Good morning, everyone, and welcome to the presentation of Nordnet's first quarter of 2025. My name is Marcus Lindberg, and I'm the Head of Investor Relations at Nordnet. With me today, I have our CEO, Lars-Åke Norling, and our CFO, Lennart Krän. Lars-Åke and Lennart will start off by presenting the results, and then we'll have a Q&A session. During the presentation, all participants will be on mute. When we come to the Q&A session, you have two alternatives to ask questions. You can click the raise hand button. I'll then unmute you and call your name, or you can submit a question in writing through the Q&A button. The presentation itself is available on our corporate website, nordnetab.com. Okay, let's start the presentation. Lars-Åke, please go ahead. Thank you, Marcus. We can go to the next slide. Starting with the highlights, revenue and profit reached record levels during the quarter, and especially strong growth in our core business, the fund and brokerage business. We also see the highest customer growth and net savings in four years. Market turbulence, of course, drives a lot of trading, but it has also weighed on savings capital, and that is partly due to a stronger SEK. Low interest rates drove NII headwinds, partly compensated by higher deposits. OPEX, excluding Germany, was up around 13% due to sequencing or marketing spend, and we expect to meet the full year guidance of around 8% growth, excluding Germany. We also launched many nice new features for the more trader segments or high-end segments, and more is to come as well. I am going to cover that on a separate slide. Also, good start of the Danish pension product, Livrente, leading to record net savings in pensions in Denmark in quarter one, SEK 1.6 billion versus around SEK 900 million same quarter last year. We concluded also the first buyback program of SEK 500 million and applied for another program. Go to next. A little bit of impact from the volatility we've seen now in quarter one due to the tariffs. Of course, this led to higher activity and trading, and trading trades are up 22% year-on-year. We also see a slowdown in net buying during the quarter, and especially in March, where we see so fairly large outflow from funds. It is also we see rotation from the U.S. to Europe. When it comes to cross-border trading, it's been on elevated level both in quarter four and quarter one. In quarter four, everyone wanted into the U.S., invest in the U.S., and in quarter one, everyone wants to rotate away from the U.S., leading to higher share of cross-border trading. We also see then a reduction of savings capital following the strengthened SEK, but also negative market performance. The strength and SEK effect is pretty large, SEK 43 billion during the quarter, both impacting, of course, customers' portfolios that they have in dollars and euro, but also since we consolidate in SEK at Nordnet, it was to get an impact from there. Go to next. Some numbers then for the quarter, strong customer growth, 14% up year-on-year. Also, good growth in savings capital, 9% mainly from net savings, as markets has been rather flattish year-on-year. Number of trades then up 32% due to high volatility in the markets. Revenue, almost SEK 1.4 billion as a record level. We see higher revenues from fund and brokerage, but lower revenue from net interest income due to lower rates. Operating expenses up 15% year-on-year, but excluding Germany, it's around 30%. That much higher than last year is mainly due to sequence and marketing spend, where we have more evenly distributed marketing spend this year compared to last year, where we were back and loaded, especially in quarter four. Like I said, we expect to meet the full year guidance of around 8% cost growth, excluding Germany. Also good growth in profitability, close to SEK 1 billion in profitability, which is also a record for the quarter. Go to next. We see continued good momentum then in growth in customers and net savings. We grew customer base for almost 70,000 customers in the quarter and SEK 35 billion in net savings, which are very good numbers. We also saw, even though there was a lot of turbulence in March, we saw good customer growth in net savings also in March. Go to next. We benefit from having a diversified business over four Nordic countries. The risk of business model enables growth. We see good growth in all countries, especially strong customer growth in Denmark. Savings capital in Denmark was flattish, and that was mainly due to the big drop in share price of Novo Nordisk. Can go to next. Looking at trading, we see a number of trading customers here to the left. The blue line there is growing in line with the growth of the customer base, but also then boosted in quarter one from seasonality and a volatile market. We also see that trading customer is up a little bit, also due to volatility. I mean, also then cross-border trading that we discussed is also up both in quarter four and quarter one. This is an effect, I mean, both from a country mix where we have higher share of cross-border trading outside of Sweden, in Norway, Finland, Denmark. Of course, boosted then by volatility. Trade per day also is considerably up, more than double where we were in 2019. That is also an effect from a growing customer base, more than