Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Q1 2025 Earnings Presentation
39 slides from Nordnet Ab's earnings presentation, Apr 24, 2025
Slide 1: Nordnet Q1 2025 Results presentation
Nordnet Q1 2025 Results presentation
Slide 2: Key highlights first quarter 2025
Key highlights first quarter 2025 Revenue and profit reach Opex (ex Germany) +12.9% due to record levels sequencing of marketing spend The highest customer growth and Many new key features aimed at the net savings in four years high-end segment released Market turbulence drives trading Good start to
Slide 3: Impact from market volatility in Q1
Impact from market volatility in Q1 Number of trades Slow down in net buying million SEKbn Trades 216’ 225’ 262’ 10 per day 8 +22% 6 +18% 4 2 Brokerage 16.3 13.4 13.8 0 Funds -2 -4 06/22 12/22 06/23 12/23 06/24 12/24 03/25 Q1 2024 Q4 2024 Q1 2025 Share of x-border trades Reduction in savings capital
Slide 4: Financial highlights first quarter 2025
Financial highlights first quarter 2025 Customers Savings capital Number of trades Thousands SEKbn Million +14%2 +9% +22% 2,166 905 983 16.3 1,921 13.4 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Adjusted revenues Adjusted operating expenses Adjusted profit before tax SEKm1 SEKm1 SEKm1 +12.9% ex
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 2024 2025 2024 2025 69 25 58 37 10 19 9 31 8 26 7 7 24 6 7 6 21 20 6 6 6 19 18 20 20 19 5 5 5 18 18 18 16 4 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 Jan Feb Mar Apr May Jun
Slide 6: Geographical diversification de-risks the business model and enables growth
Geographical diversification de-risks the business model and enables growth Sweden1 Norway Customers Savings capital Customers Savings capital Thousand SEKbn Thousand SEKbn +6% +10% +16% +17% 476 482 367 480 179 335 413 153 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Denmark Finl
Slide 7: Number of trading customers Share of all customers
Share of all customers 10% 100% 20% 30% 40% 50% 60% 70% 80% 90% 1Q|17 2Q|17 3Q|17 4Q|17 1Q|18 2Q|18 3Q|18 4Q|18 Trading customers 1Q|19 2Q|19 3Q|19 4Q|19 1Q|20 Average 2017-2024 2Q|20 Share of all customers 3Q|20 4Q|20 1Q|21 2Q|21 3Q|21 4Q|21 1Q|22 2Q|22 3Q|22 is at all-time high 4Q|22 1Q|23 2Q|23 3
Slide 8: Trades per day have more than doubled since 2019 and each trade drives more revenue
Trades per day have more than doubled since 2019 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) 0.22 285,300 80 72 0.20 261,700 70
Slide 9: Leading Nordic fund supermarket
Leading Nordic fund supermarket Fund capital by country Fund capital by allocation1 SEKbn SEKbn § Fund capital growing 1.8x total savings capital Active Nordnet funds Other Sweden Norway Denmark Finland Index Fixed income § One quarter of fund capital is Nordnet-branded CAGR +15 % 154 144 184 259 24
Slide 10: Deposit increase driven by net cash savings and dividends as customers remained net buyers
Deposit increase driven by net cash savings and dividends as customers remained net buyers Deposits/savings capital vs stock market performance Deposit development 1Q25 SEKbn SEKbn Brokerage/Funds (LHS) % Deposits (RHS) Share of Deposits (LHS) MSCI World index AuM 1,100 20% 6.8% 8.0% 1,000 18% +8.7
Slide 11: Liquidity portfolio snapshot: ~SEK1.5bn in 2025
Liquidity portfolio snapshot: ~SEK1.5bn in 2025* *Assumes 1Q 2025 volume, currency allocation, credit spreads and market consensus estimates for 3M fwd IBOR development. Volume SEKbn 1 ~SEK 1,650m ~SEK 1,680m ~SEK 1,500m Deposits Lending Other/equity Net interest income 57 452 449 438 50 47 45 42 43
Slide 12: Loan portfolio snapshot: ~SEK1.1bn in 2025
Loan portfolio snapshot: ~SEK1.1bn in 2025* *Assumes 1Q 2025 volume, interest as per 1st of April, 3M fwd IBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) Volume1 Unsecured Mortgage Margin lending SEKbn ~SEK 1,350m ~SEK 1,560m ~SEK 1,100m Net interest income 30.9 31
Slide 13: Deposit interest cost snapshot: SEK 380m in 2025
Deposit interest cost snapshot: SEK 380m in 2025* * Assumes 1Q 2025 volume with 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 1Q 2025 levels. Development savings accounts Share of deposits SEKbn Mar 25 SE NO DK FI 17.6 18.2 17.7 17.6 14.6 3
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 +19 % CAGR Adjusted revenue / avg. savings capita
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 54 32 24 17 17 17 15 15 25 59 67 63 69 70 70 R+ 26% 5,094 5,227 CAG 4,550 4% +5 3,639 GR 3,560 3,661 3,382 CA 3,160 2,689 2,451 CAGR +6% 2,115 1,524
Slide 16: Focus on the high-end segment: highlights
Focus on the high-end segment: highlights Launched Coming soon Factset analyst recommendations and price targets popular with 16m+ views and FX account on tax-efficient 500k+ unique users in Q1 2025 accounts (ISK, KF) Adding 10 more European exchanges Algorithmic order execution (VWAP, TWAP, dark po
Slide 17: Capital and liquidity
417 Nordnet Capital and liquidity 7, Ai
Slide 18: Strong capital situation creates flexibility
Strong capital situation creates flexibility Regulatory metrics* Shareholder remuneration and capital targets 78.8 Consolidated situation Actual (vs req.) Requirement § Proposed dividend of SEK 8.10 – 70% payout Deposits in SEKbn Total capital ratio 25.0% (+9.5pp) 15.5% CET1 ratio 20.4% (+9.7pp) 10.
