SWED reported Q4 results on Thursday with an EPS that was 10% above our estimate, primarily driven by stronger trading and other income while core earnings were more in line. We’ve kept our revenue estimates for 2026/2027 mostly unchanged after the report, while we also stick with our cost estimates as they align well with the bank's cost guidance of SEK ~27.5bn for 2027. With a bigger total dividend proposed for FY25 than expected (SEK 29.8 vs ARCe 20.0) our expected ROE for 2026/2027 comes up ....
