ABG Sundal Collier

Quarterly Report • Oct 14, 2021

Strongest ever Q3 with revenues of NOK

YTD revenues of NOK 2,108m, up 104% from

YTD diluted EPS of NOK 1.02 (0.32)

Solid and diversified pipeline heading into Q4

2021 Q3 INTERIM REPORT

CEO comments | Balanced business mix in best-ever Q3

Despite normally being the seasonally slowest quarter, Q3 2021 turned out to be yet another record-breaking quarter with revenues of NOK 561m (+55%). Following the summer holidays, there has been a high level of activity as we continue to grow our business across markets, products and sectors. Although ECM continues to be the strongest revenue contributor, we see strong growth both within DCM and M&A.

We are running a truly Nordic operation and have a constant focus on how to further improve our capacity to efficiently serve clients across borders. Our footprint and total expertise throughout our firm and our offices allow us to offer better advice and a broader set of options to our clients.

To meet our strategic ambitions and further build our capabilities to serve an expanded list of clients, we have continued to strengthen our organisation by recruiting and develop a number of top talents at all our Nordic offices, taking the total headcount to a new all-time high of 320.

On that note, I would like to extend a welcome to all graduates that have joined us from leading Nordic and international universities and business schools during the quarter. At ABGSC, you will work with the top management of Nordic corporates and some of the most sophisticated investors in the industry, while learning the craftsmanship under the guidance of highly experienced colleagues.

Continued solid activity

Having broken all historical revenue records in four successive quarters, we have taken L4Q revenues to the NOK 3bn mark. Despite executing transactions at a fast and even pace, we retain a solid and well diversified pipeline. We are humble about the importance of stable and open markets to our business on a quarter-to-quarter basis, but I believe we have built a resilient and sound business model that has the capacity to deliver robust and profitable growth in the longer term and across business cycles.

Jonas Ström, CEO

Key financial figures | YTD revenues doubled with L4Q run rate of NOK 3bn. Operational leverage with L4Q EPS of NOK 1.48 and YTD EPS up 219%

Macro and market backdrop | Tensions in the economic system and increased volatility have dampened developments in stock markets

• Long-term interest rates have fluctuated through the year despite expectations of an increase
• The S&P 500 Volatility Index (VIX) has increased above 20 during the third quarter, but is still at manageable level
• S&P 500 up 2% and MSCI Nordic up 0.2% in the quarter

Capital market and M&A market perspectives | Slowdown within ECM and IPOs in particular in Q3, while DCM and M&A continues at high pace

• Only a handful of Nordic IPOs completed during Q3 and several transactions being postponed
• DCM markets continue to be vibrant in spite of more turbulent markets
• M&A continuing to improve with several Nordic mega deals announced during the quarter

Source: Refinitiv, Stamdata, Mergermarket

1) Issuers listed on Nordic stock exchanges

• 2) Corporate high y ield, Nordic issuers
• 3) Nordic buy ers or sellers, announced transactions

1,687

Corporate Financing | Several private placements and high yield bond transactions concluded during the quarter

ECM – SP	Undisclosed	TMT
ECM – PP	NOK 883m	Transportation
ECM – PP	NOK 550m	Transportation
ECM – PP	NOK 300m	Consumer
ECM – IPO	SEK 5.3bn	Services
ECM – SP	SEK 195m	Consumer
ECM – RI	SEK 127m	Health Care
ECM – PP	SEK 110m	Financials
ECM – PP	SEK 90m	Consumer
DCM – HY	EUR 235m + EUR 80m	Renewables
DCM – HY	USD 300m	Energy
DCM – HY	NOK 1.8bn	TMT

M&A and Advisory | M&A segment continues to improve with multiple transactions closed and more in the making

	Merger with SYSCO	Undisclosed	TMT
	Sale of Nofitech to Summa Equity and Longship Fund II	Undisclosed	Seafood
	Sale of PatoGen to Fürst Medical Laboratory	Undisclosed	Seafood
	Acquisition of Solera Beverage Group	NOK 1.1bn	Consumer
	Sale of HB-Care to Dantaxi (owned by Triton)	Undisclosed	Transportation
	Sale of a minority stake and partnership with FSN Capital	Undisclosed	Energy

Brokerage and Research: Gaining market share in an active market

Comments

• High secondary activity in the quarter across our organisation
• Considerable block trading activity
• Continued high pace of new client onboardings
• Reintroduction of physical roadshows during the end of the quarter as Covid restrictions are eased
• Selectively recruiting new talent to support continued growth

Operating costs | Stable non-compensation costs while compensation increases with profitability and headcount