double the customer base since 2019, but also due to then seasonality and volatility in quarter one. Also looking at revenue or income per trade, it is considerably up since 2019, almost 60%, and that is the effect of high share of cross-border trading due to country mix, but also that the mix between retail versus heavy traders is also more retail in the later years. Looking at the fund business, there is also continued good growth here. We see that fund capital is growing almost twice as much as total savings capital. One quarter of the fund capital is Nordnet branded funds, which is mainly index funds, and 40%, give or take, of the net buy into funds is going into the Nordnet branded funds. More than half of the customer base now, more than 1 million customers own funds, and we see activity also of customers buying and selling funds is steadily increasing. Of course, we see a drop here in the fund capital due to market decline, but also a stronger SEK. Also, net buying for the last four months is a little bit lower, mainly due to lower net buy than in quarter one this year. Go to next. Looking a little bit on net interest income, starting here with the deposits, we see the deposits versus savings capital is up from 7%- 8%. The full deposits are up from SEK 70 billion to almost SEK 79 billion in the quarter, both from strong net savings, dividends, but also a considerably lower net buy in the quarter of equities and funds that we normally compare to what we normally see. Go to next. Looking a little bit on the snapshots here for these different components of NII, we start with liquidity portfolio snapshot then, SEK 1.5 billion, and that assumes then the volumes we have in quarter one and also current selling credit spreads and market consensus estimates for the three-month IBOR interest rates. We see here that the liquidity portfolio is up almost SEK 10 billion in the quarter, and that's mainly from deposits. On the other hand, we see the interest rate sparse now is lower than we saw in quarter four due to expected impact on the economy from tariffs. To next. I look at the loan portfolio snapshot for 2025. It's estimated to yield SEK 1.1 billion, assuming then the quarter one volumes and interest rates as per 1st of April and the interest rate sparse that we saw on the previous page with the pass-through of margin lending of 50%, the mortgage 100%. Here we see a slight drop in the margin lending volumes in the quarter. It's mainly due to stronger SEK, and we consolidated the margin lending from Norway, Denmark, Finland, into SEK impacting that. Of course, the main sensitivity here is the growth on margin lending volume, but likely if the markets calm down a little bit, we will see continued growth in margin lending. Also, low-risk lending portfolio in general, we loan to value around 40% for both margin lending and mortgage. In spite of this heavy turbulence, we haven't seen any credit losses on margin lending. Go to next. Deposit interest cost snapshot is estimated to be around SEK 400 million in 2025, assuming 2025 volumes and 100% pass-through of the IBOR changes. Here the main sensitivity is, of course, the amount or capital on the savings accounts. That is likely to decrease over time when interest rates decrease, then the customers keep the money on the trading accounts instead, and we have already seen that starting to take effect here in the last quarters. In summary, we are looking at the revenues, I mean, resilient revenues and bolstered by our diversified revenue streams. We see good growth in all revenue streams, both the net interest income, the fund business, and also the brokerage business. Looking down to the graph to the right, we see also a little bit of uptick in margin on trading, that's due to high share of cross-border trading and also that the retail versus heavy traders is a favorable mix. Also a little bit higher fund margin due to buy and sell of non-domestic funds. Go to next. All in all, if you boil everything down to numbers, we have to see very strong revenue growth since 2019, around 30% per year to increase revenue from around SEK 1.5 billion to over SEK 5 billion now in 2025, last 12 months. While cost growth is fairly limited, around 6%. It is a true position of profitable growth where most of the top line growth ends up on the bottom line. We also, one of the main focus areas for us this year is to launch new features and functions for the high-end segment, so customers trading a bit more. We have launched, as you know, the analysts' recommendations and price targets in quarter four last year, and it's been very popular with more than 60 million views and 500,000 unique users in quarter one. It's a very well-received feature. We also, during the quarter, launched algorithmic order executions with the VWAP, TWAP, but also you can access full liquidity through all the dark pools. Also very good take-up and reception of that service. Just before Easter here, we launched also U.S. pre-market trading from 1:00 A.M. You can start trading U.S. equity order from 1:00 A.M. on our platform. We don't stop here. It's more to come. During the quarter, we're going to launch FX accounts on ISK and KF. We're also going to launch additional markets for electronic trading in Europe. I think that's a big interest