Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Investor Presentation (July 2025)
128 slides from Nordnet Ab's investor presentation, July 2025
Slide 1: Company presentation July 2025
Company presentation July 2025
Slide 2: Introduction to Nordnet
Introducti@Atoe Nordnet.
Slide 3: This is Nordnet
This is Nordnet. We exist to democratize savings and investments 1,064bn 2.23m 58m Savings capital Customers in On-exchange trades SEK as of June 2025 4 Nordic countries as of June 2025 in LTM 2Q25 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 2024 (SEKbn) 2024 2023 2022 2021 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 i
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 June 2025 savings capital1 (%) ▪ Grow within Saver Savers “Do it segment to become #1 (42%) 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 by
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 ✓ ✓ ✓ ✓ Shares, bonds, warrants, options, futures, ETFs, ETPs, certificates Funds ✓ ✓ ✓ ✓ >2,000 mutual funds, index funds, hedge funds, fund-of- funds as well as fund guidance and advisory Pension ✓ ✓ ✓ ✓ Stock lending, endowment insur
Slide 11: Best in class user experience
Best in class user experience NEXT web app Released 2019 Nordnet app Released2018 Social investing community Shareville
Slide 12: Release cadence of web-app and native app
53 min Release cadence of web-app NEXT 2.5 days Release cadence of native app 47,471 Deploys during 2024
Slide 13: Digital platform for savings and investments 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, SEKtln December 2024, SEK tln December 2024 | Million Market size current Market size exte
Slide 15: Seven main revenue growth drivers
Nordnet has seven main revenue growth drivers. New customer Revenue1 growth SEKm New net savings Savings 5,094 5,231 4,550 capital growth 3,639 3,382 2,689 Product penetration 1,524 New product launches 2019 2020 2021 2022 2023 2024 LTM 2Q25 Opening new countries Opportunistic (1) Adjusted revenue (
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 2,222 1 064 2,096 1 032 1,863 1,708 825 802 1,601 715 1,221 564 914 765 395 669 567 272 286 490 235 367 395 433 200 314 344 166 136 157 193 224 90 102 90 104 86 103 128 49 55 39 21 36 2010 2018 2007
Slide 17: Sustainable growth through customer and capital retention
Sustainable growth: assets accumulate over time through strong customer and capital retention Retention 2023/2024 savings capital development Customers Capital SEKm 98% 98% 98% 98% 92% retained capital 90% 92% 91% 92% 2023 825 Outflows -70 SEK 73bn net savings representing a 9% savings ratio New sav
Slide 18: Embedded growth as younger customers accumulate and inherit 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 age 1 Average AUM (SEK, RHS) Share of total customers (%, LHS) Share of new customers (%, LHS) 5,0% 1 600 0
Slide 19: Only pan-Nordic digital savings and investment 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 good margins growing faster… LTM 2Q25 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Jun 2024 Jun 2025
Slide 20: 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 ex
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 52 32 24 17 17 17 15 15 25 59 67 63 69 70 70 5,094 5,231 4,550 3,639 3,560 3,649 3,382 3,160 2,689 2,451 2,115 1
Slide 22: 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 buybacks and a dividend 10% payout ratio of 70% 9% Capital ratio
Slide 23: 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 PLATFORM H2 2026 GROWTH CAPITAL LIGHT 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 growth NE growth potential ▪ Stable cost level ▪
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 2024
1 A typical day on the Nordnet platform 2024. EU market open: ~22k request/s US market open: ~12k request/s EU market close (SE/FI/DE) +149m net fund buys US market close SEK 212k 381k DAU app 91k DAU web trades 64k x-border trades +1,026 +292m +12m 5.9bn API order operations/s Note: Average 2024 fi
Slide 30: NEXT web application
1 NEXT web application. 22% of Nordnet users use only or mainly the web 91k Daily Active Users (DAU) with a 20% DAU/MAU ratio 76k Trades per day representing 41% of daily traded value during 2024 30 Note: 2024 figures
Slide 31: Nordnet app
1 Nordnet app. 75% of Nordnet users use only Only web The or mainly the app Nordne t app 381k Daily Active Users (DAU) with a 39% DAU/MAU ratio Only appapp Mainly 75% 78k Mainly Trades per day representing app 33% of daily traded value during 2024 31 Note: 2024 figures
Slide 32: Shareville social investing community
1 Shareville social investing community. 450k users have shared their portfolios on Shareville 1.6x Traded value of a Shareville user vs a non-Shareville user1 2.4x Commissions of a Shareville user vs a non-Shareville user1 32 Note: 2024 figures
Slide 33: Digital channel engagement
1 Digital channel engagement. Active users Social community activity Investing activity 504k Daily Active Users (DAU) 479k Active Shareville 748k Monthly Investing Customers (MIC)* Average Q2 2025 users Average Q2 2025 1.3m Monthly Active Users (MAU) 311k Shareville posts created in Q2 2025 430k 419
Slide 34: One-stop shop for savings and investments
