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Avanza Bank Holding AB
(AZA)
Avanza Bank Holding AB (AZA) vs. iShares MSCI Sweden ETF (EWD)
Avanza Bank Holding AB Business Overview & Revenue Model
Avanza Bank Holding AB Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.74B | 5.08B | 4.40B | 3.12B | 3.41B |
| Gross Profit | 4.30B | 3.90B | 3.44B | 2.97B | 3.30B |
| EBITDA | 3.17B | 2.71B | 2.38B | 2.02B | 2.51B |
| Net Income | 2.63B | 2.25B | 1.98B | 1.67B | 2.05B |
Balance Sheet | |||||
| Total Assets | 417.05B | 343.61B | 282.45B | 241.09B | 279.08B |
| Cash, Cash Equivalents and Short-Term Investments | 13.06B | 8.19B | 8.63B | 4.92B | 2.94B |
| Total Debt | 712.00M | 281.00M | 92.00M | 83.00M | 122.00M |
| Total Liabilities | 409.12B | 337.29B | 276.62B | 236.14B | 274.38B |
| Stockholders Equity | 7.93B | 6.32B | 5.83B | 4.95B | 4.70B |
Cash Flow | |||||
| Free Cash Flow | 31.65B | 3.95B | 8.62B | 7.61B | 4.47B |
| Operating Cash Flow | 31.72B | 3.99B | 8.64B | 7.65B | 4.53B |
| Investing Cash Flow | -23.86B | -1.20B | -3.28B | -4.37B | -2.62B |
| Financing Cash Flow | -1.08B | -1.83B | -1.09B | -1.36B | -554.00M |
Avanza Bank Holding AB Technical Analysis
Avanza Bank Holding AB Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr10.26B | 15.87 | 26.88% | ― | 15.59% | 24.31% | |
76 Outperform | kr72.59B | 22.39 | 39.30% | 3.01% | 2.54% | 4.51% | |
69 Neutral | kr53.18B | 21.13 | 37.34% | 3.34% | 7.33% | 23.01% | |
62 Neutral | kr13.02B | 8.66 | 17.97% | 1.78% | 19.81% | 5.77% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | kr10.76B | 9.63 | ― | ― | 0.78% | 13.82% |
Avanza Bank Holding AB Corporate Events
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.
Avanza Bank Holding AB will publish its preliminary financial statement for 2025 on 21 January at 07:45 CET and has scheduled a results presentation at 10:00 CET the same day, led by CEO Gustaf Unger and CFO Jonas Svärling, with both a webcast and a pre-registered telephone conference enabling Q&A in English. The planned disclosure and investor-focused communication underscore Avanza’s efforts to maintain transparency with the market and its large retail customer base, providing stakeholders with early insight into the group’s 2025 performance and outlook in Sweden’s competitive savings and investment sector.
The most recent analyst rating on (SE:AZA) stock is a Buy with a SEK375.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
During 2025, Avanza expanded its customer base by 171,000 to a total of 2,242,700 clients by year-end, with 10,300 net new customers added in December. Despite a sluggish Swedish economy, a difficult stock market climate and a drag from the ongoing termination of external savings accounts, the platform recorded net inflows of SEK 54 billion for the year, including SEK 670 million in December, while savings capital rose 13% year-on-year to SEK 1,079.2 billion and internally financed lending, particularly mortgages, continued to grow, even as trading activity and brokerage-generating volumes declined compared with 2024.
The most recent analyst rating on (SE:AZA) stock is a Hold with a SEK383.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
Avanza Bank Holding AB has increased its total number of shares and votes to 157,829,091 following the issuance of 38,329 new shares under its 2022/2025 employee incentive programme, raising its share capital to SEK 78,914,545.50. The change marginally dilutes existing shareholders but underscores Avanza’s continued use of equity-based remuneration to align employees’ interests with long-term shareholder value as it consolidates its position as a leading digital savings and investment platform in the Swedish market.
The most recent analyst rating on (SE:AZA) stock is a Hold with a SEK383.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
Avanza Bank Holding AB has successfully completed a repurchase of 1,131,720 warrants as part of its warrant program, offering newly issued shares in exchange. This move resulted in the issuance of 521,145 new shares, leading to a dilution of approximately 0.3%. The repurchase was conducted over three registration periods with varying prices per warrant, reflecting the market value at the time. This strategic action is likely to impact Avanza’s financial structure and shareholder value, as it consolidates its warrant program and potentially enhances investor confidence.
The most recent analyst rating on (SE:AZA) stock is a Hold with a SEK383.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
Avanza Bank Holding AB reported an increase in customers and market share in November 2025, with a net addition of 8,900 customers, bringing the total to 2,232,400. The bank’s share of the Swedish savings market rose to 8.0%, and it captured a significant portion of the net inflow and premium inflow to the Swedish life market. Despite a decrease in net inflow and brokerage-generating trades compared to the previous month, Avanza showed growth in savings capital and internally financed lending, indicating a strong position in the market.
The most recent analyst rating on (SE:AZA) stock is a Hold with a SEK383.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
Avanza Bank Holding AB has been recognized for having Sweden’s most satisfied savings customers for the 16th consecutive year, according to the Swedish Quality Index. This accolade underscores Avanza’s strong market position and commitment to customer satisfaction, as evidenced by their extensive offerings and innovations such as AI-driven financial insights and expanded stock trading options. The company’s continuous growth, marked by a substantial increase in new customers and savings capital, further solidifies its leadership in the investment platform sector.
The most recent analyst rating on (SE:AZA) stock is a Hold with a SEK383.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
Avanza Bank Holding AB has increased its number of shares and votes following the issuance of new shares under the incentive program 2022/2025, raising the share capital to SEK 78,895,381. This change reflects Avanza’s commitment to rewarding its employees and may enhance its market position by aligning employee interests with company performance.
The most recent analyst rating on (SE:AZA) stock is a Hold with a SEK383.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
Avanza Bank Holding AB reported an increase of 151,800 customers in 2025, reaching a total of 2,223,500 by the end of October. The net inflow for October was SEK 5,070 million, contributing to a total of SEK 52,800 million for the year. The company also saw a rise in savings capital and brokerage-generating activities, indicating strong growth and engagement within its customer base. These statistics highlight Avanza’s continued expansion and robust positioning in the Swedish financial market, with significant implications for its stakeholders as it maintains its leadership in customer satisfaction and transaction volume.
The most recent analyst rating on (SE:AZA) stock is a Sell with a SEK330.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.
Avanza Bank Holding AB has announced the formation of its Nomination Committee for the upcoming Annual General Meeting in April 2026. The committee includes representatives from the four largest shareholders: Biovestor AB, Creades AB, AMF – Tjänstepensioner och Fonder, and the Dybeck family, with Erik Törnberg appointed as Chairman. This announcement is significant as it outlines the governance structure and shareholder involvement in decision-making, which could impact the company’s strategic direction and stakeholder relations.
The most recent analyst rating on (SE:AZA) stock is a Hold with a SEK385.00 price target. To see the full list of analyst forecasts on Avanza Bank Holding AB stock, see the SE:AZA Stock Forecast page.