Operating profit rose 24% to SEK 1,096 million and margin reached 71% 2. Trade counts were flat, so growth came from mix, markets and rates, and income relative to savings capital fell to 0.48% from 0.51% 2.
Key figures
SEK million unless otherwise stated
Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
Operating income | 1,550 | 1,290 | +20% |
Operating expenses | 450 | 403 | +12% |
Operating profit | 1,096 | 886 | +24% |
Operating margin | 71% | 69% | +2 pp |
Trades (million) | 15.81 | 15.74 | +0.4% |
Income / savings capital* | 0.48% | 0.51% | -3 bps |
*Rolling 12-month measure, not quarterly yield.
Income grew 20% against 12% for costs, which widened the margin
Operating income rose to SEK 1,550 million from SEK 1,290 million a year earlier, while operating expenses rose 12% to SEK 450 million 2. Operating profit rose 24% to SEK 1,096 million, the operating margin was 71% against 69%, and diluted EPS was SEK 3.50 against SEK 2.81 2. The year-earlier operating profit was depressed by a SEK 18 million item affecting comparability in Denmark; against the adjusted SEK 904 million, growth was 21% 15.
Costs rose mainly on headcount in tech and product. About SEK 22 million (SEK 14 million) related to the German launch, and excluding Germany expenses rose 10% 14. Management cites an operating profit run-rate above SEK 4.4 billion annualized 7.
Transaction income grew on mix and trade size, not on more trades
Transaction-related net income rose 14% to SEK 655 million 14. Management attributes this to 13% higher income per trade, with cross-border trades at 42% (38%) of the total and average trade size 23% larger, while the number of trades was unchanged 14. Trades were 15.8 million, up only 0.4% 11.
Fund-related income rose 31% to SEK 215 million as fund capital grew 37%, partly offset by a lower revenue margin of 23.2 (24.0) basis points, because new savings went to lower-fee funds 14. Net interest income rose 20% to SEK 687 million on higher deposits, lending and liquidity-portfolio returns 14. Income in relation to savings capital fell to 0.48% from 0.51%, so income lagged the 28% growth in savings capital 2.
Profit fell 8% from the prior quarter as trading cooled
Against the prior quarter, operating profit fell 8% from SEK 1,190 million and the margin eased from 73% to 71% 14. Transaction-related income fell 11% because trades fell 10% with income per trade unchanged 14. Other income also dropped to SEK 5 million from SEK 27 million, on lower listing income and a Finnish dividend-related seasonal boost in Q2 14. The report does not give operating cash flow, so cash conversion cannot be judged.
AT1 call and buyback narrow the leverage buffer
The leverage ratio was 4.7% against 5.4% a year earlier and a 3.5% requirement including Pillar 2 guidance; since the turn of the year it fell from 5.1%, mainly because deposits rose 18. Redeeming the SEK 600 million AT1 bonds would have lowered the total capital ratio to 19.3% and the leverage ratio to 4.2% had it occurred at 30 September 18. That compares with a stated target range of 4.0 to 4.5% 18. A SEK 250 million buyback started in September, with SEK 54.8 million repurchased in the quarter, alongside a 70% dividend level 1719.
What to watch next
The German launch in November: management is holding its main marketing push for 2027, so near-term cost versus customer payback is the test 7.
Whether income per trade and cross-border mix hold if trade counts stay near this quarter's 15.8 million, which was 10% below the prior quarter 6.
Leverage after the AT1 call: the ratio would be 4.2% pro forma, and management calls deposit inflows the main uncertainty for the leverage ratio 18.
Sources
Produced by Clarifo Research with the Clarifo financial research engine from the company's public filings. AI was used in parts of the analysis and drafting. Figures are checked automatically against the filings they come from. This is not investment advice.