Slides
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Company presentationJanuary 2026
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Introduction to Nordnet.
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3 1,183bnSavings capitalSEK as of Dec 20252.35mCustomers in 4 Nordic countries as of Dec 202563mOn-exchange trades in 2025 This is Nordnet. We exist to democratizesavings and investments
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02004006008001 0001 2001 400 NordnetNordeaAvanzaDanskeDNB CarnSEB HandelsbankenSwedbankABGPa reto 20 2520 2420 2320 22 Source: NASDAQ Nordic, Oslo Børs, Riksbanken(for FX).Note for Oslo Børs: Due to a change of disclosurefollowing acquisition by Euronext competitors are estimated based on their relationship between Sthlm/Oslo prior to acquisition. Pan-Nordic powerhouse. #1NPS position in Nordics#1 NPS position*vs key competitorswith #1 rank in DK, FI&NO; #2in SE #1Market share in Nordics#1 market share of addressable market among online platforms #1Nordic broker#1 domestic broker on Nordic exchanges since 2020 Total turnover on Nordic exchanges 2025 (SEKbn) *Average last twelve months
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5 “We make it fun to save and invest, encouraging our customers every step of the way. Our engaging platform keeps customers coming back and inspires them to be better investors.” Most inspiringsavings experience. Brand position.
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6 Clear strategic focus. Savings and investments Individuals The Nordic region and Germany Digital distribution 6
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Nordnet caters to three distinct customer groups. 7 Investors(52%) “Help me do it” Traders(7%)“Do it myself” Savers(41%) “Do it for me” Share of December 2025 savings capital1(%) Source: Nordnet as of December2025. (1) The three customer groups are defined based on the number of trades in the last twelve months with “Savers” doing 0-10 trades, “Investors” doing 11-500 trades and “Traders” doing more than 500 trades; §Grow within Saversegment to become #1 choice for savers by focus on funds, pension and ease of use§Maintain dominance within Investorsegment by continuing to enhance platform and products
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8 Why do customers choose Nordnet? One stopshopCustomer experienceCompetitive pricexalways building onTrust x
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Building the best platform for savings and investments. 9 “Through leading UX, cutting-edge financial products, automated and inspiring customer journeys as well as tools for informed decisions, we are building the best platform for savings and investments.” Customer Promise.
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10 One-stop shop forsavings and investments.Securities brokerageüüüüShares, bonds, warrants, options, futures, ETFs, ETPs, certificatesFundsüüüü>2,000 mutual funds, index funds, hedge funds, fund-of-funds as well as fund guidance and advisoryPensionüüüStock lending, endowment insurance, individual pension, occupational pension Margin lendingüüüüMargin lending with securities as collateral SavingsaccountüüüüSavings account with competitive interest rate MortgageüCompetitively priced mortgage to attract and retain private banking customersüü
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Nordnet appReleased 2018 NEXT web appReleased 2019 Social investing communityShareville Best in class user experience.
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2.9 daysRelease cadence of native app 51 minRelease cadence ofweb-app NEXT 50,384Deploys during 2025
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We have worked hard to perfect our digital platform for savings and investments since 1996. Start-up phase –pioneer in online brokerage Geographic and product expansion Transformation under private ownership 1996: Birth of Nordnet2001: Listing on the Stockholm Stock Exchange2017: Take-private by Öhmanand Nordic Capital Capture growth potential in the Nordics & Germany 2020: Re-listing Enabled by Nordnet 2028 strategy 13
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8% ~7.62016 ~2.3 ~15.5 2024 ~2.8 ~19.8 2027E ~17.7~22.6 14 Nordnet is taking market share in a growing market*.* Excluding GermanyAddressable market growth outlook1Savings capital, SEK tln Market share of addressable market1December 2024, SEK tlnNordnet’s share 3%7% Nordnet market share2 CAGR +9%2 CAGR +8% 27.8 Market size currentMarket size extended Addressable market defined as the estimated part of the overall Nordic savings market that Nordnet caters to with its currentproduct offering.(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 41%Funds4 19%Shares3 Share of total population owning shares or funds December 2024 | Million 2
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Product penetration 15 Nordnethas seven main revenue growth drivers.New customer growthNew net savingsSavings capital growth New product launchesOpening new countriesOpportunisticM&A Revenue1SEKm (1) Adjusted revenue (SEK), subtracting SEK66m in 2019 and SEK58m in 2024, adding SEK 4m 2025. 2019202020212022202320242025 1,5242,6893,6393,3824,5505,0945,389CAGR +23%
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21364955399010290104136166200235272395564 802715825 10321183 2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 286 Strong long-term growth in customers and savings capital. Customers1Thousands (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 personal loans which resulted in 22,800 less customers during Q4 2024. 86103128157193224314344367395433490567669765914 2004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 1,2211,6011,7081,8632,0962,351 Savings capitalSEKbn CAGR 17% CAGR 20% CAGR 23%CAGR 17%1 16
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17 Sustainable growth: assets accumulate over time through strong customer and capital retention. 20212022202320242025 97.5%90.3%97.9%92.2%98.0%90.8%97.6%91.5%97.3%92.3%2024 -80Outflows +158New savings +72Market / other 2025 1,032 1,183 Retention 2025 savings capital developmentSEKm92% retained capital SEK 78bn net savings representing a 8%savings ratio Capital retention is calculated by taking the BoP’sbalance deducting NTMs outflows in relation to BoPbalance. 2025: (1032-80)/1032 = 92%Savings ratio is calculated by taking the periods net savings in relation to BoP’sbalance. 2025: 78 / 1032= 8% CustomersCapital
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18 Embedded growth in Nordnet’s customer base as younger customers accumulate and inherit wealth. EMBEDDED GROWTH POTENTIAL (1) Source: Nordnet as per December 31, 2025; (2) New customers defined as customers who joined between 2025-01-01 and 2025-12-31 Strong future growth outlookDistribution of Nordnet’s savings capital and number of customers by age1 0200 000400 000600 000800 0001 000 0001 200 0001 400 0001 600 0001 800 000 0,0%0,5%1,0%1,5%2,0%2,5%3,0%3,5%4,0%4,5%5,0% 147101316192225283134374043464952555861646770737679 Average AUM (SEK, RHS)Sh are of total c ustomers (%, LHS)Sh are of new c ustomers (%, LHS )
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Only pan-Nordicdigital savings and investment platform at scale.…and at bettermargins…but other Nordic countries are growing faster…Sweden is still the largest market… (1) 2025revenue divided by average quarterly savings capital over the period Growth 2025 revenue by country (%)SEKm Nordnet’s number of customers by countryRevenue margin by country (bps)1 27% 25%26% 22%Sweden NorwayDenmark Finland 5,389 463523 631695 475510 528623 10% 7% 18% 13% Dec 2025Dec 2024 69 5254 37 19
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952930969993 171217282382486 32241717171515 146 2019 135 202020212022 1,018 2023 1,073 20242025 1,0971,0641,1411,2101,3001,4551,630 1,144 20 Rigorous focus on cost discipline to drive operating leverage. 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 (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 operating expenses 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. Growth3Maintenance3Opex in relation to avg, savings capital (bps) 23% +3% CAGR +7% 2019–3Q25 Total +Growth Maintenance
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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 21 Revenue growth together with operating leverage drives significant profit growth. (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. 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 53 505446 17 151517 67 70706359 17 6961 24 5944 32 25 CAGR +7% CAGR +23% CAGR +47%
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22 Medium-term financial targets. Income in relation to savings capital3bps Customer growth1% Average savings capital per customer2SEK (‘000)16% 10%9%14%12% 2010-20212022202320242025 5346595450 20212022202320242025 477444435476486 20212022202320242025 20212022202320242025 1,1411,2101,3001,4551,630Adjusted operating expenses4SEKm Shareholder remunerationTarget Deliver superior shareholder returns through buybacks and 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 Around 45bps 13-15% p.a. Around SEK500k ~8% per year* (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.
