Nordnet AB (publ) (SAVE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to the presentation of Nordnet's first quarter of 2025. My name is Marcus Lindberg, and I'm the head of investor relations at Nordnet. With me today, I have our CEO, Lars-Åke Noling, and our CFO, Lennart Krén. Lars-Åke and Lennart will start off by presenting the results, and then we'll have a Q&A session. During the presentation, all participants will be on mute. Then when we come to the Q&A session, you have two alternatives to ask questions. You can click the erase hand button. I'll then unmute you and call your name. Or you can submit a question in writing through the Q&A button. The presentation itself is available on our corporate website, nonetab.com. Okay, let's start the presentation. Lars Åke, please go ahead. Thank you, Markus. We can go to the next slide. So starting with the highlights, revenue and profit reached record levels during the quarter, and especially strong growth in our core business, the fund and brokerage business. We also see the highest customer growth in net savings in four years. Market turbulence, of course, drives a lot of trading, but it's also weighed on savings capital, and also that's partly due to a stronger SIEC. Low interest rates drove NII headwinds, partly compensated by higher deposits. OPEX excluding Germany was up around 13% due to sequencing on marketing spend, and we expect to meet the FUGIA guidance of around 8% growth excluding Germany. We also launched many nice new features for the more trader segments or high-end segments, and more is to come as well. I'm going to cover that on a separate slide. Also a good start of the Danish pension product, Libremte, leading to record net savings in pensions in Denmark in quarter one, 1.6 billion SEK versus around 900 million SEK the same quart...