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Insert new photo: Format background/picture/16x9 format Nordnet Q3 2026Results presentation
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Key highlights third quarter 2026 2 Partnered with ABG Sundal Collier to create next-generation Private BankingNew research portal gives Private Banking access to Citi research on ~1,500 stocks New Country Manager of Sweden appointed SEK 250m buyback program initiated Continued growth across all revenue streams in second strongest quarter everResilient trading with robust traded value; cross-border supported marginsNet savings rose 23% to SEK 26 billion in Q3 continuing record momentum YTD Nordnet Germany on track for launch in November
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Q3 2025Q3 2026 2,2922,566+12% Financial highlights third quarter 2026 3 Adjusted revenuesSEKm1 CustomersThousandsSavings capitalSEKbn Adjusted operating expensesSEKm1 Number of tradesMillion Adjusted profit before taxSEKm1 Q3 2025Q3 2026 1,1431,459+28% Q3 2025Q3 2026 15.715.80% Q3 2025Q3 2026 1,3081,550+18% 403450 Q3 2025Q3 2026 +12% 904 Q3 2025Q3 2026 1,096+21% (1) Excludes items affecting comparability +10% excluding costs for German expansion
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Continued momentum in customer growth and net savings 4 +58+54+75+69+69+57+69+59+78+74+64 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 New customers(‘000) +196+215 20252026YTD +19+19+16+19+25 +15+21+18 +29+26+26 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 Net savings(SEKbn) +60+80 20252026YTD 2025501535508574SwedenNorway 6037016797562,2922,566 2026 DenmarkFinlandGroup 202520264174872112972813632333121,1431,459 +7%+13%+16%+11%+12% Savings capital (SEKbn) +17%+40%+29%+34%+28% Customers (‘000) Savings ratio and customer growthLTM (%) 67899888899 1011121414141312121312 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 Customer growthSavings ratio +317bn+274k
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Select Q3 product highlights 24 new versions of Nordnet’s award wining app Compare, follow and sort Benchmark against other investors, news alerts on stocks and clearer portfolio categorisation Activation experiments Continuous A/B activation tests shipped across all markets Research Portal Institutional equity research on 1,500 companies, in partnership with Citi
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Strong growth trend across all revenue streams 6 Operating income mixKey revenue drivers Transaction related§Resilient trading despite seasonality & low volatility §Strong cross-border support brokerage margin§Trade size at record level Funds§Capital growth from net buying and strong markets§Fund margin roughly stable§Nordnet-branded fund capital grew >50% YoY Net interest income§Slight growth in deposits§QoQ margin improvement as rates rise§Continued growth in loan portfolio 653 574579687679691 147 634577601 164 561 186 675 215122137431 162167148 576 181 730 198 655455442516651537642738 -53Q2444Q2421Q2562Q25-63Q2584Q25-91Q26238 -73Q261Q24192Q24 1,2631,2891,2261,3161,3961,2931,3081,3911,4851,6341,550 2Q26 +18% Net transaction relatedNet fund relatedNet interest incomeOther income (1) Includes other income, net other provision income and net financial transactions 1
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20% 25% 30% 35% 0.15 0.30 0.45 0.60 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 Brokerage saw seasonal slowdown but strong cross-border supports the margin 7 214195225262258261302298 0.0500.0750.100 0.1250.150 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26 216 239 3Q26 239 Trades / customer / day (LHS)Trades per dayTrades per day(‘000)Income and margin per trade Share of x-border volume 20% 30% 40% 50% 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 Traded ValueTrades Trades / trading customers / day (RHS)Share of all customers (LHS)Trading customers 455442431516651537576642730738655 34.0 1Q24 34.6 2Q24 33.5 3Q24 37.3 4Q24 39.8 1Q25 35.7 2Q25 36.6 3Q25 39.8 4Q25 38.8 1Q26 41.9 2Q263Q26 41.4+14%Income (SEKm)Income / trade (SEK)
