ABG Sundal Collier

5967007LIEEXZXIEMG822024-01-012024-12-31iso4217:NOK5967007LIEEXZXIEMG822023-01-012023-12-31iso4217:NOKxbrli:shares5967007LIEEXZXIEMG822024-12-315967007LIEEXZXIEMG822023-12-315967007LIEEXZXIEMG822022-12-315967007LIEEXZXIEMG822022-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXIEMG822022-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXIEMG822022-12-31ifrs-full:SharePremiumMember5967007LIEEXZXIEMG822022-12-31ifrs-full:RetainedEarningsMember5967007LIEEXZXIEMG822022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5967007LIEEXZXIEMG822022-12-31ifrs-full:NoncontrollingInterestsMember5967007LIEEXZXIEMG822023-01-012023-12-31ifrs-full:RetainedEarningsMember5967007LIEEXZXIEMG822023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember5967007LIEEXZXIEMG822023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5967007LIEEXZXIEMG822023-01-012023-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXIEMG822023-01-012023-12-31ifrs-full:SharePremiumMember5967007LIEEXZXIEMG822023-01-012023-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXIEMG822023-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXIEMG822023-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXIEMG822023-12-31ifrs-full:SharePremiumMember5967007LIEEXZXIEMG822023-12-31ifrs-full:RetainedEarningsMember5967007LIEEXZXIEMG822023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5967007LIEEXZXIEMG822023-12-31ifrs-full:NoncontrollingInterestsMember5967007LIEEXZXIEMG822024-01-012024-12-31ifrs-full:RetainedEarningsMember5967007LIEEXZXIEMG822024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember5967007LIEEXZXIEMG822024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5967007LIEEXZXIEMG822024-01-012024-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXIEMG822024-01-012024-12-31ifrs-full:SharePremiumMember5967007LIEEXZXIEMG822024-01-012024-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXIEMG822024-12-31ifrs-full:IssuedCapitalMember5967007LIEEXZXIEMG822024-12-31ifrs-full:TreasurySharesMember5967007LIEEXZXIEMG822024-12-31ifrs-full:SharePremiumMember5967007LIEEXZXIEMG822024-12-31ifrs-full:RetainedEarningsMember5967007LIEEXZXIEMG822024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember5967007LIEEXZXIEMG822024-12-31ifrs-full:NoncontrollingInterestsMember 1 ABG Sundal Collier | Annual Report 2024 ABG Sundal Collier Independent Nordic investment bank Annual Report 2024 Peter Fischli and David Weiss, HOW TO WORK BETTER, 1991 © Peter Fischli & David Weiss, courtesy of the artists and Peder Lund Photographer: Sigbjrn Andre Ulst 2 ABG Sundal Collier | Annual Report 2024 Paul Osipow OLYMPIA 6, 2012-13 Oil on canvas, 155 x 208 cm ..................... p. 25 Andreas Eriksson MEANDER VI, 2015 Oil on canvas, 200 x 125 cm ........ .............p. 27 Andreas Eriksson TRÄDSTAM (GRÅ), 2010 Oil and acrylic on canvas, 252 x 235 cm .........p. 28 Tom Sandberg UNTITLED (WOMAN BY POOL), 2006 Silver gelatin print, 68 x 185 cm .................p. 30 Per Kirkeby KOMPOSITION, 1981 Oil on canvas, 200 x 150 cm . ....................p. 31 Paul Osipow UNTITLED, 2017 Oil on canvas, 208 x 155 cm ..................... p. 92 Peter Fischli and David Weiss HOW TO WORK BETTER, 1991 Screenprint on paper, 69,5 x 50 cm ...............p. 1 Tom Sandberg HAIR, 2004 Silver gelatin print, 120 x 150 cm .. ................p. 3 Paul Osipow TUNG (HEAVY), 1995-97 Acrylic on canvas, 240 x 240 cm ..................p. 9 Per Kirkeby UNTITLED, 1996 Mixed media on panel, 122 x 122 cm ... .......p. 13 Per Kirkeby UNTITLED, 1997 Mixed media on panel, 122 x 122 cm .............p. 22 In art, as in business, creativity is everything The art in ABG Sundal Collier’s offices is more than mere decoration. Rather, it serves as inspiration. When we come into the office each day, we are greeted with a visual reminder of ingenuity, creativity, and outside-the-box thinking. These are important qualities to be reminded of, especially for us. At ABGSC, we are proud to be independent. We strive to be creative. And our vision is to be the most agile and respected investment bank in the Nordic region. The art in our offices elevates the environment in which we work and inspires us to achieve this vision. All of the pieces displayed in our offices are part of the Collier Collection and have been selected and placed by Jan Petter Collier. Among the pieces are some of the finest examples of contemporary Scandinavian and global art. To our clients, partners, visitors, and friends: we hope that, like us, you find inspiration in the art selected for our offices and this year’s annual report. LIST OF WORKS 3 ABG Sundal Collier | Annual Report 2024 32 Statutory Directors’ Report ............... 32-37 39 Consolidated Financial Statement .... 39-43 46 Notes to the Consolidated Financial Statement .......................... 46-72 73 Parent Company Financial Statement 73-77 78 Notes to the Parent Company Financial Statement .......................... 78-83 84 Responsibility Statement .................. 84 86 Auditor’s Report ................................ 86-91 92 Addresses ......................................... 92 04 Enabling businesses and capital to grow and perform .............. 4-5 06 Key Figures ...................................... 6-8 09 Comment by CEO & Chairman ........ 9-10 11 Purpose and Vision .......................... 11 12 Core Values ..................................... 12 14 Macro backdrop ............................... 14-15 16 Corporate Financing ........................ 16-18 19 M&A and Advisory ............................ 19-21 23 Brokerage and Research ................. 23-24 26 Executive Committee ....................... 26-28 29 The Board of Directors ..................... 29-31 Table of Contents Tom Sandberg, Hair, 2004 © Tom Sandberg / BONO 2025 4 ABG Sundal Collier | Annual Report 2024 Enabling businesses and capital to grow and perform ABG Sundal Collier (“ABGSC”) is built on an inclusive partnership culture and the ability to attract and develop top talent. The merger of Swedish ABG and Norwegian Sundal Collier in 2001 laid the foundation for today’s independent, full-service investment bank. We have a strong Nordic heritage, with corporate finance offices and operations in Norway, Sweden and Denmark and a global reach with offices in London, Frankfurt, Lucerne, New York and Singapore. Drawing on our superior transaction experience and network, we advise and guide clients in the acquisition, consolidation or sale of assets. We help companies and entrepreneurs fund their businesses through our unparalleled investor access and placement power. Our high-quality research and sales operations enables smarter investment decisions and ensures best-in-class trade flow matching and execution. We are committed to excellence and offer in-depth sector knowledge, extensive transaction experience and access to a wide network of companies and investors. We pride ourselves on delivering a first-class service and strive to achieve a high level of client satisfaction. As a financial partner, ABGSC is in it for the long haul. We work tirelessly to achieve our clients’ objectives, taking a holistic approach. When we take on new clients we make a long-term commitment, guiding them through the various stages of their business life cycle. ABGSC’s culture is defined by the fact that a large portion of our 5 ABG Sundal Collier | Annual Report 2024 employees are partners in the firm. This ownership component empowers employees and ensures a long-term commitment to the firm and our clients. As an independent investment bank, we always act in the best interests of our clients, and they have 100% of our focus at all times. As we hold leading market positions in all relevant corporate finance disciplines (equity, debt, and M&A), we have no product bias when advising our clients. Globalisation, increasing regulation and disruptive technologies are transforming businesses and industries. ABGSC is an agile and dynamic organisation, respected in the industry and able to adapt to changing environments and situations. Never satisfied with the status quo, we are constantly evolving our business and challenging our own way of working. This makes us well placed to advise and enable businesses and capital to grow and perform. 6 ABG Sundal Collier | Annual Report 2024 Group Key Figures (NOKm) 2020 2021 2022 2023 2024 Total revenues 1,926 2,911 1,704 1,707 1,933 Personnel costs -994 -1,563 -943 -988 -1,096 Non-personell costs -297 -312 -365 -393 -429 Total operating costs -1,291 -1,875 -1,308 -1,381 -1,525 Operating profit 635 1 036 396 325 407 Net profit 412 760 270 236 308 Book value per share 1) 2.01 2.69 2.13 1.96 2.01 Diluted average number of shares 2) 537 550 557 558 572 EPS (basic) 0.93 1.69 0.58 0.49 0.60 EPS (diluted) 0.78 1.39 0.50 0.44 0.56 Payment to shareholders per share 1.00 1.00 0.50 0.50 0.50 Return on equity 3) 52 % 72 % 24 % 24 % 31 % Headcount (average) 285 311 332 341 336 Revenues per head (average) 6.77 9.35 5.13 5.01 5.75 Total costs per head (average) -4.53 -6.02 -3.94 -4.05 -4.54 Total compensation / Revenues 52 % 54 % 55 % 58 % 57 % Total costs/ Revenues 67 % 64 % 77 % 81 % 79 % EBIT margin 33 % 36 % 23 % 19 % 21 % Key figures 1) Book equity at 31 December / (total number of shares – treasury shares) 2) Number of shares adjusted for treasury shares and shares on forward contracts, figures in million shares 3) Net result for the period/Average equity for the period 7 ABG Sundal Collier | Annual Report 2024 5.01 5.75 6.77 9.35 5.13 20242023202220212020 0.49 0.60 0.93 1.69 0.58 20242023202220212020 1,933 1,926 2,911 1,704 1,707 20242023202220212020 4.05 4.54 4.53 6.02 3.94 20242023202220212020 1,381 1,525 1,291 1,875 1,308 20242023202220212020 19 21 33 36 23 20242023202220212020 Revenue per head (Average) (NOKm) EPS basic (NOK) Total revenues (NOKm) Costs per head (Average) (NOKm) Total operating costs (NOKm) EBIT Margin (%) Key figures 8 ABG Sundal Collier | Annual Report 2024 344 Staff as of 31 December 2024 SWEDEN Stockholm Global reach Geographic Revenue Distribution 2024 Functional Revenue Distribution 2024 Norway 52 % Sweden 34 % Denmark 6 % International 8 % M&A and Advisory 30 % Brokerage and Research 29 % Corporate Financing 41 % Revenue 1,933 NOKm Revenue 1,933 NOKm SWITZERLAND Lucerne GERMANY Frankfurt UK London SINGAPORE NORWAY Oslo DENMARK Copenhagen US New York 9 ABG Sundal Collier | Annual Report 2024 Comment by CEO & Chairman Dear shareholders, clients and colleagues, We are pleased to present the annual report for 2024, a year when we celebrated our 40th anniversary with a solid financial performance and revenues increasing by 13%, close to the NOK 2bn mark. With looming geopolitical and macroeconomic uncertainty, it is fair to say that all our business segments are not running at full speed. The market for raising new equity and initial public offerings has remained sluggish, but the activity within high-yield bonds have been close to all-time highs. Activity within some sectors has also been lower than observed in recent years, but this has been compensated for by achieving higher volumes in other sectors, highlighting the benefits of diversification. While we recognise this inherent volatility and cyclicality of our industry, it is hardly reflected in our overall figures. Our diversified business mix, with a broad sector coverage and leading market positions within all key product areas, has provided a sound balance, making cyclicality less apparent over time. We take pride in our consistent profitability, having delivered close to 100 consecutive quarters with operational profitability since our listing in 2001. This year, we have refined our long-term strategy, setting a clear vision for the upcoming years. We strongly believe in our position as the leading independent investment bank in the Nordic region. Our business model is both straightforward and resilient: we act as an adviser and a facilitator. The foundation for our strategy is to continue to deliver top-quality services and always be available for our clients. We succeed when our clients succeed, as we make our earnings by delivering valuable insights, providing liquidity, and executing transformative transactions. Our interests are fully aligned with those of our clients, as our success is built on a long-term focus. This requires excellence, dedication, and persistence. Paul Osipow, Tung (Heavy), 1995-97 © Paul Osipow Photo: Courtesy of Galleri Riis 10 ABG Sundal Collier | Annual Report 2024 We believe in growing our business through a focused approach where we look to gain more market share within our current core business areas and through carefully broadening our service offerings to be more relevant to existing clients and to increase our client reach. To ensure that we also protect our profitability, we always need to work smarter and seek to become more efficient. Our three key enablers are People, Technology, and Brand. As a people-driven business, our success starts with talent. We are enhancing our processes and infrastructure to not only attract top professionals but also foster a collaborative culture where collective performance exceeds individual contributions. True diversification, for us, means bringing together individuals with different perspectives to deliver exceptional service to our clients. We are also accelerating the adoption of new technology to enhance productivity and efficiency. We believe we are well positioned to benefit from the rapid development of AI and other emerging technologies, with a clean and modern IT infrastructure and an agile and lean operation. At the same time, we are continuously working on developing our brand, an often-underestimated catalyst for growth in our industry. By ensuring that clients, prospects, and the market clearly understand our capabilities and core differentiators, especially our commitment to excellence and a client-first approach, we aim to generate stronger tailwinds for our business. A key milestone in 2025 is the launch of our Private Banking operation, a strategic expansion of our business and an area where we have great ambitions to provide a superior and unique offering to the market. Our performance in 2024 underscores the dedication and expertise of our team. We would like to extend our sincere gratitude to all our employees for their massive contributions, and to our clients, and shareholders for their continued trust and partnership. As we move forward into 2025, we do so with optimism, a clear strategic vision, and an unwavering commitment to delivering long-term value for all our stakeholders. Yours sincerely, Knut Brundtland, Chairman & Jonas Ström, CEO Knut Brundtland, Chairman Jonas Ström, CEO 11 ABG Sundal Collier | Annual Report 2024 Vision Purpose The Nordic Investment Bank of Choice To enable businesses and capital to grow and perform Quality focused advisory business Clear strategic direction operating in an active and diversified Nordic financial industry Lean and agile operation Slim operation with proven track record of adapting to changing markets Solid and asset-light model Well capitalised asset-light business model with limited financial risk taking Partnership model Significant staff ownership securing long-term commitment and alignment of interests Profitable, sustainable and growing Dedication to delivering strong returns primarily through cash flow to shareholders 12 ABG Sundal Collier | Annual Report 2024 Core Values Excellence We have high standards, providing best-in-class advice and execution Dedication We are fully committed and focused on everything we do Persistence We never give up and always deliver 13 ABG Sundal Collier | Annual Report 2024 Per Kirkeby, Untitled, 1996 © Per Kirkeby Estate 14 ABG Sundal Collier | Annual Report 2024 2024 was another year that turned out better than consensus thought at the start of the year. Global GDP growth was again revised up, and the US consumer continued to show resilience driving global economic growth. Growth disappointments were seen in Europe and China, and this triggered a policy response. Europe and other central banks have cut interest rates by 100-150bps as inflation has come under control and growth has weakened. The signals entering 2025 is that there is limited need for additional interest rate cuts. Despite the cuts, long term interest rates are stable, although they are at the high end of the levels seen over the past two years. We do not expect another leg up will materialise in 2025, and the current level for long term interest is appropriate. Entering 2025, the outlook is better, but not without risk. The labour market in the US shows some weakness, while savings ratios are on the rise amongst European and Chinese households, suggesting a negative view regarding the future, as people tend to save for a rainy day. Nevertheless, our expectation is that income growth will continue to drive growth in consumption, which points towards an acceleration, rather than a deceleration in industrial production and the global economy as a whole. This will limit the potential for further cuts by the central banks, but companies will do better. Improved demand, the neutral pricing picture, and better productivity growth should continue to support company earnings. The key risk for 2025 are big political events that could alter the picture. Trade wars, stricter immigration policies, more frequent natural disasters, continued diplomatic conflicts, and pressure on NATO members to increase defence spending, are all signals of an unclear landscape. As such, companies need to prepare for low probability but high impact events and continue to invest in their organisations, while building robust business models. The recent experience is that companies have so far navigated well. Most companies have protected their margins and earnings and therefore have improved their balance sheets. As such, most companies are in a strong position to continue to create shareholder value for the years to come. Macro backdrop 15 ABG Sundal Collier | Annual Report 2024 Interest rates Equity indicesEquity market volatility (S&P VIX) 10y US interest 10y German interest S&P 500 MSCI Nordic 0 50 100 150 200 250 300 0 10 20 30 40 50 60 70 80 90 -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 6.0% 5.0% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 16 ABG Sundal Collier | Annual Report 2024 Corporate Financing ABGSC is a leading provider of corporate financing services, supporting corporate clients when they seek to raise capital through either equity or debt financing within Nordic capital markets. Equity Capital Market (ECM) transactions typically include initial public offerings (IPOs), private placements, rights issues and secondary block trades. ABGSC is a force within ECM with a strong market position, and normally taking a leading role in transactions in a range of sectors across the Nordics. Within the Debt Capital Market (DCM), ABGSC focuses on the non-investment grade bond segment. In recent years, ABGSC has expanded its debt offering by providing direct lending independent debt advisory and sourcing services such as loans, factoring, and leasing. ABGSC is compensated through fees subject to the successful completion of a given transaction. In 2024, revenues from corporate financing activities were NOK 789m, up 36% from NOK 580m in 2023. 