Okay. Hello everybody. It's a beautiful April day today. It's also 10:00 A.M. and time to get this event started. Welcome to Nordnet, all of you, and our presentation of the report for the first quarter of 2021. My name is Johan Tidestad. I'm the Chief Communications Officer at Nordnet, and I will be hosting this session today. Lars-Åke Norling, our CEO, and Lennart Krän, our CFO, will make a presentation of our business and our financial numbers for Q1. That will take something around 20 minutes, and after that, we'll have a Q&A session. During the presentation itself, all participants will be muted. We simply let Lars-Åke and Lennart go through their slides first. When we come to the Q&A session, you click on the button at the bottom of the screen that says "raise hand," then I will enable you to talk and ask your question verbally. We'll come back to that later. Of course, the presentation itself will be available on our corporate website together with a recording of this session. Speaking about the corporate site, that is, as you might know, available at nordnetab.com. That is also where you'll find all the information about Nordnet as a company. Among other things, we have all our financial reports available in Swedish and in English. Okay, let's do this. Lars-Åke, please go ahead. Thank you, Johan. We can move to the first page, Sonny. Starting with some highlights. Record inflow of new customers. We've grown now the customer base with 39% in one year, and we currently have 1.4 million customers on our platform. Savings capital also all-time high, SEK 648 billion, and we see a good increase here, both from strong net savings but also from market appreciation. Also very high trading activity in the quarter, and the quarter with highest trades ever, and a large share also of cross-border trading. We also launched a Norwegian pension account EPK product, and I'm going to cover that in more detail later. We also implemented digital process for signing, transferring occupational pension in Sweden. As you all know, it's a cap on the transfer fee from April 1, we would of course want to attract customers to our platform in a digital way. From very strong revenues and good cost control, we also see a record financial result, we have a net profit of SEK 830 million in the quarter. You can go to the next. Some highlights of a very strong quarter. Like I said, customer base has been growing 39% in one year. Also very good growth then in the savings capital. We almost double that, again, from market appreciation and net savings. Also very strong trading activity, 61% up versus last year. With the strong customer inflow, also increase in savings capital, not least the trading activity, that's also allowed for a very strong increase in revenues of 73%. At the same time, we see slightly increase in cost, versus quarter one last year. If you compare to quarter four last year, we're basically a little bit down actually cost. We see an increase in cost pressure in customer service and also in back office from the great momentum we have now in the customer growth. Overall, good revenue increase coupled with good operating leverage has also allowed for then the record profit of SEK 830 million in the quarter. Go to next. This is just a little bit comparison versus quarter four also. We see a strong development there as well, with the 45% increase in revenues, slightly down of cost and also a considerable increase in profit before tax in the quarter. Go to next. We see a very strong long-term growth both in customers and savings capital. There's a few reasons for this. One is, of course, the big improvement we've done in our platform, which has allowed for a far better customer experience. We also see a very strong digitization trend in Nordics overall, and overall also a large interest in savings and investments. Also a little bit unique for Nordnet, we see that we reached a critical mass and a tipping point when it comes to growth in the customers outside of Sweden. We almost, what we say, have hypergrowth in especially Denmark and Norway. Go to next. This is just a summary of the customer growth per month versus last year, and also net savings versus last year. If you summarize a quarter, then we brought in almost 170,000 new customers compared to 89,000 last year for the same period, and that was a strong quarter. Overall, a very strong growth quarter for customers. Net savings, we are slightly ahead of last year, which had a very high net savings from most of the Corona Crisis at that time. We can go to next. We continue to leverage on our Nordic position, and we have a well-diversified revenue footprint with close to 40% of revenues coming from Sweden, and Denmark number two with 24%, and then roughly 20% each for Finland and Norway. If you look at the middle graph, that's the customer growth per country. As I said, we have a tremendous growth outside of Sweden and a stable growth also in Sweden. We also see in the graph to the right that we have higher margins overall outside of Sweden, and that's due to there's more cross-border trading in Finland or in Denmark compared to Sweden. They trade more outside of their local exchange, and that has higher margins for us. We're growing the most in the countries with the highest margins. You can go to next. This is just a summary per country in customer growth and savings