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Funds saw strong growth, particularly in Nordnet-branded funds 8 Fund capital developmentSEKbn 26%27%15% 3Q254Q251Q262Q2626%27%31%14% 1Q24 212229241 2Q243Q244Q24 259244260282 1Q252Q2529% 297307358387 3Q26 ActiveIndexNordnet fundsFixed incomeOther Net buyingSEKbn 4.5 3Q24 4.8 4.7 4Q24-0.33.9 1Q25 1.33.4 2Q25 2.9 7.6 3Q25 2.94.3 4Q25 4.33.6 1Q26 5.7 7.9 2Q26 5.9 6.1 3Q26 +10.1+9.6+8.14.8 5.2 1Q24 +9.5 +3.6+4.7 +10.4 4.6 4.84.9 +7.2+9.1 +13.6+12.0 2Q24 Nordnet funds3rd partyLTMshare45% 55%2625252730262627302828 4748505152525252535354 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 % owning a fund% buying/selling funds Income and marginSEKm | Bps on fund capital 122137147162167148164181186198215 24.9 1Q24 24.9 2Q24 24.9 3Q24 25.8 4Q24 25.4 1Q25 23.9 2Q25 24.0 3Q25 24.8 4Q25 24.3 1Q26 23.6 2Q26 23.2 3Q26 +31%Income (SEKm)Income margin (bps) Fund customers%
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500 1,000 1,500 0%2%4%6%8%10%12%14%16%18%20% 02004200520062007 200920102011201220132014201520162017201820192020202120222023202420252026 2008 Deposit levels supported by strong net savings 9 Brokerage/Funds (LHS)Deposits (LHS)% Deposits (RHS) Deposits/savings capital vs stock market performanceSEKbn MSCI World index 2Q26 +20.8 Net savings cash -12.0-12.0 Net traded value +3.1 Dividends +1.1 Other / FX effect3Q26 95.2-24.0 96.1 +0.9 Deposit development 3Q26SEKbn 6.9% 6.6% Share of AuM Brokerage Funds
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Net interest income now on growth trajectory 10 IncomeSEKm 403425438 411 413380434397374394500494 403414333299269264265268271296 -95-1062Q253Q25-854Q25-861Q26-1022Q26-1043Q263Q24-1511Q24-165 679653634577601574 2Q24 579675687 -162 691 -1364Q24-1041Q25 561 +19.7%Credit portfolioLiquidity portfolioCustomer interestOther VolumeSEKm 6 69 -326 3Q24 70 -296 4Q24 79 -297 1Q25 83 -285 2Q25 81 -307 3Q25 84 -306 2Q24 97 -317 1Q26 95 -327 2Q26 96 -349 3Q26 414243 66 -328 47576058 4Q251Q24 68 60737070 -33 DepositsCredit portfolioEquity/Other Marginsbps -1000100200300400500600 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q26 Credit portfolioLiquidity portfolioCustomer interestNII yield 2026 snapshot assuming constant volumes and consensus 3m forward IBOR development*SEKm 394500494268271296 -861Q262Q26 1 3Q264Q26 Credit portfolio Liquidity portfolioCustomer interest 579675687 -102-104 ~SEK 2.7bn (*) See page 23-25 for assumptions
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Rigorous focus on cost discipline to drive operating leverage and enable investments 11 Operating expensesKey drivers of operating leverage 327319 357 495152505355586061636652 38 4Q24 25 1Q25 15 2Q25 25 3Q254Q25 14 1Q26 25 2Q26 353358391407353 40342343944039711 1Q24 18 2Q24 21 3Q263Q24 26 294284285 450 329325364352289 General administrative expensesDepreciation and amortizationMarketing ~SEK 1,455m~SEK 1,630m28%27%29%30%29%31%31%30%30%27%29%C/I 126 1,57357 20258% increase ~30 Increased budget for Germany 1,699 ~80-90 2026E Germany-related1,630 1,780-1,7902026 guidanceSEKm Scalable cloud-powered tech platformProcess simplification and AI automationHighly efficient customer growthManagement of third-party spend ü ü üü
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2022202320242025LTM 3Q26 2,1153,1603,5603,7484,295 2022202320242025LTM 3Q26 3,3824,5505,0945,3896,060 Adjusted profit before taxAdjusted operating expenses³Adjusted revenueSEKm SEKm SEKm Business model with great operating leverage 12Note: Refer to page 20-21 for additional detail on items affecting comparability(1) Adjusted revenue divided by average quarterly savings capital over the period; (2) Adjusted operating expenses divided by average 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 (%)2022202320242025LTM 3Q26 1,2101,3001,4551,6301,751 CAGR +21% CAGR +10% CAGR +17% 4846595450 1417171515 7163697070 +8.8% excluding costs for German expansion
