ABG Sundal Collier

Earnings Release • Apr 26, 2023

ABGSC - Q1 2023 Interim Report

ABGSC - Q1 2023 Interim Report

Highlights:

· Navigating a turbulent market

· Q1 revenues of NOK 426m (NOK 487m)

· Q1 diluted EPS of NOK 0.12 (NOK 0.17)

· The product mix is working in our favour

CEO comment:

Following the Silicon Valley Bank collapse and the subsequent turbulence in the

banking and finance sector, the supporting capital markets environment heading

into 2023 was negatively impacted by increased market volatility. Consequently,

activity was high in the secondary brokerage and research part of our business

while some of the planned primary capital markets transactions were postponed or

put on hold. Still, we completed several equity private placements and high

-yield bond transactions in the quarter, albeit with short execution windows,

including the IPOs of Seacrest (Norway), Gubra (Denmark) and Himalaya Shipping

(US). We experienced decent activity in the M&A segment, but there were fewer

transactions closed relative to the highly active first quarter of last year.

Total Q1 revenues of NOK 426m fell 12% short of last year, but this was still a

fair performance given the market sentiment compared to the same time period

historically. We are staying committed to the strategy of strengthening our

position and offering to our clients, while keeping the long-term proven track

record of strong profitability. While we have grown headcount significantly in

recent years, we have still managed to retain a solid revenue-per-head, and

further increased our focus on costs and efficiency.

We are also working actively to continue to diversify our operations, with a

focus on broadening and further developing the talent pool to maximize the

potential of our teams. The increase in headcount this year is partly been

related to the expansion into new business areas that are not yet contributing

to the stream of revenues. The process of setting up these business areas is

running according to plan, and they are expected to start generating revenues in

I often talk about our ambition to reach higher highs, and higher lows, and I

believe that this past quarter is an indication of the latter. While we cannot

influence challenging markets, we can impact how we operate in such conditions

and how we perform on a relative basis. I believe that we are delivering solid

results and that having a broad product mix is working in our favour. The

pipeline is continuously being replenished, and I feel confident in our ability

to continue developing our business and our organisation as well as increase our

profitability.

For further information:

Jonas Strom, CEO                                +46 8 566 294 68

Geir B. Olsen, CFO                               +47 22 01 60 35

Please find attached the Q1 Interim Report. A presentation will be held as a

webcast at 09:00 CEST and can be accessed through a weblink or call-in details

presented on our corporate website www.abgsc.com.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation article 7 and is subject to the disclosure requirements

pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock

exchange announcement was submitted for publication, through the agency of the

contact persons set out above, at 08:00 CEST on 26 April 2023.