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23 We are positioned to be long-term winners. STRONG, SUSTAINABLE GROWTHOPERATING LEVERAGE AND CAPITAL LIGHTLAUNCH OF GERMANY INH2 2026 #1 PAN-NORDIC DIGITAL PLATFORM
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Nordnet 2027.Strategic ambitions
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25 Key strategic ambitions.§Building the best platform for savings and investments§#1 NPS & high retention §Capture Nordic and German growth potential§Stable cost level§Strong compliance and risk management§Trusted and liked brand §Upward trend on eNPS§Attract and retain top talent Engaged customers Profitable growth Engaged employees Sustainable business HEADLINE Engaged customers
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26 Delightful digital channels One-stop shop Most inspiring brand Engaged employees Sustainability at our core Cloud-powered platform Strong compliance and risk mgmt Poweredby data & AI 1 2 3Full processautomation 4 5 6 7 8 9 The most satisfied customers in the Nordics How we will get there.
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Channels: Best in class user experience. 27 Key initiatives NEXT as a financial cockpit and as a consolidator of key customer segment capabilities App to transition from “control of investments on the go” to “live your financial life in the app” including more saver flows for this important customer segmentShareville’s ”social investing” to form the heart of the Nordnet experience in both app and web “Delightful digital channels with leading UX” 1
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Key selling proposition.LeadingUXWide product rangeSmooth customer journeysxenabled by:ScalableplatformReal-world agile x x 1 28
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Scalability 255k trades94k x-border trades +1,023new customers+313mnet savings SEK+2mnet change loan SEK6.9bn traded value SEK EU market close(SE/FI/DE)US market closeEU market open: ~21k request/s US market open: ~13k request/s A typical day on the Nordnet platform 2025.+104mnet fund buys SEK Note: Average 2025 figures per trading day 08:0009:0010:0011:0012:0013:0014:0015:0016:0017:0018:0019:0020:0021:0022:00 85k DAU web 472k DAU app 29 1
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NEXTweb application. 30 85kDaily Active Users (DAU)with a 19% DAU/MAU ratio 22%of Nordnet users use only or mainly the web 83kTrades per day representing39% of daily traded value during 2025 1 Note: 2025 figures
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The Nordnet app Mainly app 1 Only app Only web Mainly app76% 472kDaily Active Users (DAU)with a 40% DAU/MAU ratio 76%of Nordnet users use only or mainly the app 106kTrades per day representing35% of daily traded value during 2024 Nordnetapp. Note: 2025 figures31
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Sharevillesocial investing community. 1.9xTraded value of a Shareville uservs a non-Shareville user1 507kusers have shared theirportfolios on Shareville 2.6xCommissions of a Shareville uservs a non-Shareville user1 1 Note: 2025 figures 32
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1Digital channel engagement. 200k400k600k800k1,000k1,200k1,400k 30%32%34%36%38%40%42% 3Q224Q221Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25DAUMAUDAU/MAU (RHS) 255075100125150175200225250275300325350 350360370380390400410420430440450460470480490500 0 510 1Q232Q233Q23 3Q22 1Q242Q243Q244Q24 4Q23 2Q253Q254Q25 4Q22 1Q25Shareville users (LHS)Shareville posts (RHS) 0k100k200k300k400k500k600k700k800k 4Q184Q194Q204Q214Q224Q234Q24 MTCMFC MIC 4Q25 * MIC is either a Monthly Trading Customers (MTC) or a Monthly Fund Customers (MFC)33 532kDaily Active Users (DAU)Average Q4 2025 1.4mMonthly Active Users (MAU)Average Q4 2025 39%DAU/MAU engagement ratio 507kActive Shareville users 338kShareville posts created in Q4 2025 Active usersSocial community activityInvesting activity783kMonthly Investing Customers (MIC)* Average Q4 2025 439kMTC Average Q4 2025451kMonthly Fund Customers (MFC)Average Q4 2025
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34 MortgageüPension üüüüSecurities brokerageüüüüFundsüüüüMargin lendingüüüüSavings accountsüüüü One-stop shop for savings and investments. Extend lead within securities brokerage Become as strong within funds as we are in brokerageStep-change in growth throughout Nordic marketsBoost trading power throughcapital-efficientlending Attract and retain private banking clients Savings account with competitive interest rateü 2
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Automated customer journeys. 3 Ongoing 2025 35 Become a customer How am I doing? Leverage my investment Buy or sell a fund Deposit & withdraw money Move my savings Buying a home Move my pensionSetup a pension saving plan Manage occupational pensions Open a pension account Learn about investing Log in and manage account Manage corporate actions Explore stocks, ETFs, ETPs Discover and inspiration Set up recurring savings Buy or sell a security Manage partner account Contact customer support Stock lending and borrowUnderstand fund cost / fees Manage my foreign exchange
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Nordnet is powered by cloud technology. Enabling a platform for innovation SpeedScalabilityInnovation Security 36 4
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Increased leverage from Cloud Technology drives innovation pace. % development on Nordnet X 4 112 35 62758284 2019202020212022202320242025# of releases37 2021202220232024 7,56413,040 30,824 47,471 2025 50,384
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Scalingup development capacity. #Signed Engineers#Development Teams (EOY)#Engineers 4 5145 162431 20212022202320242025 2531323743 20212022202320242025 167187 20212022202320242025 118149158 FTEFTC 38
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Availability 2025.The bottom line 4 2021202220232024 99.9%99.9%99.9%99.9% 2025 99.9% 39
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2.9 daysRelease cadence of native app 51 minRelease cadence ofweb-app NEXT 50,384Deploys during 2025 4
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Our vision is clear: by 2030 Nordnet will be anAI First company. §In our products§In our processes§In our strategy 41 5
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42 Sustainability at core of strategy.Democratize savings and investments§Increase the general knowledge about personal finance§Develop user-friendly and inspirational services for saving and investments§A better gender distribution within savings and investmentsSustainable savings§Have a broad set of sustainable savings and investment alternatives§Make it easier for customers to invest more sustainably by creating digital and user-friendly tools§Inspire and broaden the knowledge about sustainable savings and investments A responsible and sustainable business§Practice transparency, compliance and a high ethical standard§Reduce impact on the environment and climate in own operations and supply chain§Workplace characterized by equality & diversity §Promote physical and mental health through a good working environment 1. Democratizing Investments2. Sustainable Savings3. Responsible BusinessSustainability Strategy 6
