Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Q4 2025 Earnings Presentation
36 slides from Nordnet Ab's earnings presentation, Jan 28, 2026
Slide 1: Nordnet Q4 2025 Results presentation
Nordnet Q4 2025 Results presentation
Slide 2: Key highlights fourth quarter 2025
Key highlights fourth quarter 2025 Continued strong growth in core Cost growth in line with target for brokerage and fund business the full year Positive net savings and good New Private Banking concept customer growth launched in all markets Strong trading activity and another German banking licens
Slide 3: Financial highlights fourth quarter 2025
Financial highlights fourth quarter 2025 Customers Savings capital Number of trades Thousands SEKbn Million +12.1% +15% +16% 2,351 1,183 16.1 2,096 1,032 13.8 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Adjusted revenues Adjusted operating expenses Adjusted profit before tax SEKm1 SEKm1 SEKm1 +6
Slide 4: Financial highlights full year 2025
Financial highlights full year 2025 Customers Savings capital Number of trades Thousands SEKbn Million +12.1% +15% +20% 2,351 1,183 63.3 2,096 1,032 52.9 Q4 2024 Q4 2025 Q4 2024 Q4 2025 2024 2025 Adjusted revenues Adjusted operating expenses Adjusted profit before tax SEKm1 SEKm1 SEKm1 +6% +8.1% exc
Slide 5: Good momentum in customer growth and net savings
Good momentum in customer growth and net savings New customers by month1 Net savings per month Thousands SEKbn 256 255 78 2024 2025 2024 2025 73 37 10 9 31 8 8 26 8 26 7 7 7 26 25 7 7 24 6 6 21 20 22 6 6 6 6 19 18 20 20 5 5 5 18 19 5 18 18 17 16 18 17 18 4 4 16 4 3 Jan Feb Mar Apr May Jun Jul Aug Se
Slide 6: Geographical diversification de-risks the business model and enables growth
Geographical diversification de-risks the business model and enables growth Sweden Norway Customers Savings capital Customers Savings capital Thousand SEKbn Thousand SEKbn +7% +11% +13% +18% 475 510 425 523 219 382 463 185 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Denmark Finla
Slide 7: More customers are trading and cross-border trading reached another all time high
More customers are trading and cross-border trading reached another all time high Trading customers Trades per trading customer / quarter Trades per trading customer VIX quarterly average 100% Share of all customers Number of trading customers 800,000 Average 2017-2024 40 90% 700,000 30 80% 20 Numbe
Slide 8: Trades per day up 20% compared to 2024
Trades per day up 20% compared to 2024 and each trade drives 10% more revenue Trades per customer per trading day Total number of trades and net income/trade Trades per customer / day (LHS) Trades per day Cross border (m) Domestic (m) Net income / trade (SEK) 0.22 285,300 80 0.20 72m 254,600 70 0.18
Slide 9: Leading Nordic fund supermarket
Leading Nordic fund supermarket Fund capital by country Fund capital by allocation1 SEKbn SEKbn § Steady growth in fund capital Active Nordnet funds Other Sweden Norway Denmark Finland Index Fixed income § Fund margins stabilize as active/passive shift slows 154 144 184 259 297 % 297 6% 6% 4% 3% 3%
Slide 10: Deposit recovery driven by strong net savings
Deposit recovery driven by strong net savings Deposits/savings capital vs stock market performance Deposit development 2025 SEKbn SEKbn Brokerage/Funds (LHS) % Deposits (RHS) Share of Deposits (LHS) MSCI World index AuM 1,200 20% 6.8% 7.1% 1,100 18% +14.0 1,000 16% Brokerage 900 -35.8 14% 800 +61.5
Slide 11: Liquidity portfolio snapshot: ~SEK1.6bn in 2026
Liquidity portfolio snapshot: ~SEK1.6bn in 2026* *Assumes 4Q 2025 volume, currency allocation, credit spreads and market consensus estimates for 3M fwd IBOR development. Volume SEKbn 1 ~SEK 1,680m SEK 1,585m ~SEK 1,600m Deposits Lending Other/equity Net interest income 57 60 58 61 425 438 434 403 41
Slide 12: Loan portfolio snapshot: ~SEK1.1bn in 2026
