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 net savings momentum; customer base grew 13% year-over-year to 2.29 million, and savings capital increased 16% to SEK 1,143 billion.

• Record cross-border trading activity, with 38% of trades executed outside customers' home markets, driven by positive market sentiment in Europe and the U.S.; app won the Red Dot Design Award.

• Revenues increased 7% year-over-year, with adjusted profit before tax up 6% to SEK 904 million and operating margin at 69%.

• Diversified revenue streams and strong operating leverage supported profitable growth.

• One-time loss of SEK 18 million from a corporate action error recognized as a non-recurring item.

Financial highlights

• Adjusted total income for Q3 2025 was SEK 1,308 million, up 7% year-over-year; operating income was SEK 1,290 million, up 5% year-over-year.

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

• Net savings for the quarter reached SEK 20.8 billion, up 28% year-over-year; number of trades rose 22% to 15.7 million.

• Net interest income declined 12% to SEK 574 million, mainly due to lower rates and the sale of the unsecured lending portfolio.

• Liquidity to deposits ratio at 72% and leverage ratio at 5.4%, both considered strong.

Outlook and guidance

• Cost growth expected to remain in line with full-year guidance; full-year costs to align with financial targets despite German investments.

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

• Ongoing share buyback program of SEK 250 million, with plans for an additional SEK 250 million; dividend policy at 70% payout.

• Continued focus on profitable growth, market share expansion in the Nordics, and launch in Germany in H2 2026.

• Deposit and lending volumes expected to grow over time with a larger customer base and high net savings.