Avanza Bank (AZA) Q4 2025 earnings summary

Executive summary

• Achieved record full-year profit of SEK 2,631 million, up 17% year-over-year, and operating profit of SEK 3,078 million, with annual revenue at SEK 4,495 million, up 15% year-over-year.

• Customer base grew by 171,000 to 2,242,700, with SEK 54 billion net inflow and savings capital up 13% to SEK 1,079 billion, despite challenging market conditions and outflows from external savings accounts.

• Maintained Sweden's most satisfied savers for the 16th consecutive year, with a net promoter score of 41 and eNPS of 57.

• Board proposes a dividend of SEK 12.75 per share, corresponding to a 76% payout ratio, above the 70% policy.

• Recognized as one of Sweden's most attractive employers.

Financial highlights

• Net profit and operating profit both up 17% year-over-year; earnings per share at SEK 16.57, up 16% from 2024.

• Return on equity reached 40%, exceeding the 35% target.

• Operating margin for the year was 68%; cost-to-savings capital ratio reduced to 14.1 basis points from 14.5.

• Fund commissions and trading-related income reached record levels, with increased activity in foreign securities.

• Savings capital grew 13% to SEK 1,079 billion, despite SEK 26.4 billion outflow from closing external savings accounts.

Outlook and guidance

• Forecasts a 9% cost increase in 2026, driven by investments in growth, technology, Private Banking, and pension business.

• Long-term target of average annual cost growth of 8% until 2030, aiming for 5% by 2030.

• Optimistic for 2026, expecting improved momentum from lower rates, expansionary fiscal policy, and real wage growth.

• Expects continued net outflows of around SEK 8 billion from external savings accounts until closure by May 2026.

• Targeting average annual savings capital growth of 15% through 2030.