Nordnet Ab · OMXSTO:SAVE
Nordnet Ab — Investor Presentation (July 2026)
121 slides from Nordnet Ab's investor presentation, July 2026
Slide 1: Company presentation July 2026
Company presentation July 2026
Slide 2: Introduction to Nordnet
Introductionitoe Nordnet.
Slide 3: This is Nordnet
This is Nordnet. We exist to democratize savings and investments 1,374bn 2.50m 68m Savings capital Customers in 4 Nordic On-exchange trades SEK as of June 2026 countries as of June 2026 in LTM 2Q26 3
Slide 4: Pan-Nordic powerhouse
Pan-Nordic powerhouse. Nordic broker #1 #1 domestic broker on Nordic exchanges since 2020 1,400 Total turnover on Nordic exchanges 2025 (SEKbn) 2025 2024 2023 2022 1,200 NPS position in Nordics #1 1,000 #1 NPS position * vs key competitors 800 with #1 rank in DK, FI & NO; # 2 in SE 600 400 Market sh
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 T he 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 2026 savings capital 1 (%) ▪ Grow within Saver Savers “Do it segment to become #1 (40 %) for me” choice for savers by focus on funds, pension and ease of use Investors “Help me (53 %) do it” ▪ Maintain dominance within Investor segment
Slide 8: Why do customers choose Nordnet?
Why do customers choose Nordnet? One stop Customer C ompetitive 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 funds as well as fund guidance -of- Pension ✓ ✓ ✓ ✓ Stock lending, endowment insurance, indi
Slide 11: Best in class user experience
Best in class user experience. NEXT web app Released 2019 Nordnet app Released 2018 Social investing community Nordnet Social
Slide 12: Release cadence of web and native apps
51 min Release cadence of web -app NEXT 2.9 days Release cadence of native app 50,384 Deploys during 2025
Slide 13: We have worked hard to perfect our 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 2020: Re -listing 2024: Nordic feature Stockholm Stock Öhman and Nordic Capital complete Exchange Start -up phase – Geographic and Transforma
Slide 14: Nordnet is taking market share in a growing market
Nordnet is taking market share in a growing market*. * Excluding Germany Addressable market growth outlook 1 Market share of addressable market 1 Share of total population owning shares or funds Savings capital, SEK tln December 2025 , SEK tln December 2025 | Million Nordnet’s share of addressable m
Slide 15: Nordnet has seven main revenue growth drivers
Nordnet has seven main revenue growth drivers. New customer Revenue 1 growth SEKm New net savings Savings 5,389 5,818 5,094 capital growth 4,550 3,382 Product penetration New product launches 2022 2023 2024 2025 LTM 2Q26 Opening new countries Opportunistic (1) Adjusted revenue (SEK), subtracting SEK
Slide 16: Strong long-term growth in customers and savings capital
Strong long-term growth in customers and savings capital. Customers 1 Savings capital Thousands SEKbn 2,502 1,374 2,351 2,096 1,183 1,863 1,032 1,708 1,601 802 825 1,221 715 564 914 765 669 567 228 313 433 490 200 314 344 367 395 188 213 224 136 166 157 193 90 102 90 104 86 103 128 55 39 21 36 49 20
Slide 17: Sustainable growth: strong customer and capital retention
Sustainable growth: assets accumulate over time through strong customer and capital retention. Retention 2025 savings capital development Customers Capital SEKm 97.5% 97.9% 98.0% 97.6% 97.3% 92% retained capital 90.3% 92.2% 90.8% 91.5% 92.3% 2024 1,032 Outflows -80 SEK 78bn net savings representing
Slide 18: Embedded growth in customer base as younger customers accumulate 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% 1,800,0
Slide 19: The only pan-Nordic digital savings and investment platform at scale
The only pan-Nordic digital savings and investment platform at scale. Sweden is still the largest market… …but other Nordic countries are …and at better margins growing faster… LTM 2Q26 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps) 1 SEKm June 2025 J
Slide 20: Rigorous focus on cost discipline to drive operating leverage
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 expenses 1 in absolute terms and in relation to avg. savings capital (bps) 2 17 17 15 15 14 ✓ Scalable cloud
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 46 59 54 50 49 17 17 15 15 14 63 69 70 70 71 5,818 5,389 5,094 4,550 4,103 3,748 3,560 3,382 3,160 2,115 1,630 1,705 1,300 1,455 1
Slide 22: Medium-term financial targets
Medium-term financial targets. Target Average savings capital per customer 2 Customer growth 1 Shareholder remuneration % SEK (‘000) 15% 14% 12% 13% 507 Deliver superior shareholder returns 13-15% p.a. 476 486 Around SEK500k 444 435 through buybacks and a dividend 9% payout ratio of 70% Capital rati
Slide 23: We are positioned to be long-term winners
We are positioned to be long-term winners. #1 PAN -NORDIC LAUNCH OF STRONG, OPERATING DIGITAL GERMANY IN SUSTAINABLE LEVERAGE AND 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 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” includin
Slide 28: Key selling proposition: Leading UX