2024 could well be dubbed the year of DCM, as this segment showcased its strengths after a modest start, ultimately reaching record-high levels. Market activity has been close to record levels with representation from nearly all sectors. A key highlight of the year was the influx of foreign investors and issuers drawn to the Nordic market due to favourable terms compared to traditional bank financing. ABGSC successfully executed a broad range of major DCM transactions, further solidifying its market leading position. Notable deals included First Camp (Sweden), EcoDataCenter (Sweden), NES Fircroft (Norway), and Wrist Ship Supply (Denmark). At the start of the year, the ECM segment remained sluggish, characterised by a lack of IPOs and other primary capital market activities. By early summer, we began to see signs of an improvement in market conditions. Although we did not, and still do not, consider the IPO window fully open, ABGSC advised on all four Swedish main market IPOs during the year: Prisma, Cinclus Pharma, Intea, and Apotea. 580 789 1,045 1,713 519 20242023202220212020 Corporate Financing revenues (NOKm) 2024 proved to be a record year for DCM activity, with robust demand across sectors and an influx of international investors. ABG Sundal Collier strengthened its leading position by delivering innovative debt solutions and executing major transactions that showcased the appeal of the Nordic market. – Kristoffer Sletten, Head of Fixed Income. “ Corporate Financing revenues 789 NOKm 17 ABG Sundal Collier | Annual Report 2024 In summary, ECM activity in 2024 was selective. Nonetheless, ABGSC maintained its strong position within Nordic ECM, completing several primary and secondary placements. Notable transactions included Vår Energi (Norway), Höegh Autoliners (Norway), Stendörren (Sweden), and Gubra (Denmark). In total, ABGSC concluded 50 DCM transactions and 49 ECM transactions, including five IPOs, during 2024. Against an at times challenging market backdrop, ABG Sundal Collier leveraged its expertise to successfully execute key transactions, including multiple main market IPOs. Our role as a trusted advisor in Nordic equity financing remains steadfast, ensuring strong outcomes for our clients. – Erik Skog, Co-Head of ECM and Head of Investment Banking Sweden. “ 18 ABG Sundal Collier | Annual Report 2024 Selected Corporate Financing transactions DCM – HY SEK 2.3bn Consumer DCM – HY NOK 1.6bn TMT DCM - HY SEK 1.3bn SEK 550m Industrials DCM - HY NOK 1.2bn Energy DCM - HY SEK 1.0bn Real Estate DCM - HY USD 350m Industrials DCM – HY EUR 200m Shipping ECM – IPO SEK 2.5bn Real Estate ECM – IPO SEK 1.9bn Consumer ECM - IPO SEK 1.8bn Real Estate ECM - IPO SEK 787m Health care ECM - PP SEK 2.0bn Real Estate ECM – PP NOK 1.0bn Renewables ECM – PP SEK 505m Real Estate ECM - SP NOK 3.7bn Energy ECM – SP NOK 1.1bn Shipping ECM - SP NOK 706m NOK 350m NOK 294m Consumer ECM – SP NOK 512m Consumer ECM - SP SEK 455m SEK 400m SEK 240m Consumer ECM – SP DKK 150m Health Care 19 ABG Sundal Collier | Annual Report 2024 ABGSC has been a Nordic market leader within Mergers & Acquisitions (“M&A”) and Advisory for several years, participating in more transactions than any other financial advisor in the region. Our M&A and Advisory services product area primarily involves advising companies in relation to mergers, acquisitions and sell-side transactions, in addition to various real asset transactions and other advisory services. ABGSC is normally compensated by its clients through a combination of fixed retainers and transaction fees. In 2024, the Nordic M&A market showed some growth compared to the relatively subdued activity seen in 2023. While buyers and sellers still faced challenges aligning their price expectations, the gap began to narrow. Despite these improvements, dealmakers remained cautious, with economic uncertainties, inflation concerns and geopolitical tensions continuing to impact M&A activity. ABGSC closed the year on a strong note, having advised in 41 transactions during the year, including nine public-to-private transactions, reinforcing our leading position in the Nordic M&A market. Total M&A and advisory revenues of NOK 578m were consistent with our historical performance and an increase from NOK 562m in 2023. There were several highlights throughout the year. In Q1, our team served as sell-side advisers to STIM when it was acquired by Summa Equity. In Q2, ABGSC advised Logistea when the company entered into an agreement with KMC Properties to acquire the operations in the KMC Properties group. Our team also acted as a joint financial adviser when Hydro and Macquarie Asset Management formally announced the beginning of their renewable energy partnership, Hydro REIN. 562 578 381 595 618 20242023202220212020 M&A and Advisory M&A and Advisory revenues (NOKm) M&A and Advisory revenues 578 NOKm 20 ABG Sundal Collier | Annual Report 2024 Notable transactions in Q3 included the sale of Kanari to Conscia Group, a leading provider of cybersecurity and networking solutions, where ABGSC acted as the financial adviser to Kanari’s owners. In Q4, ABGSC served as the financial adviser to Arendals Fossekompani, the largest shareholder of Volue, in connection with Edison Bidco’s offer to acquire the remaining shares. We also acted as financial advisor and receiving agent in the tender offer by Olympus BidCo to acquire the remaining shares in business services provider ECIT. Additionally, in Denmark, ABGSC advised Spar Nord Fonden, the largest shareholder of Spar Nord, on the recommended public offer by Nykredit. ABGSC also offers real estate investment opportunities through a pan-Nordic platform comprising the fully owned subsidiary ABG Project Finance, which operates in Norway and Denmark, and the partly owned ABG Fastena, covering Sweden and Finland. The real estate market remained challenging throughout 2024. However, we observed decreased volatility towards the second half of the year alongside a gradual return of risk appetite as easing inflation led to declining interest rates. Over the year, ABG Project Finance completed 12 transactions totalling NOK 2.25 bn, while ABG Fastena carried out five transactions with a total value of SEK 400 million. Despite a somewhat challenging macroeconomic environment, we maintained our position as a leading M&A adviser in the Nordics, successfully closing a strong year. The market showed signs of recovery, and we capitalised on emerging opportunities, executing a high number of transactions across sectors. Our ability to navigate complex deal dynamics and deliver value to our clients underscores the strength of our platform and the expertise of our team. – Kristian B. Fyksen, Head of Investment Banking and CEO ABGSC Norway “ 21 ABG Sundal Collier | Annual Report 2024 Selected M&A transactions and restructurings Voluntary tender offer NOK 4.7bn Business Service Partnership between Hydro Rein and Macquarie Asset Management USD 333m Renewables Sale of Kanari to Conscia Undisclosed TMT Sale of 50% stake in Kvarøy Smolt AS to Kobbvåglaks and Seløy Sjøfarm Undisclosed Seafood Financial advisor to Logistea SEK 13bn Real Estate Sale of Maritech to CAI Software Undisclosed TMT Partnership between Safe Life and Bonnier Capital Undisclosed Health Care Nykredit’s recommended public tender offer for Spar Nord DKK 24.7bn Financials Sale of STIM to Summa Equity Undisclosed Seafood Financial advisor to Topdanmark DKK 33bn Financials Voluntary tender offer NOK 6.1bn TMT Sale of Oppdal Skisenter to Alpinco Undisclosed Real Estate Sale of Wint to Norvestor Undisclosed TMT 22 ABG Sundal Collier | Annual Report 2024 Per Kirkeby, Untitled, 1997 © Per Kirkeby Estate 23 ABG Sundal Collier | Annual Report 2024 567 501 603 567 565 20242023202220212020 Brokerage and Research ABGSC offers considerable insight and market access, with a leading investor reach and a highly recognised research team covering close to 500 companies as of year-end 2024 with our equity and credit research products – among the highest number of any Nordic investment bank. With offices across the globe, we offer a powerful, integrated platform that matches client trading flows within equities, bonds, derivatives, structured products, and FX. ABGSC also has a limited proprietary trading operation, primarily supporting our client trading and corporate market-making activities. ABGSC’s revenues derive from a combination of trading commissions and separate payments for either investment advisory and research services, or from fixed payments from companies for commissioned research or market making services. In 2024, the revenues from brokerage and research once again proved remarkable stability relative to recent years, totalling NOK 567m. 2024 was marked by geopolitical turbulence including the U.S. election and persistent inflation during the autumn. These factors dampened expectations for more substantial interest rate cuts, which held back investors’ risk appetite. Against this backdrop, our equity and credit sales operations completed several successful block placings and record-high debt capital market transactions. Throughout the year we continued to focus on developing our highly ranked research operation and idea-driven brokerage business, building credibility with investors, sharing knowledge and offering high-quality investment advice. Overall, the activities of our research and brokerage teams continued to make a strong contribution to revenues, achieving a robust and very stable performance despite the cyclicality of our business. Brokerage and Research revenues 567 NOKm Brokerage and Research revenues 567 NOKm Brokerage and Research revenues (NOKm) 24 ABG Sundal Collier | Annual Report 2024 In 2024, our research team earned top rankings in several external surveys. In Norway, ABGSC retained its overall second-place position in the Kapital rankings, securing the #1 spot for the best individual analyst overall. Additionally, in the Kantar Sifo Prospera rankings, we maintained our #2 position in Norway and were ranked #3 in Sweden, and we are proud to have achieved a total of 27 podium places for sector coverage. Our brokerage teams continued to maintain their strong performance across external surveys. In Norway, ABGSC was awarded the #1 spot for best brokerage in Kapital’s rankings, with 23% of the total votes. In Sweden, we achieved podium places in all three categories in the Kantar Sifo Prospera rankings, including the #1 spot for the important “Sales business ideas” category. Despite a relatively challenging market in 2024, our Brokerage and Research team delivered a very solid performance, securing top rankings and maintaining our market- leading placing power. Our global platform and idea-driven approach enabled us to identify opportunities and provide unparalleled support for our clients. – Olof Cederholm, Co-Head of Equities “ 25 ABG Sundal Collier | Annual Report 2024 Paul Osipow, Olympia 6, 2012-13 © Paul Osipow Photo: Courtesy of Galleri Riis 26 ABG Sundal Collier | Annual Report 2024 26 ABG Sundal Collier | Annual Report 2024 Executive Committee Jonas Ström CEO Jonas Ström joined the firm in 2011. Prior to joining ABGSC, he was Head of Debt Capital Markets at Öhman and he has also worked as a Portfolio Manager at Swedbank Robur. Ström has a MSc in Economics from the Gothenburg School of Economics. Geir B. Olsen CFO Geir B. Olsen joined the firm in 2002. He was previously Head of Business Development and Projects and has also worked within Equity Sales and Investment Banking. Olsen holds a MSc of Business an Economics from Handelshøyskolen BI. Jessica Blink Head of Legal Jessica Blink joined the firm in 2006. She has a Master of Laws (LL.M.) and a MSc in Business Administration and Economics from Stockholm University. Kristian B. Fyksen Head of Investment Banking and CEO ABGSC Norway Kristian B. Fyksen joined the firm in 2016. He previously worked at DNB Markets. Fyksen has a MSc in Economics and Resource Management from the Norwegian University of Life Sciences. 27 ABG Sundal Collier | Annual Report 2024 Erik Skog Co-head of ECM and Head of Investment Banking Sweden Erik Skog joined the firm in 2018 and has previously worked at Royal Bank of Scotland, Goldman Sachs and Nordea. Skog has a MSc in Economics and Business from Stockholm School of Economics. Kristoffer Sletten Head of Fixed Income Kristoffer Sletten joined the firm in 2017 and has previously worked at Nordea Markets. Sletten has a MSc in Investments and Finance from University of Strathclyde. Olof Cederholm Co-head of Equities Olof Cederholm re-joined the firm in 2011. Before coming back to ABGSC, he worked at UBS. Cederholm has a BBA from Northwood University. Andreas Eriksson, Meander VI, 2015 © Andreas Erikkson / BONO 2025 28 ABG Sundal Collier | Annual Report 2024 Hans Øyvind Haukeli Co-head of Equities Hans Øyvind Haukeli joined the firm in 2001 and has a MSc from the Norwegian School of Management. John Olaisen Head of Research John Olaisen joined the firm in 2012. He previously worked at Carnegie, Terra and Abacus/International Capital Growth. Olaisen has a MSc from Fribourg University in Switzerland. Andreas Eriksson, Trädstam (grå), 2010 © Andreas Erikkson / BONO 2025 29 ABG Sundal Collier | Annual Report 2024 Martina Klingvall Board Member Martina Klingvall has a startup background and is known for challenging old business models, and championing modern leadership and digital opportunities. She has extensive experience from the Telecom industry, both from working at Telenor in Sweden and Norway, but also from starting up and running a new mobile operator, Telness, in Sweden. Klingvall holds a degree in engineering from the Royal Institute of Technology, KTH. Jan Petter Collier Deputy Chairman Jan Petter Collier was one of the two founders of Sundal Collier in 1984 and is currently a partner within Investment Banking. From 1992 until 2004, he was the Executive Chairman and from 2004 to 2010 he was the CEO of ABGSC. Prior to founding Sundal Collier he was Chief Executive of Tennant and Deputy General Manager of Rogalandsbanken. Knut Brundtland Chairman Knut Brundtland joined the firm as Group CEO in 2010. Prior to this, he held several board positions and has also been the CEO of Voss of Norway ASA. Brundtland also has 15 years’ experience as a lawyer and partner with the law firm BAHR in Oslo. He holds a law degree from the University of Oslo. 29 ABG Sundal Collier | Annual Report 2024 The Board of Directors Adele Bugge Norman Pran Board Member Adele Bugge Norman Pran has extensive experience from board positions, developing companies and transactions, with experience from Herkules Capital and PWC Deals. Pran holds a degree in law from the University of Oslo, and a master in auditing and accounting from NHH. She has also studied advanced mathematics at Harvard University and has an International Baccalaureate from United World College, Atlantic. Pran’s extensive board experience includes roles on the boards of Yara ASA, B2Holding ASA, Hitec Vision AS and Motorgruppen AS, among others. 30 ABG Sundal Collier | Annual Report 2024 Tom Sandberg, Untitled (Woman by pool), 2006 © Tom Sandberg / BONO 2025 31 ABG Sundal Collier | Annual Report 2024 Arild A. Engh Board Member Arild Abel Engh is an independent investor. Since 2018 he has operated Melesio AS, a partner owned private investment company. He has 30 years of experience within investment banking, financial analysis and investments. Engh joined ABGSC in 1993 and headed the Investment Banking Division from 1999 to 2018. Before joining ABGSC he was involved in the cruise, oil service, bulk shipping and TMT industries. Engh holds an MSc degree in Petroleum Engineering from the Norwegian Institute of Technology (NTH Trondheim) and also completed post graduate studies in Finance at the Norwegian School of Economics (NHH Bergen). Cecilia Marlow Board Member Cecilia Marlow is a full time non-executive board professional and investor. She has experience from various industries and ownership structures, including listed companies as well as the finance sector. Marlow previously worked as a CEO in retail for some 20 years and she holds an MBA from the Stockholm School of Economics. Per Kirkeby, Komposition, 1981 © Per Kirkeby Estate 32 ABG Sundal Collier | Annual Report 2024 ABGSC is an independent Nordic investment bank established in 1984 and founded on an inclusive partnership culture and the ability to attract and develop top talent. Our strategy is to be an advisor and an intermediary, and our core product offering comprises corporate advisory, corporate financing, investment research and brokerage services. COMMENTS ON THE ANNUAL ACCOUNTS Highlights 2024 again demonstrated the solidity and diversity of our operation, with diversified revenues across Corporate Financing, M&A and Advisory, and Brokerage and Research. Despite a continued lack of IPOs, Corporate Financing revenues increased, primarily driven by higher activity within the high yield bonds segment. Our Brokerage team also showcased an impressive ability to create liquidity and manage complex transactions. Our position in our core markets is solid and well- defended despite the challenging conditions. Operating profit for 2024 increased by 25% to NOK 407m and diluted EPS for 2024 was NOK 0.56 compared to NOK 0.44 for 2023. The Board has decided to propose a payment to shareholders of NOK 0.50 per share for the accounting year 2024. Pursuant to the Norwegian Accounting Act, the Company confirms that the parent company accounts, based on Norwegian GAAP, have been prepared on a going concern basis. Group accounts have also been prepared on a going concern basis, based on International Financial Reporting Standards (IFRS), as adopted by the EU. Income Statement Revenues from Corporate Financing services increased from NOK 580m in 2023 to NOK 789m in 2024 (+36%). In 2024, Nordic primary ECM volumes were up 4% compared to 2023, while Nordic primary DCM volumes were up 68%. During the year, ABGSC conducted 50 DCM transactions and 49 ECM transactions, including five IPOs. Revenues from M&A and Advisory services increased from NOK 562m in 2023 to NOK 578m in 2024 (3%). In 2024, the number of M&A transactions in the Nordic markets was up 18% compared to 2023. In total, ABGSC advised 41 M&A transactions and managed 17 direct real estate investments. Revenues from Brokerage and Research services of NOK 567m were in line with 2023 (NOK 565m). Total operating costs for the year were NOK 1,525m compared to NOK 1,381m in 2023 (+10%). The main driver for the cost increase is the profitability-driven compensation model increasing variable remuneration. Start-up costs related to the investments in new business initiatives, general cost inflation and the continued weakening of NOK all contributed to the higher cost base. Operating profit for 2024 was NOK 407m (NOK 325m in 2023), an increase of 25%. The net financial result was NOK 6m compared to NOK -6m in 2023. Net profit after tax was NOK 307m (NOK 237m in 2023), resulting in EPS (basic) of NOK 0.60 (NOK 0.49 in 2023). Balance Sheet and Liquidity ABGSC maintained a strong balance sheet throughout 2024. Our asset base largely consists of short-term receivables and bank deposits. The Group’s capital adequacy following the proposed NOK 0.50 dividend payment to shareholders at the end of 2024 was 2.0x (1.6x in 2023) the requirement set by The Financial Supervisory Authority of Norway. The capital ratio before the proposed payment to shareholders was 2.7x for 2024 (2.2x in 2023). ABGSC has positive cash flow from its operations, although due to the nature of our business, working capital requirements can be subject to significant daily fluctuations. To meet varying liquidity demands from Group operations, we have established overdraft facilities with our main banks. ABGSC’s level of liquidity was solid throughout 2024. ABG Sundal Collier Holding ASA (“the Company”) together with its subsidiaries (“ABGSC” or “the Group”) is a Nordic investment bank listed on the Oslo Stock Exchange. The Group’s headquarters are in Oslo, with other offices in Stockholm, Copenhagen, London, Frankfurt, Lucerne, New York and Singapore. Statutory Directors’ Report 33 ABG Sundal Collier | Annual Report 2024 Financial Statement for the Parent Company The parent company receives dividends or group contributions from subsidiaries to pay a dividend to the shareholders. In 2024, the parent company received NOK 325m in dividends and group contributions, compared to NOK 287m in 2023. The balance sheet is good, with a book equity to total capital of 39% after dividend allocation. Allocation of Profit The net profit of the Company was NOK 234m, and the Board proposes that the Annual General Meeting adopt the following allocation: Payment to shareholders NOK 264m From other equity NOK -30m Total allocated NOK 234m Following the allocation above, the Company will have a share premium and other equity of NOK 352m. Shareholders The Company’s share price closed at NOK 7.08 on 31 December 2024 (NOK 6.80 on 31 December 2023). Shareholders received a total payment of NOK 0.50 per share during 2024, implying a total return of 11.5% in 2024. The Oslo Børs main index (OSEBX) increased by 9% in the same period. At the end of 2024, ABGSC had 6,336 shareholders, and the Group’s partners and Board members owned approx. 