[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_75":76},"routes/item",{"_9":10},"item",{"_11":12,"_13":14,"_15":16,"_17":16,"_18":-5,"_19":-5,"_20":21,"_22":23,"_24":25,"_26":27,"_28":27,"_29":-5,"_30":31,"_32":33,"_34":-5,"_35":36,"_37":38,"_39":-5,"_40":-5,"_41":42,"_43":-5,"_44":-5,"_45":46,"_47":48,"_49":50,"_51":52,"_53":52,"_54":-5,"_55":36,"_56":57},"id","ob3qmyjtu05vt3gdwws4h1hng","revision",1,"title","6-K - SWEDISH EXPORT CREDIT CORP /SWED/ (0000352960) (Filer)","originalTitle","summary","reason","source",{"_11":65,"_66":67,"_68":69,"_70":52,"_71":72,"_73":74},"links",{"_62":63,"_57":64},"publishedAt","2026-10-20T13:54:27.000Z","discoveredAt","2026-10-20T14:01:24.497Z","timelineAt","category","tags",[],"stockSymbols",[],"score","selected",false,"channel","news","story","x","readingMode","full","author","language","body",{"_58":-5,"_57":59,"_60":-5,"_61":36},"outline",[],"relatedStories",[],"indexable",true,"markdownAvailable","group","hasTranslation","bodyLanguage","original","zh","

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of October, 2026

Commission File Number

001-08382

Aktiebolaget Svensk Exportkredit (publ)

Swedish Export Credit Corporation

(Translation of Registrant’s Name into English)

Fleminggatan 20

SE-112 26 Stockholm

Sweden

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Incorporation by Reference

This Report on Form 6-K, including the exhibits hereto, is hereby incorporated by reference, in its entirety, into the registration statement on

Form F-3 (File No. 333-275269 ) of Aktiebolaget Svensk Exportkredit (publ) (“SEK”).

This Report comprises the following:

1. Registrant’s report for the third quarter of 2026.

Exhibit 99.2 Table of unaudited consolidated capitalization of the Registrant.

Aktiebolaget Svensk Exportkredit (publ)

Swedish Export Credit Corporation

Interim report

January-September 2026

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by

the undersigned, thereunto duly authorized.

Dated: October 20, 2026

Aktiebolaget Svensk Exportkredit (publ)

(Swedish Export Credit Corporation)

By: /s/ Magnus Montan

Magnus Montan, Chief Executive Officer

$\"sek_blue.jpg\"$

Aktiebolaget Svensk Exportkredit

Swedish Export Credit Corporation

$\"omslagsbild_q3.jpg\"$

$\"shape-76f49e4e5a1b497a.gif\"$

Interim report January-September

2026

$\"qreportbackground.jpg\"$

Interim report January-September 2026Page 6 of 33

Summary

Net interest income, quarterly

Skr mn

$\"chart-52cbe883ccd04543860.gif\"$

Operating profit, quarterly

Skr mn

$\"chart-32a0aec0c6934887ae8.gif\"$

After-tax return on equity, quarterly

Percent

$\"chart-93fed14c9c304c80982.gif\"$

Total capital ratio, quarterly

Skr mn

$\"chart-23c897cc41a34823843.gif\"$

January-September 2026

(January-September 2025)

•Net interest income Skr 2,104 million (9M25: Skr 2,050 million)

•Operating profit Skr 1,618 million (9M25: Skr 1,459 million)

•C/I ratio 28 percent (9M25: 28 percent)

•After-tax return on equity 7.0 percent (9M25: 6.3 percent)

•Lending portfolio growth YTD 1.6 percent (9M25: -4.3 percent)

•New credit and guarantee commitments Skr 45.6 billion

(9M25: Skr 97.4 billion)

July-September 2026

(July-September 2025)

•Net interest income Skr 717 million (3Q25: Skr 678 million)

•Operating profit Skr 527 million (3Q25: Skr 531 million)

•C/I ratio 24 percent (3Q25: 26 percent)

•After-tax return on equity 6.8 percent (3Q25: 7.1 percent)

•Lending portfolio growth QTD 1.3 percent (3Q25: -0.4 percent)

•New credit and guarantee commitments Skr 8.5 billion

(3Q25: Skr 40.3 billion)

Equity and balances, September 30, 2026

(December 31, 2025)

•Total capital ratio 23.8 percent (year-end 2025: 23.1 percent)

– capital margin against FSA requirement 7.8 percentage points

(year-end 2025: 7.1 percentage points)

•Total assets Skr 353.8 billion (year-end 2025: Skr 350.0 billion)

•Total lending portfolio Skr 266.8 billion (year-end 2025: Skr 262.7 billion)

– of which sustainability classified lending Skr 61.8 billion

(year-end 2025: Skr 56.3 billion)

•Loans, outstanding and undisbursed Skr 342.3 billion

(year-end 2025: Skr 344.3 billion)

•Outstanding senior debt Skr 308.6 billion (year-end 2025: Skr 304.6 billion)

– of which green borrowings Skr 23.5 billion

(year-end 2025: Skr 27.8 billion)

$\"qreportbakgrundutanspalt.jpg\"$

Interim report January-September 2026Page 7 of 33

Statement by the CEO

Good profitability and strong financial position

SEK continues to report strong results with a return on equity of 7.0 percent for the first nine months of the year. The long-

term needs for investments in competitiveness, security and transformation across the world are significant. At the same time,

the market is characterized by geopolitical and trade policy uncertainty, which is contributing to companies holding off on

major investment decisions. With a strong financial position, close customer relationships and a clear mission, SEK is well

positioned to help make these investments a reality.

Strong results in the first nine months of the year

For the first nine months of the year, the return on equity amounted

to 7.0 percent, compared to 6.3 percent in the corresponding period

last year. In the first nine months of the year, net interest income

increased by 3 percent to Skr 2,104 million compared to the same

period in the previous year. The results in the first nine months of

the year were also positively affected by reduced provisions for

expected credit losses.

For the third quarter, the return on equity amounted to 6.8

percent. Profitability thus remains good, even though business

activity was somewhat subdued during the quarter.

Global environment and market

The conditions for world trade are changing rapidly. Geopolitical

unrest and trade policy uncertainty are, in some cases, making

companies more cautious about major investments. Many

companies are instead prioritizing strengthening their balance sheets

and securing their liquidity. At the same time, the need for increased

competitiveness, security and transformation is driving extensive

investments. For Swedish export companies, this presents both

challenges and new business opportunities.

During the third quarter, we saw weaker demand for long-term

financing, while the availability of capital in the banking system was

strong. In these market conditions, we continue to work closely with

our customers, understand their long-term needs and, together with

our partners, offer competitive financing solutions.

Strong investor interest in SEK's issuances

After the summer, the international capital markets were active,

although market conditions were also characterized by unrest, rising

long-term interest rates and periods of increased volatility. In early

September, SEK carried out its second benchmark issuance of the

year in US dollars. The issuance was met with strong interest from a

broad international investor base, including central banks, public

institutions and banks.

The strong investor interest is a testament to the confidence in

SEK and our ability to secure long-term and competitive financing

for Swedish export companies.

New vision for SEK

During the third quarter, SEK launched a new vision: Stronger

societies through the power of Swedish exports.

The vision puts into words what is at the core of our mission and

the societal benefit we contribute to. When Swedish companies

grow internationally, they create jobs, innovation and investments

that strengthen competitiveness and contribute to development both

in Sweden and elsewhere in the world.

To realize our ambitions, we also need to continue to develop as

an organization. During the quarter, we initiated a broad investment

in self-leadership, learning and collaboration that involves all

employees. By strengthening our shared capabilities and creating

space for initiative and responsibility, we are building an

organization that is well equipped for the future.

Future prospects

Short-term market conditions remain difficult to assess. Uncertainty

may slow companies' decision-making processes and dampen

demand for financing. At the same time, I am convinced that large

investment needs will create significant opportunities for Swedish

export companies and SEK.

Our task is to be a long-term financing partner, even when the

world around us is uncertain. With our financial strength, our

expertise and our close customer relationships, we are well placed to

contribute to the competitiveness of the Swedish export industry and

stronger societies through the power of Swedish exports.

$\"magnusmontan.jpg\"$

Magnus Montan, CEO

$\"qreportbackground.jpg\"$

Interim report January-September 2026Page 8 of 33

Operations

Total lending portfolio, quarterly

Skr bn

$\"chart-a2173025e9a74dc39a6.gif\"$

Total lending portfolio per region

September 30, 2026

$\"chart-f26bb2721bda4018ab0.gif\"$

Skr 266.8 bn

(year-end 2025:

Skr 262.7 bn)

New credit and guarantee commitments,

quarterly

Skr bn

$\"chart-621166955f48481db04.gif\"$

Customer business

During the third quarter, SEK signed new credit and guarantee commitments

amounting to Skr 8.5 billion. The deals were executed in a market where companies'

investment decisions take longer and competition for export credit financing

remains high. During the first nine months of the year, new credit and guarantee

agreements amounted to Skr 45.6 billion (9M25: Skr 97.4 billion). The decrease is

mainly explained by lower volume of large export and project financing deals. At

the end of the period, the lending portfolio amounted to Skr 266.8 billion (year-end

2025: Skr 262.7 billion). Committed undisbursed loans amounted to Skr 75.5 billion

(year-end 2025: Skr 81.6 billion).

