Cash flow Nordnet AB

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Market Closed - Nasdaq Stockholm 12:00:00 2026-09-03 EDT			5-day change	1st Jan Change
359.80 ^SEK	+2.86%		-1.32%	+33.16%

03:31am	Stockholm's stock market opens Thursday modestly higher (update)	FW
03:26am	Stockholm's stock exchange kicks off Thursday with a modest rise	FW

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Published financial data: NORDNET AB

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (SEK)	2022 (SEK)	2023 (SEK)	2024 (SEK)	2025 (SEK)
Interest and Dividend Income, Total	945M	1.66B	3.31B	3.49B	2.81B
Interest Expense, Total	228M	382M	671M	859M	501M
Net Interest Income	717M	1.28B	2.64B	2.64B	2.31B
Brokerage Commission	3.48B	2.7B	2.46B	3.07B	3.74B
Gain (Loss) on Sale of Investments, Total (Rev)	26.84M	-8.1M	-13M	-9.3M	-21M
Other Revenues, Total	140M	85.5M	57.1M	60.4M	60M
Revenues Before Provison For Loan Losses	4.36B	4.05B	5.14B	5.75B	6.09B
Provision For Loan Losses	36.34M	43.4M	79.6M	10M	-
Total Revenues	4.32B	4.01B	5.06B	5.74B	6.09B
Salaries And Other Employee Benefits	1.15M	2.35M	-	-	-
Cost of Services Provided, Total	1.66B	1.74B	1.67B	1.93B	1.99B
Depreciation & Amortization - (IS) - (Collected)	163M	172M	180M	284M	226M
Provision for Bad Debts	-	-	-	-	-
Other Operating Expenses	37.09M	59M	55.1M	50.3M	126M
Total Operating Expenses	1.86B	1.98B	1.91B	2.27B	2.34B
Operating Income	2.46B	2.03B	3.16B	3.48B	3.75B
Currency Exchange Gains (Loss)	-8.86M	-700K	5.3M	6.1M	-6M
Other Non Operating Income (Expenses)	-	100K	-200K	-	-
EBT, Excl. Unusual Items	2.45B	2.03B	3.16B	3.48B	3.74B
Asset Writedown	-	-	-	-	-
Other Unusual Items	-	-	-	-	-18M
EBT, Incl. Unusual Items	2.45B	2.03B	3.16B	3.48B	3.72B
Income Tax Expense	467M	382M	582M	669M	710M
Earnings From Continuing Operations	1.98B	1.65B	2.58B	2.81B	3.02B
Net Income to Company	1.98B	1.65B	2.58B	2.81B	3.02B
Net Income - (IS)	1.98B	1.65B	2.58B	2.81B	3.02B
Preferred Dividend and Other Adjustments	37.61M	65.8M	122M	86.3M	-60M
Net Income to Common Incl Extra Items	1.95B	1.59B	2.46B	2.73B	3.08B
Net Income to Common Excl. Extra Items	1.95B	1.59B	2.46B	2.73B	3.08B
Per Share Items
Net EPS - Basic	7.79	6.35	9.83	10.86	12.31
Basic EPS - Continuing Operations	7.79	6.35	9.83	10.86	12.31
Basic Weighted Average Shares Outstanding	250M	250M	250M	251M	250M
Net EPS - Diluted	7.75	6.33	9.83	10.85	11.82
Diluted EPS - Continuing Operations	7.75	6.33	9.83	10.85	11.82
Diluted Weighted Average Shares Outstanding	251M	251M	250M	251M	250M
Normalized Basic EPS	6.13	5.09	7.9	8.67	9.37
Normalized Diluted EPS	6.1	5.07	7.9	8.66	9.36
Dividend Per Share	5.56	4.6	7.2	8.1	8.6
Payout Ratio	41.32	83.99	44.53	64.27	67.13
Supplemental Items
Effective Tax Rate - (Ratio)	19.03	18.76	18.4	19.21	19.06
Total Current Taxes	477M	393M	589M	663M	705M
Total Deferred Taxes	-10.03M	-11.6M	-7M	5.7M	5M
Normalized Net Income	1.53B	1.27B	1.98B	2.18B	2.34B
Supplemental Operating Expense Items
Stock-Based Comp., G&A Exp. (Total)	1.15M	2.35M	-	-	-
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	1.15M	2.35M	-	-	-

