UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under

the Securities Exchange Act of 1934

For the month of January, 2026

Commission File Number

001-08382

Aktiebolaget Svensk Exportkredit (publ)

Swedish Export Credit Corporation

(Translation of Registrant’s Name into English)

Fleminggatan 20

SE-112 26 Stockholm

Sweden

(Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Incorporation by Reference

This Report on Form 6-K, including the exhibits hereto, is hereby incorporated by reference, in its entirety, into the registration statement on

Form F-3 (File No. 333-275269) of Aktiebolaget Svensk Exportkredit (publ) (“SEK”).

This Report comprises the following:

1. Registrant’s report for the fourth quarter of 2025.

Exhibit 99.2 Table of unaudited consolidated capitalization of the Registrant.

AB Svensk Exportkredit (publ)

Swedish Export Credit Corporation

Year-End Report 2025

January-December 2025

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by

the undersigned, thereunto duly authorized.

Dated: January 26, 2026

AB Svensk Exportkredit (publ)

(Swedish Export Credit Corporation)

By: /s/ Magnus Montan

Magnus Montan, Chief Executive Officer

AB Svensk Exportkredit

Swedish Export Credit Corporation

Year-end Report 2025

Year-end Report 2025Page 6 of 34

Summary

Net interest income, quarterly

Skr mn

Operating profit, quarterly

Skr mn

After-tax return on equity, quarterly

Percent

Total capital ratio, quarterly

Skr mn

January-December 2025

(January-December 2024)

•Net interest income Skr 2,719 million (2024: Skr 3,058 million)

•Operating profit Skr 1,491 million (2024: Skr 2,121 million)

•Net profit Skr 1,183 million (2024: Skr 1,683 million)

•Lending portfolio growth -7.3 percent (2024: 0.0 percent)

•New credit and guarantee commitments Skr 125.8 billion

(2024: Skr 90.3 billion)

•Basic and diluted earnings per share Skr 296 (2024: Skr 422)

•After-tax return on equity 4.9 percent (2024: 7.1 percent)

•Proposed/actual dividend Skr 473 million (2024: Skr 1,673 million)

October-December 2025

(October-December 2024)

•Net interest income Skr 669 million (4Q24: Skr 778 million)

•Operating profit Skr 33 million (4Q24: Skr 702 million)

•Net profit Skr 25 million (4Q24: Skr 556 million)

•Lending portfolio growth -3.1 percent (4Q24: 4.0 percent)

•New credit and guarantee commitments Skr 28.5 billion

(4Q24: Skr 22.2 billion)

•Basic and diluted earnings per share Skr 6 (4Q24: Skr 140)

•After-tax return on equity 0.4 percent (4Q24: 9.2 percent)

Equity and balances, December 31, 2025

(December 31, 2024)

•Total capital ratio 23.1 percent (year-end 2024: 22.2 percent)

•Total assets Skr 350.0 billion (year-end 2024: Skr 368.1 billion)

•Total lending portfolio Skr 262.7 billion (year-end 2024: Skr 283.4 billion)

– of which sustainability classified lending Skr 56.3 billion

(year-end 2024: Skr 53.4 billion)

•Loans, outstanding and undisbursed Skr 344.3 billion

(year-end 2024: Skr 340.3 billion)

•Outstanding senior debt Skr 304.6 billion (year-end 2024: Skr 325.0 billion)

– of which green borrowings Skr 27.8 billion

(year-end 2024: Skr 35.0 billion)

Year-end Report 2025Page 7 of 34

Statement of the CEO

High volume of new business in a rapidly

changing world

2025 has been a year of high business activity for SEK. Our long-term strategic investments have borne fruit, resulting in several major

deals. A total of Skr 126 billion in new credit and guarantee agreements were signed – one of the highest levels in SEK’s history – of which

Skr 28 billion occurred in the fourth quarter of the year. Our customers are increasingly optimistic about the future, while the world around

continues to be marked by geopolitical tensions and ongoing conflicts. SEK enters the new year with a strong financial position and solid

ability to support Swedish exports in a world that is changing at an increasingly rapid pace.

High confidence from our customers and increased business flow

Customer confidence in SEK remained high during the year, as reflected

in the clear increase in new business. New credit and guarantee

agreements amounted to Skr 126 billion (2024: Skr 90 billion), of which

Skr 28 billion (4Q24: Skr 22 billion) were signed in the fourth quarter.

The lending portfolio at year-end amounted to Skr 263 billion (year-end

2024: Skr 283 billion). Excluding the effect of the strengthened Swedish

krona, the portfolio was largely unchanged. Sustainability-classified

lending increased by Skr 2.9 billion compared to the previous year.

Net interest income amounted to Skr 2.7 billion (2024: Skr 3.1

billion). The decrease compared to the previous year is explained by a

lower average Swedish short-term interest rate, as well as a stronger

Swedish krona. Net profit for the year was Skr 1,183 million (2024: Skr

1,683 million) and return on equity amounted to 4.9 percent (2024: 7.1

percent). The decrease in net profit was, in addition to lower net interest

income, attributable to an increase in provisions for expected credit

losses linked to a limited number of individual exposures during the

fourth quarter.

Expectations of better economic conditions despite increased

geopolitical concerns

The year was marked by increased geopolitical tensions, armed conflicts

and elevated global trade tariffs. At the same time, central banks around

the world continued to lower interest rates, and market expectations of

an improved economic situation gradually increased during the year.

The Swedish Riksbank also lowered its key interest rate, from 2.75 to

1.75 percent, and the economic outlook in Sweden also improved.

According to SEK's Export Credit Trends Survey in December 2025, 44

percent of Swedish export companies expect an increase in order intake

over the next twelve months, an increase from 35 percent in June 2025.

Strengthened market position

During the year, we have continued to focus on our mission to

strengthen the competitiveness of Swedish export companies. Our

investment in the European energy market led to several significant

deals. For example, SEK participated in the financing of two offshore

wind power projects in Poland, Bałtyk 2 and Bałtyk 3, and in the

financing of Eastern Green Link 2 between Scotland and England. We

also participated in the financing of SSAB's fossil-free steel mill in

Luleå.

SEK signed agreements with 13 new customers in 2025. Among the

new customers is Cloetta, to which we, together with other banks,

provide long-term and flexible financing. We have also supported

Mölnlycke Health Care with a long-term financing solution that enables

its continued global expansion. During the fourth quarter, we welcomed

Addnode as a new customer by providing an extended credit facility

strengthening the company's financial flexibility.

At the end of the year, SEK and Saudi Export-Import Bank signed a

Memorandum of Understanding (MOU) aiming to create new

opportunities to market Swedish financing solutions and supply chain

capabilities in the Saudi market. A new financing instrument combining

export credits with development aid was also launched during the year.

The ambition is to complete the first deal involving this new financing

instrument in 2026.

Active in the international capital markets

SEK continued to be an active and valued player in the international

capital markets during the year. Long-term borrowing amounted to Skr

94 billion (2024: Skr 53 billion), driven both by high business volume

and longer borrowing maturities. The borrowing has been carried out in

multiple currencies and with an increasingly broad investor base, in line

with SEK's funding strategy.

Positive view of the future

The conditions for SEK to be able to support Swedish exports and

transition have been further strengthened during the year. The Board has

set new financial targets that reinforce the focus on long-term value

creation, while the Government’s decision to increase the credit facility

that SEK has in place with the Swedish National Debt Office

strengthens our preparedness in periods of high demand or market

volatility. During the year, SEK and EKN also appointed new members

to the Scientific Climate Council, strengthening the conditions for

continued qualified support on issues related to climate transition.