SEK continues to implement its growth strategy, which includes both developing

business with existing customers and reaching more Swedish export companies and

their customers. The quarter's new business largely consisted of operating financing.

One example during the third quarter is SEK's participation as one of the lenders

in the refinancing of Scandic Hotels Group’s long-term financing framework

totaling approximately Skr 7.5 billion. The deal shows how SEK can further develop

relationships with existing customers and provide long-term financing in

cooperation with other market participants.

SEK continues to see significant investment needs in areas such as energy

transition, infrastructure and defense. Close customer relationships give SEK a good

understanding of companies' long-term needs and create the conditions to jointly

develop financing solutions that enable future investments.


SEK’s lending
Skr bn	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Total lending portfolio1	266.8	271.2	262.7
of which sustainability classified	61.8	56.0	56.3
of which CIRR-loans	81.8	88.5	85.6
Customer growth	-4%	-1%	-2%
1Balance at period end.

$\"qreportbackground.jpg\"$

Interim report January-September 2026Page 9 of 33

New long-term borrowing, quarterly

Skr bn

$\"chart-a55a92f8c29042b1979.gif\"$

Investors by geographical region

New long-term borrowing,

January-September 2026

$\"chart-6f6680679fc04fe5a9f.gif\"$

Borrowing

The international capital markets were active during August and September, while

the market conditions were characterized by rising long-term interest rates and

periods of increased volatility. In early September, SEK conducted its second

benchmark issuance of the year in US dollars. The issuance amounted to USD 1.25

billion, matures in June 2031 and attracted more than 40 investors. The issuance was

met with great interest from a broad international investor base, including central

banks, public institutions and banks.

During the first nine months of the year, SEK's long-term new borrowing with a

maturity of over one year amounted to Skr 63.7 billion (9M25: Skr 84.2 billion).

The decrease is mainly attributable to a lower volume of new lending transactions,

and thus a lower funding requirement.

At the end of the third quarter, the total borrowing portfolio amounted to Skr

308.6 billion, an increase of Skr 4.0 billion since the beginning of the year. SEK's

broad global investor base provides favorable conditions for meeting financing

needs even in a changing market situation.


SEK’s borrowing
Skr bn	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Outstanding senior debt1	308.6	314.5	304.6
of which green	23.5	27.2	27.8
New long-term borrowing	63.7	84.2	93.5
New short-term borrowing	46.2	45.1	64.3
Repurchase and redemption of own debt	9.7	4.6	7.2
1Balance at period end.

Skr 63.7 bn

(9M25:

Skr 84.2 bn)

$\"bildshutterstock.jpg\"$

$\"qreportbakgrundutanspalt.jpg\"$

Interim report January-September 2026Page 10 of 33

Comments on the consolidated

financial accounts (unaudited)

January-September 2026

Operating profit amounted to Skr 1,618 million (9M25: Skr 1,459

million). Net profit amounted to Skr 1,285 million (9M25: Skr 1,158

million). The increase in net profit compared to the same period in

the previous year was primarily due to a positive result for net credit

losses, higher net interest income and higher net results of financial

transactions.

Net interest income

Net interest income amounted to Skr 2,104 million (9M25: Skr

2,050 million), representing an increase of 3 percent, compared to

the same period in the previous year. The increase is mainly

explained by a lower risk tax, while lower average short-term

interest rates in the Swedish krona reduced the increase.

The table below shows average interest-bearing assets and

liabilities.


Skr bn, average	Jan-Sep 2026	Jan-Sep 2025	Change
Total lending portfolio	264.8	277.3	-5%
Liquidity investments	65.7	66.0	0%
Interest-bearing assets	332.9	348.1	-4%
Interest-bearing liabilities	306.6	319.7	-4%

Net results of financial transactions

Net results of financial transactions amounted to a positive result of

Skr 44 million (9M25: Skr 10 million). The results were primarily

attributable to realized value changes of Skr 96 million, driven by

early redemption of credits. Unrealized market value changes

amounted to Skr -52 million, primarily related to the liquidity

portfolio and currency revaluation effects.

SEK’s general principle is to hold financial instruments

measured at fair value until maturity. Accordingly, the results of

market value changes tend to net toward zero over time.

Operating expenses

Operating expenses amounted to Skr 580 million (9M25: Skr 561

million), an increase of 3 percent, compared to the same period in

the previous year. The increase was primarily attributable to

increased personnel expenses, due to an increased number of

employees following strategic initiatives.

Net credit losses

Net credit losses amounted to a positive result of Skr 66 million

(9M25: Skr -13 million). The expected credit losses have decreased

for exposures in all stages, primarily due to repayments.

Loss allowances as of September 30, 2026 amounted to Skr 779

million, compared to Skr 807 million as of December 31, 2025, of

which exposures in stage 3 amounted to Skr 365 million (year-end

2025: Skr 359 million). The provision ratio amounted to 0.22

percent (year-end 2025: 0.23 percent). SEK assesses that the credit

quality of its lending portfolio remains high.

Taxes

Tax costs amounted to Skr 334 million (9M25: Skr 301 million),

and the effective tax rate amounted to 20.6 percent (9M25: 20.6

percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to a loss of Skr

-71 million (9M25: Skr 12 million). The negative result was mainly

attributable to own credit risk, primarily driven by changes in SEK's

own credit spread in EUR.

July-September 2026

Operating profit amounted to Skr 527 million (3Q25: Skr 531

million). Net profit amounted to Skr 418 million (3Q25: Skr 421

million). A higher net interest income was offset by a lower positive

result for net credit losses and a lower net results of financial

transactions. As a result, both operating profit and net profit in the

third quarter are largely unchanged, compared to the same period in

the previous year.

Net interest income

Net interest income amounted to Skr 717 million (3Q25: Skr 678

million), representing an increase of 6 percent, compared to the

same period in the previous year. The majority of the increase is

explained by a lower risk tax.

The table below shows average interest-bearing assets and

liabilities.


Skr bn, average	Jul-Sep 2026	Jul-Sep 2025	Change
Total lending portfolio	265.1	271.7	-2%
Liquidity investments	74.9	71.8	4%
Interest-bearing assets	339.6	350.5	-3%
Interest-bearing liabilities	313.1	322.6	-3%

Net results of financial transactions

Net results of financial transactions amounted to Skr -15 million

(3Q25: Skr 6 million). The results were primarily attributable to

unrealized value changes of Skr -48 million, mainly related to

inefficiency in hedging relationships and changes in currency basis

swaps. Realized results amounted to Skr 32 million, related to early

redemption of credits.

Operating expenses

Operating expenses amounted to Skr 174 million (3Q25: Skr 174

million). The operating expenses were unchanged compared to the

same period in the previous year, with higher personnel expenses

$\"qreportbakgrundutanspalt.jpg\"$

Interim report January-September 2026Page 11 of 33

being offset by lower costs for external projects, IT consultants and

write-offs.

Net credit losses

Net credit losses amounted to a positive result of Skr 5 million

(3Q25: Skr 25 million). The expected credit losses have decreased

for exposures in stage 3, primarily due to revaluation, and increased

for exposures in stage 1 due to new loan payments.

Taxes

Tax costs amounted to Skr 109 million (3Q25: Skr 110 million) and

the effective tax rate amounted to 20.6 percent (3Q25: 20.7

percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to Skr 40 million

(3Q25: Skr -46 million). The positive result was mainly attributable

to changes in own credit risk, primarily driven by changes in SEK’s

own credit spread and market interest rates in EUR.

Statement of Financial Position

Total assets and liquidity investments

Total assets increased by 1 percent compared to year-end 2025. The

increase in the period was driven by an increased volume of

liquidity investments.


Skr bn	September 30, 2026	December 31, 2025	Change
Total assets	353.8	350.0	1%
Liquidity investments	66.4	65.0	2%
Total lending portfolio	266.8	262.7	2%
of which sustainability classified	61.8	56.3	10%
of which CIRR-loans	81.8	85.6	-5%

Liabilities and equity

As of September 30, 2026, the aggregate volume of available funds

and shareholders’ equity exceeded the aggregate volume of loans

outstanding and committed undisbursed CIRR-loans at all

maturities.

SEK has a credit facility in place with the Swedish National Debt

Office of up to Skr 175 billion. The credit facility can be utilized

when the Swedish export industry’s demand for financing is

particularly high.

Capital adequacy

As of September 30, 2026, SEK’s total own funds amounted to Skr

23.7 billion (year-end 2025: Skr 23.1 billion). The total capital ratio

was 23.8 percent (year-end 2025: 23.1 percent), representing a

margin of 7.8 percentage points above SEK’s estimate of

Finansinspektionen’s (the “Swedish FSA”) requirement of 16.1

percent as of September 30, 2026. The corresponding Common

Equity Tier 1 capital estimated requirement was 11.3 percent. Given

that SEK’s own funds are comprised solely of Common Equity Tier

1 capital, this total capital ratio represents a margin of 12.6

percentage points above the requirement. Overall, SEK is strongly

capitalized.


