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Nordnet (SAVE) investor relations material
Nordnet Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved record adjusted profit before tax of SEK 1,042 million, surpassing SEK 1 billion in a single quarter for the first time, with operating income and profit at all-time highs, reflecting platform scalability and strong execution.
Record revenues of nearly SEK 1.5 billion, with customer base expanding to 2.43 million and net savings at SEK 28.8 billion, the highest since 2021.
Customer growth annualized at 13.2%, in line with medium-term targets, with over 77,500 new funded accounts added in Q1.
AI-powered insights and technical analysis tools launched in mobile and web platforms, enhancing customer experience.
CEO succession and expansion of the Executive Committee, with a new Wealth Management business area launched and focus on European expansion, especially Germany.
Financial highlights
Adjusted profit before tax reached SEK 1,042 million, up 6% year-over-year; operating income rose 6% to SEK 1,485 million.
Net commission income grew 11% to SEK 909 million; transaction-related income SEK 730 million; fund-related income SEK 186 million; net interest income SEK 579 million.
Operating expenses increased 8% to SEK 439 million, with costs for Germany launch at SEK 20 million.
Deposit growth hit a six-year high, ending at SEK 97.2 billion, with a SEK 13 billion sequential increase from Q4.
Savings capital increased 23% year-over-year to SEK 1,214 billion; fund capital reached SEK 307 billion, with Nordnet-branded funds now 29% of the total.
Outlook and guidance
Medium-term targets reiterated: 13–15% annual customer growth, average savings capital per customer around SEK 500,000, and operating expenses to grow ~8% per year (excluding Germany investments).
NII guidance snapshot raised by 19% to SEK 2.8 billion, but noted as a mechanical calculation based on current balances and IBOR rates.
Commercial launch in Germany planned for H2 2026, with a long-term focus and flexibility in marketing spend.
Full-year costs expected to align with target of ~8% annual increase, excluding Germany expansion investments.
- Record profit, robust growth, and strong capital position with Germany launch set for 2026.SAVE
Q4 202513 Apr 2026 - Record profit and revenue growth, strong customer inflow, and robust capital position.SAVE
Q2 20243 Feb 2026 - Nordic market leader with strong growth, high retention, and expansion into Germany.SAVE
Company presentation28 Jan 2026 - Denmark leads growth as new products and strong customer gains drive record results.SAVE
SEB Nordic Seminar presentation22 Jan 2026 - Profit up 6%, customer base over 2 million, strong fund growth, and SEK 500m buyback.SAVE
Q3 202418 Jan 2026 - Record profit, strong growth, and German expansion mark a transformative year.SAVE
Q4 20249 Jan 2026 - Record Q1 profit, revenue, and customer growth, with strong capital and liquidity positions.SAVE
Q1 202524 Dec 2025 - Q3 2025 delivered record trading, strong customer growth, and stable profits despite a one-off loss.SAVE
Q3 202521 Oct 2025 - Strong Q2 profit, high customer and savings growth, and active expansion initiatives.SAVE
Q2 202518 Jul 2025
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