Nordnet AB (publ) (SAVE) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Okay, good morning everyone and welcome to the presentation of Nornet's second quarter of 2025. My name is Marcus Lindberg and I'm the head of investor relations at Nornet. With me today as usual I have our CEO Lars Håkenåling and our CFO Lennart Kræn. Lars Håken 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 and then when we come to the Q&A session you have two alternatives to ask questions so you can either click the raise hand button in zoom and I'll then unmute you and call your name or you can submit a question in writing. The presentation itself is available on our corporate website NornetAB.com. Okay, let's start the presentation. Lars Håken, please go ahead. Thank you Marcus. Go to the next slide. Starting with some key highlights, we had seen a stable financial performance with continued growth in core business and both revenue and profit in line with quarter two last year. Positive net savings and good customer growth overall, strong trading activity and continued robust revenue margin from an increasing customer base and also higher share of cross-border trading. We see a decline in net interest income due to low interest rate levels partly compensated by higher deposits. OPEX excluding Germany is up .7% due to sequencing of marketing spend last year and we expect to meet the full year guidance of around 8% cost growth excluding Germany. Also high activity in releases and product development where we have launched eight new trading venues in Europe in our app and web and also currency account in the wrappers in Sweden and much more. I'll come back to that. We also launched a new private banking tiering with clearly defined benefits in Sweden that has been well...