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43 Deepdive*: We focus on education and inspiration to increase the knowledge of personal finance.§Nordnet Academy – learning center with a dedicated sustainability section with 2.7 million views§Nordnet blog –saving, investing, markets and personal finance blog aimed at individual investors and savers with over 5.2 million views§Guidance flow –monthly savings from zero to hero in six easy steps§Sharevillesocial investing platform with over half a million users§6.3 million listeningson our four localized savings podcasts§Local savings experts to increase knowledge in finance 1. Democratizing Investments2. Sustainable Savings3. Responsible BusinessSustainability Strategy 6 *2025
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32,0%33,0%33,6%34,5%35,2% 20212022202320242025 Share of female customers 44 Deepdive: We work to get more women to invest. 1. Democratizing Investments2. Sustainable Savings3. Responsible BusinessSustainability Strategy Long-term goal of equal customer base §Nordnet Female Network – a network to encourage more women to invest§Educational posts in each country§Founder of a tech-talent network, Power Women in Tech, with appurtenant Podcast§Educational efforts in every countrythrough lectures and events, both in person and through webinars.. 6
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45 Deepdive: Easy to invest sustainably. 1. Democratizing Investments2. Sustainable Savings3. Responsible BusinessSustainability Strategy §First in Swedento offer screening of mutual funds and ETFs to exclude unwanted holdings§First in Sweden platform to introduce Article 8 / Article 9 tagging of funds§Guidance flow for mutual funds can populate allocation with sustainable funds§Curated watchlists for sustainable investments, with over 25 available lists§We report on carbon intensity on customers’ portfolios every quarter, with targets to decrease intensity in line with Paris Agreement 6
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46 Deepdive: Broad offering within sustainable savings. * Article 8 funds are those that promote environmental or social characteristics, or a combination of these. Article 9 funds are those with sustainable investment as an objective . 1. Democratizing Investments2. Sustainable Savings3. Responsible BusinessSustainability Strategy §Majority of Nordnet-branded funds follow ESG indices §Broad ETF offering enabling customers to invest in all sustainability trends§Vast majority of fund capital is invested in article 8 or article 9 funds§Share of capital in article 8 or 9 decreased from 87 percent in 2025 to 86 percent in 2025§Rich sustainability dataset for mutual fundsand ETFs 6 4% 82% 14% Distribution of fund capital, 2025* Article 9Article 8Other
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05101520 020 040 060 080 0 20202021202220232024 Nordnet emissions Total GHG emissions,tonnes CO2e ( LHS )GHG emissions pertrade, gCO 2e (RHS) 45%45%44%36%37%37%43%50%50% 36%45%42% 202320242025 Share of women Employees with personnelresponisbil itiesTotal worforceBo ar d of dir ector sMa na ge ment tea m47 Deepdive: A responsible business in all aspects. 1. Democratizing Investments2. Sustainable Savings3. Responsible BusinessSustainability Strategy Stable eNPSthe past year and long-term improvementwithinitiatives to keep attracting and retaining talentFlexible work model with both remote and office elementsGreat place to work Diversity & inclusion Climate impact Goals on gender equality at all levels of the organization, with acceptance of +/-10pp3 of 4 areas are within the target range after a positive development the past years Nordnet has established goal to decrease emissions in line with the Paris AgreementOur digital business model is inherently energy-efficientClimate compensation with 110% of own emissions*Emissions historically low in 2020-2021 due to limited business travel and commuting. 2024 is the latest available data. 6 173035454041 202020212022202320242025 eNPS (average per year)
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48 “We make it fun to save and invest, encouraging our customers every step of the way. Our engaging platform keeps customers coming back and inspires them to be better investors.” Most inspiring brand. 7
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Independently tests, validates and assesses efficiency in governance, risk management and internal control processes and activities Establishes policies and framework, provides advice, facilitates risk assessmentPerforms independent control and follow-up Owns risks and risk management activitiesPerforms necessary controls to secure acceptable risk exposure 49 Board and Executive Management overall responsible Business Line Management Internal Audit Risk Control and Compliance functionsFirst line of defense:Risk OwnershipSecond Line of Defense:ControlThird line of defense:Assurance 8 Three lines of defence Strong compliance and risk management.
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50 Improved risk culture in first line of defense. Proactive engagement with Legal, Risk and Compliance Education and workshops Processes and clarified responsibilities Tone from the top 8
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51 Increased staffing in control functions. Staffing in control functions has increased threefold since 2018 8 7999979121111771213141818263944566776 5442018 5 201920202021202220232024 313544606989100 2025 110 66666 RiskComplianceLegalFinancial Crime Prevention
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52 Control functions report directly to CEO.CEO ProductCPOTechCTOPensionCEO PensionCountry organizationsCountry ManagersFinance CFOHuman ResourcesCHROCommunicationsCCO Risk ControlChief Risk OfficerComplianceChief Compliance Officer LegalGeneral CounselFinancial Crime PreventionChief Financial Crime Prevention Officer 8
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eNPSAverage last 4 quarters People agenda PURPOSE & VALUESSTRATEGIC DIRECTIONLEADERSHIPDIVERSITYHYBRIDWORK MODELEMPLOYER BRANDING 53 Engaged employees. 9 173035454041 4Q204Q214Q224Q234Q244Q25ENPS
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54 Transparency.Passion.Simplicity. “We lean forward and walk the extra mile to inspire and motivate our customers and colleagues.” “We believe that easy-to-use products, straight to the point communication and modern ways of working create engagement and activity.” We are open, honest and available, both internally and externally, to build trust and inclusion.” 9Values well ingrained throughout the organization.
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SwedenNorwayDenmarkFinlandProduct Nordic Marketing Customer JourneysSecurities BrokerageMutual FundsCredits & PaymentsPensions Tech PlatformIT OperationsSecurity Countries 55 §One product and tech organization supporting all countries§Front-to-backresponsibility in the business lines will allow for optimization in the P&L, process and risk dimensions§The countries are responsible for marketing, sales and customer service Efficient operating model with clear responsibilities.CEO FinanceFinancial Crime PreventionCommunications, IR & SustainabilityHuman ResourcesLegal Staff functions Control functionsRiskCompliance Tech 9 Product Platform Data & Insights
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Technology.
