Nordnet AB (publ)

Good morning, everyone, and welcome to the presentation of Nordnet's first quarter of 2025. My name is Marcus Lindberg, and I'm the head of investor relations at Nordnet. With me today, I have our CEO, Lars-Åke Noling, and our CFO, Lennart Krén. Lars-Åke and Lennart will start off by presenting the results, and then we'll have a Q&A session. During the presentation, all participants will be on mute. Then when we come to the Q&A session, you have two alternatives to ask questions. You can click the erase hand button. I'll then unmute you and call your name. Or you can submit a question in writing through the Q&A button. The presentation itself is available on our corporate website, nonetab.com. Okay, let's start the presentation. Lars Åke, please go ahead.

Thank you, Markus. We can go to the next slide. So starting with the highlights, revenue and profit reached record levels during the quarter, and especially strong growth in our core business, the fund and brokerage business. We also see the highest customer growth in net savings in four years. Market turbulence, of course, drives a lot of trading, but it's also weighed on savings capital, and also that's partly due to a stronger SIEC. Low interest rates drove NII headwinds, partly compensated by higher deposits. OPEX excluding Germany was up around 13% due to sequencing on marketing spend, and we expect to meet the FUGIA guidance of around 8% growth excluding Germany. We also launched many nice new features for the more trader segments or high-end segments, and more is to come as well. I'm going to cover that on a separate slide. Also a good start of the Danish pension product, Libremte, leading to record net savings in pensions in Denmark in quarter one, 1.6 billion SEK versus around 900 million SEK the same quarter last year. And we concluded also the first buyback program of 500 million SEK and applied for another program. Go to next. A little bit the impact from the volatility we've seen now in quarter one due to the tariffs. And, of course, this led to higher activity and trading. Trades are up 22% year-on-year. But we also see a slowdown in net buying during the quarter, and especially in March, where we saw a fairly large outflow from funds. And also, we see a rotation from the U.S. to Europe. When it comes to cross-border trading, it's been on an elevated level both in quarter four and quarter one. In quarter four, everyone wanted into the U.S., invest in the U.S., and in quarter one, everyone wants to rotate away from the U.S., leading to higher share of cross-border trading. We also see then a reduction of savings capital following the strength of SEC, but also negative market performance. Strength and SEC effect is pretty large. It's 43 billion SEC during the quarter, both impacting, of course, customers' portfolios that they have in dollars and euro, but also since they consolidate in SEC in order to also get an impact from there. Go to next. Some numbers then for the quarter, strong customer growth, 14% up year-on-year. Also, good growth and savings capital of 9%, mainly from that savings, as markets have been rather flattish year-on-year. Number of trades then up 32% due to high volatility in the markets. Revenue almost 1.4 billion as a record level. We see higher revenues from fund and brokerage, but lower revenue from net interest income due to lower rates. Operating expenses up 15% year-on-year, but excluding Germany, it's around 30%. But that we are that much higher than last year is mainly due to sequence of marketing spend where we have even a distributed marketing spend this year compared to last year where we were back and loaded, especially in quarter four. But like I said, we expect to meet the full year guidance around 8% cost growth, excluding Germany. And also good growth in profitability, close to 1 billion second profitability, which is also a record for the quarter. Go to next. And we see continued good momentum in the growth in customers and net savings. The growth in customer base was almost 70,000 customers in the quarter and 25 billion in net savings. These are very good numbers. But we also saw, even though there was a lot of turbulence in March, we saw good customer growth in net savings also in March. Go to next. And we benefit from having a diversified business for Nordic countries. There is a business model and it enables growth. We see good growth in all countries, especially strong customer growth in Denmark. But savings capital in Denmark was slavish, and that was mainly due to the big drop in share price of Nordisk. We can go to next. Looking at trading, we see a number of trading customers here to the left. The blue line there is growing in line with the growth of the customer base, but also that boosted in quarter one from seasonality and a volatile market. And we also see that trading customer is up a little bit, also due to volatility, and also that cross-border trade that we discussed is also up both in quarter four and quarter one. But this is an effect, I mean, both from a country mix where we have higher share of cross-border trading outside of Sweden, in Norway, Finland, Denmark, but then, of course, boosted by volatility. Trace per day also is considerably up, more than double where we were in 2019. That's also an effect from a growing customer base, more than double the customer base since 19, but also due to the seasonality and volatility in quarter one. But also looking