Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Investor Presentation (September 2026)
118 slides from Nordnet Ab's investor presentation, September 2026
Slide 1: Company presentation September 2026
Company presentation September 2026
Slide 2: Introduction to Nordnet
1 Introduction to Nordnet
Slide 3: This is Nordnet
This is Nordnet We exist to democratize savings and investments 1,459bn 2.57m 68m Savings capital Customers in 4 Nordic On-exchange trades SEK as of September 2026 countries as of September 2026 in LTM 3Q26 3
Slide 4: Pan-Nordic powerhouse
Pan-Nordic powerhouse Nordic broker #1 #1 domestic broker on Nordic exchanges since 2020 Total turnover on Nordic exchanges 2025 (SEKbn) 1 400 2025 2024 2023 2022 1 200 NPS position in Nordics #1 1 000 #1 NPS position* vs key competitors 800 with #1 rank in DK, FI & NO; #2 in SE 600 400 Market share
Slide 5: Most inspiring savings experience
Brand position Most inspiring savings experience “We make it fun to save and invest, encouraging our customers every step of the way. Our engaging platform keeps customers coming back and inspires them to be better investors.”
Slide 6: Clear strategic focus
Clear strategic focus Savings and The Nordic region Digital Individuals investments and Germany distribution 6 6
Slide 7: Nordnet caters to three distinct customer groups
Nordnet caters to three distinct customer groups Share of September 2026 savings capital1 (%) Grow within Saver segment to become Savers “Do it #1 choice for savers by focus on funds, (39%) for me” pension and ease of use Investors Maintain dominance within Investor “Help (55%) segment by continuing
Slide 8: Why do customers choose Nordnet?
Why do customers choose Nordnet? One stop Customer Competitive shop x experience x price always building on Trust 8
Slide 9: Building the best platform for savings and investments
Customer Promise Building the best platform for savings and investments “Through leading UX, cutting-edge financial products, automated and inspiring customer journeys as well as tools for informed decisions, we are building the best platform for savings and investments.”
Slide 10: Channels: Best in class user experience
Channels: Best in class user experience “Delightful digital channels with leading UX” Key initiatives NEXT as a financial cockpit and as a consolidator of key customer segment capabilities App to transition from “control of investments on the go” to “live your financial life in the app” including mo
Slide 11: NEXT web application
NEXT web application 22% of Nordnet users use only or mainly the web 85k Daily Active Users (DAU) with a 19% DAU/MAU ratio 83k Trades per day representing 39% of daily traded value during 2025 11 Note: 2025 figures
Slide 12: The Nordnet app
The Nordnet app 76% of Nordnet users use only or mainly the app Only web 472k Mainly app Daily Active Users (DAU) with a 40% DAU/MAU ratio 76% Only app 106k Mainly Trades per day representing app 35% of daily traded value during 2025 Only web Mainly we 12 Note: 2025 figures
Slide 13: Nordnet Social – our social investing community
Nordnet Social – our social investing community 507k users have shared their portfolios on Nordnet Social 1.9x Traded value of a Nordnet Social user vs a non-Nordnet Social user1 2.6x Commissions of a Nordnet Social user vs a non-Nordnet Social user1 13 Note: 2025 figures
Slide 14: Digital channel engagement
Digital channel engagement Active users Social community activity Investing activity 576k Daily Active Users (DAU) 550k Active Nordnet Social 881k Monthly Investing Customers (MIC)* Average Q3 2026 users Average Q3 2026 1.5m Monthly Active Users (MAU) 367k Nordnet Social posts created in 469k 532k A
Slide 15: Release cadence and deploys
51 min Release cadence of web-app NEXT 2.9 days Release cadence of native app 50,384 Deploys during 2025
Slide 16: Perfecting our digital platform since 1996
We have worked hard to perfect our digital platform for savings and investments since 1996 1996: Birth 2001: Listing on 2017: Take-private 2020: Re-listing 2024: Nordic of Nordnet the Stockholm by Öhman and feature complete Stock Exchange Nordic Capital Start-up phase Geographic Transformation Captu
Slide 17: One-stop shop for savings and investments