SEK enters the new year with a strong financial position and is well

equipped to support Swedish export companies in a world that is

currently changing at a rapid

pace. With a focus on a long-

term approach, adaptability,

sustainability and

competitiveness, we contribute to

the continued development of

Swedish exports.

Magnus Montan, CEO

Year-end Report 2025Page 8 of 34

Operations

Total lending portfolio, quarterly

Skr bn

Total lending portfolio per region

December 31, 2025

Skr 262.7 bn

(year-end 2024:

Skr 283.4 bn)

New credit and guarantee commitments,

quarterly

Skr bn

High volume of new credit

agreements as a result of long-

term investments

During the year, SEK signed agreements with 13 new customers, including in the

renewable energy and healthcare sectors. New credit and guarantee agreements

amounted to Skr 125.8 billion (2024: Skr 90.3 billion) in 2025, of which Skr 28.5

billion (4Q24: Skr 22.2 billion) were signed in the fourth quarter.

The lending portfolio decreased during the year, primarily affected by the

increasingly strong Swedish krona, and amounted to Skr 263 billion (year-end 2024:

Skr 283 billion) as of December 31, 2025. Excluding currency effects, the size of the

lending portfolio was largely unchanged. Sustainability-classified lending increased

to Skr 56 billion (year-end 2024: Skr 53 billion). Undisbursed loans at year-end

2025 amounted to Skr 82 billion (year-end 2024: Skr 57 billion), an increase

reflecting the high volume of new credit agreements. These contracts have relatively

long maturities and will be reported in the lending portfolio on the balance sheet

when they are disbursed.

Significant business opportunities for Swedish exporters arise from the energy

transition, driven by the need to address climate challenges. During the year, SEK

participated in the financing of some of the first offshore wind power projects in

Poland, Bałtyk 2 and Bałtyk 3. SEK also participated in the financing of a portion of

Eastern Green Link 2, a high-voltage direct current project under the sea between

Scotland and England. Due to the deteriorating global security environment, SEK

also sees strong demand in the defense sector across several countries.

During the fourth quarter, a number of project financing and export credit

transactions were carried out and SEK also participated in the extension of the IT

consulting company Addnode's credit framework to Skr 3,700 million. The loan to

Addnode is a clear example of how SEK can help support Swedish companies with

international operations.

SEK's Export Credit Trends Survey, which measures the sentiment of the

Swedish export industry, showed rising confidence in the future among Swedish

export companies in December 2025. 44 percent of the companies indicated that

they expect an increase in export order intake over the next twelve months, an

increase from 35 percent in June 2025. This, together with the National Institute of

Economic Research's (“NIER”) report, indicates that a potential turnaround in the

Swedish economy may be on the way. When demand increases and corporate

investments begin to pick up, the demand for loans from SEK also tends to increase.


SEK’s lending
Skr bn	Jan-Dec 2025	Jan-Dec 2024
Total lending portfolio1	262.7	283.4
of which sustainability classified	56.3	53.4
of which CIRR-loans	85.6	101.7
Customer growth	-2%	3%
1Balance at period end.

Year-end Report 2025Page 9 of 34

New long-term borrowing, quarterly

Skr bn

Investors by geographical region

New long-term borrowing,

January-December 2025

Long-term and cost-effective

financing in multiple

currencies

In 2025, SEK continued to secure funding on the international capital markets,

despite geopolitical unrest and occasionally high market volatility. As a result of a

high volume of new lending transactions, coupled with a higher volume of

borrowing maturities, the borrowing requirement in 2025 was higher than in the

previous year. Borrowings with maturities over one year amounted to Skr 93.5

billion in 2025, compared to Skr 52.6 billion in the previous year.

As in previous years, SEK's borrowing was largely based on public issuances in

USD and EUR. SEK also carried out major public transactions in GBP and AUD,

among others. During the fourth quarter, a four-year transaction in USD SOFR was

carried out. Through liquid transactions across several currencies, SEK is able to

satisfy its lending needs while at the same time ensuring stable and cost-effective

financing from a diversified investor base.

In the Swedish market, SEK borrowed Skr 12 billion (2024: Skr 6 billion) during

Skr 93.5 bn

(year-end 2024:

Skr 52.6 bn)

the year, of which Skr 3 billion (2024: Skr 6 billion) consisted of green borrowings.


SEK’s borrowing
Skr bn	Jan-Dec 2025	Jan-Dec 2024
Outstanding senior debt1	304.6	325.0
of which green	27.8	35.0
New long-term borrowing	93.5	52.6
New short-term borrowing	64.3	77.6
Repurchase and redemption of own debt	7.2	7.4
1Balance at period end.

Year-end Report 2025Page 10 of 34

Comments on the consolidated

financial accounts (unaudited)

January-December 2025

Operating profit amounted to Skr 1,491 million (2024: Skr 2,121

million). Net profit amounted to Skr 1,183 million (2024: Skr 1,683

million). The decrease in net profit compared to the previous year

was primarily due to lower net interest income, but also increased

provisions for expected credit losses, presented in net credit losses.

Net interest income

Net interest income amounted to Skr 2,719 million (2024: Skr 3,058

million), representing a decrease of 11 percent compared to the

previous year. A large portion of the decrease is explained by lower

average short-term interest rates in the Swedish krona, with a

stronger Swedish krona also being a contributing factor.

The table below shows average interest-bearing assets and

liabilities.


Skr bn, average	Jan-Dec 2025	Jan-Dec 2024	Change
Total lending portfolio	273.1	283.4	-4%
Liquidity investments	63.6	59.4	7%
Interest-bearing assets	341.2	349.9	-2%
Interest-bearing liabilities	314.8	321.4	-2%

Net results of financial transactions

Net results of financial transactions amounted to Skr 18 million

(2024: Skr -40 million). The results were primarily attributable to

realized value changes.

SEK’s general principle is to hold financial instruments

measured at fair value until maturity. Accordingly, the results of

market value changes tend to net toward zero over time.

Operating expenses

Operating expenses amounted to Skr -778 million (2024: Skr -758

million). The increase of 3 percent compared to the previous year

was primarily attributable to increased personnel expenses, as a

result of new recruitment.

Net credit losses

Net credit losses amounted to Skr -429 million (2024: Skr -93

million). The increase in net credit losses for the year were mainly

attributable to increased provisions for expected credit losses in

stage 2 and stage 3 related to a limited number of exposures. SEK

assesses that the credit quality of its lending portfolio remains high.

During the period, SEK established losses amounting to Skr -100

million attributable to exposures that had previously been mostly

reserved.

Loss allowances as of December 31, 2025 amounted to Skr -807

million compared to Skr -526 million as of December 31, 2024, of

which exposures in stage 3 amounted to Skr -359 million (year-end

2024: Skr -386 million). The provision ratio amounted to 0.23

percent (year-end 2024: 0.15 percent).

Taxes

Tax costs amounted to Skr -309 million (2024: Skr -438 million),

and the effective tax rate amounted to 20.7 percent (2024: 20.7

percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to Skr 10 million

(2024: Skr 367 million). This result was mainly attributable to a

positive result obtained from changes in own credit risk, offset by a

negative result from revaluation of defined benefit plans. The

positive result last year was attributable to changes in own credit

risk and gains from derivatives used in cash flow hedging.

October-December 2025

Operating profit amounted to Skr 33 million (4Q24: Skr 702

million). Net profit amounted to Skr 25 million (4Q24: Skr 556

million). The decrease in net profit for the period was primarily due

to increased provisions for expected credit losses, presented in net

credit losses, and lower net interest income.

