Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Investor Presentation (January 2026)
129 slides from Nordnet Ab's investor presentation, January 2026
Slide 1: Company presentation January 2026
Company presentation January 2026
Slide 2: Introduction to Nordnet
Introductio@Atoe Nordnet. 417 Nordnet
Slide 3: This is Nordnet
This is Nordnet. We exist to democratize savings and investments 1,183bn 2.35m 63m Savings capital Customers in 4 Nordic On-exchange trades SEK as of Dec 2025 countries as of Dec 2025 in 2025 3
Slide 4: Pan-Nordic powerhouse
Pan-Nordic powerhouse. #1 Nordic broker #1 domestic broker on Nordic exchanges since 2020 1,400 Total turnover on Nordic exchanges 2025 (SEKbn) 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 #1 Market s
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.” 5
Slide 6: Clear strategic focus
Clear strategic focus. Individuals Digital distribution Savings and investments The Nordic region and Germany 6 6
Slide 7: Nordnet caters to three distinct customer groups
Nordnet caters to three distinct customer groups. Share of December 2025 savings capital1 (%) § Grow within Saver Savers “Do it segment to become #1 (41%) for me” choice for savers by focus on funds, pension and ease of use Investors “Help me (52%) do it” § Maintain dominance within Investor segment
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.” 9
Slide 10: 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, individ
Slide 11: Best in class user experience
Best in class user experience. NEXT web app Released 2019 Nordnet app Released 2018 Social investing community Shareville
Slide 12: Release cadence of NEXT and native app
51 min Release cadence of web-app NEXT 2.9 days Release cadence of native app 50,384 Deploys during 2025
Slide 13: Digital platform since 1996
We have worked hard to perfect our digital platform for savings and investments since 1996. 1996: Birth of Nordnet 2001: Listing on the 2017: Take-private by Öhman 2020: Re-listing Stockholm Stock Exchange and Nordic Capital Start-up phase – Transformation Capture growth Geographic and pioneer in on
Slide 14: Nordnet is taking market share in a growing market
Nordnet is taking market share in a growing market*. * Excluding Germany Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2024, SEK tln December 2024 | Million Market size current Market size ext
Slide 15: Seven main revenue growth drivers
Nordnet has seven main revenue growth drivers. New customer Revenue1 growth SEKm New net savings Savings 2 3% 5,389 R+ CAG 5,094 capital growth 4,550 3,639 3,382 Product penetration 2,689 1,524 New product launches 2019 2020 2021 2022 2023 2024 2025 Opening new countries Opportunistic (1) Adjusted r
Slide 16: Strong long-term growth in customers and savings capital
Strong long-term growth in customers and savings capital. Customers1 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 765 395 669 567 272 286 490 235 395 433 200 314 344 367 166 224 136 157 193 90 102 90 10
Slide 17: Sustainable growth through customer and capital 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
Slide 18: Embedded growth in customer base
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% 1,800,00
Slide 19: Only pan-Nordic digital savings platform at scale
Only pan-Nordic digital savings and investment platform at scale. Sweden is still the largest market… …but other Nordic countries are …and at better margins growing faster… 2025 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Dec 2024 Dec 2025 Gr
Slide 20: Rigorous focus on cost discipline
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 32 24 17 17 17 15 15 ü Scalable cloud-powered tech platf
Slide 21: 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 44 61 53 46 59 54 50 32 24 17 17 17 15 15 25 59 67 63 69 70 70 % 5,389 23 5,094 GR+ CA 4,550 % + 47 3,748 3,639 GR 3,560 3,382 CA
Slide 22: Medium-term financial targets
Medium-term financial targets. Target Customer growth1 Average savings capital per customer2 Shareholder remuneration % SEK (‘000) 16% 14% Deliver superior shareholder returns 12% 13-15% p.a. 477 476 486 Around SEK500k 444 435 through buybacks and a dividend 10% payout ratio of 70% 9% Capital ratio
Slide 23: We are positioned to be long-term winners
We are positioned to be long-term winners. #1 PAN-NORDIC LAUNCH OF STRONG, OPERATING DIGITAL GERMANY IN SUSTAINABLE LEVERAGE AND H2 2026 GROWTH CAPITAL LIGHT PLATFORM 23
Slide 24: Nordnet 2027
Nordnet 2027. Strategic ambitions
