First Glances - Danske, EQT; Bridgepoint; Swedbank; Nordnet; Love Actuary; Dutch Banks: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

Research evidence excerpt

First Glances - Danske, EQT; Bridgepoint; Swedbank; Nordnet; Love Actuary; Dutch Banks: Financials Sector Specialist Commentary Banks · Insurance · Diversified Financials

ations and operating costs 2% better than consensus. Within

revenues, commission income was 7% above expectations, whilst NII was 5% above consensus. Other income and net financial

transactions were both above consensus. Total Savings capital was 13% higher Q/Q and 29% higher Y/Y. Deposits remained

elevated, 95 SEKbn June vs 97SEK bn in March (+15% Y/Y). Total lending was 3% higher Q/Q and 13% higher Y/Y. On share

repurchases, April application approved by Swedish Financial Supervisory Authority for the insurance operations, while a

decision regarding the bank operations still pending. Germany launch still planned for H2 2026 with Friends & Family, then VIP

launch, strategic marketing rollout then planned for H1 2027. Reiterated majority of MT & LT guidance BUT FY NII guided

down to 2.7 SEKbn from 2.8 SEKbn in 1Q 2026 albeit consensus is at SEK2.6bln.

Conference Details:At 9:00am UK, https://nordnet.zoom.us/webinar/register/WN_pwJc6MPvT4GpbJrYKi2qSA#/registration

Short interest colour: 5 ADTV to cover or 3% of free float, down 30% in the last week and up 88% in the last month.

YTD performance and Research Rating: Nordnet is up 34.8% YTD vs the SXFP up 4.9%. No JPM research rating.

Valuation: Nordnet trades at 23.37x 2027p/e

Love Actuary: Investor feedback on European insurers. Farooq, Kam and team summarise feedback from recent marketing

where investors remain largely cautious on European insurers relative to banks, and understandably so. Ahead of the bulk of

1H26 reporting, we set out investor feedback on the sector from our recent marketing trips in continental Europe, the US and our