Nordnet AB (publ) SAVE
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Full analysis: 25 Jul 2026
Latest news check: 9 Aug 2026
General analysis — not personal advice.
HOLD
7/10
Confidence
Existing position can be maintained at current valuation.
Strong profitability and customer growth are balanced by interest-rate headwinds and expansion costs, supporting the hold signal.
Market sentiment
8/10
→
Trend: Stable
The market and analysts are predominantly positive after the record report, focusing on customer growth and scalability.
Price context
The stock trades around 357 SEK near its 52-week high after strong 12-month performance, suggesting much of the growth is already priced in.
Risk assessment
3/10
Dilution:
Low
Strong earnings power and dividend policy
Jurisdiction:
Low
Stable Nordic base with Germany as new market
Execution:
Medium
Germany expansion facing tough competition
About the company
Nordnet is a pan-Nordic digital platform for savings, investments and pensions. The company offers stock and fund trading, private banking, mortgages and securities lending in Sweden, Norway, Denmark and Finland. Operations run with high operating leverage and strong profitability.
Sector:
Digital savings platform and online broker
Type:
Finance
Next report
22 Oct 2026
Q3
Catalysts
Jan 2027
Germany launch
High
Horizon:
Bull case
Record Q2 results with 2.5 million customers and continued organic Nordic growth provide momentum.
Bear case
Interest-rate cuts pressure net interest income while the Germany expansion raises costs.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Customer growth and net inflows | Lower customer growth → reduced scalability and lower revenue growth. | Continued strong customer growth → higher revenue and margin improvement. |
| Germany expansion | Weaker reception in Germany → higher costs and lower profitability. | Successful launch → new major revenue stream over time. |
We monitor these factors. Follow the company to get email when any of them hit.
Signal rationale (informational)
Strong profitability and customer growth are balanced by interest-rate headwinds and expansion costs, supporting the hold signal.
Recent news
- July 2026 monthly statistics showed 18,100 new customers, net savings of SEK 9.6 billion and total savings capital of SEK 1,370 billion.
Key figures
Revenue
Q2 2026
SEK 1.6B
Revenue TTM
TTM
SEK 4.6B
EBITDA
Q2 2026
SEK 1.2B
Net income
Q3 2025
SEK 550M
Gross margin
Q2 2026
73.0%
Shares outstanding
Q2 2026
249M
EPS
Q3 2025
SEK 2.21
Price & valuation
Last close
SEK 355
Market Cap
SEK 88.4B
1 week
-1.5 %
3 months
+17.7 %
12 months
+30.9 %
From 52w high
-5.8 %
From 52w low
+36.6 %
Exchange
Stockholm
Type
Finance
Sector
Digital savings platform and online broker
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.