Fiscal Period: December	2021 (SEK)	2022 (SEK)	2023 (SEK)	2024 (SEK)	2025 (SEK)
Assets
Cash And Equivalents	4.52B	3.93B	4.67B	4.56B	5.54B
Other Receivables	29.21B	30.98B	32.63B	33.13B	34.09B
Gross Property Plant And Equipment	525M	551M	550M	651M	677M
Accumulated Depreciation	-239M	-307M	-296M	-339M	-397M
Net Property Plant And Equipment	285M	244M	255M	312M	280M
Goodwill	-	429M	415M	348M	336M
Other Intangibles, Total	921M	199M	165M	142M	118M
Investment In Debt and Equity Securities	44.69B	50.2B	36.1B	39.31B	48.08B
Trading Asset Securities, Total	-	-	-	-	-
Restricted Cash	377M	281M	-	174M	176M
Other Current Assets, Total	114M	164M	204M	221M	219M
Deferred Tax Assets Long-Term (Collected)	895K	1.3M	1.7M	2.1M	2M
Deferred Charges Long-Term	-	339M	432M	504M	613M
Other Long-Term Assets, Total	152B	120B	147B	195B	220B
Total Assets	233B	207B	222B	273B	309B
Liabilities
Accounts Payable, Total	31.37M	58M	16M	27.2M	15M
Accrued Expenses, Total	237M	215M	198M	268M	253M
Short-Term Borrowings	64.29B	70.08B	59.68B	62.32B	74.5B
Current Portion of Leases	59.92M	60.9M	65M	86.5M	91M
Long-Term Leases	135M	103M	106M	131M	98M
Current Income Taxes Payable	328M	151M	300M	154M	320M
Unearned Revenue, Current	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	155B	122B	149B	198B	223B
Deferred Tax Liability Non-Current	65.65M	56.1M	46.2M	40.2M	34M
Other Non Current Liabilities	6.58B	7.84B	5.12B	4.59B	2.84B
Total Liabilities	227B	201B	215B	265B	301B
Common Stock, Total	1.25M	1.2M	1.3M	1.3M	1M
Additional Paid In Capital	8.23B	8.19B	8.73B	8.01B	8.52B
Retained Earnings	-2.18B	-1.98B	-894M	26.3M	-30M
Comprehensive Income and Other	-61.38M	-161M	-132M	-106M	-110M
Total Common Equity	5.99B	6.05B	7.7B	7.94B	8.38B
Total Equity	5.99B	6.05B	7.7B	7.94B	8.38B
Total Liabilities And Equity	233B	207B	222B	273B	309B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	250M	250M	251M	250M	249M
ECS Total Common Shares Outstanding	250M	250M	251M	250M	249M
Book Value / Share	23.96	24.24	30.67	31.72	33.69
Tangible Book Value	5.07B	5.42B	7.12B	7.45B	7.92B
Tangible Book Value Per Share	20.28	21.72	28.36	29.76	31.86
Total Debt	64.48B	70.25B	59.85B	62.54B	74.68B
Net Debt	59.96B	66.32B	55.18B	57.98B	69.14B
Full Time Employees	648	666	735	835	890
Part Time Employees	-	-	-	66	56

