Nordnet AB (publ) (SAVE) Earnings Call Transcript & Summary

Good morning, and welcome to the presentation of Nordnet's Third Quarter for 2025. My name is Marcus Lindberg, and I'm the Head of Investor Relations at Nordnet. With me today, I have our CEO, Lars-Ake Norling; and our CFO, Lennart Kran. Lars-Ake and Lennart will start off by presenting the results, and then we will have a Q&A session. [Operator Instructions] The presentation itself is available on our corporate website, nordnetab.com. Okay. Let's start the presentation. Lars-Ake, please go ahead.

Thank you, Marcus. We can go to the next slide. So some highlights for the third quarter. It's a stable financial performance with continued growth in our core business, in line with our strong quarter 2. We see positive net savings and also very good customer growth. Overall, strong trading activity with record cross-border trading, both from a growing customer base, but also a positive market sentiment, not least outside of the Nordics in Europe and U.S. We see a decline in net interest income due to lower interest rates and also that we sold the unsecured lending portfolio last year, partly compensated by a growth in deposits. Looking at the cost, we estimate the cost growth to be in line with guidance for the full year. And as you noticed, we also have a negative impact of SEK 18 million from an error in handling corporate action related to share called Wolfspeed that had a reverse split with very poor external information around that reverse split. The Nordnet app received the Red Dot Design Award and also continue a strong focus on new product launches. And we just launched new currency account for ISK or endowment wrapper in Norway. We go to next. Looking at the financial KPIs, we see strong demand development, very strong customer growth, 13% up in 1 year, also very strong savings capital growth with 16% in 1 year, both from underlying market growth, but also very strong net savings. Number of trades is also good. It's up 22% year-on-year from growing customer base, but also overall positive market sentiment. Revenues up 7%. We see then a decline in net interest income from falling interest rates, but a very strong growth in our trading business and also good growth in our fund business. Looking at the operating expenses, it's up 13% year-on-year, but excluding Germany, it's around 9% of cost growth year-on-year. And continued operating leverage in the business with a profit growth of 6% to over SEK 900 million in the quarter. Looking then at the customer growth and net savings, we've had a very good quarter with strong customer growth, clearly up from quarter 2. So far almost 200,000 new customers joined Nordnet in 2025. Also very good net savings. We had a dip in May, June, because there was a lot of excess capital on accounts, but -- deposits on accounts, but now we see a clear pickup and strong net savings in the quarter, and SEK 60 billion in net savings so far this year. And we also benefit -- continue to benefit from being diversified in the Nordics that manage market risk but also enables growth and we see good customer growth and savings capital growth across the board. We passed 500,000 customers in Sweden during the quarter, also 500,000 customers in Norway, and we passed 600,000 customers in Denmark. Go to next. Looking a little bit on the different revenue streams, starting with brokerage. And to the left there, you see the blue line, a clear pickup in a number of trading customers from a growing customer base, but also that overall positive market sentiment. Looking at trades per trading customer is stable, but looking at the graph down to the right, the cross-border trading is really picking up. It's close to 40% in the quarter, both from the country mix where we have more customers outside of Sweden, where they naturally trade more cross-border because the local markets in Finland, Norway and Denmark are fairly small, so they trade a lot cross-border, but also coupled with positive market sentiment, not least in the U.S., but also several European markets have done well during the year. Looking also at trades per day, we see a clear pickup from 2019 from more than a doubling of the customer base. We also see a pickup of trade per customer this year from high volatility in quarter 2 from tariffs, but also good