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Introduction & Market Context
Nordnet AB (STO:SAVE) released its second quarter 2025 results presentation on July 18, showing continued strong customer growth and increased trading activity, despite flat revenue performance and slightly declining profits. The Nordic online broker reported a 14% year-over-year increase in customers to 2.22 million, while adjusted revenue remained unchanged at SEK 1,293 million compared to the same period last year.
The company’s stock has performed well recently, with shares closing at SEK 279.80 on July 17, representing a 1.52% gain on the day and trading near its 52-week high of SEK 279.80, significantly above its 52-week low of SEK 195.70.
Quarterly Performance Highlights
Nordnet’s Q2 2025 results revealed mixed financial performance. While customer metrics showed robust growth, revenue stagnated and profits slightly declined amid rising costs and lower interest rates.
As shown in the following financial highlights chart, the company achieved solid growth in key operational metrics while maintaining relatively stable financial performance:
The number of trades increased by 18% to 15.1 million, and savings capital grew by 10% to SEK 1,064 billion. However, adjusted revenues remained flat at SEK 1,293 million, while adjusted operating expenses increased by 13% to SEK 397 million (+9.7% excluding costs for German expansion). This resulted in a 1% decrease in adjusted profit before tax to SEK 893 million.
The company also reported net savings of SEK 14.6 billion for the quarter, demonstrating continued customer trust despite challenging market conditions. This represents a slight increase from the previous year’s figure, as illustrated in the following chart showing monthly customer growth and net savings momentum:
Geographical Expansion and Customer Growth
Nordnet continued to show strong geographical diversification across its Nordic markets, with customer growth in all countries. The company’s expansion strategy has been particularly successful in Denmark, where customer numbers increased by 21% year-over-year.
The following geographical breakdown illustrates Nordnet’s growth across its key markets:
Sweden remains Nordnet’s largest market by savings capital with SEK 389 billion (+10% YoY), while Denmark showed the strongest customer growth at 21%. Norway and Finland also demonstrated robust performance with customer growth of 15% and 12% respectively.
The company’s trading activity has shown significant improvement over time, with trades per day increasing from 115,400 in 2019 to 285,300 in the first half of 2025. More importantly, Nordnet has successfully increased its net income per trade from SEK 23 in 2019 to SEK 37 in the last twelve months ending Q2 2025:
Revenue Diversification and Challenges
Despite flat overall revenue, Nordnet has maintained a resilient revenue structure through diversification. The company’s revenue streams include transaction-related income, fund-related income, net interest income, and other sources.
The following chart illustrates how Nordnet has diversified its revenue streams over time:
A key challenge highlighted in the presentation was the decline in net interest income due to lower interest rate levels. This has been partially offset by strong trading activity and a robust revenue margin.
The company’s business model continues to demonstrate strong operating leverage, with adjusted operating expenses growing at a slower rate than the long-term revenue trend:
Capital Position and Shareholder Returns
Nordnet maintains a strong capital position, which provides flexibility for both growth investments and shareholder returns. The company reported a total capital ratio of 25.5% (+10.0 percentage points above requirements) and a CET1 ratio of 21.0% (+10.3 percentage points).
The following chart illustrates Nordnet’s strong capital situation:
This strong capital position has enabled Nordnet to pay a dividend of SEK 8.10 per share (representing a 70% payout ratio) and launch a new share buyback program of SEK 250 million. The company also maintains significant deposit inflow capacity of SEK 78 billion, providing room for future growth.
Strategic Initiatives and Outlook
Looking ahead, Nordnet outlined several strategic initiatives for 2025, including preparations for launching operations in Germany, enhancing its high-end offering for private banking and active trading customers, and maintaining focus on cost control.
The company also introduced a new Private Banking tiering model in Sweden, targeting high-net-worth individuals with differentiated service levels based on invested capital. This initiative aims to strengthen Nordnet’s position in the high-end segment of the market.
For the medium term, Nordnet has set ambitious financial targets, as illustrated in the following chart:
These targets include 13-15% annual customer growth, average savings capital per customer of around SEK 500,000, and income in relation to savings capital of approximately 45 basis points.
The company’s focus on the Nordic fund market remains strong, with Nordnet positioning itself as a leading fund supermarket in the region:
With over one quarter of fund capital in Nordnet-branded products and more than half of customers owning funds, this segment represents a significant growth opportunity for the company.
Nordnet’s Q2 2025 results demonstrate the company’s ability to grow its customer base and trading activity despite a challenging revenue environment. While rising costs and lower interest rates have pressured short-term profitability, the company’s strong capital position and diversified revenue streams provide a solid foundation for future growth, particularly as it prepares to enter the German market.
Full presentation:
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