Nordnet AB (publ)

Good morning, everybody. Welcome to the presentation of Nordnet's second quarter of 2026. My name is Marcus Lindberg, and I'm the head of investor relations at Nordnet. Joining me today is our CEO, Rasmus Järboj, and our CFO, Lennart Krän. Rasmus and Lennart will start by presenting the results, and then we'll have a Q&A session. If you want to ask a question, just click the raise hand button in Zoom, or you can submit a question in writing via Zoom, or just send me an email. With that, I'll turn the call over to our CEO, Rasmus Hjelvoin.

Thanks, Markus. Hey, good morning, everybody, and thanks for joining us today. The second quarter of 2026 continues to present a dynamic operating environment for Nordnet and our customers. Globally, equity markets showed resilient performance, with major indices pushing towards new highs. However, underlying market volatility remained elevated, driven by persistent deflationary questions, monetary policy shifts, and uncertain geopolitical developments with reignited tensions in the Middle East. Against this backdrop, retail wealth creation has proven to be a highly structural, secular trend. Our customers are not just trading, they are systematically deploying capital for the long term. This behavior, combined with our strong product execution, drove exceptional results this quarter. A standout moment for our platform was the historic IPO of SpaceX. Nordnet acted as a Nordic distributor across Sweden, Denmark, and Norway. This transaction highlights our unique ability to provide institutional-grade deal flow directly to the retail investor community, reinforcing our brand equity and driving significant account acquisition. turning to slide two. The headline for this quarter is that we achieved record quarterly revenue and profit driven by simultaneous growth across all of our primary revenue streams. Looking at some of the operational milestones, we officially crossed the 2.5 million customer threshold this quarter, achieving a 13% year-over-year growth rate in line with target. Trading activity remained robust with record high cross-border trading supporting strong brokerage margins. For the first time in history, recently, we saw a sequential growth in trading income from Q1 to Q2 and an otherwise seasonally weaker quarter with three fewer trading days. Net savings rose 78% year-over-year to 26 billion Swedish crowns. 2 billion of that was from Danish pension, which had a record quarter supported, of course, by Livrente. This capped off the strongest first half in Nordnet's history with 55 billion crowns in net savings year-to-date. Our Nordnet branded funds surpass 100 billion crowns in AUM, aided by the launch of the first German index fund in the Nordics. And this product is a great example of how powerful it is to have one platform and a uniform product set across multiple geographies. When we launch something for one market at Nordnet, it benefits our entire footprint. Our expansion into Germany is progressing on schedule. We commenced live production testing this quarter, signed a new country manager and are on track for our H2 commercial launch. During the quarter, we paid a dividend of £8.60 per share, in line with our 70% payout policy, and we remain committed to continued shareholder remuneration, including further buybacks. Any program in 2026, though, will likely be fairly modest, as we want the flexibility to manage the AT1 capital in the most optimal way once the next $600 million becomes callable in November. On slide 3... Our financial performance highlights the operating leverage inherent in our digital model. Adjusted revenues rose 26% year-over-year to 1.6 billion crowns. Over the same period, adjusted operating expenses grew by 11% to 440 million or just 7.5% when excluding our investments in the German expansion. The results of this exceptional operating leverage is an adjusted profit before tax of $1.2 billion, up 33% year over year. Turning to slide four, you can see the scale and geographic diversification of our customer franchise. We saw great operating momentum and revenue across all markets. Denmark and Sweden both reported record levels of cross-border trades. Sweden achieved a 9% customer growth rate, marking its highest pace of new customer acquisition since early 2022. In Norway, we saw record levels in all revenue streams. We added 74,000 new active customers this quarter, bringing our total customer base to 2.5 million, and this represents an absolute increase of 280,000 customers year over year. Savings capital reached almost 1.4 trillion, up 29%, or an absolute increase of 310 billion crowns compared to the same quarter last year, underlining what a machine we've built here at Nordnet. Turning to slide five, our top line momentum is directly linked to our product velocity. We shipped 21 new versions of our award-winning app this quarter. We launched a conversational AI assistant in Sweden and Norway to automate routine high volume customer queries. We also deployed AI powered company insights across more than 700 instruments. This AI model extracts and processes complex financial data points directly from quarterly filings, effectively democratizing institutional grade market data for our retail customers. We expanded our asset management footprint by launching the Nordic's first German index fund, offering direct low-cost exposure to Europe's largest economy at a competitive fee. I'm pleased to share that this fund has already attracted over 130 million in assets within its first few weeks, proving the strong client appetite for targeted cross-border exposure. And finally, we launched full pre-market trading for U.S. equities starting from 10 a.m. European time instead of the 1 p.m. we offered earlier. This dramatically extends the trading window for our active traders, enabling them to navigate pre-market news flow and reposition risk hours before the official Wall Street bell. Already, some 32% of pre-trading volume is in this early pre-market window. Slide 6 illustrates how this product and customer momentum translate into financial results. Our revenue grew across all three primary income streams to reach 1.6 billion in the quarter. Net transaction-related income was solid at near 740 million. Fund-related income rose to almost 200 million, driven both by asset depreciation but also high net buying. NII experienced a sequential recovery to 675 million as higher rates began to fully flow through our liquidity portfolio and credit book and deposits remained high. Turning to slide seven, we see the durability of our trading business. Average trades per day remained robust at 298,000, up 15% year over year as our customer base grows and is increasingly active in the capital markets. As a result, brokerage income rose 37% year-over-year to $740 million, and our revenue per trade expanded sequentially to 42 crowns. This margin expansion was driven by a highly favorable country and product mix, including record high cross-border trading, which comprised 43% of traded value and 40% of trades in the quarter. Looking ahead, while we're carrying very good underlying momentum, we're now of course entering this seasonally slower summer period, and it's worth keeping in mind that July and August of last year were fairly strong comparison baselines. Turning to our fund business on slide eight. Total fund capital grew to almost 360 billion crowns. We saw our highest quarterly net buying of funds ever at 13.6 billion, with almost 40% of those flows directed to our own Nordent branded funds. These funds now represent 30% of total fund assets, providing a profitable and stable recurring revenue stream that acts as ballast against transaction-based volatility. While fund margins contracted slightly this quarter due to lower ethics fees from reduced trading in foreign funds, the underlying fund margin remains largely stable. On slide nine, we applied our deposit development. As you can see, deposits remain stable and in the quarter at 95.2 billion crowns. Looking at the capital flows, we saw 20.5 billion in net cash inflows and 10.5 billion from dividends as dividend season wrapped up in the quarter. This was offset by 31.5 billion of net traded value, representing cash that our customers actively redeployed into the market. This cash sorting is natural and a healthy sign of an engaged customer base. Turning to slide 10. NII has firmly turned to growth, reaching 675 million crowns in the quarter, a 12.3% year-over-year increase. Our NII yield improved sequentially to 280 basis points, reflecting the upward movement of the three-month IBRA curves across all the Nordic currencies. We continue to run a conservative liquidity portfolio of $70 billion, with 68% rate of AAA and a balanced short-dated maturity structure. Our loan portfolio also expanded to $31.4 billion, supported by healthy demand in both margin lending and mortgages. I will now hand the call over to our CFO, Leonard Crenn, to walk through the expenses, capital position, and guidance.

