What happened? SEB held its public pre-close call for 2Q25 this afternoon, commenting on the macro environment, PandL lines and capital ahead of 2Q25 results. There was no change in company guidance. The bank is due to report 2Q25 results on July 16th at 5.30am BST. BNPP Exane View: SEB was the last Nordic bank to hold its pre-close today ahead of 2Q25 results. As a result, some messages were already flagged by peers. We would focus on the following key points: . NII: SEB''s NII decreased by -6% QoQ in Q1, but was helped by SEK100-200mn of temporary effects (the Swedish ''timing benefit'' as well as an elevated contribution by fixed income). This was more than offset by a headwind of two less interest days (SEK~200mn) and a negative FX effect. In our view SEB''s and peers'' comments imply: a reduction in the temporary benefits for both the fixed income and lag effect of mortgage repricing. Meanwhile, FX continues to be a headwind, volumes are expected to remain subdued and one more interest day (SEK100mn) will only provide partial relief. Overall, this could imply some small consensus downgrades for the quarter. . For non-NII income the largest headwind this quarter should be activity and the USD depreciation - similarly to peers this is likely a source of consensus downgrades ahead of the quarter even though a 3% decline QoQ is already baked into numbers. . The headwind on the PandL from FX should only see a small capital offset, as the closing FX so far implies a benefit from USD weakening being partially offset by a stronger EUR. . Elsewhere, the news remains relatively limited, as messaging on costs, provision and levies was reiterated. Costs could potentially see some greater FX relief than currently expected for the FY (consensus slightly higher than the mid-point of the guidance currently), but this is likely more than offset by the revenue effect. Overall comments flagged by SEB: Net Interest Income - four headwinds to consider this...