Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Q1 2026 Earnings Presentation
29 slides from Nordnet Ab's earnings presentation, Apr 24, 2026
Slide 1: Nordnet Q1 2026 Results presentation
Nordnet Q1 2026 Results presentation
Slide 2: Key highlights first quarter 2026
Key highlights first quarter 2026 Record quarterly revenue and Cost growth in line with profit full year target Robust trading and stable fund AI-powered insights in app and growth amid high market web: portfolio recap, macro volatility news and Q-report summaries Technical Analysis in the app was r
Slide 3: Financial highlights first quarter 2026
Financial highlights first quarter 2026 Customers Savings capital Number of trades Thousands SEKbn Million +12% +23% +15% 2,429 1,214 18.8 2,166 983 16.3 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Adjusted revenues Adjusted operating expenses Adjusted profit before tax SEKm1 SEKm1 SEKm1 +6% 1,3
Slide 4: Good momentum in customer growth and net savings
Good momentum in customer growth and net savings New customers Net savings (‘000) (SEKbn) +75 +78 +78 +29 +29 +69 +69 +69 +69 +25 +25 +58 +57 +59 +21 +54 +19 +19 +19 +18 +16 +15 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2025 2026 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2025 2026 YTD YTD Cust
Slide 5: Select product highlights
Select product highlights Technical Algorithmic Analysis tools ETF Monthly launched in Savings mobile app AI-powered Latest Recap: personalised news summaries 25 new for your holdings versions of Nordnet’s award-winning app 5
Slide 6: Operating income grown across all three of our diversified revenue streams
Operating income grown across all three of our diversified revenue streams Operating income mix Key revenue drivers Net transaction related Net fund related Net interest income Other income1 Transaction related +6% § Strong trading activity amid market volatility § QoQ margin contraction due to lowe
Slide 7: Brokerage – more customers trading and more trades per customer
Brokerage – more customers trading and more trades per customer Income and margin per trade Trades per day (‘000) Income (SEKm) Income / trade (SEK) Trades / customer / day (LHS) Trades per day 302 0.150 +12% 262 258 261 239 39.8 216 225 39.8 38.8 0.125 214 37.3 35.7 36.6 195 34.0 34.6 33.5 0.100 65
Slide 8: Fund – resilient growth, particularly in Nordnet-branded funds
Fund – resilient growth, particularly in Nordnet- branded funds Income and margin Fund capital development SEKm | Bps on fund capital SEKbn Active Nordnet funds Other Income (SEKm) Income margin (bps) Index Fixed income +11% 297 307 282 24.9 24.9 24.9 25.8 25.4 24.8 259 260 14% 23.9 24.0 24.3 241 24
Slide 9: Deposit growth driven by record cash net savings
Deposit growth driven by record cash net savings Deposits/savings capital vs stock market performance Deposit development 1Q26 SEKbn SEKbn Brokerage/Funds (LHS) % Deposits (RHS) Share of Deposits (LHS) MSCI World index AuM 1,300 20% 7.1% 8.0% 1,200 18% +13.1 1,100 16% -9.4 1,000 Brokerage 97.2 14% +
Slide 10: Net interest income turning to growth
Net interest income turning to growth Income Margins SEKm bps Credit portfolio Liquidity portfolio Customer interest NII yield Credit portfolio Liquidity portfolio Customer interest Other 600 679 691 653 +0.3% 634 500 577 601 574 579 561 400 403 414 411 333 269 300 299 264 265 268 200 438 413 434 10
Slide 11: Rigorous focus on cost discipline to drive operating leverage and enable investments
Rigorous focus on cost discipline to drive operating leverage and enable investments Operating expenses Key drivers of operating leverage C/I ü Scalable cloud-powered tech platform 28% 27% 29% 30% 29% 31% 31% 30% 30% ~SEK 1,455m ~SEK 1,630m ü Process simplification and AI automation 423 439 ü Highly
Slide 12: Business model with great operating leverage
Business model with great operating leverage Adjusted revenue Adjusted operating expenses³ Adjusted profit before tax SEKm SEKm SEKm 46 59 54 50 49 17 17 15 15 15 63 69 70 70 69 +16% C A GR 5,389 5,477 5,094 4,550 R+ 20% CAG 3,748 3,805 3,560 3,382 3,160 CAGR +10% 2,115 1,630 1,662 1,300 1,455 1,210
Slide 13: Strong capital situation creates flexibility
Strong capital situation creates flexibility Regulatory metrics Consolidated situation 97.2 Actual (vs req.) Requirement Shareholder remuneration Deposits in SEKbn Total capital ratio 22.4% (+7.9pp) 14.5% and capital targets CET1 ratio 18.4% (+8.2pp) 10.2% § Dividend of SEK 8.60 proposed – 70% payou
Slide 14: Medium-term financial targets reiterated
Medium-term financial targets reiterated Target Customer growth1 Average savings capital per customer2 Shareholder remuneration % SEK (‘000) 15.2% 13.8% Deliver superior shareholder returns 12.1% 12.1% 13-15% p.a. 476 486 488 Around SEK500k 444 435 through a dividend payout ratio of 70% 9.1% Capital
Slide 15: Key priorities for 2026
Key priorities for 2026 Commercial launch in Germany in H2 Realize potential in Livrente product Integrate AI into products and processes New Wealth Management unit to further develop Nordnet Private Banking Maintain focus on cost control 15
Slide 16: Thank You!
