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===== SIDA 1 =====

Q2
January–June 2026
 Nordnet AB (publ)
Interim  
Report

===== SIDA 2 =====

2Nordnet interim report January-June 2026
 
1 Adjusted for the divestment of the unsecured lending portfolio on October 1, 2024. 2 Loans to the public less pledged cash and cash equivalents, see Note 5. 3 For items affecting comparability, see page 19. 
4The average quarterly savings capital per customer over the last twelve months. For definitions of key performance indicators, see pages 50–51. 
The quarter  
in brief
Customer  
growth in the last 
12 months:
Net savings
SEK 26.0 (14.6) billion
The figures above refer to the period April–June 2026, unless otherwise 
stated. The comparative figures in parentheses refer to the corresponding 
period last year. 
13% (141%)
Operating expenses
SEK -440 (-397) million
Earnings per share after 
dilution
SEK 3.80 (2.84) 
Operating profit
SEK 1,190 (893) million
Savings capital, 30 June
SEK 1,374 (1,064) billion 
Lending2 30 June
SEK 31.4 (27.0) billion
SEK million Q2 2026 Q2 2025 Change % Q1 2026 Change %
Jan- Jun 
2026
Jan- Jun 
2025 Change %
Operating income 1,634 1,293 +26% 1,485 +10% 3,119 2,689 +16%
Operating expenses -440 -397 +11% -439 +0% -879 -804 +9%
Credit losses 0 0 -125% -2 -104% -2 -1 +53%
Imposed levies: resolution fee -4 -3 +28% -2 +51% -6 -6 -7%
Operating profit 1,190 893 +33% 1,042 +14% 2,233 1,878 +19%
Profit after tax 960 725 +32% 839 +14% 1,799 1,524 +18%
Earnings per share before dilution (SEK) 3.81 2.84 +34% 3.32 +15% 7.13 5.98 +19%
Earnings per share after dilution (SEK) 3.80 2.84 +34% 3.32 +15% 7.12 5.97 +19%
Income in relation to savings capital 0.49% 0.52% -0.03% 0.49% -0.00% 0.49% 0.52% -0.03%
Operating margin % 73% 69% +4% 70% +3% 72% 70% +2%
Adjusted operating expenses3 -440 -397 +11% -439 +0% -879 -804 +9%
Adjusted operating profit3 1,190 893 +33% 1042 +14% 2,233 1878 +19%
Adjusted earnings per share after dilution (SEK)3 3.80 2.84 +34% 3.32 +15% 7.12 5.97 +19%
Adjusted operating margin %3 73% 69% +4% 70% +3% 72% 70% +2%
Adjusted return on equity %3 45% 43% +2% 41% +4% 45% 43% +2%
T otal number of customers 2,502,200 2,222,500 +13% 2,428,600 +3% 2,502,200 2,222,500 +13%
Net savings (SEK billion) 26.0 14.6 +78% 28.8 -10% 54.8 39.4 +39%
Savings capital at the end of the period (SEK billion) 1,374 1,064 +29% 1,214 +13% 1,374 1,064 +29%
Average savings capital per customer (SEK)4 506,700 478,800 +6% 487,500 +4% 506,700 478,800 +6%
 Operating profit and revenues reach new record levels, 
driven by strong growth across all parts of the business.
 Nordnet passes the milestone of 2.5 million customers. 
Annual customer growth of 13 percent, in line with 
financial targets.
 Preparations for the expansion into Germany are 
proceeding according to plan. Live testing commenced 
during the quarter.
 High activity in the IPO market, where Nordnet 
distinguished itself as one of the few Nordic distributors of 
SpaceX, the largest initial public offering ever.
 Good cost control – expenses for the quarter in line with 
financial targets.
 Net savings of SEK 26 billion, an annual increase of 78 
percent.
 Continued strong trading activity and record-high cross-
border trading lift brokerage revenues.
 Nordnet launches the first German index fund on the 
Nordic market. Nordnet's in-hosue funds surpass SEK 100 
billion in savings capital.
“We are executing with clear 
momentum, delivering a record-
breaking performance with revenue of 
SEK 1,634 million and a profit before 
tax of SEK 1,190 million.”
Rasmus Järborg, CEO Nordnet.
New customers
73,600 (56,800)
Operating income
SEK 1,634 (1,293) million

===== SIDA 3 =====

3Nordnet interim report January-June 2026
 3Nordnet interim report January-June 2026
Nordnet is a leading digital platform for savings and investments
with operations in Sweden, Norway, Denmark and Finland. With user-
friendliness, good availability, a broad offering and low prices, we give our 
customers the opportunity to take their savings to the next level.
This is 
Nordnet
The overarching purpose of Nordnet’s business 
is to democratize savings and investments. By 
that, we mean giving private savers access to 
the same information and tools as professional 
investors. This purpose has driven us from the 
outset in 1996 and remains our direction to 
this day. At the beginning, it entailed offering 
easily accessible and inexpensive stock trading 
over the internet, and building a fund portal 
with products from a number of different 
distributors, where savers could easily compare 
returns, risk and fees. During the journey, we 
have simplified matters and put pressure on 
fees for services like pension savings, index 
funds and private banking. In recent years, we 
have democratized savings and investments 
through, for example, our stock lending 
program, the launch of the Danish livrente 
pension product, cost effective index funds 
as well as our flexible and digital investment 
insurance. We are always on the savers’ side, 
and pursue issues of, for example, fair terms in 
pension savings free-of-charge and reasonable 
and predictable taxation of holdings of shares 
and mutual funds.
Vision
Our vision is to become the first choice for 
savers in the countries where we operate. T o 
achieve this goal we always need to challenge 
and innovate, keeping user-friendliness and 
the benefit of savings at the top of the agenda 
and to succeed with the ambition of building a 
"one-stop shop" for savings and investments 
– a platform that can meet the needs of private 
savers in managing their financial futures. Only 
then can we achieve the high level of customer 
satisfaction and brand strength required to 
become a leader in our markets in terms of 
attracting new customers and producing loyal 
ambassadors for Nordnet.
Our product areas
Savings and investments
Nordnet’s core business is saving and 
investments. Our customers can save and 
invest in shares, funds and other types of 
securities across several markets at low fees. 
We offer most account types that are available 
on the market, such as ISK in Sweden and its 
Nordic equivalents, regular custody accounts, 
occupational pension, endowment insurance 
and accounts for private pension savings. 
At Nordnet, there are a number of different 
interfaces available including the web, the app 
and more advanced applications. The less-
active savers can also use one of our digital 
guidance services or invest in our index funds. 
Nordnet operates the Nordic region’s largest 
social investment network Nordnet Social, with 
more than half a million members.
Pensions
In Sweden, Norway, Denmark and Finland, 
we offer pension savings with a wide range of 
investment opportunities.
Loans
Nordnet offers two kinds of loans – margin 
lending and mortgages. Margin lending with 
securities as collateral is available in all of 
our markets and allows our customers to add 
leverage to their investments. Our mortgages 
are offered in Sweden and Norway.

===== SIDA 4 =====

4Nordnet interim report January-June 2026 4Nordnet interim report January-June 2026
Financial targets
Status, financial targets, 2026-06-30
 Annual customer growth over the past 12 months 
amounted to 13 (142) percent.
 Average savings capital per customer amounted to SEK 
506,700 (478,800).
 Adjusted operating income in relation to savings capital 
over the past 12 months amounted to 0.49 (0.52) percent.
 Adjusted operating expenses2 increased by 5.8 percent 
over the past twelve months, excluding investments for 
the launch in Germany, and amounts to SEK 1,622 (1,533) 
million. Costs related to the launch in Germany amounts to 
SEK 83 (20) million over the past twelve months.
 Dividend of SEK 8.60 (8.10) per share, corresponding to 
just over 70 percent of the profit for 2025.
 The leverage ratio3 was 4.7 percent.
 The risk-weighted3 capital ratio exceeded the regulatory 
requirement by 5.0 percentage points. 
Medium-term financial targets
 Annual customer growth of 13–15 percent.
 Average savings capital per customer (defined as the 
average quarterly savings capital per customer over the 
past twelve months) amounting to about SEK 500,000.
 Income in relation to savings capital (defined as income 
adjusted for items affecting comparability over the past 12 
months in relation to the average quarterly savings capital 
for the same period) amounting to approximately 0.45 
percent.
 Annual increase of adjusted operating expenses of 
approximately 8 percent, excluding investments for the 
launch in Germany. During 2026, investments for the 
launch in Germany are expected to amount to between 80 
and 90 million SEK.
 Dividend of 70 percent of profit after tax.
 The leverage ratio shall be between 4.0 percent and 4.5 
percent.
 The risk-weighted capital level shall exceed the regulatory 
requirement by 1 percentage point.
Financial targets
1 Excluding SEK 83 million related to the launch in Germany (SEK 14 million in Q3, SEK 25 million in Q4 2025, SEK 20 million in Q1 2026 and SEK 24 million in Q2 2026). For non-recurring items, 
see page 19. Comparative figures in parentheses refer to the corresponding period the previous year. 2Adjusted for the divestment of the unsecured lending portfolio in the third quarter of 2024. 
3Since this interim report has not been reviewed by an auditor Nordnet cannot include the quarter's results in the reported capital situation and capital ratios.
annual customer 
growth
13%
operating income
Savings capital
0.49%SEK 506,700 
SEK   1,622m
adjusted operating
expenses, last 12  
months1 
distribution of
annual profit
70%
Savings capital
Customer
Adjusted
Status Q2 2026

===== SIDA 5 =====

5Nordnet interim report January-June 2026
In my first letter to you last quarter, 
I laid out our mandate for a new 
pace at Nordnet: a culture of 
accountability, product focus and 
rapid execution. Our performance in 
the second quarter of 2026 reflects 
this approach. We are executing with 
clear momentum, delivering a record-
breaking performance with revenue of 
SEK 1,634 million and a profit before 
tax of SEK 1,190 million.
“With millions of Nordic 
savers on the platform, 
our business model is 
demonstrating significant 
operating leverage. Every 
structural improvement 
we make to our platform 
compounds across four 
countries, 2.5 million 
customers and nearly 
SEK 1.4 trillion in savings 
capital.”
We have established a business model 
where our success is directly aligned 
with that of our savers. When our 
customers do well, Nordnet does well. 
Following a volatile start to the year, the 
second quarter saw a strong recovery 
in the stock markets. Because our 
savers kept cool heads during the Q1 
dips, they were positioned to capture 
this rising tide. With millions of Nordic 
savers on the platform, our business 
model is demonstrating significant 
operating leverage. Every structural 
improvement we make to our platform 
compounds across four countries, 2.5 
million customers and nearly SEK 1.4 
trillion in savings capital, driving down 
unit costs and allowing us to continue 
to invest in this very competitive 
market.
T o accelerate this pace further, we must 
keep our organization flat and close 
to the product. Following a change in 
T ech leadership,  we have delayered 
our technology organization to mirror 
the flattened Product organization 
we put in place last quarter. This 
ensures that the management of our 
development pipeline remains where it 
belongs: close to the code.
Q2 2026: The Power of Scale
Performance remains the only true 
measure of our strategy. Our execution 
in Q2 has delivered strong commercial 
momentum:
Customer onboarding 
Last quarter, I noted that our 
onboarding process had too much 
friction. We attacked this bottleneck 
head-on. Thanks to a new team 
focusing on conversion optimization, 
we have started the work to smooth 
the activation funnel. These initial 
improvements have already supported 
a strong customer intake, with 74,000 
new customers joining Nordnet during 
the quarter.
The return of IPOs 
The IPO market has reawakened. 
Nordnet's pan-Nordic retail placing 
power has made us the partner of 
choice for global coordinators bringing 
T o Our Partners in 
Progress: Building 
Scale and Speed
companies to market. We supported 
with retail distribution in no fewer 
than 10 IPOs in the quarter, with the 
milestone of course being SpaceX 
IPO, which helped drive both efficient 
customer acquisition and strong net 
savings.
The scale flywheel 
With rising markets and robust 
customer inflows, our savings capital 
continues to scale. During the quarter, 
we attracted SEK 26 billion in net 
savings, which together with positive 
markets brought our total savings 
capital to almost SEK 1.4 trillion. The 
Nordnet machine we’ve built allows us 
to support this volume expansion with 
very low incremental costs.
Navigating the Supercycle
The macroeconomic landscape 
continues to be a story of short-term 
friction versus long-term acceleration. 
While reignited geopolitical tensions 
in the Middle East remain a source of 
market volatility, there’s  a powerful 
structural tailwind beneath this noise: 
the AI supercycle. What started as 
a rally in a few obvious AI winners 
has broadened into a much larger 
investment theme. Semiconductors are 
still at the centre but the opportunity 
set now extends to data centres, 
cloud capacity, networking, electricity, 
cooling, automation and cybersecurity.
Our customers are not passive 
observers of these trends; they 
are active, sophisticated market 
participants. Trading activity this 
quarter reached historical highs, 
Comments from CEO
Nordnet interim report January-June 2026 5

===== SIDA 6 =====

6Nordnet interim report January-June 2026 6Nordnet interim report January-June 2026
ownership. Nordnet is positioning itself 
to be a winner in this historic shift. Our 
coming launch in Germany is the first 
step in creating a repeatable playbook 
for European expansion.
2. Double-down on our platform
We have upgraded our ability to 
translate product ideas into customer 
value in weeks rather than quarters. 
In Q2, we introduced a AI chatbot to 
answer customer inquiries instantly, 
with quality and at scale. We also rolled 
out Nordnet Social, a major upgrade 
to our social investing experience 
that allows savers to collaborate, 
share ideas and follow other investors 
seamlessly. We have extended our US 
pre-market trading window, moving 
the opening bell for US equities from 
13:00 Swedish time all the way forward 
to 10:00. Our customers can now act 
on events hours before Wall Street 
opens. Our captive fund company 
now boasts SEK100bn in assets under 
management and in the quarter, we 
expanded our fund line-up further 
by launching the first German index 
fund in the Nordics which already has 
SEK100m in AUM within its first month. 
Watch out for more exciting fund news! 
3. Harnessing agentic AI
Our commitment to agentic AI is 
yielding real-world productivity gains. 
We are moving beyond theoretical use 
cases as AI is now actively embedded 
in our engineering loop. Some 60% 
of the code at the end of the second 
quarter was co-authored by agentic AI, 
reducing our time-to-market for new 
features.
Looking Ahead: Clear the 
Roadblocks
A corporate culture can easily default 
to complacency. At Nordnet, we 
actively combat this. It is always “Day 
1” which means we maintain a flat 
hierarchy, short decision loops and an 
obsession with customer value.
averaging almost 300,000 trades per 
day, reminiscent of the retail trading 
peaks of 2021. However, the behavior 
we see today is far more mature. 
We are witnessing calculated sector 
rotations as savers navigate macro 
shifts with impressive discipline. 
Furthermore, 43% of these trades 
were cross-border transactions, as our 
customers increasingly look beyond 
their home markets to capture global 
investment opportunities.
For Nordnet, this high engagement 
highlights the resilience of our 
transactional revenue. Simultaneously, 
our deposit base remains robust, 
supported by dividends and strong net 
savings in the quarter, ensuring our net 
interest income is on a stable, upward 
trajectory as interest rates edge higher.
Our Three "Must Win" Battles
We continue to focus our energy on 
our three strategic frontiers:
1. Germany and our further European 
expansion
The preparations for our entry into 
Europe’s largest savings market is 
progressing according to plan. We 
have officially opened our new office 
in Frankfurt and initiated an iterative, 
phased rollout of our platform. Key 
functionalities are now being tested by 
our own staff. This fall, we will expand 
this closed testing to a “friends & 
family” phase, followed by a broader 
release before year-end.
This step-by-step launch allows us to 
build the service in close dialogue with 
our early users, refining the product 
based on real-time feedback. We are 
deliberately holding back on a major 
marketing push until next year, timing it 
instead to coincide with the launch of 
the landmark German pension account 
reform.
Just as the ISK transformed Sweden 
into a nation of stock-savers, we 
believe the new German pension 
framework will drive a culture of equity 
“Our fund business has 
quietly grown into one of 
the largest players outside 
the traditional major banks, 
while we remain the largest 
domestic broker in the 
Nordics.”
As is evident in the quarter, we are 
delivering robust growth across both 
customer intake and net savings 
and have facilitated very high 
market activity from Nordic savers. 
We have cemented our position 
as a powerhouse IPO distributor, 
participating in virtually every 
major transaction in the Nordics. 
Simultaneously, our fund business has 
quietly grown into one of the largest 
players outside the traditional major 
banks, while we remain the largest 
domestic broker in the Nordics. And, 
we are backing all of this up with a 
record-breaking financial result.
Our focus for the second half of the 
year is simple: clear the remaining 
roadblocks for our German launch, 
keep shipping industry-first features 
and maintain the operational discipline 
that drives our innovation.
T o our customers: Thank you for your 
continued trust. We will keep building 
the platform you deserve.
T o our shareholders: We greatly value 
having you with us on this journey.
Rasmus Järborg, CEO