One-stop shop for savings and investments Securities brokerage ü ü ü ü Shares, bonds, warrants, options, futures, ETFs, ETPs, certificates Funds ü ü ü ü >2,000 mutual funds, index funds, hedge funds, fund-of- funds as well as fund guidance Pension ü ü ü ü Stock lending, endowment insurance, individu
Slide 18: Nordnet is taking market share in a growing market
Nordnet is taking market share in a growing market Data for Nordic countries Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Nordnet’s share of addressable
Slide 19: Nordnet has seven main revenue growth drivers
Nordnet has seven main revenue growth drivers New customer growth Revenue1 SEKm New net savings + 20% Savings CAGR capital growth 6,060 5,389 5,094 4,550 Product penetration 3,382 New product launches Opening new 2022 2023 2024 2025 LTM 3Q26 countries Opportunistic (1) Adjusted revenue (SEK), subtra
Slide 20: Strong long-term growth in customers and savings capital
Strong long-term growth in customers and savings capital Customers1 Savings capital Thousands SEKbn 2,566 1,459 % 1 2,351 27 % 17 GR R AG CA 2,096 C 1,183 1,863 1,708 1,032 1,601 802 825 1,221 715 0% R 17% C A GR 2 CAG 564 914 765 669 567 228 313 395 433 490 200 314 344 367 188 213 157 193 224 136 1
Slide 21: Embedded growth in customer base as younger customers accumulate wealth
Embedded growth in Nordnet’s customer base as younger customers accumulate and inherit wealth Strong future growth outlook Distribution of Nordnet’s savings capital and number of customers by age1 Average AUM (SEK, RHS) Share of total customers (%, LHS) Share of new customers (%, LHS) 5,0% 1 800 000
Slide 22: Sustainable growth: assets accumulate through retention
Sustainable growth: assets accumulate over time through strong customer and capital retention Retention 2025 savings capital development Customers Capital SEKm 97.5% 97.9% 98.0% 97.6% 97.3% 92% retained capital 90.3% 92.2% 90.8% 91.5% 92.3% 2024 1,032 Outflows -80 SEK 78bn net savings representing a
Slide 23: Built-in wealth accumulation as cohorts mature
Built-in wealth accumulation as cohorts mature along historical trajectory Current asymmetry | Sep. 2026 Predictable progression path Savings capital growth simulation On average, each cohort since 2015 compounds into and Modeled total savings capital expansion by organic lift from beyond the SEK ~5
Slide 24: The only pan-Nordic digital savings and investment platform at scale
The only pan-Nordic digital savings and investment platform at scale Revenue is evenly split between …but growth is stronger outside of …where margins are higher markets… Sweden… LTM 3Q26 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Sep 2025 S
Slide 25: Rigorous focus on cost discipline to drive operating leverage
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 17 17 15 15 14 ü Scalable cloud-po
Slide 26: Revenue growth and operating leverage drive profit growth
Revenue growth together with operating leverage drives significant profit growth Adjusted revenue Adjusted operating expenses³ Adjusted profit before tax SEKm SEKm SEKm 46 59 54 50 48 17 17 15 15 14 63 69 70 70 71 7% R +1 CAG 6,060 5,389 5,094 1% R +2 4,550 CAG 4,295 3,560 3,748 3,382 3,160 CAGR +10
Slide 27: Medium-term financial targets
Medium-term financial targets Target Customer growth1 Average savings capital per customer2 Shareholder remuneration % SEK (‘000) 15% 14% 525 12% 12% 13-15% p.a. 486 Deliver superior shareholder returns 476 Around SEK500k 444 435 through buybacks and a dividend 9% payout ratio of 70% Capital ratio t
Slide 28: We are positioned to be long-term winners
We are positioned to be long-term winners #1 LAUNCH OF STRONG, OPERATING PAN-NORDIC DIGITAL GERMANY IN SUSTAINABLE LEVERAGE AND PLATFORM H2 2026 GROWTH CAPITAL LIGHT 28
Slide 29: Long-term strategic ambitions
2 Long-term strategic ambitions
Slide 30: Our Moonshot
Our Moonshot Nordnet will earn the right to serve 100% of our customers’ wealth. By building a single, seamless experience across self-directed, advised and managed solutions, Nordnet will become European customers’ #1 choice. Earned, not assumed 100% of wealth Our European ambition Customers choose
Slide 31: Nordnet foundational value layers
