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 April, 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 first quarter of 2026.

Exhibit 99.2 Table of unaudited consolidated capitalization of the Registrant.

AB Svensk Exportkredit (publ)

Swedish Export Credit Corporation

Interim report

January-March 2026

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: April 27, 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

Interim report January-March 2026

Interim report January-March 2026Page 6 of 33

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-March 2026

(January-March 2025)

•Net interest income Skr 684 million (3M25: Skr 710 million)

•Operating profit Skr 504 million (3M25: Skr 577 million)

•C/I ratio 29 percent (3M25: 27 percent)

•After-tax return on equity 6.7 percent (3M25: 7.6 percent)

•Lending portfolio growth -0.6 percent (3M25: -5.5 percent)

•New credit and guarantee commitments Skr 15.3 billion

(3M25: Skr 12.0 billion)

Equity and balances, March 31, 2026

(December 31, 2025)

•Total capital ratio 23.0 percent (year-end 2025: 23.1 percent)

– capital margin against FSA requirement 6.9 percentage points

(year-end 2025: 7.1 percentage points)

•Total assets Skr 362.7 billion (year-end 2025: Skr 350.0 billion)

•Total lending portfolio Skr 261.0 billion (year-end 2025: Skr 262.7 billion)

– of which sustainability classified lending Skr 54.0 billion

(year-end 2025: Skr 56.3 billion)

•Loans, outstanding and undisbursed Skr 341.4 billion

(year-end 2025: Skr 344.3 billion)

•Outstanding senior debt Skr 311.8 billion (year-end 2025: Skr 304.6 billion)

– of which green borrowings Skr 24.8 billion

(year-end 2025: Skr 27.8 billion)

Interim report January-March 2026Page 7 of 33

Statement of the CEO

Stable net interest income and strong customer

focus in a volatile environment

The geopolitical situation remains uncertain and the market is characterized by volatility. During the first quarter of the year, we

signed new credit and guarantee commitments of Skr 15 billion and delivered a return on equity of 6.7 percent. With a robust

financial position and continued customer confidence, we are focusing on growth and prioritized sectors to continue supporting

Swedish exports in a rapidly changing environment.

Stable net interest income in an uncertain global environment

The year began with increased geopolitical tensions, which has

contributed to more conservative investment decisions by

companies and a more restrained market environment. Despite this,

SEK signed new credit and guarantee commitments of Skr 15.3

billion, which can be compared with Skr 12.0 billion in the

corresponding quarter last year. After a cautious start to the year,

activity increased in March.

Net interest income amounted to Skr 684 million (3M25: Skr 710

million). Compared with the same period last year, the outcome is

mainly explained by a lower average Swedish short-term interest

rate, as well as a stronger Swedish krona. Net profit amounted to Skr

400 million (3M25: Skr 458 million) and the return on equity

amounted to 6.7 percent (3M25: 7.6 percent).

Global environment and market

The war in the Middle East has contributed to rising oil and gas

prices and thus increased volatility in the capital markets. At the

same time, market conditions have remained resilient, even during

periods of market unrest. At its most recent meeting, the Riksbank

left the key interest rate unchanged at 1.75 percent, while also

highlighting that the risks of higher inflation are significant.

Rising energy prices are increasing companies transport and

production costs. At the same time, after several years of recurring

global crises, companies have generally strengthened their

preparedness for rapid cost increases and price changes.

Strategic infrastructure projects and new customers

During the quarter, we welcomed four new customers across a range

of sectors, including the investment company Latour, demonstrating

the continued demand for our offerings.

It was also particularly pleasing that we completed a transaction

in Nigeria, one of Team Sweden's focus markets for strategic

infrastructure projects. The deal was completed one year after our

business delegation to the country, which demonstrates our ability to

convert strategic initiatives into executed transactions. It was done

together with the British export credit institution UK Export

Finance, in line with our strategy to broaden our ecosystem of

international partners.

In response to a more fragmented trade policy environment, the

EU has intensified work on new and updated free trade agreements.

In January, for example, free trade agreements were signed with

India and the Mercosur countries in South America. In the long

term, such agreements are expected to open up new opportunities

for Swedish exports and in turn new business opportunities for SEK.

Successful borrowing

SEK is a valued player in the international capital markets and has a

strong financing capacity even in times of turmoil. In March, we

demonstrated this by issuing our first global benchmark bond in

USD in 2026 despite volatile market conditions. The bond amounted

to USD 1.5 billion with a maturity of three years.

Long-term new borrowing amounted to Skr 28.9 billion (3M25:

Skr 18.1 billion). With good capitalization and strong investor

confidence, we can continue to finance Swedish exports and meet

customer needs even amid rapidly changing market conditions.

Future prospects

During the year, we will continue to develop and refine our three

new offerings; aid-supported export credits, lending via

development banks and working capital financing for customers of

export companies. At the same time, we see great potential in the

defense, transportation, energy and mining sectors, where there is a

large investment need.

SEK's Annual General Meeting was held on March 26. It was an

important starting point for the rest of the year and reaffirmed our

mission to strengthen the competitiveness of Swedish exports by

providing financing on commercial and sustainable grounds. With a

strong financial position, we continue to support customers and

businesses in a rapidly changing world.

Magnus Montan, CEO

Interim report January-March 2026Page 8 of 33

Operations

Total lending portfolio, quarterly

Skr bn

Total lending portfolio per region

March 31, 2026

Skr 261.0 bn

(year-end 2025:

Skr 262.7 bn)

New credit and guarantee commitments,

quarterly

Skr bn

Customer business

New credit and guarantee commitments during the period amounted to Skr 15.3

billion (3M25: Skr 12.0 billion), an increase compared to the same period last year.

The lending portfolio decreased slightly since the beginning of the year and

amounted to Skr 261.0 billion (year-end 2025: Skr 262.7 billion). Committed

undisbursed loans amounted to Skr 80.4 billion (year-end 2025: Skr 81.6 billion).

SEK's growth strategy, to do more for more companies, involves continued

development of offerings and a focus on broadening the customer base, especially

within financing for exporters' customers. In addition to export credits, the offer

includes operating financing, purchase of accounts receivable, asset backed finance

and guarantees.

