Nordnet (SAVE.ST): Strong Q2 results, with NII beating by 5% and brokerage income beating by 10%

Research evidence excerpt

Nordnet (SAVE.ST): Strong Q2 results, with NII beating by 5% and brokerage income beating by 10%

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17 Jul 2026 02:24:38 ET │ 12 pages

Nordnet (SAVE.ST)

Strong Q2 results, with NII beating by 5% and brokerage income beating

by 10%

CITI'S TAKE Neutral

Price (16 Jul 26 17:30) SKr369.60 Nordnet has this morning reported strong Q2 results, with revenues 7%

Target price SKr325.00 above company-compiled consensus and costs 1% below consensus. This

is driven by both stronger commission income and NII, consistent with Expected share price return -12.1%

Avanza’s Q2 results on 14 July. While the 5% NII beat is modestly below Expected dividend yield 2.7%

Avanza’s 7% beat, the 10% brokerage income beat compares to a 3% beat Expected total return -9.4%

for Avanza. This appears to be driven by consensus mismodelling the Market Cap SKr91,850M

effect from higher foreign share trading, known ahead of Q2 results via the US$9,474M

monthly stats; Nordnet’s brokerage margin increased by 7% qoq,

consistent with Avanza’s 9% increase. We expect low to mid single digit

upgrades to outer year consensus EPS estimates and for the shares to

outperform at the open. We have a neutral rating. Andrew Lowe, CFAAC

+44-20-7986-4042

andrew.lowe@citi.comRevenues are 7% above consensus — Revenues of SEK1,634m are 6.8% above

consensus, driven by both commission income and NII, respectively beating Hannah Leivdal

consensus by 6.3% and 5.2%. This compares to a 3.3% revenue beat for Avanza, hannah.leivdal@citi.com

driven by a 2.6% commission income beat and a 7.2% NII beat.

Nicholas Herman

Consensus underestimated FX fees; qoq brokerage commission margin increase nicholas.herman@citi.com

similar to Avanza — The commission income beat is driven by brokerage income of