Nordnet (SAVE) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in core brokerage and fund business, with a 12% increase in customers and positive net savings, supported by a record quarter for cross-border trading and robust market sentiment.

• Launched private banking across all Nordic countries and received approval for a German banking license, with H2 2026 launch on track.

• Maintained cost growth in line with targets and proposed a dividend of SEK 8.60 per share, maintaining a payout ratio of just over 70%.

• Achieved record full-year profit of over SEK 3.7 billion, the highest in company history, despite macroeconomic and geopolitical challenges.

• Core business growth offset a decline in net interest income due to lower policy rates.

Financial highlights

• Customer base grew by 12% year-over-year to 2.35 million; savings capital increased by 15% to SEK 1,183 billion.

• Number of trades up 16% year-over-year to 16.1 million; revenues up 6% to SEK 5,389 million.

• Adjusted profit before tax for Q4 2025 grew 5% year-over-year to SEK 966 million; full-year adjusted profit before tax reached SEK 3,748 million.

• Net interest income declined 12% year-over-year in Q4 to SEK 561 million, reflecting lower market rates.

• Proposed dividend of SEK 8.60 per share, up from SEK 8.10.

Outlook and guidance

• Net interest income expected to stabilize in 2026 as rates level off and deposit volumes grow.

• Medium-term targets reiterated: 13–15% annual customer growth, average savings capital per customer of SEK 500,000, and 0.45% income in relation to savings capital.

• German market launch in H2 2026, with significant opportunity from new pension account in 2027 and related investments of SEK 80–90 million expected in 2026.

• Continued focus on cost control and further development of private banking and fund business.