1 Key selling proposition. Wide Smooth Leading product customer UX x x 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 platform2025. Scalability EU market open : ~21k request/s US market open : ~13k request/s EU market close (SE/FI/DE) +104m net fund buys US market close SEK 255 k 472 k 85 k trades DAU app DAU web 94 k x-border trades 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:
Slide 30: NEXT web application
1 NEXT web application. 22% of Nordnet users use only or mainly the web 85 k Daily Active Users (DAU) with a 19% DAU/MAU ratio 83 k Trades per day representing 39 % of daily traded value during 2025 30 Note: 2025 figures
Slide 31: Nordnet app
1 Nordnet app. 76% of Nordnet users use only Only web The or mainly the app Nordne t app 472 k Daily Active Users (DAU) with a 40% DAU/MAU ratio Only app app Mainly 76% 106k Mainly Trades per day representing app 35 % of daily traded value during 2024 31 Note: 2025 figures
Slide 32: Nordnet Social
1 Nordnet Social – our social investing community. 507 k users have shared their portfolios on Nordnet Social 1.9x Traded value of a Nordnet Social user vs a non -Nordnet Social user 1 2.6x Commissions of a Nordnet Social user vs a non -Nordnet Social user 1 32 Note: 2025 figures
Slide 33: Digital channel engagement
1 Digital channel engagement. Active users Social community activity Investing activity 582k Daily Active Users (DAU) 539 k Active Nordnet Social 886 k Monthly Investing Customers (MIC)* Average Q2 2026 users Average Q2 2026 1.5m Monthly Active Users (MAU) 411k Nordnet Social posts created in Q2 498
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 thr ough ca
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: 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 37
Slide 38: Release cadence of web and native apps
4 51 min Release cadence of web -app NEXT 2.9 days Release cadence of native app 50,384 Deploys during 2025
Slide 39: Increased leverage from cloud technology drives innovation pace
4 Increased leverage from Cloud Technology drives innovation pace. 82 84 50,384 47,471 75 62 30,824 35 13,040 12 7,564 1 2019 2020 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 % development on # of releases Nordnet X* * Nordnet X is the cloud -based platform. 39
Slide 40: Scaling up development capacity
4 Scaling up development capacity. 43 187 37 167 158 149 31 32 118 25 -14% Decreased cost per code change through AI- powered workflows * 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 FTE FTC #Development Teams (EOY) #Engineers * Q2 2026 outcome versus Q4 2025 which was the last non -AI-agentic
Slide 41: Shift left strategy ensures strong 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 Shift -left Each Product Team owns 4 hours security of their services Complete disaster recovery Benefits : ▪ Scalable : Faster fixes of security risks ▪ Proactiv
Slide 42: 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 a
Slide 43: AI will fundamentally transform the product
AI will fundamentally transform the product AI will play an important role across three main dimensions: Entirely new products only made 1 possible through AI Elevated product experiences through judicious use 2 of AI in all features Improved user experience through smoother 3 customer journeys thro
Slide 44: Measuring tech performance
Measuring tech performance. Progress Software on C loud 59 % Delivery 96 % migration Apps on NordnetX Q2 202 6 Performance High or elite performing teams (State of Devops) Q2 202 6 Operational Performance 99.9 % Availability Q2 202 6 44
Slide 45: 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
Slide 46: Education and inspiration to increase knowledge of 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 with 2.7 million views ▪ Nordnet blog – saving, investing, markets and personal finance blog aimed at individual investors and
Slide 47: We work to get more women to invest
6 Deepdive: We work to get more women to invest. Share of female customers 35.2% 34.5% 33.6% 33.0% ▪ Nordnet Female Network – a network to encourage 32.0% more women to invest ▪ Educational posts in each country ▪ Founder of a tech -talent network, Power Women in Tech, with appurtenant Podcast 2021
Slide 48: 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 49: Broad offering within sustainable savings
6 Deepdive: Broad offering within sustainable savings. Distribution of fund capital, 2025* 4% 14% Article 9 Article 8 ▪ Majority of Nordnet -branded funds follow ESG indices Other ▪ Broad ETF offering enabling customers to invest in all 82% sustainability trends ▪ Vast majority of fund capital is in
Slide 50: 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 2024 2025 Total GHG emissions, GHG
Slide 51: Most inspiring brand
7 Most inspiring brand Most inspiring savings experience “We make it joyful to save and invest . Encouraging our customers every step of the way. Our engaging platform keeps customers coming back. We deliver a savings experience that inspires our customers to be better investors .”