Percent	September 30, 2026	December 31, 2025
Common Equity Tier 1 capital ratio	23.8	23.1
Tier 1 capital ratio	23.8	23.1
Total capital ratio	23.8	23.1
Leverage ratio	9.7	9.5
Liquidity coverage ratio (LCR)	996	611
Net stable funding ratio (NSFR)	122	120

Rating


	Skr	Foreign currency
Moody’s	Aa1/Stable	Aa1/Stable
Standard & Poor’s	AA+/Stable	AA+/Stable

Other events

At SEK’s annual general meeting held on March 26, 2026, Mr.

Reinhold Geijer stepped down from his position as a member of the

Board of Directors of SEK (the “Board”), and Ms. Elisabeth

Beskow was elected as a new member of the Board. Additionally,

the Board passed a resolution at the annual general meeting to adopt

the income statement and balance sheet in the Annual and

Sustainability Report 2025 and to appropriate distributable funds

pursuant to the Board’s proposal.

In March, SEK appointed Ms. Anna Åhlberg as Head of

Compliance and she assumed her new position in May 2026 when

SEK’s previous Head of Compliance, Ms. Anna-Lena Söderlund,

retired.

In 2025, the European Commission published a simplification

package (the “Omnibus package”) relating to sustainability

reporting. In 2026, the EU adopted amendments to the Corporate

Sustainability Reporting Directive (CSRD) that limit its scope to

companies and groups with more than 1,000 employees and net

turnover exceeding EUR 450 million. The amendments are to be

transposed into Swedish law by March 2027. SEK expects not to be

subject to the reporting requirements once the new rules have been

transposed into Swedish law.

$\"qreportbakgrundutanspalt.jpg\"$

Interim report January-September 2026Page 12 of 33

The macro environment

In the second quarter of 2026, Sweden’s GDP increased by 1.6

percent quarter-on-quarter, and exports increased by 1.0 percent.

Unemployment amounted to 8.9 percent at the end of August 2026,

which represented an increase compared to the end of May 2026.

The rate of inflation in August 2026 was 0.7 percent, unchanged

from July 2026.

In September 2026, the Riksbank announced that the policy rate

would be left unchanged at 1.75 percent, but signaled that an interest

rate hike in the fall is likely.

SEK believes that, compared with normal conditions, the risk

level with respect to external factors with a potentially negative

impact on the Company remains high as a result of ongoing armed

conflicts and geopolitical tensions, which can negatively affect

supply chains, increase inflation directly or indirectly through higher

energy prices and create volatility in the financial markets. Long-

term interest rates have also increased sharply worldwide during the

third quarter. The major trade tariffs that the United States has

imposed, or threatened to impose, on large parts of the world also

contribute to the uncertainty in the financial markets. Although

several agreements have been negotiated, reducing uncertainty to

some extent, ongoing ambiguities in their interpretation, ongoing

judicial review in the United States along with frequent new tariff

announcements, mean that a degree of uncertainty persists.

The above mentioned threats, and the imposition of trade tariffs

and other trade barriers by state actors, are reasonably likely to have

a negative effect on international trade and have likely led to

increased inflation, lower growth and thus potentially reduced

demand for lending by SEK. At the other end of the scale, SEK

believes there is a need for comprehensive infrastructure, energy and

defense investments in Europe, which can create significant

business opportunities for SEK.

SEK believes that information security threats, particularly in

relation to cybersecurity, have increased and remain more acute than

before as a consequence of Sweden’s membership in NATO and its

support for Ukraine.

The war in the Middle East and the resulting damage to energy and

other infrastructure in Iran and across the region have led to

significant volatility in global capital markets. The biggest impact

has been the very limited traffic through the Strait of Hormuz,

resulting in very volatile oil and gas prices. It is too early to assess

what impact this will have on SEK. While SEK's direct exposure to

such infrastructure is limited, it may be affected indirectly through

wider macroeconomic effects, including higher energy prices,

inflation and changes in market conditions. The increasingly high

long-term interest rates worldwide also risk making projects

unprofitable and generally reducing activity in the economy.

Russia’s war in Ukraine has little direct financial impact on SEK.

The Company has a gross exposure of EUR 2.2 million to one

Russian counterparty, where the risk is 100 percent covered, and the

exposure dates back to prior to the war breaking out. SEK has no

exposure to Ukraine or Belarus. Nevertheless, the high level of

uncertainty caused by Russia’s war in Ukraine, as well as Russian

air violations of NATO countries, sabotage and cybersecurity

incidents, together with other ongoing military conflicts, including

in the Middle East, could have a more long-term effect on SEK’s

customers and, consequently, on SEK. The uncertainty concerning

the United States’ future commitment to Europe and NATO and its

support for Ukraine adds to the difficulty of predicting future

developments.

Risk factors

SEK’s operations are exposed to various types of risks, including

primarily credit risks, but also market, liquidity, refinancing,

operational and sustainability risks. For a more detailed description

of these risks, refer to the separate risk report Capital Adequacy and

Risk Management Report (Pillar 3) 2025 and Note 29 to the annual

financial statements included in SEK’s 2025 Annual Report on

Form 20-F, as well as the “Risk Factors” section in SEK’s 2025

Annual Report on Form 20-F.

$\"qreportbakgrundutanspalt.jpg\"$

Interim report January-September 2026Page 13 of 33

Financial targets


Profitability target	A return on equity after tax of at least 5 percent over time.
Dividend policy	Payment of an ordinary dividend of 20-40 percent of the profit for the year.
Capital target	SEK’s total capital ratio is to exceed the Swedish FSA’s requirement by 2 to 7 percentage points and SEK’s Common Equity Tier 1 capital ratio is to exceed the Swedish FSA’s requirement by at least 4 percentage points. Currently, the capital targets mean that the total capital ratio should amount to 18.1-23.1 percent and the Common Equity Tier 1 capital ratio should amount to 15.3 percent, based on SEK’s estimation of the Swedish FSA’s requirements as of September 30, 2026.

Key performance indicators (unaudited)


Skr mn (if not otherwise indicated)	Jul-Sep 2026	Apr-Jun 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Total lending portfolio1	266,839	263,385	271,194	266,839	271,194	262,712
of which green	47,065	44,120	43,136	47,065	43,136	43,209
of which social	2,363	2,330	2,134	2,363	2,134	2,201
of which sustainability-linked	12,418	12,535	10,778	12,418	10,778	10,878
Loans, outstanding and undisbursed1	342,343	342,348	346,563	342,343	346,563	344,336
New credit and guarantee commitments	8,509	21,820	40,313	45,594	97,351	125,832
of which to Swedish exporters	2,340	12,721	8,985	23,335	40,063	45,063
of which to exporters´ customers	6,169	9,099	31,328	22,259	57,288	80,769

Customer growth	-1%	-2%	0%	-4%	-1%	-2%

Outstanding senior debt1	308,636	317,619	314,504	308,636	314,504	304,633
of which green	23,520	25,078	27,213	23,520	27,213	27,784
New long-term borrowings	14,533	20,219	21,793	63,650	84,224	93,531
New short-term borrowings	5,528	18,904	3,701	46,175	45,148	64,328

C/I ratio	24%	30%	26%	28%	28%	29%
After-tax return on equity	6.8%	7.7%	7.1%	7.0%	6.3%	4.9%

Common Equity Tier 1 capital ratio1	23.8%	23.3%	23.2%	23.8%	23.2%	23.1%
capital margin against FSA requirement (percentage points)	12.6	12.0	11.9	12.6	11.9	11.9
Tier 1 capital ratio1	23.8%	23.3%	23.2%	23.8%	23.2%	23.1%
Total capital ratio1	23.8%	23.3%	23.2%	23.8%	23.2%	23.1%
capital margin against FSA requirement (percentage points)	7.8	7.2	7.1	7.8	7.1	7.1
Leverage ratio	9.7%	9.0%	9.1%	9.7%	9.1%	9.5%
Liquidity coverage ratio (LCR)	996%	669%	924%	996%	924%	611%
Net stable funding ratio (NSFR)	122%	129%	121%	122%	121%	120%
Risk exposure amount1	99,379	100,513	99,484	99,379	99,484	99,912
1 Balance at period end

See definitions on page 32.

Interim report January-September 2026Page 14 of 33

Condensed Consolidated Statement

of Comprehensive Income (unaudited)


Skr mn	Note	Jul-Sep 2026	Apr-Jun 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Interest income		3,153	3,117	3,536	9,279	10,788	14,117
Interest expenses		-2,436	-2,414	-2,858	-7,175	-8,738	-11,398
Net interest income	2	717	703	678	2,104	2,050	2,719

Net fee and commission expense		-5	-4	-4	-15	-27	-39
Net results of financial transactions	3	-15	34	6	44	10	18
Total operating income		697	733	680	2,132	2,033	2,699

Personnel expenses		-108	-134	-103	-374	-346	-475
Other administrative expenses		-53	-60	-56	-165	-171	-239
Depreciations and impairment of non-financial assets		-14	-14	-15	-41	-44	-64
Total operating expenses		-174	-208	-174	-580	-561	-778

Operating profit before credit losses		522	526	506	1,552	1,472	1,921

Net credit losses	4	5	61	25	66	-13	-429
Operating profit		527	587	531	1,618	1,459	1,491

Tax expenses		-109	-121	-110	-334	-301	-309
Net profit1		418	466	421	1,285	1,158	1,183

Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges		—	—	0	—	3	3
Tax on items to be reclassified to profit or loss		—	—	0	—	0	0
Net items to be reclassified to profit or loss		—	—	0	—	3	3
Items not to be reclassified to profit or loss
Own credit risk		41	-53	-46	-67	9	17
Revaluation of defined benefit plans		-1	-1	0	-4	0	-10
Tax on items not to be reclassified to profit or loss		-8	11	10	15	-2	-1
Net items not to be reclassified to profit or loss		32	-43	-36	-56	7	6
Total other comprehensive income		32	-43	-36	-56	10	9
Total comprehensive income1		450	422	385	1,228	1,168	1,192
Skr
Basic and diluted earnings per share2		105	117	105	322	290	296

1 The entire profit is attributable to the shareholder of the Parent Company.

2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.