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Strong capital situation creates flexibility 13 Actual (vs req.)RequirementTotal capital ratio21.9% (+6.0pp)15.9%CET1 ratio18.1% (+7.1pp)11.0%Leverage ratio4.7% (+1.2pp)3.0% (3.5% P2G)LCR231%100%NSFR212%100% Regulatory metricsConsolidated situation SEK 39bnSEK 25bn Leverage ratio total exposure SEK 110bn Deposit inflow capacity:SEK 64bn3.0%3.5%4.7% Leverage Ratio & deposit inflow capacitySEKbn | % Shareholder remuneration and capital targets§Dividend of SEK 8.60 paid – 70% payout ratio§Buyback program of SEK 250 million initiated in September§SEK 600m of AT1 capital to be redeemed in November§No plans to issue new AT1 capital at this time§Capital ratio targets:§Leverage ratio between 4.0-4.5%§CET1 ratio at least 100bps above regulatory requirement Note: Numbers as per 2026-09-30. 70.5Liquidity portfolio in SEKbn 73%Liquidity in relation to deposits 6.6%Deposits to savings capital ratio 96.1Deposits in SEKbn
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Medium-term financial targets reiterated 14 Income in relation to savings capital3bps Customer growth1% Average savings capital per customer2SEK (‘000)15% 9%14%12%12% 2010-20222023202420253Q26 4659545048 2022202320242025LTM 3Q26 444435476486525 2022202320242025LTM 3Q26 2022202320242025LTM 3Q26 1,2101,3001,4551,6301,752Adjusted 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 SEK 81m in 2022, SEK 191m in 2024, SEK 18m in 2025 and SEK 18m in LTM 3Q26. 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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German expansion milestones 15 2H24 2025 2026 2027 Pre-study StartsAug Pre-study CompletedDec Public announcement of expansionJan Work on passporting license beginsMay External recruitment startsJuly Market study conductedOct New hires start to joinNov Passported licenseJan First meeting with BaFinMay10 new European markets launchedMay/June German index fund launchedJune First internal production testingJuneArno Walter announced new country managerJuly German office operationalJune Launch with phased rolloutNovember New pension account type launches in GermanyJan Strategic marketing rollout1H A new version of nordnet.de went live 8 OctoberHead of Marketing Noemi Tanoni and Country Manager Arno Walter at the Nordnet Summit on 29 August German chief economist Jasmin Gröschl and investment coach Leo Göttle who joined Nordnet in October
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Our Moonshot By building a single, seamless experience across self-directed, advised and managed solutions, Nordnet will become European customers’ #1 choice. Nordnet will earn the right to serve 100% of our customers’ wealth. Earned, not assumedCustomers choose us first when our offering, service and pricing are too good to pass up. 100% of wealthEvery need on one platform: self-directed, advised and managed, digital assets, private markets. Our European ambitionBeyond the Nordics to Germany and Europe, widening our addressable market and lifting our brand. 16
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Our Must-Win Battles 17 EuropeanExpansionLearn from the German launch to build a repeatable playbook for furtherEuropean expansion. Next-GenTradingContinuously upgrade our offeringto remain the top platform forsavings and investments. DemocratizingWealthManagement.Make institutional-grade wealthmanagement tools and guidance accessibleand affordable to every investor. Winning in AI:from learning toscalingEmbed AI into our product andinternal processes to build asmarter, faster platform.