Net interest income

Net interest income amounted to Skr 669 million (4Q24: Skr 778

million), representing a decrease of 14 percent compared to the same

period in the previous year. The majority of the decrease is

explained by lower average short-term interest rates in the Swedish

krona.

The table below shows average interest-bearing assets and

liabilities.


Skr bn, average	Oct-Dec 2025	Oct-Dec 2024	Change
Total lending portfolio	267.0	277.9	-4%
Liquidity investments	67.4	67.7	—%
Interest-bearing assets	340.4	350.7	-3%
Interest-bearing liabilities	309.6	325.4	-5%

Net results of financial transactions

Net results of financial transactions amounted to Skr 8 million

(4Q24: Skr 25 million). The results were primarily attributable to

unrealized value changes.

Operating expenses

Operating expenses amounted to Skr -217 million (4Q24: Skr -208

million). The increase of 4 percent compared to the same period in

the previous year was primarily attributable to increased personnel

expenses, as a result of new recruitment.

Net credit losses

Net credit losses amounted to Skr -416 million (4Q24: Skr 119

million). Net credit losses for the period were mainly attributable to

Year-end Report 2025Page 11 of 34

increased provisions for expected credit losses in stage 2 and stage 3

related to a limited number of exposures. SEK assesses that the

credit quality of its lending portfolio remains high.

The positive result for the same period last year was primarily

explained by the fact that an individual exposure was moved from

stage 3 to stage 2 during the period.

Taxes

Tax costs amounted to Skr -8 million (4Q24: Skr -146 million) and

the effective tax rate amounted to 24.4 percent (4Q24: 20.8

percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to Skr -2 million

(4Q24: Skr 193 million). This result was mainly attributable to a

negative result from revaluation of defined benefit plans, offset by a

positive result obtained from changes in own credit risk. The

positive result last year was attributable to changes in own credit

risk and gains from derivatives used in cash flow hedging.

Statement of Financial Position

Total assets and liquidity investments

Total assets decreased by 5 percent compared to year-end 2024, as a

result of a decreased lending portfolio, offset by an increased

volume of liquidity investments. During the year, the Swedish krona

strengthened, including against the U.S. dollar, driving the decrease

in the total lending portfolio.


Skr bn	December 31, 2025	December 31, 2024	Change
Total assets	350.0	368.1	-5%
Liquidity investments	65.0	62.2	4%
Total lending portfolio	262.7	283.4	-7%
of which sustainability classified	56.3	53.4	5%
of which CIRR-loans	85.6	101.7	-16%

Liabilities and equity

As of December 31, 2025, the aggregate volume of available funds

and shareholders’ equity exceeded the aggregate volume of loans

outstanding and committed undisbursed CIRR-loans at all

maturities.

SEK has a credit facility in place with the Swedish National Debt

Office of up to Skr 150 billion. In December 2025, the credit facility

was increased to Skr 175 billion for 2026. The credit facility can be

utilized when the Swedish export industry’s demand for financing is

particularly high.

Capital adequacy

As of December 31, 2025, SEK’s total own funds amounted to Skr

23.1 billion (year-end 2024: Skr 23.4 billion). The total capital ratio

was 23.1 percent (year-end 2024: 22.2 percent), representing a

margin of 7.1 percentage points above SEK’s estimate of Finans

inspektionen’s (the “Swedish FSA”) requirement of 16.0 percent as

of December 31, 2025. The corresponding Common Equity Tier 1

capital estimated requirement was 11.2 percent. Given that SEK’s

own funds are comprised solely of Common Equity Tier 1 capital,

this total capital ratio represents a margin of 11.9 percentage points

above the requirement. Overall, SEK is strongly capitalized.


Percent	December 31, 2025	December 31, 2024
Common Equity Tier 1 capital	23.1	22.2
Tier 1 capital ratio	23.1	22.2
Total capital ratio	23.1	22.2
Leverage ratio	9.5	9.6
Liquidity coverage ratio (LCR)	611	583
Net stable funding ratio (NSFR)	120	129

Rating


	Skr	Foreign currency
Moody’s	Aa1/Stable	Aa1/Stable
Standard & Poor’s	AA+/Stable	AA+/Stable

Dividend

The Board of Directors has resolved to propose the payment of a

dividend of 40 percent of the year’s profit at the company’s annual

general meeting, corresponding to Skr 473 million (dividend 2024:

Skr 1,673 million), which is in line with the company’s dividend

policy of 20-40 percent.

Year-end Report 2025Page 12 of 34

Other events

At SEK’s annual general meeting held on March 25, 2025, Ms.

Hanna Lagercrantz stepped down from her position as a member of

the Board of Directors of SEK (the “Board”), and Mr. Erik Mattsson

was elected as a new member of the Board. Additionally, the Board

passed a resolution at the annual general meeting to adopt the

income statement and balance sheet in the Annual and Sustainability

Report 2024 and to appropriate distributable funds pursuant to the

Board’s proposal. At an extraordinary general meeting on the same

day, the Board also resolved to authorize the distribution of an

extraordinary dividend, amounting to Skr 1,000 million, which

resulted in a total dividend to SEK’s owner, the Swedish State, of

Skr 1,673 million.

In January 2025, Mr. Mattias Hasselbo assumed the position of

Chief Credit Officer (“COO”). SEK’s previous COO, Ms. Teresa

Hamilton Burman, retired in June 2025. Mr. Tobias Hornberger was

recruited to the position of Chief Financial Officer (“CFO”) of SEK

and he took up his position in June 2025.

To further focus on increased client value and growth, SEK

implemented a number of organizational changes within the lending

organization in March 2025. The International Finance function was

restructured and became Global Trade and Export Finance. Mr. Jens

Hedar took on the role as head of this new function. The two

existing functions, “Client Relationship Management” and

“Sustainability,” were combined into a single function where Ms.

Maria Simonson became Head of Client Relationship Management

and Sustainability.

During the second quarter, SEK adjusted its financing strategy

for commercial credit commitments. Previously, SEK secured

funding for all credit commitments, including for committed,

undisbursed credits. The adjustment in the financing strategy means

that funding is secured for all credits on the balance sheet and for at

least the next two years for commercial committed, undisbursed

credits. The financing strategy for the CIRR-system is unchanged.

During the fourth quarter, SEK's Board of Directors decided on

new financial targets. SEK's capital target for the total capital ratio

was adjusted, and the upper limit for the margin against the Swedish

FSA's requirements was increased from 4 to 7 percentage points.

The capital target for the Common Equity Tier 1 capital ratio was

left unchanged. The company's profitability target and dividend

policy were also left unchanged.

In February 2025, the European Commission published an

“Omnibus” package intended to simplify sustainability reporting

requirements. The package included two proposals referred to as the

“stop the clock” and “content” proposals. The “stop the clock”

proposal was approved by EU in April 2025 and was transposed into

Swedish law in December 2025. SEK’s reporting requirements

pursuant to the CSRD is postponed by two years until financial year

2027 as a result of this proposal. In December 2025, the EU-

Parliament adopted a provisional agreement related to the "content"

proposal, and the Council has also indicated that it would approve

the agreement following the EU-Parliament’s approval. The

proposal includes, among other things, a change in scope where an

entity’s reporting obligation will primarily depend on whether it has

more than 1,000 employees. The “content” proposal, would, if

implemented, remove SEK from the scope of entities subject to

CSRD in 2027.

During 2025, the Swedish central bank (Riksbanken) decided

that Swedish banks and other credit institutions shall hold interest-

free deposits (deposit requirement) in accounts with the Riksbank.

The purpose of the interest-free deposit is to contribute to the

Riksbank’s ability to fund itself. Institutions shall hold a certain

share of their deposit base as interest-free deposits at the Riksbank.

