Finishing the quarter on a high note with 12% revenue growth

Q2 revenues of NOK 570m (NOK 510m) Q2 diluted EPS of NOK 0.18 (0.16) H1 revenues of NOK 977m (NOK 913m) H1 diluted EPS of NOK 0.27 (0.27)

2025 Q2 INTERIM REPORT

CEO comments | Finishing the quarter on a high note with 12% revenue growth

The second quarter was a story of two tales, unfolding against a backdrop of geopolitical and macroeconomic turbulence. Markets initially reacted negatively to the new US import tariffs, with volatility peaking in April, when the VIX exceeded 50. As the quarter drew to a close, heightened tensions between Israel and Iran captured global attention. Nevertheless, capital markets remained resilient, with several major indices reaching all-time highs by the end of the quarter.

In the Nordic region, the high-yield debt capital markets (DCM) rebounded quickly, returning to pre-disruption levels. Several planned transactions were put on hold within the equity capital markets (ECM). Some deals were restarted toward the end of the quarter, and a few IPOs were completed in June, which is a promising sign that underlying investor interest is returning.

M&A and Advisory was a key driver of our performance this quarter. We advised on more than 15 transactions, which underscores our strong market position and resulted in a 33% revenue increase for the business segment y-o-y.

Additionally, our Brokerage and Research operations made a significant contribution to y-o-y top-line growth. As we strengthen our focus on delivering differentiated insights, high-conviction idea generation, and top-tier trading and execution capabilities, we continue to see considerable engagement from institutional investors.

Also, we are pleased with the commercial progress of our two newest ventures. ABG Alternatives successfully raised NOK 1.45bn and launched Samfond, its inaugural fund focused on investments in social infrastructure across Norway. Meanwhile, our Private Banking platform has launched, welcoming its first clients and generating significant early interest. These initiatives demonstrate our commitment to innovation, diversification and providing exceptional service and long-term value.

Jonas Ström, CEO

Key financial figures | YTD revenues of NOK 977m and diluted EPS of NOK 0.27

The initial costs related to setting up business initiatives expected to yield future revenues are included in the 2025 costs. These have a negative impact on the operating margin of approximately 3 percentage points (~2pp YTD 2024) and a negative diluted EPS impact of approximately NOK 0.04 (0.02)

Macro and market backdrop | Markets quickly recovering and proving to be resilient amid geopolitical turmoil

S&P 500 was up 10.6% and MSCI Nordic up 0.3% in Q2.
The VIX spiked to above 50 at the beginning of the quarter, before declining and stabilising around the 20 level.
Long-term interest rates in Europe and the US largely unaffected.
Credit spreads have returned to attractive levels following the sharp widening in April.

Market volumes | High-yield DCM activity still at historic highs while ECM and M&A remain muted

Q2 Q3 -21%

Q4 Q1 Q2

34 33

+15%

1) Source: Refinitv and Dealogic. Issuers listed on Nordic stock exchanges. Q4 2024 driven by the DSV A/S DKK 37.3bn 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 | A range of HY bond transactions closed in the quarter. Signs that the ECM market is beginning to stabilise after initial turbulence.

M&A and Advisory | Very strong performance within M&A with several sizeable transactions in Q2


Voluntary stock and cash offer for Crayon from SoftwareOne	NOK 15.5bn	TMT
Sale of Recover Group to Pangea	Undisclosed	Business services
Sale of a majority stake in Aritma to Main Capital Partners	Undisclosed	Financials
Sale of a majority stake in OptoScale to Insight Partners	Undisclosed	Seafood
Sale of a majority stake in Agilera to PharmaLogic	Undisclosed	Health care
Sale of No Dig Alliance to Ambienta	Undisclosed	Business services
Sale of Telemark Kildevann to Refresco	Undisclosed	Consumer
Nykredit's recommended public tender offer for Spar Nord	DKK 24.7bn	Financials

Brokerage and Research | Team execution outpaced impact of investor activity

Brokerage and Research revenues (NOKm)

Q1 Q2 Q3 Q4

Research revenues and secondary trading up 15% y-o-y in Q2 and 13% y-o-y in H1
LTM revenues up 7% vs 2024, continuing the positive trend seen in recent quarters

Headcount | YTD headcount up 2% to 338 (332 in 2024) as we are growing front operations according to our strategy

