2025 Annual Report
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
2
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Table of Contents
1. Introduction 03
What we do 04
Who we are 05
2025 at a glance 06
Key figures 07
Our vision 09
Comment by CEO and
chairman 10
Significant events 12
Our core values 13
2. Our strategy 14
3. Macro backdrop 16
Market environment 17
Market data 19
4. Business areas 21
Our purpose 22
Corporate Financing 23
M&A and Advisory 26
Brokerage and Research 29
5. Corporate governance 31
Executive Committee 32
Board of Directors 35
6. Investing in ABGSC 37
The Share 38
7. Statutory Director's Report 39
8. Financials 47
Consolidated Financial
Statement 48
Notes to the Consolidated
Financial Statement 53
Parent Company Financial
Statement 80
Notes to the Parent Company
Financial Statement 84
Responsibility Statement 90
Auditor’s Report 91
Alternative Performance Measures 97
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
01. Introduction
4
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
ABGSC’s market-leading operations span eight
countries and include approximately 320 part-
ners and employees. Through our offices in Nor-
way, Sweden and Denmark, we have established
a premier position in the Nordic market, while
our international offices in the UK, Germany,
Switzerland, the USA and Singapore give us a
global reach.
We help our clients navigate the complexities
of capital markets across sectors and geogra-
phies. Within investment banking, we advise and
guide clients on the acquisition, consolidation
and sale of assets. We also help clients to raise
capital by leveraging our unparalleled access
to investors and our placement capabilities.
Our leading positions in equity, debt and M&A
services enable us to advise clients on the solu-
tions that best suit their needs, free from any
bias in favour of specific products. In Markets,
our high-quality research and sales operations
support investor clients, helping them to make
smarter investment decisions while ensuring
best-in-class trade flow matching and execu-
tion. In Private Banking, we provide bespoke
advisory and discretionary portfolio manage-
ment services for high-net-worth individuals in
Sweden. These services are complemented by
access to our top-ranked research platform and
unique investment opportunities.
We make a long-term commitment to all our cli-
ents, guiding them throughout their business
lifecycles and evolving investment needs. We
work tirelessly to achieve their objectives and
maintain their trust.
We provide modern,
adaptive and independent
investment banking advice
What we do
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
4
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
5
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
At ABGSC, we work as one team, collaborating
across different locations and functions. We
have a flat organisation, and our open and trust-
ing culture gives the freedom to share ideas. We
encourage our team members to embrace their
unique skills and perspectives, and we are all
guided by a shared purpose, vision, and set of
values.
The fact that approximately half (164) of our
staff members are partners in the firm has a
deep influence on ABGSC’s culture. This sense
of ownership empowers our team and ensures
a long-term commitment to ABGSC and our cli-
ents.
Our team as of 31 December 2025:
Excellence.
Always.
Who we are
~320
8
Staff members Offices
6
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Oslo, Norway
Oslo, Norway
Diversification across markets and functions
Norway 53%
M&A and
Advisory 38%
2025
Geographic
r e v e n u e
distribution
Sweden 35%
Denmark 6%
International 6%
Copenhagen, Denmark
Copenhagen, Denmark
London, UK
London, UK
Frankfurt, Germany
Frankfurt, Germany
Lucerne, Switzerland
Lucerne, Switzerland
New York, USA
New York, USA
Singapore
Singapore
Brokerage and
Research 28%
Corporate
Financing 34%
2025
Functional
r e v e n u e
distribution
2025 Revenues:
NOK 2,172m
Revenue growth:
+12%
EPS growth:
+18%
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Stockholm, Sweden
Stockholm, Sweden
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
2025 at a glance
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
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
Group Key Figures (NOKm) 2021 2022 2023 2024 2025
Total revenues 2,911 1,704 1,707 1,933 2,172
Personnel costs -1,563 -943 -988 -1,096 -1,195
Non-personnel costs -312 -365 -393 -429 -487
Total operating costs -1,875 -1,308 -1,381 -1,525 -1,681
Operating profit 1,036 396 325 407 491
Net profit 760 270 236 308 364
Book value per share 1) 2.69 2.13 1.96 2.01 2.06
Diluted average number of shares 2) 550 557 558 572 573
EPS (basic) 1.69 0.58 0.49 0.60 0.71
EPS (diluted) 1.39 0.50 0.44 0.56 0.66
Payment to shareholders per share 1.00 0.50 0.50 0.50 0.55
Return on equity 3) 72% 24% 24% 31% 35%
Headcount (average) 311 332 342 336 332
Revenues per head (average) 9.35 5.13 4.99 5.75 6.54
Total costs per head (average) -6.02 -3.94 -4.04 -4.54 -5.06
Total compensation / Revenues 54% 55% 58% 57% 55%
Total costs / Revenues 64% 77% 81% 79% 77%
Operating margin 36% 23% 19% 21% 23%
7
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
8
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Total revenues (NOKm) Total operating costs (NOKm) EPS diluted (NOK)
Revenue per head (Average, NOKm) Costs per head (Average, NOKm) Operating margin (%)
1,875
1,308
1,381
1,525
1,681
2021 2022 2023 2024 2025
35.6%
23.3%
19.1%
21.1%
22.6%
2021 2022 2023 2024 2025
2,911
1,704
1,707
1,933
2,172
2021 2022 2023 2024 2025
1.39
0.50
0.44
0.56
0.66
2021 2022 2023 2024 2025
9.35
5.13
4.99
5.75
6.54
2021 2022 2023 2024 2025
6.02
3.94
4.04
4.54
5.06
2021 2022 2023 2024 2025
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
9
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Our vision
is to be the
Nordic
investment
bank of
choice
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Comment by CEO and Chairman
Dear shareholders, clients and colleagues,
2025 was a significant year for the execution
of our strategy. Throughout the year, we took
concrete steps to develop our business further,
strengthen our relevance to clients, and improve
our appeal as an investment opportunity. This
progress reflects the resilience of our diversified
platform and the scalability of our model.
Our financial philosophy is clear: generating
strong short-term returns enables long-term,
sustainable growth. We have continued to con-
solidate our operations and improve productiv-
ity, thereby increasing revenue per head and
strengthening our earnings base. Thanks to
greater efficiency and improved internal align-
ment, we are now well positioned to increase our
workforce selectively to leverage future growth
opportunities.
At the same time, we expanded and strength-
ened our franchise without losing sight of our
core operations. We launched our Private Bank-
ing service and our first Alternative Investment
Fund, and announced the acquisition of FIH
Partners in Denmark. The fact that we built and
launched two businesses organically while con-
ducting an acquisition within a single year, all
the while maintaining strong momentum in our
core activities, demonstrates both organisation-
al discipline and operational strength.
The launch of Private Banking is an important
structural step. Although the full financial im-
pact of our Private Banking business plan is yet
to be realised, it will introduce stable, less cycli-
cal revenues with attractive operating margins
over time, thereby enhancing the quality and
predictability of our earnings profile. These sta-
ble revenue streams will, over time, reduce our
sensitivity to fluctuations in capital markets ac-
tivity and further balance our business mix.
Technology is another cornerstone of our de-
velopment. Throughout the year, we continued
10
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
11
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
to strengthen our internal expertise and ensure
the effective implementation of new technolo-
gies. Our goal is to boost productivity, stream-
line processes, and allow our professionals to
concentrate on activities that generate the
most value for clients. Investment in technology
is therefore not just a cost initiative, but also a
strategic enabler of scale and competitiveness.
Talent remains fundamental to our performance.
We have focused on attracting, developing and
retaining high-calibre professionals, thereby re-
inforcing a culture defined by accountability, en-
trepreneurship and collaboration. With our more
efficient platform and stronger earnings capac-
ity, we are well prepared to grow our organisa-
tion in a disciplined and measured way.
Our diversified business model remains one of
our greatest strengths. In 2025, we strength-
ened our position in all core markets and main-
tained robust financial standing, despite sub-
dued IPO activity — particularly during the first
half of the year.
Our performance in 2025 highlights the com-
mitment, expertise and professionalism of our
team. As we enter 2026, we are in a strong po-
sition: we are financially sound, strategically fo-
cused and more efficient in our operations. We
would like to express our sincere gratitude to
our partners, employees, clients and sharehold-
ers for their continued trust and support. As
we move forward, we are optimistic and have a
clear strategic direction, as well as an unwaver-
ing commitment to delivering long-term value
for all our stakeholders.
Yours sincerely,
Jonas Ström, CEO
& Knut Brundtland, Chairman
Jonas Ström, CEO Knut Brundtland, Chairman
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Significant
events in 2025
In 2025, ABG Sundal Collier continued to
implement its strategic priorities, strength-
ening its presence in the Nordic region,
broadening its range of products and ser-
vices, and gaining significant external rec-
ognition. The year was characterised by
the successful launch of new businesses
and a strategically important acquisition
in Denmark. These developments further
reinforced ABGSC’s position as a leading
independent Nordic investment bank.
Launch of Samfond IS
ABGSC subsidiary ABG Alternative Investments
launched Samfond IS, Norway’s first fund
dedicated to social infrastructure investments.
Structured as an open-ended, fully equity-
financed vehicle, the fund raised approximately
NOK 1.5bn in equity capital during the year, with
KLP joining as anchor investor. The fund targets
long-term investments in essential social
infrastructure assets across Norway.
Launch of Private Banking
ABG Private Banking took on its first clients in
the summer of 2025. Activity and client inflows
increased steadily during the second half of
the year, reflecting strong market interest. This
represented a significant expansion of ABGSC’s
offering to private investors. The business's
early development progressed in line with
expectations.
Acquisition of FIH Partners
ABGSC announced the acquisition of FIH
Partners, Denmark’s leading independent M&A
and strategic advisory firm. This acquisition
strengthens ABGSC’s advisory platform and
expands its presence in the Danish market.
FIH Partners brings complementary sector
expertise and client relationships to the table.
The transaction is expected to increase earnings
from 2026.
DecemberJuneMay
12
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Our core
values
ABGSC's staff members operate as one team,
guided by a shared set of 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
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
13
02. Our strategy
Business areas Governance S. D. ReportMacro backdrop Investing FinancialsOur strategyIntroduction
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
15
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Strategy for
profitable growth
Business areas Governance S. D. ReportMacro backdrop Investing FinancialsOur strategy
Our strategy focuses on delivering sustainable,
profitable growth by leveraging the strengths
of our best-in-class platform. Using 2024 as our
baseline, our goals are to increase our market
share in our core operations, expand through
broader service offerings and new client seg-
ments, and successfully launch new ventures.
At the same time, we will maintain disciplined
capital allocation and a lean operating model.
Execution is driven by three key enablers. Firstly,
we invest in attracting, developing and retaining
top talent to ensure high performance through-
out the organisation. Secondly, we are acceler-
ating our technology investments to enhance
our offering to clients, improve efficiency and
strengthen scalability. Thirdly, we are building
the ABGSC brand to support long-term growth
and reinforce our market position.
Our financial ambitions are clear: to achieve a
top-three position across our key products, to
increase revenue per head by over 20% from the
2024 baseline and to deliver an operating mar-
gin of over 25%. These priorities will enable us to
create long-term shareholder value while main-
taining strategic and financial discipline.
Priorities
Broaden reach and offering
Deliver current and new core services to
additional markets and client groups
Secure successful launch of new ventures
Grow market share
Increase share of wallet within current core
operations and markets
Stay lean and capital light
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
Minimum top three
position across all
key products
Objectives
Increase revenue
per head by >20%
1
Operating margin
of >25%
Introduction
1) Measured as percentage increase in revenue per employee relative to the 2024 baseline
03. Macro backdrop
Business areas Governance S. D. ReportInvesting FinancialsIntroduction Macro backdropOur strategy
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
17
Companies are managing economic
and political conditions well
Global economic growth was stronger than ex-
pected in 2025. According to the UN Conference
on Trade and Development (UNCTAD), global
GDP increased by 3.4%, which was higher than
the forecasts of both the IMF (3.3%) and the
OECD (3.1–3.2%).