Fiscal Period: December	2021 (SEK)	2022 (SEK)	2023 (SEK)	2024 (SEK)	2025 (SEK)
Net Income	1.98B	1.65B	2.58B	2.81B	3.02B
Depreciation, Depletion & Amortization	64.87M	69.3M	70.7M	78.1M	84M
Amortization of Goodwill and Intangible Assets - (CF)	28.14M	24.8M	21.4M	20.2M	17M
Total Depreciation, Depletion & Amortization	93.01M	94.1M	92.1M	98.3M	101M
Amortization of Deferred Charges, Total	69.69M	78.4M	87.5M	104M	125M
Total Asset Writedown	-	-	-	82.4M	-
Change in Other Net Operating Assets (Collected)	11.52B	5.12B	-15.25B	3.19B	9.39B
Other Operating Activities	-57.78M	-447M	-109M	-196M	-87M
Cash from Operations	13.61B	6.49B	-12.6B	6.1B	12.55B
Capital Expenditure	-46.11M	-23.7M	-36.7M	-48.8M	-42M
Purchase / Sale of Intangible Assets	-122M	-137M	-180M	-195M	-234M
Investment in Marketable and Equity Securities, Total	-12.03B	-5.59B	14.17B	-3.18B	-8.74B
Other Investing Activities, Total	-	-	-	-100K	-
Cash from Investing	-12.2B	-5.75B	13.95B	-3.42B	-9.02B
Long-Term Debt Repaid, Total	-30.35M	-1.9M	-45.2M	-86.1M	-15M
Total Debt Repaid	-30.35M	-1.9M	-45.2M	-86.1M	-15M
Issuance of Common Stock	600M	-	300M	-	-
Repurchase of Common Stock	-	-56.5M	-	-798M	-604M
Common Dividends Paid	-820M	-1.39B	-1.15B	-1.81B	-2.02B
Common & Preferred Stock Dividends Paid	-820M	-1.39B	-1.15B	-1.81B	-2.02B
Other Financing Activities, Total	13.52M	17.3M	16M	84.8M	120M
Cash from Financing	-237M	-1.43B	-878M	-2.61B	-2.52B
Foreign Exchange Rate Adjustments	15.51M	6M	-10M	-3.9M	-21M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-1M
Net Change in Cash	1.19B	-683M	463M	60.5M	986M
Supplemental Items
Cash Interest Paid	277M	446M	801M	936M	560M
Cash Income Tax Paid (Refund)	350M	614M	482M	809M	706M
Net Debt Issued / Repaid	-30.35M	-1.9M	-45.2M	-86.1M	-15M