Operating costs | Compensation cost ratio remains steady, non-compensation costs continue to be driven by inflation

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

All main products contributed to a strong performance in June with good momentum entering the third quarter
M&A and Advisory remained a key driver with ABGSC advising on more than 15 deals during the quarter
ABG Alternatives raised NOK 1.45bn and launched its first fund, Samfond
Private Banking platform launched successfully, with notable early client engagement

Financial statements and supplementary information

Consolidated income and cash flow statements

Condensed consolidated income statement (unaudited) Other comprehensive income

NOKm	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Corporate Financing	188.9	247.4	310.9	369.6	788.5
M&A and Advisory	227.0	127.6	340.4	255.8	577.7
Brokerage and Research	154.5	135.0	325.8	287.5	566.5
Total revenues	570.4	509.9	977.0	912.8	1,932.8
Personnel costs	-316.1	-286.8	-548.3	-516.9	-1,096.2
Other operating costs	-98.2	-81.5	-191.1	-161.1	-340.6
Depreciation	-22.6	-21.4	-44.8	-43.1	-88.6
Total operating costs	-437.0	-389.8	-784.2	-721.1	-1,525.4
Operating profit	133.5	120.2	192.8	191.7	407.4
Net interest	1.7	-0.9	8.3	3.9	9.2
Associates	0.3	-0.5	1.2	-1.7	-1.4
Other	0.1	-0.4	-0.7	-0.3	-1.5
Net financial result	2.1	-1.8	8.8	1.9	6.3
Profit before tax	135.5	118.3	201.6	193.6	413.6
Taxes	-36.0	-30.2	-52.4	-49.3	-106.6
Net profit	99.6	88.2	149.2	144.4	307.1

Profit / loss to non-controlling interests	1.2	1.3	3.0	-0.2	-0.7
Profit / loss to owners of the parent	98.4	86.9	146.2	144.6	307.7

NOKm	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Net profit	99.6	88.2	149.2	144.4	307.1
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	-8.7	-7.2	-29.0	11.6	40.7
Hedging of investment in foreign operations	10.9	6.5	31.3	-12.0	-42.1
Income tax relating to items that may be reclassified	-2.7	-1.6	-7.8	3.0	10.5
Total other comprehensive income	-0.5	-2.3	-5.5	2.6	9.1
Total comprehensive income for the period	99.0	85.9	143.7	147.0	316.2

Comprehensive income to non-controlling interests	1.3	1.2	3.5	-0.3	-0.4
Comprehensive income to owners of the parent	97.7	84.7	140.2	147.3	316.6

Condensed cash flow statement
NOKm	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Cash and cash equivalents - opening balance	659.4	774.5	787.8	525.7	525.7
Net cash flow from operating activities	44.4	-108.2	-84.3	-20.9	584.4
Net cash flow from investing activities	-23.2	-0.9	-22.4	-13.4	-14.1
Net cash flow from financing activities	48.3	-123.8	47.8	50.2	-308.2
Net change in cash and cash equivalents	69.5	-232.9	-58.9	16.0	262.1
Cash and cash equivalents - closing balance	728.9	541.7	728.9	541.7	787.8

Consolidated balance sheet

Consolidated balance sheet (unaudited)

NOKm	30/06/2025	30/06/2024	31/12/2024
Intangible assets	165.8	162.8	167.2
Financial non-current assets	84.5	68.1	64.2
Tangible assets	403.0	448.2	432.9
Total non-current assets	653.3	679.2	664.3

Receivables	5,094.2	6,370.4	4,102.0
Investments	22.0	75.7	34.1
Cash and bank deposits	728.9	541.7	787.8
Total current assets	5,845.1	6,987.8	4,923.9
Total assets	6,498.3	7,667.0	5,588.2

Paid-in capital	156.8	158.8	158.8
Retained earnings	707.5	715.8	885.5
Equity attributable to owners of the parent	864.3	874.5	1,044.3
Non controlling interests	5.9	11.4	11.3
Total equity	870.2	885.9	1,055.6

Long-term liabilities	395.5	432.9	413.0
Short-term interest bearing liabilities	400.5	325.2	6.4
Short-term liabilities	4,832.0	6,022.9	4,113.2
Total liabilities	5,628.1	6,781.0	4,532.7
Total equity and liabilities	6,498.3	7,667.0	5,588.2