===== SIDA 7 =====

7Nordnet interim report January-June 2026
The second quarter of 2026 consisted of a mix of 
geopolitical uncertainty, shifting interest rate expectations, 
and a strong earnings season. While major US indices 
such as the S&P 500 and Nasdaq surged towards new 
records, the Nordic region saw a more mixed development. 
The Swedish, Danish, and Finnish stock exchanges rose, 
in some cases by close to 10 percent. The Oslo Stock 
Exchange experienced a more moderate development 
which ultimately led to a minor correction. Despite this, 
Nordnet’s Norwegian customers handled the downturn 
well – they actively adjusted their portfolios, utilized market 
fluctuations to their advantage, and capitalized on new 
opportunities.
The quarter began with rising tensions in the Middle East, 
which had a major impact on the Norwegian stock market 
due to its heavy exposure to energy.
Many customers took advantage of the upturns in the energy 
sector to secure profits, resulting in significant trading 
volumes. Instead of withdrawing from the market, Nordnet’s 
customers used periods of weaker stock market performance 
to increase their exposure. Capital flowed back into global 
index funds, technology funds, as well as energy and 
shipping companies, reflecting a continued willingness to buy 
into long-term growth themes despite short-term uncertainty. 
At the same time, customers reduced their exposure to some 
of the year's best-performing, more niche sectors, including 
defense, nuclear power and gold, indicating some profit-
taking and portfolio rebalancing.
The appetite for equity-related investments remained strong 
throughout the quarter. During April and May, one of the 
year's most significant corporate events occurred on the 
Oslo Stock Exchange: the spin-off of Kongsberg Maritime 
from the defense group Kongsberg Gruppen. The transaction 
generated very high trading activity and strengthened 
Kongsberg's position as one of the most widely followed 
companies among Norwegian retail investors. T owards the 
end of the period, savers shifted their attention across the 
Atlantic as SpaceX completed its highly anticipated initial 
public offering. The listing marked a milestone for European 
retail investors, who for the first time were given the 
opportunity to participate directly in a major US IPO. Nordnet 
was proud to act as a distributor of the offering, which was 
available to customers in Norway, Sweden, and Denmark.
Overall, the second quarter highlighted the increasing 
financial literacy and maturity of Norwegian savers. Rather 
than reacting emotionally to geopolitical headlines or market 
volatility, our customers remained engaged and disciplined. 
By diversifying into broad market funds and tactically shifting 
between sectors as conditions changed, they actively 
realized profits. The quarter serves as a reminder that long-
term savings is not about avoiding uncertainty, but about 
navigating it with knowledge, patience, and a clear strategy.
Else Sundfør is Nordnet’s Savings Economist in Norway. She inspires 
and educates about stocks, funds, pensions, and personal finance, 
both through Nordnet’s own channels and on social media. Else is a 
frequent contributor in Norwegian media, and shares tips, insights, 
and investment motivation with tens of thousands of followers on 
Instagram @InvestNorway. She is also an inspiring voice on the 
podcast #pengepodden and in Nordnet’s webinars.
A few words about the market from 
our savings economist
Else Sundfør
Name: Else Sundfør
Role: Savings economist 
at Nordnet Norway since 
2025
 
Personal financial motto:  
Let your money work for 
you
Q2 2026 Q1 2026 Q2 2025
   Countries Turnover No. of trades Turnover No. of trades Turnover No. of trades
Sweden (Nasdaq Stockholm) 3.7% 6.1% 3.8% 5.9% 3.9% 6.4%
Finland (Nasdaq Helsinki) 4.6% 12.1% 5.6% 14.5% 4.7% 11.5%
Denmark (Nasdaq Copenhagen) 5.8% 10.0% 5.8% 10.4% 4.8% 9.6%
Norway (Oslo Stock Exchange)2 8.9% n/a 9.4% n/a 7.8% n/a
Market shares local stock exchanges1
1Nordnet’s monthly average market share of trading in financial instruments listed on the Nordic exchanges. The statistics for the Oslo Stock Exchange refer to trade in shares only. Source: Market 
data from Nasdaq in Sweden, Denmark and Finland and from the Oslo Stock Exchange in Norway. 2Nordnet’s market share on the Oslo Stock Exchange refers only to volume, as data regarding the 
number of trades are not available.

===== SIDA 8 =====

8Nordnet interim report January-June 2026
 8Nordnet interim report January-June 2026
Nordnet’s  
Sustainability work
Nordnet aims to make it easy to save 
and invest sustainably. In line with 
this ambition, we want to provide a 
wide range of sustainable investment 
options as well as offer information 
and functionality that simplify 
things for customers who want to 
save sustainably. T o measure and 
follow up on Nordnet’s progress in 
sustainability, we report a number of 
key metrics in our interim reports, as 
well as additional metrics on an annual 
basis. More information about targets 
and activities can be found in our 
sustainability report.
During the quarter
During the quarter, the interactive tool 
Fondkompassen (the Fund Compass) 
was launched in Sweden to help retail 
investors find funds based on personal 
sustainability criteria. By answering 
questions about which sustainability 
issues are most important from the 
individual saver's perspective and 
which industries they want to avoid, the 
user receives a customized profile and 
a list of matching funds. The tool then 
visualizes how well the funds match the 
profile, and shows historical returns. 
The service is a collaboration between 
Nordnet and the fintech company 
Fundrella. Fondkompassen makes 
advanced data, previously reserved 
only for institutional investors, available 
to regular savers to make sustainable 
saving simpler and more transparent.
Nordnet has had its sustainability rating 
from MSCI upgraded from A to AA, 
which is the second-highest possible 
rating and means that the company is 
now classified as a "Leader". Nordnet 
is currently included in three of MSCI's 
sustainability indices: MSCI Europe 
Small Cap ESG Broad CTB Select 
Index, MSCI World Small Cap ESG 
Enhanced CTB Index, and MSCI World 
Small Cap ESG Broad CTB Select 
Index. These indices aim to increase 
exposure to positive ESG factors while 
maintaining a risk and return profile 
similar to the broader indices on which 
they are based.
Sustainable savings
The share of savings capital invested 
in sustainability-classified funds out 
of total fund capital amounted to 87 
percent at the end of the quarter, which 
is one percentage point higher than 
the previous quarter. Of this share, 
4 percentage points are invested in 
sustainable (dark green) funds, which 
is the same level as the previous 
quarter.
Nordnet supports the Paris Agreement 
to keep global warming well below 
2°C and strive to limit it to 1.5°C. In line 
with this ambition, Nordnet has defined 
an overarching goal that the carbon 
footprint from the savings capital on 
Nordnet’s platform shall decrease in 
accordance with the Paris Agreement. 
Nordnet targets a reduction in carbon 
intensity of 55 percent over ten years, 
from 2023 to 2033. We also have a 
goal to reach net zero emissions by 
2050.
Nordnet measures the carbon footprint 
as portfolio-weighted carbon intensity. 
Carbon intensity for a company is 
calculated as emissions divided by 
revenue. T o aggregate intensity to 
the portfolio level, the companies' 
intensities are weighted by the share 
that the companies represent in the 
portfolio. With this method, portfolios 
become comparable with each other 
over time regardless of the size of the 
portfolio.
At the base year 2023, the intensity 
of the savings capital was 143 tons 
CO2e/million USD revenue. At the 
end of the second quarter of 2026, 
the carbon intensity amounted to 
87 tons CO2e/million USD revenue, 
which can be compared with 89 tons 
in the same quarter the previous year, 
corresponding to a decrease of 2 
percent. Compared to the previous 
quarter, the intensity decreased by 8 
percent, as it amounted to 94 tons. 
At the end of the quarter, data was 
available for 86 percent of the capital.
The change in carbon intensity can 
be due to reallocations in customers' 
portfolios, to the companies our 
customers are invested in increasing 
or decreasing their emissions, and to 
relative market development of the 
customers' assets, which re-weights 
the holdings on the platform. The 
measure is also affected by currency 
movements as revenues in the 
companies are converted to US dollars.
For comparison, the intensity of the 
broad global stock index MSCI World 
amounted to 100 tons CO2e/million 
USD revenue at the end of the quarter. 
This corresponds to a decrease of 6 
percent on an annual basis (from 106 
tons), but an increase of 5 percent 
compared to the previous quarter.

===== SIDA 9 =====

9Nordnet interim report January-June 2026
Sustainable fund savings Q2 2026 Q1 2026 Q2 2025
The proportion of fund capital invested in funds that promote environmental or social characteristic (article 8)1 82% 82% 82%
The proportion of fund capital invested in funds classified as sustainable (article 9)2 4% 4% 4%
T otal proportion of fund capital invested in article 8 and 9 funds 87% 86% 86%
Sustainability key figures.
CO2-intensity Q2 2026 Q1 2026 Q2 2025
Shares, CO2-intensity, tonnes CO2e/USD million 87 98 90
Funds, CO2-intensity, tonnes CO2e/USD million 74 75 72
ETFs, CO2-intensity, tonnes CO2e/USD million 108 109 109
T otal, CO2-intensity, tonnes CO2e/USD million 87 94 89
Proportion of market value for which emissions data is available3 86% 87% 83%
Global market index (MSCI world) CO2e/USD million 100 95 106
Gender equality savings Q2 2026 Q1 2026 Q2 2025
Proportion of female customers 35.5% 35.4% 34.9%
Proportion new female customers during the quarter 37.6% 44.0% 38.8%
1 Article 8 funds are funds that promote environmental or social characteristics, or a combination of both, in accordance with the SFDR
2 Article 9 funds are funds that have sustainable investment as their objective, according to the SFDR.
3 T otal invested assets on the platform (savings capital excluding deposits).
Gender equality in savings
 
Our long-term goal is to reach a customer base with 50 
percent (+/- 10 percentage points) women. The share of 
female customers amounted to 35.5 percent at the end 
of the second quarter of 2026, which is an increase of 
0.6 percentage points compared to the same quarter the 
previous year, when the share amounted to 34.9 percent.
Parallel to our long-term goal, we have a more short-term 
goal to increase the share of women among new customers 
by 2 percentage points per year. During the quarter, women 
accounted for 37.6 percent of new customers, which is a 
decrease of 1.2 percentage points compared to the same 
quarter the previous year and a decrease of 6.4 percentage 
points from the previous quarter. The decrease is largely 
explained by the fact that Nordnet acted as a distributor in a 
large number of IPO processes during the quarter, including 
SpaceX, and that the initial public offerings attracted more 
interest from men than from women.
T o achieve our goals regarding gender-equal savings, 
we focus on increasing women's interest in savings and 
investments through various activities. This includes lectures, 
networking meetups, education, highlighting female role 
models, and spreading statistics and information about 
women's savings. Nordnet runs the network Nordnet Female 
Network, which is a platform to highlight the issue of female 
savings. The network exists in Sweden, Finland, and Norway.
During the quarter, the work to drive gender-equal savings 
forward continued at high speed, with a strong focus on 
networking, education, and inspiring collaborations. In 
Sweden, a launch event for Fondkompassen was held 
together with Fundrella, attracting hundreds of women, 
alongside the podcast PengaStark and the interview series 
"Min sparresa" (My savings journey) hosting prominent 
female profiles from the financial and business sectors. 
In Denmark, "Nordnet Starterpack" was launched – a 
concept that enables women to organize investment 
evenings themselves – which was followed up by influencer 
collaborations and webinars. Finland launched the savings 
package "Money Mingle", which makes it easy to invest 
together with friends. The package includes presentations 
in Swedish and Finnish with basic information that inspires 
getting started with saving. In addition to this, joint events 
and finfluencer campaigns focusing on equity analysis and 
funds were organized.
More information about our work to make it simple to 
save and invest sustainably, as well as reporting of the key 
metrics we track, can be found in our sustainability report at 
nordnetab.com.
Sustainable ETF savings Q2 2026 Q1 2026 Q2 2025
The proportion of capital invested in ETF:s that promote environmental or social characteristic (article 8)1 17% 16% 16%
The proportion of capital invested in ETF:s classified as sustainable (article 9)2 0% 0% 0%
T otal proportion of ETF-capital invested in article 8 and 9 17% 16% 16%

===== SIDA 10 =====

10Nordnet interim report January-June 2026
Customers and trading activity1
The number of customers increased during the quarter 
by 73,600 and amounted to a total of 2,502,200 as of 30 
June. Customer growth was 13 percent over the past twelve 
months.
The number of trades increased by 17 percent compared to 
the second quarter of 2025 to 17.6 million, and the traded 
value on the stock exchange increased by 32 percent to SEK 
532 billion. Cross-border trading accounted for 43 percent of 
the number of trades and 40 percent of the traded value, the 
highest figures recorded during a single quarter. This can be 
compared to 33 percent for both the number of trades and 
traded value during the second quarter of 2025. During the 
quarter, 32 (32) percent of our customers made at least one 
trade, and the customers who traded made an average of 22 
(22) trades. The average number of trades per trading day 
amounted to 298,100 (258,300).
Savings and lending1
Savings capital amounted to SEK 1,374 billion at the end of 
the quarter, which is an increase of 29 percent, or just over 
SEK 300 billion, compared to the second quarter of 2025. 
Net savings amounted to SEK 26 billion in the quarter, which 
is 78 percent higher than the same quarter last year. The 
savings ratio, that is, net savings over the past twelve months 
in relation to savings capital 12 months earlier, amounted to 9 
percent, which is 1 percentage point higher than the second 
quarter of 2025, when it amounted to 8 percent.
At the end of June, 53 percent of customers were invested 
in funds and 28 percent of customers actively traded funds 
during the quarter. This can be compared with 52 and 26 
percent, respectively, in the second quarter of 2025. T otal 
fund capital increased by 17 percent during the quarter 
to SEK 359 billion, primarily as a result of positive market 
development, which accounted for 74 percent of the 
increase. Over the last twelve months, fund capital has 
increased by 37 percent.
Events in the
Second quarter
1 The comparative figures in parentheses refer to the corresponding period of the previous year. 2 Nordnet’s total volume and number of trades on all stock exchanges and markets for all customers, 
as well as the average number of trades per day. The daily average is calculated as the total number of trades per market divided by the number of trading days on which the respective stock 
exchange was open. 3Loans to the public less pledged cash and cash equivalents, see Note 5. 
Trading information, Group2
Customer related key figures
April - June Sweden Norway Denmark Finland Group
2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
Number of customers 530,800 488,200 561,500 491,800 677,400 576,900 732,500 665,600 2,502,200 2,222,500
Savings capital SEK 476.7 389.1 265.8 194.2 341.9 262.9 290.1 217.7 1,374.5 1,063.9
of which shares/derivatives/
bonds 308.7 247.4 132.9 103.7 259.0 202.3 220.2 167.2 920.7 720.6
of which funds 134.8 109.3 113.5 75.8 58.7 40.4 51.5 34.6 358.5 260.2
of which deposits 33.2 32.4 19.4 14.7 24.2 20.2 18.4 15.9 95.2 83.1
Number of trades 6,839,300 5,914,100 3,749,200 3,051,200 3,839,500 3,220,500 3,187,000 2,864,700 17,615,000 15,050,500
Whereof cross-border 
trading % 29% 21% 44% 33% 59% 46% 51% 46% 43% 33%
Traded value (cash market) 
MSEK 172,000 143,700 134,100 85,600 131,900 104,000 94,300 68,800 532,300 402,100
Whereof cross-border trading 
% traded value 28% 20% 35% 31% 52% 42% 52% 51% 40% 33%
Net savings (SEK billion) 5.4 2.1 6.0 2.1 9.8 6.6 4.8 3.8 26.0 14.6
Margin lending (SEK billion)3 6.2 5.3 4.2 3.1 3.2 2.9 5.1 4.5 18.7 15.8
Mortgage (SEK billion) 10.7 10.2 2.0 1.0 12.7 11.2
Q2 2026 Q1 2026 Q2 2025
Traded value cash market (SEK million) 532,300 559,300 402,100
T otal number of trades 17,615,000 18,816,900 15,050,500
   of which cross-border trading 43% 39% 33%
Average number of trades per day 298,100 302,400 258,300

===== SIDA 11 =====

11Nordnet interim report January-June 2026
Savings capital in Nordnet-branded funds surpassed SEK 
100 billion in assets under management during the quarter 
and represents 30 percent of the total fund capital on the 
platform, which is an increase from 27 percent in the second 
quarter of 2025.
Pension savings capital, including endowment wrappers, 
amounted to SEK 314 billion, which is an increase of 28 
percent compared to the second quarter of 2025. Pension 
capital excluding endowment wrappers amounted to SEK 
147 billion, which is an increase of 31 percent compared 
to the second quarter of 2025. T otal net savings within 
pensions amounted to SEK 3.8 billion, of which Denmark 
accounted for the largest share at SEK 2.1 billion. This is the 
highest level to date in Denmark during a single quarter.
The loan portfolio amounted to SEK 31.4 billion at the end of 
the quarter, an increase of 16 percent over the past twelve 
months. Margin lending, which accounts for 60 percent 
of the lending volume, increased by 19 percent during the 
same period and amounted to SEK 18.7 billion. Mortgages 
amounted to SEK 12.7 billion, which is 13 percent higher than 
the second quarter of 2025. The average lending rate during 
the quarter was 3.6 (4.0) percent, which is the same as the 
previous quarter.
Deposits amounted to SEK 95 billion at the end of the 
quarter, a decrease of SEK 2 billion during the quarter. The 
decrease is a result of record-high net buying of primarily 
exchange-traded instruments during the quarter, which 
exceeded the positive contribution from both net savings 
and dividends. Customers' deposits as a share of savings 
capital is 6.9 percent, which is 1.1 percentage points lower 
than the previous quarter. Deposits in accounts that pay 
interest constitute 24 (34) percent of deposits, an increase 
of 1 percentage point from the previous quarter. The average 
interest cost for deposits during the quarter was 0.42 (0.52) 
percent, 3 basis points lower than the previous quarter.
 
