Nordnet (SAVE) Q3 2025 earnings summary

Executive summary

• Achieved stable financial performance in Q3 2025, with continued growth in core business, strong customer inflow, and record cross-border trading activity; customer base reached 2.29 million, with significant milestones in Sweden, Norway, and Denmark.

• Adjusted profit before tax rose 6% year-over-year to SEK 904 million, with adjusted revenues up 7% to SEK 1,308 million; operating income for Q3 was SEK 1,290 million, up 5% year-over-year.

• Net savings hit SEK 20.8 billion, up 27–28% year-over-year, and total savings capital reached SEK 1,143 billion, a 16% increase.

• Trading activity surged, with 15.7 million trades (up 22% YoY), and cross-border trading reached nearly 40% of total trades.

• The quarter included a one-time loss of SEK 18 million due to a corporate action error.

Financial highlights

• Adjusted total income for Q3 2025 was SEK 1,308 million, up 7% year-over-year; adjusted operating profit rose 6% to SEK 904 million.

• Operating expenses increased 13% year-over-year to SEK 403 million, with SEK 14 million related to the German market launch.

• Net interest income declined due to lower rates and the sale of the unsecured lending portfolio, partially offset by deposit growth.

• Transaction-related income grew 34% to SEK 576 million; fund-related income rose 11% to SEK 164 million.

• Margin lending volume increased 4% to SEK 17.1 billion; no credit losses reported.

Outlook and guidance

• Cost growth expected to remain in line with full-year guidance, despite increased investments in Germany.

• Medium-term targets include customer growth of 13–15% per annum and average savings capital per customer around SEK 500,000.

• Dividend policy remains at 70% of net profit; recent dividend was SEK 8.10 per share.

• Ongoing share repurchase program of SEK 250 million, with plans for an additional SEK 250 million.

• Launch of operations in Germany planned for H2 2025, with ongoing investments in tech, marketing, and new products.