Avanza Bank (AZA) investor relations material

Executive summary

• Q3 operating income rose 12% YoY to SEK 1,283m; operating profit increased 13% to SEK 920m and profit for the period rose 13% to SEK 790m.

• Net inflow was SEK 23.1bn; 52,800 net new customers brought the total to 2.391m, while savings capital rose 21% YoY to SEK 1,276.6bn.

• 9M operating profit increased 16% to SEK 2,727m; 9M profit for the period rose 17% to SEK 2,339m.

Financial highlights

• Q3 operating income was SEK 1,283m, up 12% YoY and down 4% QoQ; 9M income rose 15% to SEK 3,874m.

• Q3 operating profit was SEK 920m, up 13% YoY and down 1% QoQ; Q3 profit for the period was SEK 790m, up 13% YoY.

• Q3 operating expenses were SEK 362m, up 12% YoY and down 11% QoQ, mainly due to seasonally lower personnel costs; autumn marketing spend increased.

• Fund commissions rose 8% QoQ to SEK 244m as fund volumes increased; other income rose, mainly on Avanza Markets and stock-lending income.

• 9M operating expenses increased 13% to SEK 1,145m; EPS was SEK 4.90 in Q3 and SEK 14.58 for 9M.

Outlook and guidance

• Swedish business 2026 cost-growth guidance remains 9%; the long-term target is average annual growth of 8% for 2025–2030, excluding international expansion.

• Denmark’s 2026 cost estimate fell from SEK 50m to SEK 40m; total startup estimate remains SEK 120–150m through the planned H2 2027 launch, with ~20% capitalized.

• Target average annual Swedish savings-capital growth is 15%, with savings capital above SEK 2,000bn by 2030.

• Management expects rate increases to expand net interest margin; customer rate pass-through decisions will be made around each Riksbank decision.

• Staffing growth is expected to be lower in 2027; the 8% cost-growth strategy guidance remains unchanged despite potential efficiency gains from Denmark and AI methods.