ABG Sundal Collier (ABG) Q2 2025 earnings summary

Executive summary

• Q2 revenue grew 12% year-over-year to NOK 570 million, with diluted EPS rising to NOK 0.18 from 0.16.

• Launched major new business initiatives: Private Banking and ABG Alternatives, both showing early commercial success.

• M&A and Advisory was a key driver, with over 15 transactions and a 33% revenue increase year-over-year.

• Brokerage and Research operations contributed significantly to top-line growth.

• Maintained focus on independent advice and strong execution in volatile markets.

Financial highlights

• Q2 operating margin at 20%-23%, below the long-term target of 25%; new ventures negatively impacted margin by up to 3 percentage points.

• Q2 net profit was NOK 99.6 million, up from NOK 88.2 million year-over-year.

• Compensation-to-revenue ratio stable at 55%-57%, in line with historical averages.

• Total operating costs for H1 rose to NOK 784 million from NOK 721 million, mainly due to inflation.

• Cash and cash equivalents at period end were NOK 729 million, up from NOK 542 million a year earlier.

Outlook and guidance

• Committed to increasing revenue per head by 20% versus 2024 and achieving a mid-cycle operating margin of at least 25%.

• Expect cautious and selective headcount growth over the next 12–24 months.

• Underlying investor interest in ECM is returning, with several IPOs completed in June.

• The Board remains committed to returning excess capital to shareholders through cash and buy-backs.

• New business initiatives expected to contribute to profitability over time.