Nordnet foundational value layers Market-leading customer satisfaction Great service Do what we say Friction-less experience Customers Delivering great services across all Always honoring commitments in all Customer journeys are automated and channels customer contact frictionless KPI: NPS KPI: Bran
Slide 32: Moonshot
Moonshot Nordnet will earn the right to serve 100% of our customers’ wealth. By building a single, seamless experience across self-directed, advised and managed solutions, Nordnet will become European customers’ #1 choice. Sets vision and revision Proves progress with goals quantifiable milestones T
Slide 33: Our Must-Win Battles
Our Must-Win Battles European Next-Gen Expansion Trading Learn from the German launch to build a Continuously upgrade our offering repeatable playbook for further to remain the top platform for European expansion. savings and investments. Democratizing Winning in AI: Wealth from learning to Manageme
Slide 34: A cloud-powered tech platform
3 A cloud- powered tech platform
Slide 35: Nordnet is powered by cloud technology
Nordnet is powered by cloud technology Enabling a platform for innovation Speed Scalability Security Innovation 35
Slide 36: Vision to enable speed
Vision to enable speed Leverage off-the-shelf products Build vs buy Our vision Re-usability Maximize time Increase efficiency by spent innovating for removing re-invention the customer. Automation Our mantra is: “no manual nothing” Release at will At will is not next Thursday 36
Slide 37: Release cadence and deploys
51 min Release cadence of web-app NEXT 2.9 days Release cadence of native app 50,384 Deploys during 2025
Slide 38: Increased leverage from cloud technology drives innovation pace
Increased leverage from cloud technology drives innovation pace 82 84 50,384 47,471 75 62 30,824 35 13,040 12 7,564 1 2019 2020 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 % development on # of releases Nordnet X* * Nordnet X is the cloud-based platform. 38
Slide 39: Scaling up development capacity
Scaling up development capacity 43 187 37 167 158 149 31 32 118 25 -18% Decreased cost per code change through AI- powered workflows* 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 FTE FTC #Development Teams (EOY) #Engineers * YTD Q3 2026 outcome versus YTD Q3 2025 which was the last non-AI-agent
Slide 40: A typical day on the Nordnet platform 2025
A typical day on the Nordnet platform 2025 EU market open: ~21k request/s US market open: ~13k request/s EU market close (SE/FI/DE) +104m net fund buys US market close SEK 255k 85k 472k trades DAU web DAU app 94k x-border trades 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00
Slide 41: Our shift left strategy ensures a strong focus on security
Our “shift left” strategy ensures a strong focus on security Engaging our entire 250 people tech team in securing our platform Shift-left Each Product Team owns 4 hours security of their services Complete disaster recovery Benefits: § Scalable: Faster fixes of security risks § Proactive: Security bu
Slide 42: Our road to becoming an AI first company
Our road to becoming an AI first company How we will approach Agentic AI Innovation Step 1 (2026) Step 2 (2026/2027) Step 3 (2027–) AI Agents in Tech AI Agents in customer AIAIagents agentstotopower power offering our ourbusiness business Software Engineering is the natural Next, we will introduce a
Slide 43: AI will fundamentally transform the product
AI will fundamentally transform the product Innovation AI will play an important role across three main dimensions: 1 Entirely new products only made possible through AI 2 Elevated product experiences through judicious use of AI in all features 3 Improved user experience through smoother customer jo
Slide 44: Measuring tech performance
Measuring tech performance Progress on Cloud 61% Software Delivery 94% migration Apps on NordnetX Q3 2026 Performance High or elite performing teams (State of Devops) Q3 2026 Operational Performance 99.9% Availability Q3 2026 44
Slide 45: Geographic diversification
4 Geographic diversification
Slide 46: Building our competitive moat for more than two decades
We have been building our competitive moat for more than two decades Operating in all four Nordic markets with… Local presence Fully Strong and Operating with localized licensed and trusted brand at scale offerings regulated Leading customer proposition based on… One stop shop Leading social Product