in Europe now with the shift from U.S. to Europe. We're also going to launch enriched company data, both historic data and forward-looking data. Historic data we actually launched today. With that, I hand over to you, Lennart. Thank you. Good morning, everyone. We can go to the next slide. As expected, I would say all in according to plan, we still have a very strong capital situation. Also, the liquidity situation is very good, where the leverage ratio is the constraining part. That has, of course, decreased a little bit due to the increase of deposit, but it's still on a solid level with 5.4% with a requirement of 3.5%. It is a very good situation we have here, which enables us to continue the dividend policy that we have, paying out 70% of the net earnings and also adding a new program whenever it is approved by the SFSA of buyback of shares for this year as well. It is planned to be in line with last year. That is where about we are. As a summary, very good and strong capital and liquidity situation gives us a lot of flexibility to do work with. Thank you. Thank you, Lennart. A little bit on the strategic focus. As you know, we can go to next. We have four main strategic focus areas, starting with, of course, with the customer side, where we want to have the most satisfied customers. We want to be a one-stop shop for savings and investments with a really good customer experience. We also know to have happy customers, you need really passionate and talented staff. We want to see an upward trend on employee satisfaction and also that we can attract and retain top talent. A sustainable business, we are in a trust business. We need to earn that trust every day, and especially we need to manage our risks in a good way and overall secure that we are a trusted and liked brand. The last area is profitable growth to continue then to capture the Nordic growth potential and now in next year also launch Germany, but continue to take market share in a growing savings market, but at the same time focus on scalability and cost control to have a scalable business model also going forward. We are very happy with, if you look at the customer growth and savings capital growth over the years, which is very strong. Customer growth and savings capital growth is the main driver for revenue growth for us. The customers sign up, they like what they see, they transfer money from the existing banks or pension companies and start using our products. That is the engine that drives the revenue growth for us. We will go to next. We are taking market share in a growing savings market. That is still very fairly low levels. We have room to grow in the Nordics for many years. On top of that, we have Germany as an option. We have now 8% of the Nordic population on our platform. We have 7% of the addressable savings capital on the platform. The addressable market is, with Librent, now big. It is around SEK 18 trillion in 2024. We take market share. Last year, we had 6% market share, so we gained 1% market share in one year. We know that the market will also continue to grow with underlying market growth. We have the highest, if you look to the right, highest market share in equities, low market shares in funds and pension. We put a lot of effort, as you know, in those areas, and we also see steady and nice growth in both fund and pension business. We are also proud of our scalable business model and cost control. In 2019, we had 900,000 customers. Now we have 2.1 million customers. In spite of that, cost has not grown that much. A little bit stepped up in 2024, but that's due to additional marketing of SEK 55 million during 2024 to drive additional brand awareness in our different countries. The initiatives, I mean, we really benefited to have a scalable cloud-powered tech platform that we work with automation, which is a win-win, works better for customers, and we scale better. Also that we really have an efficient customer growth. It's mainly based on word of mouth and PR, so low acquisition cost. Go to next. Looking at where we are versus the midterm financial targets, we're in line. Customer growth is 40% versus guidance of 13%-15%. Savings capital close to the SEK 500,000 level. It was a little bit down in quarter one due to a drop in the markets. Income in relation to savings capital is higher than the 45 basis points earlier on due to higher trading activity, but also higher deposit levels. Cost is, even if it was a little bit higher in quarter one versus last year, we expect to meet the full year guidance of 8% growth per year, excluding Germany. Go to next. Looking at the key priorities for 2025, of course, to lay the groundwork for launch of Nordnet Germany. We are supposed to establish the branch in Germany, also do the needed development on the platform, but of course also recruit the German team. Here we are really happy to announce our new country manager that is going to start on May 1, and that is Markus Pirtlwieser. He has a broad background from the financial industry in Germany, both being with McKinsey, also working at Deutsche Bank, both as a CEO for the bank branches, but also as a chief digital officer, and also being with a smaller digital startup working with the financial services to the small and medium-sized enterprises named