Stable performance from a robust and diversified business

Revenues of NOK 407m (NOK 403m) Net profit of NOK 50m (NOK 56m) Diluted EPS of NOK 0.09 (NOK 0.11)

2025 Q1 INTERIM REPORT

CEO comments | Well-positioned for navigating in troubled waters

Recent headlines have been dominated by heightened geopolitical uncertainty, primarily driven by US policy developments, including international security and newly introduced tariffs. As a result, market volatility has increased, leading to a sell-off in global markets across asset classes.

During the first quarter, the Nordic markets remained relatively resilient, supported by high levels of secondary trading activity and strong investor demand for high-yield credit. This environment led to tight credit spreads and favorable issuance conditions for high-yield bond issuers, resulting in robust revenue contributions from our brokerage and debt capital markets (DCM) segments.

As expected, Q1 marked a seasonally slower period for corporate M&A and equity capital markets (ECM) activity, with muted ECM volumes across the Nordic region. Moreover, we are seeing a delay in the recovery of M&A activity, with the number of announced transactions broadly in line with the previous year. Against this backdrop, I am pleased that we successfully closed more than 30 transactions during the quarter and achieved a modest year-over-year increase in top-line revenue.

A key milestone at the start of the second quarter is the progress in Private Banking. We are pleased to have started onboarding the first clients and look forward to launching our offering to a broader audience in the coming weeks and months. We appreciate the strong interest in our services and look forward to welcoming a range of new clients to the firm.

We believe independent, objective advice and insights from external advisors are essential, especially in markets experiencing significant uncertainty due to unprecedented political and policy changes. Our primary focus is on effectively supporting our clients through turbulent periods, ensuring they benefit from our complete independence and the absence of conflicting interests from internal lending or asset management operations. We are committed to providing clear advice, best-in-class execution, and the agility to swiftly adapt to evolving market conditions.

Jonas Ström, CEO

Key financial figures | Revenues of NOK 407m and diluted EPS of NOK 0.09

Initial costs of ~NOK 15m in Q1 2025 (NOK 11m Q1 2024) related to set up of business initiatives that are expected to yield future revenues are included in Q1 2025 costs; negative impact on operating margin of ~3.7pp (2.7pp in Q1 2024) and negative diluted EPS impact of ~NOK 0.3 (0.2)

Macro and market backdrop | Increased uncertainty regarding international trade policies and rising inflation negatively impacting equity markets

S&P 500 was down 4.6% and MSCI Nordic down 1.0% in Q1. Sharp drop at the start of Q2.
The VIX index fluctuated up to the mid-20s during the first three months of the year before rising above 50 at the beginning of April.
Rising long-term interest rates in Europe, but the upward trend in the US is slowing.
Credit spreads remained stable at attractive levels for corporate issuers prior to recent hikes.

Market volumes | Another strong quarter for Nordic high yield DCM while ECM volumes remained soft. Announced M&A deals in line with last year.

1) Nordic primary DCM volumes (NOKbn)

+23%

Nordic M&A transactions (#) Nordic primary ECM volumes (NOKbn 3) )

1) Source: Refinitv and Dealogic. Issuers listed on Nordic stock exchanges. Q4 2024 driven by the DSV A/S DKK37.3bn deal

2) Source: Stamdate. Corporate high yield, Nordic issuers

3) Source: Mergermarket. Nordic targets, announced transactions with financial advisors. Last quarter estimate reflecting a time-lag in Mergermaket deal registration

Corporate Financing | Revenues in line with last year, as a number of DCM transactions offset soft ECM sentiment

M&A and Advisory | Seasonally slow quarter with a handful of completed deals contributing to revenues in line with recent Q1 average


Public takeover of Belships by Blue Northern/EnTrust	NOK 5.2bn	Shipping
Sale of SpinChip Diagnostics to bioMérieux	NOK 1.6bn	Health care
Sale of 50% of Level Offshore to Knutsen Group	Undisclosed	Energy services
Acquisition of Wrist Ship Supply by J.F. Lehman & Company	Undisclosed	Business services
Public takeover offer from Constantinsborg	DKK 1.0bn	Industrials
Public takeover of Penneo by Visma	DKK 561m	TMT
Public takeover of Sydsvenska Hem by Briban Invest	SEK 784m	Real Estate

Brokerage and Research | Strong market position and market volatility driving secondary commissions to highest first quarter levels since financial crisis

▪ Research revenues and secondary trading up 12% y-o-y, good

performance throughout the quarter

The team has delivered good results in a market environment characterised by a high level of geopolitical uncertainty, which has affected investors' risk appetite
LTM revenues up 3% vs. last quarter, team well positioned to benefit further once the investment climate improves