Slide 52: Increased marketing investment yields results
7 Increased marketing investment yields results Initiatives started 2025 Marketing effects Measurable KPIs Aided ad Our campaign is being seen awareness 3X marketing budget New creative campaign Nordnet becomes a relevant choice Consideration Increased brand marketing Brand awareness The brand stren
Slide 53: 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 54: 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 54
Slide 55: Increased staffing in control functions
8 Increased staffing in control functions. Risk Compliance Legal Financial Crime Prevention 110 100 89 69 76 60 67 Staffing in control 56 functions has 44 44 increased threefold 35 39 31 since 2018 18 26 12 13 14 18 7 5 6 7 12 11 11 5 7 9 4 6 6 4 6 6 7 9 9 9 9 2018 2019 2020 2021 2022 2023 2024 2025
Slide 56: 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 Brokerage Wealth Credit or
Slide 57: Engaged employees
9 Engaged employees. People agenda PURPOSE & STRATEGIC HYBRID EMPLOYER DIRECTION LEADERSHIP DIVERSITY BRANDING VALUES WORK MODEL eNPS Average last 4 quarters 45 40 41 37 35 30 17 ENPS 2020 2021 2022 2023 2024 2025 2Q26 57
Slide 58: 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 59: Efficient operating model with clear responsibilities
9 Efficient operating model with clear responsibilities. CEO Countries Staff functions Sweden Norway Denmark Finland Finance ▪ One product and tech Financial Crime Prevention organization supporting all Nordic Marketing countries Communications, IR & Sustainability ▪ Front -to-back responsibility in
Slide 60: Geographic diversification
Geographic diversification.
Slide 61: We have been building our competitive moat for more than 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 62: Nordnet is taking market share in a growing market
Nordnet is taking market share in a growing market*. * Excluding Germany Addressable market growth outlook 1 Market share of addressable market 1 Share of total population owning shares or funds Savings capital, SEK tln December 2025 , SEK tln December 2025 | Million Nordnet’s share of addressable m
Slide 63: Strong growth runway across the Nordics
Strong growth runway for Nordnet across the Nordics. Addressable market size and Nordnet’s market share by country 2025 1 SEKtln Nordnet market share ~6% ~8% ~5% ~10% ~6% ~2.6x ~2.5 ~18.7 ~6.3 ~2.5 ~2.7 ~7.1 Total addressable market Addressable market defined as the estimated part of the overall Nor
Slide 64: Nordnet competes primarily 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 64
Slide 65: 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 better margins growing faster… LTM 2 Q26 revenue by country (%) Nordnet’s number of customers by country Revenue margin by country (bps) 1 SEKm June 2025 June
Slide 66: Sweden
Sweden. Addressable market growth outlook 1 Market share of addressable market 1 Share of total population owning shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Market size Nordnet market share Nordnet’s share of addressable market Nordnet’s share Other OTPs
Slide 67: Sweden
Sweden. Achievements 2025 Customer behaviour Over +70% net savings increase YoY 807k 3,000 4.2 Over +7% customer growth YoY savings capital per income per trades per customer customer (SEK) 1 customer (SEK) 2 per month 3 Launch of new Private Banking concept 50% own shares 51% own funds 24% cross -b
Slide 68: Norway
Norway. Addressable market growth outlook 1 Market share of addressable market 1 Share of total population owning shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Market size Nordnet market share Nordnet’s share of addressable market Nordnet’s share 2% 8% 1.3 9
Slide 69: Norway
Norway. Achievements 2025 Customer behaviour Milestone of 500.000 customers - 13% growth 401k 2,700 income per 2.1 Improved trad er offering - 24 % growth in traded value savings capital per trades per customer customer (SEK) 1 customer (SEK) 2 per month 3 Launch of new Private Banking concept 63% o
Slide 70: Denmark
Denmark. Addressable market growth outlook 1 Market share of addressable market 1 Share of total population owning shares or funds Savings capital, SEK tln December 2025 , SEK tln December 2025 | Million Market size Nordnet market share Nordnet’s share of addressable market Nordnet’s share 2% 5% 3.2
Slide 71: Denmark
Denmark. Achievements 2025 Customer behaviour 600K customers milestone - 18% customer growth 463k 2,400 income per 2.1 Cont. #1 in EPSI customers satisfaction rating savings capital per trades per customer customer (SEK) 1 customer (SEK) 2 per month 3 Launch of new Private Banking concept 77% own sh
Slide 72: Finland
