ABGSC Q1 2026 Report

Apr 15, 2026 at 6:26 AM UTC · Issued by Abg Sundal Collier Holding Asa

Watch Abg Sundal Collier Holding Asa explain itAbg Sundal Collier Asa (ABGSF) Q4 2025 Earnings Call · Replay · Feb 11

Resilient performance in volatile markets Revenues of NOK 414m (NOK 407m) Diluted EPS of NOK 0.08 (NOK 0.09)

INTERIM

REPORT

2026 Q1

CEO comments | Resilient performance in volatile markets

The first quarter was characterised by elevated market volatility and geopolitical uncertainty, leading to reduced transaction activity across our core markets and longer execution timelines. Against this backdrop, revenues were in line with last year, driven by robust secondary trading activity and a solid performance from DCM. While the pipeline remains intact, conversion is expected to depend on market conditions.

Execution remained constrained during the quarter, in line with historical patterns seen in periods of elevated market

volatility. Investor caution, particularly regarding geopolitical developments, weighed on ECM and DCM activity. Nevertheless, we completed one IPO in Norway and several DCM transactions. M&A performance remained stable despite it being a seasonally quieter quarter.

The Brokerage and Research segment performed robustly, driven by high secondary trading activity. This emphasises the resilience of our diversified model in periods of lower primary market activity.

Costs were elevated due to the acquisition of FIH Partners in Denmark and other one-off items in the quarter. Although the integration phase of FIH Partners has brought some temporary inefficiencies, including overlapping infrastructure and certain non-recurring items, integration is progressing in line with plan. These costs do not reflect the underlying run-rate. This acquisition is a deliberate step to strengthen our Danish franchise and expand our regional presence, and we expect it to contribute positively over time.

We expect transaction activity to recover when market stability improves. Thanks to our expanded platform and continued strategic focus, we are well positioned to benefit from normalised market conditions.

Jonas Ström, CEO

Key financial figures | Revenues of NOK 414m and diluted EPS of NOK 0.08 as the cost base rose, primarily with the consolidation of FIH Partners

Operating revenues (NOKm) Operating margin Diluted EPS (NOK)

21%

19%

15%

Q1 Q2 Q3 Q4

23%

Q1 Q2 Q3 Q4

2,172 2,179

1,933

1,704 1,707

720 720

628

508 545

476 476

303

392

356

406

379

510

570 570

407 414

487

426

403 407 414

414

407

+2%

0.67

0.65

0.56

0.50

0.26

0.44 0.21

0.17

0.18

0.03

0.09

0.14

0.13

0.07

0.16

0.18

0.09

0.08

0.17

0.12 0.11

0.09

0.08

0.09

-11%

2022 2023 2024 2025 L4Q 3M 25 3M 26

Operating margin of 13% in the quarter, adjusted for the following items:

Acquisition transaction costs, temporary overlapping infrastructure costs and other unrelated costs of a non-recurring basis (~3pp negative impact)
Net presentation of client interest vs. gross in prior quarters and higher compensation related to items recognised in net financials (~2pp impact)
Macro and market backdrop | Moderate equity market correction amid turbulent geopolitics creating significant volatility and widened credit spreads
Equity indices
S&P 500
MSCI Nordic
-4.6%
-2.0%
350
300
250
200
150
100
50
2017
2019
2021
2023
2025
Jan Feb Mar
Apr
0
Equity market volatility
S&P VIX
90
80
70
60
50
40
30
20
10
2017
2019
2021
2023
2025
Jan Feb Mar
Apr
0
Interest rates
10y US interest
10y German interest
6%
5%
4%
3%
2%
1%
0%
2017
2019
2021
2023
2025
Jan Feb Mar
Apr
-1%
Credit spreads
iTraxx X-over
800
700
600
500
400
300
200
100
2017
2019
2021
2023
2025
Jan
Feb Mar
Apr
0
S&P 500 was down 4.6% and MSCI Nordic down 2.0% in Q1
The VIX increased during the quarter, spiking above 30 and remaining volatile towards quarter-end
Long-term interest rates in both the US and Europe increased
Credit spreads widened towards the end of the quarter

