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


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


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


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


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


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

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


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


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

For risk classification and quantification of credit risk, SEK uses an internal ratings-based (IRB) approach. Specifically, SEK applies the foundation IRB approach. Under the foundation IRB approach, the company determines the probability of default within one year (PD) for each of its counterparties, while the remaining parameters are established in accordance with the CRR. Application of the IRB approach requires the Swedish FSA’s permission and is subject to ongoing supervision.

Certain exposures are, by permission from the Swedish FSA, exempted from application of the IRB approach and, instead, the standardized approach is applied for calculating the capital requirement. For further information regarding these exposures see the Risk measurement section in Note 26. Counterparty risk exposure amounts in derivative contracts are calculated in accordance with the standardized approach for counterparty credit risk.

SEK calculates the capital requirement for operational risks in accordance with the standardized approach in the CRR (Article 312 of Regulation (EU) 575/2013). The standardized approach is based on a Business Indicator Component (BIC), where the Company’s Business Indicator (BI) is first calculated as the sum of three components: Interest, Leases and Dividend Component (ILDC), Services Component (SC), and Financial Component (FC). The BIC then forms the regulatory capital base for operational risks and is used to determine the capital requirement by applying standardized percentages as set out in the regulation. For SEK, the BIC is multiplied by 12 percent.

SEK meets capital buffer requirements with Common Equity Tier 1 capital as of December 31, 2025. The Swedish FSA has not classified SEK as a systemically important institution. Accordingly, the capital buffer requirements for systemically important institutions that entered into force on January 1, 2016 do not apply to SEK. The mandatory capital conservation buffer is 2.5 percent. The countercyclical buffer rate that is applied to exposures located in Sweden was increased from 1 percent to 2 percent as of June 22, 2023. At December 31, 2025, the capital requirement related to credit risk exposures in Sweden was 71 percent (year-end 2024: 74 percent) of the total capital requirement regardless of location, this fraction is also the weight applied to the Swedish buffer rate when calculating SEK’s countercyclical capital buffer. Buffer rates activated in other countries may impact SEK, but the potential effect is limited since most buffer requirements from relevant credit exposures relate to Sweden. As of December 31, 2025, the contribution to SEK’s countercyclical capital buffer from buffer rates in other countries was 0.15 percentage points (year-end 2024: 0.12 percentage points).

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

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


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