30% of the total shares outstanding and 36% of the total diluted shares. Although ABGSC is a publicly listed company, the Board believes in the importance of preserving the company’s partnership ethos. The Group’s key staff are significant owners of the Company, providing a reassuring alignment of interests between shareholders and staff. We strongly believe that these coinciding interests help us to reduce operational risk and ensure a long-term focus on providing the best possible advice to our clients while maintaining a clear understanding of the importance of the Group’s financial performance. Other Conditions Risk management is an integral part of ABGSC’s core business activities. While conducting our business operations, ABGSC is exposed to a variety of risks. These include market, credit, liquidity, operational and currency risks that are material and require comprehensive controls and management. ABGSC aims to maintain a low risk profile. For a further description of the Group’s risk profile and risk management policy, see Note 5 to the Consolidated Financial Statement. A separate description pertaining to risk control in financial reporting is included in the Board’s Corporate Governance report. The Board has approved the overall limits for market risk for equity trading, bond trading, securities financing, and foreign exchange. ABGSC’s main trading activities are carried out on a short-term basis with a low level of overnight exposure. Any breach of the defined limits is reported to the Board of Directors. The purpose of the trading activities is to facilitate client orders and profit from market arbitrage opportunities and market volatility. The Executive Committee, act as the Group’s Credit Committee, approving policies and limits for client financing, cash collateral and the pledging of shares within the mandate approved by the Board of Directors. Changes in collateral value are monitored daily and adjustments are made by either reducing exposure or providing additional collateral. Regular stockbroking transactions are settled on a delivery versus payment basis, such that the credit risk is minimised to the difference between the unsettled amount and the market value of the shares. The Board is not aware of any matters arising during the year that have had a materially negative effect on the Company’s or the Group’s business position. COMMENTS ON CORPORATE GOVERNANCE Implementation and Reporting on Corporate Governance ABGSC is committed to the Norwegian code of practice for Corporate Governance as issued by NUES (the Norwegian Corporate Governance Board) and has implemented sound corporate governance regulations and practices for the Group. The ABGSC Corporate Governance Policy is published on the ABGSC website and should be read in combination with this statutory report to understand the overall compliance with the Code of Practice. 34 ABG Sundal Collier | Annual Report 2024 Equity and Dividends 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 continual basis, taking into consideration several factors including market conditions, regulatory requirements, counterparty and market perceptions and the nature of our business. ABGSC’s balance sheet and liquidity position are very solid relative to our capital requirements. Consequently, the Board will propose to the AGM a payment to shareholders of NOK 0.50 per share for the accounting year 2024 (NOK 0.50 in 2023). The Board currently has a mandate from the shareholders to acquire a number of ABG shares corresponding to approx. 10% of the share capital. The one-year mandate is valid until the end of June 2025. Under the mandate, ABGSC purchased 775,000 ABG shares in 2024. The Board currently has a mandate from the shareholders to issue a number of new ABG shares corresponding to approx. 20% of the share capital. The one-year mandate is valid until the end of June 2025. Under the mandate, ABGSC issued 30,271,700 new ABG shares in 2024. Equal Treatment of Shareholders and Transactions with Close Associates Internal guidelines require that special approval is required for any transactions whereby members of the Board or management might have conflicting interests with the Group. During 2024, there were no such transactions requiring special approval. General Meetings The ordinary general meeting was held on 18 April 2024. Shareholders had the opportunity to participate in, and vote at, the general meeting without being present by giving proxy to the Company. Knut Brundtland represented the Board of Directors at the AGM. The Nomination Committee and the auditor did not attend the AGM. No extraordinary general meeting was held in 2024. Nomination Committee In 2024, the Nomination Committee consisted of Stein Aukner, Roy Myklebust and Leiv Askvig. The committee is thereby independent of the Group’s executive management and Board of Directors. The shareholdings and fees of the members of the Nomination Committee are disclosed in Note 9 to the Consolidated Financial Statement. Board of Directors: Composition and Independence The Board of Directors is of the opinion that, overall, it has sufficient expertise and capacity to carry out its duties in a satisfactory manner. The Board of Directors has six members, including three males and three females, and the composition represents sufficient diversity of background and expertise. The Board members serve for a period of one year unless re-elected. Four of the current members are independent of the Company’s main shareholders, the Company’s executive personnel and material business contacts. No executive personnel are members of the Board. Three out of six of the Board members own shares in the Company. Board member shareholdings are disclosed in Note 9 to the Consolidated Financial Statement. The Work of the Board of Directors The Board held nine board meetings in 2024. Three meetings were physical meetings, and the rest were held as video conferences. Board members’ total attendance in 2024 was 95%. The Board of Directors has established the Compensation Committee and the Audit Committee as sub-committees. In 2024, the Compensation Committee consisted of Knut Brundtland as chairperson and Arild A. Engh as a member, together with a non-management staff representative. The Compensation Committee is thereby independent of the Group’s executive management. The Compensation Committee met three times in 2024 in relation to the remuneration process in the Group. In 2024, the Audit Committee consisted of Adele Norman Pran as chairperson and Arild A. Engh as a member. The Audit Committee is thereby independent of the Group’s executive management. The Audit Committee had five meetings during 2024. 35 ABG Sundal Collier | Annual Report 2024 Risk Management and Internal Control The Board of Directors has drawn up general policies and guidelines for management and control. These policies deal with the Board’s responsibility for determining the Group’s risk profile, approval of the organisation of the business, assignment of areas of responsibility and authority, requirements concerning reporting lines and information flow as well as management and internal control requirements. The Board and CEO’s areas of responsibility are defined in the rules of procedure for the Board and instructions for the CEO, respectively. The Audit Committee supervises the financial reporting process and ensures that the internal controls in relation to financial reporting function effectively. Among other things, the Audit Committee reviews the quarterly and annual accounts and reports. The Group Finance team is headed by the Head of Financial who reports to the CFO and is responsible for matters such as financial reporting, direct and indirect taxes, and financial internal controls. On behalf of the CFO, the Group Finance team identifies, assesses, and monitors the potential risk of errors in the group’s financial reporting. The Group Finance team prepares the financial reports of the Group and ensures that such reporting is in line with prevailing legislation, accounting standards, current accounting guidelines and other relevant external and internal regulations. Processes and several control measures have been prepared to ensure that the financial reporting is of high quality. These measures include rules concerning authorisations, reconciliations, IT controls and management reviews. The Group Finance team prepares a presentation to the Audit Committee every quarter, with details of any questions to be discussed by the committee. All quarterly and annual reports to the shareholders are reviewed by the Audit Committee with a special focus on correct revenue recognition, correct accrual for costs and the accounting treatment and presentation of any items of a non-recurring nature. The external auditor participates in the meetings of the Audit Committee. The Group Compliance team is organised as an independent control function separate from the business areas and with established dual reporting lines to the CEO and the Chairman of the Board. The objectives of the function are to support and advise senior management in its work with internal steering and control and to ensure compliance with applicable securities law and other relevant regulations for conducting the business, to advise senior management in its work with risk assessment, management, and to control risks within the business and ensure that procedures, limits, and guidelines are adhered to. The Compliance function takes a risk-based approach to allocate the function’s resources efficiently. A compliance risk assessment is used to determine the focus of the monitoring and advisory activities of the Compliance function. The risk assessment takes into account the applicable obligations under relevant international and national laws and regulations, relevant factors in the regulatory environment, the business structure, findings based on annual internal control assessments and ICAAPs, signals from the business and its key staff/managers, signals from the Executive Committee, the Board and relevant internal or external audit findings as well as alerts and findings from monitoring activities and surveillance systems. Based on the risk assessment and any other relevant signals, a high-level annual Group Compliance Plan and derived local monitoring plans are established to ensure that compliance risks are comprehensively monitored. The Compliance function reports regularly to the Executive Committee and the Board. The Executive Committee receives written risk reports on a weekly basis, and the Board receives written compliance and risk control reports before every board meeting. Risk management and internal control has been on the Board of Director’s agenda at most board meetings so that the Board can comprehensively assess the Group’s risk and internal control environment. The Board of Directors has received a summary of the annual internal risk and internal control assessment process, which also reflects the risk and control assessment performed at the business area level supplemented by an independent internal control assessment by the internal auditor. 36 ABG Sundal Collier | Annual Report 2024 Liability insurance ABGSC has entered into liability insurance for members of the Board of Directors and the CEO for their potential liability towards the Company and third parties. Remuneration of the Board of Directors Knut Brundtland has received NOK 2,200k as board fee from the subsidiary ABG Sundal Collier ASA. Jan Petter Collier received remuneration as partner of ABGSC for 2024. Arild A. Engh received NOK 1,696k in 2024 for paid assignments. Other than this, no members of the Board of Directors have undertaken additional paid assignments for the Company in 2024. Remuneration of the Board of Directors complies with the Code of Practice, and details are disclosed in Note 9 to the Consolidated Financial Statement. Remuneration of Executive Personnel Remuneration of executive personnel complies with strict regulatory remuneration codes in the relevant countries in which the Group operates, as well as the Code of Practice as demonstrated in the Corporate Governance Policy. Remuneration to executive personnel is disclosed in Note 9 to the Consolidated Financial Statement. Auditor The Group’s auditor is Deloitte. Eivind Bollum Berge is responsible partner for the third year. Memberships, political donations, and governmental support There were no political contributions during the year, in line with our policy. ABGSC has not received any financial assistance from any governments during the year. ABGSC is a member of the Norwegian Securities Dealers Association, the Swedish Securities Dealers Association, AksjeNorge and the Norwegian Petroleum Society (NPF). COMMENTS ON SUSTAINABILITY For sustainability related information and disclosures, please see the 2024 Sustainability Report available on ABGSC’s website. 37 ABG Sundal Collier | Annual Report 2024 PROSPECTS FOR 2025 2024 demonstrated the solidity and diversity of our operations. In the absence of an active market for IPOs, we have been able to capture a fair share of the vibrant segment for high yield bonds, been a market leader within the public-to-private M&A segment and upheld the solid contribution from secondary brokerage and research advisory services. Inflation, interest rates and geopolitical risks remain key topics as we enter the new year. Increased geopolitical instability and the outlook for a potential trade war are likely to have significant impact on markets and transaction activity. We have seen signs of a revived appetite for IPOs in the Swedish market and this may trigger similar interest in other parts of the region. Furthermore, at the start of 2025, debt capital markets continue to be very active while we see a positive momentum within M&A. Our transaction pipeline is larger than at the same time last year and is well adapted to the prevailing market conditions. Our key priority remains to provide best in class advisory services to our clients across geographies, industries, and products and improve the efficiently of our operations. We are also looking forward to the upcoming launch our new Private Banking operation. Oslo, 26 March 2025 (sign) (sign) (sign) Knut Brundtland Martina Klingvall Adele Norman Pran Chairman (sign) (sign) (sign) Jan Petter Collier Arild A. Engh Cecilia Marlow (sign) Jonas Ström CEO 38 ABG Sundal Collier | Annual Report 2024 ABG Sundal Collier | Annual Report 2024 39 CONSOLIDATED FINANCIAL STATEMENT ABG Sundal Collier | Annual Report 2024 40 Consolidated statement of comprehensive income ALL AMOUNTS IN NOK 1,000 Profit / loss for the year attributable to: Notes 2024 2023 Owners of the parent 307,733 236,329 Non-controlling interests -674 985 Diluted earnings per share 21 0.56 0.44 Basic earnings per share 21 0.60 0.49 Consolidated statement of other comprehensive income Items that may be reclassified to profit or loss Exchange differences on translating foreign operations 13 40,925 22,705 Profit/loss on hedges of net assets of foreign operations 13 -42,100 -20,654 Income tax relating to items that may be reclassified 13 10,525 5,164 Total other comprehensive income 9,350 7,214 Total comprehensive income for the year 316,409 244,528 Total comprehensive income for the year attributable to: Owners of the parent 316,841 242,768 Non-controlling interests -432 1,760 OPERATING REVENUES AND COSTS Notes 2024 2023 Corporate Financing 788,540 579,986 M&A and Advisory 577,730 561,767 Brokerage and Research 566,529 564,979 Total operating revenues 3 1,932,799 1,706,732 Personnel costs 9 1,096,223 987,967 Other operating costs 9 340,621 309,438 Depreciation 11 , 15 88,600 83,884 Total operating costs 1,525,443 1,381,289 Operating profit 407,356 325,443 FINANCIAL INCOME AND COSTS Interest income 185,373 132,168 Result from associated companies 16 -1,427 -5,445 Other financial income 3,532 576 Interest costs -176,167 -131,708 Other financial costs -5,027 -1,177 Net financial result 6,284 -5,585 Profit before taxes 413,639 319,858 Tax cost 10 106,581 82,544 NET RESULT FOR THE YEAR 307,059 237,314 ABG Sundal Collier | Annual Report 2024 41 Consolidated statement of financial position as of 31.12 ALL AMOUNTS IN NOK 1,000 ASSETS Notes 2024 2023 Non-current assets Intangible assets Deferred tax assets 10 54,021 46,135 Goodwill 14 93,308 93,308 Other intangible assets 15 19,855 19,274 Total intangible assets 167,184 158,717 Tangible non-current assets Office equipment and fittings 15 45,783 54,420 Right-of-use assets 11 387,116 435,167 Total tangible non-current assets 432,899 489,587 Financial non-current assets Long-term receivables 8 19,943 28,232 Investments in associates 16 40,422 34,478 Other shares 12 3,872 2,610 Total financial non-current assets 64,236 65,320 Total non-current assets 664,319 713,624 Notes 2024 2023 Current assets