SEK defines related parties to the Parent Company and the Consolidated Group as:
the shareholder, i.e., the Swedish State
companies and organizations that are controlled through
a common owner, the Swedish State
subsidiaries
key management personnel
other related parties

The Swedish State owns 100 percent of the Company’s share capital. By means of direct guarantees extended by the Swedish Export Credits Guarantee Board, EKN, 38 percent (year-end 2024: 43 percent) of the Company’s loans outstanding on December 31, 2025, were guaranteed by the Swedish State. The remuneration to EKN for the guarantees paid by SEK during 2024 amounted to Skr 6 million (2024: Skr 30 million). SEK administers, in return for compensation, the Swedish system for officially supported export credits (CIRR-system), and the State’s previous concessionary credits system, refer to Note 1 (e) and Note 24.

SEK has a Skr 150 billion (2024: Skr 150 billion) credit facility with the Swedish National Debt Office. The credit facility can be used for loans covered by the CIRR-system up to Skr 138 billion (2024: Skr 138 billion), and for commercial export financing up to Skr 12 billion (2024: Skr 12 billion). In December, 2025, the credit facility was again set at Skr 175 billion for 2026, of which Skr 14 billion can be used for commercial export financing.

SEK enters into transactions in the ordinary course of business with entities that are partially or wholly owned or controlled by the State. SEK also extends export credits, in the form of direct or pass-through loans, to entities related to the State. Transactions with such counterparties are conducted on the same terms, including interest rates and repayment schedules, as transactions with unrelated parties. The Group’s and the Parent Company’s transactions do not differ significantly. There are no internal transactions between the Parent Company and the subsidiary. For further information see Note 15.

Other related parties include close family members of key management personnel as well as companies which are controlled by key management personnel of SEK or controlled by close family members to key management personnel.


	2025
	The shareholder, the Swedish State		Companies and organizations controlled through a common owner, the Swedish State		Total
Skr mn	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense
Cash	1,000	33	—	—	1,000	33
Treasuries/government bonds	11,585	177	—	—	11,585	177
Other interest-bearing securities except loans	5,998	171	1,253	43	7,251	215
Loans in the form of interest-bearing securities	—	—	6,061	216	6,061	216
Loans to credit institutions	1,070	3	2,829	135	3,898	139
Loans to the public	—	—	206	6	206	6
Settlement claim against the State1	448	—	—	—	448	—
Total	20,101	385	10,348	401	30,449	786
Other liabilities	—	—	—	—	—	—
Settlement debt against the State1	3,037	—	—	—	3,037	—
Total	3,037	—	—	—	3,037	—


	2024
	The shareholder, the Swedish State		Companies and organizations controlled through a common owner, the Swedish State		Total
Skr mn	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense	Assets/liabilities	Interest income/interest expense
Cash	1,000	94	—	—	1,000	94
Treasuries/government bonds	1,650	23	—	—	1,650	23
Other interest-bearing securities except loans	10,994	340	2,105	59	13,099	399
Loans in the form of interest-bearing securities	—	—	6,088	248	6,088	248
Loans to credit institutions	—	—	3,029	146	3,029	146
Loans to the public	—	—	637	36	637	36
Settlement claim against the State1	8	—	—	—	8	—
Total	13,652	457	11,859	489	25,511	946
Other liabilities	—	—	—	—	—	—
Settlement debt against the State1	3,673	—	—	—	3,673	—
Total	3,673	—	—	—	3,673	—
1 For information about settlement claim or debt against the State, see Note 16, Note 19 and Note 24.