• Increased compensation costs driven by higher revenues and profitability
• Headcount has increased by approx. 10%, reflecting our strategic decision to further expand the investment banking operation

Closing remarks

• Best Q3 results ever, with LTM revenues of NOK 3bn
• Growth in all markets, products and sectors
• Solid and diversified pipeline heading into Q4 and 2022
• Talent acquisition and development will continue to be a key priority

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited)		Other comprehensive income
-----------------------------------------------------	--	----------------------------

NOKm	Q3 2021	Q3 2020		YTD 2021 YTD 2020	2020
Corporate Financing	260.1	179.9	1,286.3	465.7	1,044.6
M&A and Advisory	141.7	81.8	369.2	205.6	380.9
Brokerage and Research	159.3	101.2	452.9	362.0	500.6
Total revenues	561.1	362.9	2,108.4	1,033.3	1,926.0
Personnel costs	-309.2	-194.8	-1,128.9	-562.7	-994.1
Other operating costs	-62.1	-55.7	-176.6	-178.3	-241.8
Depreciation	-14.4	-13.6	-43.1	-41.1	-54.9
Total operating costs	-385.7	-264.2	-1,348.6	-782.1	-1,290.8
Operating profit	175.5	98.7	759.8	251.2	635.3
Net interest	-1.0	-1.6	-5.8	-3.3	-6.6
Associates	-2.0	-1.5	-4.6	-5.3	-9.9
Other	-1.2	0.3	-0.6	2.3	2.7
Net financial result	-4.2	-2.8	-10.9	-6.4	-13.8
Profit before tax	171.3	95.9	748.9	244.9	621.4
Taxes	-43.7	-23.5	-180.7	-62.8	-157.9
Net profit	127.5	72.4	568.2	182.0	463.6
Profit / loss to non-controlling interests	2.0	4.9	9.8	13.7	51.8
Profit / loss to owners of the parent	125.5	67.5	558.5	168.4	411.8

NOKm	Q3 2021	Q3 2020	YTD 2021	YTD 2020	2020
Net profit	127.5	72.4	568.2	182.0	463.6
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-0.6	-2.5	-1.8	31.6	6.6
Hedging of investment in foreign subsidiaries	2.0	3.3	2.5	-31.3	-6.8
Income tax relating to items that may be reclassified	-0.5	-0.8	-0.6	7.8	1.7
Total other comprehensive income	0.9	0.0	0.1	8.1	1.5
Total comprehensive income for the period	128.5	72.4	568.3	190.2	465.0
Comprehensive income to non-controlling interests	2.0	4.9	9.8	13.7	51.8
Comprehensive income to owners of the parent	126.4	67.5	558.6	176.5	413.2

Condensed cash flow statement
NOKm	Q3 2021	Q3 2020	YTD 2021	YTD 2020	2020
Cash and cash equivalents - opening balance	1,195.1	506.6	1,251.3	570.6	570.6
Net cash flow from operating activities	72.8	50.9	542.5	221.5	1,033.4
Net cash flow from investing activities	-7.7	-5.3	-11.9	-68.0	-76.6
Net cash flow from financing activities	-10.6	199.5	-532.2	27.6	-276.0
Net change in cash and cash equivalents	54.6	245.1	-1.6	181.0	680.7
Cash and cash equivalents - closing balance	1,249.7	751.7	1,249.7	751.7	1,251.3

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm		30/09/2021 30/09/2020	31/12/2020
Intangible assets	158.4	156.5	164.6
Financial non-current assets	77.4	85.3	77.4
Tangible assets	248.6	299.1	289.0
Total non-current assets	484.4	540.9	530.9
Receivables	5,245.2	4,762.4	1,622.8
Investments	73.9	248.8	65.1
Cash and bank deposits	1,249.7	751.7	1,251.3
Total current assets	6,568.7	5,762.9	2,939.2
Total assets	7,053.1	6,303.8	3,470.1
Paid-in capital	114.3	112.6	113.1
Retained earnings	924.7	613.3	780.9
Equity attributable to owners of the parent	1,039.0	725.8	893.9
Non controlling interests	12.3	53.6	89.9
Total equity	1,051.3	779.4	983.8
Long-term liabilities	234.4	265.0	256.4
Short-term interest bearing liabilities	0.0	223.0	0.0
Short-term liabilities	5,767.5	5,036.4	2,229.9
Total liabilities	6,001.9	5,524.4	2,486.3
Total equity and liabilities	7,053.1	6,303.8	3,470.1