at revenue or income per trade is considerably up since 19, almost 60%, and that's the effect high share of cross-border trading due to the country mix, but also that the mix between retail versus heavy traders is also more retail in the later years. Looking at the fund business, there's also continued good growth here. We see that fund capital is growing almost twice as much as total savings capital. One quarter of the fund capital is non-apprentice funds, which is mainly index funds. And 40%, give or take, of the net buy-into funds is going into the non-apprentice funds. More than half of the customer base now, more than 1 million customer-owned funds. And we see activity also of customers buying and selling funds is steadily increasing. But, of course, we see a drop here in the fund capital due to market decline, but also a stronger SICC. And also net buying for the less advanced is a little bit lower, mainly due to lower net buy than in quarter one this year. What's next? Looking a little bit on net interest income, starting here with the deposits, we see the deposits versus savings capital is up from 7% to 8%. And the full deposits are up from 70 billion to almost 79 billion in the quarter, both from strong net savings, dividends, but also considerably lower net buy in the quarter of equities and funds than we normally, compared to what we normally see. We'll go to next. So looking a little bit on the snapshots here for the different components of NII. We started with a liquidity portfolio snapshot, then 1.5 billion, and that assumes then the volumes we have in quarter one, and also cash allocation, credit spreads, and market cost services estimates for the three-month IBER interest rates. But we see here that the liquidity portfolio is up almost 10 billion in the quarter, mainly from deposits. But on the other hand, we see the interest rates pulse now is lower than we saw in quarter four due to expected impact on the economy from tariffs. So next, I look at the loan portfolio snapshot for 2025. It's estimated to yield 1.1 billion SEC, assuming on the quarter one volumes and interest rates as per 1st of April. And the interest rates pass that we saw on the previous page with a pass-through of money lending of 50% and mortgage 100%. And here we see a slight drop in the margin lending volumes in the quarter. It's mainly due to a stronger SEC, and we consolidated the margin lending from Norway, Denmark, Finland into SEC, impacting that. Of course, the main sensitivity here is the growth on margin lending volume, but likely if the markets calm down a little bit, we'll see a continued growth in margin lending. Also a low-risk lending portfolio in general with a loan-to-value of around 40% for both margin lending and mortgage. And in spite of this heavy turbulence, we haven't seen any credit losses on margin lending. Go to next. And deposit interest cost snapshot is estimated to be around 400 million in 2025 and assuming 2025 volumes and 100% pass through of the IBOR changes. And here the main sensitivity is, of course, the amount of capital on the savings accounts. But that's likely to decrease over time when interest rates decrease, then the customers keep the money on the trading accounts instead. And we've already seen that starting to take effect here in the last quarters. So, in summary, we're looking at the revenues, I mean, Brazilian revenues bolstered by our diversified revenue streams, and we see good growth in all revenue streams, both the net interest income, the fund business, and also the brokerage business. And looking down in the graph to the right, we see also a little bit uptick in margin on trading, and that's due to high shelf cross-border trading, and also that the retail versus heavy traders is favorable mix. Also, a little bit higher fund margin due to buy and sell of non-domestic funds. Go to next. So, then all that, if you boil everything down to numbers, we have, as you see, very strong revenue growth since 19, around 30% per year. to increase revenue from 1.5 billion to over 5 billion now in 2035, the last 10 months, while cost growth is fairly limited, around 6%. So it's a true position of profitable growth where most of the top-line growth ends up on the bottom line. One of the main focus areas for us this year is to launch new features and functions for the high-end segment. So customers trading a bit more. And we have launched, as you know, the analyst recommendations and price targets in quarter four last year. And it's been very popular with more than 60 million views and 500,000 unique users in quarter one. So it's a very well-received feature. We also, during the quarter now, launched algorithmic order executions with the VWAP, TWAP, but also you can access full liquidity through all the dark pools. Also very good take-up and reception of that service. And just before Easter here, we launched US pre-market trading from 1 o'clock, so you can start trading US equity already from 1 o'clock on the platform. But we don't stop here. There's more to come. During the quarter, we're going to launch FX accounts on ISK and KF. We're also going to launch additional markets for electronic trading in Europe. And I think that's a big interest in Europe now with the shift from U.S. to Europe. And we're also going to launch enriched company data, both historic data and forward-looking data, and historic data we actually launched today. So with that, I hand over to you, Lennart.

