November 2021

Company presentationand investment story

Avanza’s evolutionsince foundation in 1999

Overview

2

Sweden’s leading platformfor savings and investments

No. 1 long-term target to have themost satisfied savings customers in Sweden –

won for the last 11 consecutive years

1,613,300customers

SEK 766 bnin savings capital

employees andeNPS of

598

69

market share of theSwedish savings market6.5%

Overview

3

Over 60 000 investment opportunities, together with decision-making tools, inspiration and education

Securitiestrading

Mutual funds

Retirement plans

Savings accounts

Mortgages and margin lending

Overview

4

We focus on decision-makingtools for our customers

o The Avanza Academy

o The Avanza blog, podcasts and Avanza Play

o Auto funds

o Portfolio generator

o Stock generator

o Independent news site Placera

Overview

5

Capital light, fee-based business model

2020 % ofincome

Net brokerage income 47

Fund commissions, net 18

Currency-related income, net 15

Net interest income 12

Other income, net 1) 8

Total 100

1) Mainly income from Avanza Markets and Corporate Finance, but also compensation for distribution, advertising sales, subscriptions and customer’s ad-on services.

o Mainly fixed costs, ~70% staff related

o High scalability

o Self-financed through shareholders’ equity and customer

deposits

Overview

6

Business model built on scale

49

12

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2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 20219m

Sa

vin

gs

ca

pit

al,

SE

K m

Ba

sis

po

ints

Savings capital Income/savings capital Cost/savings capital

73

142

Overview

7

We focus on what’s best for the customer

Overview

A typical Avanza development team,where business and IT go hand in hand

o Full expertise for their respective domain

o Innovation, business development and maintenance

are done within each team

o They define their own mission and sets their own

goals, linked with the overall vision and targets

Product owner

Front-end

Back-end

Designer

UX

Product specialist

Front-end

Back-end

QA

Overview

9

We innovate togetherwith our customers

Customers can sign up as test users to early releases of new functionality and provide feedback.

We meet with hundreds of customers for interviews and user tests each year.

And get, tens of thousands of twitter feedback, app reviews and customer service messages, which are also a vital part of the development feedback to the teams.

“Feedback Buddy”

Our feedback system keepsour development teams close to the customers.

Beta experienceCustomers can sign up for beta functionality inside the app. This is an example of a

beta experience for goal savings functionality.

Overview

User experience, information and tools increasingly important

Churn, %

1.5

NPS67

Daily active users > 500,000

Overview

11

Our superior customer experience, also makes us the perfect partner for product challengers

Mutual fund platform

Over 1,300 external funds on the platform and

exclusive cooperations for actively managed funds.

Third party savingsHigh yielding savings

accounts with a number of partner banks.

MortgagesOur partners deliver low

interest mortgages through our interface.

Overview

Exchange traded productsExclusive exchange traded products with 0 brokerage

fees

12

Customer growth drives net inflow

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Ne

t in

flo

w, S

EK

m

Ne

w c

us

tom

ers

Customer inflow Net inflow

Overview

13

6,5%

11,9%

18,2%

0%

5%

10%

15%

20%

25%

30%

Q1

-13

Q2

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Ava

nza

ma

rke

t s

ha

re, %

Swedish savings marketNet inflowNet inflow, R12 m

Market share of 18.2% rolling 12M of net savings on the Swedish savings market

Target 2025 to reach at least 15% R12 m

Position

Target 2025 to reach nearly 7%

14The net inflow to Avanza is seasonally higher in Q1 and lower in Q2. In Q2 this is due to dividends, tax refunds, higher pension

premiums and partly annual payments to contractual pensions, which are not included in Avanza's customer offering.

Significant growth potential with a 6.5% market share of the Swedish savings market

11.8% 1.0%3.0% 7.1%

18.9%

SEK 1,295 bn

SEK 3,913 bn 1)

SEK 2,338 bn

SEK 1,801 bnSEK 1,693 bn

0

500

1 000

1 500

2 000

2 500

3 000

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4 500

Individual pensions &insurances

Occupational pensions &insurances

Deposits/savings accounts Mutual funds Shares, bonds and othersecurities

Tho

usa

nd

s

Capital on the savings market

Avanza's share

o The Swedish savings market SEK 11,040 bn

o Annual market growth of on average 8% last ten years

o An estimated 80% of the Swedish population saves in funds and around 20% own shares

Position

1) The occupational pension market can be divided into traditional life and unit-linked insurance. Unit linked amounts for about a third, of which Avanza is active in the portion outside collectively agreed occupational pensions, which at the end of 2020 was valued at nearly SEK 890 billion.15

1.1%

The largest Swedish participant in stock market transactions and turnover on Nasdaq OMX and First North

