During the first nine months of the year, SEK experienced strong growth in business volumes. New credit and guarantee agreements totaling Skr 97.3 billion were signed, of which Skr 40.3 billion were signed in the third quarter, demonstrating a strong investment appetite and considerable trust from SEK's clients. The business volumes include Swedish exporters and their international customers, thereby underscoring SEK's important role in the global export landscape.
In a highly liquid banking market characterized by high risk appetites SEK was successful in securing new business. In the first nine months of the year, new credit and guarantee agreements of Skr 97.3 billion (9M24: Skr 68.2 billion) were signed, of which Skr 40.3 billion (3Q24: Skr 16.1 billion) were signed in the third quarter. The high volumes are a result of a close dialogue and strong relationships with customers. In addition, SEK's targeted focus on the European energy transition resulted in the signing of several new projects in this business area during the third quarter. Net interest income for the first nine months of the year amounted to Skr 2.1 billion (9M24: Skr 2.3 billion), down compared to the same period in the previous year primarily due to lower market interest rates and a stronger Swedish krona. Profitability remained healthy and amounted to 6.3 percent (9M24: 6.4 percent) for the first nine months of the year. The lending portfolio totaled Skr 271 billion, a decrease of Skr 12 billion since the beginning of the year, largely as a result of a stronger Swedish krona. Adjusted for currency effects, the lending portfolio increased.
The high volume of new business spanned across several sectors, with particularly strong growth in the energy and infrastructure sector. Examples of new business included:
- A USD 1.1 billion loan agreement with National Grid Electricity Transmission plc to fund a portion of Eastern Green Link 2 (EGL2) - a high-voltage direct current transmission project that will connect Scotland and England.
- Participation in a financing consortium for Project Amidala, a project for land-based wind power in Finland.
- Participation in a new multicurrency financing agreement totaling EUR 240 million for Cloetta AB (publ), Northern Europe's leading confectionery company.
SEK has also performed well this year in the capital markets. At the beginning of the year, SEK issued a EUR 1 billion ten-year benchmark bond and in the second and third quarters SEK issued three USD benchmark bonds totaling USD 4 billion. In September SEK also issued a successful AUD 500 million Kangaroo Benchmark bond with a maturity of 5.5 years. The investor interest in these bonds reflects the broad and continued support of SEK's global investor base, reaffirming its strong position in the international capital markets.
There are several indications of recovery and growth despite the uncertain global environment. Business Sweden's Export Managers' Index (EMI) rose 4.6 points to 51.0 in the third quarter, representing a positive outlook for exporters. The National Institute of Economic Research's (NIER) report also indicates higher growth and lower inflation in the Swedish economy during the remainder of 2025, with continued positive economic development throughout 2026. Nevertheless, uncertainties persist such as geopolitical tension, armed conflicts and trade tariffs that can impact supply chains and give rise to volatility in the financial markets.
Results January-September 2025 (January-September 2024)
- Net interest income Skr 2,050 million (9M24: Skr 2,280 million)
- Operating profit Skr 1,459 million (9M24: Skr 1,419 million)
- Net profit Skr 1,158 million (9M24: Skr 1,127 million)
- Lending portfolio growth YTD -4.3 percent (9M24: -3.8 percent)
- New credit and guarantee commitments Skr 97.3 billion (9M24: Skr 68.2 billion)
- Basic and diluted earnings per share Skr 290 (9M24: Skr 282)
- After-tax return on equity 6.3 percent (9M24: 6.4 percent)
- Total capital ratio 23.2 percent (year-end 2024: 22.2 percent)
For more information, please contact:
Katarina Daniels, Head of Communications, Tel: +46 72 080 68 85
Tobias Hornberger, Chief Financial Officer, Tel: +46 70 848 13 85
About SEK
The Swedish Export Credit Corporation (SEK) is a commercially driven, state-owned company that provides financing to Swedish exporters, their subcontractors, subsidiaries, and international buyers of Swedish products and services. SEK's financing supports the growth of companies, creating new jobs and driving economic activity in Sweden. Additionally, SEK promotes the transition to a more sustainable society, both within Sweden and globally. Find out more: www.sek.se.