Slide 47: Strong growth runway for Nordnet across the Nordics
Strong growth runway for Nordnet across the Nordics Addressable market size and Nordnet’s market share by country 20251 SEKtln Nordnet ~6% ~8% ~5% ~10% ~6% market share ~2.6x ~2.5 ~18.7 ~6.3 ~2.5 ~2.7 ~7.1 Total addressable market Addressable market defined as the estimated part of the overall Nordi
Slide 48: Nordnet competes with online platforms and incumbent banks
Nordnet competes primarily with online platforms and incumbent banks Main digital platforms Continued migration from incumbent banks to digital platforms Main incumbent banks 48
Slide 49: The only pan-Nordic digital savings and investment platform at scale
The only pan-Nordic digital savings and investment platform at scale Revenue is evenly split between …but growth is stronger outside of …where margins are higher markets… Sweden… LTM 3Q26 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Sep 2025 S
Slide 50: Sweden
Sweden Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Nordnet’s share Other OTPs Market size Nordnet market share Nordnet’s share of addressable market 3%
Slide 51: Sweden
Sweden Achievements 2025 Customer behaviour Over +70% net savings increase YoY 807k 3,000 4.2 Over +7% customer growth YoY savings capital per income per trades per customer customer (SEK)1 customer (SEK)2 per month3 Launch of new Private Banking concept Customers Revenue4 50% own shares 51% own fun
Slide 52: Norway
Norway Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Nordnet’s share Market size Nordnet market share Nordnet’s share of addressable market 2% 8% 1.3 9% R
Slide 53: Norway
Norway Achievements 2025 Customer behaviour Milestone of 500.000 customers - 13% growth Improved trader offering - 24 % growth in traded value 401k savings capital per 2,700 income per 2.1 trades per customer customer (SEK)1 customer (SEK)2 per month3 Launch of new Private Banking concept Customers
Slide 54: Denmark
Denmark Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Nordnet’s share Market size Nordnet market share Nordnet’s share of addressable market 2% 5% 3.2 10%
Slide 55: Denmark
Denmark Achievements 2025 Customer behaviour 600K customers milestone - 18% customer growth Cont. #1 in EPSI customers satisfaction rating 463k savings capital per 2,400 income per 2.1 trades per customer customer (SEK)1 customer (SEK)2 per month3 Launch of new Private Banking concept 77% own shares
Slide 56: Finland
Finland Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Nordnet’s share Market size Nordnet market share Nordnet’s share of addressable market 12% 5% 10% 1.
Slide 57: Finland
Finland Achievements 2025 Customer behaviour Cont. #1 in EPSI customers satisfaction rating #1 choice for saving and investing 331k savings capital per 1,800 income per 1.5 trades per customer customer (SEK)1 customer (SEK)2 per month3 Several new services for high-end segment Revenue Customers 63%
Slide 58: Introducing Nordnet's 5th market: Germany
5 Introducing Nordnet’s 5th market: Germany
Slide 59: Germany is a natural next step for Nordnet
Germany is a natural next step for Nordnet Addressable market >2x the Nordics with ample growth and Large and growing market increasing equity participation Attractive German savers value trust, transparency, great UX and a complete market product selection – consistent with Nordnet’s brand and offe
Slide 60: The German market is large with growing assets and equity participation
The German market is large with assets and equity participation growing rapidly Share of adult population owning Addressable market A market with great fundamentals stocks or funds SEKtln Million 19% of adult population Over half a million potential customers enter the market each year CAGR +5% CAGR
Slide 61: Doubling the addressable market
Doubling the addressable market to secure a long runway for growth Addressable market size by country 2025 ~2.4x SEKtln ~44 ~2.7x ~2.5 ~18.7 ~6.3 ~2.5 ~2.7 ~7.1 Nordic addressable market Source: SCB, Svensk Försäkring, SSB, Finans Norge, Nationalbanken Denmark, Statistics Denmark, Statistics Finland
