SEB

Quarterly Report • Jan 29, 2025

Quarterly report Stockholm 29 January ²⁰²⁵ Fourth quarter 2024 | Annual accounts 2024

CEO comment

In 2024, the world was characterised by political turbulence and continued geopolitical conflicts, with uncertainty and, above all, vast human suffering as a result. From a macroeconomic perspective, the global economy held up relatively well and inflation continued to come down.

In the fourth quarter, the US continued to show economic strength, while growth in Europe remained weak. The outcome of the US election led to expectations of tax cuts and deregulation but created at the same time concerns over the effects of potential trade tariffs. In Sweden, the Riksbank continued to lower interest rates. This was a consequence of inflation continuing to fall and an ambition to increase economic activity. In the wake of reduced inflation, expansionary fiscal policy and lowered interest rates, the fundamentals are in place for an economic upturn in Sweden, led by investment and consumption.

Delivering on our targets

For the full year 2024, the return on equity of 16.2 per cent was above our 15 per cent long-term aspiration. However, the corresponding figure in the fourth quarter of 13.2 per cent was affected by declining interest rates, a net financial income level that was more in line with the average of the past four years, and implementation costs associated with the acquisition of the corporate payment service provider AirPlus. Looking beyond these effects, asset under management net inflows amounted to SEK 12bn during the quarter, activity among our large corporate customers increased and we continued to experience a healthy activity in our Baltic division. Asset quality remained robust overall and net expected credit losses amounted to 5 basis points.

Total operating expenses for 2024 were in line with the cost target of at or below SEK 31bn including AirPlus, in line with our underlying cost target of at or below SEK 29bn. For 2025, we have a cost target of SEK 33bn, +/- SEK 0.3bn, assuming average 2024 FX rates. This enables continued investments in our capabilities while we maintain a strong focus on consolidation and efficiencies. The implied range is mainly related to the ongoing integration of AirPlus.

In connection with our report for the fourth quarter 2021, we set a target of having a Common Equity Tier 1 capital ratio of 100-300 basis points above the regulatory requirement by the end of 2024. With a capital management buffer of 290 basis points at the end of last year, we have now reached that target.

The Board of Directors has proposed an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 3.00 per share. Further, SEB has received an approval from the Swedish Financial Supervisory Authority to buy back shares amounting to SEK 10bn until the end of January 2026. Using this approval, the Board of Directors has decided, on 28 January, on a new quarterly share buyback programme of SEK 2.5bn until 31 March 2025. It is SEB's intention to move to semi-annual dividends from 2026.

Acknowledgment of our strong credit worthiness

Our standing in the credit market is highly important for SEB. Having access to cost efficient funding benefits all our stakeholders. I am therefore pleased that the credit rating agency S&P Global Ratings, from which SEB has the rating A+, during the quarter raised its credit outlook on SEB from stable to positive, motivated by the robust and predictable profitability the bank has shown over the past decade.

Focus on high-potential areas in new business plan

We are pleased to have maintained a leading position among large corporate customers and financial institutions, as shown in external customer satisfaction surveys. At the same time, we continue our efforts to improve customer satisfaction in all areas. In our business plan for 2025-2027, the underlying strength of our business and 2030 Strategy enables us to focus on areas with particularly high potential. Our efforts will be centered around business growth – which includes capturing long-term potential in our wealth and asset management business, corporate growth, and to future-proof and grow retail banking. The other focus area is technology and efficiency – with a continued modernisation of the technology stack and to accelerate implementation of new technologies, thereby increasing customer and business value.

At the same time, we continue to build on several initiatives and progress from the past three-year period, to ensure that we meet our customers' needs and maintain momentum in competitive markets. We have, for example, selectively expanded our large corporate business to Austria, Switzerland, and the Netherlands. Within the division Private Wealth Management & Family Office, we have expanded our Professional Family Office offering to all Nordic countries as well as Germany and Luxembourg. Furthermore, we have improved our digital banking experience by launching a new internet bank for corporate customers, enhancing the internet bank for private customers, and adding functionality in the mobile app.

Through an established infrastructure for innovation, the number of projects within AI, automation and data continued to accelerate during 2024. Our investments and efforts in these areas continue, with emphasis on structured and fast implementation. In parallel, we continued to future-proof our core IT platforms.

Within sustainability, we have high ambitions and targets. At the end of 2024, our Sustainability Activity Index, which captures our sustainability activities across four areas, had increased by 175 per cent (123 per cent year end 2023) compared with the 2021 baseline. Our Carbon Exposure Index, which aims to reduce the fossil fuel credit exposure within our energy portfolio, had at the same time decreased by 53 per cent (39 per cent year end 2023) versus the 2019 baseline.

Creating long-term value

Our strong financial position allows us to continue to support our customers with responsible advice and capital in the long-term, contribute to the development of the societies in which we operate and deliver value to our shareholders. I am proud of SEB's employees, who work with dedication to deliver the best possible customer experience. I look forward to our continued efforts.

Johan Torgeby President and CEO

Fourth quarter 2024

• Customer satisfaction continued to be high, reflected in a number of customer surveys.
• Increasing activity in the Large Corporate & Financial Institutions division and a healthy customer activity in the Baltic countries.
• The 2024 costs and capital buffer were in line with full-year targets.
• In 2025, we will continue to invest in our capabilities while we maintain a strong focus on consolidation and efficiencies.
• The Board of Directors proposes an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 3.00 per share. Furthermore, with an approval from the Swedish FSA for share buybacks amounting to SEK 10bn until the end of January 2026, the Board of Directors has decided on a new quarterly share buyback programme of SEK 2.5bn.

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Total operating income	19 985	20 908	-4	20 136	-1	81 887	80 193	2
Total operating expenses	8 688	7 718	13	7 130	22	30 949	27 449	13
Net expected credit losses	377	393	-4	664	-43	886	962	-8
Imposed levies	851	979	-13	1 075	-21	4 009	3 819	5
Operating profit	10 069	11 818	-15	11 267	-11	46 043	47 963	-4
NET PROFIT	7 493	9 454	-21	8 373	-11	35 865	38 116	-6
Return on equity, %	13.2	17.0		15.2		16.2	17.9
Basic earnings per share, SEK	3.69	4.63		4.03		17.51	18.20

SEB Group5
Income statement on a quarterly basis, condensed5
Key figures6
The fourth quarter7
The full year9
Operating profit by country10
Business volumes 11
Risk and capital11
Business development13
Other information14
Business segments 15
Income statement by segment 15
Financial statements – SEB Group 22
Income statement, condensed22
Statement of comprehensive income22
Balance sheet, condensed 23
Statement of changes in equity 24
Cash flow statement, condensed 25
Notes to the financial statements – SEB Group 26
Note 1. Accounting policies and presentation26
Note 2. Net interest income 27
Note 3. Net fee and commission income27
Note 3. Net fee and commission income by segment28
Note 4. Net financial income 29
Note 5. Staff costs29
Note 6. Defined benefit pension plans29
Note 7. Net expected credit losses30
Note 8. Imposed levies 30
Note 9. Pledged assets and obligations31
Note 10. Financial assets and liabilities31
Note 11. Assets and liabilities measured at fair value32
Note 11. Assets and liabilities measured at fair value, cont33
Note 11. Assets and liabilities measured at fair value, cont34
Note 12. Exposure and expected credit loss (ECL) allowances by stage35
Note 12. Exposure and expected credit loss (ECL) allowances by stage, cont36
Note 12. Exposure and expected credit loss (ECL) allowances by stage, cont37
Note 13. Movements in allowances for expected credit losses 38
Note 14. Loans and expected credit loss (ECL) allowances by industry 39
Note 15. Uncertainties40
Note 16. Acquisitions41
SEB consolidated situation 42
Note 17. Capital adequacy analysis42
Note 18. Own funds 43
Note 19. Risk exposure amount44
Note 20. Average risk-weight45
Skandinaviska Enskilda Banken AB (publ) – parent company 46
Signature of the President52
Review report 52
Contacts and calendar 53
Definitions 54

SEB Group

Income statement on a quarterly basis, condensed

	Q4	Q3	Q2	Q1	Q4
SEK m	2024	2024	2024	2024	2023
Net interest income	10 820	11 055	11 611	11 765	12 100
Net fee and commission income	6 508	6 034	5 936	5 625	5 542
Net financial income	2 352	3 772	2 747	3 249	2 386
Net other income	305	45	17	44	109
Total operating income	19 985	20 908	20 312	20 682	20 136
Staff costs	5 426	5 004	4 846	4 795	4 443
Other expenses	2 649	2 152	2 033	1 863	2 153
Depreciation, amortisation and impairment of tangible and
intangible assets	613	561	503	501	535
Total operating expenses	8 688	7 718	7 383	7 160	7 130
Profit before credit losses and imposed levies	11 297	13 190	12 929	13 522	13 006
Net expected credit losses	377	393	44	73	664
Imposed levies	851	979	1 046	1 133	1 075
Operating profit	10 069	11 818	11 840	12 316	11 267
Income tax expense	2 576	2 364	2 424	2 813	2 894
NET PROFIT	7 493	9 454	9 416	9 503	8 373
Attributable to shareholders of Skandinaviska Enskilda
Banken AB	7 493	9 454	9 416	9 503	8 373
Basic earnings per share, SEK	3.69	4.63	4.58	4.60	4.03
Diluted earnings per share, SEK	3.65	4.57	4.54	4.56	4.00

Key figures
		Q4 Q3		Q4	Jan-Dec
		2024	2024	2023	2024	2023
Return on equity, %		13.2	17.0	15.2	16.2	17.9
Return on total assets, %		0.7	0.9	0.8	0.9	0.9
Return on risk exposure amount, %		3.2	4.1	3.7	3.9	4.3
Cost/income ratio		0.43	0.37	0.35	0.38	0.34
Basic earnings per share, SEK		3.69	4.63	4.03	17.51	18.20
Weighted average number of shares, millions	1)	2 029	2 044	2 078	2 049	2 094
Diluted earnings per share, SEK		3.65	4.57	4.00	17.33	18.06
Weighted average number of diluted shares, millions	2)	2 053	2 068	2 094	2 070	2 110
Net worth per share, SEK		122.04	117.94	113.83	122.04	113.83
Equity per share, SEK		114.41	110.26	106.99	114.41	106.99
Average shareholders' equity, SEK bn		227.4	221.8	220.6	222.0	212.7
Number of outstanding shares, millions	1)	2 020	2 037	2 073	2 020	2 073
Net ECL level, %		0.05	0.05	0.09	0.03	0.03
Stage 3 Loans / Total Loans, gross, %		0.47	0.41	0.37	0.47	0.37
Stage 3 Loans / Total Loans, net, %		0.28	0.23	0.20	0.28	0.20
Liquidity Coverage Ratio (LCR), %	3)	160	133	140	160	140
Net Stable Funding Ratio (NSFR), %	4)	111	113	112	111	112
Own funds requirement, Basel III Risk exposure amount, SEK m		947 860	923 626	891 992	947 860	891 992
Expressed as own funds requirement, SEK m		75 829	73 890	71 359	75 829	71 359
Common Equity Tier 1 capital ratio, %		17.6	19.4	19.1	17.6	19.1
Tier 1 capital ratio, %		20.3	21.4	20.7	20.3	20.7
Total capital ratio, %		22.5	23.6	22.4	22.5	22.4
Leverage ratio, %		5.4	5.0	5.4	5.4	5.4
Number of full time equivalents	5)	19 034	18 975	17 502	18 887	17 288
Assets under custody, SEK bn		19 714	22 368	20 167	19 714	20 167
Assets under management, SEK bn		2 664	2 709	2 361	2 664	2 361

¹⁾ At 31 December 2024 the number of issued shares amounted to 2,099,836,305 and SEB held 79,408,858 own Class A shares with a market value of SEK 12,026m. The number of outstanding shares amounted to 2,020,427,447. At year-end 2023 the number of issued shares was 2,139,983,495 and SEB owned 67,135,764 Class A shares. During 2024 SEB has purchased 5,774,939 shares for the longterm equity-based programmes and 6,751,296 shares were sold/distributed. During 2024 SEB has purchased 53,396,641 shares for capital purposes and 40,147,190 shares held for capital purposes were cancelled.

²⁾ Weighted average diluted number of shares, adjusted for the dilution effect of potential shares in the long-term equity-based programmes.

³⁾ In accordance with the EU delegated act.

⁴ ) In accordance with Regulation (EU) No 575/2013 (CRR).

⁵ ) Quarterly numbers are for end of quarter. Accumulated numbers are average for the period.

Acquisition of AirPlus International GmbH

As of 1 August 2024, SEB's acquisition of AirPlus is recognised in SEB's result, mainly affecting net fee and commission income and operating expenses.

The fourth quarter

Operating profit decreased by 15 per cent compared with the third quarter 2024 and amounted to SEK 10,069m (11,818). Year-onyear, operating profit decreased by 11 per cent. Net profit amounted to SEK 7,493m (9,454).

Operating income

Total operating income decreased by 4 per cent compared with the third quarter 2024 and amounted to SEK 19,985m (20,908). Compared with the fourth quarter 2023, total operating income decreased by 1 per cent.

Net interest income decreased by 2 per cent compared with the third quarter, to SEK 10,820m (11,055). The main reason for the decrease was lowered central bank policy rates. Currency effects had a positive impact of SEK 21m in the fourth quarter. Year-on-year, net interest income decreased by 11 per cent.

Net interest income breakdown 1

	Q4	Q3	Q4
SEK m	2024	2024	2023
Loans to the public	22 391	23 921	24 344
Deposits from the public	-13 263	-15 648	-15 094
Other, including funding and liquidity	1 692	2 782	2 850
Net interest income	10 820	11 055	12 100

Interest income from loans to the public decreased by SEK 1,530m compared with the previous quarter, driven by lower interest rates.

Interest expense on deposits from the public decreased by SEK 2,385m in the fourth quarter due to lower interest rates. Deposit guarantee fees decreased and amounted to SEK 96m (136).

Other net interest income decreased by SEK 1,090m due to lower interest rates and negative effects from other customer categories such as central banks and credit institutions.

Net fee and commission income increased by 8 per cent in the fourth quarter to SEK 6,508m (6,034). AirPlus had a positive effect of SEK 212m compared to the preceding quarter. Year-onyear, net fee and commission income increased by 17 per cent.

Assets under management were lower compared to the previous quarter, both on average and at the end of the quarter, despite net inflows of SEK 12bn. Gross fee income from custody and mutual funds, excluding performance fees, was stable and amounted to SEK 2,756m (2,762). Performance fees decreased and amounted to SEK 18m (62).

Gross fee income from issuance of securities and advisory services increased to SEK 456m (328), mainly due to increased activity within mergers and acquisitions. There was higher activity within the corporate customer segment during the quarter, and gross lending fees increased by 15 per cent to SEK 985m (854).

Gross secondary market and derivatives income increased to SEK 485m (423), in line with seasonal effects.

Net payment and card fees increased to SEK 1,843m (1,655). The main reason for the increase was that AirPlus affected the full quarter compared to two months in the third quarter.

Net life insurance commissions, related to the unit-linked insurance business, remained stable at SEK 262m (252).

Net financial income decreased by 38 per cent to SEK 2,352m (3,772) in the fourth quarter. Net financial income from the divisions decreased marginally and amounted to SEK 2,398m (2,446). Net financial income within Group Treasury had a less positive impact, mainly related to revaluation effects on interest rate derivatives and FX swaps. Year-on-year, net financial income decreased by 1 per cent.

The fair value adjustments on derivative positions2 amounted to SEK 146m (-92) in the fourth quarter.

The change in market value of certain strategic holdings amounted to SEK -390m (433) in the fourth quarter.

Net other income amounted to SEK 305m (45). Unrealised valuation and hedge accounting effects are included in this line item.

Operating expenses

Total operating expenses increased by 13 per cent and amounted to SEK 8,688m (7,718), of which running expenses and implementation cost for AirPlus had a negative effect. Total implementation costs related to the acquisition of AirPlus, across the Corporate & Private Customers division, amounted to SEK 496m. Year-on-year, total operating expenses increased by 22 per cent, to a large degree driven by expenses related to AirPlus.

Staff costs increased by 8 per cent during the fourth quarter. The number of full-time equivalents increased to 19,034 (18,975).

Other expenses increased by 23 per cent mainly due to higher IT and consulting expenses partly related to implementation costs for AirPlus. Supervisory fees amounted to SEK 45m (53).

Costs developed according to plan for 2024. The cost target for 2025 is outlined on p. 14.

¹ The table specifies interest income from loans to the public and interest expense from deposits from the public, and other, without adjustments for internal transfer pricing.

² Includes unrealised valuation adjustments from counterparty risk (CVA), own credit risk standing in derivatives (DVA), funding (FVA) and collateral (ColVa). Own credit risk for issued securities (OCA) is reflected in Other comprehensive income.

Net expected credit losses

Net expected credit losses amounted to SEK 377m (393), corresponding to a net expected credit loss level of 5 basis points (5). New provisions were offset by reversal of provisions and a reduction of portfolio model overlays of which SEK 1.2bn (1.6) remained at quarter-end. Overall asset quality remained robust. Past due volumes decreased and the risk migration in terms of exposure was positive, while risk migration in terms of number of counterparties remained negative.

For more information on credit risk, asset quality, net expected credit losses and the portfolio model overlays, see p. 11 and notes 7, 12, 13 and 14.

Imposed levies

Imposed levies decreased and amounted to SEK 851m (979).

The risk tax on credit institutions in Sweden amounted to SEK 396m (396). The resolution fund fees, mainly related to the parent company, amounted to SEK 327m (327). The Lithuanian solidarity contribution decreased to SEK 66m in the fourth quarter (194). The outcome is calculated based on average net interest income (over the last four years according to a specific formula), which has now decreased. The temporary Latvian mortgage levy amounted to SEK 59m in the fourth quarter (59). See note 8.

Income tax expense

Income tax expense amounted to SEK 2,576m (2,364) with an effective tax rate of 25.6 per cent (20.0). The increase in the effective tax rate is mainly explained by; the increased tax expense in Estonia due to higher dividends paid and the increased interest costs on subordinated debt.

Return on equity

Return on equity for the fourth quarter amounted to 13.2 per cent (17.0).

Other comprehensive income

Other comprehensive income amounted to SEK 1,161m (-308).

The value of SEB's pension plan assets continued to exceed the defined benefit obligations to the employees. Meanwhile, the discount rate used for the Swedish pension obligation was changed to 3.30 per cent (2.85). The net value of the defined benefit pension plans contributed with SEK 910m (-199) to other comprehensive income. The long-term inflation assumption remained unchanged at 2 per cent.

The net effect from the valuation of balance sheet items that may subsequently be reclassified to the income statement, i.e. cash flow hedges and translation of foreign operations amounted to SEK 252m (-111).

Acquisition of AirPlus International GmbH

During the fourth quarter AirPlus contributed with:

	Q4
SEK m	2024
Net interest income	-68
Net fee and commission income	571
Net financial income	79
Net other income	11
Total operating income	593
Total operating expenses	1 190
Net expected credit losses	5
Operating profit	-601

Comparative numbers (in parenthesis throughout the report)

Unless otherwise stated:

• the result for the reporting quarter is compared with the prior quarter,
• the result for the full year 2024 is compared with the full year 2023, and
• business volumes are compared with the prior quarter.