Market volumes | Lower ECM and DCM activity during the quarter, with M&A volumes at subdued levels

Nordic primary ECM volumes (NOKbn)1) Nordic primary DCM volumes (NOKbn)2) Nordic M&A transactions (#)3)

-29%

-38%

-12%

139

256

234

252

237

262

241

210 209

90 89 85

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

-3%

-11%

IPO Primary placement Rights issue

-5%

131

101

192

160

229 219

969

945

950

922

813

301

247

267

147

105

2022 2023 2024 2025 L4Q

Source: Refinitv and Dealogic. Issuers listed on Nordic stock exchanges. Q4 2024 driven by the DSV A/S DKK 37.3bn deal
Source: Stamdate. Corporate high yield, Nordic issuers
Source: Mergermarket. Nordic targets, announced transactions with financial advisors. Last quarter estimate reflecting a time-lag in Mergermaket deal registration

Corporate Financing | Several deals closed across sectors despite softer market activity

Selected transactions
ECM - IPO	NOK 1.2bn	Industrials
ECM - SP	NOK 558m	Industrials
ECM - SP	NOK 450m	Energy
ECM - RI	SEK 205m	Consumer
ECM - PP	DKK 75m	Consumer
ECM - PP	Undisclosed	Renewables
DCM - HY	EUR 101m	TMT
DCM - HY	SEK 1bn	Business Services
DCM - HY	SEK 750m	Real Estate
DCM - HY	SEK 700m	Energy Services
DCM - HY	NOK 600m	Energy Services
DCM - HY	USD 50m	Industrials

Corporate Financing (ECM/DCM) revenues (NOKm)

Q1 Q2 Q3 Q4

789

736

749

258

580

233

519

144

124

161

192

122

137

132

247

189

122

134

196

182

122

134

122

134

+10%

2022 2023 2024 2025 L4Q 3M 25 3M 26

M&A and Advisory | Stable performance in a quarter with seasonally lower activity

Selected transactions

M&A and Advisory revenues (NOKm)

Q1 Q2 Q3 Q4

Sale of Printworks to Network of Design

Undisclosed Consumer

829

826

618

334

562

578

232

215

259

156

121

107

125

122

226

128

226

100

113

110

143

128

113

110

113

110

-3%

Sale of Fatjoe to Hawk Undisclosed TMT

Sale of Zøllner to Infra Group Undisclosed Industrials

Acquisition of Secure Spectrum by Formue

Undisclosed Financials

Sale of Tamigo to Accel-KKR Undisclosed TMT

Acquisition of Geomatikk by

Axcel

TA Associates' strategic

investment in Volue

Undisclosed Business

Services

Undisclosed TMT

2022 2023 2024 2025 L4Q 3M 25 3M 26

Brokerage and Research | Continued high client activity highlights the strength of our research and secondary trading platform

Brokerage and Research revenues (NOKm)

Q1 Q2 Q3 Q4

606

604

567

565

567

153

152

143

155

127

120

110

124

155

147

155

135

171

169

148

166

153

171

169

171

-1%

Revenue in line with a historically strong quarter last year, with
continued outperformance in Norway
Solid performance across geographies and products despite a more uncertain market backdrop
Well-positioned platform with broad client reach and strong

competitive standing

2022 2023 2024 2025 L4Q 3M 25 3M 26

Headcount | Total headcount stable y-o-y, with a significant strengthening of Investment Banking in Denmark through FIH Partners

Headcount average (FTE #) 1) Revenue per head (NOKm)

Investment Banking Markets Research Operations

+1%

332

342

336

332

333

347

351

134

140

134

138

142

143

161

6.5

5.7

5.1

5.0

1.2

+1%

2022 2023 2024 2025 L4Q 3M 25 3M 26 2022 2023 2024 2025 L4Q 3M 25 3M 26

Operating costs | Growth in the cost base following the FIH Partners acquisition and non-recurring items