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Nordnet is powered by cloud technology. Enabling a platform for innovation SpeedScalabilityInnovation Security 57
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Software Delivery at speed.At the core we have 43 empowered product teams 50,400Deploys 2025 ”How do you approve 50,400 deploys each year?”You don’t! The right peopleClear objectivesHigh autonomyCross-functional Speed 58
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Release frequency drives business agility. #alwaysbeshipping 50,400Deploys 2025Faster feedbackIncreased flexibilityFaster time to valueReduced risk Speed 59
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Today cloud technology provides us with powerful infrastructure.And enables focus on our core business Fast experimentation& implementationNo maintenanceData leverage &Artificial Intelligence 2 hoursLead time to setup new infrastructure Scalability & Security Speed 60
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Vision to enable speed. Release at willAt will is not next Thursday Re-usabilityIncrease efficiency by removing re-inventionAutomationOur mantra is: “no manual nothing” Leverage off-the-shelf productsBuild vs buy Our visionMaximize time spent innovating for the customer. Speed 61
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Scalability 255k trades94k x-border trades +1,023new customers+313mnet savings SEK+2mnet change loan SEK6.9bn traded value SEK EU market close(SE/FI/DE)US market closeEU market open: ~21k request/s US market open: ~13k request/s A typical day on the Nordnet platform+104mnet fund buys SEK Note: Average 2025 figures per trading day 08:0009:0010:0011:0012:0013:0014:0015:0016:0017:0018:0019:0020:0021:0022:00 85k DAU web 472k DAU app 62
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SecurityOur “shift left” strategy ensures a strong focus on Security.Engaging our entire 250 people Tech team in securing our platform Traditional SecurityCentral team owns security Shift-leftEach Product Team owns security of their servicesDrawbacks:§Bottlenecks§Reactive: Security is typically an afterthought§Fixing problems ”late” is expensive Benefits:§Scalable: Faster fixes of security risks§Proactive: Security built-in§Increased automation 63
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Securing the future by moving to the cloud.We are building the capability to operate our services globaly 4 hoursComplete disaster recovery Our cloud platform offer§Zero Trust§Encryption at rest and in transit§Infrastructure as code everywhere Supported by a risk-based security roadmap§Crowdstrike for Endpoint Detection & Response §Upguard for attack surface monitoring§Sailpoint for IAM§Improved network segmentation§Automation of patch-management 54%Applications onNordnet X Security 64Note: 2025 figures
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Innovation Experiments are embedded in our development. Data-driven development Majority of all releases are supported by data, experiments or leading metrics 65
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What is an A/B-test and why? A We randomlydivide the customers into two or more groups and give them a different experiencein parallel. B Main reasons for A/B-testing§Compare metrics between groups §Isolate the changes and rule out other factors§Faster iteration and improvements§Reduced risk when testing toward a smaller group Innovation 66
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Help users save monthly. +13%uplift in customers starting monthly savings journey What did we do?When a customer is visiting a fundthat they currently don’t own, replace the Sellbuttonwith Save monthly. Result +52mAdditional net savings in monthly savings yearly Old New Innovation 67
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Our vision is clear: by 2030 Nordnet will be anAI First company. §In our products§In our processes§In our strategy Innovation 68
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AI Agents in customer offeringNext, we will introduce agentic AI into the customer journey, starting with low-risk, high-impact use cases.Possible pilots: redesigning stock screeners, personalized insights, and automated workflows. AI Agents in TechSoftware Engineering is the natural starting point for agentic AI. Tools are maturing rapidly, and the domain combines high competence with low operational risk, as well as high-impact use cases.Possible pilots: AI agents to review code, find bugs, patch vulnerabilities, troubleshoot, and boost productivity. Our road to becoming an AI FirstcompanyHow we will approach Agentic AI AI agents to power our businessAs maturity grows, agentic AI becomes part of how Nordnet operates. We will apply AI agents across internal functions (operations, compliance, finance, HR). Step 1 (2026)Step 2 (2026/2027)Step 3 (2027–) 69
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70 AI will fundamentally transform the productAI will play an important role across three main dimensions: Entirely new products only madepossible through AIElevated product experiences through judicious use of AI in all featuresImproved user experience through smoother customer journeys through AI automation AI is not an add-on but a transformational shift. Nordnet’s product stance in AI will change from descriptive to pro-active to prescriptive. 123
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Our primary focus 20261.AI productivity enhancements in Tech 2.Introduce AI throughout the customer journey3.Introduce more AI enhanced productivity tools across Nordnet 71
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Measuring tech performance. 82%High or elite performing teams Q42025 Software Delivery Performance(State of Devops) 99.9%Availability Q42025 Operational Performance 54%Apps on NordnetXQ42025 Progress on Cloudmigration 72
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Geographic diversification.
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74 We have been building our competitive moat for more than two decades. Strong and trusted brand Local presence with localized offerings Operating at scale Fully licensed and regulated One stop shop for savings and investments Product innovation Competitive pricing Leading social investment platform Operating in all four Nordic markets with… Leading customer proposition based on…
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8% ~7.62016 ~2.3 ~15.5 2024 ~2.8 ~19.8 2027E ~17.7~22.6 75 Nordnet is taking market share in a growing market.Addressable market growth outlook1Savings capital, SEK tln Market share of addressable market1December 2024, SEK tlnNordnet’s share 3%7% Nordnet market share2 CAGR +9%2 CAGR +8% 27.8 Market size currentMarket size extended Addressable market defined as the estimated part of the overall Nordic savings market that Nordnet caters to with its currentproduct offering.(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 41%Funds4 19%Shares3 Share of total population owning shares or funds December 2024 | Million 2
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76 Strong growth runway for Nordnet across theNordics. Addressable market defined as the estimated part of the overall Nordic savings market that Nordnet caters to with its currentproduct offering.(1) Source: SCB, Svensk Försäkring, SSB, Finans Norge, NationalbankenDenmark, Statistics Denmark, Statistics Finland, Finnish centre for pensions, Team analysis; (2) Excludes addressable market for Danish Livrente. Addressable market size and Nordnet’s market share by country 20241SEKtln ~2.3x~6% ~7% ~7% ~9% ~7% Nordnet market share ~2.4 Total addressable market ~6.6~2.5 ~6.2~2.4~17.7~2.3Extended market forDK livrente 2 2
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77 Nordnet competes primarily with online platforms and incumbent banks. Norway Denmark Finland Sweden Continued migration from incumbent banks to digital platforms Main digital platforms Main incumbent banks
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Only pan-Nordicdigital savings and investment platform at scale.…and at bettermargins…but other Nordic countries are growing faster…Sweden is still the largest market… (1) 2025revenue divided by average quarterly savings capital over the period Growth 2025 revenue by country (%)SEKm Nordnet’s number of customers by countryRevenue margin by country (bps)1 27% 25%26% 22%Sweden NorwayDenmark Finland 5,389 463523 631695 475510 528623 10% 7% 18% 13% Dec 2025Dec 2024 69 5254 37 78
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20%4% 79 Sweden. Addressable market growth outlook1Savings capital, SEK tln Market share of addressable market1December 2024, SEK tln (1) Source: SCB, Svensk Försäkring, team analysis; (2) Source: Euroclear Sweden; (3) Source: Fondbolagen.se (excluding PPM system) Nordnet’s shareOther OTPs ~3.52016 ~6.6 2024 ~8.5 2027E Market size 3%6% Nordnet market share CAGR +8%CAGR +8% 10.6 13%Equities4%Funds1%Deposits5%Pension 1.71.82.0 1.1 Nordnet’s share of addressable marketShare of total population owning shares or funds December 2024 | Million 22%Shares2 64%Funds3
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80 Sweden. Achievements 2025 Over +7% customer growth YoY Over +70% net savings increase YoY Launch of new Private Banking concept Customer behaviour 807ksavings capital percustomer (SEK)1 24%cross-border trades 3,000income per customer (SEK)2 50%own shares51%own fundsCustomersThousandsRevenue4SEKm 201920202021202220232024 364398451450470475 2025 510CAGR +6% 779 201920202021202220232024 1,1101,3271,2821,6171,679 2025 1,466CAGR +11% Plans for 2026 and beyond Increase brand strength and improve customer conversion Grow Private Banking and continue improving high-end offering Increase share of wallet across all segments 4.2trades per customerper month3 (1) Average quarterly savings capital per customer over 2025; (2) Revenue in 2025 divided by the average quarterly customer base over the same period; (3) Number of trades in 2025 divided by the average quarterly customer base divided by twelve; (4) 2025 revenue excludes unsecured loan business which was divested during 4Q24. Income from the unsecured business amounted to SEK221m during 2024.
