6-K - SWEDISH EXPORT CREDIT CORP /SWED/ (0000352960) (Filer)

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

Aktiebolaget Svensk Exportkredit

Swedish Export Credit Corporation

Interim report January-September

2026

Interim report January-September 2026Page 6 of 33

Summary

Net interest income, quarterly

Skr mn

Operating profit, quarterly

Skr mn

After-tax return on equity, quarterly

Percent

Total capital ratio, quarterly

Skr mn

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)

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.

Magnus Montan, CEO

Interim report January-September 2026Page 8 of 33

Operations

Total lending portfolio, quarterly

Skr bn

Total lending portfolio per region

September 30, 2026

Skr 266.8 bn

(year-end 2025:

Skr 262.7 bn)

New credit and guarantee commitments,

quarterly

Skr bn

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.

Interim report January-September 2026Page 9 of 33

New long-term borrowing, quarterly

Skr bn

Investors by geographical region

New long-term borrowing,

January-September 2026

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.

Skr 63.7 bn

(9M25:

Skr 84.2 bn)

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.

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.

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

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.

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.

Rating

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.

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.

Interim report January-September 2026Page 13 of 33

Financial targets

Key performance indicators (unaudited)

See definitions on page 32.

Interim report January-September 2026Page 14 of 33

Condensed Consolidated Statement

of Comprehensive Income (unaudited)

Interim report January-September 2026Page 15 of 33

Consolidated Statement of Financial Position

(unaudited)

Interim report January-September 2026Page 16 of 33

Condensed Consolidated Statement

of Changes in Equity (unaudited)

Interim report January-September 2026Page 17 of 33

Condensed Statement of Cash Flows

in the Consolidated Group (unaudited)

Interim report January-September 2026Page 18 of 33

Notes

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

Note 3. Net results of financial transactions

Interim report January-September 2026Page 20 of 33

Note 4. Impairments

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

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

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 liabilities in fair value hierarchy

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

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

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

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

Interim report January-September 2026Page 24 of 33

Note 6. Derivatives

Derivatives by category

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

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

Statement of Financial Position for the CIRR-system

Note 9. Pledged assets and contingent liabilities

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

Interim report January-September 2026Page 27 of 33

Own funds – Adjusting items

Minimum capital requirements exclusive of buffer

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

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

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

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

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

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

Interim report January-September 2026Page 30 of 33

Net exposure to European countries, excluding Sweden

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

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.

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.

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.