Total operating costs (NOKm) Total compensation/revenue Non-compensation/head

Compensation Non-Compensation

1,681

1,713

1,525

1,308

1,381

487

506

429

365

393

1,195 1,207

943

988

1,096

347

115

379

135

245

232

+9%

55%

58%

57%

55%

57%

59%

1.5

1.1

1.2

1.3

0.3

0.4

2022 2023 2024 2025 L4Q 3M 25 3M 26

Higher total operating costs, primarily reflecting consolidation of FIH Partners, non-recurring costs and inflation
Increase in total compensation/revenue driven by higher contribution from net financials
Closing remarks | The leading full-service independent Nordic investment bank
Elevated volatility and geopolitical uncertainty reduced transaction activity
Quarterly revenues in line with last year, supported by secondary trading
Execution timelines extended; pipeline intact but dependent on market conditions
Strong Brokerage and Research performance driven by high secondary activity
Higher costs related to FIH Partners integration; expected to support long-term growth

Financial statements and supplementary information

Consolidated income and cash flow statements

NOKm	Q1 2026	Q1 2025	2025
Corporate Financing M&A and Advisory Brokerage and Research	134.3 110.3 169.2	122.0 113.3 171.3	736.5 829.5 606.1
Total revenues	413.8	406.6	2,172.1
Personnel costs	-244.5	-232.2	-1,194.7
Other operating costs	-111.2	-92.9	-398.3
Depreciation	-23.6	-22.2	-88.3
Total operating costs	-379.4	-347.3	-1,681.2
Operating profit	34.4	59.3	490.8
Net interest	18.0	6.6	11.9
Associates	-0.6	0.9	0.0
Other	-0.1	-0.8	-1.7
Net financial result	17.4	6.7	10.1
Profit before tax	51.8	66.1	501.0
Taxes	-13.5	-16.4	-129.6
Net profit	38.3	49.7	371.4

Profit / loss to non-controlling interests	-1.5	1.9	7.0
Profit / loss to owners of the parent	39.7	47.8	364.4

Condensed consolidated income statement (unaudited) Other comprehensive income

NOKm	Q1 2026	Q1 2025	2025
Net profit	38.3	49.7	371.4
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-29.6	-20.3	-20.3
Hedging of investment in foreign operations	27.7	20.4	22.5
Income tax relating to items that may be reclassified	-6.9	-5.1	-5.6
Total other comprehensive income	-8.8	-5.0	-3.4
Total comprehensive income for the period	29.5	44.6	368.0

Comprehensive income to non-controlling interests	-2.2	2.2	7.4
Comprehensive income to owners of the parent	31.7	42.4	360.6

Condensed cash flow statement

NOKm	Q1 2026	Q1 2025	2025
Cash and cash equivalents - opening balance	721.6	787.8	787.8
Net cash flow from operating activities	194.7	-128.7	202.9
Net cash flow from investing activities	-97.7	0.8	-13.0
Net cash flow from financing activities	-56.8	-0.5	-256.1
Net change in cash and cash equivalents	40.2	-128.4	-66.2
Cash and cash equivalents - closing balance	761.8	659.4	721.6

Consolidated balance sheet

Consolidated balance sheet (unaudited) Condensed statement of changes in equity

NOKm	3/31/2026	31/03/2025	31/12/2025
Intangible assets	325.3	166.3	189.2
Financial non-current assets	70.7	62.2	70.4
Tangible assets	379.2	419.2	369.6
Total non-current assets	775.2	647.7	629.2
Receivables	5,311.2	6,524.8	4,321.7
Investments	19.8	48.6	19.2
Cash and bank deposits	761.8	659.4	721.6
Total current assets	6,092.8	7,232.8	5,062.5
Total assets	6,868.0	7,880.5	5,691.7

Paid-in capital	156.5	156.8	155.8
Retained earnings	966.4	864.7	887.9
Equity attributable to owners of the parent	1,122.8	1,021.5	1,043.7
Non controlling interests	7.6	13.4	9.8
Total equity	1,130.5	1,034.9	1,053.4
Long-term liabilities	445.9	423.8	354.8
Short-term interest bearing liabilities	53.6	88.5	158.0
Short-term liabilities	5,238.1	6,333.3	4,125.5
Total liabilities	5,737.6	6,845.6	4,638.2
Total equity and liabilities	6,868.0	7,880.5	5,691.7