The full year

Operating profit decreased by 4 per cent compared with the full year 2023, to SEK 46,043m (47,963). Net profit amounted to SEK 35,865m (38,116).

Operating income

Total operating income increased by 2 per cent compared with the full year 2023 and amounted to SEK 81,887m (80,193).

Net interest income decreased by 5 per cent compared with the full year 2023, to SEK 45,251m (47,526). Net interest income was negatively affected by a currency effect amounting to SEK 78m for the full year.

Net interest income breakdown1

	Jan-Dec	Change
SEK m	2024	2023	%
Loans to the public	95 361	86 282	11
Deposits from the public	-60 261	-51 760	16
Other, including funding and liquidity	10 151	13 003	-22
Net interest income	45 251	47 526	-5

Interest income from loans to the public increased by SEK 9,079m during the full year mainly due to the interest rate environment, which on average was higher than for the full year 2023.

Interest expense on deposits from the public increased by SEK 8,501m in the full year mainly due to the higher interest rate environment. The deposit guarantee fees amounted to SEK 455m (449).

Other interest income decreased by SEK 2,852m partly due to higher funding costs related to issued securities, which was driven by both higher interest rates and increased volumes.

Net fee and commission income increased by 11 per cent in the full year to SEK 24,103m (21,669).

With improved equity markets, the average assets under management were higher than the previous period. Gross fee income from custody and mutual funds, excluding performance fees, increased by SEK 1,268m to SEK 10,726m (9,458). Performance fees increased to SEK 207m (146).

Gross fee income from issuance of securities and advisory services increased to SEK 1,523m (1,193). Gross lending fees were broadly unchanged at SEK 3,837m (3,841). Gross secondary market and derivatives income decreased to SEK 1,882m (2,015).

Net payment and card fees increased by SEK 1,160m to SEK 5,962m (4,802) compared with the full year 2023, mainly due to the integration of AirPlus, but also as customers were more active in both payments and cards throughout the year compared to 2023. Net life insurance commissions, from the unit-linked insurance business, increased to SEK 1,050m (991), due to higher average assets under management.

Net financial income increased by 21 per cent to SEK 12,121m (9,991) compared with the full year 2023.

With advantageous markets, fixed income activity was high year-on-year with a significant contribution from the Large Corporates & Financial Institutions division. Group Treasury's contribution declined compared to the full year 2023.

The fair value adjustments on derivative positions2 amounted to SEK 29m (-172).

The change in market value of certain strategic holdings amounted to SEK 172m (867) for the full year.

Net other income amounted to SEK 411m (1,008). Unrealised valuation and hedge accounting effects are included in this line item. In the third quarter 2023, SEB repurchased a SEK covered bond at a gain of SEK 512m.

Operating expenses

Total operating expenses increased by 13 per cent and amounted to SEK 30,949m (27,449), largely driven by running expenses and implementation costs related to AirPlus.

Staff costs increased by 14 per cent during the full year, mainly due to the increased number of full-time equivalents. Supervisory fees amounted to SEK 211m (176).

Net expected credit losses

Net expected credit losses amounted to SEK 886m (962), corresponding to a net expected credit loss level of 3 basis points (3). New provisions were offset by reversal of provisions, a reduction of portfolio model overlays and updated macroeconomic scenarios. The overall asset quality of the credit portfolio remained robust. Negative risk migration continued, but in 2024, there were more risk class upgrades than downgrades in terms of exposure.

For more information on credit risk, asset quality, net expected credit losses and the portfolio model overlays, see p. 11 and notes 7, 12, 13 and 14.

Imposed levies

Imposed levies amounted to SEK 4,009m (3,819). The main reason for the increase was the implementation of a temporary mortgage levy in Latvia in 2024. See note 8.

Income tax expense

Income tax expense amounted to SEK 10,178m (9,848) with an effective tax rate of 22.1 per cent (20.5). The increase in the effective tax rate is mainly explained by; the increased tax expense in Estonia due to higher dividends paid and the increased interest costs on subordinated debt.

Return on equity

Return on equity for the full year amounted to 16.2 per cent (17.9).

Other comprehensive income

Other comprehensive income amounted to SEK 5,987m (-1,092). The net value of the defined benefit pension plans contributed

with SEK 5,424m (-659) to other comprehensive income. The net effect from the valuation of balance sheet items that may subsequently be reclassified to the income statement, i.e. cash flow hedges and translation of foreign operations amounted to SEK 567m (-433).

¹ The table specifies interest income from loans to the public and interest expense from deposits from the public, and other, without adjustments for internal transfer pricing.

² Includes unrealised valuation adjustments from counterparty risk (CVA), own credit risk standing in derivatives (DVA), funding (FVA) and collateral (ColVa). Own credit risk for issued securities (OCA) is reflected in Other comprehensive income.

Operating profit by country

Distribution by country											Operating profit
Jan - Dec	Total operating income		Total operating expenses		Operating profit			in local currency
SEK m	2024	2023	%	2024	2023	%	2024	2023	%	2024	2023	%
Sweden	48 337	47 426	2	18 604	18 025	3	25 875	26 152	-1	25 875	26 152	-1
Norway	4 581	4 725	-3	1 843	1 821	1	2 677	2 811	-5	2 722	2 796	-3
Denmark	3 933	4 269	-8	1 542	1 454	6	2 302	2 677	-14	1 502	1 738	-14
Finland	3 607	3 475	4	1 113	1 069	4	2 435	2 418	1	213	211	1
Germany	3 004	2 711	11	2 089	923	126	1 048	1 592	-34	92	139	-34
Estonia	3 949	4 073	-3	1 070	988	8	2 944	3 099	-5	257	270	-5
Latvia	3 005	2 898	4	772	728	6	2 061	2 137	-4	180	186	-3
Lithuania	6 575	6 496	1	1 249	1 165	7	4 579	4 358	5	400	380	5
United Kingdom	974	1 422	-32	683	582	17	265	799	-67	20	61	-68
International network	3 946	3 502	13	2 005	1 498	34	1 854	1 931	-4
Eliminations	-23	-804	-97	-23	-804	-97	3	-11
Total	81 887	80 193	2	30 949	27 449	13	46 043	47 963	-4

The full year

Sweden: Policy rate cuts during 2024, as a consequence of decreased inflation, had a negative effect on net interest income from deposits while there was a good inflow of fund savings and positive impact from market valuations.

Denmark: Changes in the interest environment led to lower net interest income for Denmark. This was partially offset by increased corporate client activity as well as another year of high activity in the fixed income market. Demand for sustainabilitylinked banking services continued to be high.

Norway: Activity levels in Norway were mixed. However, financial performance was strong, to some extent driven by a healthy demand for risk management services and higher activity within mergers and acquisitions and Debt Capital Markets. In line with SEB's overall strategy, lending volumes were somewhat reduced in the Oil & Gas and Offshore segments, offset by increased issuance of green and sustainability-linked financing.

Finland: Although 2024 was a period of economic tightening, it was another solid financial year with high customer activity. Cash Management, Debt Capital Markets and sustainability-related products saw continued high demand from our customers.

Germany: Despite structural economic headwinds, client activity levels remained solid, particularly in project financing and sustainability advisory. By proactively supporting corporate and institutional customers in continental Europe, SEB was able to increase its market share, resulting in a strong underlying operating result. The operating expense increase related to AirPlus and had a negative effect on the operating profit.

Estonia: Despite negative GDP growth and high inflation, there was solid demand for mortgages and gradually improving corporate activity, and asset quality was strong. The number of new private customers with savings and investments reached record levels and customer satisfaction was enhanced through sustainability and risk advisory.

Latvia: The economy recovered slowly, supporting the slowdown in the inflation, maintained low unemployment and a relatively high wage growth. Global financial markets provided high returns on customers' savings and investments. This was also reflected in the balance sheet as deposits grew significantly, while lending demand slowly thawed.

Lithuania: Recovery in private consumption and exports supported the pickup in economic activity. Lower interest rates had a positive impact on the demand for loans. SEB continued to expand lending volumes and enhanced sustainable offerings for clients, while also achieving year-over-year growth in customer satisfaction across all channels.

United Kingdom: Clients continued to grow within the UK and globally, including a continued focus on investing in infrastructure assets. The underlying trajectory of the franchise was strong leveraging off SEB's geographical and product strength, especially in Nordic cash management, trade finance and Debt Capital Markets activity. However, the UK operating result saw an adverse impact from one-off transactions during 2024.

International network: SEB continued to support its home market clients as a reliable long-term partner with a clear international strategy, presence and local advisory capabilities.

Business volumes

Total assets as of 31 December 2024 amounted to SEK 3,759bn, representing a decrease of SEK 383bn from the end of the third quarter and an increase of SEK 151bn from the end of the fourth quarter 2023 (3,608).

Loans

	31 Dec	30 Sep	31 Dec
SEK bn	2024	2024	2023
General governments	19	21	21
Financial corporations	119	118	113
Non-financial corporations	1 059	1 038	1 016
Households	731	726	722
Collateral margin	66	62	67
Reverse repos	242	246	163
Loans to the public	2 237	2 211	2 101

Loans to the public increased by SEK 26bn in the fourth quarter, to SEK 2,237bn (2,111), with a positive quarter-on-quarter currency effect of SEK 27bn.

Loans as well as contingent liabilities and derivatives are included and managed in the credit portfolio. See the section Risk and capital for information on the credit portfolio.

Deposits and borrowings

	31 Dec	30 Sep	31 Dec
SEK bn	2024	2024	2023
General governments	36	54	25
Financial corporations	361	639	396
Non-financial corporations	778	758	704
Households	459	450	441
Collateral margin	43	35	33
Repos	3	4	13
Deposits and borrowings from the public	1 681	1 941	1 612

Deposits and borrowings from the public decreased by SEK 260bn in the fourth quarter, to SEK 1,681bn (1,941), with a positive currency effect of SEK 52bn. This was mainly driven by a seasonal decrease of deposits from financial corporations, which decreased by SEK 278bn. Non-financial corporations' deposits increased by SEK 20bn and household deposits increased by SEK 9bn.

Debt securities

Debt securities decreased by SEK 21bn to SEK 279bn in the fourth quarter (300). The securities are short-term in nature, have high credit worthiness and are recognised at market value.

Assets under management and custody

Total assets under management decreased to SEK 2,664bn (2,709), driven by a market value decrease of SEK -57bn (63) during the quarter. The net flow of assets under management amounted to SEK 12bn (-20).

Assets under custody decreased to SEK 19,714bn (22,368), as some institutional clients changed their operating model.

Risk and capital

SEB's business is exposed to many different types of risks. The risk composition of the group, as well as the related risk, liquidity and capital management, are described in SEB's Annual and Sustainability Report for 2023 (see page 51-58 and notes 40 and 41), in the Capital Adequacy and Risk Management Report for 2023 as well as the quarterly additional Pillar 3 disclosures. Further information is available in SEB's Fact Book that is published quarterly.

Credit risk and asset quality

	31 Dec	30 Sep	31 Dec
SEK bn	2024	2024	2023
Banks	144	132	114
Corporates	1 751	1 710	1 675
Commercial real estate management	219	214	216
Residential real estate management	142	141	148
Housing co-operative associations Sweden	65	64	66
Public administration	67	60	65
Household mortgage	687	688	670
Household other	85	84	85
Total credit portfolio	3 160	3 095	3 040

SEB's credit portfolio, which includes loans, contingent liabilities and derivatives, increased by SEK 65bn in the fourth quarter to SEK 3,160bn (3,095).

The corporate segment increased by SEK 41bn, mainly stemming from positive currency effects. The real estate portfolios, including housing co-operative associations, increased by SEK 6bn. The household mortgage portfolio decreased by SEK 2bn, while the Baltic mortgage portfolio grew by 2 per cent in local currency in the quarter.

Stage 2 exposures decreased, and Stage 3 exposures increased due to negative risk migration, primarily in the corporate segment. A reduction of the portfolio model overlays reduced ECL allowances in Stage 1 and Stage 2. Negative risk migration resulted in decreased ECL allowances in Stage 2 and increased ECL allowances in Stage 3.

Notes 12-14 provide a more detailed breakdown of SEB's loan portfolio by industry and asset quality as well as corresponding ECL allowances.

Market risk

Average VaR in the trading book (as used for capital adequacy measurement under the Internal Model Approach) increased during the fourth quarter and amounted to SEK 148m (118). The group does not expect to lose more than this amount, on average, during a period of ten trading days with 99 per cent probability. SEB's business model is mainly driven by customer demand.

Liquidity and funding

SEB maintains a strong and diversified liquidity and funding position with good market access. The loan-to-deposit ratio, excluding repos and collateral margin, amounted to 118 per cent (100) per 31 December 2024.

New issuance of long-term funding during the quarter amounted to SEK 15bn, of which SEK 4bn in covered bonds, SEK 6bn in senior non-preferred bonds and SEK 5bn in subordinated debt. SEK 56bn of long-term funding, all covered bonds, matured during the quarter. Outstanding short-term funding in the form of commercial paper and certificates of deposit decreased by SEK 16bn in the fourth quarter.

Weighted High Quality Liquid Assets, defined according to the liquidity coverage ratio (LCR) requirements, decreased to SEK 673bn at 31 December 2024 (1,128), due to seasonal effects. The LCR was 160 per cent (133). The minimum regulatory requirement is 100 per cent. The net stable funding ratio (NSFR) requirement is that stable funding shall be at least 100 per cent of illiquid assets. Per 31 December 2024, SEB's NSFR was 111 per cent (113).

Rating

Fitch rates SEB's long-term senior unsecured debt at AA with stable outlook. The rating is based on SEB's low risk appetite, stable and well-executed strategy, and robust asset quality and capitalisation. The rating was affirmed in December 2024.

In November 2024, S&P confirmed the rating of SEB's longterm senior unsecured debt at A+ and changed the outlook from stable to positive reflecting the strong execution of the bank's strategy leading to robust and predictable profitability over the past decade.

Moody's rates SEB's long-term senior unsecured debt at Aa3 reflecting the bank's strong asset quality and solid capitalisation, which is expected to demonstrate continued resilience despite the challenges in the real estate sector in Sweden and the economic downturn. In March 2024, Moody's affirmed SEB's rating and changed the outlook from stable to positive.

Risk exposure amount

The total risk exposure amount (REA) increased by SEK 24bn during the fourth quarter.

SEK bn
Balance 30 Sep 2024	924
Underlying credit risk change	12
-whereof asset size	9
-whereof asset quality	-9
-whereof foreign exchange movements	13
Underlying market risk change	3
-whereof CVA risk	-1
Underlying operational risk change	1
Model updates, methodology & policy, other	9
-whereof credit risk	7
Balance 31 Dec 2024	948

The main drivers for the increase were currency movements, contributing to an increase in credit risk REA of SEK 12bn. Further, Article 3 add-ons were SEK 9bn, whereof SEK 7bn was related to credit risk for the implementation of new retail models and SEK 2bn to market risk.

Capital position

The following table shows REA and capital ratios according to applicable capital regulation:

	31 Dec	30 Sep	31 Dec
Own funds requirement, Basel III	2024	2024	2023
Risk exposure amount, SEK bn	948	924	892
Common Equity Tier 1 capital ratio, %	17.6	19.4	19.1
Tier 1 capital ratio, %	20.3	21.4	20.7
Total capital ratio, %	22.5	23.6	22.4
Leverage ratio, %	5.4	5.0	5.4

SEB's Common Equity Tier 1 (CET1) capital ratio decreased to 17.6 per cent (19.4) during the fourth quarter. CET1 capital decreased by SEK 12bn, mainly driven by a new share buyback approval from the Swedish FSA, amounting to SEK 10bn, and valid until 31 January 2026, and the dividend recommended by the Board of Directors. REA increased by SEK 24bn mainly driven by a weaker Swedish krona and Article 3 add-ons.

SEB's eleventh share buyback programme of SEK 2.5bn was completed on 27 January 2025 and the Board of Directors resolved to initiate a new programme. The new programme amounts to SEK 2.5bn and is to be completed by 31 March 2025.

SEB's applicable CET1 capital requirement and Pillar 2 guidance (P2G) per the end of the fourth quarter was 14.7 per cent (14.7). SEB's target is to have a buffer of 100 to 300 basis points above the regulatory capital requirement. The buffer shall cover sensitivity to currency fluctuations in REA, changes in the net value of the Swedish defined benefit pension plan as well as general macroeconomic uncertainties. Per 31 December 2024, the buffer amounted to approximately 290 basis points (470).

SEB's leverage ratio was 5.4 per cent at the end of the quarter (5.0), whereas the leverage ratio requirement and P2G was 3.5 per cent (3.5). The increase in the leverage ratio mainly stems from a lower leverage exposure amount.

Dividend

The Board of Directors proposes to the Annual General Meeting an ordinary dividend of SEK 8.50 per Class A and Class C share and a special dividend of SEK 3.00 per Class A and Class C share. This corresponds to around 66 per cent of the 2024 net profit. The proposed total dividend amounts to SEK 23.2bn calculated on the total number of issued shares as per 31 December 2024, excluding own shares held. The proposed record date for the dividend is 3 April 2025 and dividends will be paid out on 8 April 2025. The share will be traded ex-dividend on 2 April 2025.

Business development

(Second half of 2024)

In January 2022, SEB communicated its 2030 Strategy and threeyear business plan for 2022-2024. Below is a follow-up, for the second half of 2024, on the progress and important milestones related to strategic initiatives within the four focus areas of our 2030 Strategy: Acceleration of efforts, Strategic change, Strategic partnerships and Efficiency improvements.

Acceleration of efforts

We are pleased to see that our continued strong customer focus and capabilities are recognised by our customers as they ranked us to be the leading bank in the Nordics among Large Corporates for the fifth consecutive year, according to the annual Prospera customer survey.

During the second half of 2024, SEB Kort and AirPlus joined forces, as the acquisition of AirPlus closed. The combination of these two businesses is well placed for the future corporate payments market.

In our efforts to accelerate our savings and investments, the initiative Next Generation Pension has been launched in the three Baltic countries. It targets around 80 per cent of the Baltic population that currently does not regularly save for its pension. Next Generation Pension is an innovative and digitally native solution that enables customers to start saving in just three clicks. The goal is to support customers with lower awareness of personal finances to reach an adequate pension.

Another initiative within the pensions area is the launch of Pensionskollen (The Pension Check) in Sweden. Through this feature, customers can log in to perform a check of their current pension status compared to their own goals and to SEB's benchmarks. The tool collects data on pensions held with SEB as well as most other pension providers.

Strategic change

In line with our efforts to transform retail banking to go more digital, several updates have been made in the third and fourth quarter to functionalities in the mobile app as well as in the internet bank. Amongst other enhancements, corporate customers are now able to trade securities in the corporate app – previously only possible through the internet bank.

New features have also been introduced in the Baltic internet bank and mobile app. These include functionalities for parents to manage the accounts of their children, simplified processes for instance in relation to the opening of deposit accounts and added functionalities for business customers.

In the three Baltic countries, new Retail Service Plans have been launched, where offerings are tailored for different customer preferences and needs.

