Nordnet AB (publ)

Good morning and welcome to the presentation of Nordnet's fourth 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 Norling and our CFO Lennart Krän. 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 raise hand button. I'll then unmute you and call your name, or you can submit a question in writing. The presentation itself is available on our corporate website, nonetab.com. Okay, let's start the presentation. Lars Fokke, please go ahead.

Thank you, Marcus. So let's start with the highlights. We see continuous strong growth in our core brokerage and fund business from a growing customer base and also positive market sentiments. Also really good net savings and strong customer growth. Overall, strong trading activity and another record quarter for cross-border trading. And we see high trading both in the US markets, the European markets, and some Nordic markets, not least Denmark with the big swings in Nordisk. We see a decline in net interest income due to lower policy rates, but it's partly mitigated by higher deposit levels. Cost growth is in line with target for the full year, around 8%, excluding Germany. We now also launched a new private banking concept in all of our Nordic countries and it's been very well received. We have passported now the Swedish bank license to Germany and that's approved. And the H2 launch in Germany is on track. And the proposed dividend is 8.60 per share up from 8.10 last year. Some of the financial highlights, strong customer growth at 12%, savings capital up 15%, both from underlying market costs, but also very strong net savings. Number of trades up 16% from growing customer base, but also 15%. positive markets. Revenues is up 6%. We see a decline in net interest income from low rates, but a very strong growth in our trading and our fund business. Operating expenses is up 8% a year, including here cost of Germany. So underlying cost development was lower, and that's mainly due to Facing a marketing cost versus last year or versus 2024. And continued profitable growth with the profit growing at 5% for the quarter. Looking for the full year, the customer savings gap is of course the same. The trades is also for the full year strong, up 20%, both from the growing customer base, but also the volatility we saw around the tariff uncertainty during the spring, but also strong market sentiment in H2. Just revenues up 6% for the full year and we have a record revenue of around 5.4 billion. Again, that it's NII going down due to low rates, but also that we sold the personal loans portfolio in 2024. But again, there's strong growth in the trading and the fund business. Adjusted operating expenses is 12% including Germany, but excluding Germany is around 8% as per guidance. And cost for Germany was around slightly lower than 60 million SEK in 2025. And also record on profit growth for the year 5% to around 3.8 billion SEK. It was a very good momentum, both in customer growth and net savings. We have on board around 255,000 new customers in 2025, same absolute levels as in 2024. It was a very strong net savings, 78 billion SEK for the year, up from 73 billion in 2024. And our geographic diversification derives the business model and enables growth. And we see here that savings capital is growing also more than the customer growth, except from Denmark. But in Sweden, Norway and Finland, we saw both good market development, but also strong net savings. In Denmark, we had very good net savings, but as you know, the Danish market had a very negative year in 2025 due to Novo Nordisk and Ørstedt and some other shares going down quite a bit. Looking a little bit on the different revenue streams starting with trading, we see here in the graph to the left, the blue line, that's the number of trading customers going up with the growing customer base. Trade per trading customer is fairly stable in the quarter, but the share of cross-border trading is continuing to go up. Both from the country mix, since we grow more in Denmark, Finland, Norway, where they naturally trade a lot outside the whole market because the whole market is small. But also that we saw strong trading and market sentiment in both Europe and US and also a lot of trading then in Denmark with no risk. And trades per day are up 20% compared to 2024, and each trader drives 10% more revenue. And if you look to the left here on the graph, since 2019, we have more than doubled the amount of trades per day. And that's, of course, since we more than doubled the customer base during the same period. from around 900,000 customers to 2.4 million customers. But we also see that the trades per customer per day is a little bit up in 2025, both from the volatility we saw during the spring from the tariff uncertainty, but also very strong market sentiment in H2. And we see also the income per trade is continuing to go up and that's due to high share cost supported trading. Looking at the fund business, we see a steady growth in fund capital and we have more than double or we have about double the fund capital since 2021 from 150 billion SEK to around 300 billion SEK now in 2025. We see also that fund margins are stabilizing as active passive shift slows, but also when customers