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Key near-term priorities 18 New Wealth Management unit to further develop Private Banking and managed assets/ETFs Maintain focus on cost control Accelerate adoption of AI in our products and processes Continue investment in platform and trading offering Commercial launch in Germany in November
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Insert new photo: Format background/picture/16x9 format ThankYou!
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Financial highlights third quarter 2026 20 SEKm unless otherwise statedQ3 2026Q2 2026QoQ %Q3 2025YoY %Condensed P&L1 Adjusted total income1,550 1,634 (5%)1,308 18% Adjusted operating expenses(450) (440) 2% (403) 12% Adjusted profit before tax1,096 1,190 (8%)904 21% KPIs New customers+63,700 +73,600 (13%)+69,500 (8%)Customers 2,565,900 2,502,200 3% 2,291,900 12,0% Net savings (SEKbn) +25.6 +26.0 (2%)20.8 23% Savings capital (SEKbn) 1,459 1,374 6% 1,143 28% (1) Refer to page 20-21 for additional detail on items affecting comparability
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Summary P&L 21Note: Refer to page 21 for additional detail on items affecting comparability Adjusted total income1,5501,634(5%)1,30818%Adjusted operating expenses(450)(440)2%(403)12%Net credit losses (0)0-2-Imposed levies: Resolution fees(3)(4)(17%)(2)25%Items affecting comparability (IAC), incomeItems affecting comparability (IAC), expenses Reported profit before tax1,0961,190(8%)88624%Tax (212)(230)(8%)(169)25%Reported net income885960(8%)71723%Adjusted net income excl, IAC885960(8%)73121%Adjusted net income excl, IAC and amortisation of intangible assets due to PPA890965(8%)73621% Q3 2026Q2 2026Q3 2025QoQ %YoY %SEKm Adjusted profit before tax1,0961,190(8%)90421% Items affecting comparability (IAC), credit losses(18)
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SEKm 2026202520242023202220212020201920182017Non-recurring items – Expenses Delisting from Nasdaq (45)Acquisition of Netfonds (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 shareholdings in 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. Items affecting comparability 22
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Share of customers per cohort and age13Q26 | % 32% 25% 35%8% Pre 2020 2020-2021 2022-202520262,566 Share of customers by cohort and gender3Q26 | (‘000) 68%63%58%56%62% 28%35%39%41%35%3% Pre 2020 2% 2020-2021 3% 2022-2025 3% 2026 3% All 8166518892092,566MaleFemaleCorporation Savings capital per customer 3Q26 910 1,115 Pre 2020250384 2020-2021259291 2022-202540191 2026 1,459 569 All Savings capital (SEKbn)Savings capital per customer (SEK thousand) 70%63%59%59%67% 23%30%34%29%27%6% Pre 2020 6% 2020-2021 7% 2022-2025 12% 2026 7% All 910250259401,459BrokerageFundsDepositsShare of savings capital by cohort and asset type3Q26 | SEKbn 7.8Pre 2020 10.22020-2021 26.5 2022-2025 35.9 2026 10%13% 33%45% Net savings YTD 3Q26SEKbn | % of total (1) Excludes companies and private customers > 80 years. New customers are younger, higher share of women and own more funds 23 0,0%1,0%2,0%3,0%4,0%5,0%6,0% 05101520253035404550556065707580 Pre 20202020-20212022 -20252026
