Quarterly and Full-Year Revenue Growth
Q4 revenue increased 15% to NOK 720 million; full-year revenue rose 12% to NOK 2,172 million, driven by broad contributions across geographies and product areas.
Record M&A Performance
M&A revenues reached a record NOK 334 million in Q4 (+55% YoY) and NOK 829 million for the full year (+44% YoY), substantially outperforming general market activity.
Improved Operating Margin
Operating margin increased from 21% to 23% (a +2 percentage point improvement year-on-year), despite investments in new business initiatives.
EPS Growth and Operational Leverage
Q4 earnings per share were NOK 0.26, up 24% from NOK 0.21. Year-to-date EPS was NOK 0.66 versus NOK 0.56 last year, reflecting operational leverage (adjusted for investments).
Strong Debt Capital Markets (DCM) and Market Position
2025 was a record year for DCM volumes; ABG strengthened its position, becoming the #1 player in Sweden for DCM high-yield in 2025 and benefiting from tightening credit spreads and improved credit conditions.
Stable Brokerage & Research Revenue
Brokerage and Research revenues were steady above long-term levels, achieving NOK 606 million (+7% YoY) and top-3 Prospera rankings in 23 sectors, supporting IPO and brokerage capabilities.
Strategic Acquisition — FIH Partners
Acquisition of FIH Partners in Denmark adds ~27 professionals and builds on strong Danish performance; FIH has closed >200 transactions (~EUR 110 billion deal value) and is #1 ranked in Denmark, strengthening ABG's Danish M&A and broader product offering.
Capital Return and Solid Capitalization
Proposed dividend of NOK 0.55 per share reflects commitment to return excess capital while maintaining solid capitalization and enabling buybacks alongside strategic investments.