Slide 25: 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 HEADLI Profitable § Capture Nordic and German NE growth growth potential § Stable c
Slide 26: How we will get there
How we will get there. 1 Delightful 2 digital 3 One-stop channels Full process shop automation Cloud- Powered 4 powered The most by data 5 platform satisfied & AI customers in the Nordics Most Sustainability inspiring 6 at our core 7 brand Strong compliance Engaged and risk mgmt employees 8 9 26
Slide 27: Channels: Best in class user experience
1 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
Slide 28: Key selling proposition
1 Key selling proposition. Wide Smooth Leading product UX x x customer range journeys enabled by: Real-world x Scalable agile platform 28
Slide 29: A typical day on the Nordnet platform 2025
1 A typical day on the Nordnet platform 2025. Scalability 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 472k 85k trades DAU app DAU web 94k x-border trades 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17
Slide 30: NEXT web application
1 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 30 Note: 2025 figures
Slide 31: Nordnet app
1 Nordnet app. 76% of Nordnet users use only Only web The or mainly the app Nordne t app 472k Daily Active Users (DAU) with a 40% DAU/MAU ratio Only app app Mainly 76% 106k Mainly Trades per day representing app 35% of daily traded value during 2024 31 Note: 2025 figures
Slide 32: Shareville social investing community
1 Shareville social investing community. 507k users have shared their portfolios on Shareville 1.9x Traded value of a Shareville user vs a non-Shareville user1 2.6x Commissions of a Shareville user vs a non-Shareville user1 32 Note: 2025 figures
Slide 33: Digital channel engagement
1 Digital channel engagement. Active users Social community activity Investing activity 532k Daily Active Users (DAU) 507k Active Shareville 783k Monthly Investing Customers (MIC)* Average Q4 2025 users Average Q4 2025 1.4m Monthly Active Users (MAU) 338k Shareville posts created in Q4 2025 439k 451
Slide 34: One-stop shop for savings and investments
2 One-stop shop for savings and investments. Securities brokerage ü ü ü ü Extend lead within securities brokerage Funds ü ü ü ü Become as strong within funds as we are in brokerage Pension ü ü ü ü Step-change in growth throughout Nordic markets Margin lending ü ü ü ü Boost trading power through capi
Slide 35: Automated customer journeys
3 Automated customer journeys. Become a customer How am I doing? Learn about investing Manage partner account Log in and manage account Move my savings Discover and inspiration Contact customer support Explore stocks, ETFs, ETPs Buy or sell a fund Leverage my investment Open a pension account Buy or
Slide 36: Nordnet is powered by cloud technology
4 Nordnet is powered by cloud technology. Enabling a platform for innovation Speed Scalability Security Innovation 36
Slide 37: Increased leverage from cloud technology
4 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 37
Slide 38: Scaling up development capacity
4 Scaling up development capacity. 51 43 187 45 37 167 158 149 31 32 31 118 25 24 16 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 FTE FTC #Signed #Development Engineers Teams (EOY) #Engineers 38
Slide 39: Availability 2025
4 Availability 2025. The bottom line 99.9% 99.9% 99.9% 99.9% 99.9% 2021 2022 2023 2024 2025 39
Slide 40: Release cadence of NEXT and native app
4 51 min Release cadence of web-app NEXT 2.9 days Release cadence of native app 50,384 Deploys during 2025
Slide 41: By 2030 Nordnet will be an AI First company
5 Our vision is clear: by 2030 Nordnet will be an AI First company. § In our products § In our processes § In our strategy 41
Slide 42: Sustainability at core of strategy
6 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 b
Slide 43: We focus on education and inspiration
6 Deepdive*: 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 44: We work to get more women to invest
6 Deepdive: We work to get more women to invest. Share of female customers 35.2% 34.5% 33.6% 33.0% § Nordnet Female Network – a network to encourage 32.0% more women to invest § Educational posts in each country § Founder of a tech-talent network, Power Women in Tech, with appurtenant Podcast 2021 2
Slide 45: Easy to invest sustainably
6 Deepdive: 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
Slide 46: Broad offering within sustainable savings
6 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 inv
Slide 47: A responsible business in all aspects