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Share of trades per application YTD 3Q26% | million trades Revenue margin YTD 3Q26bps 434856 96 48 Pre 20202020-20212022-20252026All Share of cross-border trades YTD 3Q26% | million trades 35%43%52%50%41% Pre 20202020-20212022-20252026All Cross-border28.99.112.71.852.2 45%43%46%61%46% Pre 20202020-20212022-20252026All 8166518892092,566 Share of customers trading during YTD 3Q262% | Thousand customers New customers remain active and drive high margins 24(1) Mainly includes monthly savings in ETFs and API; (2) Number of unique customers making at least one trade during the period divided by number of customers end of the period. 41%22%19%25%32%24%20%14%36%51%55%66%44%15% 8% Pre 2020 2% 2020-2021 6% 2022-2025 1% 8% 2026 10% All Infront terminalMobileOtherWeb 28.79.112.71.752.2 1
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Liquidity portfolio snapshot: ~SEK1.9bn in 2026* 25 VolumeSEKbn 425438403413380434397374 1Q242Q243Q244Q241Q252Q253Q254Q25 394500494 1Q262Q263Q264Q26 3M IBOR2 development and forecast (bps)32.8 -18.28.520.7-6.925.3-3.417.3-5.6 23.1 13.722.011.7 DepositsLendingOther/equity 96.1 -34.18.5 70.5 Volume 3Q 2026SEKbn 403371308254236213189196 473473474468457434413407 3843623002452271961982003893713282712341942032031Q242Q243Q244Q241Q252Q253Q254Q25 219197201247 434457480499 210229258296 208232262299 1Q262Q263Q264Q26(1) Includes lending against pledged cash and cash equivalents; (2) Source: Bloomberg as per 2026-10-07 1 1 6668697079838184979596 -32-33-32-29-29-28-30-30-31-32-341Q24 6 2Q24 6 3Q24 6 4Q24 7 1Q25 5 2Q25 7 3Q25 6 4Q25 78 7 2Q26 9 3Q26 4142434757605860737070 1Q26 DepositsLendingOther/equity ~SEK 1.9bnSEK 1,585m~SEK 1,680m Net interest incomeSEKm *Assumes 3Q 2026 volume, currency allocation, credit spreads and market consensus estimates for 3M fwd IBOR development.
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Loan portfolio snapshot: ~SEK1.2bn in 2026* 26 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 11.2 15.8 2Q25 11.4 17.2 3Q25 12.0 17.3 4Q25 12.3 17.5 1Q26 12.7 18.7 2Q26 13.1 19.9 3.830.931.531.228.827.5 3Q26 28.629.329.831.433.027.0 UnsecuredMortgageMargin lending 201216222228217193195199 12512511810583767066 777371 1Q242Q243Q244Q241Q252Q253Q254Q25 403414411333299269264265 199199219697277 1Q262Q263Q264Q26 268271296 799788 445446421376297271246225 533529534533511482473461 1Q242Q243Q244Q241Q252Q253Q254Q25 Marginsbps 35–45%Margin lending Loan-to-value% 1) Excludes lending against pledged cash and cash equivalents UnsecuredMortgageMargin lending ~SEK 1.2bn~SEK 1,100m 227231 458439 237260 454468 1Q262Q263Q264Q26 Fwd margins (based on*)bps ~SEK 1,560m Net interest incomeSEKm Volume1SEKbn *Assumes 3Q 2026 volume, interest as per Sep 2026, 3M fwd IBOR consensus estimates and passthrough of; Margin lending (50%), Mortgage (100%) ~45%Mortgage
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Deposit interest cost snapshot: ~SEK 410m in 2026* 27 1511651621361041069585 1Q242Q243Q244Q241Q252Q253Q254Q25 44194Interest cost on total deposits (bps)Interest cost on deposits bearing interest (bps) Development savings accountsSEKbn 1Q24 11.7 2Q24 11.5 3Q24 11.6 4Q24 11.1 1Q25 11.7 2Q25 11.1 3Q25 11.6 4Q25 11.1 1Q26 12.24.710.6 1.62Q26 11.75.32.11.53Q26 14.617.618.217.717.618.518.118.419.320.420.6 1.8 SENODKFI Share of deposits36%26%8%9% ~SEK 600m Sep 26 Share of customers’ deposits eligible for deposit interest (%)25% *Assumes 3Q 2026 volume and interest rates as of Oct 1 with future 100% passthrough of 3M fwd IBOR changes. Assumes that interest on non-savings account deposits remains at 3Q 2026 levels. Interest costSEKm ~SEK 390m 86102104 1Q262Q263Q264Q26 ~SEK 410m