The global situation means that many companies are holding off on investments,

reducing the demand for financing. At the same time, conditions remain favorable

for financing exporters' customers and supporting local establishment of Swedish

companies in foreign markets. SEK's three new offerings; aid-supported export

credits, lending via development banks and working capital financing for customers

of export companies, create more ways of meeting customers' needs. This

strengthens SEK's ability to support Swedish companies in sectors such as defense,

transportation, energy and mining. The geopolitical situation and climate-related

transition are also creating business opportunities for Swedish companies in these

sectors, as well as in Swedish infrastructure, which may contribute to increased

demand for financing.

During the quarter, agreements were signed with four new customers. One of the

new customers was the investment company Latour. SEK also participated in the

financing of the modernization of the two largest ports outside of Lagos, Nigeria,

totaling just below USD 1 billion, with risk coverage provided by UK Export

Finance.


SEK’s lending
Skr bn	Jan-Mar 2026	Jan-Mar 2025	Jan-Dec 2025
Total lending portfolio1	261.0	267.9	262.7
of which sustainability classified	54.0	54.0	56.3
of which CIRR-loans	84.4	95.6	85.6
Customer growth	-1%	-1%	-2%
1Balance at period end.

Interim report January-March 2026Page 9 of 33

New long-term borrowing, quarterly

Skr bn

Investors by geographical region

New long-term borrowing,

January-March 2026

Borrowing

The capital markets continued to function well at the beginning of the quarter, with

good liquidity and strong investor demand in the supranational, sub-sovereign and

agency (SSA) segment. This provided SEK with favorable conditions to maintain

stable and cost-effective borrowing in several currencies.

In March, activity in the capital markets slowed down and the number of

transactions decreased, as a result of the war in the Middle East and geopolitical

tensions. Despite continued volatility, SEK completed a three-year USD benchmark

issuance of 1.5 billion. The issuance was met with strong demand and the order

book was significantly oversubscribed with participation from approximately 70

international investors. A number of smaller transactions were also completed in

various currencies during the quarter. In the Swedish market, SEK borrowed Skr 7.6

billion (3M25: —) during the period, of which Skr 2.0 billion (3M25: —) in the

form of green bonds.

Borrowings with maturities over one year amounted to Skr 28.9 billion (3M25:

Skr 18.1 billion). New short-term borrowing amounted to Skr 21.7 billion (3M25:

Skr 14.3 billion).


SEK’s borrowing
Skr bn	Jan-Mar 2026	Jan-Mar 2025	Jan-Dec 2025
Outstanding senior debt1	311.8	305.2	304.6
of which green	24.8	33.4	27.8
New long-term borrowing	28.9	18.1	93.5
New short-term borrowing	21.7	14.3	64.3
Repurchase and redemption of own debt	7.7	1.8	7.2
1Balance at period end.

Skr 28.9 bn

(3M25:

Skr 18.1 bn)

Interim report January-March 2026Page 10 of 33

Comments on the consolidated

financial accounts (unaudited)

January-March 2026

Operating profit amounted to Skr 504 million (3M25: Skr 577

million). Net profit amounted to Skr 400 million (3M25: Skr 458

million). The decrease in net profit compared to the same period in

the previous year was primarily due to lower net interest income and

a positive result for to net credit losses in the first quarter of 2025.

Net interest income

Net interest income amounted to Skr 684 million (3M25: Skr 710

million), representing a decrease of 4 percent compared to the same

period in the previous year. The decrease is mainly explained by

lower average short-term interest rates in the Swedish krona and a

stronger Swedish krona, partly offset by a lower risk tax.

The table below shows average interest-bearing assets and

liabilities.


Skr bn, average	Jan-Mar 2026	Jan-Mar 2025	Change
Total lending portfolio	261.9	275.7	-5%
Liquidity investments	73.7	61.5	20%
Interest-bearing assets	340.2	341.9	0%
Interest-bearing liabilities	308.2	315.1	-2%

Net results of financial transactions

Net results of financial transactions amounted to Skr 25 million

(3M25: Skr 33 million). The results were primarily attributable to

realized value changes of Skr 59 million, driven by the early

redemption of a credit, partially offset by unrealized value changes

of Skr -34 million.

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 198 million (3M25: Skr 188

million). The increase of 5 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 0 million (3M25: Skr 33 million).

The result for the period was mainly attributable to decreased

provisions for expected credit losses in stage 1 and stage 2, offset by

increased provisions for expected credit losses in stage 3.

Loss allowances as of March 31, 2026 amounted to Skr 821

million compared to Skr 807 million as of December 31, 2025, of

which exposures in stage 3 amounted to Skr 385 million (year-end

2025: Skr 359 million). The provision ratio amounted to 0.23

percent (year-end 2025: 0.23 percent). SEK assesses that the credit

quality of its lending portfolio remains high.

Taxes

Tax costs amounted to Skr 104 million (3M25: Skr 119 million),

and the effective tax rate amounted to 20.6 percent (3M25: 20.6

percent).

Other comprehensive income (OCI)

Other comprehensive income before tax amounted to a loss of Skr

-56 million (3M25: Skr 5 million). The result was mainly

attributable to a negative result obtained from changes in own credit

risk, driven by movements in the EUR yield curve.

Statement of Financial Position

Total assets and liquidity investments

Total assets increased by 4 percent compared to year-end 2025. The

increase in the first quarter was driven by an increased volume of

liquidity investments.


Skr bn	March 31, 2026	December 31, 2025	Change
Total assets	362.7	350.0	4%
Liquidity investments	82.5	65.0	27%
Total lending portfolio	261.0	262.7	-1%
of which sustainability classified	54.0	56.3	-4%
of which CIRR-loans	84.4	85.6	-1%

Liabilities and equity

As of March 31, 2026, 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 175 billion. The credit facility can be utilized

when the Swedish export industry’s demand for financing is

particularly high.

Capital adequacy

As of March 31, 2026, SEK’s total own funds amounted to Skr 23.3

billion (year-end 2025: Skr 23.1 billion). The total capital ratio was

23.0 percent (year-end 2025: 23.1 percent), representing a margin of

6.9 percentage points above SEK’s estimate of Finans

inspektionen’s (the “Swedish FSA”) requirement of 16.1 percent as

of March 31, 2026. The corresponding Common Equity Tier 1

capital estimated requirement was 11.3 percent. Given that SEK’s

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

this total capital ratio represents a margin of 11.7 percentage points

above the requirement. Overall, SEK is strongly capitalized.