There are major changes taking place interna-
tionally in defence spending, trade and coopera-
tion. According to the SIPRI Military Expenditure
Database, military spending in Central Europe
and the Baltic States as a percentage of GDP in-
creased from 1.9% in 2022 to 2.9% in 2024. This
illustrates a shift in the global order, with col-
laboration and integration being replaced by in-
creased isolation and self-sufficiency. Theories
of absolute and comparative advantages and of
locating production where costs are lowest are
no longer necessarily optimal, and this change
is inflationary.
However, an increase in productivity growth is
anticipated, with large investments having been
made in AI and data centres to power these
models. So far, the rate of productivity growth
in the US is like that seen at the beginning of
the internet age in the late 1990s. Assuming
the current pace of increase continues, the US
economy will be 15% more productive in 2030
than in 2022.
The two forces discussed above are opposing
and will most likely have different effects on in-
flation: one will lift it and the other will drive it
down. While it is difficult to predict which trend
will prevail, we consider it more likely that in-
flation will be lower than expected globally in
2026/27. This should result in lower policy rates
from the US Federal Reserve.
The ECB is expected to maintain stable interest
rates, whereas the US's key benchmark rate is
Business areas Governance S. D. ReportInvesting FinancialsIntroduction Macro backdropOur strategy
Market environment
predicted to fall to 3.0–3.5% by autumn, com-
pared to its current level of 3.75%.
We believe that global firms are managing this
challenging and unpredictable environment
effectively. For example, we can gauge this by
looking at current returns compared to histori-
cal averages, which show that many companies
are outperforming their historical averages. For
the S&P 500 index, the return on book equity
over the last 12 months is 19.5%, compared to
a historical average of 13% between 1900 and
2025.
In the Nordics we find return on equity of 17%
in Denmark, 15% in Norway, 14% in Sweden and
finally 12% in Finland. The figures are above or
in line with historical averages. This suggests
that companies are handling various sources of
uncertainty effectively. It also suggests that the
economic environment for businesses is gener-
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
18
Bengt Jonassen, Analyst
ally favourable, with returns acting as a reliable
indicator.
A second argument in support of this is earn-
ings. Globally, earnings growth has been much
better than expected. 12m forward EPS for MSCI
World is up 15% y-o-y. In Europe, 12-month for-
ward EPS has increased by 17%. The situation is
more mixed in the Nordic countries, where the
average 12-month forward EPS has remained
unchanged, primarily due to the lower oil price
(with Norway down 3%) and specific circum-
stances in Denmark, where the 12-month for-
ward EPS has fallen by 9% y-o-y.
Based on this, it can be concluded that the glob-
al economy is performing better than most ob-
servers expected a year ago and that companies
are handling economic and political uncertainty
well, as evidenced by their strong performance.
The resilience seen at the macroeconomic lev-
el was equally visible in the credit markets. The
Nordic High Yield market had a strong 2025,
characterised by stable pricing, contained cred-
it losses, and returns that rewarded investors.
What stood out was not just the performance
itself, but the market's ability to absorb periods
of uncertainty without meaningful disruption - a
sign of growing structural maturity rather than
Business areas Governance S. D. ReportInvesting FinancialsIntroduction Macro backdropOur strategy
simply favourable conditions.
On the supply side, corporate appetite for bond
financing remained robust throughout the year,
and new issue volumes delivered yet another
record year driven by larger transactions. Cru-
cially, this demand for capital was met by an in-
creasingly broad and internationalised investor
community, suggesting that the Nordic market
is cementing its place on the wider European
credit map. Larger transaction sizes and a wid-
er range of issuing sectors pointed to a market
that is broadening rather than deepening in a
single direction.
Taken together, the picture that emerges is
consistent with the macro narrative above:
businesses continued to generate solid returns,
investors found the Nordic credit premium at-
tractive, and the market infrastructure proved
capable of handling elevated activity. The Nor-
dic HY market, once considered a niche corner
of European credit, increasingly looks like a
mainstream destination for capital on both sides
of the transaction.
– B en gt Jo na ssen, An al yst
and Andreas Johannessen, Analyst
Andreas Johannessen, Analyst
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
19
Market data
Interest rates
Equity market volatility (S&P VIX)
10y US interest
10y German interest
Business areas Governance S. D. ReportInvesting FinancialsIntroduction Macro backdropOur strategy
-2%
-1%
0%
1%
2%
3%
4%
5%
6%
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
10
20
30
40
50
60
70
80
90
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
20
Equity indices Credit spreads (iTraxx X-over)
S&P 500
MSCI Nordic
Business areas Governance S. D. ReportInvesting FinancialsIntroduction Macro backdropOur strategy
0
50
100
150
200
250
300
350
400
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
0
100
200
300
400
500
600
700
800
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Our strategy Governance S. D. ReportMacro backdrop Investing Financials
04. Business areas
Introduction Business areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Our purpose
is to enable
businesses
and capital to
grow and
perform
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORTABG SUNDAL COLLIER · 2025 ANNUAL REPORT
22
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
23
Corporate Financing
ABGSC is a leading provider of corporate fi-
nancing services. We support corporate clients
seeking to raise capital through equity or debt
financing within the Nordic capital markets.
Equity Capital Market (ECM) transactions usu-
ally involve initial public offerings (IPOs), pri-
vate placements, rights issues and secondary
block trades. ABGSC is a dominant force within
the ECM sector, often taking the lead in trans-
actions across a range of sectors in the Nordic
region.
Within Debt Capital Markets (DCM), ABGSC
specialises in the non-investment grade bond
market. In recent years, it has expanded its debt
offering to include direct lending, independent
debt advisory services, and sourcing services
such as loans, factoring, and leasing.
ABGSC is compensated through fees, which are
payable upon the successful completion of a
given transaction. In 2025, revenues from cor-
porate financing activities totalled NOK 736m,
which was slightly down from NOK 789m in
2024.
On the DCM side, the Nordic high-yield market
had one of its strongest years on record, with
exceptionally high levels of activity. Stable cred-
it conditions, supported by relatively low credit
spreads and attractive terms, encouraged com-
panies to pursue debt financing. A key trend
throughout 2025 was the record-high partic-
ipation of non-Nordic companies, which was
driven by favourable terms and the attractive-
ness of the Nordic bond issue process. At the
same time, we saw an historically high level of
participation from international investors, who
were attracted by the relative value in the Nor-
dic market. Furthermore, the market expanded
to include an increasing number of private equi-
ty-backed companies pursuing debt financing.
ABGSC completed a record number of trans-
actions during the year, further strengthening
our position as a market leader in the high-yield
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
sector. Notable deals included European Enter-
tainment Group (EUR 585m), Fletcher Hotels
(EUR 225m) and Bekk (NOK 700m).
On the ECM side, we were pleased to see IPO
activity return to the Nordics following recent
years of volatility. As the year progressed, the
successful completion of IPOs helped to rebuild
investor confidence and generate momentum
for subsequent IPOs. During the year, we com-
pleted three IPOs on the main market in Norway.
In Sweden, the team completed five IPOs, two
of which were on the main market. Overall, the
volume of Nordic ECM markets increased over
the course of 2025. Activity in the early part of
the year was affected by volatility and inflation
concerns. However, volumes recovered strongly
by Q4, driven particularly by a couple of sub-
stantial transactions in Denmark and Sweden.
Throughout the year, ABGSC maintained its
robust position in the Nordic ECM sector, exe-
cuting several significant transactions, includ-
ing the Sentia and Appear IPOs in Norway (NOK
1.6bn and NOK 961m, respectively) and the Enity
and NOBA IPOs in Sweden (SEK 1.7bn and SEK
8.8bn, respectively).
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
2025 revenues:
NOK 736m
Corporate Financing revenues (NOKm):
"Following an extremely strong 2024, 2025
continued to demonstrate the strength of
the Nordic debt capital markets. Against
a backdrop of high activity levels, ABGSC
further strengthened its position as the
leading advisor in the high-yield sector.
Throughout the year, the team executed
transactions spanning a wide range of ge-
ographies and sectors, providing clients
with innovative debt solutions."
– Kristoffer Sletten, Head of Fixed Income
"2025 was an important year for Nordic eq-
uity capital markets, with IPO activity grad-
ually returning following a period of sub-
dued sentiment. As confidence increased
throughout the year, ECM activity expand-
ed and gained momentum across products
and markets. Looking ahead to 2026, we
can see a tangible pipeline of IPOs and oth-
er ECM mandates across Scandinavia."
– Magnus Kvinge, Co-Head of ECM
1,713
519
580
789
736
2021 2022 2023 2024 2025
24
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Selected Corporate Financing transactions:
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
Aker Solutions ECM – SP NOK 963m Energy services
Appear ECM – IPO NOK 961m TMT
Camurus ECM – SP SEK 1.3bn Health care
Enity ECM – IPO SEK 1.7bn Financials
ECM – SP SEK 664m
NOBA ECM – IPO SEK 8.8bn Financials
Nordic Semiconductor ECM – PP NOK 1.1bn TMT
RevolutionRace ECM – SP SEK 978m Consumer
ECM – PP SEK 271m
SATS ECM – SP NOK 1.0bn Consumer
ECM – SP NOK 764m
Scandic ECM – SP SEK 1.3bn Real Estate
Sentia ECM – IPO NOK 1.6bn Real Estate
Bekk DCM – HY NOK 700m Business services
Conapto DCM – HY SEK 1.0bn TMT
SEK 500m
European Entertainment Group DCM – HY EUR 585m TMT
Fletcher Hotels DCM – HY EUR 225m Consumer
Hawk DCM – HY NOK 770m TMT
NOK 600m
NOK 500m
NOK 500m
International Personal Finance DCM – HY SEK 1.0bn Financials
Kistefos DCM – HY NOK 1.5bn Financials
NOK 500m
Puzzel DCM – HY NOK 1.0bn TMT
Verve DCM – HY EUR 500m TMT
XPartners DCM – HY SEK 3.0bn Business services
25
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
26
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
M&A and Advisory
ABGSC has been a Nordic market leader in
mergers and acquisitions (M&A) and advisory
services for several years. Our M&A and adviso-
ry services primarily involve advising companies
on mergers, acquisitions, sell-side transactions
and various real asset transactions, as well as
providing other advisory services. ABGSC is
usually compensated by its clients through suc-
cess fees.
In 2025, the Nordic M&A market continued to
recover, with increased deal activity and im-
proving transaction momentum compared to
2024. Although market participants remained
selective amid ongoing geopolitical uncertainty,
interest rate sensitivity and a still-fragile mac-
roeconomic outlook, greater alignment between
buyers and sellers supported more processes
reaching completion.
For ABGSC, 2025 was the year of M&A. Our
M&A franchise was our main area of growth and
outperformed overall Nordic market volumes.
Activity accelerated significantly in the fourth
quarter, enabling us to end the year on a strong
note and further solidifying our leading position
in the Nordic M&A market. M&A and advisory
revenues reached a record NOK 829m, mark-
ing a 44% increase from NOK 578m in 2024 and
highlighting the strength and scalability of our
platform.
2025 proved to be a strong year for our Dan-
ish team, who completed several notable M&A
transactions within core sectors TMT (e.g Vis-
ma’s public tender offer for Penneo and Viking
Growth’s sale of Xait to Main Capital), Renew-
ables / Green Transition (e.g. the formation
through a number of mergers of ReCo) and
Financials (advising Spar Nord Fonden on the
public tender offer for Spar Nord by Nykredit).