Slide 62: Nordnet's proposition is the key to success in any market
Nordnet’s proposition is the key to success in any market One stop Customer Competitive shop x experience x price always building on Trust 62
Slide 63: Exporting the one-stop shop playbook
Exporting the one-stop shop playbook Securities brokerage ü ü ü ü ü Superior UX, attractive & transparent pricing, offer trading on more exchanges Funds ü ü ü ü ü Lead with in-house funds adapted to local market, enhance ETF offering Pension ü ü ü ü ü New pension account to be launched in 2027 could
Slide 64: Utilize existing infrastructure for an efficient launch
Utilize existing infrastructure for an efficient launch Preparation Launch Growth Profitable growth 2025 2026 2027–2029 2030– § Establish branch § Tech implementation § End of “resource surge” § Independent local operation § Recruit key personnel § Conceptual offering § Iterate to find right product
Slide 65: Germany is an attractive, growing fifth market
Germany is an attractive, growing fifth market to add to Nordnet’s northern European footprint Large TAM which extends growth runway and provides revenue optionality at relatively low cost German market is a good fit for Nordnet’s USPs and leverages existing strengths and digital platform Nordnet ha
Slide 66: We have a strong and experienced team in Germany
We have a strong and experience team in Germany Arno Walter, Country Manager Katrin Wutz, Head of Legal Former Comdirect bank CEO in Germany. Specialist in building leading Senior legal professional with 15+ years’ experience in German retail digital platforms. Demonstrated ability in expanding brok
Slide 67: Wide product range and diversified revenue streams
6 Wide product range and diversified revenue streams
Slide 68: One-stop shop for savings and investments
One-stop shop for savings and investments Securities brokerage ü ü ü ü Shares, bonds, warrants, options, futures, ETFs, ETPs, certificates Funds ü ü ü ü >2,000 mutual funds, index funds, hedge funds, fund-of- funds as well as fund guidance Pension ü ü ü ü Stock lending, endowment insurance, individu
Slide 69: This is Securities Brokerage
Securities Wealth Pension Credit Brokerage Management This is Securities Brokerage Fully integrated securities business: Corporate Business § Shares, bonds, warrants, options, futures, Actions Development certificates, stock lending and margin lending IPOs, AGM/EGMs, Exchange Traded Products, divide
Slide 70: Leading securities brokerage offering
Securities Wealth Pension Credit Brokerage Management Leading securities brokerage offering Brokerage capital development Customer behavior1 SEKbn ~1,2m Sweden Norway Denmark Finland 20% customers made a trade 1.7 tln In traded value | SEK +20% 802 CAGR 704 190 573 573 157 24% 490 404 123 132 221 11
Slide 71: More customers are trading and cross-border trading at all-time high
Securities Wealth Pension Credit Brokerage Management More customers are trading and cross-border trading reached an 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 900,000
Slide 72: Trades per day are increasing and each trade drives more revenue
Securities Wealth Pension Credit Brokerage Management Trades per day are increasing and each trade drives 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)
Slide 73: Case study: Crypto-related instruments
Securities Wealth Pension Credit Brokerage Management Case study: Crypto-related instruments Focus on education and ensuring customers understand products and risks ~2% Nordnet provides access to crypto-backed of Nordnet customers ETNs/ETCs on regulated trading venues hold crypto-related assets No w
Slide 74: This is Wealth Management
Securities Wealth Pension Credit Brokerage Management This is Wealth Management Fully integrated Funds business: Comprehensive Private § >2,000 mutual funds, including index funds, Banking offering: hedge funds and multi-asset funds § Exclusive benefits and fast-track § Over SEK 100bn managed in Nor
Slide 75: Going beyond self-directed investment
Securities Wealth Pension Credit Brokerage Management Going beyond self-directed investment Wealth management JV with ABGSC § Complementary strengths: Pair ABGSC’s institutional research, advisory, and discretionary portfolio management Addressable market in the Nordics*: with Nordnet’s digital reac