NOKm	Q1 2026	Q1 2025	2025
Equity attributable to owners of the parent - opening balance	1,043.7	1,044.3	1,044.3
Comprehensive income to owners of the parent	31.7	42.4	360.6
Payment to shareholders	0.0	0.0	-256.0
New issuing of shares	0.0	0.0	0.0
Change in own shares	47.5	-65.3	-105.3
Equity attributable to owners of the parent - closing balance	1,122.8	1,021.5	1,043.7
Equity attributable to non-controlling interests - opening balance	9.8	11.3	11.3
Comprehensive income to non-controlling interests	-2.2	2.2	7.4
Payment to shareholders	0.0	0.0	-8.9
Business combinations	0.0	0.0	0.0
Equity attributable to non-controlling interests - closing balance	7.6	13.4	9.8
Total equity - closing balance	1,130.5	1,034.9	1,053.4

Notes to the financial statements

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 Financial Reporting Interpretations Committee (IFRIC), which have been endorsed by the European Commission for adoption within the EU. The quarterly report is prepared using the same principles as those used for the 2024 annual report. The quarterly report is unaudited.
Judgments, estimates and assumptions
The preparation of condensed consolidated interim financial statements in accordance with IFRS and the application of the chosen accounting policies require management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a continuous basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. When preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimate uncertainty were the same as those that applied to the consolidated financial statements as of the period ending 31 December 2025.
Risk and uncertainty
As described in ABGSC's annual report, ABGSC's total risk exposure is analysed and evaluated at the group level. Risk evaluations are integrated in all business activities both at the group and business unit levels, increasing ABGSC's ability to take advantage of business opportunities. There has not been any significant change in the risk exposure or the risks and uncertainties described in the annual report.
Related parties
There have not been any changes or transactions with any related parties that significantly impact the Group's financial position or results for the period.
Segment information

The group segments its business primarily on a product level as this provides the best understanding of the Group's integrated operation. The Group does not allocate profits or split the balance sheet per product. Revenues are also split at an overall geographical level. Segment information is presented on other pages of this report, including on the historical quarterly summary pages.

Shareholder matters | Share count and shareholder structure

Share count

Figures in thousands	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Shares outstanding (period end)	527,735	527,735	527,735	527,735	527,735
- Treasury shares (period end)	15,824	15,510	15,225	20,188	13,778
+ Forward contracts outstanding (period end)	62,142	61,478	60,743	59,687	70,668
Diluted shares (period end)	574,053	573,703	573,253	567,233	584,625

Shares outstanding (average)	527,735	527,735	527,735	527,735	527,735
- Treasury shares (average)	10,308	15,657	15,393	19,132	14,685
+ Forward contracts outstanding (average)	57,628	61,914	61,349	60,292	65,179
Diluted shares (average)	575,055	573,992	573,691	568,895	578,229

Shareholder structure

Shares held by Directors and staff	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Shares held by Directors and Staff / Shares outstanding	29%	29%	29%	29%	27%
Shares and fwd contracts held by Directors and Staff / Diluted shares	38%	38%	37%	37%	36%

Share transactions

During the quarter, ABGSC sold 12.6m shares as part of the annual partner share offering.

ABGSC purchased 50k shares from a former partner

at an average price of NOK 7.82 per share.

Shareholder information

Shareholders by country (shares outstanding)	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Norway	70%	71%	71%	70%	71%
Great Britain	2%	2%	2%	2%	2%
USA	9%	9%	9%	9%	9%
Sweden	10%	9%	9%	9%	9%
Other	8%	8%	9%	10%	10%

For more information about the ABGSC share and its largest shareholders, please visit the Investor Relations section on the ABGSC website (https://www.abgsc.com).

Shareholder matters | ABGSC sold a total of 12.6m shares to new and existing partners and purchased 50k shares from former partners in the quarter

Share offering and share buy-back volumes (m) Forward contract overview

Shares offered Shares acquired

14 13 11 13

-1 0

-8

-15

-18

2022 2023 2024 2025 2026

Shares offered

Shares acquired

-1

2022

2023

2024

2025

2026

-18

-15

-8

Expiry year # (m) Fwd price

2026 10.48 5.12

2027 9.84 5.86

2028 12.37 4.93

2029 14.79 5.90

2030 9.19 7.05

2031 14.00 8.86

Total 70.67

The Board currently has a mandate from the shareholders to acquire a number of ABGSC shares corresponding to approximately 10% of the share capital. The one-year mandate is valid until the end of June 2026.