trading this quarter from a positive market sentiment in quarter 3. And we also see a clear uptake in income per trade and that's due to higher share of cross-border trading. Looking a little bit on our fund business, we see that the fund revenue margin and also the fund flows and the fund capital as such has recovered from a dip in quarter 2, when we had the tariff volatility. And we see overall a steady growth over time in the fund capital. And over 1/4 of the fund capital is Nordnet branded funds, and flow wise is around 30% of the flow. And we see also a steady pickup of number of customers owning funds, which is now more than 50%. So it's a nicely developing business for us. Looking a little bit on net interest income. We see that the deposit declined a little bit this quarter from very strong net buy in equities and funds, SEK 21 billion in the quarter in spite of very high net savings of SEK 18 billion. But of course, that the customer is net buy funds and equities is good for our core business over time. Go to next, looking at the different components of net interest income. We gave those snapshots and they're fairly similar to last quarter. So liquidity portfolio snapshot SEK 1.6 billion for '25. Main sensitivity here is deposit volume, and we see likely upside on the deposit volume over time from a growing customer base and strong net savings. In this quarter, deposit level was a little bit down due to the very strong net buy but also higher lending volume. Looking at forward-looking market trades, they're a little bit higher actually than compared to last quarter. Looking at the loan portfolio snapshot, SEK 1.1 billion for 2025, same also as last quarter. Main sensitivity here is margin lending volume, which we expect to increase, increase savings capital and also more customers, and that's exactly also what we see in this quarter with a quite a big pickup in the margin lending volume. Margin lending is good. It drives the business, both the lending business but also then our customers use that for investing in funds and equity. But overall, a very low-risk lending portfolio with loan to value on low levels, both on margin lending and mortgage and no credit losses. And we also managed to maintain the margin on the margin lending on a fairly okay level in spite of lower Central Bank rates. Looking then at the deposit interest, it's around SEK 400 million. That snapshot for 2025 was about the same as last quarter. But the sensitivity here is volume or deposits on the savings account, which we expect to go down with lower rates, and that's also what we see in quarter 3 versus quarter 2. So in summary, resilient revenues, and also boosted by diversified revenue streams. And we have good development in all our revenue streams both net interest income, the fund business and the brokerage business. Looking at the margins, of course, the NII, net interest income margin is a little bit down from lower rates. We see trading margin is up from high share of cross-border trading, and fund margin is fairly stable, a little bit down due to the mix between passive and active funds where we see a little bit pickup in the passive funds again. But overall, the business model with very good operating leverage. We've grown the revenue with 25% per year since '19. Cost has only been growing around 7%. So most of the top line ends up on the bottom line, which is a true position of profitable growth. We also continue with a high speed on releasing new features and products. And we're very happy that we received the Red Dot Award for our app this summer. And we also continue to launch features for our active customers, latest now with the analyst estimates on the instrument pages, where you can both customize those, but also both historic and forward-looking data. We also implemented, you can see real time -- in real time, the transfer status when we transfer equity or funds from another bank. We launched Spain as a new trading venue and we continue with a lot of different launches or feature improvements in Shareville. And we see here a steady pickup of sign-offs in Shareville, but also posting Shareville is becoming more and more popular forum. And we also continue to launch new exciting features in our partner web for our partner business, partner customers. So with that, Lennart, I hand over to you.