Interim report January-March 2026Page 11 of 33


Percent	March 31, 2026	December 31, 2025
Common Equity Tier 1 capital ratio	23.0	23.1
Tier 1 capital ratio	23.0	23.1
Total capital ratio	23.0	23.1
Leverage ratio	9.0	9.5
Liquidity coverage ratio (LCR)	274	611
Net stable funding ratio (NSFR)	125	120

Rating


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

Other events

At SEK’s annual general meeting held on March 26, 2026, Mr.

Reinhold Geijer stepped down from his position as a member of the

Board of Directors of SEK (the “Board”), and Ms. Elisabeth

Beskow 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 2025 and to appropriate distributable funds

pursuant to the Board’s proposal.

In March, SEK appointed Ms. Anna Åhlberg as SEK’s new head of

Compliance. Ms. Åhlberg is currently SEK’s Head of Transaction

Legal group but will assume her new position in May 2026. SEK’s

current Head of Compliance, Ms. Anna-Lena Söderlund, will retire

in May 2026.

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 are postponed by two years until financial

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

European Parliament considered the second proposal, to introduce

significant simplifications to the EU’s sustainability regulatory

framework and a materially reduced scope of companies formally

covered by CSRD and CSDDD. The proposed increase in the CSRD

thresholds is primarily based on whether companies have an average

of 1,000 employees. If adopted, SEK is not expected to be subject to

the requirement to prepare sustainability reporting in accordance

with CSRD from 2027.

The macro environment

In the fourth quarter of 2025, Sweden’s GDP increased by 0.5

percent quarter-on-quarter, and exports decreased by 1.2 percent.

Unemployment amounted to 8.4 percent at the end of February

2026, which represented a decrease compared to the end of

November 2025. The rate of inflation in February 2026 was 1.7

percent, which represented a decrease from January 2026.

In March 2026, 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,

increase inflation directly or indirectly through higher energy prices

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, ongoing judicial review in the United States along

with frequent new tariff announcements, mean that a degree of

uncertainty persists.

The war in the Middle East and the resulting damage to energy and

other infrastructure in Iran and across the region have led to

significant volatility in global capital markets. The biggest impact

has been the near closure of the Strait of Hormuz, resulting in much

higher oil and gas prices. It is too early to assess what impact this

will have on SEK. While SEK's direct exposure to such

infrastructure is limited, it may be affected indirectly through wider

macroeconomic effects, including higher energy prices, inflation and

changes in market conditions.

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, as well as Russian

air violations of NATO countries, sabotage and cybersecurity

incidents, together with other ongoing military conflicts, including

in the Middle East, 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 future

developments.

The above mentioned threats, and the imposition of trade tariffs and

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

Interim report January-March 2026Page 12 of 33

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) 2025 and Note 29 to the annual

financial statements included in SEK’s 2025 Annual Report on

Form 20-F, as well as the “Risk Factors” section in SEK’s 2025

Annual Report on Form 20-F.

Interim report January-March 2026Page 13 of 33

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 18.1-23.1 percent and the Common Equity Tier 1 capital ratio should amount to 15.3 percent, based on SEK’s estimation of the Swedish FSA’s requirements as of March 31, 2026.

Key performance indicators (unaudited)


Skr mn (if not otherwise indicated)	Jan-Mar 2026	Oct-Dec 2025	Jan-Mar 2025	Jan-Dec 2025
Total lending portfolio1	261,044	262,712	267,927	262,712
of which green	42,359	43,209	38,961	43,209
of which social	2,241	2,201	2,110	2,201
of which sustainability-linked	9,385	10,878	12,947	10,878
Loans, outstanding and undisbursed1	341,411	344,336	315,545	344,336
New credit and guarantee commitments	15,265	28,481	11,976	125,832
of which to Swedish exporters	8,274	5,000	6,527	45,063
of which to exporters´ customers	6,991	23,481	5,449	80,769

Customer growth	-1%	-1%	-1%	-2%

Outstanding senior debt1	311,754	304,633	305,173	304,633
of which green	24,795	27,784	33,368	27,784
New long-term borrowings	28,898	9,307	18,061	93,531
New short-term borrowings	21,743	19,180	14,318	64,328

C/I ratio	29%	33%	27%	29%
After-tax return on equity	6.7%	0.4%	7.6%	4.9%

Common Equity Tier 1 capital ratio1	23.0%	23.1%	24.7%	23.1%
capital margin against FSA requirement (percentage points)	11.7	11.9	12.6	11.9
Tier 1 capital ratio1	23.0%	23.1%	24.7%	23.1%
Total capital ratio1	23.0%	23.1%	24.7%	23.1%
capital margin against FSA requirement (percentage points)	6.9	7.1	7.5	7.1
Leverage ratio	9.0%	9.5%	9.7%	9.5%
Liquidity coverage ratio (LCR)	274%	611%	1,053%	611%
Net stable funding ratio (NSFR)	125%	120%	120%	120%
Risk exposure amount1	101,545	99,912	91,752	99,912
1 Balance at period end

See definitions on page 32.

Interim report January-March 2026Page 14 of 33

Condensed Consolidated Statement

of Comprehensive Income (unaudited)


Skr mn	Note	Jan-Mar 2026	Oct-Dec 2025	Jan-Mar 2025	Jan-Dec 2025
Interest income		3,009	3,329	3,724	14,117
Interest expenses		-2,325	-2,660	-3,014	-11,398
Net interest income	2	684	669	710	2,719

Net fee and commission expense		-6	-11	-11	-39
Net results of financial transactions	3	25	8	33	18
Total operating income		702	666	732	2,699

Personnel expenses		-132	-129	-118	-475
Other administrative expenses		-53	-68	-56	-239
Depreciations and impairment of non-financial assets		-14	-20	-14	-64
Total operating expenses		-198	-217	-188	-778

Operating profit before credit losses		504	449	544	1,921

Net credit losses	4	0	-416	33	-429
Operating profit		504	33	577	1,491

Tax expenses		-104	-8	-119	-309
Net profit1		400	25	458	1,183

Other comprehensive income related to:
Items to be reclassified to profit or loss
Derivatives in cash flow hedges		—	—	4	3
Tax on items to be reclassified to profit or loss		—	—	-1	0
Net items to be reclassified to profit or loss		—	—	3	3
Items not to be reclassified to profit or loss
Own credit risk		-55	7	1	17
Revaluation of defined benefit plans		-1	-9	0	-10
Tax on items not to be reclassified to profit or loss		12	0	0	-1
Net items not to be reclassified to profit or loss		-45	-2	1	6
Total other comprehensive income		-45	-2	4	9
Total comprehensive income1		356	23	462	1,192
Skr
Basic and diluted earnings per share2		100	6	115	296

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.

