Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Q3 2026 Earnings Presentation
27 slides from Nordnet Ab's earnings presentation, Oct 1, 2026
Slide 1: Nordnet Q3 2026 Results presentation
Nordnet Q3 2026 Results presentation
Slide 2: Key highlights third quarter 2026
Key highlights third quarter 2026 Continued growth across Partnered with ABG Sundal all revenue streams in second Collier to create next- strongest quarter ever generation Private Banking Resilient trading with robust New research portal gives traded value; cross-border Private Banking access to Cit
Slide 3: Financial highlights third quarter 2026
Financial highlights third quarter 2026 Customers Savings capital Number of trades Thousands SEKbn Million +12% +28% 0% 2,566 1,459 15.7 15.8 2,292 1,143 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Adjusted revenues Adjusted operating expenses Adjusted profit before tax SEKm1 SEKm1 SEKm1 +10% ex
Slide 4: Continued momentum in customer growth and net savings
Continued momentum in customer growth and net savings New customers Net savings (‘000) (SEKbn) +75 +78 +215 +29 +80 +74 +196 +26 +69 +69 +69 +25 +26 +64 +58 +57 +59 +21 +60 +54 +19 +19 +19 +18 +16 +15 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 2025 2026 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25
Slide 5: Select Q3 product highlights
Select Q3 product highlights Compare, follow and sort Benchmark against other investors, news alerts on stocks and clearer portfolio Research Portal categorisation Institutional equity research on 1,500 companies, in partnership with Citi Activation experiments Continuous A/B activation tests shippe
Slide 6: Strong growth trend across all revenue streams
Strong growth trend across all revenue streams Operating income mix Key revenue drivers Net transaction related Net fund related Net interest income Other income1 Transaction related § Resilient trading despite seasonality & low volatility +18% § Strong cross-border support brokerage margin 1,634 1,
Slide 7: Brokerage saw seasonal slowdown but strong cross-border supports the margin
Brokerage saw seasonal slowdown but strong cross-border supports the margin Income and margin per trade Trades per day (‘000) Income (SEKm) Income / trade (SEK) Trades / customer / day (LHS) Trades per day 0.150 +14% 302 298 39.8 39.8 41.9 41.4 262 258 261 37.3 36.6 38.8 0.125 239 239 34.0 34.6 35.7
Slide 8: Funds saw strong growth, particularly in Nordnet-branded funds
Funds saw strong growth, particularly in Nordnet-branded funds Income and margin Fund capital development SEKm | Bps on fund capital SEKbn Active Nordnet funds Other Income (SEKm) Income margin (bps) Index Fixed income +31% 387 358 24.9 24.9 24.9 25.8 25.4 23.9 24.0 24.8 24.3 307 14% 23.6 23.2 297 2
Slide 9: Deposit levels supported by strong net savings
Deposit levels supported by strong net savings Deposits/savings capital vs stock market performance Deposit development 3Q26 SEKbn SEKbn Brokerage/Funds (LHS) % Deposits (RHS) Share of Deposits (LHS) MSCI World index AuM 1,500 20% 6.9% 6.6% 18% +0.9 16% -12.0 Brokerage 14% +20.8 1,000 12% 95.2 -12.0
Slide 10: Net interest income now on growth trajectory
Net interest income now on growth trajectory Income Margins SEKm bps Credit portfolio Liquidity portfolio Customer interest NII yield Credit portfolio Liquidity portfolio Customer interest Other +19.7% 600 679 691 653 634 675 687 500 577 601 574 579 561 400 403 414 411 271 296 333 269 300 299 264 26
Slide 11: Rigorous focus on cost discipline to drive operating leverage
Rigorous focus on cost discipline to drive operating leverage and enable investments Operating expenses Key drivers of operating leverage C/I ü Scalable cloud-powered tech platform 28% 27% 29% 30% 29% 31% 31% 30% 30% 27% 29% ~SEK 1,455m ~SEK 1,630m ü Process simplification and AI automation 439 440
Slide 12: Business model with great operating leverage
Business model with great operating leverage Adjusted revenue Adjusted operating expenses³ Adjusted profit before tax SEKm SEKm SEKm 46 59 54 50 48 17 17 15 15 14 63 69 70 70 71 +17% C A GR 6,060 5,389 5,094 R+ 21% 4,550 +8.8% excluding CAG 4,295 costs for German expansion 3,748 3,560 3,382 3,160 CA
Slide 13: Strong capital situation creates flexibility
