In addition, the control functions regularly test the effectiveness of internal controls in terms of their design and operational effectiveness. The test outcomes and follow-ups of any action plans are reported to the Board’s Audit Committee (AC).

Internal rules

Policies and instructions derived from SEK’s risk policy address all material risks, including stress and crisis management, and provide for contingency in the event of such occurrences.


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Organization and responsibility

SEK’s risk management is based on the three lines principle in the form of clear-cut separation of responsibilities between the business and support functions that own the risks, the control functions that independently identify and monitor the risks, and an internal audit function, which reviews, inter alia, the efficiency and integrity of risk management; see the illustration below. For detailed information on responsibility and organization, refer to the Corporate Governance Report which is available on the Company’s website (and does not form part of this annual report).

Division of responsibility for risk, liquidity and capital management in SEK

First line

• Business and support operations

• Day-to-day management of risk, liquidity and capital in compliance with risk strategy, risk policy and

risk appetite

• Credit and sustainability analyses

• Compliance with

international sanctions

• Daily control and follow-up of

credit, market and liquidity risk

• Reporting to the Board

Second line

• Independent control functions: the Risk function and the Compliance function

• Monitor and control SEK’s risk management

• Control that all material risks to which SEK is or may become exposed are managed by the relevant functions

• Maintain and develop SEK’s risk framework including the internal control framework

• Compliance monitoring

• Reporting to the Board

Third line

• Independent internal audit

• Review and evaluation of the effectiveness and integrity of risk management

• Performance of audit activities in line with the audit plan confirmed by the Board

• Reporting to the Board

Framework for internal control

For information on SEK’s framework for internal control, refer to the Corporate Governance Report which is available on the Company’s website (and does not form part of this annual report).


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Internal capital and liquidity assessment processes

The internal capital adequacy assessment process is an integral part of SEK’s strategic planning. The purposes of the internal capital adequacy assessment process are to ensure that SEK has sufficient capital to meet both regulatory and internal requirements under both normal and stressed financial conditions and to support SEK’s credit rating. The capital kept by SEK must be sufficient in relation to the risks that SEK has, or may become, exposed to. The internal capital adequacy assessment is based on SEK’s internal assessments of the risks and their development, as well as assessments of risk measurement models, risk governance and risk management. It is integrated into business planning and forms the foundation for SEK’s strategy for maintaining an adequate level of capital. Changes in capital requirements due to new or amended regulations are part of this assessment. Capital adequacy assessments are conducted at least for the forthcoming 3-year period.

To arrive at an adequate capitalization level that also applies under stressed financial conditions, an analysis is conducted of how the capitalization is affected by stress in global financial markets, as well as of other factors that impact SEK’s business model and net risk exposure.

When SEK performs the internal capital adequacy assessment, it applies methods other than those used for the Swedish FSA’s capital requirement. The assessment is based on SEK’s internal calculation of economic capital, which captures all of the specific risks to which SEK’s operations are exposed, even risks over and above those included in the Swedish FSA’s capital requirement.

In addition to the internal capital adequacy assessment, SEK also estimates the total capital requirement as set for SEK by the Swedish FSA in its review and evaluation process. The capital requirement from the Swedish FSA is a minimum requirement for SEK’s own funds. In SEK’s assessment, SEK has own funds that comfortably exceed both the internally estimated need of own funds and the total capital requirement calculated by the Swedish FSA.

In addition to the internal capital adequacy assessment process, an in-depth liquidity analysis is performed. During the planning period, the liquidity requirement and its composition in terms of liquidity requirements for different currencies, among other items, are evaluated to ensure the Company has adequate liquidity to implement the business plan and meet regulatory requirements. In SEK’s assessment, the Company has liquidity that exceeds liquidity needs during the planning period.

For supplementary and expanded information, refer to the separate risk report, “Capital Adequacy and Risk Management (Pillar 3) Report 2025”, which is available on the Company’s website (and does not form part of this annual report).


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Detailed risk statement

Risk class

Risk management

Risk profile

Risk appetite

Credit risk

Credit risk is the risk of losses due to the failure to fulfill a credit (or an arrangement similar to that of a credit). Credit risk includes the risk of default (comprises derivatives), concentration risk and country risk.

The overall strategy is for gross credit risks that arise out of the business strategy to be reduced and transferred to thereafter be contained within risk appetite. The credit portfolio shall maintain a high credit quality. SEK has a significant but natural concentration of risk in relation to the Swedish export industry, individual clients and specific sectors in which Sweden has developed export business. The concentration for counterparties is acceptable, but ongoing efforts are to be made to reduce concentration risks when possible. Credit risks are transferred using risk mitigation solutions such as guarantees and credit risk hedges when justifiable in terms of profitability.

To reduce credit risks, credit granting takes place responsibly and is based on adequate knowledge of SEK’s counterparties (including the financial impact of ESG factors) and their owners, and is in compliance with the owner instruction assignment. For derivatives, netting and CSA agreements must be in place to reduce counterparty risk.

SEK’s mission naturally entails certain concentration risks, such as single name concentration. The Company’s extensive use of guarantees results in a high proportion of exposures towards sovereigns. Total net risk is mainly limited to counterparties with high creditworthiness. SEK’s liquidity portfolio is invested in securities with high credit quality and preferably short maturities.

SEK is to ensure a high quality credit portfolio through a robust credit assessment based on a risk-based selection of counterparties, adequate counterparty knowledge, long-term relationships and risk mitigation of risk filled exposures.

Liquidity risk

Liquidity risk is the risk that the Company is unable to meet its payment commitments. Liquidity risk consists of financing risk, currency risk, and off-balance sheet-risk.

The overall strategy is to reduce liquidity risks that arise from the business strategy. SEK should strive for a high level of diversification of its financing. SEK’s liquidity investments should primarily consist of high-quality assets and SEK should avoid selling assets prematurely by investing in liquidity investments at an overall level with maturities that are aligned with the expected timing of payments.

SEK is dependent on the capital markets for its funding. In order to manage the effects of potential market disruptions, SEK has ensured that available funds and equity exceed the aggregate volume of all outstanding loans as well as committed, undisbursed CIRR loans for all maturities. In addition, SEK’s strong liquidity position enables the Company to effectively manage periods of stress.

SEK shall maintain good liquidity capacity to manage periods of stress. SEK shall uphold long-term financial stability by ensuring a good maturity matching.


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Risk class

Risk management

Risk profile

Risk appetite

Market risk

Market risk is defined as the risk of the Company’s results, capital or value being affected in an adverse manner from changes in the financial markets, such as movements in interest rates, foreign exchange rates, basis spreads or credit spreads. Value encompasses both accounting value and economic value.

The overall strategy is to reduce the market risks arising from the business strategy, where SEK shall implement a sound balance between precision and cost of hedging the risks. Imbalances in borrowing versus lending and volatility in future earnings shall be reduced. Assets and liabilities shall, as a general rule be held to maturity. The majority of the interest rate risk in the CIRR system’s lending portfolio shall be hedged.

SEK’s business model entails exposures to market movements, mainly interest rates, credit spreads and exchange rates.

SEK shall strive for low volatility in earnings and own funds due to market movements, low gap risk and low interest rate risk in the CIRR portfolio.

Operational risk

Operational risk is the risk of losses resulting from inadequate or failed internal processes, people and systems or external events, including, but not limited to, legal risks, model risks and information and communication technology (ICT) risks, but excluding strategic risks and reputational risks, Operational risk includes ICT and security risks, crisis and continuity risks, third-party risks, transaction management risks, reporting risks, legal risks, model risks and risks related to financial crime and conduct.

The overall strategy is to reduce operational risks that arise out of the business strategy. However, the operational risks linked to financial crime and conduct shall be avoided in the first place. Costs to reduce operational risks must be in reasonable proportion to the expected impact of the risk reduction measures

Risk reduction takes place primarily through effective and well-documented internal processes for risk management such as risk and control self-assessments, the incident management process, the new product approval process (NPAP) and the procurement process, an efficient control environment, a responsible approach to environmental and climate factors, social factors and governance-related factors throughout the term of the credit and continuous training of all personnel to ensure a comprehensive understanding of the risk framework and responsibility of every employee.

Operational risks are inherent in all of SEK’s operations and can have financial, regulatory and reputational impact. The most significant operational risks are within the ICT and security risk area.

The majority of reported incidents are minor events that are resolved promptly within the relevant function.

SEK shall promptly reduce critical and high operational risks and limit operational losses resulting from incidents.


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Risk class

Risk management

Risk profile

Risk appetite

Business and strategic risk

Business and strategic risk is defined as the risk of an event taking place that impacts the ability of the business to achieve set goals.

Business and strategic risk includes business environment risk, public policy assignment risk and risks related to internal governance.

The overall strategy is to reduce business and strategic risk through the strategy process and business plan with a focus on the following three key areas: Business environment, public policy assignment and internal governance.

Business environment-related risks are mitigated through the implementation of appropriate measures based on continuous business environment monitoring and close dialogue with customers, investors and owners, as well as through active investor engagement aimed at broadening the investor base and access to borrowing markets.

Public-policy-related risks are mitigated through effective management of the CIRR-system, structured co-operation with bank counterparties and within Team Sweden, and a continued focus on broadening the customer base and developing business with existing customers. Risks related to internal governance are mitigated through clearly defined roles and responsibilities, a holistic perspective on investment, profitability and capital management, structured efforts to ensure appropriate strategic competencies, and management of goal conflicts in a manner intended to avoid material adverse impacts on any individual objective.

SEK’s strategic risks primarily stem from changes in the Company’s operating environment, including geopolitical risks, macroeconomic conditions, and other external factors that may have an adverse impact on the Company.

Other risks are related to SEK’s public policy assignment and its ability to create a robust internal governance structure that adapts to changing business environments and delivers on the Company’s business goals.

SEK does not have a specific risk appetite for business and strategic risk.


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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

AKTIEBOLAGET SVENSK EXPORTKREDIT (publ)
(Swedish Export Credit Corporation)

(Registrant)

By /s/ Magnus Montan
Magnus Montan, Chief Executive Officer

Stockholm, Sweden

February 26, 2026