Thank you, and good morning, everyone. We can go to the next slide. And as expected, I would say, all according to plan, we still have a very strong capital situation. Also, the liquidity situation is very good. where the leverage ratio is the constraining part. And that has, of course, decreased a little bit due to the increase of deposit, but it's still on a solid level with 5.4% with a requirement of 3.5%. So it's a very good situation we have here, which enables us to continue the dividend policy that we have, paying out 70% of the net earnings and also adding a new program whenever it is needed. approved by the SFSA by Bank of Shares for this year as well. Or it is planned to be in line with last year. So that is where about we are. But as a summary, very good and strong capital and liquidity situation gives us a lot of flexibility to do work with. Thank you.

Thank you very much. A little bit on the strategic focus. As you know, we can go to next. We have four main strategic focus areas, starting with, of course, with the customer side, where we want to have the most satisfied customers. We want to be a one-stop shop for savings and investments with a really good customer experience. But we also know to have happy customers, you need really passionate and talented staff. We want to see an upper trend on employee satisfaction and also that we can attract and retain top talent. and sustainable business. So we are in a trust business. We need to earn that trust every day and especially we need to manage our risks in a good way and overall secure that we are a trusted and liked brand. And the last area is profitable growth. to continue then to capture the North Cross potential, and next year also launch Germany, but continue to take market share and grow in the savings market, but at the same time focus on scalability and cost control to have a scalable business model also going forward. And we're very happy with the, if you look at the customer growth and savings capital growth over the years, which is very strong. And customer growth and savings capital growth is the main driver for revenue growth for us. The customers sign up. They like what they see. They transfer money from the existing banks or pension companies and start using our products. So that's the engine that drives the revenue growth for us. We'll go to next. We are taking market share in a growing savings market, but still we're fairly low levels. We have room to grow in the Nordics for many years. And on top of that, we have Germany as an option. We have now 8% of the Nordic population on our platform. We have 7% of the addressable savings capital on the platform. And the addressable market with leave rent is now big. It's around 18 trillion SEK in 2024. And we take market share. Last year, we had 6% market share, so we gained 1% market share in one year. And we know that the market will also continue to grow with the underlying market growth. And we have the highest market share in equities, low market shares in funds and pension, but we put a lot of effort, as you know, in those areas, and we also see steady and nice growth in both fund and pension business. And also a part of our scalable business model and cost control. We have, in 19, we had 900,000 customers. Now we have 2.1 million customers. And in spite of that, cost has not grown that much. A little bit stepped up in 2024, but that's due to the additional marketing of 55 million during 2024 to drive additional brand awareness in our different countries. And the initiatives, I mean, we really benefited to have a scalable cloud-powered tech platform that we work with automation, which is a win-win, works better for customers, and we scale better. But also that we really have an efficient customer growth. It's mainly based on word of mouth and PR, so low acquisition cost. We'll go to next. Looking at where we are versus the mid-term financial targets, we're in line. So customer growth is 14% versus guidance of 13% to 15%. Service capital close to the 500,000 SEC level. It was a little bit down in quarter one due to drop down in the markets. Income in relation to savings capital is higher than the four or five bips of later on due to a higher trading activity, but also higher deposit levels. And cost is, even if it was a little bit higher in quarter one versus last year, we expect to meet the full year guidance of 8% growth per year, excluding Germany. Go to next. Looking at the key priorities for 2025, of course, to lay the groundwork for the launch of Anonic Germany. It's supposed to establish the branch in Germany, also do the needed development of the platform, but, of course, also recruit the German team. And here we're really happy to announce our new country manager that's going to start on May 1, and that's Markus Pertlwieser. And he has a broad background from the financial industry in Germany, but being with McKinsey, also working at Deutsche Bank, both as a CEO for the bank branches, but also as a chief digital officer. And also being with a smaller digital startup working with the financial services to the small and medium-sized enterprises named Penta. So really, really good experience. And also really happy that it can start already on May 1. And we're also going to, of course, continue to realize the potential in a new leverant product and also continue the strong net flows in the fund and the pension business. We're going to also enhance the high-end offering for private bank and active trading customers that we talked about. So many launches already done, but also many exciting things coming in the coming quarters. We're going to continue with the Paranordic Wallet of the new brand campaign to drive brand awareness. In 2023, we spent 45 million SEK on marketing. Last year, we spent 100 million SEK, and this year, we spent the full 125 million SEK that we announced before. But, of course, to continue to focus on underlying cost control and ensure that we also have a scalable business going forward. So, with that, I hand over to you, Marcus.