Interim report January-March 2026Page 15 of 33

Consolidated Statement of Financial Position

(unaudited)


Skr mn	Note	March 31, 2026	December 31, 2025
Assets
Cash and cash equivalents	5	12,450	7,259
Treasuries/government bonds	5	9,768	13,419
Other interest-bearing securities except loans	5	59,215	43,237
Loans in the form of interest-bearing securities	4, 5	44,247	47,485
Loans to credit institutions	4, 5	19,988	22,939
Loans to the public	4, 5	201,300	200,216
Derivatives	5, 6	7,003	6,721
Tangible and intangible assets		146	158
Deferred tax asset		0	0
Other assets		588	754
Prepaid expenses and accrued revenues		8,003	7,775
Total assets		362,706	349,964

Liabilities and equity
Borrowing from credit institutions	5, 7	4,044	4,410
Debt securities issued	5, 7	307,710	300,222
Derivatives	5, 6	5,895	8,988
Other liabilities		12,892	3,664
Accrued expenses and prepaid revenues		8,186	8,581
Provisions		8	10
Total liabilities		338,735	325,875

Share capital		3,990	3,990
Reserves		168	212
Retained earnings		19,814	19,887
Total equity		23,972	24,089

Total liabilities and equity		362,706	349,964

Interim report January-March 2026Page 16 of 33

Condensed Consolidated Statement

of Changes in Equity (unaudited)


			Reserves
Skr mn	Equity1	Share capital	Hedge reserve	Own credit risk	Defined benefit plans	Retained earnings
Opening balance of equity January 1, 2025	24,572	3,990	-3	213	-6	20,378
Net profit Jan-Mar 2025	458	—	—	—	—	458
Other comprehensive income Jan-Mar 2025	4	—	3	1	0	—
Total comprehensive income Jan-Mar 2025	462	—	3	1	0	458
Dividend	-1,673	—	—	—	—	-1,673
Closing balance of equity March 31, 2025	23,361	3,990	0	214	-6	19,163

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

Opening balance of equity January 1, 2026	24,089	3,990	—	226	-14	19,887
Net profit Jan-Mar 2026	400	—	—	—	—	400
Other comprehensive income Jan-Mar 2026	-45	—	—	-45	0	—
Total comprehensive income Jan-Mar 2026	356	—	—	-45	0	400
Dividend	-473	—	—	—	—	-473
Closing balance of equity March 31, 2026	23,972	3,990	—	182	-14	19,814
1 The entire equity is attributable to the shareholder of the Parent Company.

Interim report January-March 2026Page 17 of 33

Condensed Statement of Cash Flows

in the Consolidated Group (unaudited)


Skr mn	Jan-Mar 2026	Jan-Mar 2025	Jan-Dec 2025
Operating activities
Operating profit	504	577	1,491
Adjustments for non-cash items in operating profit	-486	-361	1,053
Income tax paid	-172	-170	-606
Changes in assets and liabilities from operating activities	4,886	-1,229	-9,813
Cash flow from operating activities	4,732	-1,183	-7,875

Investing activities
Capital expenditures	-1	-1	-45
Cash flow from investing activities	-1	-1	-45

Financing activities
Change in senior debt	2,168	3,120	19,544
Derivatives, net	-1,918	-1,628	-7,249
Dividend, paid	—	—	-1,673
Payment of lease liability	-7	-7	-29
Cash flow from financing activities	243	1,485	10,593

Cash flow for the period	4,974	301	2,673

Cash and cash equivalents at beginning of the period	7,259	5,219	5,219
Cash flow for the period	4,974	301	2,673
Exchange-rate differences on cash and cash equivalents	217	-292	-633
Cash and cash equivalents at end of the period1	12,450	5,228	7,259

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.

Interim report January-March 2026Page 18 of 33

Notes


Note 1. Accounting policies	18
Note 2. Net interest income	19
Note 3. Net results of financial transactions	19
Note 4. Impairments	20
Note 5. Financial assets and liabilities at fair value	21
Note 6. Derivatives	24
Note 7. Debt	24
Note 8. CIRR-system	24
Note 9. Pledged assets and contingent liabilities	25
Note 10. Capital adequacy and liquidity situation	26
Note 11. Exposures	29
Note 12. Transactions with related parties	30
Note 13. Events after the reporting period	30

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 interim 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, capital adequacy or large exposure ratios.

The accounting policies, methods of computation and presentation

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

those used for the 2025 annual financial statements included in

SEK’s 2025 Annual Report on Form 20-F.

(i) Standards issued but not yet effective

IASB has issued a new standard, IFRS 18 – Presentation and

Disclosures in Financial Statements, which replaces IAS 1 –

Presentation of Financial Statements. Provided that IFRS 18 is

adopted by the EU, and that the effective date proposed by the IASB

is not changed, the standard will apply from the 2027 financial year.

IFRS 18 introduces new requirements for the presentation and

disclosures in financial statements, with particular focus on the

income statement and disclosures regarding management

performance measures. Since the standard does not affect the

classification and measurement of assets and liabilities, no material

impact on SEK’s financial statements is expected.

