SEB's annual accounts and results for the fourth quarter 2025
SEB's operating profit for the fourth quarter 2025 amounted to SEK 8.8bn, with a return on equity of 13.6 per cent*, a CET1 capital ratio of 17.7 per cent, and a capital buffer of 300 basis points.
"We reported a stable fourth quarter characterised by increasing customer activity, strong financial markets, and lower interest rates. The net interest income headwinds were offset by a pick-up in fee and commission income across all divisions," says SEB's President and CEO Johan Torgeby.
Total operating expenses for 2025 were in line with the year's cost target. For 2026, SEB has set a cost target of SEK 33.4bn +/- 0.25bn.
"We are entering a phase in which we will capitalise on prior investments and leverage new technology to enhance efficiency and productivity," says Johan Torgeby.
The Board of Directors has proposed an ordinary dividend of SEK 8.50 per share and a special dividend of SEK 2.50 per share. Further, SEB has received an approval from the Swedish Financial Supervisory Authority to buy back shares amounting to SEK 1.25bn. The Board of Directors has decided on a new quarterly share buyback programme of SEK 1.25bn until 23 March 2026. These decisions are in line with SEB's long-term financial targets.
* Excluding items affecting comparability
Income statement
| Q4 | Q3 | Q4 | Jan-Dec | ||||||||
| SEK m | 2025 | 2025 | % | 2024 | % | 2025 | 2024 | % | |||
| Total operating income | 18 894 | 18 664 | 1 | 19 985 | -5 | 76 939 | 81 887 | -6 | |||
| Total operating expenses | 8 453 | 7 921 | 7 | 8 688 | -3 | 32 596 | 30 949 | 5 | |||
| Net expected credit losses | 387 | 203 | 91 | 377 | 3 | 1 548 | 886 | 75 | |||
| Imposed levies | 812 | 822 | -1 | 851 | -5 | 3 480 | 4 009 | -13 | |||
| Operating profit before items affecting comparability | 9 241 | 9 719 | -5 | 10 069 | -8 | 39 314 | 46 043 | -15 | |||
| Items affecting comparability | -416 | -416 | |||||||||
| Operating profit | 8 826 | 9 719 | -9 | 10 069 | -12 | 38 898 | 46 043 | -16 | |||
| NET PROFIT | 7 308 | 7 677 | -5 | 7 493 | -2 | 31 063 | 35 865 | -13 | |||
| Return on equity, % | 12,9 | 14,0 | 13,2 | 13,8 | 16,2 | ||||||
| Return on equity excluding items affecting comparability, % | 13,6 | 14,0 | 13,2 | 14,0 | 16,2 | ||||||
| Basic earnings per share, SEK | 3,71 | 3,87 | 3,69 | 15,60 | 17,51 | ||||||
This disclosure contains information that SEB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 29-01-2026 06:15 CET.