Nordnet (SAVE) Q2 2025 earnings summary

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.