Avanza Bank Holding AB: 2Q26 First Look: Net profit beat; cost guide reiterated

研报英文原文证据摘录

Avanza Bank Holding AB: 2Q26 First Look: Net profit beat; cost guide reiterated

Equity Research

European Diversified Financials

14 July 2026

Avanza Bank Holding AB

2Q26 First Look: Net profit beat;

cost guide reiterated First Look

Good update. Net profit 4% ahead of cons driven by revenue AVANZ.ST/AZA SS OVERWEIGHT

POSITIVEbeat (as we flagged - with beats across NII, brokerage and FX). EuropeanFinancials Diversified

Partial offset from heavier costs, albeit FY26 guidance Price Target SEK 420.00

reiterated (both incl. & excl. Danish expansion). Alongside the Price (13-Jul-26) SEK 378.70 Potential Upside/Downside +10.9%

Source: Bloomberg, Barclays Researchsoft run into results, we expect o/p today.

Revenues 4% ahead vs cons; +6% QoQ/ +26% YoY: Revenues increased to SEK1,334m,4% European Diversified Financials

ahead of consensus and broadly in line with BARCe. Total revenue margin was above consensus Grace Dargan

+44 (0)20 3555 4065at 45.3p. Primary moving parts were as follows:

grace.dargan@barclays.com

• Net brokerage revenues 3% ahead; -1% QoQ/ +26% YoY: The slight fall in QoQ brokerage Barclays, UK

income was due to three fewer trading days, partly offset by a higher income margin. Michael Sanderson

Brokerage-generating turnover decreased 6% QoQ while gross brokerage income per +44 (0)20 3134 2487

turnover increased to 11.0bp from 10.6bp, mainly driven by a higher share of foreign trading michael.sanderson@barclays.com

Barclays, UK (31% of brokerage-generating turnover).

Hafsa Yasir

• Currency income broadly in line; +11% QoQ/ +73% YoY: Driven by higher foreign turnover, +44 (0)20 7116 3644

with brokerage-generating turnover in foreign securities increasing 12% QoQ. hafsa.yasir@barclays.com

Barclays, UK