Our non-financial services offering within PWM&FO took a leap during the second half of 2024 through the acquisition of Boye Advisory AB. With this complementing acquisition, we will strengthen our offering by responding to the administrative and lifestyle needs of the Swedish customer base. In addition, the nonfinancial service company 1856 Family Office was launched in Zurich to serve primarily Nordic families and family offices located in Switzerland.

In December, a project aimed at simplifying the legal structure of SEB in the Baltics was initiated. The current three entities will be combined into a single, larger entity. The objective is to further support customer growth in the region and to simplify corporate governance. The new legal structure is expected to be operational by the beginning of 2027, subject to regulatory approval.

Strategic partnerships

We continue to partner with relevant stakeholders to support efficiency as well as innovation efforts. During the second half of 2024, SEB's strategic partnership with Kivra resulted in its first launch of functionality for clients. Several letters normally sent by direct mail to private customers will now instead be sent to the customers' Kivra digital mailbox. This shift aims to enhance accessibility and user-friendliness, while benefitting the environment.

The recently launched SEB Baltic Venture Debt made its first investment during the second half of 2024, investing in CybExer Technologies, a global leader in training and assessing IT security professionals for organisations and companies. The company holds a strong and growth-oriented market position.

Another highlight during the period was the initiation of our collaboration with Copenhagen Infrastructure Partners, enabling us to offer our PWM&FO clients the opportunity to invest in an alternative energy fund.

Efficiency improvement

We continue our dedicated efforts and investments in AI and data. The second half of 2024 saw the implementation of our tool RFP Genie within SEB Asset Management. This generative AI-powered solution prepopulates answers to incoming requests for proposals from potential clients, thereby increasing efficiency, quality and our ability to participate in such exercises.

Likewise, a new tool within the PWM&FO division, SensAIa, was rolled out during the period. By performing previously manual tasks during the advisory process, our advisors are now able to spend more of their time servicing the client directly.

Several simplifications to the issuing of Mobile BankIDs have been implemented in Sweden. Customers can now obtain a new Mobile BankID using their passport or national ID card instead of a Digipass. Reissuance of Mobile BankID using facial recognition and ID verification is now also possible in the app. The launches will reduce the number of related service cases at branches.

Other information

The group's long-term financial targets

The long-term financial targets are unchanged in the new business plan 2025-2027. With the overall purpose to increase capital management flexibility, the Board of Directors' long-term financial targets are:

• to pay a yearly dividend that is around 50 per cent of the earnings per share, excluding items affecting comparability, and to distribute potential capital in excess of the targeted capital position mainly through share repurchases,
• to maintain a Common Equity Tier 1 capital ratio of 100–300 basis points above the requirement from the Swedish Financial Supervisory Authority (FSA), and
• to generate a return on equity that is competitive with peers.

In the long term, SEB aspires to reach a sustainable return on equity of 15 per cent.

2030 Strategy, business plan 2025-2027 and 2025 cost target

The 2025-2027 business plan continues to execute on the vision set out in our 2030 Strategy – to be a leading corporate and investment bank in northern Europe with international reach. Within business and retail banking in Sweden and the Baltics, we aim to be the number one universal digital retail bank, with a human touch in moments that matter. We want to be individuals' and family offices' first choice to support their wealth accumulation through a continued expansion of products and services.

Emphasis in this business plan is on areas where SEB has significant earnings potential. Efforts will center around two main goals: business growth and technology and efficiency.

Business growth: An integral part of the 2030 Strategy is to capture the long-term growth potential in our wealth and asset management business. We aim to grow our corporate franchise by focusing on increasing the share of wallet with existing clients in the Nordics and to selectively expand corporate banking in our home markets outside the Nordic countries. Within our retail business, we will focus on future-proofing and growing the business, within prioritized segments. Integrating and realising synergies from the acquisition of AirPlus will also be a key focus area.

Technology and efficiency: The focus within technology is a continued modernisation of the technology stack and to accelerate implementation of new technologies. Efforts will also target faster adoption of new technologies such as artificial intelligence (AI).

For 2025, we have a cost target of SEK 33bn, +/- SEK 0.3bn, assuming average 2024 FX rates. This enables continued investments in our capabilities while we maintain a strong focus on consolidation and efficiencies. The implied range is mainly related to the ongoing integration of AirPlus. The long-term aim remains unchanged: to create shareholder value by accelerating income growth, driving earnings per share growth, increasing our profitability and future-proofing the business.

2024 cost target

Total operating expenses for 2024 were in line with the cost target including AirPlus of at or below SEK 31.0bn, and our underlying cost target of at or below SEK 29.0bn. With average foreign exchange rates during 2024, the implied cost target was SEK 31.0bn.

Financial aspirations for the divisions

The long-term divisional aspirations for profitability (RoBE) and cost efficiency (C/I ratio) are set mainly based on two factors. Firstly, each division will have the ambition to achieve best in class profitability and cost efficiency compared with similar businesses among relevant peers. Secondly, each division's aspirations are set so that they enable SEB to achieve its long-term aspiration of 15 per cent return on equity on group level.

The following table provides the aspirations for each of the divisions in SEB's new organisational structure.

Divisions' financial aspirations

	Return on	Cost/
	business	income
Divsions	equity	ratio
Corporate & Investment Banking	>13%	<0,45
Business & Retail Banking	>16%	<0,40
Wealth & Asset Management	>40%	<0,45
Baltic	>20%	<0,35

Impact from exchange rate fluctuations

The currency effect increased operating profit for the fourth quarter by SEK 17m. Loans to the public increased by SEK 27bn and deposits from the public increased by SEK 52bn. Credit risk REA increased by SEK 13bn and the increase of total assets was SEK 75bn.

Share buyback programmes

SEB completed its most recent SEK 2.5bn share buyback programme on 27 January 2025. Between 26 January 2024 and 27 January 2025, SEB bought back shares amounting to a total of SEK 8.75bn.

	Number of repurchased shares	Average purchase price (SEK per share)	Purchase amount (SEK m)
October 2021 - March 2022	20 055 133	124.66	2 500
March 2022 - October 2022	23 375 979	106.95	2 500
October 2022 - December 2022	10 508 310	118.95	1 250
January 2023 - April 2023	10 249 921	121.95	1 250
April 2023 - July 2023	10 660 063	117.26	1 250
July 2023 - October 2023	9 746 391	128.25	1 250
October 2023 - December 2023	9 739 700	128.34	1 250
January 2024 - March 2024	11 478 937	152.45	1 750
March 2024 - July 2024	13 329 653	150.04	2 000
July 2024 - October 2024	16 111 176	155.17	2 500
October 2024 - January 2025	16 219 065	154.14	2 500
Total	151 474 328	132.04	20 000

Business segments

Income statement by segment

	Large Corporates & Financial Institutions	Corporate & Private Customers	Private Wealth Mgmt & Family Office	Baltic	Life	Asset Management	Group Functions	Eliminations	SEB Group
Jan-Dec 2024, SEK m Net interest income	18 089	18 511	2 703	10 340	- 188	71	-3 801	- 474	45 251
Net fee and commission income	7 707	6 457	1 714	2 022	2 629	3 265	345	- 35	24 103
Net financial income	6 981	593	94	720	1 336	38	1 836	524	12 121
Net other income	433	92	8	5	21	0	- 141	- 7	411
Total operating income	33 210	25 653	4 519	13 087	3 798	3 374	-1 761	7	81 887
Staff costs	4 999	4 320	938	1 782	850	704	6 483	- 4	20 072
Other expenses	6 584	5 755	1 096	1 096	775	863	-7 484	12	8 698
Depreciation, amortisation and impairment of tangible and intangible
assets	22	235	7	83	36	11	1 785		2 179
Total operating expenses	11 605	10 310	2 041	2 961	1 662	1 578	784	7	30 949
Profit before credit losses and imposed
levies	21 605	15 343	2 478	10 125	2 136	1 796	-2 545	0	50 938
Net expected credit losses	1 191	38	- 87	- 251	0	0	- 8	2	886
Imposed levies	1 669	992	95	1 103			150	0	4 009
Operating profit	18 746	14 312	2 470	9 273	2 136	1 796	-2 687	- 2	46 043
	Large Corporates &	Corporate	Private Wealth
Jan-Dec 2023, SEK m	Financial Institutions	& Private Customers	Mgmt & Family Office	Baltic	Life	Asset Management	Group Functions	Eliminations	SEB Group
Net interest income	19 334	19 996	2 797	10 324	- 165	126	-5 032	146	47 526
Net fee and commission income	7 325	5 096	1 457	1 995	2 513	2 949	335	- 1	21 669
Net financial income	5 166	515	94	600	1 282	15	2 593	- 275	9 991
Net other income	- 34	16	8	11	- 5	3	1 016	- 7	1 008
Total operating income	31 791	25 623	4 356	12 930	3 624	3 093	-1 088	- 136	80 193
Staff costs	4 746	3 190	884	1 612	806	609	5 717	- 5	17 558
Other expenses	6 280	4 796	1 006	1 078	766	803	-6 705	- 132	7 892
Depreciation, amortisation and
impairment of tangible and intangible
assets Total operating expenses	25 11 050	60 8 046	4 1 894	78 2 768	33 1 604	11 1 423	1 788 800	- 136	1 999 27 449
Profit before credit losses and imposed
levies	20 740	17 577	2 462	10 163	2 020	1 670	-1 888	0	52 744
Net expected credit losses Imposed levies	382 1 556	604 1 036	- 4 90	- 7 999	1	0 0	- 15 138	1 0	962 3 819

Large Corporates & Financial Institutions

• Operating profit amounted to SEK 4,180m and return on business equity was 15.8 per cent
• High customer satisfaction among both large corporates and financial institutions, reflected by number 1 and 2 positions in annual Nordic Prospera customer surveys
• Increased activity in Investment Banking

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Net interest income	4 175	4 397	-5	4 861	-14	18 089	19 334	-6
Net fee and commission income	1 986	1 820	9	1 879	6	7 707	7 325	5
Net financial income	1 625	1 867	-13	1 241	31	6 981	5 166	35
Net other income	211	87	141	-7		433	-34
Total operating income	7 998	8 172	-2	7 974	0	33 210	31 791	4
Staff costs	1 302	1 222	7	1 213	7	4 999	4 746	5
Other expenses	1 609	1 640	-2	1 631	-1	6 584	6 280	5
Depreciation, amortisation and impairment
of tangible and intangible assets	7	5	41	6	10	22	25	-11
Total operating expenses	2 918	2 867	2	2 851	2	11 605	11 050	5
Profit before credit losses and imposed
levies	5 080	5 305	-4	5 122	-1	21 605	20 740	4
Net expected credit losses	483	472	2	476	1	1 191	382
Imposed levies	417	402	4	389	7	1 669	1 556	7
Operating profit	4 180	4 430	-6	4 257	-2	18 746	18 803	-0
Cost/Income ratio	0.36	0.35		0.36		0.35	0.35
Business equity, SEK bn	81.6	82.2		81.3		82.2	81.5
Return on business equity, %	15.8	16.6		16.1		17.6	17.8
FTEs, present¹⁾	2 466	2 495		2 354		2 455	2 342

Income statement

¹⁾ Quarterly numbers are for end of quarter. Accumulated numbers are average for the period.

Comments on the fourth quarter

SEB ranks at the top overall among large corporates and second among financial institutions in the annual Nordic Prospera customer surveys. The quarter was characterised by a mix of cautious optimism, although concerns remained around the risk of a delayed economic recovery together with geopolitical uncertainty. Activity levels picked up from the seasonally slower previous quarter, with clients showing increased transaction activity in the closing stages of the year.

Within the large corporate customer segment, there was a seasonal uptick in client activity. Lending demand remained relatively stable, with bridge financings in demand as interest rates cuts improved the sentiment for mergers and acquisitions. Trade finance-related products remained high in demand and cash management-related services continued to be stable. Capital markets activity remained stable with signs of a recovering new issues market, while the high merger and acquisition activity continued from the last quarter. The positive momentum in bond issuances continued primarily driven by the robust performance for investment grade-rated clients.

Within the financial institutions segment, fixed income activity remained influenced by central banks continuing their rate cutting cycle, although investor and issuer activity dampened somewhat post US elections. FX activity was robust with increased volumes and strong demand for USD-denominated assets. In the equites

space, client activity remained healthy with improved client satisfaction in domestic equities according to Prospera customer surveys.

Lending volumes increased by SEK 18bn to SEK 763bn, mainly explained by currency effects, with a continued sideways underlying development in the quarter. Deposit volumes decreased by SEK 89bn to SEK 762bn, mainly relating to overnight deposits in accordance with seasonal year-end patterns.

Operating profit amounted to SEK 4,180m. Net interest income decreased by 5 per cent relating to deposit margins and volumes with the changes in the internal fund transfer pricing affecting deposit margin negatively. Net fee and commission income increased by 9 per cent as a consequence of improved investment banking activity. Net financial income decreased by 13 per cent mainly relating to Fixed Income. Operating expenses increased by 2 per cent. Net expected credit losses increased to SEK 483m, corresponding to a net expected credit loss level of 12 basis points. The increase related to new provisions were partly offset by a reduction of portfolio model overlays. Asset quality overall remained robust. See note 7.

Corporate & Private Customers

• Operating profit amounted to SEK 2,755m and return on business equity was 16.5 per cent
• Positive trend in customers' net fund savings continued
• High inflow in corporate deposits

Income statement

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Net interest income	4 074	4 510	-10	5 091	-20	18 511	19 996	-7
Net fee and commission income	1 962	1 748	12	1 306	50	6 457	5 096	27
Net financial income	209	125	67	128	64	593	515	15
Net other income	70	8		5		92	16
Total operating income	6 315	6 391	-1	6 530	-3	25 653	25 623	0
Staff costs	1 534	1 075	43	810	89	4 320	3 190	35
Other expenses	1 682	1 557	8	1 325	27	5 755	4 796	20
Depreciation, amortisation and impairment
of tangible and intangible assets	124	81	52	15		235	60
Total operating expenses	3 339	2 714	23	2 149	55	10 310	8 046	28
Profit before credit losses and imposed
levies	2 976	3 677	-19	4 380	-32	15 343	17 577	-13
Net expected credit losses	-27	-57	-52	190		38	604	-94
Imposed levies	248	230	8	259	-4	992	1 036	-4
Operating profit	2 755	3 504	-21	3 932	-30	14 312	15 937	-10
Cost/Income ratio	0.53	0.42		0.33		0.40	0.31
Business equity, SEK bn	51.4	49.6		46.7		49.1	46.9
Return on business equity, %	16.5	21.8		25.9		22.5	26.2
FTEs, present¹⁾	4 518	4 520		3 477		4 548	3 462

¹⁾ Quarterly numbers are for end of quarter. Accumulated numbers are average for the period.

Comments on the fourth quarter

Demand for financial products continued to be subdued in most areas. Competition remained high in both the private and corporate segments. Customers continued to appreciate the improved service offering and customer satisfaction remained high also in the fourth quarter as measured by Net Promoter Score. Deposit volumes increased and lending volumes decreased in the quarter. Net interest margins came down explained by lower margins on deposits following policy rate cuts and changes in the internal fund transfer pricing model.

In the private customer segment, SEB's share of the mortgage market decreased slightly. Market growth remained subdued and mortgage lending volumes were flat at SEK 558bn (558). Mortgage portfolio margins increased compared to the previous quarter.

Household deposits remained flat at SEK 248bn (248).

The positive stock market performance during the quarter contributed to an increase in assets under management and net fund savings flow remained positive.

Customers in the corporate segment were cautious, reflected in unchanged corporate lending volumes at SEK 270bn (270bn) while card-related lending decreased to SEK 31bn (34) primarily from seasonal effects. Corporate deposits increased and amounted to SEK 190bn (179).

In total, lending volumes decreased by SEK 3bn to SEK 875bn (878). Deposit volumes increased by SEK 11bn and amounted to SEK 438bn (427).

Operating profit amounted to SEK 2,755m. Net interest income decreased by 10 per cent, as policy rate cuts and changes in the internal fund transfer pricing model impacted deposit margins negatively. Net fee and commission income increased by 12 per cent, primarily due to AirPlus. Total operating expenses increased compared with the last quarter due to AirPlus and related implementation costs. Asset quality remained stable and due to a reversal of provisions, net expected credit losses were positive at SEK 27m, mainly due to a reduction of portfolio model overlays.

Private Wealth Management & Family Office

• Operating profit amounted to SEK 550m and return on business equity was 38.1 per cent
• 75 per cent of discretionary assets under management outperformed their benchmarks
• Integration of Boye Advisory AB

Income statement

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Net interest income	629	676	-7	704	-11	2 703	2 797	-3
Net fee and commission income	433	443	-2	387	12	1 714	1 457	18
Net financial income	24	24	-2	21	13	94	94	-1
Net other income	5	1		2	112	8	8	-7
Total operating income	1 090	1 144	-5	1 114	-2	4 519	4 356	4
Staff costs	246	230	7	232	6	938	884	6
Other expenses	274	279	-2	250	9	1 096	1 006	9
Depreciation, amortisation and impairment
of tangible and intangible assets	4	1		1		7	4	84
Total operating expenses	523	510	3	483	8	2 041	1 894	8
Profit before credit losses and imposed				631
levies	567	634	-11		-10	2 478	2 462	1
Net expected credit losses	-7	-32	-79	-3	162	-87	-4
Imposed levies	24	25	-4	23	5	95	90	5
Operating profit	550	641	-14	611	-10	2 470	2 375	4
Cost/Income ratio	0.48	0.45		0.43		0.45	0.43
Business equity, SEK bn	4.4	4.9		4.3		4.8	4.1
Return on business equity, %	38.1	40.7		43.3		39.5	44.5
FTEs, present¹⁾	549	531		496		531	502

¹⁾ Quarterly numbers are for end of quarter. Accumulated numbers are average for the period.

Comments on the fourth quarter

The fourth quarter was characterised by frequent client interactions related to new investment opportunities creating positive net flows and increased activity income. The demand for financing facilities picked up predominantly within the Professional Family Office segment, mainly driven by interest rate cuts. The number of customers continued to increase in all geographies where the division operates. Boye Advisory AB was acquired as part of establishing the 1856 Family Office concept in Sweden.

Assets under management decreased by 5 per cent compared to the third quarter to SEK 1,331bn. The decrease in market value of SEK 81bn was partly offset by positive net flows amounting to SEK 7bn. 75 per cent of discretionary assets under management

outperformed their benchmarks, measured from the beginning of the year.

In the quarter, lending volumes increased by SEK 2bn to SEK 84bn. Deposit volumes increased by SEK 3bn to SEK 147bn.

Operating profit amounted to SEK 550m. Net interest income decreased by 7 per cent, due to deposit margin compression. Net fee and commission income decreased by 2 per cent mainly driven by a decrease in assets under management and a positive one-off effect in the third quarter. The decrease was partly offset by strong brokerage income. Total operating expenses increased by 3 per cent, partly explained by the integration of Boye Advisory AB. Due to a reversal of provisions, net expected credit losses were positive and amounted to SEK 7m.