Penta. Really, really good experience, and also really happy that he can start already on May 1. We are also going to, of course, continue to realize the potential in a new Librent product and also continue to do strong net flows in the fund and the pension business. We are going to also enhance the high-end offering for private banking and active trading customers that we talked about. Many launches already done, but also many exciting things coming in the coming quarters. We're going to continue with the Pan-Nordic rollout of the new brand campaign to drive brand awareness. In 2023, we spent SEK 45 million on marketing. Last year, we spent SEK 100 million, and this year we spend a full SEK 125 million that we announced before. Of course, to continue to focus on underlying cost control and ensure that we also have a scalable business going forward. With that, I hand over to you, Marcus. Thank you. Great. Let's start the Q&A session. Like I said before, if you want to ask a question, just click the raise hand button. I'll then announce your name and unmute you or submit a question in writing. The first question comes from Jacob Hesslevik at SEB. Please go ahead. Good morning, everyone. Morning. On slide 10, historically speaking, what has happened with the dividends your client has received? I would assume it's usually reinvested in the following quarter. Do you have any other specific theories what usually occurs? No, but it's normally reinvested too. You're correct. Of course, a little bit higher uncertainty this quarter leading to less net buys. Let's see how the next quarter plays out. Quartile uncertainty persists or not, but normally it's rein vested in the market. Yeah, okay, that's clear. If forward margin has come down since Q4 and we assume clients reinvested dividends, wouldn't that mean you would have to decrease your full year NAI guidance already in Q2? No, but I mean, the deposits growth is also a function of the net savings, which of course continue on a good basis and was very strong in quarter one. You mean, sorry, and you mean the forward rates, but the forward rates that we use with the volume on deposits is what you see as a snapshot. Yeah. We take in the latest forward rates. I think it was yesterday's rates that we have in the pack. Yeah, we are assuming rates are stable and then you just take a snapshot of deposit volumes in Q2 and then that's how you get your full year guidance, right? Yeah, the volume we have in quarter one, but with the interest rates passed, that's consensus passed for the rest of the year. Those are absolutely, I think they are from yesterday actually. Yeah. Also, we can expect dividends to continue. Q2 is pretty heavy dividend quarter. Last year there was about SEK 9 billion of dividends coming in. Yeah, sure. That's a good point. Finally, net savings per month on page five. Does this not include dividend your client has received, right? It is only inflows from banks. Only inflows from banks. Only inflows from banks and pension companies. Yeah, nothing else. Is there anything specific in the March numbers because it looks quite high when we go back in history as well? Is it broad-based or is it specific to a few private banking clients? Yeah, it was a little bit private banking effect in Sweden. As we know, some quarters can be negative movements and some quarters positive movements. This quarter was really positive movements. We are happy about that. The underlying retail, underlying PB growth of net savings is good. That was a little bit extra boosted by some PB customers in Sweden. Perfect. Thank you so much. Thank you, Jacob. Next question comes from Nicolas McBeath from DNB. Please go ahead, Nicholas. Good morning. Can you hear me? Yes. Morning. Morning. I'd like to follow up a bit on the net savings. I think it's interesting to see the country split for customers and net inflows in the quarter. In particular, looking at Sweden, what we can see there is that the number of customers is more or less flat year-on-year, but you've seen a significant improvement in net savings. That accounts for the increase in total net savings for the entire group year-on-year. Is there anything more you can add there on the net savings figure for Sweden in particular, given that customer growth in Sweden doesn't look to be all that significant at this point? Have you gained any particular volumes from some competitors? Is it the marketing efforts that are starting to give a positive boost or anything more you can add there, please? Yeah, looking at customer growth, it was flat due to the sale of the private banking, private loan business, sorry, to Ikano. Except from that, it grows from around 6%, so it is not totally flat. Right, yeah. The net inflows, and I think we see both from retail and PB in Sweden, good inflows. Like I said, it was a little bit extra boosted from some bigger private banking customers in the quarter in Sweden. All right. As you mentioned, your leverage ratio went down a bit quarter on quarter because of the deposit inflows, but it is still at very healthy levels. Do you see any potential to accelerate the buybacks given where you are in terms of capital that you're still some above where you're looking to be? I can't really see how you're going to go down to your target level