Interim report January-September 2026Page 15 of 33

Consolidated Statement of Financial Position

(unaudited)


Skr mn	Note	September 30, 2026	December 31, 2025
Assets
Cash and cash equivalents	5	9,485	7,259
Treasuries/government bonds	5	7,414	13,419
Other interest-bearing securities except loans	5	45,630	43,237
Loans in the form of interest-bearing securities	4, 5	43,566	47,485
Loans to credit institutions	4, 5	24,119	22,939
Loans to the public	4, 5	206,012	200,216
Derivatives	5, 6	9,004	6,721
Tangible and intangible assets		123	158
Deferred tax asset		10	0
Other assets		615	754
Prepaid expenses and accrued revenues		7,853	7,775
Total assets		353,831	349,964

Liabilities and equity
Borrowing from credit institutions	5, 7	6,914	4,410
Debt securities issued	5, 7	301,722	300,222
Derivatives	5, 6	4,699	8,988
Other liabilities		7,630	3,664
Accrued expenses and prepaid revenues		8,013	8,581
Provisions		9	10
Total liabilities		328,987	325,875

Share capital		3,990	3,990
Reserves		156	212
Retained earnings		20,698	19,887
Total equity		24,844	24,089

Total liabilities and equity		353,831	349,964

Interim report January-September 2026Page 16 of 33

Condensed Consolidated Statement

of Changes in Equity (unaudited)


			Reserves
Skr mn	Equity1	Share capital	Hedge reserve	Own credit risk	Defined benefit plans	Retained earnings
Opening balance of equity January 1, 2025	24,572	3,990	-3	213	-6	20,378
Net profit Jan-Sep 2025	1,158	—	—	—	—	1,158
Other comprehensive income Jan-Sep 2025	10	—	3	7	0	—
Total comprehensive income Jan-Sep 2025	1,168	—	3	7	0	1,158
Dividend	-1,673	—	—	—	—	-1,673
Closing balance of equity September 30, 2025	24,067	3,990	—	220	-6	19,863

Opening balance of equity January 1, 2025	24,572	3,990	-3	213	-6	20,378
Net profit Jan-Dec 2025	1,183	—	—	—	—	1,183
Other comprehensive income Jan-Dec 2025	9	—	3	13	-8	—
Total comprehensive income Jan-Dec 2025	1,192	—	3	13	-8	1,183
Dividend	-1,673	—	—	—	—	-1,673
Closing balance of equity December 31, 2025	24,089	3,990	—	226	-14	19,887

Opening balance of equity January 1, 2026	24,089	3,990	—	226	-14	19,887
Net profit Jan-Sep 2026	1,285	—	—	—	—	1,285
Other comprehensive income Jan-Sep 2026	-56	—	—	-53	-3	—
Total comprehensive income Jan-Sep 2026	1,228	—	—	-53	-3	1,285
Dividend	-473	—	—	—	—	-473
Closing balance of equity September 30, 2026	24,844	3,990	—	173	-17	20,698
1 The entire equity is attributable to the shareholder of the Parent Company.

Interim report January-September 2026Page 17 of 33

Condensed Statement of Cash Flows

in the Consolidated Group (unaudited)


Skr mn	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Operating activities
Operating profit	1,618	1,459	1,491
Adjustments for non-cash items in operating profit	-529	182	1,053
Income tax paid	-412	-463	-606
Changes in assets and liabilities from operating activities	13,304	-6,718	-9,813
Cash flow from operating activities	13,981	-5,540	-7,875

Investing activities
Capital expenditures	-6	-42	-45
Cash flow from investing activities	-6	-42	-45

Financing activities
Change in senior debt	-8,773	19,148	19,544
Derivatives, net	-3,158	-6,159	-7,249
Dividend, paid	-473	-1,673	-1,673
Payment of lease liability	-23	-22	-29
Cash flow from financing activities	-12,427	11,294	10,593

Cash flow for the period	1,548	5,712	2,673

Cash and cash equivalents at beginning of the period	7,259	5,219	5,219
Cash flow for the period	1,548	5,712	2,673
Exchange-rate differences on cash and cash equivalents	678	-566	-633
Cash and cash equivalents at end of the period1	9,485	10,365	7,259

1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits

for which the time to maturity does not exceed three months from trade date.

Interim report January-September 2026Page 18 of 33

Notes


Note 1. Accounting policies	18
Note 2. Net interest income	19
Note 3. Net results of financial transactions	19
Note 4. Impairments	20
Note 5. Financial assets and liabilities at fair value	21
Note 6. Derivatives	24
Note 7. Debt	24
Note 8. CIRR-system	24
Note 9. Pledged assets and contingent liabilities	25
Note 10. Capital adequacy and liquidity situation	26
Note 11. Exposures	29
Note 12. Transactions with related parties	30
Note 13. Events after the reporting period	30

References to “SEK” or the “Parent Company” are to Aktiebolaget Svensk Exportkredit. References to “Consolidated Group” are to SEK

and its consolidated subsidiary. All figures relate to the Consolidated Group, unless otherwise indicated. All amounts are in Skr million,

unless otherwise indicated. Amounts presented in this report have been rounded independently. Accordingly, totals may not equal the sum of

individual amounts.

Note 1. Accounting policies

This condensed interim report is presented in accordance with

International Accounting Standard (IAS) 34, Interim Financial

Reporting. The Consolidated Group’s consolidated accounts have

been prepared in accordance with the International Financial

Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), together with the

interpretations from IFRS Interpretations Committee (IFRS IC). The

IFRS standards applied by SEK are all endorsed by the European

Union (EU). The accounting also follows the additional standards

imposed by the Annual Accounts Act for Credit Institutions and

Securities Companies (1995:1559) (ÅRKL) and the regulation and

general guidelines issued by Finansinspektionen (the Swedish FSA),

“Annual Reports in Credit Institutions and Securities

Companies” (FFFS 2008:25). In addition to this, the supplementary

accounting rules for groups (RFR 1) issued by the Swedish

Corporate Reporting Board have been applied. SEK also follows the

state’s principles for external reporting in accordance with its State

Ownership Policy and principles for state-owned enterprises.

(a) Changes to accounting policies and presentation

SEK analyzes and assesses the application and impact of changes in

financial reporting standards that are applied within the Group.

Changes that are not mentioned are either not applicable to SEK or

have been determined to not have a material impact on SEK’s

financial reporting, capital adequacy or large exposure ratios.

The accounting policies, methods of computation and presentation

of the Consolidated Group are, in all material aspects, the same as

those used for the 2025 annual financial statements included in

SEK’s 2025 Annual Report on Form 20-F.

(i) Standards issued but not yet effective

IASB has issued a new standard, IFRS 18 – Presentation and

Disclosures in Financial Statements, which replaces IAS 1 –

Presentation of Financial Statements. The standard has been

endorsed by the EU and is effective for annual reporting periods

beginning on or after 1 January 2027. IFRS 18 introduces new

requirements for the presentation and disclosures in financial

statements, with particular focus on the income statement and

disclosures regarding management performance measures. Since the

standard does not affect the classification and measurement of assets

and liabilities, no material impact on SEK’s financial statements is

expected.

Interim report January-September 2026Page 19 of 33

Note 2. Net interest income


Skr mn	Jul-Sep 2026	Apr-Jun 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Interest income
Loans to credit institutions	258	267	268	805	737	1,005
Loans to the public	1,985	1,918	2,003	5,703	6,068	8,003
Loans in the form of interest-bearing securities	450	437	521	1,334	1,460	1,948
Interest-bearing securities excluding loans in the form of interest-bearing securities	437	392	502	1,264	1,443	1,926
Derivatives	-32	51	183	12	883	982
Administrative remuneration CIRR-system	52	52	57	156	187	243
Other assets	3	0	2	5	9	10
Total interest income1	3,153	3,117	3,536	9,279	10,788	14,117

Interest expenses
Interest expenses	-2,394	-2,352	-2,780	-7,030	-8,553	-11,154
Resolution fee2	-26	-28	-23	-78	-60	-83
Risk tax	-16	-16	-36	-49	-106	-142
Other regulatory fees	0	-18	-19	-18	-19	-19
Total interest expenses	-2,436	-2,414	-2,858	-7,175	-8,738	-11,398
Net interest income	717	703	678	2,104	2,050	2,719
1 Interest income calculated using the effective interest method amounted to Skr 7,735 million during January-September 2026 (9M25: Skr 8,397 million). 2 The amounts stated for the period January-June and January-December 2025 include a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for financial year 2023.