Baltic

• Operating profit amounted to SEK 2,407m and return on business equity was 42.0 per cent
• Mortgage lending grew across all Baltic countries
• Deposit gathering accelerated while falling interest rates reduced margins

Income statement

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Net interest income	2 486	2 558	-3	2 800	-11	10 340	10 324	0
Net fee and commission income	529	502	5	522	1	2 022	1 995	1
Net financial income	195	127	53	85	129	720	600	20
Net other income	-2	0		1		5	11	-58
Total operating income	3 208	3 187	1	3 408	-6	13 087	12 930	1
Staff costs	446	452	-1	413	8	1 782	1 612	11
Other expenses	278	269	4	294	-5	1 096	1 078	2
Depreciation, amortisation and impairment
of tangible and intangible assets	22	21	3	19	13	83	78	6
Total operating expenses	746	742	1	726	3	2 961	2 768	7
Profit before credit losses and imposed
levies	2 462	2 445	1	2 683	-8	10 125	10 163	-0
Net expected credit losses	-70	8		13		-251	-7
Imposed levies	125	253	-51	370	-66	1 103	999	10
Operating profit	2 407	2 185	10	2 299	5	9 273	9 171	1
Cost/Income ratio	0.23	0.23		0.21		0.23	0.21
Business equity, SEK bn	18.8	18.5		17.7		18.3	17.0
Return on business equity, %	42.0	38.7		44.1		41.5	45.8
FTEs, present¹⁾	3 001	3 000		2 959		2 991	2 949

¹⁾ Quarterly numbers are for end of quarter. Accumulated numbers are average for the period.

Comments on the fourth quarter

The Baltic economies improved slightly, led by Lithuania and supported by stronger private consumption and improved exports. Consumer confidence remained low in Estonia, partly due to planned tax changes, but strengthened in Latvia and Lithuania.

Strong growth in real wages was observed in both Latvia and Lithuania, while inflation was higher in Estonia. With most of the mortgage loan portfolio at variable rates, the lower Euribor rates led to higher demand in mortgage lending in all countries. Industrial production improved and the outlook in the manufacturing and construction sectors recovered somewhat. Corporate customers' investment sentiment was low in Latvia, but more positive in Estonia and Lithuania. Lending to both households and corporate customers increased by 2 per cent in local currency and amounted to SEK 209bn (202).

Growth in deposits accelerated in all segments and countries with corporate customers in Lithuania contributing with the greatest increase. As a result, total deposit volumes increased by 9 per cent in local currency and amounted to SEK 276bn (249).

The share of deposit volumes on savings and term deposit accounts decreased to 27 per cent (29).

Operating profit amounted to SEK 2,407m. Net interest income decreased by 3 per cent in local currency, mainly due to decreasing deposit margins and lower income from excess liquidity, both arising from falling interest rates. Net fee and commission income increased by 5 per cent in local currency, partly due to seasonal performance fees in pensions and cards products. Net financial income increased by 52 per cent in local currency following a positive net valuation effect from interest rate swaps and government bonds in the liquidity portfolio. Operating expenses remained relatively unchanged in local currency. The Lithuanian temporary solidarity contribution levy is calculated using a formula based on net interest income over a given period. This amounted to SEK 66m gross, while the Latvian temporary mortgage levy remained unchanged at SEK 59m. Net expected credit losses amounted to positive SEK 70m, mainly due to reversal of provisions. See note 7.

Life

• Operating profit amounted to SEK 552m and return on business equity was 38.5 per cent
• High customer rating in the Swedish Quality Index survey for the insurance sector
• Strong sales volumes and positive net flow

Income statement

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Net interest income	-39	-44	-12	-43	-10	-188	-165	14
Net fee and commission income	705	618	14	619	14	2 629	2 513	5
Net financial income	322	306	5	425	-24	1 336	1 282	4
Net other income	-2	-1	119	-12	-88	21	-5
Total operating income	987	879	12	989	-0	3 798	3 624	5
Staff costs	221	213	4	204	8	850	806	6
Other expenses	204	183	12	207	-1	775	766	1
Depreciation, amortisation and impairment
of tangible and intangible assets	9	9	0	9	-3	36	33	12
Total operating expenses	434	404	7	421	3	1 662	1 604	4
Profit before credit losses and imposed
levies	553	475	16	568	-3	2 136	2 020	6
Net expected credit losses	0	0	-2	0	-2	0	1	-18
Imposed levies
Operating profit	552	475	16	568	-3	2 136	2 020	6
Cost/Income ratio	0.44	0.46		0.43		0.44	0.44
Business equity, SEK bn	5.3	5.3		5.4		5.4	5.4
Return on business equity, %	38.5	33.1		39.4		37.1	35.1
FTEs, present¹⁾	914	902		903		898	908

¹⁾ Quarterly numbers are for end of quarter. Accumulated numbers are average for the period.

Comments on the fourth quarter

The yearly customer survey Swedish Quality Index, SKI, for the Swedish insurance business reported high customer satisfaction among SEB's customers, ranking the bank among the top three players in the occupational pension market and a top position among banks within private pension.

Positive net flows and strong sales volumes concluded the fourth quarter, where customer demand for savings and life insurance products increased both in Sweden and the Baltic countries. Demand for endowment products in Sweden was particularly strong. Sales of Swedish occupational pension also grew compared to previous quarter, whereas contractual pension sales decreased.

The positive sales development in the Baltic business continued into the fourth quarter, with increasing net flows over the year, partially boosted by favourable legislative actions in the region. Total sales for Baltic life insurance grew by 16 per cent compared to previous quarter, predominantly within local pension fund- and unit-linked products.

Total assets under management amounted to SEK 564bn (547), an increase of 3 per cent compared to the previous quarter. The increase was driven by positive net flows in the quarter and favourable development in the financial markets. Unit-linked assets amounted to SEK 460bn (448), traditional and risk insurance products amounted to SEK 34bn (34) and other savings products amounted to SEK 69bn (64).

Operating profit amounted to SEK 552m. Net fee and commission income increased by 14 per cent, compared to a weaker previous quarter. The underlying increase in income was mainly driven by increased fee-driven income in the unit-linked business. Net financial income increased by 5 per cent, where income from insurance contracts increased due to stable returns and favourable interest rate movements towards the end of the year. Income from risk insurance products was lower than previous quarter. Operating expenses grew by 7 per cent, partially driven by IT- and project-related costs.

Increasing returns in the Swedish traditional portfolios led to the decision to increase bonus rates in the fourth quarter from 1 to 4 per cent.

Asset Management

• Operating profit amounted to SEK 436m and return on business equity was 54.4 per cent
• High client activity in equity and alternative investment products
• Fund Company of the Year, Swedish Fund of the Year and Small Cap Fund of the Year, awards by Privata Affärer

Income statement

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Net interest income	17	15	13	47	-64	71	126	-44
Net fee and commission income	821	839	-2	749	10	3 265	2 949	11
Net financial income	23	-3		-10		38	15	149
Net other income				2	-100	0	3
Total operating income	860	851	1	788	9	3 374	3 093	9
Staff costs	233	160	46	161	45	704	609	16
Other expenses	189	228	-17	207	-9	863	803	7
Depreciation, amortisation and impairment
of tangible and intangible assets	3	3	0	3	-0	11	11	-1
Total operating expenses	425	390	9	370	15	1 578	1 423	11
Profit before credit losses and imposed
levies	436	461	-5	418	4	1 796	1 670	8
Net expected credit losses	-0	0		0	-114	-0	0
Imposed levies				0	-100			0 -100
Operating profit	436	461	-5	418	4	1 796	1 669	8
Cost/Income ratio	0.49	0.46		0.47		0.47	0.46
Business equity, SEK bn	2.5	2.5		2.5		2.5	2.5
Return on business equity, %	54.4	57.3		52.9		56.5	52.0
FTEs, present¹⁾	378	288		274		288	274

¹⁾ Quarterly numbers are for end of quarter. Accumulated numbers are average for the period.

Comments on the fourth quarter

Every year, Privata Affärer, one of the Nordic region's largest personal finance magazines, recognises funds and fund management companies. This year, SEB Asset Management won three awards, including Fund Management Company of the Year.

Clients' interest in equities and alternative investments was noticeable. In total, assets under management increased by SEK 22bn to SEK 1,258bn (1,236) driven by increased market values and positive net flows.

Within SEB Investment Management, assets under management in SEB-labelled mutual funds increased by SEK 20bn to SEK 892bn (872). Market values increased by SEK 14bn, mainly driven by equities. Positive net flow amounted to SEK 6bn on the back of continued strong fund performance and a product offering aligned with prevailing market trends.

SEB-labelled mutual funds classified as Article 8 and 91 in the Sustainable Finance Disclosure Regulation (SFDR) amounted to SEK 866bn (846). SEK 841bn was classified as Article 8 and SEK 25bn was classified as Article 9.

Within Institutional Asset Management, the positive sales trend among institutional clients continued throughout the quarter. Client activity remained high. Large public procurements acted as catalyst for increased price pressure on index mandates.

Operating profit amounted to SEK 436m. Base commissions increased by SEK 14m driven by increased assets under management. Performance fees amounted to SEK 29m. Operating expenses increased by 9 per cent mainly driven by the finalisation of the new legal structure of the Asset Management division and increased staff costs.

¹ Article 8 refers to funds that promote environmental or social characteristics while Article 9 funds must have a sustainable investment objective. See esma.europe.eu.

Financial statements – SEB Group

Income statement, condensed

		Q4	Q3		Q4			Jan-Dec
SEK m	Note	2024	2024	%	2023	%	2024	2023	%
Net interest income	2	10 820	11 055	-2	12 100	-11	45 251	47 526	-5
Net fee and commission income	3	6 508	6 034	8	5 542	17	24 103	21 669	11
Net financial income	4	2 352	3 772	-38	2 386	-1	12 121	9 991	21
Net other income		305	45		109	180	411	1 008	-59
Total operating income		19 985	20 908	-4	20 136	-1	81 887	80 193	2
Staff costs	5,6	5 426	5 004	8	4 443	22	20 072	17 558	14
Other expenses		2 649	2 152	23	2 153	23	8 698	7 892	10
Depreciation, amortisation and impairment
of tangible and intangible assets		613	561	9	535	15	2 179	1 999	9
Total operating expenses		8 688	7 718	13	7 130	22	30 949	27 449	13
Profit before credit losses and imposed
levies		11 297	13 190	-14	13 006	-13	50 938	52 744	-3
Net expected credit losses	7	377	393	-4	664	-43	886	962	-8
Imposed levies	8	851	979	-13	1 075	-21	4 009	3 819	5
Operating profit		10 069	11 818	-15	11 267	-11	46 043	47 963	-4
Income tax expense		2 576	2 364	9	2 894	-11	10 178	9 848	3
NET PROFIT		7 493	9 454	-21	8 373	-11	35 865	38 116	-6
Attributable to shareholders of
Skandinaviska Enskilda Banken AB		7 493	9 454	-21	8 373	-11	35 865	38 116	-6
Basic earnings per share, SEK		3.69	4.63		4.03		17.51	18.20
Diluted earnings per share, SEK		3.65	4.57		4.00		17.33	18.06

Statement of comprehensive income

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
NET PROFIT	7 493	9 454	-21	8 373	-11	35 865	38 116	-6
Cash flow hedges	-21	-16	28	-21	2	-58	-49	20
Translation of foreign operations	273	-95		-744		625	-385
Items that may subsequently be
reclassified to the income statement	252	-111		-764		567	-433
Own credit risk adjustment (OCA)¹⁾	-2	2		7		-4	0
Defined benefit plans	910	-199		-2 104		5 424	-659
Items that will not be reclassified to the
income statement	909	-197		-2 097		5 420	-659
OTHER COMPREHENSIVE INCOME	1 161	-308		-2 862		5 987	-1 092
TOTAL COMPREHENSIVE INCOME	8 654	9 145	-5	5 512	57	41 853	37 024	13
Attributable to shareholders of
Skandinaviska Enskilda Banken AB	8 654	9 145	-5	5 512	57	41 853	37 024	13

¹⁾ Own credit risk adjustment from financial liabilities at fair value through profit or loss.

Balance sheet, condensed

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Cash and cash balances at central banks	271 894	560 244	312 373
Loans to central banks	4 825	136 299	97 691
Loans to credit institutions²⁾	109 451	113 795	84 128
Loans to the public	2 236 512	2 211 406	2 101 181
Debt securities	278 860	299 568	266 252
Equity instruments	121 618	122 061	92 707
Financial assets for which the customers bear the investment risk	458 725	445 315	392 457
Derivatives	176 546	131 530	183 080
Other assets	100 598	122 121	78 349
TOTAL ASSETS	3 759 028	4 142 337	3 608 218
Deposits from central banks and credit institutions	114 978	210 115	147 323
Deposits and borrowings from the public¹⁾	1 680 565	1 940 990	1 611 651
Financial liabilities for which the customers bear the investment risk	458 464	445 096	392 362
Liabilities to policyholders	36 747	37 516	36 453
Debt securities issued	898 841	963 751	867 838
Short positions	46 646	53 265	33 700
Derivatives	156 300	130 129	204 176
Other financial liabilities	157	262	100
Other liabilities	135 181	136 621	92 839
Total liabilities	3 527 880	3 917 746	3 386 443
Equity	231 148	224 592	221 775
TOTAL LIABILITIES AND EQUITY	3 759 028	4 142 337	3 608 218
¹⁾ Deposits covered by deposit guarantees	406 701	396 658	395 885

²⁾ Loans to credit institutions and liquidity placements with other direct participants in interbank fund transfer systems.

Statement of changes in equity

		Other reserves¹⁾
				Translation	Defined
	Share		Cash flow	of foreign	benefit	Retained
SEK m	capital	OCA²⁾	hedges	operations	plans	earnings	Equity
Jan-Dec 2024
Opening balance	21 942	-175	14	1 191	19 780	179 023	221 775
Net profit						35 865	35 865
Other comprehensive income (net of tax)		-4	-58	625	5 424		5 987
Total comprehensive income		-4	-58	625	5 424	35 865	41 853
Dividend to shareholders						-23 709	-23 709
Bonus issue	412					-412
Cancellation of shares	-412					-5 061	-5 473
Equity-based programmes						540	540
Change in holdings of own shares⁴⁾						-3 838	-3 838
Closing balance	21 942	-179	-44	1 816	25 204	182 409	231 148
Jan-Dec 2023
Opening balance	21 942	-175	62	877	20 439	160 995	204 141
Transfer of translation differences³⁾				698		-698
Restated balance at 1 January 2023	21 942	-175	62	1 575	20 439	160 297	204 141
Net profit						38 116	38 116
Other comprehensive income (net of tax)		0	-49	-385	-659		-1 092
Total comprehensive income		0	-49	-385	-659	38 116	37 024
Dividend to shareholders						-14 195	-14 195
Bonus issue	390					-390
Cancellation of shares	-390					-4 106	-4 496
Equity-based programmes						146	146
Change in holdings of own shares⁴⁾						-845	-845
Closing balance³⁾	21 942	-175	14	1 191	19 780	179 023	221 775

¹⁾ Amounts under Other reserves may be reclassified in the future to the income statement under certain circumstances, e.g. if they are related to dissolved Cash flow hedges or Translation of foreign operations when SEB ceases to consolidate a foreign operation. Amounts related to OCA and Defined benefit plans will not be reclassified to the income statement.

²⁾ Fair value changes of financial liabilities at fair value through profit or loss attributable to changes in own credit risk.

³⁾ Opening balance 2023 has been restated due to transfer of translation differences.

⁴⁾ Number of shares owned by SEB, for table see next page.

Statement of changes in equity, cont.

	Jan-Dec	Jan-Dec
Number of shares owned by SEB, million	2024	2023
Opening balance	67.1	65.3
Repurchased shares for equity-based
programmes	5.8	6.2
Sold/distributed shares	-6.8	-6.4
Repurchased shares for capital purposes	53.4	40.7
Cancelled shares held for capital purposes	-40.1	-38.7
Closing balance	79.4	67.1
Market value of shares owned by SEB, SEK m	12 026	9 318
Net acquisition cost for purchase of own shares for equity-based programmes deducted from equity, period	-161	-123
Net acquisition cost for purchase of own shares for equity-based programmes deducted from equity, accumulated	-2 856	-2 695

In accordance with the decision by the Annual General Meeting, SEB holds own shares of Class A for the long-term equity-based programmes and capital purposes. The transactions may take place at one or several occasions during the year.

Cash flow statement, condensed

	Jan-Dec
SEK m	2024	2023	%
Cash flow from the profit and loss statement	17 924	45 876	-61
Increase (-)/decrease (+) in trading portfolios	-69 573	-79 179	-12
Increase (+)/decrease (-) in issued short term securities	31 613	71 854	-56
Increase (-)/decrease (+) in lending	-51 052	-58 431	-13
Increase (+)/decrease (-) in deposits and borrowings	31 119	-11 431
Increase/decrease in other balance sheet items	5 537	-7 076
Cash flow from operating activities	-34 433	-38 387	-10
Cash flow from investing activities	-5 000	-607
Cash flow from financing activities	-15 803	-19 331	-18
Net increase in cash and cash equivalents	-55 236	-58 326	-5
Cash and cash equivalents at the beginning of year	320 879	382 972	-16
Exchange rate differences on cash and cash equivalents	18 059	-3 767
Net increase in cash and cash equivalents	-55 236	-58 326	-5
Cash and cash equivalents at the end of period¹⁾	283 702	320 879	-12

¹⁾ Cash and cash equivalents at the end of period is defined as Cash and cash balances with central banks and Loans to other credit institutions payable on demand.

Notes to the financial statements – SEB Group

Note 1. Accounting policies and presentation

This Report is presented in accordance with IAS 34 Interim Financial Reporting. The group's consolidated accounts have been prepared in accordance with the International Financial Reporting Standards (IFRS) and interpretations of these standards as adopted by the European Commission. The accounting also follows the Annual Accounts Act for Credit Institutions and Securities Companies (1995:1559) and the regulation and general guidelines issued by the Swedish Financial Supervisory Authority: Annual Reports in Credit Institutions and Securities Companies (FFFS 2008:25). In addition, the Supplementary Accounting Rules for Groups (RFR 1) from the Swedish Corporate Reporting Board have been applied. The parent company has prepared its accounts in accordance with Swedish Annual Act for Credit Institutions and Securities Companies, the Swedish Financial Supervisory Authority's Regulations and General Guidelines (FFFS 2008:25) on Annual Reports in Credit

Institutions and Securities Companies and the Supplementary Accounting Rules for Legal Entities (RFR 2) issued by the Swedish Corporate Reporting Board.

As of 1 January 2024, the group applies the following amendments to IFRS standards: Classification of Liabilities as Current or Non-Current - The amendments to IAS 1 Presentation of Financial Statements specify the requirements for classifying liabilities as current or non-current. The amendments have not had a significant effect on the group's consolidated financial statements.

In all other material aspects, the group's and the parent company's accounting policies, basis for calculations and presentations are unchanged in comparison with the Annual and Sustainability Report 2023.

Presentation changes in the financial statements in 2024

Starting from the first quarter 2024, the following changes were implemented:

• Income statements are presented in absolute values. The change mainly impacts expenses, net expected credit losses and imposed levies.
• The additional information in the net financial income table has been broadened. The previous valuation adjustments relating to counterparty risk (CVA) and own credit standing (DVA) have been complemented with adjustments relation to funding (FVA) and collateral (ColVa).
• The lending and deposit volumes of the division Large Corporates & Financial Institutions were adjusted to exclude collateral margin.
• The name of the division Investment Management was changed to division Asset Management.