Fiscal Period: December	2021 (SEK)	2022 (SEK)	2023 (SEK)	2024 (SEK)	2025 (SEK)
Profitability
Return on Assets	0.99	0.75	1.2	1.14	1.03
Return On Equity %	38.91	27.45	37.5	35.98	36.96
Return on Common Equity	38.17	26.36	35.73	34.88	37.7
Margin Analysis
Gross Profit Margin %	82.73	83.07	88.15	88.22	88.59
SG&A Margin	21.22	26.56	21.17	21.88	21.27
Income From Continuing Operations Margin %	45.9	41.21	50.95	48.98	49.49
Net Income Margin %	45.9	41.21	50.95	48.98	49.49
Net Avail. For Common Margin %	45.03	39.57	48.55	47.48	50.48
Normalized Net Income Margin	35.43	31.71	39.02	37.89	38.4
Asset Turnover
Asset Turnover	0.02	0.02	0.02	0.02	0.02
Short Term Liquidity
Current Ratio	0.16	0.18	0.18	0.15	0.13
Quick Ratio	0.15	0.18	0.18	0.14	0.13
Operating Cash Flow to Current Liabilities	0.06	0.03	-0.06	0.02	0.04
Long Term Solvency
Total Debt/Equity	1.08K	1.16K	777.04	788.1	891.34
Total Debt / Total Capital	91.5	92.07	88.6	88.74	89.91
LT Debt/Equity	2.26	1.7	1.37	1.65	1.17
Long-Term Debt / Total Capital	0.19	0.13	0.16	0.19	0.12
Total Liabilities / Total Assets	97.42	97.08	96.53	97.1	97.29
Tier 1 Capital Ratio %	21.6	20.9	26.4	24.3	23.7
Total Capital Ratio %	21.6	20.9	26.4	24.3	23.7
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	33.88	-7.48	26.22	13.41	6.02
Gross Profit, 1 Yr. Growth %	35.45	-6.88	33.93	13.49	6.45
Earnings From Cont. Operations, 1 Yr. Growth %	69.23	-16.74	56.05	9.11	7.14
Net Income, 1 Yr. Growth %	69.23	-16.74	56.05	9.11	7.14
Normalized Net Income, 1 Yr. Growth %	69.16	-17.01	55.36	10.19	7.46
Diluted EPS Before Extra, 1 Yr. Growth %	70.41	-18.32	55.29	10.38	8.94
Common Equity, 1 Yr. Growth %	42.22	1	27.31	3.03	5.58
Total Assets, 1 Yr. Growth %	38.42	-11.02	7.41	22.94	13.24
Tangible Book Value, 1 Yr. Growth %	41.85	1.34	31.37	4.54	6.43
Cash From Operations, 1 Yr. Growth %	14.4	-52.3	-294.02	-148.38	105.81
Capital Expenditures, 1 Yr. Growth %	415.35	-48.59	54.85	32.97	-14.29
Dividend Per Share, 1 Yr. Growth %	268.21	-17.27	56.52	12.5	6.17
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	53.87	11.43	8.06	19.69	9.67
Gross Profit, 2 Yr. CAGR %	53.45	12.3	11.68	23.35	9.94
Earnings From Cont. Operations, 2 Yr. CAGR %	141.78	18.71	13.99	30.48	8.13
Net Income, 2 Yr. CAGR %	141.78	18.71	13.99	30.48	8.13
Normalized Net Income, 2 Yr. CAGR %	151.86	18.48	13.55	30.84	8.83
Diluted EPS Before Extra, 2 Yr. CAGR %	148.87	17.98	12.62	30.92	9.66
Common Equity, 2 Yr. CAGR %	39.96	19.85	13.4	14.53	4.3
Total Assets, 2 Yr. CAGR %	41.83	10.98	-2.24	14.91	17.99
Tangible Book Value, 2 Yr. CAGR %	47.27	23.17	15.38	17.19	5.48
Cash From Operations, 2 Yr. CAGR %	131.68	-26.13	-3.8	-3.11	-0.21
Capital Expenditures, 2 Yr. CAGR %	52.18	62.76	-10.78	43.49	6.98
Dividend Per Share, 2 Yr. CAGR %	-79.37	74.54	13.8	32.7	9.29
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	46.5	29.97	16.15	9.85	14.96
Gross Profit, 3 Yr. CAGR %	48.73	29.91	19.1	12.31	17.45
Earnings From Cont. Operations, 3 Yr. CAGR %	156.18	69.47	30.04	12.34	22.19
Net Income, 3 Yr. CAGR %	156.18	69.47	30.04	12.34	22.19
Normalized Net Income, 3 Yr. CAGR %	154.19	73.96	29.68	12.42	22.54
Diluted EPS Before Extra, 3 Yr. CAGR %	-59.66	71.67	29.29	11.87	23.14
Common Equity, 3 Yr. CAGR %	44.43	25.54	22.29	9.83	11.47
Total Assets, 3 Yr. CAGR %	36.16	21.41	9.78	5.52	14.35
Tangible Book Value, 3 Yr. CAGR %	42.67	32.37	25.85	11.65	13.49
Cash From Operations, 3 Yr. CAGR %	57.07	36.81	1.92	-23.49	24.55
Capital Expenditures, 3 Yr. CAGR %	-18.13	5.98	60.08	1.92	21.01
Dividend Per Share, 3 Yr. CAGR %	-	-67.22	68.31	13.36	23.19
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	27.44	24.8	29.77	25.76	13.53
Gross Profit, 5 Yr. CAGR %	27.97	25.74	32.62	27.24	15.36
Earnings From Cont. Operations, 5 Yr. CAGR %	46.21	58.09	85.3	52.65	20.79
Net Income, 5 Yr. CAGR %	46.21	58.09	85.3	52.65	20.79
Normalized Net Income, 5 Yr. CAGR %	46.14	58.99	84.15	55.23	20.9
Diluted EPS Before Extra, 5 Yr. CAGR %	35.45	45.94	-39.17	54.03	21.05
Common Equity, 5 Yr. CAGR %	24.8	24.48	31.11	21.01	14.75
Total Assets, 5 Yr. CAGR %	26.98	20.83	19.26	18.77	12.99
Tangible Book Value, 5 Yr. CAGR %	24.81	25.28	32.48	26.08	17.27
Cash From Operations, 5 Yr. CAGR %	28.48	20.22	29.1	19.17	1.07
Capital Expenditures, 5 Yr. CAGR %	35.88	-4.04	-15.27	19.64	36.24
Dividend Per Share, 5 Yr. CAGR %	40.93	51.84	-	-42.66	41.61