6 Deepdive: A responsible business in all aspects. Nordnet emissions 800 20 600 15 Nordnet has established goal to decrease emissions in 400 10 line with the Paris Agreement 200 5 Climate impact Our digital business model is inherently energy-efficient 0 2020 2021 2022 2023 2024 0 Climate compensati
Slide 48: Most inspiring brand
7 Most inspiring brand. “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.” 48
Slide 49: Strong compliance and risk management
8 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
Slide 50: Improved risk culture in first line of defense
8 Improved risk culture in first line of defense. Tone from the top Proactive engagement with Legal, Risk and Compliance Education and workshops Processes and clarified responsibilities 50
Slide 51: Increased staffing in control functions
8 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
Slide 52: Control functions report directly to CEO
8 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 Finance Human Resources Communications organizations CPO CTO CEO
Slide 53: Engaged employees
9 Engaged employees. People agenda PURPOSE & STRATEGIC HYBRID EMPLOYER LEADERSHIP DIVERSITY VALUES DIRECTION WORK MODEL BRANDING eNPS Average last 4 quarters 45 40 41 35 30 17 ENPS 4Q20 4Q21 4Q22 4Q23 4Q24 4Q25 53
Slide 54: Values well ingrained throughout the organization
9 Values well ingrained throughout the organization. Passion. Simplicity. Transparency. “We lean forward and walk the “We believe that easy-to-use We are open, honest and extra mile to inspire and motivate products, straight to the point available, both internally and our customers and colleagues.”
Slide 55: Efficient operating model with clear responsibilities
9 Efficient operating model with clear responsibilities. CEO Countries Staff functions Product Sweden Norway Denmark Finland Finance § One product and tech Financial Crime Prevention organization supporting all Nordic Marketing countries Communications, IR & Sustainability § Front-to-back responsibi
Slide 56: Technology
YY 7 Technology:
Slide 57: Nordnet is powered by cloud technology
Nordnet is powered by cloud technology. Enabling a platform for innovation Speed Scalability Security Innovation 57
Slide 58: Software delivery at speed
Software Delivery at speed. Speed At the core we have 43 empowered product teams The right people Clear objectives 50,400 Deploys 2025 High autonomy Cross-functional ”How do you approve 50,400 deploys each year?” You don’t! 58
Slide 59: Release frequency drives business agility
Release frequency drives business agility. Speed Faster feedback Increased flexibility 50,400 Deploys 2025 Faster time to value Reduced risk #alwaysbeshipping 59
Slide 60: Cloud technology provides powerful infrastructure
Today cloud technology provides Speed us with powerful infrastructure. And enables focus on our core business Fast experimentation Scalability & Security & implementation No maintenance Data leverage & Artificial Intelligence 2 hours Lead time to setup new infrastructure 60
Slide 61: Vision to enable speed
Vision to enable speed. Speed Leverage off-the-shelf products Build vs buy Our vision Maximize time Re-usability spent innovating for Increase efficiency by removing re-invention the customer. Automation Our mantra is: “no manual nothing” Release at will At will is not next Thursday 61
Slide 62: A typical day on the Nordnet platform
A typical day on the Nordnet platform Scalability 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 472k 85k trades DAU app DAU web 94k x-border trades 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:0
Slide 63: Our shift left strategy ensures focus on security
Our “shift left” strategy ensures Security a strong focus on Security. Engaging our entire 250 people Tech team in securing our platform Traditional Security Shift-left Central team owns security Each Product Team owns security of their services Drawbacks: Benefits: § Bottlenecks § Scalable: Faster
Slide 64: Securing the future by moving security to the cloud
Securing the future by moving Security to the cloud. We are building the capability to operate our services globaly Our cloud platform offer Supported by a risk-based security roadmap § Zero Trust § Crowdstrike for Endpoint Detection & § Encryption at rest and in transit Response § Infrastructure as
Slide 65: Experiments are embedded in our development
Experiments are embedded in our Innovation development. Majority of all releases are supported by data, experiments or leading metrics Data-driven development 65
Slide 66: What is an A/B-test and why?
