Will Nordnet’s (OM:SAVE) Strong Q3 Earnings Momentum Shift the Platform’s Investment Narrative?

• Nordnet AB recently reported its third quarter and nine-month 2025 financial results, revealing year-over-year increases in net income and earnings per share to SEK 717 million and SEK 8.78, respectively.
• These results show solid improvements in profitability and indicate ongoing operational momentum as Nordnet continues to scale its digital savings and investment platform across the Nordics.
• We'll examine how Nordnet's continued earnings growth and margin expansion support or challenge its prevailing investment narrative.

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Nordnet Investment Narrative Recap

To believe in Nordnet as an investment, one needs conviction in the ongoing digitalization of financial services and Nordnet’s ability to win share in the Nordic and wider European markets through scalable technology and customer growth. The latest quarterly results, with steady earnings and margin improvement, modestly support this narrative but do not materially shift the most important near-term catalyst, continued net savings and customer inflow, or diminish the central risk of fee pressure and margin compression due to intense competition in the Nordics. Among Nordnet’s recent updates, the July 2025 launch of currency accounts for endowment insurance stands out as most relevant to these results. This feature enhances the platform’s appeal for active savers and traders, potentially strengthening customer engagement and retention, and thereby supporting the core catalyst of sustained savings and user growth. However, beneath the surface, the risk from ongoing price competition in Norway, and what that could mean for margins beyond...

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

Nordnet's narrative projects SEK6.6 billion revenue and SEK3.7 billion earnings by 2028. This requires 3.6% yearly revenue growth and a SEK0.9 billion earnings increase from SEK2.8 billion today.

Uncover how Nordnet's forecasts yield a SEK276.78 fair value, in line with its current price.

Exploring Other Perspectives

Two community members in the Simply Wall St Community see Nordnet’s fair value ranging widely from SEK183 to SEK277 per share. While these opinions reflect differing expectations, your attention should remain on the risk of intensified price competition and how it could pressure future profitability.

Explore 2 other fair value estimates on Nordnet - why the stock might be worth as much as SEK276.78!

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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