Q4 2023 Financial Update

Macro environment Our home markets: Baltics GDP development Indexed Q4 2019 = 100 71 110 100 90 Estonia Latvia -Lithuania GDP growth (%) 2022 2023 2024 2025 Estonia -0.5 -3.4 -0.5 3.5 Latvia 3.4 -0.4 2.0 2.7 2.4 -0.2 1.5 2.8 Lithuania Q4-2019 Q3-2020 Q2-2021 Q1-2022 Q4-2022 Q3-2023 Inflation Annual growth rate 30% 20% Estonia Latvia -Lithuania Unemployment Share of total labor force Estonia Latvia - Lithuania 10% 8% 10% 6% 0% 2019 2020 2021 2022 4% -10% 2019 2020 2021 2022 Source: OECD database, SEB Nordic Outlook January 2024. SEB

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