Nordnet (SAVE) Q3 2026 earnings summary

Executive summary

• Q3 was the second-strongest quarter, with adjusted income up 18% to SEK 1,550m and adjusted PBT up 21% to SEK 1,096m.

• Savings capital reached a record SEK 1,459bn, up 28% YoY; net savings were SEK 25.6bn and customer numbers rose 12% to 2.566m.

• Strategic priorities include Germany expansion and a broader wealth offering spanning self-directed, advised and managed investments.

Financial highlights

• Reported operating income rose 20% to SEK 1,550m and operating profit rose 24% to SEK 1,096m; adjusted PBT increased 21% to SEK 1,096m.

• Net income was SEK 885m, up 23% YoY; diluted EPS was SEK 3.50 versus SEK 2.81.

• Adjusted operating expenses were SEK 450m, up 12% YoY or 10% excluding German expansion costs.

• Net interest income increased 19.7% to SEK 687m; fund-related income rose 31% to SEK 250m and transaction-related income was SEK 655m.

• 15.8m trades were processed, while active customers grew 12% to 2.566m; 63,700 new customers joined in Q3.

Outlook and guidance

• 2026 adjusted operating expenses are guided at SEK 1,780–1,790m, including SEK 80–90m of Germany costs; underlying cost growth excluding Germany is expected at ~8%.

• FY2026 NII guidance remains ~SEK 2.7bn based on current forward IBOR rates; management expects NII strength to continue in 2027.

• Medium-term targets include annual customer growth of 13–15%, ~8% annual underlying cost growth excluding Germany, and income relative to savings capital of ~0.45%.

• Germany’s phased commercial launch is planned for November 2026, with broader marketing in 2027 alongside pension-account reform; Germany costs are expected to reach SEK 100m by 2028.

• ABG Sundal Collier’s Private Banking venture is planned to launch in Sweden in 2027; proprietary ETFs are planned for early 2027.