capital growth, and as you see, it's good numbers all over. Short comment on Sweden, even though the growth rate is a little bit lower than the other countries, we see a doubling of the growth rate in Q1 2021 compared to 2020. Then again, fantastic growth in customers and savings capitals in Norway, 65% customer growth. In Denmark, close to 90% customer growth year-on-year, and also very strong in Finland, 33%. We have a clear number one position in Norway, Denmark, and Finland, and a strong number two position in Sweden. Go to next. This is showing the development in our different revenue streams, where the red one is net interest income, the dark blue is non-transaction related income, mainly income from funds. The light blue is transaction related income, mainly brokerage. As you see over the years here, we have a good growth in all the revenue streams, but then an extra boost in the brokerage income. That's due to what you see on the graph down right there, with the margins, where we have a stable margin on net interest income. It's just affected on the treasury, but underlying very stable, also very stable margin on the fund business. We see a big increase in the brokerage margin from higher activity in the customer base and two graphs showing that as well. We can go to next, Sonny. In the graph to the left, you see here that we have a big increase in number of trading customers. That comes, of course, from the high customer growth, but also that larger share of our customer base is now trading with shares. It's currently around 45% compared to historically around 30%. We also see an increased share of cross-border trading. We're currently around 35%, where we historically have been around 20%. It's two reasons for this. One is general increased interest in foreign shares, and also a will and a wish to diversify it a bit for our customers, which is good. It's also due to the country mix. Like I said, in Finland or in Denmark, it is a higher share of cross-border trading because their local exchange sales are fairly small. Go to next. The strong position we have in customer experience, as you know, we measure that through Net Promoter Score. That allows us also to take market share in the different countries. Here we show the market share in trades on the local exchanges. We've increased our market share in all markets year-on-year. Go to next, Sonny. There's a few slides on the product and feature side. We now successfully launched a Norwegian-owned pension account product in the beginning of the year, and it's been successful. Of customers that have done an active choice, we've taken 25% market share of those, and we currently have around 9,000 customers that have chosen to have their pension with us in the EPK shell. Also we see good transfer also on net savings from that customer base. Go to next. We also improved our fund instrument pages on our web and on our app, so we have more information about funds in general but also a lot easier to navigate compared to before, and this has been well received by the customers and also increased the buy of funds from this release. We can go to next. We also launched buy/sell dots in our charts so you as a customer can see when you've bought an instrument or sold an instrument, and this has been very appreciated by our customers, and also a feature that many have asked for previously and now it's here. We also focused a lot on availability and stability in our systems, and as you know, in quarter one we had a number of record trading days. In spite of that, our systems has performed very well, and we have a 99.9% availability through the quarter while we know that some platforms, especially in the U.S. and U.K., have had tremendous problems during quarter one. That was a short introduction, and I hand over to you Lennart for covering more of the financial performance in detail. Thank you very much. We can go to the next slide, Sonny. As you all know and are aware of, we have two main key value drivers, and that is the customers and the savings capital. As Lars-Åke already presented to you, we had a year-over-year growth by 40% on the customer side and on the savings capital, an 80% growth. We now have 1.4 million customers and SEK 615 billion in savings capital about. It's been a very strong year, but also a very strong quarter, as you see, and you saw before here with 167 new customers just in this quarter. We can go to the next slide. This has also resulted, as you can imagine, with the new customer base, with this uplift in new customers and the customer growth we have a step from 2019- 2020, and now we're into 2021. Always a step up, SEK 1.5 billion in revenue in 2019, SEK 2.7 billion in 2020, and now on a rolling 12 months, SEK 3.1 billion. We can also say that this comes from all three major revenue streams. It's the growth, not just in brokerage or net transaction related income, it's from all sides. It's also very important to see that it's all across Nordic with all four countries that are actually growing and the revenue comes more and more diversified from all countries, giving strength also that we're not just depending on Sweden or Denmark. We now have it in all countries for all the revenue streams. We can go to the next one. One important thing for us is, of course, to have scalability. Even though this tremendous growth that we have had since 2019 and