What is an A/B-test and why? Innovation We randomly divide the customers into two or more groups Main reasons for A/B-testing and give them a § Compare metrics between different experience groups in parallel. § Isolate the changes and rule out other factors § Faster iteration and improvements § Redu
Slide 67: Help users save monthly
Help users save monthly. Innovation What did we do? When a customer is visiting a fund that they currently don’t own, replace the Sell Result button with Save monthly. +13% uplift in customers starting monthly savings journey +52m Additional net savings in monthly savings yearly Old New 67
Slide 68: By 2030 Nordnet will be an AI First company
Innovation Our vision is clear: by 2030 Nordnet will be an AI First company. § In our products § In our processes § In our strategy 68
Slide 69: Our road to becoming an AI First company
Our road to becoming an AI First company How we will approach Agentic AI Step 1 (2026) Step 2 (2026/2027) Step 3 (2027–) AI Agents in Tech AI Agents in customer AI agents to power offering our business Software Engineering is the natural Next, we will introduce agentic AI into starting point for age
Slide 70: AI will fundamentally transform the product
AI will fundamentally transform the product 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 journeys thro
Slide 71: Our primary focus 2026
Our primary focus 2026 1. AI productivity enhancements in Tech 2. Introduce AI throughout the customer journey 3. Introduce more AI enhanced productivity tools across Nordnet 71
Slide 72: Measuring tech performance
Measuring tech performance. Progress on Cloud 54% Software Delivery 82% migration Apps on NordnetX Q4 2025 Performance High or elite performing teams (State of Devops) Q4 2025 Operational Performance 99.9% Availability Q4 2025 72
Slide 73: Geographic diversification
Geographic diversification.
Slide 74: Building our competitive moat for two decades
We have been building our competitive moat for more than two decades. Operating in all four Nordic markets with… Local Fully Strong and presence Operating licensed trusted with at scale and brand localized regulated offerings Leading customer proposition based on… One stop Leading shop for Product C
Slide 75: Nordnet is taking market share in a growing market
Nordnet is taking market share in a growing market. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2024, SEK tln December 2024 | Million Market size current Market size extended 2 Nordnet’s sha
Slide 76: Strong growth runway across the Nordics
Strong growth runway for Nordnet across the Nordics. Addressable market size and Nordnet’s market share by country 20241 SEKtln Nordnet market share ~6% ~7% ~7% 2 ~9% ~7%2 ~2.3x Extended market for ~2.4 ~17.7 DK livrente ~6.2 ~2.4 ~2.3 ~2.5 ~6.6 Total addressable market Addressable market defined as
Slide 77: Nordnet competes with online platforms and incumbent banks
Nordnet competes primarily with online platforms and incumbent banks. Sweden Norway Denmark Finland Main digital platforms Continued migration from incumbent banks to digital platforms Main incumbent banks 77
Slide 78: Only pan-Nordic digital savings platform at scale
Only pan-Nordic digital savings and investment platform at scale. Sweden is still the largest market… …but other Nordic countries are …and at better margins growing faster… 2025 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Dec 2024 Dec 2025 Gr
Slide 79: Sweden
Sweden. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2024, SEK tln December 2024 | Million Market size Nordnet market share Nordnet’s share of addressable market Nordnet’s share Other OTPs 3%
Slide 80: 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 50% own shares 51% own funds 24% cross-borde
Slide 81: Norway
Norway. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2024, SEK tln December 2024 | Million Market size Nordnet market share Nordnet’s share of addressable market Nordnet’s share 2% 7% 1.3 8%
Slide 82: 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 63% own s
Slide 83: Denmark
Denmark. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2024, SEK tln December 2024 | Million Market size current Market size extended 2 Nordnet’s share of addressable market Nordnet’s share No
Slide 84: 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 share
Slide 85: Finland
Finland. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEK tln December 2024, SEK tln December 2024 | Million Market size current Nordnet’s share of addressable market Nordnet’s share Nordnet market share 5% 9
Slide 86: Finland