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40%Funds3 8% 81 Norway.Share of total population owning shares or funds December 2024 | MillionAddressable market growth outlook1Savings capital, SEK tln Market share of addressable market1December 2024, SEK tln (1) Source: SSB, Finans Norge, team analysis; (2) Source: AksjeNorge; (3) Source: Verdipapirfondenesforening ~1.12016 ~2.5 2024 ~3.2 2027E Market size 2%7% Nordnet market share CAGR +11%CAGR +8% 11%Shares2 36%Equities14%Funds1%Deposits2%Pension 0.30.5 1.3 0.5 Nordnet’s share of addressable marketNordnet’s share 5.6
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82 Norway. 201920202021202220232024 150235337364399463 2025 523 29652275186495410621356 2019202020212022202320242025 Achievements 2025Customer behaviour 401ksavings capital percustomer (SEK)1 38%cross-border trades 2,700income per customer (SEK)2 63%own shares50%own funds CAGR +23% CAGR +29% Plans for 2026 and beyond 2.1trades per customerper month3 CustomersThousandsRevenueSEKm (1) Average quarterly savings capital per customer over 2025; (2) Revenue in 2025 divided by the average quarterly customer base over the same period; (3) Number of trades in 2025 divided by the average quarterly customer base divided by twelve Improved traderoffering -24 % growth in traded value Milestone of 500.000 customers -13% growth Launch of new Private Banking concept #1 in brokerage, #1 pension challenger and grow fund business Expand Private Banking and enhance the high-end offering High customer satisfaction, drive awareness and activation
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83 Denmark. 9%Nordnet’s share ~2.12016 ~2.3 ~4.0 2024 ~2.8 ~5.1 2027E ~6.2~7.9 Market size currentMarket size extended 2%7% CAGR +9%2 CAGR +8% 6.0 Addressable market growth outlook1Savings capital, SEK tlnNordnet market share2 (1): Source: NationalbankenDenmark, Statistics Denmark, team analysis; (2): Excludes extended market (Danish Livrente); (3) Source: Euronext Securities Copenhagen; (4) Source: Statistics Denmark 22%Equities4%Funds1%Deposits6%Pension 0.80.81.6 3.1Nordnet’s share of addressable marketExtended market Market share of addressable market1December 2024, SEK tln 13%Funds4 21%Shares3 Share of total population owning shares or funds December 2024 | Million 2
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84 Denmark. 201920202021202220232024 120210331372428528 2025 623 241579850647109013301382 2019202020212022202320242025 Achievements 2025 Cont. #1 in EPSI customers satisfaction rating Launch of new Private Banking concept Customer behaviour 463ksavings capital percustomer (SEK)1 50%cross-border trades 2,400income per customer (SEK)2 77%own shares47%own funds CAGR +32% CAGR +34% Plans for 2026 and beyond Focus on maintaining a high customer satisfaction and activation Increaseawareness of pension offering to grow pension business Grow Private Banking and continue improving high-end offering 2.1trades per customerper month3 CustomersThousandsRevenueSEKm (1) Average quarterly savings capital per customer over 2025; (2) Revenue in 2025 divided by the average quarterly customer base over the same period; (3) Number of trades in 2025 divided by the average quarterly customer base divided by twelve 600K customers milestone -18% customer growth
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11% 85 Finland. Nordnet’s share 201620242027E ~2.4~3.0 ~1.0 Market size current 5%9% CAGR +12%CAGR +9% 5.6 Addressable market growth outlook1Savings capital, SEK tlnNordnet market share (1) Source: Statistics Finland, Finnish centre for pensions, team analysis; (2) Source: Porssisaatio; (3) Source: Statistics Finland Market share of addressable market1December 2024, SEK tln 40%Equities8%Funds1%Deposits0%Pension 0.40.4 1.1 0.5 Nordnet’s share of addressable market 19%Shares2 28%Funds3 Share of total population owning shares or funds December 2024 | Million
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86 Finland. 201920202021202220232024 280378483522566631 2025 695 20847771158888910231185 2019202020212022202320242025 Achievements 2025 Customer behaviour 331ksavings capital percustomer (SEK)1 49%cross-border trades 1,800income per customer (SEK)2 63%own shares59%own fundsCustomersThousandsRevenueSEKmCAGR +16% CAGR +34% Plans for 2026 and beyond 1.5trades per customerper month3 (1) Average quarterly savings capital per customer over 2025; (2) Revenue in 2025 divided by the average quarterly customer base over the same period; (3) Number of trades in 2025 divided by the average quarterly customer base divided by twelve #1 choice for saving and investing Cont. #1 in EPSI customers satisfaction rating Severalnewservicesfor high-endsegment Monthly savings in funds and improved offering for savers Increasedfocuson activationand conversion Grow Private Banking and continue improving high-end offering
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87 Introducing Nordnet’s 5th market:Germany
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Germany is a natural next step for Nordnet 88 Large and growing market Good fit for Nordnet offering Track record of geographic expansion Resources available post Livrentelaunch Addressable market >2x the Nordics with ample growth and increasing equity participation German savers value trust, transparency, great UX and a complete product selection –consistent with Nordnet’sbrand and offeringWith Nordnet’sexisting multi-market setup we have the institutional knowledge and infrastructureto expand geographically while safeguarding Nordic growth As of H2 2024, Nordnet is feature-complete in all Nordic markets with resources availablefor geographic expansion Secure long-term growth Diversify business With a long growth runway left in the Nordics, Nordnet can maintain disciplined focus on long-term success in GermanyRelatively small investment to gain significant long-term value and further diversify the business Attractive market Well positioned Aligns with strategy
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89 The German market is large with assets and equity participation growing rapidly 20182024 10.312.1CAGR +3% Share of adult population owning stocks or fundsMillion17% of adult population Addressable marketSEKtln 6.92.016.22018 13.14.9 24.6 2024 Funds / ETFsBrokerageDeposits 25.2 42.7CAGR +9% A market with great fundamentals Half a million potential customers enter the market each year TAM >2x versus the Nordics Brokerage and fund TAM +~145%/90% since 2018, in-line with NordicsDigital platforms hold ~5-10% market share and growing rapidly Source: DeutschesAktieninstitut, Deutsche Bundesbank, BVI, Team analysis.Addressable market defined as the estimated part of the overall savings market that Nordnet caters to with its product offering New pension account to be launched in 2027 could create upside
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~2.3~2.4 ~15.5 ~2.3 Nordic addressable market ~6.6~2.5~6.2~2.4~17.7 90 Doubling the addressable market to secure a long runway for growth Source: SCB, SvenskFörsäkring, SSB, Finans Norge, NationalbankenDenmark, Statistics Denmark, Statistics Finland, Finnish centre for pensions, Deutsche Bundesbank, BVI, Team analysis.Addressable market defined as the estimated part of the overall savings market that Nordnet caters to with its product offering Addressable market size by country 2024SEKtln ~2.7xExtended market forDanish Livrente ~43 ~2.4x
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91 Nordnet’s proposition is the key to success in any market One stopshopCustomer experienceCompetitive pricexalways building onTrust x
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92 MortgageüPension üüüüSecurities brokerageüüüüFundsüüüüMargin lendingüüüüSavings accountüüüü Exporting the one-stop shop playbook Superior UX, attractive & transparent pricing, offer trading on more exchangesLead with in-house funds adapted to local market, enhance ETF offeringNew pension account to be launched in 2027 could create upsideOpportunity to introduce modern margin lending to an underserved retail marketNot in scope Key driver of net savingsüüü üü ü
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GrowthLaunchPreparation Profitable growth 93 Utilize existing infrastructure for an efficient launch 2025 2026 2030- •Tech implementation•Conceptual offering•Go-to market strategy•Commercial launch H2 2026 •End of “resource surge”•Break-even ~2029•Independent local operation•Critical mass of customers•Bolt-on acquisition optionality 2027-2029 •Establish branch•Recruit key personnel•Passport license•Tech development Tech platform, brand, products, currency setup, IT support systems, clearing & settlementRegulatory license, local language, ledger system, fund distribution agreements, customer onboarding processLocal staff, local account types, tax reporting, AML reporting, customer identification, pricing model Use existingAdaptAdd
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94 Large TAM which extends growth runway and provides revenue optionality at relatively low cost German market is a good fit for Nordnet’s USPs and leverages existing strengths and digital platform Nordnet has a track record of successfully green fielding new markets complemented by bolt-on acquisitions Germany is an attractive, growing fifth market to add to Nordnet’s Northern European footprint
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Wide product range and diversified revenue streams.
