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Introduction & Market Context
Nordnet AB (SAVE) reported record revenue and profit for the first quarter of 2025, as market volatility drove increased trading activity across its Nordic platform. The company’s shares rose 1.1% to SEK 258.4 following the presentation on April 24, 2025.
The Nordic online broker benefited from heightened trading volumes despite market turbulence, which simultaneously weighed on savings capital due to negative market performance and a strengthened Swedish krona. Lower interest rates also created headwinds for net interest income, highlighting the importance of Nordnet’s diversified revenue streams.
Quarterly Performance Highlights
Nordnet delivered strong financial results across key metrics in Q1 2025, with customer growth and trading activity reaching multi-year highs.
The company reported a 14% year-over-year increase in customers to 2.17 million, while savings capital grew 9% to SEK 983 billion. Trading activity surged with the number of trades increasing 22% to 16.3 million compared to Q1 2024. This translated to 11% growth in adjusted revenues to SEK 1,396 million and an 11% rise in adjusted profit before tax to SEK 985 million.
As shown in the following chart of quarterly financial performance:
Operating expenses increased by 12.9% (excluding costs for the planned Germany expansion) to SEK 407 million, which the company attributed primarily to the timing of marketing spend.
Cross-border trading continued to gain momentum, reaching 34.9% of total trades in Q1 2025, up 5.8 percentage points year-over-year. This trend has been accompanied by increasing revenue per trade, which has grown 57% since 2019 to reach SEK 37 in the last twelve months ending Q1 2025.
The following visualization illustrates how trades per day have more than doubled since 2019 while revenue per trade has simultaneously increased:
Customer growth and net savings showed particular strength in Q1, with the company adding 69,000 new customers and SEK 25 billion in net savings during the quarter – the highest figures in four years. Denmark led customer growth with a 22% increase, followed by Norway at 16%, Finland at 12%, and Sweden at 6%.
Strategic Initiatives
Nordnet is pursuing several strategic initiatives to drive future growth, with a particular focus on the high-end segment and geographical expansion.
The company is enhancing its offering for sophisticated investors with new functionality, including Factset analyst recommendations, algorithmic order execution capabilities, and U.S. pre-market trading. Upcoming features will include FX accounts on tax-efficient structures, additional European exchanges, and enriched company data.
The company’s strategic focus on high-end customers is illustrated in the following slide:
Preparations for expansion into Germany represent a significant growth initiative, with the company appointing a new country manager and laying groundwork for launch. This move would extend Nordnet’s reach beyond its current Nordic markets.
The company also highlighted the successful launch of its Livrente pension product in Denmark, which contributed to record total pension net savings in that market.
Nordnet’s business model demonstrates significant operating leverage, as shown in the following visualization of revenue, expenses, and profit growth:
The company’s capital-light business model is further illustrated in this flow diagram showing how capital moves across the platform:
Financial Position and Outlook
Nordnet maintains a strong capital position with a total capital ratio of 25.0% and CET1 ratio of 20.4%, well above regulatory requirements. The company completed a SEK 500 million share buyback program and has applied for another, consistent with its shareholder return strategy that includes a 70% dividend payout ratio target.
The following slide details Nordnet’s capital position and shareholder remuneration approach:
For 2025, Nordnet has outlined several key priorities including the Germany launch preparation, realizing potential in the new Livrente product, continuing strong net flows in fund and pension business, enhancing high-end offerings, rolling out a new brand campaign across Nordic markets, and maintaining cost control.
The company has set ambitious financial targets, including 13-15% annual customer growth, approximately 8% annual growth in adjusted operating expenses, and maintaining a leverage ratio between 4.0-4.5%.
Nordnet’s financial targets are detailed in the following visualization:
Sustainability remains a core strategic focus, with the company reporting that 38.1% of new customers in Q1 were female, and 17% of fund capital was invested in Article 8 or 9 funds under the EU’s Sustainable Finance Disclosure Regulation.
The following slide illustrates Nordnet’s approach to sustainability:
While market volatility and lower interest rates present challenges, Nordnet’s diversified revenue streams and strategic initiatives position the company to continue its growth trajectory in the Nordic financial services market while preparing for expansion into Germany.
Full presentation:
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