Finland. Addressable market growth outlook 1 Market share of addressable market 1 Share of total population owning shares or funds Savings capital, SEK tln December 2025, SEK tln December 2025 | Million Market size Nordnet market share Nordnet’s share of addressable market Nordnet’s share 5% 10% 1.0
Slide 73: Finland
Finland. Achievements 2025 Customer behaviour Cont. #1 in EPSI customers satisfaction rating 331k 1,800 income per 1.5 #1 choice for saving and investing savings capital per trades per customer customer (SEK) 1 customer (SEK) 2 per month 3 Several new services for high-end segment 63% own shares 59%
Slide 74: Introducing Nordnet's 5th market: Germany
Introducing Nordnet’s 5th market: Germany 74
Slide 75: 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 76: The German market is large with growing assets and equity participation
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 19% of adult population Over half a million potential customers enter the market each year CAGR +5% CAGR
Slide 77: Doubling the addressable market to secure a long runway for growth
Doubling the addressable market to secure a long runway for growth Addressable market size by country 2025 ~2 .4x SEKtln ~44 ~2.7x ~2.5 ~18.7 ~6.3 ~2.5 ~2.7 ~7.1 Nordic addressable market Source: SCB, Svensk Försäkring , SSB, Finans Norge, Nationalbanken Denmark, Statistics Denmark, Statistics Finla
Slide 78: 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 C ompetitive shop x experience x price always building on Trust 78
Slide 79: 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 ✓ ✓ ✓ ✓ ✓ New pension account to be launched in 2027 coul
Slide 80: 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 • Critica
Slide 81: 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 82: Strategic Readiness: our German expert team
Strategic Readiness: our German expert team for a high-impact market entry Arno Walter, Country Manager Katrin Wutz, Head of Legal Former Comdirect bank CEO in Germany. Specialist in building leading S ni r l g l r f i n l with 15+ y r ’ x ri n in G r n r t il digital platforms. Demonstrated ability
Slide 83: Wide product range and diversified revenue streams
Wide product range and diversified revenue streams.
Slide 84: 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 funds as well as fund guidance and advisory -of- Pension ✓ ✓ ✓ ✓ Stock lending, endowment in
Slide 85: Resilient revenues bolstered by diversified revenue streams
Resilient revenues bolstered by diversified revenues streams. Adjusted revenue by income type Savings capital by product SEKm 1 SEKbn Brokerage Funds Deposits Net transaction related Net fund related income Net Interest income Other income² Adjusted revenue / avg. savings capital (bps) 1,374 1,183 9
Slide 86: This is Securities Brokerage
Securities Wealth Pension Credit Brokerage Management 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, divid
Slide 87: Leading securities brokerage offering
Securities Wealth Pension Credit Brokerage Management Leading securities brokerage offering. Brokerage capital development Customer behavior 1 SEKbn ~1,2m Sweden Norway Denmark Finland customers made a trade 1.7 tln In traded value | SEK 20% 802 704 190 573 573 24 % 157 490 123 132 221 404 205 116 1
Slide 88: More customers are trading and cross-border trading at all time high
Securities Wealth Pension Credit Brokerage Management 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 800,00
Slide 89: Trades per day are increasing and each trade drives more revenue
Securities Wealth Pension Credit Brokerage Management Trades per day are increasing 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)
Slide 90: Case study: Crypto-related instruments
Securities Wealth Pension Credit Brokerage Management Case study: Crypto -related instruments. Focus on education and ensuring customers understand products and risks ~2% of Nordnet customers Nordnet provides access to crypto -backed hold crypto -related assets ETNs/ETCs on regulated trading venues
Slide 91: This is Wealth Management
Securities Wealth Pension Credit Brokerage Management This is Wealth Management. Fully integrated Funds business: Comprehensive Private Banking offering: ▪ >2,000 mutual funds, including index funds, ▪ Exclusive benefits and fast -track service tiered across hedge funds and multi -asset funds four s
Slide 92: Leading Nordic fund supermarket
Securities Wealth Pension Credit Brokerage Management Leading Nordic fund supermarket. Fund capital by country Fund capital by allocation 1 SEKbn SEKbn Active Nordnet funds Other ▪ Steady growth in fund capital Sweden Norway Denmark Finland Index Fixed income ▪ Fund margins stabilize as active/passi
Slide 93: This is Nordnet Private banking