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96 One-stop shop forsavings and investments.Securities brokerageüüüüShares, bonds, warrants, options, futures, ETFs, ETPs, certificatesFundsüüüü>2,000 mutual funds, index funds, hedge funds, fund-of-funds as well as fund guidance and advisoryPensionüüüStock lending, endowment insurance, individual pension, occupational pension Margin lendingüüüüMargin lending with securities as collateral Savings accountüüüüSavings account with competitive interest rate MortgageüCompetitively priced mortgage to attract and retain private banking customersüü
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1109496145352381284 97 Resilient revenues bolstered by diversified revenues streams. 661241 443380420568660727 514108 2019 1,673300613102 2020 2,221 248 20211,619 1,281101 20221,420 2,639 2023 1,844 2,656 25 2024 2,406 2,313 10 2025 1,524 2,6893,6393,382 4,5505,0945,389 71 Adjusted revenue by income typeSEKm1 Adjusted revenue / avg. savings capital (bps) Savings capital by productSEKbn (1) Adjusted revenue, subtracting SEK66m in 2019 and SEK58m in 2024, adding 4m in 2025; (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; (6) Annualized Net transaction relatedNet fund related incomeNet Interest incomeOther income² CAGR +23% 26840457349057370480282 297 452019 10060 2020 15474 2021 14481 2022 18467 2023 25970 2024 84 2025 39556580271582510321183 BrokerageFundsDepositsCAGR +20% Revenue margin by productbps 2955453226283336352726252520 1920 2020 2120 2220 2320 2420 2534 Brokerage³Funds⁴Deposits⁵400 02040 1008060 6 29% 24% 18% CAGR2019 – 2025 50534659546144
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98 This is Securities Brokerage.Securities BrokerageFundsPensionCredit Trading techExecution domain in Product & Tech focused on order validation, order routing and position performance Clearing & SettlementClearing & Settlement, transfer of securities, reconciliation of customer positions. BusinessDevelopmentExchange Traded Products, Fixed Income Products, Equity Finance, Public Offerings Corporate Actions Brokerage DeskExecution of high-touch customer orders and internal order assignments IPOs, AGM/EGMs, dividends, splits, rights issue. Fully integrated Securities business:§Shares, bonds, warrants, options, futures, certificates, stock lending and margin lending §Electronic trading on 26 venues in 8 countries through primary membership and E2C strategic partnership with Citi§Invest in >2,000 ETFs§Commission-free trading in >11,000 ETPs with Nordnet Markets§IPO business with pan-Nordic placing power§Variety of accounts available 255ktrades per day16.9bn traded value SEKper day1 >135,000exchange-traded instruments on platform(1): 2025 figures
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99 Leading securities brokerage offering.Securities BrokerageFundsPensionCredit 99 Customer behavior1 2.4tradesper customer per month37%cross-border trades 1.7 tlnIn traded value | SEK~1,2mcustomers made a trade +65%margin per trade compared to 2019 (1) 2025 figures Brokerage capital developmentSEKbn 6064 2019166589289 202023781132123 202117376125116 202220281159132 202324498205157 2024 268404573 104 573704 2025 802 490 115221190 40 276 SwedenNorwayDenmarkFinland 24% 18%19% CAGR 19-25 20%CAGR +20% Transaction-related income developmentSEKm 431512367290377462106305433372294342517512694458490677806 158 425582423345448620 196201201920202021202220232024 661 1,6732,2211,6191,4201,844 2025 2,406 SwedenNorwayDenmarkFinland 26% 15%30% 26%CAGR +24% CAGR 19-25
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100 More customers are trading and cross-border trading reached an all time high.Securities BrokerageFundsPensionCredit 0%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 / quarter Average 2017-2024 Trades per trading customerVIX quarterly average
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101 Trades per day up 20% compared to 2024 and each trade drives 10% more revenue 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 01020304050607080 01020304050607080 20% 20192021 26%31% 2022 27% 2023 30% 2024 24%59m 72m 56m49m 28m 2025 63m 37% 2020 53m Cross border (m)Domestic (m)Net income / trade (SEK) Total number of trades and net income/trade Securities BrokerageFundsPensionCredit
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Case study: Crypto-related instruments.Securities BrokerageFundsPensionCredit ~2%of Nordnet customers hold crypto-related assets Nordnet provides access to crypto-backed ETNs/ETCs on regulated trading venues Focus on education and ensuring customers understand products and risks No wallets or “physical” crypto currently~0.5%of savings capital is in crypto-related assets Bitcoin58%Ethereum22% Other20% Note: 2025 figures 1.5mtrades in crypto-related assets 2025
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103 This is Mutual Funds.Fully integrated Funds business:§>2,000 mutual funds, including index funds, hedge funds and multi-asset funds§Best in class screening tools and guidance§Fully scalable digital platform §Family of Nordnet funds, low cost index & rebalancing allocation funds §Large opportunity to grow in Funds within the “Saver” segment +100mnet fund buys per day (SEK)>2,000mutual funds on the platformSEK 297bnin fund savingscapital1 Fund Savings Captive fund companyFund OperationsNordnet Fonder AB Order routing, transfers, corporate actions Open fund platform and guidance services and tools (1): Capital as per 31stof Dec 2025 Securities BrokerageFundsPensionCredit
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Fund customers(‘000) 104 Leading Nordic fund supermarket.Fund capital by countrySEKbn 76392415 202167362416 202284493021 2023110764131 2024120904741 2025 154144184259297 SwedenNorwayDenmarkFinland CAGR +18% +26 +3 2021-1+102022 +19+4 2023 +19 +18 2024 +19+7 2025 +29 +8+23+37+26 Net fund buyingSEKbn 44%45%46%51%52% 20212022202320242025 70477586610761231Fund customersShare of customer base Fund capital by allocation1SEKbn 43%36%32%30%29% 21%23%25%26%26%19%22%24%27%28%13%15%14%14%11% 20212022202320242025 154144184259297 ActiveIndexNordnet fundsFixed incomeOther (1)“Nordnet funds” are mainly index funds. §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 3rd partyNordnet funds 0%10%20%30%40% Customers buying or selling funds(‘000) 0200400600800 4Q184Q194Q204Q214Q224Q234Q244Q25 # customers buying/selling fundsShare of customer base Number of customers Share of all customers Securities BrokerageFundsPensionCredit
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105 This is Pension.Securities BrokerageFundsPensionCredit Wholly-owned pensions group: §Complete pension solutions in Sweden for both private individuals and employers, with additional offerings in Norway, Denmark & Finland§Private pension savings and individual pensions savings products offered in Sweden, Norway and Denmark§Insurance wrapper in Sweden, Norway & Finland§Stock lending enables incremental investment return§Uniquely positioned to tap Danish Livrentemarket >60,000investment product to choose from275bnin pension savings capital 2025 (SEK) Nordnet PensionsförsäkringABNordnet Livforsiking ASNordnet Livforsiking Finnish branch Pension
