Nordnet (SAVE) Q1 2026 earnings summary

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.