up to now and the exceptional one in Q1, we have been able to keep the cost still. Yes, we do intend it, even though we had a slight uptick here in Q1, and we have a pressure on, as I said, customer services. That I think you should expect when having this extremely high organic growth of new customers. It takes time to onboard them all. As I say, we have been able to keep them quite stable for now three years. Yes, we can go further on. This resulting, of course, in high revenue with flat costs, with a very nice growth in adjusted profit before tax, giving us this quarterly result on record heights of SEK 830 million. It's really amazing to see that. We can go to the next slide. We have also not just have had a growth in customers and savings capital and activity, but also on the lending side where we have grown the lending portfolio from SEK 15 billion- SEK 22 billion this year. As we have pointed out before, it is the margin lending product that we want to grow the most and that we do as well. We also do grow the mortgage but not at the pace as the margin lending, of course, and then we keep the unsecured stable on a nominal level giving us a very nice credit portfolio with a low risk, utilizing the capital and liquidity as we can. The credit losses are very low. The accounted losses are even lower than they are. We're having credit losses in the same pace as we have had before. The low number of SEK 4 million for the first quarter is actually resolving reserves that comes from the modeling of IFRS 9 due to lower unemployment rates. That is also the same reasons that we had an increase in Q1 2020 to SEK 18 million. It is really the underlying credit losses are the same as 2020, as 2019 and forward. We have no change in those. It is only the unsecured part that is giving the losses. The margin lending here is actually a reserve increase due to the heavy uplift in the volume of it. Due to IFRS 9 not recorded any losses there this quarter either. You can go to the next slide. Regarding capital position, we have a very nice capital adequacy, with 21.7%, so no restriction. Also the leverage ratio is on a stable level of 4.0. That is in spite of that we have quite a lot of new deposits which is the one that grows the balance sheet but also decrease or affect the leverage ratio the most. We can take the next one. Lars-Åke, may I hand over to you? I'm just going to conclude with the performance versus midterm financial targets and a little bit our key focus areas going forward. Looking at where we are versus the midterm targets, on the NPS side, we have still a clear number one position in Finland and Denmark and a strong number two position in Sweden. Customer growth, as you see it's 39%, which is considerably higher than the guidance of 10%-15%. Average savings capital is slightly above the guidance of SEK 409,000 per customer in spite of this high customer growth, because that means that we have a tremendous growth in savings capital for existing customers since the new customers that come in dilute this number a bit, but we also see that new customers bring in a lot of new savings capital from other banks and pension companies pretty fast. The revenue margin is also considerably higher than the guidance. It's come to 64 bps versus guidance slightly above 40. As you saw on the revenue breakdown, it mainly comes down from the increase in margin for trading from cross border and also higher trading activity in general in the base. Rolling 12 months cost is also in line with the guidance. Dividend we have covered before, and we follow the SFSA guidance for dividend this year, 25% of the profit after tax in 2019 and 2020. We can go to the next, Sonny. Our key focus areas, starting of course with the customers and having really satisfied and happy customers. To have that, we continue to build on our best platform for savings and investments. That's what we do every day. We want to continue to be number one in NPS and of course, to see from this double-digit customer growth and also high retention in our base. We also know we can never have happy customers unless we have happy employees. We also measure employee satisfaction and work very actively on that. We want to see here a continued upward trends. It's very strong development currently, and also that we have the possibility to attract and retain top talent because that's key, especially not the least in product and tech. Governance is of course extremely important. We are in a trust business, and we need to earn that trust every day. We need to have good ordering of data, and that means that we need to manage our compliance and other risks in a good way. That we overall are a trusted and liked brand, which we are today. Profitable growth and continue to leverage on the great growth potential we have in our Nordic footprint. We currently only have around 5% market share of the addressable market, so hopefully many years of growth ahead of us. This very strong focus we have on scalability also to maintain a stable cost level going forward. With that we conclude the actual presentation, and we can move into Q&A. Yes, we will. Thanks a lot, guys. Like I said before, if you have a question, you just raise your hand digitally, and I will enable you to speak. You do that by push the button, raise hand at the bottom of the screen, and I will announce you by name. Then you