Condensed statement of changes in equity

NOKm	Q3 2021	Q3 2020	YTD 2021	YTD 2020	2020
Equity attributable to owners of the parent - opening balance	912.6	657.8	893.9	691.1	691.1
Comprehensive income to owners of the parent	126.4	67.5	558.6	176.5	413.2
Payment to shareholders	0.0	0.0	-471.5	-103.6	-183.6
New issuing of shares	0.0	0.0	0.0	0.0	0.0
Change in own shares	-0.1	0.6	58.0	-38.2	-26.8
Equity attributable to owners of the parent - closing balance	1,039.0	725.8	1,039.0	725.8	893.9
Equity attributable to non-controlling interests - opening balance	10.3	48.6	89.9	62.2	62.2
Comprehensive income to non-controlling interests	2.0	4.9	9.8	13.7	51.8
Payment to shareholders	0.0	0.0	-87.4	-22.3	-24.1
Business combinations	0.0	0.0	0.0	0.0	0.0
Equity attributable to non-controlling interests - closing balance	12.3	53.6	12.3	53.6	89.9
Total equity - closing balance	1,051.3	779.4	1,051.3	779.4	983.8

Notes to the financial statements

1) Accounting principles

The quarterly report is prepared in accordance with IAS 34 Interim Financial Reporting and International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and all interpretations from the Financial Reporting Interpretations Committee (IFRIC), which have been endorsed by the European Commission for adoption within the EU. The quarterly report is prepared using the same principles as those used for the 2020 annual report. The quarterly report is unaudited.

2) Judgments, estimates and assumptions

The preparation of condensed consolidated interim financial statements in accordance with IFRS and the application of the chosen accounting policies require management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on a continuous basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. When preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimate uncertainty were the same as t hose that applied to the consolidated financial statements as of the period ending 31 December 2020.

3) Risk and uncertainty

As described in ABGSC's annual report, ABGSC's total risk exposure is analysed and evaluated at the group level. Risk evaluat ions are integrated in all business activities both at the group and business unit levels, increasing ABGSC's ability to take advantage of business opportunities. There has not been any significant change in the risk exposure or the risks and uncertainties described in the annual report.

4) Related parties

There have not been any changes or transactions with any related parties that significantly impact the Group's financial position or results for the period.

5) Segment information

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. Revenues are also split at an overall geographical level. Segment information is presented on other pages of this report, including on the historical quarterly summary pages.

Cost ratios

55% 56% 54% 52% 52% 54% 54% 2017 2018 2019 2020 L4Q 9M 20 9M 21

Cost per head (NOKm) Total compensation/revenue Non-compensation/revenue

Shareholder matters | Share count and shareholder structure

Share count
	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Shares (period end) outstanding	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,
- Treasury shares (period end)	29 364 ,	26 940 ,	26 870 ,	18 288 ,	18 063 ,
+ Forward outstanding (period end) contracts	96 531 ,	94 483 ,	104 373 ,	102 791 ,	102 436 ,
Diluted shares (period end)	537 915 ,	538 290 ,	548 249 ,	555 249 ,	555 119 ,
Shares (average) outstanding	470 747 ,	470 747 ,	470 747 ,	470 747 ,	470 747 ,
- Treasury shares (average)	29 694 ,	27 906 ,	26 832 ,	21 820 ,	18 267 ,
+ Forward outstanding (average) contracts	97 178 ,	95 292 ,	96 645 ,	103 661 ,	102 751 ,
Diluted shares (average)	538 231 ,	538 134 ,	540 560 ,	552 588 ,	555 231 ,

Shareholder structure

Shares held by Directors and staff	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Shares Staff / Shares held by Directors and outstanding	20%	20%	20%	22%	22%
Shares and fwd held by Directors and Staff / Diluted shares contracts	35%	35%	36%	37%	37%

Shareholders by (shares outstanding) country	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Norway	73%	71%	69%	67%	67%
Great Britain	4%	4%	4%	4%	4%
USA	9%	9%	9%	11%	11%
Sweden	5%	7%	7%	8%	8%
Other	8%	9%	10%	10%	9%

Share transactions

During the quarter, ABGSC purchased 350k shares from retired partners at an average price of NOK 5.59 per share. ABGSC sold 220k shares on forward contracts to new partners. ABGSC also sold 575k treasury shares to partners as settlement of forward contracts previously entered into.

Shareholder information

For more information about the ABGSC share and its largest shareholders, please visit the Investor Relations section on the ABGSC website (www.abgsc.com).

Shareholder matters | ABGSC sold a total of 220k shares to new partners and repurchased 350k shares from leaving partners in Q3

The Board currently has a mandate from the shareholders to acquire a number of ABGSC shares corresponding to approximately 10% of the share capital. The one-year mandate is valid until the end of June 2022.

