Condensed interim consolidated financial statements

NOK million	Note	Q1 2025	Q1 2024	2024
Continued operations
Operating revenue	3	49,7	0,3	2,3
Other income	4	12,8	14,9	358,6
Operating expense		-9,9	-11,7	-51,7
Development and M&A expense		-11,5	-14,5	-69,9
EBITDA		41,1	-11,0	239,3
Depreciation and amortisation		-0,3	-0,3	-1,1
Profit/loss from associated companies		-4,0	9,3	43,3
Operating profit/(loss)		36,9	-2,0	281,5
Financial income/(expense)		5,6	0,4	-0,4
FX gain/(loss)		-3,9	-5,0	-11,9
Net financial items		1,7	-4,6	-12,3
Profit/(loss) before tax		38,6	-6,6	269,2
Tax income/(expense)		-	-	-5,5
Net profit/(loss) continued operations		38,6	-6,6	263,7
Discontinued operations
Gain from distribution of Hermana Holding ASA to shareholders		-	-	311,6
Net profit/(loss) discontinued operations		-	1,7	4,2
Net profit/(loss)		38,6	-4,9	579,4
Net profit/(loss) attributable to:
Equity holders of the parent		40,9	-1,3	593,6
Non-controlling interest		-2,3	-3,6	-14,2

NOK million	Q1 2025	Q1 2024	2024
Net profit/(loss)	38,6	-4,9	579,4
Other comprehensive income
Items which may be reclassified to profit/(loss)
Foreign currency translation	4,0	3,5	7,2
Total comprehensive income	42,6	-1,3	586,6
Total comprehensive income attributable to:
Equity holders of the parent	44,5	1,4	599,0
Non-controlling interest	-2,0	-2,7	-12,3

Earnings per share (NOK):
	Q1 2025	Q1 2024	2024
- Basic	0,62	-0,02	0,06
- Diluted	0,61	-0,02	0,06
Weighted avg. no. of shares outstanding	65 781 825	66 822 679	66 287 252
Weighted diluted avg. no. of shares outstanding	66 605 894	66 872 679	66 870 300

NOK million	Note	31.03.2025	31.12.2024
ASSETS
Deferred tax assets	2	2,7	2,7
Goodwill		8,4	8,4
Intangible assets		142,7	148,5
Fixed assets		0,5	0,5
Right-of-use asset		1,0	1,2
Investment in associated companies	6	58,1	59,9
Loans to associates		28,3	31,6
Other non-current assets		39,8	39,5
Total non-current assets		281,6	292,3
Trade and other receivables	13	50,1	7,0
Other current financial assets	7	27,4	21,9
Cash and cash equivalents		229,6	254,1
Total current assets		307,2	283,0
Total assets		588,8	575,2
EQUITY AND LIABILITIES
Share capital		26,2	26,2
Treasury shares		-0,7	-0,7
Other reserves		17,6	14,0
Other equity		387,5	361,0
Total equity attributable to owners of the parent		430,6	400,5
Non-controlling interest		-0,3	1,7
Total equity		430,3	402,2
Deferred tax liability		0,4	0,4
Other non-current liabilities		0,0	0,0
Total non-current liabilities		0,4	0,4
Trade and other payables		3,4	4,7
Provisions		11,8	13,2
Lease liability		1,0	1,2
Other current liabilities	11	141,8	153,5
Total current liabilities		158,0	172,6
Total liabilities		158,4	173,1
Total equity and liabilities		588,8	575,3

NOK million	Note	Share capital	Treasury shares	Other equity	Currency translation reserve	Total	Non-controlling interest	Total equity
Equity as of 1 January 2025		26,2	-0,7	361,0	14,0	400,5	1,7	402,2
Total comprehensive income for the period		-	-	40,9	3,6	44,5	-2,0	42,5
Share-based payments	8	-	-	0,7	-	0,7	-	0,7
Acquired treasury shares	10	-	-	-3,2	-	-3,2	-	-3,2
Dividends declared	9	-	-	-12,0	-	-12,0	-	-12,0
Equity as of 31 March 2025		26,2	-0,7	387,5	17,6	430,5	-0,3	430,3
Equity as of 1 January 2024		32,7	-0,5	497,5	8,6	538,3	14,0	552,3
Total comprehensive income		-	-	593,6	5,4	599,0	-12,3	586,6
Share-based payments		-	-	3,8	-	3,8	-	3,8
Acquired treasury shares		-	-0,7	-41,4	-	-42,1	-	-42,1
Redemption of own shares		-0,5	0,5	-	-	-	-	-
Dividends declared		-	-	-299,8	-	-299,8	-	-299,8
Distribution of non-cash assets to owners		-6,7	-	-392,2	-	-398,9	-	-398,9
Increase in par value of outstanding shares		0,7	-0,1	-0,7	-	-	-	-
Equity as of 31 December 2024		26,2	-0,7	361,0	14,0	400,5	1,7	402,2

NOK million	Note	31.03.2025	31.03.2024	31.12.2024
Cash flows from operating activities
Profit/(loss) before tax from continued operations		38,6	-6,6	269,2
Profit/(loss) before tax from discontinued operations		-	-1,7	315,8
Profit/(loss) from associated companies		4,0	-9,3	-43,3
Share-based payments	8	0,7	2,3	3,4
Depreciation and amortisation		0,3	0,3	1,1
Gains from divestments	4	-12,8	-14,9	-358,6
Gains demerger non-cash		-	-	-311,6
Unrealised effects included in operating profit/(loss)		5,3	-6,9	7,5
Changes in trade and other receivables		-42,5	0,6	4,1
Changes in trade and other payables		-1,5	-6,3	0,5
Changes in other current liabilities and provisions		-7,5	19,9	7,1
Net cash flow from from operating activities		-15,4	-22,6	-104,9
Cash flows from investing activities
Investment in associated companies		-0,2	-5,4	-22,2
Investment in fixed assets		-	-	-0,1
Proceeds from divestments	4	6,7	-	395,1
Net cash as part of distribution to owners		-	-	-23,4
Dividends received		-	-	2,6
Net cash flow from investing activities		6,5	-5,4	352,1
Cash flows from financing activities
Facility drawdown		-	0,9	-
Proceeds from project loan		-	-	3,4
Payment for shares bought back	10	-3,2	-	-42,7
Lease payments		-0,3	-0,2	-1,1
Dividends paid	9	-12,0	-12,3	-299,8
Net cash flow from financing activities		-15,5	-11,7	-340,2
Net change in cash and cash equivalents		-24,4	-39,7	-93,0
Effect of exchange rate changes on cash and cash equivalents		-	-	-0,5
Cash and cash equivalents at start of period		254,1	347,6	347,6
Cash and cash equivalents at end of period		229,6	308,0	254,1