ABG Sundal Collier (ABG) investor relations material

Executive summary

• Entered 2026 from a strong position but faced geopolitical uncertainty due to the war in Iran, impacting risk appetite and transaction activity, especially in March.

• Revenues reached NOK 440 million in Q1, with diluted EPS at NOK 0.08, down from NOK 0.09 year-over-year, reflecting higher costs from the FIH Partners acquisition and non-recurring items.

• Demonstrated resilience through a broad product offering and successful integration of FIH Partners, strengthening the Danish market position.

• Maintained a robust pipeline, with delayed execution but readiness to accelerate when markets normalize.

• Secondary trading and DCM performance were robust, while M&A remained stable in a seasonally quieter quarter.

Financial highlights

• Q1 revenues grew to NOK 440 million, nearing NOK 2.2 billion on a 12-month rolling basis.

• Operating margin was 13% for the quarter, adjusted for non-recurring acquisition and infrastructure costs and compensation-related items.

• Net profit for Q1 2026 was NOK 38.3 million, down from NOK 49.7 million in Q1 2025.

• Operating costs increased by 9% (NOK 30 million), primarily from FIH Partners integration and non-recurring costs, with total operating costs at NOK 379.4 million.

• Cash and cash equivalents at quarter-end were NOK 761.8 million, up from NOK 659.4 million a year earlier.

Outlook and guidance

• Pipeline remains strong and intact despite market delays; positioned for growth when market conditions stabilize.

• Expect continued structural growth in Nordic debt capital markets, though with cyclicality.

• Transaction activity is expected to recover as market stability improves, with the expanded platform well positioned to benefit.