Note 2. Net interest income

	Q4	Q3		Q4	Jan-Dec
SEK m	2024	2024	%	2023 %	2024	2023	%
Interest income¹⁾	34 391	37 688	-9	38 022 -10	149 403	135 394	10
Interest expense	-23 571	-26 633	-11	-25 922 -9	-104 152	-87 868	19
Net interest income	10 820	11 055	-2	12 100 -11	45 251	47 526	-5
¹⁾ Of which interest income calculated using the
effective interest method	30 063	33 107	-9	33 985 -12	131 044	120 021	9

Note 3. Net fee and commission income

	Q4	Q3		Q4	Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Issue of securities and advisory services	456	328	39	341	34	1 523	1 193	28
Secondary market and derivatives	485	423	15	450	8	1 882	2 015	-7
Custody and mutual funds	2 774	2 824	-2	2 384	16	10 933	9 604	14
Whereof performance fees	18	62	-71	36	-49	207	146	42
Payments, cards, lending, deposits,
guarantees and other	4 475	3 917	14	3 552	26	15 432	13 724	12
Whereof payments and card fees	2 867	2 507	14	1 878	53	9 214	7 446	24
Whereof lending	985	854	15	1 050	-6	3 837	3 841	-0
Life insurance commissions	376	379	-1	367	3	1 514	1 427	6
Fee and commission income	8 566	7 871	9	7 094	21	31 285	27 962	12
Fee and commission expense	-2 058	-1 836	12	-1 552	33	-7 181	-6 293	14
Net fee and commission income	6 508	6 034	8	5 542	17	24 103	21 669	11
Whereof Net securities commissions	2 751	2 704	2	2 359	17	10 655	9 558	11
Whereof Net payment and card fees	1 843	1 655	11	1 216	52	5 962	4 802	24
Whereof Net life insurance commissions	262	252	4	243	8	1 050	991	6
Whereof Other commissions	1 652	1 424	16	1 724	-4	6 436	6 319	2

Note 3. Net fee and commission income by segment

	Large Corporates &	Corporate	Private Wealth
SEK m	Financial Institutions	& Private Customers	Mgmt & Family Office	Baltic	Life	Asset Management	Group Functions	Eliminations	SEB Group
Q4 2024
Issue of securities and advisory	443	3	9			1	0		456
Secondary market and derivatives	389	13	84	10	0	-5	-6	0	485
Custody and mutual funds	424	302	829	69	82	2 128	0	-1 059	2 774
Payments, cards, lending, deposits,
guarantees and other	1 504	2 360	75	681	69	20	106	-340	4 475
Life insurance commissions					858			-482	376
Fee and commission income	2 760	2 678	996	759	1 009	2 144	100	-1 881	8 566
Q3 2024
Issue of securities and advisory	313	3	11			2	0		328
Secondary market and derivatives	327	13	75	8	0	0	0	0	423
Custody and mutual funds	474	314	824	63	73	2 094	0	-1 018	2 824
Payments, cards, lending, deposits,
guarantees and other	1 377	1 994	75	670	8	21	106	-335	3 917
Life insurance commissions					847			-468	379
Fee and commission income	2 491	2 324	985	740	928	2 117	106	-1 820	7 871
Jan-Dec 2024
Issue of securities and advisory	1 477	7	35			4	0		1 523
Secondary market and derivatives	1 511	54	295	36	0	-4	-10	-1	1 882
Custody and mutual funds	1 718	1 215	3 293	253	288	8 264	0	-4 098	10 933
Payments, cards, lending, deposits,
guarantees and other	5 909	7 239	284	2 663	196	68	423	-1 349	15 432
Life insurance commissions					3 354			-1 840	1 514
Fee and commission income	10 614	8 515	3 908	2 952	3 839	8 332	414	-7 288	31 285
Jan-Dec 2023
Issue of securities and advisory	1 134	10	32		0	7	10		1 193
Secondary market and derivatives	1 699	53	233	33	0	8	- 11	- 1	2 015
Custody and mutual funds	1 603	1 034	1 487	221	234	7 299	0	-2 274	9 604
Payments, cards, lending, deposits,
guarantees and other	5 833	5 536	291	2 587	267	74	388	-1 252	13 724
Life insurance commissions					3 093			-1 666	1 427
Fee and commission income	10 269	6 633	2 043	2 841	3 594	7 388	387	-5 193	27 962

Fee and commission income is disaggregated in major types of service tied to primary geographical markets and operating segments. Revenues from Issue of securities and advisory, Secondary market and derivatives, Payments, cards, lending and deposits are mainly recognised at a point in time. Revenues from Custody and mutual funds and Life insurance commissions are mainly recognised over time.

Note 4. Net financial income

	Q4	Q3 Q4				Jan-Dec
SEK m	2024	2024	%	2023 %	2024	2023	%
Equity instruments and related derivatives	-63	1 038		455	1 667	1 638	2
Debt instruments and related derivatives	-399	437		-356 12	2 027	962	111
Currency and related derivatives	2 563	1 654	55	2 166 18	6 318	5 683	11
Other	251	644	-61	121 107	2 109	1 709	23
Net financial income	2 352	3 772	-38	2 386 -1	12 121	9 991	21
Whereof gains/losses from counterparty risk (CVA), own credit standing (DVA), funding value adjustment (FVA) and collateral value adjustment (ColVa)	146	-92		-306	29	-172

Note 5. Staff costs

		Jan-Dec
SEK m	2024	2023	%
Salaries¹⁾	15 627	14 111	11
Short-term incentive¹⁾	1 356	1 041	30
Long-term incentive¹⁾	1 075	1 083	-1
Pension costs	888	629	41
Redundancy costs¹⁾²⁾	491	80
Other staff costs	635	615	3
Staff costs	20 072	17 558	14
¹⁾ Including social charges.

²⁾ For 2024, mainly related to AirPlus.

	Jan-Dec
SEK m	2024	2023	%
Short-term incentive (STI) to staff	1 112	847	31
Social benefit charges on STI	244	193	27
Short-term incentive remuneration	1 356	1 041	30

	Jan-Dec
SEK m	2024	2023	%
Long-term incentive (LTI) to staff	750	761	-1
Social benefit charges on LTI	325	322	1
Long-term incentive remuneration	1 075	1 083	-1

Note 6. Defined benefit pension plans

	Jan-Dec
Balance sheet, SEK m	2024	2023	%
Defined benefit obligations	25 863	25 798	0
Fair value of plan assets	56 172	49 497	13
Net amount recognised in the balance sheet	30 309	23 699	28

	Jan-Dec
Income statement, SEK m	2024	2023	%
Service costs	311	286	9
Interest costs	826	837	-1
Calculated interest on plan assets	-1 598	-1 734	-8
Included in staff costs	-460	-611	-25

	Jan-Dec
Other comprehensive income, SEK m	2024	2023	%
Remeasurements of pension obligations	-94	-3 196	-97
Valuation gains (losses) on plan assets	6 932	2 345	196
Deferred tax pensions	-1 414	192
Defined benefit pension plans	5 424	-659

Note 7. Net expected credit losses

	Q4	Q3		Q4		Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Impairment gains or losses - Stage 1	-268	-323	-17	-307	-13	-740	-927	-20
Impairment gains or losses - Stage 2	-615	-68		253		-869	790
Impairment gains or losses - Stage 3	1 258	758	66	689	83	2 456	1 088	126
Impairment gains or losses	375	366	2	634	-41	847	952	-11
Write-offs and recoveries
Total write-offs	1 153	194		251		2 005	1 884	6
Reversals of allowance for write-offs	-1 058	-120		-146		-1 679	-1 580	6
Write-offs not previously provided for	95	75	27	105	-10	325	304	7
Recovered from previous write-offs	-93	-48	94	-75	24	-286	-294	-3
Net write-offs	1	26	-95	30	-95	40	10
Net expected credit losses	377	393	-4	664	-43	886	962	-8
Net ECL level, %	0.05	0.05		0.09		0.03	0.03

The income statement is presented with absolute values, which means net expected credit losses are presented with a positive sign.

Exposure and expected credit loss (ECL) allowances by stage, Movements in allowances for expected credit losses (ECL), Loans and expected credit loss (ECL) allowances by industry are presented in notes 12-14.

Note 8. Imposed levies

	Q4	Q3		Q4	Jan-Dec
SEK m	2024	2024	%	2023 %	2024	2023 %
Resolution fees	327	327	-0	324 1	1 311	1 296 1
Risk tax, Sweden	396	396	0	394 1	1 585	1 576 1
Temporary mortgage levy, Latvia	59	59	0		235
Temporary solidarity contribution, Lithuania	66	194	-66	357 -82	868	947 -8
Other imposed levies	3	3	15		10
Imposed levies	851	979	-13	1 075 -21	4 009	3 819 5

On 16 May 2023, Lithuania established a temporary (two years) solidarity contribution for credit institutions, the reason being the increase in banks' net interest income when central banks raised interest rates. Lithuania has decided to prolong the temporary solidarity contribution for the tax year 2025. The outcome is calculated based on average net interest income (over last four years according to a specific formula), which has now decreased. On 6 December 2023, Latvia established a temporary mortgage levy for 2024. The contribution is calculated as 50 basis points on a credit institutions mortgage volume in Latvia, per quarter (2 per cent annually). Other imposed levies relates to United Kingdom, Bank of England levy.

Note 9. Pledged assets and obligations

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Pledged assets for own liabilities¹⁾	746 105	798 580	664 391
Pledged assets for liabilities to insurance policyholders	495 070	482 481	428 673
Other pledged assets²⁾	113 003	131 361	68 546
Pledged assets	1 354 178	1 412 422	1 161 610
Contingent liabilities³⁾	201 463	192 714	201 010
Commitments	966 409	955 787	904 280
Obligations	1 167 872	1 148 501	1 105 290

¹⁾ Of which collateralised for own issued covered bonds SEK 331,136m (378,033; 328,308).

²⁾ Of which pledged but unencumbered bonds SEK 64,906m (83,575; 23,830).

³⁾ Of which financial guarantees SEK 11,121m (11,972; 11,833).

Note 10. Financial assets and liabilities

	31 Dec 2024		30 Sep 2024		31 Dec 2023
	Carrying		Carrying		Carrying
SEK m	amount	Fair value	amount	Fair value	amount	Fair value
Loans¹⁾	2 619 583	2 618 140	3 018 804	3 031 898	2 593 042	2 600 783
Debt securities	278 860	278 795	299 568	299 568	266 252	266 250
Equity instruments	121 618	121 618	122 061	122 061	92 707	92 707
Financial assets for which the customers bear
the investment risk	458 725	458 725	445 315	445 315	392 457	392 457
Derivatives	176 546	176 546	131 530	131 530	183 080	183 080
Other	28 725	28 725	47 781	47 781	18 104	18 104
Financial assets	3 684 056	3 682 548	4 065 057	4 078 151	3 545 641	3 553 380
Deposits	1 795 382	1 796 182	2 151 127	2 150 932	1 758 975	1 757 516
Financial liabilities for which the customers
bear the investment risk	458 464	458 464	445 096	445 096	392 362	392 362
Debt securities issued²⁾	946 858	943 360	1 005 250	1 000 423	897 525	887 041
Short positions	46 646	46 646	53 265	53 265	33 700	33 700
Derivatives	156 300	156 300	130 129	130 129	204 176	204 176
Other	42 988	42 992	54 416	54 431	21 740	21 749
Financial liabilities	3 446 638	3 443 944	3 839 282	3 834 275	3 308 478	3 296 544

¹⁾ Loans includes Cash balances at central banks (excluding Cash), Loans to central banks, Loans to credit institutions and Loans to the public.

²⁾ Debt securities issued includes Debt securities issued and Subordinated liabilities (part of Other liabilities).

SEB has classified its financial instruments by class taking into account the characteristics of the instruments. The fair value of each class of financial assets and liabilities are compared with its carrying amount. A description of the characteristics of the classes can be found in note 37 in the Annual and Sustainability Report 2023.

Note 11. Assets and liabilities measured at fair value

SEK m			31 Dec 2024		31 Dec 2023
Assets	Quoted prices in active markets (Level 1)	Valuation technique using observable inputs (Level 2)	Valuation technique using non-observable inputs (Level 3)	Total	Quoted prices in active markets (Level 1)	Valuation technique using observable inputs (Level 2)	Valuation technique using non-observable inputs (Level 3)	Total
Loans		249 353	2 342	251 695		164 516	2 052	166 568
Debt securities	116 889	148 752	20	265 661	145 010	109 036		254 046
Equity instruments	98 792	187	22 638	121 618	72 094	187	20 425	92 707
Financial assets for which the
customers bear the investment risk	434 102	14 874	9 749	458 725	370 326	13 606	8 525	392 457
Derivatives	963	175 153	430	176 546	558	181 916	606	183 080
Investment in associates¹⁾			943	943			608	608
Total	650 746	588 319	36 122	1 275 186	587 988	469 261	32 217	1 089 465
Liabilities
Deposits		4 738		4 738		13 387		13 387
Financial liabilities for which the customers bear the investment risk	433 841	14 874	9 749	458 464	370 231	13 606	8 525	392 362
Debt securities issued		1 404		1 404		5 207		5 207
Short positions	31 249	15 398		46 646	30 341	3 359		33 700
Derivatives	478	155 343	480	156 300	617	203 139	421	204 176
Other financial liabilities at fair value	32	126		157	81	19		100
Total	465 598	191 882	10 229	667 710	401 270	238 716	8 946	648 932

¹⁾ Venture Capital activities designated at fair value through profit and loss.

Fair value measurement

The objective of the fair value measurement is to arrive at the price at which an orderly transaction would take place between market participants at the measurement date under current market conditions.

The group has an established control environment for the determination of fair values of financial instruments that includes a review, independent from the business, of valuation models and prices. If the validation principles are not adhered to, the Head of Group Finance shall be informed. Exceptions of material and principal importance require approval from the Valuation Committee / GRMC (Group Risk Measurement Committee) and the ARC (Accounting and Reporting Committee).

In order to arrive at the fair value of a financial instrument SEB uses different methods; quoted prices in active markets, valuation techniques incorporating observable data and valuation techniques based on internal models. For disclosure purposes, financial instruments carried at fair value are classified in a fair value hierarchy according to the level of market observability of the inputs. Group Risk classifies and continuously reviews the classification of financial instruments in the fair value hierarchy. The valuation process is the same for financial instruments in all levels.

An active market is one in which transactions occur with sufficient volume and frequency to provide pricing information on an ongoing basis. The objective is to arrive at a price at which a transaction without modification or repackaging would occur in the principal market for the instrument to which SEB has immediate access.

Fair value is generally measured for individual financial instruments, in addition portfolio adjustments are made to cover the credit risk. To reflect counterparty risk and own credit risk in OTC derivatives, adjustments are made based on the net exposure towards each counterpart. These adjustments are calculated on a counterparty level based on estimates of exposure at default, probability of default and recovery rates. Probability of default and recovery rate information is generally sourced from the CDS markets. For counterparties where this information is not available, or considered unreliable due to the nature of the exposure, alternative approaches are taken where the the probability of default is based on generic credit indices for specific industry and/or rating.

When valuing financial liabilities at fair value SEB's own credit standing is reflected.

Note 11. Assets and liabilities measured at fair value, cont.

Level 1: Quoted market prices

Valuations in Level 1 are determined by reference to unadjusted quoted market prices for identical instruments in active markets where the quoted prices are readily available and the prices represent actual and regularly occurring market transactions on an arm's length basis.

Examples of Level 1 financial instruments are listed equity securities, debt securities, and exchange-traded derivatives. Instruments traded in an active market for which one or more market participants provide a binding price quotation on the balance sheet date are also examples of Level 1 financial instruments.

Level 2: Valuation techniques with observable inputs

In Level 2 valuation techniques, all significant inputs to the valuation models are observable either directly or indirectly. Level 2 valuation techniques include using discounted cash flows, option pricing models, recent transactions and the price of another instrument that is substantially the same.

Examples of observable inputs are foreign currency exchange rates, binding securities price quotations, market interest rates, volatilities implied from observable option prices for the same term and actual transactions with one or more external counterparts executed by SEB. An input can transfer from being observable to being unobservable during the holding period due to e.g. illiquidity of the instrument. Examples of Level 2 financial instruments are most OTC derivatives such as options and interest rate swaps based on the Libor swap rate or a foreign-denominated yield curve. Other examples are instruments for which SEB recently entered into transactions with third parties and instruments for which SEB interpolates between observable variables.

Level 3: Valuation techniques with significant unobservable inputs

Level 3 valuation techniques incorporate significant inputs that are unobservable. These techniques are generally based on extrapolating from observable inputs for similar instruments, analysing historical data or other analytical techniques. Examples of Level 3 financial instruments are more complex OTC derivatives, long dated options for which the volatility is extrapolated or derivatives that depend on an unobservable correlation. Other examples are instruments for which there is currently no active market or binding quotes, such as unlisted equity instruments, private equity holdings and investment properties.

If the fair value of financial instruments includes more than one unobservable input, the unobservable inputs are aggregated in order to determine the classification of the entire instrument. The level in the fair value hierarchy within which a financial instrument is classified is determined on the basis of the lowest level of input that is significant to the fair value in its entirety.

Significant transfers and reclassifications between levels

Transfers between levels may occur when there are indications that market conditions have changed, e.g. a change in liquidity. The Valuation / Pricing committee of each relevant division decides on material shifts between levels. The largest open market risk within Level 3 financial instruments remains in the traditional life insurance investment portfolios within the insurance business.

Changes in level 3, SEK m	Opening balance 1 Jan 2024	Reclassific ation	Gain/loss in Income statement¹⁾ Purchases		Sales	Settlements	Transfers into Level 3	Transfers out of Level 3	Exchange rate differences	Closing balance 31 Dec 2024
Assets
Loans	2 052		-34	237	-124	47			164	2 342
Debt securities	0		-58	17	-15	-1	77		0	20
Equity instruments	20 425		2 152	2 421	-2 497				137	22 638
Financial assets for which the
customers bear the investment risk	8 525		53	2 465	-1 594		98	-54	255	9 749
Derivatives	606		-47		-104	-26			0	430
Investment in associates	608		331	40	-37				1	943
Total	32 216		2 397	5 180	-4 371	20	176	-54	558	36 121
Liabilities
Financial liabilities for which the
customers bear the investment risk	8 525		53	2 465	-1 594		98	-54	255	9 749
Derivatives	421		106	-9		-38			0	480
Total	8 946		159	2 456	-1 594	-38	98	-54	256	10 229

¹⁾ Fair value gains and losses recognised in the income statement are included in Net financial income and Net other income.

Note 11. Assets and liabilities measured at fair value, cont.

Sensitivity of Level 3 assets and liabilities to unobservable inputs

The table below illustrates the potential Profit or Loss impact of the relative uncertainty in the fair value of assets and liabilities that for their valuation are dependent on unobservable inputs. The sensitivity to unobservable inputs is assessed by altering the assumptions to the valuation techniques, illustrated below by changes in index-linked swap spreads, implied volatilities, credit spreads or comparator multiples. It is unlikely that all unobservable inputs would be simultaneously at the extremes of their ranges of reasonably possible alternatives. Further details about SEB´s fair value measurement can be found in note 36 in the Annual and Sustainability Report 2023.

