Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Q2 2025 Earnings Presentation
38 slides from Nordnet Ab's earnings presentation, Jul 18, 2025
Slide 1: Nordnet Q2 2025 Results presentation
Nordnet Q2 2025 Results presentation
Slide 2: Key highlights second quarter 2025
Key highlights second quarter 2025 Stable financial performance with Opex (ex Germany) +9.7% due to continued growth in core business sequencing of marketing spend Positive net savings and good 8 new trading venues, FX in customer growth wrappers and much more released Strong trading activity and Ne
Slide 3: Financial highlights second quarter 2025
Financial highlights second quarter 2025 Customers Savings capital Number of trades Thousands SEKbn Million +14%2 +10% +18% 2,222 1,064 15.1 1,975 963 12.8 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Adjusted revenues Adjusted operating expenses Adjusted profit before tax SEKm1 SEKm1 SEKm1 0% +9
Slide 4: 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 126 39 112 37 37 10 9 31 8 26 7 7 7 24 6 7 6 21 20 22 6 6 6 19 18 20 20 19 5 5 5 18 18 18 18 17 16 4 4 3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2024 2025 Jan Fe
Slide 5: 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% +15% +15% 481 488 389 492 194 352 426 168 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Denmark Finl
Slide 6: More customers are trading and cross-border remains at high levels
More customers are trading and cross-border remains at high levels Trading customers Trades per trading customer / quarter Trades per trading customer VIX quarterly average 100% Share of all customers Number of trading customers 800,000 Average 2017-2024 40 90% 700,000 30 80% 20 Number of trading cu
Slide 7: Trades per day at multi-year highs and each trade drives more revenue
Trades per day at multi-year highs 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 0.20 72 259,600 70 0.18 233,300
Slide 8: Leading Nordic fund supermarket
Leading Nordic fund supermarket Fund capital by country Fund capital by allocation1 SEKbn SEKbn § Fund revenue affected by intra-quarter decline Sweden Norway Denmark Finland Active Nordnet funds Other in fund capital Index Fixed income § Steady growth in fund capital % 154 144 184 259 260 CAGR +16
Slide 9: Deposit increase driven by net cash savings and dividends
Deposit increase driven by net cash savings and dividends as customers remained net buyers Deposits/savings capital vs stock market performance Deposit development 2Q25 SEKbn SEKbn Brokerage/Funds (LHS) % Deposits (RHS) Share of Deposits (LHS) MSCI World index AuM 1,100 20% 8.0% 7.8% 1,000 18% +4.3
Slide 10: Liquidity portfolio snapshot: ~SEK1.6bn in 2025*
Liquidity portfolio snapshot: ~SEK1.6bn in 2025* *Assumes 2Q 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 1,600m Deposits Lending Other/equity Net interest income 57 60 452 449 438 434 50 47 4
Slide 11: Loan portfolio snapshot: ~SEK1.1bn in 2025*
Loan portfolio snapshot: ~SEK1.1bn in 2025* *Assumes 2Q 2025 volume, interest as per 1st of July, 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 12: Deposit interest cost snapshot: SEK 390m in 2025*
Deposit interest cost snapshot: SEK 390m in 2025* * Assumes 2Q 2025 volume with 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 2Q 2025 levels. Development savings accounts Share of deposits SEKbn June 25 SE NO DK FI 17.6 18.2 17.7 17.6 18.5
Slide 13: 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 +20% CAGR Adjusted revenue / avg. savings capital
Slide 14: 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 52 32 24 17 17 17 15 15 25 59 67 63 69 70 70 2 5% 5,094 5,231 G R+ CA 4,550 3,639 + 51% 3,560 3,649 3,382 AGR C 3,160 2,689 2,451 2,115 CAGR +7% 1,52
Slide 15: Focus on the high-end segment: highlights
Focus on the high-end segment: highlights FX account on tax-efficient Currency account on ISK Gen AI news Native Move My Pension account in Sweden (ISK) and KF/FKF in Sweden summary flows in the app (NO/DK) 8 new European trading venues Savings goals in the app SEK ~1bn in traded value over 32k trad
Slide 16: New Private Banking tiering model live in Sweden