T ech development
 
Software delivery performance2: During the quarter, 96 
percent of our development teams performed in line with 
the high or elite level criteria, compared to 91 percent 
in the previous quarter. For reference, 41 percent of the 
development teams included in the global 2024 DORA 
report performed at a high or elite level.
Progress on cloud migration3: By the end of the quarter, 59 
percent of Nordnet’s applications were running on our cloud 
platform.
Platform availability4: Platform availability during the quarter 
was 99.9 percent.
Product launches, market updates and 
events
During the quarter, we have taken important steps in our 
technological journey by developing several AI-based 
features. We can now generate company insights in-house 
and, thanks to reduced reliance on external suppliers, launch 
new updates at a faster pace. A concrete result of this is clear 
visibility into how companies' revenues are distributed by 
product segment and geographical market. Our AI extracts 
the data directly from company reports, which is then 
visualized in graphs on the company page. This gives the 
customer an immediate overview of the company's actual 
revenue streams.
Preparations for the upcoming launch in Germany are 
proceeding according to plan. During the quarter, we initiated 
a phase where critical flows – such as onboarding, deposits, 
withdrawals, and trading – are tested in a live environment. 
The test phase provides us with valuable insights ahead of 
the external launch on the German market later this year.
In Sweden and Norway, we have introduced a web-based 
chatbot that helps customers with general questions about 
Nordnet's services and products. The chatbot has proven to 
have a very high accuracy rate, with few cases escalated to 
customer service, which means that more customers receive 
immediate answers while simultaneously freeing up internal 
resources. Shortly, the chatbot will also be launched in 
Denmark and Finland, as well as in the app.
T o provide customers with even better conditions to make 
sound investment decisions, we have broadened access 
to market data. Free real-time data for European markets is 
now automatically activated for all customers on the web and 
in the app. In addition, we have upgraded our Smart Order 
Router, which is an automated and algorithm-driven engine 
that ensures orders are executed at the best available price 
on the market. This improvement gives our customers access 
to more liquidity and the opportunity to trade at better prices 
on Nasdaq Nordic.
Q2 2026 Q1 2026 Q4 2025 Q3 2025
High or elite-level performing development teams2 96% 91% 84% 83%
Functionally in the cloud3 59% 56% 54% 52%
Platform availabillity4 99.9% 99.9% 99.9% 99.9%
 1Lending to the public, net of pledged liquid assets, see Note 5. 2T eams who meet the high or elite-level criteria for performance on deployment frequency, change lead time, change failure rate 
and failed deploy recovery time according to Google's DevOps Research and Assessment (DORA). 3Share of in-house developed applications that are hosted on Nordnet’s cloud platform. 
4Customers' ability to access Nordnet’s critical services (login, trading, economic overview and deposits & withdrawals) measured on a twenty four hours, seven days per week basis.
T echnology-related KPIs

===== SIDA 12 =====

12Nordnet interim report January-June 2026
The digital experience in the mobile app has been further 
strengthened through several important updates. After 
feedback from our customers, we are now introducing 
aggregated news directly in the watchlists, aligning the 
news flow with the content of the list. New tools for deeper 
portfolio analysis have been added. In the app, customers 
can now view the portfolio's underlying asset allocation, and 
we have added a forward-looking tool that estimates future 
dividends based on analyst consensus from FactSet.
During the quarter, our social investment network Shareville 
changed its name to Nordnet Social in order to strengthen 
our main brand and make the value of the service more self-
explanatory to customers. The name change is a natural step 
that reflects how the network has evolved from a standalone 
platform into a fully integrated part of our app and web.
Nordnet Social has also been further developed by adding 
a top list to every instrument page in the app. The feature 
makes it easy for customers to find and be inspired by others 
who own the company.
A new feature that simplifies customers' everyday lives is the 
possibility of real-time currency exchange via the mobile app. 
This makes it easy to manage currency balances and thereby 
gain greater control over one's currency exposures.
Nordnet was appointed as a distributor for the initial public 
offering of SpaceX in the quarter. This is the single largest 
IPO ever and also the first time European retail investors 
have been given the opportunity to subscribe for shares in an 
American initial public offering. The offering was directed to 
our customers in Sweden, Norway, and Denmark.
The quarter also marked an important event for Nordnet 
Fonder, as its assets under management surpassed SEK 
100 billion. We also broadened our offering with Nordnet 
Germany, the first German index fund on the Nordic market.
In Sweded, we launched several targeted services that create 
added value for specific customer categories. Through a 
new partnership with the platform Eqvor, our Private Banking 
and Active Trading customers can now trade unlisted shares 
digitally and transparently. For Private Banking customers, we 
have also initiated a partnership with Fenix, which gives them 
free access to the drafting of digital legal agreements. Finally, 
we have launched Fondkompassen, a new service that 
helps savers navigate the fund offering based on their own 
preferences within sustainability and ESG. By answering a 
few questions, the customer gets a visual overview of which 
funds best match their values, combined with the funds' 
historical returns. The service will be launched in Finland 
next.

===== SIDA 13 =====

13Nordnet interim report January-June 2026
Consolidated net profit1 
 
Operating income amounted to SEK 1,634 (1,293) million, 
which is 26 percent higher than the second quarter of 2025.
Net commission income grew by 37 percent compared to 
the second quarter of 2025 and amounted to SEK 930 (681) 
million.
Transaction-related net income amounted to SEK 738 (537) 
million in the quarter, which is an increase of 37 percent 
compared to the second quarter of 2025. The increase is a 
result of a 17 percent increase in the number of trades, as 
well as a 17 percent increase in net income per trade. The 
increase in income per trade is, in turn, explained by a record-
high share of cross-border trading, which during the quarter 
accounted for 43 percent of the total number of trades, 
compared to 33 percent during the second quarter of 2025. 
Compared to the previous quarter, transaction-related net 
income increased by 1 percent. The 6 percent decrease in 
the number of trades was compensated for by an 8 percent 
increase in income per trade, due to increased cross-border 
trading.
Fund-related net income amounted to SEK 198 (148) million, 
which is an increase of 34 percent compared to the second 
quarter of 2025. The change is a result of higher fund capital, 
which increased by 38 percent from the second quarter of 
2025. The increase in fund capital is driven by both higher 
valuations and net buying. The revenue margin, which 
amounted to 23.6 (23.8) basis points, decreased slightly 
because a higher proportion of new fund savings is placed 
in funds with lower fees. Compared to the previous quarter, 
fund-related net income increased by 6 percent, as a 17 
percent increase in fund capital compensated for the lower 
revenue margin resulting from decreased currency exchange 
revenues from cross-border fund trading.
Net interest income for the quarter amounted to SEK 675 
(601) million, which is an increase of 12 percent compared 
to the second quarter of 2025. The increase is a result of 
both higher deposits and higher lending, which counteracted 
lower interest rate levels. The growth is largely driven by the 
Norway, where deposits remain at a higher level than the 
previous year. Deposit levels remain higher in Norway despite 
Norwegian customers net buying during this quarter due to 
the strong liquidity build-up when customers took profits 
within the energy sector in the previous quarter.
Net income from the loan portfolio amounted to SEK 271 
(269) million, which is 1 percent higher than in the second 
quarter of 2025. This is the first time since Q3 2024 that 
income from the loan portfolio has risen on an annual basis, 
as higher volumes now fully compensate for the lower 
interest rate levels. Compared to the previous quarter, income 
from the loan portfolio rose by 1 percent as a result of a 5 
percent increase in lending volumes.
Net income from the liquidity portfolio amounted to SEK 500 
(434) million, which is an increase of 15 percent compared to 
the second quarter of 2025 as a result of higher volumes that 
compensate for a slightly lower interest rate level. Compared 
to the previous quarter, net income from the liquidity portfolio 
increased by 27 percent as a result of both higher interest 
rates and a higher average volume. The higher average 
volume is an effect of deposits increasing towards the end of 
the first quarter and only decreasing towards the end of the 
second quarter.
Interest expense on deposits amounted to SEK -102 (-106) 
million, which is a decrease of 3 percent compared to the 
second quarter of 2025. The decrease is a result of a lower 
average interest rate on deposits due to a lower interest rate 
environment as well as lower deposit volume on interest-
bearing accounts. Compared to the previous quarter, interest 
expense on deposits increased by 18 percent as a result 
of slightly higher volumes on interest-bearing accounts in 
Sweden and higher deposit rates in Norway.
Other income amounted to SEK 27 (16) million. The 
increase compared to the previous year is due to income 
from distribution in connection with initial public offerings. 
Compared to the previous quarter, when other income 
amounted to SEK 5 million, the increase is driven by income 
from initial public offerings as well as a seasonal increase 
from fees associated with disribution of dividends in Finland.
Operating expenses increased by 11 percent compared to 
the second quarter of 2025 and amounted to SEK 440 (397) 
million. Approximately SEK 24 (10) million consists of costs 
related to the upcoming launch in Germany. Excluding costs 
for Germany, expenses increased by 7.5 percent compared 
to the same period last year, primarily driven by higher 
marketing costs as well as higher depreciation and system 
costs.
Operating profit increased by 33 percent in the second 
quarter of 2026 and amounted to SEK 1,190 (893) million, 
with an operating margin of 73 (69) percent.
1 The comparative figures in parentheses refer to the corresponding period of the previous year.

===== SIDA 14 =====

14Nordnet interim report January-June 2026
SEK million
Q2 
2026
Q2 
2025 Change %
Q1 
2026 Change %
Jan-Jun
2026
Jan-Jun
2025 Change %
Net transaction-related income 738 537 +37% 730 +1% 1,468 1,188 +24%
Net fund-related income 198 148 +34% 186 +6% 384 315 +22%
Net other provision income -6 -4 +42% -7 -11% -13 -6 +133%
Net commission income 930 681 +37% 909 +2% 1,838 1,497 +23%
Liquidity portfolio 500 434 +15% 394 +27% 893 814 +10%
Credit portfolio 271 269 +1% 268 +1% 540 568 -5%
Deposits -102 -106 -3% -86 +18% -189 -210 -10%
Other 7 5 +41% 3 +112% 10 7 +48%
Net interest income 675 601 +12% 579 +17% 1,254 1,178 +6%
Net result of financial transactions 2 -5 -132% -7 -121% -6 -3 +85%
Other operating income 27 16 +74% 5 +462% 32 17 +91%
Operating income 1,634 1,293 +26% 1,485 +10% 3,119 2,689 +16%
General administrative expenses -352 -327 +8% -364 -3% -717 -655 +9%
Depreciation amortization and impairments -63 -55 +14% -61 +4% -124 -108 +14%
Marketing expenses -25 -15 +61% -14 +79% -38 -40 -5%
Operating expenses -440 -397 +11% -439 +0% -879 -804 +9%
Net credit losses 0 0 -125% -2 -104% -2 -1 +53%
Imposed levies: resolution fee -4 -3 +28% -2 +51% -6 -6 -7%
Operating profit 1,190 893 +33% 1,042 +14% 2,233 1,878 +19%
Earnings per share before dilution  (SEK) 3.81 2.84 +34% 3.32 +15% 7.13 5.98 +19%
Earnings per share after dilution  (SEK) 3.80 2.84 +34% 3.32 +15% 7.12 5.97 +19%
Items affecting comparability1 0 0 - 0 - 0 0 -
Adjusted operating expenses before credit losses1 -440 -397 +11% -439 +0% -879 -804 +9%
Adjusted operating profit1 1,190 893 +33% 1,042 +14% 2,233 1,878 +19%
Adjusted earnings per share after dilution (SEK)1 3.80 2.84 +34% 3.32 +15% 7.12 5.97 +19%
1  För jämförelsestörande poster, se sidan 19.
Consolidated income statement, Group
April - June SEK million Sweden Norway Denmark Finland Group
2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
Operating income1 406 359 463 325 404 325 361 283 1634 1293
Operating expenses1 -140 -132 -103 -92 -104 -89 -93 -84 -440 -397
Operating profit before credit losses 265 227 360 233 300 235 268 200 1194 896
Credit losses 0 1 0 0 0 0 0 0 0 0
Imposed levies: resolution fee -1 -1 -1 0 -1 -1 -1 -1 -4 -3
Adjusted operating profit 265 227 360 232 299 234 267 199 1190 893
Items affecting comparability1 0 0 0 0 0 0 0 0 0 0
Operating profit 265 227 360 232 299 234 267 199 1190 893
Adjusted operating margin 65% 63% 78% 71% 74% 72% 74% 70% 73% 69%
Income in relation to savings capital 0.35% 0.42% 0.70% 0.67% 0.50% 0.54% 0.51% 0.55% 0.49% 0.52%
Income statement by market
1 For items affecting comparability, see page 19.

===== SIDA 15 =====

15Nordnet interim report January-June 2026
Financial position 
30 June 2026 
(31 December 2025)
Nordnet’s total assets amounted to SEK 349 (309) billion, 
an increase of 13 percent compared to the turn of the year. 
Out of the total assets, SEK 251 (220) billion are assets in 
Nordnet’s pensions company (Nordnet Pensionsförsäkring 
AB) for which the customers bear the risk. The value of 
these assets increased by SEK 31 billion during the year. 
These assets have a corresponding item on the liability side, 
meaning that a change in the value of the assets results in a 
corresponding change in the liabilities and therefore has no 
effect on profit or equity.
Deposits from the public are Nordnet’s main source of 
funding. Only a limited share of deposits is loaned out 
and the remaining liquidity is invested in interest-bearing 
securities (“the liquidity portfolio”) of high credit quality and 
high liquidity, in order to maintain a strong liquidity buffer. The 
currency distribution among lending and investments in the 
liquidity portfolio corresponds to the currency distribution 
among deposits and equity.
Lending¹ volumes amounted to SEK 31.4 (29.2) billion, which 
is SEK 2.2 billion higher than 31 December 2025. Credit 
quality in the lending portfolio is deemed good. For more 
information, see Note 5.
The liquidity portfolio amounts to SEK 70 (60) billion, 
corresponding to 73 percent of deposits, thereby providing 
a good liquidity buffer. The liquidity portfolio has increased 
by 16 percent since 31 December 2025 due to increased 
deposits. The charts to the right show the maturity structure 
for the Group's investments in bonds and certificates, broken 
down by security category and maturity structure by interest 
rate binding category.
Nordnet primarily invests its liquidity portfolio with the 
intention of retaining holdings to maturity and reports them 
either as Hold to Collect (HTC) or Hold to Collect and Sell 
(HTC&S). Unrealized gains reflected neither in profit nor 
in equity via other total comprehensive income (the HTC 
portfolio) amounted to SEK -10.7 (-3.7) million. For securities 
classified as HTC&S, unrealized gains or losses are reflected 
in other total comprehensive income and in equity. This value 
amounted to SEK 106 (50) million. See chart to the right for 
the distribution between HTC and HTC&S, fixed and variable 
interest and by maturity structure for each category.
0 – 6M 6M – 1Y 1– 2Y 2 – 3Y 3 – 4Y 4 – 5Y
Gov/Gov reg/Supr
Covered bonds
Sr./other
Cash
8.6%
6.8%
6.6%
11.3
12.6%
15.9%
16.2
6.5
9.7
11.1%
2.1%
3.0%
3.2%5.3%
9.5
0.43.9%
0.2%
>5Y
3.3% 0.5%
15.7
4.2%
1.7%
2.8% 0.3%1.1%
5.7%
1 Lending excluding pledged cash and equivalents.
Maturity structure by securities category 
(SEK billion) 30 June 2026
0 – 6M 6M – 1Y 1– 2Y 2 – 3Y 3 – 4Y 4 – 5Y >5Y
9.5
15,7
11.3
16.2
6.5
9.7
7.7%
8.2%
6.8%
9.7%
22.7%
16.3% 14.0%
4.1%
0.49.4%
0.5%
Fixed FRN Cash
0.7%
Maturity structure by fixed or floating rate 
(SEK billion) 30 June 2026
HTC - Fixed
HTC – FRN
HTC&S – Fixed
HTC&S – FRN
Cash
0 – 6M 6M – 1Y 1– 2Y 2 – 3Y 3 – 4Y 4 – 5Y
9.5
15.7
11.3
16.2
6.5
9.7
16.0%
7.7%
6.8%
13.2%
20.4%
9.4%4.1%
8.9%
0.5%
0.4
>5Y
7.3%
0.0%0.8% 0.7%0.3%2.2%0.9%
0.7%
Maturity structure by reported category 
(SEK billion) 30 June 2026