Slide 76: Leading Nordic fund supermarket
Securities Wealth Pension Credit Brokerage Management 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
Slide 77: This is Nordnet private banking
Securities Wealth Pension Credit Brokerage Management This is Nordnet private banking What is private banking at Nordnet? § Next-generation Private Banking for customers with SEK >2.5m in savings capital § Tiered service and offer levels (Gold, Platinum, Black, and Signature) § Digital-first platfor
Slide 78: This is the Nordnet partner business
Securities Wealth Pension Credit Brokerage Management This is the Nordnet partner business What is Partner at Nordnet? § The partner concept is designed for external asset managers Development of savings capital and insurance brokers who provide portfolio management SEK billion and advisory services
Slide 79: Empowering partners with portfolio & trading infrastructure
Securities Wealth Pension Credit Brokerage Management Empowering partners with advanced portfolio & trading infrastructure Holdings and performance Accounts Detailed breakdown of account performance, overview development graphs, and Consolidated summary specific asset/fund holdings of managed accoun
Slide 80: This is Pension
Securities Wealth Pension Credit Brokerage Management This is Pension Wholly-owned pensions group: § Complete pension solutions in Sweden for both private Nordnet individuals and employers, with additional offerings in Norway, Denmark & Finland Pensionsförsäkring AB § Private pension savings and ind
Slide 81: Opportunity to grow in the pension market
Securities Wealth Pension Credit Brokerage Management Opportunity to grow in the pension market Nordnet’s share of addressable market1 Customer behavior1 SEKtln | 2025 347k Customers 792k Avg AuM per pension 3.2 customer 1.2 0.6 3.2 0.5 +14.1bn net savings ~15% of customers have a 4.8% 1.6% 0.5 2.9%
Slide 82: Pension – Sweden
Securities Wealth Pension Credit Brokerage Management Pension – Sweden Product offering 156k 1,148k § Tjänstepension: Cost-efficient occupational pension with Sweden’s widest investment selection § Kapitalförsäkring (KF): Tax-efficient insurance wrapper pension customers average pension capital for
Slide 83: Pension – Norway
Securities Wealth Pension Credit Brokerage Management Pension – Norway Product offering 115k 363k § Egen Pensjonskonto (EPK): Nordnet's flagship occupational pension product for employees to manage and consolidate their employer-sponsored capital pension customers average pension capital § PKB & IPS
Slide 84: Pension – Denmark
Securities Wealth Pension Credit Brokerage Management Pension – Denmark Product offering 72k 717k § Livrente: Fully accessible under the new branch setup. Uniquely positioned as our major growth driver to tap into the largest segment of the Danish pension market pension customers average pension cap
Slide 85: Pension – Finland
Securities Wealth Pension Credit Brokerage Management Pension – Finland Product offering 4k 524k § Endowment Insurance / SIP: Tailored as a tax-efficient insurance wrapper for private individual savers and wealthier investors pension customers average pension capital § Enables full online trading wi
Slide 86: This is Credit
Securities Wealth Pension Credit Brokerage Management This is Credit Highly complementary suite of credit products § Margin lending allows customers to amplify returns § Own mortgage to attract and retain HNWIs § Automated credit processes § Capital-light credit resulting in high RoEs 29.3bn >50% in
Slide 87: Net interest income overview
Securities Wealth Pension Credit Brokerage Management Net interest income overview Volume liquidity portfolio Net interest income1 Liquidity portfolio Deposit interest SEKbn Deposits Lending Other/equity SEKm Credit portfolio Other NII 73 70 70 691 679 653 687 60 58 60 634 675 57 577 601 42 43 47 57
Slide 88: Liquidity portfolio snapshot
Securities Wealth Pension Credit Brokerage Management Liquidity portfolio snapshot: ~SEK1.9bn in 2026* *Assumes 3Q 2026 volume, currency allocation, credit spreads and market consensus estimates for 3M fwd IBOR development. Volume SEKbn Deposits Lending 1 Other/equity ~SEK 1,680m ~SEK 1,585m ~SEK 1.
