Nordnet (SAVE) Company presentation summary

Market position and growth

• Holds #1 market share among online platforms in the Nordics, with leading NPS in Denmark, Finland, and Norway, and #2 in Sweden.

• Savings capital reached SEK 1,183bn and 2.35 million customers across four Nordic countries as of December 2025.

• Achieved 63 million on-exchange trades in 2025, with strong growth in both customer base and savings capital (CAGR 17-20%).

• Embedded growth potential as younger customers accumulate and inherit wealth, with high retention rates (92% capital retention in 2025).

• Expanding into Germany in H2 2026, doubling the addressable market and leveraging existing infrastructure for efficient launch.

Strategic focus and customer proposition

• Focused on savings and investments for individuals in the Nordics and Germany, distributed digitally.

• Serves three customer groups: Savers (41%), Investors (52%), and Traders (7%), with tailored strategies for each.

• One-stop shop offering securities brokerage, funds, pensions, margin lending, mortgages, and savings accounts.

• Emphasizes best-in-class user experience, with award-winning app and web platforms, and a strong social investing community (Shareville).

• Customer promise centers on leading UX, innovative products, and tools for informed decisions.

Financial performance and targets

• Revenue grew at a 23% CAGR (2019-2025), reaching SEK 5,389m in 2025; profit before tax margin improved to 70 bps.

• Operating leverage improved through cost discipline, scalable tech, and process automation; cost/income ratio at 29% in 2025.

• Capital-light business model with high ROE and strong liquidity; dividend payout ratio of 70% and ongoing buybacks.

• Medium-term targets: 13-15% annual customer growth, average savings capital per customer around SEK 500k, and cost reduction of 8% per year (excluding Germany investment).