Nordnet earnings for the third quarter of 2026 showed pretax profit rising 21% year over year to SEK1.1 billion, its third consecutive quarter above SEK1 billion. Revenue increased 18% to SEK1.6 billion as fund-related and net interest income grew, while customer savings capital approached SEK1.5 trillion.
Key Takeaways
- Fund-related income rose 31%, while net interest income increased nearly 20%.
- Net savings reached SEK26 billion, but customer growth remained below management’s 13%–15% target.
- Nordnet maintained annual expense guidance and plans to provide more German expansion metrics with its fourth-quarter results.
Table of Contents
- Nordnet earnings grow despite flat trading volumes
- Funds and savings expand faster than the customer base
- Interest income outlook holds as capital returns proceed
- German expansion metrics remain pending
- Conclusion
Nordnet earnings grow despite flat trading volumes
The third-quarter figures formed part of Nordnet’s nine-month reporting cycle. Its January–September 2026 presentation invitation scheduled the report’s publication for October 22, 2026, followed by a presentation and questions with CEO Rasmus Järborg and CFO Lennart Krän.
Transaction-related income totaled SEK655 million. Trading volumes were essentially unchanged from a year earlier, but revenue per trade rose 13% to SEK41.4 and was virtually flat against the second quarter. Higher income per transaction therefore accompanied the earnings growth without an increase in overall trade numbers.
Järborg said larger trades by Private Banking customers and active traders helped lift average trade size and income per trade. However, their preferential rates slightly reduced the brokerage margin, illustrating why higher revenue per trade does not necessarily mean stronger commission pricing.
| Item | Details |
|---|---|
| Trades executed | 15.8 million in Q3 2026; daily average of 239,000. |
| Cross-border trading | 42% of traded value and 39% of trades. |
| Fund penetration | 54% of customers held a fund product. |
| Loan book | SEK33 billion: approximately SEK20 billion in margin lending and SEK13 billion in residential mortgages. |
| Common Equity Tier 1 ratio | 18.1%. |
Funds and savings expand faster than the customer base
Net savings increased 23% year over year to SEK26 billion in the quarter, taking the year-to-date total to SEK80 billion. Savings capital rose SEK317 billion, or 28%, to nearly SEK1.5 trillion.
Fund-related income increased 31% to SEK215 million. Fund capital grew 37% to SEK387 billion, including SEK120 billion in Nordnet-branded funds, up 50%. Own-label products attracted approximately SEK6 billion, or 49%, of net fund flows.
Active customers increased 12% to close to 2.6 million, including about 64,000 net additions during the quarter. That growth remained below the company’s 13%–15% target. Järborg outlined anniversary promotions, customer-reactivation campaigns and referral programs intended to accelerate acquisition and engagement.
Interest income outlook holds as capital returns proceed
Net interest income rose nearly 20% to SEK687 million, with its yield steady at 275 basis points. Customer deposits exceeded SEK96 billion but represented just 6.6% of savings capital. Järborg described customers as heavily invested in markets and said onboarding and activation remained the priority rather than their allocation between cash, stocks and funds.
Management maintained full-year 2026 guidance of approximately SEK2.7 billion in net interest income and SEK1.79 billion in operating expenses. Quarterly operating expenses were SEK450 million, with core Nordic costs up 10% year over year, or 12% including German investments.
Nordnet initiated a SEK250 million share buyback in September and called a SEK600 million Additional Tier 1 bond for redemption in November, with no replacement planned. Krän said the planned redemption helped explain the cautious initial buyback size. The leverage ratio would fall from 4.7% to a pro forma 4.2%, within the company’s 4.0%–4.5% target range.
German expansion metrics remain pending
Järborg said Nordnet would provide more specific German expansion guidance and metrics with its fourth-quarter results. The initial priorities are establishing product-market fit and optimizing marketing channels; customer numbers, assets under management and net savings would follow once the business had established the right customer base.
He cautioned that Germany’s initial contribution would be small and not material to group results. Nordnet also plans to introduce its wealth-management joint venture with ABG Sundal Collier in Sweden in 2027, with broader geographic expansion remaining an ambition rather than a completed rollout.
Conclusion
Nordnet earnings benefited from growing fund assets and interest income even as trading volumes stayed flat and customer acquisition lagged its target. The next scheduled capital action is the November AT1 redemption, while fourth-quarter results are expected to bring clearer measures for the German expansion.
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