Article
ABGSC Q1 2026 interim report | Resilient performance in volatile markets
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Financials
Highlights:
- Revenues of NOK 414m (NOK 407m)
- Diluted EPS of NOK 0.08 (NOK 0.09)
CEO comment | Resilient performance in volatile markets
The first quarter was characterised by elevated market volatility and geopolitical uncertainty, leading to reduced transaction activity across our core markets and longer execution timelines. Against this backdrop, revenues were in line with last year, driven by robust secondary trading activity and a solid performance from DCM. While the pipeline remains intact, conversion is expected to depend on market conditions.
Execution remained constrained during the quarter, in line with historical patterns seen in periods of elevated market volatility. Investor caution, particularly regarding geopolitical developments, weighed on ECM and DCM activity. Nevertheless, we completed one IPO in Norway and several DCM transactions. M&A performance remained stable despite it being a seasonally quieter quarter.
The Brokerage and Research segment performed robustly, driven by high secondary trading activity. This emphasises the resilience of our diversified model in periods of lower primary market activity.
Costs were elevated due to the acquisition of FIH Partners in Denmark and other one-off items in the quarter. Although the integration phase of FIH Partners has brought some temporary inefficiencies, including overlapping infrastructure and certain non-recurring items, integration is progressing in line with plan. These costs do not reflect the underlying run-rate. This acquisition is a deliberate step to strengthen our Danish franchise and expand our regional presence, and we expect it to contribute positively over time.
We expect transaction activity to recover when market stability improves. Thanks to our expanded platform and continued strategic focus, we are well positioned to benefit from normalised market conditions.
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