SEB’s results for the first quarter 2026
SEB’s operating profit for the first quarter 2026 amounted to SEK 9.4bn, with a return on equity of 13.1 per cent, a CET1 capital ratio of 17.5 per cent, and a capital buffer of 290 basis points.
The first quarter was marked by geopolitical tensions, leading to higher energy prices and a weaker global growth outlook.
“Early year momentum slowed in March amid heightened geopolitical uncertainty. Despite this, selected areas delivered strong performance during the quarter. We play an important role in providing advice and capital to all our customers regardless of the economic cycle,” says SEB’s President and CEO Johan Torgeby.
Operating profit increased in the quarter, mainly driven by lower costs combined with income resilience. Compared to the previous quarter, costs were down notably, reflecting continued cost consolidation and making room for prioritised investments. For 2026, the cost target remains unchanged, but is updated with current FX and amounts to SEK 33.0bn (33.4) +/- 0.25bn.
“At the same time, we continue to focus on our revenue-driving business plan initiatives, with the ambition to have a trajectory where income grows faster than costs in the medium-to-long term,” says Johan Torgeby.
| Income statement | ||||||||||
| Q1 | Q4 | Jan-Mar | Full-year | |||||||
| SEK m | 2026 | 2025 | % | 2026 | 2025 | % | 2025 | |||
| Total operating income | 18 406 | 18 894 | -3 | 18 406 | 19 822 | -7 | 76 939 | |||
| Total operating expenses | 7 616 | 8 453 | -10 | 7 616 | 8 241 | -8 | 32 596 | |||
| Net expected credit losses | 546 | 387 | 41 | 546 | 663 | -18 | 1 548 | |||
| Imposed levies | 813 | 812 | 0 | 813 | 964 | -16 | 3 480 | |||
| Operating profit before items affecting comparability | 9 432 | 9 241 | 2 | 9 432 | 9 954 | -5 | 39 314 | |||
| Items affecting comparability | -416 | -416 | ||||||||
| Operating profit | 9 432 | 8 826 | 7 | 9 432 | 9 954 | -5 | 38 898 | |||
| NET PROFIT | 7 497 | 7 308 | 3 | 7 497 | 7 824 | -4 | 31 063 | |||
| Return on equity, % | 13,1 | 12,9 | 13,1 | 13,4 | 13,8 | |||||
| Return on equity excluding items affecting comparability, % | 13,1 | 13,6 | 13,1 | 13,4 | 14,0 | |||||
| Basic earnings per share, SEK | 3,83 | 3,71 | 3,83 | 3,89 | 15,60 | |||||
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 29-04-2026 06:30 CET.
For further information, contact:
Christoffer Malmer, CFO
+46 771 62 10 00
Pawel Wyszynski, Head of Investor Relations
+46 70 462 2111
pawel.wyszynski@seb.se
Petter Brunnberg, Head of Media Relations & External Communication
+46 70 763 5166
petter.brunnberg@seb.se
SEB is a leading northern European financial services group with international reach. We exist to positively shape the future with responsible advice and capital, today and for generations to come. By partnering with our customers, we want to be a leading catalyst in the transition to a more sustainable world. In Sweden and the Baltic countries, SEB offers financial advice and a wide range of financial services. In Denmark, Finland, Norway, Germany and the United Kingdom, we have a strong focus on corporate and investment banking based on a full-service offering to corporate and institutional clients. The international nature of SEB's business is reflected in our presence in more than 20 countries worldwide, with around 18,400 employees. At 31 March 2026, the Group's total assets amounted to SEK 4,123bn while assets under management totalled SEK 2,863bn. Read more about SEB at sebgroup.com.