Avanza Bank Holding (AVANZ.ST): 2Q26 First Take: Strong foreign trading and NII drive earnings beat, guidance unchanged

Research evidence excerpt

Avanza Bank Holding (AVANZ.ST): 2Q26 First Take: Strong foreign trading and NII drive earnings beat, guidance unchanged

Equity Research

14 July 2026 | 7:39AM BST

Avanza Bank Holding (AVANZ.ST): 2Q26 First Take: Strong foreign

trading and NII drive earnings beat, guidance unchanged

Today (July 14), Avanza reported its 2Q26 results, with operating profit 4% ahead of Oliver Carruthers, CFA

+44(20)7552-9364 |

company-compiled consensus. Total operating income of SEK 1,334mn was 3% oliver.carruthers@gs.com

Goldman Sachs International

ahead of consensus, driven by broad-based beats across most revenue segments.

Anshika Mehrotra

Net interest income benefitted from higher average deposit volumes (although +1(212)934-7679 |

deposits ended the quarter lower QoQ) and lending balances, while net brokerage anshika.mehrotra@gs.comGoldman Sachs India SPL

and currency-related income came in ahead of expectations, primarily reflecting a Tom Ferguson

higher brokerage yield supported by a greater share of foreign trading (including a +44(20)7051-0547tom.ferguson@gs.com|

positive contribution from SpaceX), as well as lower turnover per note in the “Fixed Goldman Sachs International

SabourianFee” brokerage class. Net fund commissions also came in slightly ahead of consensus Naimeh | +44(20)7051-0573

estimates, driven by higher fund volumes, and partially offset by a lower yield (avg naimeh.sabourian@gs.com Goldman Sachs International

yield of 22.9bps vs 23.3bps in Q1), with share of capital in index funds increasing by

1.4% to 53.8% by end-March. The run-rate fund commission yield exiting the quarter

was slightly lower, at 22.7bps. Operating expenses came in 2% higher, with growth

driven by increased headcount and IT and development costs linked to the cloud

migration.