contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Nordnet is a digital platform for savings and investments. The company provides digital trading in shares, funds and other types of securities, as well as pension savings. The company also offers portfolio lending, private loans and mortgages. For customers who want guidance in their savings, digital guidance services are offered. The company's services are aimed at private individuals and companies. Nordnet was founded in 1996 and is headquartered in Stockholm, Sweden.

Steady growth in the first month of the year                    Inderes              Nordnet: Monthly statistics January - Inderes    In January, Nordnet's customers made 6,263,100 trades in listed financial instruments, which corresponds to 309,400 trades per day. New customers in January amounted to 32,100 and the annual...

From Germany: “At the beginning of January, the German financial supervisory authority BaFin confirmed our notification of crossborder operations, which means that the regulatory approval process for Nordnet’s upcoming operations in Germany has been completed. We are now continuing to build up both our physical and digital infrastructure and are continuously recruiting key personnel to the organization.” The plan is to enter Germany in H2 On profit distribution: “Nordnet has a strong and stable capital situation. In total during 2025, we repurchased shares for SEK 627 million within the framework of three different programs, and at the turn of the year, approximately SEK 100 million remains in the program launched in November last year. For 2025, the Board intends to propose a dividend of SEK 8.60 per share, corresponding to just over 70 percent of the profit. It is my assessment that going forward, we have the prerequisites to maintain a dividend level of 70 percent of profit and implement further share buyback programs.”

Q4 report out Robust 14% profit growth and 19% EPS growth. It looks like consensus was slightly beaten on all lines!  Profit grew in all regions except Sweden  But it seems there was an exceptionally good result in Sweden during last year’s Q4 due to a one-off item, which is visible on the “items affecting comparability” line. Adjusted for this, y-o-y is flat.

Nordnet a few days ago announced that its July share buyback program had been completed and that it would start a new program announced in connection with Q3. All acquired shares will be cancelled. In a way, it’s good practice, but at the same time, new shares are being printed for management (old news) If one looks at the change in the company’s number of shares during its short stock market journey, it’s a zigzag:

Exactly. Of course, if user numbers continue to grow, it will also indirectly flow into the banking side’s growth in the longer term. In this case, those using Nordnet as a broker might also use Nordnet as a provider of housing or investment loans. In Sweden, Nordnet’s housing loans are quite viable, unlike in Finland, where they don’t seem to be even offered (from memory).

Reading between the lines, did I understand correctly that Nordnet has nevertheless benefited from the highest interest income during the period of high interest rates, which has risen to a more significant role in the group’s overall operations over the past couple of years? But now that interest rates are stabilizing (and likely falling), will this also be reflected as a stabilization or decrease in the “net interest income” line? In other words, will brokerage fees determine the overall picture more again? However, interest income still constitutes a rather large part of the total. It is certainly the case that brokerage fees from trading determine the group’s growth, especially now that we are expanding (and have expanded) into other markets.

I don’t dare to present myself as a Nordnet expert, but I hold the stock with a small ~4% weighting in my portfolio. I can tell you what I personally paid attention to. The company’s profit has grown “modestly” in recent quarters relative to the growth in users and AUM. In my understanding, this is due to the Nordic preference for variable-rate loans, which, with falling interest rates, have affected the company’s net interest income. The best image to illustrate this is a broader income statement:  As can be seen, “brokerage income” (net commission) and “banking income” (net interest) are roughly equal but moving in different directions. In my opinion, it is essential to understand that banking income is expected to stabilize as interest rates stabilize. Thus, in the future, the growth of the brokerage side (a massive +30% atm) will determine the group’s growth, as the net interest income will no longer hinder growth. I thought the result was good because the company’s gross margins remained high despite expansions into new exchanges (Portugal/etc.) and investments in Germany. There are no signs of the brokerage side’s growth stopping. Ask yourselves: If your acquaintance wanted to start investing and asked you to suggest a broker for this purpose, why would you recommend anything other than Nordnet? IMO, the company has found a winning concept, at least in the Nordics. The biggest question in the coming years will, of course, be Germany and the company’s ROI as it expands there.

Nordnet

In February, Nordnet's customers made 5,927,500 trades in listed financial instruments, which corresponds to 296,300 trades per day. New customers in February amounted to 21,300 and the annual...

	February	January	Change	February	Change
	2026¹	2026	one month	2025	one year
Savings & customers
Number of customers	2,404,000	2,382,700	+0.9%	2,145,500	+12.0%
Net savings (SEK billion)	9.9	11.1	-10.8%	5.7	+73.7%
Savings capital (SEK billion)	1,224	1,201	+1.9%	1,051	+16.4%
Brokerage	826	815	+1.4%	712	+16.1%
Funds	313	302	+3.7%	265	+18.4%
Deposits	85	84	+0.8%	74	+13.5%
Lending (SEK billion)
Margin lending²	17.9	17.4	+3.2%	17.1	+5.2%
Mortgage	12.2	12.1	+0.9%	11.2	+9.1%
Total lending	30.2	29.5	+2.3%	28.2	+6.8%
Number of trades³
Sweden	2,320,700	2,263,200	+2.5%	2,105,100	+10.2%
Norway	1,132,500	1,239,700	-8.6%	999,700	+13.3%
Denmark	1,362,200	1,540,300	-11.6%	1,190,600	+14.4%
Finland	1,112,100	1,259,400	-11.7%	1,013,000	+9.8%
Total	5,927,500	6,302,600	-6.0%	5,308,400	+11.7%
Share of cross border trades	38.0%	41.7%	-3.7 p.e.	33.5%	+4.5 p.e.
Average number of trades per day⁴
Sweden	116,000	116,100	-0.1%	105,300	+10.2%
Norway	56,600	59,000	-4.1%	50,000	+13.2%
Denmark	68,100	73,300	-7.1%	59,500	+14.5%
Finland	55,600	63,000	-11.7%	50,700	+9.7%
Total	296,300	311,400	-4.8%	265,500	+11.6%
Traded value cash market (SEK billion)
Sweden	59.6	60.5	-1.4%	54.9	+8.6%
Norway	42.1	40.5	+4.1%	29.5	+42.8%
Denmark	43.5	49.2	-11.5%	38.3	+13.7%
Finland	28.2	32.2	-12.3%	26.6	+6.1%
Total	173.4	182.2	-4.8%	149.2	+16.2%
Share of cross border traded value	35.0%	37.7%	-2.7 p.e.	35.7%	-0.7 p.e.