2 One-stop shop for savings and investments. Securities brokerage ✓ ✓ ✓ ✓ Extend lead within securities brokerage Funds ✓ ✓ ✓ ✓ Become as strong within funds as we are in brokerage Pension ✓ ✓ ✓ ✓ Step-change in growth throughout Nordic markets Margin lending ✓ ✓ ✓ ✓ Boost trading power through capi
Slide 35: Automated customer journeys
3 Automated customer journeys. Become a customer Inspire me to save and invest Buy or sell as security Open a pension account Open an account Guide me to start saving Buy or sell a fund Move my pension Deposit & withdraw money Move my savings How am I doing? Setup a pension saving plan Manage occupa
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 drives innovation pace
4 Increased leverage from Cloud Technology drives innovation pace. 82 47,471 75 62 30,824 35 13,040 12 7,564 1 2019 2020 2021 2022 2023 2024 2021 2022 2023 2024 % development on # of releases Nordnet X 37
Slide 38: Scaling up development capacity
4 Scaling up development capacity. 51 37 167 158 45 32 149 31 25 118 24 16 2021 2022 2023 2024 2021 2022 2023 2024 2021 2022 2023 2024 FTE FTC #Signed #Development Engineers Teams (EOY) #Engineers 38
Slide 39: Availability 2024
4 Availability 2024. The bottom line 99.9% 99.9% 99.9% 99.9% 2021 2022 2023 2024 39
Slide 40: Release cadence and deploys
4 53 min Release cadence of web-app NEXT 2.5 days Release cadence of native app 47,471 Deploys during 2024
Slide 41: Powered by Data & AI
5 Powered by Data & AI. Our intent Data-informed organization Data-driven development to Provide easy access to relevent become part of our DNA and data & insights for all Nordnetters drive a build-measure-learn cycle in order to power continuous when perfecting important improvements of everyhing w
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: Education and inspiration to increase personal finance knowledge
6 Deepdive*: We focus on education and inspiration to increase the knowledge of personal finance. ▪ Nordnet Academy – learning center with a dedicated sustainability section ▪ Nordnet blog, podcasts and videos – largest educational video platform in the Nordics with over 4.6 million views ▪ Guidance
Slide 44: We work to get more women to invest
6 Deepdive: We work to get more women to invest. Share of female customers 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 2021 2022 2023 2024 Tech, with appurtenant
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, 2024* 4% 13% ▪ Majority of Nordnet-branded funds follow ESG indices Article 9 Article 8 ▪ Broad ETF offering enabling customers to invest in all Other sustainability trends 83% ▪ 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 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 Total GHG emissions, tonnes CO2e (L
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 100 89 69 60 67 56 Staffing in control functions has 44 44 35 39 increased three 31 26 times since 2018 18 12 13 18 7 5 6 7 12 11 5 7 9 4 6 6 4 6 6 7 9 9 9 2018 2019 2020 2021 2022 2023 2024 51
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 45 42 41 41 42 40 40 40 36 36 37 35 32 30 27 23 25 17 ENPS 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24
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
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 37 empowered product teams The right people Clear objectives 47,000 Deploys 2024 High autonomy Cross-functional ”How do you approve 47,000 deploys each year?” You don’t! 58
Slide 59: Release frequency drives business agility
Release frequency drives business agility. Speed Faster feedback Increased flexibility 47,000 Deploys 2024 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: ~22k request/s US market open: ~12k request/s EU market close (SE/FI/DE) +149m net fund buys US market close SEK 212k 381k 91k trades DAU app DAU web 64k x-border trades 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:
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 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: Nordnet AI strategy
Innovation Nordnet AI strategy is focused on preparing Nordnet for an AI-driven future. ▪ Building upon our long term commitment of integrating AI into our products to make them more personalized and engaging. ▪ Utilising generative AI where proven to increase operational efficiency. 68
Slide 69: Social investing driven by AI
Social investing Innovation driven by AI. Integration of Shareville has enabled all Nordnet customers to participate in social investing. Much of the content consists of comments ideally suited for generative AI and traditional Machine Learning. Today, we have developed internal tools for summarizin
Slide 70: The Feed
The Feed. VEFA Recency Innovation How recent was a post published? Relevence How relevant is a post for a customer? Engagement How many clicks, likes, comments does a post get? 70
Slide 71: Measuring tech performance
Measuring tech performance. 49% 90% Progress Software on Cloud Delivery migration Apps on NordnetX Q2 2025 Performance High or elite performing teams (State of Devops) Q2 2025 99.9% Operational Performance Availability Q2 2025 71
Slide 72: Geographic diversification
Geographic diversification.