Deposit base for these purposes consists of the institutions’

borrowing from credit institutions and issued debt instruments, with

some exceptions. The share shall be the same for all institutions so

that they contribute to the Riksbank’s financing in proportion to the

institutions’ deposit base. Each year, the Riksbank will decide

whether to apply a deposit requirement and, if so, how large the

requirement should be. The institutions cannot freely dispose of the

funds in the deposit account. SEK presents the deposit requirement

amount in the balance sheet as loans to credit institutions. The

difference between the nominal value of the deposit requirement and

its net present value is treated as a regulatory fee to Riksbanken. The

fee is included in net interest income in line with how SEK presents

other regulatory fees, see Note 2.

Year-end Report 2025Page 13 of 34

The macro environment

In the third quarter of 2025, Sweden’s GDP increased by 1.1 percent

quarter-on-quarter. Exports increased by 1.8 percent.

Unemployment amounted to 9.1 percent at the end of November

2025, which represented an increase compared to the end of August

2025. The rate of inflation in November 2025 was 2.3 percent,

which represented a decrease from August.

In December 2025, the Riksbank announced that the policy rate

would be left unchanged at 1.75 percent.

SEK believes that, compared with normal conditions, the risk

level with respect to external factors with a potentially negative

impact on the Company remains high as a result of ongoing armed

conflicts and geopolitical tensions, which can negatively affect

supply chains and create volatility in the financial markets. The

major trade tariffs that the United States has imposed, or threatened

to impose, on large parts of the world also contribute to the

uncertainty in the financial markets. Although several agreements

have been negotiated, reducing uncertainty to some extent, ongoing

ambiguities in their interpretation, along with frequent new tariff

announcements, mean that a degree of uncertainty persists.

Russia’s war in Ukraine has little direct financial impact on SEK.

The Company has a gross exposure of EUR 3.3 million to one

Russian counterparty, where the risk is 100 percent covered, and the

exposure dates back to prior to the war breaking out. SEK has no

exposure to Ukraine or Belarus. Nevertheless, the high level of

uncertainty caused by Russia’s war in Ukraine, including recent

Russian air violations of NATO countries, sabotage and

cybersecurity incidents, and by other ongoing military conflicts,

including in the Middle East and South America, could have a more

long-term effect on SEK’s customers and, consequently, on SEK.

The uncertainty concerning the United States’ future commitment to

Europe and NATO and its support for Ukraine adds to the difficulty

of predicting the future.

The above mentioned threats, and the imposition of trade tariffs

and other trade barriers by state actors, are reasonably likely to have

a negative effect on international trade and are likely to lead to

increased inflation, lower growth and thus potentially reduced

demand for lending by SEK. At the other end of the scale, SEK

believes there is a need for comprehensive infrastructure, energy and

defense investments in Europe, which can create significant business

opportunities for SEK.

SEK believes that information security threats, particularly in

relation to cybersecurity, have increased and remain more acute than

before as a consequence of Sweden’s membership in NATO and its

support for Ukraine.

Risk factors

SEK’s operations are exposed to various types of risks, including

primarily credit risks, but also market, liquidity, refinancing,

operational and sustainability risks. For a more detailed description

of these risks, refer to the separate risk report Capital Adequacy and

Risk Management Report (Pillar 3) 2024 and Note 29 to the annual

financial statements included in SEK’s 2024 Annual Report on

Form 20-F, as well as the “Risk Factors” section in SEK’s 2024

Annual Report on Form 20-F.

Year-end Report 2025Page 14 of 34

Financial targets


Profitability target	A return on equity after tax of at least 5 percent over time.
Dividend policy	Payment of an ordinary dividend of 20-40 percent of the profit for the year.
Capital target	SEK’s total capital ratio is to exceed the Swedish FSA’s requirement by 2 to 7 percentage points and SEK’s Common Equity Tier 1 capital ratio is to exceed the Swedish FSA’s requirement by at least 4 percentage points. Currently, the capital targets mean that the total capital ratio should amount to 18.0-23.0 percent and the Common Equity Tier 1 capital ratio should amount to 15.2 percent, based on SEK’s estimation of the Swedish FSA’s requirements as of December 31, 2025.

Key performance indicators (unaudited)


Skr mn (if not otherwise indicated)	Oct-Dec 2025	Jul-Sep 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Total lending portfolio1	262,712	271,194	283,408	262,712	283,408
of which green	43,209	43,136	37,422	43,209	37,422
of which social	2,201	2,134	2,228	2,201	2,228
of which sustainability-linked	10,878	10,778	13,712	10,878	13,712
Loans, outstanding and undisbursed1	344,336	346,563	340,295	344,336	340,295
New credit and guarantee commitments	28,481	40,313	22,174	125,832	90,334
of which to Swedish exporters	5,000	8,985	10,561	45,063	40,663
of which to exporters´ customers	23,481	31,328	11,613	80,769	49,671

Customer growth	-1%	—%	2%	-2%	3%

Outstanding senior debt1	304,633	314,504	324,995	304,633	324,995
of which green	27,784	27,213	34,990	27,784	34,990
New long-term borrowings	9,307	21,793	8,131	93,531	52,552
New short-term borrowings	19,180	3,701	7,337	64,328	77,561

After-tax return on equity	0.4%	7.1%	9.2%	4.9%	7.1%
Proposed/actual dividend	—	—	—	473	1,673

Common Equity Tier 1 capital1	23.1	23.2	22.2	23.1	22.2
Tier 1 capital ratio1	23.1	23.2	22.2	23.1	22.2
Total capital ratio1	23.1	23.2	22.2	23.1	22.2
Leverage ratio	9.5%	9.1%	9.6%	9.5%	9.6%
Liquidity coverage ratio (LCR)	611%	924%	583%	611%	583%
Net stable funding ratio (NSFR)	120%	121%	129%	120%	129%
Risk exposure amount1	99,912	99,484	105,466	99,912	105,466
1 Balance at period end

See definitions on page 33.

Year-end Report 2025Page 15 of 34

Condensed Consolidated Statement

of Comprehensive Income (unaudited)


Skr mn	Note	Oct-Dec 2025	Jul-Sep 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Interest income		3,329	3,536	4,382	14,117	19,315
Interest expenses		-2,660	-2,858	-3,604	-11,398	-16,257
Net interest income	2	669	678	778	2,719	3,058

Net fee and commission income/expense		-11	-4	-12	-39	-46
Net results of financial transactions	3	8	6	25	18	-40
Total operating income		666	680	791	2,699	2,972

Personnel expenses		-129	-103	-112	-475	-445
Other administrative expenses		-68	-56	-61	-239	-229
Depreciations and impairment of non-financial assets		-20	-15	-35	-64	-84
Total operating expenses		-217	-174	-208	-778	-758

Operating profit before credit losses		449	506	583	1,921	2,214

Net credit losses	4	-416	25	119	-429	-93
Operating profit		33	531	702	1,491	2,121

Tax expenses		-8	-110	-146	-309	-438
Net profit1		25	421	556	1,183	1,683

Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges		—	—	7	3	56
Tax on items to be reclassified to profit or loss		—	—	-2	0	-12
Net items to be reclassified to profit or loss		—	—	5	3	44
Items not to be reclassified to profit or loss
Own credit risk		7	-46	197	17	320
Revaluation of defined benefit plans		-9	0	-11	-10	-9
Tax on items not to be reclassified to profit or loss		0	10	-38	-1	-64
Net items not to be reclassified to profit or loss		-2	-36	148	6	247
Total other comprehensive income		-2	-36	153	9	291
Total comprehensive income1		23	385	709	1,192	1,974
Skr
Basic and diluted earnings per share2		6	105	140	296	422