Loan portfolio snapshot: ~SEK1.1bn in 2026* *Assumes 4Q 2025 volume, interest as per January 1, 3M fwd IBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) Volume1 Unsecured Mortgage Margin lending SEKbn ~SEK 1,560m ~SEK 1,100m ~SEK 1,100m Net interest income 30.9 31.5
Slide 13: Deposit interest cost snapshot: SEK 350m in 2026
Deposit interest cost snapshot: SEK 350m in 2026* * Assumes 4Q 2025 volume and interest rates as of January 1 with future 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 4Q 2025 levels. Development savings accounts Share of deposits SEKbn SE
Slide 14: In summary: Resilient revenues bolstered by diversified revenues streams
In summary: Resilient revenues bolstered by diversified revenues streams Adjusted revenue by income type Savings capital by product SEKm1 SEKbn Brokerage Funds Deposits Net transaction related Net fund related income Net Interest income Other income² Adjusted revenue / avg. savings capital (bps) 0%
Slide 15: Business model with great operating leverage
Business model with great operating leverage Adjusted revenue Adjusted operating expenses³ Adjusted profit before tax SEKm SEKm SEKm 44 61 53 46 59 54 50 32 24 17 17 17 15 15 25 59 67 63 69 70 70 3% 5,389 R+ 2 5,094 G CA 4,550 % + 47 3,748 3,639 3,560 3,382 AGR C 3,160 2,689 2,451 2,115 CAGR +7% 1,5
Slide 16: Focus on the high-end segment: Q4 highlights
Focus on the high-end segment: Q4 highlights Monthly savings in ETPs: first platform Combination of savings plan and New watchlist functionality: with recurring savings in crypto certs pension plan flows (SE/NO) Improved customer flows FX account on tax-efficient account in Sweden (ISK) Even more ri
Slide 17: Capital and liquidity
417 Nordnet Capital and liquidity Baa
Slide 18: Strong capital situation creates flexibility
Strong capital situation creates flexibility Regulatory metrics Shareholder remuneration and capital targets 84.1 Consolidated situation Actual (vs req.) Requirement § Dividend of SEK 8.60 proposed – 70% payout Deposits in SEKbn Total capital ratio 23.7% (+8.8pp) 14.9% CET1 ratio 19.3% (+8.9pp) 10.4
Slide 19: Strategic focus
417 Nordnet Strategic focus Baa
Slide 20: Key strategic ambitions
Key strategic ambitions Engaged customers Engaged customers § Building the best platform for savings and investments § #1 NPS & high retention § Upward trend on eNPS Engaged § Attract and retain top employees talent Profitable § Capture Nordic and German growth growth potential § Stable cost level §
Slide 21: Strong long-term growth in customers and savings capital
Strong long-term growth in customers and savings capital Customers Savings capital Thousands SEKbn 2,351 1,183 %1 % 17 23 GR GR 2,096 CA 1,032 CA 1,863 1,708 1,601 802 825 715 1,221 R 17% CAG 564 R2 0% 914 CAG 765 395 669 490 567 272 286 235 395 433 200 314 344 367 136 166 224 90 102 90 104 157 193
Slide 22: Nordnet is taking market share in a growing market
Nordnet is taking market share in a growing market Share of total population Addressable market growth outlook1 Market share of addressable market2 December 2024 | Million Savings capital, SEK tln December 2024, SEK tln Nordnet’s share Market size current Market size extended Nordnet’s share of addr
Slide 23: Rigorous focus on cost discipline to drive operating leverage and enable investments
Rigorous focus on cost discipline to drive operating leverage and enable investments Key drivers of operating leverage Operating leverage drives improvement in cost margin Adjusted operating expenses1 in absolute terms and in relation to avg. savings capital (bps)2 32 24 17 17 17 15 15 ü Scalable cl
Slide 24: Medium-term financial targets reiterated
Medium-term financial targets reiterated Target Customer growth1 Average savings capital per customer2 Shareholder remuneration % SEK (‘000) 16.0% 13.8% Deliver superior shareholder returns 12.1% 13-15% p.a. 477 444 476 486 Around SEK500k through a dividend payout ratio of 435 9.9% 70% 9.1% Capital
Slide 25: Key priorities for 2026
