Nordnet (SAVE) Q1 2025 earnings summary

Executive summary

• Achieved record revenue and profit in Q1 2025, with adjusted total income up 11% year-over-year, driven by strong fund and brokerage business, highest customer growth and net savings in four years, and robust trading activity amid market turbulence.

• Customer growth and net savings reached four-year highs, with 69,700 new customers and SEK 24.8 billion in net savings, up 34% year-over-year.

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

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

• Completed a SEK 500 million share buyback and applied for a new program.

Financial highlights

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

• Operating profit was SEK 985 million (+11% YoY), with profit after tax at SEK 799 million (+11% YoY); earnings per share after dilution SEK 3.13 (+14% YoY).

• Operating expenses rose 15% year-on-year, mainly due to increased marketing spend and Germany expansion, but cost growth guidance of 8% (excluding Germany) is maintained.

• Customer base grew by almost 70,000 in the quarter, with SEK 24.8 billion in net savings and trading activity up 22–32% year-on-year.

• Adjusted cost/income ratio at 29%, return on equity at 31%, and savings capital at SEK 983 billion (+9% YoY).

Outlook and guidance

• Full-year cost growth guidance of around 8% (excluding Germany) reaffirmed; medium-term targets include 13–15% annual customer growth, average savings capital per customer around SEK 500,000, and 70% dividend payout ratio.

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

• Continued focus on launching new features for high-end customers, expanding into Germany, and maintaining cost control.

• Expectation of resilient revenues supported by diversified streams and ongoing product launches.

• Board proposes a dividend of SEK 8.10 per share, over 70% of 2024 profit.