Impairments (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure of financial assets that are either past due or impaired [abstract]


Skr mn	Loans in the form of interest-bearing securities	Loans to credit institutions	Loans to the public	Off-balance	Total
2025
Expected credit losses, stage 1	0	0	-19	1	-19
Expected credit losses, stage 2	-1	—	-292	0	-293
Expected credit losses, stage 3	—	—	-112	0	-112
Established credit losses	—	—	-100	0	-100
Reserves applied to cover established credit losses	—	—	94	—	94
Recovered credit losses	—	—	1	—	1
Net credit losses1	-1	0	-429	1	-429
2024
Expected credit losses, stage 1	17	2	83	14	116
Expected credit losses, stage 2	0	—	-45	21	-24
Expected credit losses, stage 3	147	—	-329	4	-178
Established credit losses	-113	—	-288	-3	-404
Reserves applied to cover established credit losses	113	—	280	—	393
Recovered credit losses	—	—	4	—	4
Net credit losses	164	2	-295	36	-93
2023
Expected credit losses, stage 1	1	1	-34	-4	-36
Expected credit losses, stage 2	3	0	-22	-21	-40
Expected credit losses, stage 3	-260	—	-252	-1	-513
Established credit losses	—	—	—	—	—
Reserves applied to cover established credit losses	—	—	—	—	—
Recovered credit losses	—	—	4	—	4
Net credit losses	-256	1	-304	-26	-585
1 The increase in net credit losses for the year was mainly attributable to increased provisions for expected credit losses in stage 2 and stage 3 related to a limited number of exposures.

Schedule of balances and reconciliation of changes in balances and loss allowances by stages


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Loans, before expected credit losses
Loans in the form of interest-bearing securities	46,131	1,361	—	47,492	48,665	67	—	48,732
Loans to credit institutions	15,011	—	—	15,011	10,328	—	—	10,328
Loans to the public	160,994	34,060	5,960	201,014	187,005	30,611	7,255	224,871
Total, loans, before expected credit losses	222,137	35,421	5,960	263,517	245,998	30,678	7,255	283,931
Off balance, before expected credit losses
Guarantees	9,729	168	—	9,896	7,533	1,895	—	9,428
Committed undisbursed loans	66,409	15,214	—	81,624	36,455	15,809	4,623	56,887
Total, off balance, before expected credit losses	76,138	15,382	—	91,520	43,988	17,704	4,623	66,315
Total, before expected credit losses	298,275	50,803	5,960	355,038	289,986	48,382	11,878	350,246
of which guaranteed (percent)	64.4	91.8	80.7	68.3	61.9	94.2	94.3	67.3
Loss allowance, loans
Loans in the form of interest-bearing securities	-6	-1	—	-7	-6	0	—	-6
Loans to credit institutions	0	0	—	0	0	—	—	0
Loans to the public	-62	-377	-359	-798	-45	-86	-386	-517
Total, loss allowance, loans	-68	-378	-359	-805	-51	-86	-386	-523
Loss allowance, off balance1
Guarantees	0	0	—	0	0	0	—	0
Committed undisbursed loans	-1	0	—	-1	-3	0	0	-3
Total, loss allowance, off balance	-2	0	—	-2	-3	0	0	-3
Total, loss allowance	-69	-378	-359	-807	-54	-86	-386	-526
Provision ratio (percent)	0.02	0.74	6.03	0.23	0.02	0.18	3.25	0.15
1 Recognized under provision in the Consolidated Statement of Financial Position.

Loans and off balance, before loss allowance


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Opening balance	289,986	48,382	11,878	350,246	278,263	54,290	13,953	346,506
Increase due to origination and acquisition	113,205	27,153	53	140,411	84,871	4,042	345	89,258
Transfer to stage 1	1,108	-1,105	-11	-8	3,296	-3,938	—	-642
Transfer to stage 2	-8,711	4,419	-444	-4,737	-423	328	-94	-189
Transfer to stage 3	-566	—	467	-99	-90	-522	163	-449
Decrease due to derecognition	-96,749	-28,045	-5,982	-130,775	-75,931	-5,818	-2,489	-84,238
Closing balance	298,275	50,803	5,960	355,038	289,986	48,382	11,878	350,246

Modified loans that did not lead to derecognition

For modified loans during 2025, amortized cost before modification amounted to Skr 0 million (2024: 1,040 million). Net modification gain/loss during 2025 amounted to Skr 0 million (2024: 95 million).

Loss allowance


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
Opening balance	-54	-86	-386	-526	-167	-61	-567	-795
Increases due to origination and acquisition	-34	-280	-29	-343	-20	0	0	-20
Net remeasurement of loss allowance	0	16	-81	-65	99	128	-167	60
Transfer to stage 1	0	0	—	0	0	3	—	3
Transfer to stage 2	2	-31	0	-29	1	-210	20	-189
Transfer to stage 3	0	—	-76	-75	0	2	-97	-95
Decreases due to derecognition	13	1	73	88	35	56	64	155
Decrease in allowance account due to write-offs	—	—	94	94	—	—	393	393
Exchange-rate differences1	3	1	45	50	-2	-4	-32	-38
Closing balance	-69	-378	-359	-807	-54	-86	-386	-526
1 Recognized under Net results of financial transactions in the Statement of Comprehensive Income.

Summary of loan credit quality, before expected credit losses, allocated by stage


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Stage 1	Stage 2	Stage 3	Total
AAA	—	—	—	—	—	—	—	—
AA+ to A-	45,539	—	—	45,539	40,548	—	—	40,548
BBB+ to BBB-	121,602	1,361	—	122,962	141,632	66	—	141,698
BB+ to BB-	37,308	27,515	—	64,823	45,239	27,237	—	72,476
B+ to B-	17,354	1,521	—	18,874	18,437	553	—	18,990
CCC to D	334	5,024	5,960	11,319	142	2,822	7,255	10,219
Total, before expected credit losses	222,137	35,421	5,960	263,517	245,998	30,678	7,255	283,931

- Definition

The disclosure of the reconciliation of changes in the loss allowance and explanation of changes in the gross carrying amount for financial instruments. Loss allowance is the allowance for expected credit losses on financial assets measured in accordance with paragraph 4.1.2 of IFRS 9, lease receivables and contract assets, the accumulated impairment amount for financial assets measured in accordance with paragraph 4.1.2A of IFRS 9 and the provision for expected credit losses on loan commitments and financial guarantee contracts. [Refer: Gross carrying amount [member]]

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