Our team in Norway also had a strong year, ad-
vising on a variety of significant deals. These in-
cluded acting as the exclusive financial advisor
to Spir Group ASA in connection with the sale of
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
27
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
the software firm Sikri AS to STG Partners (hav-
ing previously advised Sikri on multiple trans-
actions), acting as the financial advisor to the
seafood technology company Aquabyte and its
owners in connection with the sale to Vitruvian
Partners, and serving as the financial advisor to
the software and cloud solutions provider Cray-
on in relation to SoftwareOne's voluntary stock
and cash offer. A highlight in Sweden was serv-
ing as the financial advisor to the sharehold-
ers of the semiconductor manufacturer Silex
Microsystems in the sale of a controlling stake
to a consortium led by Bure and Creades.
ABGSC also offers real estate investment op-
portunities through a pan-Nordic platform
comprising its wholly owned subsidiary, ABG
Project Finance, which operates in Norway and
Denmark, and its partly owned subsidiary, ABG
Fastena, which covers Sweden and Finland. In
late 2025, ABGSC announced the merger of
ABG Project Finance with the Investment Bank-
ing team. This strategic decision was made to
expand the team’s reach, deepen its expertise
and unlock further synergies. During 2025, ABG
Project Finance completed nine transactions
totalling approximately NOK 1.65bn, while ABG
Fastena carried out six transactions with a total
value of SEK 2.41bn.
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
M&A and Advisory revenues (NOKm):
"2025 was another successful year for our
M&A franchise. In a market that is steadily
recovering yet still shaped by selectivity and
geopolitical complexity, we demonstrated
the strength of our platform by combining
in-depth sector knowledge, cross-border
collaboration, and comprehensive advisory
services. Generating a record NOK 829m in
revenues reflects the trust that our clients
place in us to assist them with their most
important strategic decisions. Our strong
performance in Denmark, Norway and Swe-
den highlights the scalability of our model
and cements our position as a leading M&A
advisor in the region."
– Kristian B. Fyksen, Head of Investment
Banking and CEO ABGSC Norway
2025 revenues:
NOK 829m
595
618
562
578
829
2021 2022 2023 2024 2025
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Selected M&A and Advisory transactions:
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
Aquabyte Sale of Aquabyte to Vitruvian Partners Undisclosed Seafood
Aritma Sale of a majority stake in Aritma to Main Capital
Partners
Undisclosed Financials
Asetek Takeover offer from CQXA Holdings Pte. Ltd DKK 547m TMT
Belships Public takeover of Belships by Blue Northern/En-
Trust
NOK 5.2bn Shipping
Crayon Voluntary stock and cash offer for Crayon from
SoftwareOne
NOK 15.5bn TMT
Fjord Bank Sale of Fjord Bank to Zilch Undisclosed Financials
Formpipe Sale of the Public Sector business area to STG SEK 850m TMT
Junglemap Sale of Junglemap to MetaCompliance Undisclosed TMT
Kongsberg Proposed demerger from Kongsberg Gruppen ASA NOK 260bn Industrials
No Dig Alliance Sale of No Dig Alliance to Ambienta Undisclosed Business services
Recover Sale of Recover Group to Pangea Undisclosed Business services
Renewable Energy
Company
Creation of ReCo, a merger of 12 YieldCos with parts
of Obton
DKK 11.0bn Renewables
Sikri Sale of Sikri to STG Partners NOK 1.0bn TMT
Silex Sale of a controlling stake in Silex to a consortium
led by Bure and Creades
SEK 5.5bn TMT
Spar Nord Fonden Nykredit’s recommended public tender offer for Spar
Nord
DKK 24.7bn Financials
SpinChip Sale of SpinChip Diagnostics to bioMérieux NOK 1.6bn Health care
Sydsvenska Hem Public takeover of Sydsvenska Hem by Briban Invest SEK 784m Real Estate
Visma Public takeover of Penneo by Visma DKK 561m TMT
Volue FSN Capital Partners’ acquisition of Volue
Infrastructure
Undisclosed TMT
Wrist Acquisition of Wrist Ship Supply by J.F. Lehman &
Company
Undisclosed Business services
Xait Sale of Xait to Main Capital Partners Undisclosed TMT
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
29
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
recent years, totalling NOK 606m, an increase of
7% from NOK 567m in 2024.
2025 was characterised by heightened geopolit-
ical uncertainty and unpredictability surround-
ing US trade and tariff policy. This weighed on
global risk sentiment and complicated the out-
look for inflation and interest rates. Neverthe-
less, Nordic markets proved relatively resilient,
supported by improving financing conditions
as inflationary pressures eased, interest rate
expectations became more favourable, and in-
vestor engagement continued. There was a high
level of secondary trading activity, primarily on
the equity side. At the same time, investor de-
mand for high-yield bond primary transactions
was particularly strong. Against this backdrop,
our equity and credit sales operations success-
fully completed several block placings and re-
cord-high debt capital market transactions.
Throughout the year, we maintained our focus
on developing our highly regarded research
ABGSC provides valuable insights and market
access. It has a strong investor network and a
highly regarded research team that covers al-
most 400 companies on the equity side and
around 80 on the credit side. This is one of
the largest portfolios of any Nordic investment
bank.
We have offices across the globe and offer a
powerful, integrated platform that matches cli-
ent trading flows in equities, bonds, derivatives,
structured products and foreign exchange (FX).
ABGSC also has a small proprietary trading op-
eration that primarily supports our client trading
and corporate market-making activities.
ABGSC’s revenues come from a mix of trading
commissions, separate payments for invest-
ment advisory and research services, and fixed
payments from companies for commissioned
research or market-making services. In 2025,
revenues from brokerage and research again
demonstrated remarkable stability compared to
Brokerage and Research
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsIntroduction Business areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
30
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
operations and our idea-driven brokerage
business. We built credibility with investors by
sharing knowledge and offering high-quality in-
vestment advice. The activities of our research
and brokerage teams continued to contribute
strongly to revenues, achieving robust and sta-
ble performance across geographies and prod-
ucts.
In 2025, our research team achieved top rank-
ings in several external surveys. In Norway,
ABGSC retained its second-place position over-
all in the Kapital rankings, securing the number
one spot for the best individual analyst. In Swe-
den, we secured first place for the best individ-
ual analyst in the Swedish Financial Hearings
rankings. In Prospera's Norway and Sweden sur-
veys, ABGSC achieved top-three positions in 23
sectors, including first place in important sec-
tors such as Bank & Financial Services in Swe-
den and Shipping, Seafood, Materials, and Real
Estate & Construction in Norway.
"In 2025, our teams guided clients through
a complex and fast-moving market envi-
ronment. By combining innovative research
with active client engagement, we helped
investors to distinguish between signals
and noise, enabling them to act decisively
when opportunities arose. Despite the cy-
clical nature of our business, we are pleased
that our brokerage and research operations
again made a significant contribution to
revenues."
– Hans Øyvind Haukeli, Co-Head of Equi-
ties
Our strategy Governance S. D. ReportMacro backdrop Investing FinancialsBusiness areas
Brokerage and Research revenues (NOKm):
Brokerage and Research revenues:
NOK 606m
603
567
565
567
606
2021 2022 2023 2024 2025
Introduction
05. Corporate governance
Our strategy S. D. ReportMacro backdrop Investing FinancialsIntroduction GovernanceBusiness areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
32
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Jonas Ström, CEO
Joined ABGSC: 2011
Nationality: Swedish
Previous experience: Head of Debt Capital Mar-
kets at Öhman; Portfolio Manager at Swedbank
Robur
Education: Master of Science in Economics,
Gothenburg School of Economics
Number of shares and forwards: 7,075,000
Geir B. Olsen, CFO
Joined ABGSC: 2002
Nationality: Norwegian
Previous experience: Head of Business Devel-
opment and Projects at ABGSC; experience
within Equity Sales and Investment Banking
Education: Master of Science in Business and
Economics, BI Norwegian Business School
Number of shares and forwards: 2,000,000
Jessica Blink, Head of Legal
Joined ABGSC: 2006
Nationality: Swedish
Previous experience: Hagströmer & Qviberg
Fondkommission AB/HQ Bank AB
Education: Master of Laws(LLM) and a Master
of Science in Business Administration and Eco-
nomics, Stockholm University
Number of shares and forwards: 325,000
Kristian B. Fyksen, Head of Investment Bank-
ing and CEO ABGSC Norway
Joined ABGSC: 2016
Nationality: Norwegian
Previous experience: DNB Markets
Education: Master of Science in Economics and
Resource Management, Norwegian University
of Life Sciences
Number of shares and forwards: 3,800,000
Our strategy S. D. ReportMacro backdrop Investing FinancialsGovernanceBusiness areas
Executive Committee:
Introduction
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
33
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Erik Skog, Co-Head of ECM and Head of In-
vestment Banking Sweden
Joined ABGSC: 2018
Nationality: Swedish
Previous experience: Royal Bank of Scotland,
Goldman Sachs and Nordea
Education: Master of Science in Economics and
Business, Stockholm School of Economics
Number of shares and forwards: 3,200,000
Kristoffer Sletten, Head of Fixed Income
Joined ABGSC: 2017
Nationality: Norwegian
Previous experience: Nordea Markets
Education: Master of Science in Investments
and Finance, University of Strathclyde
Number of shares and forwards: 450,000
Olof Cederholm, Co-Head of Equities
Joined ABGSC: 2011 (previous tenure 2003-
2005)
Nationality: Swedish
Previous experience: UBS
Education: Bachelor of Business Administra-
tion, Northwood University
Number of shares and forwards: 3,300,000
Hans Øyvind Haukeli, Co-Head of Equities
Joined ABGSC: 2001
Nationality: Norwegian
Previous experience: Head of Equity Sales
Norway ABGSC
Education: Master of Science in Business and
Economics, BI Norwegian Business School
Number of shares and forwards: 6,500,000
Our strategy S. D. ReportMacro backdrop Investing FinancialsGovernanceBusiness areasIntroduction
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
34
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
John Olaisen, Head of Research
Joined ABGSC: 2012
Nationality: Norwegian
Previous experience: Carnegie, Terra and Aba-
cus/International Capital Growth
Education: Master of Science, Fribourg Univer-
sity
Number of shares and forwards: 4,530,000
Our strategy S. D. ReportMacro backdrop Investing FinancialsIntroduction GovernanceBusiness areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
35
The Board of Directors:
Knut Brundtland, Chairman
Chairman since: 2019
Nationality: Norwegian
Committees: Compensation committee
Independence: Non-independent
Experience: CEO ABGSC (2010-2019); CEO
Voss of Norway; 15 years’ experience as a part-
ner with BAHR law firm
Education: Law degree, University of Oslo
Number of shares and forwards: 10,000,000
Jan Petter Collier, Deputy Chairman
Board member since: 2010
Nationality: Norwegian
Committees: N/A
Independence: Non-independent
Experience: ABGSC CEO (2004-2010);Ex-
ecutive Chairman of ABGSC (1992-2004);
Co-founder of Sundal Collier (1984)
Education: Master of Science, Fribourg Univer-
sity
Number of shares: 40,538,000
Adele Bugge Norman Pran, Board Member
Board member since: 2017
Nationality: Norwegian
Committees: Audit committee
Independence: Independent
Experience: Partner, CFO and IRHerkules
Capital (2004-2016); PWC Transaction Services
(1999-2004); has held several board positions
Education: Law degree, University of Oslo;
Auditing and Accounting degree, Norwegian
School of Economics
Number of shares: 0
Martina Klingvall, Board Member
Board member since: 2019
Nationality: Swedish
Committees: N/A
Independence: Independent
Experience: Founder and board member of
mobile operator Telness,and software com-
pany Telness Tech (2017-current); Telenor
(2011-2016)
Education: Engineering degree, Royal Institute
of Technology, KTH
Number of shares: 0
Our strategy S. D. ReportMacro backdrop Investing FinancialsIntroduction GovernanceBusiness areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
36
Introduction Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Arild A. Engh, Board Member
Board member since: 2017
Nationality: Norwegian
Committees: Compensation committee, audit
committee
Independence: Independent
Experience: Independent investor; Head of In-
vestment Banking ABGSC (1999-2018), Invest-
ment Banking ABGSC (1993-1999)
Education: Master of Science in Petroleum En-
gineering, Norwegian Institute of Technology
Number of shares: 5,332,976
Cecilia Marlow, Board Member
Board member since: 2022
Nationality: Swedish
Committees: N/A
Independence: Independent
Experience: Full time non-executive board
professional and investor; >20 years of CEO
experiencewithin the retail industry
Education: Master of Business Administration,
Stockholm School of Economics
Number of shares: 0
Our strategy S. D. ReportMacro backdrop Investing FinancialsIntroduction GovernanceBusiness areas
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
06. Investing in ABGSC
Our strategy S. D. ReportMacro backdrop FinancialsIntroduction Business areas InvestingGovernance
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
0
5
10
15
20
25
2015 2016 2017 201 8 2019 2020 2021 2022 2023 2024
2025
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Our strategy S. D. ReportMacro backdrop FinancialsIntroduction Business areas InvestingGovernance
38
The ABGSC
share
The ABGSC share is listed on Oslo Børs and
is traded under the ticker symbol ABG. At
year end, the share price closed at NOK
8.23. In 2025, the ABGSC share increased
by 16.2%. Return on investment for share-
holders was 23.3% including dividend paid,
compared with the Oslo Stock Exchange
Benchmark Index (OSEBX), which in-
creased by 18.44% over the same period.