Finland. Achievements 2025 Customer behaviour Cont. #1 in EPSI customers satisfaction rating 331k savings capital per 1,800 income per 1.5 trades per customer #1 choice for saving and investing customer (SEK)1 customer (SEK)2 per month3 Several new services for high-end segment 63% own shares 59% ow
Slide 87: Introducing Nordnet's 5th market: Germany
Introducing Nordnet’s 5th market: Germany 87
Slide 88: 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 market complete product selection – consistent with Nordnet’s brand Good fit
Slide 89: The German market is large and growing rapidly
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 17% of adult Half a million potential customers enter population the market each year CAGR +3% CAGR +9%
Slide 90: Doubling the addressable market
Doubling the addressable market to secure a long runway for growth Addressable market size by country 2024 ~2.4x SEKtln ~43 ~2.7x Extended market for Danish Livrente ~2.4 ~17.7 ~6.2 ~2.4 ~2.3 ~2.3 ~2.5 ~6.6 ~15.5 Nordic addressable market Source: SCB, Svensk Försäkring, SSB, Finans Norge, Nationalba
Slide 91: Nordnet's proposition is 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 91
Slide 92: 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 New pension account to be launched in 2027 could c
Slide 93: 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 • Break-even ~2029 • Critical m
Slide 94: Germany is an attractive 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 95: Wide product range and diversified revenue streams
Wide product range and diversified revenue streams.
Slide 96: 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 and advisory Pension ü ü ü ü Stock lending, endowment insur
Slide 97: 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 CAGR +20% Adjusted revenue / avg. savings capital (bps) 1 18
Slide 98: This is Securities Brokerage
Securities Funds Pension Credit Brokerage 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, dividends, splits
Slide 99: Leading securities brokerage offering
Securities Funds Pension Credit Brokerage Leading securities brokerage offering. Brokerage capital development Customer behavior1 SEKbn ~1,2m 1.7 tln Sweden Norway Denmark Finland customers made a trade In traded value | SEK 20% +20% 802 CAGR 704 190 573 573 24% 157 490 123 132 221 404 2.4 trades 37
Slide 100: More customers are trading and cross-border trading at all-time high
Securities Funds Pension Credit Brokerage 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 800,000 Average 20
Slide 101: Trades per day up 20% compared to 2024
Securities Funds Pension Credit Brokerage 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
Slide 102: Case study: Crypto-related instruments
Securities Funds Pension Credit Brokerage Case study: Crypto-related instruments. Focus on education and ensuring customers understand products and risks ~2% of Nordnet customers Nordnet provides access to crypto-backed hold crypto-related assets ETNs/ETCs on regulated trading venues No wallets or “
Slide 103: This is Mutual Funds
Securities Funds Pension Credit Brokerage This is Mutual Funds. Fully integrated Funds business: Fund Savings Open fund platform § >2,000 mutual funds, including index funds, and guidance services hedge funds and multi-asset funds and tools § Best in class screening tools and guidance § Fully scalab
Slide 104: Leading Nordic fund supermarket
Securities Funds Pension Credit Brokerage 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 slow
Slide 105: This is Pension
Securities Funds Pension Credit Brokerage This is Pension. Wholly-owned pensions group: § Complete pension solutions in Sweden for both private individuals and employers, with additional offerings in Norway, Denmark & Finland § Private pension savings and individual pensions savings products offered
Slide 106: Pension to benefit from continued deregulation
Securities Funds Pension Credit Brokerage Pension to benefit from continued deregulation. Pension capital Customer behavior1 SEKbn o/w 54% 347k 792k endowment Sweden Denmark insurance Norway Finland 275 CAGR +21% 245 1 2 51 Customers Avg AuM per pension 20% 185 186 46 42 customer 34 ~15% 29 152 35 +
Slide 107: Opportunity to grow in the pension market
Securities Funds Pension Credit Brokerage Opportunity to grow in the pension market. Nordnet’s share of addressable market1 Key focus areas SEKtln | 2024 • Maintain focus on pension transfers by leveraging the recently launched Private Banking concept. • Drive growth in occupational pension through
Slide 108: Case study: Finnish Wrapper