Slide 73: 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 74: 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, SEKtln December 2024, SEK tln December 2024 | Million Market size current Market size extended 2 Nordnet’s shar
Slide 75: 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 76: 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 76
Slide 77: Only pan-Nordic digital savings and investment 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 good margins growing faster… LTM 2Q25 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Jun 2024 Jun 2025
Slide 78: Sweden
Sweden. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEKtln 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 79: Sweden
Sweden. Achievements 2024 Customer behaviour Milestone +100bn SEK in managed assets Over +7% customer growth and all time high SKI result 731k savings capital per 3,500 income per 3.7 trades per customer customer (SEK)1 customer (SEK)2 per month3 Strong social media growth & media coverage 52% own s
Slide 80: Norway
Norway. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEKtln 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% 5
Slide 81: Norway
Norway. Achievements 2024 Customer behaviour 16 % customer growth and all time high EPSI result 60.000 new fund customers, 37% increase in EPKs 381k savings capital per 2,500 income per 2.0 trades per customer customer (SEK)1 customer (SEK)2 per month3 Made private placements available for retail 62
Slide 82: Denmark
Denmark. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEKtln December 2024, SEKtln December 2024 | Million Market size current Market size extended 2 Nordnet’s share of addressable market Nordnet’s share Nord
Slide 83: Denmark
Denmark. Achievements 2024 Customer behaviour 23% growth in number of customers Cont. #1 in EPSI survey and strongest reputation 508k savings capital per 2,800 income per 2.0 trades per customer customer (SEK)1 customer (SEK)2 per month3 Launch of Danish “Livrente” pension product 75% own shares 48%
Slide 84: Finland
Finland. Share of total population owning Addressable market growth outlook1 Market share of addressable market1 shares or funds Savings capital, SEKtln December 2024, SEKtln December 2024 | Million Market size current Nordnet’s share of addressable market Nordnet’s share Nordnet market share 5% 9%
Slide 85: Finland
Finland. Achievements 2024 Customer behaviour Most satisfied investors again (EPSI Rating) 314k savings capital per 1,700 income per 1.4 trades per customer Best reputation in financial industry again customer (SEK)1 customer (SEK)2 per month3 60.000 new fund customers, 58 % of all new FASKs 64% own
Slide 86: Introducing Nordnet's 5th market: Germany
Introducing Nordnet’s 5th market: Germany 86
Slide 87: 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 88: 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 population Half a million potential customers enter the market each year CAGR +4% CAGR +8%
Slide 89: Doubling the addressable market
Doubling the addressable market to secure a long runway for growth Addressable market size by country 2023 ~2.4x SEKtln ~38 ~2.7x Extended market for Finnish wrapper Extended market for ~2.1 ~15.9 Danish Livrente ~5.6 ~0.4 ~1.7 ~2.4 ~2.0 ~2.2 ~6.0 ~13.5 Nordic addressable market Source: SCB, Svensk
Slide 90: 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 90
Slide 91: Exporting the one-stop shop playbook
Exporting the one-stop shop playbook Securities brokerage ✓ ✓ ✓ ✓ ✓ Superior UX, attractive & transparent pricing, offer trading on more exchanges Funds ✓ ✓ ✓ ✓ ✓ Lead with in-house funds adapted to local market, enhance ETF offering Pension ✓ ✓ ✓ ✓ Not in scope initially, longer term optionality wi
Slide 92: 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 93: 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 94: Wide product range and diversified revenue streams
Wide product range and diversified revenue streams.