The highest traded price during the year
was NOK 8.35 on 23 December, while the
lowest traded price was NOK 6.44 on 15
May.
The average daily trading volume in ABGSC
shares amounted to 422k. The number of
shareholders in ABGSC remained stable
during 2025, from 6,332 at the beginning of
the year to 6,492 at year-end. The majority
of investors are located in the Nordics with
97% of the investor base holding 81% of the
share capital.
Share price development and total return (NOK)
Pay out ratio (EPS diluted)
Dividend (NOK)
Cash distribution
to shareholders (per share)
1.00
0.50 0.50 0. 50
0.55
72%
100%
114%
89%
83%
0%
20%
40%
60%
80%
100%
120%
140%
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2021 2022 2023 2024 2025
Share price
Total return
Since inception (2001):
~17% IRR
2016-2025:
~12% IRR
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
07. Statutory Director's Report
Our strategy Macro backdrop FinancialsIntroduction Business areas Governance S. D. ReportInvesting
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
40
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
Statutory Director's Report
ABG Sundal Collier Holding ASA (“the Compa-
ny”) 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.
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
2025 demonstrated continued strength and
improved momentum across our operations,
with revenues well balanced across Corporate
Financing, M&A and Advisory, and Brokerage
and Research. Growth was primarily driven by
a strong performance in M&A and Advisory, re-
flecting improved transaction activity and sol-
id client engagement. Brokerage and Research
also delivered higher revenues year-on-year,
supported by healthy market activity and sus-
tained client demand. Our position in our core
markets remains strong, and the increased ac-
tivity across key segments underscores the re-
silience and diversity of our business model.
Operating profit for 2025 increased by 20% to
NOK 491m and diluted EPS for 2025 was NOK
0.66 compared to NOK 0.56 for 2024. The Board
has decided to propose a payment to sharehold-
ers of NOK 0.55 per share for the accounting
year 2025.
Pursuant to the Norwegian Accounting Act, the
Company confirms that the parent company ac-
counts, based on Norwegian GAAP, have been
prepared on a going concern basis. Group ac-
counts have also been prepared on a going con-
cern basis, based on International Financial Re-
porting Standards (IFRS), as adopted by the EU.
Income Statement
Revenues from Corporate Financing servic-
es decreased from NOK 789m in 2024 to NOK
736m in 2025 (-7%). In 2025, Nordic primary ECM
volumes were up 20%
1
compared to 2024, while
Nordic primary DCM volumes were up 22%.
Revenues from M&A and Advisory services in-
creased from NOK 578m in 2024 to NOK 829m
in 2025 (44%). In 2025, the number of M&A
transactions in the Nordic markets was down
5% compared to 2024.
Revenues from Brokerage and Research servic-
es increased from NOK 567m in 2024 to NOK
606m in 2025 (7%).
Total operating costs for the year were NOK
1,681m compared to NOK 1,525m in 2024 (+10%).
Operating costs increased in 2025, primarily
driven by higher personnel expenses, reflect-
ing increased activity levels and our profitabili-
ty-driven compensation model. Other operating
costs also rose year-on-year, partly due to con-
tinued investments in new business initiatives
and general cost inflation.
The net financial result was NOK 10m compared
to NOK 6m in 2024. Net profit after tax was NOK
371m (NOK 307m in 2024), resulting in EPS (ba-
sic) of NOK 0.71 (NOK 0.60 in 2024).
Balance Sheet and Liquidity
ABGSC maintained a strong balance sheet
throughout 2025. Our asset base largely con-
sists of short-term receivables and bank depos-
its.
The Group’s capital adequacy following the pro-
posed NOK 0.55 dividend payment to sharehold-
ers at the end of 2025 was 1.8x (2.0x in 2024)
the requirement set by The Financial Superviso-
ry Authority of Norway. The capital ratio before
the proposed payment to shareholders was 2.5x
for 2025 (2.7x in 2024). The FIH Partners acqui-
sition will have implications for the core capital
from January 2026. The net impact on core cap-
ital is estimated at approximately NOK 100m.
This primarily reflects goodwill arising from the
upfront payment, as well as the assessment of
Our strategy Macro backdrop FinancialsBusiness areas Governance S. D. ReportInvestingIntroduction
1) 2024 volumes were driven by DSV A/S (DKK37.3bn), and 2025 volumes by Orsted A/S (DKK 60bn) and Verisure (EUR 3.2bn)
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
41
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
the present value of the earn-out structure. The
proposed dividend reflects the impact of the ac-
quisition.
ABGSC has positive cash flow from its opera-
tions, 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 2025.
Financial Statement for the Parent Company
The parent company receives dividends or
group contributions from subsidiaries to pay a
dividend to the shareholders. In 2025, the parent
company received NOK 450m in dividends and
group contributions, compared to NOK 325m in
2024. The balance sheet is good, with a book
equity to total capital of 30% after dividend al-
location.
Allocation of Profit
The net profit of the Company was NOK 320m,
and the Board proposes that the Annual General
Meeting adopt the following allocation:
Following the allocation above, the Company
will have a share premium and other equity of
NOK 288m.
Shareholders
The Company’s share price closed at NOK 8.23
on 31 December 2025 (NOK 7.08 on 31 Decem-
ber 2024). Shareholders received a total pay-
ment of NOK 0.50 per share during 2025, imply-
ing a total return of 23.3% in 2025. The Oslo Børs
main index (OSEBX) increased by 18.4% in the
same period.
At the end of 2025, ABGSC had 6,499 share-
holders, and the Group’s partners and Board
members owned approx. 29% of the total shares
outstanding and 35% of the total diluted shares.
Although ABGSC is a publicly listed company,
the Board believes in the importance of pre-
serving 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
Our strategy Macro backdrop FinancialsBusiness areas Governance S. D. ReportInvesting
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Introduction
Payment to shareholders NOK 290m
From other equity NOK 30m
Total allocated NOK 320m
41
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
42
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
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, li-
quidity, 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 State-
ment.
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 financ-
ing, and foreign exchange. ABGSC’s main trad-
ing activities are carried out on a short-term ba-
sis 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 acts as the Group’s
Credit Committee, approving policies and lim-
its 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 provid-
ing additional collateral. Regular stockbroking
transactions are settled on a delivery versus
payment basis, such that the credit risk is min-
imised 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 neg-
ative 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 corpo-
Our strategy Macro backdrop FinancialsBusiness areas Governance S. D. ReportInvestingIntroduction
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing Financials
rate governance regulations and practices for
the Group. The ABGSC Corporate Governance
Policy is published on the ABGSC website and
should be read together with this statutory re-
port to understand the overall compliance with
the Code of Practice.
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 con-
sideration several factors including market con-
ditions, 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 require-
ments. Consequently, the Board will propose
to the AGM a payment to shareholders of NOK
0.55 per share for the accounting year 2025
(NOK 0.50 in 2024).
The Board currently has a mandate from the
shareholders to acquire a number of ABG shares
corresponding to approx. 10% of the share cap-
ital. The one-year mandate is valid until the end
of June 2026. Under the mandate, ABGSC pur-
chased 18,458,944 ABG shares in 2025.
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 un-
til the end of June 2026.
Equal Treatment of Shareholders and Trans-
actions with Close Associates
Internal guidelines require that special approval
is required for any transactions whereby mem-
bers of the Board or management might have
conflicting interests with the Group. During
2025, there were no such transactions requiring
special approval.
General Meetings
The ordinary general meeting was held on 24
April 2025. Shareholders had the opportunity
to participate in, and vote at, the general meet-
ing without being present by giving proxy to
the Company. Knut Brundtland and Jan Petter
Collier represented the Board of Directors at the
AGM. The Nomination Committee and the audi-
tor did not attend the AGM.
No extraordinary general meeting was held in
2025.
Our strategy Macro backdrop FinancialsBusiness areas Governance S. D. ReportInvesting
Nomination Committee
In 2025, 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 Inde-
pendence
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, in-
cluding 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 Compa-
ny’s executive personnel and material business
contacts. No executive personnel are members
of the Board.
Three of the six Board members own shares in
the Company. Board member shareholdings are
disclosed in Note 9 to the Consolidated Finan-
cial Statement.
The Work of the Board of Directors
The Board held nine board meetings in 2025.
Three meetings were physical, and the rest were
held as video conferences. Board members’ to-
tal attendance in 2025 was 95%.
The Board of Directors has established the
Compensation Committee and the Audit Com-
mittee as sub-committees.
In 2025, the Compensation Committee consist-
ed of Knut Brundtland as chairperson and Arild
A. Engh as a member, together with a non-man-
agement staff representative. The Compensa-
tion Committee is thereby independent of the
Group’s executive management. The Compen-
sation Committee met three times in 2025 in re-
lation to the remuneration process in the Group.
In 2025, 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 manage-
ment. The Audit Committee had six meetings
during 2025.
Introduction
43
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
44
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing FinancialsOur strategy Macro backdrop FinancialsBusiness areas Governance S. D. ReportInvesting
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 busi-
ness, assignment of areas of responsibility and
authority, requirements concerning reporting
lines and information flow as well as manage-
ment and internal control requirements. The
Board and CEO’s areas of responsibility are de-
fined 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 func-
tion effectively. Among other things, the Audit
Committee reviews the quarterly and annual ac-
counts and reports.
The Group Finance team is headed by the Head
of Financial Operations who reports to the CFO
and is responsible for matters such as finan-
cial reporting, direct and indirect taxes, and fi-
nancial 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 re-
porting is in line with prevailing legislation, ac-
counting standards, current accounting guide-
lines 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 authorisa-
tions, reconciliations, IT controls and manage-
ment reviews. The Group Finance team pre-
pares 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 share-
holders are reviewed by the Audit Committee
with a special focus on correct revenue recogni-
tion, correct accrual for costs and the account-
ing treatment and presentation of any items of
a non-recurring nature. The external auditor
participates in the meetings of the Audit Com-
mittee.
