Avanza Bank Holding AB (publ)

Welcome to the presentation of our Q1 results. I will start on a general note and then hand over to my CFO Anna Kasselblad and then hopefully leaving plenty of room for questions.

I'm new to you all, at least in this role, so I'll start by introducing myself.

I joined almost four weeks ago as CEO of Avanza, so I'm quite new, but spent essentially my whole career in this industry of savings and investments. Been with Investor, McKinsey, SEB, Nordea, and then the last few years with a FinTech in the debt market and being on the board of Nordnet. And when coming into a company or like Avanza, I've seen things that work better than I expected and some things where I think this can probably be done better, but that I think is normal. What really stands out is the culture that I've encountered here. It is truly different from what I've seen previously in my career. It's very friendly. It's welcoming. It's forward-leaning. It has a lack of hierarchy, not organizationally, but in the way people interact. And there is a genuine customer focus, like for real. And that is something that I need to bear in mind going forward, because I think it's truly a competitive advantage for Avanza. But before kicking off, if I try to summarize the quarter very much in short, I think we had great inflows both in terms of capital and customers. We saw customers have a slight risk on, meaning that we earned a bit more on the brokerage side. We earned a bit more on the FX side. We earned a bit more on the fund side. But the customers as part of this risk on activated a bit of their cash into risk assets. So we had a little bit lower of net interest income comparing to the fourth quarter. But looking at the most important forward-leaning KPI, as you know, net flows were good in the quarter. If I analyze the numbers, it's 11% over AUM, even though that is probably too positive, given that Q1 is typically strong. Roughly 25% of our net flows were recurring, so monthly savings or occupational pension premiums. And roughly one third came from new customers and roughly two thirds from existing customers. And on the customer side, we attracted almost 50,000 in the quarter. And I think we should reach 2 million, which I think is a big milestone later this year. We had a low churn also this quarter of 0.6%. I would love to compare these. 22 billion with the market, but we don't have the market numbers yet. What we do have and that we didn't have in the last call is the Q4 market numbers showing that we actually had a market share of 100% since some of our competitors had outflows. So that left us with a AUM market share by the end of the year of 7.1%. Where we do have market numbers is on the fund side, which is very important for our customers, but also for our recurring income. And here we took 11 billion out of the 33 flowing into the market. Also the occupational pension side is contributing to our recurring income. And it's very connected to our funds business since almost 80% of the capital on the occupational pension side is placed in funds. And on the occupational pension side, we had 1.5 billion of net flows into the quarter. What I'd like to mention also on the fund capital, which is on an all-time high level, is that roughly 43% of those 281 billion is in our own fund company. So that's 121 billion. Moving on to the brokerage side, we saw increased market shares on our side on the Swedish exchanges, both in terms of transactions and turnover, which resulted in, as you see on the left-hand side, increased activity from our customer side. But on the right-hand side, you see our hope that when trading sentiment moves into even more positive territory that we would see more of our customers being active on the trading side as part of this risk on we as i mentioned in the beginning we saw our customers activating their cash so net buying funds and securities leaving their Transaction and savings accounts on the slightly lower level which we see on the time series here We actually Which is not seen on this graph, but there is actually a slight uptick in the end because of the dividend season But we cannot see this because it's monthly Or maybe quarterly numbers Looking ahead I have not been here long enough to have a perspective on our strategic direction. So these four focus areas were decided before I joined, but I think they're very relevant and they have served us well in the first quarter and we will continue to focus on them for the rest of the year. We see an increased competition on the more transaction intense customers, the slightly more wealthy customers. So we're focusing on improving our offering there and have done quite a bit already this quarter. And then we see too many of our new customers getting caught in the funnel. So they become customers, they start an account, but they don't really start being savers or investors. So we are focusing on improving that and done a bit already in the quarter. And then we are investing in our pension offering. I think it is probably the area in the Swedish savings market where Avanza has to play the biggest role in continuing to challenge because it's still very inefficient. And we have actually freed up capacity invested into a new development team on the pension side during the year. So that's on the note of internal efficiency, which is super important to continuously do. And then we have our stability very high up on our agenda. And we're happy that we had a good quarter on that note. These are just examples of what we've done for the more trading active customer base. a number of features that have been well received. What we did after the quarter was something that I think was the biggest thing for our customers, which was a feature on helping with stock analysis, with comparing different stocks with key numbers, much appreciated. And then a few words on our stability of the platform. This is an area where it's difficult to stick out your head after four weeks. But my sense is that we have been a little bit too eager to move into the very modern and edgy technology in the past, which is good because we want to be in the forefront. But the flip side is that it's less tested. It could be less stable. And going forward, I would be more mindful to make that conscious choice. Should we be really in the forefront in this area or should we take something that is a little bit more tested? We also continuously modernize our tech and where we've spent the most effort in the last, I would say, two quarters is on the pension side, which we will continue to do during the year. And where we need to start later this year is on the customer data side, which will be important when we move more into personalizing the experience for our customers, but also very important when we use more modern technology like AI. We need to have a better customer data platform. I have communicated to the organization that we will do a change when we have a new CTO in place, placing all tech related staff in one unit. Today we have IT operations maintenance and security in one box and then the forward leaning development in another box and to me it's important that they come together that any development that is done have the maintainability in mind with everything new we develop and I think that will be easier sitting in under one person in one unit. And looking forward, I'm probably quite biased here since I just decided to take this job. But I think if you want to play in the financial services industry, I think the savings industry is very compelling due to the underlying growth trends. And if you want to play in the savings industry in Sweden, I think Avanza is well positioned to take an over-proportionate share of this growth. I think I stop there and hand over to you, Anna.