Thank you very much. And with a good customer inflow and very good net savings during this quarter, we still can conclude that the capital situation as well as the liquidity situation is very good, which creates a lot of flexibility. We have a liquidity situation regarding liquidity to deposits of 72%, which is great. And we also have a leverage ratio of 5.4%, which is a good levy from the regulations. We also received a lower capital requirement on the risk-weighted side from the SFSA during the SREP. They were decreased by almost 1 percentage from 289 to 194. This, however, didn't affect our capital requirement as such because it is the highest of the internal calculated and the SREP that is the meaning for us. But still, it's also that the leverage ratio is the constraint, not the risk-weighted. But a conclusion, very good capital and liquidity situation, which also means that we intend to continue our share buyback program going forward when this ongoing is going out. I think that's what I can conclude on the capital and liquidity.

Okay. Thank you, Lennart. A little bit on the strategic focus. And as you know, we have four key strategic ambitions. And of course, starting with the customers, to having the most satisfied customers, building this one-stop shop for savings and investment, coupled with a really great customer experience and overall competitive price. But we also known to have happy customers. You need to have really talented and passionate staff, which we have and a strong eNPS, and overall, we can attract and retain talent. At the bottom, there is sustainable business. We are in a trust business. We need to earn that trust every day, and it's important that we have a very strong compliance and risk management and that overall are liked and trusted brands. And the last area is profitable growth to really secure that we continue to take market share in a growing savings market in the Nordic, but also open Germany as a new big opportunity in H2 next year, but also secure that we continue with good cost control and show that we have a really scalable business model. We've had really long-term nice strong growth in both customers and savings capital. We have critical mass of customers in all countries. We have happy customers in all countries and that's driving word-of-mouth growth. And customer savings capital growth is the main drivers for revenue growth for us. New customers coming in, like what they see, transfer money from other banks and start using our products. And we're taking market share in a growing savings market in the Nordics, but we still have plenty of room to grow. We have 8% of the Nordic population on our platform. We have 7% of the addressable market, which is a big market, SEK 18 trillion, and it's a growing market, growth over time. And we've also taken market share in this market, up from 3% in '16 to 7% now in '24. And looking to the right, we see we have highest market share in equity trading, a little bit lower in funds and pension, and that's two key growth areas for us where we put a lot of focus. And also looking at the cost picture, we have very good cost control and a very scalable business model. We had 900,000 customers in '19. Now we're at 2.3 million customers. In spite of that, the cost growth has been limited. But it's also made room for us to invest in growth, and we have a few clear investment areas. One is more tech staff to increase development speed. The other one is higher marketing costs to drive brand awareness. The third one is launch of Germany. And then the fourth is what we've done with the new fund company and also pension branches in Finland and Denmark. So looking at the underlying cost growth, it's actually fairly small around 3%, but we decided to invest in select growth areas. Looking at the actual versus financial targets, we're basically in line on cost growth, capital per customer, income margin and also expenses. It's trending according to targets. And finally, the key priorities for '25 is, of course, all the work around the launch of Nordnet Germany in H2 next year. But we have good progress. We are recruiting the team in Germany now and a few people are already in place. We're finalizing now the go-to-market offering. We're also doing all of the development that's needed on the platform for the launch. And the passporting of license, the bank license is also going well where FSA in Sweden has now handed it over to BaFin in Germany. Of course, continued strong focus on our fund and pension business, where we have a lot of room to grow and not least, realize the full potential in the livrente, a Danish pension product that we launched in quarter 4, and we see clear pickup in pension -- net savings in pensions in Denmark since launch, with 50% up in net savings and pension in Denmark since we launched livrente. And we also continue to enhance our high-end offering for private bank and more active customers, where we now plan to launch also the new private banking offering we launched in Sweden this summer in Denmark, Finland and Norway this quarter. We continue to roll out the brand campaign and do brand burst is one ongoing right now, but we're going to continue that into next year to build awareness around the Nordnet brand. And of course, continue to maintain focus on cost control to ensure underlying scalability but also decide specifically where we're going to invest for future growth. So with that, I hand over to you, Marcus, for Q&A.

Thank you, Lars-Ake and Lennart. So now we'll open up for questions. [Operator Instructions] So the first question comes from Patrik Brattelius at ABG.

Yes. So you had a new slide on cost there, and we see the operating leverage in relation to savings capital is reducing. Can you talk a little bit what you believe are your medium target ambitions here in terms of this ratio?

Yes, we don't guide specifically on that ratio, but it's gone down from high levels down to 15 bps. What we guided on is absolute cost growth, which I think makes more sense because savings capital, as you know, can go a little bit up and down depending on the market.

Yes. I understand that, and I know your targets, but I'm thinking that you at least look at peers and you have an ambition that this is a level that we want to reach? Or how do you think about that?

Yes, of course we do that. I think there's room for improving that over time because now we've done quite big investments also in Germany and marketing, et cetera. And with the strong net savings we have today and the growth in savings capital, there should be room for a little bit lower. But like I said, we don't guide on that, we guide on absolute cost growth.