buy passive funds, they mainly buy Nordnet passive funds where we have a higher margin. Over one quarter of the fund capital is now in the Nordnet branded funds and more than half of the customers own funds. We see a slightly lower net flow or net buy into funds in 2025 versus 2024. That's mainly due to the uncertainty during the spring, where we saw outflows in March and April. Looking at net interest income, starting with the deposit level, and here we look at the deposit level for the full year, and that's going from 70 billion in the beginning of the year to 84 billion, so up 20%, from strong net savings and also high dividends. But now, of course, we also see a strong net buy during the year driving our core businesses, a lot of buying in brokerage and funds. Looking at our snapshot that we normally do for NII, and now it's a snapshot for 2026. Starting with the liquidity portfolio, we estimate 1.6 billion SEC in 2026, the same level as 2025. And the main sensitivity here is, of course, deposit volume, because with this estimate we see deposit volumes fixed. But we see a likely upside with deposit volumes with the growing customer base. Looking at liquidity portfolio in the quarter, it's up due to high deposits and stable lending. And overall, if you look at the interest rates passed on to the rights, it's stable, slightly up in Sweden, Denmark and Finland, but it's going to be a little bit lower over the year in Norway, but from high levels. Looking at the low portfolio snapshot for 2026, 1.1 billion, also same level as 2025. Main sensitivity here is volume of margin lending, where we also likely will have an upside from customer growth and high savings capital. And we see in the graph up to the left, the red bar here, that's the modularity volume that's been dipping a little bit, of course, during the spring with all the volatility, but it's recovered nicely in the fall from stronger markets. And overall, we have a very low risk lending portfolio loan to value both the mortgage and mortgage lending from 40% and virtually no credit losses. And looking at the margins, we've had a full pass through of the mortgage rate with lowering of central bank rates, but we maintained the lending margin at fairly okay levels in spite of central bank cuts. Go to next. Looking at the positive interest snapshot, it's 350 milliseconds in 2026. So that's a little bit lower than we saw in 2025. And main sensitivity here is amount of money on the savings accounts in each country. And we estimate that will go down when the interest rates are lower. But we actually saw a little bit take up in the quarter in Sweden due to good growth in private banking. So in summary, very resilient revenues, bolstered by our diversified revenue streams. Looking at those, obviously, the red one is net interest income. The dark blue is fund, and the light blue is brokerage. And we see strong growth since 19 in all of those revenue streams. Of course, a decline in net interest income in 2025 due to lower rates. So net interest income is around 40% of the revenue, but we expect net interest income to stabilize in 2026, as we showed. due to that we are at the end of the rate cut cycle. And then it will likely start growing again from a growing customer base and thereby higher depositing lending volumes. Looking at the margins, of course, the deposit margin is going down with low rates. We see an uptick in brokerage margin for high share of cross-border trading, but the fund margin continues stable around 25 bps. And overall, the business model is very good operating leverage. We have a very strong revenue growth around 25% per year since 2019. But the limited cost growth of around 7% and most of the top line growth ends up on the bottom line. So really true position of profitable growth. We also continue with a lot of launches for our platform with features and products. And we have focused quite a lot on the high-end segment during the year. And just to mention a few things in quarter four that we introduced as the first cloud platform that you can have recurring savings in crypto certificates. We also secured the same experience when it comes to setting up savings plans for fund savings as pension savings, and also a lot more rich data from FactSet, both historic data and forward-looking data for our instruments that's been very well received by our customers. So with that, I think I hand over to you, Lennart.

Thank you very much. And yes, I'm very comfortable and pleased with the strong capital and liquidity situation that we still have and working on continuous having with a leverage ratio of 5.1%, which is the constraining factor, of course, but also a lot of room for further deposits because that is the risk here. We also, as Lars-Åke presented earlier, recommend a dividend of 8.6 kronor per share, which is an increase per share by 50 euro, but still within the targets that we have of 70% payout of the net result. We have also throughout the year 2025 bought back shares and we are continuing our program with that for about 100 million until the mid-March. So a strong capital and liquidity situation, which makes us, which creates a great flexibility for us going forward. Thank you, Leonard.