SEB Q4 2025 Pre-Close Call Summary Company Overview - **Company**: SEB (OTCPK:SVKE.F) - **Date of Call**: December 17, 2025 - **Speaker**: Paul Wyszyski, Head of Investor Relations Key Points Macro Environment - Average three-month STIBOR is lower in Q4 compared to Q3, with the Swedish central bank lowering the policy rate by 25 basis points effective October 1st [1] - SEB adjusted some lending and deposit rates in Sweden following the rate cuts [1] - The European Central Bank kept the deposit facility rate unchanged, affecting Baltic operations primarily on the deposit side [2] Interest Rate Sensitivity - SEB's equity is approximately SEK 220 billion, with private and corporate transaction accounts and savings accounts totaling around SEK 370 billion, and Baltic transaction accounts around SEK 200 billion, leading to a total of roughly SEK 800 billion sensitive to rate changes [2] - Net interest income (NII) is expected to bottom out three to six months after the last rate cut, influenced by balance sheet dynamics [3] Profit and Loss Overview - The P&L and balance sheet are impacted by FX movements; a stronger SEK results in lower income and costs, while a weaker SEK has the opposite effect [4] - The SEK strengthened marginally against the euro compared to Q3, resulting in a smaller headwind on the P&L [4] - NII increased slightly despite downward trending interest rates due to higher day count, positive FX effects, lower deposit insurance fees, and reduced short-term funding costs [6] Division Performance - Business and retail banking NII declined by around SEK 100 million compared to the previous quarter due to lower interest rates on deposit margins [6] - Baltic division's NII remained largely unchanged as lower rates were offset by higher lending and deposit volumes [6] - Treasury NII benefited from favorable yield curve and funding conditions [7] Net Fee and Commission Income - A significant portion of net fee and commission income is linked to assets under management, which correlates with stock market performance [7] - Advisory and securities-related fees were seasonally softer in Q3, with no larger transactions reported in Q4 [8] Expenses and Credit Losses - Total expenses target for 2025 is SEK 33 billion, with potential for acceleration in cost implementation programs [9] - Net expected credit losses reported at three basis points, with an additional SEK 100 million in portfolio overlays [10] Capital and Risk Exposure - Current share buyback program amounts to SEK 2.5 billion, expected to conclude by January 27, 2026 [10] - CET1 capital ratio is affected by share buybacks, with a dividend payout ratio target of around 50% [11] - Remaining impact from the risk exposure amount (REA) increase in the Baltics is around 70 basis points, expected to phase in over the next three quarters [12] Additional Notes - The call concluded with a reminder of the silent period starting January 1, with the Q4 2025 interim report scheduled for publication on January 29, 2026 [13] Conclusion - SEB is navigating a challenging macro environment with interest rate adjustments and FX movements impacting its financial performance. The bank is focused on managing its capital effectively while preparing for upcoming financial disclosures.

The European Central Bank has identified significant deficiencies in risk models of top Swedish lenders SEB and Swedbank for their operations in Baltic countries https://t.co/GcGhgfYSbR ...

Despite uncertainty, banks worldwide are designing stablecoins and tokenized-deposit systems, signaling incumbents’ push to shape the next generation of payments rails.Banks spent 2025 preparing major blockchain products for 2026, but U.S. regulatory movement — including still-unimplemented stablecoin rules under the GENIUS Act — has left institutions in a holding pattern.Global lenders are racing to commercialize digital-asset custody, viewing it as foundational infrastructure for tokenized securities, on- ...

Core Insights - A consortium of ten major European banks is set to launch a euro-backed stablecoin by mid-2026 to challenge U.S. dollar dominance in the global stablecoin market, which exceeds $300 billion [1][2] - The initiative is a response to European regulators' concerns over the reliance on dollar-denominated tokens, which constitute 99.58% of the market, while euro-pegged alternatives are minimal, with only $649 million in circulation [2] Group 1: Consortium Formation and Leadership - The consortium includes BNP Paribas, ING, UniCredit, CaixaBank, Danske Bank, SEB, Raiffeisen Bank International, Banca Sella, KBC, and DekaBank, and operates through a newly established entity named Qivalis based in Amsterdam [1] - Qivalis has appointed Jan-Oliver Sell as CEO and Floris Lugt as CFO, with Sir Howard Davies as the chair of the Supervisory Board, all pending regulatory approval [3] Group 2: Regulatory and Strategic Implications - The consortium has applied for an electronic money institution license with the Dutch Central Bank, marking a significant step towards regulatory compliance and commercial launch [4] - The initiative aims to enhance monetary autonomy in the digital age and is open to additional banks joining to foster broader industry participation [5] Group 3: Systemic Risks and Market Concerns - The initiative follows warnings from European financial authorities regarding systemic risks associated with dollar-backed stablecoins, with concerns that rapid growth could impact European Central Bank monetary policy [6] - Dutch central bank governor Olaf Sleijpen highlighted that if U.S. stablecoins continue to grow at their current pace, they may become systemically relevant, creating uncertainty for central bank responses [7]