Expiry year	(1 000) Forward contracts ,	price Forward average
2022	11 211 ,	2 37
2023	10 715 ,	3 53
2024	40 485 ,	2 22
2025	27 841 ,	1 44
2026	12 184 ,	6 89
Total	102 436 ,

As part of the partner share incentive programme, several partners in the firm have entered into forward contracts for the future delivery of shares. Under the programme, new and certain existing partners are given the opportunity to acquire restricted partner shares at market price, with a 15% price adjustment reflecting several restrictions with regards to the selling (or purchasing) of these shares.

The final settlement price will be adjusted to reflect any distribution to shareholders paid prior to settlement. The interest element in 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.

Shareholder matters | Distribution to shareholders

• 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 continuous basis, taking into consideration a number of factors, including market conditions, regulatory requirements, counterparty and market perceptions and the nature of our business
• The Board has decided to revert to annual dividend payments, so there will not be any mid-year interim dividend in 2021

89%

128%

Capital and balance sheet summary | Highly liquid asset base and solid capitalisation with satisfactory buffers to regulatory requirement

▪ ABGSC is well capitalised with a core capital ratio of >1.6x the current regulatory minimum requirement and >2.5x the future requirement

• Liquid balance sheet with limited proprietary trading activity and a modest and conservative security financing operation
• Net working capital shall be close to neutral over time, but may be subject to short-term fluctuations1)
• Cash & Bank includes collateral cash deposits (stock borrowing, clearing, etc.)

Historical figures | Key financials in last nine quarters

Income statement
NOKm	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Revenues	271	504	263	408	363	893	738	809	561
Operating costs	-219	-335	-226	-291	-264	-509	-464	-499	-386
Operating profit	52	169	36	116	99	384	274	310	175
Net financial result	-3	-2	0	-4	-3	-7	-4	-2	-4
Profit before tax	49	167	37	112	96	377	270	308	171
Taxes	-11	-40	-11	-29	-24	-95	-63	-74	-44
Non-controlling interests	-2	-20	-1	-8	-5	-38	1	-9	-2
Net profit	36	107	25	76	67	243	208	225	126

Balance sheet
NOKm	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Total non-current assets	285	285	557	546	541	531	493	494	484
Receivables	2,943	1,356	4,841	4,238	4,762	1,623	5,828	6,278	5,245
Investments	105	59	102	78	249	65	37	52	74
Cash and bank deposits	566	571	780	507	752	1,251	940	1,195	1,250
Total current assets	3,614	1,986	5,723	4,822	5,763	2,939	6,805	7,526	6,569
Total assets	3,899	2,271	6,280	5,368	6,304	3,470	7,298	8,019	7,053
Equity attributable to owners of the parent	657	691	676	658	726	894	1,084	913	1,039
Non-controlling interests	46	62	63	49	54	90	88	10	12
Total equity	703	753	739	706	779	984	1,173	923	1,051
Long-term liabilities	119	66	277	263	265	256	235	238	234
Short-term interest bearing liabilities	246	0	212	14	223	0	0	0	0
Short-term liabilities	2,831	1,452	5,053	4,385	5,036	2,230	5,890	6,859	5,767
Total liabilities	3,196	1,518	5,541	4,662	5,524	2,486	6,125	7,097	6,002
Total equity and liabilities	3,899	2,271	6,280	5,368	6,304	3,470	7,298	8,019	7,053

Historical figures | Segment revenues in last nine quarters

Segment revenues

NOKm	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Corporate Financing	96	213	50	236	180	579	492	534	260
M&A and Advisory	81	170	78	46	82	175	90	137	142
Brokerage and Research	94	121	134	126	101	139	156	138	159
Group	271	504	263	408	363	893	738	809	561
NOKm	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Norway	96	272	136	211	168	524	343	375	246
Sweden	119	161	85	132	133	224	287	312	208
Denmark	24	32	8	10	23	37	21	52	55
International	31	39	34	54	39	108	87	70	51
Group	271	504	263	408	363	893	738	809	561

