ABG Sundal Collier (ABG) Q4 2025 earnings summary

Executive summary

• Ended the year with strong momentum, driven by client advisory, execution, and growth strategy, with Q4 revenues at NOK 720m (up 15%) and full-year revenues at NOK 2,172m (up 12%).

• Maintained profitability to support long-term investments, with record high revenues in M&A and continued strength in DCM.

• Broadened client offering to private banking and alternative investments, and joined forces with FIH Partners, Denmark's top independent financial advisor, strengthening the Danish market position.

Financial highlights

• Q4 revenue grew 15% to NOK 720 million, with full-year revenue up 12% to NOK 2.172 billion.

• Operating margin increased from 21% to 23% for the full year, with Q4 margin at 28%.

• Q4 EPS rose 24% to NOK 0.26; full-year EPS at NOK 0.66, up 18% year-over-year.

• Proposed dividend of NOK 0.55 per share, with a payout ratio of 83% of diluted EPS.

• Operating profit for Q4 was NOK 199.4m, up from NOK 152.0m in Q4 2024; full-year operating profit was NOK 490.8m, up from NOK 407.4m.

Outlook and guidance

• Entering 2026 with a stronger IPO backlog and improved pipeline diversification across products, sectors, and geographies.

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

• Target operating margin of 25% remains in focus; excluding new business investments, this level would already be achieved.