Slide 19: Strategic focus
417 Nordnet Strategic focus 7, Ai
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 growth growth potential § Stable cost level § Strong com
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 1 2 2% 18 % 2,166 GR 1,032 R 2,096 CA 983 C AG 1,863 1,708 825 802 1,601 715 R 20 % C AG 1,221 564 7% G R1 CA 914 395 765 669 490 567 272 286 344 235 367 395 433 166 200 314 136 224 90 102 90 104 157 1
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, SEKtln December 2024, SEK tln Nordnet’s share Market size current Market size extended Nordnet’s share of addre
Slide 23: Rigorous focus on cost discipline to drive operating leverage
Rigorous focus on cost discipline to drive operating leverage 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 Adjusted operating expenses (SEKm) Adjusted operating exp
Slide 24: Medium-term financial targets
Medium-term financial targets Target Customer growth1 Average savings capital per customer2 Shareholder remuneration % SEK (‘000) 16% 14% 14% Deliver superior shareholder returns 13-15% p.a. 477 476 477 Around SEK500k 444 435 through a dividend payout ratio of 10% 70% 9% Capital ratio targets: • Lev
Slide 25: Key priorities for 2025
Key priorities for 2025 Markus Pertlwieser is our new Lay groundwork for launch of Nordnet Germany. Country Manager for Germany Realize potential in new Livrente product. Continue strong net flows in the fund and pension business. Enhance high-end offering for private banking and active trading cust
Slide 26: Thank you
Thank you
Slide 27: Financial highlights first quarter 2025
Financial highlights first quarter 2025 SEKm unless otherwise stated Q1 2025 Q4 2024 QoQ % Q1 2024 YoY % Condensed P&L1 Adjusted total income 1,396 1,316 6% 1,263 11% Adjusted operating expenses (407) (391) 4% (353) 15% Adjusted profit before tax 985 919 7% 884 11% KPIs New customers +69,300 +69,400
Slide 28: Summary P&L
Summary P&L SEKm Q1 2025 Q4 2024 QoQ % Q1 2024 YoY % Adjusted total income 1,396 1,316 6% 1,263 11% Adjusted operating expenses (407) (391) 4% (353) 15% Net credit losses (1) (2) (58%) (22) (96%) Imposed levies: Resolution fees (4) (3) 8% (3) 16% Adjusted profit before tax 985 919 7% 884 11% Items a
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 (100) Divestment unsecured le
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 ~983bn SEK ~57bn SEK ~27bn ~67% ~25% ~8% ~59% ~41% Margin Shares Funds Deposits Mortgage lending3 Net commission Net commission ~31 bps1 ~26 b
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% 29% 29% 29% 30% 20% 13% 20% 10% 10% 7% 10% 0% 0% 2017 2018 2019 2020 2021 2022 2023 2024 LTM 1Q 201
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 % 1Q25 | (‘000) Male Female Corporation 2,166 Pre 2020 2020-2021 2022 -2024 2025 5,0% 3% 2025 831 662 606 67 2,166 28% 3% 2% 3% 2% 3% 4,0% 2022-2024 28%
Slide 34: New customers remain active, grow net savings and drive high margins
New customers remain active, grow net savings and drive high margins Revenue margin 1Q25 Share of cross-border trades 1Q25 bps % | million trades 136 9.7 3.2 3.1 0.3 16.3 30% 39% 42% 35% Cross-border 43% 68 50 57 55 Pre 2020 2020-2021 2022-2024 2025 All Pre 2020 2020-2021 2022-2024 2025 All Share of
Slide 35: Recovery in customer growth and savings ratio
40% 60% 20% 30% 50% 10% 0% 0.05 0.15 0.25 0.00 0.10 0.20 0.30 quarter 1Q11 1Q11 2Q11 2Q11 3Q11 3Q11 4Q11 4Q11 1Q12 1Q12 2Q12 2Q12 3Q12 3Q12 4Q12 4Q12 1Q13 1Q13 2Q13 2Q13 3Q13 3Q13 4Q13 4Q13 1Q14 1Q14 2Q14 2Q14 3Q14 3Q14 4Q14 4Q14 Annualised growth (LHS) 1Q15 1Q15 2Q15 2Q15 3Q15 3Q15 4Q15 4Q15 1Q16 1
Slide 36: Strong liquidity position with good credit quality and balanced maturity profile
Strong liquidity position with and good credit quality and balanced maturity profile Exposure class Portfolio rating Maturity structure SEKbn % (S&P equivalent) SEKbn Unrealized result (SEKm) HTC -6.0 23.2 AFS1: +21.9 Gov/Gov reg/Supr. Covered AAA AA 6% 17% 17% Sr./other 14% A 13.3 8% 2% 12% 1% 57 1
Slide 37: Clear increase in engagement
Clear increase in engagement Active users Social community activity Investing activity 531k Daily Active Users (DAU) 468k Active Shareville 775k Monthly Investing Customers (MIC)* Average Q1 2025 users Average Q1 2025 1.3m Monthly Active Users (MAU) 327k Shareville posts created in Q1 2025 444k 445k
Slide 38: 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 39: Making it easier for savers to invest more sustainably
Making it easier for savers to invest more sustainably Make it easier for customers Inspire and broaden Have a broad set of to invest more sustainably by sustainable savings and the knowledge about creating digital and investment alternatives sustainable savings and user-friendly tools investments C