Nordnet Q2 2025 slides: Customer growth strong despite revenue plateau

Introduction & Market Context

Nordnet AB (SAVE) presented its second quarter 2025 results on July 18, showcasing stable financial performance with flat revenue growth but strong customer acquisition. The Nordic financial services provider maintained its position in a challenging interest rate environment while preparing for geographic expansion.

According to the presentation, Nordnet achieved a 14% year-over-year increase in customers to 2.22 million, while savings capital grew 10% to SEK 1,064 billion. Trading activity remained robust with the number of trades increasing 18% compared to the same period last year.

As shown in the following comprehensive financial highlights chart, Nordnet’s adjusted revenues remained flat at SEK 1,293 million, while operating expenses increased 13% (9.7% excluding Germany expansion costs):

Quarterly Performance Highlights

Nordnet reported stable financial results for Q2 2025, with adjusted profit before tax decreasing slightly by 1% to SEK 893 million. The company experienced a decline in net interest income due to lower interest rate levels, which offset gains in other revenue streams.

Trading activity showed strength with 15.1 million trades executed during the quarter, an 18% increase from Q2 2024. The company’s revenue margin remained robust at approximately 45 basis points of savings capital, demonstrating resilience in its core business model.

The following chart illustrates Nordnet’s resilient revenue structure across different income streams:

Geographically, Nordnet’s customer growth was strongest in Denmark (21%) and Norway (15%), while Sweden showed more modest growth at 6%. All Nordic markets contributed to the 10% increase in savings capital, with Norway and Finland leading at 15% and 14% growth respectively.

As shown in the geographical breakdown of customers and savings capital:

Strategic Initiatives

Nordnet highlighted several strategic initiatives aimed at enhancing its product offerings and market position. The company launched eight new European trading venues and introduced currency accounts on ISK and KF/FKF in Sweden during the quarter.

A significant development was the introduction of a new Private Banking tiering model in Sweden, featuring Gold, Platinum, and Black tiers with differentiated benefits. This initiative aligns with Nordnet’s strategic focus on the high-end customer segment.

"We’ve grown revenue 25% per year since 2019 while costs only grew around 7% per year," stated CEO Lars-Åke Norling during the earnings call, emphasizing the company’s business model and operating leverage.

The company’s customer statistics reveal interesting patterns in customer behavior and asset allocation:

Forward-Looking Statements

Nordnet outlined ambitious medium-term financial targets, including 13-15% annual customer growth and average savings capital per customer of around SEK 500,000. The company aims to maintain income in relation to savings capital at approximately 45 basis points while limiting adjusted operating expense growth to around 8% annually.

As illustrated in the company’s financial targets slide:

Key priorities for 2025 include laying groundwork for the launch of Nordnet Germany in 2026, enhancing high-end offerings for private banking and active trading customers, and maintaining focus on cost control. The company also plans a pan-Nordic rollout of a new brand campaign.

The customer and savings ratio chart shows positive trends in key performance indicators:

Financial Position

Nordnet maintains a strong capital position with a total capital ratio of 25.5% and CET1 ratio of 21.0%, well above regulatory requirements. This provides flexibility for both growth investments and shareholder returns. During the quarter, Nordnet paid a dividend of SEK 8.10 per share and announced a new share buyback program.

The company’s liquidity position remains robust with a liquidity coverage ratio (LCR) of 317% and net stable funding ratio (NSFR) of 229%, reflecting a conservative financial management approach.

Despite the strong customer growth and strategic initiatives, Nordnet faces challenges from the current interest rate environment and rising operating costs. The 13% increase in adjusted operating expenses outpaced the flat revenue growth, putting pressure on profit margins. The company will need to carefully manage expenses while executing its expansion plans, particularly the German market entry.

As of October 14, 2025, Nordnet shares closed at SEK 290.20, near their 52-week high of SEK 290.20, suggesting investor confidence in the company’s growth strategy despite the flat quarterly revenue performance.

Full presentation:

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