A coalition of ten major European banks has officially launched a new Amsterdam‑based company called qivalis to create a euro‑pegged stablecoin capable of countering the overwhelming dominance of US digital‑dollar systems. The consortium includes ING, UniCredit, BNP Paribas, Raiffeisen Bank International, SEB, Danske Bank, CaixaBank, KBC, Banca Sella, and DekaBank. Together, these firms intend to build a regulated European alternative as USD-focused tokens USDT and USDC capture a $261 billion market cap. ...

Company Overview - Mowi ASA is one of the world's leading seafood companies and the largest producer of farm-raised Atlantic salmon, with an estimated harvest of 605,000 tonnes in 2026 from seven countries [2][3] - The company is headquartered in Bergen, Norway, employs 12,300 people across 26 countries, and is listed on the Oslo Stock Exchange [3] - Mowi reported a turnover of EUR 5.6 billion in 2024 [3] Sustainability and Market Position - Mowi is recognized as the most sustainable listed animal protein producer globally, according to Coller FAIRR [3] - The company operates under its own MOWI brand, providing high-quality salmon and other seafood to consumers worldwide [3] Financial Activities - Mowi has mandated several banks to arrange a series of fixed income investor meetings, indicating potential future NOK-denominated senior unsecured green bond issues, swapped to EUR, with a minimum tenor of 5 years [1][2] - The issuance of these bonds is subject to market conditions [2]

美国国债收益率在亚洲交易时段小幅走高，此前美联储10月份会议的纪要称，对于该委员会12月份的政 策决定存在"严重分歧的看法"。与此同时，美国劳工统计局周三表示，不会发布10月份的完整美国就业 报告，该报告将与11月份的完整报告一同发布。SEB的Amanda Sundstrom在一份报告中称，在美国劳工 统计局发布上述声明后，市场认为美联储12月降息的可能性已大幅下降，而美联储的会议纪要也起到了 助推作用，因其暗示利率可能在今年剩余时间保持在当前水平。据Tradeweb的数据，10年期美国国债收 益率上升1个基点，至4.140%。 来源：滚动播报 ...

Core Points - Norsk Hydro ASA has signed two revolving multi-currency credit facilities totaling USD 2,400 million, with the margin linked to the company's greenhouse gas emission targets [1][2] - The refinancing replaces previous undrawn credit facilities and provides immediate liquidity options [1] - The CFO of Hydro emphasized the importance of sustainability in the financing structure, reflecting the company's commitment to its climate roadmap towards 2030 [3] Financial Details - The new credit facilities consist of a USD 1,600 million and a USD 800 million revolving credit line [1] - The margin of these facilities will be adjusted based on Hydro's annual CO2 emissions reduction targets [2] Transaction Participants - DNB Carnegie, ING, and SEB acted as the coordinating Mandated Lead Arrangers and Bookrunners for the transaction [4] - Other participating banks include BNP Paribas, Citi, Crédit Agricole, Danske Bank, Goldman Sachs, Handelsbanken, J.P. Morgan, and Nordea [4] - DNB serves as the Facility Agent and Documentation Agent, while ING and SEB are designated as Joint Sustainability Coordinators [4]

Group 1: US Treasury and Labor Market - The US Treasury's financing strategy is expected to become more flexible and proactive, considering market structure factors, which may not lead to a significant rise in yields from refinancing announcements [1] - The US labor market showed weakness with over 150,000 layoffs in October, the largest since 2003, leading to market overreactions regarding labor market signals [2] - Analysts suggest that if expectations for significant Fed rate cuts persist, the 10-year US Treasury yield could drop to 3.8%-3.9% in the next three to six months [2] Group 2: UK and Eurozone Monetary Policy - Nomura Securities has adjusted its forecast for the Bank of England's rate cuts, now expecting the current cycle to end in April next year, with a potential cut in December [2] - Societe Generale's analysts believe that for German 10-year bond yields to exceed 3%, the European Central Bank would need to raise rates further and accumulate term premiums [3] Group 3: Economic Forecasts - Barclays raised its GDP growth forecast for South Korea in 2026 from 1.7% to 2.1%, attributing this to a recovery in the semiconductor industry and increased foreign investment [3] - The current account surplus forecast for South Korea was also increased from $8.4 billion to $11 billion for 2026 [3]

Swedish lender SEB's profit from lending slightly exceeded estimates in the third quarter, helped by lower funding costs, growth in volumes and currency effects https://t.co/yjAxFaE4TV ...