Note 3. Net results of financial transactions


Skr mn	Jul-Sep 2026	Apr-Jun 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Derecognition of financial instruments not measured at fair value through profit or loss	34	4	1	96	2	3
Financial assets or liabilities at fair value through profit or loss	2	52	32	-24	28	52
Financial instruments under fair value hedge accounting	-49	-21	-29	-27	-25	-43
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	-1	0	2	-2	5	7
Total net results of financial transactions	-15	34	6	44	10	18

Interim report January-September 2026Page 20 of 33

Note 4. Impairments


Skr mn	Jul-Sep 2026	Apr-Jun 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Expected credit losses, stage 1	-4	5	18	11	-11	-19
Expected credit losses, stage 2	0	32	11	38	6	-293
Expected credit losses, stage 3	9	24	-4	15	-2	-112
Established credit losses	—	-2	—	-2	-100	-100
Reserves applied to cover established credit losses	—	2	—	2	93	94
Recovered credit losses	0	0	0	1	1	1
Net credit losses	5	61	25	66	-13	-429


	September 30, 2026	December 31, 2025
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Loans, before expected credit losses	224,923	37,176	5,517	267,616	263,517
Off-balance sheet exposures, before expected credit losses	75,068	13,538	—	88,606	91,520
Total, before expected credit losses	299,992	50,714	5,517	356,222	355,038
Loss allowance, loans	-58	-355	-365	-777	-805
Loss allowance, off-balance sheet exposures1	-2	0	—	-2	-2
Total loss allowance	-60	-355	-365	-779	-807
Provision ratio (in percent)	0.02	0.70	6.61	0.22	0.23
1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments and committed undisbursed loans, see Note 9.

The table above shows the book value of loans and nominal

amounts for off-balance sheet exposures before expected credit

losses for each stage as well as related loss allowance amounts, in

order to place expected credit losses in relation to credit exposures.

Overall, the credit portfolio has an extremely high credit quality and

SEK often uses risk mitigation measures, primarily through

guarantees from the Swedish Export Credit Agency (EKN) and

other government export credit agencies in the Organisation for

Economic Co-operation and Development (OECD), which explains

the low provision ratio.

Loss Allowance


	September 30, 2026	December 31, 2025
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Opening balance January 1	-69	-378	-359	-807	-526
Increases due to origination and acquisition	-10	-84	—	-94	-343
Net remeasurement of loss allowance	12	-48	2	-33	-65
Transfer to stage 1	—	—	—	—	0
Transfer to stage 2	2	-4	—	-2	-29
Transfer to stage 3	0	2	-17	-14	-75
Decreases due to derecognition	8	171	29	208	88
Decreases in allowance account due to write-offs	—	—	2	2	94
Exchange-rate differences1	-2	-15	-22	-39	50
Closing balance	-60	-355	-365	-779	-807
1 Recognized under net results of financial transactions in Statement of Comprehensive Income.

Provisions for expected credit losses (ECLs) are calculated using

quantitative models based on inputs, assumptions and methods that

are highly reliant on assessments. In particular, the following could

heavily impact the level of provisions: the establishment of a

material increase in credit risk, allowing for forward-looking

macroeconomic scenarios, and the measurement of both ECLs over

the next 12 months and lifetime ECLs. ECLs are based on objective

assessments of what SEK expects to lose on the exposures given

what was known on the reporting date and taking into account

possible future events. The ECL is a probability-weighted amount

that is determined by evaluating the outcome of several possible

scenarios and where the data taken into consideration comprises

information from previous conditions, current conditions and

projections of future economic conditions. SEK’s method entails

three scenarios being prepared for each probability of default curve:

a base scenario, a downturn scenario, and an upturn scenario, where

the scenarios are expressed in a business cycle parameter. The

business cycle parameter reflects the general risk of default in each

geographic segment. The business cycle parameter follows a

standard normal distribution where zero indicates a neutral economy

as the economy has been on average, historically. The business

cycle parameters for the base scenario are between 0.1 and 0.8 for

the various probability of default (PD) segments. The base scenarios

have been weighted at 60 percent, the downturn scenarios have been

weighted at between 30 percent and 40 percent, and the upturn

scenarios have been weighted at between 0 percent and 10 percent

between the different PD-segments.

Interim report January-September 2026Page 21 of 33

Note 5. Financial assets and liabilities at fair value


Skr mn	September 30, 2026
Book value	Fair value	Surplus value (+)/ Deficit value (-)
Cash and cash equivalents	9,485	9,485	—
Treasuries/governments bonds	7,414	7,414	—
Other interest-bearing securities except loans	45,630	45,630	—
Loans in the form of interest-bearing securities	43,566	44,746	1,180
Loans to credit institutions	24,119	24,082	-37
Loans to the public	206,012	205,273	-740
Derivatives	9,004	9,004	—
Total financial assets	345,230	345,633	404

Borrowing from credit institutions	6,914	6,914	—
Debt securities issued	301,722	302,716	994
Derivatives	4,699	4,699	—
Total financial liabilities	313,335	314,329	994


Skr mn	December 31, 2025
Book value	Fair value	Surplus value (+)/ Deficit value (-)
Cash and cash equivalents	7,259	7,259	—
Treasuries/governments bonds	13,419	13,419	—
Other interest-bearing securities except loans	43,237	43,237	—
Loans in the form of interest-bearing securities	47,485	48,748	1,263
Loans to credit institutions	22,939	23,304	365
Loans to the public	200,216	200,566	350
Derivatives	6,721	6,721	—
Total financial assets	341,277	343,254	1,977

Borrowing from credit institutions	4,410	4,410	—
Debt securities issued	300,222	300,906	684
Derivatives	8,988	8,988	—
Total financial liabilities	313,620	314,304	684

Determination of fair value

The determination of fair value is described in the annual financial

statements included in SEK’s 2025 Annual Report on Form 20-F,

see Note 1 (f) (vii) Principles for determination of fair value of

financial instruments and (viii) Determination of fair value of certain

types of financial instruments.

Interim report January-September 2026Page 22 of 33

Financial assets in fair value hierarchy


	Financial assets at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	1,077	6,337	—	7,414
Other interest-bearing securities except loans	26,830	18,800	—	45,630
Derivatives	—	9,004	0	9,004
Total September 30, 2026	27,907	34,141	0	62,048
Total December 31, 2025	22,215	41,161	1	63,377

Financial liabilities in fair value hierarchy


	Financial liabilities at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	17,387	938	18,325
Derivatives	—	4,133	566	4,699
Total September 30, 2026	—	21,520	1,503	23,024
Total December 31, 2025	—	22,186	3,662	25,848

Transfers of Skr 344 million for debt securities issued and Skr 71

million for derivatives were made from level 3 to level 2, since the

valuation of these contracts is estimated to no longer have a

significant impact from unobservable market data (year-end 2025:

no transfers during the period).

Financial assets and liabilities at fair value in Level 3, 2026


Skr mn	January 1, 2026	Purchases	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (-) through profit or loss1	Gains (+) and losses (-) in other comprehensive income	Exchange rate differences	September 30, 2026
Debt securities issued	-2,598	—	1,295	—	344	114	10	-102	-938
Derivatives, net	-1,063	—	578	—	71	-110	—	-42	-565
Net assets and liabilities	-3,661	—	1,873	—	415	4	10	-143	-1,503

Financial assets and liabilities at fair value in Level 3, 2025


Skr mn	January 1, 2025	Purchases	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (-) through profit or loss1	Gains (+) and losses (-) in other comprehensive income	Exchange rate differences	December 31, 2025
Debt securities issued	-3,452	—	414	—	—	-32	-22	494	-2,598
Derivatives, net	-1,451	—	174	—	—	22	—	192	-1,063
Net assets and liabilities	-4,903	—	588	—	—	-10	-22	686	-3,661
1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of September 30, 2026, amounted to a Skr 2 million gain (year end 2025: Skr 10 million loss) and are reported as net results of financial transactions.

Uncertainty of valuation of Level 3 instruments

As the estimation of parameters included in the models used to

calculate the market value of Level 3 instruments is associated with

subjectivity and uncertainty, SEK has conducted an analysis of the

difference in fair value of Level 3 instruments using other

established parameter values. Option models and discounted cash

flows are used to value the Level 3 instruments. For the Level 3

instruments that are significantly affected by different types of

correlations, which are not based on observable market data, a

revaluation has been made by shifting the correlations. The

correlation is expressed as a value between 1 and -1, where 0

indicates no relationship, 1 indicates a maximum positive

relationship and -1 indicates a maximum negative relationship. The

maximum correlation in the range of unobservable inputs can thus

be from 1 to –1. In the analysis, the correlations have been adjusted

by +/– 0.12, which represents the level SEK uses within its prudent

valuation framework. The analysis shows the impact of the non-

observable market data on the market value. In addition, the market

value will be affected by observable market data. The result of the

analysis corresponds with SEK’s business model where issued

securities are linked with a matched hedging derivative. The

underlying market data is used to evaluate the issued security as

well as to evaluate the fair value in the derivative. This means that a

change in fair value of the issued security, excluding SEK’s own

credit spread, is offset by an equally large change in fair value in the

derivative.