===== SIDA 16 =====

16Nordnet interim report January-June 2026
SEK million 2026-06-30 2025-12-31
Consolidated shareholders’ equity 8,058 8,379
of which: Additional Tier capital (AT) 900 900
Equity in Nordnet Funds and eliminations in the group 8 3
Consolidated Situation:
Shareholders’ equity excluding Additional Tier 1 capital 7,150 7,482
Exclude profit that have not been subject to audit -953 0
Forseeable dividend -598 -2,248
Core Tier 1 capital before regulatory adjustments 5,600 5,234
Additional value adjustments -61 -48
Intangible fixed assets and deferred tax receivables -718 -677
Significant holdings of CET1 instruments in financial sector companies -664 -547
Aggregate regulatory adjustments of Core Tier 1 capital -1,443 -1,271
Common Equity Tier 1 4,157 3,963
Tier 1 capital 900 900
Tier 2 capital 0 0
T otal own funds 5,057 4,863
Own funds
Nordnet has a strong and stable capital structure. Equity 
amounted to SEK 8.1 (8.4) billion, which, together with low 
risk in both lending and investments in the liquidity portfolio, 
creates the conditions for maintaining a dividend level of 70 
percent of profit and also for repurchasing shares.
As the capital situation is strong and capital exceeds the 
regulatory requirements by a solid margin, Nordnet has 
chosen not to have this interim report reviewed by an auditor. 
This means that Nordnet cannot include the profit for the 
quarter, which has an impact on the capital situation and the 
reported capital metrics. We intend to have the interim report 
for the third quarter reviewed by an auditor, which means that 
Nordnet will then be able to include the profit for both the 
second and third quarters in the capital base.
The regulatory capital requirements for the bank operations 
comprise two parts: the risk-weighted capital requirement 
(capital adequacy) and the non-risk-weighted capital 
requirement (leverage ratio). The risk-weighted capital 
ratio of the consolidated situation amounted to 20.9 (23.7) 
percent compared with a risk-weighted capital requirement 
of 15.9 (14.9) percent, and the leverage ratio amounted to 4.7 
(5.1) percent compared with a requirement, including Pillar 2 
guidance, of 3.5 percent.  
The risk-weighted capital requirement can be divided 
into three parts: Pillar 1, Pillar 2, and the combined buffer 
requirement. The Pillar 1 requirement mainly consists of 
credit risk and operational risk. The Pillar 2 requirement is 
primarily attributable to credit spread risk and interest rate 
risk in the banking book, which are largely a function of 
the credit quality as well as the interest rate and maturity 
structure of the investments in the liquidity portfolio.
The Swedish Financial Supervisory Authority 
(Finansinspektionen) has assigned Nordnet's consolidated 
situation a capital requirement of 1.94 percent for Pillar 
2 risks. Nordnet also continuously conducts an internal 
assessment of its capital requirements, and the chart below 
illustrates both the regulatory requirements and the internally 
calculated needs under Pillar 2. If the internally assessed 
capital requirement exceeds the requirements of the Swedish 
Financial Supervisory Authority, the higher amount is applied, 
which is currently the case. For Nordnet, the combined buffer 
requirement comprises a capital conservation buffer and a 
counter-cyclical capital buffer.
Since the turn of the year, the leverage ratio has decreased 
from 5.1 percent to 4.7 percent, primarily as a consequence 
of increased deposits. At the end of the quarter, Nordnet has 
Tier 1 capital that exceeds the leverage ratio requirement, 
including Pillar 2 guidance, by SEK 1.3 (1.5) billion. At the 
same time, the capital base exceeds the total risk-weighted 
capital requirement (internally assessed) by SEK 1.2 (1.8) 
billion.
Own funds and capital requirement  
(SEK million) 30 June 20261
T otal capital Leverage ratio Risk weighted
CET1
AT1
LR requirement (3.0%)
LR guidance (0.5%)
Pilar 1
Pilar 2
Capital buffers
900
5,057
(20.9%)
3,786
(4.7%) 3,848
(15.9%)
1,103
808
3,245
4,157
1,937
541
Capital requirement Pillar 2  
(SEK million, RWE%) 30 June 20261 
470
(1.9%)
808
(3.3%)
P2R Internal
1 Since this interim report has not been reviewed by an auditor Nordnet cannot include the quarter's results in the reported capital situation and capital ratios.

===== SIDA 17 =====

17Nordnet interim report January-June 2026
Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24
T otal capital ratio (%) 20.9% 22.4% 23.7% 24.4% 24.6% 25.0% 24.3% 23.0%
T otal capital requirement (%) 15.9% 15.7% 14.9% 15.0% 15.5% 15.5% 15.5% 15.5%
T otal own funds (SEK million) 5,057 5,001 4,863 4,967 4,901 4,896 4,685 4,428
T otal capital requirement (SEK million) 3,848 3,500 3,052 3,054 3,081 3,026 2,978 2,981
Core Tier 1 ratio (%) 17.2% 18.4% 19.3% 20.0% 20.1% 20.4% 19.7% 18.3%
Core Tier 1 capital requirement (%) 10.9% 10.8% 10.4% 10.4% 10.7% 10.7% 10.7% 10.7%
Core Tier 1 capital (SEK million) 4,157 4,101 3,963 4,067 4,000 3,996 3,785 3,528
Core Tier 1 capital requirement (SEK million) 2,647 2,416 2,126 2,124 2,132 2,093 2,061 2,063
Leverage ratio (%) 4.7% 4.5% 5.1% 5.4% 5.4% 5.5% 6.0% 5.7%
Leverage ratio requirement, incl. guidance (%) 3.5% 3,5% 3.5% 3.5% 3.5% 3.5% 3.5% 3.5%
Tier 1 capital (SEK million) 5,057 5,001 4,863 4,967 4,901 4,896 4,685 4,428
Leverage ratio requirement, incl. guidance (SEK million) 3,786 3,896 3,363 3,207 3,189 3,144 2,755 2,740
Financial position
Nordnet aims to maintain a strong and effective capital 
situation, which, with a maintained dividend level of 70 
percent of net profit, provides scope for growth and the 
capacity to manage unexpected situations. The leverage 
ratio is the principal limiting factor, where the primary 
uncertainty is potentially large inflows of deposits over a 
short period of time, which would affect the leverage ratio 
negatively.
The risk-weighted capital ratio is easier to control for Nordnet 
as lending is limited both by volume and maturity, and the 
capital requirement for the assets in the liquidity portfolio 
can be managed on short notice by reallocating parts of the 
portfolio.
Nordnet’s principal capital objective is to maintain a leverage 
ratio of between 4.0 and 4.5 percent over time, while the 
risk-weighted capital adequacy shall exceed the regulatory 
requirement by at least one percentage point. The intention 
is also to maintain an efficient capital structure and capital 
situation in which the capital base does not exceed the 
capital requirement more than is necessary to conduct the 
business.
At the end of the quarter, Nordnet had the capacity to take in 
SEK 36.3 billion in additional deposits without the leverage 
ratio falling below 3.5 percent, SEK 18.2 billion without 
it falling below 4.0 percent and SEK 4.2 billion without 
falling below 4.5 percent. T o adjust the capital structure 
and eventually achieve the set capital targets, Nordnet 
continuously evaluates additional share buyback programs 
as well as the management of AT1 bonds.
Cash flow
January – June 2026
(January-June 2025)
During the period, cash flow from operating activities was 
impacted positively by the liquidity in customer deposits 
increasing by SEK 6,476 (10,878) million and negatively 
by increased lending of SEK -1,802 (503) million. The 
investment operations have a negative cash flow during 
the year due to increased investments in bonds and other 
interest-bearing securities of SEK -8,204 (-11,172) million.
Cash flow from financing activities has been negatively 
impacted during the period by the repurchase of own shares 
amounting to SEK -100 million.
Parent company
January – June 2026 
(January-June 2025)
Nordnet AB (publ) is a holding company and conducts no 
operations beyond its role as the owner of Nordnet Bank AB 
and Nordnet Incentive AB. Operating income for January–
March 2026 amounted to SEK 11 (12) million and relates to 
intra-Group administrative services. The Parent Company’s 
profit after financial items for the period January–June 
2026 amounted to SEK 1,226 (1,053) million. The Parent 
Company’s cash and cash equivalents amounted to SEK 
15 (40 as of 31 December 2025) million, and shareholders’ 
equity to SEK 3,543 (4,551 as of 31 December 2025) million.
Significant risks and uncertainties
Risk taking is an essential part of Nordnet’s business. 
Nordnet’s profitability is directly dependent on its capacity 
to identify, analyze, control and price risk. Risk management 
in Nordnet serves several purposes. Partly to achieve 
desired profitability and growth, given a deliberately 
accepted level of risk, and to maintain a high level of trust 
from customers and the external community. A trust that is 
essential for Nordnet’s long-term profitability and existence. 
Risk management is conducted in accordance with the risk 
management framework. The framework describes risk 
management-related strategies, processes, procedures, 
internal regulations, limits, controls and reporting procedures. 
Combined, these are intended to ensure that Nordnet can, on 
an ongoing basis, identify, measure, manage, internally report 
and maintain control over the risks to which Nordnet is, or 
is likely to be, exposed. A detailed description of Nordnet’s 
exposure to risk and handling of risks is presented in the 
Board of Directors' Report and in Note 7 in the 2025 Annual 
Report.

===== SIDA 18 =====

18Nordnet interim report January-June 2026
The war in the Middle East continues to leave clear marks 
on the financial markets. Volatile energy prices are creating 
concern among central banks regarding how inflation will be 
affected if the situation does not reach a long-term solution. 
At the same time, the tone from the US toward Europe is 
sharp, further fueling geopolitical tensions. This has led to a 
clear shift in expectations among economists, where hope 
for a consumption-driven economic recovery has been 
replaced by increasingly uncertain future prospects.
This uncertainty, combined with rising inflation expectations, 
risks leading to increased volatility and declining valuations 
on the stock market as households defer consumption 
and maintain a high savings ratio. In the short term, higher 
volatility may indeed drive up trading activity and thus 
commission income. However, if the escalation continues, 
or if the conflict becomes protracted, the risk of a broader 
market decline and potential recession increases. Such 
a scenario would negatively affect Nordnet's revenue 
through reduced trading volumes and lower assets under 
management in the fund business, although a higher interest 
rate environment could simultaneously strengthen net 
interest income and thereby partially compensate for lower 
commission income.
In general, the cyber threat to the digital financial sector is 
extensive and Nordnet’s operations are thus exposed to 
cyber attacks and fraud. An incident related to such attacks 
or fraud may materially disrupt Nordnet’s operations, damage 
Nordnet’s reputation, expose Nordnet to the risk of loss, 
sanctions or legal proceedings and a potential exposure to 
losses affecting customers.
Changes in legislation constitute an ongoing risk to 
Nordnet’s business model. In connection with the upcoming 
parliamentary election in Sweden, discussions and proposals 
have been raised from the political sphere regarding changes 
to the framework for private savings, including adjustments 
to tax levels and caps for popular forms of savings such as 
ISK. Altered political priorities after the election could lead to 
regulatory adjustments that impair the incentives for private 
savings. This, in turn, risks negatively affecting customers' 
savings behavior and thereby Nordnet’s business.
Other corporate events
On April 1, 2026, Rasmus Järborg took over as the new CEO 
of Nordnet. Rasmus was previously Chief Product Officer 
and Deputy CEO at Nordnet.
On 16 June, it was announced that Elias Lindholm is stepping 
down as CTO of Nordnet and will be succeeded by Michel 
Cupurdija and Aleksandar Sekulic, who assume the roles as 
co-CTOs from 26 June.
Shares and shareholders
As of 30 June 2026, the total number of issued shares in 
Nordnet AB (publ) amounted to 249,144,992, divided into 
248,511,804 ordinary shares and 633,188 Class C shares. All 
shares are outstanding as Nordnet currently does not hold 
any shares in treasury.
At the close of trading on 30 June 2026, the share price was 
SEK 368.4, an increase of 36 percent since the turn of the 
year, when the share price was SEK 270.2. Nordnet AB (publ) 
is listed on the Nasdaq Stockholm Large Cap list under the 
ticker SAVE. As of 30 June 2026, the company has 31,472 
shareholders.
Share repurchase program
Nordnet has not had an active share repurchase program 
during the quarter. The latest share repurchase program was 
completed on 16 March 2026.
In April, an application for further repurchases was 
submitted to the Swedish Financial Supervisory Authority 
(Finansinspektionen). Approval has been received regarding 
the insurance operations, while a decision regarding the bank 
operations is still pending.
Annual General Meeting 
At the Annual General Meeting on 27 April 2026, Anna Bäck, 
Fredrik Bergström, T om Dinkelspiel, Karitha Ericson, Therese 
Hillman, Charlotta Nilsson, Henrik Rättzén, and Johan 
Åkerblom were re-elected as ordinary board members, and 
former CEO of Nordnet, Lars-Åke Norling, was elected as a 
new board member for the period until the end of the next 
Annual General Meeting. T om Dinkelspiel was re-elected as 
Chairman of the Board.
The Annual General Meeting resolved to authorize the Board 
of Directors to, on one or more occasions for the period until 
the next Annual General Meeting, resolve on the acquisition 
of a maximum number of own ordinary shares such that the 
company at any given time after the acquisition holds a total 
of no more than one-tenth of all shares in the company.
The Annual General Meeting resolved to authorize the Board 
of Directors to, on one or more occasions for the period until 
the next Annual General Meeting, with or without deviation 
from the shareholders' preferential rights, against cash 
payment, non-cash property, or through set-off, resolve on 
a new issue of ordinary shares corresponding to a maximum 
of 10 percent of the total number of shares in the company, 
calculated at the time the authorization is utilized for the first 
time.
The Board's proposal for a dividend of SEK 8.60 per share 
was adopted by the Annual General Meeting. The dividend 
was paid on 5 May 2026.

===== SIDA 19 =====

19Nordnet interim report January-June 2026
Items affecting comparability
Employees
The number of full-time employees as of 30 June 2026 
amounted to 876 (837 on 30 June 2025). The number of 
full-time employees includes temporary employees, but not 
employees on parental or unpaid leave. The average number 
of employees during the period January–June amounted 
to 903 (855 during the period January–June 2025). In 
addition to the number of full-time positions, the number of 
employees also includes staff on parental leave and leaves 
of absence. The increase is mainly attributable to additional 
employees in T ech and Product.
Events after 30 June 2026
On 1 June, it was announced that Markus Pertlwieser is 
leaving his role as Country Manager for Germany for a new 
assignment outside the company. He will be succeeded on 1 
August by Arno Walter, who takes over as Country Manager 
on an interim basis for a period of up to two years.
Upcoming report events
Interim report January–September 2026 22 October 2026
Interim report January–December 2026 27 January 2027
Interim report January–March 2027 23 April 2027
1 Legal costs related to the handling and appeal of the Swedish Financial Supervisory Authority’s (Finansinspektionen) sanction decision from 2022. The process has been concluded.  
2 Amounts to SEK 14 million in revenue and a corresponding amount in costs. Relates to a service agreement with the buyer of the private loan portfolio.
SEK million 2026 2025 2024 2023 2022
Deduction right VAT 38
AML/KYC project -19
Sanction from SFSA -41 -100
Divestment personal loans -2 -42
One time gratification -36
Administration error of corporate event -18
To t a l 0 -23 -78 0 -82

