ABG Sundal Collier (ABG) investor relations material

Executive summary

• Achieved second highest Q3 revenues ever, with Q3 revenue up 21% year-over-year to NOK 476 million and EPS up 56%, reflecting strong operational leverage.

• Robust performance across all business segments, with notable strength in debt capital markets and increased equity capital market activity, especially in Sweden.

• Early success in Private Banking and Alternatives Investments, broadening the client base and diversifying revenues.

• Focus on becoming the leading Nordic investment bank, increasing revenue per head by at least 20% over the cycle, and executing selective expansion.

• Management remains committed to returning excess capital to shareholders through distributions and share buy-backs.

Financial highlights

• Q3 net profit was NOK 72.9 million, up from NOK 45.8 million last year; Q3 operating profit was NOK 98.7 million, up from NOK 63.7 million.

• Q3 revenue grew 21% year-over-year to NOK 476 million, with broad contributions across products and geographies.

• Q3 EPS rose 56% to EUR 14 from EUR 9; year-to-date EPS at EUR 41 vs EUR 35 last year.

• Operating margin for Q3 was 21%; year-to-date operating margin was 20%.

• Cash and cash equivalents at period end were NOK 1,129.4 million, up from NOK 533.2 million a year ago.

Outlook and guidance

• Optimism for Swedish IPO pipeline in coming quarters and continued hiring to support long-term growth.

• Long-term targets include a 20%+ increase in revenue per head and a mid-cycle operating margin of at least 25%.

• New business initiatives expected to improve profitability over time.

• Board committed to returning excess capital to shareholders.