1 The entire profit is attributable to the shareholder of the Parent Company.

2 Net profit divided by average number of shares, which amounts to 3,990,000 for each period.

Year-end Report 2025Page 16 of 34

Consolidated Statement of Financial Position

(unaudited)


Skr mn	Note	December 31, 2025	December 31, 2024
Assets
Cash and cash equivalents	5	7,259	5,219
Treasuries/government bonds	5	13,419	4,150
Other interest-bearing securities except loans	5	43,237	52,843
Loans in the form of interest-bearing securities	4, 5	47,485	48,726
Loans to credit institutions	4, 5	22,939	13,529
Loans to the public	4, 5	200,216	224,354
Derivatives	5, 6	6,721	10,643
Shares		—	20
Tangible and intangible assets		158	178
Deferred tax asset		0	1
Other assets		754	286
Prepaid expenses and accrued revenues		7,775	8,145
Total assets		349,964	368,094

Liabilities and equity
Borrowing from credit institutions	5, 7	4,410	8,607
Debt securities issued	5, 7	300,222	316,388
Derivatives	5, 6	8,988	5,227
Other liabilities		3,664	4,490
Accrued expenses and prepaid revenues		8,581	8,798
Provisions		10	12
Total liabilities		325,875	343,522

Share capital		3,990	3,990
Reserves		212	204
Retained earnings		19,887	20,378
Total equity		24,089	24,572

Total liabilities and equity		349,964	368,094

Year-end Report 2025Page 17 of 34

Condensed Consolidated Statement

of Changes in Equity (unaudited)


			Reserves
Skr mn	Equity	Share capital	Hedge reserve	Own credit risk	Defined benefit plans	Retained earnings
Opening balance of equity January 1, 2024	22,846	3,990	-47	-41	1	18,943
Net profit Jan-Dec 2024	1,683	—	—	—	—	1,683
Other comprehensive income Jan-Dec 2024	291	—	44	254	-7	—
Total comprehensive income Jan-Dec 2024	1,974	—	44	254	-7	1,683
Dividend	-248	—	0	0	0	-248
Closing balance of equity December 31, 2024	24,572	3,990	-3	213	-6	20,378

Opening balance of equity January 1, 2025	24,572	3,990	-3	213	-6	20,378
Net profit Jan-Dec 2025	1,183	—	—	—	—	1,183
Other comprehensive income Jan-Dec 2025	9	—	3	13	-8	—
Total comprehensive income Jan-Dec 2025	1,192	—	3	13	-8	1,183
Dividend	-1,673	—	—	—	—	-1,673
Closing balance of equity December 31, 2025	24,089	3,990	—	226	-14	19,887
1 The entire equity is attributable to the shareholder of the Parent Company.

Year-end Report 2025Page 18 of 34

Condensed Statement of Cash Flows

in the Consolidated Group (unaudited)


Skr mn	Jan-Dec 2025	Jan-Dec 2024
Operating activities
Operating profit	1,491	2,121
Adjustments for non-cash items in operating profit	1,053	542
Income tax paid	-606	-601
Changes in assets and liabilities from operating activities	-592	-41
Cash flow from operating activities	-7,875	20,078

Investing activities
Capital expenditures	-45	-17
Cash flow from investing activities	-45	-17

Financing activities
Change in senior debt	19,544	-17,757
Derivatives, net	-7,249	-660
Dividend, paid	-1,673	-248
Payment of lease liability	-29	-28
Cash flow from financing activities	10,593	-18,693

Cash flow for the period	2,673	1,368

Cash and cash equivalents at beginning of the period	5,219	3,482
Cash flow for the period	2,673	1,368
Exchange-rate differences on cash and cash equivalents	-633	369
Cash and cash equivalents at end of the period1	7,259	5,219

1 Cash and cash equivalents include, in this context, cash at banks that can be immediately converted into cash and short-term deposits

for which the time to maturity does not exceed three months from trade date.

Year-end Report 2025Page 19 of 34

Notes


Note 1. Accounting policies	19
Note 2. Net interest income	20
Note 3. Net results of financial transactions	20
Note 4. Impairments	21
Note 5. Financial assets and liabilities at fair value	22
Note 6. Derivatives	25
Note 7. Debt	25
Note 8. CIRR-system	25
Note 9. Pledged assets and contingent liabilities	26
Note 10. Capital adequacy and liquidity situation	27
Note 11. Exposures	30
Note 12. Transactions with related parties	31
Note 13. Events after the reporting period	31

References to “SEK” or the “Parent Company” are to AB Svensk Exportkredit. References to “Consolidated Group” are to SEK and its

consolidated subsidiary. All figures relate to the Consolidated Group, unless otherwise indicated. All amounts are in Skr million, unless

otherwise indicated. Amounts presented in the report have been rounded independently. Accordingly, totals may not equal the sum of

individual amounts.

Note 1. Accounting policies

This condensed year-end report is presented in accordance with

International Accounting Standard (IAS) 34, Interim Financial

Reporting. The Consolidated Group’s consolidated accounts have

been prepared in accordance with the International Financial

Reporting Standards (IFRS) as issued by the International

Accounting Standards Board (IASB), together with the

interpretations from IFRS Interpretations Committee (IFRS IC). The

IFRS standards applied by SEK are all endorsed by the European

Union (EU). The accounting also follows the additional standards

imposed by the Annual Accounts Act for Credit Institutions and

Securities Companies (1995:1559) (ÅRKL) and the regulation and

general guidelines issued by Finansinspektionen (the Swedish FSA),

“Annual Reports in Credit Institutions and Securities

Companies” (FFFS 2008:25). In addition to this, the supplementary

accounting rules for groups (RFR 1) issued by the Swedish

Financial Reporting Board have been applied. SEK also follows the

state’s principles for external reporting in accordance with its State

Ownership Policy and principles for state-owned enterprises.

(a) Changes to accounting policies and presentation

SEK analyzes and assesses the application and impact of changes

in financial reporting standards that are applied within the Group.

Changes that are not mentioned are either not applicable to SEK

or have been determined to not have a material impact on SEK’s

financial reporting.

The accounting policies, methods of computation and presentation

of the Consolidated Group are, in all material aspects, the same as

those used for the 2024 annual financial statements included in

SEK’s 2024 Annual Report on Form 20-F.

(i) New and amended standards and interpretations applicable for 2025

There are no new or amended IFRS or IFRS Interpretations

Committee interpretations applicable for 2025 that have had a

material impact on SEK’s financial statements, capital adequacy or

large exposure ratios.

(ii) Standards issued but not yet effective

In May 2024, IASB issued amendments to IFRS 9 and IFRS 7,

which clarify that a financial liability is derecognized on the

‘settlement date’. It also introduces an accounting policy option to

derecognize financial liabilities that are settled through an electronic

payment system before settlement date if certain conditions are met.

The amendments clarify how to assess the contractual cash flow

characteristics of financial assets that include environmental, social

and governance (ESG)-linked features and other similar contingent

features as well as the treatment of non-recourse assets and

contractually linked instruments. Additional disclosures will be

needed in line with IFRS 7 for financial assets and liabilities with

contractual terms that reference a contingent event (including those

that are ESG-linked), and equity instruments classified at fair value

through other comprehensive income. The amendments are effective

for reporting periods beginning on or after 1 January 2026 and have

not had any effect on the primary financial statements.