unless you increase the buyback pace, unless something dramatically happens, of course, if you see significantly larger deposits or something. Just given the current operating trends, it seems like you're still substantially overcapitalized. You want to answer that, Lennart? Yeah, I can say yes. Of course, we are overcapitalized, but we also set a plan, and that is the one we stick to. The plan is to be in line with our targets of the leverage ratio of 4.0%-4.5% at the end of 2026. This is, yes, the cautious plan to be aware that, yes, we can have an increase in deposits, quite significant, but we can handle them over time. This is according to plan and also not to disturb the stock market too much with the buybacks as well. We also, as you know, have an AT1, that's due in 2026, end of 2026. We need to have optionality around that one as well. Yeah. Sure. Finally, on your currency revenues, first of all, it seems like the currency revenues increased more than the actual number of the cross-border trades. Is that a consequence of larger trades or anything in particular there that accounts for the large increase in currency revenues? Secondly, related to that, do you see any implications for your currency revenues from the launch of FX accounts on ISK and the Kapitalförsäkring, as you mentioned earlier in the call, Lars-Åke? This specific model, I do not have exact numbers, but it can be related to that the trader value is a little bit higher or value per trade is a little bit higher. I think Marcus can come back with that. When it comes to the FX accounts, we launched them during quarter two, but we do not expect any big decrease. It might be that we can attract customers back that are not trading foreign shares with us because we do not have FX accounts. Perfect. Thank you. Great. Thank you, Nicholas. Next question comes from Ermin at Carnegie. Please go ahead, Ermin. Good morning. Do you hear me? Yeah. Good morning. Yes, great. My first question would just be on Q2. Can you give us any color on how clients have acted now in the start of the quarter? Kind of, is it still high activity or has it been an initial sell-off and then reduced activity? That goes both for, I mean, trading, but also customer intake, capital inflows. Can you give us any kind of flavor on that? Yeah, as you know, the first couple of weeks were very volatile still, driving, of course, activity. After that, we have an Easter that destroys the picture a little bit. I think you will see the full picture when we announce the monthly numbers in the beginning of May. Yes, a combination both of Easter and high activity in the beginning. Okay, fair enough. The launch of the Algo trading, I suppose you're charging a little bit extra for recently used dark pools, etc. Do you expect the take-up there to be big enough to have any impact on the commission rates on a group level over time? It's, of course, hard to tell, but I think it's off to a good start anyway. Hopefully we can attract also customers and trading that we haven't seen before on the platform. Let's see how it plays out, but it was a good start, I would say, of the service. It's very appreciated by the customers. Great. The last question would be on the platform outage you had in mid-February. Have you had any kind of feedback from authorities on that? I know you're right that you haven't had any kind of final verdict, but anything to share? No feedback so far, but as you know, we reported the incident both to EMI and FSA. Great. Thank you. Thank you. Next question comes from Martin Ekstedt at Handelsbanken. Please go ahead. Martin, can you hear us? I see that you're unmuted. All right, let us come back to Martin. Let us then go to Enrico Bolzoni from JP Morgan. Enrico, please go ahead. Hi, good morning. Can you hear me well? Good morning. Yes. Thank you for taking the questions. First question, given the current macroeconomic context, can you just give us some color on what have been your thoughts in terms of, for example, marketing spend over the last few weeks? Is there a scenario where you would have considered maybe to pull back a bit and slow down, for example, on the expansion in Germany? Or actually, do you think that the current scenario is an opportunity to accelerate things, maybe spend even a bit more in marketing to try to capitalize on that? Just very high-level general comment for you would be appreciated. I also wanted to ask you, with the, let's say, reduced appeal for U.S. stocks, do you think that actually other European countries can absorb the proportional cross-border trades that were going to the U.S.? Or actually, if this continues, you would expect just a lower proportion of cross-border trades going forward? Finally, given the change in the rate environment, rates came down a bit, do you think that you might push a bit more to increase the lending book? For example, I think about mortgages or perhaps expanding the mortgage offer to other courts or clients or maybe to other countries outside of Sweden. Thank you. Yeah, when it comes to marketing spend, we have not really changed our plans. We run one really big boost per quarter, and then we have always on between. When it was most volatile, it was actually after our boost, so we did not really need to reflect on if we needed to