Svenska Handelsbanken (SHBa.ST): Q2‘26 First Look

Research evidence excerpt

Svenska Handelsbanken (SHBa.ST): Q2‘26 First Look

Equity Research

15 July 2026 | 6:34AM BST

Svenska Handelsbanken (SHBa.ST): Q2’26 First Look

In short: Handelsbanken reported a Q2’26 net income of SEK 5.23bn, a 4% miss vs. Sofie Peterzens

+44(20)7051-5283 |

Infront Consensus. The miss is explained by a weaker-than-expected NII print, lower sofie.peterzens@gs.com

Goldman Sachs International

trading income and slightly higher other provisions. NII of SEK 10.0bn was broadly

Chris Hallam

flat q/q (ex day count and FX, it was down 2% q/q), but missed Consensus by 2% +44(20)7552-2958 |

reflecting higher funding costs and lower volumes of interest-bearing cash positions. chris.hallam@gs.comGoldman Sachs International

Trading income was soft at SEK 116mn (79% lower vs. Consensus) with the weakness Benjamin Caven-Roberts

mainly due to negative mark-to-market impacts (SEK 349mn) of derivative contracts +44(20)7552-7066roberts@gs.com | benjamin.d.caven-

for the management of liquidity and funding. Costs of SEK 5.96bn were up +2% q/q, Goldman Sachs International

Kour Sasonbut came in 1% lower vs. Consensus and included a SEK 48mn provision for Andin +1(332)245-7825 | andin.kour@gs.com

Oktogonen. Overall with a 12.8% ROE in Q2’26, we would expect small negative Goldman Sachs India SPL

downward revisions to Consensus net income estimates in 2026-27E, all else equal. Sachin Nayar

+44(20)7051-2598 |

Adjusting for accrued dividends (82% in 1H’26), the CET1 stands at 17.2%, in line sachin.x.nayar@gs.com

with expectations.

Khushboo Mandani

+1(332)245-7978 |

Financials: Net profit came in 4% lower than consensus. Total revenues came in khushboo.mandani@gs.com

Goldman Sachs India SPL

4%/SEK 498mn lower than expected due to a 2% miss in net interest income and

Eraldo Bausano