Nordnet AB (SAVE.ST): Management meeting takeaways post 2Q26 results

Research evidence excerpt

Nordnet AB (SAVE.ST): Management meeting takeaways post 2Q26 results

Equity Research

21 July 2026 | 5:21PM BST

Nordnet AB (SAVE.ST): Management meeting takeaways post 2Q26

results

Following Nordnet’s 2Q26 results (17 July), we hosted investor meetings with CEO, Oliver Carruthers, CFA

+44(20)7552-9364 |

Rasmus Järborg and Investor Relations. Below, we outline our key takeaways, with oliver.carruthers@gs.com

Goldman Sachs International

four key areas of focus: (1) shifting client habits, specifically the rise in demand for

Anshika Mehrotra

cross-border trading and the extent to which this is likely to persist; (2) Nordnet’s +1(212)934-7679 |

planned expansion into Germany later this year, with a view to possible further anshika.mehrotra@gs.comGoldman Sachs India SPL

geographic expansion longer term; (3) leveraging AI, both in product development Tom Ferguson

processes and to enhance the front end; and (4) the firm’s core ongoing product +44(20)7051-0547tom.ferguson@gs.com|

development initiatives, including expanding the platform’s trading capabilities and Goldman Sachs International

Sabouriandeveloping the offering for Private Banking users. Naimeh | +44(20)7051-0573

naimeh.sabourian@gs.com

Key takeaways Goldman Sachs International

1. Higher demand for cross-border trading is structural, as well as cyclical: In

recent months, we have seen rising demand from European retail investors for

foreign securities trading, with such trades typically more profitable for

platforms as they command a higher commission fee. Since the start of 2024, the

share of Nordnet’s monthly trade volume represented by cross-border trades

has risen from <30% to 45%, with the 2Q26 quarterly average of 43% the highest

on record. Of note, management views the rise in cross-border trading over