Thank you, Rasmus. Thank you, everyone, for being here. Turning to the cost, we can see that the adjusted operating expenses were 440 million, virtually flat compared to the previous quarter. This demonstrates our rigorous focus on the cost discipline, even as we are aggressively scaling our operations. Excluding our planned investments in Germany, our core Nordic growth cost growth was limited to 7.5%, as Ferasmus showed earlier. This is below our 8% target on a medium term. Our 2026 guidance, however, remains stable and will be about 8%. And we continue to budget with 80 to 90 million SEK for the German expansion this year. We can go to the next slide. which actually displays the structural operating leverage of our platform. This relationship is driven by our highly scalable platform, which allows us to process record trading volumes and deposit inflows without the linear expansion of our headcount. As you can see, the 7-10% CAGR, 10% on costs, and then it all ends up in the PBT. So very nice operating leverage on this one. We can go to the next one. which is the capital situation still very strong capital situation also the liquidity is very strong but as a reminder here we usually we do not as we have not done this year either audit the Q2 results, while that is not included in our reporting of the capital situation. However, here it is. So what you see here is ended the quarter with a CET1 ratio of 22.2%, which is comfortable 710 basis points above the regulatory requirement. and also the leverage ratio with 5.0%. It's well above our own target of 4.0 to 4.5. The capital position gives us an immense strategic flexibility, and that is very important to have. During the first quarter, actually, we bought back shares for 250 million in a buyback program. We also gave the dividend, but still have a very strong capital situation. We have generated a lot of new capital for this one, and we have also submitted an application to the Swedish FSA to authorize a new buyback program for shares. But we will remain a little bit cautious about this one, as we also have the 81 of 600 million callable in November. Given that deposit levels can swing as we experienced firsthand in Q1, and our first priority is to ensure the flexibility for the 81. We did not intend to initiate the next buyback program until a little bit later. As we close out Q3 we will have much clearer view of both our deposit trajectory and the 81 market pricing and we will then probably inform you all of our next decision on the capital returns. So a strong capital situation and very solid liquidity position. Finally, we can go to the medium term targets on the next slide. And yes, we remain confident in our target of 13% to 15% annual growth, customer growth. Our last 12 months revenue model is about 49%, which is above the guidance, but the source of interest rates are above the 2% approximation that we have set out as an assumption for those. And also, as I touched upon in the previous slide, OPEX Growth is in line with guidance and we are on track to meet our targets for this year. By that, I hand over to you, Rasmus.