===== SIDA 20 =====

20Nordnet interim report January-June 2026
SEK million Q2 26 Q1 26 Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Q3 24 Q2 24
Consolidated income statement
Net comission income 930 909 822 738 681 817 674 569 583
Net Interest income 675 579 561 574 601 577 612 653 691
Net result of financial transactions 2 -7 -3 -20 -5 2 -5 0 -2
Other operating income 27 5 26 -1 16 1 92 4 16
Operating income 1,634 1,485 1,405 1,290 1,293 1,396 1,374 1,226 1,289
General administrative expenses -352 -364 -343 -319 -327 -329 -398 -285 -284
Depreciation. amortization and impairments -63 -61 -60 -58 -55 -53 -132 -52 -51
Other operating expenses -25 -14 -38 -25 -15 -25 -52 -21 -18
Operating expenses -440 -439 -441 -403 -397 -407 -582 -358 -353
Net credit losses 0 -2 0 2 0 -1 54 -13 -28
Imposed levies: resolution fees -4 -2 -2 -2 -3 -4 -3 -3 -4
Operating profit 1,190 1,042 961 886 893 985 842 852 904
Earnings per share before dilution (SEK) 3.81 3.32 3.05 2.81 2.84 3.13 2.56 2.70 2.86
Earnings per share after dilution (SEK) 3.80 3.32 3.05 2.81 2.84 3.13 2.56 2.70 2.86
Items affecting comparability1 0 0 -4 -18 0 0 -78 0 0
Adjusted operating expenses before credit 
losses -440 -439 -423 -403 -397 -407 -391 -358 -353
Adjusted operating profit1 1,190 1,042 966 904 893 985 919 852 904
Adjusted earnings per share after dilution 
(SEK)1 3.80 3.32 3.06 2.86 2.84 3.13 2.86 2.70 2.86
Key figures
Adjusted operating income in relation to 
savings capital - rolling 12 months %1 0.49% 0.49% 0.50% 0.51% 0.52% 0.54% 0.54% 0.56% 0.57%
Adjusted operating expenses in relation to 
savings capital - rolling 12 months %1 0.14% 0.15% 0.15% 0.15% 0.15% 0.15% 0.15% 0.16% 0.16%
Operating margin % 73% 70% 68% 69% 69% 71% 61% 69% 70%
Adjusted operating margin %1 73% 70% 69% 69% 69% 71% 70% 69% 70%
Cost/income % 27% 30% 31% 31% 31% 29% 42% 29% 27%
Adjusted cost/income %1 27% 30% 30% 31% 31% 29% 30% 29% 27%
Profit margin % 59% 57% 55% 56% 56% 57% 48% 57% 57%
Return on equity - rolling twelve months % 45% 41% 41% 41% 42% 41% 41% 43% 45%
Adjusted return on equity - rolling twelve 
months %1 45% 41% 42% 42% 43% 42% 43% 43% 45%
Customers 2,502,200 2,428,600 2,351,100 2,291,900 2,222,500 2,165,700 2,096,400 2,049,800 1,975,100
Annual adjusted customer growth % 13% 12% 12% 13% 14% 14% 14% 12% 11%
Net savings (SEK billion)  26.0 28.8 17.9 20.8 14.6 24.8 19.2 16.3 18.9
Savings ratio % 9% 8% 8% 8% 8% 9% 9% 8% 7%
Savings capital (SEK billion) 1,374 1,214 1,183 1,143 1,064 983 1,032 989 963
of which shares/derivatives/bonds 921 810 802 779 721 660 704 679 666
of which funds 359 307 297 282 260 244 259 241 229
of which deposits2 95 97 84 81 83 79 70 69 68
Average savings capital per customer - 12 
months rolling (SEK) 506,700 487,500 485,700 481,400 478,800 477,400 476,000 463,800 456,400
Lending (SEK billion)3 31.4 29.8 29.3 28.6 27.0 27.5 28.8 31.2 31.5
of which margin lending3 18.7 17.5 17.3 17.2 15.8 16.3 17.6 16.5 16.7
of which mortgages 12.7 12.3 12.0 11.4 11.2 11.2 11.1 11.2 11.2
of which unsecured lending 0.0 0.0 0.0 0.0 0.0 0.0 0.0 3.4 3.6
Investments in tangible assets (SEK million) 6 6 7 3 29 3 6 11 16
Investments in intangible assets excl. company 
acquisitions (SEK million) 69 60 59 60 62 53 50 50 51
Number of full-time equivalents at end of 
period 876 862 853 851 837 809 797 768 753
1For items affecting comparability, see page 19. 2Includes cash and cash equivalents from customers of the pension companies. 3 Lending excluding pledged cash and cash equivalents. For definitions of 
key figures, refer to pages 50-51.
Financial overview per quarter

===== SIDA 21 =====

21Nordnet interim report January-June 2026
Group overview
 
 Illustrated below is Nordnet’s Group structure as of 30 June 2026
Nordnet AB (publ)
Nordnet 
Pensionsförsäkring AB Nordnet Fonder AB
Nordnet Incentive ABNordnet Bank AB
Bank Branch 
Finland
Nordnet Bank AB, 
Suomen Sivuliike
Bank Branch 
Germany
Nordnet Niederlassung 
Frankfurt am Main
Bank Branch 
Norway
Nordnet Bank NUF
Bank Branch 
Denmark
Nordnet Bank 
filial af Nordnet 
Bank AB, Sverige
Pension Branch 
Finland
Nordnet 
Livsforsikring AS, 
Suomen Sivuliike
Nordnet 
Livsforsikring AS
Pension Branch 
Denmark
Nordnet Livsforsikring 
filial av Nordnet 
Livsforsikring AS, 
Norge

===== SIDA 22 =====

22Nordnet interim report January-June 2026
Financial 
Statements

===== SIDA 23 =====

23Nordnet interim report January-June 2026
Financial statements
Consolidated income statement
          3 months 3 months 3 months 6 months 6 months 12 months
Note
Apr-Jun
2026
Apr-Jun
2025
Jan-Mar
2026
Jan-Jun
2026
Jan-Jun
2025
Jan-Dec
2025
Commission income 1,135 837 1,116 2,251 1,832 3,740
Commission expenses  -206 -156 -207 -413 -334 -684
Net commission income 3 930 681 909 1,838 1,497 3,057
Interest income calculated using the effective interest rate 806 731 690 1,496 1,432 2,794
Other interest income 4 4 4 9 9 20
Interest expenses -135 -133 -116 -250 -263 -501
Net interest income 4 675 601 579 1,254 1,178 2,313
Net result of financial transactions 2 -5 -7 -6 -3 -26
Other operating income 27 16 5 32 17 41
T otal operating income 1,634 1,293 1,485 3,119 2,689 5,384
General administrative expenses -352 -326 -363 -717 -653 -1,314
Depreciation, amortization and impairments of
intangibles and equipment -63 -55 -61 -124 -108 -226
Other operating expenses -25 -16 -15 -38 -42 -108
T otal expenses before credit losses and  imposed levies -440 -397 -439 -879 -804 -1,648
Profit before credit losses and imposed levies 1,194 896 1,046 2,240 1,886 3,736
Credit losses, net 5 0 0 -2 -2 -1 0
Imposed levies: resolution fees -4 -3 -2 -6 -6 -11
Operating profit 1,190 893 1,042 2,233 1,878 3,726
T ax on profit for the period -230 -167 -203 -433 -354 -710
Profit for the period 960 725 839 1,799 1,524 3,015
Earnings per share before dilution, SEK 10 3.81 2.84 3.32 7.13 5.98 11.83
Earnings per share after dilution, SEK 10 3.80 2.84 3.32 7.12 5.97 11.82
Average number of shares before dilution 10 248,438,952 249,849,396 248,543,983 248,490,038 249,938,363 249,782,389
Average number of shares after dilution 10 248,687,389 250,108,818 248,739,800 248,719,910 250,277,623 250,035,173
Consolidated statement of other comprehensive income
3 months 3 months 3 months 6 months 6 months 12 months
Apr-Jun
2026
Apr-Jun
2025
Jan-Mar
2026
Jan-Jun
2026
Jan-Jun
2025
Jan-Dec
2025
Profit for the period 960 725 839 1,799 1,524 3,015
Items that will be reversed to the income statement
Changes in value of financial assets recognized at fair value through 
other comprehensive income 60 13 10 71 50 72
T ax on changes in value of financial assets recognized at fair value 
through other comprehensive income -12 -3 -2 -15 -10 -15
Translation of foreign operations 7 1 62 70 -34 -67
T ax on translation of foreign operations -1 -1 -4 -5 3 6
T otal other comprehensive income after tax 54 10 67 121 8 -4
T otal profit or loss and other comprehensive income 1 1,014 736 906 1,920 1,532 3,011
Financial
statements
1 The entire profit accrues to the Parent Company’s shareholders.

===== SIDA 24 =====

24Nordnet interim report January-June 2026
Financial statements
Consolidated balance sheet
Note 30/06/2026 31/12/2025
Assets
Cash and balances in Central banks  2,316  4,675
Treasury bills and other interest bearing securities eligible for refinancing  5,979  5,367
Loans to credit institutions  1,174  1,046
Loans to the public 5  32,251  29,838
Bonds and other interest bearing securities  50,335  42,709
Shares and participations  33  5
Assets for which customers bear the investment risk  250,984  219,873
Intangible fixed assets  1,137  1,067
T angible fixed assets  275  280
Deferred tax assets  3  2
Current tax assets  17  220
Other assets  4,050  3,630
Prepaid expenses and accrued income  558  697
T otal assets 7  349,112  309,411
Liabilities
Deposits and borrowing from the public  82,935  74,496
Liabilities for which customers bear the invesment risk  250,990  219,878
Other liabilities  5,678  6,050
Current tax liabilities  1,021  320
Deferred tax liabilities  34  34
Accrued expenses and deferred income  395  253
T otal liabilities 7  341,054  301,031
Equity
Share capital  1  1
Additional Tier 1 (AT1) capital  900  900
Other capital contributions  7,672  7,618
Other reserves  11 -110
Retained earnings/cumulative losses including profit and loss for the period -526 -30
T otal equity  8,058  8,379
T otal liabilities and equity  349,112  309,411

===== SIDA 25 =====

25Nordnet interim report January-June 2026
Financial statements 
Consolidated statement of changes in equity
Share  capital
Additional Tier 
1 (AT1) capital
Other
 contributed 
capital
Other
 reserves
Retained earnings 
including profit of 
the year T otal equity
Equity brought forward 1 January 2026 1  900 7,618 -110 -30 8,379
Profit after tax reported in the income statement - - - - 1,799 1,799
Other comprehensive income after tax - - - 121 - 121
T otal comprehensive income - - - 121 1,799 1,920
Transactions reported directly in equity
Dividend on Tier 1 capital - - - - -28 -28
Repurchase of shares - - - - -100 -100
Set-off issue  0  -  31 - -31 0
Exercise of warrants - - 7 -  - 7
Issue of warrants - - 15 - - 15
Dividend - - - - -2,136 -2,136
T otal transactions reported directly in equity 0 - 53  - -2,295 -2,241
Equity carried forward 30 June 2026 1  900 7,672 11 -526 8,058
Consolidated statement of changes in equity
Share  capital
Additional Tier 
1 (AT1) capital
Other
 contributed 
capital
Other
 reserves
Retained earnings 
including profit of 
the year T otal equity
Equity brought forward 1 January 2025  1  900  7,412 -106 -272 7,936
Profit after tax reported in the income statement - - -  - 1,524 1,524
Other comprehensive income after tax - - - 8  - 8
T otal comprehensive income - - -  8  1,524 1,532
Transactions reported directly in equity
Dividend on Tier 1 capital  -  -  -  - -30 -30
Repurchase of shares  -  -  -  - -203 -203
Set-off issue  0  - 82 -  -82 0
Exercise of warrants  -  -  106  -  - 106
Issue of C-shares - - 13 -  - 13
Dividend - - - - -2,024 -2,024
T otal transactions reported directly in equity  0  -  200  - -2,339 -2,139
Equity carried forward 30 June 2025 1 900 7,612 -98 -1,086 7,329

===== SIDA 26 =====

26Nordnet interim report January-June 2026
Financial statements 
Consolidated statement of changes in equity
Share  capital
Additional Tier 1 
(AT1) capital
Other
 contributed 
capital
Other
 reserves
Retained earnings
 including profit of 
the year T otal equity
Equity brought forward 1 January 2025  1  900  7,412 -106  -272  7,936
Profit after tax reported in the income statement - - -  - 3,015 3,015
Other comprehensive income after tax - - - -4 - -4
T otal comprehensive income - - - -4 3,015 3,011
Transactions reported directly in equity
Dividend on Tier 1 capital  -  -  -  - -59 -59
Repurchase of shares - - - - -604 -604
Set-off issue 0 - 87 - -87 0
Exercise of warrants -  - 107  -  - 107
Issue of C-shares - - 13 - - 13
Dividend - - - - -2,024 -2,024
T otal transactions reported directly in equity  - - 206  - -2,774 -2,568
Equity carried forward 31 December 2025 1  900 7,618 -110 -30 8,379

===== SIDA 27 =====

27Nordnet interim report January-June 2026
Financial statements
Consolidated cash flow
3 months 3 months 3 months 6 months 6 months 12 months
Apr-Jun
2026
Apr-Jun
2025
Jan-Mar
2026
Jan-Jun
2026
Jan-Jun
2025
Jan-Dec
2025
Operating activities
Cash flow from operating activities before changes in working capital 846 426 2,220 3,067 2,100 3,155
Cash flow from changes in working capital -1,605 3,698 6,861 5,256 9,355 9,391
Cash flow from operating activities -759 4,124 9,081 8,322 11,455 12,546
Investing activities
Purchases and disposals of intangible and tangible fixed assets -75 -92 -66 -141 -148 -276
Net investments in financial instruments 1,192 -2,957 -9,396 -8,204 -11,172 -8,739
Cash flow from investing activities 1,1117 -3,049 -9,463 -8,345 -11,320 -9,015
Financing activities
Repurchase of own shares -  - -100 -100 -203 -604
Other cash flow from financing activities -2,137 -2,007 1 -2,135 -1,921 -1,919
Cash flow from financing activities -2,137 -2,007 -98 -2,235 -2,123 -2,523
Cash flow for the period -1,778 -932 -480 -2,258 -1,988 1,007
Cash and cash equivalents at the start of the period 5,267 3,672 5,721 5,721 4,735 4,735
Exchange rate difference for cash and cash equivalents 2 -2 26 28 -10 -21
Cash and cash equivalents at the end of the period 1 3,491 2,738 5,267 3,491 2,738 5,721
whereof cash and cash equivalents in Central Banks 2,316 1,810 4,100 2,316 1,810 4,676
whereof loans to credit institutions 1,174 927 1,168 1,174 927 1,046
1 This amount includes reserved funds of SEK 180 (182) million.

===== SIDA 28 =====

28Nordnet interim report January-June 2026
Financial statements
Parent Company income statement
3 months 3 months 3 months 6 months 6 months 12 months
Apr-Jun
2026
Apr-Jun
2025
Jan-Mar
2026
Jan-Jun
2026
Jan-Jun
2025
Jan-Dec
2025
Net sales 5 7 6 11 12 24
T otal operating income 5 7 6 11 12 24
Other external costs -4 -4 -5 -9 -10 -19
Personnel costs -3 -5 -23 -26 -10 -18
Other operating expenses -1 -1 -1 -2 -2 -4
T otal operating expenses -8 -11 -29 -37 -21 -41
Operating profit -3 -4 -23 -26 -9 -17
Result from financial investments
Result from participations in Group companies 672 508 587 1,259 1,067 2,654
Other interest income and similar items 0 0 0 0 1 1
Interest expense and similar items -2 -3 -4 -7 -6 -11
Result from financial investments 670 506 583 1,252 1,062 2,645
Profit after financial items 666 502 560 1,226 1,053 2,628
T ax on profit for the year 1 1 5 6 3 -
Profit for the period 667 503 565 1,232 1,056 2,628
Items that will be reversed to the income statement -  - - -  - -
T otal other comprehensive income after tax 667 503 585 1,232 1,056 2,628
Parent Company balance sheet
30/06/2026 31/12/2025
Assets
Financial fixed assets 2,410 2,395
Current assets 1,145 2,136
Cash and bank balances 15 40
T otal assets 3,570 4,570
Equity and liabilities
Restricted equity 1 1
Non-restricted equity 3,541 4,550
Current liabilities 27 19
T otal equity and total liabilities 3,570 4,570

===== SIDA 29 =====

29Nordnet interim report January-June 2026
Notes
 
Notes

===== SIDA 30 =====

30Nordnet interim report January-June 2026 30Nordnet interim report January-June 2026
Notes
Note 1 Accounting principles 
This interim report for the Group has been compiled in
accordance with IAS 34, Interim Financial Reporting.
In addition, the Group adheres to the Annual Accounts
Act of Credit Institutions and Securities Companies and
the Financial Supervisory Authority’s regulations (FFFS
2008:25) and RFR 1 Supplementary Accounting Rules for
Groups. The Parent Company’s Interim Report has been
prepared in accordance with the Swedish Annual Accounts
Act (1995:1554) and with application of the Swedish
Financial Reporting Boards RFR 2 Accounting for legal
entities.
All figures in the interim report are shown in millions of
Swedish kronor (SEK million) unless otherwise stated. 
The accounting principles applied in this interim report are 
consistent with those described in Note 5, 'Accounting 
principles applied', of the Nordnet 2025 Annual Report. 
Other specific principles are presented in connection with 
the respective note in the same annual report, where relevant 
to the understanding of the financial statements. There have 
been no changes to the accounting principles or bases of 
calculation since the 2025 Annual Report.
Notes.