Thank you. Great. So, let's start the Q&A session. So, Like I said before, if you want to ask a question, just click the raise hand button. I'll then announce your name and unmute you or submit a question in writing. So the first question comes from Jakob Heslevik at SEB. Please go ahead.

Good morning, everyone. On slide 10, historically speaking, what has happened with the dividends your client has received? I would assume it's usually reinvested in the following quarter. or do you have any other specific theories of what usually occurs?

No, but it's normally reinvested. You're correct. Of course, a little bit higher uncertainty this quarter leading to less F5, so let's see how the next quarter plays out, if the portfolio certainty persists or not. But normally it's reinvested in the market.

Okay, that's clear. But then if forward margin has come down since Q4 and we assume clients reinvest the dividends, wouldn't that mean you would have to decrease your full-year NAI guidance already in Q2?

No, but I mean the deposit goals is also a function of the net savings, which of course continue on a good basis and was very strong in quarter one. You mean, sorry, you mean the forward rates, but the forward rates that we use with the volume of deposits is what you see as a snapshot. Yeah. We've taken the latest forward rates, so I think it was yesterday's rates that we have in the packet.

Yeah, so we assume rates are stable, and then you just take a snapshot of deposit volumes in Q2, and then that's how you get your full year guidance, right?

Yeah, so the volume we have in quarter one, but with interest rates passed, that's consensus passed for the rest of the year. And those are absolutely, I think they're from yesterday, actually.

And also, we can expect dividends to continue. Q2 is a pretty heavy dividend quarter. Last year, there was about $9 billion of dividends coming in.

Yeah, sure. That's a good point. And then finally, net savings per month on page five. Does this not include dividend that your client has received, right? And it's only inflows from banks?

Only inflows. Only in front of pension companies.

And is there anything specific in the March numbers? Because it looks quite high when we go back in history as well. Is it broad-based or is it specific to a few private banking clients?

It was a little bit private banking effect in Sweden. As we know, some quarters it could be negative movements and some quarters positive movements. And this quarter was really positive movements. So we're happy about that. But the underlying retail, underlying PB growth, net savings is good. But it was a little bit extra boosted by some PB customers in Sweden.

Perfect. Thank you so much.

Thank you, Jakob. Next question comes from Niklas McBeast from D&B. Please go ahead, Niklas.

Good morning. Can you hear me?

Yes. Morning.

So I'd like to follow up a bit on the net savings. So I think it's interesting to see the country split for customers and that's influencing the quarter. And in particular, looking at Sweden, because what we can see there is that the number of customers It's more or less flat year-on-year, but you've seen a significant improvement in net savings, and that accounts for the increase in total net savings for the entire group year-on-year. So is there anything more you can add there on the net savings figure for Sweden in particular, given that customer growth in Sweden doesn't look to be all that significant at this point? Have you gained any particular volumes from some competitors? Is it the marketing efforts that are starting to give a positive boost or anything more you can add there, please?

Yeah, but looking at customer growth, it was flat due to the sale of the private loan business to Conor, but... Except for that, it grows around 6%, so it's not totally flat. Right. But the net inflows, and I think we see both from retail and PB in Sweden, good inflows. But like I said, it was a little bit extra boosted from some bigger power bank customers in the quarter in Sweden.

All right. And then, as you mentioned, your leverage ratio went down a bit quarter on quarter because of the deposit inflows, but it's still at the very healthy levels. do you see any potential to accelerate the buybacks given where you are in terms of capital uh that you're still some above where you're looking to be and and i i can't really see how you're gonna go down to your target level unless you uh increase the uh buyback pace unless something uh dramatically happen of course if you see significantly larger deposits or something but but you know just given the current operating trends it seems like you're still substantially overcapitalized.

You want to answer that, Sennott?

