2025 has been a year of high business activity for SEK. The long-term strategic investments have borne fruit, resulting in several major deals. A total of Skr 126 billion in new credit and guarantee agreements were signed - one of the highest levels in SEK's history - of which Skr 28 billion occurred in the fourth quarter of the year. The customers are increasingly optimistic about the future, while the world around continues to be marked by geopolitical uncertainty and ongoing conflict. SEK enters the new year with a strong financial position and solid ability to support Swedish exports in a world that is changing at an increasingly rapid pace.
High confidence from customers and increased business flow
Customer confidence in SEK remained high during the year, as reflected in the clear increase in new business. New credit and guarantee agreements amounted to Skr 126 billion (2024: Skr 90 billion), of which Skr 28 billion (4Q24: Skr 22 billion) were signed in the fourth quarter. The lending portfolio at year-end amounted to Skr 263 billion (year-end 2024: Skr 283 billion). Excluding the effect of the strengthened Swedish krona, the portfolio was largely unchanged. Sustainability-classified lending increased by Skr 2.9 billion compared to the previous year.
Net interest income amounted to Skr 2.7 billion (2024: Skr 3.1 billion). The decrease compared to the previous year is explained by a lower average Swedish short-term interest rate, as well as a stronger Swedish krona. Net profit for the year was Skr 1,183 million (2024: Skr 1,683 million) and return on equity amounted to 4.9 percent (2024: 7.1 percent).The decrease in net profit was, in addition to lower net interest income, attributable to an increase in provisions for expected credit losses linked to a limited number of exposures during the fourth quarter.
Expectations of better economic conditions despite increased geopolitical concerns
The year was marked by increased geopolitical tensions, armed conflicts and elevated global trade tariffs. At the same time, central banks around the world continued to lower interest rates, and market expectations of an improved economic situation gradually increased during the year. The Swedish Riksbank also lowered its key interest rate, from 2.75 to 1.75 percent, and the economic outlook in Sweden also improved. According to SEK's Export Credit Trends Survey in December 2025, 44 percent of Swedish export companies expect an increase in order intake over the next twelve months, an increase from 35 percent in June 2025.
Strengthened market position
During the year, SEK has continued to focus on its mission to strengthen the competitiveness of Swedish export companies. The investment in the European energy market led to several significant deals. For example, SEK participated in the financing of two offshore wind power projects in Poland, Baltyk 2 and Baltyk 3, and in the financing of Eastern Green Link 2 between Scotland and England. SEK also participated in the financing of SSAB's fossil-free steel mill in Luleå.
SEK enters the new year with a strong financial position and is well equipped to support Swedish export companies in a world that is currently changing at a rapid pace. With a focus on a long-term approach, adaptability, sustainability and competitiveness, SEK contributes to the continued development of Swedish exports.
Results January-December 2025 (January-December 2024)
Net interest income Skr 2,719 million (2024: Skr 3,058 million)
Operating profit Skr 1,491 million (2024: Skr 2,121 million)
Net profit Skr 1,183 million (2024: Skr 1,683 million)
Lending portfolio growth YTD -7.3 percent (2024: 0.0 percent)
New credit and guarantee commitments Skr 125.8 billion (2024: Skr 90.3 billion)
Basic and diluted earnings per share Skr 296 (2024: Skr 422)
After-tax return on equity 4.9 percent (2024: 7.1 percent)
Total capital ratio 23.1 percent (2024: 22.2 percent)
Proposed/actual dividend Skr 473 million (year-end 2024: Skr 1,673 million)
For more information, contact:
Katarina Daniels, Head of Communications, Tel: +46 72 080 68 85
Tobias Hornberger, Chief Financial Officer, mobile: +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.
