SEK's Interim report January-June 2026: Robust results and strengthened role in customers' transition
The first half of the year has been characterized by continued geopolitical uncertainty, which has contributed to many companies being more cautious in their investment decisions. At the same time, SEK delivered a robust result and is financially strong. This strengthens SEK:s potential to support Swedish export companies in an increasingly complex environment. During the period, SEK updated its strategic climate goal to further strengthen the contribution to customers' transition and long-term sustainable development.
Stable financial performance during the first half of the year
SEK reports an increase in operating profit during the first half of the year. The profit development is mainly explained by higher net interest income, a positive net result from financial transactions and reduced provisions for credit losses. After-tax return on equity amounted to 7.1 percent, compared to 6.1 percent in the same period in the previous year. Business activity increased slightly in the second quarter compared to the first quarter, and a total of Skr 37 billion in new credit and guarantee agreements were signed during the first half of the year.
During the period, SEK welcomed six new customers and participated in the financing of, among others, Tanzania's Standard Gauge Railway and Stegra's fossil-free steel mill in Boden.Two examples of how long-term financing can contribute to transformation and critical infrastructure.
Geopolitic uncertainty increases the need for long-term financing
Geopolitical developments, not least in the Middle East, continue to create uncertainty around trade flows, energy markets and investment decisions. At the same time, SEK's Export Credit Trends Survey, published in June, shows that confidence in the future among Swedish export companies is the strongest since 2022. Despite a continued challenging environment, companies are showing impressive resilience and a willingness to continue investing for the future. This increases companies' need for long-term financing and stable partners.
A climate target that clarifies SEK's role
In June, the Board of Directors decided on an updated strategic climate target that clarifies SEK’s role in the transition. Pursuant to this updated target, SEK:s lending will support customers’ transition and be adjusted to be in line with the 1.5-degree target of the Paris Agreement. The updated climate target makes it possible to continue financing the transition even in emission-intensive industries.
Strong investor interest
The strong investor interest in SEK's seven-year benchmark bond of EUR 1 billion during the period confirms the continued high level of confidence in SEK in the international capital markets. With strong capitalization, good access to financing and growing international cooperation, SEK is well equipped to meet customer needs.
Results January-June 2026 (January-June 2025)
Net interest income Skr 1,387 million (1H25: Skr 1,372 million)
Operating profit Skr 1,091 million (1H25: Skr 928 million)
C/I ratio 29 percent (1H25: 29 percent)
After-tax return on equity 7.1 percent (1H25: 6.1 percent)
Lending portfolio growth YTD 0.3 percent (1H25: -4.0 percent)
New credit and guarantee commitments Skr 37.1 billion (1H25: Skr 57.0 billion)
Total capital ratio 23.3 percent (year-end 2025: 23.1 percent)
For more information, contact:
Katarina Daniels, Head of Communications, Tel: +46 72 080 68 85
Tobias Hornberger, Chief Financial Officer, mobile: +46 70 848 13 85
About SEK
The Swedish Export Credit Corporation (SEK) is a commercially driven, state-owned company that provides financing to Swedish exporters, their subcontractors, subsidiaries, and international buyers of Swedish products and services. SEK’s financing supports the growth of companies, contributing to employment and driving economic activity. Additionally, SEK promotes the transition to a more sustainable society, both within Sweden and globally. Find out more: www.sek.se.