In April 2024, the IASB issued IFRS 18, which replaces IAS 1

Presentation of Financial Statements. IFRS 18 introduces new

requirements for presentation within the statement of profit or loss,

including specified totals and subtotals. Furthermore, entities are

required to classify all income and expenses within the statement of

profit or loss into one of five categories: operating, investing,

financing, income taxes and discontinued operations, whereof the

first three are new. It also requires disclosure of new management-

defined performance measures, subtotals of income and expenses,

and includes new requirements for aggregation and disaggregation

of financial information based on the identified ‘roles’ of the

primary financial statements (PFS) and the notes. IFRS 18 is

effective for reporting periods beginning on or after 1 January 2027,

but earlier application is permitted and must be disclosed. IFRS 18

will apply retrospectively. As IFRS 18 will not change any

recognition and measurement, it is not expected to have any

significant impact on SEK’s financial reporting.

Year-end Report 2025Page 20 of 34

Note 2. Net interest income


Skr mn	Oct-Dec 2025	Jul-Sep 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Interest income
Loans to credit institutions	268	268	211	1,005	921
Loans to the public	1,935	2,003	2,354	8,003	9,835
Loans in the form of interest-bearing securities	487	521	541	1,948	2,351
Interest-bearing securities excluding loans in the form of interest-bearing securities	483	502	536	1,926	2,561
Derivatives	99	183	680	982	3,381
Administrative remuneration CIRR-system	55	57	51	243	240
Other assets	2	2	9	11	26
Total interest income1	3,329	3,536	4,382	14,117	19,315

Interest expenses
Interest expenses	-2,602	-2,780	-3,543	-11,154	-16,011
Resolution fee2	-23	-23	-26	-83	-105
Risk tax	-35	-36	-35	-142	-141
Other regulatory fees	0	-19	0	-19	0
Total interest expenses	-2,660	-2,858	-3,604	-11,398	-16,257
Net interest income	669	678	778	2,719	3,058
1 Interest income calculated using the effective interest method amounted to Skr 11,086 million during January-December 2025 (2024: Skr 13,625 million). 2 The amount stated for the period January-December 2025 includes a refund of Skr 9.5 million from the Swedish National Debt Office regarding the charged resolution fee for financial year 2023.

Note 3. Net results of financial transactions


Skr mn	Oct-Dec 2025	Jul-Sep 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Derecognition of financial instruments not measured at fair value through profit or loss	0	1	1	3	5
Financial assets or liabilities at fair value through profit or loss	23	32	44	52	-5
Financial instruments under fair value hedge accounting	-18	-29	-20	-43	-35
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	3	2	0	7	-5
Total net results of financial transactions	8	6	25	18	-40

Year-end Report 2025Page 21 of 34

Note 4. Impairments


Skr mn	Oct-Dec 2025	Jul-Sep 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Expected credit losses, stage 1	-8	18	4	-19	116
Expected credit losses, stage 2	-299	11	-85	-293	-24
Expected credit losses, stage 3	-110	-4	210	-112	-178
Established credit losses	0	—	-288	-100	-404
Reserves applied to cover established credit losses	1	—	277	94	393
Recovered credit losses	0	0	1	1	4
Net credit losses	-416	25	119	-429	-93


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Loans, before expected credit losses	222,137	35,421	5,960	263,517	283,931
Off-balance sheet exposures, before expected credit losses	76,138	15,382	0	91,520	66,315
Total, before expected credit losses	298,275	50,803	5,960	355,038	350,246
Loss allowance, loans	-68	-378	-359	-805	-523
Loss allowance, off-balance sheet exposures1	-2	0	0	-2	-3
Total loss allowance	-69	-378	-359	-807	-526
Provision ratio (in percent)	0.02	0.74	6.03	0.23	0.15
1 Recognized under provision in Consolidated Statement of Financial Position. Off-balance sheet exposures consist of guarantee commitments and committed undisbursed loans, see Note 9.

The table above shows the book value of loans and nominal amounts

for off-balance sheet exposures before expected credit losses for

each stage as well as related loss allowance amounts, in order to

place expected credit losses in relation to credit exposures. Overall,

the credit portfolio has a high credit quality and SEK often uses risk

mitigation measures, primarily through guarantees from the Swedish

Export Credit Agency (EKN) and other government export credit

agencies in the Organisation for Economic Co-operation and

Development (OECD), which explains the low provision ratio.

Loss Allowance


	December 31, 2025				December 31, 2024
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Opening balance January 1	-54	-86	-386	-526	-795
Increases due to origination and acquisition	-34	-280	-29	-343	-20
Net remeasurement of loss allowance	0	16	-81	-65	60
Transfer to stage 1	0	0	—	0	3
Transfer to stage 2	2	-31	0	-29	-189
Transfer to stage 3	0	—	-76	-75	-95
Decreases due to derecognition	13	1	73	88	155
Decreases in allowance account due to write-offs	—	—	94	94	393
Exchange-rate differences1	3	1	45	50	-38
Closing balance	-69	-378	-359	-807	-526
1 Recognized under net results of financial transactions in Statement of Comprehensive Income.

Provisions for expected credit losses (ECLs) are calculated using

quantitative models based on inputs, assumptions and methods that

are highly reliant on assessments. In particular, the following could

heavily impact the level of provisions: the establishment of a

material increase in credit risk, allowing for forward-looking

macroeconomic scenarios, and the measurement of both ECLs over

the next 12 months and lifetime ECLs. ECLs are based on objective

assessments of what SEK expects to lose on the exposures given

what was known on the reporting date and taking into account

possible future events. The ECL is a probability-weighted amount

that is determined by evaluating the outcome of several possible

scenarios and where the data taken into consideration comprises

information from previous conditions, current conditions and

projections of future economic conditions. SEK’s method entails

three scenarios being prepared for each probability of default curve:

a base scenario, a downturn scenario, and an upturn scenario, where

the scenarios are expressed in a business cycle parameter. The

business cycle parameter reflects the general risk of default in each

geographic segment. The business cycle parameter follows a

standard normal distribution where zero indicates a neutral economy

as the economy has been on average, historically. The business

cycle parameters for the base scenario are between 0.1 and 1.1 for

the various probability of default (PD) segments. The base scenarios

have been weighted at between 60 and 80 percent, the downturn

scenarios have been weighted at 20 percent, and the upturn scenarios

have been weighted at between 0 and 20 percent between the

different PD-segments.

Year-end Report 2025Page 22 of 34

Note 5. Financial assets and liabilities at fair value


Skr mn	December 31, 2025
Skr mn	Book value	Fair value	Surplus value (+)/ Deficit value (-)
Cash and cash equivalents	7,259	7,259	—
Treasuries/governments bonds	13,419	13,419	—
Other interest-bearing securities except loans	43,237	43,237	—
Loans in the form of interest-bearing securities	47,485	48,748	1,263
Loans to credit institutions	22,939	23,304	365
Loans to the public	200,216	200,566	350
Derivatives	6,721	6,721	—
Shares	—	—	—
Total financial assets	341,277	343,254	1,977

Borrowing from credit institutions	4,410	4,410	—
Debt securities issued	300,222	300,906	684
Derivatives	8,988	8,988	—
Total financial liabilities	313,620	314,304	684


Skr mn	December 31, 2024
Skr mn	Book value	Fair value	Surplus value (+)/ Deficit value (-)
Cash and cash equivalents	5,219	5,219	—
Treasuries/governments bonds	4,150	4,150	—
Other interest-bearing securities except loans	52,843	52,843	—
Loans in the form of interest-bearing securities	48,726	49,951	1,225
Loans to credit institutions	13,529	13,863	334
Loans to the public	224,354	223,945	-409
Derivatives	10,643	10,643	—
Shares	20	20	—
Total financial assets	359,484	360,634	1,150

Borrowing from credit institutions	8,607	8,607	—
Debt securities issued	316,388	316,375	-13
Derivatives	5,227	5,227	—
Total financial liabilities	330,222	330,209	-13

Determination of fair value

The determination of fair value is described in the annual financial

statements included in SEK’s 2024 Annual Report on Form 20-F,

see Note 1 (f) (vii) Principles for determination of fair value of

financial instruments and (viii) Determination of fair value of certain

types of financial instruments.