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o/w 46% holds an endowment insurance Pension to benefit from continued deregulation. Customer behavior1 ~15%of customers have a pension scheme 347kCustomers +14.1bn net savings 792kAvgAuM per pension customer Pension capitalSEKbn 817 2019941221 2020 135 2029 20211041929 2022 126 2435 65 164 34461 2024 179 42512 2025 90127185152186245275 2023 SwedenNorwayDenmarkFinland 20% 19% 32% CAGR 19-25 CAGR +21% o/w 54% endowment insurance Pension customers‘000 2418 20191104223 2020124 7533 2021 136 8139 2022 144 8846 99 2023 150 100573 2024 140174232255278310 2025 347 156 1157241 SwedenNorwayDenmarkFinland 26% 8% 30% CAGR 19-25 CAGR +16% Securities BrokerageFundsPensionCredit Note: All figures include pension products in the bank and within the insurance companies(1) 2025 figures
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107 Opportunity to grow in the pension market.Securities BrokerageFundsPensionCredit 4.8%1.12.5%0.55.7% 3.12.30.8 Key focus areas Nordnet’s share of addressable market1SEKtln| 2024 Development of Nordnet’s pension assets2(SEKbn) 0.2%0.50.5 Note: All figures include pension products in the bank and within the insurance companies; (1) 2024 figures; (2) Excludes assets from endowment insurancesSource: SCB, Svensk Försäkring, Finans Norge, Statistics Denmark, Statistics Finland, Finnish centre for pensions, Nordnet analysis 1.119.1201921.31.623.72020 29.35.733.62021 28.66.232.82022 0.335.58.316.8 2023 1.245.912.951.72024 2.151.317.057.02025 36.946.668.567.685.1111.7127.4 41.1 FIDKNOSE CAGR +23% Extended market •Maintain focus on pension transfers by leveraging the recently launched Private Banking concept.•Drive growth in occupational pension through selective partnerships. •Lobby for the removal of employer signature requirements for transfers and for equal treatment of ISK and KF in margin lending.•Continue leveraging FX accounts within endowment. •Maintain focus on the occupational pension offering (EPK self-selected) by leveraging improved customer journeys.•Deliver a clear and concise value proposition for Endowments, supported by the launch of FX accounts. •Capitalize on the Livrenteopportunity•Maintain momentum in pension transfers with a strong focus on improving customer journeys.•Lay the foundation for an offering towards pension brokers (initially B2C). •Continued communication and education around the value proposition.
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108 Case study: Finnish Wrapper (released 2023).Securities BrokerageFundsPensionCredit §Finnish wrapper is a tax efficient insurance product with an inheritance plan included§It has a wide instrument universe including stocks, mutual funds and ETF’s Development addressable FI wrapper market1SEK billion §Nordnetis now a one-stop-shop for savings and investments in Finland§Strengthened position among HNW clients§~SEK500bn wrapper market in Finland which is consistently growing§Nordnetis the only actor in the market with a full digital solution§SIP will be launched initially and later potentially followed by CRC CAGR +9% (1) Source: FINANSSIALA RY, team analysisCRC = Capital redemption contracts: Customer can trade inside the wrapper without any capital gains tax effect, only withdrawals (on profit) will be taxed.SIP = Savings and investment policies: CRC + life insurance component What is “Finnish wrapper”? Opportunity for Nordnet ~160~902016 ~250 ~26020242027E ~250 ~510~670 SIPCRC
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109 Case study: Livrente(released 2024).§”Livrente” is a Danish pension product which pays a monthly amount after retirement§Some 50% of the Danish pension market is invested in a Livrenteproduct §It can only be provided by insurance companies Development addressable livrentemarket1SEK trillion What is “livrente”? Opportunity for Nordnet§Nordnetestablish a life insurance branch in Denmark to address this SEK >2.0 trillion market §Leveraging our strong market position in Denmark §In the future, we will evaluate establishing a B2B platform including strategic partnerships with brokers~1.3~0.52016 ~2.3 ~0.82024 ~2.8 ~1.02027E ~1.7 ~3.1~3.8 Addressable todayExtended market CAGR +7% Securities BrokerageFundsPensionCredit (1) Source: Statistics Denmark, team analysis
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110 This is Credit.Securities BrokerageFundsPensionCredit 110 Highly complementary suite of credit products§Margin lending allows customers to amplify returns§Own mortgage to attract and retain HNWIs§Automated credit processes§Capital-light credit resulting in high RoEs >50%average ROE 2025on lending book29.3bnin total lending (SEK)1 (1) Excluding lending against pledged cash and cash equivalents. Balance as per 31stof December 2025
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111 Net interest income overview.Securities BrokerageFundsPensionCredit Net interest income1SEKm (1) Adjusted for SEK -21m during 4Q24 relating to disinvestment of the personal loan portfolio. Volume liquidity portfolioSEKbn 25%of customers’ deposits eligible for deposit interest (4Q25) YieldsbpsDeposits / saving capital SEKbn | % 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 411403414 403 333299269264265 425438413380434397374 -95-1511 1Q24-1654 2Q24-16203Q24-13624 4Q24-1042 1Q25-1065 2Q25 7 3Q25-857 4Q25 679691653634577601574561 Liquidity portfolioCredit portfolioDeposit interestOther NII -100010020 030 040050 0600 1Q242Q243Q244Q241Q252Q253Q254Q25 Liquidity portfolioCredit portfolioDepositsNII yield 02004006008001,0001,200 0%2%4%6%8%10%12%14%16%18% 1120107713201191132012122142013146202014176242015206292016 238342017 242432018 349452019 505 602020 727 742021 634 812022 757 672023 962 7091 1,099 842025 10290104136166200 2024 2722863955658027158251,0321,183 235 Brokerage/FundsDepositsDeposits share of savings capital
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112 Liquidity portfolio snapshot: ~SEK1.6bn in 2026*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) Including lending against pledged cash and cash equivalents;(2) Source: Bloomberg as per 2026-01-14 *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 41424347576058 4Q25 61 6 DepositsLendingOther/equity ~SEK 1,600m~SEK 1,585m~SEK 1,680m Net interest incomeSEKm Securities BrokerageFundsPensionCredit
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113 Loan portfolio snapshot: ~SEK1.1bn in 2026*Volume1SEKbn 201216222228217193195199 12512511810583767066 777371 1Q242Q243Q244Q241Q252Q253Q254Q25 403414411333299269264265 1Q262Q263Q264Q26 799788 445446421376297271246225 533529534533511482473461 1Q242Q243Q244Q241Q252Q253Q254Q25 *Assumes 4Q 2025 volume, interest as per January 1, 3M fwdIBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) 2Q24 3.4 3Q244Q241Q252Q253Q25 30.931.531.228.827.527.028.6 4Q25 29.33.8 1Q24 15.9 3.611.2 16.7 11.2 16.5 11.1 17.6 11.2 16.3 11.2 15.8 11.4 17.2 12.0 17.3 11.2 UnsecuredMortgageMargin lending~SEK 1,100m~SEK 1,100m~SEK 1,560m Net interest incomeSEKm UnsecuredMortgageMargin lending 227227229230 456456455456 Q1262Q263Q264Q26 ~45%Mortgage 35-45%Margin lending Loan-to-value% Securities BrokerageFundsPensionCredit Marginsbps Fwdmargins (based on*)bps (1) Excluding lending against pledged cash and cash equivalents
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114 Deposit interest cost snapshot: SEK 350m in 2026*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 3.61.71.73Q25 14.617.618.217.717.618.518.1 4Q25 18.4 1.71.73.5 11.6 SENODKFIShare of deposits39%24%7%10% Dec. 2025 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 Securities BrokerageFundsPensionCredit 1511651621361041069585 1Q242Q243Q244Q241Q252Q253Q254Q25 ~SEK 600m~SEK 390m Q1262Q263Q264Q26 ~SEK 350m
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Scalable business model with high operating leverage.
