Slide 1: Nordnet Q3 2025 Results presentation
Nordnet Q3 2025 Results presentation
Slide 2: Key highlights third quarter 2025
Key highlights third quarter 2025 Stable financial performance with Cost growth expected to trend continued growth in core business in line with guidance for full year Positive net savings and good Negative impact of SEK 18m from customer growth error in handling corporate action Strong trading acti
Slide 3: Financial highlights third quarter 2025
Financial highlights third quarter 2025 Customers Savings capital Number of trades Thousands SEKbn Million +13%2 +16% +22% 2,292 1,143 15.7 2,050 989 12.9 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Adjusted revenues Adjusted operating expenses Adjusted profit before tax SEKm1 SEKm1 SEKm1 +8.8%
Slide 4: Good momentum in customer growth and net savings
Good momentum in customer growth and net savings New customers by month1 Net savings per month Thousands SEKbn 2024 2025 2024 2025 196 187 60 54 37 10 9 31 8 8 26 7 7 26 26 7 7 7 24 6 6 21 20 22 6 6 6 6 19 18 20 20 19 5 5 5 18 18 18 17 16 18 17 4 4 3 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2
Slide 5: Geographical diversification de-risks the business model and enables growth
Geographical diversification de-risks the business model and enables growth Sweden1 Norway Customers Savings capital Customers Savings capital Thousand SEKbn Thousand SEKbn +7% +13% +14% +24% 491 501 417 509 211 368 445 171 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Denmark Finl
Slide 6: More customers are trading and cross-border trading reached an all time high
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 2017-2024 40 90% 700,000 30 80% 20 Number of
Slide 7: Trades per day at multi-year highs and each trade drives more revenue
Trades per day at multi-year highs and each trade drives more revenue Trades per customer per trading day Total number of trades and net income/trade Trades per customer / day (LHS) Trades per day Cross border (m) Domestic (m) Net income / trade (SEK) 0.22 285,300 80 0.20 72m 252,400 70 0.18 233,300
Slide 8: Leading Nordic fund supermarket
Leading Nordic fund supermarket Fund capital by country Fund capital by allocation1 SEKbn SEKbn § Fund revenue margin and flows recovered after Sweden Norway Denmark Finland Active Nordnet funds Other dip in Q2 2025 Index Fixed income § Steady growth in fund capital 154 144 184 259 282 % 282 6% 6% 4
Slide 9: Deposit decline driven by customers net buying equities and funds
Deposit decline driven by customers net buying equities and funds Deposits/savings capital vs stock market performance Deposit development 3Q25 SEKbn SEKbn Brokerage/Funds (LHS) % Deposits (RHS) Share of Deposits (LHS) MSCI World index AuM 1,200 20% 7.8% 7.1% 1,100 18% -1.9 1,000 16% Brokerage 900 -
Slide 10: Liquidity portfolio snapshot: ~SEK1.6bn in 2025
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 interest income 57 60 58 452 449 438 434 50 4
Slide 11: Loan portfolio snapshot: ~SEK1.1bn in 2025
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 ~SEK 1,100m Net interest income 30.9 31.5
Slide 12: Deposit interest cost snapshot: SEK 390m in 2025
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 savings accounts Share of deposits SEKbn Sep
Slide 13: In summary: Resilient revenues bolstered by diversified revenues streams
In summary: Resilient revenues bolstered by diversified revenues streams Adjusted revenue by income type Savings capital by product SEKm1 SEKbn Brokerage Funds Deposits Net transaction related Net fund related income Net Interest income Other income² Adjusted revenue / avg. savings capital (bps) 0%
Slide 14: Business model with great operating leverage
Business model with great operating leverage Adjusted revenue Adjusted operating expenses³ Adjusted profit before tax SEKm SEKm SEKm 44 61 53 46 59 54 51 32 24 17 17 17 15 15 25 59 67 63 69 70 70 4% 5,314 2 5,094 G R+ CA 4,550 % 49 3,639 GR + 3,560 3,702 3,382 A C 3,160 2,689 2,451 2,115 CAGR +7% 1,
Slide 15: Focus on the high-end segment: Q3 highlights
Focus on the high-end segment: Q3 highlights Analyst estimates: customizable Real time transfer status (SE) and forward looking FX account on tax-efficient account in Sweden (ISK) New trading venue: Spain Shareville improvements PartnerWeb rebalancer 15
Slide 16: Capital and liquidity
417 Nordnet Capital and liquidity Baa
Slide 17: Strong capital situation creates flexibility
Strong capital situation creates flexibility Regulatory metrics Shareholder remuneration and capital targets 81.2 Consolidated situation Actual (vs req.) Requirement § Dividend of SEK 8.10 paid – 70% payout Deposits in SEKbn Total capital ratio 24.4% (+9.4pp) 15.0% CET1 ratio 20,0% (+9.6pp) 10.4% §
