Abg Sundal Collier Holding Asa · OSL:ABG
Abg Sundal Collier Holding Asa — Q4 2025 Earnings Presentation
31 slides from Abg Sundal Collier Holding Asa's earnings presentation, Feb 11, 2026
Slide 1: Interim Report 2025 Q4: Closing the year from a position of strength
Closing the year from a position of strength Q4 revenues of NOK 720m (+15%) Q4 diluted EPS of NOK 0.26 (+24%) FY revenues of NOK 2,172m (+12%) FY diluted EPS of NOK 0.66 (+18%) Proposed dividend of NOK 0.55 per share INTERIM REPORT 2025 Q4
Slide 2: CEO comments
CEO comments | Closing the year from a position of strength We concluded a strong year with a solid fourth quarter, delivering revenue growth of 15% in the quarter and 12% for the full year. These results were achieved amid continued macroeconomic volatility, underscoring both the resilience of the
Slide 3: Key financial figures
Key financial figures | A solid finish to a year with continued momentum Operating revenues (NOKm) Operating margin Diluted EPS (NOK) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 36% +18% +12% 2,911 1.39 803 2,172 23% 23% 0.37 1,933 21% 1,704 1,707 19% 561 720 0.23 628 508 545 0.66 0.56 809 476 0.41 0.50 303 392 0.44 0.
Slide 4: Macro and market backdrop
Macro and market backdrop | Markets remain supported by low volatility and improving credit conditions Equity indices Equity market volatility Interest rates Credit spreads 350 90 6% 800 S&P 500 S&P VIX 10y US interest iTraxx X-over MSCI Nordic 80 10y German interest 700 300 5% 70 600 250 4% 2.3% 60
Slide 5: Market volumes
Market volumes | DCM at historically high levels and M&A remains stable, while ECM is driven by some large transactions Nordic primary ECM volumes (NOKbn)1) Nordic primary DCM volumes (NOKbn)2) Nordic M&A transactions (#)3) +77% -5% +14% 139 256 252 262 234 237 241 240 90 89 203 79 85 74 73 53 55 50
Slide 6: Corporate Financing
Corporate Financing | DCM contributed significantly, with improving momentum in ECM Corporate Financing (ECM/DCM) revenues (NOKm) Selected transactions Q1 Q2 Q3 Q4 ECM – IPO NOK 1.9bn Consumer -7% ECM – SP SEK 1.25bn Real Estate 1,713 ECM – SP SEK 978m Consumer 427 ECM – IPO NOK 961m TMT ECM – SP SE
Slide 7: M&A and Advisory
M&A and Advisory | An all-time-high year for M&A concluded with a strong quarter, featuring several successfully completed transactions M&A and Advisory revenues (NOKm) Selected transactions Proposed demerger from Q1 Q2 Q3 Q4 NOK 260bn Industrials Kongsberg Gruppen ASA +44% Sale of the Public Sector
Slide 8: Brokerage and Research
Brokerage and Research | Q4 in line with last year resulted in a historically strong year, driven by a top-ranked brokerage and research franchise Brokerage and Research revenues (NOKm) Q1 Q2 Q3 Q4 +7% ▪ Research revenues and secondary trading were in line for the quarter, resulting in a 7% increase
Slide 9: Headcount
Headcount | Revenue growth delivered on a stable headcount base Headcount average (FTE #) 1) Revenue per head (NOKm) Investment Banking Markets Research Operations -1% +14% 9.3 342 336 332 332 311 64 64 60 64 60 6.5 66 66 63 68 5.7 66 5.1 5.0 71 73 71 65 64 134 140 134 138 122 2021 2022 2023 2024 20
Slide 10: Operating costs
Operating costs | Cost increase driven by profitability-driven compensation model, continued weakening of NOK and inflation Total operating costs (NOKm) Total compensation/revenue Non-compensation/head (NOKm) Compensation Non-Compensation 1,875 +10% 1,681 58% 57% 55% 55% 312 54% 1,525 1,381 1,308 48
Slide 11: Cash dividend
Cash dividend | Proposed dividend of NOK 0.55 per share ensures a strong cash distribution while reflecting the core capital impact of the FIH Partners acquisition Cash distribution to shareholders (per share) Core capital and capital ratio (NOKm) 3.00 140% 691 114% 120% 674 2.50 100% 671 89% 100% 2
Slide 12: FIH Partners acquisition
FIH Partners acquisition | ABGSC has acquired FIH Partners, the leading M&A advisor in Denmark #1 #1 +200 27 Danish M&A in Prospera transactions IB professionals advisor 2015-2024 EUR ~110bn +200 deal value years of experience The local alternative to global investment banks 12
Slide 13: FIH Partners acquisition
FIH Partners acquisition | Objective to fortify our position as the leading independent Nordic investment bank ▪ Building on the strong momentum in ABGSC’s Danish Investment Banking operation to further expand market coverage and accelerate growth in Denmark and Investment Banking as a whole ▪ ABGSC
Slide 14: Closing remarks
Closing remarks ▪ Revenue growth of 15% in the quarter and 12% for the full year ▪ M&A the principal growth driver both during the quarter and the year ▪ ECM conditions improved and the IPO market reopened, particularly in Sweden ▪ DCM volumes remained high throughout the year, and we maintain our s
Slide 15: Financial statements and supplementary information
Financial statements and supplementary information
Slide 16: Consolidated income and cash flow statements
Consolidated income and cash flow statements Condensed consolidated income statement (unaudited) Other comprehensive income NOKm Q4 2025 Q4 2024 YTD 2025 YTD 2024 NOKm Q4 2025 Q4 2024 YTD 2025 YTD 2024 Corporate Financing 233.0 257.6 736.5 788.5 Net profit 148.2 116.9 370.4 307.1 M&A and Advisory 33
Slide 17: Consolidated balance sheet
Consolidated balance sheet Consolidated balance sheet (unaudited) Condensed statement of changes in equity NOKm 31/12/2025 31/12/2024 31/12/2023 NOKm Q4 2025 Q4 2024 YTD 2025 YTD 2024 Intangible assets 189.2 167.2 158.7 Equity attributable to owners of the parent - opening balance 938.9 922.8 1,044.