Interim report January-March 2026Page 19 of 33

Note 2. Net interest income


Skr mn	Jan-Mar 2026	Oct-Dec 2025	Jan-Mar 2025	Jan-Dec 2025
Interest income
Loans to credit institutions	279	268	206	1,005
Loans to the public	1,801	1,935	2,083	8,003
Loans in the form of interest-bearing securities	446	487	488	1,948
Interest-bearing securities excluding loans in the form of interest-bearing securities	436	483	459	1,926
Derivatives	-8	99	410	982
Administrative remuneration CIRR-system	52	55	71	243
Other assets	2	2	7	10
Total interest income1	3,009	3,329	3,724	14,117

Interest expenses
Interest expenses	-2,285	-2,602	-2,964	-11,154
Resolution fee2	-24	-23	-15	-83
Risk tax	-16	-35	-35	-142
Other regulatory fees	—	—	—	-19
Total interest expenses	-2,325	-2,660	-3,014	-11,398
Net interest income	684	669	710	2,719
1 Interest income calculated using the effective interest method amounted to Skr 2,486 million during January-March 2026 (3M25: Skr 2,844 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	Jan-Mar 2026	Oct-Dec 2025	Jan-Mar 2025	Jan-Dec 2025
Derecognition of financial instruments not measured at fair value through profit or loss	59	0	1	3
Financial assets or liabilities at fair value through profit or loss	-77	23	20	52
Financial instruments under fair value hedge accounting	43	-18	12	-43
Currency exchange-rate effects on all assets and liabilities excl. currency exchange-rate effects related to revaluation at fair value	0	3	0	7
Total net results of financial transactions	25	8	33	18

Interim report January-March 2026Page 20 of 33

Note 4. Impairments


Skr mn	Jan-Mar 2026	Oct-Dec 2025	Jan-Mar 2025	Jan-Dec 2025
Expected credit losses, stage 1	10	-8	10	-19
Expected credit losses, stage 2	6	-299	7	-293
Expected credit losses, stage 3	-17	-110	16	-112
Established credit losses	—	0	0	-100
Reserves applied to cover established credit losses	—	1	—	94
Recovered credit losses	1	0	0	1
Net credit losses	0	-416	33	-429


	March 31, 2026				December 31, 2025
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Loans, before expected credit losses	219,532	36,427	5,905	261,864	263,517
Off-balance sheet exposures, before expected credit losses	76,993	13,943	0	90,936	91,520
Total, before expected credit losses	296,524	50,370	5,905	352,800	355,038
Loss allowance, loans	-59	-376	-385	-820	-805
Loss allowance, off-balance sheet exposures1	-1	0	—	-1	-2
Total loss allowance	-60	-376	-385	-821	-807
Provision ratio (in percent)	0.02	0.75	6.53	0.23	0.23
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 an extremely 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


	March 31, 2026				December 31, 2025
Skr mn	Stage 1	Stage 2	Stage 3	Total	Total
Opening balance January 1	-69	-378	-359	-807	-526
Increases due to origination and acquisition	-2	-38	0	-40	-343
Net remeasurement of loss allowance	10	-128	-1	-119	-65
Transfer to stage 1	—	—	—	—	0
Transfer to stage 2	0	-1	—	-1	-29
Transfer to stage 3	0	2	-16	-13	-75
Decreases due to derecognition	2	171	0	173	88
Decreases in allowance account due to write-offs	—	—	—	—	94
Exchange-rate differences1	-1	-5	-9	-14	50
Closing balance	-60	-376	-385	-821	-807
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 0.3 and 1.5 for

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

have been weighted at between 50 and 75 percent, the downturn

scenarios have been weighted at 25 percent, and the upturn scenarios

have been weighted at between 0 and 25 percent between the

different PD-segments.

Interim report January-March 2026Page 21 of 33

Note 5. Financial assets and liabilities at fair value


Skr mn	March 31, 2026
Skr mn	Book value	Fair value	Surplus value (+)/ Deficit value (-)
Cash and cash equivalents	12,450	12,450	—
Treasuries/governments bonds	9,768	9,768	—
Other interest-bearing securities except loans	59,215	59,215	—
Loans in the form of interest-bearing securities	44,247	45,208	961
Loans to credit institutions	19,988	20,194	206
Loans to the public	201,300	200,866	-434
Derivatives	7,003	7,003	—
Total financial assets	353,970	354,702	733

Borrowing from credit institutions	4,044	4,044	—
Debt securities issued	307,710	308,545	835
Derivatives	5,895	5,895	—
Total financial liabilities	317,649	318,484	835


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	—
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

Determination of fair value

The determination of fair value is described in the annual financial

statements included in SEK’s 2025 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.

Interim report January-March 2026Page 22 of 33

Financial assets in fair value hierarchy


	Financial assets at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Treasuries/governments bonds	1,042	8,727	—	9,768
Other interest-bearing securities except loans	22,526	36,688	—	59,215
Derivatives	6	6,996	1	7,003
Total March 31, 2026	23,574	52,411	1	75,986
Total December 31, 2025	22,215	41,161	1	63,377

Financial liabilities in fair value hierarchy


	Financial liabilities at fair value
Skr mn	Level 1	Level 2	Level 3	Total
Debt securities issued	—	15,930	1,970	17,900
Derivatives	—	4,921	974	5,895
Total March 31, 2026	—	20,852	2,944	23,795
Total December 31, 2025	—	22,186	3,662	25,848

A transfer of Skr 128 million from level 1 to level 2 was made

within other interest-bearing securities except loans. Transfers of

Skr 342 million for debt securities issued and Skr 54 million for

derivatives were made from level 3 to level 2, since the valuation of

these contracts is estimated to no longer have a significant impact

from unobservable market data (year-end 2025: no transfers during

the period).

Financial assets and liabilities at fair value in Level 3, 2026


Skr mn	January 1, 2026	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	March 31, 2026
Debt securities issued	-2,598	—	297	—	342	8	13	-32	-1,970
Derivatives, net	-1,063	—	110	—	54	-9	—	-65	-973
Net assets and liabilities	-3,661	—	408	—	396	-1	13	-97	-2,943

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
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 March 31, 2026, amounted to a Skr 0 million loss (year end 2025: Skr 10 million loss) 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.

