Nordnet Posts Record Quarter as Nordic Broker Passes 2.5 Million Customers

Nordnet reported its strongest quarter on record on July 17, with operating profit rising 33% year-on-year to SEK 1,190 million as the Nordic broker passed 2.5 million customers for the first time.

What happened

The interim report for April-June 2026 showed operating income of SEK 1,634 million, up 26% from SEK 1,293 million a year earlier. Earnings per share climbed to SEK 3.80, a 34% increase. Net savings for the quarter reached SEK 26 billion, and total savings capital across the platform now stands at roughly SEK 1.4 trillion.

Key figures from the quarter:

• Operating profit: SEK 1,190 million (up from SEK 893 million in Q2 2025)
• New customers: 74,000, taking the total past 2.5 million
• Annual customer growth: 13%
• Nordnet Fonder assets under management: SEK 100 billion

CEO Rasmus Järborg said the result reflected "strong operational as well as commercial momentum," with growth spread across the company's Swedish, Norwegian, Danish and Finnish markets. The customer count now exceeds that of listed rival Avanza, which reported roughly 2.3 million customers as of its most recent count. Commission income and net interest income both contributed to the quarter, with the company citing broad-based growth rather than a single product line driving the result.

Why it matters

A record quarter at one of the Nordic region's two dominant brokers is a signal of how much retail capital is moving into self-directed investing platforms, even as global markets wobble. The chip-stock selloff that followed TSMC's raised capital spending guidance on July 16 wiped billions off AI-linked valuations, yet Nordic savers kept adding money at pace. SEK 26 billion in net inflows during a single quarter of market turbulence suggests the region's retail investor base is not pulling back on long-term savings plans, even when short-term sentiment turns.

For investors, the growth also compounds a familiar problem: money spread across a record number of active brokerage relationships makes it harder to see a single, accurate net worth figure. Each new Nordnet or Avanza customer typically holds accounts elsewhere too, whether an employer pension, a second brokerage, or property. Portfolio trackers that pull holdings from multiple brokers into one view become more useful precisely as platforms like Nordnet and Avanza each report record customer books rather than a single winner consolidating the market.

What to watch next

Nordnet has flagged plans to expand into the German market in the second half of 2026, appointing Arno Walter as interim country manager from August 1. A successful German launch would test whether Nordnet's Nordic playbook, low-cost trading paired with savings products, travels to a larger and more fragmented European market. Avanza's next quarterly report, due later this summer, will show whether the two brokers' customer counts continue to diverge or whether the gap narrows again, and whether German expansion becomes a template Nordnet repeats elsewhere in Europe.