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Ma

rke

t s

ha

re, %

Transactions

Avanza

SHB

Nordea

Carnegie Skandiabanken

Swedbank

Nordnet

SEB

Position

o Market share of 19.7% in terms of transactions and 9.5% of turnover in Q3 2021

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Turnover

Age distribution among new customers

Market penetration

o Total share of Swedish population: 11.5% as of 1 November 2020

o ages 20-29: 20.8%

o ages 30-39: 22.1%

o ages 40-49: 16.5%

o Highest penetration in urban areas. Stockholm region, snapshot (Women/Men) as of 1 November 2020:

o ages 20-29: 21%/31%

o ages 30-39: 24%/34%

o ages 40-49: 18%/27%

o ages 50-59: 15%/20%

o ages 60-69: 11%/15%

0,0

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99

Sh

are

, %

Age

2020

2012

2007

Position

17

Potential in both existing and new customers

o Increasing share of wallet in existing customer base

o Continue to attract young people and keep them happy as wealth grow by age

o The broad offering makes us relevant for a larger group of people

o Digital onboarding with BankID has removed friction to move

o Increasing digitisation and Open Banking functionality creates more awareness, simplifies self-directed financial management

o More reasons for customers to take responsibility for their own savings as public pension and welfare systems are covering fewer needs

o Growing focus on sustainable investments

o TINA in current low interest rate environment

Growth drivers

Savings capital grow by age

0,0

0,2

0,4

0,6

0,8

1,0

1,2

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1,6

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

4,0%

0 3 6 9 12 15 18 21 24 27 30 33 36 39 42 45 48 51 54 57 60 63 66 69 72 75 78

Sa

vin

gs

ca

pit

al,

SE

K m

Cu

sto

me

rs, %

Age

Savings capital by age Total customer base

Growth potential

19

Strong potential when wealth is transferred to the next generation

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

18

ye

ars

21

ye

ars

24

ye

ars

27

ye

ars

30

ye

ars

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ye

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ye

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ars

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ye

ars

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ars

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ye

ars

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ye

ars

60

ye

ars

63

ye

ars

66

ye

ars

69

ye

ars

72

ye

ars

75

ye

ars

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ye

ars

81

ye

ars

84

ye

ars

87

ye

ars

90

ye

ars

93

ye

ars

96

ye

ars

99

ye

ars

Age distribution Swedish population and Avanza’s customers

Sweden Avanza

Median ageSweden 48

Median ageAvanza 38

Growth potential

20

One of the fastest growing pension companies in Sweden

0

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45 000

50 000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Q3

Sa

vin

gs

ca

pit

al,

SE

K m

3.8 %

Swedish occupational pension market

SEK 890 billion1)

Growth potential

o Competitiveness with no annual insurance fees and broad investment opportunities

o The strong offer an advantage when the transfer right is improved to the benefit of the consumer

1) The occupational pension market can be divided into traditional life and unit-linked insurance. Unit linked amounts for about a third, of which Avanza is active in the portion outside collectively agreed occupational pensions, which at the end of 2020 was valued at nearly SEK 890 billion.21

Enable customers to apply for mortgages from various external lenders

0.7 %

Swedish mortgage marketSEK 3 756 billion

o Important part of customers economy

o Frees up savings capital with other banks

0

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10 000

15 000

20 000

25 000

30 000

2013 2014 2015 2016 2017 2018 2019 2020 2021 Q2

Vo

lum

e, S

EK

m

Avanza Private Banking mortgages External mortgages

Growth potential

22

We are prepared to capture new opportunities in the world of tech…

Mortgages are signed digitally.

Pension accounts can finally be transferred

cheaply

Credit transfers between banks are made in real-time.

Payment accounts can be aggregated, and payments initiated, by any interface.

Customers have the right to data portability. Data from all financial products

can be easily shared with third parties by customer consent.

Growth potential

23

Customer satisfaction and employeeengagement create shareholder value over time

Long-term targetso Customer satisfaction & Employee engagement

o Growth in customers and savings capital

o Profitability and effective management of the balance sheet

Business modelo More stable revenues through funds and mortgages

o High scalability

o Cost control vital (top modern IT platform)

Growth potentialo Strong potential in existing customer base

o Young customers a potential when wealth is transferred

o Public pension and welfare systems are covering fewer needs

Customer propositiono Cheaper, better and simpler offering

o High user experience

o Broad range of product

o Information, education and decision-making tools

To summarise

Employee engagement a key success factor for Avanza

Long-term targetso Customer satisfaction – keep the No 1 positiono Continuous growth in both number of customers and volumeo Create possibilities for continued strong innovation

Continuous growthCustomer satisfaction

Strong innovation

To summarise

25

Appendix

Operations 27

Financials 28-33

Balance sheet data 34-35

Contact details 36

26

Targets and fulfillment 2020Long-term targets Outcome 2020 Comments

Sweden’s most satisfied savers according to the Swedish Quality Index

√ Achieved in 2020 for the eleventh consecutive year

Engaged employees, eNPS of at least 45, raised to at least 50

69 Record-strong ambassadorship

Market share of least 15 per cent R 12M of the total net inflow to the Swedish savings market 2025

