Benefits of higher customer activity

Research evidence excerpt

Benefits of higher customer activity

Sweden | Nordic Banks

SEB EquityJulyResearch16, 2026

TARGET | ESTIMATE CHANGEBenefits of higher customer activity

SEB reported a solid result which benefitted from high customer activity RATING HOLD

leading to a strong beat on the day with better costs. The result, was PRICE SEK211.80^

driven by strength in the CIB (strong in IB fees and volumes), with SEB also PRICE TARGET | % TO PT SEK205.00 (SEK197.00)

expecting other divisions (BRB and WAM) to support the business going | -3%

52W HIGH-LOW SEK204.50 - SEK161.70

forward which only started to improve at the end of the quarter. We increase

FLOAT (%) | ADV MM (USD) 71.3% | 55.49

our EPS estimates by 2%, increase our PT to SEK 205 and maintain our Hold

MARKET CAP SEK448.0B | $46.5B

rating.

TICKER SEBA SS

^Prior trading day's closing price unless otherwise

Earnings changes: We have increased our EPS by 2% in 2027/28 driven primarily by higher fees noted.

(beats across all lines) and slightly higher NII (better volumes), this is partly offset by a lower

average quarterly trading result following the recent divestment (now SEK 2bn per quarter vs

SEK 2.1bn previously). We maintain our SEK 1.25bn quarterly buyback for the remainder of FY (Dec) CHANGE TO JEFe JEF vs CONS

2026. As a result of our earnings changes we increase our target price to SEK 205 (from SEK 2026 2027 2026 2027

197) and maintain our Hold rating. SEB trades at a 2028E P/TNAV of 1.6x for a ROTE of c15% REV NA NA NA NA

(EU Banks at 1.6x P/TNAV for a ROTE of c18%). EPS +4% +2% +3% +1%

Benefitting from higher customer activity: 2Q was supported by high levels of customer 2026 (SEK) Q1 Q2 Q3 Q4 FY

activity across the bank. This quarter saw a record high for fee and commission income which EPS -- -- -- -- 16.31