ABG Sundal Collier Holding ASA

Q2 revenue increased 27% year over year to NOK 727 million from NOK 570 million, with first-half revenue at NOK 1.14 billion. Operating margin was 25% in the quarter and 19% in the first half; excluding transaction costs, temporary overlapping infrastructure costs from FIH Partners, and other nonrecurring items, margin was 28% in Q2 and 23% in the first half. EPS was NOK 0.24 in Q2 and NOK 0.32 in the first half. Operating expenses increased 18% year over year in the first half to NOK 926 million from NOK 784 million. For the outlook, management did not give formal revenue or EPS guidance; instead, it said the firm-wide efficiency program is underway and expected to deliver full effects by full year 2027.

Jonas Ström struck an upbeat tone, calling the quarter “super solid” and emphasizing that ABG is in a position of strength. He highlighted broad-based progress across geographies, especially Sweden and Denmark, and said Corporate Finance drove the top-line increase. He also framed his decision to step down as CEO from September 1 as a planned transition after more than seven years, while saying he will remain with the firm to support continuity and contribute long term.

The financial commentary focused on the quality of earnings and the impact of acquisition-related and one-off costs. Management said underlying costs were broadly in line with last year once higher performance-related compensation, FIH integration costs, and other nonrecurring items were excluded. They also said operating expenses rose 18% year over year in the first half to NOK 926 million, and that a firm-wide efficiency program is already underway with full benefits expected by 2027.

There were no analyst questions during the session, and Anna Tropp said none had been received. As a result, there was no direct Q&A on the CEO transition, margins, or the path to efficiency savings. Management instead reiterated that Ström will stay on after September 1 to help ensure a smooth handover.