Q1 2026 ABG Sundal Collier Holding ASA Earnings Call Transcript
Key Points
- ABG Sundal Collier Holding ASA (ABGSF) demonstrated resilience in its business model despite geopolitical tensions affecting market activity.
- The integration of FIH Partners was successful, enhancing the company's market position in Denmark and contributing to its Nordic attractiveness.
- Revenues grew to NOK440 million in the first quarter, showing growth despite challenging conditions.
- The company maintained a strong pipeline, positioning itself well for growth once market conditions normalize.
- The brokerage and research platform remained robust, with stable revenues and strong performance in equity sales, particularly in Norway and Sweden.
- Geopolitical tensions, such as the war in Iran, negatively impacted risk appetite and transaction activity in capital markets.
- Operating margin dropped by 5 percentage points, primarily due to acquisition and integration costs and new accounting standards.
- Nordic equity capital market volumes decreased by 29%, and debt capital market volumes fell by 38% year-over-year.
- The M&A market saw a 12% decline in deal count for the quarter, reflecting instability in the market.
- Operating costs increased by 9% due to the integration of FIH Partners and nonrecurring costs, impacting overall profitability.
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Good morning all, and a warm welcome to ABG Sundal Collier's Q1 result presentation. Before we kick off the presentation, I would like to mention that we will, as always, have a Q&A session after the presentation and should you want to raise a question, please use the Q&A function in Teams, and we will answer all your questions in turn. We entered 2026 from a strong position and had a good start to the quarter before facing yet another period of geopolitical uncertainty with the war -- outbreak of the war in Iran.
This coincided with the normally most active period during the quarter, during the first quarter, March. The geopolitical tensions had a negative impact on risk appetite in markets, leading to reduced transaction activity in capital markets specifically, but also longer execution timelines in general. Against that backdrop, I think that the first quarter performance on our side yet again proves the resilience in our business model enabled by our broad product offering and presence in
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