We’ve updated our model after SEB’s Q1 report last week and overall make neutral estimate revisions, with our FY26-28 flat to up 1% vs our pre-Q1 estimates. While the Q1 EPS was 7% ahead of estimates primarily due to lower operating expenses, the FY26 cost target (adj. for fx) was effectively unchanged. The SEK 1.25bn buyback programme that was announced for the quarter was also in line with expectations and we’ve made no changes to our capital distribution estimates. With limited revisions and ....