Interim report January-March 2026Page 23 of 33

Sensitivity analysis – level 3 assets and liabilities


Assets and liabilities	March 31, 2026
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	-868	Correlation	0.12 - (0.12)	Option Model	-15	15
Other	-105	Correlation	0.12 - (0.12)	Option Model	0	0
Sum derivatives, net	-973				-15	15
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	-1,866	Correlation	0.12 - (0.12)	Option Model	15	-15
	0	Credit spreads	10BP - (10BP)	Discounted cash flow	8	-8
Other	-104	Correlation	0.12 - (0.12)	Option Model	0	0
	0	Credit spreads	10BP - (10BP)	Discounted cash flow	0	0
Sum debt securities issued	-1,970				23	-23
Total effect on total comprehensive income					8	-8
Derivatives, net December 31, 2025	-1,063				-17	17
Debt securities issued December 31, 2025	-2,598				27	-27
Total effect on total comprehensive income December 31, 2025					10	-10

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	March 31, 2026	December 31, 2025	Jan-Mar 2026	Jan-Mar 2025
CVA/DVA, net1	-14	-11	-3	-1
OCA2	227	282	-55	1
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.

Interim report January-March 2026Page 24 of 33

Note 6. Derivatives

Derivatives by category


	March 31, 2026			December 31, 2025
Skr mn	Assets Fair value	Liabilities Fair value	Nominal amounts	Assets Fair value	Liabilities Fair value	Nominal amounts
Interest rate-related contracts	3,984	1,240	520,238	4,624	1,332	510,865
Currency-related contracts	3,018	4,550	153,750	2,097	7,550	137,052
Contracts related to commodities, credit risk, etc.	—	105	2,946	—	105	2,890
Total derivatives	7,003	5,895	676,934	6,721	8,988	650,807

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	March 31, 2026	December 31, 2025
Currency-related contracts	3,430	3,777
Interest rate-related contracts	308,220	300,759
Contracts related to commodities, credit risk, etc.	104	97
Total debt	311,754	304,633
of which denominated in:
Skr	24,352	24,599
USD	178,263	166,687
EUR	83,400	84,653
AUD	12,196	12,119
GBP	4,064	7,899
CHF	4,222	4,188
Other currencies	5,259	4,487

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.

Interim report January-March 2026Page 25 of 33

Statement of Comprehensive Income for the CIRR-system


Skr mn	Jan-Mar 2026	Oct-Dec 2025	Jan-Mar 2025	Jan-Dec 2025
Interest income	482	510	563	2,139
Interest expenses	-516	-570	-598	-2,346
Foreign exchange effects	0	0	1	2
Profit before compensation to SEK	-34	-61	-34	-205
Administrative remuneration to SEK	-52	-55	-71	-243
Operating profit CIRR-system	-86	-116	-105	-448
Reimbursement to (-) / from (+) the State	86	116	105	448

Statement of Financial Position for the CIRR-system


Skr mn	March 31, 2026	December 31, 2025
Cash and cash equivalents	0	0
Loans	84,436	85,643
Derivatives	3,730	3,231
Other assets	284	629
Prepaid expenses and accrued revenues	2,377	1,772
Total assets	90,827	91,275
Liabilities	88,605	89,590
Derivatives	37	194
Accrued expenses and prepaid revenues	2,185	1,490
Total liabilities	90,827	91,275
Commitments
Committed undisbursed loans	36,248	37,286

Note 9. Pledged assets and contingent liabilities


Skr mn	March 31, 2026	December 31, 2025
Collateral provided
Cash collateral under the security agreements for derivative contracts	3,411	6,858
Contingent liabilities1
Guarantee commitments	10,569	9,896
Commitments1
Committed undisbursed loans	80,367	81,624
1 For expected credit losses in guarantee commitments and committed undisbursed loans, see Note 4.

Interim report January-March 2026Page 26 of 33

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 2025 Annual Report on Form 20-F and see SEK’s Capital Adequacy and Risk Management (Pillar 3) Report

2025.

Capital Adequacy Analysis


	March 31, 2026	December 31, 2025
Capital adequacy	percent1	percent1
Common Equity Tier 1 capital ratio	23.0	23.1
Tier 1 capital ratio	23.0	23.1
Total capital ratio	23.0	23.1
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.


	March 31, 2026		December 31, 2025
Total risk-based capital requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 8 percent2	8,124	8.0	7,993	8.0
of which Tier 1 requirement of 6 percent	6,093	6.0	5,995	6.0
of which minimum requirement of 4.5 percent	4,570	4.5	4,496	4.5
Pillar 2 capital requirements3	3,056	3.0	3,007	3.0
Common Equity Tier 1 capital available to meet buffer requirements4	12,163	12.0	12,123	12.1
Capital buffer requirements	4,133	4.1	4,072	4.1
of which Capital conservation buffer	2,539	2.5	2,498	2.5
of which Countercyclical buffer	1,595	1.6	1,574	1.6
Pillar 2 guidance5	1,015	1.0	999	1.0
Total risk-based capital requirement including Pillar 2 guidance	16,329	16.1	16,071	16.1
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.


	March 31, 2026	December 31, 2025
Leverage ratio1	Skr mn	Skr mn
On-balance sheet exposures	253,058	236,953
Off-balance sheet exposures	6,382	7,161
Total exposure measure	259,440	244,114
Leverage ratio2	9.0%	9.5%
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.


	March 31, 2026		December 31, 2025
Total Leverage ratio requirement	Skr mn	percent1	Skr mn	percent1
Capital base requirement of 3 percent	7,783	3.0	7,323	3.0
Pillar 2 guidance2	389	0.2	366	0.2
Total capital requirement relating to Leverage ratio including Pillar 2 guidance	8,172	3.2	7,689	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.