also need to accept to be unmuted. It will show up a request on your screen. I will go through all the people one by one that have raised their hand. Of course, it's nice if you just briefly introduce yourself before you ask your question. The first question today comes from Patrik Brattelius. Hello, Patrik. Hello, hello. Do you hear me? Yes, we do. Yeah. Please go ahead. Hi, I'm Patrik Brattelius from ABG. A few questions from my side. To start off, you highlighted in the CEO wording that the large influx of customers is leading to cost pressure, mainly on customer service and back office. If you were to continue to see this large inflow of customers, would that lead you to need to change your cost guidance or revise it? Is it just temporary and you are still convinced that you will be able to keep the cost guidance that you currently have for the future? Yeah. As you stated, the great inflow has put pressure on customer service and operations. We are automated to a large extent, but we do have manual processes, for example, of onboarding of some customer categories like minors and the moving of securities from one bank to another, which of course a lot of new customers are doing. In general, new customers have more questions overall. That's put pressure then on cost in customer service and in back office. As you know, we have a growth rate of 40% compared to the midterm guidance of 10%-15%. I would say the cost level for 2021 will depend on customer growth now in the coming quarters. I can also be clear, we will not sub-optimize the business and limit customer growth to any cost meet the flat target. I think the coming quarters are quite telling regarding the development. Yeah. Would that lead to you could temporarily increase cost, but you would still expect that cost will come down the coming years given that less dependence on IT consultants and rolling off old IT systems? Would that be the new cost base, so to speak? I think the main driver for efficiency is actually automation. We work both with a lot of small automation initiatives, but also a number of larger automation initiatives that will take longer time. As you know, we, for example, released a fully digitized customer journey for mortgage and also improved and digitized the pension functionality. We will work very actively with that going forward. Of course, the ambition is to maintain a stable development going forward. As you highlighted on the slide, FX revenue was very high in comparison to, for example, total income this quarter. Are we expecting to see a normalization where we are going back to the level we have seen, let's say, during 2020? Is that a fairer assumption the coming quarter? It's a little bit too early to tell. We will include also the share of cross-border trading in our monthly report. You'll be able to follow this on a monthly basis also going forward. We have two effects here that I talked about. One is, of course, the general interest of trading cross-border, and it was exceptionally high in Q1, not least due to a lot of trading in the U.S. The other effect we have is this country mix where we have fundamentally higher cross-border trading in Finland, Denmark, and Norway compared to Sweden. Even if perhaps the interest in cross-border trading is decreasing a bit, we also have this fundamental effect from the country mix that gives perhaps a different development. Thank you. The last question, keeping on the topic, have you received any criticism on the absolute level from clients, and do you foresee any price pressure on this line the coming years? Yeah. We have 25 bps, and we're very transparent about that cost, and we also show it when you do a trade. In general, that's not a very high level compared to what you see on similar platforms, but also in other automatic changes that's done, then it's pretty cheap. Also, if you're really trading a lot, you can also open a currency account on the side, but then you need to do the exchange manually instead of us handling it for you. Okay. Thank you. No further question on my part. Thanks a lot, Patrik. Next one up is Nicolas Vaysselier. Hello, Nicolas. We cannot hear you, Nicolas. Nicolas, I think you have to accept. Yes. Hello, can you hear me? Yes, we can. Please go ahead, Nicolas. Perfect. Good morning. It's Nicolas here from BNP. One question to start with on the revenue margin, 64 basis points here in Q1, and you stick to your guidance of revenue margin slightly above 40 bps. I was just wondering how you think about that. Do you expect customer activity or the share of cross-border transaction to come down? Is it more that you anticipate some kind of price pressure that's going to drive down that revenue margin or maybe a combination of both? How do you think about that? Why should the revenue margin come down so much from the current level? That's a good question. As you know, also those targets are midterm, and we're currently a lot higher than that then. We also want to see the development now a little bit going forward. I think Q2 is going to be interesting. Again, will that mean that we'll have a high normal, especially from a slightly higher activity that more customers trade, but also then in general from the country mix, a higher share of cross-border trading. That of course we follow, but I think we want to see a little bit more quarters before we look at actual