Year-end Report 2025Page 23 of 34

Financial assets in fair value hierarchy


	Financial assets at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	1,031	12,388	—	13,419
Other interest-bearing securities except loans	21,184	22,053	—	43,237
Derivatives	—	6,720	1	6,721
Shares	—	—	—	—
Total December 31, 2025	22,215	41,161	1	63,377
Total December 31, 2024	22,648	44,969	39	67,656

Financial liabilities in fair value hierarchy


	Financial liabilities at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	14,262	2,598	16,860
Derivatives	—	7,924	1,064	8,988
Total December 31, 2025	—	22,186	3,662	25,848
Total December 31, 2024	—	18,193	4,942	23,135

There were no transfers during the period (year-end 2024: no transfers during the period).

Financial assets and liabilities at fair value in Level 3, 2025


Skr mn	January 1, 2025	Purchases	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (-) through profit or loss1	Gains (+) and losses (-) in other comprehensive income	Exchange rate differences	December 31, 2025
Debt securities issued	-3,452	—	414	—	—	-32	-22	494	-2,598
Derivatives, net	-1,451	—	174	—	—	22	—	192	-1,063
Net assets and liabilities	-4,903	—	588	—	—	-10	-22	686	-3,661

Financial assets and liabilities at fair value in Level 3, 2024


Skr mn	January 1, 2024	Purchases	Settlements & sales	Transfers to Level 3	Transfers from Level 3	Gains (+) and losses (-) through profit or loss1	Gains (+) and losses (-) in other comprehensive income	Exchange rate differences	December 31, 2024
Debt securities issued	-8,271	—	4,870	—	—	-81	3	27	-3,452
Derivatives, net	-2,279	—	1,176	—	—	92	—	-440	-1,451
Net assets and liabilities	-10,550	—	6,046	—	—	11	3	-413	-4,903
1 Gains and losses through profit or loss, including the impact of exchange rates, is reported as net interest income and net results of financial transactions. The unrealized fair value changes for assets and liabilities, including the impact of exchange rates, held as of December 31, 2025, amounted to a Skr -10 million loss (year end 2024: Skr 1 million gain) and are reported as net results of financial transactions.

Uncertainty of valuation of Level 3 instruments

As the estimation of parameters included in the models used to

calculate the market value of Level 3 instruments is associated with

subjectivity and uncertainty, SEK has conducted an analysis of the

difference in fair value of Level 3 instruments using other

established parameter values. Option models and discounted cash

flows are used to value the Level 3 instruments. For the Level 3

instruments that are significantly affected by different types of

correlations, which are not based on observable market data, a

revaluation has been made by shifting the correlations. The

correlation is expressed as a value between 1 and –1, where 0

indicates no relationship, 1 indicates a maximum positive

relationship and -1 indicates a maximum negative relationship. The

maximum correlation in the range of unobservable inputs can thus

be from 1 to –1. In the analysis, the correlations have been adjusted

by +/– 0.12, which represents the level SEK uses within its

prudent valuation framework. For Level 3 instruments that are

significantly affected by non-observable market data in the form of

SEK’s own creditworthiness, a revaluation has been made by

shifting the credit curve. The revaluation is made by shifting the

credit spreads by +/– 10 basis points, which has been assessed as a

reasonable change in SEK’s credit spread. The analysis shows the

impact of the non-observable market data on the market value. In

addition, the market value will be affected by observable market

data. The result of the analysis corresponds with SEK’s business

model where issued securities are linked with a matched hedging

derivative. The underlying market data is used to evaluate the issued

security as well as to evaluate the fair value in the derivative. This

means that a change in fair value of the issued security, excluding

SEK’s own credit spread, is offset by an equally large change in fair

value in the derivative.

Year-end Report 2025Page 24 of 34

Sensitivity analysis – level 3 assets and liabilities


Assets and liabilities	December 31, 2025
Skr mn	Fair Value	Unobservable input	Range of estimates for unobservable input	Valuation method	Sensitivity max	Sensitivity min
Equity	0	Correlation	0.12 - (0.12)	Option Model	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
FX	-957	Correlation	0.12 - (0.12)	Option Model	-17	17
Other	-106	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-1,063				-17	17
Equity	0	Correlation	0.12 - (0.12)	Option Model	0	0
	0	Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Interest rate	0	Correlation	0.12 - (0.12)	Option Model	0	0
	0	Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
FX	-2,501	Correlation	0.12 - (0.12)	Option Model	17	-17
	0	Credit spreads	10BP - (10BP)	Discounted cash flow	10	-10
Other	-97	Correlation	0.12 - (0.12)	Option Model	0	0
	0	Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Sum debt securities issued	-2,598				27	-27
Total effect on total comprehensive income					10	-10
Derivatives, net, December 31, 2024	-1,451				-18	18
Debt securities issued, December 31, 2024	-3,452				34	-34
Total effect on total comprehensive income, December 31, 2024					16	-16

The sensitivity analysis shows the effect that a shift in correlations

or SEK’s own credit spread has on Level 3 instruments. The table

presents maximum positive and negative change in fair value when

correlations or SEK’s own credit spread is shifted by +/– 0.12 and

+/– 10 basis points, respectively. When determining the total

maximum/minimum effect on total comprehensive income the most

adverse/favorable shift is chosen, considering the net exposure

arising from the issued securities and the derivatives, for each

correlation

Fair value related to credit risk


	Fair value originating from credit risk (- liabilities increase/ + liabilities decrease)		The period’s change in fair value originating from credit risk (+ income/- loss)
Skr mn	December 31, 2025	December 31, 2024	Jan-Dec 2025	Jan-Dec 2024
CVA/DVA, net1	-11	-17	6	22
OCA2	282	265	17	320
1 Credit value adjustment (CVA) and Debt value adjustment (DVA) reflects how the counterparties’ credit risk as well as SEK’s own credit rating affects the fair value of derivatives. 2 Own credit adjustment (OCA) reflects how the changes in SEK’s credit rating affect the fair value of financial liabilities measured at fair value through profit and loss.

Year-end Report 2025Page 25 of 34

Note 6. Derivatives

Derivatives by category


	December 31, 2025			December 31, 2024
Skr mn	Assets Fair value	Liabilities Fair value	Nominal amounts	Assets Fair value	Liabilities Fair value	Nominal amounts
Interest rate-related contracts	4,624	1,332	510,865	5,066	919	531,122
Currency-related contracts	2,097	7,550	137,052	5,577	4,120	154,836
Equity-related contracts	—	—	—	—	70	90
Contracts related to commodities, credit risk, etc.	—	105	2,890	—	118	4,648
Total derivatives	6,721	8,988	650,807	10,643	5,227	690,696

In accordance with SEK’s policies with regard to counterparty,

interest rate, currency exchange, and other exposures, SEK uses, and

is a party to, different kinds of derivative instruments, mostly

various interest rate-related and currency exchange-related contracts,

primarily to hedge risk exposure inherent in financial assets and

liabilities. These contracts are carried at fair value in the statements

of financial position on a contract-by-contract basis.