The Group Compliance team is organised as an
independent control function separate from the
business areas and with established dual re-
porting lines to the CEO and the Chairman of
the Board. The objectives of the function are to
support and advise senior management in its
Introduction
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
45
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing FinancialsOur strategy Macro backdrop FinancialsBusiness areas Governance S. D. ReportInvesting
work with internal steering and control and to
ensure compliance with applicable securities
laws and other relevant regulations for conduct-
ing the business, to advise senior management
in its work with risk assessment, management,
and to control risks within the business and en-
sure that procedures, limits, and guidelines are
adhered to.
The Compliance function takes a risk-based ap-
proach to allocate the function’s resources ef-
ficiently. 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 ap-
plicable obligations under relevant international
and national laws and regulations, relevant fac-
tors 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 ac-
tivities 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 comprehen-
sively monitored.
The Compliance function reports regularly to
the Executive Committee and the Board. The
Executive Committee receives written risk re-
ports on a weekly basis, and the Board receives
written compliance and risk control reports be-
fore every board meeting.
Risk management and internal control have
been on the Board of Directors’ agenda at most
board meetings so that the Board can compre-
hensively 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 supple-
mented by an independent internal control as-
sessment by the internal auditor.
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 1,500k as
board fee from the subsidiary ABG Sundal Col-
Introduction
45
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
46
Business areasOur strategy Governance S. D. ReportMacro backdrop Investing FinancialsOur strategy Macro backdrop FinancialsBusiness areas Governance S. D. ReportInvesting
lier ASA. Jan Petter Collier received remunera-
tion as partner of ABGSC for 2025. Other than
this, no members of the Board of Directors have
undertaken additional paid assignments for the
Company in 2025. Remuneration of the Board
of Directors complies with the Code of Practice,
and details are disclosed in Note 9 to the Con-
solidated 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. Remunera-
tion 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 fourth year.
Deloitte has served as the Group’s auditor over
many years, and a mandatory audit rotation will
take place from the financial year 2027. After
conducting a thorough audit tender process,
the Board of Directors will propose PwC as the
new auditor to the Annual General Meeting.
Memberships, political donations, and govern-
mental support
There were no political contributions during the
year, in line with our policy.
ABGSC has not received any financial assis-
tance from any governments during the year.
ABGSC is a member of the Norwegian Securi-
ties Dealers Association, the Swedish Securities
Dealers Association, AksjeNorge and the Nor-
wegian Petroleum Society (NPF).
COMMENTS ON SUSTAINABILITY
For sustainability-related information and dis-
closures, please see the 2025 Sustainability Re-
port available on ABGSC’s website.
PROSPECTS FOR 2026
2025 once again demonstrated the resilience
and diversification of our operations. The contri-
bution from the M&A segment was particularly
strong, and we captured a solid share of activity
in the high-yield bond market. Secondary bro-
kerage and research advisory services delivered
a stable performance, while IPO activity showed
signs of improvement during the year.
Inflation, interest rates and geopolitical risk re-
main key themes as we enter 2026. While mar-
ket conditions remain constructive and volatility
has been supportive of transaction activity, the
external environment continues to be uncertain.
A sustained period of stable capital markets will
be important for maintaining current activity
levels.
The Group enters 2026 with a strong capital po-
sition and solid liquidity, providing flexibility to
support client activity and pursue strategic pri-
orities. The acquisition of FIH Partners strength-
ens our Nordic M&A franchise and expands our
Danish client base, and the continued develop-
ment of our private banking and alternative in-
vestment fund operations contributes to further
diversification of the earnings base.
Our competitive position remains anchored in
our advisory competence, client relationships
and integrated Nordic platform. Continued in-
vestments in technology and data infrastructure
support operational resilience, risk management
and efficient client execution.
The transaction pipeline is stronger than at the
same time last year and is well aligned with pre-
vailing market conditions. The Board expects
management to maintain disciplined cost con-
(sign)(sign)
Knut Brundtland
Chairman
(sign)(sign)
Jan Petter Collier
(sign)(sign)
Jonas Ström
CEO
(sign)(sign)
Adele Bugge
Norman Pran
(sign)(sign)
Martina Klingvall
(sign)(sign)
Arild Engh
(sign)(sign)
Cecilia Marlow
Introduction
trol, prudent risk management and capital effi-
ciency, while continuing to deliver growth in our
high-quality advisory services across geogra-
phies, industries and products.
Oslo, 25 March 2026
ABG SUNDAL COLLIER · 2025 ANNUAL REPORT
08. Financials
Our strategy Macro backdropIntroduction Business areas Governance Investing S. D. Report Financials
48
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
Consolidated statement of comprehensive income
Notes | 2025 | 2024 | |
Profit / loss for the year attributable to: | |||
Owners of the parent | |||
Non-controlling interests | - | ||
Diluted earnings per share | 22 | ||
Basic earnings per share | 22 | ||
Consolidated statement of other comprehensive income | |||
Items that may be reclassified to profit or loss | |||
Exchange differences on translating foreign operations | 14 | - | |
Profit/loss on hedges of net assets of foreign operations | 14 | - | |
Income tax relating to items that may be reclassified | 14 | - | |
Total other comprehensive income | - | ||
Total comprehensive income for the year | |||
Total comprehensive income for the year attributable to: | |||
Owners of the parent | |||
Non-controlling interests | - |
Notes | 2025 | 2024 | |
OPERATING REVENUES AND COSTS | |||
Corporate Financing | |||
M&A and Advisory | |||
Brokerage and Research | |||
Total operating revenues | 3 | ||
Personnel costs | 9 | ||
Other operating costs | 9 | ||
Depreciation and amortisation | 11 , 16 | ||
Total operating costs | |||
Operating profit | |||
FINANCIAL INCOME AND COSTS | |||
Interest income | |||
Result from associated companies | 17 | - | - |
Other financial income | |||
Interest costs | - | - | |
Other financial costs | - | - | |
Net financial result | |||
Profit before taxes | |||
Tax cost | 10 | ||
NET RESULT FOR THE YEAR |
Consolidated financial statement
ALL AMOUNTS IN NOK 1,000
49
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
Consolidated statement of financial position as of 31.12
ASSETS | Notes | 2025 | 2024 |
Non-current assets | |||
Intangible assets | |||
Deferred tax assets | 10 | ||
Goodwill | 15 | ||
Other intangible assets | 16 | ||
Total intangible assets | |||
Tangible non-current assets | |||
Office equipment and fittings | 16 | ||
Right-of-use assets | 11 | ||
Total tangible non-current assets | |||
Financial non-current assets | |||
Long-term receivables | 8 | ||
Investments in associates | 17 | ||
Other shares | 13 | ||
Total financial non-current assets | |||
Total non-current assets |
Notes | 2025 | 2024 | |
Current assets | |||
Receivables | |||
Accounts receivables | 6 - 8, 20 | ||
Receivables from stockbrokers | 6 - 8 | ||
Other receivables | 6, 8 , 18 | ||
Total receivables | 13 | ||
Investments | |||
Securities and financial instruments | 6, 13 | ||
Cash and bank deposits | |||
Cash and bank deposits | 6, 13, 21 | ||
Total current assets | |||
TOTAL ASSETS |
ALL AMOUNTS IN NOK 1,000
50
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
Consolidated statement of financial position as of 31.12
(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, 25 March 2026
EQUITY AND LIABILITIES | Notes | 2025 | 2024 |
Equity | |||
Paid-in-capital | |||
Share capital | 23 | ||
Treasury shares at nominal value | 23 | - | - |
Share premium | |||
Total paid-in-capital | |||
Retained earnings | |||
Equity attributable to owners of the parent | |||
Non controlling interests | 14 | ||
Total equity | 4 | ||
Liabilities | |||
Non-current liabilities | |||
Deferred tax | 10 | ||
Long-term provisions | 8 | ||
Lease liabilities | 11 | ||
Deposits from partners | |||
Total non-current liabilities |
Notes | 2025 | 2024 | |
Current liabilities | |||
Accounts payable | 6, 8 | ||
Liabilities payable to customers | 6 - 8, 13 | ||
Securities and financial instruments (short positions) | 6, 13 | ||
Liabilities payable to stockbrokers | 6 - 8, 13 | ||
Income tax payable | 6, 8, 10 | ||
Public dues payable | 6, 8 | ||
Lease liabilities | 11 | ||
Bank overdraft liability | |||
Other liabilities | 6, 8, 18 | ||
Total current liabilities | 13 | ||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
ALL AMOUNTS IN NOK 1,000
51
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
Consolidated cash flow statement
2025 | 2024 | ||
CASH FLOW FROM FINANCING ACTIVITIES | |||
Repayment of loans | - | ||
Change in bank overdraft | |||
Repayment of principal portion of lease liability | 12 | - | - |
Paid interest on lease liability | - | - | |
Paid-in equity | |||
Payments for acquisition of own shares | - | - | |
Proceeds from sale of own shares | |||
Payment to shareholders | - | - | |
Net cash flow from financing activities | - | - | |
Effects of exchange rate changes on cash and cash equivalents | |||
Net increase/ (decrease) in bank deposits, cash and cash equivalents | - | ||
Bank deposits, cash and cash equivalents as of 1 January | |||
Bank deposit, cash and cash equivalents as of 31 December |
Notes | 2025 | 2024 | |
CASH FLOW FROM OPERATING ACTIVITIES | |||
Profit before taxes | |||
Interest income | - | - | |
Interest received | |||
Interest costs | |||
Interest paid | 11 | - | - |
Total other comprehensive income before taxes | 13 | - | |
Taxes paid | 10 | - | - |
Depreciation and amortisation | 11 , 15 | ||
Result from associated companies | 16 | ||
Change in investments | 6, 12 | - | |
Change in accounts receivables/receivables from other stockbrokers | 6 - 8, 19 | - | - |
Change in accounts payable/payable to customers and other stock- brokers | 6 - 8, 12 | - | |
Change in other current assets/liabilities | 6, 8 , 17, 18 | - | |
Net cash flow from operating activities | |||
CASH FLOW FROM INVESTING ACTIVITIES | |||
Payments for fixed assets | 16 | - | - |
Purchase of intangible assets | 16 | - | - |
Investments in financial non-current assets | 8, 12, 16, 17 | - | - |
Received dividend from associates | 17 | ||
Net cash flow from investing activities | - | - |
ALL AMOUNTS IN NOK 1,000
52
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
Consolidated statement of changes in equity
Cumulative | ||||||||
Share | Retained | translation Non-controlling | ||||||
Notes | Share capital | Own shares | premium | earnings | differences | interests | Total equity | |
Shareholders' equity as of 1 January 2024 | - | |||||||
Net result for the year | - | |||||||
Other comprehensive income | 14 | - | ||||||
Payment of dividend | - | - | ||||||
Share issues | 23 | |||||||
Change in own shares | 23 | |||||||
Shareholders' equity as of 31 December 2024 | - | |||||||
Net result for the year | ||||||||
Other comprehensive income | 14 | - | - | |||||
Payment of dividend | - | - | - | |||||
Acquisition of own shares | 23 | - | - | - | ||||
Sale of own shares | 23 | |||||||
Shareholders' equity as of 31 December 2025 | - |
ALL AMOUNTS IN NOK 1,000
ABG Sundal Collier | Annual Report 2025
53
53
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
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
Statement of comprehensive
income
Note 9 – Wages and social costs
Note 10 – Taxes
Note 11 – Rental costs and lease commitments
Statement of financial position
Note 12 – Reconciliation of changes in liabilities
arising from financing activities
Note 13 – Fair value measurement of financial
assets and liabilities