Slide 95: One-stop shop for savings and investments
One-stop shop for savings and investments. Securities brokerage ✓ ✓ ✓ ✓ Shares, bonds, warrants, options, futures, ETFs, ETPs, certificates Funds ✓ ✓ ✓ ✓ >2,000 mutual funds, index funds, hedge funds, fund-of- funds as well as fund guidance and advisory Pension ✓ ✓ ✓ ✓ Stock lending, endowment insur
Slide 96: 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) 1 032 1 064 82
Slide 97: 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 98: Leading securities brokerage offering
Securities Funds Pension Credit Brokerage Leading securities brokerage offering. Brokerage capital development Customer behavior1 SEKbn ~1,050k 1.5 trn Sweden Norway Denmark Finland customers made a trade In traded value | SEK 20% 704 573 573 157 28% 490 123 132 404 116 205 2.2 trades 30% 89 132 159
Slide 99: More customers are trading and cross-border remains high
Securities Funds Pension Credit Brokerage 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
Slide 100: Trades per day at multi-year highs
Securities Funds Pension Credit Brokerage 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
Slide 101: 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 ~1% of Nordnet customers Nordnet provides access to crypto-backed hold crypto-related assets ETNs/ETCs on regulated trading venues No wallets or “
Slide 102: 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 103: Leading Nordic fund supermarket
Securities Funds Pension Credit Brokerage 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 f
Slide 104: 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 105: Pension to benefit from continued deregulation
Securities Funds Pension Credit Brokerage Pension to benefit from continued deregulation. Pension capital Customer behavior1 SEKbn o/w 55% 308k 790k endowment Sweden Denmark insurance Norway Finland 244.7 45.9 1.2 Customers Avg AuM per pension 22% 184.5 29.3 151.9 185.8 34.1 customer 35.5 +13.8bn ~1
Slide 106: 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 • Continued focus on pension transfers through widened reach in saver segment • Growth within occupational pensions through selective broker partn
Slide 107: 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 108: 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 as long as you live SEK trillion ▪ Some 50% of the Danish pension market is Addressable to
Slide 109: 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 29.5bn >50% in total lend
Slide 110: 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 60 703 679 691 653 50 703 634 47 45 43 41 42 43 47 634 577 601 599 449 4
Slide 111: Liquidity portfolio snapshot
Securities Funds Pension Credit Brokerage 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 Deposits Lending 1 Other/equity ~SEK 1,650m ~SEK 1,680m ~SEK 1,600m Net int
Slide 112: Loan portfolio snapshot
Securities Funds Pension Credit Brokerage 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 1,560
Slide 113: Deposit interest cost snapshot
Securities Funds Pension Credit Brokerage 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 SEKbn Share of deposits Jun
Slide 114: Scalable business model with high operating leverage
Scalable business model with high operating leverage.
Slide 115: 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 ex
Slide 116: 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 ▪ 1,500 media quotes / statements ▪ Weekly podcast host for Sparpodden ▪ Savings profile of the year 2022 ▪ 25,700 followers on X ▪ 17,000 followers on X Else
Slide 117: More than 700k members in our community
…and more than 700k members in our community, with millions of views, streams and sessions… 4,0 million views 117K 120K followers followers 480K 124K users followers 81K 5.6 5.9 185K followers million million followers entries streams 58K followers Note: Follower-base as of July 2025; Sessions/Views
Slide 118: 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 119: 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 52 32 24 17 17 17 15 15 25 59 67 63 69 70 70 5,094 5,231 4,550 3,639 3,560 3,649 3,382 3,160 2,689 2,451 2,115 1
Slide 120: A capital light business with high return on equity
A capital light business with high return on equity. 120
Slide 121: 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 ~2
Slide 122: Strong capital situation creates flexibility
Strong capital situation creates flexibility. Regulatory metrics* 83.1 Consolidated situation Actual (vs req.) Requirement Shareholder remuneration and capital targets Deposits in SEKbn Total capital ratio 25.5% (+10.0pp) 15.5% ▪ Dividend of SEK 8.10 paid – 70% payout CET1 ratio 21.0% (+10.3pp) 10.7
Slide 123: 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 -6.0 20.8 AFS1: +21.9 Gov/Gov reg/Supr. Covered AAA AA 3% 17% 19% 14.8 Sr./other 12% 2% 0% 14% 9% A 9.3
Slide 124: 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% 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 2017
Slide 125: 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 126: Appendix
TX | Appendix.
Slide 127: New customers are younger, more 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 | (‘000) 2 222 Male Female Corporation Pre 2020 2020-2021 2022-2024 2025 5,0% 6% 2025 828 659 608 128 2 222 27% 2022-2024 3% 2% 3% 3% 3% 4,0% 28%
Slide 128: 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 appl