Slide 89: Loan portfolio snapshot
Securities Wealth Pension Credit Brokerage Management Loan portfolio snapshot: ~SEK1.2bn in 2026* *Assumes 3Q 2026 volume, interest as per Oct 2026, 3M fwd IBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) Volume1 Unsecured Mortgage Margin lending SEKbn ~SEK 1,560m ~
Slide 90: Deposit interest cost snapshot
Securities Wealth Pension Credit Brokerage Management Deposit interest cost snapshot: SEK ~410m in 2026* * Assumes 3Q 2026 volume and interest rates as of October with future 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 3Q 2026 levels. Dev
Slide 91: Scalable business model with high operating leverage
7 Scalable business model with high operating leverage
Slide 92: Resilient revenues bolstered by diversified revenue streams
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) +26% 1,459 CAGR
Slide 93: Rigorous focus on cost discipline to drive operating leverage
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 17 17 15 15 14 ü Scalable cloud-po
Slide 94: Financial education through savings economists and investment coaches
Financial education through our visible savings economists and investment coaches… SWEDEN NORWAY DENMARK FINLAND Carl-Henrik Söderberg Else Sundfør Per Hansen Jasmin Hamid Savings economist Savings economist Savings economist Savings economist § 4,200 followers on X § Savings profile of the § 2,600
Slide 95: More than 800k members in our community
…and more than 800k members in our community, with millions of views, streams and sessions… 3.8 million 139K 146 streams followers followers Nordnet social 550K 136K users followers 5.3 million entries 83K 220K followers followers 70K 3.1 million followers streams Note: Follower-base as of October 2
Slide 96: Results in highly profitable customer growth
…results in highly profitable customer growth High share of low-cost organic searches together with …results in low customer acquisition cost and a very increasing retention rates… attractive customer lifetime value Share of new customers by Retention of active customer base acquisition channel1 yea
Slide 97: Increased marketing investment yields results
Increased marketing investment yields results Initiatives started 2025 Marketing effects Measurable KPIs Aided ad Our campaign is being seen awareness 3X marketing budget New creative campaign Nordnet becomes a relevant choice Consideration Increased brand marketing Brand awareness The brand strengt
Slide 98: Revenue growth and operating leverage drive profit growth
Revenue growth together with operating leverage drives significant profit growth Adjusted revenue Adjusted operating expenses³ Adjusted profit before tax SEKm SEKm SEKm 46 59 54 50 48 17 17 15 15 14 63 69 70 70 71 7% R +1 CAG 6,060 5,389 5,094 1% R +2 4,550 CAG 4,295 3,560 3,748 3,382 3,160 CAGR +10
Slide 99: A capital light business with high return on equity
8 A capital light business with high return on equity
Slide 100: 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 ~1,459bn SEK ~70bn SEK ~33bn ~67% ~27% ~7% ~60% ~40% Margin Shares Funds Deposits Mortgage lending3 Net commission Net commission ~32 bps1 ~24
Slide 101: Strong capital situation creates flexibility
Strong capital situation creates flexibility Regulatory metrics 96.1 Consolidated situation Actual (vs req.) Requirement Deposits in SEKbn Total capital ratio 21.9% (+6.0pp) 15.9% Shareholder remuneration CET1 ratio 18.1% (+7.1pp) 11.0% and capital targets Leverage ratio 4.7% (+1.2pp) 3.0% (3.5% P2G
Slide 102: Strong liquidity position and balanced maturity profile
Strong liquidity position with and good credit quality and balanced maturity profile Exposure class Portfolio rating Maturity structure Unrealized result (SEKm) SEKbn % (S&P equivalent) SEKbn HTC -3.1 HTC&S1: +86.0 16.5 Gov/Gov reg/Supr. 15.3 Covered AAA AA 2% 14.1 1% 2% 0% 15% 21% 0% Sr./other 7% 9
Slide 103: Attractive cost to income ratio and return on equity
Attractive cost to income ratio and return on equity Adjusted cost income ratio1 Adjusted return on equity1,2 90% 84% 60% 77% 80% 72% 50% 45% 45% 70% 44% 43% 42% 40% 60% 40% 36% 50% 40% 30% 40% 36% 31% 30% 29% 29% 29% 30% 20% 13% 20% 10% 10% 7% 10% 0% 0% 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 104: Nordnet's sustainability strategy
9 Nordnet’s sustainability strategy
Slide 105: Sustainability at core of strategy