Note 14 – Hedging of net assets of foreign
operations
Note 15 – Goodwill, acquisitions and non-
controlling interests
Note 16 – Fixed assets
Note 17 – Investments in associated companies
Note 18 – Other receivables and liabilities
Note 19 – Guarantees and mortgages
Note 20 – Accounts receivables
Note 21 – Cash and bank deposits and funds
on client accounts
Other
Note 22 – Earnings per share
Note 23 – Shareholder information
Note 24 – Forward contracts for ABGSC shares
held by partners of the Group
Note 25 – Related parties
Note 26 – Legal matters / disputes
Note 27 – Significant subsequent events
Note 28 – Acquistion of FIH Partners A/S
Notes to the Consolidated
Financial Statement
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL COLLIER · ANNUAL REPORT 2025
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED
54
Our strategy
Macro backdrop
Business areas
Governance
S. D. Report
S. D. Report
Our strategy
Macro backdrop
Business areas
Governance
Financials
Financials
Introduction
Introduction
Investing
Investing
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
55
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
56
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
57
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Geographical segment: | 2025 | 2024 |
Norway | 1,152,486 | 1,011,036 |
Sweden | 753,083 | 652,195 |
Denmark | 138,539 | 112,786 |
International | 127,958 | 156,782 |
Total | 2,172,066 | 1,932,799 |
2025 | 2024 | |
Capital adequacy of credit-, counterparty-, and business risk | 997,841 | 859,274 |
Capital adequacy of position-, and currency risk | 130,877 | 231,235 |
Capital adequacy of operational risk | 3,639,020 | 3,327,509 |
Total capital adequacy | 4,767,738 | 4,418,018 |
Booked equity | 1,053,437 | 1,055,563 |
Proposed payment to shareholders and non controlling interests | -279,151 | -260,338 |
Intangible assets | -100,260 | -104,446 |
Core capital | 674,026 | 690,780 |
Total capital adequacy ratio | 14.1% | 15.6% |
Number of times regulatory minimum | 1.8x | 2.0x |
2025 | 2024 | |
2025 | 2,182,203 | |
2024 | 1,939,083 | 1,939,083 |
2023 | 1,701,147 | 1,701,147 |
2022 | 1,683,785 | |
Capital adequacy of operational risk | 3,639,020 | 3,327,509 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
58
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Net position | ||||
in foreign | ||||
Assets | Liabilities | currency | NOK | |
SEK | 2,939,270 | 2,889,807 | 49,463 | 54,132 |
USD | 103,950 | 103,517 | 433 | 4,355 |
EUR | 5,498 | 4,286 | 1,212 | 14,352 |
GBP | 15,156 | 12,448 | 2,708 | 36,748 |
DKK | 130,001 | 112,891 | 17,110 | 27,130 |
Other currencies | 3,082 | |||
Total net position currency 2025 | 139,799 | |||
Total net position currency 2024 | 105,637 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
59
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2025 | 2024 | |
Receivables from Securities Financing clients | 497,791 | 322,056 |
Market value of collateral from Securities Financing clients | 1,076,735 | 826,758 |
Net exposure to Securities Financing clients | 0 | 0 |
2025 | 2024 | |
Accounts receivables | 2,438,665 | 3,328,717 |
Receivables from broker firms | 1,026,710 | 222,065 |
Liabilities payable to broker firms | -1,587,587 | -705,197 |
Liabilities payable to customers | -1,654,225 | -2,648,457 |
Net exposure other accounts receivables / settlement risk | 223,562 | 197,127 |
2025 | 2024 | |||
Assets | Book value | Net value | Book value | Net value |
Financial derivatives | 8,864 | 6,351 | 3,773 | 1,962 |
Received collateral | 4,284 | 4,282 | 1,373 | 1,373 |
Net exposure | 4,580 | 2,069 | 2,400 | 589 |
2025 | 2024 | |||
Liabilities | Book value | Net value | Book value | Net value |
Financial derivatives | 6,721 | 4,208 | 13,065 | 11,254 |
Pledged collateral | 3,092 | 3,092 | 41,635 | 41,635 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
60
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
30 days - | |||||
Agreed rest maturity assets | 1-30 days | 1 year | 1-3 years | >3 years | Total value |
Long term receivables | 23,256 | 23,256 | |||
Accounts receivables | 2,852,171 | 84,284 | 2,936,456 | ||
Receivables from stockbrokers | 1,026,710 | 1,026,710 | |||
Other current receivables | 214,123 | 144,432 | 358,556 | ||
Total 2025 | 4,093,005 | 228,717 | 23,256 | 0 | 4,344,977 |
Total 2024 | 3,987,964 | 114,044 | 19,943 | 0 | 4,121,951 |
30 days - | |||||
Agreed rest maturity liabilities | 1-30 days | 1 year | 1-3 years | >3 years | Total value |
Long-term provisions | 31,126 | 4,601 | 35,728 | ||
Lease liabilities | 67,173 | 132,416 | 174,331 | 373,920 | |
Accounts payable | 33,170 | 33,170 | |||
Liabilities payable to customers | 1,654,225 | 1,654,225 | |||
Liabilities payable to stockbrokers | 1,587,587 | 1,587,587 | |||
Social and corporate taxes | 146,309 | 146,309 | |||
Other liabilities | 632,715 | 632,715 | |||
Total 2025 | 3,274,982 | 846,197 | 163,543 | 178,932 | 4,463,654 |
Total 2024 | 3,384,038 | 729,069 | 164,470 | 235,731 | 4,513,308 |
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
61
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2025 | 2024 | |
Wages/partner remuneration | 920,392 | 833,227 |
Social security tax | 147,238 | 133,465 |
Pension costs including social security tax | 46,239 | 45,963 |
Other personnel costs | 80,823 | 83,568 |
Total wages and social costs | 1,194,692 | 1,096,223 |
Average number of man-labour years | 332 | 336 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
62
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Board Member | Board Fee | Other fee 1) | Number of Shares |
Knut Brundtland (Chairman) 2) | 425 | 1,528 | 7,500,000 |
Adele Norman Pran | 290 | 100 | 0 |
Arild A. Engh | 290 | 100 | 5,332,976 |
Cecilia Marlow | 290 | 10 | 0 |
Jan Petter Collier 3) | 290 | 10 | 40,538,000 |
Martina Klingvall | 290 | 105 | 0 |
Nomination Committee | Other fee | Number of Shares |
Stein Aukner 4) | 40 | 180,429 |
Leiv Askvig | 20 | 0 |
Roy Myklebust | 20 | 2,090,000 |
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025 63 Introduction Our strategy Macro backdrop Business areas Governance Investing S. D. Report Financials |
2025 | ||||||||
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 | 8,474 | 4,910 | 989 | 226 | 7 | 5,375,000 | 1,700,000 |
Geir B. Olsen | CFO | 2,700 | 2,200 | 86 | 89 | 20 | 1,800,000 | 200,000 |
Jessica Blink | Head of Legal | 2,318 | 495 | 52 | 228 | 7 | 250,000 | 75,000 |
Kristian Fyksen | Head of IB/CEO ABGSC Norway | 7,000 | 5,000 | 0 | 89 | 20 | 2,800,000 | 1,000,000 |
Olof Cederholm | Co-head of equities | 6,401 | 250 | 387 | 301 | 7 | 2,035,000 | 1,265,000 |
Hans Øyvind Haukeli | Co-head of equities | 7,000 | 7,480 | 860 | 89 | 20 | 6,500,000 | 0 |
John Olaisen | Head of Research | 4,500 | 2,850 | 430 | 89 | 20 | 4,380,000 | 150,000 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
64
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2024 | ||||||||
Variable | Long-term | Number of shares | ||||||
Fixed | compensation | incentive | Pension | Benefits | Number | on forward | ||
Name | Position | compensation 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 CO LLIER · ANNUAL REPORT 2025
65
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Total services | |||||
2024 | |||||
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 |
Others | 1,009 | 0 | 129 | 0 | 1,138 |
Total | 3,273 | 375 | 1,224 | 1,031 | 5,903 |
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
66
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Tax cost in the income statement | 2025 | 2024 |
Tax payable in Norway | 124,759 | 64,102 |
Tax payable outside Norway | 28,055 | 39,239 |
Total tax payable | 152,814 | 103,341 |
Change in deferred tax in Norway | -22,912 | 3,824 |
Change in deferred tax outside Norway | -310 | -585 |
Total change in deferred tax | -23,222 | 3,239 |
Tax cost | 129,591 | 106,581 |
Reconciliation from nominal to effective tax rate | ||
Profit before taxes | 500,967 | 413,639 |
Expected tax cost based on nominal tax rate (22%) | 110,213 | 91,001 |
Net tax free gain/loss and other income | -2,239 | -2,915 |
Non deductible costs | 11,737 | 6,385 |
Prior year adjustment | -711 | 2,316 |
Loss carried forward | 1 | -500 |
Effect on finance tax in Norway | 11,886 | 8,508 |
Differences in tax rates outside Norway and FX-effects | -1,295 | 1,786 |
Tax cost on ordinary profit | 129,591 | 106,581 |
Effective tax rate | 25.9 % | 25.8 % |
Tax payable in the balance sheet | 2025 | 2024 |
Total tax payable | 152,814 | 103,341 |
Tax on comprehensive income | 5,615 | 779 |
Tax paid in advance | -28,795 | -35,606 |
FX effects | 236 | 446 |
Prior year adjustment | -18,975 | -5,922 |
Tax payable at year end | 110,895 | 63,038 |
Tax effect on temporary differences at year end | ||
Current items | ||
Provisions | 54,923 | 44,033 |
Other current items | 4,615 | -6,083 |
Total current items | 59,538 | 37,950 |
Non current items | ||
Fixed assets | -299 | 172 |
Leases | 10,902 | 0 |
Other non current items | -4,776 | 3,365 |
Total non current items | 5,827 | 3,537 |
Loss carried forward | 6,109 | 3,816 |
Net loss carried forward | 6,109 | 3,816 |
Total deferred tax asset | 71,474 | 45,303 |
Recognized deferred tax asset | 80,192 | 54,021 |
Recognized deferred tax liability | 8,718 | 8,718 |
Net deferred tax asset | 71,474 | 45,304 |
Reconciliation of changes in deferred tax asset | ||
Net tax asset at 1 January | 45,303 | 37,418 |
Prior year adjustment | 2,948 | 0 |
Total change in deferred tax | 23,222 | -3,239 |
FX-effect | 0 | 599 |
Income tax relating to other comprehensive income | 0 | 10,525 |
Total deferred tax asset as of 31 December | 71,474 | 45,303 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
67
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Right-of-use assets | 2025 | 2024 |
Right-of-use assets as of 1 January | 387,116 | 435,167 |
Additions | 2,870 | 257 |
Depreciation of the year | -69,632 | -66,090 |
Revaluation | -476 | 14,356 |
FX-effects | 8,896 | 3,425 |
Right-of-use assets as of 31 December | 328,774 | 387,116 |
Remaining lease-term | 1-8 years | 1-8 years |
Depreciation method | Linear | Linear |
Lease liabilities | ||
Undiscounted lease liabilities and maturity of cash outflow | 2025 | 2024 |
< 1 year | 79,149 | 79,109 |
1-2 years | 77,511 | 76,174 |
2-3 years | 78,266 | 74,606 |
3-4 years | 79,798 | 76,099 |
4-5 years | 42,131 | 77,621 |
> 5 years | 53,499 | 95,093 |
Total undiscounted lease liabilities as of 31 December | 410,352 | 478,701 |
Discount element | -36,432 | -49,903 |
Total discounted lease liabilities as of 31 December | 373,920 | 428,798 |
2025 | 2024 | |
Interest expense on lease liabilites | 14,413 | 17,516 |
Income from subleasing right-of-use assets | 3,320 | 2,566 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
68
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Interest-bearing | |||
liabilities | Lease liabilities | Total | |
Liabilities as of 31 December 2023 | 2,880 | 472,610 | 475,490 |
Net change in cash pool liability | 3,562 | 3,562 | |
Installments on lease liabilities | -62,214 | -62,214 | |
Interest paid | -17,516 | -17,516 | |
Transactions with cash effect | 3,562 | -79,730 | -76,168 |
FX-adjustment | 3,798 | 3,798 | |
New or amended lease contracts | 14,604 | 14,604 | |
Interest expenses | 17,516 | 17,516 | |
Transactions without cash effect | 0 | 35,918 | 35,918 |
Liabilities as of 31 December 2024 | 6,442 | 428,798 | 435,240 |
Total liabilities consist of: | |||
Interest-bearing liabilities current | 6,442 | ||
Long-term lease liabilities | 363,880 | ||
Short-term lease liabilities | 64,918 | ||
Liabilities as of 31 December 2024 | 6,442 | 428,798 |
Interest-bearing | |||
liabilities Lease liabilities | Total | ||
Liabilities as of 31 December 2024 | 6,442 | 428,798 | 435,240 |
Net change in cash pool liability | 151,534 | 151,534 | |
Installments on lease liabilities | -66,713 | -66,713 | |
Interest paid | -14,413 | -14,413 | |
Transactions with cash effect | 151,534 | -81,126 | 70,408 |
FX-adjustment | 9,548 | 9,548 | |
New or amended lease contracts | 3,226 | 3,226 | |
Terminated lease contracts | -939 | -939 | |
Interest expenses | 14,413 | 14,413 | |
Transactions without cash effect | 0 | 26,248 | 26,248 |
Liabilities as of 31 December 2025 | 157,976 | 373,920 | 531,897 |
Total liabilities consist of: | |||
Interest-bearing liabilities current | 157,976 | ||
Long-term lease liabilities | 306,747 | ||
Short-term lease liabilities | 67,173 | ||
Liabilities as of 31 December 2025 | 157,976 | 373,920 | |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
69