Interim report January-September 2026Page 23 of 33

Sensitivity analysis – level 3 assets and liabilities


Assets and liabilities	September 30, 2026
Skr mn	Fair Value	Unobservable input	Range of estimates for unobservable input	Valuation method	Sensitivity max	Sensitivity min
Equity	0	Correlation	0.12- (0.12)	Option Model	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-469	Correlation	0.12 - (0.12)	Option Model	-6	6
Other	-96	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-565				-6	6
Equity	0	Correlation	0.12 - (0.12)	Option Model	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-843	Correlation	0.12 - (0.12)	Option Model	6	-6
Other	-95	Correlation	0.12 - (0.12)	Option Model	0	0
Sum debt securities issued	-938				6	-6
Total effect on total comprehensive income					0	0
Derivatives, net December 31, 2025	-1,063				-17	17
Debt securities issued December 31, 2025	-2,598				27	-27
Total effect on total comprehensive income December 31, 2025					10	-10

The sensitivity analysis shows the effect that a shift in correlations

has on Level 3 instruments. The table presents maximum positive

and negative change in fair value when correlations or SEK’s own

credit spread is shifted by +/– 0.12. When determining the total

maximum/minimum effect on total comprehensive income the most

adverse/favorable shift is chosen, considering the net exposure

arising from the issued securities and the derivatives, for each

correlation.

Fair value related to credit risk


	Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)	The period’s change in fair value originating from credit risk (+ income/- loss)
Skr mn	September 30, 2026	December 31, 2025	Jan-Sep 2026	Jan-Sep 2025
CVA/DVA, net1	-13	-11	-2	3
OCA2	215	282	-67	9
1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.

Interim report January-September 2026Page 24 of 33

Note 6. Derivatives

Derivatives by category


	September 30, 2026	December 31, 2025
Skr mn	Assets Fair value	Liabilities Fair value	Nominal amounts	Assets Fair value	Liabilities Fair value	Nominal amounts
Interest rate-related contracts	3,452	2,303	566,394	4,624	1,332	510,865
Currency-related contracts	5,553	2,299	133,139	2,097	7,550	137,052
Contracts related to commodities, credit risk, etc.	—	97	3,023	—	105	2,890
Total derivatives	9,004	4,699	702,556	6,721	8,988	650,807

In accordance with SEK’s policies with regard to counterparty,

interest rate, currency exchange, and other exposures, SEK uses, and

is a party to, different kinds of derivative instruments, mostly

various interest rate-related and currency exchange-related contracts,

primarily to hedge risk exposure inherent in financial assets and

liabilities. These contracts are carried at fair value in the statements

of financial position on a contract-by-contract basis.

Note 7. Debt

Debt by category


Skr mn	September 30, 2026	December 31, 2025
Currency-related contracts	2,410	3,777
Interest rate-related contracts	306,132	300,759
Contracts related to commodities, credit risk, etc.	94	97
Total debt	308,636	304,633
of which denominated in:
Skr	24,225	24,599
USD	175,679	166,687
EUR	84,415	84,653
AUD	11,454	12,119
GBP	4,252	7,899
CHF	4,176	4,188
Other currencies	4,434	4,487

The information is disclosed in accordance with FFFS 2014:21.

Note 8. CIRR-system

Pursuant to the company’s assignment as stated in its owner

instruction issued by the Swedish government, SEK administers

credit granting in the Swedish system for officially supported export

credits (CIRR-system). SEK receives compensation from the

Swedish government in the form of an administrative compensation,

which is calculated based on the principal amount outstanding. The

administrative compensation paid by the state to SEK is recognized

in the CIRR-system as administrative remuneration to SEK. Refer to

the following tables of the statement of comprehensive income and

statement of financial positions for the CIRR-system, presented as

reported to the owner. Interest expenses include interest expenses

for loans between SEK and the CIRR-system which reflects the

borrowing cost for the CIRR-system. Interest expenses for

derivatives hedging CIRR-loans are also recognized as interest

expenses, which differs from SEK’s accounting principles.

Arrangement fees to SEK are recognized together with other

arrangement fees as interest expenses.

Interim report January-September 2026Page 25 of 33

Statement of Comprehensive Income for the CIRR-system


Skr mn	Jul-Sep 2026	Apr-Jun 2026	Jul-Sep 2025	Jan-Sep 2026	Jan-Sep 2025	Jan-Dec 2025
Interest income	501	497	526	1,480	1,629	2,139
Interest expenses	-565	-520	-595	-1,601	-1,776	-2,346
Foreign exchange effects	1	0	0	1	2	2
Profit before compensation to SEK	-63	-23	-69	-120	-145	-205
Administrative remuneration to SEK	-52	-52	-57	-156	-187	-243
Operating profit CIRR-system	-115	-75	-126	-276	-332	-448
Reimbursement to (-) / from (+) the State	115	75	126	276	332	448

Statement of Financial Position for the CIRR-system


Skr mn	September 30, 2026	December 31, 2025
Cash and cash equivalents	0	0
Loans	81,781	85,643
Derivatives	6,331	3,231
Other assets	448	629
Prepaid expenses and accrued revenues	1,849	1,772
Total assets	90,409	91,275
Liabilities	88,851	89,590
Derivatives	-47	194
Accrued expenses and prepaid revenues	1,604	1,490
Total liabilities	90,409	91,275
Commitments
Committed undisbursed loans	35,064	37,286

Note 9. Pledged assets and contingent liabilities


Skr mn	September 30, 2026	December 31, 2025
Collateral provided
Cash collateral under the security agreements for derivative contracts	2,990	6,858
Contingent liabilities1
Guarantee commitments	13,102	9,896
Commitments1
Committed undisbursed loans	75,504	81,624
1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4.

Interim report January-September 2026Page 26 of 33

Note 10. Capital adequacy and liquidity situation

The capital adequacy analysis relates to the parent company Aktiebolaget Svensk Exportkredit. The information is disclosed according to

FFFS 2014:12, FFFS 2008:25 and FFFS 2010:7. For further information on capital adequacy and risks,see Note 29 to the annual financial

statements included in SEK’s 2025 Annual Report on Form 20-F and see SEK’s Capital Adequacy and Risk Management (Pillar 3) Report

2025.

Capital Adequacy Analysis


	September 30, 2026	December 31, 2025
Capital adequacy	percent1	percent1
Common Equity Tier 1 capital ratio	23.8	23.1
Tier 1 capital ratio	23.8	23.1
Total capital ratio	23.8	23.1
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 buffer.


	September 30, 2026	December 31, 2025
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	7,950	8.0	7,993	8.0
of which Tier 1 requirement of 6 percent	5,963	6.0	5,995	6.0
of which minimum requirement of 4.5 percent	4,472	4.5	4,496	4.5
Pillar 2 capital requirements3	2,991	3.0	3,007	3.0
Common Equity Tier 1 capital available to meet buffer requirements4	12,746	12.8	12,123	12.1
Capital buffer requirements	4,035	4.1	4,072	4.1
of which Capital conservation buffer	2,484	2.5	2,498	2.5
of which Countercyclical buffer	1,551	1.6	1,574	1.6
Pillar 2 guidance5	994	1.0	999	1.0
Total risk-based capital requirement including Pillar 2 guidance	15,971	16.1	16,071	16.1
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 firms and amending Regulation (EU) No 648/2012). 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 Supervisory Review and Evaluation Process (“SREP”) on September 30, 2025. 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 The Swedish FSA notified SEK on September 30, 2025, 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.


	September 30, 2026	December 31, 2025
Leverage ratio1	Skr mn	Skr mn
On-balance sheet exposures	239,366	236,953
Off-balance sheet exposures	5,125	7,161
Total exposure measure	244,492	244,114
Leverage ratio2	9.7%	9.5%
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.


	September 30, 2026	December 31, 2025
Total Leverage ratio requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	7,335	3.0	7,323	3.0
Pillar 2 guidance2	367	0.2	366	0.2
Total capital requirement relating to Leverage ratio including Pillar 2 guidance	7,701	3.2	7,689	3.2
1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 30, 2025, notified SEK, within the latest SREP, that SEK may 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.

Interim report January-September 2026Page 27 of 33

Own funds – Adjusting items


Skr mn	September 30, 2026	December 31, 2025
Share capital	3,990	3,990
Retained earnings	19,174	18,468
Accumulated other comprehensive income and other reserves	399	456
Independently reviewed profit net of any foreseeable charge or dividend	767	703
Common Equity Tier 1 (CET1) capital before regulatory adjustments	24,330	23,617
Additional value adjustments due to prudent valuations	-80	-83
Intangible assets	-27	-22
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	-175	-229
IRB shortfall of credit risk adjustments to expected losses	-94	-144
Insufficient coverage for non-performing exposures	-267	-15
Total regulatory adjustments to Common Equity Tier 1 capital	-642	-493
Total Common Equity Tier 1 capital	23,688	23,124
Total own funds	23,688	23,124

Minimum capital requirements exclusive of buffer


	September 30, 2026	December 31, 2025
Skr mn	EAD1	Risk exposure amount	Min. capital requirement	EAD1	Risk exposure amount	Min. capital requirement
Credit risk, standardized approach
Corporates	5,442	5,416	433	5,829	5,770	462
Default exposures	44	44	4	0	0	0
Total credit risk, standardized approach	5,486	5,460	437	5,829	5,770	462
Credit risk, IRB approach
Central governments	222,765	9,217	737	233,305	9,487	759
Financial institutions2	36,477	7,254	580	32,236	6,493	519
Corporates3	154,503	70,466	5,637	149,636	69,128	5,530
Non-credit-obligation assets	190	190	15	201	201	16
Total credit risk, IRB approach	413,936	87,127	6,970	415,378	85,310	6,825
Credit valuation adjustment risk	n.a.	1,722	138	n.a.	1,882	151
Foreign exchange risk	n.a.	617	49	n.a.	2,494	200
Commodity risk	n.a.	2	0	n.a.	4	0
Operational risk	n.a.	4,451	356	n.a.	4,452	356
Total	419,422	99,379	7,950	421,207	99,912	7,994
1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 4,069 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 780 million (year-end 2025: Skr 1,059 million) and Capital requirement of Skr 62 million (year-end 2025: Skr 85 million). 3 Of which related to specialized lending: EAD Skr 8,937 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 9,410 million (year-end 2025: Skr 8,473 million) and Capital requirement of Skr 753 million (year-end 2025: Skr 678 million).

