Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Investor Presentation (October 2025)
129 slides from Nordnet Ab's investor presentation, October 2025
Slide 1: Company presentation October 2025
Company presentation October 2025
Slide 2: Introduction to Nordnet
Introductio@Ate Nordnet. 417 Nordnet
Slide 3: This is Nordnet
This is Nordnet. We exist to democratize savings and investments 1,143bn 2.29m 61m Savings capital Customers in 4 Nordic On-exchange trades SEK as of Sep 2025 countries as of Sep 2025 in LTM 3Q25 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 #1 Market sha
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 September 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 segmen
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 and advisory Pension ü ü ü ü Stock lending, endowment insur
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
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 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 4% 5,314 R+ 5,094 CAG capital growth 4,550 3,639 3,382 Product penetration 2,689 1,524 New product launches 2019 2020 2021 2022 2023 2024 LTM 3Q25 Opening new countries Opportunistic (1) Adjust
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 2,292 1,143 %1 % 18 23 2,096 GR 1,032 GR CA CA 1,863 1,708 1,601 802 825 715 1,221 17% 564 C A GR 0% 914 CA GR 2 765 395 669 567 272 286 490 235 395 433 200 314 344 367 166 224 136 157 193 90 102 90
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 sa
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% 1,600,00
Slide 19: Only pan-Nordic digital 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 3Q25 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Sep 2024 Sep 2025
Slide 20: 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 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 51 32 24 17 17 17 15 15 25 59 67 63 69 70 70 % 5,314 24 5,094 GR+ CA 4,550 % 49 3,639 GR + 3,560 3,702 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 13% 13-15% p.a. 477 476 481 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 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
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 API order operations/s +1,026 new customers +292m net savings SEK +1
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 491k Daily Active Users (DAU) 474k Active Shareville 774k Monthly Investing Customers (MIC)* Average Q3 2025 users Average Q3 2025 1.3m Monthly Active Users (MAU) 341k Shareville posts created in Q3 2025 448k 432
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: 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
4 53 min Release cadence of web-app NEXT 2.5 days Release cadence of native app 47,471 Deploys during 2024
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: Education and inspiration on personal finance
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: Getting 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. 1000 Nordnet emissions 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 threefold 31 26 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 40 42 40 40 40 36 36 37 35 32 30 25 27 23 17 ENPS 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q
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 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: Shift left strategy for 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 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 52% Software Delivery 83% migration Apps on NordnetX Q3 2025 Performance High or elite performing teams (State of Devops) Q3 2025 Operational Performance 99.9% Availability Q3 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: 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 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 3Q25 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps)1 SEKm Sep 2024 Sep 2025
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 2024 Customer behaviour Milestone SEK +100bn 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 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 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 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 2024 Customer behaviour 23% growth in number of customers Cont. #1 in EPSI customers satisfaction rating 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% o
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 2024 Customer behaviour Cont. #1 in EPSI customers satisfaction 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% o
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 +4% CAGR +8%
Slide 90: 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 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 Not in scope initially, longer term optionality wi
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, growing 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 14
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 ~1,050k 1.5 tln Sweden Norway Denmark Finland CAGR +21% customers made a trade In traded value | SEK 20% 704 573 573 157 28% 490 123 132 404 116 205 2.2 trades 30%
Slide 100: More customers are trading, cross-border trading at 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 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 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 ~1.5% 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 § Fund revenue margin and flows recovered Sweden Norway Denmark Finland Active Nordnet funds Other after dip in Q2 2025 Index Fixed income § Steady growth in fun
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 55% 308k 790k endowment Sweden Denmark insurance Norway Finland +22% CAGR 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
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 • Continued focus on pension transfers through widened reach in saver segment • Growth within occupational pensions through selective broker partn
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 as long as you live SEK trillion § Some 50% of the Danish pension market is Addressable to
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 29.5bn >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 58 703 679 691 653 50 703 634 47 45 43 41 42 43 47 634 577 601 574 59
Slide 112: Liquidity portfolio snapshot
Securities Funds Pension Credit Brokerage Liquidity portfolio snapshot: ~SEK1.6bn in 2025* *Assumes 3Q 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 int
Slide 113: Loan portfolio snapshot
Securities Funds Pension Credit Brokerage Loan portfolio snapshot: ~SEK1.1bn in 2025* *Assumes 3Q 2025 volume, interest as per October 1, 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
Slide 114: Deposit interest cost snapshot
Securities Funds Pension Credit Brokerage Deposit interest cost snapshot: SEK 390m in 2025* *Assumes 3Q 2025 volume and interest rates as of October 1 with future 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 3Q 2025 levels. Development sav
Slide 115: Scalable business model with high operating leverage
Scalable business model with high operating leverage.
Slide 116: Cost discipline to drive operating leverage and investments
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 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 § 27,000 followers on X § 17,000 followers on X Else
Slide 118: More than 730k members in our community
…and more than 730k members in our community, with millions of views, streams and sessions… 4,0 million views 124K 134K followers followers 494K 127K users followers 82K 5.6 5.9 194K followers million million followers entries streams 61K followers Note: Follower-base as of October 2025; Sessions/Vi
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 51 32 24 17 17 17 15 15 25 59 67 63 69 70 70 % 5,314 24 5,094 GR+ CA 4,550 % 49 3,639 GR + 3,560 3,702 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 ~58bn SEK ~29bn ~68% ~25% ~7% ~60% ~40% Margin Shares Funds Deposits Mortgage lending3 Net commission Net commission ~32 bps1 ~2
Slide 123: Strong capital situation creates flexibility
Strong capital situation creates flexibility. Regulatory metrics 81.2 Consolidated situation Actual (vs req.) Requirement Shareholder remuneration and capital targets Deposits in SEKbn Total capital ratio 24.4% (+9.4pp) 15.0% § Dividend of SEK 8.10 paid – 70% payout CET1 ratio 20,0% (+9.6pp) 10.4% L
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 -3.3 17.6 HTC&S1: +49.2 Gov/Gov reg/Supr. 0% Covered AAA 1% AA 14% 14.3 Sr./other 20% 11% 2% 15% 8.9 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 LTM 3Q 2017
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 % 3Q25 | (‘000) 2,292 Male Female Corporation Pre 2020 2020-2021 2022 -2024 2025 6.0% 9% 2025 826 658 609 199 2,292 5.0% 3% 2% 3% 3% 3% 27% 2022-2024 4.
Slide 129: New customers remain active and drive high margins
New customers remain active and drive high margins. Revenue margin YTD 3Q25 Share of cross-border trades YTD 3Q25 bps % | million trades 101 27.4 9.0 8.8 2.0 47.1 31% 39% 35% Cross-border 43% 45% 61 47 51 51 Pre 2020 2020-2021 2022-2024 2025 All Pre 2020 2020-2021 2022-2024 2025 All Share of trades