Svenska Handelsbanken (SHBa.ST): Q2’26 Preview

Research evidence excerpt

Svenska Handelsbanken (SHBa.ST): Q2’26 Preview

Equity Research

19 June 2026 | 2:48AM BST

We update our estimates for SHB ahead of Q2’26 results scheduled for July, 15. We Sofie Peterzens

+44(20)7051-5283 |

highlight the following: sofie.peterzens@gs.com

Goldman Sachs International

We expect NII to trend modestly higher (+1.4%) q/q in Q2’26, supported by one day Chris Hallam

+44(20)7552-2958 |

more in the quarter (c.SEK 20-30mn per day), modest FX tailwinds (SEK weakening chris.hallam@gs.com

vs. GBP and NOK), and slightly improving volumes. Mortgage volumes in Sweden

Benjamin Caven-Robertshave shown a slight pick-up, while corporate lending remains soft. Loan growth in +44(20)7552-7066 | benjamin.d.caven-

Norway remains subdued, while trends are better in the UK and Netherlands. roberts@gs.comGoldman Sachs International

Handelsbanken do not guide explicitly on rate sensitivity. Andin Kour Sason

+1(332)245-7825 | andin.kour@gs.com

On fees, we expect a 1% q/q improvement driven by stronger equity markets, with Goldman Sachs India SPL

Sachin Nayarsavings-related income (c.2/3 of fees) benefiting from higher daily average AUMs, +44(20)7051-2598 |

while other fee lines should follow normal seasonality. We forecast net financial sachin.x.nayar@gs.comGoldman Sachs International

trading (NFT) at SEK 574mn, within the guidance range of SEK 500-600mn per Khushboo Mandani

quarter. We note that Q2 NFT typically benefits from historically better activity +1(332)245-7978 | khushboo.mandani@gs.com

levels. Goldman Sachs India SPL

Eraldo Bausano

Regarding costs, we forecast costs to increase by 2% q/q, with SEK depreciation in +44(20)7774-9801 | eraldo.bausano@gs.com

the quarter driving higher costs outside Sweden. We note there is no guidance on Goldman Sachs International