If we dig into the numbers here, it looks like a step-up in the number of new customers in Sweden in the third quarter. Is this driven by the marketing efforts that we have seen here around Sweden and in media? And are you seeing that you started to take a meaningful market share in terms of new customers? Or am I reading too much into this quarterly step-up in new customers?

It's a combination both from increasing brand awareness, I think, but also that we had a specific campaign in Sweden during September to celebrate that we have 5 stars from Morningstar for all our Nordnet 1 funds. So it's partly due to that as well. So let's see how that plays out over time. But of course, with the improvement of awareness over time, that should also spill over in slightly higher customer growth.

Okay. Fair enough. And my last question is regarding your capitalization. You're very well capitalized, and you have a -- continue to have a big buffer compared to your regulatory requirement. You have an ongoing buyback program. But do you see that there is room to increase either the size of this buyback program or pick up the pace in the buyback program or potentially increase your payout ratio as the buffer keeps being quite significant towards your regulatory requirement. How do you think about this?

Do you want to take that, Lennart?

Absolutely. We have a long-term plan. And as you're all aware, we have an AT1 bond that will have its first call in November next year of SEK 600 million. And we also look upon how the deposit develops because that is actually what makes the requirement for the capital. So yes, we do always consider how much should we go on, or should we just continue with the present pace of the buyback program. But the AT1 should also be included because we could either choose to issue a new one or not or we can continue or we can increase. So this is what we evaluate all the time when we're going forward to be flexible for increases in the deposit at firsthand.

Okay. So the takeaway -- should I -- from this is that you're satisfied with the current run rate?

We're satisfied at the current run rate at the time being. But we also do evaluate if something happens or not happens as we plan to. But we expect -- I mean, the ranges of the leverage ratio to be about 4% to 4.5%, and we're now at 5.4%. So we see at the next -- end of next year, this will be decreased of the leverage ratio. If it's far above those measures, then we might evaluate even further.

But I also want to say that we discussed before, a more continuous program. So we don't spend all the money in 1 year, and there's no buyback in the years after. So we would like to have a program that runs for several years.

Next question comes from Ermin Keric at DNB Carnegie.

So maybe if we just start on the deposit development. Could you talk anything more about kind of what gives you confidence that, that one should increase? I think you've been talking about upside there for a while. And we've had different factors kind of bringing it down. So what gives you confidence now that this isn't the new normal that it should actually grow from here?

No, I think deposit volume is clearly up this year. And I think, correct me if I'm wrong, Marcus, by around 16%.

Correct.

That was a little bit down this quarter due to high net buy. But over time, we see and expect deposit volumes to grow in absolute terms with a growing customer base and high net savings. How it will develop versus savings capital is a bit more difficult to predict. But I think in absolute terms, we foresee that the deposit volume is going to increase over time with a growing customer base.

Got it. And then on the NII, thank you for the kind of static guidance you gave us for '25. If you would extrapolate it to '26, given that we're now approaching the end of the year, do you think consensus looks kind of reasonable given that you also would probably expect some volume growth, I suppose?

Yes. I think it's reasonable. I think we're going to have a little bit higher deposit volumes, lending volumes. And with the interest rates pass, we see now in this presentation, it's reasonable. Of course, if everything is static, is no deposit volume growth or no lending growth with those rates, then it's going to be slightly down next year, but we see that of course, we're likely going to have some deposit volume growth and lending growth.

Excellent. Then maybe I can combine two questions in the last. So both if you could speak a little bit more about the kind of ambition to realize the potential livrente that you mentioned and that you've seen a pickup in net flows in Denmark in the pension side. And if that ties into marketing a little bit to Patrik's question before, if you could talk a bit more broader from the marketing efforts you've done now a year or later, what can you see in the overall brand recognition, brand awareness?

