This report does not constitute a rating action. ALAC--Additional loss-absorbing capacity. CRA--Comparable ratings analysis. GRE--Government-related entity. ICR--Issuer credit rating. SACP--Stand-alone credit profile. Overview Key strengths Key risks A leading merchant bank franchise in the Nordic region. High single-name exposure. Diversified revenue base and high cost-efficiency. Predominance of larger corporate deposits and wholesale funding in the funding profile. Strong risk-adjusted capitalization aided by robust asset quality. We forecast annual income of Swedish krona (SEK) 31.5 billion-SEK35.0 billion (€2.9 billion-€3.2 billion) over 2026-2028, compared with SEK31.1 billion in 2025, with the return on equity gradually climbing toward the bank?s 15% long-term aspiration (13.5% in 2025). This reflects our anticipation of continued fee income growth, which expanded by 10% in 2025 supported by
