Slides
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2 Key highlights from the third quarter Christian Sillesen, Country Manager Avanza Denmark Operating profit at SEK 920 million in Q3 – the second highest ever Christian Sillesen appointed Country Manager for Avanza Denmark Strong growth with nearly 53,000 new customers and net inflows of SEK 23 billion Successful launch of Avanza Sigma – reaching an AUM of SEK 710 million one month after launch New record inflow to mutual funds of SEK 18 billion – corresponding to a 32% share of the fund market inflow Launched pre- and post- market trading in U.S. markets
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3 Avanza continues to grow with good momentum 23 - 5 10 15 20 25 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 SEK bn …and in the steadily increasing net inflow • The Swedish economy has improved – despite ongoing global uncertainty • More new savings capital is now directed towards the stock market – indicating stronger consumer confidence • Avanza remains well-positioned to capture a disproportionate share of the savings market growth • Increased probability for rate hikes going forward – we know from experience that our customers are good at adapting to current macroeconomic conditions and at prioritising savings • Our focus on supporting our customers towards good savings and investments remains unchanged 52,800 - 10 000 20 000 30 000 40 000 50 000 60 000 70 000 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Swedes’ increased willingness to invest is evident both in our strong customer inflow…
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4 Risk appetite has increased among our customers • Customers’ net inflow to mutual funds amounted to SEK 18 billion, marking another record level during a single quarter • The recovery of risk appetite is also clear in our deposit volumes, which continued to decrease in Q3 • Increased use of margin lending also indicates higher risk appetite 18 32% 0% 10% 20% 30% 40% 0 5 10 15 20 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 SEK bn New record net inflow to funds and a 32% share of the fund market inflow Avanza Market share 8.9% 0% 2% 4% 6% 8% 10% 12% 14% Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 Jul-26 Sep-26 Customers are net buying securities – resulting in a decreasing share of deposits of total savings capital Including external savings accounts Excluding external savings accounts 14 - 2 4 6 8 10 12 14 16 Q1-25 Q2-15 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 SEK bn Margin lending volume is steadily increasing
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5 The lower volatility in the market was reflected in our customers’ trading patterns in Q3 0 100 000 200 000 300 000 400 000 500 000 600 000 700 000 Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25 Q1-26 Q3-26 With lower volatility and market depreciation, we typically see the broader customer base becoming more cautious, while our most initiated customers continue to trade Number of brokerage-generating customers 0 50 100 150 200 250 - 20 000 40 000 60 000 80 000 100 000 120 000 Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25 Q1-26 Q3-26 Strong foreign turnover – but FX income was also affected by the higher share of trading generated by Private Banking and Pro Turnover in foreign securities, SEK m Net FX income, SEK m 0% 5% 10% 15% 20% 25% 30% 35% 0,000% 0,050% 0,100% 0,150% Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25 Q1-26 Q3-26 A substantially increased share of trading by PB and Pro customers negatively affected the brokerage margin Brokerage margin Share of brokerage generated by Private Banking and Pro 0 5 10 15 20 25 - 100 000 200 000 300 000 400 000 500 000 Q1-23 Q3-23 Q1-24 Q3-24 Q1-25 Q3-25 Q1-26 Q3-26 The lower volatility affected trading activity – although somewhat offset by more trading days Brokerage-generating turnover VIX quarterly average
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Successful launch of Avanza Sigma 6 • Part of our 2030 strategy and the efforts to grow within Private Banking • AUM of SEK 710 million only one month after launch • Offered at half the cost of traditional alternatives on the market • Challenging the traditional discretionary management market that is estimated at SEK 1,000 billion Customers can tailor their stock portfolio based on their preferences – and can exclude certain industries or even single stocks Resulting in a completely digital, bespoke, algorithm- based stock portfolio, where customers can follow both aggregated portfolio performance and performance of the single stocks included