Key priorities for 2026 Commercial launch in Germany in H2. Continued strong focus on the fund and pension business. Realize potential in Livrente product. Integrate AI into products and processes. Further develop and capitalize on the new private banking framework. Maintain focus on cost control. 2
Slide 26: Thank you
Thank you
Slide 27: Financial highlights fourth quarter 2025
Financial highlights fourth quarter 2025 SEKm unless otherwise stated Q4 2025 Q3 2025 QoQ % Q4 2024 YoY % Condensed P&L1 Adjusted total income 1,391 1,308 +6% 1,316 +6% Adjusted operating expenses (423) (403) +5% (391) +8% Adjusted profit before tax 966 904 +7% 919 +5% KPIs New customers +59,100 +69
Slide 28: Summary P&L
Summary P&L SEKm Q4 2025 Q3 2025 QoQ % Q4 2024 YoY % Adjusted total income 1,391 1,308 6% 1,316 6% Adjusted operating expenses (423) (403) 5% (391) 8% Net credit losses 0 2 (100%) (2) (100%) Imposed levies: Resolution fees (2) (2) 0% (3) -29% Adjusted profit before tax 966 904 7% 919 5% Items affect
Slide 29: Items affecting comparability
Items affecting comparability SEKm 2025 2024 2023 2022 2021 2020 2019 2018 2017 Non-recurring items – Expenses Delisting from Nasdaq (45) Acquisition of Netfonds (35) (16) Deduction right VAT 38 (20) (30) AML process upgrade (19) IPO related expenses (109) Sanction SFSA (4)1 (100) Divestment unsecur
Slide 30: Strong customer satisfaction driving market share gains
Strong customer satisfaction driving market share gains Customer satisfaction remains at high levels in all countries… NPS …which translates into increasing market shares across our geographies Market share based savings capital in relation to total addressable market1 2023 2024 7.8% 8.6% 7.4% 6.6%
Slide 31: Nordnet has a capital light business model
Nordnet has a capital light business model Nordnet’s income model Off balance sheet On balance sheet Liquidity portfolio Credit portfolio Savings capital SEK ~1,183bn SEK ~61bn SEK ~29bn ~68% ~25% ~7% ~59% ~41% Margin Shares Funds Deposits Mortgage lending3 Net commission Net commission ~33 bps1 ~25
Slide 32: Strong cost to income ratio and attractive return on equity
Strong cost to income ratio and attractive return on equity Adjusted cost income ratio Adjusted return on equity 90% 84% 60% 77% 80% 72% 50% 45% 70% 44% 43% 42% 40% 60% 40% 36% 50% 40% 30% 40% 36% 31% 30% 29% 29% 30% 20% 13% 20% 10% 10% 7% 10% 0% 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2017
Slide 33: New customers are younger, higher share of women and own more funds
New customers are younger, higher share of women and own more funds Share of customers per cohort and age1 Share of customers by cohort and gender 4Q25 | % 4Q25 | (‘000) Male Female Corporation Pre 2020 2020-2021 2022 -2024 2025 2,351 5,0% 11% 2025 824 656 609 263 2,351 3% 2% 3% 3% 3% 4,0% 26% 2022-
Slide 34: New customers remain active and drive high margins
New customers remain active and drive high margins Revenue margin 2025 Share of cross-border trades 2025 bps % | million trades 94 36.6 11.9 11.7 2.9 63.3 32% 41% 37% Cross-border 59 46% 48% 46 51 50 Pre 2020 2020-2021 2022-2024 2025 All Pre 2020 2020-2021 2022-2024 2025 All Share of trades per appl
Slide 35: Recovery in customer growth and savings ratio
Recovery in customer growth and savings ratio Annualised customer growth Annualised savings ratio Annualised quarterly customer increase in relation to previous Annualised quarterly net savings in relation to previous quarter Thousands quarter’s savings capital SEKbn Annualised growth (LHS) Average
Slide 36: Strong liquidity position with good credit quality and balanced maturity profile
Strong liquidity position with good credit quality and balanced maturity profile Exposure class Portfolio rating Maturity structure SEKbn % (S&P equivalent) SEKbn Unrealized result (SEKm) HTC -3.7 19.3 HTC&S1: +49.8 Gov/Gov reg/Supr. 0% 0% Covered AAA AA 14% 11% Sr./other 20% 12.7 3% 14% 8% A 8% 8.5