SEB (SEBa.ST): Q2‘26 Preview

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SEB (SEBa.ST): Q2‘26 Preview

Equity Research

18 June 2026 | 9:11AM BST

SEB (SEBa.ST): Q2’26 Preview

We update our estimates for SEB 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 mark-to-market our NII estimates for the latest policy rate expectations, with Chris Hallam

+44(20)7552-2958 |

SEB’s Q2’26 NII expected to be up c.2% q/q, reflecting the positive impact from a chris.hallam@gs.com

higher day count (c.SEK0.1bn), lending growth both in Sweden and the Baltics, higher

Benjamin Caven-RobertsEuribor in the Baltics and modest FX tailwinds (a weaker SEK vs. EUR for the quarter). +44(20)7552-7066 | benjamin.d.caven-

We also note that Q1 had a some positive effects from treasury operations on NII, roberts@gs.comGoldman Sachs International

which are expected to be marginally lower in Q2. Turning to fees, we model Q2’26 Andin Kour Sason

fees to be up 6% q/q on the back of day count, supported by seasonality (higher +1(332)245-7825Goldman Sachs India| andin.kour@gs.comSPL

corporate travel activity in Q2 vs. Q1), and also reflecting sequential improvement in Sachin Nayar

equity market levels, which is positive for asset management fees. On a y/y basis, we +44(20)7051-2598 | sachin.x.nayar@gs.com

also note the impact of lower AirPlus fee income. We expect trading income to be Goldman Sachs International

down y/y at c.SEK1.8bn in Q2’26, at the lower range of guidance. We model Q2’26 Khushboo Mandani

+1(332)245-7978 |

costs of c.SEK8.2bn (1% below Visible Alpha Consensus Data), noting higher cost for khushboo.mandani@gs.com

Goldman Sachs India SPL

outstanding long-term incentive schemes for the quarter (linked to the share price

Eraldo Bausano

development).