Achieved record full-year profit of over SEK 3.7 billion, the highest in company history, amid macroeconomic and geopolitical challenges.
Strong growth in core brokerage and fund business, with a 12% increase in customers and 15% rise in savings capital year-over-year, driven by positive net savings and robust customer growth.
Record quarter for cross-border trading, with 42% of trades outside the home market and high activity in US, European, and Nordic markets.
Launched Private Banking across all Nordic countries and received approval for a German banking license, with H2 2026 launch on track.
Maintained cost growth in line with targets and proposed a dividend of SEK 8.60 per share, maintaining a payout ratio of just over 70%.
Adjusted operating profit for Q4 2025 was SEK 966 million, up 5% year-over-year; full-year adjusted operating profit reached SEK 3,748 million, up 5%.
Adjusted operating income for Q4 was SEK 1,391 million, up 6% year-over-year; full-year adjusted operating income was SEK 5,389 million, up 6%.
Customer base expanded 12.1% to 2.35 million; savings capital increased 15% to SEK 1,183 billion.
Number of trades in Q4 2025 up 16% year-over-year to 16.1 million.
Net interest income declined 12% year-over-year in Q4 to SEK 561 million, reflecting lower market rates, but was partially offset by higher deposit levels.
Proposed dividend of SEK 8.60 per share, up from SEK 8.10.
Net interest income expected to stabilize in 2026 as rates level off and volumes grow.
Medium-term targets: 13–15% annual customer growth, average savings capital per customer of SEK 500,000, and 0.45% income in relation to savings capital.
German market entry in H2 2026, with significant opportunity from new pension savings account launching in 2027 and related investments of SEK 80–90 million expected in 2026.
Deposit levels expected to grow in absolute terms in 2026, driven by customer growth and net savings.
Dividend policy and capital structure targets remain unchanged for 2026.
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