guidance per se. Okay. Can you say anything about the customer activity development so far in the second quarter? Now we're almost one month into the quarter. I think we see a strong development also going into Q2. Okay. Is it similar level as towards the end of Q1, and could you be perhaps more explicit on the share of? I can't be more specific than that. Okay. Final question. You got this remark and the investigation from the FSA related to your governance and processes connected to short selling. Do you see any risk that you need to invest more into your governance here on the back of these remarks? Yes. We see a need to improve the IT systems to manage every single case when it comes to intraday short trading that we already announced. Until that is in place, we also limited the intraday short trading that you can do. We're currently working on that solution, and hopefully we can come out with that in not too distant future. It's not a very costly thing, and we can do it pretty fast. Okay, thanks. That's all from me. Thanks. Thanks a lot, Nicolas. Next one up is Mr. Gurjit Kambo. Hello there, Gurjit. Are you with us? From JPMorgan, I think. Gurjit, hello? We can't hear you. No. Gurjit, I'll come back to you later. In the meantime, we'll have Mats Lilloe. Hello, Mats. Can you hear me? You have to accept my unmute request, Mats, on the screen. Yes. Strange. I'll get this in. Mats? Mats? No, can't hear Mats. Let's go to Julia Varesko. Are you with us, Julia? Yes. Hello, can you hear me? Yes, we can, Julia. Yeah. Please go ahead. Could you comment on the competitive landscape? That's the first question. How do you see that evolving, maybe? What are the risks of someone like Avanza entering the rest of the Nordic markets now that their penetration in their local market is quite high? Also, could you talk about what is the progress on the EPK in Norway, and what are the average balances for the customers which you're bringing on through that program? Yeah. I think the competitive landscape, we don't see any major changes there compared to before. Avanza moving into other markets, that of course you need to ask them. We also know, as we stated before, it takes a long time also to build up a position in a new country. We spent almost 50 years before we reached profitable growth. Now we of course can leverage on that investment. In Sweden, we see a few players on the fund arena, which are more aggressive, but otherwise no major changes in the competitive landscape. When it comes to EPK, so far, like I said on the slide, of the ones the customers have done an active choice, we've taken 25% of that share. Currently 9,000 customers have signed up, which is far above our expectations since we also know that pension market is a little bit slow moving, but we got a very good start. So far, 1.7 billion SEK has been moved from other platforms to our platform from that customer base. There's more to come in May when the majority of the transfers will happen. Thank you. Could I just add another question? Sure. Go ahead, please. The growth in cross-border trading, is that driven also by the demographic of the customer? Is it just because the customers are younger, they're keener to trade cross-border? In that respect, we would probably expect this to continue? With two effects, like I said, on cross-border. One is the country mix, where we have a generally higher cross-border trading in Finland, Denmark, and Norway, where they have higher growth compared to Sweden because their local exchange is fairly small, so they trade a lot in Stockholm and in the U.S. as well. On top of that, I think it might be a general interest in all the countries to trade more cross-border. If that's sustainable or not, that's of course a good question. I think the customers also realize that it's easier to trade outside of your home market and also want to diversify it a little bit more outside of your home market. Let's see how that's going to play out. Thank you. These were questions from my colleague, Gurjit. I think there was a problem with the sound on the line. No problem. All right. Good then. Thank you. Thanks a lot, Julia. Thank you we'll see if we have Ermin Keric. Hello there, Ermin. Can you hear me? Hi. Do you hear me? Yes, we do. Yes. Please go ahead, Ermin. Do you hear me? Yes, we do. We can hear you. Okay. I'll talk to you instead. Change. Oh, that's strange. Hello? Hello. Hello, Ermin. We can hear you. Okay, that's strange. Ermin? We can't hear us, obviously. Mats Lilloe, Mats, can you hear us? No. You can also post questions, I think, on the chat, can't you? Yeah, you can do that. If you have a question, you can also write it and send it in by using the chat functionality at the bottom of the screen. Instead of asking questions verbally, you can do it in the chat if you want to. We'll give that a couple of seconds. Okay. I don't think we have any questions in the chat now. We have answered all questions that we've been receiving. If that's it, I think we can say before we close that the next thing that happens when it comes to financial reporting at Nordnet is that we publish our monthly statistics for April next week on Tuesday the 4th of May. Like Lars-Åke said, we'll also include the proportion of cross-border trading. Until then, thanks a lot for joining in today and for your interest in Nordnet. Bye bye. Bye. Thanks, everyone.