Receivables Accounts receivables 6 - 8, 19 3,650,772 1,401,633 Receivables from stockbrokers 6 - 8 222,065 947,529 Other receivables 6, 8 , 17 229,171 320,585 Total receivables 12 4,102,008 2,669,748 Investments Securities and financial instruments 6, 12 34,111 14,164 Cash and bank deposits Cash and bank deposits 6, 12, 20 787,801 525,709 Total current assets 4,923,920 3,209,621 TOTAL ASSETS 5,588,239 3,923,245 ABG Sundal Collier | Annual Report 2024 42 Consolidated statement of financial position as of 31.12 ALL AMOUNTS IN NOK 1,000 (sign) (sign) (sign) Knut Brundtland Martina Klingvall Adele Norman Pran Chairman (sign) (sign) (sign) Arild A. Engh Cecilia Marlow Jan Petter Collier (sign) Jonas Ström CEO The Board of ABG Sundal Collier Holding ASA Oslo, 26 March 2025 EQUITY AND LIABILITIES Notes 2024 2023 Equity Paid-in-capital Share capital 22 121,379 114,417 Treasury shares at nominal value 22 -1,624 -1,990 Share premium 39,038 25,397 Total paid-in-capital 158,793 137,824 Retained earnings 885,496 821,893 Equity attributable to owners of the parent 1,044,289 959,716 Non controlling interests 14 11,274 11,707 Total equity 4 1,055,563 971,423 Liabilities Non-current liabilities Deferred tax 10 8,718 8,718 Long-term provisions 8 36,321 26,777 Lease liabilities 11 363,880 393,729 Deposits from partners 4,120 4,120 Total non-current liabilities 413,039 433,344 Current liabilities Notes 2024 2023 Accounts payable 6, 8 30,383 27,736 Liabilities payable to customers 6 - 8, 12 2,648,457 1,283,840 Securities and financial instruments (short positions) 6, 12 88 0 Liabilities payable to stockbrokers 6 - 8, 12 705,197 560,100 Income tax payable 6, 8, 10 63,038 42,829 Public dues payable 6, 8 37,791 32,011 Lease liabilities 11 64,918 78,881 Bank overdraft liability 6,442 2,880 Other liabilities 6, 8, 17 563,322 490,201 Total current liabilities 12 4,119,636 2,518,478 Total liabilities 4,532,675 2,951,822 TOTAL EQUITY AND LIABILITIES 5,588,239 3,923,245 ABG Sundal Collier | Annual Report 2024 43 Consolidated cash flow statement ALL AMOUNTS IN NOK 1,000 CASH FLOW FROM FINANCING ACTIVITIES 2024 2023 Repayment of loans 0 -90 Change in bank overdraft 3,562 -67,093 Repayment of lease liabilities -79,731 -71,676 Paid-in equity 20,604 4,236 Change in own shares 7,441 -57,667 Payment to shareholders -260,313 -248,732 Net cash flow from financing activities -308,437 -441,022 Net increase/ (decrease) in bank deposits, cash and cash equivalents 262,092 -306,245 Bank deposits, cash and cash equivalents as of 1 January 525,709 831,954 Bank deposit, cash and cash equivalents as of 31 December 787,801 525,709 CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Profit before taxes 413,639 319,858 Interest income -185,373 -132,168 Interest received 181,729 128,680 Interest costs 176,167 131,708 Interest paid -158,651 -112,649 Total other comprehensive income before taxes -1,175 2,051 Taxes paid -84,358 -92,990 Depreciation 88,600 83,884 Result from associated companies 1,427 5,445 Change in investments -19,859 42,410 Change in accounts receivables/receivables from other stockbrokers -1,523 ,675 -340,893 Change in accounts payable/payable to customers and other stock- brokers 1,512,362 255,860 Change in other current assets/liabilities 183,306 -147,889 Net cash flow from operating activities 584,140 143,306 CASH FLOW FROM INVESTING ACTIVITIES Purchase of fixed assets /intangible assets -13,895 -8,257 Investments in financial non-current assets -344 -273 Received dividend from associates 628 0 Net cash flow from investing activities -13,611 -8,530 ABG Sundal Collier | Annual Report 2024 44 Consolidated statement of changes in equity ALL AMOUNTS IN NOK 1,000 Cumulative Non- Share Retained translation controlling Share capital Own shares premium earnings differences interests Total equity Shareholders' equity as of 1 January 2023 111,169 -1,304 24,408 864,520 20,319 7,596 1,026,706 Net result for the year 236,329 985 237,314 Other comprehensive income 5,164 1,276 775 7,214 Payment to shareholders -248,732 0 -248,732 Share issues 3,248 988 4,236 Change in own shares -686 -56,981 -57,667 Business combinations 2,350 2,350 Shareholders' equity as of 31 December 2023 114,417 -1,990 25,397 800,298 21,595 11,707 971,423 Net result for the year 307,733 -674 307,059 Other comprehensive income 10,525 -1,417 242 9,350 Payment to shareholders -260,313 0 -260,313 Share issues 6,962 13,641 20,604 Change in own shares 366 7,075 7,441 Shareholders' equity as of 31 December 2024 121,379 -1,624 39,038 865,317 20,179 11,274 1,055,563 ABG Sundal Collier | Annual Report 2024 46 Notes to the Consolidated Financial Statement Policies Note 1 – Accounting policies Note 2 – Significant accounting judgements and estimates Segments Note 3 – Information about segments and geographical markets Risks Note 4 – Capital ratio Note 5 – Risk management Note 6 – Market risk Note 7 – Credit risk Note 8 – Liquidity risk Income statement Note 9 – Wages and social costs Note 10 – Taxes Note 11 – Rental costs and lease commitments Statement of financial position Note 12 – Fair value measurement of financial assets and liabilities Note 13 – Hedging of net assets of foreign operations Note 14 – Goodwill, acquisitions and non-controlling interests Note 15 – Fixed assets Note 16 – Investments in associated companies Note 17 – Other receivables and liabilities Note 18 – Guarantees and mortgages Note 19 – Accounts receivables Note 20 – Cash and bank deposits and funds on client accounts Other Note 21 – Earnings per share Note 22 – Shareholder information Note 23 – Forward contracts for ABGSC shares held by partners of the Group Note 24 – Related parties Note 25 – Legal matters / disputes Note 26 – Significant subsequent events 47 ABG Sundal Collier | Annual Report 2024 ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED Note 1 – Accounting policies General information When the Group has less than a majority of the voting rights of an investee, it has power over an investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the ABG Sundal Collier Holding ASA (“the Company”) is a public limited company and its head office is in investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether the Vika, Oslo in Norway. The Company together with is subsidiaries (“ABGSC” or “the Group”) provides company’s voting rights in an investee are sufficient to give it power, including: investment banking, stock broking and corporate advisory services that encompass the needs of both international investors and Nordic business clients. The Company’s shares are listed on the Oslo Stock • Potential voting rights held by the Group, other vote holders and other parties, Exchange. • Rights arising from other contractual arrangements, and • Any additional facts and circumstances that indicate that the Group has, or does not have, the current The consolidated financial statements comprise ABG Sundal Collier Holding ASA and its subsidiaries. The ability to direct the relevant activities at the time that decisions need to be made, including voting consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional patterns at previous shareholder’s meetings. currency of the Company. Except as indicated, the amounts presented have been rounded to the nearest thousand. See Note 24 in the consolidated financial statement for a complete list of subsidiaries. The consolidated financial statements for the Group for the year 2024 were approved by the Board of Associates are those entities for which the Group has significant influence, which is the power to Directors of ABG Sundal Collier Holding ASA on 26 March 2025. participate in (but not control) the financial and operating policy decisions of the associates to obtain benefits from its activities. Significant influence generally exists when the Group controls between 20% and Basis of preparation 50% of the voting power of the investee. The consolidated financial statements for the Group are prepared in accordance with the International Investments in associates are accounted for using the equity method and are initially recognised at cost. Financial Reporting Standards (IFRS) published by International Accounting Standards Board (IASB) and The investments include goodwill identified on acquisition, net of any accumulated impairment losses. The all interpretations from the Financial Reporting Interpretations Committee (IFRIC), which have been consolidated financial statements include the Group’s share of the total recognised gains and losses of endorsed by the EU commission for adoption within the EU as well as additional Norwegian reporting associates, from the date that significant influence commences until the date that significant influence requirements pursuant to the Norwegian Accounting Act. The accounting policies applied to the ceases. If the Group’s share of losses exceeds its interest in an associate, the carrying amount of that consolidated financial statements are described below. The policies have been applied in the same associate is valued at zero and recognition of further losses is ceased. If the associate subsequently manner in all presented periods, unless otherwise stated. reports profits, the Group resumes recognizing its share of profits only after its share of profits equals the The consolidated financial statements are prepared on the historical cost basis, except for certain financial share of losses not recognised. assets. Shares and equity instruments, derivatives, short positions, bonds, and other debt instruments are See Note 16 in the consolidated financial statement for a reconciliation of investments in associated measured at fair value through profit or loss. companies. ABGSC’s consolidated financial statements comprise the parent company ABG Sundal Collier Holding The purchase method is applied when accounting for business combinations. Companies which have been ASA and companies in which ABG Sundal Collier Holding ASA has a controlling interest. bought or sold during the year are included in the consolidated financial statements from the date when Control is achieved when the Group: control is achieved and until the date when control ceases. • has power over the investee, All Group-internal transactions and intercompany balances, including internal profits and unrealised gains • is exposed, or has rights, to variable returns from its involvement with the investee, and and losses, have been eliminated. • can use its power to affect its returns. The Group reassesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements listed above. ABG Sundal Collier | Annual Report 2024 48 Segment reporting An operating segment is a component of an entity that engages in business activities from which it may earn revenues and incur expenses. Furthermore, the entity’s component’s operating results are regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and thus separate financial information is available. There are three reporting segments representing the following products levels: Corporate Financing, M&A and Advisory and Brokerage and Research. See Note 3 for financial segment reporting. Revenue recognition ABGSC accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customer. Revenue is recognised when it is probable that transactions will generate future economic benefits that will flow to the company and when the amount can be reliably estimated. IFRS 15 also requires us, for each contract with a given customer, to complete the following: (1) identify the performance obligation; (2) determine the transaction price; (3) allocate the transaction price to performance obligation, to the extent the contract covers more than one performance obligation; (4) determine whether revenue should be recognised over time, or at a given point in time; and, finally (5) recognise revenue when (or as) the performance obligation is satisfied. Brokerage and Research Commissions income from trades are recognised at specific points in time as the performance obligation is satisfied at trade date. Ongoing services, such as fixed-price research, are recognised over time and typically billed periodically. Discretionary fees from research are recognised where there is deemed to be no uncertainty related to ABGSC’s right to claim compensation for research provided. Corporate Financing / M&A and Advisory Revenue from service delivery is recognised in conjunction with the execution of the services used to complete an engagement. Revenue from performance fees is recognised upon completion of the transaction, or if there is deemed to be no uncertainty related to ABGSC’s right to claim compensation for a transaction. Fixed fees (contractual sign-on fees or periodical fees) are recognised at the time they are earned. Accounting of partnership Some of the subsidiaries in the Group are the principal partners in silent partnerships. The relations are as follows: • ABG Sundal Collier ASA is the principal partner in ABG Sundal Collier silent partnership • ABG Sundal Collier Eiendom AS is the principal partner in ABG Sundal Collier Eiendom silent partnership • Sundal Collier & Co AS is the principal partner in Sundal Collier & Co silent partnership • ABG Project Finance AS is the principal partner in ABG Project Finance silent partnership The silent partnerships’ accounts are fully incorporated in the financial statements of the principal partner. The partner’s share of the profit is classified as variable personnel cost in the income statement, while unpaid profits to partners are classified as current liabilities. Capital contributions from partners are classified as long-term liabilities in the accounts of the principal partner. Foreign currency Transactions and balance sheet items in foreign currency Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated into the functional currency using the exchange rate applicable on the balance sheet date. Unrealised foreign exchange differences on unsettled foreign currency monetary assets and liabilities are recognised in the income statement. Unrealised exchange differences on non-monetary financial assets (typically investments in equity instruments) are a component of the change in the instrument’s entire fair value. For a non-monetary financial asset at fair value through profit or loss, unrealised exchange differences are recognised in the income statement. For non-monetary financial investments, unrealised exchange differences are recorded directly in equity until the asset is sold or becomes impaired. Net assets in foreign operations Foreign subsidiaries’ assets and liabilities have been translated into functional currency at the exchange rates on the balance sheet date. Revenues and expenses from foreign subsidiaries have been translated using the monthly average exchange rates during the year. Translation gains and losses on both foreign operations and related hedging instruments are recognised in equity as a separate component (cumulative translation differences). When a foreign operation is disposed of, in part or in full, the relevant amount in the translation reserve (both foreign operation and related hedging instrument) is transferred from equity and recognised in the income statement as part of the gain or loss. ABG Sundal Collier | Annual Report 2024 49 • A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification The Group did not make any such adjustments during the periods presented. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated statement of financial position. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described under the “Impairment of financial assets”. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs and are included in administration costs in profit or loss. As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Group has not used this practical expedient. For a contract that contain a lease component and one or more additional lease or non-lease components, the Group allocates the consideration in the contract to each lease component on the basis of the relative stand-alone price of the lease component and the aggregate stand-alone price of the non-lease components. Financial instruments Financial assets and financial liabilities are recognised in the Group’s statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss. Leases The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as an administration cost on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: • Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable • Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date • The amount expected to be payable by the lessee under residual value guarantees • The exercise price of purchase options if the lessee is reasonably certain to exercise the options • Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease The lease liability is presented as a separate line in the consolidated statement of financial position. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of- use asset) whenever: • The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate • The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used) ABG Sundal Collier | Annual Report 2024 50 that are an integral part of the effective interest rate. Accrued interest is included in the carrying amount of the liabilities in the balance sheet. Determination of fair value For financial instruments traded in active markets, the determination of fair values of financial assets and financial liabilities is based on quoted market prices or dealer price quotations. For all other financial instruments, fair value is determined using valuation techniques. Valuation techniques include net present value techniques, the discounted cash flow method and valuation models. The Group uses widely recognised valuation models for determining fair values of financial instruments. The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional factors including model risks, liquidity risk and counterparty credit risk. Based on the established fair value and the related controls and procedures applied, management believes that these valuation adjustments are necessary and appropriate to fairly state the values of financial instruments carried at fair value on the balance sheet. Impairment of financial assets In relation to the impairment of financial assets, IFRS 9 requires an expected credit loss model. The expected credit loss model requires the Group to account for expected credit losses and changes in those expected credit losses at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. Specifically, IFRS 9 requires the Group to recognise a loss allowance for expected credit losses on: • Debt investments measured subsequently at amortised cost or at FVTOCI • Lease receivables • Trade receivables and contract assets • Financial guarantee contracts to which the impairment requirements of IFRS 9 apply As impairment of financial assets is only applicable to the Group’s receivables, the Group applies the simplified approach and recognizes lifetime ECL for these assets, measuring the loss allowance at an amount equal to lifetime ECL. The assessment is performed on a receivable-by-receivable basis. Definition of default The Group considers the following as constituting an event of default for internal credit risk management purposes as historical experience indicates that financial assets that meet either of the following criteria are generally not recoverable: • when there is a breach of financial covenants by the debtor; or • information developed internally or obtained from external sources indicates that the debtor is unlikely to pay its creditors, including the Group, in full (without considering any collateral held by the Group). The Group classifies its financial assets in the following categories: financial assets and liabilities at fair value through profit and loss, and financial assets and liabilities at amortized cost. Management determines the classification of financial instruments at initial recognition. Financial assets and liabilities measured at fair value are presented in the balance sheet as “Securities and financial instruments” and “Securities and financial instruments (short positions)” and consist of derivatives, short positions, fixed income, and equity securities. Financial assets and liabilities Classification and measurement of financial assets Debt instruments that meet the following conditions are measured subsequently at amortised cost: • the financial asset is held within a business model whose objective is to hold financial assets to collect contractual cash flows; and • the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Receivables from transactions with other stockbrokers and counterparties are measured subsequently at amortised cost. Unsettled security trades transacted prior to the year-end for which settlement does not occur until after year-end are recorded under accounts receivable and accounts payable to customers / stockbrokers. These financial assets are measured at fair value on initial recognition, and subsequently they are measured at amortized cost using the effective interest method, less allowance for impairment. As the receivables are generally short term, the effect of amortization is minimal. The losses arising from impairment are recognised in the income statement in “administration costs”. By default, all other financial assets are measured subsequently at fair value through profit or loss (FVTPL). Financial assets and liabilities measured at fair value are presented in the balance sheet as “Securities and financial instruments” and “Securities and financial instruments (short positions)” and consist of derivatives, short positions, fixed income, and equity securities. Financial assets FVTPL are initially recognised and subsequently measured at fair value in the balance sheet. Transaction costs are taken directly to profit or loss. Changes in fair value are recognised in the income statement in “brokerage and research revenue”. Financial liabilities Short positions in shares are carried at fair value. All other liabilities are carried at amortized cost. Financial liabilities measured at amortised cost are recognised initially at fair value net of transaction costs incurred, and subsequently are carried at amortised cost using the effective interest method. Amortised cost is calculated by considering any discount or premium on the issue and fees and costs ABG Sundal Collier | Annual Report 2024 51 Where hedge accounting is applied, the Group documents, at the inception of the hedge, the relationship between the hedged items and the hedging instruments, as well as the Group’s risk management objective and strategy for undertaking the hedges. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. Hedges of net investments in foreign operations seek to eliminate the currency exposure on the carrying amount of the Group’s net investments in foreign subsidiaries in the consolidated financial statements. The exchange differences arising from the translation of net investments in foreign subsidiaries into the presentation currency are recognised directly in other comprehensive income. The effective portion of the gains or losses on hedging instruments is also recognised within other comprehensive income, net of tax. Any ineffective portion of changes in the fair value of hedging instruments is recognised immediately in the income statement in the Net Financial Result. The amounts recognised in other comprehensive income are transferred to the income statement upon disposals of hedged foreign subsidiaries. See Note 13 for further information. Goodwill All business combinations are accounted for by applying the purchase method. Goodwill represents the difference between the cost of the acquisition and the fair value of all identifiable assets and liabilities acquired. Goodwill is not amortised but tested yearly for impairment. Goodwill is allocated to the relevant cash- generating unit, and if the related discounted cash flow does not exceed the carrying amount of goodwill, the goodwill will be written down to its fair value. Fixed assets and depreciation Fixed assets are carried at original cost less accumulated depreciation and impairment losses. Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of each part of an item of equipment. The carrying amount of the Group’s equipment is reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount (the greater of its net selling price and value in use) is estimated. An impairment loss is recognised in the income statement Irrespective of the above analysis, the Group considers that default has occurred when a financial asset is more than 90 days past due unless the Group has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. Write-off policy The Group writes off a financial asset when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g., when the debtor has been placed under liquidation or has entered bankruptcy proceedings. Financial assets written off may still be subject to enforcement activities under the Group’s recovery procedures, considering legal advice where appropriate. Any recoveries made are recognised in profit or loss. Measurement and recognition of expected credit losses The measurement of expected credit losses is a function of the probability of default, loss given default and the exposure at default. The assessment of the probability of default and loss given default is based on experience adjusted by forward-looking information, primarily publicly available information regarding the financial status of the debtor and the industry it operates within. As for the exposure at default this is represented by the assets’ gross carrying amount at the reporting date. For financial assets, the expected credit loss is estimated as the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate. The losses arising from impairment are recognized in the income statement in “Operating expenses”. Hedge accounting The Group uses derivatives and other financial instruments for trading purposes and to hedge its exposure to market price risk and currency risk. These derivatives are classified as financial assets or financial liabilities depending on whether their fair value at the balance sheet date is positive (assets) or negative (liabilities). The derivatives are measured at fair value. In accordance with the Group’s risk management objectives and strategies, The Group enters into hedging transactions to ensure that it is economically hedged. However, as most of the hedged items which are exposed to market price risk are carried at fair value though profit and loss, hedge accounting would have no effect, as the hedging instrument also is carried at fair value through profit and loss. Therefore, the Group only practices hedge accounting for net investments in foreign subsidiaries. ABG Sundal Collier | Annual Report 2024 52 whenever the carrying amount of an asset or of a cash-generating unit exceeds its recoverable amount. The impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Cash and bank deposits Cash and bank deposits include cash, bank deposits and other monetary instruments where the maturity is less than three months from the date of purchase. Client funds are not included in the balance. Income taxes The income tax expense consists of the aggregate of current taxes payable and changes in deferred tax. Current and deferred tax are recognised as expense or income in the income statement, except when they relate to items recognised directly to equity, in which case the tax is also recognised directly in equity. Current tax is the expected tax payable on the taxable income for the period. Deferred tax liabilities and assets are recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding amounts used in the tax returns. Deferred tax liabilities and assets are generally recognised for all taxable temporary differences. Deferred tax and deferred tax assets are only off-set as far as this is possible under taxation legislation and regulations. Employee remuneration Remuneration to employees in the form of salaries, paid holidays, other paid absence, other current remuneration and similar items are recognized at the rate they are earned. The Group reports any expense for variable remuneration as personnel expenses, which are recognized at the rate it is accrued, meaning when it is linked to a contract or when there is an established practice that creates an obligation. Guaranteed variable remuneration is recognised as an expense as it is earned and is paid only in connection with new recruitments, the period over which it is earned is limited to one year. Pensions The Group’s subsidiaries now have pension schemes where the company’s commitment is to contribute to the individual employee’s pension scheme (defined contribution plans). Contributions to defined contribution plans are expensed when employees have rendered services in exchange for such contributions, generally in the year of contribution. ABG Sundal Collier | Annual Report 2024 53 Note 2 – Significant accounting judgements and estimates Financial statement preparation requires estimates and assumptions that affect the application of accounting policies and the amounts recognised in the consolidated financial statements. Actual results may differ from these estimates. As the accounting estimates and underlying assumptions are reviewed on an ongoing basis, the judgements, estimates, and assumptions are based on the best assessment present at the time of the rendering of the accounts. The most significant accounting judgements and estimates are the following: Revenue recognition Corporate Financing / M&A and Advisory Revenue from service delivery is recognised in conjunction with the execution of the services used to complete an engagement. Revenues from performance fees are recognised upon completion of the transaction, or there is deemed to be no uncertainty related to ABGSC’s right to claim compensation for a transaction. Accruing for performance fees requires management judgment of both the probability of future events and the performance fee amount that the group is entitled to. See note 17 for further information. The accruals are transferred to receivables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer. Fixed fees (contractual sign-on fees or periodical fees) are recognised at the time they are earn. Determination of fair value of financial instruments Most of the Group’s financial instruments are quoted in active markets, but determination of fair value of financial assets and financial liabilities that are not quoted in active markets will have to be performed by using valuation techniques. These valuation techniques are validated by qualified personnel and all valuations are also performed by qualified personnel. To the extent practical, the valuation models use only observable or known data, however as future cash flows and events are unknown, valuation will require management to make estimates. Income taxes The Group is subject to income taxes in several tax jurisdictions. The use of silent partnerships in the Norwegian subsidiaries is also affecting the calculation of the tax accruals. Estimates are required in determining the Group’s provision for income taxes. The Group recognises liabilities for anticipated tax using historical experience and estimates for taxable income. Where the final tax assessment is different from the initially recorded accruals, such differences will impact the income tax cost and the deferred tax provisions in the period the assessment is made. Deferred tax assets are continuously assessed and are only recognised to the extent that is probable that future taxable profit will be large enough for the deferred tax asset to be utilised. Note 3 – Information about segments and geographical markets 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. The revenues from the product level are shown in the Income Statement. Revenues are also split at an overall geographical level as shown below. Geographical segment: 2024 2023 Norway 1,011,036 944,245 Sweden 652,195 495,536 Denmark 112,786 102,464 International 156,782 164,486 Total 1,932,799 1,706,732 ABG Sundal Collier | Annual Report 2024 54 Note 5 – Risk management Risk management is an integral part of ABGSC’s core business activities. While conducting our business operations, ABGSC is exposed to a variety of risks. These risks include market, credit, liquidity, operational and currency risks that are material and require comprehensive controls and management. The responsibility and accountability for these risks remain primarily within each business area. ABGSC aims to maintain a low risk profile. Risk is managed through clearly defined decision-making processes, authorisation systems and exposure limits. The Group’s accounting for and reporting of transactions as well as information in disclosures are heavily dependent on IT systems. The IT systems are standardized, and parts of system development and operations are outsourced. Effective internal controls related to IT are important for ensuring accurate, complete, and reliable financial reporting. Note 6 – Market risk Market risk ABGSC is exposed to fluctuations in the value of its own investments, market-making, and settlement from customers. Financial market risk is managed under rules established in the Norwegian Companies Act and internal control regulations. The Board has established procedures for internal control designed to monitor financial market risk and ensure a robust control discipline. To facilitate settlement on ABGSC's agency business, ABGSC may borrow securities or fund the purchase of securities, leaving ABGSC with a risk that the buyer or seller may not be able to complete their obligation under the trade. Settlement risk is mitigated by only trading with good-quality, credit-worthy clients that are institutional investors or high net-worth individuals. Generally, the underlying securities are liquid securities for which there is a transparent and liquid market. Interest rate risk ABGSC's interest rate risk is limited due to the modest volume of long-term balance sheet investments. Note 4 – Capital ratio ABGSC is required to have a capital ratio of a minimum 8% of total capital adequacy. The capital ratio is calculated as core capital divided by capital adequacy. The capital ratio at year-end is: 2024 2023 Capital adequacy of credit-, counterparty-, and business risk 859,274 829,546 Capital adequacy of position-, and currency risk 231,235 95,325 Capital adequacy of operational risk 3,327,509 3,928,253 Total capital adequacy 4,418,018 4,853,124 Booked equity 1,055,563 971,423 Proposed payment to shareholders and non controlling interests -260,338 -244,407 Intangible assets -104,446 -103,879 Core capital 690,780 623,137 Total capital adequacy ratio 15.6% 12.8% Number of times regulatory minimum 2.0x 1.6x 2024 2023 The operational risk is calculated using the following amounts (revenues and net financials): 2024 1,939,083 2023 1,701,147 1,701,147 2022 1,683,785 1,683,785 2021 2,900,273 Capital adequacy of operational risk 3,327,509 3,928,253 ABG Sundal Collier | Annual Report 2024 55 Note 7 – Credit risk Credit risk is the risk of losses due to failure from counterparties or clients to meet their payment obligations, and adverse credit quality migration of financial instruments. The main categories are: Securities Financing Key features describing the credit risk in securities financing are: • Financing system based on securities as collateral (not based on credit capacity in general) • Daily margin calculations based on real time market value, stock liquidity, volatility, and risk Changes in the value of collateral are followed up daily and are compensated for by reduction in exposure or with additional collateral. Credit losses have been moderate in previous years. Legal and/or financial recovery is an everyday ongoing process. Other accounts receivable/settlement risk Regular stock broking trades are settled with exchange of cash and shares (delivery versus payments) and the credit risk is thereby reduced to the difference between the unsettled amount and the market value of the shares. Credit risk is considered low, and no loss has been booked in 2024. Foreign currency risk ABGSC's foreign currency exposure is linked to future cash flow and balance-sheet items in all operations. The foreign currency risk is mitigated by use of drawing rights and currency derivatives in the respective currencies. Exchange rate risk is predominantly short term related to settlement of customer trades, where settlement is executed at trade date plus two business days. The sensitivity to currency effects on these trades is limited. Long-term exchange-rate risk is related to net investments in foreign operations where accumulated profit and loss is kept in local currency. The Group hedge its exchange-rate risk related to net investments in foreign operations. ABGSC is also exposed to FX rate risk through positions in FX forwards. The Group is only exposed to foreign currency risk for the net exposure, see below: Financial assets and liabilities in foreign currencies Net position in foreign Assets Liabilities currency NOK SEK 1,311,334 1,243,689 67,645 69,627 USD 252,758 248,314 4,443 50,448 EUR 12,193 9,206 2,986 35,225 GBP 17,323 15,344 1,979 28,154 DKK 90,506 130,078 -39,573 -62,588 Other currencies -15,229 Total net position currency 2024 105,637 Total net position currency 2023 47,219 2024 2023 Receivables from Securities Financing clients 322,056 345,925 Market value of collateral from Securities Financing clients 826,758 1,184,207 Net exposure to Securities Financing clients 0 0 2024 2023 Accounts receivables 3,328,717 1,055,708 Receivables from broker firms 222,065 947,529 Liabilities payable to broker firms -705,197 -560,100 Liabilities payable to customers -2,648,457 -1,283,840 Net exposure other accounts receivables / settlement risk 197,127 159,298 ABG Sundal Collier | Annual Report 2024 56 Note 8 – Liquidity risk Amounts included earned interest: Derivatives and FX contracts ABGSC is exposed to counterparty risk in relation to derivatives. ISDA contracts and Credit Support Annex (CSA) have been established with major counterparties, and changes in market value are settled on a daily basis. Counterparty risk is largely eliminated by collateral and daily margin calculations, but still considered as medium risk. As of 31 December 2024, ABGSC has outstanding FX contracts of NOK 4m. That number will be reduced in a possible default situation since ABGSC has netting agreements with the counterparties. In addition, we have received 10% collateral from most customers. Counterparty exposure related to derivative contracts All market risk in relation to equity derivative exposure toward clients is offset through equivalent contracts with counterparties. Credit risk exposure in connection with this activity is mitigated by daily exchange of collateral. 