Is Nordnet’s German Expansion and New Offerings Shifting the Narrative for OM:SAVE Investors?

• In its latest update, Nordnet AB reported a 14% year-over-year increase in customers to 2.22 million during Q2 2025, while revenue remained flat, and launched eight new European trading venues alongside new private banking tiers in Sweden.
• An interesting development is Nordnet's preparation for a 2026 expansion into Germany, signaling its ambitions for a greater presence in the European market.
• We will explore how Nordnet’s ongoing geographic expansion, particularly its German market plans, may influence its broader investment narrative.

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Nordnet Investment Narrative Recap

To be a Nordnet shareholder, you typically need to believe in the company’s ability to translate strong customer growth and ongoing investments in digital offerings into improved financial performance. The recent news of continued customer momentum, new trading venues, and a pending German expansion does not immediately address the biggest risk: that costs are rising faster than revenue, which could compress margins if revenue growth fails to pick up in the short term.

Among Nordnet’s latest moves, the launch of eight new European trading venues stands out as particularly pertinent. It signals ongoing efforts to expand and diversify trading opportunities for users, which links directly to the company’s key catalyst of broadening its platform’s appeal and driving higher user engagement, even as margin pressures remain in focus.

However, despite customer gains, investors should not overlook the potential for cost growth to outpace revenue in coming quarters...

Read the full narrative on Nordnet (it's free!)

Nordnet's outlook projects SEK6.6 billion in revenue and SEK3.7 billion in earnings by 2028. This is based on analysts’ expectations of 3.6% annual revenue growth and a SEK0.9 billion increase in earnings from the current level of SEK2.8 billion.

Uncover how Nordnet's forecasts yield a SEK271.78 fair value, a 5% downside to its current price.

Exploring Other Perspectives

Simply Wall St Community members’ fair value estimates for Nordnet range from SEK182 to SEK272 across two analyses. While some expect further growth, the risk of margin compression if costs keep climbing is a factor to watch for the company’s outlook.

Explore 2 other fair value estimates on Nordnet - why the stock might be worth as much as SEK271.78!

Build Your Own Nordnet Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Nordnet research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.
• Our free Nordnet research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Nordnet's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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