Skandinaviska Enskilda Banken AB: 2Q26 First Take: Beat Across The Board

研报英文原文证据摘录

Skandinaviska Enskilda Banken AB: 2Q26 First Take: Beat Across The Board

Update

JulyJuly 15,15, 20262026 05:4005:48 AMAM GMTGMT

Morgan Stanley & Co. International plc+MSkandinaviska Enskilda Banken AB | Europe Gulnara Saitkulova

Equity Analyst

2Q26 First Take: Beat Across Gulnara.Saitkulova@morganstanley.comNed Tidmarsh +44 20 7677-0313

Research Associate

Ned.Tidmarsh@morganstanley.com +44 20 7425-0122

The Board

Skandinaviska Enskilda Banken AB (SEBa.ST, SEBA SS)

Banks | Sweden

Reaction to earnings

Stock Rating Equal-weight

Unchanged Modest upside Modest revision higher Industry View Attractive

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target SKr 171.00

consensus EPS Shr price, close (Jul 14, 2026) SKr 203.80

52-Week Range SKr 204.50- 161.70

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) SKr 416,302

Net debt (12/26e) (mn)* SKr 0

EV, curr (mn)* SKr 416,302

Key Takeaways

* = GAAP or approximated based on GAAP

Revenues were 5% ahead, driven by both NII beat of 2% and fee income beat of

6%

Costs were 2% better than expected, leaving PPOP 10% above consensus (8%

above ex trading)

Provisions were better than expected at SEK 345 vs cons SEK 411, thanks to SEK

250m release of overlay

CET1 at 17.2% vs company cons 17.3%;

Bank initiated SEK 1.25bn buyback

2Q26 net profit was SEK 8,664m vs. company cons SEK 7,601m, with 5% beat on

Revenues and 2% beat on Costs. NII came 2% above company consensus estimates;

fee income was 6% beat, leaving core revenues 4% above consensus. Trading came

out 23% stronger than expected, landing total Revenues c.5% above consensus.

Costs came in 2% better than expected, resulting in a PPOP being ~10% above

consensus (c8% above if exclude trading). Provisions came better than expected