Thank You!
Slide 17: Financial highlights first quarter 2026
Financial highlights first quarter 2026 SEKm unless otherwise stated Q1 2026 Q4 2025 QoQ % Q1 2025 YoY % Condensed P&L1 Adjusted total income 1,485 1,391 +7% 1,396 +6% Adjusted operating expenses (439) (423) +4% (407) +8% Adjusted profit before tax 1,042 966 +8% 985 +6% KPIs New customers +77,500 +5
Slide 18: Summary P&L
Summary P&L SEKm Q1 2026 Q4 2025 QoQ % Q1 2025 YoY % Adjusted total income 1,485 1,391 7% 1,396 6% Adjusted operating expenses (439) (423) 4% (407) 8% Net credit losses (2) 0 - (1) 108% Imposed levies: Resolution fees (2) (2) 0% (4) -35% Adjusted profit before tax 1,042 966 8% 985 6% Items affecting
Slide 19: Items affecting comparability
Items affecting comparability SEKm 2026 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 un
Slide 20: 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 2024 2025 9.9% 8.1% 8.5% 7.3%
Slide 21: 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 ~1,214bn SEK ~73bn SEK ~30bn ~67% ~25% ~8% ~59% ~41% Margin Shares Funds Deposits Mortgage lending3 Net commission Net commission ~33 bps1 ~24
Slide 22: 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 100% 60% 90% 84% 77% 50% 45% 80% 72% 44% 43% 42% 41% 40% 70% 36% 40% 60% 50% 30% 40% 36% 40% 31% 29% 29% 30% 30% 20% 30% 13% 10% 20% 7% 10% 10% 0% 0% 2017 2018 2019 2020 2021 2022 2023 20
Slide 23: 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 1Q26 | % 1Q26 | (‘000) Male Female Corporation Pre 2020 2020-2021 2022 -2025 2026 2,429 6.0% 3% 2026 821 654 883 71 2,429 5.0% 3% 2% 3% 3% 3% 36% 2022-20
Slide 24: New customers remain active and drive high margins
New customers remain active and drive high margins Revenue margin 1Q26 Share of cross-border trades 1Q26 bps % | million trades 152 10.6 3.4 4.6 0.3 18.8 34% 41% 44% 39% Cross-border 50% 60 45 50 50 Pre 2020 2020-2021 2022-2025 2026 All Pre 2020 2020-2021 2022-2025 2026 All Share of trades per appli
Slide 25: Positive trend in customer growth and savings ratio
Positive trend 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 quarter’s savings capital SEKbn Thousands Annualised growth (LHS) Av
Slide 26: 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 -1.2 HTC&S1: +58.0 21.1 Gov/Gov reg/Supr. 1% Covered AA 16.2 17% 10% 23% 2% Sr./other 1% 10.8 9.9 1% 14% 8%
Slide 27: Liquidity portfolio snapshot: ~SEK2.1bn in 2026
Liquidity portfolio snapshot: ~SEK2.1bn in 2026* *Assumes 1Q 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 2,100m 73 Net interest income 57 60 58 60 41 42 43 47 425
Slide 28: Loan portfolio snapshot: ~SEK1.1bn in 2026
Loan portfolio snapshot: ~SEK1.1bn in 2026* *Assumes 1Q 2026 volume, interest as per April 1, 3M fwd IBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) Unsecured Mortgage Margin lending Volume1 SEKbn ~SEK 1,560m ~SEK 1,100m ~SEK 1,100m 30.9 31.5 31.2 29.8 Net interest
Slide 29: Deposit interest cost snapshot: SEK 400m in 2026
Deposit interest cost snapshot: SEK 400m in 2026* *Assumes 1Q 2026 volume and interest rates as of April 1 with future 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 1Q 2026 levels. Development savings accounts Share of Mar. 26 SEKbn SE NO D