Avanza Bank (AZA) investor relations material

Strategic positioning and business model

• Leading Swedish savings and investment platform with 2.37 million customers and SEK 1,264 billion in savings capital as of August 2026.

• Focus on customer satisfaction, winning most satisfied savings customers in Sweden for 16 consecutive years.

• Capital-light, fee-based business model with high scalability and low risk, primarily funded by customer deposits and equity.

• Broad product offering includes mutual funds, equities, retirement plans, mortgages, and decision-making tools.

• No investment advice is given; emphasis is on tools, education, and user empowerment.

Financial performance and stability

• Operating income for H1 2026 reached SEK 2,591 million, with a 70% operating margin and 43% ROE.

• Net interest income is the largest income source (35%), followed by brokerage and fund commissions.

• Cost control is strong, with personnel costs making up 61% of total expenses.

• Loan book is low-risk, fully secured, with no realized credit losses since 2011 and a CET1 ratio of 21.9%.

• Conservative treasury portfolio, mainly in covered bonds, and stable liquidity from diversified household deposits.

Customer base and growth potential

• Diversified customer base across all age groups, with 20.5% of the Swedish population as customers.

• High market share in stock transactions (20.4%) and growing share in the Swedish savings market (8.7%).

• Customer inflow and net savings remain strong, with significant potential as wealth transfers to younger generations.

• Average savings capital increases with customer tenure and age.

• Strong brand loyalty, with churn at just 0.8% and high daily active user engagement.