Nordnet (SAVE) Q2 2026 earnings summary

Executive summary

• Achieved record quarterly revenue and profit in Q2 2026, with growth across all primary revenue streams and strong trading activity, especially in cross-border trades.

• Customer base surpassed 2.5 million, up 13% year-over-year, with net savings rising 78% to SEK 26 billion, marking the strongest H1 in company history.

• Robust trading activity, record cross-border trading, and high engagement in IPOs, including SpaceX.

• Expansion into Germany progressing on schedule, with live testing, phased launch, and new leadership appointments.

• Launched the first German index fund in the Nordics and surpassed SEK 100 billion in Nordnet-branded funds AUM.

Financial highlights

• Adjusted revenues rose 26% year-over-year to SEK 1,634 million in Q2 2026.

• Adjusted operating expenses increased 11% year-over-year to SEK 440 million; core Nordic cost growth at 7.5% excluding German expansion.

• Adjusted profit before tax reached SEK 1,190 million, up 33% year-over-year; profit after tax was SEK 960 million, up 32% year-over-year.

• Net savings rose 78% year-over-year to SEK 26 billion; savings capital reached SEK 1,374 billion, up 29%.

• Dividend of SEK 8.60 per share paid, in line with 70% payout policy.

Outlook and guidance

• Confident in 13–15% annual customer growth target; current growth at 13%.

• Medium-term revenue margin target of 45 basis points, with current LTM margin at 49 bps.

• Adjusted operating expenses expected to rise ~8% annually, excluding Germany launch investments.

• German commercial launch on track for H2 2026, with major marketing push planned alongside pension reform.

• Dividend payout ratio target of 70% maintained.