Avanza Delivers Record 2025 Earnings but Faces Rising Costs and Weaker Inflows

An update from Avanza Bank Holding AB ( (SE:AZA) ) is now available.

Avanza Bank Holding AB reported its strongest annual result ever in 2025, with full-year operating income up 15% to SEK 4.5 billion and operating profit up 17% to SEK 3.1 billion, driven by higher brokerage, currency-related income, fund commissions and net interest income, and supported by 13% growth in savings capital to SEK 1,079 billion and an 8% increase in customers to 2.24 million. However, fourth-quarter figures showed a more muted picture, with operating income up 7% year-on-year but operating profit almost flat and earnings per share down 2%, as operating expenses rose 20% amid higher personnel, marketing and other costs; net inflows also declined sharply versus the prior year. The board proposed raising the dividend to SEK 12.75 per share, corresponding to 76% of 2025 profit, underscoring confidence in the balance sheet and profitability despite cost pressures and softer inflows. During the quarter Avanza hit a key milestone in its cloud migration with its first cloud-based service going live, while also investing in Private Banking and occupational pensions and managing leadership changes, including the departure of its COO and the appointment of a new CFO. The group reiterated its long-term strategy to defend and deepen its leading position in the Swedish savings market, achieve market leadership in Private Banking and non-collectively agreed occupational pensions, improve scalability and cost efficiency, and pursue European expansion, with 2026 costs expected to rise by around 9% mainly tied to ongoing technology and growth investments.

The most recent analyst rating on (SE:AZA) stock is a Buy with a SEK376.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.

More about Avanza Bank Holding AB

Avanza Bank Holding AB is Sweden’s largest digital savings and investment platform, offering a broad range of savings products, fund investments, stock trading, margin lending, mortgages and occupational pension solutions primarily to retail savers, professional traders and corporate clients. Operating in one of Europe’s most developed savings markets, Avanza positions itself as a low-cost, customer-centric challenger to traditional banks and pension providers, focusing on strong user experience, cost efficiency and scalable technology, including an accelerated migration to cloud services and a stated ambition to expand into at least one additional European market by 2030.

Average Trading Volume: 242,585

Technical Sentiment Signal: Buy

Current Market Cap: SEK52.49B

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