New Private Banking tiering model live in Sweden 16
Slide 17: Capital and liquidity
417 Nordnet Capital and liquidity Baa
Slide 18: Strong capital situation creates flexibility
Strong capital situation creates flexibility Regulatory metrics* Shareholder remuneration and capital targets 83.1 Consolidated situation Actual (vs req.) Requirement § Dividend of SEK 8.10 paid – 70% payout Deposits in SEKbn Total capital ratio 25.5% (+10.0pp) 15.5% CET1 ratio 21.0% (+10.3pp) 10.7%
Slide 19: Strategic focus
417 Nordnet Strategic focus Baa
Slide 20: Key strategic ambitions
Key strategic ambitions Engaged customers Engaged customers § Building the best platform for savings and investments § #1 NPS & high retention § Upward trend on eNPS Engaged § Attract and retain top employees talent Profitable § Capture Nordic 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 2,222 1,064 %1 1,032 % 18 22 2,096 GR GR CA CA 1,863 1,708 825 802 1,601 715 1,221 564 17% C A GR % 914 R 20 CAG 395 765 669 490 567 272 286 235 395 433 200 314 344 367 136 166 193 224 90 102 90 104 86
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. 477 476 479 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 Lay groundwork for launch of Nordnet Germany. Continued strong focus on the fund and pension business. Realize potential in new Livrente product. Enhance high-end offering for private banking and active trading customers. Pan Nordic roll-out of new brand campaign. Maintain fo
Slide 26: Thank you
Thank you
Slide 27: Financial highlights second quarter 2025
Financial highlights second quarter 2025 SEKm unless otherwise stated Q2 2025 Q1 2025 QoQ % Q2 2024 YoY % Condensed P&L1 Adjusted total income 1,293 1,396 (7%) 1,289 0% Adjusted operating expenses (397) (407) (2%) (353) 13% Adjusted profit before tax 893 985 (9%) 904 (1%) KPIs New customers +56,800
Slide 28: Summary P&L
Summary P&L SEKm Q2 2025 Q1 2025 QoQ % Q2 2024 YoY % Adjusted total income 1,293 1,396 (7%) 1,289 0% Adjusted operating expenses (397) (407) (2%) (353) 13% Net credit losses (0) (1) (69%) (28) (99%) Imposed levies: Resolution fees (3) (4) (23%) (4) -22% Adjusted profit before tax 893 985 (9%) 904 (1
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 ~1,064bn SEK ~60bn SEK ~27bn ~68% ~24% ~8% ~58% ~42% Margin Shares Funds Deposits Mortgage lending3 Net commission Net commission ~31 bps1 ~25
Slide 32: Strong cost to income ratio and attractive return on equity
Strong cost to income ratio and attractive return on equity Adjusted cost income ratio Adjusted return on equity 90% 84% 60% 77% 80% 72% 50% 45% 70% 44% 43% 43% 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 LTM 2Q 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 2Q25 | % 2Q25 | (‘000) Male Female Corporation 2,222 Pre 2020 2020-2021 2022 -2024 2025 6% 828 659 608 128 2,222 5,0% 2025 3% 2% 3% 3% 3% 4,0% 27% 2022-2
Slide 34: New customers remain active and drive high margins
New customers remain active and drive high margins Revenue margin 1H25 Share of cross-border trades 1H25 bps % | million trades 114 18.5 6.1 5.8 1.0 31.4 30% 38% 34% Cross-border 42% 42% 64 48 54 52 Pre 2020 2020-2021 2022-2024 2025 All Pre 2020 2020-2021 2022-2024 2025 All Share of trades per appli
Slide 35: Recovery in customer growth and savings ratio
Recovery in customer growth and savings ratio Annualised customer growth Annualised savings ratio Annualised quarterly customer increase in relation to previous Annualised quarterly net savings in relation to previous quarter Thousands quarter’s savings capital SEKbn Annualised growth (LHS) Average
Slide 36: Strong liquidity position with good credit quality and balanced maturity profile
Strong liquidity position with good credit quality and balanced maturity profile Exposure class Portfolio rating Maturity structure SEKbn % (S&P equivalent) SEKbn Unrealized result (SEKm) HTC -6.0 20.8 AFS1: +21.9 Gov/Gov reg/Supr. Covered AAA AA 3% 17% 19% 14.8 Sr./other 12% 0% 2% 14% 9% A 9.3 60 1
Slide 37: 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 38: 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