do anything or not. So far, we follow our plan. It is going to be another big boost in quarter two and in quarter three and quarter four, with always on between. When it comes to the German launch, there is no impact. We continue there with what is established in the branch, the recruitments, and the development. When it comes to rotation from U.S. to Europe, I think there has been a lot of interest investing in other countries outside of the Nordics in Europe. It is also why we are also going to turn on more countries for electronic trading in Europe during the quarter. Let us see about the flows. I mean, quarter four was all in U.S., and then quarter one was all out U.S.. I think over time, I think when everything calms down, I think U.S. is still going to be interesting for our customers, for sure. The last question was lending. I mean, we have a very healthy loan to deposit levels. We have room to grow the lending book. Both the mortgage, but we are mainly directed at the private banking, as you know, but definitely margin lending. Margin lending is also, I mean, it has been a bit risk-off now due to the high volatility, but we expect that book to grow nicely if the markets calm down a little bit. A final point on the cross-border trading. Remember that in the Nordic markets, we also have four different currencies, so any intra-Nordic trading also generates the same type of FX as a U.S. or European trade. Thank you. Great. We're going to try Martin Ekstedt from Handelsbanken again and see if his mic is working. Can you hear me now? Yes, we can. Great. Yeah, yeah. Sorry, I was wrestling with the Zoom interface before. I just wanted to ask, on slide seven, the graph with VIX versus trading activity. I guess the point of that chart is that trading and volatility correlate. There are some exceptions, right? Such as Q2 2022 when Russia invaded Ukraine, when you saw a volatility spike, but trading activity came down and so on. Are we looking at another quarter like this, potentially in Q2 2025, given the trade war? I mean, we can see trends of customers selling funds on a net basis, etc. Is this still good volatility, quote-unquote, in your view? I mean, I think what you saw the first week of April was a lot of activity. I think short-term volatility, unless it's a big crisis like the Ukraine war, I think that's good because it increased trading activity. Long-term volatility is not good if it continues for many quarters because some customers get worried. They lose a little bit of interest in savings and equities and funds, and thereby less customers in, less net savings, and less activity levels. Yeah, short-term volatility good, very long-term volatility not good, if I put it that way. Okay, great. Thank you for that. I saw brokerage income in Norway was at 32% quarter- on- quarter to be compared with Sweden, for example, at a more modest 19%. Is this a change of customer dynamics in Norway, which I think fund saving seems to have been more important historically? Is this more of a one-off, say, longer-term equity investments were liquidated in this quarter in particular, do you think? No, but I think we saw equity trading picking up in Norway. It was a little bit subdued last two quarters previous year or for previous year due to also Norway market being a bit, yeah, not growing that much. I think it's really a bigger focus now on equity trading in Norway again, which is good. Okay, excellent. A follow-up on the fund capital, if I may. Growth in the proportion of fund capital allocated to Nordnet branded funds has been picking up. I just wanted to check what is driving this. Are your funds getting better or cheaper? Or is it down to regulation or marketing and so on? No, I think it's, I mean, you know, Nordnet branded funds are mainly index funds or fund of fund of index funds. And customers, as we know, buy a lot of index funds, and they like our index portfolio. It's performing well and it's a good price as well. And our fund of funds, the one funds where you can also choose risk level, is also very popular. I think we have a good match product-wise and price-wise for the customers. Okay, great. Thank you. That's all from me. Thank you. Thank you, Martin. I'm going to take a written question from Nicolas Wesselier at BNP Paribas. He asks, what's your thinking around offering spot crypto trading? Is that something your clients are asking for? Today, as you know, we provide crypto trading versus certificates or trackers that track the underlying asset. And that's been really booming market in Europe. There's a lot of trackers out there and good trackers as well, physical replication, also low fees. The upside with trackers is that you can also have them on the tax accounts, so on ISK and KF. That said, I mean, especially now going into Germany, where you have players with spot trading in crypto, it's an area we look at. It's not top priority, but it's something we look at. Great. One more from Nicholas. He's asking, the fund revenue margin has been resilient. What's driving this? Is the increased share of Nordnet funds driving margins higher? Yeah, correct. I mean, we see a shift still from active to passive, even if it's slowed down a bit. The good thing now, when the customer buys the index to passive, they may buy the Nordnet index where we have a higher margin. Even though the price for the customer is good, we have a higher margin on those products. So that's a portrait margin. I think specifically this quarter, we saw a bit of FX. This year, the uptick this year was a little bit FX effect from trading non-domestic funds. More short-term. Okay, next question. I'm going to take from Ian White at Autonomous. Ian, please go ahead. Hi, sorry. Can you hear me, please? Yeah, I can hear you. Thank you for taking my questions. Three from my side, please. First up, can you provide us with a sense as to how much of the net savings inflow is recurring in nature? I'm thinking about things like monthly investment plans, pension contributions, salary deposits. What's the kind of baseline level that you think would be resilient in sort of any market environment or in most market environments? Perhaps you can give us that. That's question one. Secondly, I just wanted to follow up on mortgage lending. The macro environment has become a bit more favorable in Sweden. Why are we not seeing firmer volume growth there, please, over the last 12 months in terms of total mortgage lending? I think it's down slightly year-over-year on the Swedish mortgages. Interesting just to understand some of the underlying dynamics there. Lastly, thank you for the helpful detail around FX impacts on savings capital. Can you just help us to understand the P&L sensitivity from an FX perspective? Am I right to think that the costs are mostly SEK, but the revenues are earned in the respective local currency? Is that the correct way to think about it? Thank you. Yeah, so when it comes to recurring net savings, it's roughly around SEK 2.2 billion. It's a mix of pension premiums and monthly savings in funds. What we see is steady growth in this as well, especially both in the pension and also in the monthly savings area where customers set up more monthly savings. We have that as a fundamental. Of course, we have a lot of other money coming in on top of that. When it comes to mortgage, we focus mortgage product to the private banking segment. If you have a certain amount of savings capital on the platform, you get really, really good interest rates. It is a way for us to attract and retain capital for the bigger customers. We are a bit selective there. We could, of course, go broader, but we know also that mortgage is a very sticky product. It is hard to scale up or down, or it is hard to scale down. Scale up, you can, of course. We are a bit careful how we play the mortgage development. Where we want to have room to grow is mortgage lending. We want to not have constraints. We do not want to have constraints there, and we do not. We are careful to secure that. When it comes to FX impact on our P&L, I mean, you are right. I mean, cost to income is 30%, so cost is only 30%. Most of that cost is in Sweden. We get an impact from the SEK variation on revenue and on savings capital. Got it. Thank you. Thank you, Ian. Next question comes from Andy Lowe at Citi. Please go ahead, Andy. Hi, guys. Hopefully, you can hear me. Just one question and just a quick follow-up. I am curious, obviously, we can see in the monthly stats how your platform deposits have been evolving, and you and Avanza have both seen quite a big increase in the last couple of months. I am just curious if you could maybe give us a little bit of insight as to how that has been behaving over the past few weeks in volatile markets. You have previously said, Lars, that that is likely to sort of go up quite materially in volatile sort of risk-off environments. Is that the case? The follow-up is just on the crypto question that we had a few questions ago. I think last time you helpfully gave us a figure that was 5% of the trades. 1.5%, yeah. Sorry, was it 1.5% in Q2? Sorry, Q1? Yeah, it is about the same level. Looking at full year, last year was around 1.5% of the trades. It is a bit similar in quarter one, but we saw more trades in January-February, but in March, it really declined when also the crypto price declined quite a bit. What were the figures in Q3 and Q4? I remember them slightly differently. That is for the full year. I do not remember the order for specifically, Marcus, but we saw that the trading activity also, of course, went up after Trump won the election. Quarter four was higher than the previous quarters. If you look at quarter one this year, January-February was about the same level as quarter four, but considerably lower in March when the crypto prices dropped considerably. Great. The deposit question. As you know, it has been lower net by in the more volatile environment, but still good high net savings and high dividends. That is why we have good development deposits. Of course, with continued volatility, it is likely that the deposit will increase a bit, but let's see how the uncertainty plays out. It feels like a little bit less uncertainty now than anyway in the beginning of the month. Super helpful. Thank you so much. Great. Thank you. I think that was the last question, actually. We will call it a day. Thank you so much for attending the presentation. Please visit our website, nordnetab.com, or reach out to me if you have any questions. Thanks for your interest in Nordnet. Have a nice day and goodbye. Bye.