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Financial assets | 2025 | 2024 |
Financial instruments at fair value through profit and loss | 25,960 | 37,983 |
Receivables | 4,321,721 | 4,102,008 |
Cash and bank deposits | 721,581 | 787,801 |
Total financial assets | 5,069,263 | 4,927,792 |
Financial liabilities | ||
Financial instruments at fair value through profit and loss | 4,282 | 88 |
Liabilities to customers and stockbrokers | 3,241,812 | 3,353,654 |
Other current liabilities | 1,037,342 | 765,894 |
Total financal liabilities | 4,283,437 | 4,119,636 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
70
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2025 2024 | ||||
Assets | Level 1 | Level 2 | Level 3 | Total |
Securities and financial trading instruments | 1,473 | 0 | 24,488 | 25,960 |
Total | 1,473 | 0 | 24,488 | 25,960 |
Liabilities | ||||
Securities and financial trading instruments (short positions) | 4,282 | 0 | 0 | 4,282 |
Total | 4,282 | 0 | 0 | 4,282 |
2025 | 2024 | |
Balance as of 1 January | 3,872 | 2,610 |
Disposal of shares | 2,883 | 1,262 |
Balance as of 31 December | 6,755 | 3,872 |
Currency | Bank accounts | FX-forwards | in NOK |
DKK | 41,509 | 0 | 65,817 |
EUR | 92 | -1,800 | -20,230 |
GBP | 79 | -7,000 | -93,928 |
SEK | -38,364 | -200,000 | -260,866 |
SGD | 198 | -2,400 | -17,266 |
USD | -1,240 | -26,000 | -274,554 |
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 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
71
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2025 | 2024 | |||||
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 | 2025 | 2024 |
Balance at beginning of year | 11,274 | 11,707 |
Business combinations | 0 | 0 |
Comprehensive income to non-controlling interests | 7,370 | -432 |
Payment to shareholders | -8,865 | 0 |
Balance at end of year | 9,779 | 11,274 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
72
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Other | Office | |
intangible | equipment and | |
assets | fittings | |
Acquisition cost as of 1 January 2025 | 75,465 | 165,659 |
FX-adjustment | 2,584 | 3,162 |
Disposals at cost | 0 | -26,681 |
Additions | 1,455 | 6,856 |
Acquisition cost as of 31 December 2025 | 79,504 | 148,995 |
Accumulated depreciation as of 1 January 2025 | 55,610 | 119,876 |
FX-adjustment | 2,428 | 1,773 |
Depreciation | 5,796 | 13,164 |
Disposals | 0 | -26,627 |
Accumulated depreciation as of 31 December 2025 | 63,835 | 108,186 |
Carrying amount as of 1 January 2025 | 19,855 | 45,783 |
Carrying amount as of 31 December 2025 | 15,670 | 40,809 |
Depreciation rates (linear method) | 12.5 - 20% | 12.5 - 33% |
Other | Office | |
intangible | equipment and | |
assets | 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% |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
73
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2025 2024 | |||||||
Carrying | Carrying | ||||||
Ownership | amount | Investment in | Net result | Received | amount | ||
Entity | Industry | interest | 01.01.2025 | 2025 | 2025 | dividend | 31.12.2025 |
Kameo AS | Crowdfunding | 29.40% | 29,616 | 0 | -801 | 0 | 28,815 |
Novier Property Group AB | Property | 20.35% | 10,806 | 0 | 794 | 0 | 11,600 |
Total | 40,422 | 0 | -6 | 0 | 40,416 |
Carrying | Carrying | ||||||
Ownership | amount | Investment in | Net result | Received | amount | ||
Entity | Industry | interest | 01.01.2024 | 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 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
74
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2025 | |||||
Result for | |||||
Assets | Liabilities | Equity | Revenues | the year | |
Kameo AS | 62,348 | 12,438 | 49,910 | 72,342 | -2,825 |
Novier Property Group AB | 86,693 | 66,318 | 20,374 | 191,569 | 3,903 |
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 |
2025 | 2024 | |
Prepaid costs | 94,910 | 68,252 |
Not yet invoiced revenues and project-costs | 244,258 | 122,755 |
Other receivables | 19,387 | 38,163 |
Total other receivables | 358,556 | 229,171 |
Amounts due to partners/employees (incl. national insurance contribution) | 603,414 | 520,679 |
Accrued costs and other short-term liabilities | 29,300 | 42,643 |
Total other liabilities | 632,715 | 563,322 |
2025 | 2024 | |
Shares/bonds | 62,094 | 78,317 |
Net receivables | 721,353 | 519,183 |
Total assets pledged as collateral | 783,447 | 597,499 |
Carrying amount of mortgaged liabilities | 0 | 0 |
2025 | 2024 | |
Gross accounts receivables | 2,944,625 | 3,654,478 |
Allowance for doubtful accounts | -8,169 | -3,705 |
Net accounts receivables | 2,936,456 | 3,650,772 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
75
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2025 | 2024 | |
Gross client funds | 2,385,741 | 2,081,427 |
Gross client debt | 2,344,254 | 2,039,705 |
Net funds on client accounts | 41,486 | 41,722 |
Basic earnings per share 2025 | 2024 | ||
Profit for the year attributable to the owners of the parent | 364,405 | 307,733 | |
Average number of outstanding shares less own shares | Numbers in 1,000 | 512,612 | 513,797 |
Basic earnings per share | 0.71 | 0.60 | |
Diluted earnings per share | |||
Profit for the year attributable to the owners of the parent | 364,405 | 307,733 | |
Interest on forward contracts | 16,510 | 14,568 | |
Numerator diluted EPS | 380,915 | 322,301 | |
Average number of outstanding shares | Numbers in 1,000 | 527,735 | 521,092 |
Average number of own shares | Numbers in 1,000 | -15,123 | -7,295 |
Average number of shares on forward contracts | Numbers in 1,000 | 60,296 | 57,963 |
Diluted average number of shares | Numbers in 1,000 | 572,908 | 571,759 |
Diluted earnings per share | 0.66 | 0.56 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
76
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Shareholder | Number of shares | Share |
Sanden Equity AS * | 40,538,000 | 7.7% |
ABG Sundal Collier Holding ASA (own shares) | 20,188,287 | 3.8% |
Perestroika AS | 17,988,109 | 3.4% |
Verdipapirfondet Fondsfinans Utbytte | 15,000,000 | 2.8% |
Erling Neby AS | 12,600,000 | 2.4% |
Landkreditt Utbytte | 12,188,000 | 2.3% |
Skandinaviska Enskilda Banken AB (nominee) | 10,000,000 | 1.9% |
State Street Bank and Trust Comp (nominee) | 7,987,936 | 1.5% |
State Street Bank and Trust Comp (nominee) | 7,586,029 | 1.4% |
Giotto AS ** | 7,500,000 | 1.4% |
Hans Øyvind Haukeli | 6,500,000 | 1.2% |
Citibank (nominee) | 6,175,771 | 1.2% |
Verdipapirfondet Heimdal Utbytte | 5,500,000 | 1.0% |
A/S Skarv | 5,500,000 | 1.0% |
Brown Brothers Harriman & Co (nominee) | 5,418,349 | 1.0% |
Jonas Strøm | 5,375,000 | 1.0% |
Avanza Bank AB (nominee) | 5,006,301 | 0.9% |
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 | 205,728,973 | 39.0% |
Other | 322,005,922 | 61.0% |
Total | 527,734,895 | 100.0% |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
77
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Volume weighted | ||||
Lowest exercise price | Highest exercise price | average exercise price | ||
Expiry year | Number of shares | (NOK per share) | (NOK per share) | (NOK per share) |
2026 | 11,647,248 | 4.94 | 7.73 | 5.10 |
2027 | 9,860,000 | 4.60 | 6.98 | 5.86 |
2028 | 12,366,605 | 4.36 | 5.06 | 4.93 |
2029 | 14,885,000 | 5.84 | 6.32 | 5.90 |
2030 | 9,193,000 | 6.31 | 7.49 | 7.05 |
2031 | 1,700,000 | 7.76 | 8.88 | 7.89 |
Total | 59,651,853 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025 | |
Introduction Our strategy Macro backdrop Business areas Governance | |
Investing S. D. Report Financials | |
78 |
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
79
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
2 January 2026 | |
Cash conseration inluding post-close adjustment | 54,797 |
Consideration in kind (ABG shares) | 39,466 |
Deferred consideration recognized | 78,930 |
Total purchase consideration | 173,193 |
2 January 2026 | |
Fixed assets | 63 |
Right of use asset | 36,854 |
Long term receivables | 3,655 |
Short term receivables | 19,108 |
Cash and cash equivalents | 39,157 |
Total assets acquired | 98,838 |
Lease liability | 36,854 |
Trade and other short term liabilities | 28,017 |
Total liabilities acquired | 64,872 |
Net identifiable assets acquired | 33,966 |
Goodwill | 139,227 |
Net assets acquired | 173,193 |
80
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
ABG Sundal Collier Holding ASA - Income statement
ALL AMOUNTS IN NOK 1,000
Notes 2025 2024
OPERATING REVENUES AND COSTS
Revenues 42 42
Total operating revenues 42 42
Wages and social costs
2 2,826 2,614
Administration costs 2 3,389 3,325
Total operating costs 6,215 5,939
Operating loss -6,173 -5,897
FINANCIAL INCOME AND COSTS
Interest income from group companies 3 8,678 7,364
Other interest income 204 145
Dividend/contribution from group companies 3 450,101 324,692
Other financial income 3 1,290 131
Interest costs to group companies 3 -28,837 -23,086
Other interest costs -255 -728
Other financial costs -887 -1,428
Net financial result 430,293 307,091
Profit before taxes 424,120 301,194
Tax cost 4 103,743 67,288
Notes 2025 2024
NET RESULT FOR THE YEAR 320,377 233,906
ALLOCATIONS AND TRANSFERS
To/From other equity 30,123 -29,962
Proposed payment to shareholders 290,254 263,867
Total allocations and transfers 5 320,377 233,906
ABG Sundal Collier Holdings ASA – Financial Statement
81
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
ABG Sundal Collier Holding ASA - Balance sheet as of 31.12
ALL AMOUNTS IN NOK 1,000
ASSETS Notes 2025 2024
Non-current assets
Intangible assets
Deferred tax asset 4
188 93
Tangible non-current assets
Apartments
1,050 1,050
Financial non-current assets
Shares in subsidiaries 6 787,629 787,659
Investments in associates 7 40,416 40,422
Long-term receivables from group companies 16,368 10,467
Total financial non-current assets 6 844,413 838,547
Total non-current assets 845,651 839,690
Current assets
Receivables
Receivables from group companies 3 520,396 377,225
Other receivables 325 276
Total receivables 8 520,721 377,501
Cash and bank deposits
Cash and bank deposits
2,282 2,184
Total current assets 523,003 379,685
TOTAL ASSETS 1,368,653 1,219,375
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
82
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
ABG Sundal Collier Holding ASA - Balance sheet as of 31.12
ALL AMOUNTS IN NOK 1,000
EQUITY AND LIABILITIES Notes 2025 2024
Equity
Paid-in-capital
Share capital 5, 9-10 121,379 121,379
Treasury shares at nominal value 5 -4,643 -1,624
Share premium 5 39,038 39,038
Total paid-in-capital 155,773 158,793
Other equity
Retained earnings 5 249,156 313,362
Total equity 404,929 472,155
Liabilities
Current liabilities
Liabilities payable to group companies 3 558,760 405,719
Income tax payable 4 104,126 67,986
Payment to shareholders 290,254 263,867
Public dues payable 6,144 5,806
Other current liabilities 4,441 3,841
Total current liabilities 963,724 747,221
TOTAL EQUITY AND LIABILITIES 1,368,653 1,219,375
(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, 25 March 2026
83
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
ABG Sundal Collier Holding ASA - Cash flow statement as
of 31.12
ALL AMOUNTS IN NOK 1,000
2025 2024
CASH FLOW FROM OPERATING ACTIVITIES
Profit before taxes 424,120 301,194
Result from assocoated companies 6 1,427
Taxes paid -67,699 -56,219
Change in intercompany accounts 9,869 -9,453
Change in other current assets/liabilities 889 7,324
Net cash flow from operating activities 367,186 244,273
CASH FLOW FROM INVESTING ACTIVITIES
Net sale / purchase of financial non-current assets -5,872 -12,534
Dividend received from Associates 0 628
Net cash flow from investing activities -5,872 -11,906
CASH FLOW FROM FINANCING ACTIVITIES
Paid-in share capital 0 20,604
Change in own shares -97,348 10,996
Payment to shareholders -263,867 -263,867
Net cash flow from financing activities -361,214 -232,267
Net increase in bank deposits, cash and cash equivalents 98 100
Bank deposits, cash and cash equivalents at beginning of year 2,184 2,084
Bank deposit, cash and cash equivalents as of 31 December 2,282 2,184
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
84
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
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
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG Sundal Collier Holdings ASA
– Notes to Financial Statement
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
85
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
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 2025 were approved by the Board
of Directors of the company on 25 March 2026.
