Abg Sundal Collier Asa

I am Kristian Fyksen and I will take you through the highlights, the market update and an update from our business areas before opening up for the questions through the Teams function for raising those. Before going into the presentation, a couple of highlights from the quarter. This is the strongest third quarter for ABG Sundal Collier on record, reflecting the strength over Nordic Platform. Q3 revenues are 594 million NOK, up 25% from the corresponding quarter last year. with reported EPS up 16% and adjusted EPS adjusted for write-offs in the quarter up 30% from the corresponding quarter. Year-to-date revenues are 1.7 billion up some 19% so far this year. The contributions from the quarter are broadly based across business areas, geographies and products and in addition we have also had an important quarter in terms of other developments in the group. As you are all aware we Announce the Nornet partnership on the private banking business combining over respective strengths into the private banking universe which will launch in 2027. The response from the market has been very encouraging and we are very much looking forward to continue working with Nordnet to launch that venture in 2027. We have also announced that Sverre Tirhauld will take over the role as CEO during fourth quarter this year. Looking forward to having Sverre on board shortly. Looking ahead and into the fourth quarter we have a well diversified pipeline across products and geographies again and our focus is serving our clients in the best possible way going into the fourth quarter as always. Let me then turn to the numbers and bring the presentation up on the screen. As mentioned, year-to-date revenues are slightly above 1.7 billion. We have a pre-tax margin so far this year of 20.6%, almost similar to And as mentioned, the diluted EPS is up some 16% to 0.47 NOC so far this year. If we adjust for the after-tax or netto-tax write-off related to the current private banking platform, the adjusted Thank you very much. Relatively stable quarter in the equity markets with indices on strong levels slightly up supporting the transaction activity including on IPOs within the ECM space. The long-term interest rates are up Both in the US and Europe, with credit spreads widening slightly towards the quarter end, which is to a certain degree impacting the short-term activity in the DCM part of the business. If we then look at market volumes on next page, ECM volumes are significantly up quarter over quarter. That being said, there are a few very large transactions driving this, but it's an underlying positive trend in the ECM part of the market. When it comes to debt capital markets, it's up quarter over quarter and it's relatively stable last four quarter from record levels, meaning that the DCM volumes continues at a high pace, which is positive for the business. When it comes to the M&A volume measured in numbers of transactions, it It is slightly down from the corresponding quarter last year. However, it's still at an okay level, and we continue being very active in the M&A space, although market could be stronger. Moving then to corporate financing and over results in the quarter. Corporate financing is so far this year up 28%. As you will see, it's slightly down from the third quarter last year, but still at strong levels in a seasonably relatively silent quarter. We have done a number of transactions across ECM and ECM and across geographies and industries, including three IPOs completed in Stockholm in the quarter, a number of large placements on the ECM side, and also a number of very large transactions on the DCM side, as you will see in the table to the right. Moving to the M&A and advisory part of the business, Q3 revenues are significantly close to doubled from similar quarter last year. and year to date up 31%. This is driven from all geographies, all areas, including and notably from our project finance business. We have in the quarter concluded several large and important transactions including EuroWind Energy, Viva Wine Group and also the Tate Private Electro importer. And we continue seeing the strength of our M&A platform, both measures in size of the transaction, but also a number of transactions in the quarter and also in our pipeline. Looking at brokerage and research, Q3 revenues and year-to-date are close to stable, continuous at a high level. It's another strong quarter in Norway with growth against tough comparables in the third quarter last year. Our US franchise continues to gain momentum following key hires and higher client activity that we have initiated and we see also strong performance in the Swedish program trading with like-to-like commissions of 23% year-over-year and in some, as I mentioned, Strong performance at a high pace in our brokerage and research business. Next on headcount, the increase in headcount is strategically driven and focused on investment banking and main explanation being the acquisition of FEH partners where integration is going very well. We have record results so far in Denmark and we have one joint team Olaisen Olaisen Olaisen In terms of revenue per head, so far this year, some 15% to 5 million NOK per head. Operating costs, year to date, 1.4 billion NOK per head. with compensation ratios at 57% year to date. The compensation part of the operating costs are driven by increase in revenue as it should be. When it comes to non-compensation cost, they are reflecting the consolidation of FEH partners, where we also, as previously mentioned, expect synergies going forward. General cost inflation across the board and technology cost raising faster than general cost inflation, so that explains The cost development. In addition to that, in the third quarter, the costs includes approximately 20 million NOx in RITOs from discontinuing our current private banking platform following the launch of the Nordnet joint venture. When the private banking joint venture with Nordnet is launched in 2027, our consolidated cost base will be reduced by the current annual underlying run rate of approximately 50 million NOK. where thereafter over 50% share of the joint venture's net profit will be presented as income from equity accounted investments in our numbers going forward. To summarize the quarter, over strongest third quarter to date with revenues up 25%, Very solid M&A and advisory performance with contributions across all areas within that business. Several large ECM and DCM transactions completed in the quarter, including three IPOs. We have another all-time high in Denmark demonstrating the strength of our platform following the combination with FIH partner. We have seen a positive response to the partnership between ABG, Private Banking and Nordnet and as mentioned We are entering the fourth quarter with a solid and diversified platform with the focus for the entire group to serve our customers in the best possible way going into the fourth quarter. So with that, thank you for attending and let me open for any questions from the audience.

We have not received any questions since clear so far.

Okay. Thank you very much for joining us this morning. Have a good day.