Skandinaviska Enskilda Banken AB (publ)

Good day and thank you for standing by. Welcome to the SEB Financial Results Q1 2026 webcast and conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1 and 1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to speaker today, Johan Torheby, President and CEO.

Please go ahead.

Good morning, everyone, and welcome to SEB's first quarter result presentation. First, I'd like to just comment on a pretty unusual quarter. We've clearly seen some turbulent times with some macroeconomic sharp turns during the first quarter of this year. After a very constructive start in January and February, we had the trigger of the military conflict in the Middle East, where we saw interest rate expectation significantly increase following higher energy prices and the risk of higher inflation. fairly sharp drops in some of the equity markets and also a widening of credit spreads. What's good to see is that April has really contrasted to this development and things have clearly stabilized. The highlights of the first quarter is really around the sentiment that ended positively and came out weaker during March after stabilizing in April. We saw some areas really benefiting from the market volatility that increased and we saw higher demand for commodity hedging supported by high activity in the secondary equities market. This quarter we can also clearly see the cost consolidation at work and this really creates the freedom degrees that we would like to use for the future to invest in prioritized areas. We will also continue the share buyback program of 1.25 billion for the coming quarter. Turning to the page with our credit exposure and lending, we noticed modest growth within the corporate segment. We also saw a little bit more growth within property management whilst household lending was flattish. We can clearly see measured as year on year that we continue to have good growth coming from the Baltics and wealth and asset management and some growth within corporate and investment banking. On the next page, we look at the business pulse and we can clearly state that we had a shift in sentiment during March. which really meant less activity in the areas such as listing on the stock exchange, M&A and large investment decisions on behalf of our clients. We also saw an improved sentiment around fixed income, currencies and commodities as market volatility increased, which is typical that activity thereafter follows. We also had four customer satisfaction surveys completed, and it was very constructive to see a good position for SEB within cash management, fixed income in Sweden, financial sponsors in Sweden, and debt capital markets in Sweden. We saw some customer inflow in the corporate portfolio of business and retail banking. The Airplus integration is on track. And we've also seen somewhat of an uptick in house prices in Sweden, which is clearly supportive of an activity level that might come back later during the year. In wealth and asset management, we had some inflow here measured as the Swedish mutual fund inflow in Sweden of 9 billion net with a market growing 4 billion in total. Also here, we got some recognition for our work within PWM and FO as well as asset management. Baltic continues to outperform, particularly measured as year on year with growth in mortgages and SMEs both at 10% and large corporate in the Baltics of 4%. We also continue to see constructive signs of growing long-term savings and investments in the Baltic states. Turning to the next slide, as customary, we once a year like to do the CIB numbers by clients in different geographies. First, one can conclude that the growth of total client income was muted with almost a sideline movement in 2025. But as we've experienced over the last decade, the new clients that we've entered into the bank over the last decade plus are the ones that outgrow the older vintage of clients that we do have. Looking at the dependence on Sweden, we continue to see a stabilization where we went from 66% of income coming from Sweden to now around 50%. Focus going forward will be to increase growth. This is a customer oriented approach where we would like now to see the total increasing in the years to come. Lastly, as we are designing the strategy of the bank with a clear focus on positive operating jaws, we can see that we have now with clearly a different cost trajectory path somewhat of a stabilization of the operating jaws. With that I'd like to hand over to Kristoffer Malmer.