Interim report January-March 2026Page 27 of 33

Own funds – Adjusting items


Skr mn	March 31, 2026	December 31, 2025
Share capital	3,990	3,990
Retained earnings	19,172	18,468
Accumulated other comprehensive income and other reserves	411	456
Independently reviewed profit net of any foreseeable charge or dividend	239	703
Common Equity Tier 1 (CET1) capital before regulatory adjustments	23,812	23,617
Additional value adjustments due to prudent valuations	-97	-83
Intangible assets	-24	-22
Gains or losses on liabilities valued at fair value resulting from changes in own credit standing	-185	-229
IRB shortfall of credit risk adjustments to expected losses	-152	-144
Insufficient coverage for non-performing exposures	-11	-15
Total regulatory adjustments to Common Equity Tier 1 capital	-469	-493
Total Common Equity Tier 1 capital	23,343	23,124
Total own funds	23,343	23,124

Minimum capital requirements exclusive of buffer


	March 31, 2026			December 31, 2025
Skr mn	EAD1	Risk exposure amount	Min. capital requirement	EAD1	Risk exposure amount	Min. capital requirement
Credit risk, standardized approach
Corporates	6,047	6,019	481	5,829	5,770	462
Default exposures	42	42	3	0	0	0
Total credit risk, standardized approach	6,089	6,061	485	5,829	5,770	462
Credit risk, IRB approach
Central governments	239,198	10,102	808	233,305	9,487	759
Financial institutions2	41,653	8,751	700	32,236	6,493	519
Corporates3	150,244	68,684	5,495	149,636	69,128	5,530
Non-credit-obligation assets	256	256	20	201	201	16
Total credit risk, IRB approach	431,352	87,793	7,023	415,378	85,310	6,825
Credit valuation adjustment risk	n.a.	2,456	196	n.a.	1,882	151
Foreign exchange risk	n.a.	781	62	n.a.	2,494	200
Commodity risk	n.a.	3	0	n.a.	4	0
Operational risk	n.a.	4,451	356	n.a.	4,452	356
Total	437,441	101,545	8,124	421,207	99,912	7,994
1 Exposure at default (EAD) shows the size of the outstanding exposure at default. 2 Of which counterparty risk in derivatives: EAD Skr 6,056 million (year-end 2025: Skr 5,145 million), Risk exposure amount of Skr 1,225 million (year-end 2025: Skr 1,059 million) and Capital requirement of Skr 98 million (year-end 2025: Skr 85 million). 3 Of which related to specialized lending: EAD Skr 8,452 million (year-end 2025: Skr 8,258 million), Risk exposure amount of Skr 8,662 million (year-end 2025: Skr 8,473 million) and Capital requirement of Skr 693 million (year-end 2025: Skr 678 million).

Credit risk

For classification and quantification of credit risk, SEK uses the

internal ratings-based (IRB) approach. Specifically, SEK applies the

Foundation Approach. Under the Foundation Approach, the

company determines the PD within one year for each of its

counterparties, while the remaining parameters are established in

accordance with CRR. Application of the IRB approach requires the

Swedish FSA’s permission and is subject to ongoing supervision.

Certain exposures are, by permission from the Swedish FSA,

exempted from application of the IRB approach, and, instead, the

standardized approach is applied. Counterparty risk exposure

amounts in derivatives are calculated in accordance with the

standardized approach for counterparty credit risk.

Credit valuation adjustment risk

Credit valuation adjustment risk is calculated for all over-the-

counter derivative contracts, except for credit derivatives used as

credit protection and transactions with a qualifying central

counterparty. SEK calculates this capital requirement according

to the standardized approach.

Foreign exchange risk

Foreign exchange risk is calculated according to the standardized

approach, whereas the scenario approach is used for calculating the

gamma and volatility risks.

Commodities risk

Capital requirements for commodity risk are calculated in

accordance with the simplified approach under the standardized

Interim report January-March 2026Page 28 of 33

approach. The scenario approach is used for calculating the gamma

and volatility risks.

Operational risk

SEK calculates the capital requirement for operational risks in

accordance with the standardized approach in the CRR (Article 312

of Regulation (EU) 575/2013). The standardized approach is based

on a Business Indicator Component (BIC), where the Company’s

Business Indicator (BI) is first calculated as the sum of three

components: Interest, Leases and Dividend Component (ILDC),

Services Component (SC), and Financial Component (FC). The BIC

then forms the regulatory capital base for operational risks and is

used to determine the capital requirement by applying standardized

percentages set out in the regulation. For SEK, the BIC is multiplied

by 12 percent.

Transitional rules

The capital adequacy ratios reflect the full impact of IFRS 9 as no

transitional rules for IFRS 9 were utilized.

Capital buffer requirements

SEK expects to meet capital buffer requirements with Common

Equity Tier 1 capital. The mandatory capital conservation buffer is

2.5 percent. The countercyclical buffer rate that is applied to

exposures located in Sweden was increased from 1 percent to 2

percent as of June 22, 2023. As of March 31, 2026, the capital

requirement related to relevant exposures in Sweden was 70 percent

(year-end 2025: 71 percent) of the total relevant capital requirement

regardless of location; this fraction is also the weight applied on the

Swedish buffer rate when calculating SEK’s countercyclical capital

buffer. Buffer rates applicable in other countries may have effects on

SEK, but as most capital requirements for SEK’s relevant credit

exposures are related to Sweden, the potential effect is limited. As of

March 31, 2026, the contribution to SEK’s countercyclical buffer

from buffer rates in other countries was 0.16 percentage points

(year-end 2025: 0.15 percentage points). SEK has not been

classified as a systemically important institution by the Swedish

FSA. The capital buffer requirements for systemically important

institutions that came into force on January 1, 2016, therefore do not

apply to SEK.

Pillar 2 guidance

The Swedish FSA will in connection with the Supervisory Review

and Evaluation Process (SREP) determine appropriate levels for the

institution’s own funds. The Swedish FSA will then inform the

institution of the differences between the appropriate levels and

requirements under the Supervisory Regulation, the Buffer Act and

the Pillar 2 requirements. These notifications are called Pillar 2

guidance. The Pillar 2 guidance covers both the risk-based capital

requirement and the leverage ratio requirement.

Liquidity Coverage Ratio


Skr bn, 12-month average	March 31, 2026	December 31, 2025
Total liquid assets	59.7	59.1
Net liquidity outflows1	13.4	10.3
Liquidity outflows	26.7	22.9
Liquidity inflows	13.7	13.2
Liquidity coverage ratio	520%	660%
1 Net liquidity outflows are calculated as the net of liquidity outflows and capped liquidity inflows. Capped liquidity inflows are calculated in accordance with article 425 of CRR (EU 575/2013) and article 33 of the Commission Delegated Regulation (EU) 2015/61.

Information on Liquidity Coverage Ratio (LCR) in accordance with

article 447 of the CRR (EU 575/2013), calculated in accordance

with the Commission Delegated Regulation (EU) 2015/61.