Condensed statement of changes in equity

NOKm	Q2 2025	Q2 2024	YTD 2025	YTD 2024	2024
Equity attributable to owners of the parent - opening balance	1,021.5	1,050.5	1,044.3	959.7	959.7
Comprehensive income to owners of the parent	97.7	84.7	140.2	147.3	316.6
Payment to shareholders	-256.0	-260.3	-256.0	-260.3	-260.3
New issuing of shares	0.0	0.0	0.0	20.8	20.8
Change in own shares	1.0	-0.3	-64.2	7.0	7.4
Equity attributable to owners of the parent - closing balance	864.3	874.5	864.3	874.5	1,044.3
Equity attributable to non-controlling interests - opening balance	13.4	10.2	11.3	11.7	11.7
Comprehensive income to non-controlling interests	1.3	1.2	3.5	-0.3	-0.4
Payment to shareholders	-8.9	0.0	-8.9	0.0	0.0
Business combinations	0.0	0.0	0.0	0.0	0.0
Equity attributable to non-controlling interests - closing balance	5.9	11.4	5.9	11.4	11.3
Total equity - closing balance	870.2	885.9	870.2	885.9	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	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Shares (period end) outstanding	527 735 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,
- Treasury shares (period end)	7 159 ,	7 059 ,	7 059 ,	15 824 ,	15 510 ,
(period end) Forward contracts outstanding +	53 249 ,	53 524 ,	53 224 ,	62 142 ,	61 478 ,
Diluted shares (period end)	573 824 ,	574 199 ,	573 899 ,	574 053 ,	573 703 ,

Shares outstanding (average)	527 735 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,
- Treasury shares (average)	127 7 ,	125 7 ,	059 7 ,	10 308 ,	15 657 ,
Forward contracts outstanding (average) +	53 131 ,	53 532 ,	53 322 ,	57 628 ,	61 914 ,
Diluted shares (average)	573 739 ,	574 142 ,	573 997 ,	055 575 ,	573 992 ,

Shareholder structure

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

Shareholders (shares outstanding) by country	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Norway	69%	69%	69%	70%	71%
Great Britain	4%	4%	4%	2%	2%
USA	8%	9%	9%	9%	9%
Sweden	10%	10%	10%	10%	9%
Other	9%	9%	8%	8%	8%

Share transactions

ABGSC purchased 350k shares from former partners at an average price of NOK 6.01 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 purchased 350k shares from former partners in Q1

Share offering and share buy-back volumes (m) Forward contract overview

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 2026.

Expiry year	# (m)	Fwd price
2025	0 50	1 39
2026	11 99	5 10
2027	10 72	5 86
2028	13 14	4 93
2029	15 64	5 90
2030	9 49	7 05
Total	61 48

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Revenues	379	356	545	403	510	392	628	407	570
Operating costs	-323	-305	-416	-331	-390	-329	-476	-347	-437
Operating profit	56	51	130	72	120	64	152	59	133
Net financial result	-5	-1	1	4	-2	-3	7	7	2
Profit before tax	51	51	131	75	118	61	159	66	136
Taxes	-12	-15	-33	-19	-30	-15	-42	-16	-36
Non-controlling interests	0	-1	0	2	-1	0	0	-2	-1
Net profit	39	35	98	58	87	46	117	48	98

Balance sheet
NOKm	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Total non-current assets	770	736	714	705	679	664	664	648	653
Receivables	5,352	3,098	2,670	3,656	6,370	4,757	4,102	6,525	5,094
Investments	70	53	14	73	76	36	34	49	22
Cash and bank deposits	571	620	526	775	542	533	788	659	729
Total current assets	5,993	3,770	3,210	4,503	6,988	5,326	4,924	7,233	5,845
Total assets	6,763	4,506	3,923	5,208	7,667	5,989	5,588	7,881	6,498
Equity attributable owners of the to parent	851	859	960	1,051	875	923	1,044	1,021	864
Non-controlling interests	11	12	12	10	11	12	11	13	6
Total equity	862	871	971	1,061	886	934	1,056	1,035	870
Long-term liabilities	488	479	433	441	433	426	413	424	396
Short-term interest bearing liabilities	237	332	3	169	325	169	6	88	401
Short-term liabilities	5,177	2,823	2,516	3,538	6,023	4,460	4,113	6,333	4,832
Total liabilities	5,901	3,635	2,952	4,147	6,781	5,055	4,533	6,846	5,628
Total equity and liabilities	6,763	4,506	3,923	5,208	7,667	5,989	5,588	7,881	6,498