Securities Wealth Pension Credit Brokerage Management This is Nordnet Private banking. What is Private banking at Nordnet? ▪ Next -generation Private Banking for customers with SEK >2.5m in savings capital ▪ Tiered service and offer levels (Gold, Platinum, Black, and Signature) ▪ Digital -first plat
Slide 94: This is the Nordnet Partner business
Securities Wealth Pension Credit Brokerage Management This is the Nordnet Partner business. What is Partner at Nordnet? ▪ The Partner Concept is designed for external Asset Development of savings capital Managers and Insurance Brokers who provide portfolio SEK billion management and advisory service
Slide 95: Empowering Partners with advanced portfolio and trading infrastructure
Empowering Partners with advanced portfolio & trading infrastructure Accounts overview Holdings and performance Consolidated Detailed breakdown of summary of account performance, managed accounts development graphs, displaying key and specific metrics asset/fund holdings Model portfolio Trading page
Slide 96: This is Pension
Securities Wealth Pension Credit Brokerage Management This is Pension Wholly-owned pensions group: ▪ Complete pension solutions in Sweden for both Nordnet private individuals and employers, with additional Pensionsförsäkring AB offerings in Norway, Denmark & Finland ▪ Private pension savings and ind
Slide 97: Opportunity to grow in the pension market
Securities Wealth Pension Credit Brokerage Management Opportunity to grow in the pension market. Nordnet’s share of addressable market 1 Customer behavior 1 SEKtln | 2025 347k Customers 792k Avg AuM per pension 3.2 customer 1.2 3.2 +14.1bn ~15% of customers have a 0.6 0.5 net savings 4.8% 2.9% 1.6%
Slide 98: Pension: Sweden
Securities Wealth Pension Credit Brokerage Management Sweden Product offering ▪ Tjänstepension: Cost -efficient occupational pension with Sweden’s widest investment selection ▪ Kapitalförsäkring (KF): Tax -efficient insurance wrapper for 156k 1,148k private individual savers and corporate setups pen
Slide 99: Pension: Norway
Securities Wealth Pension Credit Brokerage Management Norway Product offering ▪ Egen Pensjonskonto (EPK): Nordnet's flagship occupational pension product for employees to manage and consolidate their employer -sponsored capital 115k 363 k ▪ PKB & IPS: Products for consolidating past employer pension
Slide 100: Pension: Denmark
Securities Wealth Pension Credit Brokerage Management Denmark Product offering ▪ Livrente : Fully accessible under the new branch setup. Uniquely positioned as our major growth driver to tap into the largest segment of the Danish pension market 72k 717k ▪ Ratepension & Aldersopsparing : Core bank -p
Slide 101: Pension: Finland
Securities Wealth Pension Credit Brokerage Management Finland Product offering ▪ Endowment Insurance / SIP: Tailored as a tax -efficient insurance wrapper for private individual savers and wealthier investors 4k 524 k ▪ Enables full online trading with deferred taxation inside the pension customers
Slide 102: This is Credit
Securities Wealth Pension Credit Brokerage Management This is Credit Highly complementary suite of credit products ▪ Margin lending allows customers to amplify returns ▪ Own mortgage to attract and retain HNWIs ▪ Automated credit processes ▪ Capital -light credit resulting in high RoEs 29.3bn >50% i
Slide 103: Net interest income overview
Securities Wealth Pension Credit Brokerage Management Net interest income overview. Volume liquidity portfolio Net interest income 1 Liquidity portfolio Deposit interest SEKbn Deposits Lending Other/equity SEKm Credit portfolio Other NII 73 70 679 691 653 60 634 675 57 60 58 601 577 574 561 579 41 4
Slide 104: Liquidity portfolio snapshot
Securities Wealth Pension Credit Brokerage Management Liquidity portfolio snapshot: ~SEK2.0bn in 2026* *Assumes 2Q 2026 volume, currency allocation, credit spreads and market consensus estimates for 3M fwd IBOR development. Volume SEKbn Deposits Lending 1 Other/equity ~SEK 1,680m ~SEK 1,585m ~SEK 2,
Slide 105: Loan portfolio snapshot
Securities Wealth Pension Credit Brokerage Management Loan portfolio snapshot: ~SEK1.1bn in 2026* *Assumes 2Q 2026 volume, interest as per July 2026, 3M fwd IBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) Volume 1 Unsecured Mortgage Margin lending SEKbn ~SEK 1,560m
Slide 106: Deposit interest cost snapshot
Securities Wealth Pension Credit Brokerage Management Deposit interest cost snapshot: SEK 420m in 2026* * Assumes 2Q 2026 volume and interest rates as of July 1 with future 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non -savings account deposits remains at 2Q 2026 levels. Deve
Slide 107: Scalable business model with high operating leverage
Scalable business model with high operating leverage.