Net stable funding ratio


Skr bn	March 31, 2026	December 31, 2025
Available stable funding	255.1	244.3
Required stable funding	204.4	202.8
Net stable funding ratio	125%	120%

Information on Net stable funding ratio (NSFR) in accordance with

article 447 of the CRR (EU 575/2013), calculated in accordance

with the Commission Delegated Regulation (EU) 2015/61.

Liquidity reserve1


	March 31, 2026					December 31, 2025
Skr bn	Total	Skr	EUR	USD	Other	Total	Skr	EUR	USD	Other
Securities issued or guaranteed by sovereigns, central banks or multilateral development banks	30.5	6.5	9.3	14.7	—	33.0	6.0	11.2	15.8	—
Securities issued or guaranteed by municipalities or other public entities	17.8	4.2	6.0	7.6	—	11.2	4.2	0.7	6.3	—
Covered bonds issued by other institutions	12.6	11.8	0.8	—	—	12.0	11.2	0.8	—	—
Balances with National Debt Office	1.2	1.2	—	—	—	1.0	1.0	—	—	—
Total liquidity reserve	62.1	23.7	16.1	22.3	—	57.2	22.4	12.7	22.1	—
1 The liquidity reserve is a part of SEK’s liquidity investments.

Information on Liquidity reserve is included in accordance with the Commission Delegated Regulation (EU) 2015/61.

Interim report January-March 2026Page 29 of 33

Note 11. Exposures

Net exposures are reported after taking into consideration effects of guarantees and credit default swaps. Amounts are calculated in

accordance with capital adequacy calculations, but before the application of credit conversion factors.

Total net exposures by exposure class


	Interest-bearing securities and lending				Committed undisbursed loans, derivatives, etc.				Total
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Skr bn	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%	Amount	%
Central governments	145.4	42.0	140.5	42.5	75.1	77.3	76.3	78.9	220.5	49.7	216.8	50.8
Regional governments	13.4	3.9	10.9	3.3	0.6	0.6	0.6	0.6	14.0	3.2	11.4	2.7
Multilateral development banks	3.7	1.1	5.1	1.6	—	—	—	—	3.7	0.8	5.1	1.2
Public sector entity	1.0	0.3	—	—	—	—	—	—	1.0	0.2	0.0	—
Financial institutions	34.8	10.0	26.6	8.1	6.8	7.0	5.7	5.8	41.7	9.4	32.2	7.6
Corporates	148.1	42.7	147.1	44.6	14.7	15.1	14.2	14.7	162.8	36.7	161.3	37.8
Total	346.5	100.0	330.1	100.0	97.1	100.0	96.8	100.0	443.7	100.0	426.9	100.0

Net exposure by region and exposure class, as of March 31, 2026


Skr bn	Middle East/Africa/ Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	0.0	—	1.1	—	198.6	18.7	2.0	220.5
Regional governments	—	—	—	—	—	11.4	2.6	—	14.0
Multilateral development banks	—	0.8	—	0.4	—	—	2.6	—	3.7
Public sector entity	—	—	—	—	—	—	1.0	—	1.0
Financial institutions	0.0	—	2.2	3.5	0.0	20.9	15.0	—	41.7
Corporates	0.3	0.8	3.6	6.5	2.4	114.7	32.7	1.8	162.8
Total	0.3	1.6	5.9	11.5	2.4	345.6	72.6	3.8	443.7

Net exposure by region and exposure class, as of December 31, 2025


Skr bn	Middle East/Africa/ Turkey	Asia excl. Japan	Japan	North America	Latin America	Sweden	Western Europe excl. Sweden	Central and Eastern Europe	Total
Central governments	0.0	0.0	—	0.2	—	201.8	12.8	2.0	216.8
Regional governments	—	—	—	—	—	10.3	1.1	0.0	11.4
Multilateral development banks	—	0.8	—	—	—	—	4.4	—	5.1
Public sector entity	—	—	—	—	—	—	—	—	—
Financial institutions	—	—	2.1	3.2	0.0	16.6	10.3	—	32.2
Corporates	0.3	0.9	3.2	7.7	2.4	112.5	32.6	1.8	161.3
Equity exposures	—	—	—	—	—	0.0	—	—	0.0
Total	0.3	1.7	5.3	11.1	2.4	341.2	61.1	3.7	426.9

Interim report January-March 2026Page 30 of 33

Net exposure to European countries, excluding Sweden


Skr bn	March 31, 2026	December 31, 2025
Belgium	2.8	3.4
Denmark	6.6	5.8
Finland	7.8	6.5
France	11.4	6.4
Ireland	1.4	1.5
Iceland	0.0	0.0
Italy	0.2	0.2
Latvia	0.0	0.0
Luxembourg	5.3	7.6
Montenegro	0.0	0.0
The Netherlands	3.8	0.6
Norway	3.6	3.6
Poland	3.5	3.4
Portugal	0.7	0.8
Switzerland	0.5	0.5
Serbia	0.2	0.1
Slovakia	0.1	0.1
Spain	2.3	2.3
United Kingdom	14.7	8.7
Austria	0.3	0.7
Total	76.4	64.8

Note 12. Transactions with related parties

Transactions with related parties are described in Note 27 to the

annual financial statements in SEK’s 2025 Annual Report on Form

20-F. No material changes have taken place in relation to

transactions with related parties compared to the description in

SEK’s 2025 Annual Report on Form 20-F.

Note 13. Events after the reporting period

No events with significant impact on the information in this report

have occurred after the end of the reporting period.

Interim report January-March 2026Page 31 of 33

The Board of Directors and the Chief Executive Officer confirm that this interim report provides a fair

overview of the Consolidated Group’s operations and financial position and results and describes

material risks and uncertainties facing the Consolidated Group.

Stockholm, April 27, 2026

AB SVENSK EXPORTKREDIT

SWEDISH EXPORT CREDIT CORPORATION


Lennart Jacobsen		Håkan Berg
Chairman of the Board		Director of the Board

Elisabeth Beskow	Paula da Silva		Katarina Ljungqvist
Director of the Board	Director of the Board		Director of the Board

Erik Mattsson	Carl Mellander		Eva Nilsagård
Director of the Board	Director of the Board		Director of the Board

	Magnus Montan
	Chief Executive Officer

SEK has established the following expected dates for the publication of financial information

SWEDISH EXPORT CREDIT CORP /SWED/ 6-K