Sustainability at core of strategy Democratize savings and investments § Increase the general knowledge about personal finance § Develop user-friendly and inspirational services for saving and investments § A better gender distribution within savings and investments Sustainable savings § Have a broa
Slide 106: Focus on education and inspiration on personal finance
Deep-dive : We focus on education and inspiration * to increase the knowledge of personal finance § Nordnet Academy – learning center with a dedicated sustainability section with 2.7 million views § Nordnet blog – saving, investing, markets and personal finance blog aimed at individual investors and
Slide 107: We work to get more women to invest
Deep-dive: We work to get more women to invest Share of female customers § Nordnet Female Network – a network to encourage 34,5% 35,2% 33,6% more women to invest 32,0% 33,0% § Educational posts in each country § Founder of a tech-talent network, Power Women in Tech, with appurtenant Podcast 2021 202
Slide 108: Easy to invest sustainably
Deep-dive: Easy to invest sustainably § First in Sweden to offer screening of mutual funds and ETFs to exclude unwanted holdings § First in Sweden platform to introduce Article 8 / Article 9 tagging of funds § Guidance flow for mutual funds can populate allocation with sustainable funds § Curated wa
Slide 109: Broad offering within sustainable savings
Deepdive: Broad offering within sustainable savings Distribution of fund capital, 2025* 4% 14% Article 9 Article 8 § Majority of Nordnet-branded funds follow ESG indices Other § Broad ETF offering enabling customers to invest in all 82% sustainability trends § Vast majority of fund capital is invest
Slide 110: A responsible business in all aspects
Deepdive: A responsible business in all aspects Nordnet emissions 1000 20 Nordnet has established goal to decrease emissions in 500 10 line with the Paris Agreement Climate impact 0 0 Our digital business model is inherently energy-efficient 2020 2021 2022 2023 2024 2025 Climate compensation with 11
Slide 111: Strong compliance and risk management
Strong compliance and risk management Three lines of defence Board and Executive Management overall responsible Risk Control and Business Line Management Internal Audit Compliance functions First line of defense: Second Line of Defense: Third line of defense: Risk Ownership Control Assurance Owns ri
Slide 112: Increased staffing in control functions
Increased staffing in control functions Risk Compliance Legal Financial Crime Prevention 110 100 89 69 76 60 67 Staffing in control 56 functions has 44 44 increased threefold 35 39 31 since 2018 18 26 12 13 14 18 7 5 6 7 12 11 11 5 7 9 4 6 6 4 6 6 7 9 9 9 9 2018 2019 2020 2021 2022 2023 2024 2025 11
Slide 113: Control functions report directly to CEO
Control functions report directly to CEO CEO Risk Control Compliance Chief Compliance Chief Risk Officer Officer Financial Crime Legal Prevention General Counsel Chief Financial Crime Prevention Officer Country Product Tech Pension organizations Finance Human Resources Communications Brokerage Wealt
Slide 114: Engaged employees
Engaged employees People agenda PURPOSE & STRATEGIC HYBRID EMPLOYER LEADERSHIP DIVERSITY VALUES DIRECTION WORK MODEL BRANDING eNPS Average last 4 quarters 45 40 41 40 35 30 17 ENPS 2020 2021 2022 2023 2024 2025 3Q26 114
Slide 115: Appendix
10 Appendix
Slide 116: Efficient operating model with clear responsibilities
Efficient operating model with clear responsibilities CEO Countries Staff functions Sweden Norway Denmark Finland Finance § One product and tech Financial Crime Prevention organization supporting all Nordic Marketing countries Communications, IR & Sustainability § Front-to-back responsibility in Pro
Slide 117: 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 % 3Q26 | (‘000) Male Female Corporation 2,566 Pre 2020 2020-2021 2022 -2025 2026 6,0% 8% 2026 816 651 889 209 2,566 3% 2% 3% 3% 3% 5,0% 35% 2022-2025 28%
Slide 118: New customers remain active and drive high margins
New customers remain active and drive high margins Revenue margin YTD 3Q26 Share of cross-border trades YTD 3Q26 bps % | million trades 96 28.9 9.1 12.7 1.8 52.2 35% 43% 41% Cross-border 52% 50% 56 43 48 48 Pre 2020 2020-2021 2022-2025 2026 All Pre 2020 2020-2021 2022-2025 2026 All Share of trades p