Slide 108: Rigorous focus on cost discipline to drive operating leverage
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 expenses 1 in absolute terms and in relation to avg. savings capital (bps) 2 17 17 15 15 14 ✓ Scalable cloud
Slide 109: Financial education through savings economists and investment coaches
Financial education through our visible savings economists and investment coaches… Carl -Henrik Söderberg Ara Mustafa Savings economist Investment coach ▪ 4,200 followers on X ▪ Weekly podcast host for Sparpodden ▪ 8,900 followers on Instagram ▪ 29 ,200 followers on X Else Sundfør Roger Berntsen Sav
Slide 110: More than 800k members in our community
…and more than 800k members in our community, with millions of views, streams and sessions… 3.8 million streams 134K 144K followers followers Nordnet social 529K 133K users followers 83K 5.3 3.1 210K followers million million followers entries streams 68K followers Note: Follower -base as of July 20
Slide 111: 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 acq
Slide 112: 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 46 59 54 50 49 17 17 15 15 14 63 69 70 70 71 5,818 5,389 5,094 4,550 4,103 3,748 3,560 3,382 3,160 2,115 1,630 1,705 1,300 1,455 1
Slide 113: A capital light business with high return on equity
A capital light business with high return on equity. 113
Slide 114: 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 ~ 1,374bn SEK ~ 70bn SEK ~ 31bn ~67% ~26% ~7% ~60% ~40% Margin Shares Funds Deposits Mortgage lending 3 Net commission Net commission ~33 bps
Slide 115: Strong capital situation creates flexibility
Strong capital situation creates flexibility. Regulatory metrics 95.2 Consolidated situation Actual (vs req.) Requirement Deposits in SEKbn Shareholder remuneration Total capital ratio 22.2% (+7.7pp) 14.5% CET1 ratio 18.5% (+8.4pp) 10.1% and capital targets Leverage ratio 5.0% (+1.5pp) 3.0% (3.5% P2
Slide 116: 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 -10.7 16.3 HTC&S 1: +106.0 Gov/Gov reg/Supr. 15.7 Covered AAA 1% 2% AA 1% 14% Sr./other 21% 7% 11.4 0%
Slide 117: Attractive cost to income ratio and return on equity
Attractive cost to income ratio and return on equity. Adjusted cost income ratio 1 Adjusted return on equity 1,2 90% 84% 60% 77% 80% 72% 50% 45% 45% 70% 44% 43% 42% 40% 60% 40% 36% 50% 40% 30% 40% 36% 31% 30% 29% 29% 29% 30% 20% 13% 20% 10% 10% 7% 10% 0% 0% 2017 2018 2019 2020 2021 2022 2023 2024 20
Slide 118: 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 ra
Slide 119: Appendix
TX | Appendix.
Slide 120: 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 age 1 Share of customers by cohort and gender % 1H26 | (‘000) Male Female Corporation 2,502 Pre 2020 2020-2021 2022-2025 2026 6% 5% 2026 819 654 889 141 2,502 3% 2% 3% 3% 3% 4% 36% 2022 -2025 28% 3
Slide 121: New customers remain active and drive high margins
New customers remain active and drive high margins. Revenue margin 1H26 Share of cross -border trades 1H26 bps % | million trades 121 20.4 6.4 8.8 1.0 36.4 35% 44% 41% Cross -border 52% 49% 60 45 50 50 Pre 2020 2020 -2021 2022 -2025 2026 All Pre 2020 2020 -2021 2022 -2025 2026 All Share of trades pe