This report does not constitute a rating action. Overview Key strengths Key risks Leading merchant bank franchise in the Nordics. 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. SEB's leading position among large corporates in the Nordics and top position in the Swedish and Baltic retail markets afford the bank with greater revenue diversification than most Nordic peers. For 2025-2026, we project annual net income of Swedish krona (SEK)32 billion-SEK34 billion (€2.8 billion-€3.0 billion), versus SEK35.9 billion in 2024, with return on equity edging down to 14.0%-15.0% (15.8% in 2024). Our forecast includes a 4%-5% rebound in loan