As part of the partner share incentive programme, several partners in the firm have entered into forward contracts for the future delivery of shares. Under the programme, new and certain existing partners are given the opportunity to acquire restricted partner shares at market price, with a 15% price adjustment reflecting several restrictions with regards to the selling (or purchasing) of these shares.

The forward settlement price is adjusted for changes in interest rates and any cash distribution paid to shareholders. The interest element in the forward contract will also be adjusted in cases where the contract is settled prior to the original expiry date.

Shareholder matters | Distribution to shareholders

Cash distribution to shareholders (per share) Pay-out ratio (DPS/Diluted EPS)

0.50

0.55

2022 2023 2024 2025

114%

100%

89%

82%

2022 2023 2024 2025

The Board is committed to returning excess capital to shareholders through cash and buy-backs of shares over time. Excess capital will be evaluated on a continuous basis, taking into consideration a number of factors, including market conditions, regulatory requirements, counterparty and market perceptions and the nature of our business.
Capital and balance sheet summary | Liquid asset base and solid capitalisation, maintaining satisfactory buffers to regulatory requirements
Core capital and regulatory capital ratio, period-end (NOKm) Balance sheet summary (NOKm)
73
20
762

1,130

462

187

1,400

691

671

674

623

582

15.6%

13.4%

14.1%

12.8%

11.9%

1,200

1,000

800

600

400

200

2022 2023 2024 2025 LQ

Cash & Bank Investments Net fixed Net WC Other liab Equity

Core Capital (MNOK) Core Capital ratio Regulatory minimum (8%)

ABGSC is well-capitalised with a core capital ratio of 1.5x the current regulatory minimum requirement.
Core capital reduced by ~NOK 100m from the FIH acquisition, as previously
indicated
Liquid balance sheet with limited proprietary trading activity and a modest and conservative security financing operation
Net working capital shall be close to neutral over time, but may be subject to
short-term fluctuations1)
Cash & Bank includes collateral cash deposits (stock borrowing, clearing, etc.)

FIH acquisition | The acquisition of FIH was completed in the quarter and goodwill of NOK 138m and net identifiable assets of NOK 35m have been recognised

Consideration

ABG Sundal Collier ASA ("ABGSC" or "the Group") acquired 100% of the shares in FIH Partners A/S on 2 January 2026, and the company has been consolidated from that date.

The transaction was structured as a cash-and-share consideration with an initial purchase price of DKK 50m, including a post-closing adjustment of DKK 9.7m related to excess cash at acquisition. In addition, the agreement includes a contingent consideration arrangement over four years with a maximum payment of DKK 150m.

At the acquisition date, the Group estimated the fair value of the contingent consideration at DKK 50m (NOK 79m), based on a probability-weighted assessment of expected future performance. The valuation is subject to significant estimation uncertainty, reflecting assumptions regarding future profitability, market conditions and realised synergies. Actual payments may differ from these estimates.

The total purchase consideration is summarised below:

	2 January 2026
Cash consideration inluding post-close adjustment	53,991
Consideration in kind (ABG shares)	39,466
Deferred consideration recognized	78,930
Total purchase consideration	172,386

Purchase Price Allocation

The assets and liabilities recognised as a result of the acquisition are as follows:

	2 January 2026
Deferred tax assets	85
Fixed assets	64
Right of use asset	35,552
Long term receivables	3,712
Short term receivables	16,116
Cash and cash equivalents	39,767
Total assets acquired	95,295
Lease liability	35,552
Trade and other short term liabilities	25,253
Total liabilities acquired	60,805
Net identifiable assets acquired	34,490
Goodwill	137,896
Net assets acquired	172,386

Goodwill recognised at the acquisition date represents the excess of the consideration transferred over the fair value of identifiable net assets acquired. The goodwill is attributable to expected synergies, the value of client relationships and sector expertise, as well as the contribution from key employees. The goodwill is not expected to be deductible for tax purposes.