Credit risk

For classification and quantification of credit risk, SEK uses the

internal ratings-based (IRB) approach. Specifically, SEK applies the

Foundation Approach. Under the Foundation Approach, the

company determines the PD within one year for each of its

counterparties, while the remaining parameters are established in

accordance with 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. Counterparty risk exposure

amounts in derivatives are calculated in accordance with the

standardized approach for counterparty credit risk.

Credit valuation adjustment risk

Credit valuation adjustment risk is calculated for all over-the-

counter derivative contracts, except for credit derivatives used as

credit protection and transactions with a qualifying central

counterparty. SEK calculates this capital requirement according

to the standardized approach.

Foreign exchange risk

Foreign exchange risk is calculated according to the standardized

approach, whereas the scenario approach is used for calculating the

gamma and volatility risks.

Commodities risk

Capital requirements for commodity risk are calculated in

accordance with the simplified approach under the standardized

Interim report January-September 2026Page 28 of 33

approach. The scenario approach is used for calculating the gamma

and volatility risks.

Operational 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 set out in the regulation. For SEK, the BIC is multiplied

by 12 percent.

Transitional rules

The capital adequacy ratios reflect the full impact of IFRS 9 as no

transitional rules for IFRS 9 were utilized.

Capital buffer requirements

SEK expects to meet capital buffer requirements with Common

Equity Tier 1 capital. 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. As of September 30, 2026, the capital

requirement related to relevant exposures in Sweden was 70 percent

(year-end 2025: 71 percent) of the total relevant capital requirement

regardless of location; this fraction is also the weight applied on the

Swedish buffer rate when calculating SEK’s countercyclical capital

buffer. Buffer rates applicable in other countries may have effects on

SEK, but as most capital requirements for SEK’s relevant credit

exposures are related to Sweden, the potential effect is limited. As of

September 30, 2026, the contribution to SEK’s countercyclical

buffer from buffer rates in other countries was 0.17 percentage

points (year-end 2025: 0.15 percentage points). SEK has not been

classified as a systemically important institution by the Swedish

FSA. The capital buffer requirements for systemically important

institutions that came into force on January 1, 2016, therefore do not

apply to SEK.

Pillar 2 guidance

The Swedish FSA will in connection with the Supervisory Review

and Evaluation Process (SREP) determine appropriate levels for the

institution’s own funds. The Swedish FSA will then inform the

institution of the differences between the appropriate levels and

requirements under the Supervisory Regulation, the Buffer Act and

the Pillar 2 requirements. These notifications are called Pillar 2

guidance. The Pillar 2 guidance covers both the risk-based capital

requirement and the leverage ratio requirement.

Liquidity Coverage Ratio


Skr bn, 12-month average	September 30, 2026	December 31, 2025
Total liquid assets	59.0	59.1
Net liquidity outflows1	13.9	10.3
Liquidity outflows	25.4	22.9
Liquidity inflows	11.4	13.2
Liquidity coverage ratio	494%	660%
1 Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.

Information on Liquidity Coverage Ratio (LCR) in accordance with

article 447 of the CRR (EU 575/2013), calculated in accordance

with the Commission Delegated Regulation (EU) 2015/61.

Net stable funding ratio


Skr bn	September 30, 2026	December 31, 2025
Available stable funding	257.3	244.3
Required stable funding	210.6	202.8
Net stable funding ratio	122%	120%

Information on Net stable funding ratio (NSFR) in accordance with

article 447 of the CRR (EU 575/2013), calculated in accordance

with the Commission Delegated Regulation (EU) 2015/61.

Liquidity reserve1


	September 30, 2026	December 31, 2025
Skr bn	Total	Skr	EUR	USD	Other	Total	Skr	EUR	USD	Other
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	24.2	6.0	4.4	13.8	—	33.0	6.0	11.2	15.8	—
Securities issued or guaranteed by municipalities or other public entities	14.2	4.0	4.1	6.0	—	11.2	4.2	0.7	6.3	—
Covered bonds issued by other institutions	14.0	11.7	2.3	—	—	12.0	11.2	0.8	—	—
Balances with National Debt Office	1.0	1.0	—	—	—	1.0	1.0	—	—	—
Total liquidity reserve	53.4	22.7	10.8	19.8	—	57.2	22.4	12.7	22.1	—
1 The liquidity reserve is a part of SEK’s liquidity investments.

Information on Liquidity reserve is included in accordance with the Commission Delegated Regulation (EU) 2015/61.

Interim report January-September 2026Page 29 of 33

Note 11. Exposures

Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in

accordance with capital adequacy calculations, but before the application of credit conversion factors.

Total net exposures by exposure class


	Interest-bearing securities and lending	Committed undisbursed loans, derivatives, etc.	Total
	September 30, 2026	December 31, 2025	September 30, 2026	December 31, 2025	September 30, 2026	December 31, 2025
Skr bn	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Central governments	135.5	40.3	140.5	42.5	71.4	76.9	76.3	78.9	206.8	48.2	216.8	50.8
Regional governments	12.6	3.8	10.9	3.3	0.6	0.6	0.6	0.6	13.2	3.1	11.4	2.7
Multilateral development banks	1.8	0.5	5.1	1.6	—	—	—	—	1.8	0.4	5.1	1.2
Public sector entity	1.1	0.3	—	—	—	—	—	—	1.1	0.3	—	—
Financial institutions	31.9	9.5	26.6	8.1	4.6	4.9	5.7	5.8	36.5	8.5	32.2	7.6
Corporates	153.4	45.6	147.1	44.6	16.3	17.6	14.2	14.7	169.7	39.6	161.3	37.8
Total	336.2	100.0	330.1	100.0	92.8	100.0	96.8	100.0	429.1	100.0	426.9	100.0

Net exposure by region and exposure class, as of September 30, 2026


Skr bn	Middle East/Africa/ Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	—	—	1.7	—	187.7	15.5	1.9	206.8
Regional governments	0.0	—	—	—	—	11.3	1.9	0.0	13.2
Multilateral development banks	—	0.2	—	0.8	—	—	0.7	—	1.8
Public sector entity	—	—	—	—	—	—	1.1	—	1.1
Financial institutions	0.0	—	2.1	4.7	—	18.3	11.4	—	36.5
Corporates	0.3	0.8	2.6	8.6	2.4	120.4	32.7	2.1	169.7
Total	0.3	1.0	4.7	15.7	2.4	337.7	63.3	4.0	429.1

Net exposure by region and exposure class, as of December 31, 2025


Skr bn	Middle East/Africa/ Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	0.0	—	0.2	—	201.8	12.8	2.0	216.8
Regional governments	—	—	—	—	—	10.3	1.1	0.0	11.4
Multilateral development banks	—	0.8	—	—	—	—	4.4	—	5.1
Public sector entity	—	—	—	—	—	—	—	—	—
Financial institutions	0.0	—	2.1	3.2	—	16.6	10.3	—	32.2
Corporates	0.3	0.9	3.2	7.7	2.4	112.5	32.6	1.8	161.3
Total	0.3	1.7	5.3	11.1	2.4	341.2	61.1	3.7	426.9

Interim report January-September 2026Page 30 of 33

Net exposure to European countries, excluding Sweden


Skr bn	September 30, 2026	December 31, 2025
Belgium	2.6	3.4
Denmark	7.4	5.8
Finland	10.4	6.5
France	6.6	6.4
Ireland	2.7	1.5
Iceland	0.0	0.0
Italy	0.2	0.2
Latvia	0.0	0.0
Luxembourg	2.7	7.6
Montenegro	0.0	0.0
The Netherlands	1.3	0.6
Norway	3.7	3.6
Poland	3.5	3.4
Portugal	0.5	0.8
Switzerland	0.4	0.5
Serbia	0.4	0.1
Slovakia	0.0	0.1
Spain	2.3	2.3
United Kingdom	9.6	8.7
Czech Republic	0.1	0.1
Germany	12.7	12.6
Austria	0.3	0.7
Total	67.3	64.8

Note 12. Transactions with related parties

Transactions with related parties are described in Note 27 to the

annual financial statements in SEK’s 2025 Annual Report on Form

20-F. No material changes have taken place in relation to

transactions with related parties compared to the description in

SEK’s 2025 Annual Report on Form 20-F.

Note 13. Events after the reporting period

No events with significant impact on the information in this report

have occurred after the end of the reporting period.