===== SIDA 31 =====

31Nordnet interim report January-June 2026
Notes
Jan-Jun 2026
Sweden Norway Denmark Finland To t a l
Commission income - transaction related  234  286  261  348  1,129 
Commission income - non transaction related  194  158  44  36  432 
Currency exchange income  145  177  245  99  666 
Other commission income  11  8  2  3  25 
Income associated with IPOs and company 
events  1  4  1  25  32 
Other operating income  2  3  14  7  26 
To t a l  588  636  568  518  2,309 
Timing of revenue recognition
Service gradually transferred to customer - - - - -
Service transferred to customer at one point
in time  588  636  568  518  2,309 
Note 2 Revenue from contracts with customers
Jan-Jun 2025
Sweden Norway Denmark Finland To t a l
Commission income - transaction related 208 206 236 298 948
Commission income - non transaction related 185 123 34 28 370
Currency exchange income 108 114 194 70 486
Other commission income 12 7 4 4 28
Income associated with IPOs and company 
events 1 1 0 17 20
Other operating income 2 3 12 6 23
To t a l 516 454 481 423 1,875
Timing of revenue recognition
Service gradually transferred to customer - - - - -
Service transferred to customer at one point
in time 516 454 481 423 1,875
Jan-Dec 2025
Sweden Norway Denmark Finland To t a l
Commission income - transaction related 400 412 479 596 1,887
Commission income - non transaction related 378 258 74 61 772
Currency exchange income 221 258 389 154 1,022
Other commission income 24 17 9 10 59
Income associated with IPOs and company 
events 2 2 0 34 39
Other operating income 5 5 23 10 42
To t a l 1,030 952 974 866 3,822
Timing of revenue recognition
Service gradually transferred to customer - - - - -
Service transferred to customer at one point
in time 1,030 952 974 866 3,822

===== SIDA 32 =====

32Nordnet interim report January-June 2026
Notes
Note 3 Net commission income
3 months 3 months 3 months 6 months 6 months 12 months
Apr-Jun
2026
Apr-Jun
2025
Jan-Mar
2026
Jan-Jun
2026
Jan-Jun
2025
Jan-Dec
2025
Commission income 
Brokerage commissions 560 435 569 1,129 948 1,887
Currency exchange income 316 199 302 619 456 958
T otal transaction-related income 877 634 871 1,748 1,404 2,845
Fund-related income 226 178 206 432 370 772
Currency exchange income 20 12 27 47 30 64
T otal fund-related income 246 189 232 479 400 836
Other commission income 13 13 12 25 28 59
T otal commission income 1,135 837 1,116 2,251 1,832 3,740
Commission expenses
Commission expenses – transaction-related -139 -97 -142 -280 -216 -439
Commission expenses – fund-related -48 -42 -47 -95 -85 -176
Other commission expenses -19 -18 -19 -38 -34 -68
T otal commission expenses -206 -156 -207 -413 -334 -684
Net commission income 930 681 909 1,838 1,497 3,057
Note 4 Net interest income
3 months 3 months 3 months 6 months 6 months 12 months
Apr-Jun
2026
Apr-Jun
2025
Jan-Mar
2026
Jan-Jun
2026
Jan-Jun
2025
Jan-Dec
2025
Interest income
Loans to credit institutions 18 33 23 41 73 120
Interest-bearing securities 461 352 350 811 628 1,301
Interest-bearing securities at amortized cost 21 49 21 42 112 164
T otal interest income from the liquidity portfolio 500 434 394 894 814 1,585
Loans to the public – mortgages 72 78 69 141 164 294
Loans to the public – margin lending 199 190 200 398 404 804
T otal interest income from the lending portfolio 271 269 268 540 568 1,097
Stock lending program 34 28 28 62 50 112
Other interest income 4 4 4 9 9 20
T otal interest income 810 735 694 1,504 1,441 2,814
Interest expenses
Deposits and borrowing by the public -102 -106 -86 -189 -210 -390
Stock lending program -17 -14 -14 -31 -25 -41
Other interest expenses -15 -13 -15 -31 -28 -70
Of which, deposit guarantee fees -13 -11 -13 -26 -22 -46
T otal interest expenses -135 -133 -116 -250 -263 -501
Net interest income 675 601 579 1,254 1,178 2,313

===== SIDA 33 =====

33Nordnet interim report January-June 2026
Notes
Credit loss reserve 31/12/2025 Stage 1 Stage 2 Stage 3 To t a l
Amortized cost 29,007 724 125 29,856
Provisions for expected credit losses -4 -1 -14 -19
T otal lending to the public 29,004 723 111 29,837
Credit loss reserve 30/06/2026 Stage 1 Stage 2 Stage 3 To t a l
Amortized cost 31,464 700 102 32,265
Provisions for expected credit losses -4 -1 -10 -15
T otal lending to the public 31,460 699 92 32,251
T otal lending amounted to SEK 31.4 billion (29.3 as 
of 31 December 2025). Including loans to the public 
fully covered by pledged cash and cash equivalents on 
endowment insurance plans and investment savings 
accounts (ISKs) of SEK 825 million (547 as of 31 
December 2025), total lending amounted to SEK 32.3 
billion (29.8 as of 31 December 2025). 
Lending to the general public is reported after deduction 
of realized and expected credit losses. At the end of the 
period, the total provision for expected credit losses 
amounted to SEK 15 million (19 as of 31 December 2025).
The credit loss provisions for margin lending amounted to 
SEK 11 million (16 as of 31 December 2025). During Q2, 
a one-off write-off of receivables was carried out on a 
number of older accounts with long-term negative equity, 
which reduced credit loss provisions by just over SEK 4 
million. The majority of the affected accounts had no active 
or prior credit relationship. The credit portfolio's underlying 
quality and other reserve levels remain unchanged.
The volume-weighted average loan-to-value ratio in 
customers' accounts with credit limits amounted to 35 (36 
percent as of 31 December 2025) percent. Customers with 
securities-backed loans are monitored daily and forcibly 
adjusted when necessary to manage credit risk, which is 
assessed to remain low.
The credit risk in Nordnet's mortgage portfolio is assessed 
as low in relation to the mortgage market. Nordnet offers 
mortgages in the Swedish and Norwegian markets with 
a maximum loan-to-value ratio of 50 and 60 percent, 
respectively. Nordnet has previously offered mortgages to 
employees in Sweden with a maximum loan-to-value ratio 
of 75%, a portion of these loans remains in the portfolio.
The credit loss provisions for mortgages amounted to SEK 
3 million (3 as of 31 December 2025). In the fourth quarter 
of 2021, an expert adjustment of SEK 3 million was 
applied to cover expected credit losses that could occur 
if, for example, a mortgaged home is destroyed without 
there being insurance to cover the damage. This provision 
remains as of Q2 2026. 
The average loan-to-value ratio regarding mortgages 
amounted to 45 percent (44 percent as of 31 December 
2025). In addition to the mortgage on the customer’s 
home, Nordnet also holds collateral in the form of 
mortgage customers’ savings capital with Nordnet. Also 
taking such collateral into account, the volume-weighted 
average loan-to-value ratio in this lending portfolio is 29 
percent (29 percent as of 31 December 2025). The first 
quarter of the year demonstrated strong resilience in the 
Swedish and Norwegian housing markets. Optimism is 
returning as interest rate concerns subside and household 
financial conditions stabilize. Price trends in both markets 
are showing a positive trajectory.
Nordnet recognizes reserves for credit losses on financial 
assets that are valued at amortized cost. For all credit 
products, Nordnet has developed statistical models that 
consist of a combination of historical, current, future-
oriented and macroeconomic data and benchmarks 
deemed relevant by Nordnet, as well as external data from 
multiple sources to be able to measure the credit risk and 
assess the potential risk of default.
Measurement of credit exposure and calculation of 
expected credit losses are complex and include the use of 
models that are based on the probability of default, 
exposure at default and loss given default. The calculation 
of expected credit losses includes forward-looking 
information with macro variables based on different 
Loans 30/06/2026 31/12/2025 change %
Margin loans 19,554 17,880 9.4%
Residential mortgage 12,697 11,957 6.2%
T otal lending to the public 32,251 29,837 8.1%
whereof credits covered by pledged cash and cash equivalents 825 547 50.8%
Note 5 Loans to the public

===== SIDA 34 =====

34Nordnet interim report January-June 2026
Notes
scenarios. The forecast for the three scenarios – base, 
positive, and negative – is based on different assumptions 
about future unemployment and economic recovery. 
The second quarter continued to be impacted by the 
conflict in the Middle East and its volatile effects on 
commodity and energy prices. This persistent geopolitical 
uncertainty has contributed to renewed inflationary 
pressures, prompting central banks to adopt a more 
cautious, wait-and-see approach. 
Nordnet’s assessment is that the mortgage portfolio has 
sufficient collateral for an adjustment of the weighting not 
to be necessary, and Nordnet maintains an equivalent 
assessment with regard to margin lending, as the risk there 
is primarily affected by developments in the stock market. 
Cont. Note 5 Loans to the public

===== SIDA 35 =====

35Nordnet interim report January-June 2026
Notes
Jan-Jun 2026
Sweden Norway Denmark Finland Group
Net commission income 448 487 495 408 1,838
Net interest income 366 388 265 235 1,254
Net result after financial transactions -1 -2 -2 -2 -6
Other interest income -28 8 17 35 32
T otal operating income 786 882 776 676 3,119
T otal operating expenses -281 -209 -200 -189 -879
T otal expenses before credit losses -281 -209 -200 -189 -879
Profit before credit losses 505 672 576 487 2,240
Credit losses, net 0 -1 -1 0 -2
Imposed levies: resolution fees -2 -1 -2 -2 -6
Operating profit 504 670 573 486 2,233
Note 6 Group - segments
Jan-Jun 2025
Sweden Norway Denmark Finland Group
Net commission income 401 338 429 330 1,497
Net interest income 375 313 259 231 1,178
Net result after financial transactions -0 -0 -1 -1 -3
Other interest income -25 4 13 25 17
T otal operating income 750 655 700 585 2,689
T otal operating expenses -265 -191 -183 -166 -804
T otal expenses before credit losses -265 -191 -183 -166 -804
Profit before credit losses 486 464 517 419 1,886
Credit losses, net 0 -1 -0 -0 -1
Imposed levies: resolution fees -2 -1 -2 -2 -6
Operating profit 484 462 515 418 1,878
Jan-Dec 2025
Sweden Norway Denmark Finland Group
Net commission income 788 720 864 685 3,057
Net interest income 735 630 494 454 2,313
Net result after financial transactions -4 -1 -19 -3 -26
Other interest income -39 7 25 49 41
T otal operating income 1,480 1,356 1,364 1,185 5,384
T otal operating expenses -563 -384 -368 -333 -1,648
T otal expenses before credit losses -563 -384 -368 -333 -1,648
Profit before credit losses 917 971 996 851 3,736
Credit losses, net -1 0 1 0 0
Imposed levies: resolution fees -3 -2 -3 -3 -11
Operating profit 913 970 994 849 3,726

===== SIDA 36 =====

36Nordnet interim report January-June 2026
Notes
Note 7 Group – Financial instruments 
Categorization of financial instruments
30/06/2026
Fair value through consolidated 
income statement
Assets
Amortized
cost
Held for
trading
Other busi-
ness models
Fair value
through other
comprehensi-
ve income To t a l Fair Value
Cash and balances in Central banks  2,316  -  -  -  2,316  2,316
Treasury bills and other interest bearing securities 
eligible for refinancing  2151  -  -  5,765  5,979  5,986
Loans to credit institutions  1,174  -  -  -  1,174  1,174
Loans to the public  31,251  -  -  -  32,251  32,251
Bonds and other interest bearing securities  3,2291  -  -  47,106  50,335  50,318
Shares and participations, listed  -  32  -  -  32  32
Shares and participations, non-listed  -  1  -  -  1  1
Assets for which customers bear the investment risk2  1,826  -  240,510  8,649  250,984  250,984
Other assets  3,961  -  -  -  3,961  3,961
Accrued income  304  -  -  -  304  304
T otal assets  45,277  33  240,510  61,519  347,338  347,328
Liabilities
Deposits and borrowing from the public  82,935  -  -  -  82,935  82,935
Liabilities for which customers bear the investment 
risk 3  -  -  250,990  -  250,990  250,990
Other liabilities  5,678  -  -  -  5,678  5,678
Accrued expenses  395  -  -  -  395  395
T otal liabilities  89,009  -  250,990  -  339,999  339,999
1 As of 30 June 2026, the market value amounted to SEK 3,432 million. Unrealized gains not included in the balance sheet amounted to SEK -12 million.
2 SEK 8,649 million refers to re-investments in bonds and SEK 1,826 million refers to cash and cash equivalents. 
3 This amount includes pension customers’ deposits of SEK 11,678 million 
31/12/2025
Fair value through consolidated 
income statement
Assets
Amortized
cost
Held for
trading
Other busi-
ness models
Fair value
through other
comprehensi-
ve income To t a l Fair Value
Cash and balances in Central banks  4,675  -  -  -  4,675  4,675
Treasury bills and other interest bearing securities 
eligible for refinancing  2621  -  -  5,105  5,367  5,375
Loans to credit institutions  1,046  -  -  -  1,046  1,046
Loans to the public  29,838  -  -  -  29,838  29,838
Bonds and other interest bearing securities  3,5471  -  -  39,162  42,709  42,699
Shares and participations, listed  -  4  -  -  4  4
Shares and participations, non-listed  -  1  -  -  1  1
Assets for which customers bear the investment risk2  1,996  -  213,127  4,750  219,873  219,873
Other assets  3,630  -  -  -  3,630  3,630
Accrued income  478  -  -  -  478  478
T otal assets  45,473  5  213,127  49,017  307,622  307,619
Liabilities
Deposits and borrowing from the public  74,496  -  -  -  74,496  74,496
Liabilities for which customers bear the investment 
risk 3  -  -  219,878  -  219,878  219,878
Other liabilities  6,050  -  -  -  6,050  6,050
Accrued expenses  253  -  -  -  253  253
T otal liabilities  80,800  -  219,878  -  300,678  300,678
1 As of 31 December 2025, the market value amounted to SEK 3,806 million. Unrealized gains not included in the balance sheet amounted to SEK -4 million.
2 SEK 4,750 million refers to re-investments in bonds and SEK 1,996 million refers to cash and cash equivalents. 
3 This amount includes pension customers’ deposits of SEK 9,030 million

===== SIDA 37 =====

37Nordnet interim report January-June 2026
Notes
Determination of fair value of financial 
instruments
When the Group determines fair values   for financial 
instruments, different methods are used depending on the 
degree of observability of market data in the valuation and 
the market activity. An active market is considered either a 
regulated or reliable trading venue where quoted prices are 
easily accessible with regularity. An ongoing assessment of 
the activity is done by analyzing factors such as differences 
in buying and selling prices.
The methods are divided into three different levels:
Level 1 – Financial assets and financial liabilities valued on 
the basis of unadjusted listed prices from an active market 
for identical assets or liabilities. 
Level 2 – Financial assets and financial liabilities valued 
on the basis of input data other than that included in Level 
1, either directly (prices) or indirectly (derived from prices) 
observable. Instruments in this category are measured 
applying:
a) Quoted prices for similar assets or liabilities, or identical 
assets or liabilities from markets not deemed to be active; 
or
b) Valuation models based primarily on observable market 
data.
Level 3 – Financial assets and financial liabilities valued on 
the basis of observable market data. 
The level of the fair value hierarchy to which a financial 
instrument is classified is determined based on the lowest 
level of input data that is significant for the fair value in its 
entirety.
In cases where there is no active market, fair value is 
determined using established valuation methods and 
models. In these cases, assumptions that cannot be 
directly derived from a market can be applied. These 
assumptions are then based on experience and knowledge 
about valuation in the financial markets. However, the 
goal is always to maximize the use of data from an active 
market. In cases when deemed necessary, relevant 
adjustments are made to reflect a fair value, in order to 
correctly reflect the parameters contained in the financial 
instruments and to be reflected in its valuation. 
For financial instruments recognized at fair value through 
the income statement, mainly comprising assets where the 
customer bears the investment risk, fair value is determined 
based on quoted prices on the balance sheet date for the 
assets. Liabilities where the customer bears the investment 
risk receive an indirect asset valuation, which classifies 
them as Level 2 instruments.
Forward rate agreements are valued at fair value by 
discounting the difference between the contracted forward 
rate and the forward rate available on the balance sheet 
date for the remaining contract period. The discount rate is 
the risk-free rate based on government bonds.
The fair value of interest-bearing securities has been 
calculated by discounting anticipated future cash flows, 
with the discount rate being set based on the current 
market interest rate.
Fund units not considered to be traded in an active market 
at listed prices are measured at fair value based on NAV 
(net asset value).
For lending and deposits at variable interest rates, 
including lending with financial instruments or housing 
as collateral, which are reported at amortized cost, the 
carrying amount is considered to be fair value. For assets 
and liabilities in the balance sheet with a remaining 
maturity of less than six months, the carrying amount is 
considered to reflect the fair value.
Cont. Note 7 Group – Financial instruments

===== SIDA 38 =====

38Nordnet interim report January-June 2026
Notes
Financial instruments recognized at fair value
30/06/2026
Level 1 Level 2 Level 3 To t a l
Financial assets at fair value
Treasury bills and other interest bearing securities eligible for refinancing  5,765  -  -  5,765
Bonds and other interest bearing securities  43,448  3,660  -  47,108
Shares and participations  32  -  1  33
Assets for which customers bear the investment risk ¹  249,913  216  856  250,984
Subtotal  299,158  3,875  857  303,890
Financial assets where fair value is given for information purposes
Cash and balances in Central Banks  2,316  -  -  2,316
Loans to credit institutions  -  1,174  -  1,174
Loans to the general public  -  32,251  -  32,251
Treasury bills and other interest bearing securities eligible for refinancing  222  -  -  222
Bonds and other interest bearing securities  3,210  -  -  3,210
Other assets  3,961  -  -  3,961
Accrued income  304  -  -  304
Subtotal  10,013  33,425  -  43,439
To t a l  309,171  37,300  857  347,328
Financial liabilities at fair value
Liabilities for which customers bear the investment risk  -  250,990  -  250,990
To t a l  -  250,990  -  250,990
¹ SEK 8,649 million refers to re-investments in bonds and SEK 1,826 million refers to cash and cash equivalents. These items are included in Level 1.
¹ SEK 4,750 million refers to re-investments in bonds and SEK 1,996 million refers to cash and cash equivalents. These items are included in Level 1.
31/12/2025
Level 1 Level 2 Level 3 To t a l
Financial assets at fair value
Treasury bills and other interest bearing securities eligible for refinancing  5,105  -  -  5,105
Bonds and other interest bearing securities  36,720  2,443  -  39,163
Shares and participations  4  -  1  5
Assets for which customers bear the investment risk ¹  218,926  114  833  219,873
Subtotal  260,754 2,557 834  264,146
Financial assets where fair value is given for information purposes
Cash and balances in Central Banks  4,675  -  -  4,675
Loans to credit institutions  -  1,046  -  1,046
Loans to the general public  -  29,838  -  29,838
Treasury bills and other interest bearing securities eligible for refinancing  270  -  -  270
Bonds and other interest bearing securities  3,536  -  -  3,536
Other assets  3,630  -  -  3,630
Accrued income  478  -  -  478
Subtotal  12,590  30,884  -  43,473
To t a l  272,911  33,629  1,080  307,619
Financial liabilities at fair value
Liabilities for which customers bear the investment risk  -  219,878  -  219,878
To t a l  -  219,878  -  219,878
Cont. Note 7 Group – Financial instruments

===== SIDA 39 =====

39Nordnet interim report January-June 2026
Cont. Note 7 Group – Financial instruments Notes
Description of valuation levels
Level 1 mainly contains shares, funds, bonds, treasury bills 
and standardized derivatives where the quoted price has 
been used in the valuation. 
Level 2 primarily involves bonds that are valued 
based on an interest rate curve and liabilities in the 
insurance operations, the value of which is indirectly linked 
to a specific asset value valued based on observable 
input data. For less liquid bond holdings, credit spread 
adjustments are based on observable market data such 
as the credit derivatives market. This category includes 
funds, derivatives and certain interest-bearing securities.
Level 3 contains other financial instruments for which 
own internal assumptions have a significant effect on the 
calculation of fair value. Level 3 contains mainly unlisted 
equity instruments for which the pension company’s 
customers bear the investment risk. When valuation 
models are used to determine fair value of financial 
instruments in Level 3, the consideration paid or received 
is considered to be the best assessment of fair value on 
initial recognition. 
When the Group determines the level at which financial 
instruments are to be reported, each one is individually 
assessed in its entirety.
Financial instruments are transferred to or from Level 3 
depending on whether internal assumptions have 
changed for the valuation. Input data in Level 3 primarily 
comprise external assessments applying the valuation 
method for relevant inputs. 
 
