Nordnet (SAVE) Q1 2025 earnings summary

Executive summary

• Achieved record revenue and profit in Q1 2025, with revenue up 11% to SEK 1,396 million and operating profit at SEK 985 million, driven by strong fund and brokerage business, high trading activity, and the highest customer growth and net savings in four years.

• Customer base grew by 14% year-on-year, with 69,700 new customers and net savings of SEK 24.8 billion, up 34% year-on-year.

• Market turbulence increased trading activity but weighed on savings capital due to a stronger SEK and negative market performance.

• Launched new high-end features, including algorithmic order execution and U.S. pre-market trading, and expanded product offerings.

• Diversified business across four Nordic countries, with especially strong customer growth in Denmark and ongoing expansion plans for Germany.

Financial highlights

• Revenue reached SEK 1,396 million (+11% YoY), a record level, with higher fund and brokerage revenues but lower net interest income due to lower rates and divestment of unsecured lending.

• Operating profit was SEK 985 million (+11% YoY), and profit after tax was SEK 799 million (+11% YoY).

• Operating expenses increased 15% year-on-year, mainly due to marketing and Germany expansion, but full-year cost growth guidance of around 8% (excluding Germany) is expected to be met.

• Number of trades grew 22% year-on-year to 16.3 million; savings capital increased 9% to SEK 983 billion.

• Deposits rose from SEK 70 billion to almost SEK 79 billion, supported by strong net savings and dividends.

Outlook and guidance

• Medium-term targets: 13–15% annual customer growth, average savings capital per customer around SEK 500,000, and 70% dividend payout ratio.

• Full-year cost growth guidance of around 8% (excluding Germany) is expected to be met, with continued focus on cost control and high-end segment.

• Continued product launches and expansion into Germany planned for 2026.

• Strategic priorities include expanding the fund and pension business and enhancing the private banking offering.

• Guidance assumes 2% average interest rate and 5% annual stock market growth.