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Q3 2020	Q4 2020	Q1 2021	Q2 2021	Q3 2021
Headcount (average)	280	275	275	278	287	298	301	307	315
Revenues per head (average)	0.97	1.83	0.95	1.46	1.27	2.99	2.45	2.63	1.78
Operating costs per head (average)	-0.78	-1.21	-0.82	-1.05	-0.92	-1.70	-1.54	-1.62	-1.23
Operating cost / Revenues	81%	66%	86%	72%	73%	57%	63%	62%	69%
Total compensation / Revenues	55%	50%	57%	54%	54%	48%	54%	52%	55%
Operating margin %	19%	34%	14%	28%	27%	43%	37%	38%	31%
Return on Equity (annualised)	23%	35%	15%	45%	39%	56%	84%	90%	86%
Shares outstanding (period end)	470,747	470,747	470,747	470,747	470,747	470,747	470,747	470,747	470,747
Treasury shares (period end)	-14,996	-14,023	-32,534	-30,219	-29,364	-26,940	-26,870	-18,288	-18,063
Forward contracts outstanding (period end)	75,211	75,611	99,801	97,836	96,531	94,483	104,373	102,791	102,436
Diluted shares (period end)	530,963	532,335	538,015	538,365	537,915	538,290	548,249	555,249	555,119
Earnings per share (basic)	0.08	0.24	0.06	0.17	0.15	0.55	0.47	0.50	0.28
Earnings per share (diluted)	0.07	0.21	0.05	0.14	0.13	0.45	0.39	0.41	0.23
Book value per share (basic)	1.44	1.51	1.54	1.49	1.64	2.01	2.44	2.02	2.30
Book value per share (diluted)	1.75	1.79	1.86	1.77	1.89	2.17	2.62	2.12	2.35
Total capital adequacy	2,972	3,196	3,546	2,958	3,294	3,386	3,892	4,323	4,043
Core capital	391	504	450	462	386	441	431	503	506
Total capital adequacy ratio	13%	16%	13%	16%	12%	13%	11%	12%	13%
Minimum requirement coverage ratio	1.6x	2.0x	1.6x	2.0x	1.5x	1.6x	1.4x	1.5x	1.6x

Financial calendar

▪ Q4 2021 earnings release/preliminary full-year figures: 9 February 2022

Company overview

ABGSC enables businesses and capital to grow and perform

25 1) Source: Mergermarket (M&A). Pending and completed transactions with targets from Norway, Sweden or Denmark

2) Source: Refinitiv (ECM): Companies listed in Norway, Sweden or Denmark

3) Source: Stamdata (DCM). Non-Shipping related high yield issuers located in Norway, Sweden or Denmark and with documentation in Norway, Sweden or Denmark

Our vision is to be the most agile and respected Nordic investment bank

Norway

ABG Sundal Collier ASA Pb. 1444 Vika Munkedamsveien 45E 7th floor NO-0250 Oslo

Tel +47 22 01 60 00 Fax +47 22 01 60 60

Sweden

ABG Sundal Collier AB Box 7269 Regeringsgatan 25 8th floor SE-11153 Stockholm Tel +46 8 566 286 00 Fax +46 8 566 286 01

United Kingdom

ABG Sundal Collier Ltd. St Martin's Court 25 Newgate St 5th floor UK-EC4M 7EJ London Tel +44 207 905 5600

Fax +44 207 905 5601

Denmark

ABG Sundal Collier ASA Copenhagen Branch Forbindelsesvej 12 DK-2100 Copenhagen Ø

Tel +45 3546 3000 Fax +45 3546 3010

Germany

ABG Sundal Collier ASA Frankfurt Branch Schillerstrasse 2 5. Obergeschoss DE-60313 Frankfurt /Main

Tel +49 69 96 86 96 0 Fax +49 69 96 86 96 9

USA

ABG Sundal Collier Inc. 850 Third Avenue Suite 9-C US-10022 New York Tel +1 212 605 3800 Fax +1 212 605 3801

Singapore

ABG Sundal Collier Pte Ltd 10 Collyer Quay Ocean Financial Center #40-07, Singapore 049315

Tel +65 6808 6082

This material has been prepared by ABG Sundal Collier ASA, or an affiliate thereof ("ABGSC").

This material is for distribution only under such circumstances as may be permitted by applicable law. It has no regard to the specific investment objectives, financial situation or particular needs of any recipient. It is published solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the materials. It should not be regarded by recipients as a substitute for the exercise of their own judgement. Any opinions expressed in this material are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of ABGSC as a result of using different assumptions and criteria. ABGSC is under no obligation to update or keep current the information contained herein. ABGSC, its directors, officers and employees' or clients may have or have had interests or long or short positions in the securities or other financial instruments referred to herein and may at any time make purchases and/or sales in them as principal or agent. ABGSC may act or have acted as market-maker in the securities or other financial instruments discussed in this material. Furthermore, ABGSC may have or have had a relationship with or may provide or has provided investment banking, capital markets and/or other financial services to the relevant companies. Neither ABGSC nor any of its affiliates, nor any of ABGSC' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this material.

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