Securities Funds Pension Credit Brokerage Case study: Finnish Wrapper (released 2023). What is “Finnish wrapper”? § Finnish wrapper is a tax efficient insurance product Development addressable FI wrapper market1 with an inheritance plan included SEK billion § It has a wide instrument universe includ
Slide 109: Case study: Livrente
Securities Funds Pension Credit Brokerage Case study: Livrente (released 2024). What is “livrente”? § ”Livrente” is a Danish pension product which pays Development addressable livrente market1 a monthly amount after retirement SEK trillion § Some 50% of the Danish pension market is Addressable today
Slide 110: This is Credit
Securities Funds Pension Credit Brokerage 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 total lend
Slide 111: Net interest income overview
Securities Funds Pension Credit Brokerage Net interest income overview. Volume liquidity portfolio Net interest income1 Liquidity portfolio Deposit interest SEKbn SEKm Credit portfolio Other NII Deposits Lending Other/equity 57 60 58 61 679 691 653 47 634 41 42 43 577 601 574 561 425 438 403 413 79
Slide 112: Liquidity portfolio snapshot: ~SEK1.6bn in 2026
Securities Funds Pension Credit Brokerage 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 int
Slide 113: Loan portfolio snapshot: ~SEK1.1bn in 2026
Securities Funds Pension Credit Brokerage 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
Slide 114: Deposit interest cost snapshot: SEK 350m in 2026
Securities Funds Pension Credit Brokerage 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 sa
Slide 115: Scalable business model with high operating leverage
Scalable business model with high operating leverage.
Slide 116: Rigorous focus on cost discipline
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 c
Slide 117: Financial education through savings economists and investment coaches
Financial education through our visible savings economists and investment coaches… Frida Bratt Ara Mustafa Savings economist Investment coach § 2,000 media quotes / statements § Weekly podcast host for Sparpodden § Savings profile of the year 2022 § 28,100 followers on X § 17,200 followers on X Else
Slide 118: More than 750k members in our community
…and more than 750k members in our community, with millions of views, streams and sessions… 3.8 million streams 129K 137K followers followers 507K 129K users followers 82K 5.3 3.1 200K followers million million followers entries streams 64K followers Note: Follower-base as of October 2025; Sessions/
Slide 119: 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 Nordnet’s customer acqu
Slide 120: 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 44 61 53 46 59 54 50 32 24 17 17 17 15 15 25 59 67 63 69 70 70 % 5,389 23 5,094 GR+ CA 4,550 % + 47 3,748 3,639 GR 3,560 3,382 CA
Slide 121: A capital light business with high return on equity
A capital light business with high return on equity. 121
Slide 122: 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 ~1,143bn SEK ~61bn SEK ~29bn ~68% ~25% ~7% ~59% ~41% Margin Shares Funds Deposits Mortgage lending3 Net commission Net commission ~33 bps1 ~2
Slide 123: Strong capital situation creates flexibility
Strong capital situation creates flexibility. Regulatory metrics 84.1 Consolidated situation Actual (vs req.) Requirement Shareholder remuneration and capital targets Deposits in SEKbn Total capital ratio 23.7% (+8.8pp) 14.9% § Dividend of SEK 8.60 proposed – 70% payout CET1 ratio 19.3% (+8.9pp) 10.
Slide 124: 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 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
Slide 125: 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% 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 20
Slide 126: Shareholder remuneration
Shareholder renumeration. Nordnet’s dividend policy remains: “Deliver superior total returns to shareholders via a pay-out ratio of 70% of statutory net income” Dividend combined with a long-term buyback program to manage excess capital and reach target leverage ratio level over time § Leverage rati
Slide 127: Appendix
wy? Appendix:
Slide 128: New customers are younger, more women, 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 | (‘000) 2,351 Male Female Corporation Pre 2020 2020-2021 2022 -2024 2025 5.0% 11% 2025 824 656 609 263 2,351 3% 2% 3% 3% 3% 4.0% 26% 2022-2024 2
Slide 129: 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 96 36.6 11.9 11.7 2.9 63.3 32% 41% 37% Cross-border 46% 48% 59 46 51 50 Pre 2020 2020-2021 2022-2024 2025 All Pre 2020 2020-2021 2022-2024 2025 All Share of trades per app