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952930969993 171217282382486 32241717171515 146 2019 135 202020212022 1,018 2023 1,073 20242025 1,0971,0641,1411,2101,3001,4551,630 1,144 116 Rigorous focus on cost discipline to drive operating leverage and enable investments.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 (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. Growth3Maintenance3Opex in relation to avg, savings capital (bps) 23% +3% CAGR +7% 2019–2025 Total +Growth Maintenance
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117 Financial education through our visible savings economists and investment coaches… Frida BrattSavings economist§2,000 media quotes / statements§Savings profile of the year 2022§17,200 followers on X Ara MustafaInvestment coach§Weekly podcast host for Sparpodden§28,100 followers on X Roger BerntsenInvestment expert§600media quotes / statements§17,600 followers on X Per HansenSavings economist§2,600media quotes / statements§Most quoted economist in Denmark§11,400 followers on X Jukka OksaharjuStock Strategist§200 media quotes / statements§22,500 followers on X Note: Media quotes / statements as per full year 2025; Followers as ofJanuary 2026 Katrine KorningAndersenInvestment coach Else SundførSavings economist§Savings profile of the year 2023§36,100 followers on Instagram Jasmin HamidSavings economist§56,000 followers on Instagram §Speaker at 35 events in 2024§Starting as full-time investment coach in 2025
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…and more than 750k members in our community, with millions of views, streams and sessions… 64K followers 137K followers 82K followers 200Kfollowers 129K followers 507K users 129K followers 118 3.1million streams5.3 million entries 3.8million streams Note: Follower-base as of October2025; Sessions/Views full year 2025
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119 …results in highly profitable customer growth. (1) Based on new customers 2025. Excludes customers where no tracking data exists, as well as acquisition channel “Display” and “Other”; (2) I.e. out of the active customers in December 202497.3% were still active in December 2025; (3) Customer acquisition cost 2025 (includes personnel expenses attributable to marketing, sales and onboarding as well as marketingexpenses such as affiliates, SEO, etc. and mail expenses); (4) Customer retention rates of 97-98%, which Nordnet measures year-on year by testing if a customer is still active the following year. As a result, Nordnet enjoys a long average customer longevity on the platform. An expected lifetime value, which is calculated as expected average customer platform longevity multiplied by average income, is approximately SEK63,000 or, when discounted back over 50years at a rate of 10%, is approximately SEK18,200. Source: Nordnet as per December 31, 2025 …results in low customer acquisition cost and a very attractive customer lifetime valueNordnet’s customer acquisition cost vs. average lifetime customer valueSEK High share of low-cost organic searches together with increasing retention rates…Retention of active customer base year ago2Share of new customers by acquisition channel1 Dec 2023Dec 2024Dec 2025 98.0%97.6%97.3% Churn: ~2% 9% 22% 21% 44% 2025Paid search Organic search Direct App Other (4.7%) 3 4 4 ~850 ~18 200 ~63000 Customer acquisition costCustomer lifetime value -discounted @ 10%Customer lifetime value -undiscounte d >21x >73x Word of mouth and PR keep CAC low Driven by low churn and high customer longevity
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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 120 Revenue growth together with operating leverage drives significant profit growth. (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. 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 53 505446 17 151517 67 70706359 17 6961 24 5944 32 25 CAGR +7% CAGR +23% CAGR +47%
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121 A capital light business with high return on equity.
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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 ~1,143bn 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 122 ~225bps
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123 Strong capital situation creates flexibility.84.1Deposits in SEKbn 60.6Liquidity portfolio in SEKbn 72.0%Liquidity reserve 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% Regulatory metricsConsolidated situation Note: Numbers as per 2025-12-31 SEK43bnSEK23bn 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
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124 Strong liquidity position with and good credit quality and balanced maturity profile. 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) Note: Figures as per 2025-12-31(1) Unrealized result within the AFS-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 8.4 12.78.56.14.31.3 HTC -FIXEDHTC -FRNAFS -FIXEDAFS -FRNCASH Maturity structureSEKbnUnrealized result (SEKm) HTC -3.7HTC&S1: +49.8
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Adjusted cost income ratio1 77%84%72% 31%36%29%29%30% 0%10%20%30%40%50%60%70%80%90% 201720182019 40% 202020212022202320242025 (1) Adjusted operating expenses; subtracting SEK16m in 2018, SEK65m in 2019, SEK129m in 2020, SEK 81m in 2022, SEK 191m in 2024 and SEK 18m in 2025. Adjusted operating income; subtracting SEK66m in 2019 and SEK58m in 2024and adding SEK4m in 2025; (2) Excluding AT1-capital. Interest for AT1 has been deducted from net profit Attractive cost to income ratio and return on equity.Adjusted return on equity1,2 10%7% 40%44%36%45%43%42% 0%10% 20%30% 40% 50%60% 20172018 13% 2019202020212022202320242025 125
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Shareholder renumeration. 126 Nordnet’s dividend policy remains:“Deliver superior total returns to shareholders via a pay-out ratio of 70% of statutory net income” Dividend combined with a long-term buyback program to manage excess capital and reach target leverage ratio level over time§Leverage ratio between 4.0-4.5%§CET1 ratio at least 100bps above regulatory requirement
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Appendix.
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Share of customers per cohort and age1% 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 05001,0001,500 0 500 1000 781 949 Pre 2020203309 2020-2021156257 2022-202442161 2025 1,183503 All Savings capital (SEKbn)Savings capital per customer (SEK thousand) 71%64%59%59%68% 22%29%33%30%25%7% 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 23.1 2022-2024 39.9 20258%11%30% 51% Net savings 2025SEKbn | % of total (1) Excludes companies and private customers > 80 years. 128 New customers are younger, higher share of women and own more funds. 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 465159 96 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 8246566092632,351 Share of customers trading during 2025% | Thousand customers 129 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. 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