Strong capital situation creates flexibility Regulatory metrics Consolidated situation 96.1 Actual (vs req.) Requirement Shareholder remuneration Deposits in SEKbn Total capital ratio 21.9% (+6.0pp) 15.9% and capital targets CET1 ratio 18.1% (+7.1pp) 11.0% § Dividend of SEK 8.60 paid – 70% payout ra
Slide 14: Medium-term financial targets reiterated
Medium-term financial targets reiterated Target Customer growth1 Average savings capital per customer2 Shareholder remuneration % SEK (‘000) 15% 14% 525 12% 13-15% p.a. 476 486 Deliver superior shareholder returns 12% 444 Around SEK500k 435 through a dividend payout ratio of 70% 9% Capital ratio tar
Slide 15: German expansion milestones
German expansion milestones External First internal recruitment starts production testing July June Public Arno Walter Pre-study announcement 10 new European New hires First meeting announced new Launch with Strategic Starts of expansion markets launched start to join with BaFin country manager phas
Slide 16: Our Moonshot
Our Moonshot Nordnet will earn the right to serve 100% of our customers’ wealth. By building a single, seamless experience across self-directed, advised and managed solutions, Nordnet will become European customers’ #1 choice. Earned, not assumed 100% of wealth Our European ambition Customers choose
Slide 17: Our Must-Win Battles
Our Must-Win Battles European Next-Gen Expansion Trading Learn from the German launch to build Continuously upgrade our offering a repeatable playbook for further to remain the top platform for European expansion. savings and investments. Democratizing Winning in AI: Wealth from learning to Manageme
Slide 18: Key near-term priorities
Key near-term priorities Commercial launch in Germany in November Continue investment in platform and trading offering Accelerate adoption of AI in our products and processes New Wealth Management unit to further develop Private Banking and managed assets/ETFs Maintain focus on cost control 18
Slide 19: Thank You!
Thank You!
Slide 20: Financial highlights third quarter 2026
Financial highlights third quarter 2026 SEKm unless otherwise stated Q3 2026 Q2 2026 QoQ % Q3 2025 YoY % Condensed P&L1 Adjusted total income 1,550 1,634 (5%) 1,308 18% Adjusted operating expenses (450) (440) 2% (403) 12% Adjusted profit before tax 1,096 1,190 (8%) 904 21% KPIs New customers +63,700
Slide 21: Summary P&L
Summary P&L SEKm Q3 2026 Q2 2026 QoQ % Q3 2025 YoY % Adjusted total income 1,550 1,634 (5%) 1,308 18% Adjusted operating expenses (450) (440) 2% (403) 12% Net credit losses (0) 0 - 2 - Imposed levies: Resolution fees (3) (4) (17%) (2) 25% Adjusted profit before tax 1,096 1,190 (8%) 904 21% Items aff
Slide 22: Items affecting comparability
Items affecting comparability SEKm 2026 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 (4)1 (100) Divestment un
Slide 23: 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 3Q26 | % 3Q26 | (‘000) Male Female Corporation 2,566 Pre 2020 2020-2021 2022 -2025 2026 8% 2026 816 651 889 209 2,566 6,0% 3% 2% 3% 3% 3% 5,0% 35% 2022-2
Slide 24: New customers remain active and drive high margins
New customers remain active and drive high margins Revenue margin YTD 3Q26 Share of cross-border trades YTD 3Q26 bps % | million trades 96 28.9 9.1 12.7 1.8 52.2 35% 43% 41% Cross-border 52% 50% 56 43 48 48 Pre 2020 2020-2021 2022-2025 2026 All Pre 2020 2020-2021 2022-2025 2026 All Share of trades p
Slide 25: Liquidity portfolio snapshot: ~SEK1.9bn in 2026
Liquidity portfolio snapshot: ~SEK1.9bn in 2026* *Assumes 3Q 2026 volume, currency allocation, credit spreads and market consensus estimates for 3M fwd IBOR development. Volume SEKbn Deposits Lending1 Other/equity ~SEK 1,680m SEK 1,585m ~SEK 1.9bn 73 70 70 Net interest income 57 60 58 60 47 500 494
Slide 26: Loan portfolio snapshot: ~SEK1.2bn in 2026
Loan portfolio snapshot: ~SEK1.2bn in 2026* *Assumes 3Q 2026 volume, interest as per Sep 2026, 3M fwd IBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) Unsecured Mortgage Margin lending Volume1 SEKbn ~SEK 1,560m ~SEK 1,100m ~SEK 1.2bn 33.0 31.5 31.2 31.4 Net interest
Slide 27: Deposit interest cost snapshot: ~SEK 410m in 2026
Deposit interest cost snapshot: ~SEK 410m in 2026* *Assumes 3Q 2026 volume and interest rates as of Oct 1 with future 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 3Q 2026 levels. Development savings accounts Share of Sep 26 SEKbn SE NO DK