SWEDISH EXPORT CREDIT CORP /SWED/

CIK:0000352960|SEC Filings

Consolidated Statement of Comprehensive Income - SEK (kr)
kr in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Statement of comprehensive income [abstract]

Interest income calculated using the effective interest method

kr 11,086

kr 13,625

kr 13,396

Other interest income

3,031

5,690

6,042

Interest expenses

(11,398)

(16,257)

(16,543)

Net interest income

2,719

3,058

2,895

Net fee and commission expense

(39)

(46)

(51)

Net results of financial transactions

(40)

Total operating income

2,699

2,972

2,865

Personnel expenses

(475)

(445)

(402)

Other administrative expenses

(239)

(229)

(222)

Depreciations and impairment of non-financial assets

(64)

(84)

(88)

Total operating expenses

(778)

(758)

(712)

Operating profit before credit losses

1,921

2,214

2,153

Net credit losses

(429)

(93)

(585)

Operating profit

^[1]

1,491

2,121

1,568

Tax expenses

(309)

(438)

(324)

Net profit

^[2],[3]

1,183

1,683

1,244

Items to be reclassified to profit or loss

Derivatives in cash flow hedges

^[2]

Tax on items to be reclassified to profit or loss

(12)

^[2]

(13)

^[2]

Net items to be reclassified to profit or loss

Items not to be reclassified to profit or loss

Own credit risk

^[2]

320

(23)

Revaluation of defined benefit plans

^[2]

(10)

(9)

(6)

Tax on items not to be reclassified to profit or loss

^[2]

(1)

(64)

Net items not to be reclassified to profit or loss

247

(23)

Total other comprehensive income

^[2]

291

Total comprehensive income

^[2],[3]

kr 1,192

kr 1,974

kr 1,271

Basic earnings per share (in SEK per share)

^[4]

kr 296

kr 422

kr 313

Diluted earnings per share (in SEK per share)

^[4]

kr 296

kr 422

kr 313

[1]


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]

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

[3]

1 The entire profit is attributable to the shareholder of the Parent Company.

[4]

2 The average number of shares in 2025 amounted to 3,990,000 (2024: 3,990,000).

Statement of Cash Flows in the Consolidated Group - SEK (kr)
kr in Millions

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Operating activities

Operating profit

^[1]

kr 1,491

kr 2,121

kr 1,568

Adjustments for non-cash items in operating profit

1,053

542

1,259

of which provision for credit losses, net

429

585

of which depreciation and impairment of non-financial assets

of which exchange-rate differences

(6)

(1)

of which unrealized changes in fair value

(21)

(346)

(54)

of which other

^[2]

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 - net

^[3]

(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)

Payment of lease liability

(29)

(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

^[4]

3,482

^[4]

4,060

of which cash at banks

122

186

672

of which cash equivalents

7,137

5,033

2,810

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 year

^[4]

7,259

5,219

3,482

of which cash at banks

122

186

672

of which cash equivalents

kr 7,137

kr 5,033

kr 2,810

[1]


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]

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

[3]

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.

[4]

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.

Consolidated Statement of Financial Position - SEK (kr)
kr in Millions

Dec. 31, 2025

Dec. 31, 2024

Assets

Cash and cash equivalents

^[1]

kr 7,259

kr 5,219

Treasuries/government bonds

13,419

4,150

Other interest-bearing securities except loans

43,237

52,843

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

Derivatives

6,721

10,643

Tangible and intangible assets

158

178

Deferred tax assets

Other assets

754

286

Prepaid expenses and accrued revenues

7,775

8,145

Total assets

349,964

368,094

Liabilities and equity

Borrowing from credit institutions

4,410

8,607

Debt securities issued

300,222

316,388

Derivatives

8,988

5,227

Other liabilities

3,664

4,490

Accrued expenses and prepaid revenues

8,581

8,798

Provisions

Total liabilities

325,875

343,522

Share capital

3,990

Reserves

212

204

Retained earnings

19,887

20,378

Total equity

^[2]

24,089

24,572

Total liabilities and equity

kr 349,964

kr 368,094

[1]	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.
[2]	1 The entire equity is attributable to the shareholder of the Parent Company.