Slide 18: Strategic focus
417 Nordnet Strategic focus Baa
Slide 19: Key strategic ambitions
Key strategic ambitions Engaged customers Engaged customers § Building the best platform for savings and investments § #1 NPS & high retention § Upward trend on eNPS Engaged § Attract and retain top employees talent Profitable § Capture Nordic and German growth growth potential § Stable cost level §
Slide 20: Strong long-term growth in customers and savings capital
Strong long-term growth in customers and savings capital Customers Savings capital Thousands SEKbn 2,292 1,143 %1 % 18 23 GR 2,096 1,032 GR CA CA 1,863 1,708 1,601 802 825 715 1,221 R 17% 564 CAG 0% CA GR 2 914 765 395 669 490 567 272 286 433 235 395 200 314 344 367 136 166 157 193 224 90 102 90 104
Slide 21: Nordnet is taking market share in a growing market
Nordnet is taking market share in a growing market Share of total population Addressable market growth outlook1 Market share of addressable market2 December 2024 | Million Savings capital, SEK tln December 2024, SEK tln Nordnet’s share Market size current Market size extended Nordnet’s share of addr
Slide 22: Rigorous focus on cost discipline to drive operating leverage and enable 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 cl
Slide 23: 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 a dividend payout ratio of 10% 70% 9% Capital ratio targets: • Lev
Slide 24: Key priorities for 2025
Key priorities for 2025 Lay groundwork for launch of Nordnet Germany. Continued strong focus on the fund and pension business. Realize potential in new Livrente product. Enhance high-end offering for private banking and active trading customers. Pan Nordic roll-out of new brand campaign. Maintain fo
Slide 25: Thank you
Thank you
Slide 26: Financial highlights third quarter 2025
Financial highlights third quarter 2025 SEKm unless otherwise stated Q3 2025 Q2 2025 QoQ % Q3 2024 YoY % Condensed P&L1 Adjusted total income 1,308 1,293 +1% 1,226 +7% Adjusted operating expenses (403) (397) +2% (358) +13% Adjusted profit before tax 904 893 +1% 852 +6% KPIs New customers +69,500 +56
Slide 27: Summary P&L
Summary P&L SEKm Q3 2025 Q2 2025 QoQ % Q3 2024 YoY % Adjusted total income 1,308 1,293 1% 1,226 7% Adjusted operating expenses (403) (397) 2% (358) 13% Net credit losses 2 (0) (712%) (13) (112%) Imposed levies: Resolution fees (2) (3) (15%) (3) -29% Adjusted profit before tax 904 893 1% 852 6% Items
Slide 28: Items affecting comparability
Items affecting comparability SEKm 2025 2024 2023 2022 2021 2020 2019 2018 2017 Non-recurring items – Expenses Delisting from Nasdaq (45) Acquisition of Netfonds (35) (16) Deduction right VAT 38 (20) (30) AML process upgrade (19) IPO related expenses (109) Sanction SFSA (100) Divestment unsecured le
Slide 29: Strong customer satisfaction driving market share gains
Strong customer satisfaction driving market share gains Customer satisfaction remains at high levels in all countries… NPS …which translates into increasing market shares across our geographies Market share based savings capital in relation to total addressable market1 2023 2024 7.8% 8.6% 7.4% 6.6%
Slide 30: 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 ~25
Slide 31: Strong cost to income ratio and attractive return on equity
Strong cost to income ratio and attractive return on equity Adjusted cost income ratio Adjusted return on equity 90% 84% 60% 77% 80% 72% 50% 45% 70% 44% 43% 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 201
Slide 32: 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 3Q25 | % 3Q25 | (‘000) Male Female Corporation Pre 2020 2020-2021 2022 -2024 2025 2,292 5.0% 9% 2025 826 658 609 199 2,292 3% 2% 3% 3% 3% 4.0% 27% 2022-2
Slide 33: 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 p
Slide 34: Recovery in customer growth and savings ratio
Recovery in customer growth and savings ratio Annualised customer growth Annualised savings ratio Annualised quarterly customer increase in relation to previous Annualised quarterly net savings in relation to previous quarter Thousands quarter’s savings capital SEKbn Annualised growth (LHS) Average
Slide 35: Strong liquidity position with good credit quality and balanced maturity profile
Strong liquidity position with good credit quality and balanced maturity profile Exposure class Portfolio rating Maturity structure SEKbn % (S&P equivalent) SEKbn Unrealized result (SEKm) HTC -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 8.2 58