Start with livrente, I think we are off to a good start, and we're up 50% on net savings and pension in Denmark this year from SEK 2.6 billion last year to SEK 4 billion this year. And it's a combination of both livrente and the old product, ratepension, because you move everything you have at the same time. And before we couldn't even -- I mean, if you have both livrente and ratepension, it was difficult to move because we could only accept ratepension and that made it difficult to move the livrente. So I think it's a very strong product for us. Of course, we'll develop that over time as well. But we're very happy with the start, and has been positively received. Looking at the marketing effort per se, I mean, we see an increase in brand awareness, not least in Sweden, especially also in the more active segment, the investor segment is even more pronounced, which we're happy about. But over time, of course, it's important this is overall seeing increased customer growth and that's something we track also very carefully. But I think the campaign is off to a good start in all countries so far.

Is it possible to have any quantifiable kind of effect on the brand awareness, just to get a sense?

Yes. We have the numbers, but it's an increase. But it's an increase. And hopefully, that will also continue over time. We do 3 or 4 brand bursts, bigger brand bursts per year. And after each brand burst, we see a positive traction on the brand awareness. So hopefully, this can develop over time. But it also takes time to change awareness to be clear on that. But we see a clear significant increase in the brand awareness, not least in the investor segment.

Next question comes from Jacob Hesslevik at SEB.

So you have talked about the relationship between deposit growth and trading activity. When clients sell off, deposit increase and vice versa. So do you expect trading activity to not pick up and margin lending not to grow given your earlier remarks around deposit growth?

Yes. I mean we know it is a very big market crash, of course, deposit is growing. But we also know that the customers are in a deposit market is net buying. But what I'm saying is that with the growing customer base and high net savings, even though the customers are net buying, we expect to see growth in absolute volumes of deposits. And that's what we've done this year with 16% up. How it develops versus savings capital, that's more difficult to predict. But in absolute terms, it should grow with the growing customer base and high net savings, what we've seen this year in spite of strong net buys.

Yes. But the market has been sluggish across the Nordic. I mean, Denmark is down quite a bit...

Yes, in the Nordic, our customers are buying a lot in Europe and U.S. right now. So it's -- yes, it's been a positive market sentiment, I would say.

That's fair enough. And could you also remind us of the outcome from the IT platform issue you had earlier this year when clients could log into other clients' accounts. And on that theme, is the administrative error now in Q3 related to IT or human error?

There's no relation between those two. I mean, the incident of Wolfspeed was a corporate action event. And as you know, they are complex and manual in their nature and increase likelihood for error. That said, we have very few areas in corporate action historically, but this one's a bit special since it was a two-step thing. Wolfspeed came out of Chapter 11 and needed a new American ISIN. So that was one part. The other part was the reverse split. And the information, especially on the reverse split was pretty poor. So we missed that one, and we were not the only one, with other international brokers that also missed it. So customers ended up with too many shares and some sold, and we need to buy those back and thereby the cost. But it's no IT, it's just handling of a little bit poor information that we got too late that was a Wolfspeed incident. On the incident early this year, there was, as you know, a tech incident with a third-party library that we have problems with. But it's no -- I mean, we closed that in a short time and stability on the platform has been high this year, 99.9%, also 99% for the previous year. So overall, a very strong availability versus regulatory units -- bodies. IMY has decided not to do an investigation, and we haven't heard anything from SFSA.

Next question comes from Martin Ekstedt at Handelsbanken.

First question. So it looks like Norwegian trading income was at all-time high this quarter. I mean it's a great testament to your geographical diversification, right? But can you give us an idea of what drives this? And how sustainable it is? Is it like a secular trend, do you think? Or is it more of a temporary thing?

Yes. I think Norwegian trading is -- I mean the Oslo Exchange has been fairly okay this year, and also strong interest. I mean, Norwegian trade is a lot cross border. So there's been strong interest in trading, both in the U.S. but also in some of the European markets where we also see good growth in those markets. I would say it's partly sentiment-driven, but the share of cross-border trading, I think, is I mean naturally high and always in Norway because it's a small home market.