	31 Dec 2024					31 Dec 2023
SEK m		Assets Liabilities		Net Sensitivity		Assets Liabilities		Net Sensitivity
Derivative instruments¹⁾⁴⁾	394	-480	-86	28	394	-421	-27	29
Debt instruments³⁾	2 344		2 344	352	2 052		2 052	308
Equity instruments²⁾⁵⁾⁶⁾	6 018		6 018	1 199	4 920		4 920	984
Insurance holdings - Financial instruments³⁾⁴⁾⁶⁾⁷⁾	16 963		16 963	2 364	16 312		16 312	2 266

¹⁾ Volatility valuation inputs for Bermudan swaptions are unobservable. Volatilities used for ordinary swaptions are adjusted further in order to reflect the additional uncertainty associated with the valuation of Bermudan style swaptions. The sensitivity is calculated from shift in implied volatilities and aggregated from each currency and maturity bucket.

²⁾ Valuation is estimated in a range of reasonable outcomes. Sensitivity analysis is based on 20 per cent shift in market values.

³⁾ Sensitivity for debt securities is generally quantified as shift in market values of 5 per cent except for credit opportunity 10 per cent and for distressed debt and structured credits 15 per cent.

⁴⁾ Shift in implied volatility by 10 per cent.

⁵⁾ Sensitivity analysis is based on a shift in market values of hedge funds 5 per cent, private equity of 20 per cent, structured credits 15 per cent.

⁶⁾ Sensitivity from a shift of real estate funds market values of 10 per cent and infrastructure/infrastructure funds market values of 20 per cent.

⁷⁾ The sensitivity show changes in the value of the insurance holdings which do not at all times affect the P/L of the group since any surplus in the traditional life portfolios are consumed first.

Note 12. Exposure and expected credit loss (ECL) allowances by stage

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Stage 1 (12-month ECL)
Debt securities	13 200	13 135	12 207
Loans¹⁾	2 034 384	2 015 928	1 959 910
Financial guarantees and Loan commitments	919 363	905 096	895 656
Gross carrying amounts/Nominal amounts Stage 1	2 966 946	2 934 159	2 867 773
Debt securities	-0	-0	-0
Loans¹⁾	-923	-1 178	-1 567
Financial guarantees and Loan commitments	-290	-287	-347
ECL allowances Stage 1	-1 213	-1 465	-1 914
Debt securities	13 199	13 135	12 206
Loans¹⁾	2 033 460	2 014 750	1 958 344
Financial guarantees and Loan commitments	919 073	904 809	895 309
Carrying amounts/Net amounts Stage 1	2 965 733	2 932 694	2 865 859
Stage 2 (lifetime ECL)
Loans¹⁾²⁾	83 907	89 522	76 363
Financial guarantees and Loan commitments	14 254	14 836	15 052
Gross carrying amounts/Nominal amounts Stage 2	98 161	104 358	91 414
Loans¹⁾²⁾	-1 497	-1 906	-2 035
Financial guarantees and Loan commitments	-141	-315	-420
ECL allowances Stage 2	-1 638	-2 221	-2 455
Loans¹⁾²⁾	82 411	87 616	74 327
Financial guarantees and Loan commitments	14 112	14 522	14 632
Carrying amounts/Net amounts Stage 2	96 524	102 137	88 959
Stage 3 (credit impaired/lifetime ECL)
Loans¹⁾³⁾	10 051	8 737	7 588
Financial guarantees and Loan commitments	4 064	4 057	1 436
Gross carrying amounts/Nominal amounts Stage 3	14 116	12 794	9 023
Loans¹⁾³⁾	-4 060	-3 786	-3 458
Financial guarantees and Loan commitments	-517	-503	-172
ECL allowances Stage 3	-4 577	-4 289	-3 629
Loans¹⁾³⁾	5 991	4 951	4 130
Financial guarantees and Loan commitments	3 547	3 553	1 264
Carrying amounts/Net amounts Stage 3	9 539	8 505	5 394

Note 12. Exposure and expected credit loss (ECL) allowances by stage, cont.

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Total
Debt securities	13 200	13 135	12 207
Loans¹⁾²⁾³⁾	2 128 343	2 114 187	2 043 860
Financial guarantees and Loan commitments	937 681	923 989	912 144
Gross carrying amounts/Nominal amounts	3 079 223	3 051 311	2 968 211
Debt securities	-0	-0	-0
Loans¹⁾²⁾³⁾	-6 480	-6 869	-7 060
Financial guarantees and Loan commitments	-948	-1 105	-939
ECL allowances	-7 428	-7 975	-7 999
Debt securities	13 199	13 135	12 206
Loans¹⁾²⁾³⁾	2 121 863	2 107 317	2 036 801
Financial guarantees and Loan commitments	936 733	922 884	911 205
Carrying amounts/Net amounts	3 071 795	3 043 336	2 960 212

¹⁾ Including trade and client receivables presented as other assets.

²⁾ Whereof gross carrying amounts SEK 2,306m (2,367; 1,165) and ECL allowances SEK 5m (5; 3) under Lifetime ECLs -simplified approach for trade receivables.

³⁾ Whereof gross carrying amounts SEK 395m (774; 916) and ECL allowances SEK 366m (608; 722) for Purchased or Originated Credit Impaired loans.

The table shows gross carrying amounts for exposures on balance and nominal amounts for exposures off-balance divided by stage as a mean to put ECL allowances in context to overall exposure levels. For trade receivables a simplified approach based on past-due information is used to calculate loss allowances.

Stage 3 loans / Total loans, gross, %	0.47	0.41	0.37
Stage 3 loans / Total loans, net, %	0.28	0.23	0.20
ECL coverage ratio Stage 1, %	0.04	0.05	0.07
ECL coverage ratio Stage 2, %	1.67	2.13	2.69
ECL coverage ratio Stage 3, %	32.43	33.52	40.22
ECL coverage ratio, %	0.24	0.26	0.27

Development of exposures and ECL allowances by stage

Stage 1 exposures increased due to currency effects. The decrease of Stage 2 exposures and increase of Stage 3 exposures were driven mainly by negative risk migration of a few counterparties, primarily in the corporate segment. Creditimpaired loans (gross loans in Stage 3) amounted to SEK 10.1bn (8.7), corresponding to 0.47 per cent of total loans (0.41). Creditimpaired exposures (gross exposures in Stage 3) amounted to SEK 14.1bn (12.8).

ECL allowances in Stage 1 decreased due to a reduction of portfolio model overlays, which also had an impact on Stage 2 ECL allowances in addition to risk migration. ECL allowances in Stage 3 increased following the negative credit risk migration.

Note 12. Exposure and expected credit loss (ECL) allowances by stage, cont. Key macroeconomic assumptions for calculating ECL

allowances

Macroeconomic forecasts made by SEB's economic research department are used as the basis for the forward-looking information incorporated in the ECL measurement. Three scenarios – base, positive and negative – and their probability weightings are reviewed every quarter, or more frequently when appropriate due to rapid or significant changes in the economic environment.

Compared with the previous quarter, only smaller revisions were made to the forecasts.

The base scenario assumes resilient and stable global growth. The fight against inflation has largely been won without deep recessions,

although service prices are still rising a bit too much. Lower inflation and key interest rate cuts will be crucial to purchasing power, capital spending and growth in 2025-2026. Growth in the euro area is expected to be moderate as Germany struggles with cyclical and structural problems, while the US continues to surprise on the upside. Nordic and Baltic growth figures will accelerate clearly during 2025– 2026. Due to high interest-rate sensitivity in most of these economies, earlier headwinds are now turning into tailwinds.

The main macroeconomic assumptions in the base scenario are shown in the table below.

Base scenario assumptions	2025	2026	2027
Global GDP growth	3.1%	3.1%	3.2%
OECD GDP growth	1.9%	1.7%	2.0%
Sweden
GDP growth	2.2%	3.1%	2.5%
Household consumption expenditure growth	2.5%	3.2%	2.5%
Interest rate (STIBOR)	2.10%	2.10%	2.10%
Residential real estate price growth	5.0%	5.0%	4.0%
Baltic countries
GDP growth	1.8% - 2.8%	2.2% - 2.9%	2.3% - 3.0%
Household consumption expenditure growth	1.4% - 3.4%	2.4% - 3.0%	2.5%
Inflation rate	2.0% - 3.8%	2.1% - 2.7%	2.0% - 2.5%
Nominal wage growth	5.2% - 8.3%	5.5% - 7.5%	5.0% - 5.8%
Unemployment rate	6.6% - 7.2%	6.5% - 6.8%	6.2% - 6.3%

In the negative scenario, tariffs and geopolitics are the main downside risks. The global economy may turn out to be more sensitive to the new President's policies than expected. If the US introduces tariffs at a faster pace and on a larger scale than assumed in our main scenario, a more extensive trade war could follow. In such a situation, higher inflation together with generally elevated uncertainty may force central banks to tighten their monetary policies, households to save more and companies to hesitate about making investments during a negative growth spiral. Such a scenario might be further exacerbated, for example, by an escalation of the conflict in the Middle East and higher energy prices.

The positive scenario assumes certain upside to the growth outlook. There was a lot of nervousness ahead of the US elections, and if campaign rhetoric does not fully turn into national policy, markets may instead react in the form of a relief rally, with positive effects on sentiment and demand. Coupled with favourable inflation surprises, faster rate cuts and China taking the chance to launch a structural reform agenda, growth may provide upside surprises. A further description of the scenarios is available in the Nordic Outlook update published in November 2024.

The probability for the base scenario was maintained at 60 per cent, and the probabilities for the positive and negative scenarios were maintained at 20 per cent, respectively.

In the fourth quarter, the update of the macroeconomic parameters led to a marginal decrease of ECL allowances. Should the positive and negative scenarios in the macroeconomic update be assigned 100 per cent probability, the model calculated ECL allowances would decrease by 2 per cent and increase by 6 per cent respectively compared with the probability-weighted calculation.

Expert credit judgement

SEB uses models and expert credit judgement (ECJ) for calculating ECL allowances. The degree of expert credit judgement depends on model outcome, materiality and information available. ECJ may be applied to incorporate factors not captured by the models, either on counterparty or portfolio level.

Model overlays on portfolio level have been made using ECJ. In the fourth quarter, the portfolio model overlays were lowered to SEK 1.2bn (1.6). Reductions were made mainly in the Large Corporates & Financial Institutions and Corporate & Private Customers divisions, mainly reflecting the eased pressure on the real estate sector following lower inflation and interest rates. The portfolio model overlays predominantly reflect the continued uncertain geopolitical landscape marked by continuous military, political and economic conflicts. Uncertainties also remain related to certain segments such as consumer-related and construction companies. SEK 0.3bn (0.5) of the portfolio overlays related to the Large Corporates & Financial Institutions division, SEK 0.6bn (0.7) to the Corporate & Private Customers division and SEK 0.3bn (0.3) to the Baltic division.

The portfolio model overlays have been determined through topdown scenario analysis, including various scenarios of risk migration of complete portfolios. This has been combined with bottom-up individual customer analysis of larger corporate customers as well as analysis and stress tests of sectors specifically exposed to economic distress, including higher interest rates and inflation risks. The portfolio model overlays are re-evaluated quarterly in connection with the assessment of ECL allowances.

SEB's measurement of ECL allowances and related assumptions according to IFRS 9 can be found in notes 1 and 18 in the Annual and Sustainability Report for 2023.

SEK m	Stage 1 (12-month ECL)	Stage 2 (lifetime ECL)	Stage 3 (credit impaired/ lifetime ECL)	Total
Loans and Debt securities
ECL allowance as of 31 Dec 2023	1 567	2 035	3 458	7 060
New and derecognised financial assets, net	310	-505	-561	-756
Changes due to change in credit risk	-966	-99	2 729	1 664
Changes due to modifications	-1	20	2	21
Changes due to methodology change	-11	8	-11	-14
Decreases in ECL allowances due to write-offs			-1 679	-1 679
Change in exchange rates	24	38	122	184
ECL allowance as of 31 Dec 2024	923	1 497	4 060	6 480
Financial guarantees and Loan commitments ECL allowance as of 31 Dec 2023	347	420	172	939
New and derecognised financial assets, net	59	-174	1	-114
Changes due to change in credit risk	-123	-129	295	43
Changes due to modifications		3	1	3
Changes due to methodology change	-2	8	28	33
Change in exchange rates	8	13	21	43
ECL allowance as of 31 Dec 2024	290	141	517	948
Total Loans, Debt securities, Financial guarantees and Loan commitments
ECL allowance as of 31 Dec 2023	1 914	2 455	3 629	7 999
New and derecognised financial assets, net	370	-680	-560	-870
Changes due to change in credit risk	-1 089	-228	3 024	1 707
Changes due to modifications	-1	22	3	25

Note 13. Movements in allowances for expected credit losses

SEB's measurement of ECL allowances and related assumptions according to IFRS 9 can be found on pages 90-91 and 121-122 in the Annual and Sustainability Report 2023.

Changes due to methodology change -13 16 16 19 Decreases in ECL allowances due to write-offs -1 679 -1 679 Change in exchange rates 32 52 144 227 ECL allowance as of 31 Dec 2024 1 213 1 638 4 577 7 428

	Gross carrying amounts			ECL allowances				Net carrying amount
SEK m	Stage 1 (12-month ECL)	Stage 2 (lifetime ECL)	Stage 3 (credit impaired/ lifetime ECL)	Total	Stage 1 (12-month ECL)	Stage 2 (lifetime ECL)	Stage 3 (credit impaired/ lifetime ECL)	Total	Total
31 Dec 2024
Banks	132 754	2 470	12	135 236	-3	-6	-2	-11	135 225
Finance and insurance	208 202	628	237	209 067	-49	-12	-205	-266	208 801
Wholesale and retail	80 808	4 155	1 012	85 976	-82	-171	-374	-627	85 349
Transportation	30 389	2 112	98	32 600	-23	-78	-13	-115	32 485
Shipping	43 918	1 384	222	45 524	-9	-4	-203	-216	45 308
Business and household services	200 448	9 681	3 278	213 408	-227	-267	-1 003	-1 496	211 911
Construction	17 068	1 381	136	18 584	-24	-35	-36	-95	18 490
Manufacturing	122 517	5 207	1 911	129 634	-86	-79	-1 308	-1 473	128 161
Agriculture, forestry and fishing	31 800	3 180	364	35 344	-11	-31	-61	-103	35 241
Mining, oil and gas extraction	1 948	437	404	2 789	-4	-31	-162	-198	2 591
Electricity, gas and water supply	93 613	2 311	3	95 927	-27	-134	-1	-162	95 765
Other	17 521	1 886	60	19 467	-27	-19	-23	-70	19 397
Corporates	848 234	32 362	7 725	888 320	-569	-863	-3 388	-4 820	883 501
Commercial real estate management	189 834	5 037	201	195 071	-81	-62	-14	-157	194 914
Residential real estate management	127 732	4 793	427	132 953	-16	-10	-73	-99	132 854
Real Estate Management	317 566	9 830	628	328 024	-97	-71	-87	-255	327 768
Housing co-operative associations	59 455	3 534	54	63 043	-1	-100	-1	-102	62 941
Public Administration	21 772	394	1	22 167	-2	-0	-1	-3	22 165
Household mortgages	610 561	32 170	921	643 651	-41	-218	-201	-459	643 192
Other	44 044	3 147	710	47 901	-211	-239	-380	-830	47 072
Households	654 604	35 317	1 631	691 552	-251	-457	-581	-1 289	690 263
TOTAL	2 034 384	83 908	10 051	2 128 343	-923	-1 497	-4 060	-6 480	2 121 863

Note 14. Loans and expected credit loss (ECL) allowances by industry

Note 14. Loans and expected credit loss (ECL) allowances by industry, cont.
-----------------------------------------------------------------------------	--	--	--	--

	Gross carrying amounts			ECL allowances				Net carrying amount
SEK m	Stage 1 (12-month ECL)	Stage 2 (lifetime ECL)	Stage 3 (credit impaired/ lifetime ECL)	Total	Stage 1 (12-month ECL)	Stage 2 (lifetime ECL)	Stage 3 (credit impaired/ lifetime ECL)	Total	Total
31 Dec 2023
Banks	95 050	1 254	12	96 315	-4	-2	-2	-7	96 308
Finance and insurance	194 690	1 574	221	196 485	-72	-25	-159	-255	196 229
Wholesale and retail	78 620	3 606	582	82 808	-105	-122	-206	-433	82 375
Transportation	28 779	1 372	126	30 277	-35	-26	-22	-83	30 194
Shipping	49 289	1 454	108	50 851	-12	-9	-100	-121	50 730
Business and household services	190 895	9 116	2 724	202 735	-272	-493	-883	-1 648	201 087
Construction	16 544	1 004	87	17 635	-28	-33	-24	-85	17 550
Manufacturing	106 060	5 509	1 299	112 868	-107	-193	-1 123	-1 422	111 446
Agriculture, forestry and fishing	34 003	1 092	139	35 234	-19	-10	-29	-59	35 175
Mining, oil and gas extraction	4 374	837	0	5 212	-6	-101	-0	-108	5 104
Electricity, gas and water supply	91 242	954	253	92 449	-39	-37	-122	-198	92 251
Other	23 058	1 897	70	25 025	-38	-25	-10	-73	24 952
Corporates	817 553	28 415	5 609	851 578	-733	-1 074	-2 679	-4 486	847 092
management	181 135	4 229	110	185 475	-372	-99	-21	-492	184 983
Residential real estate management	130 487	7 446	226	138 158	-143	-276	-62	-481	137 677
Real Estate Management	311 622	11 675	336	323 633	-514	-376	-84	-974	322 659
Housing co-operative associations	59 239	4 213	56	63 508	-2	-0	-8	-10	63 498
Public Administration	24 897	348	0	25 245	-2	-1	-0	-3	25 242
Household mortgages	608 438	27 081	705	636 224	-62	-293	-223	-578	635 646
Other	43 112	3 376	869	47 357	-250	-291	-461	-1 002	46 355
Households	651 550	30 457	1 574	683 580	-311	-583	-685	-1 579	682 001
TOTAL	1 959 910	76 363	7 588	2 043 860	-1 567	-2 035	-3 458	-7 060	2 036 801

The tables above show only the exposures and ECL allowances for Loans and excludes Debt securities, Financial guarantees and Loan commitments. Loans are including trade and client receivables presented as other assets.

Note 15. Uncertainties

The relevant overall risks and uncertainties for the SEB Group are outlined in the 2023 Annual and Sustainability Report and the previous 2024 Quarterly Reports. In respect of the re-assessment of credited withholding tax in Germany, the investigation of alleged tax evasion of a severe nature, the supervisory matters

and the claim from the Swedish Pensions Agency there have been no material developments during the fourth quarter that require an update of the description of the matters listed under future uncertainties in the 2023 Annual and Sustainability Report.

