Nordnet AB (publ) (SAVE) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to the presentation of Nordnet's fourth 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 Norling and our CFO Lennart Krän. 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 raise hand button. 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, nonetab.com. Okay, let's start the presentation. Lars Fokke, please go ahead. Thank you, Marcus. So let's start with the highlights. We see continuous strong growth in our core brokerage and fund business from a growing customer base and also positive market sentiments. Also really good net savings and strong customer growth. Overall, strong trading activity and another record quarter for cross-border trading. And we see high trading both in the US markets, the European markets, and some Nordic markets, not least Denmark with the big swings in Nordisk. We see a decline in net interest income due to lower policy rates, but it's partly mitigated by higher deposit levels. Cost growth is in line with target for the full year, around 8%, excluding Germany. We now also launched a new private banking concept in all of our Nordic countries and it's been very well received. We have passported now the Swedish bank license to Germany and that's approved. And the H2 launch in Germany is on track. And the proposed dividend is 8.60 per share up from 8.10 last year. Some of the financial highlights, strong customer growth at 12%, savings cap...