Nordnet AB

Latest Results (05.01.2026):

Nordnet AB — third quarter 2025: The quarter showed stable financial development in Nordnet AB with operating income of SEK 1,290m and adjusted operating income SEK 1,308m, adjusted operating profit SEK 904m and reported operating profit SEK 886m for Q3 2025. Earnings per share after dilution were SEK 2.81. Customer momentum and net savings remained strong (2,291,900 customers, +13% y/y; net savings SEK 20.8bn), while net interest income declined amid lower rates and the prior-year divestment of unsecured loans.

Profit & key P&L figures

Q3 2025 operating income SEK 1,290m (Q3 2024: 1,226m). Adjusted operating profit SEK 904m (+6% y/y). Reported operating profit SEK 886m (+4% y/y). EPS after dilution SEK 2.81 (up 4% y/y).

Income mix and trading

Net commission income strong: transaction-related income SEK 576m (+34% y/y) driven by +22% number of trades and record-high cross‑border trading (38% of trades). Fund-related income SEK 164m (+11% y/y); total fund capital SEK 282bn.

Customers and savings

Total customers 2,291,900 (+12% y/y; 13% adjusted for divestment). Savings capital SEK 1,142.6bn (+16% y/y). Net savings Q3 SEK 20.8bn (+28% y/y). Average savings per customer ~SEK 481,400.

Net interest & lending

Net interest income down to SEK 574m (–12% y/y), impacted by lower market rates and the October 2024 divestment of the unsecured lending portfolio. Lending total ~SEK 28.6bn (incl. mortgages and margin lending).

Costs and investments

Operating expenses SEK -403m (13% up y/y). Excluding investments for the Germany launch, expense increase ~8.8% — driven by Tech & Product investment. Full‑year Germany costs expected in line with targets.

One-off & adjustments

Items affecting comparability: SEK -18m loss in Q3 2025 from an administrative error in handling a corporate event (reverse split in Wolfspeed). Adjusted results exclude this item.

Capital & shareholder actions

Strong capital position: total capital ratio 24.4% and leverage ratio 5.4% (above regulatory buffers). Share repurchase program launched (up to SEK 250m) with SEK ~192.5m repurchased (711,705 shares) in the program to date; intention to repurchase further SEK 250m after expiry.

Operational & tech highlights

Platform availability 99.9%. Progress on cloud migration — 52% of in‑house apps on Nordnet cloud. Launched smart AI news summaries, new markets (Madrid added), foreign currency endowment accounts and other product enhancements. Nordnet app won the Red Dot Design Award.

Management commentary & outlook

Management describes Q3 2025 as a stable quarter with strong core-business performance and continued customer momentum. Full‑year cost impact from Germany is expected to align with financial targets; management notes potential stabilization of net interest income if rate cuts end and deposit/lending volumes evolve.