Skandinaviska Enskilda Banken: 2Q26: Solid but do not extrapolate all the trends

Research evidence excerpt

Skandinaviska Enskilda Banken: 2Q26: Solid but do not extrapolate all the trends

Equity Research

European Banks

15 July 2026

Skandinaviska Enskilda Banken

2Q26: Solid but do not extrapolate

all the trends First Look

2Q26 Adj. PBT (ex. the divestment of Euroclear) was 7% SEBa.ST/SEBA SS EQUAL WEIGHT

ahead of expectations. NII beat by 2% but markets NII was European Banks POSITIVE

elevated. Costs beat by 2% but the group has increased the Price Target SEK 170.00

Price (14-Jul-26) SEK 203.80

cost guidance vs 1Q26. We are most encouraged by +4% Potential Upside/Downside -16.6%

lending growth QoQ and see low single-digit upgrades to Source: Bloomberg, Barclays Research

FY26/27 cons. EPS.

Namita Samtani, CFA

SEB reported 2Q26 adjusted Profit Before Tax at SEK10,306m, 7% ahead of consensus +44 (0)20 3134 2583

expectations of SEK9,626m excluding the divestment of Euroclear (€41m). namita.samtani@barclays.com

Barclays, UK

Revenues at SEK19587m are 2% ahead of consensus expectations of SEK19,175m.

Raghav Agrawal

+91 (0)22 6175 4711Net interest income at SEK10,687m is 2% ahead of consensus expectations of SEK10,463m and

raghav.agrawal@barclays.com

+4% QoQ. NII was positively impacted by the markets business SEK0.1bn QoQ and NII/NFI traffic Barclays, UK

was largely unchanged QoQ. FX contributed SEK66m QoQ and the growth QoQ by division was

mainly driven by Corporate and Investment Banking as well as Baltic Banking.

The group state that eased mortgage rules have had a clear positive effect on the Swedish

mortgage market, but competition remains high and margins low

Deposits amounted to SEK2,030bn in 2Q26, +8% QoQ (1Q26 SEK1,887bn) mainly due to event-

driven deposit inflows from corporate and institutional clients.