Headcount | Q1 headcount up 4% to 347 (333 in Q1 2024) as we are growing front operations according to strategy

Operating costs | Compensation cost ratio remains steady, non-compensation costs still impacted by FX

Initial costs of ~NOK 15m in Q1 2025 (NOK 11m Q1 2024) related to set up of business initiatives
Compensation ratios in line with recent years
Non-compensation costs primarily up due to general cost inflation

Closing remarks | The leading full-service independent Nordic investment bank

Stable first quarter performance with particularly strong contributions from DCM and brokerage
The first private banking clients have now been onboarded and we look forward to launching our offering to a broader audience in the coming weeks and months
Current geopolitical turmoil is setting the tone for the second quarter, reducing short-term visibility
As an agile and truly independent investment bank, we are committed to providing unbiased and clear advice and best-inclass execution

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited) Other comprehensive income

NOKm	Q1 2025	Q1 2024	2024
Corporate Financing	122.0	122.2	788.5
M&A and Advisory	113.3	128.1	577.7
Brokerage and Research	171.3	152.6	566.5
Total revenues	406.6	402.9	1,932.8
Personnel costs	-232.2	-230.1	-1,096.2
Other operating costs	-92.9	-79.6	-340.6
Depreciation	-22.2	-21.7	-88.6
Total operating costs	-347.3	-331.3	-1,525.4
Operating profit	59.3	71.6	407.4
Net interest	6.6	4.9	9.2
Associates	0.9	-1.2	-1.4
Other	-0.8	0.1	-1.5
Net financial result	6.7	3.7	6.3
Profit before tax	66.1	75.3	413.6
Taxes	-16.4	-19.1	-106.6
Net profit	49.7	56.2	307.1

Profit / loss to non-controlling interests	1.9	-1.6	-0.7
Profit / loss to owners of the parent	47.8	57.7	307.7

NOKm	Q1 2025	Q1 2024	2024
Net profit	49.7	56.2	307.1
reclassified profit Items that may be to or loss
Exchange differences on translating foreign operations	-20.3	18.8	40.7
Hedging of investment in foreign operations	20.4	-18.5	-42.1
Income relating items that may be reclassified tax to	-5.1	4.6	10.5
Total other comprehensive income	-5.0	4.9	9.1
for Total comprehensive income the period	44.6	61.1	316.2

Comprehensive income non-controlling interests to	2.2	-1.6	-0.4
Comprehensive income owners of the to parent	42.4	62.7	316.6

Condensed cash flow statement
NOKm	Q1 2025	Q1 2024	2024
Cash and cash equivalents - opening balance	787.8	525.7	525.7
Net cash flow from operating activities	-128.7	87.3	584.4
Net cash flow from investing activities	0.8	-12.5	-14.1
Net cash flow from financing activities	-0.5	174.0	-308.2
Net change in cash and cash equivalents	-128.4	248.8	262.1
Cash and cash equivalents - closing balance	659.4	774.5	787.8

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm	31/03/2025	31/12/2024
Intangible assets	166.3	167.2
Financial non-current assets	62.2	64.2
Tangible assets	419.2	432.9
Total non-current assets	647.7	664.3

Receivables	6,524.8	4,102.0
Investments	48.6	34.1
Cash and bank deposits	659.4	787.8
Total current assets	7,232.8	4,923.9
Total assets	7,880.5	5,588.2

Paid-in capital	156.8	158.8
Retained earnings	864.7	885.5
Equity attributable owners of the to parent	1,021.5	1,044.3
Non controlling interests	13.4	11.3
equity Total	1,034.9	1,055.6

Long-term liabilities	423.8	413.0
Short-term interest bearing liabilities	88.5	6.4
Short-term liabilities	6,333.3	4,113.2
liabilities Total	6,845.6	4,532.7
Total equity and liabilities	7,880.5	5,588.2

Condensed statement of changes in equity

NOKm	Q1 2025	Q1 2024	2024
Equity attributable to owners of the parent - opening balance	1,044.3	959.7	959.7
Comprehensive income owners of the to parent	42.4	62.7	316.6
Payment shareholders to	0.0	0.0	-260.3
New issuing of shares	0.0	20.8	20.8
Change in own shares	-65.3	7.3	7.4
owners of Equity attributable to the parent - closing balance	1,021.5	1,050.5	1,044.3
Equity attributable non-controlling interests - opening balance to	11.3	11.7	11.7
Comprehensive income non-controlling interests to	2.2	-1.6	-0.4
Payment shareholders to	0.0	0.0	0.0
Business combinations	0.0	0.0	0.0
Equity attributable non-controlling interests - closing to balance	13.4	10.2	11.3
Total equity - closing balance	1,034.9	1,060.7	1,055.6

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 2024 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 those that applied to the consolidated financial statements as of the period ending 31 December 2024.

