SEB’s Q4 results last week came in below expectations, primarily explained by a weaker trading line in the quarter. We flagged in our preview that we saw a risk of shareholder distributions falling short of expectations, and while SEB surprised us with a SEK 2.5 XO DPS it also lowered the implied pace on buybacks to SEK 5.0bn vs ARCe/Cons SEK 7.5/8.0bn for 2026. We’re fairly agnostic on buybacks vs cash dividends – especially at P/B ~1.7x – but as the pro-forma CET1 ratio incl. new IRB-models in ....