I can say, yes, of course we are overcapitalized, but we also set a plan and that is the one we stick to. And the plan is to be in line with our targets of the leverage ratio 4.0 to 4.5. at the end of 2026. So this is just the cautious plan to be aware that, yes, we can have increase in deposits quite significant, but we can handle them over time. So this is according to plan and also not to disturb the stock market too much with the buybacks as well.

And we also, as you know, have an 81 that's due in 2026, end of 2026. So we need to have optionality around that one as well.

Yeah.

sure um and then finally on your currency revenues uh first of all it seems like the currency revenues increased more than the actual number of trade the cross-border trades so is that the consequence of larger trades or anything in particular there that accounts for the large increase in currency revenues and then secondly related to that do you see any implications from for your currency revenues from the launch of fx accounts on ISK and the Capital Försäkring as you mentioned earlier on the call.

The specific model, I don't have exact numbers, but it can be related to that the trade value is a little bit higher or value per trade is a little bit higher, but I think Marcus can come back with that. When it comes to the FX accounts, we launched them during quarter two, but we don't expect any big decrease. It might be that we can attract customers back that are not trading foreign shares with us because we don't have FX accounts.

Perfect. Thank you. Great. Thank you, Niklas. Next question comes from Ermin at Carnegie. Please go ahead, Ermin.

Good morning. Do you hear me? Yeah. Morning. Excellent. Great. So my first question would just be on Q2. Can you give us any color on how clients have acted now at the start of of the quarter kind of is it still high activity or is it being an initial sell-off and then reduced activity and that goes both for i mean trading but also customer intake capital inflows you give us any kind of flavor on that yeah but as you as you know the first couple of weeks were very volatile still driving of course activity

But then after that, we have an Easter that destroys the picture a little bit. So I think you will see the full picture when we announce the monthly numbers in the beginning of May. But it's a combination both of Easter and high activity in the beginning.

Okay, fair enough. Then the launch of the ALGO trading, you're charging a little bit extra for dark pools, etc. Do you expect the take-up there to be big enough to have any impact on the commission rates on a group level over time?

It's, of course, hard to tell, but I think it's off to a good start anyway, and it's And hopefully we can attract also customers and trading that we haven't seen before on the platform. So let's see how it plays out. But it was a good start, I would say, of the service. It's very appreciated by the customers.

Great. And then the last question would be on the platform outage you had in mid-February. Have you had any kind of feedback from authorities on that? I know you're right that you haven't had any kind of final verdict.

No, no feedback so far. But, as you know, we reported the incident to EMEA and FSA. Great.

Thank you.

Thank you. Next question comes from Martin Ekstedt at Handelsbanken. Please go ahead.

Martin, can you hear us?

I see that you're unmuted. All right, well, let's come back to Martin. Let's then go to Enrico Bolzoni from JP Morgan. Enrico, please go ahead. Hi, good morning.

Can you hear me well? Yes. Thank you for taking the questions. So first question, given the current macroeconomic context, can you just give us some color on what have been your thoughts in terms of, for example, marketing spend over the last few weeks? Is there a scenario where you would have considered maybe to pull back a bit and slow down, for example, on the expansion in Germany? Or actually you think that the current scenario is an opportunity to accelerate things, maybe spend even a bit more in marketing to try to capitalize on that? So just very high-level general comments for you would be appreciated. And then I also wanted to ask you, with the – let's say, reduced appeal for U.S. stocks. Do you think that actually other European countries can absorb the proportion of cross-border trades that was going to the U.S.? Or actually, if this continues, you would expect just lower proportion of cross-border trades going forward? And then finally, given the change in the rate environment, rates came down a bit, do you think that you might push a bit more to increase the lending book? For example, I think about mortgages or perhaps expanding the mortgage offer to other courts or clients or maybe to other countries outside of Sweden. Thank you.