Disclosures regarding Level 3.
Over the year, financial assets were transferred from 
Level 2 to Level 3, with the main reason for the transfer 
being due to instruments lacking observable market data 
and therefore valued in accordance with independent 
theoretical valuations. Financial assets were also 
transferred from level 3 to level 2, with the main reason 
for the transfer being because instruments that previously 
lacked reliable data or were valued in accordance with 
independent theoretical valuations have now been 
calculated using valuation methods based on observable 
market data. 
Of the closing amount in Level 3 as of 30st June 2026, 
100 percent comprises Swedish holdings, which is why 
the currency effect, shown under Changes in value, 
represents an immaterial part of the amount for foreign 
holdings. 
 
Nordnet’s valuation techniques for level 3 are models of 
discounted cash flows, analyses, option price models 
and current transactions for similar instruments. Nordnet 
may employ theoretical valuations by independent 
counterparties in accordance with valuation techniques if 
these prices are provided to Nordnet. If the valuation data 
for the most recent three months following the end of a 
quarter are insufficient, the valuation is set to zero.
31/12/2025
Assets for which customers bear the investment risk Shares and participants
Opening balance 01/01/2025 1,408 1
Bought  69  -
Transfers to level 3 0  - 
Sold -394  - 
Transfers from level 3 -103  - 
Change in value including currency effect -147  - 
Closing balance 31/12/2025  833  1
31/03/2026
Assets for which customers bear the investment risk Shares and participants
Opening balance 01/01/2026 833 1
Bought  30  - 
Transfers to level 3  4  - 
Sold -16 -
Transfers from level 3 -0  - 
Change in value including currency effect  6  - 
Closing balance 30/06/2026  856  1

===== SIDA 40 =====

40Nordnet interim report January-June 2026
Notes
30/06/2026 31/12/2025
Provided collaterals
Pledged assets and comparable collateral for own liabilities 1,470 1,642
Other pledged assets and comparable collateral
Bonds and other interest bearing securities 1 747 598
of which deposits with credit institutions 356 324
of which deposits with clearing organisations 391 275
Obligations
Contingent liabilities
Guarantee commitment, lease contract 26 27
Commitments
Credit granted but not yet paid, mortgage loans 95 45
Funds managed on behalf of third parties
Client funds 89 68
Note 8 Pledged assets, contingent liabilities and commitments
1 The amount includes reserved funds of  SEK 209 (182) million, pertaining mainly to collateral pledged with clearing institutions, central banks and the stock exchange.
As of the balance sheet date of 30 June 2026, the insurance business held registered assets amounting to SEK 250,984 million (219,873 as of 31 December 2025) to which the policyholders have 
priority rights.
2 In December 2025, the Group signed a lease agreement for office premises in Frankfurt. The lease is set to commence in June 2026, with total fixed-term commitments amounting to approximately 
EUR 1.2 million.
Note 9 Capital adequacy information and liquidity
Disclosures in this note are provided in accordance with 
the Swedish Financial Supervisory Authority’s regulations 
and general advice (FFFS 2008:25) regarding annual 
reports in credit institutions and securities companies, 
the Swedish Financial Supervisory Authority’s regulations 
and general advice (FFFS 2014:12) regarding supervisory 
requirements and capital buffers, and the Swedish 
Financial Supervisory Authority’s regulations (FFFS 
2010:7) regarding the management and disclosure 
of liquidity risks for credit institutions and securities 
companies. Other required disclosures in accordance with 
Regulation (EU) 575/2013 of the European Parliament 
and of the Council on supervisory requirements for 
credit institutions and investment firms (“the supervisory 
regulation”) and regulations supplementing the supervisory 
regulation are provided on the Nordnet website; see www.
nordnetab.com. 
Financial conglomerate
Own funds and capital requirements
The financial conglomerate comprises Nordnet AB (publ)
and all of its subsidiaries. The own funds and capital 
requirement are calculated in accordance with the 
consolidation method. 
The capital requirement for units in the insurance business 
is affected by the policyholders’ assets. The capital 
requirements for the banking operations (presented under 
a separate heading for the consolidated situation) vary 
primarily in terms of the size and credit quality of the bank’s 
exposures. 
For the financial conglomerate, solvency capital 
requirements and own funds are calculated according 
to the standard model under Solvency 2, which affirms 
the total capital requirement from both the banking and 
insurance operations. As a consequence of the solvency 
rules, the item Solvency capital in the conglomerate’s own 
funds, which refer to the estimated future present value of 
the insurance companies (Nordnet Pensionsförsäkring AB) 
including the subsidiary Nordnet Livsforsikring AS).

===== SIDA 41 =====

41Nordnet interim report January-June 2026
Notes
Cont. Note 9 Capital adequacy information and liquidity
Eligible capital and capital requirements
30/06/2026 31/12/2025
Own funds after regulatory adjustments 8,257 7,941
Capital requirement 6,240 5,342
Excess capital 2,017 2,599
The financial conglomerate's capital ratio 1.3 1.5
As of 30 June 2019, Solvency II figures are reported with a one-quarter lag.
Consolidated situation 
Own funds and capital requirements
The consolidated situation consists of Nordnet AB (publ) 
and Nordnet Bank AB. Consequently, the difference 
between the financial conglomerate and the consolidated 
situation is that the financial conglomerate also 
consolidates the insurance operations, as well as Nordnet 
Fonder AB. 
Nordnet applies the standard method for calculating the 
own funds requirement for credit risk. The own funds 
requirement for exchange rate risk comprises all items in 
and outside the balance sheet measured at current market 
value and converted to Swedish kronor at the balance 
sheet date. The own funds requirement for operational 
risk is calculated in accordance with the new standardized 
method (SMA).
As a result of the Swedish Financial Supervisory Authority’s 
Review- and Evaluation Process (SREP) of Nordnet in 
2025, the supervisory authority determined that Nordnet 
shall meet Pillar 2 requirements of 1.94 percent of the 
total risk-weighted exposure amount for the consolidated 
situation, corresponding to SEK 470 million as of 30 June 
2026. Nordnet also continously conducts an internal 
assessment of its capital requirements. If the internally 
assessed capital requirement exceeds the requirements 
of the Financial Supervisory Authority, the higher amount 
shall apply. 
Three quarters of the own funds requirement shall be met 
with Tier 1 capital, at least three quarters of which shall 
consist of Core Tier 1 capital. 
The own funds shall cover minimum capital requirements 
and the combined buffer requirement, as well as 
supplemental Pillar 2 requirements. Until and including the 
first quarter of 2026, net profit is included in own funds less 
expected dividends, as the external auditors have verified 
the net profit and permission has been obtained from the 
Swedish Financial Supervisory Authority.
Nordnet also deducts intangible software assets in 
accordance with the amendment to Delegated Regulation 
(EU) No 241/2014. This means that all intangible software 
assets, the value of which is not significantly affected 
by an institution’s resolution, insolvency or liquidation, 
are deducted from own funds on the basis of a prudent 
valuation (maximum three-year depreciation period). The 
remaining part of the software’s carrying amount shall have 
a risk weight of 100 percent.
The change entails own funds, as well as the total 
risk-weighted exposure amount, increasing by SEK 379 
million as of 30 June 2026 compared with the situation if 
the reduced deduction had not been applied. 
The banking package was adopted in June 2019, and the 
changes were published in June 2024 in the EU's Official 
Journal. The main impact on Nordnet is changes to the 
standardized approach for credit risk and the new method 
for operational risk, which are important components 
in determining the bank's capital adequacy. The bank 
has implemented the changes and meets the new 
requirements. The regulations came into force in January 
2025, with several transitional rules coming into effect at a 
later stage.

===== SIDA 42 =====

42Nordnet interim report January-June 2026
Notes
Cont. Note 9 Capital adequacy and liquidity information
30/06/2026 31/03/2026 31/12/2025 30/09/2025 30/06/2025
Available own funds (amounts)
1 Common Equity Tier 1 (CET1) capital  4,157 4,101 3,963 4,067 4,001
2 Tier 1 capital 5,057 5,001 4,863 4,967 4,901
3 T otal capital 5,057 5,001 4,863 4,967 4,901
Risk-weighted exposure amounts
4 T otal risk-weighted exposure amount 24,204 22,323 20,482 20,349 19,930
Capital ratios (as a percentage of risk-weighted exposure amount)
5 Common Equity Tier 1 ratio (%)) 17.2% 18.4% 19.3% 20.0% 20.1%
5b Common Equity Tier 1 ratio considering unfloored TREA (%)
6 Tier 1 ratio (%) 20.9% 22.4% 23.7% 24.4% 24.6%
7 T otal capital ratio (%) 20.9% 22.4% 23.7% 24.4% 24.6%
7b T otal capital ratio considering unfloored TREA (%)
Additional own funds requirements to address risks other than
the risk of excessive leverage (as a percentage of risk-weighted
exposure amount)
EU 
7d
Additional own funds requirements to address risks other than the risk
of excessive leverage (%) 1.9% 1.9% 1.9% 2.5% 2.9%
EU 
7e of which: to be made up of CET1 capital (percentage points) 1.1% 1.1% 1,1% 1.4% 1.6%
EU 
7f of which: to be made up of Tier 1 capital (percentage points) 1.5% 1.5% 1,5% 1.8% 2.2%
EU 
7g T otal SREP own funds requirements (%) 9.9% 9.9% 9.9% 10.5% 10.9%
Combined buffer and overall capital requirement (as a percentage
of risk-weighted exposure amount)
8 Capital conservation buffer (%) 2.5% 2.5% 2.5% 2.5% 2.5%
EU 
8a
Conservation buffer due to macro-prudential or systemic risk identified
at the level of a Member State (%)
9 Institution specific countercyclical capital buffer (%) 2.1% 2.1% 2.1% 2.1% 2.1%
EU 
9a Systemic risk buffer (%)
10 Global Systemically Important Institution buffer (%)
EU 
10a Other Systemically Important Institution buffer
11 Combined buffer requirement (%) 4.6% 4.6% 4.6% 4.6% 4.6%
EU 
11a Overall capital requirements (%) 14.5% 14.5% 14.5% 15.0% 15.5%
12 CET1 available after meeting the total SREP own funds requirements
(%) 11.0% 12.5% 13.8% 14.0% 13.7%
 
Consolidated situation, key figures

===== SIDA 43 =====

43Nordnet interim report January-June 2026
Cont. Note 9 Capital adequacy information and liquidity
Nominal values of capital requirements
Notes
30/06/2026 31/03/2026 31/12/2025 30/09/2025 30/06/2025
Additional own funds requirements to address risks other than the
risk of excessive leverage (SEK million)
EU 7d Additional own funds requirements to address risks other than the risk
of excessive leverage 470 433 397 499 576
EU 7e of which: to be made up of CET1 capital 264 244 224 280 324
EU 7f of which: to be made up of Tier 1 capital) 325 325 298 374 432
EU 7g T otal SREP own funds requirements 2,406 2,219 2,036 2,127 2,170
Combined buffer and overall capital requirement (SEK million)
8 Capital conservation buffer 605 558 512 509 498
9 Institution specific countercyclical capital buffer 498 464 423 419 413
11 Combined buffer requirement 1,104 1,022 934 928 911
EU 11a Overall capital requirements 3,509 3,241 2,970 3,054 3,081
12 CET1 available after meeting the total SREP own funds requirements 2,651 2,782 2,818 2,841 2,730

===== SIDA 44 =====

44Nordnet interim report January-June 2026
Notes
Cont. Note 9 Capital adequacy information and liquidity
Internally assessed capital requirement
In accordance with the EU directive on capital adequacy 
2013/36/EU Article 73 and the Swedish Financial 
Supervisory Authority regulations and general advice 
(FFFS 2014:12) regarding supervisory requirements 
and capital buffers, Nordnet evaluates the total capital 
requirements that were the result of the bank’s annual 
internal capital adequacy assessment (ICAAP) with the aim 
of identifying significant risks to which the bank is exposed 
and to ensure that the bank has adequate capital.
The ICAAP is based on Nordnet’s business plan, 
current and future regulatory requirements and scenario-
based simulations and stress tests. The results are 
reported to the Board annually and form the basis of the 
Board’s capital planning.
Nordnet has calculated the internal capital requirement 
for the consolidated situation to be SEK 2,745 million 
(2,118 as of 31 December 2025). This is considered to be 
a satisfactory capital situation with regard to the activities 
that Nordnet conducts. Nordnet calculates its internally 
assessed capital requirement as the sum of 8 percent of 
the total risk-weighted exposure amounts (SEK (1,936.
million) and the internally assessed Pillar 2 requirement 
(SEK 808 million). The regulatory buffer requirements 
are not applied in the calculation of the internal capital 
requirement.
In addition to what is stated in this interim report, 
Nordnet’s risk management and capital adequacy are 
described in greater detail in Nordnet’s 2025 Annual 
Report for and on the Nordnet website; see www.
nordnetab.com.
30/06/2026 31/03/2026 31/12/2025 30/09/2025 30/06/2025
Leverage ratio
13 T otal exposure measure 108,177 111,315 96,072 91,614 91,121
14 Leverage ratio (%) 4.7% 4.5% 5.1% 5.4% 5.4%
Additional own funds requirements to address the risk of excessive
leverage (as a percentage of total exposure measure)
EU 
14a
Additional own funds requirements to address the risk of excessive
leverage (%)
EU 
14b   of which: to be made up of CET1 capital (percentage points)
EU 
14c T otal SREP leverage ratio requirements (%) 3.0% 3.0% 3.0% 3.0% 3.0%
Leverage ratio buffer and overall leverage ratio requirement (as a
percentage of total exposure measure)
EU 
14d Leverage ratio buffer requirement (%)
EU 
14e Overall leverage ratio requirement (%) 3.0% 3.0% 3.0% 3.0% 3.0%
Leverage ratio
The leverage ratio is calculated as the quota of Tier 
1 capital and total exposures and is expressed as a 
percentage. Nordnet has a binding minimum requirement 
of 3.0 percent for the leverage ratio, giving a capital 
requirement of SEK 3,245 million. In its Review- and 
Evaluation Process (SREP), the Swedish Financial 
Supervisory Authority communicated Pillar 2 guidance 
to Nordnet of a further 0.5 percent for the consolidated 
situation, corresponding to SEK 541 million as of 30 June 
2026.
Leverage ratio
Own funds requirement for Leverage Ratio, SEK million 30/06/2026 31/03/2026 31/12/2025 30/09/2025 30/06/2025
Additional own funds requirements to address the risk of excessive
leverage (SEK million)
EU 
14c T otal SREP leverage ratio requirements 3,245 3,340 2,882 2,748 2,734
EU 
14e Overall leverage ratio requirement 3,245 3,340 2,882 2,748 2,734