Interim report January-September 2026Page 31 of 33

The Board of Directors and the Chief Executive Officer confirm that this interim report provides a fair

overview of the Consolidated Group’s operations and financial position and results and describes

material risks and uncertainties facing the Consolidated Group.

Stockholm, October 20, 2026

AKTIEBOLAGET SVENSK EXPORTKREDIT

SWEDISH EXPORT CREDIT CORPORATION


Lennart Jacobsen	Håkan Berg
Chairman of the Board	Director of the Board

Elisabeth Beskow	Paula da Silva	Katarina Ljungqvist
Director of the Board	Director of the Board	Director of the Board

Erik Mattsson	Carl Mellander	Eva Nilsagård
Director of the Board	Director of the Board	Director of the Board

	Magnus Montan
	Chief Executive Officer

SEK has established the following expected dates for the publication of financial information

and other related matters:

January 26, 2027Interim report for the period January 1, 2026 – December 31, 2026

The report contains information that SEK will disclose pursuant to the Securities Markets Act

and/or the Financial Instruments Trading Act. The information was submitted for publication on

October 20, 2026, 15:00 (CEST).

Additional information about SEK, including investor presentations and SEK’s 2025 Annual Report

on Form 20-F, is available at www.sek.se. Information available on or accessible through SEK’s

website is not incorporated herein by reference.

$\"qreportbakgrundutanspalt.jpg\"$

Interim report January-September 2026Page 32 of 33

Definitions

Alternative performance measures (see *) Alternative

performance measures (APMs) are key performance

indicators that are not defined under IFRS or in the

Capital Requirements Directive IV (CRD IV) or in

regulation (EU) No. 575/2013 on prudential

requirements for credit institutions and investment firms

(CRR). SEK has presented these, either because they are

in common use within the industry or because they

comply with SEK’s assignment from the Swedish

government. The APMs are used internally to monitor

and manage operations, and are not considered to be

directly comparable with similar key performance

indicators presented by other companies. For additional

information regarding the APMs, refer to www.sek.se.

*After-tax return on equity

Net profit, expressed as a percentage per annum of the

current year’s average equity (calculated using the

opening and closing balances for the report period).

Asset backed finance

Asset backed finance is financing in the form of leasing

and installment purchases for export transactions, with

the capital goods serving as collateral.

Available funds

Available funds is comprised of outstanding senior debt

and credit facility in place with the Swedish National

Debt Office.

*Average interest-bearing assets

This item includes cash and cash equivalents, treasuries/

government bonds, other interest-bearing securities

except loans, loans in the form of interest-bearing

securities, loans to credit institutions and loans to the

public, and is calculated using the opening and closing

balances for the reporting period.

*Average interest-bearing liabilities

This item includes borrowing from credit institutions,

borrowing from the public and debt securities issued and

is calculated using the opening and closing balances for

the reporting period.

Basic and diluted earnings per share (Skr)

Net profit divided by the average number of shares,

which amounted to 3,990,000 for each period.

*C/I ratio

Cost/income ratio. Operating expenses for the reporting

period in relation to net interest income and net fee and

commission expense. The C/I ratio aims to provide the

reader with an understanding of SEK’s cost-efficiency by

showing operating expenses in relation to net income.

*CIRR loans as percentage of new lending

The proportion of officially supported export credits

(CIRR) of new lending.

CIRR-system

The CIRR-system comprises of the system of officially

supported export credits (CIRR).

Common Equity Tier 1 capital ratio

The capital ratio is the quotient of total common equity

tier 1 capital and the total risk exposure amount.

Green bond

A green bond is a bond where the capital is earmarked for

various forms of environmental projects.

Green loans

SEK offers green loans that promote the transition to a

climate-smart and environmentally sustainable economy.

Green loans are categorized under SEK’s framework for

green bonds. The purpose is to stimulate green

investments that are environmentally sustainable and

contribute to one or more of the six environmental

objectives in the EU taxonomy.

Leverage ratio

Tier 1 capital expressed as a percentage of the exposure

measured under CRR (refer to Note 10).

Liquidity coverage ratio (LCR)

The liquidity coverage ratio is a liquidity metric that

shows SEK’s highly liquid assets in relation to the

company’s net cash outflows for the next 30 calendar

days. An LCR of 100 percent means that the company’s

liquidity reserve is of sufficient size to enable the

company to manage stressed liquidity outflows over a

period of 30 days. Unlike the Swedish FSA’s rules, the

EU rules take into account the outflows that correspond

to the need to pledge collateral for derivatives that would

arise as a result of the effects of a negative market

scenario.

Loans

Lending pertains to all credit facilities provided in the

form of interest-bearing securities, and credit facilities

granted by traditional documentation. SEK considers

these amounts to be useful measurements of SEK’s

lending volumes. Accordingly, comments on lending

volumes in this report pertain to amounts based on this

definition.

* Loans, outstanding and undisbursed

The total of loans in the form of interest-bearing

securities, loans to credit institutions, loans to the public

and loans, outstanding and undisbursed. Deduction is

made for cash collateral under the security agreements for

derivative contracts and deposits with time to maturity

exceeding three months (see the Statement of Financial

Position and Note 9).

Net stable funding ratio (NSFR)

This ratio measures stable funding in relation to the

company’s illiquid assets over a one-year, stressed

scenario in accordance with CRRII.

*New credit and guarantee commitments

New credit and guarantee commitments refer to all new

credits and guarantees accepted regardless of their

maturity. Not all new credit and guarantee commitments

are reported in the consolidated statement of financial

position and consolidated statement of cash flows, but a

certain portion represents committed, undisbursed credits,

see Note 9. The reported amounts of committed,

undisbursed credits may change upon disbursement as

they are reported in the statement of financial position,

for example due to changes in exchange rates.

Furthermore, committed credits do not necessarily result

in a disbursement and thus a credit on the balance sheet.

New credit and guarantee commitments are intended to

provide the reader with a picture of the inflow of new

business during the reporting period.

*New long-term borrowings

New borrowings with maturities exceeding one year, for

which the amounts are based on the trade date.

*Outstanding senior debt

The total of borrowing from credit institutions, borrowing

from the public and debt securities issued.

Own credit risk

Net fair value change due to credit risk on financial

liabilities designated as at fair value through profit or

loss.

Repurchase and redemption of own debt

The amounts are based on the trade date.

Social loans

Social loans are categorized according to SEK’s

“Sustainability bond framework”. The purpose is to

stimulate investments that are socially sustainable, such

as in healthcare, education, basic infrastructure, or food

security.

Sustainability classified loans

Sustainability classified loans refer to green, social and

sustainability-linked loans.

Sustainability-linked loans

Sustainability-linked loans consist of working capital

finance that promote the borrower’s sustainability efforts,

which in turn support environmental and socially

sustainable economic activities and growth. SEK’s

sustainability-linked loans are based on International

Loan Market Association’s (LMA) Sustainability-Linked

Loan Principles.

Swedish exporters

SEK’s clients that directly or indirectly promote Swedish

export.

Tier 1 capital ratio

The capital ratio is the quotient of total tier 1 capital and

the total risk exposure amount.

Total capital ratio

The capital ratio is the quotient of total Own funds and

the total risk exposure amount.

Unless otherwise stated, amounts in this report are in millions (mn) of Swedish kronor (Skr), abbreviated “Skr mn” and relate to the group consisting of the Parent

Company and its consolidated subsidiary (together, the “Group” or the “Consolidated Group”). Aktiebolaget Svensk Exportkredit (SEK), is a Swedish corporation with the

identity number 556084-0315, and with its registered office in Stockholm, Sweden. SEK is a public limited liability company as defined in the Swedish Companies Act. In

some instances, under Swedish law, a public company is obliged to add “(publ.)” to its company name.

$\"sistasidaq.jpg\"$

Interim report January-September 2026Page 33 of 33

About SEK

About Swedish Export Credit Corporation (SEK)

SEK is owned by the Swedish state, and since 1962 has enabled growth for thousands

of Swedish companies. To expand their production, make acquisitions, employ more people

and enable selling goods and services to customers worldwide.


SEK’s mission	SEK’s mission is to ensure access to financial solutions for the Swedish export industry on commercial and sustainable terms. SEK can finance the industry’s transition in Sweden and abroad. The mission includes making available fixed- interest export credits within the officially supported CIRR-system.
SEK’s vision	SEK’s vision is stronger societies through the power of Swedish exports.
SEK’s core values	We are a high performing team. Our mission and our ability to make an impact lead to pride and job satisfaction. We are Proactive Engaged Team players.
SEK’s clients	We finance exporters, their subcontractors and foreign clients. The target group is companies with annual sales exceeding Skr 500 million and that are linked to Swedish interests and exports.
SEK’s partnerships	Through Team Sweden, we have close partnerships with other export promotion agencies in Sweden such as Business Sweden and The Swedish Export Credit Agency (EKN). Our international network is substantial and we also work with numerous Swedish and international banks.

","zhKind","complete","aihot","/items/ob3qmyjtu05vt3gdwws4h1hng","https://www.sec.gov/Archives/edgar/data/352960/000162828026066409/0001628280-26-066409-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","kind","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1792713600&sig=5c6d5f091d1967b7","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1792713600&sig=86138d453cd8c096 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1792713600&sig=e067c63cbf80f0de 96w","changelogVersion","2026-10-01T08:00"]