Historical figures | Key financials in last nine quarters

Income statement
NOKm	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenues	403	510	392	628	407	570	476	720	414
Operating costs	-331	-390	-329	-476	-347	-437	-377	-520	-379
Operating profit	72	120	64	152	59	133	99	199	34
Net financial result	4	-2	-3	7	7	2	2	-1	17
Profit before tax	75	118	61	159	66	136	101	199	52
Taxes	-19	-30	-15	-42	-16	-36	-28	-49	-14
Non-controlling interests	2	-1	0	0	-2	-1	1	-5	1
Net profit	58	87	46	117	48	98	74	144	40

Balance sheet
NOKm	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Total non-current assets	705	679	664	664	648	653	628	629	775
Receivables	3,656	6,370	4,757	4,102	6,525	5,094	6,455	4,322	5,311
Investments	73	76	36	34	49	22	55	19	20
Cash and bank deposits	775	542	533	788	659	729	1,129	722	762
Total current assets	4,503	6,988	5,326	4,924	7,233	5,845	7,639	5,063	6,093
Total assets	5,208	7,667	5,989	5,588	7,881	6,498	8,267	5,692	6,868
Equity attributable to owners of the parent	1,051	875	923	1,044	1,021	864	939	1,044	1,123
Non-controlling interests	10	11	12	11	13	6	5	10	8
Total equity	1,061	886	934	1,056	1,035	870	943	1,053	1,130
Long-term liabilities	441	433	426	413	424	396	386	355	446
Short-term interest bearing liabilities	169	325	169	6	88	401	336	158	54
Short-term liabilities	3,538	6,023	4,460	4,113	6,333	4,832	6,602	4,125	5,238
Total liabilities	4,147	6,781	5,055	4,533	6,846	5,628	7,324	4,638	5,738
Total equity and liabilities	5,208	7,667	5,989	5,588	7,881	6,498	8,267	5,692	6,868

Historical figures | Segment revenues in last nine quarters

Segment revenues

NOKm	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Corporate Financing	122	247	161	258	122	189	192	233	134
M&A and Advisory	128	128	107	215	113	226	156	334	110
Brokerage and Research	153	135	124	155	171	155	127	153	169
Group	403	510	392	628	407	570	476	720	414
NOKm	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Norway	214	256	239	303	202	318	171	461	225
Sweden	144	195	114	199	144	201	240	168	122
Denmark	5	20	7	80	25	19	40	55	34
International	39	40	32	46	36	33	24	35	33
Group	403	510	392	628	407	570	476	720	414

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Headcount (average)	333	331	335	345	347	327	329	325	351
Revenues per head (average)	1.21	1.54	1.17	1.82	1.17	1.74	1.44	2.21	1.18
Operating costs per head (average)	-0.99	-1.18	-0.98	-1.38	-1.00	-1.33	-1.14	-1.60	-1.08
Operating cost / Revenues	82%	76%	84%	76%	85%	77%	79%	72%	92%
Total compensation / Revenues	57%	56%	59%	55%	57%	55%	56%	53%	59%
Operating margin %	18%	24%	16%	24%	15%	23%	21%	28%	8%
Return on Equity (annualised)	23%	36%	20%	32%	18%	42%	33%	37%	36%
Shares outstanding (period end)	527,735	527,735	527,735	527,735	527,735	527,735	527,735	527,735	527,735
Treasury shares (period end)	-7,109	-7,159	-7,059	-7,059	-15,824	-15,510	-15,225	-20,188	-13,778
Forward contracts outstanding (period end)	52,999	53,249	53,524	53,224	62,142	61,478	60,743	59,687	70,668
Diluted shares (period end)	573,624	573,824	574,199	573,899	574,053	573,703	573,253	567,233	584,625
Earnings per share (basic)	0.12	0.17	0.09	0.23	0.09	0.19	0.14	0.28	0.08
Earnings per share (diluted)	0.11	0.16	0.09	0.21	0.09	0.18	0.14	0.26	0.08
Book value per share (basic)	2.02	1.68	1.77	2.01	2.00	1.69	1.83	2.06	2.18
Book value per share (diluted)	2.33	1.98	2.08	2.29	2.33	2.01	2.14	2.37	2.51
Total capital adequacy	5,046	4,915	4,816	4,418	4,334	4,341	4,508	4,768	4,874
Core capital	632	633	636	691	630	620	614	674	582
Total capital adequacy ratio	13%	13%	13%	16%	15%	14%	14%	14%	12%
Minimum requirement coverage ratio	1.6x	1.6x	1.7x	2.0x	1.8x	1.8x	1.7x	1.8x	1.5x