Yeah, when it comes to marketing spend, we haven't really changed our plans. We run one really big boost per quarter, and then we're always on between. But when it was most monetized, it was actually after our boost, so we didn't really need to reflect if we needed to do anything or not. But so far, we follow our plan, so it's going to be another big boost in quarter two and quarter three and quarter four, but then always on between. When it comes to the German launch, there's no impact. We continue there with establishing the branch and recruitment and development. When it comes to rotation from U.S. to Europe, I think it's been a lot of interesting investing in other countries outside of the Nordics in Europe. And that's also why we're also going to turn on more countries for electronic trading in Europe during the quarter. But let's see about the flows. I mean, you know, quarter four was all in U.S., and then quarter one was all out U.S. But I think over time, I think when everything calms down, I think U.S. is still going to be interesting for our customers for sure. And then the last question was lending. I mean, we have a very healthy loan to deposit levels. We have room to grow the lending book. And both the mortgage, but we're mainly directed at the private banking, as you know, but definitely margin lending. But margin lending also, I mean, it's been a bit risk-off now due to the high volatility, but we expect that book to grow nicely if the markets calm down a little bit.

And a final point on the cross-border trading, remember that in the Nordic markets, we also have four different currencies, so any intra-Nordic trading also generates the same type of FX as a U.S. or European trade.

Thank you.

Great. We're going to try Martin Ekstedt from Handelsbanken again and see if his mic is working. It's working right now.

Can you hear me now?

Yes, we can. Great.

Sorry, I was wrestling with the Zoom interface before. So I just wanted to ask, on slide seven, the graph with VIX versus trading activity. So I guess the point of that chart is that trading and volatility correlates, but there are also exceptions, right, such as Q2-22 when Russia invaded Ukraine, when you saw a volatility spike, but trading activity come down and so on. Are we looking at another quarter like this potentially in Q2 2025, given the trade war? I mean, we can see trends of customers selling funds on a net basis, etc. Or is this still goods volatility, quote unquote, in your view?

I mean, I think... What you saw the first week of April was a lot of activity. And I think short-term volatility, unless it's a big crisis like the UK war, I think that's good because it increased trading activity. But long-term volatility is not good if it continues for many quarters because some customers get worried. They lose a little bit interest in savings and equities and funds, and thereby less customers in, less net savings, and less activity levels. So, yeah, short-term volatility is good. Very long-term volatility is not good. Thank you.

Okay, great. Thank you for that. And then another one, if I may. So I saw brokerage income in Norway was up 32% quarter-on-quarter to be compared with Sweden, for example, at a more modest 19%. Is this a change of customer dynamics in Norway, which I think fund savings seems to have been more important historically, or is this more the one of, say, longer-term equity investments were liquidated in this quarter in particular, do you think?

No, but I think we saw... equity trading picking up in Norway. It was a little bit subdued last two quarters previous year, or for previous year, due to also Norway market being a bit, yeah, not growing that much. But I think it's really a bigger focus now on equity trading in Norway again, which is good.

Okay, excellent. And then a follow-up on the fund capital, if I may. So growth in the proportion of fund capital allocated to Nordnet-branded funds has been picking up. I just wanted to check what is driving this. Are your funds getting better or cheaper? Or is it down to regulation or marketing and so on?

No, I think it's, I mean, you know, Nordnet-branded funds are mainly index funds or fund-to-fund of index funds and customers As we know, we buy a lot of index funds, and they like our index portfolio. It's performing well, and it's a good price as well. And our funder funds, the one funds where you can also choose risk level is also very popular. So I think we have a good match product-wise and price-wise for the customers.

Okay, great. Thank you. That's all from me. Thank you.

Thank you, Martin. I'm going to take a written question from Nicolas Veselier at BNPXN. He asks, what's your thinking around offering spot crypto trading? Is that something your clients are asking for?

Today, as you know, we provide crypto trading versus certificates or trackers that track the underlying asset. And that's been really booming market in Europe. There's a lot of trackers out there and Good trackers as well, the physical replication, also low fees. And the upside with trackers is that you can also have them on the tax accounts on ISK and KF. But that said, I mean, especially now going into Germany where you have players with spot trading in crypto, it's an area we look at. It's not top priority, but it's something we look at.

Greg, one more from Nicholas. He's asking, the fund revenue margin has been resilient. What's driving this? Is the increased share of Nordnet funds driving margins higher?

Yeah, Corey, I mean, we see a shift still from active to passive, even if it's slowed down a bit. But the good thing now, when the customer buys the index to passive, they may not buy the Nordnet index anymore. where we have a higher margin, even though the price for the customer is good, we have a higher margin on those products. So that's a fortune margin.

