Nordnet AB (ST:SAVE) shares dropped more than 5% after the Swedish online broker posted a second-quarter adjusted operating profit that came in slightly below market expectations.
The company reported an adjusted operating profit of SEK893 million, which, according to JPMorgan (NYSE:JPM), missed the consensus projection by 1%, largely due to a 6% shortfall in commission income.
This was partly offset by stronger-than-expected net interest income of SEK601 million.
The bank also noted that lower operating costs helped soften the earnings miss, with expenses coming in 2% below estimates, highlighting solid cost discipline.
Nordnet guided for full-year net interest income of approximately SEK2.3 billion, which is roughly 2% ahead of current consensus, according to JPMorgan.
“We think that the miss on numbers might be partially offset by the SBB announcement and the guidance on NII which is modestly above consensus, leading to a small initial negative share price reaction,” JPMorgan analysts said.
Nordnet also unveiled a share buyback program worth SEK500 million, or about 0.7% of its market capitalization. The first tranche of SEK250 million will run from July 21 to November 7, with a second phase planned from November through March 2026.
