Seasonal effects

Avanza’s operations are to some extent affected by seasonal variations. Customer inflows and the net inflow, for example, are normally high at the beginning of the year while activity has historically been lower during the summer months. The latter trend has, however, decreased in recent years in conjunction with the introduction of mobile services, making it possible to actively manage savings during holidays. The impact of these seasonal variations on Avanza’s operations is not necessarily reflected in the company’s financial results, which tends to be more affected by cyclical market effects such as stock market development and the level of the repo rate.