2024 2023 Assets Book value Net value Book value Net value Financial derivatives 3,773 1,962 33,290 28,783 Received collateral 1,373 1,373 24,720 24,720 Net exposure 2,400 589 8,570 4,063 2024 2023 Liabilities Book value Net value Book value Net value Financial derivatives 13,065 11,254 9,515 5,008 Pledged collateral 41,635 41,635 109,880 109,880 Forward Option Positive market value 61,511 7,190 Negative market value -61,511 -7,190 Net value 0 0 30 days - Agreed rest maturity assets 1-30 days 1 year 1-3 years >3 years Total value Long term receivables 19,943 19,943 Accounts receivables 3,609,614 41,158 3,650,772 Receivables from stockbrokers 222,065 222,065 Other current receivables 156,285 72,886 229,171 Total 2024 3,987,964 114,044 19,943 0 4,121,951 Total 2023 2,489,724 180,024 28,232 0 2,697,980 30 days - Agreed rest maturity liabilities 1-30 days 1 year 1-3 years >3 years Total value Long-term provisions 34,702 1,619 36,321 Lease liabilities 64,918 129,768 234,112 428,798 Accounts payable 30,383 30,383 Liabilities payable to customers 2,648,457 2,648,457 Liabilities payable to stockbrokers 705,197 705,197 Social and corporate taxes 100,829 100,829 Other liabilities 563,322 563,322 Total 2024 3,384,038 729,069 164,470 235,731 4,513,308 Total 2023 1,871,676 643,922 145,144 275,363 2,936,104 ABG Sundal Collier | Annual Report 2024 57 Principles for the allocation of variable compensation are decided by the Board after recommendations from the Compensation Committee. The preliminary variable compensation is decided by the Executive Committee and finally approved by the CEO. Variable compensation to individual members of senior management is decided by the CEO after taking advice from the Compensation Committee. The compensation of the CEO is proposed by the Compensation Committee and approved by the Board. Members of the Executive Committee are all defined as specifically identified staff ("SIS"). Variable compensation to SIS is subject to various deferral mechanisms, determined by the local regulations governing the legal entity at which the SIS is employed. There are no specific agreements regarding remuneration at termination of employment for the CEO or members of the Executive Committee. The CEO and members of the Executive Committee participate in pension schemes according to the same conditions as other partners and employees. Note 9 – Wages and social costs Board of Directors’ statement on Executive Committee Remuneration The Board of Directors has prepared a separate statement regarding the remuneration of the Executive Committee in accordance with the Norwegian Public Limited Companies Act, § 6-16 (a). Following amendments to the Public Limited Liability Companies Act, i.e amendment of section 6-16 (a), addition of a new section 6-16 (b), and associated new regulations, the statements is now subject to new and more detailed requirements for determining salaries and other remuneration. From 1 January 2021, the board is required to prepare both guidelines for such determination and a report that provides an overview of paid and outstanding remuneration. The guidelines will be forward-looking and will be adopted by the Annual General Meeting through a binding vote, while the report will be retrospective and will be subject to an advisory vote at the Annual General Meeting. The report will be presented at the Annual General Meeting on 24 April 2025. Executive Committee Remuneration policy in 2024 The remuneration policy has been implemented in accordance with the guidelines adopted in 2021 and presented at the Annual General Meeting on 20 April 2021. Revised policy to be approved by the Annual General Meeting on 24 April 2025. The remuneration to senior management is based on the same principles for remuneration that are applied for all partners of the Group. Compensation to partners and employees consists of a fixed salary or compensation and a variable discretionary compensation, the amount of which is dependent on a combination of Group results and individual performance. 2024 2023 Wages/partner remuneration 879,185 800,705 Social security tax 133,465 112,575 Pension costs including social security tax 45,963 39,998 Other personnel costs 37,610 34,588 Total wages and social costs 1,096,223 987,867 Average number of man-labour years 336 341 ABG Sundal Collier | Annual Report 2024 58 Board of Directors Remuneration The highest governing body of the Group is its Board of Directors. The Board has a majority of Non- Executive Directors. Remuneration to Board members consists of payment of fees and is based on the position of the Board member. There are no specific agreements regarding fees at termination for the Chairman of the Board or other members of the Board. ABGSC did not have any outstanding loans to, or guarantees made on behalf of, any Board member during 2024. Board fees paid in 2024 and outstanding numbers of shares as of 31 December 2024 are shown in the table below: 1) Other fee is fees related to Audit Committee, Compensation Committee, Board Fees for board membership in subsidiaries and remuneration for paid assignments. 2) Knut Brundtland received in 2024 board fee of NOK 400k for the period 2024-2025 and a compensation committee fee of NOK 25k. and NOK 2,200k for 2023/2024 from ABG Sundal Collier ASA as approved at the Annual General Meeting held 18 April 2024. Knut Brundtland incl. the family-owned company Giotto AS also owns 2,500,000 ABGSC shares on a forward contract. 3) Arild A. Engh received in respect of calendar year 2024 NOK 1,696k as remuneration for paid assignments 4) Jan Petter Collier has through his partnership in ABGSC received a fixed compensation of NOK 4,500k, pension contribution of NOK 89K and benefits in kind of NOK 19k. 5) 75,000 of the shares are controlled through proxies. Board Member Board Fee Other fee 1) Number of Shares Knut Brundtland (Chairman) 2) 400 2,225 7,500,000 Adele Norman Pran 290 100 0 Arild A. Engh 3) 290 1,796 5,332,976 Cecilia Marlow 290 10 0 Jan Petter Collier 4) 290 10 40,538,000 Martina Klingvall 290 102 0 Nomination Committee Other fee Number of Shares Stein Aukner 5) 40 140,429 Leiv Askvig 20 0 Roy Myklebust 20 2,000,000 ABG Sundal Collier | Annual Report 2024 59 Executive management remuneration Executive committee members reporting directly to the CEO are defined as executive management. Remuneration to executive management consists of a fixed payment as well as a variable element, plus pension contribution and other remuneration in-kind. There are no specific agreements regarding salary at termination or change of conditions of employment for any executive management individual. Executive management individuals’ remuneration and shareholding as of 31 December 2024 and 31 December 2023 are shown in the tables below: 1) Norwegian Executive management members are part of a silent partnership and receive fixed and variable compensation through participation of the profit distribution from the silent partnership. 2) Variable compensation in respect of calendar year 2024. 3) The forward contracts have settlement in 2025-2029. 4) Olof Cederholm has been Co-head of equities from 1 September 2024. The numbers are for the full year. 5) Hans Øyvind Haukeli has been Co-head of equities from 1 September 2024. The numbers are for the full year. 6) Per Flostrand being Head of Equity Sales, Sweden & International until 31 August 2024. 7) Johan Lindén being Co-head of IB until 31 August 2024. The numbers are for the full year. 2024 Fixed Variable Long-term Number of shares compensation compensation incentive Pension Benefits Number on forward Name Position 1) 1) & 2) compensation contribution in kind of shares contracts 3) Jonas Ström CEO 8,161 3,500 2,520 217 6 5,375,000 1,500,000 Geir B. Olsen CFO 2,700 1,850 630 89 19 1,800,000 50,000 Jessica Blink Head of Legal 2,054 700 0 221 6 250,000 75,000 Kristian Fyksen Head of IB/CEO ABGSC Norway 7,000 4,500 630 89 19 2,500,000 1,000,000 Olof Cederholm 4) Co-head of equities 5,129 500 504 285 6 2,035,000 965,000 Hans Øyvind Haukeli 5) Co-head of equities 7,000 4,750 2,520 89 19 6,500,000 0 John Olaisen Head of Research 4,500 2,500 2,520 89 19 4,380,000 0 Per Flostrand 6) Head of Equity Sales, Sweden & International 4,555 0 2,520 102 4 Johan Lindén 7) Co-head of IB 6,769 0 4,875 214 16 ABG Sundal Collier | Annual Report 2024 60 1) Norwegian Executive management members are part of a silent partnership and receive fixed and variable compensation through participation of the profit distribution from the silent partnership. 2) Variable compensation in respect of calendar year 2023. 3) The forward contracts have settlement in 2024-2028. Fixed Variable Long-term Number of shares compensation compensation incentive Pension Benefits Number on forward Name Position 1) 1) & 2) compensation contribution in kind of shares contracts 3) Jonas Ström CEO 7,992 500 720 213 6 3,375,000 3,000,000 Geir B. Olsen CFO 2,700 1,250 192 89 18 1,600,000 0 Jessica Blink Head of Legal 2,012 533 0 216 6 250,000 25,000 Kristian B. Fyksen Co-head of IB/CEO ABGSC Norway 7,000 2,661 384 89 18 1,250,000 1,500,000 Johan Lindén Co-head of IB 7,998 0 384 213 22 1,625,000 3,300,000 John Olaisen Co-head of Research 4,500 2,200 672 89 18 2,380,000 2,000,000 Per Flostrand Head of Equity Sales, Sweden & International 7,998 0 768 189 6 2,665,000 2,050,000 Marius Opstad Head of Fixed Income Sales 7,000 3,000 0 89 18 1,620,000 0 2023 ABG Sundal Collier | Annual Report 2024 61 Note 10 – Taxes Remuneration to auditors The following table shows total audit and other services delivered to the Group by the appointed auditor. Amounts do not include VAT. 1) Tax services consists of technical support regarding preparation of tax papers. Other Assurance Tax services non-audit 2024 Audit fee services 1) services Total Deloitte Norway 1,820 309 596 387 3,112 Deloitte Abroad 444 66 499 644 1,653 Total Deloitte 2,264 375 1,095 1,031 4,765 Other 1,009 0 129 0 1,138 Total 3,273 375 1,224 1,031 5,903 2023 Deloitte Norway 1,451 264 616 0 2,331 Deloitte Abroad 894 0 0 16 909 Total Deloitte 2,345 264 616 16 3,240 Others 923 0 158 55 1,137 Total 3,268 264 774 71 4,377 Tax cost in the income statement 2024 2023 Tax payable in Norway 64,102 60,657 Tax payable outside Norway 39,239 17,227 Total tax payable 103,341 77,883 Change in deferred tax in Norway 3,824 4,107 Change in deferred tax outside Norway -585 554 Total change in deferred tax 3,239 4,661 Tax cost 106,581 82,544 Reconciliation from nominal to effective tax rate Profit before taxes 413,639 319,858 Expected tax cost based on nominal tax rate (22%) 91,001 70,369 Net tax free gain/loss and other income -2,915 -759 Non deductible costs 6,385 6,129 Prior year adjustment 2,316 -4,963 Loss carried forward -500 0 Effect on finance tax in Norway 8,508 7,788 Differences in tax rates outside Norway and FX-effects 1,786 3,980 Tax cost on ordinary profit 106,581 82,544 Effective tax rate 25.8 % 25.8 % Tax payable in the balance sheet Total tax payable 103,341 77,883 Tax on comprehensive income 779 -16,494 Tax paid in advance -35,606 -37,981 FX effects 446 3,989 Prior year adjustment -5,922 15,432 Tax payable at year end 63,038 42,829 ABG Sundal Collier | Annual Report 2024 62 Note 11 – Rental costs and lease commitments Tax effect on temporary differences at year end 2024 2023 Current items Receivables 0 2,496 Provisions 44,033 43,962 Other current items -6,083 -5,872 Total current items 37,950 40,586 Non current items Fixed assets 172 -964 Other non current items 3,365 -5,620 Total non current items 3,537 -6,583 Loss carried forward 3,816 3,415 Net loss carried forward 3,816 3,415 Total deferred tax asset 45,303 37,418 Recognized deferred tax asset 54,021 46,135 Recognized deferred tax liability 8,718 8,718 Net deferred tax asset 45,303 37,418 Reconciliation of changes in deferred tax asset Net tax asset at 1 January 37,418 51,544 Total change in deferred tax -3,239 -4,661 FX-effect 599 1,864 Income tax relating to other comprehensive income 10,525 -11,330 Total deferred tax asset as of 31 December 45,303 37,418 Right-of-use assets 2024 2023 Right-of-use assets as of 1 January 435,167 471,656 Additions 257 16,377 Depreciation of the year -66,090 -62,309 Revaluation 14,356 -4,957 FX-effects 3,425 14,400 Right-of-use assets as of 31 December 387,116 435,167 Remaining lease-term 1-8 years 1-9 years Depreciation method Linear Linear Lease liabilities Undiscounted lease liabilities and maturity of cash outflow 2024 2023 < 1 year 79,109 78,881 1-2 years 76,174 77,615 2-3 years 74,606 74,679 3-4 years 76,099 72,680 4-5 years 77,621 73,450 > 5 years 95,093 170,597 Total undiscounted lease liabilities as of 31 December 478,701 547,902 Discount element -49,903 -75,292 Total discounted lease liabilities as of 31 December 428,798 472,610 2024 2023 Interest expense on lease liabilites 17,516 19,059 Income from subleasing right-of-use assets 2,566 3,460 ABG Sundal Collier | Annual Report 2024 63 Fair value measurement method Level 1: Quoted marked prices For financial instruments traded in active markets, fair values are based on quoted market prices or dealer price quotations. All shares and bonds at this level are held as part of bonds and risk trading and are all made within large volume and high liquidity markets and objects. Only those positions with high volumes and high liquidity will be placed at this level. Level 2: Valuation techniques with market observable input For financial instruments where fair value measurement inputs are other than quoted prices included within level 1, that are observable for the asset or liability, either directly (i.e., prices) or indirectly (i.e., derived from prices). Level 3: Valuation techniques with non-market observable input Financial assets valued without access to market observable input is generally valued at acquisition cost as these assets are derived through our ordinary business. The assets are valued for impairment based on assumptions for the timing and probability of the asset being exchanged for cash or being repaid in full. Impaired assets are written down to expected net present realisable value based on debt servicing ability and value estimates for collateral, if any. Assets which, at the choice of the debtor, can be exchanged for cash within short notice, are never valued above the nominal repayment value. Investments in equities and other investments where there is no market observable input are valued based on gathered information related to the financial status of the assets, the value of the underlying assets of the company and recent transactions in the market or for comparable assists, if any. Note 12 – Fair value measurement of financial assets and liabilities Determination of fair value For financial instruments traded in active markets, the determination of fair values of financial assets and financial liabilities is based on quoted market prices or dealer price quotations. For all other financial instruments, fair value is determined using valuation techniques. Valuation techniques include net present value techniques, the discounted cash flow method and valuation models. The Group uses widely recognised valuation models for determining fair values of financial instruments. The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional factors including model risks, liquidity risk and counterparty credit risk. Based on the established fair value and the related controls and procedures applied, management believes that these valuation adjustments are necessary and appropriate to fairly state the values of financial instruments carried at fair value on the balance sheet. Financial assets 2024 2023 Financial instruments at fair value through profit and loss 37,983 16,774 Receivables 4,102,008 2,669,748 Cash and bank deposits 787,801 525,709 Total financial assets 4,927,792 3,212,231 Financial liabilities Financial instruments at fair value through profit and loss 88 0 Liabilities to customers and stockbrokers 3,353,654 1,843,940 Other current liabilities 765,894 674,538 Total financal liabilities 4,119,636 2,518,478 ABG Sundal Collier | Annual Report 2024 64 Note 13 – Hedging of net assets of foreign operations As of 31 December 2024, the Group had the following amounts in hedging instruments: The Group hedges the carrying amount of net assets of the foreign operations by use of bank accounts and FX forward contracts. It is the FX risk of the carrying amount of equity values that is hedged. In 2024, the hedging instruments had a loss of NOK 31,6m net of tax, which is recognised in other comprehensive income. Specification of financial instruments divided by valuation techniques 2024 Assets Level 1 Level 2 Level 3 Total Securities and financial trading instruments 16,378 0 21,605 37,983 Total 16,378 0 21,605 37,983 Liabilities Securities and financial trading instruments (short positions) 88 0 0 88 Total 88 0 0 88 2023 Assets Level 1 Level 2 Level 3 Total Securities and financial trading instruments 4,007 3,510 9,257 16,774 Total 4,007 3,510 9,257 16,774 Liabilities Securities and financial trading instruments (short positions) 0 0 0 0 Total Level 3 financial instruments (non-current assets) 0 0 0 0 2024 The table below shows a more detailed description of level 3 financial instruments. 