ABG Sundal Collier: A Strong Quarter and a Well-Timed Handover

Revenues up 27%, Denmark shines, and CEO Jonas Ström steps aside from a position of strength.

ABG.OL · Earnings Call · 2026-07-07

ABG Sundal Collier posted a robust second quarter, with revenues up 27% year-on-year to NOK 727 million, driven by a stellar performance in corporate finance, particularly in debt capital markets and a resurgent IPO segment. “It's difficult to be anything other than pleased with our performance in the second quarter.” — Jonas Ström, Chief Executive Officer · 2026-07-07 The quarter also marked the strongest ever for the Danish business following the acquisition of FIH Partners, with the CEO noting, “Denmark delivered its strongest quarter ever, highlighting our enhanced position as the #1 adviser in Denmark post the acquisition of FIH Partners.” — Jonas Ström, Chief Executive Officer · 2026-07-07 Meanwhile, Private Banking continued to gather momentum, with committed capital above SEK 2 billion, supported by strong discretionary portfolio performance. The company's Corporate Financing operations were the biggest contributor to growth, leveraging a 128% surge in Nordic equity capital markets volumes.

Financial Performance

The second quarter delivered a 27% top-line increase, with operating margin of 25% excluding one-off costs related to FIH integration and other non-recurring items. Adjusted margin reached 28%. The CEO noted, “We have delivered our second strongest Q2 revenue number in our history, growing our top line by 27% in the quarter year-on-year.” — Jonas Ström, Chief Executive Officer · 2026-07-07 First-half revenues reached NOK 1.14 billion, with earnings per share of NOK 0.32. Operating expenses rose 18%, largely due to higher performance-related compensation and integration costs, but underlying costs were broadly flat. The firm has initiated a firm wide efficiency program to enhance operational leverage, with full effects expected by 2027.

Leadership Transition

In a significant development, CEO Jonas Ström announced he will step down effective September 1, after more than seven years.

ABG Sundal Collier has, during my time at the helm, more than doubled revenues, strengthened its positions, and now was basically a good time to pass on the responsibilities to someone else that has at least a plus 5-year perspective to continue to develop ABG from a position of strength.
Jonas Ström, Chief Executive Officer · 2026-07-07

Ström emphasized that he is not leaving the firm, but will support a smooth transition and contribute longer term. The move underscores the company's position of strength as it prepares for new leadership.

Strategic Initiatives and Market Context

The firm is capitalizing on supportive market conditions, with equity indices at all-time highs and credit spreads tightening, despite elevated long-term interest rates. The CEO highlighted the recent Iran conflict and oil price dynamics as factors to watch. ABG remains well-positioned in Nordic debt capital markets, with high activity and structural growth. The acquisition of FIH has expanded its footprint, and the firm is focused on revenue per head and profitability as temporary integration costs fade. With a new CEO at the helm and a clear strategic plan, ABG Sundal Collier looks to sustain its growth trajectory.