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Nordnet (SAVE) investor relations material
Nordnet Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Stable financial performance in Q2 2025, with 14% customer growth to 2.22 million and 10% higher savings capital, supported by strong trading activity and robust revenue margin, despite lower net interest income due to reduced rates.
Dividend of SEK 8.10 per share paid and a SEK 250 million share buyback program initiated, with plans for an additional SEK 250 million repurchase, reflecting a strong capital position.
Product development accelerated with new private banking tiering in Sweden, launches in eight new European trading venues, and enhancements to digital platforms.
Net interest income declined due to lower rates and the divestment of the unsecured lending portfolio; cost growth mainly from increased marketing, product development, and Germany expansion.
Disinvestment of unsecured lending portfolio reduced customer count by 22,800 in Q4 2024, lowering credit risk and losses.
Financial highlights
Operating income for Q2 was SEK 1,293 million, flat year-over-year; operating expenses rose 13% to SEK 397 million, mainly due to marketing and Germany expansion.
Net profit after tax was SEK 725 million, down 2% from Q2 2024; adjusted profit before tax was SEK 893 million, down 1% year-over-year.
Number of trades increased 18% year-over-year to 15.1 million; savings capital up 10% to SEK 1,064 billion, mainly from net savings.
Adjusted operating margin remained high at 69%; adjusted return on equity was 43%.
Net interest income declined 13% year-over-year to SEK 601 million.
Outlook and guidance
Full-year adjusted operating expenses expected to increase by about 8%, in line with financial targets, excluding Germany expansion costs.
Medium-term targets: 13–15% annual customer growth, average savings capital per customer of SEK 500,000, and leverage ratio of 4.0–4.5%.
Continued focus on customer growth, net savings, fund and pension business, and groundwork for Germany launch in H2 2026.
Dividend policy remains at 70% of profit after tax.
Positive net savings trend seen in July after a softer Q2; ongoing investments in marketing and development to drive future growth.
Next Nordnet earnings date

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Frequently asked questions
One of the largest online banks in the Nordics
Nordnet is a Nordic online broker that offers a range of financial services, including investment solutions, savings accounts, loans, and insurance. The company was founded in 1996 and is headquartered in Stockholm, Sweden. Nordnet is one of the largest online banks in the Nordic region, with almost two million customers in Sweden, Norway, Denmark, and Finland.
Further reading: 5 Leading Online Brokers for Innovation
The offerings
Nordnet's investment offerings include stocks, funds, certificates and exchange-traded funds (ETFs), as well as a range of tools and educational resources to help customers make informed investment decisions. The company also offers a range of savings accounts, including tax-free savings accounts and retirement accounts.
Revolutionizing the online banking industry
Nordnet has a substantial competitive advantage in the online banking industry, with a focus on low fees, user-friendly digital platforms, and a strong customer-centric approach. An interesting fact about Nordnet is that it was the first company in Sweden to offer internet-based brokerage services, revolutionizing the way people invest in the stock market. The company's innovative approach to online investing has made it one of the most popular online brokers in the Nordics, with almost two million active customers in Sweden, Norway, Denmark, and Finland.
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