Slide 18: Notes to the financial statements
Notes to the financial statements 1) Accounting principles The quarterly report is prepared in accordance with IAS 34 Interim Financial Reporting and International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and all interpretations from the F
Slide 19: Shareholder matters: Share count and shareholder structure
Shareholder matters | Share count and shareholder structure Share count Figures in thousands Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Share transactions Shares outstanding (period end) 527,735 527,735 527,735 527,735 527,735 - Treasury shares (period end) 7,059 15,824 15,510 15,225 20,188 During the
Slide 20: Shareholder matters: Share transactions and forward contracts
Shareholder matters | Share transactions and forward contracts Share offering and share buy-back volumes (m) Forward contract overview Shares offered Shares acquired Expiry year # (m) Fwd price 2026 11.65 5.10 2027 9.86 5.86 2028 12.37 4.93 2029 14.89 5.90 24 2030 9.19 7.05 17 2031 1.70 7.89 14 13 1
Slide 21: Balance sheet summary
Balance sheet summary | Highly liquid asset base Balance sheet summary (NOKm) 1,400 1,200 196 206 1,000 322 800 19 600 1,053 400 722 200 0 Cash & Bank Investments Net fixed Net WC Other liab Equity ▪ Liquid balance sheet with limited proprietary trading activity and a modest and conservative securit
Slide 22: Subsequent events
Subsequent events | ABGSC closed the acquisition of FIH Partners A/S ▪ On 9 December 2025 ABGSC announced the acquisition of FIH Partners A/S ▪ The transaction closed on 2 January 2026 ▪ The settlement includes DKK 50m up-front payment (50/50 cash and shares), with a four-year contingent performance
Slide 23: Historical figures: Key financials in last nine quarters
Historical figures | Key financials in last nine quarters Income statement NOKm Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Revenues 545 403 510 392 628 407 570 476 720 Operating costs -416 -331 -390 -329 -476 -347 -437 -377 -520 Operating profit 130 72 120 64 152 59 133
Slide 24: Historical figures: Segment revenues in last nine quarters
Historical figures | Segment revenues in last nine quarters Segment revenues NOKm Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Corporate Financing 144 122 247 161 258 122 189 192 233 M&A and Advisory 259 128 128 107 215 113 226 156 334 Brokerage and Research 143 153 135 12
Slide 25: Historical figures: Key figures in last nine quarters
Historical figures | Key figures in last nine quarters Key figures NOK Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Headcount (average) 338 333 331 335 345 347 327 329 325 Revenues per head (average) 1.62 1.21 1.54 1.17 1.82 1.17 1.74 1.44 2.21 Operating costs per head (av
Slide 26: Financial calendar
Financial calendar 26 March 2026 | 2025 annual report release 15 April 2026 | Q1 2026 earnings release 16 April 2026 | Annual General Meeting 17 April 2026 | Ex. dividend date 7 July 2026 | Q2 2026 earnings release 13 October 2026 | Q3 2026 earnings release 10 February 2027 | Q4 2026 earnings releas
Slide 27: Company overview
Company overview SUNDAL COLLIER
Slide 28: Position
Position | Over 40 years of delivering value for clients and shareholders Leading full-service supplier operating in the Diversified and balanced business attractive Nordic investment banking market with consistent industry-leading profitability1) 2,911 Alternative M&A ECM Brokerage Investments 2,17
Slide 29: Strategy
Strategy | Profitable growth leveraging our best-in-class platform Priorities Enablers Objectives Grow market share People Minimum top 3 Increase share of wallet within current Attract, retain and develop top talent position across core operations and markets all key products Broaden reach and offer
Slide 30: Purpose
Purpose | Enable businesses and capital to grow and perform Vision: The Nordic Investment Bank of choice Excellence Dedication Persistence “We will outperform and provide “We work harder, and we are always “We never give up and can always best-in-class advice and execution” there for our clients” be
Slide 31: Office addresses
Norway Sweden United Kingdom Denmark ABG Sundal Collier ASA ABG Sundal Collier AB ABG Sundal Collier Ltd. ABG Sundal Collier ASA Pb. 1444 Vika Regeringsgatan 25 St Martin's Court Copenhagen Branch Ruseløkkveien 26 8th floor 25 Newgate St Forbindelsesvej 12 8th floor SE-11153 Stockholm 5th floor DK-2