Nordnet (SAVE) Q4 2025 earnings summary

Executive summary

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

• Strong growth in core brokerage and fund business, with a 12% increase in customers and 15% rise in savings capital year-over-year, driven by positive net savings and robust customer growth.

• Record quarter for cross-border trading, with 42% of trades outside the home market and high activity in US, European, and Nordic markets.

• 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%.

Financial highlights

• Adjusted operating profit for Q4 2025 was SEK 966 million, up 5% year-over-year; full-year adjusted operating profit reached SEK 3,748 million, up 5%.

• Adjusted operating income for Q4 was SEK 1,391 million, up 6% year-over-year; full-year adjusted operating income was SEK 5,389 million, up 6%.

• Customer base expanded 12.1% to 2.35 million; savings capital increased 15% to SEK 1,183 billion.

• Number of trades in Q4 2025 up 16% year-over-year to 16.1 million.

• Net interest income declined 12% year-over-year in Q4 to SEK 561 million, reflecting lower market rates, but was partially offset by higher deposit levels.

• 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 volumes grow.

• Medium-term targets: 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 entry in H2 2026, with significant opportunity from new pension savings account launching in 2027 and related investments of SEK 80–90 million expected in 2026.

• Deposit levels expected to grow in absolute terms in 2026, driven by customer growth and net savings.

• Dividend policy and capital structure targets remain unchanged for 2026.