2023 Balance as of 1 January 2,610 2,905 Disposal of shares 1,262 -295 Balance as of 31 December 3,872 2,610 Currency Bank accounts FX-forwards in NOK DKK 64,636 -31,100 53,040 EUR -405 -1,500 -22,467 GBP -571 -7,000 -107,692 SEK -55,587 -160,000 -221,904 SGD 5 -2,000 -16,614 USD -756 -26,000 -303,773 ABG Sundal Collier | Annual Report 2024 65 Note 14 – Goodwill, acquisitions and non-controlling interests The carrying amount of goodwill was NOK 93,308 as of 31 December 2024 (2023: NOK 93,308). The goodwill has been tested for impairment in line with the policy set out in Note 1. No impairment charge has been booked in 2024 (2023: no impairment charge). The goodwill originates from the ABGSC merger in 2001 and the acquisition of ABG Project Finance AS in 2017. Total revenues, profit before tax and net cash flow for ABG Sundal Collier Fastena AB was in 2024 respectively NOK 20m, NOK 2m and NOK 3m, whereas total assets and equity was NOK 36m and NOK 25m. Total revenues, profit before tax and net cash flow for ABG Alternative Investments Holding AS was in 2024 respectively NOK 0m, NOK -7m and NOK -2m, whereas total assets and equity was NOK 10m and negative NOK 1m. 2024 2023 ABGSC ABG PF Sum ABGSC ABG PF Sum Cost 34,870 58,438 93,308 34,870 58,438 93,308 Accumulated impairment losses 0 0 0 0 0 0 Balance at end of year 34,870 58,438 93,308 34,870 58,438 93,308 Cost ABGSC ABG PF Sum ABGSC ABG PF Sum Balance at beginning of year 34,870 58,438 93,308 34,870 58,438 93,308 Additional amounts recognised from business 0 0 0 0 0 0 combinations during the year Balance at end of year 34,870 58,438 93,308 34,870 58,438 93,308 Equity attributable to non-controlling interests 2024 2023 Balance at beginning of year 11,707 7,596 Business combinations 0 2,350 Comprehensive income to non-controlling interests -432 1,760 Payment to shareholders 0 0 Balance at end of year 11,274 11,707 ABG Sundal Collier | Annual Report 2024 66 Note 15 – Fixed assets Other Office intangible equipment assets and fittings Acquisition cost as of 1 January 2024 68,346 155,461 FX-adjustment 690 2,731 Additions 6,428 7,467 Acquisition cost as of 31 December 2024 75,465 165,659 Accumulated depreciation as of 1 January 2024 49,072 101,042 FX-adjustment 626 2,237 Depreciation 5,912 16,598 Accumulated depreciation as of 31 December 2024 55,610 119,876 Carrying amount as of 1 January 2024 19,274 54,420 Carrying amount as of 31 December 2024 19,855 45,783 Depreciation rates (linear method) 12.5 - 20% 12.5 - 33% Other Office intangible equipment assets and fittings Acquisition cost as of 1 January 2023 65,552 142,412 FX-adjustment 2,539 5,047 Additions 255 8,002 Acquisition cost as of 31 December 2023 68,346 155,461 Accumulated depreciation as of 1 January 2023 40,558 82,776 FX-adjustment 2,274 2,931 Depreciation 6,241 15,334 Accumulated depreciation as of 31 December 2023 49,072 101,042 Carrying amount as of 1 January 2023 24,994 59,636 Carrying amount as of 31 December 2023 19,274 54,420 Depreciation rates (linear method) 12.5 - 20% 12.5 - 33% ABG Sundal Collier | Annual Report 2024 67 Note 16 – Investments in associated companies 2024 Carrying Carrying Ownership amount Investment Net result Received amount Entity Industry interest 01.01.2024 in 2024 2024 dividend 31.12.2024 Kameo AS Crowdfunding 29.40% 23,831 7,804 -2,019 0 29,616 Novier Property Group AB Property 20.35% 10,842 0 592 628 10,806 Total 34,673 7,804 -1,427 628 40,422 2023 Carrying Carrying Ownership amount Investment Net result Received amount Entity Industry interest 01.01.2023 in 2023 2023 dividend 31.12.2023 Kameo AS Crowdfunding 27.74% 30,111 0 -6,280 0 23,831 Novier Property Group AB Property 20.35% 10,006 0 836 0 10,842 Total 40,117 0 -5,445 0 34,673 ABG Sundal Collier | Annual Report 2024 68 Note 18 – Guarantees and mortgages The Group has pledged shares and receivables (net of corresponding debt) as collateral for the bank overdraft liability. As of 31 December 2024, the Group has no bank overdraft but has withdrawn amount on some currency accounts within the Group account. Note 19 – Accounts receivables A summary of the financial information of Kameo AS and Novier Property Group AB: Kameo AS and Novier Property AB are unlisted companies and are recognised within the Group accounts using the equity method. ABGSC has received revenue from Kameo AS for services in 2024 of NOK 1m (NOK 1m in 2023). Note 17 – Other receivables and liabilities 2023 Result for Assets Liabilities Equity Revenues the year Kameo AS 38,996 14,580 24,415 51,360 -22,682 Novier Property Group AB 90,611 73,226 17,385 158,039 1,669 2024 Result for Assets Liabilities Equity Revenues the year Kameo AS 68,879 14,976 53,904 67,115 -6,858 Novier Property Group AB 92,248 74,833 17,415 171,016 2,907 2024 2023 Prepaid costs 68,252 74,959 Not yet invoiced revenues and project-costs 122,755 210,523 Other receivables 38,163 35,104 Total other receivables 229,171 320,585 Amounts due to partners/employees (incl. national insurance contribution) 520,679 459,721 Accrued costs and other short-term liabilities 42,643 30,480 Total other liabilities 563,322 490,201 2024 2023 Shares/bonds 78,317 51,252 Net receivables 519,183 505,223 Total assets pledged as collateral 597,499 556,475 Carrying amount of mortgaged liabilities 0 0 2024 2023 Gross accounts receivables 3,654,478 1,404,879 Allowance for doubtful accounts -3,705 -3,246 Net accounts receivables 3,650,772 1,401,633 ABG Sundal Collier | Annual Report 2024 69 Note 21 – Earnings per shareNote 20 – Cash and bank deposits and funds on client accounts Foreign currency holdings have been valued at the exchange rate as of 31 December. Included in the balance of cash and bank deposits are amounts of restricted cash of NOK 286m (NOK 244m in 2023). ABGSC has bank overdraft facilities with a total limit of NOK 1,000m (NOK 1,000m in 2023). Gross funds on client accounts and corresponding client debt are not included in the balance sheet. Net funds on client accounts are included in the cash and bank deposits in the financial statement. 2024 2023 Gross client funds 2,081,427 1,446,040 Gross client debt 2,039,705 1,436,236 Net funds on client accounts 41,722 9,804 Basic earnings per share 2024 2023 Profit for the year attributable to the owners of the parent 307,733 236,329 Average number of outstanding shares less own shares Numbers in 1,000 513,797 484,584 Basic earnings per share 0.60 0.49 Diluted earnings per share Profit for the year attributable to the owners of the parent 307,733 236,329 Interest on forward contracts 14,568 9,718 Numerator diluted EPS 322,301 246,047 Average number of outstanding shares Numbers in 1,000 521,092 494,012 Average number of own shares Numbers in 1,000 -7,295 -9,427 Average number of shares on forward contracts Numbers in 1,000 57,963 73,750 Diluted average number of shares Numbers in 1,000 571,759 558,334 Diluted earnings per share 0.56 0.44 ABG Sundal Collier | Annual Report 2024 70 Overview of shareholders as of 31 December 2024 (registered in VPS as of 3 January 2025) Note 22 – Shareholder information As of 31 December 2024, there are a total of 527,734,895 (497,463,195 as of 31 December 2023) shares outstanding at a face value of NOK 0.23 in the Company. All shares have equal voting rights, and all shares have the same right to dividends. The Company has forward agreements with partners purchasing a total of 53,224,000 (68,585,700 as of 31 December 2023) shares from the company with settlement in 2025-2029. The Company owns 7,059,490 treasury shares at year-end, a decrease of 1,590,000 shares from the beginning of the year. The Company has authorisation to repurchase its shares in the market or to issue new shares. In 2024, the Company issued 30,721,700 new shares at a total of NOK 20,848,732. The Company purchased 775,000 shares from departing partners at a total of NOK 3,919,063 and sold a total 2,365,000 shares to partners at NOK 11,360,100, either cash purchase or related to previous forward agreements, and to specially identified staff who according to local regulations must purchase shares as part of their variable compensation. Partners of the Group may purchase partner shares, which are settled in cash or financed up to a 5-year period carried through by using a forward contract. Partner shares are offered at market price, with a 15% price adjustment reflecting several severe restrictions with regards to the selling (or purchasing) of these shares. Number of Shareholder shares Share Sanden Equity AS * 40,538,000 7.7% Perestroika AS 17,988,109 3.4% Skandinaviska Enskilda Banken AB (nominee) 13,025,189 2.5% Erling Neby AS 12,600,000 2.4% Landkreditt Utbytte 12,338,000 2.3% Verdipapirfondet Fondsfinans Utbytte 10,000,000 1.9% Giotto AS ** 7,500,000 1.4% Goldman Sachs International (nominee) 7,247,463 1.4% State Street Bank (nominee) 7,242,223 1.4% ABG Sundal Collier Holding ASA (own shares) 7,059,490 1.3% Hans Øyvind Haukeli 6,500,000 1.2% Citibank (nominee) 6,312,771 1.2% Hausta Investor AS 5,800,000 1.1% A/S Skarv 5,500,000 1.0% Brown Brothers Harriman & Co (nominee) 5,491,306 1.0% Jonas Strøm 5,375,000 1.0% Avanza Bank AB (nominee) 5,366,987 1.0% Brown Brothers Harriman & Co (nominee) 5,002,191 0.9% Johan Lindén 4,875,000 0.9% GEG Invest AS 4,800,000 0.9% Total top 20 190,561,729 36.1% Other 337,173,166 63.9% Total 527,734,895 100.0% * Jan Petter Collier, who is a board member in ABG Sundal Collier Holding ASA, and family own a total of 40,538,000 shares including shares owned by Sanden Equity AS ** Knut Brundtland, who is chairman of the board in ABG Sundal Collier Holding ASA, and family own a total of 7,500,000 shares plus 2,500,000 shares on a forward contract, including shares owned by Giotto AS ABG Sundal Collier | Annual Report 2024 71 Note 24 – Related parties The Group's ultimate parent company is ABG Sundal Collier Holding ASA. Subsidiaries, 100% controlled unless stated otherwise, are listed in the following table: • ABG Sundal Collier ASA • ABG Sundal Collier AB • ABG Sundal Collier AG • ABG Sundal Collier Crowd AB • ABG Sundal Collier Eiendom AS • ABG Sundal Collier Fastena AB (50% ownership) • ABG Sundal Collier Fastena Asset Management AB (50% ownership) • ABG Sundal Collier Finance & Advisory AB • ABG Sundal Collier Finance & Advisory AS • ABG Sundal Collier Holdings Inc. • ABG Sundal Collier Inc. • ABG Sundal Collier LLP • ABG Sundal Collier Ltd • ABG Sundal Collier Pte. Ltd. • ABG Alternative Investments Holding AS (75% ownership) • ABG Alternative Investments AS (75% ownership) • Lagerselskapet Holding AS and subsidiaries • Sundal Collier & Co AS • ABG Real Estate Management AS • ABG Business Management AS • ABG Project Finance AS Note 23 – Forward contracts for ABG shares held by partners of the Group Partners of the Group held forward contracts for 53,224,000 shares as of 31 December 2024. The forward contracts are for settlement in 2025 – 2029. Based on settlement on the termination date, the number of shares under these contracts that will be issued in the following years, and the lowest and highest settlement price for the shares, are noted below. The settlement price will be adjusted to reflect any dividends paid prior to settlement. The interest element of the forward contract will also lead to an adjustment of the settlement price in cases where the contract is settled prior to the original expiry date. The exercise price is adjusted for paid dividend after the partners purchased the shares on forward contracts. The stated high/low and average prices have not been adjusted for the proposed final payment to shareholders of NOK 0.50 per share. Restrictions on shares As of 31 December 2024, partners of ABGSC held a total of 144,494,851 shares (registered in VPS) in the Company. These shares are subject to certain material restrictions. A total of 33,630,000 shares are held as “Partner Shares” and regulated by the Partnership Agreement. In addition, all shares on forward contracts are defined as “Partner Shares”. Volume weighted Lowest exercise Highest exercise average exercise Number of price price price Expiry year shares (NOK per share) (NOK per share) (NOK per share) 2025 500,000 1.91 1.91 1.91 2026 12,209,000 5.46 8.25 5.62 2027 10,935,000 5.29 7.52 6.41 2028 13,445,000 4.93 5.63 5.51 2029 16,135,000 6.47 6.71 6.49 Total 53,224,000 ABG Sundal Collier | Annual Report 2024 72 Note 25 – Legal matters / disputes In February 2025 ABGSC processed a case in Oslo District Court (Oslo Tingrett) related to a disputed success fee. ABGSC prevailed and was granted full compensation and recovery of a substantial part of legal costs. The opposing party has appealed the case and the verdict is not legally enforceable at the time of this report. The case is expected to be processed in the Court of Appeal in 2025 or 2026. As there is no binding verdict no income/cost recovery has been accrued, only legal costs for services delivered in 2024 has been expensed. In the normal course of business, the Group will from time to time be involved in minor complaints with various parties that will have no material impact on the Group's overall financial position. Note 26 – Significant subsequent events In February 2025, the Board of Directors proposed a payment to the shareholders of NOK 0.50 per share, equal to NOK 263.9m. ABG Sundal Collier | Annual Report 2024 73 ABG SUNDAL COLLIER HOLDINGS ASA – FINANCIAL STATEMENT ABG Sundal Collier | Annual Report 2024 74 ABG Sundal Collier Holding ASA - Income statement ALL AMOUNTS IN NOK 1,000 Notes 2024 2023 OPERATING REVENUES AND COSTS Revenues 42 42 Total operating revenues 42 42 Wages and social costs 2 2,614 2,967 Administration costs 2 3,325 3,279 Total operating costs 5,939 6,245 Operating loss -5,897 -6,203 FINANCIAL INCOME AND COSTS Interest income from group companies 3 7,364 7,407 Other interest income 145 556 Dividend/contribution from group companies 3 324,692 287,121 Other financial income 3 131 333 Interest costs to group companies 3 -23,086 -22,002 Other interest costs -728 0 Other financial costs -1,428 -5,445 Net financial result 307,091 267,970 Profit before taxes 301,194 261,767 Tax cost 4 67,288 45,199 Notes 2024 2023 NET RESULT FOR THE YEAR 233,906 216,568 ALLOCATIONS AND TRANSFERS To/From other equity -29,962 -47,299 Proposed payment to shareholders 263,867 263,867 Total allocations and transfers 5 233,906 216,568 ABG Sundal Collier | Annual Report 2024 75 ABG Sundal Collier Holding ASA - Balance sheet as of 31.12 ALL AMOUNTS IN NOK 1,000 ASSETS Notes 2024 2023 Non-current assets Intangible assets Deferred tax asset 4 93 2,407 Tangible non-current assets Apartments 1,050 1,050 Financial non-current assets Shares in subsidiaries 6 787,659 787,659 Investments in associates 7 40,422 34,672 Long-term receivables from group companies 10,467 5,109 Total financial non-current assets 6 838,547 827,440 Total non-current assets 839,690 830,897 Current assets Receivables Receivables from group companies 3 377,225 326,147 Other receivables 276 4,275 Total receivables 8 377,501 330,422 Cash and bank deposits Cash and bank deposits 2,184 2,084 Total current assets 379,685 332,505 TOTAL ASSETS 1,219,375 1,163,402 ABG Sundal Collier | Annual Report 2024 76 ABG Sundal Collier Holding ASA - Balance sheet as of 31.12 ALL AMOUNTS IN NOK 1,000 EQUITY AND LIABILITIES Notes 2024 2023 Equity Paid-in-capital Share capital 5, 9-10 121,379 114,417 Treasury shares at nominal value 5 -1,624 -1,990 Share premium 5 39,038 25,397 Total paid-in-capital 158,793 137,824 Other equity Retained earnings 5 313,362 332,693 Total equity 472,155 470,517 Liabilities Current liabilities Liabilities payable to group companies 3 405,719 364,095 Income tax payable 4 67,986 58,621 Payment to shareholders 263,867 263,867 Public dues payable 5,806 4,234 Other current liabilities 3,841 2,068 Total current liabilities 747,221 692,886 TOTAL EQUITY AND LIABILITIES 1,219,375 1,163,402 (sign) (sign) (sign) Knut Brundtland Martina Klingvall Adele Norman Pran Chairman (sign) (sign) (sign) Arild A. Engh Cecilia Marlow Jan Petter Collier (sign) Jonas Ström CEO The Board of ABG Sundal Collier Holding ASA Oslo, 26 March 2025 ABG Sundal Collier | Annual Report 2024 77 ABG Sundal Collier Holding ASA - Cash flow statement as of 31.12 ALL AMOUNTS IN NOK 1,000 2024 2023 CASH FLOW FROM OPERATING ACTIVITIES Profit before taxes 301,194 261,767 Result from assocoated companies 1,427 5,445 Taxes paid -56,219 -29,633 Change in intercompany accounts -9,453 84,207 Change in other current assets/liabilities 7,324 -3,409 Net cash flow from operating activities 244,273 318,377 CASH FLOW FROM INVESTING ACTIVITIES Net sale / purchase of financial non-current assets -12,534 -15,155 Dividend received from Associates 628 0 Net cash flow from investing activities -11,906 -15,155 CASH FLOW FROM FINANCING ACTIVITIES Paid-in share capital 20,604 4,236 Change in own shares 10,996 -57,667 Payment to shareholders -263,867 -248,732 Net cash flow from financing activities -232,267 -302,162 Net increase in bank deposits, cash and cash equivalents 100 1,060 Bank deposits, cash and cash equivalents at beginning of year 2,084 1,024 Bank deposit, cash and cash equivalents as of 31 December 2,184 2,084 ABG Sundal Collier | Annual Report 2024 78 ABG Sundal Collier Holding ASA – Notes to Financial Statement Index Note 1 – Accounting policies Note 4 – Wages and social costs Note 3 – Related parties Note 4 – Taxes Note 5 – Shareholders' equity Note 6 – Financial assets Note 7 – Investments in associated companies Note 8 – Guarantees and mortgages Note 9 – Shareholder information Note 10 – Forward contracts for ABGSC shares held by partners of the Group ABG Sundal Collier | Annual Report 2024 79 An investment in associates is recognised within the P&L and balance sheet as Equity Investments. Receivables Receivables are carried at face value less provisions for expected losses. An estimate is made for doubtful receivables based on a review of all outstanding amounts at year-end. Losses on receivables are written off in the year in which they are identified. Cash and bank deposits Cash and bank deposits include cash, bank deposits and other monetary instruments where the maturity is less than three months from the date of purchase. Client accounts are not included in the balance. Assets and liabilities in foreign currency Realised and unrealised profit or losses arising from transactions, assets or liabilities denominated in foreign currencies are included in the net result for the year. Exchange rates at year-end are used to convert foreign currency amounts to NOK. Income taxes The income tax cost consists of the aggregate of current taxes payable and changes in deferred tax. Current and deferred tax are recognised as cost or income in the income statement, except when they relate to items recognised directly to equity, in which case the tax is also recognised directly in equity. Current tax is the expected tax payable on the taxable income for the period. Deferred tax liabilities and assets are recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding amounts used in the tax returns. Deferred tax liabilities and assets are generally recognised for all taxable temporary differences. Deferred tax and deferred tax assets are only off-set as far as this is possible under taxation legislation and regulations. Deferred tax assets are continuously assessed and are only recognised to the extent that is probable that future taxable profit will be large enough for the deferred tax asset to be utilised. Note 1 – Accounting policies General information ABG Sundal Collier Holding ASA is a public limited company, and its head office is in Vika, Oslo, in Norway. The Group provides investment banking, stock broking and corporate advisory services that encompass the needs of both international investors and Nordic business clients. The company’s shares are listed on the Oslo Stock Exchange. The financial statements for the company, including notes, for the year 2024 were approved by the Board of Directors of the company on 26 March 2025. Basis of preparation The accounts are prepared in accordance with the Norwegian Accounting Act and Norwegian Generally Accepted Accounting Principles (NGAAP). Classification of assets and liabilities Receivables that are to be repaid within one year and assets that are not of a permanent nature or used in the business are classified as current assets. Other assets are classified as long-term assets. Liabilities are classified as a long-term liability if the liability is due to be repaid more than one year after the balance sheet date. All other liabilities are classified as current liabilities. Current assets are valued at the lower of cost and net realisable value. Goodwill When a business is acquired, a purchase price more than the identified fair value of assets and liabilities is accounted for as goodwill. Goodwill is amortised using a straight-line method over the expected economic life of the asset, not exceeding 10 years. Financial non-current and current assets Other non-current shareholdings, minor investments where the company does not hold substantial influence and investments in subsidiaries, are in general carried at original cost. If a decline in fair value below the carrying amount is expected to be permanent, the investments are written down. Dividends received and other surplus distributions from these companies are recognised as financial income. ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED ABG Sundal Collier | Annual Report 2024 80 Note 3 – Related parties Details of transactions with subsidiaries as of 31 December 2024 are as follows: The Group has no other related parties than mentioned above, in Note 8 - wages and social costs, or Note 9 - shareholder information. All transactions between related parties are carried out on an arms-length basis. Note 2 – Wages and social costs The company has no employees. There are no specific agreements regarding salary on termination or a change of conditions of employment for the Chairman of the Board, other members of the Board or the management. One board member (Jan Petter Collier) is a partner in ABGSC and receives remuneration and profit participation through this engagement. The Board of directors’ remuneration and shares can be found in the consolidated statements to ABGSC. The accounts include audit fees to Deloitte and associated companies as follows: ABGSC’s fee to Deloitte AS (Norway) for ordinary audit was NOK 675k (2023: NOK 666k), NOK 25k for assurance services (2023: 53) and fee for technical support regarding preparation of tax papers NOK 55k (2023: NOK 24k). In addition, Deloitte Advokatfirma AS (Norway) has received a fee for other non-audit services of 129k (2023: 0). 2024 2023 Fees to external board and committee members 2,129 2,435 Social Security Tax 486 532 Total wages and social costs 2,614 2,967 Company Liabilities Receivables Interest Dividend/Group contributions ABG Sundal Collier AB 741 0 -17 0 ABG Sundal Collier ASA 392,367 298,815 -18,858 280,000 ABG Sundal Collier Crowd AB 0 18,578 1,090 1,544 ABG Sundal Collier Eiendom AS 0 3,660 70 4,000 ABG Sundal Collier Fastena AB 12,563 0 -213 0 ABG Sundal Collier Finance & Advisory AB 0 17,668 783 17,498 ABG Sundal Collier Finance & Advisory AS 0 3,847 104 4,000 ABG Alternative Investments Holding AS 0 10,467 357 0 Lagerselskapet Holding AS 48 0 0 0 Sundal Collier & Co AS 0 2,251 -157 5,500 ABG Real Estate Management AS 0 531 12 0 ABG Business Management AS 0 2,522 52 0 ABG Project Finance AS 0 29,352 1,055 12,150 Total intercompany balance transactions 405,719 387,691 -15,722 324,692 ABG Sundal Collier | Annual Report 2024 81 Note 5 – Shareholders’ equityNote 4 – Taxes Share capital Own shares Share premium Retained earnings Total equity Shareholders' equity as of 1 January 2023 111,169 -1,304 24,408 436,974 571,247 Net profit for the year 216,568 216,568 Proposed payment to shareholders -263,867 -263,867 Share issues 3,248 988 4,236 Change in own shares -686 -56,981 -57,667 Total equity as of 31 December 2023 114,417 -1,990 25,397 332,693 470,517 Net profit for the year 233,906 233,906 Proposed payment to shareholders -263,867 -263,867 Share issues 6,962 13,641 20,604 Change in own shares 366 10,630 10,996 Total equity as of 31 December 2024 121,379 -1,624 39,038 313,362 472,155 Tax cost in the income statement 2024 2023 Tax payable 67,986 58,621 Change in deferred tax 23 29 Prior year adjustment -721 -13,452 Total tax cost 67,288 45,199 Reconciliation from nominal to effective tax rate Profit before taxes 301,194 261,767 Expected tax cost based on nominal tax rate (22%) 66,263 57,589 Non deductible costs 1,161 1,291 Group contribution/dividend with no tax effect -7,489 -7,089 Effect on finance tax in Norway (3%) 8,075 6,859 Prior year adjustment -721 -13,452 Tax cost on ordinary profit 67,288 45,199 Effective tax rate 22.3 % 17.3 % Tax effect on temporary differences at year end Non current items Receivables 0 2,290 Other non current items 93 117 Total non current items 93 2,407 Total deferred tax asset 93 2,407 ABG Sundal Collier | Annual Report 2024 82 Note 7 – Investments in associated companies See Note 16 to the consolidated financial statement. Note 6 – Financial assets Company name Registered office Number Ownership / Voting rights Booked equity Net result 2024 Book value ABG Sundal Collier ASA Oslo, Norway 1,200,000 100% 1,029,645 293,376 600,070 ABG Sundal Collier Crowd AB Stockholm, Sweden 50,000 100% 1,976 1,167 46 ABG Sundal Collier Eiendom AS Oslo, Norway 30,000 100% 3,644 3,712 3,020 ABG Sundal Collier Fastena AB Stockholm, Sweden 1,001 50% 23,191 1,893 25,196 ABG Sundal Collier Finance & Advisory AB Stockholm, Sweden 50,000 100% 18,679 16,661 2,101 ABG Sundal Collier Finance & Advisory AS Oslo, Norway 30,000 100% 459 3,285 30 ABG Alternative Investments Holding AS Oslo, Norway 9,000 75% -1,406 -5,273 10,000 Sundal Collier & Co AS Oslo, Norway 256,000 100% 4,689 6,034 635 ABG Project Finance AS Oslo, Norway 9,700 100% 1,024 11,438 146,560 Book value of shares in subsidiaries as of 31 December 2024 787,659 Entity Ownership / Voting rights Head office Book value 01.01.2024 Investment in 2024 Profit for the year Received dividend Book value 31.12.2024 Kameo AS 29.40% Oslo 23,831 7,804 -2,019 0 29,616 Novier Property Group AB 20.35% Stockholm 10,842 0 592 628 10,806 Total 34,673 7,804 -1,427 628 40,422 ABG Sundal Collier | Annual Report 2024 83 Note 8 – Guarantees and mortgages The company has pledged shares and receivables (net for corresponding debt) as collateral for the Group bank overdraft facility. All companies participating in the Group bank overdraft facility are responsible towards the bank for use of the facility. As of 31 December 2024, the Group has no bank overdraft. The Group has a bank overdraft limit of NOK 1,000m. Note 9 – Shareholder information See Note 22 to the consolidated financial statement. Note 10 – Forward contracts for ABGSC shares held by partners of the Group See Note 23 to the consolidated financial statement. 2024 2023 Book value of assets pledged as collateral Shares 838,547 827,440 Net receivables 377,501 330,422 Total assets pledged as collateral 1,216,048 1,157,862 Carrying amount of mortgaged liabilities 0 0 ABG Sundal Collier | Annual Report 2024 84 Responsibility Statement We confirm to the best of our knowledge that: • the consolidated financial statements for 2024 have been prepared in accordance with IFRS as adopted by the EU, as well as additional information requirements in accordance with the Norwegian Accounting Act, and that • the financial statements for the parent company for 2024 have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting practice in Norway, and that • the information presented in the financial statements gives a true and fair view of the Company’s and the Group’s assets, liabilities, financial position, and results for the period viewed in their entirety, and that • the Board of Directors’ report gives a true and fair view of the development, performance and financial position of the Company and the Group and includes a description of the material risks that the Board of Directors, at the time of this report, deem might have a significant impact on the financial performance of the Group. (sign) (sign) (sign) Knut Brundtland Martina Klingvall Adele Norman Pran Chairman (sign) (sign) (sign) Arild A. Engh Cecilia Marlow Jan Petter Collier (sign) Jonas Ström CEO Oslo, 26 March 2025 ABG Sundal Collier | Annual Report 2024 86 Independent Auditor’s Report REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Opinion We have audited the financial statements of ABG Sundal Collier Holding ASA, which comprise: • The financial statements of the parent company ABG Sundal Collier Holding ASA (the Company), which comprise the balance sheet as at 31 December 2024, the income statement and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies. • The consolidated financial statements of ABG Sundal Collier Holding ASA and its subsidiaries (the Group), which comprise the balance sheet as at 31 December 2024, statement of comprehensive income, statement of changes in equity and statement of cash flows for the year then ended, and notes to the financial statements, including material accounting policy information. In our opinion • the financial statements comply with applicable statutory requirements, • the financial statements give a true and fair view of the financial position of the Company as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and • the consolidated financial statements give a true and fair view of the financial position of the Group as at 31 December 2024, and its financial performance and its cash flows for the year then ended in accordance with IFRS Accounting Standards as adopted by the EU. Our opinion is consistent with our additional report to the Audit Committee. To the General Meeting of ABG Sundal Collier Holding ASA Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We were selected as the auditor of ABG Sundal Collier Holding ASA before 2000, and have been the selected auditor over a consistent period of more than 20 years. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of 2024. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Deloitte AS Dronning Eufemias gate 14 Postboks 221 Sentrum NO-0103 Oslo Norway Tel: +47 23 27 90 00 www.deloitte.no Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms. Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, providing audit, consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, providing tax and legal services. Registrert i Foretaksregisteret Medlemmer av Den norske Revisorforening Organisasjonsnummer: 980 211 282 ABG Sundal Collier | Annual Report 2024 87 Page 2 Independent Auditor’s Report - ABG Sundal Collier Holding ASA Brokerage post-trade IT system; control activities relevant to financial reporting Description of the Key Audit Matter How the matter was addressed in our audit The Groups accounting for and reporting of brokerage transactions as well as information in disclosures relating to brokerage services are heavily dependent on IT systems. The brokerage IT system is standardized and parts of system development and operations are outsourced. See note 5 for further information regarding development, management and operations of IT systems. Effective internal controls related to IT are important to ensure accurate, complete and reliable financial reporting of brokerage services and is therefore a key audit matter. The Group has established an overall governance model and control activities related to its IT -systems. We have gained an understanding of the overall governance model for the brokerage IT - system relevant to financial reporting. We assessed and tested the design of selected control activities that are relevant to financial reporting related to access management. For a sample of these control activities, we tested if they operated effectively in the reporting period. We assessed and tested the design of selected automated control activities for the brokerage IT system related to recording of transactions and calculations. For a sample of these control activities, we tested if they operated effectively in the reporting period. We assessed the third party confirmation (SOC 2 Type II) from the service provider of the brokerage IT - system, to assess whether the service provider had adequate internal controls in areas that are important for the Group's financial reporting. We used our own IT specialists to understand the overall governance model for the brokerage IT - system and in the assessment and testing of the control activities related to the brokerage IT -system. ABG Sundal Collier | Annual Report 2024 88 Page 3 Independent Auditor’s Report - ABG Sundal Collier Holding ASA Revenue recognition; Corporate Financing/ M&A and AdvisoryBrokerage Description of the Key Audit Matter How the matter was addressed in our audit Revenues for the Group consist of Corporate Financing, M&A and Advisory and Brokerage and Research revenues. See the revenue recognition section in the Accounting Policies and note 2 for further information. Corporate Financing and M&A and Advisory revenues account for approximately 71% of operating revenues. The majority of the Corporate Financing and M&A and Advisory engagements are settled before year - end. There are however ongoing engagements per 31. December which have an increased inherent risk of error due to the judgement involved related to recognition of performance fees. Accruing for performance fees requires management judgment of both the probability of future events occurring and the performance fee amount that the Group is entitled to, and is therefore a key audit matter. The Group has established control activities regarding recognition of revenue from Corporate Financing and M&A and Advisory engagements. We assessed and tested the design and implementation of selected control activities relevant to financial reporting. For a sample of these control activities, we tested if they operated effectively in the reporting period. The control activities tested were related to both the Group’s assessment of the probability of the future event occurring and the performance fee amount that the Group is entitled to. On a sample basis, we tested that the accrued Corporate Financing and M&A and Advisory revenue was calculated in accordance with the engagement contract. We considered the adequacy of the Groups’ disclosures related to revenue recognition for Corporate Financing and M&A and Advisory revenues. ABG Sundal Collier | Annual Report 2024 89 Page 4 Independent Auditor’s Report - ABG Sundal Collier Holding ASA Other Information The Board of Directors and the Managing Director (management) are responsible for the information in the Board of Directors’ report and the other information accompanying the financial statements. The other information comprises information in the annual report, but does not include the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’ report nor the other information accompanying the financial statements. In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’ report and the other information accompanying the financial statements. The purpose is to consider if there is material inconsistency between the Board of Directors’ report and the other information accompanying the financial statements and the financial statements or our knowledge obtained in the audit, or whether the Board of Directors’ report and the other information accompanying the financial statements otherwise appear to be materially misstated. We are required to report if there is a material misstatement in the Board of Directors’ report or the other information accompanying the financial statements. We have nothing to report in this regard. Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report • is consistent with the financial statements and • contains the information required by applicable statutory requirements. Our statement on the Board of Directors’ report applies correspondingly to the statement on Corporate Governance. Responsibilities of Management for the Financial Statements Management is responsible for the preparation of financial statements of the Company that give a true and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is responsible for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. ABG Sundal Collier | Annual Report 2024 90 Page 5 Independent Auditor’s Report - ABG Sundal Collier Holding ASA As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also: • identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s and the Group's internal control. • evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • conclude on the appropriateness of management’s use of the going concern basis of accounting, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern. • evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves a true and fair view. • obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the Audit Committee with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Board of Directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS Report on Compliance with Requirement on European Single Electronic Format (ESEF) Opinion As part of the audit of the financial statements of Abg Sundal Collier Holding ASA, we have performed an assurance engagement to obtain reasonable assurance about whether the financial statements included in the annual report, with the file name abgsundalcollier-2024-12-31-en, have been prepared, in all material respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements. In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in compliance with the ESEF regulation. ABG Sundal Collier | Annual Report 2024 91 Page 6 Independent Auditor’s Report - ABG Sundal Collier Holding ASA Management’s Responsibilities Management is responsible for the preparation of the annual report in compliance with the ESEF regulation. This responsibility comprises an adequate process and such internal control as management determines is necessary. Auditor’s Responsibilities Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the financial statements included in the annual report have been prepared in compliance with ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the annual report have been prepared in compliance with the ESEF Regulation. As part of our work, we have performed procedures to obtain an understanding of the Company’s processes for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human- readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Oslo, 26 March 2025 Deloitte AS Eivind Bollum Berge State Authorised Public Accountant This document is signed electronically 39 ABG Sundal Collier | Annual Report 2024 Norway ABG Sundal Collier ASA Ruseløkkveien 26, 8 th floor NO-0251 Oslo NORWAY Tel +47 22 01 60 00 Sweden ABG Sundal Collier AB Regeringsgatan 25 8 th floor SE-111 53 Stockholm SWEDEN Tel +46 8 566 28 600 Denmark ABG Sundal Collier ASA Copenhagen Branch Forbindelsesvej 12 DK-2100 Copenhagen Ø DENMARK Tel + 45 3546 3000 United Kingdom ABG Sundal Collier Ltd St. Martins Court 25 Newgate St. London EC4M 7EJ UK Tel +44 (0) 20 7905 5600 Germany ABG Sundal Collier ASA Frankfurt Branch Schillerstr. 2 5. Obergeschoss DE - 60313 Frankfurt/Main Germany Tel +49 69 96 86 96 0 Switzerland ABG Sundal Collier AG Representative Office Schwanenplatz 4 6004 Lucerne SWITZERLAND Tel +41 79 502 33 39 USA ABG Sundal Collier Inc 140 Broadway Suite 4604 New York, NY 10005 USA Tel +1 212 605 3800 Singapore ABG Sundal Collier Pte. Ltd 10 Collyer Quay Ocean Financial Center # 40-07 049315 SINGAPORE #2024256 Paul Osipow / Untitled, 2017 © Paul Osipow Photo: Courtesy of Galleri Riis

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