19% Almost every fifth savings krona ends up on the Avanza platform

Market share of 7% 2025 5.8% Well on track to achieve the target

Return on equity of 25-30% 57% Ensures focus on profitability and effective management of the balance sheet

Dividend of at least 70% 10%The dividend for 2020 was SEK 0.85 per share, in line with the FSA's recommendation due to the Covid-19 pandemic. The assessment is, there is still room to distribute more

Increased share of capital in sustainable investments

√ A lot of improvements done during the year to make it easier to save sustainably

Be regarded as the leading sustainable brand and the natural choice for sustainable savings

√ Regarded as the financial company in Sweden with the highest reputation (Kantar Sifo)

Increase share of new female customers to 50% 39% Not achieved despite record high number on new female customers

Organisation with parity between women and men 47% Measured in Group Management and among employees with personnel responsibility

Become climate positive √The year’s emissions amounted to 263 tonnes CO2e and climate offsets for the total emissions was purchased

27

Financial overview

Q3 21 Q2 21 ∆ % Q3 20 ∆ % 2021 9m 2020 9m ∆ %

Operating income, SEK m 767 754 2 575 33 2,477 1,643 51

Operating expenses, SEK m -192 -216 -11 -177 9 -611 -541 13

Operating profit, SEK m 574 536 7 396 45 1,866 1,091 71

Operating margin, % 75 71 4 69 6 75 66 9

Income to savings capital ratio, % 0.42 0.44 -0.02 0.48 -0.06 0.49 0.51 -0.01

Costs to savings capital ratio, % 0.11 0.13 -0.02 0.15 -0.04 0.12 0.17 -0.04

ROE, % 44 46 -3 55 -12 53 57 -4

EPS, SEK 3.10 2.91 7 2.15 44 10.09 5.96 69

28

Long-term revenue development

909 975 1 0491 193

2 286

0

500

1 000

1 500

2 000

2 500

3 000

2016 2017 2018 2019 2020

Re

ven

ue

, SE

K m

Total income Income from sales of shares in Stabelo Net brokerage incomeIncome from mutual funds Net interest income Other income

29

Income split 9M 2021

SEK m % ofincome

Net brokerage income 1102 44

Fund commissions, net 485 20

Currency-related income, net 490 20

Net interest income 239 10

Other income, net1)

161 6

Total 2,477 100

1) Mainly income from Avanza Markets and Corporate Finance, but also compensation for distribution, advertising sales, subscriptions and customer’s ad-on services.

30

Annual cost development

443

535594

657

734

0

100

200

300

400

500

600

700

800

2016 2017 2018 2019 2020

Op

era

tin

g e

xpe

ns

es

, SE

K m

Total expenses Non-reccuring items Personnel Marketing Depreciation Other expenses

31

Costs 9M 2021

SEK m % of total costs

Personnel -406 66

IT systems and licenses -73 12

External services -71 12

Marketing -17 3

Depreciation -52 8

Other1) 8 -1

Total costs before credit losses -611 100

Credit losses, net2) 0

1) Including one-off reversed write-down of SEK 10 million.2) Reported credit losses are attributable to calculations of expected credit losses according to IFRS9.

32

Operating margin at extreme levels

465 441 418520

1 576

0

10

20

30

40

50

60

70

80

90

100

0

200

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600

800

1 000

1 200

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2016 2017 2018 2019 2020

Op

era

tin

g m

arg

in, %

Op

era

tin

g p

rofi

t, S

EK

m

Operating profit Operating margin

33

Balance sheet, 30 September 2021

Assets SEK m Liabilities & equity SEK m

Lending to credit institutions1)

7,367 Deposits 54,214

Lending to the public 20,754 Liabilities in insurance operations

202,478

Bonds 26,361 Other liabilities 1,815

Assets in insurance operations

202,476 Shareholders’ equity 4,673

Other assets 6,222

Total assets 263,181 Total liabilities andshareholders’ equity

263,181

Comments

o Mainly self-financed through shareholders’ equity and customer deposits

o Surplus-liquidity of SEK 35,208m invested in covered bonds, at the Riksbank and O/N (including SEK 1,480m deposits in client fund accounts)

o The value of the insurance liabilities tracks the value of the insurance assets since the policyholders bear the direct investment risk. No products with guaranteed return is offered

1) Including balances at central banks and treasury bills eligible for refinancing.

34

Strong capital position with additional distribution power after dividend pay-out

30 September2021

31 December2020

Total capital requirement, %1) 12.9 13.1

Capital surplus, % 13.2 11.3

Total capital ratio, % 26.2 24.4

Leverage ratio,%2) 4.5 4.9

Capital surplus after LR-requirement and internal buffer 0.7 1.1

1) Including external buffers and Pillar 2 requirements.2) Requirement of 3%

35

Historical financial key data 2001 – Q3 2021is available in Excel at: avanza.se/keydata

sofia.svavar@avanza.se+46 8-409 420 17

Updated 2 November 2021

36