Financial calendar

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 release

Company overview

Position | Over 40 years of delivering value for clients and shareholders Leading full-service supplier operating in the attractive Nordic investment banking market Diversified and balanced business with consistent industry-leading profitability1)

M&A

ECM

Brokerage

Alternative

Investments

Project

Finance

DCM

Research

Private

Banking

2,911

2,172 2,179

1,926

1,933

1,704 1,707

1,243

1,283

1,351

36%

1,137

33%

24%

25%

21%

23%

20%

23%

19%

21%

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 L4Q

Corporate Financing M&A and Advisory Brokerage and Research Operating margin %

17% annual average total shareholder return since listing

2026

2001

1997

1984

Strategy | Profitable growth leveraging our best-in-class platform

Priorities

Grow market share

Increase share of wallet within current core operations and markets

Broaden reach and offering

Deliver current and new core services to additional markets and client groups

Secure successful launch of new ventures

Stay lean and capital light

Keep front staff share >80% Distribution of excess capital

Objectives

Minimum top 3 position across all key products Increase revenue / head by >20%1) Operating margin >25%

Enablers

People

Attract, retain and develop top talent

Technology

Invest in- and utilise technology to improve offering and efficiency

Brand

Strengthen the ABGSC brand to support and fuel continued growth

Purpose | Enable businesses and capital to grow and perform

Vision:

The Nordic Investment

Bank of choice

Excellence

"We will outperform and provide

best-in-class advice and execution"

Dedication

"We work harder, and we are always

there for our clients"

Persistence

"We never give up and can always

be trusted to deliver"

Excellence. Always.

Norway

ABG Sundal Collier ASA Pb. 1444 Vika

Ruseløkkveien 26 8th floor

NO-0251 Oslo

Tel +47 22 01 60 00

Sweden

ABG Sundal Collier AB Regeringsgatan 25

8th floor

SE-11153 Stockholm Tel +46 8 566 286 00

United Kingdom ABG Sundal Collier Ltd. St Martin's Court

25 Newgate St

5th floor

UK-EC4M 7EJ London Tel +44 207 905 5600

Denmark

ABG Sundal Collier ASA Copenhagen Branch Forbindelsesvej 12

DK-2100 Copenhagen Ø Tel +45 3546 3000

Germany

ABG Sundal Collier ASA Frankfurt Branch Schillerstrasse 2

5. Obergeschoss

DE-60313 Frankfurt /Main Tel +49 69 96 86 96 0

USA

ABG Sundal Collier Inc. 140 Broadway

Suite 4604

US-10005 New York Tel +1 212 605 3800

Singapore

ABG Sundal Collier Pte Ltd 10 Collyer Quay

Ocean Financial Center #40-07, Singapore 049315

Tel +65 6808 6082

Switzerland

ABG Sundal Collier AG Representative Office Schwanenplatz 4

6004 Lucerne

Tel +41 79 502 33 39

This material has been prepared by ABG Sundal Collier ASA, or an affiliate thereof ("ABGSC").

This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of ABGSC as a result of using different assumptions and criteria. ABGSC is under no obligation to update or keep current the information contained herein. ABGSC, its directors, officers and employees' or cl ients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein and may at any time make purchases and/or sales in them as principal or agent. ABGSC may act or have acted as market-maker in the securities or other financial instruments discussed in this material. Furthermore, ABGSC may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Neither ABGSC nor any of its affiliates, nor any of ABGSC' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.

© 2026 ABG Sundal Collier ASA. All rights reserved. ABG Sundal Collier ASA specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect.