Slides
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Nordnet Q42025Results presentation
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Key highlights fourth quarter 2025 Cost growth in line with target for the full year Positive net savings and good customer growth Decline in NII due to lower policy rates Proposed dividend of SEK 8.60 per share New Private Banking concept launched in all markets Strong trading activity and another record quarter for cross-border Continued strong growth in core brokerage and fund business German banking license approved; H2 launch on track 2
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Q4 2024Q4 2025 2,0962,351+12.1% Financial highlights fourth quarter 2025 3 Adjusted revenuesSEKm1 CustomersThousandsSavings capitalSEKbn Adjusted operating expensesSEKm1 Number of tradesMillion Adjusted profit before taxSEKm1 Q4 2024Q4 2025 1,0321,183+15% Q4 2024Q4 2025 13.816.1+16% Q4 2024Q4 2025 1,3161,391+6% 391423 Q4 2024Q4 2025 +8% 919966 Q4 2024Q4 2025 +5% (1) Excludes items affecting comparability;
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Q4 2024Q4 2025 2,0962,351+12.1% Financial highlights full year 2025 4 Adjusted revenuesSEKm1 CustomersThousandsSavings capitalSEKbn Adjusted operating expensesSEKm1 Number of tradesMillion Adjusted profit before taxSEKm1 Q4 2024Q4 2025 1,0321,183+15% 20242025 52.963.3+20% 20242025 5,0945,389+6% 14551630 20242025 +12% 35603748 20242025 +5% (1) Excludes items affecting comparability; +8.1% excluding cost for Germany expansion
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Good momentum in customer growth and net savings 5 New customers by month1Thousands Net savings per monthSEKbn 1819211820161820 37 26 192431 182022171817 262625 1618 JanFebMarAprMayJunJulAugSepOctNovDec 20242025 65768 5754667 10 6 97 34 876854 JanFebMarAprMayJunJulAugSepOctNovDec 20242025256255 20242025 7378 20242025 (1) Adjusted for disinvestment of unsecured lending portfolio which resulted reduction of 22,800 customers during 4Q24. YTD YTD
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Denmark Sweden Norway Finland Geographical diversification de-risks the business model and enables growth Savings capitalSEKbnCustomersThousand Savings capitalSEKbnCustomersThousand Savings capitalSEKbnCustomersThousand Savings capitalSEKbnCustomersThousand Q4 2024Q4 2025 475510+7% 382425 Q4 2024Q4 2025 +11% 185219 Q4 2024Q4 2025 +18% 263291 Q4 2024Q4 2025 +11% 202247 Q4 2024Q4 2025 +22% Q4 2024Q4 2025 463523+13% Q4 2024Q4 2025 528623+18% 6Q4 2024Q4 2025 631695+10%
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More customers are trading and cross-border trading reached another all time high 70%10%20%30%40%50% 4Q174Q184Q194Q204Q214Q224Q234Q244Q25 10%20%30%40%50%60%70%80%90%100% 4Q174Q184Q194Q204Q214Q224Q234Q244Q25 Number of trading customers Share of all customers Trading customers Share of cross-border trades 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000Number of trading customersShare of all customers 010203040 4Q174Q184Q194Q204Q214Q224Q234Q244Q25 Trades per trading customer / quarterAverage 2017-2024 Trades per trading customerVIX quarterly average
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Trades per day up 20% compared to 2024 and each trade drives 10% more revenue 8 0.000.020.040.060.080.100.120.140.160.180.200.22 2019202020212022202320242025 115,400 233,300 285,300 223,100195,500212,000254,600 Trades per customer per trading dayTrades per customer / day (LHS)Trades per day 23293129293538 1020304050607080 0 20% 2019 24% 2020 31% 20212022 27% 2023 30% 2024 28m 59m 72m 56m49m53m 2025 63m 37%26% Cross border (m)Domestic (m)Net income / trade (SEK) Total number of trades and net income/trade
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0%10%20%30%40% 9 Leading Nordic fund supermarketFund capital by countrySEKbn 76392415 202167362416 202284493021 2023110764131 2024120 904741 2025 154144184259297 SwedenNorwayDenmarkFinland CAGR +18% +26 +3 2021-1+102022 +19+4 2023 +19 +18 2024 +19+7 2025 +29 +8+23+37+26 44%45%46%51%52% 20212022202320242025 7047758661,0761,231Fund customersShare of customer baseFund customers(‘000) Fund capital by allocation1SEKbn 43%36%32%30%29% 21%23%25%26%26% 19%22%24%27%28%11%6% 2021 13%6% 2022 15%4% 2023 14%3% 2024 14%3% 2025 154144184259297 ActiveIndexNordnet fundsFixed incomeOther (1)“Nordnet funds” are mainly index funds. 3rd partyNordnet fundsNet fund buyingSEKbn Customers buying or selling funds(‘000) 0200400600800 4Q184Q194Q204Q214Q224Q234Q244Q25 # customers buying/selling fundsShare of customer base Number of customers Share of all customers §Steady growth in fund capital§Fund margins stabilize as active/passive shift slows§Over one quarter of fund capital is Nordnet-branded§More than half of customers own funds
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1002003004005006007008009001,0001,1001,200 0%2%4%6%8%10%12%14%16%18%20% 020052006200720082009201020112012201320142015 2004 2017201820192020 2016 2022202320242025 2021 10 Brokerage/Funds (LHS)Deposits (LHS)% Deposits (RHS) Deposit recovery driven by strong net savingsDeposits/savings capital vs stock market performanceSEKbnMSCI World index 4Q24 +61.5 Net savings cash -35.8 -25.9 Net traded value +21.4 Dividends -7.1 Other / FX effect4Q25 70.0-61.8 84.1 +14.0 Deposit development 2025SEKbn 6.8% 7.1% Share of AuM Brokerage Funds
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11 VolumeSEKbn 425438403413380434397374 1Q242Q243Q244Q241Q252Q253Q254Q25Q1262Q263Q264Q26 3M IBOR2development and forecast (bps)29.7 -17.46.414.7-5.023.1-2.916.6-4.6 18.8 9.620.112.0 DepositsLendingOther/equity 84.1 -29.96.4 60.5 Volume 4Q 2025SEKbn 403371308254236213189196 473473474468457434413407 3843623002452271961982003893713282712341942032031Q242Q243Q244Q241Q252Q253Q254Q25 196200205211 411404394389 206206209214 204204204208Q1262Q263Q264Q26(1) Includes lending against pledged cash and cash equivalents;(2) Source: Bloomberg as per 2026-01-14 Liquidity portfolio snapshot: ~SEK1.6bn in 2026**Assumes 4Q 2025 volume, currency allocation, credit spreads and market consensus estimates for 3M fwdIBOR development. 1 1 6668697079838184 -32-33-32-29-29-28-30-308 1Q24 6 2Q24 6 3Q24 6 4Q24 7 1Q25 6 2Q25 7 3Q25 6 4Q25 4142434757605861DepositsLendingOther/equity ~SEK 1,600mSEK 1,585m~SEK 1,680m Net interest incomeSEKm
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Loan portfolio snapshot: ~SEK1.1bn in 2026* 12 11.2 15.9 1Q24 3.611.2 16.7 2Q24 3.411.2 16.5 3Q24 11.1 17.6 4Q24 11.2 16.3 1Q25 3.8 15.8 2Q25 11.4 17.2 3Q25 12.0 17.3 4Q25 30.931.531.228.827.527.028.629.3 11.2 UnsecuredMortgageMargin lending 201216222228217193195199 12512511810583767066 777371 1Q242Q243Q244Q241Q252Q253Q254Q25 403414411333299269264265 1Q262Q263Q264Q26 799788 445446421376297271246225 533529534533511482473461 1Q242Q243Q244Q241Q252Q253Q254Q25 Marginsbps ~45%Mortgage 35-45%Margin lending Loan-to-value% (1) Excludes lending against pledged cash and cash equivalents *Assumes 4Q 2025 volume, interest as per January 1, 3M fwdIBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) UnsecuredMortgageMargin lending ~SEK 1,100m~SEK 1,100m 227227229230456456455456 Q1262Q263Q264Q26 Fwdmargins (based on*)bps ~SEK 1,560m Net interest incomeSEKm Volume1SEKbn
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Deposit interest cost snapshot: SEK 350m in 2026* 13 1511651621361041069585 1Q242Q243Q244Q241Q252Q253Q254Q25 40172Interest cost on total deposits (bps)Interest cost on deposits bearing interest (bps) Development savings accountsSEKbn 10.6 1Q24 11.7 2Q24 11.5 3Q24 11.6 4Q24 11.1 1Q25 11.7 2Q25 11.1 3Q25 14.617.618.217.717.618.518.1 4Q25 18.4 1.71.73.511.6 SENODKFIShare of deposits 39%24%7%10% ~SEK 600m Dec. 25 Share of customers’ deposits eligible for deposit interest (%)25% * Assumes 4Q 2025 volume and interest rates as of January 1 with future 100% passthrough of 3M fwdIBOR changes. Assumes that interest on non-savings account deposits remains at 4Q 2025 levels. Interest costSEKm ~SEK 390m Q1262Q263Q264Q26 ~SEK 350m
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1109496145352381284 661 443380420568660727 514108 2019 1,673300613102 2020 2,221 248 2021 1,619 1,281101 20221,420 2,639 241 2023 1,844 2,656 25 2024 2,406 2,313 10 2025 1,524 2,6893,6393,382 4,5505,0945,389 71 In summary: Resilient revenues bolstered by diversified revenues streams 14 Adjusted revenue by income typeSEKm1 Adjusted revenue / avg. savings capital (bps) Savings capital by productSEKbn (1) Refer to page 28-29 for additional detail on items affecting comparability; (2) Includes other income, net other provision income and net financial transactions; (3) Net transaction related income divided by average quarterly brokerage savings capital; (4) Net fund related income divided by average quarterly fund savings capital; (5) Net interest income excluding income related to securities lending divided by average quarterly deposits 29% 24% 18% Net transaction relatedNet fund related incomeNet Interest incomeOther income² CAGR +23% 268404573490573704802 297 8245 2019 10060 2020 15474 2021 14481 2022 18467 2023 25970 2024 84 2025 3955658027158251,0321,183 BrokerageFundsDeposits CAGR +20% CAGR2019 – 2025 5053465954 Revenue margin by productbps 2955453226283336352726252520 1920 2020 2120 2220 2320 2420 2534 Brokerage³Funds⁴Deposits⁵400 02040 1008060 6144
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3772019202020212022202320242025 1,5762,4512,1153,1603,5603,748 2019202020212022202320242025 1,524 2,6893,6393,382 4,5505,0945,389 Adjusted profit before taxAdjusted operating expenses³Adjusted revenueSEKm SEKm SEKm Business model with great operating leverage 15Note: Refer to page 28-29 for additional detail on items affecting comparability (1) Adjusted revenue divided by average quarterly savings capital over the period; (2) Adjusted operating expenses divided byaverage quarterly savings capital over the period; (3) Includes amortisation of PPA intangibles and excludes credit losses. 53 Income in relation to savings capital (bps)¹ Operating expenses in relation to savings capital (bps)²Profit before tax margin (%) 2019202020212022202320242025 1,0971,0641,1411,2101,3001,4551,630 50 CAGR +47% CAGR +7% CAGR +23% 5446 17 151517 67 70706359 17 6961 24 5944 32 25
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16 Focus on the high-endsegment: Q4 highlights Even more rich data fromFactset FX account on tax-efficient account in Sweden (ISK) New watchlist functionality: Improved customer flowsCombination of savings plan and pension planflows (SE/NO) PartnerWebfund model portfolio Monthly savings in ETPs: first platform with recurring savings in crypto certs
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Capital and liquidity
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18 84.1Deposits in SEKbn 60.6Liquidity portfolio in SEKbn 72.0%Liquidity in relation to deposits 7.1%Deposits to savings capital ratio Actual (vs req.)RequirementTotal capital ratio23.7% (+8.8pp)14.9%CET1 ratio19.3% (+8.9pp)10.4%Leverage ratio5.1% (+1.6pp)3.0% (3.5% P2G)LCR359%100%NSFR236%100% Strong capital situation creates flexibilityRegulatory metricsConsolidated situation SEK 43bnSEK 23bn Leverage ratio total exposure SEK 96bn Deposit inflow capacity:SEK 66bn 3.0%3.5%5.1% Leverage Ratio & deposit inflow capacitySEKbn | % Shareholder remuneration and capital targets§Dividend of SEK 8.60 proposed –70% payout§Buybacks of SEK 627 million in 2025 and another SEK ~100 million to go until March 2026§Capital ratio targets:§Leverage ratio between 4.0-4.5%§CET1 ratio at least 100bps above regulatory requirement Note: Numbers as per 2025-12-31
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Strategic focus
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Key strategic ambitions 20 §Building the best platform for savings and investments§#1 NPS & high retention §Capture Nordic and German growth potential§Stable cost level§Strong complianceand risk management§Trusted and liked brand §Upward trend on eNPS§Attract and retain top talent Engaged customers Profitable growth Engaged employees Sustainable business Engaged customers
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21364955399010290104136166200235272395564 802715825 2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 286 1,0321,183 86103128157193224314344367395433490567669765914 2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 1,2211,6011,7081,8632,0962,351 Strong long-term growth in customers and savings capital 21 Customers Thousands (1) Includesthe 51,700 customers that during H1 2022 were terminated related to the project concerning the collection of complete customer documentation. Includes disinvestment of unsecured lending portfolio, which resulted in reduction of 22,800 customers during 4Q24. Savings capitalSEKbn CAGR 17% CAGR 20% CAGR 23%CAGR 17%1
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8% 41%own funds4 ~7.62016 ~2.3 ~15.5 2024 ~2.8 ~19.8 2027E ~17.7~22.6 22 Share of total populationDecember 2024 | MillionAddressable market growth outlook1Savings capital, SEK tln Market share of addressable market2December 2024, SEK tlnNordnet’s share 3%7% Nordnet market share CAGR +9%2 CAGR +8%2 19%own shares3 27.8 Market size currentMarket size extended (1) Source: SCB, Svensk Försäkring, SSB, Finans Norge, NationalbankenDenmark, Statistics Denmark, Statistics Finland, Finnish centre for pensions, Team analysis; (2): Excludes extended market (Danish Livrente); (3); Source: Euroclear Sweden; Euronext Securities Oslo; Euronext Securities Copenhagen; Porssisaatio(4) Source: Fondbolagen.se, Verdipapirfondenesforening, Statistics Denmark, Statistics Finland 21%Equities6%Funds1%Deposits4%Pension 3.23.5 5.95.2 Nordnet’s share of addressable marketExtended market Nordnet is taking market share in a growing market2
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Rigorous focus on cost discipline to drive operating leverage and enable investments 23 Key drivers of operating leverage Scalable cloud-powered tech platformProcess simplification and AI automationHighly efficient customer growthManage third party spend üüü Operating leverage drives improvement in cost marginAdjusted operating expenses1in absolute terms and in relation to avg. savings capital (bps)2 ü 952930969993 171217282382486 32241717171515 146 2019 135 202020212022 1,018 2023 1,073 2024 1,144 2025 1,0971,0641,1411,2101,3001,4551,630 Growth3Maintenance3Opex in relation to avg, savings capital (bps) (1) Adjusted operating expenses; subtracting SEK 16m in 2018, SEK 65m in 2019, SEK 129m in 2020, SEK 81m in 2022, SEK 191m in 2024 and SEK 18m in 2025. Adjusted operatingexpenses includes amortisation of PPA intangibles and excludes credit losses; (2) Based on quarterly average savings capital over the period; (3) Growth includes operating expenses within Engineering/Product, marketing spend as well as operating expenses for Nordnet Fonder, new insurance branches and Germany. 23% +3% CAGR +7% 2019–2025 Total +Growth Maintenance
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24 Medium-term financial targets reiterated Income in relation to savings capital3bps Customer growth1% Average savings capital per customer2SEK (‘000) 2010-20212022202320242025 12.1%16.0% 9.9%9.1%13.8% 5346595450 20212022202320242025 477444435476486 20212022202320242025 20212022202320242025 1,1411,2101,3001,4551,630Adjusted operating expenses4SEKm Shareholder remuneration (1) Customer growth during 2022 was 7% including the 51,700 customers that during H1 2022 were terminated in connection with a project concerning the collection of complete customer documentation; Customer growth was 12.5% in 2024 including the 22,800 customers that during H2 2024 were offboarded relating to disinvestment of personal loans. (2) Average quarterly savings capital per customer over the last twelve months; (3) Adjusted revenues in the last twelve months divided by the average quarterly savings capital over the same period; (4) Adjusted operating expenses; subtracting SEK16m in2018, SEK65m in 2019, SEK129m in 2020, SEK 81m in 2022, SEK 191m in 2024 and SEK 18m in 2025. Includes amortisation of PPA intangibles and excludes credit losses. Target Around 45 bps Deliver superior shareholder returns through a dividend payout ratio of 70%Capital ratio targets:•Leverage ratio between 4.0%-4.5%•CET1 ratio >100bps vs regulatory requirement Financial targets assume the following over the medium term:•Average interest rate of 2% •Average annual stock market performance of +5%*This excludes investments into Nordnet Germany, expected to be SEK 80-90m in 2026 ramping up to SEK 100m by 2028 13-15% p.a. Around SEK500k ~8% per year*
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Key priorities for 2026 25 Commercial launch in Germany in H2. Integrate AI into products and processes. Continued strong focus on the fund and pension business. Realize potential in Livrenteproduct. Further develop and capitalize on the new private banking framework. Maintain focus on cost control.
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Thank you
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Financial highlights fourth quarter 2025 27 SEKmunless otherwise statedQ4 2025Q3 2025QoQ%Q4 2024YoY %Condensed P&L1 Adjusted total income1,391 1,308+6% 1,316 +6% Adjusted operating expenses(423) (403) +5% (391) +8% Adjusted profit before tax966 904 +7% 919 +5% KPIs New customers+59,100 +69,500 (15%)+69,400 (15%)Customers 2,351,100 2,291,900 +3% 2,096,400 +12% Net savings (SEKbn) +17.6 +20.8 (15%)+19.2 (8%)Savings capital (SEKbn) 1,183 1,143 +4% 1,032 +15% (1) Refer to page 28-29 for additional detail on items affecting comparability
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Summary P&L 28Note: Refer to page 29 for additional detail on items affecting comparability Adjusted total income1,3911,3086%1,3166%Adjusted operating expenses(423)(403)5%(391)8%Net credit losses 02(100%)(2)(100%)Imposed levies: Resolution fees(2)(2)0%(3)-29%Items affecting comparability (IAC), incomeItems affecting comparability (IAC), expenses(18) Reported profit before tax9618869%84214%Tax (187)(169)11%(183)3%Reported net income7747178%65917%Adjusted net income excl, IAC7777316%7346%Adjusted net income excl, IAC and amortisation of intangible assets due to PPA7827366%7386% Q4 2025Q3 2025Q4 2024QoQ %YoY % 14 SEKm Adjusted profit before tax9669047%9195% Items affecting comparability (IAC), credit losses(18) 5856(191)
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Items affecting comparabilitySEKm 202520242023202220212020201920182017Non-recurring items –Expenses Delisting from Nasdaq (45)Acquisition ofNetfonds (35) (16)Deduction right VAT38(20) (30) AML process upgrade(19)IPO related expenses(109) Sanction SFSA(4)1 (100)Divestment unsecured lending portfolio(14)(155)One time gratification(36)Non-recurring items –IncomeRevaluation of the shareholdingsin Tink AB2 66 Divestment unsecured lending portfolio1458Administration error of corporate event(18)Non-recurring items –Credit lossesDivestment unsecured lending portfolio56Total (23)(78)-(81) -(129) 1 (16)(45) (1) Various legal fees related to appeal of sanction; (2) The shareholding was divested in 2019.29
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Strong customer satisfaction driving market share gains 30 …which translates into increasing market shares across our geographiesMarket share based savings capital in relation to total addressable market1 Customer satisfaction remains at high levels in all countries… NPS (1) Addressable market defined as the estimated part of the overall Nordic savings market that Nordnet caters to with its current product offering; (2) Including added addressable market for Livrente, market share is 4.2%.Source: SCB, SvenskFörsäkring, SSB, Finans Norge, NationalbankenDenmark, Statistics Denmark, Statistics Finland, Porssisaatio, team analysis. 5.1%5.8%6.3%7.4%5.7%6.6%7.8%8.6%20232024 4.2%2
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Net interest income (~43%)5 Nordnet has a capital light business model Savings capital is the single most important driver of Nordnet’s income Nordnet’s income model Off balance sheetSavings capital SEK ~1,183bn SharesFundsDeposits Net commission income (~57%)4 Used to fund balance sheet assets Net commission~33bps1 Net commission~25bps² ~68% ~25% ~7% Figures as per end of December 2025; (1) LTM net transaction related income divided by average quarterly brokerage savings capital;(2) LTM net fund related income excluding income divided by average quarterly fund savings capital;(3) Excluding lending against pledged cash and cash equivalents; (4) Includes other income, net other commission income and net financial transactions; (5) Includes off-balance sheet income from securities lending. On balance sheetCredit portfolio SEK ~29bn Margin lending3 Mortgage ~460 bps ~59% ~41% Liquidity portfolioSEK ~61bn ~250bps Interest margin 31 ~225bps
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Adjusted cost income ratio 77%84%72% 31%36%29%29%30% 0%10%20%30%40%50%60%70%80%90% 201720182019 40% 202020212022202320242025 Strong cost to income ratio and attractive return on equityAdjusted return on equity 10%7% 40%44%36%45%43%42% 0%10% 20%30% 40%50% 60% 20172018 13% 2019202020212022202320242025 32Note: Refer to page 28-29 for additional detail on items affecting comparability
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Share of customers per cohort and age14Q25 | % 35% 28%26%11% Pre 2020 2020-20212022-202420252,351 Share of customers by cohort and gender4Q25 | (‘000) 68%63%58%58%63% 28%35%39%40%34%3% Pre 2020 2% 2020-2021 3% 2022-2024 3% 2025 3% All 8246566092632,351MaleFemaleCorporation Savings capital per customer 4Q25 781 949 Pre 2020203309 2020-2021156257 2022-202442161 2025 1,183 503 All Savings capital (SEKbn)Savings capital per customer (SEK thousand) 71%64%59%59%68% 29%33%30%25%7%22% Pre 2020 7% 2020-2021 7% 2022-2024 12% 2025 7% All 781203156421,183BrokerageFundsDepositsShare of savings capital by cohort and asset type4Q25 | SEKbn 6.4Pre 20208.82020-2021 23.12022-2024 39.9 20258%11%30% 51%Net savings 2025SEKbn | % of total (1) Excludes companies and private customers > 80 years. New customers are younger, higher share of women and own more funds 33 0,0%1,0%2,0%3,0%4,0%5,0% 258111417202326293235384144475053565962656871747780 Pre 20202020-20212022 -20242025
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Share of trades per application 2025% | million trades Revenue margin 2025bps 46515994 50 Pre 20202020-20212022-20242025All Share of cross-border trades 2025% | million trades 32%41%46%48%37% Pre 20202020-20212022-20242025All Cross-border36.611.911.72.963.3 49%48%52%66%52% Pre 20202020-20212022-20242025All 8246566092632,292 Share of customers trading during 2025% | Thousand customers New customers remain active and drive high margins (1) Number of unique customers making at least one trade during the period divided by number of customers end of the period.34 41%22%20%24%33%27%20%14%34%50%51%68%42%16% 9% Pre 2020 1% 2020-2021 9% 2022-2024 0% 8% 2025 11% All InfrontMobileOtherWeb 36.611.911.73.163.3
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35 0%10%20 %30%40 %50%60 % 020406080100120140160180Thousands 4Q114Q124Q134Q144Q154Q164Q174Q184Q194Q204Q214Q224Q234Q244Q25 Annualised growth (LHS)Average (LHS)New customers (RHS) 0%5%10%15 %20 %25 %30% 0510152025303540SEKbn 4Q114Q124Q134Q144Q154Q164Q174Q184Q194Q204Q214Q224Q234Q244Q25 Annualised savings ratio (LHS)Average (LHS)Net savings (RHS) Annualised customer growthAnnualised quarterly customer increase in relation to previous quarter Annualised savings ratioAnnualised quarterly net savings in relation to previous quarter’s savings capital 0.000.050.100.150.200.250.30 4Q114Q124Q134Q144Q154Q164Q174Q184Q194Q204Q214Q224Q234Q24 Average 4Q25 Trades per customer per trading day 05001,0001,5002,0002,5003,000 4Q114Q124Q134Q144Q154Q164Q174Q184Q194Q204Q214Q224Q234Q24 Average 4Q25 Annualised profit per customer (SEK)Annualised quarterly adjustedprofit before tax in relation to number of customers Recovery in customer growth and savings ratio
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36 59% 14% 14% 13% CoveredGov/Gov reg/Supr. Sr./other Cash Exposure classSEKbn 61 72% 20% 8% AAAAA A1%BBB Portfolio rating% (S&P equivalent) Strong liquidity position with good credit quality and balanced maturity profile Note: Figures as per 2025-12-31(1) Unrealized result within the HTC&S-portfolio is already reflected in equity 0%0%11% 8% 13% 0-6M 1%1% 12% 6M-1Y 3% 18% 1 -2Y 0% 14% 2 -3Y 0%10% 3 -4Y 1%6%4 -5Y>5Y 19.3 8.412.78.56.14.31.3 HTC -FIXEDHTC -FRNAFS -FIXEDAFS -FRNCASH Maturity structureSEKbnUnrealized result (SEKm) HTC -3.7HTC&S1: +49.8