===== SIDA 45 =====

45Nordnet interim report January-June 2026
Cont. Note 9 Capital adequacy information and liquidity
Liquidity requirements
30/06/2026 31/03/2026 31/12/2025 30/09/2025 30/06/2025
Liquidity Coverage Ratio
15 T otal high-quality liquid assets (HQLA) (Weighted,value,-,average) 25,186 31,325 32,397 30,627 28,858
EU,16a Cash outflows - T otal weighted value 11,977 11,205 10,495 9,752 9,421
EU,16b Cash inflows - T otal weighted value 1,428 1,573 1,676 1,638 1,677
16 T otal net cash outflows (adjusted value) 10,549 9,631 8,820 8,113 7,744
17 Liquidity coverage ratio (%) 238.7% 325.3% 367.3% 377.5% 372.6%
Liquidity coverage ratio SEK (%) 248.4% 261.8% 263.9% 272.7% 249.0%
Liquidity coverage ratio NOK (%) 245.0% 254.7% 264.3% 283.2% 287.7%
Liquidity coverage ratio DKK (%) 290.4% 291.9% 342.3% 411.0% 462.8%
Liquidity coverage ratio EUR (%) 276.7% 318.9% 347.8% 385.3% 480.8%
Net Stable Funding Ratio
18 T otal available stable funding 86,558 87,588 77,217 73,809 74,578
19 T otal required stable funding 38,018 36,656 32,726 33,731 32,597
20 NSFR ratio (%) 227.7% 238.9% 235.9% 218.8% 228.8%
Liquidity
The liquidity coverage ratio (LCR) is calculated as the ratio 
between the bank’s liquidity buffer and net cash flows in 
a highly stressed scenario over a 30-day period. The ratio 
shall be at least 100 percent. In its Supervisory Review 
and Evaluation Process (SREP), the Swedish Financial 
Supervisory Authority determined that the consolidated 
situation shall meet specific liquidity requirements: an 
LCR of 100 percent in EUR, an LCR of 75 percent in other 
currencies, and a liquidity buffer, applied in calculating the 
LCR for the Consolidated situation, that may comprise at 
most 50 percent covered bonds issued by Swedish issuing 
institutes.
The net stable funding ratio, NSFR, is calculated as the 
ratio of stable funding available to the stable funding 
needed. The minimum requirement applies at an aggregate 
level and the quota must amount to at least 100 percent.
Nordnet’s LCR and NSFR ratios show that the bank has a 
high level of resilience to disruptions in the finance market. 
In accordance with FFFS 2010:7, Chapter 5, Nordnet 
discloses details of its liquidity risk positions as of the 
balance sheet date, 30 June 2026. The information refers 
to the consolidated situation, which includes Nordnet AB 
(publ), org. no. 559073-6681 and Nordnet Bank AB, org. 
no. 516406-0021
The liquidity reserve is financed by deposits from the 
public, shareholders’ equity and issued bonds (known as
“AT1 bond loans”) of SEK 900 million. Most of the reserve 
is invested in bonds with a high rating, such as covered 
bonds, sovereign bonds and balances at central or other 
banks. The liquidity reserve is deemed sufficiently large to 
be able to respond to situations of temporary or prolonged 
stress.
Nordnet Bank AB is a member of the Swedish, 
Norwegian, Finnish and Danish central banks, 
further strengthening its liquidity preparedness. 
Notes

===== SIDA 46 =====

46Nordnet interim report January-June 2026
Additional liquidity indicators
Liquidity buffer
31/12/2025 To t a l SEK NOK DKK EUR USD Other
Cash and bank balances 4,599 1,455 69 2,455 620 0 0
Securities issued or guaranteed by the state, central banks or
multinational development banks 8,504 3,476 2,515 0 2,147 367 0
Covered bonds 22,718 5,523 3,955 11,343 1,897 0 0
Other securities 0 0 0 0 0 0 0
T otal liquidity buffer 35,822 10,454 6,540 13,798 4,664 637 0
Distribution by currency 100.0% 29.2% 18.3% 38.5% 13.0% 1.0% -
31/12/2025
Liquidity reserve / Deposits from the general public 44.1%
Lending to the public / Deposits from the general public 36.7%
Notes
Cont. Note 9 Capital adequacy information and liquidity
30/06/2026
Liquidity reserve / Deposits from the general public 43.8%
Lending to the public / Deposits from the general public 34.5%
Additional liquidity indicators
Liquidity buffer
30/06/2026 To t a l SEK NOK DKK EUR USD Other
Cash and bank balances 1,926 462 2 1,463 0 0 0
Securities issued or guaranteed by the state, central banks or
multinational development banks 9,111 2,364 3,582 0 2,535 630 0
Covered bonds 29,849 7,475 6,809 13,425 2,140 0 0
Other securities 0 0 0 0 0 0 0
T otal liquidity buffer 40,886 10,301 10,393 14,888 4,675 630 0
Distribution by currency 100.0% 25.2% 25.4% 36.4% 11.4% 1.5% -

===== SIDA 47 =====

47Nordnet interim report January-June 2026
Consolidated situation Consolidated situation
30/06/2026 31/12/2025
Risk weighted exposures
Exposure to credit risk according to the standardized method 17,446 13,739
  of which exposures to institutions 2,845 2,044
  of which exposures to corporates 2,553 1,694
  of which retail exposures 1,892 1,660
  of which exposures secured by mortgages on immovable property 1,840 1,770
  of which exposures in default 45 49
  of which exposures in the form of covered bonds 4,055 3,308
  of which equity exposures 1,231 1,145
  of which regional and local authorities 400 199
  of which exposures to CIUs 369 0
 of which exposures to Multilateral development banks 0 0
 of which exposures to Subordinated Debt 1,040 665
 of which other items 1,175 1,206
Exposures market risk 120 103
Exposures operational risk 6,639 6,639
T otal risk weighted exposures 24,204 20,482
Capital requirement 
Credit risk according to the standardized method 1,396 5.8% 1,099 5,4%
Market risk 10 0.0% 8 0.0%
Operational risk 531 2.2% 531 2,6%
Capital requirement Pillar 1 1,936 8.0% 1,639 8.0%
Credit related concentration risk 104 0.4% 80 0.4%
Interest rate risk in other operations 704 2.9% 399 2.0%
Capital requirement Pillar 2 808 3.3% 479 2,3%
Buffer requirement 1,104 4.6% 934 4.6%
T otal capital requirement 3,848 15.9% 2,970 14,5%
 
Cont. Note 9 Capital adequacy information and liquidity

===== SIDA 48 =====

48Nordnet interim report January-June 2026
Notes
Note 10 Earnings per share
3 months 3 months 3 months 6 months 6 months 12 months
Apr-Jun
2026
Apr-Jun
2025
Jan-Mar
2026
Jan-Jun
2026
Jan-Jun
2025
Jan-Dec
2025
Earning per share before and after dilution
Profit for the period 960 725 839 1,799 1,524 3,015
Dividend on Tier 1 capital recognised in equity 1 -15 -15 -14 -29 -31 -60
Profit attributable to shareholders of the Parent Company 946 710 825 1,771 1,494 2,955
Earning per share before dilution 2 3.81 2.84 3.32 7.13 5.98 11.83
Earning per share after dilution 2 3.80 2.84 3.32 7.12 5.97 11.82
Average number of outstanding shares before dilution 248,438,952 249,849,396 248,543,983 248,490,038 249,938,363 249,782,389
Average number of outstanding shares after dilution 248,687,389 250,108,818 248,739,800 248,719,910 250,277,623 250,035,173
Number of outstanding shares before dilution 248,511,804 250,181,396 248,373,144 248,511,804 250,181,396 248,721,603
Number of outstanding shares after dilution 249,521,245 251,556,770 249,692,643 249,521,245 251,556,770 250,041,102
1 Including interest for the period and accrued transaction costs, 
net after tax -0.2 -0.2 -0.2 -0.5 -0.5 -1.0
2 The calculation of earnings per share is based on consolidated net profit for the period attributable to the Parent Company’s shareholders and on the weighted average number of shares 
outstanding over the period. In calculating earnings per share after dilution, the average number ofshares is adjusted to account for the potential dilution effects on ordinary shares. For the 
reported period, these stem from warrants issued in connection with Nordnet’s share-based incentive programs. 
Note 11 Subsequent events
On 1 June, it was announced that Markus Pertlwieser is
leaving his role as Country Manager for Germany for a new
assignment outside the company. He will be succeeded 
on 1 August by Arno Walter, who takes over as Country 
Manager on an interim basis for a period of up to two 
years..

===== SIDA 49 =====

49Nordnet interim report January-June 2026
Signatures of the Board of Directors
Signatures of the 
Board of Directors
The board and CEO provide their assurance that this interim report for the period January–June 2026 provides an 
accurate overview of the operations, position and earnings of the Group and the Parent Company, and that it also 
describes the principal risks and sources of uncertainty faced by the Parent Company and the companies within the 
Group.
This report has not been subject to review by the company's auditors.
Henrik Rättzén
Board member
Anna Bäck
Board member
T om Dinkelspiel
Chairman of the Board
Charlotta Nilsson 
Board member
Therese Hillman
Board member
Karitha Ericson
Board member
Johan Åkerblom
Board member
Stockholm, 
16 July 2026
This is information which Nordnet AB (publ) is obliged to 
publish under the EU's Market Abuse Regulation and the 
Securities Market Act. This information was submitted 
through the efforts of the above-mentioned contact persons 
for publication on 17 July 2026 at 07.00 at a.m. CET.  
For further information, please contact: 
Johan Tidestad, Chief Communications Officer  
+46 708 875 775, johan.tidestad@nordnet.se
Marcus Lindberg, Head of Investor Relations 
+46 764 923 128, marcus.lindberg@nordnet.se
Address and contact details 
Head office: Alströmergatan 39 
Postal address: Box 30099, SE-104 25 Stockholm 
Phone: +46 10 583 30 00, e-mail: info@nordnet.se 
Company registration number: 559073-6681 
Website: nordnetab.com 
Become a customer: nordnet.se, nordnet.no, nordnet.
dk, nordnet.fi
Rasmus Järborg
CEO
Fredrik Bergström
Board member
Lars-Åke Norling
Vice Chairman of the Board

===== SIDA 50 =====

50Nordnet interim report January-June 2026
Definitions
Definitions
Number of trades 1
A registered transaction on the stock exchange or in the marketplace.
Orders sometimes involve several trades.
Number of trades per trading day 1
Number of trades during the period divided by the number of trading
days in Sweden during the period
Number of trading days 1
Number of days on which the relevant exchanges are open.
Number of full-time employees at end of period 1
Number of full-time positions, including fixed-term employees, but 
excluding staff on parental leave and leaves of absence, at the end of the 
period..
Number of customers 1
Number of private individuals and legal entities who hold at least one 
account with a value of more than SEK 0, or who had an active credit 
commitment at the end of the period.
Return on equity 2, 4
Return on equity calculated as the period’s accumulated profit, including 
dividend on additional Tier 1 capital and associated periodized 
transaction expenses net after tax recognized in equity, in relation to the 
average of equity excluding Tier 1 capital over the corresponding period. 
The average of equity excluding Tier 1 capital is calculated based on 
opening, quarterly and closing equity for the period in question.
Leverage ratio 2
Tier 1 capital as a percentage of the total exposure amount.
Cash market 2
Cash market refers to trade in shares, warrants, ETFs, certificates,
bonds and similar instruments.
Average savings capital per customer – rolling 12 months 2
The average quarterly savings capital per customer for the current
period (calculated as the average quarterly savings capital per customer 
that includes the opening KPI at the beginning of the current period and 
the closing KPI at the end of every quarter that is included in the current 
period).
Cash deposits at end of period 2
Deposits and borrowing from the public including deposits attributable 
to liabilities in the insurance operations at end of period.
Adjusted return on equity 2, 4
Return on equity calculated as the period’s adjusted accumulated
profit, including dividend on additional Tier 1 capital and associated
periodized transaction expenses net after tax recognized in equity,
in relation to the average of equity excluding Tier 1 capital over the
corresponding period. The average of equity excluding Tier 1 capital
is calculated based on opening, quarterly and closing equity for the
period in question.
Adjusted operating income in relation to savings capital 2
Adjusted operating income in relation to the average quarterly savings 
capital for the same period (calculated as the average quarterly savings 
capital that includes the opening amount at the beginning of the current 
period and the closing amounts at the end of each quarter that is 
included in the current period).
Adjusted C/I ratio % 2
Adjusted operating expenses before credit losses in relation to adjusted 
operating income.
Adjusted operating expenses in relation to savings capital 2
Adjusted operating expenses before credit losses in relation to the
average quarterly savings capital for the same period (calculated
as the average quarterly savings capital that includes the opening
amount at the beginning of the current period and the closing
amounts at the end of each quarter that is included in the current
period).
1 Financial key figures that are directly reconcilable with the financial statements.
2 Financial key figures that can be deduced from historical financial data published quarterly at https:/ /nordnetab.com/sv/om/finansiell-information.
3 Definitions in accordance with IFRS and the EU’s capital requirement regulation no. 575/2013 (CRR) and the EU’s Solvency II directive 2015/35.
4 Annualization is calculated as the denominator for the period divided by the quotient of the number of quarters in the period and the number of quarters per year.
Alternative Performance Measures (APM) are financial measures of historical or future financial position, performance or cash flow that are not 
defined in applicable reporting regulations (IFRS) or in the sixth capital requirement directive (CRD VI) or in the EU capital requirement regulation 
no. 575/2013 (CRR) or the EU’s Solvency II directive 2015/35. Nordnet uses alternative key performance measures when it is relevant to describe 
our operations and monitor our financial situation. APM-measures are mainly used to be able to compare information between periods and to 
describe the underlying development of the business. These measures are not directly comparable with similar key indicators presented by 
other companies Disclosures regarding financial measures not defined in IFRS but stated outside of the formal financial statements, "alternative 
performance measures", are presented in the note references below. 
 
50

===== SIDA 51 =====

51Nordnet interim report January-June 2026 51Nordnet interim report January-June 2026
Definitions
Adjusted profit 2
Profit for the period adjusted for items affecting comparability over
the period.
Adjusted operating income 2
T otal operating income adjusted for items affecting comparability
over the period.
Adjusted operating expenses before credit losses 2
Expenses before credit losses, adjusted for items affecting comparability 
over the period.
Adjusted operating margin 2
The adjusted operating profit in relation to adjusted operating income.
Adjusted operating profit 2
Profit for the period adjusted for items affecting comparability.
Items affecting comparability are items reported separately due to
their nature and amount. 
Own funds 3
The sum of Core Tier 1 capital and Tier 2 capital..
C/I ratio excluding operating losses 1
T otal expenses before credit losses in relation to total operating
income.
Core Tier 1 capital 3
Equity excluding unrevised earnings, proposed dividend, deferred 
taxes and intangible assets and some further adjustments in accordance 
with the EU capital requirements regulation no. 575/2013
(CRR) and EU 241/2014.
Core tier 1 capital ratio 3
Core tier 1 capital divided by total risk-weighted exposure amount.
Net savings 2
New deposits of cash and cash equivalents and securities, less
withdrawals of cash and cash equivalents and securities.
Traded value cash market2
Cash market refers to trade in shares, warrants, ETFs, certificates,
bonds and similar instruments.
Earnings per share 2
Profit for the period, including dividend on additional Tier 1 capital and 
associated periodized transaction expenses net after tax recognized in 
equity, in relation to weighted average number of ordinary shares before 
and after dilution.
Operating expenses3
Operating expenses before credit losses.
Operating margin1
Operating profit in relation to total operating income.
Savings capital 2
T otal of cash and cash equivalents and value of securities for all
active accounts.
Savings ratio 2
Net savings over the past 12 months as a percentage of savings
capital 12 months ago.
T otal capital ratio 2
T otal own funds in relation to risk-weighted exposure amount.
Lending/deposits 2
Lending to the public at the end of the period in percentage of deposits 
from the public at the end of the period.
Lending excluding pledged cash and equivalents 2
Lending to the public, excluding lending through account credits that 
are fully covered by pledged cash and cash equivalents on endowment 
insurance plans and investment savings accounts (ISKs), where the 
lending rate applied to the credits corresponds to the deposit rate on the 
pledged cash and cash equivalents.
Lending at end of period 2
Lending to the public at the end of the period.
Profit margin 1
Profit for the period in relation to operating income.
Annual customer growth 2
Annual growth rate in customers over the period.
1 Financial key figures that are directly reconcilable with the financial statements.
2 Financial key figures that can be deduced from historical financial data published quarterly at https:/ /nordnetab.com/sv/om/finansiell-information.
3 Definitions in accordance with IFRS and the EU’s capital requirement regulation no. 575/2013 (CRR) and the EU’s Solvency II directive 2015/35.
4 Annualization is calculated as the denominator for the period divided by the quotient of the number of quarters in the period and the number of quarters per year.

===== SIDA 52 =====

Nordnet AB (publ) 
Box 30099, 104 25 Stockholm 
Head office: Alströmergatan 39 
T el: 010 583 30 00, e-post: info@nordnet.se 
Company registration number: 559073-6681
For more information about Nordnet and  
financial reports, see nordnetab.com 
T o become a 
customer, please visit: 
nordnet.se/.no/.dk/.fi
Making saving more 
fun and inspiring