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 evaluations 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.

Shareholder matters | Share count and shareholder structure

Share count
Figures in thousands	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Shares outstanding (period end)	527 735 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,
(period end) - Treasury shares	7 109 ,	7 159 ,	7 059 ,	7 059 ,	15 824 ,
+ Forward outstanding (period end) contracts	52 999 ,	53 249 ,	53 524 ,	53 224 ,	62 142 ,
Diluted (period end) shares	573 624 ,	573 824 ,	574 199 ,	573 899 ,	574 053 ,

Shares outstanding (average)	501 163 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,
- Treasury shares (average)	870 7 ,	127 7 ,	125 7 ,	059 7 ,	10 308 ,
+ Forward outstanding (average) contracts	71 866 ,	53 131 ,	53 532 ,	53 322 ,	57 628 ,
Diluted shares (average)	565 159 ,	573 739 ,	574 142 ,	573 997 ,	575 055 ,

Shareholder structure

Shares held by Directors and staff	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Shares held by Directors and Staff / Shares outstanding	33%	32%	30%	30%	29%
Shares fwd Staff / and held by Directors and Diluted shares contracts	39%	38%	37%	37%	38%

Shareholders (shares outstanding) by country	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Norway	69%	69%	69%	69%	70%
Great Britain	4%	4%	4%	4%	2%
USA	8%	8%	9%	9%	9%
Sweden	10%	10%	10%	10%	10%
Other	9%	9%	9%	8%	8%

Share transactions

During the quarter, ABGSC sold 9.2m shares as part of the annual partner share offering. In addition 0.5m shares were sold to new partners.

ABGSC purchased 9.4m shares at NOK 7.30 per share in a buy-back offering and purchased 400k shares from former partners at an average price of NOK 5.78 per share.

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 10m shares to new and existing partners and repurchased 10m shares from the market and former partners in Q1

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 2025.

Expiry year	(m) #	Fwd price
2025	0 50	1 91
2026	12 06	5 62
2027	10 84	6 41
2028	13 40	5 51
2029	15 79	6 50
2030	9 57	7 68
Total	62 14

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 forward settlement price is adjusted for changes in interest rates and any cash distribution paid to shareholders. The interest element in the forward contract will also be adjusted in cases where the contract is settled prior to the original expiry date.

Shareholder matters | Distribution to shareholders

Cash distribution to shareholders (per share) Pay-out ratio (DPS/Diluted EPS)

▪ 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

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 1.8x the current regulatory minimum 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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Revenues	426	379	356	545	403	510	392	628	407
Operating costs	-338	-323	-305	-416	-331	-390	-329	-476	-347
Operating profit	88	56	51	130	72	120	64	152	59
Net financial result	-1	-5	-1	1	4	-2	-3	7	7
Profit before tax	87	51	51	131	75	118	61	159	66
Taxes	-22	-12	-15	-33	-19	-30	-15	-42	-16
Non-controlling interests	-1	0	-1	0	2	-1	0	0	-2
Net profit	65	39	35	98	58	87	46	117	48

Balance sheet
NOKm	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Total non-current assets	803	770	736	714	705	679	664	664	648
Receivables	4,903	5,352	3,098	2,670	3,656	6,370	4,757	4,102	6,525
Investments	75	70	53	14	73	76	36	34	49
Cash and bank deposits	799	571	620	526	775	542	533	788	659
Total current assets	5,778	5,993	3,770	3,210	4,503	6,988	5,326	4,924	7,233
Total assets	6,580	6,763	4,506	3,923	5,208	7,667	5,989	5,588	7,881
Equity attributable to owners of the parent	1,039	851	859	960	1,051	875	923	1,044	1,021
Non-controlling interests	11	11	12	12	10	11	12	11	13
Total equity	1,051	862	871	971	1,061	886	934	1,056	1,035
Long-term liabilities	497	488	479	433	441	433	426	413	424
Short-term interest bearing liabilities	163	237	332	3	169	325	169	6	88
Short-term liabilities	4,869	5,177	2,823	2,516	3,538	6,023	4,460	4,113	6,333
Total liabilities	5,530	5,901	3,635	2,952	4,147	6,781	5,055	4,533	6,846
Total equity and liabilities	6,580	6,763	4,506	3,923	5,208	7,667	5,989	5,588	7,881

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Corporate Financing	182	132	122	144	122	247	161	258	122
M&A and Advisory	78	100	125	259	128	128	107	215	113
Brokerage and Research	166	147	110	143	153	135	124	155	171
Group	426	379	356	545	403	510	392	628	407

