Robust 14% profit growth and 19% EPS growth.
It looks like consensus was slightly beaten on all lines!
Profit grew in all regions except Sweden 
But it seems there was an exceptionally good result in Sweden during last yearâs Q4 due to a one-off item, which is visible on the âitems affecting comparabilityâ line. Adjusted for this, y-o-y is flat.
From Germany:
âAt the beginning of January, the German financial supervisory authority BaFin confirmed our notification of crossborder operations, which means that the regulatory approval process for Nordnetâs upcoming operations in Germany has been completed. We are now continuing to build up both our physical and digital infrastructure and are continuously recruiting key personnel to the organization.â
The plan is to enter Germany in H2
On profit distribution:
âNordnet has a strong and stable capital situation. In total during 2025, we repurchased shares for SEK 627 million within the framework of three different programs, and at the turn of the year, approximately SEK 100 million remains in the program launched in November last year. For 2025, the Board intends to propose a dividend of SEK 8.60 per share, corresponding to just over 70 percent of the profit. It is my assessment that going forward, we have the prerequisites to maintain a dividend level of 70 percent of profit and implement further share buyback programs.â
Steady growth in the first month of the year 