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Low personnel turnover Through corporateculture,values and theway we work,Avanza is an attractive workplacewhereemployees wantto stay,reflected in a low personnel turnover. Highly engaged employees Avanza has a strong corporateculture thatdraws its energyfrom our vision to createa better futureformillionsof people.This is reflectedin our strong eNPS – wellabove 40 whichis considered toprating. Attractive employer Avanza’s attractivenessas an employer is key to our success. In 2026,Avanza has once again been named one of Sweden’s most attractiveemployers by both Karriärföretagenand in Universum surveys. eNPS57 Annual average 2025 9% Personnel turnover 2025 7 Avanza’s unique corporate culture is a key success factor • The high level of employee engagement at Avanza is a unique strength that lays the foundation for customer satisfaction and innovation • Updated the internal guiding principles: • Customer first. Always. • Better. For real. • Smarter together • An evolving culture: Not static, but a vital asset that we actively and consciously develop • Hosted an internal culture week during the quarter to put extra focus on this • Culture creates value – it is through our culture and our guiding principles that we constantly create new and good solutions to help customers towards better savings • This in turn, creates long-term shareholder value
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Financials – Q3 results
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Q3 26 Q2 26 ∆ % Q3 25 ∆ % 9M 26 9M 25 ∆ % Operating income, SEK m 1,283 1,334 –4 1,142 12 3,874 3,356 15 Operating expenses, SEK m –362 –406 –11 –324 12 –1,145 –1,011 13 Operating profit, SEK m 920 928 –1 818 13 2,727 2,345 16 Profit for the period, SEK m 790 795 –1 699 13 2,339 2,006 17 Operating margin, % 72 70 2 72 0 70 70 1 ROE, % 44 43 1 45 –1 42 41 1 EPS, SEK 4.90 4.97 –2 4.37 12 14.58 12.68 15 9 The second strongest quarter in Avanza’s history
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24 19 15 36 5 Q3-26 868 833 854 882 951 929 959 1 062 1 152 1 062 1 142 1 139 1 257 1 334 1 283 0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 1 300 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-23 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Revenue, SEK m Total operating income Net brokerage income Fund commissions, net Currency-related income, net Net interest income Other income, net 10 Trading-related income streams pressured by mix effects NII Funds Brokerage FX Other Income split, %
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13 14 19 21 116 114 Q2 26 Q3 26 Volumes, SEK bn Margin lending Mortgage loans Internal deposits Average interest rates Q2 26 Internally financed lending: 2.70% Deposits: 0.79% Q3 26 Internally financed lending: 2.68% Deposits: 0.81% 11 Lower deposit volumes affected NII Surplus- liquidity of SEK 85,1 bn Surplus- liquidity of SEK 81,5 bn-12 -11 -11 -5 -13 -13 -13 -15 -16 -18 -12 -16 -22 -23 -3 -25 -95 -150 -217 -275 -291 -290 -271 -223 -177 -189 -177 -181 -208 -231 2 -232 176 195 204 224 233 231 233 221 205 198 190 189 199 205 18 223 279 356 428 485 480 471 439 402 360 410 398 413 450 534 -35 499349 390 404 431 409 398 388 385 372 402 398 406 418 486 464 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 SEK million Interest income surplus liquidity Interest income internally financed lending Interest expenses deposits Interest expenses other
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57 37 33 Q3-26289 287 266 306 303 341 300 335 333 353 324 402 377 406 362 0 50 100 150 200 250 300 350 400 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Operating expenses, SEK m Total expenses One-off items Personnel Marketing Depreciation Other expenses 12 Seasonally lower personnel costs in Q3 Personnel Marketing Other Depreciation Cost split, %
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Consolidated situation 30 September 2026 31 December 2025 % SEK m % SEK m Total capital ratio / Own funds 29.0 6,006 26.5 5,027 Total capital requirement1) 17.5 3,629 17.5 3,328 Capital surplus 11.5 2,377 8.9 1,700 Leverage ratio / Tier 1 Capital 4.8 6,006 4.4 5,027 LR-requirement and P2-guidance 3.5 4,384 3.5 3,973 Capital surplus after LR-requirement and P2-guidance 1.3 1,622 0.9 1,054 1) Including external buffers and Pillar 2 requirements 13 Solid capital position
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14 Solid capital position 3,758 6,006 626 0 1 000 2 000 3 000 4 000 5 000 6 000 Own funds requirement Tier 1 capital Leverage ratio SEK m P2G Min. P1 4,384 932 4,706 585 414 518 2,449 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 CET1 capital requirement CET1 capital CET1 capital SEK m Capital conservation Countercyclical buffer P2R Min. P1 1,657 6,006 1,040 414 518 3,629 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Own funds requirement Total capital Total capital SEK m Capital conservation Countercyclical buffer P2R Min. P1
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Well positioned for the future 15 Another strong quarter – both financially and operationally Strong growth – 53,000 new customers added in Q3 and steadily increasing net inflow of SEK 23 bn Successfully launched Avanza Sigma – fully focused on challenging the traditional discretionary portfolio management market Danish expansion moving forward according to plan – Christian Sillesen appointed Country Manager in the quarter Avanza is well positioned to capture future savings market growth
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Opening up for questions