Avanza Q2 2026 slides: record profit, 100k new customers in H1

Swedish online broker Avanza reported record second-quarter results on July 14, 2026, with operating profit of SEK 928 million and a return on equity of 43%, well above its 35% target. The company also said it added close to 100,000 net new customers in the first half of 2026.

Operating income rose 6% quarter on quarter and 26% year on year to SEK 1,334 million. Operating expenses increased 8% sequentially to SEK 406 million, leaving operating profit up 6% from the previous quarter and 31% from a year earlier. Earnings per share reached SEK 4.97, a 30% improvement versus Q2 2025. For the first half, operating profit climbed 18% to SEK 1,807 million, and profit for the period rose 19% to SEK 1,549 million. The operating margin was 70%.

Customer momentum remained strong despite market penetration above 20% of Sweden's population. Total savings capital hit an all-time high of SEK 1,208 billion at June 30, up from about SEK 1,050 billion at the end of 2025, including SEK 19 billion in net inflows during the quarter. New customers in the first half had a median age of 31 and average monthly savings of SEK 2,300, with roughly 30% of holdings in funds, 45% in shares and 20% in foreign equities. The number of brokerage-generating customers rose to about 650,000 from around 500,000 two years earlier.

The fund business was a standout: Q2 net inflow to funds reached nearly SEK 17 billion, a quarterly record. The average fund margin improved to about 0.26% from around 0.24% in Q1 2025, while index funds' share of the fund mix fell to roughly 46% from peaks above 50% in mid-2025. Revenue remained diversified, with funds contributing 36% of Q2 operating income, net interest income 26%, brokerage 17%, other income 17% and currency-related income 4%.

Foreign securities trading hit record turnover of about SEK 95 billion during the quarter, helped by demand for AI and semiconductor stocks, although its share of total turnover eased to 29% from peaks of 32%. Foreign securities now represent 25% of customer equity holdings, with U.S. stocks at 17%. Net interest income reached an all-time high of SEK 486 million, supported by internal deposits of SEK 116 billion, margin lending of SEK 19 billion and mortgage loans of SEK 13 billion.

Product launches included a new Pension Portal, an Avanza Sweden index fund, integration of Kepler Cheuvreux research and expanded portfolio-sharing features on Placera Forum. Danish expansion remains on schedule, with beta testing carried out in Copenhagen. Avanza also said it had opened alternative bond funds to private investors and been named one of Sweden's most reputable companies by Verian. The capital ratio strengthened to 28.1% from 26.5% at year-end 2025, leaving a surplus of SEK 2.2 billion over the total capital requirement. Management maintained full-year 2026 cost growth guidance of 9% for the Swedish business and said Avanza is well positioned to capture future savings market growth.