Swedbank (SWEDa.ST): Q2‘26 Preview

Research evidence excerpt

Swedbank (SWEDa.ST): Q2‘26 Preview

Equity Research

19 June 2026 | 2:33AM BST

Swedbank (SWEDa.ST): Q2’26 Preview

We update our estimates for Swedbank ahead of Q2’26 results scheduled for July 17. Sofie Peterzens

+44(20)7051-5283 |

We highlight the following: sofie.peterzens@gs.com

Goldman Sachs International

We mark-to-market our estimates for latest policy rate expectations and now Chris Hallam

+44(20)7552-2958 |

forecast NII to increase c.2% q/q, supported by positive day count impact (SEK60mn chris.hallam@gs.com

on NII), and volume growth including loans (including both mortgages and corporate

Benjamin Caven-Robertslending) and deposits in the Baltics which more than offsets the headwind due to +44(20)7552-7066 | benjamin.d.caven-

higher wholesale funding costs given higher STIBOR levels q/q. On fees, we increase roberts@gs.comGoldman Sachs International

our estimates through the forecast period and model c.3% growth q/q in Q2, Andin Kour Sason

reflecting slightly better equity market levels which remain supportive for asset +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

management fees, mutual fund inflows in Sweden, seasonally higher card activity in Sachin Nayar

Q2 vs. Q1. Turning to costs, we note that Group costs are also seasonally higher in Q2 +44(20)7051-2598 | sachin.x.nayar@gs.com

vs. Q1; therefore, on our numbers, we see operating expenses increasing to Goldman Sachs International

c.SEK7.4bn for the quarter and c.SEK28.9bn for the FY (including extraordinary Khushboo Mandani

+1(332)245-7978 |

costs, which management guides at SEK1.3bn of which SEK0.8bn will be booked in khushboo.mandani@gs.com

Goldman Sachs India SPL

Q2). In terms of bank taxes, we note ~SEK100mn in annual interest cost related to

Eraldo Bausano