And also I think specifically this quarter we saw a bit of FX.

Yeah, the uptick this year was a bit of FX effect from trading non-domestic funds.

More short term. Okay, next question I want to take from Ian White at Autonomous. Ian, please go ahead.

Hi, sorry, can you hear me, please? Yeah, I can hear you. Thank you for taking my questions. Three from my side, please. First up, can you provide us with a sense as to how much of the net savings inflow is recurring in nature? I'm thinking about things like monthly investment plans, pension contributions, salary deposits. What's the kind of baseline level that you think would be resilient in sort of any market environment or in most market environments. That's question one. Secondly, I just wanted to follow up on mortgage lending. The macro environment has become a bit more favourable in Sweden. Why are we not seeing firmer volume growth there, please, over the last 12 months in terms of total mortgage lending? I think you're down slightly year over year on the Swedish mortgages. So interested just to understand some of the underlying dynamics there. Lastly, thank you for the helpful detail around FX impacts on savings capital. Can you just help us to understand the P&L sensitivity from an FX perspective? Am I right to think that the costs are mostly SEC, but the revenues are earned in the respective local currencies? Is that the correct way to think about it? Thank you.

Yeah, so... When it comes to recurring net savings, it's roughly around 2.2 billion. It's a mix of pension, premiums, and monthly savings and funds. What we see is steady growth in the SSL, especially both in the pension and also in the monthly savings area, where customers set up more monthly savings. So we have that as a fundament, but of course we have a lot of other money coming in on top of that. When it comes to mortgage, you know, we focus mortgage product to the private banking segment. And if you have a certain amount of savings capital on the platform, you get a really, really good interest rate. So it's a way for us to attract and retain capital for the bigger customers. But we are a bit selective there. We could, of course, go broader, but we know also that mortgage is a very sticky product. It's hard to scale up or down. It's hard to scale down. Scale up, you can, of course. So we're a bit careful how we play the mortgage development. But where we want to have room to grow is mortgage lending, so we want to not have constraints. We don't want to have constraints there, but we're careful to secure that. When it comes to FX impact on our P&L, I mean, you're right. I mean, you know, cost of income is 30%, so cost is only 30%, and most of that cost is in Sweden. So we get an impact from the sector variation on revenue and on sales capital.

Got it. Thank you. Thank you, Ian. Next question comes from Andy Lowe at Citi. Please go ahead, Andy.

Hi, guys. Hopefully you can hear me. Just one question and just a quick follow-up. So I'm curious, obviously we can see in the monthly stats how your platform deposits have been evolving and you and Avanza have both seen quite a big increase in the last couple of months. I'm just curious if you could maybe give us a little bit of insight as to how that's been behaving over the past few weeks in volatile markets. You've previously said, Lars, that that is likely to sort of go up quite materially in volatile sort of risk-off environments. So is that the case? And then the follow-up is just on the crypto question that we had a few questions ago. I think last time you helpfully gave us a figure that was 5% of the trades.

1.5%, yeah.

Sorry, was it 1.5% in Q2? Sorry, Q1.

yeah so it's about the same level so you're looking at full year last year was wrong 1.5 percent of the trades uh it's a bit similar in quarter one but we saw more more tracing in jan feb but in march it really declined when also the crypto price declined quite a bit and and what were the figures in q3 and q4 i remember them slightly differently yeah that's for the full year so i i don't have i don't remember the Quarter four specifically, Marcus. But we saw that the trading activity also, of course, went up after the Trump won the election. Quarter four was higher than the previous quarters. And if you look at quarter one this year, Jan Fed was about the same level as quarter four, but considerably lower in March when the crypto prices dropped considerably.

Great. And then the deposit question.

yeah so as you know we it has been lower net buy in in the more volatile environment but still good high net savings and high dividends and that's why we have good development deposits of course the continued volatility is likely that possibly increase a bit but it's yeah But let's see how the uncertainty plays out. It feels like a little bit less uncertainty now than anyway in the beginning of the month.

Super helpful. Thank you so much.

Great. Thank you. I think that was the last question, actually. So we'll call it a day. Thank you so much for attending the presentation. And please visit our website, nonetab.com, or reach out to me if you have any questions. Thanks for interested in Nordnet. Have a nice day and goodbye.

Bye.