Historical figures | Segment revenues in last nine quarters

Segment revenues
NOKm	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Corporate Financing	132	122	144	122	247	161	258	122	189
M&A and Advisory	100	125	259	128	128	107	215	113	227
Brokerage and Research	147	110	143	153	135	124	155	171	155
Group	379	356	545	403	510	392	628	407	570

NOKm	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Norway	195	153	388	214	256	239	303	202	313
Sweden	133	108	110	144	195	114	199	144	207
Denmark	11	65	11	5	20	7	80	25	19
International	39	30	37	39	40	32	46	36	31
Group	379	356	545	403	510	392	628	407	570

Historical figures | Key figures in last nine quarters

Key figures
NOK	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Headcount (average)	343	346	338	333	331	335	345	347	329
Revenues per head (average)	1 10	1 03	1 62	1 21	1 54	1 17	1 82	1 17	1 73
Operating (average) costs per head	-0 94	-0 88	-1 23	-0 99	-1 18	-0 98	-1 38	-1 00	-1 28
Operating / Revenues cost	85%	86%	76%	82%	76%	84%	76%	85%	74%
Total compensation / Revenues	59%	60%	57%	57%	56%	59%	55%	57%	55%
Operating margin %	15%	14%	24%	18%	24%	16%	24%	15%	23%
(annualised) Return on Equity	16%	16%	25%	23%	36%	20%	32%	18%	33%
Shares outstanding (period end)	497 463 ,	497 463 ,	497 463 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,	527 735 ,
(period end) Treasury shares	-5 586 ,	-9 549 ,	-8 649 ,	-7 109 ,	-7 159 ,	-7 059 ,	-7 059 ,	-15 824 ,	-15 510 ,
Forward outstanding (period end) contracts	69 261 ,	69 486 ,	68 586 ,	52 999 ,	53 249 ,	53 524 ,	53 224 ,	62 142 ,	61 478 ,
Diluted shares (period end)	561 138 ,	557 399 ,	557 399 ,	573 624 ,	573 824 ,	574 199 ,	573 899 ,	574 053 ,	573 703 ,
(basic) Earnings per share	0 08	0 07	0 20	0 12	0 17	0 09	0 23	0 09	0 19
Earnings per share (diluted)	0 07	0 07	0 18	0 11	0 16	0 09	0 21	0 09	0 18
Book value per share (basic)	1 73	1 76	1 96	2 02	1 68	1 77	2 01	2 00	1 69
(diluted) Book value per share	1 90	1 94	2 12	2 33	1 98	2 08	2 29	2 33	2 01
Total capital adequacy	169 5 ,	4 937 ,	4 853 ,	046 5 ,	4 915 ,	4 816 ,	4 418 ,	4 334 ,	4 341 ,
Core capital	643	621	623	632	633	636	691	630	620
Total capital adequacy ratio	12%	13%	13%	13%	13%	13%	16%	15%	14%
Minimum requirement coverage ratio	1 6x	1 6x	1 6x	1 6x	1 6x	1 7x	2 0x	1 8x	1 8x

Financial calendar

15 October 2025 | Q3 2025 earnings release

11 February 2026 | Q4 2025 earnings release

Responsibility statement

We confirm to the best of our knowledge that the condensed set of financial statements for the period 1 January to 30 June 2025 has been prepared in accordance with the IAS 34 "Interim Financial Reporting" and gives a true and fair view of the Group's assets, liabilities, financial position and results for the period viewed in their entirety, and that the interim report includes a fair review of any significant events that arose during the six-month period and their effect on the half-yearly financial report and any significant related parties' transactions. The report includes, to the best of our knowledge, 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.

Oslo, 7 July 2025

_____ Knut Brundtland (Chairman) (sign)	___ Martina Klingvall (sign)
_____ Jan Petter Collier (sign)	___ Arild A. Engh (sign)	___ Cecilia Marlow (sign)	___ Jonas Ström (CEO) (sign)

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

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 Forbindelsesvej 12 DK-2100 Copenhagen Ø

Tel +45 3546 3000

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

ABG Sundal Collier AG

Switzerland

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.

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