Note 16. Acquisitions

On 1 August 2024, SEB acquired 100 percent of the voting shares of AirPlus International GmbH, a leading provider within corporate payment services, for a cash purchase price of SEK 5,218m. The transaction will provide SEB Kort with additional scale, a strong footprint for further growth in Europe, and a modern IT platform. Furthermore, the transaction is expected to result in synergies and complements SEB Group's broader corporate banking ambitions in the DACH region (Germany, Austria and Switzerland) and Northern Europe. For the five months ending 31 December 2024, AirPlus contributed revenue (operating income) of SEK 923m and loss (net) of SEK 835m (including SEK 413m in provisions for operational streamlining) to the group's results.

Assets acquired and liabilities assumed

The preliminary effects of the acquisition on the group's assets and liabilities are presented below. The acquisition analysis may be adjusted over a twelve-month period.

The fair values of the identifiable assets and liabilities of AirPlus International GmbH as at the date of acquisition were:

SEK m
Assets
Property and equipment	45
Intangible assets	1 487
Right-of-use assets	230
Deferred tax asset	997
Other assets	2 848
Loans	13 473
Cash and cash equivalents	1 559
Liabilities
Provisions	1 047
Deferred tax liability	1 252
Financial liabilities	12 385
Lease liabilities	260
Trade payables	163
Other liabilities	468
Total identifiable net assets at fair value	5 063
Goodwill arising on acquisition	155
Purchase consideration transferred	5 218
Analysis of cash flows on acquisition:
Cash paid (as above)	5 218
Cash and bank balance in subsidiary acquired	1 559
Net cash flow on acquisition	3 659

Acquisition-related costs:

Acquisition-related costs of SEK 198m are included in other expenses in the income statement 2023 and 2024.

Goodwill:

The goodwill value comprises the value of synergy effects in the form of more efficient payment processes, future customers, market position and skilled workforce. None of the goodwill recognised is expected to be deductible for income tax purposes.

Loans:

Loans comprise gross contractual amounts due of SEK 13,506m, of which SEK 33m was expected to be uncollectable at the date of acquisition.

SEB consolidated situation

Note 17. Capital adequacy analysis

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Available own funds and total risk exposure amount
Common Equity Tier 1 (CET1) capital	166 867	178 737	170 364
Tier 1 capital	192 505	197 962	184 409
Total capital	213 104	218 187	199 688
Total risk exposure amount (TREA)	947 860	923 626	891 992
Capital ratios and minimum capital requirement (as a percentage of TREA)
Common Equity Tier 1 ratio (%)	17.6%	19.4%	19.1%
Tier 1 ratio (%)	20.3%	21.4%	20.7%
Total capital ratio (%)	22.5%	23.6%	22.4%
Pillar 1 minimum capital requirement (%,P1)	8.0%	8.0%	8.0%
Pillar 1 minimum capital requirement (amounts)	75 829	73 890	71 359
Additional own funds requirements (P2R) to address risks other than the
risk of excessive leverage (as a percentage of TREA)
Additional own funds requirements (%, P2R)	2.2%	2.2%	2.3%
of which: to be made up of CET1 capital (percentage points)	1.5%	1.5%	1.6%
of which: to be made up of Tier 1 capital (percentage points)	1.7%	1.7%	1.8%
Total SREP own funds requirements (%, P1+P2R)	10.2%	10.2%	10.3%
Total SREP own funds requirements (amounts)	96 871	94 437	91 590
Additional CET1 buffer requirements and CET1 Pillar 2 Guidance (as a
percentage of TREA)
Capital conservation buffer (%)	2.5%	2.5%	2.5%
Institution specific countercyclical capital buffer (%)	1.6%	1.6%	1.6%
Systemic risk buffer (%)	3.1%	3.1%	3.1%
Other Systemically Important Institution buffer (%)	1.0%	1.0%	1.0%
Combined buffer requirement (%, CBR)	8.1%	8.1%	8.1%
Combined buffer requirement (amounts)	77 204	75 128	72 539
Overall capital requirements (%, P1+P2R+CBR)	18.4%	18.4%	18.4%
Overall capital requirements (amounts)	174 075	169 565	164 128
CET1 available after meeting the total SREP own funds requirements (%, P1+P2R)	11.6%	13.3%	12.1%
Pillar 2 Guidance (%, P2G)	0.5%	0.5%	0.5%
Pillar 2 Guidance (amounts)	4 739	4 618	4 460
Overall capital requirements and P2G (%)	18.9%	18.9%	18.9%
Overall capital requirements and P2G (amounts)	178 815	174 183	168 588
Leverage ratio, requirements and CET1 Pillar 2 Guidance (as a percentage
of total exposure measure)
Tier 1 capital (amounts)	192 505	197 962	184 409
Leverage ratio total exposure measure (amounts)	3 535 907	3 970 882	3 401 754
Leverage ratio (%)	5.4%	5.0%	5.4%
Total SREP leverage ratio requirements (%)	3.0%	3.0%	3.0%
Overall leverage ratio requirements (%)	3.0%	3.0%	3.0%
Overall leverage ratio requirements (amounts)	106 077	119 126	102 053
Pillar 2 Guidance (%, P2G)	0.5%	0.5%	0.5%
Pillar 2 Guidance (amounts)	17 680	19 854	17 009
Overall leverage ratio requirements and P2G (%)	3.5%	3.5%	3.5%
Overall leverage ratio requirements and P2G (amounts)	123 757	138 981	119 061

Note 18. Own funds

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Shareholders equity according to balance sheet¹⁾	231 148	224 592	221 775
Accrued dividend	-23 235	-13 762	-23 838
Reversal of holdings of own CET1 instruments	9 075	6 890	5 360
Common Equity Tier 1 capital before regulatory adjustments	216 988	217 720	203 297
Additional value adjustments	-1 489	-1 534	-1 381
Goodwill	-4 336	-4 389	-4 256
Intangible assets	-2 318	-2 530	-1 142
Fair value reserves related to gains or losses on cash flow hedges	56	24	-14
Net provisioning amount for IRB-reported credit exposures	-762	-41
Insufficient coverage for non-performing exposures	-54	-54	-100
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	-518	-471	-579
Defined-benefit pension fund assets	-21 647	-20 927	-16 468
Direct and indirect holdings of own CET1 instruments	-19 053	-9 061	-8 992
Total regulatory adjustments to Common Equity Tier 1	-50 121	-38 983	-32 933
Common Equity Tier 1 capital	166 867	178 737	170 364
Additional Tier 1 instruments ²⁾	25 638	19 225	14 045
Tier 1 capital	192 505	197 962	184 409
Tier 2 instruments³⁾	21 454	21 349	15 109
Net provisioning amount for IRB-reported exposures	345	76	1 370
Holdings of Tier 2 instruments in financial sector entities	-1 200	-1 200	-1 200
Tier 2 capital	20 599	20 225	15 279
Total own funds	213 104	218 187	199 688

¹⁾ The Swedish Financial Supervisory Authority has approved SEB's application to use the quarterly net profit in measuring own funds on condition that the responsible auditors have reviewed the surplus and that the surplus is calculated in accordance with applicable accounting frameworks.

²⁾ In the third quarter SEB issued an Additional Tier 1 instrument of SEK 5bn and in the fourth quarter SEB issued an Additional Tier 1 instrument of USD 0.5bn, which is included in the bank's own funds as of the fourth quarter 2024.

³⁾ In the first quarter SEB issued an Additional Tier 2 instrument of EUR 500m, which is included in the bank's own funds as of the first quarter 2024.

Note 19. Risk exposure amount

SEK m	31 Dec 2024		30 Sep 2024		31 Dec 2023
	Risk exposure	Own funds	Risk exposure	Own funds	Risk exposure	Own funds
Credit risk IRB approach	amount	requirement¹⁾	amount	requirement¹⁾	amount	requirement¹⁾
Exposures to central governments or central banks	17 838	1 427	19 678	1 574	17 131	1 370
Exposures to institutions	67 878	5 430	63 210	5 057	56 837	4 547
Exposures to corporates	437 331	34 986	428 501	34 280	425 657	34 053
Retail exposures	76 526	6 122	77 270	6 182	75 418	6 033
of which secured by immovable property	53 361	4 269	53 722	4 298	51 407	4 113
of which retail SME	6 280	502	6 738	539	6 540	523
of which other retail exposures	16 885	1 351	16 809	1 345	17 471	1 398
Securitisation positions	2 819	226	2 787	223	2 597	208
Total IRB approach	602 393	48 191	591 446	47 316	577 640	46 211
Credit risk standardised approach
Exposures to central governments or central banks	4 001	320	3 217	257	3 210	257
Regional governments or local authorities	0	0	0	0
Exposures to public sector entities	533	43	710	57	711	57
Exposures to institutions	1 768	141	1 495	120	740	59
Exposures to corporates	9 798	784	10 195	816	4 801	384
Retail exposures	17 515	1 401	18 574	1 486	12 249	980
Exposures secured by mortgages on immovable property	2 014	161	2 218	177	1 873	150
Exposures in default	255	20	216	17	137	11
Exposures associated with particularly high risk	550	44	787	63	397	32
Exposures in the form of collective investment undertakings (CIU)
	295	24	471	38	458	37
Equity exposures	7 781	622	7 445	596	6 040	483
Other items	12 272	982	12 794	1 024	11 695	936
Total standardised approach	56 783	4 543	58 121	4 650	42 312	3 385
Market risk
Trading book exposures where internal models are applied	20 762	1 661	17 798	1 424	19 375	1 550
Trading book exposures applying standardised approaches	7 597	608	7 115	569	5 614	449
Total market risk	28 359	2 269	24 913	1 993	24 989	1 999
Other own funds requirements
Operational risk advanced measurement approach	58 359	4 669	57 696	4 616	53 381	4 271
Settlement risk	1	0	2	0	0	0
Credit value adjustment	5 461	437	6 013	481	10 407	833
Investment in insurance business	28 957	2 317	27 710	2 217	25 155	2 012
Other exposures	4 290	343	4 666	373	3 875	310
Additional risk exposure amount, Article 3 CRR²⁾	9 137	731	275	22
Additional risk exposure amount, Article 458 CRR³⁾	154 121	12 330	152 783	12 223	154 233	12 339
Total other own funds requirements	260 326	20 826	249 146	19 932	247 051	19 764
Total	947 860	75 829	923 626	73 890	891 992	71 359

¹⁾ Own funds requirement 8% of risk exposure amount according to Regulation (EU) No 575/2013 (CRR).

²⁾ Additional risk exposure amount according to Article 3, Regulation (EU) No 575/2013 (CRR), related to EAD model in Estonia, and LGD models in Estonia and Latvia. During the fourth quarter 2024 additional risk exposure amount according to Article 3, amounting to a total of SEK 9bn has been added, whereof SEK 7bn is related to credit risk and SEK 2bn to market risk.

³⁾ Additional risk exposure amount according to Article 458, Regulation (EU) No 575/2013 (CRR), for risk-weight floors in the Swedish mortgage portfolio and as from the third quarter 2021 for risk-weight floors in the Norwegian mortgage portfolio as well as for Norwegian corporate exposures collateralised by immovable property. As from the third quarter 2023 the capital requirements for risk-weight floors on exposures secured by commercial real estate in Sweden was moved from Pillar 2 to Pillar 1.

Note 20. Average risk-weight

The following table summarises average risk-weights (risk exposure amount divided by exposure at default (EAD)) for exposures, where the risk exposure amount is calculated according to the internal ratings based (IRB) approach.

Repos and securities lending transactions are excluded from the analysis, since they carry low risk-weights, and can vary considerably in volume, thus making numbers less comparable.

IRB reported credit exposures (less repos and securities lending)
Average risk-weight	31 Dec 2024	30 Sep 2024	31 Dec 2023
Exposures to central governments or central banks	3.9%	2.2%	2.8%
Exposures to institutions	23.6%	22.1%	20.8%
Exposures to corporates	28.1%	28.4%	28.4%
Retail exposures	10.3%	10.5%	10.3%
of which secured by immovable property	8.0%	8.1%	7.9%
of which retail SME	55.2%	55.8%	56.9%
of which other retail exposures	25.7%	25.9%	26.2%
Securitisation positions	16.8%	16.7%	16.7%

Skandinaviska Enskilda Banken AB (publ) – parent company

Income statement

In accordance with FSA regulations	Q4	Q3		Q4 Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
Interest income	32 836	36 200	-9	34 434	-5	142 589	122 546	16
Leasing income	1 471	1 440	2	1 204	22	5 809	5 606	4
Interest expense	-25 960	-29 268	-11	-26 093	-1	-114 001	-91 189	25
Dividends	218	456	-52	505	-57	8 637	5 513	57
Fee and commission income	4 366	4 152	5	4 211	4	17 223	16 814	2
Fee and commission expense	- 978	- 890	10	- 904	8	-3 822	-3 853	-1
Net financial income	1 683	3 186	-47	1 457	16	9 733	7 969	22
Other income¹⁾	306	58		98	0	-1 186	964
Total operating income	13 942	15 335	-9	14 911	-7	64 983	64 370	1
Administrative expenses¹⁾	4 762	5 049	-6	4 789	-1	20 352	19 816	3
Depreciation, amortisation and impairment
of tangible and intangible assets	1 437	1 388	4	1 337	7	5 628	5 640	0
Total operating expenses	6 199	6 438	-4	6 126	1	25 980	25 456	2
Profit before credit losses	7 742	8 897	-13	8 786	-12	39 002	38 915	0
Net expected credit losses	426	375	14	649	-34	1 127	1 008	12
Impairment of financial assets²⁾				15	-100	0	519 -100
Operating profit	7 316	8 522	-14	8 122	-10	37 875	37 388	1
Appropriations	1 108	298		1 651	-33	2 233	2 886	-23
Income tax expense	1 635	1 901	-14	2 718	-40	6 836	7 706	-11
Other taxes	- 73	- 64		- 21		- 136	20
NET PROFIT	6 862	6 983	-2	7 076	-3	33 409	32 548	3

¹⁾ Group internal reimbursements for costs are now recognised net as Administrative costs. This has no impact on group. Comparative figures have been restated SEK -353m; 1,282m; 1,282m.

²⁾ The parent company did a write down of the dormant subsidiary Aktiv Placering AB by SEK 15m during 2023. In addition, following P27's announcement that it had decided to withdraw its clearing license application from the Swedish Financial Supervisory Authority, the parent company recognised an impairment loss of SEK 179m. The parent company also recognised an impairment loss of SEK 125m for Invidem as it announced that it will be wound down due to reduced economies of scale. Also, in 2023, the book value of SEB Strategic Investments AB was written down by SEK 200m after parent company received a dividend of the same amount. In total, impairment of SEK 519m was recognised for shares in subsidiaries, associates and joint ventures in 2023.

Statement of comprehensive income

	Q4	Q3		Q4			Jan-Dec
SEK m	2024	2024	%	2023	%	2024	2023	%
NET PROFIT	6 862	6 983	-2	7 076	-3	33 409	32 548	3
Cash flow hedges	-21	-16	28	- 21	2	-58	- 49	20
Translation of foreign operations	-101	76		24		-45	- 84	-46
Items that may subsequently be
reclassified to the income statement	- 122	60		4		- 103	- 132	-22
OTHER COMPREHENSIVE INCOME	- 122	60		4		- 103	- 132	-22
TOTAL COMPREHENSIVE INCOME	6 740	7 043	-4	7 080	-5	33 305	32 416	3

Balance sheet, condensed

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Cash and cash balances with central banks	196 331	509 607	307 047
Loans to central banks	4 064	135 513	30 891
Loans to credit institutions	151 482	145 892	109 644
Loans to the public	1 976 087	1 953 859	1 870 983
Debt securities	248 875	270 884	242 173
Equity instruments	96 044	97 085	69 738
Derivatives	175 754	130 354	180 806
Other assets	127 867	146 087	107 550
TOTAL ASSETS	2 976 505	3 389 281	2 918 833
Deposits from central banks and credit institutions	161 394	251 087	181 428
Deposits and borrowings from the public¹⁾	1 441 207	1 723 492	1 396 028
Debt securities issued	898 841	963 751	867 838
Short positions	46 646	53 265	33 700
Derivatives	155 073	129 525	203 037
Other financial liabilities	157	262	100
Other liabilities	99 290	97 624	62 560
Untaxed reserves	13 040	14 040	14 040
Equity	160 857	156 235	160 102
TOTAL LIABILITIES, UNTAXED RESERVES
AND EQUITY	2 976 505	3 389 281	2 918 833
¹⁾ Private and SME deposits covered by deposit guarantee	245 594	244 123	247 578
Private and SME deposits not covered by deposit guarantee	158 015	154 680	156 667
All other deposits	1 037 599	1 324 689	991 784
Total deposits from the public	1 441 207	1 723 492	1 396 028

Pledged assets and obligations

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Pledged assets for own liabilities	745 339	797 820	663 643
Other pledged assets	113 003	131 361	68 546
Pledged assets	858 342	929 181	732 188
Contingent liabilities	190 728	182 778	190 120
Commitments	905 040	892 763	836 788
Obligations	1 095 768	1 075 541	1 026 908

Equity

	31 Dec	30 Sep	31 Dec
SEK m	2024	2024	2023
Share capital	21 942	21 942	21 942
Other restricted reserves	13 860	13 827	13 790
Equity, restricted	35 801	35 769	35 731
Holdings of own shares	-11 504	-9 181	-7 666
Other reserves	-620	-497	-516
Other non-restricted equity	103 770	103 598	100 005
Net profit for the year	33 409	26 547	32 548
Equity, non-restricted¹⁾	125 056	120 466	124 370
TOTAL	160 857	156 235	160 102

¹⁾The closing balance is equivalent to Distributable items according to Regulation (EU) No 575/2013 (CRR).