Note 7. Debt

Debt by category


Skr mn	December 31, 2025	December 31, 2024
Currency-related contracts	3,777	4,802
Interest rate-related contracts	300,759	320,014
Equity-related contracts	—	54
Contracts related to commodities, credit risk, etc.	97	125
Total debt	304,633	324,995
of which denominated in:
Skr	24,599	22,509
USD	166,687	203,141
EUR	84,653	67,070
AUD	12,119	10,281
GBP	7,899	10,238
CHF	4,188	4,461
Other currencies	4,487	7,295

The information is disclosed in accordance with FFFS 2014:21.

Note 8. CIRR-system

Pursuant to the company’s assignment as stated in its owner

instruction issued by the Swedish government, SEK administers

credit granting in the Swedish system for officially supported export

credits (CIRR-system). SEK receives compensation from the

Swedish government in the form of an administrative compensation,

which is calculated based on the principal amount outstanding. The

administrative compensation paid by the state to SEK is recognized

in the CIRR-system as administrative remuneration to SEK. Refer to

the following tables of the statement of comprehensive income and

statement of financial positions for the CIRR-system, presented as

reported to the owner. Interest expenses include interest expenses

for loans between SEK and the CIRR-system which reflects the

borrowing cost for the CIRR-system. Interest expenses for

derivatives hedging CIRR-loans are also recognized as interest

expenses, which differs from SEK’s accounting principles.

Arrangement fees to SEK are recognized together with other

arrangement fees as interest expenses. In addition to the CIRR-

system, SEK administers the Swedish government’s previous

concessionary credit program according to the same principles as the

CIRR-system. No new lending is being offered under the

concessionary credit program. As of December 31, 2025, there were

no concessionary loans outstanding (year-end 2024: Skr 64 million)

and operating profit for the program amounted to Skr -1 million

(2024: Skr -7 million) for the period January-December 2025.

SEK’s administrative compensation for administrating the

concessionary credit program amounted to Skr 0 million (2024: Skr

0 million).

Year-end Report 2025Page 26 of 34

Statement of Comprehensive Income for the CIRR-system


Skr mn	Oct-Dec 2025	Jul-Sep 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Interest income	510	526	571	2,139	2,302
Interest expenses	-570	-595	-538	-2,346	-2,070
Interest compensation	0	0	0	0	0
Foreign exchange effects	0	0	1	2	1
Profit before compensation to SEK	-61	-69	34	-205	233
Administrative remuneration to SEK	-55	-57	-51	-243	-240
Operating profit CIRR-system	-116	-126	-17	-448	-7
Reimbursement to (-) / from (+) the State	116	126	17	448	7

Statement of Financial Position for the CIRR-system


Skr mn	December 31, 2025	December 31, 2024
Cash and cash equivalents	0	0
Loans	85,643	101,657
Derivatives	3,231	3,939
Other assets	629	217
Prepaid expenses and accrued revenues	1,772	1,817
Total assets	91,275	107,630
Liabilities	89,590	106,093
Derivatives	194	266
Accrued expenses and prepaid revenues	1,490	1,271
Total liabilities	91,275	107,630
Commitments
Committed undisbursed loans	37,286	42,007

Note 9. Pledged assets and contingent liabilities


Skr mn	December 31, 2025	December 31, 2024
Collateral provided
Cash collateral under the security agreements for derivative contracts	6,858	3,201
Contingent liabilities1
Guarantee commitments	9,896	9,428
Commitments1
Committed undisbursed loans	81,624	56,887
1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4.

Year-end Report 2025Page 27 of 34

Note 10. Capital adequacy and liquidity situation

The capital adequacy analysis relates to the parent company AB Svensk Exportkredit. The information is disclosed according to FFFS

2014:12, FFFS 2008:25 and FFFS 2010:7. For further information on capital adequacy and risks,see Note 29 to the annual financial

statements included in SEK’s 2024 Annual Report on Form 20-F and see SEK’s Capital Adequacy and Risk Management (Pillar 3) Report

2024.

Capital Adequacy Analysis


	December 31, 2025	December 31, 2024
Capital adequacy	percent1	percent1
Common Equity Tier 1 capital ratio	23.1	22.2
Tier 1 capital ratio	23.1	22.2
Total capital ratio	23.1	22.2
1 Capital ratios exclusive of buffer requirements are the quotients of the relevant capital measure and the total risk exposure amount. See tables Own funds – adjusting items and Minimum capital requirements exclusive of buffer.


	December 31, 2025		December 31, 2024
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	7,993	8.0	8,437	8.0
of which Tier 1 requirement of 6 percent	5,995	6.0	6,328	6.0
of which minimum requirement of 4.5 percent	4,496	4.5	4,746	4.5
Pillar 2 capital requirements3	3,007	3.0	3,871	3.7
Common Equity Tier 1 capital available to meet buffer requirements4	12,123	12.1	11,106	10.5
Capital buffer requirements	4,072	4.1	4,317	4.1
of which Capital conservation buffer	2,498	2.5	2,637	2.5
of which Countercyclical buffer	1,574	1.6	1,680	1.6
Pillar 2 guidance5	999	1.0	1,582	1.5
Total risk-based capital requirement including Pillar 2 guidance	16,071	16.1	18,207	17.3
1 Expressed as a percentage of total risk exposure amount. 2 The minimum requirements according to CRR (Regulation (EU) No 575/2013 of the European Parliament and of the Council of June 26, 2013, on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012). 3 Individual Pillar 2 requirement of 3.01 percent calculated on the total risk exposure amount, according to the decision from the latest Swedish FSA Supervisory Review and Evaluation Process (“SREP”) on September 30, 2025. 4 Common Equity Tier 1 capital available to meet buffer requirement after 8 percent minimum capital requirement (SEK covers all minimum requirements with CET1 capital, that is 4.5 percent, 1.5 percent and 2 percent) and after the Pillar 2 requirements (3.01 percent). 5 The Swedish FSA notified SEK on September 30, 2025, within the latest SREP, that in addition to the capital requirements according to Regulation (EU) no 575/2013 on prudential requirements, SEK should hold additional capital (Pillar 2 guidance) of 1.00 percent of the total risk-weighted exposure amount. The Pillar 2 guidance is not a binding requirement.


	December 31, 2025	December 31, 2024
Leverage ratio1	Skr mn	Skr mn
On-balance sheet exposures	236,953	234,139
Off-balance sheet exposures	7,161	8,775
Total exposure measure	244,114	242,914
Leverage ratio2	9.5%	9.6%
1 The leverage ratio reflects the full impact of IFRS 9 as no transitional rules were utilized. 2 Defined by CRR as the quotient of the Tier 1 capital and an exposure measure.


	December 31, 2025		December 31, 2024
Total Leverage ratio requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	7,323	3.0	7,288	3.0
Pillar 2 guidance2	366	0.2	365	0.2
Total capital requirement relating to Leverage ratio including Pillar 2 guidance	7,689	3.2	7,653	3.2
1 Expressed as a percentage of total exposure amount. 2 The Swedish FSA has on September 30, 2025, notified SEK, within the latest SREP, that SEK may hold additional capital (Pillar 2 guidance) of 0.15 percent calculated on the total Leverage ratio exposure measure. The Pillar 2 guidance is not a binding requirement.

Year-end Report 2025Page 28 of 34

Own funds – Adjusting items


Skr mn	December 31, 2025	December 31, 2024
Share capital	3,990	3,990
Retained earnings	18,468	18,413
Accumulated other comprehensive income and other reserves	456	241
Independently reviewed profit net of any foreseeable charge or dividend	703	1,255
Common Equity Tier 1 (CET1) capital before regulatory adjustments	23,617	23,899
Additional value adjustments due to prudent valuations	-83	-84
Intangible assets	-22	-22
Fair value reserves related to gains or losses on cash flow hedges	—	3
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	-229

SWEDISH EXPORT CREDIT CORP /SWED/ 6-K