NOKm	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Norway	209	195	153	388	214	256	239	303	202
Sweden	144	133	108	110	144	195	114	199	144
Denmark	15	11	65	11	5	20	7	80	25
International	58	39	30	37	39	40	32	46	36
Group	426	379	356	545	403	510	392	628	407

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Headcount (average)	341	343	346	338	333	331	335	345	347
Revenues head (average) per	1 25	1 10	1 03	1 62	1 21	1 54	1 17	1 82	1 17
Operating (average) head costs per	-0 99	-0 94	-0 88	-1 23	-0 99	-1 18	-0 98	-1 38	-0 95
Operating / Revenues cost	79%	85%	86%	76%	82%	76%	84%	76%	81%
Total compensation / Revenues	57%	59%	60%	57%	57%	56%	59%	55%	57%
Operating margin %	21%	15%	14%	24%	18%	24%	16%	24%	15%
Return Equity (annualised) on	25%	16%	16%	25%	23%	36%	20%	32%	30%

Shares outstanding (period end)	497 463 ,	497 463 ,	497 463 ,	497 463 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,
Treasury shares (period end)	-13 401 ,	-5 586 ,	-9 549 ,	-8 649 ,	-7 109 ,	-7 159 ,	-7 059 ,	-7 059 ,	-15 824 ,
Forward outstanding (period end) contracts	76 176 ,	69 261 ,	69 486 ,	68 586 ,	52 999 ,	53 249 ,	53 524 ,	53 224 ,	62 142 ,
(period end) Diluted shares	560 238 ,	561 138 ,	557 399 ,	557 399 ,	573 624 ,	573 824 ,	574 199 ,	573 899 ,	574 053 ,
(basic) Earnings share per	0 14	0 08	0 07	0 20	0 12	0 17	0 09	0 23	0 09
Earnings share (diluted) per	0 12	0 07	0 07	0 18	0 11	0 16	0 09	0 21	0 09
Book value share (basic) per	2 15	1 73	1 76	1 96	2 02	1 68	1 77	2 01	2 00
Book value share (diluted) per	2 33	1 90	1 94	2 12	2 33	1 98	2 08	2 29	2 33
Total capital adequacy	4 966 ,	5 169 ,	4 937 ,	4 853 ,	5 046 ,	4 915 ,	4 816 ,	4 418 ,	4 334 ,
Core capital	614	643	621	623	632	633	636	691	630
Total capital adequacy ratio	12%	12%	13%	13%	13%	13%	13%	16%	15%
Minimum requirement ratio coverage	1 5x	1 6x	1 6x	1 6x	1 6x	1 6x	1 7x	2 0x	1 8x

Financial calendar

Company overview

Position | Over 40 years of delivering value for clients and shareholders

Leading full-service supplier operating in the attractive Nordic investment banking market

Diversified and balanced business with consistent industry leading profitability1)

Strategy | Profitable growth leveraging our best-in-class platform

Priorities

Increase share of wallet within current core operations and markets

Deliver current and new core services to additional markets and client groups Secure successful launch of new ventures

Keep front staff share >80% Distribution of excess capital

Enablers

People

Attract, retain and develop top talent

Technology

Invest in- and utilise technology to improve offering and efficiency

Brand

Strengthen the ABGSC brand to support and fuel continued growth

Objectives

Minimum top 3 position across all key products

Increase revenue / head by >20%

Operating margin >25%

Purpose | Enable businesses and capital to grow and perform

Excellence

"We will outperform and provide best-in-class advice and execution" Dedication

"We work harder, and we are always there for our clients"

Persistence

"We never give up and can always be trusted to deliver"

Excellence. Always.

Norway

ABG Sundal Collier ASA Pb. 1444 Vika Ruseløkkveien 26 8th floor NO-0251 Oslo

Tel +47 22 01 60 00

Sweden

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

United Kingdom

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

Denmark ABG Sundal Collier ASA Copenhagen Branch

Tel +45 3546 3000

Forbindelsesvej 12 DK-2100 Copenhagen Ø

Germany

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

Tel +49 69 96 86 96 0

USA

ABG Sundal Collier Inc. 140 Broadway Suite 4604 US-10005 New York Tel +1 212 605 3800

Singapore

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

Tel +65 6808 6082

Switzerland

ABG Sundal Collier AG Representative Office Schwanenplatz 4 6004 Lucerne

Tel +41 79 502 33 39

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.

© 2025 ABG Sundal Collier ASA. All rights reserved. ABG Sundal Collier ASA specifically prohibits the redistribution of this material and accepts no liability whatsoever for the actions of third parties in this respect.

AI Terminal

ABG Sundal Collier

3518_rns_2025-04-10_4f1b2e13-9045-4d19-b4f8-ed238034e826.pdf