Capital adequacy

Capital adequacy analysis

SEK m		31 Dec 2024 30 Sep 2024 31 Dec 2023
Available own funds and total risk exposure amount
Common Equity Tier 1 (CET1) capital	133 561	147 773	137 213
Tier 1 capital	159 199	166 998	151 257
Total capital	179 851	187 543	166 656
Total risk exposure amount (TREA)	827 124	822 917	802 153
Capital ratios and minimum capital requirement (as a percentage of TREA)
Common Equity Tier 1 ratio (%)	16.1%	18.0%	17.1%
Tier 1 ratio (%)	19.2%	20.3%	18.9%
Total capital ratio (%)	21.6%	22.8%	20.8%
Pillar 1 minimum capital requirement (%, P1)	8.0%	8.0%	8.0%
Pillar 1 minimum capital requirement (amounts)	66 170	65 833	64 172
Additional own funds requirements (P2R) to address risks other than the risk of excessive leverage (as a percentage of TREA)
Additional own funds requirements (%, P2R)	1.7%	1.7%	1.6%
of which: to be made up of CET1 capital (percentage points)	1.1%	1.1%	1.1%
of which: to be made up of Tier 1 capital (percentage points)	1.3%	1.3%	1.2%
Total SREP own funds requirements (%, P1+P2R)	9.7%	9.7%	9.6%
Total SREP own funds requirements (amounts)	80 066	79 671	76 718
Additional CET1 buffer requirements and CET1 Pillar 2 Guidance (as a percentage of TREA)
Capital conservation buffer (%)	2.5%	2.5%	2.5%
Institution specific countercyclical capital buffer (%)	1.6%	1.6%	1.6%
Systemic risk buffer (%)	0.0%	0.0%	0.0%
Other Systemically Important Institution buffer (%)	0.0%	0.0%	0.0%
Combined buffer requirement (%, CBR)	4.1%	4.1%	4.1%
Combined buffer requirement (amounts)	34 044	33 912	32 847
Overall capital requirements (%, P1+P2R+CBR)	13.8%	13.8%	13.7%
Overall capital requirements (amounts)	114 110	113 583	109 565
CET1 available after meeting the total SREP own funds requirements (%, P1+P2R)	10.5%	12.3%	11.2%
Pillar 2 Guidance (%, P2G)	0.0%	0.0%	0.0%
Pillar 2 Guidance (amounts)	0	0	0
Overall capital requirements and P2G (%)	13.8%	13.8%	13.7%
Overall capital requirements and P2G (amounts)	114 110	113 583	109 565
Leverage ratio, requirements and CET1 Pillar 2 Guidance (as a percentage of total exposure measure)
Tier 1 capital (amounts)	159 199	166 998	151 257
Leverage ratio total exposure measure (amounts)	3 220 284	3 720 324	3 118 996
Leverage ratio (%)	4.9%	4.5%	4.8%
Total SREP leverage ratio requirements (%)	3.0%	3.0%	3.0%
Overall leverage ratio requirements (%)	3.0%	3.0%	3.0%
Overall leverage ratio requirements (amounts)	96 609	111 610	93 570
Pillar 2 Guidance (%, P2G)	0.0%	0.0%	0.0%
Pillar 2 Guidance (amounts)	0	0	0
Overall leverage ratio requirements and P2G (%)	3.0%	3.0%	3.0%
Overall leverage ratio requirements and P2G (amounts)	96 609	111 610	93 570

Own funds

SEK m		31 Dec 2024 30 Sep 2024 31 Dec 2023
Shareholders equity according to balance sheet ¹⁾	173 859	170 275	171 250
Accrued dividend	-23 235	-13 762	-23 838
Reversal of holdings of own CET1 instruments	8 870	6 700	5 179
Common Equity Tier 1 capital before regulatory adjustments	159 494	163 214	152 591
Additional value adjustments	-1 419	-1 445	-1 285
Goodwill	-3 358	-3 358	-3 358
Intangible assets	-1 228	-1 080	-1 058
Fair value reserves related to gains or losses on cash flow hedges	56	24	-14
Net provisioning amount for IRB-reported exposures	-362
Insufficient coverage for non-performing exposures	-51	-49	-97
Gains or losses on liabilities valued at fair value resulting from changes in own credit
standing	-519	-471	-575
Direct and indirect holdings of own CET1 instruments	-19 053	-9 061	-8 992
Total regulatory adjustments to Common Equity Tier 1	-25 933	-15 441	-15 378
Common Equity Tier 1 capital	133 561	147 773	137 213
Additional Tier 1 instruments 2)	25 638	19 225	14 045
Tier 1 capital	159 199	166 998	151 257
Tier 2 instruments 3)	21 454	21 349	15 109
Net provisioning amount for IRB-reported exposures	399	396	1 489
Holdings of Tier 2 instruments in financial sector entities	-1 200	-1 200	-1 200
Tier 2 capital	20 652	20 544	15 399
Total own funds	179 851	187 543	166 656

1)Shareholders equity for the parent company includes untaxed reserves.

2) In the third quarter SEB issued an Additional Tier 1 instrument of SEK 5bn and in the fourth quarter SEB issued an Additional Tier 1 instrument of USD 0.5bn , which is included in the bank's own funds as of the fourth quarter 2024.

3) In the first quarter SEB issued an Additional Tier 2 instrument of EUR 500m, which is included in the bank's own funds as of the first quarter 2024.

Risk exposure amount

SEK m	31 Dec 2024			30 Sep 2024		31 Dec 2023
	Risk exposure	Own funds	Risk exposure	Own funds	Risk exposure	Own funds
	amount	requirement¹⁾	amount	requirement ¹⁾	amount	requirement¹⁾
Credit risk IRB approach
Exposures to central governments or central banks	7 859	629	12 023	962	8 509	681
Exposures to institutions	67 672	5 414	62 810	5 025	56 455	4 516
Exposures to corporates	351 917	28 153	344 709	27 577	347 684	27 815
Retail exposures	46 117	3 689	47 307	3 785	46 799	3 744
of which secured by immovable property	37 316	2 985	38 137	3 051	36 928	2 954
of which retail SME	2 469	198	2 738	219	2 680	214
of which other retail exposures	6 332	507	6 432	515	7 191	575
Securitisation positions	2 819	226	2 787	223	2 597	208
Total IRB approach	476 384	38 111	469 636	37 571	462 044	36 964
Credit risk standardised approach
Exposures to central governments or central banks
Exposures to public sector entities	533	43	710	57	711	57
Exposures to institutions ³⁾	12 570	1 006	21 166	1 693	11 880	950
Exposures to corporates	3 335	267	3 309	265	3 224	258
Retail exposures	9 243	739	8 632	691	8 719	697
Exposures secured by mortgages on immovable property	2 014	161	2 218	177	1 872	150
Exposures in default	159	13	146	12	121	10
Exposures associated with particularly high risk	550	44	787	63	397	32
Exposures in the form of collective investment undertakings
(CIU)	295	24	471	38	458	37
Equity exposures	59 860	4 789	57 355	4 588	52 951	4 236
Other items	3 929	314	4 862	389	2 929	234
Total standardised approach	92 489	7 399	99 656	7 972	83 263	6 661
Market risk
Trading book exposures where internal models are applied	20 762	1 661	17 798	1 424	19 375	1 550
Trading book exposures applying standardised approaches	7 583	607	7 037	563	5 540	443
Total market risk	28 345	2 268	24 835	1 987	24 915	1 993
Other own funds requirements
Operational risk advanced measurement approach	40 886	3 271	41 668	3 333	41 628	3 330
Settlement risk	1	0	2	0	0	0
Credit value adjustment	5 447	436	5 999	480	10 403	832
Investment in insurance business	28 957	2 317	27 710	2 217	25 155	2 012
Other exposures	498	40	631	50	516	41
Additional risk exposure amount, Article 458 CRR ²⁾	154 117	12 329	152 780	12 222	154 229	12 338
Total other own funds requirements	229 905	18 392	228 789	18 303	231 931	18 554
Total	827 124	66 170	822 917	65 833	802 153	64 172

1)Own funds requirement 8% of risk exposure amount according to Regulation (EU) No 575/2013 (CRR).

2) Additional risk exposure amount according to Article 458, Regulation (EU) No 575/2013 (CRR), for risk-weight floors in the Swedish mortgage portfolio and as from the third quarter 2021 for risk-weight floors in the Norwegian mortgage portfolio as well as for Norwegian corporate exposures collateralised by immovable property. As from the third quarter 2023 the capital requirements for risk-weight floors on exposures secured by commercial real estate in Sweden was moved from Pillar 2 to Pillar 1.

IRB reported credit exposures (less repos and securities lending)
Average risk-weight		31 Dec 2024 30 Sep 2024 31 Dec 2023
Exposures to central governments or central banks	2.3%	1.5%	1.6%
Exposures to institutions	23.5%	22.1%	20.8%
Exposures to corporates	25.1%	25.3%	25.5%
Retail exposures	7.8%	8.0%	7.9%
of which secured by immovable property	6.5%	6.7%	6.5%
of which retail SME	40.3%	41.3%	41.8%
of which other retail exposures	38.7%	39.2%	41.1%
Securitisation positions	16.8%	16.7%	16.7%

Signature of the President

The President declares that this financial report for the period 1 January 2024 through 31 December 2024 provides a fair overview of the parent company's and the group's operations, their financial position and results and describes material risks and uncertainties facing the parent company and the group.

Stockholm 29 January 2025

Johan Torgeby President and Chief Executive Officer

THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL

Review report

To the Board of Directors in Skandinaviska Enskilda Banken AB (publ), org.nr 502032-9081

Introduction

We have reviewed the year-end report for Skandinaviska Enskilda Banken AB (publ) as of December 31, 2024 and for the twelfth - month period ending as at this date, which can be found on page 5-12 and 15-51 in this document, containing income statement, statement of comprehensive income, balance sheet, statement of changes in equity, statement of cash flow, notes and other condensed information in accordance with the Annual Accounts Act for Credit Institutions and Securities Companies. The Board of Directors, the President and the Chief Executive Officer are responsible for the preparation and presentation of this year-end report in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies. Our responsibility is to express a conclusion on this interim report based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review differs from and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the year-end report is not prepared, in all material respects, in accordance with IAS 34 and the Annual Accounts Act for Credit Institutions and Securities Companies regarding the Group, and in accordance with the Annual Accounts Act for Credit Institutions and Securities Companies regarding the Parent Company.

Stockholm, 29 January 2025

Ernst & Young AB

Hamish Mabon Authorized Public Accountant

Contacts and calendar

SEB's result for the fourth quarter 2024

On Wednesday 29 January 2025, at approximately 07:00 CET, SEB's results for the fourth quarter 2024 will be announced. In addition, presentations and the Fact Book will be available on sebgroup.com/ir. You are invited to participate in the following event:

Telephone conference

Wednesday 29 January 2025 at 09:00 CET, Johan Torgeby, SEB's President and CEO, and Christoffer Malmer, CFO, will present the results, followed by a Q&A session with Johan Torgeby, Christoffer Malmer and Pawel Wyszynski, Head of Investor Relations. The presentation and Q&A will be conducted in English.

To participate in the telephone conference, please sign up and register here:

https://register.vevent.com/register/BI7a5c845127c64bd880f4d 4202670b628

Media interviews

Media can follow the presentation live on sebgroup.com/ir, where it also will be available afterwards. There is a possibility for media to book interviews after the telephone conference. Please contact press@seb.se to make a request.

Further information is available from

Christoffer Malmer, Chief Financial Officer Tel: +46 771 621 000 Pawel Wyszynski, Head of Investor Relations Tel: +46 70 462 21 11 Petter Brunnberg, Head of Media Relations & External Communication Tel: +46 70 763 51 66

Skandinaviska Enskilda Banken AB (publ.)

SE-106 40 Stockholm, Sweden Tel: +46 771 621 000 sebgroup.com Corporate organisation number: 502032-9081

Further financial information is available in SEB's Fact Book and in the additional Pillar 3 disclosures which are published quarterly on sebgroup.com/ir

Financial information calendar 2025

1 April 2025 29 April 2025 16 July 2025 23 October 2025

11 March 2025 Annual and Sustainability Report 2024 Annual General Meeting First quarterly report 2025 Second quarterly report 2025 Third quarterly report 2025

Silent period starts 1 April 2025 Silent period starts 1 July 2025 Silent period starts 1 October 2025

The financial information calendar for 2026 will be published in conjunction with the Quarterly Report for January-September 2025.

Definitions

Including Alternative Performance Measures 1)

Items affecting comparability

To facilitate the comparison of operating profit between current and previous periods, items with significant impact that management considers affect the comparability or are relevant for the understanding of the financial result, are identified and presented separately, for example impairment of goodwill, restructuring, gains and losses from divestments and other income or costs that are not recurring.

Operating profit

Total profit before tax.

Net profit

Total profit after tax.

Return on equity

Net profit attributable to shareholders in relation to average shareholders' equity.

Return on equity excluding items affecting comparability

Net profit attributable to shareholders, excluding items affecting comparability and their related tax effect, in relation to average shareholders' equity.

Return on business equity

Operating profit by division, reduced by a standard tax rate, in relation to the divisions' averagebusiness equity (allocated capital).

Return on total assets

Net profit attributable to shareholders, in relation to averagetotal assets.

Return on risk exposure amount

Net profit attributable to shareholders in relation to averagerisk exposure amount.

Cost/income ratio

Total operating expenses in relation to total operating income.

Basic earnings per share

Net profit attributable to shareholders in relation to the weighted average number of shares outstanding before dilution.

Diluted earnings per share

Net profit attributable to shareholders in relation to the weighted average diluted number of shares, adjusted for the dilution effect of potential shares in the long-term equity-based programmes.

Net worth per share

The total of shareholders' equity, the equity portion of any surplus values in the holdings of debt securities and the surplus value in life insurance operations in relation to the number of shares outstanding.

Equity per share

Shareholders' equity in relation to the number of shares outstanding.

Expected credit losses, ECL

Probability-weighted credit losses with the respective risk of a default.

ECL allowances

The allowance for expected credit losses on financial assets, contract assets, loan commitments and financial guarantee contracts.

Net ECL level

Net expected credit losses in relation to the opening balance of the year of debt securities, loans to the public and loans to credit institutions measured at amortised cost, financial guarantees and loan commitments, net of ECL allowances.

ECL coverage ratio

ECL allowances in relation to underlying gross carrying amounts for loans and debt securities as well as nominal amounts of financial guarantees and loan commitments.

Stage 3 loans / Total loans, gross

Gross carrying amount for Stage 3 loans (credit-impaired loans) in relation to gross carrying amount for total loans measured at amortised cost (including trade and client receivables presented as other assets).

Stage 3 loans / Total loans, net

Carrying amount for Stage 3 loans (credit-impaired loans) in relation to carrying amounts for total loans measured at amortised cost (including trade and client receivables presented as other assets).

provides information on SEB's cost efficiency. APMs related to lending provide information on provisions in relation to credit risk. All these measures may not be comparable to similarly titled measures used by other companies. The Sustainable Activity Index measures sustainability related financing and investment activities supporting the sustainable transition. The Carbon Exposure Index measures the reduction of the fossil credit exposure within the energy portfolio.

¹⁾ Alternative Performance Measures, APMs, are financial measures of historical or future financial performance, financial position, or cash flows, other than those defined in the applicable financial reporting framework (IFRS) or in the EU Capital Requirements Regulation and Directive CRR/CRD IV. APMs are used by SEB when relevant to assess and describe SEB's financial situation and provide additional relevant information and tools to enable analysis of SEB's performance. APMs on basic earnings per share, diluted earnings per share, net worth per share, equity per share, return on equity, return on total assets and return on risk exposure amount provide relevant information on the performance in relation to different investment measurements. The cost/income ratio

Sustainability Activity Index

An internal volume-based metric capturing SEB's sustainability activity across four areas: sustainability-related financing, sustainable finance advisory, Greentech Venture Capital investments, and sustainable savings and investments as a share of SEB's total fund offering, both own and external. The measure is an index with starting point 100 as per end of 2021.

Carbon Exposure Index

The fossil credit exposure is an internal metric, calculated by multiplying the credit exposure with a fossil share. The credit exposure includes on-balance lending, contingent liabilities, derivatives, repos, margin financings. The fossil share reflects the percentage of a counterparty or a project's activity derived from fossil fuels (oil, natural gas, coal, peat and fossil portion of waste). The assessment of the fossil share differs depending on the sector. The measure is an index with starting point 100 as per end of 2019.

The Excel file Alternative Performance Measures, available on sebgroup.com/ir, provides information on how the measures are calculated.

Definitions according to the EU Capital Requirements Regulation no 575/2013 (CRR):

Risk exposure amount

Total assets and off-balance sheet items, risk-weighted in accordance with capital adequacy regulations for credit risk and market risk. The operational risks are measured and added as risk exposure amount. Risk exposure amounts are only defined for the consolidated situation, excluding insurance entities and exposures deducted from own funds.

Common Equity Tier 1 capital (CET)

Shareholders' equity excluding dividend, deferred tax assets, intangible assets and certain other regulatory adjustments defined in EU Regulation no 575/2013 (CRR).

Tier 1 capital

Common Equity Tier 1 capital plus qualifying forms of subordinated loans liabilities, so-called additional tier 1 instruments.

Tier 2 capital

Mainly subordinated loans liabilities not qualifying as Tier 1 capital contribution.

Own funds The sum of Tier 1 and Tier 2 capital

Common Equity Tier 1 capital ratio

Common Equity Tier 1 capital as a percentage of risk exposure amount.

Tier 1 capital ratio

Tier 1 capital as a percentage of risk exposure amount.

Total capital ratio

Total own funds as a percentage of risk exposure amount.

Liquidity coverage ratio (LCR)

High-quality liquid assets in relation to the estimated net liquidity outflow over the next 30 calendar days.

Definitions according to the EU Capital Requirements Regulation no 876/2019 (CRR) and according to the EU Directive no 879/2019 (BRRD II):

Leverage ratio

Tier 1 capital as a percentage of the exposure value of assets, derivatives and off-balance sheet items.

Net stable funding ratio (NSFR)

Available stable funding in relation to the amount of required stable funding.

Minimum requirement of eligible liabilities (MREL)

Minimum requirement for own funds and eligible liabilities, as set by the Swedish National Debt Office.

Divisions of the SEB Group

Large Corporates & Financial Institutions

The division offers commercial and investment banking services to large corporate and institutional clients in the Nordic region, Germany, Switzerland, Austria, Netherlands and the United Kingdom. Customers are also served through the international network.

Corporate & Private customers

The division offers full banking and advisory services to private individuals and small and medium-sized corporate customers in Sweden, as well as corporate payment services in Europe. Swedish affluent individuals are also offered private banking services.

Private Wealth Management & Family Office

The division offers comprehensive banking infrastructure, access to capital markets, financing solutions and individually tailored advisory services to entrepreneurs, high net worth individuals, foundations and family offices.

Baltic

The division provides full banking and advisory services to private individuals and small and medium-sized corporate customers in Estonia, Latvia and Lithuania.

Life

The division offers life insurance solutions to private as well as corporate and institutional clients mainly in the Nordic and Baltic countries.

Asset Management

The division consists of SEB Investment Management, which manages SEB funds and mandates distributed via SEB's customer channels, and Institutional Asset Management, which distributes funds and mandates managed by SEB and other institutes.

As from 1 January 2025, the Private Wealth Management & Family Office, Life and Asset Management divisions are operating as one division, named Wealth & Asset Management.

This is SEB

We connect ideas, people and capital to drive progress	Being a leading northern European corporate bank with international reach, we support our customers in making their ideas come true. We do this through long-term relationships, innovative solutions, tailored advice and digital services – and by partnering with our customers in accelerating change towards a more sustainable world.
Our customers	2,000 large corporations, 1,100 financial institutions, 294,000 SME and 1.3 million private full-service customers bank with SEB.
Our values	We are guided by our Code of Conduct and the SEB behaviours: create value, act long-term and build positive relationships.
Our employees	Around 19,000 highly skilled employees serving our customers from locations in more than 20 countries – covering different time zones, securing reach and local market knowledge.
Our history	We have a long tradition of supporting people and companies and helping drive development. Ever since we welcomed our first customer almost 170 years ago, we have been guided by engagement and curiosity about the future. By providing financial products and tailored advisory services to meet our customers' changing needs, we build on our long term relationships and do our part to contribute to a more sustainable society.
Focus areas	Acceleration of efforts – Strengthening our customer offering by continuing to build on existing strengths through extra focus and resources targeted at already established areas.
	Strategic change – Evaluating the need for strategic change and transforming the way we do business within already established areas.
	Strategic partnerships – Collaborating and partnering with external stakeholders and rethinking how we produce and distribute our products and services.
	Efficiency improvement – Increasing our focus on strategic enablers allowing us to improve efficiency and accelerate SEB's transformation journey.

Additional financial information is available in SEB's Fact Book which is published quarterly on sebgroup.com/ir