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.
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 CO LLIER · ANNUAL REPORT 2025
86
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Note 3 – Related parties
Details of transactions with subsidiaries as of 31 December 2025 are as follows:
The Group has no other related parties than mentioned above, in Note 2 - 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 673k (2024: NOK 675k), NOK 0k for
assurance services (2024: 25) and fee for technical support regarding preparation of tax papers NOK 57k
(2024: NOK 55k). In addition, Deloitte Advokatfirma AS (Norway) has received a fee for other non-audit
services of 141k (2024: 129).
2025 2024
Fees to external board and committee members 2,306 2,129
Social Security Tax 519 486
Total wages and social costs 2,826 2,614
Company
Liabilities Receivables Interest
Dividend/Group
contributions
ABG Sundal Collier AB 6,259 0 -78 0
ABG Sundal Collier ASA 547,803 459,759 -23,999 442,086
ABG Sundal Collier Crowd AB 0 28,497 1,314 1,094
ABG Sundal Collier Eiendom AS 314 0 56 0
ABG Sundal Collier Fastena AB 4,343 0 -170 8,865
ABG Sundal Collier Finance & Advisory AB 0 15,161 765 -4,247
ABG Sundal Collier Finance & Advisory AS 0 0 59 2,302
ABG Alternative Investments Holding AS 0 16,368 902 0
Lagerselskapet Holding AS 0 91 0 0
Sundal Collier & Co AS 33 0 35 0
ABG Real Estate Management AS 7 1,332 44 0
ABG Business Management AS 0 1,719 58 0
ABG Project Finance AS 0 13,838 856 0
Total intercompany balance transactions 558,759 536,765 -20,158 450,100
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
87
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Note 5 – Shareholders’ equityNote 4 – Taxes
Share
capital
Own shares
Share
premium
Retained
earnings
Total equity
Shareholders' equity as of 1 January 2024 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
Net profit for the year 320,377
320,377
Proposed payment to shareholders -290,254
-290,254
Acquisition of own shares -4,165 -124,497
-128,662
Sale of own shares 1,145 22,256
23,402
Dividend own shares 7,912
7,912
Total equity as of 31 December 2025 121,379 -4,643 39,038 249,156 404,930
Tax cost in the income statement 2025 2024
Tax payable 104,239 67,986
Change in deferred tax -95 23
Prior year adjustment -401 -721
Total tax cost 103,743 67,288
Reconciliation from nominal to effective tax rate
Profit before taxes 424,120 301,194
Expected tax cost based on nominal tax rate (22%) 93,306 66,263
Non deductible costs 56 1,161
Group contribution/dividend with no tax effect -1,716 -7,489
Effect on finance tax in Norway (3%) 12,497 8,075
Prior year adjustment -401 -721
Tax cost on ordinary profit 103,743 67,288
Effective tax rate 24.5 % 22.3 %
Tax effect on temporary differences at year end
Non current items
Other non current items 188 93
Total non current items 188 93
Total deferred tax asset 188 93
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
88
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
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 2025 Book value
ABG Sundal Collier ASA Oslo, Norway 1,200,000 100% 1,199,741 363,579 746,630
ABG Sundal Collier Crowd AB Stockholm, Sweden 50,000 100% 1,949 1,420 46
ABG Sundal Collier Eiendom AS* Oslo, Norway 30,000 100% 5,215 1,572 3,020
ABG Sundal Collier Fastena AB Stockholm, Sweden 1,001 50% 24,744 17,968 25,196
ABG Sundal Collier Finance & Advisory AB Stockholm, Sweden 50,000 100% 6,584 1,048 2,101
ABG Alternative Investments Holding AS Oslo, Norway 9,000 75% -8,340 -6,905 10,000
Sundal Collier & Co AS* Oslo, Norway 256,000 100% 4,536 -239 635
Book value of shares in subsidiaries as of 31 December 2025 787,629
ABG Sundal Collier Finance & Advisory AS was liquidated in Q4 2025
Ownership of ABG Project Finance AS was transferred to ABG Sundal Collier ASA in Q4 2025 and merged with ABG Sundal Collier ASA in Q1 2026
* ABG Sundal Collier Eiendom AS and Sundal Collier & Co AS were liquidated in Q1 2026
See Note 27 to the consolidated financial statement.
Entity
Ownership /
Voting rights
Head office
Book value
01.01.2025
Investment
in 2025
Profit for
the year Received dividend
Book value
31.12.2025
Kameo AS 29.40% Oslo 29,616 0 -801 0 28,815
Novier Property Group AB 20.35% Stockholm 10,806 0 794 0 11,600
Total 40,422 0 -6 0 40,416
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
89
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
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 2025, the Group has no bank overdraft. The
Group has a bank overdraft limit of NOK 1,000m.
Note 9 – Shareholder information
See Note 23 to the consolidated financial statement.
Note 10 – Forward contracts for ABGSC shares held by
partners of the Group
See Note 24 to the consolidated financial statement.
2025 2024
Book value of assets pledged as collateral
Shares 844,413 838,547
Net receivables 520,721 377,501
Total assets pledged as collateral 1,365,134 1,216,048
Carrying amount of mortgaged liabilities 0 0
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
90
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Responsibility Statement
We confirm to the best of our knowledge that:
• the consolidated financial statements for 2025 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 2025 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, 25 March 2026
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
91
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
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 2025, 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 financial position as at 31 December 2025, 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 of the Company give a true and fair view of the financial position of the
Company as at 31 December 2025, 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 of the Group give a true and fair view of the financial position
of the Group as at 31 December 2025, 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) as applicable to audits of financial statements of public interest entities, 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 25 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 2025. 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
92
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
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.
93
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
Revenue recognition; Corporate Financing/ M&A and Advisory
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 72% 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.
Page 3
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
94
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
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.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not
likely that the enterprise will cease operations. The financial statements of the Group use the going
concern basis of accounting unless management either intends to liquidate the Group or to cease
operations, or has no realistic alternative but to do so.
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.
Page 4
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
95
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
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 LEGAL AND REGULATORY REQUIREMENTS
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-2025-12-31-0-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.
Page 5
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
96
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
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, 25 March 2026
Deloitte AS
Eivind Bollum Berge
State Authorised Public Accountant
This document is signed electronically
Page 6
Independent Auditor’s Report -
ABG Sundal Collier Holding ASA
ABG SUNDAL CO LLIER · ANNUAL REPORT 2025
97
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
Alternative Performance Measures
Introduction
Our strategy
Macro backdrop
Business areas
Governance
Investing
S. D. Report
Financials
The Group uses a number of alternative performance measures (“APMs”) in addition to those defined
under IFRS. These measures are used by management to monitor underlying performance, enhance
comparability between periods, and provide additional insight into the Group’s operational efficiency, cost
structure and capital utilisation.
APMs should not be considered as a substitute for, or superior to, measures presented in accordance with
IFRS. All APMs are calculated consistently across periods unless otherwise stated. Where relevant,
averages are calculated as the mean of opening and closing balances for the period. Management
believes that these measures provide useful supplemental information to users of the financial statements.
Definitions of the APMs used by the Group are set out below:
• Capital adequacy ratio is defined as core capital divided by total capital requirements, expressed as a
multiple of the minimum regulatory requirement (14.1% / 8% = 1.8x).
• Core capital represents the Group’s regulatory capital base and is derived from IFRS equity adjusted
for regulatory items in accordance with applicable capital adequacy regulations. The amount is
reconciled in Note 4.
• Costs per head (average) is defined as total operating costs divided by the average number of
employees (full-time equivalents) during the period (NOK 1,681m / 332 = NOK 5.06m).
• EPS growth is defined as the percentage change in earnings per share (EPS) compared to the prior
period ((0.71 – 0.60) / 0.60 = 18%).
• Operating margin is defined as operating profit divided by total operating revenues (NOK 491m / NOK
2,172m = 23%).
• Return on equity (ROE) is defined as net profit attributable to shareholders divided by average equity
attributable to shareholders for the period (NOK 364m / ((NOK 1,044m + NOK 1,044m) / 2) = 35%).
• Revenues per head is defined as total operating revenues divided by the average number of
employees (full-time equivalents) during the period (NOK 2,172m / 332 = NOK 6.54m).
• Total compensation / revenues is defined as total personnel costs divided by total operating
revenues (NOK 1,195m / NOK 2,172m = 55%).
• Total costs / revenues is defined as total operating costs divided by total operating revenues (NOK
1,681m / NOK 2,172m = 77%).
Norway
ABG Sundal Collier ASA
NORWAY
Tel +47 22 01 60 00
Sweden
ABG Sundal Collier AB
Regeringsgatan 25 8th 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
112 W34th Street
Fl. 17 & 18
New York, NY 10120
USA
Tel +1 212 605 3800
Singapore
ABG Sundal Collier Pte. Ltd
10 Collyer Quay
Ocean Financial Center
# 40-07
049315
SINGAPORE