Okay. Okay. Understood. And then maybe taking more of a step back with my second question then. So without going into any individual names, there are a few examples of now in Europe or U.S. online brokers knocking on the door and private equity, perhaps taking a renewed interest in your sector. This usually means consolidation or at least increased competition over time, right? But does it impact your thinking around, for example, your German expansion? Does it make you more careful? Or does it contribute more of a sense of urgency perhaps to that venture?

I mean we are used to competition. I mean, the Nordics are since it's very mature markets and a lot of sales capital here is always high competition. And it's going to be high competition in Germany as well, and we know that. So -- but we're confident in our offering with a broad offering, the one-stop shop, the really good customer experience, overall low price and also the trust part. So nothing has changed, I would say, regarding Germany. But also since we already operate four countries, so operate in the fifth country, we can do that with a fairly limited costs but at same time, create a rather big opportunity, but it's not like we're going to need millions of customers day 1 to be profitable. I mean, we can build this over time like we've done in the other countries.

Next question comes from Ian White from Autonomous Research. .

Just two from my side, please, both around private banking. First of all, what KPIs might you be able to share regarding the revamped private banking offering at this stage? I'm particularly interested in any evidence you have that the revised offer is getting traction with clients. And importantly, evidence that it might be helping you to win clients and inflows that you might not have otherwise won. That's kind of question one, please. And secondly, again sort of taking a slight step back on this topic, what makes you comfortable with the margin versus volume trade-off that is associated with the revamped offering. I mean if I look at, say, just revenue to notional on the brokerage side, the bottom end of the revised private banking offer, the customers pay about half revenue to value traded compared to what you currently earn. So how much additional volume do you expect to get versus the revenue margin you might give up basically if this initiative really succeed?

Yes. The launch has been successful in Sweden. It was very well received overall. And we see clear pickup in sign-ups of private banking about 3x as high after launch as before the launch. It's partly due to, its also automatic opt-in that we didn't have before, but it's, anyway, a clear step-up of the new private banking customers, but also what's positive is we also see net savings from private banking in Sweden increasing. So they were clearly contributing also to the growth in net savings in quarter 3 overall for the business. And hopefully, this will continue. As you know, we also launched Denmark, Finland and Norway in this quarter. So really looking forward to that. When it comes to the business case on this, I can't comment exactly on the volume versus margin. But I mean, of course, we do this because we see a clearly positive business case. And give away versus -- I mean, the existing setup and existing revenue we had in Sweden before we did the shift is not material, but we see clearly that we have an upside on the volumes and new customers.

Next question comes from Haley Tam at UBS.

I have two, please. Could I ask you on first one on Sweden? The net commission income was flat quarter-on-quarter, even though we saw the increase in the number of trades, the trading days, the cross-border trade percentage. So I wonder if you could help me understand the reason for the decline in the net brokerage income per trade. I mean, is it related to private banking perhaps or some other competitive pressure? And then the second question actually was just in Denmark. Could you maybe give us some indication of how much of the net transaction-related income in Q3 was due to trading in Novo Nordisk specifically? And how would you encourage us to think about your Danish customers' appetite for trading and investing from here?

Yes. I don't -- regarding Sweden, was it the income per trade or overall brokerage income or...

So it was both. The net brokerage income per trade had stepped down quarter-on-quarter and also net commission income was flat Q-on-Q. So that was really a trend I didn't expect to see.

Yes. I don't know if you have any specifics on that, Marcus.

Not sure actually, we don't have the...

I think we can come back on that specific. When it comes to Denmark in a way, Novo Nordisk, I can't say how much was Novo Nordisk trading, but of course, it's been a lot of Novo Nordisk trading in Denmark, but also outside Sweden and Denmark. Sweden, Finland, Norway has also been trading quite a lot in Denmark.

And then a comment on overall cross-border trading, while we saw, of course, intra-Nordic cross-border trading increasing, we've seen a larger part of the increase was Europe outside of the Nordics. Okay. Next question comes from Enrico Bolzoni at JPMorgan.

He also put his questions in Q&A.

Okay. Well, let's get back to Enrico. Next question we'll take from Andy Lowe at Citi.

So a couple of points of clarification, if that's all right. Many of your European platform peers are starting to offer private market funds. So could you just maybe sort of outline your thoughts on that product going forward. And just the sort of road map for crypto products and sort of latest developments there as well. And then last week, Avanza's made a comment in the Q&A about the customer churn being sort of broadly flat versus last year despite the increase in competition. So it would be really helpful if you could just clarify some numbers behind your customer churn, specifically in Sweden, but also across the rest of the group if that would be possible?

Yes. We -- as you know, we offer private market as well. The first product was EQT Nexus that we launched in Sweden. We also now have it in Denmark. But we're also building up portfolio of private market funds that we offer on the platform, mainly to private banking. So we have a cooperation with Schroders as well, but we're going to build out that offering over time. That said, I mean, the investment in the private market funds is they're a bit more long term in nature. It's okay, but it's not a super high flow into those funds. But it's important still to have them on the platform for the segment that wants to diverse a little bit into the private market funds. When it comes to...

Sorry to interrupt. Could you maybe put a few numbers on that, sort of how much of, I don't know the net flows are in private markets or total assets under custody?

No, we can't give specifics, but it's fairly -- I mean, versus the full net savings is fairly low. But still it's an important product to have in the mix because some customers really want to have the private market access. So it might be building over time. But I think -- I mean they are more long term in nature. So if you want to -- I mean, if you're not long term and want to sell off before, you are penalized, so that's also a factor to take into consideration. But -- so I think over time, it might be developing, but I don't think any -- I mean, the golden nugget for all the PE firms is unlock all the retail capital, right? . But I don't think we see very high retail flows into PE yet. It might build over time, but it will be a journey to get there. And when it comes to customer churn, I mean, we don't see any increased churn really. Of course, we keep track on churn, especially versus competitors, not least in Sweden, but we don't see any major outflows or churn. So it's fairly flattish on those 2% level that we've been before.

Great. And just a sort of final thing is just on the crypto as well and sort of remind us what the product offering and what the demand has been.

Yes. So I mean, as you know, we only offer trackers today, so listed trackers, mainly physically replicated Bitcoin, Ethereum, the most popular. It's around 1% of the customers this year that traded crypto, around 2% of traded value, so it's fairly small volumes, but still important products to have for the ones that's interested in crypto. Then we -- I mean, we know in Germany, most platforms there have spot trading in crypto as well. So it's something we're looking into, if that's needed for the one-stop shop launch in Germany.

Thanks, Andy. We'll try Enrico again. And if you can unmute, I'll just read it, but let's see if you can unmute, Enrico. Go ahead. Enrico was kind enough to submit questions in writing. So is this the admin error that led to the SEK 18 million one-off as the loss could have been -- he said, can you let us know if you've taken any actions to change the processes, if there were any issues with the processes to avoid this happening in the future given that loss could have been higher if the stock was squeezed?

Yes. I mean it was a single event and a complex issue or a corporate event also with this lack of information. But that said, of course, we studied carefully how we can improve our routines. One is that we're going to work -- I mean, even more closely with our American depot custody institute to really secure, that we catch all aspects of a corporate event. This was two aspects of the event. We caught the first one, but not the second one. So really diligent get all the aspects of the corporate event. We're also introducing AI now to help us not least to go through prospectus and other corporate event information to summarize things. And we also know that some -- I mean we have a huge amount of corporate events, as you know, every year, and so far, we have very limited problems in this area. But we also know that some of the corporate events are more complex and more manual. So to deal with those, we also have for now an expert group that deals with the most complex cases which requires a little bit more hand-on managing.

Okay. Great. Looks like there are no more questions. So we'll end the call there. Thank you so much for your questions today. Thanks for attending the presentation. And please visit our website known, nordnetab.com or reach out to me if you have any questions. So thank you, everyone, and have a nice day.

Thank you.

Thank you all.