Condensed interim consolidated financial statements

(Numbers are unaudited)

NOK million	Note	Q1 2026	Q1 2025	2025
Operating revenue	3	2,2	49,7	97,7
Other income	4	-	12,8	24,1
Direct costs of service		-0,4	-	-
Operating expense		-12,8	-9,9	-45,1
Development and M&A expense		-27,0	-11,5	-71,2
EBITDA		-38,1	41,1	5,5
Depreciation and amortisation		-0,7	-0,3	-1,5
Profit/loss from associated companies	6	-0,4	-4,0	-7,0
Operating profit/(loss)		-39,2	36,9	-3,0
Financial income/(expense)		-0,3	5,6	5,5
FX gain/(loss)		-5,3	-3,9	9,6
Net financial items		-5,6	1,7	15,2
Profit/(loss) before tax		-44,7	38,6	12,2
Tax income/(expense)		-	-	-2,7
Net profit/(loss)		-44,7	38,6	9,5
Net profit/(loss) attributable to:
Equity holders of the parent		-43,1	40,9	20,1
Non-controlling interest		-1,7	-2,3	-10,6

(Numbers are unaudited)

NOK million	Q1 2026	Q1 2025	2025
Net profit/(loss)	-44,7	38,6	9,5
Other comprehensive income
Items which may be reclassified to profit/(loss)
Foreign currency translation	-17,5	4,0	-5,6
Total comprehensive income	-62,2	42,6	3,9
Total comprehensive income attributable to:
Equity holders of the parent	-58,3	44,5	15,8
Non-controlling interest	-4,0	-2,0	-11,9

(Numbers are unaudited)

	Q1 2026	Q1 2025	2025
Earnings per share (NOK):
- Basic	-0,65	0,62	0,31
- Diluted	-0,65	0,61	0,30
Weighted avg. no. of shares outstanding	65 781 825	65 781 825	65 781 825
Weighted diluted avg. no. of shares outstanding	65 781 825	66 505 894	66 309 807

(Numbers are unaudited)

NOK million	Note	31.03.2026	31.12.2025
ASSETS
Goodwill		8,6	8,6
Intangible assets		135,1	141,8
Fixed assets		4,7	5,0
Right-of-use asset		4,1	4,4
Investment in associated companies	6	23,3	25,1
Loans to associates		31,2	32,8
Other non-current assets		37,9	37,9
Total non-current assets		244,9	255,7
Trade and other receivables		10,6	7,8
Other current financial assets	7	11,0	16,8
Cash and cash equivalents		128,4	166,4
Total current assets		150,0	190,9
TOTAL ASSETS		394,9	446,7
EQUITY AND LIABILITIES
Share capital		32,9	32,9
Treasury shares		-0,7	-0,7
Other reserves		-5,5	9,8
Other equity		301,3	335,3
Total equity attributable to owners of the parent		328,0	377,2
Non-controlling interest		-11,8	-7,8
TOTAL EQUITY		316,2	369,4
Borrowings		3,0	3,4
Lease liability		2,6	2,6
Deferred tax liability		0,7	0,7
Total non-current liabilities		6,2	6,7
Trade and other payables		13,2	11,7
Provisions		1,9	3,2
Lease liability		1,7	1,9
Other current liabilities	10	55,7	53,8
Total current liabilities		72,4	70,6
TOTAL LIABILITIES		78,6	77,3
TOTAL EQUITY AND LIABILITIES		394,9	446,7

(Numbers are unaudited)

NOK million	Note	Share capital	Treasury shares	Other equity	Currency translation reserve	Total	Non-controlling interest	Total equity
Equity as of 1 January 2026		32,9	-0,7	335,5	9,7	377,3	-7,8	369,4
Total comprehensive income		-	-	-31,4	-15,2	-46,5	-4,0	-50,5
Share-based payments	8	-	-	0,4	-	0,4	-	0,4
Acquired treasury shares	9	-	0,1	-3,2	-	-3,2	-	-3,2
Equity as of 31 March 2026		32,9	-0,7	301,3	-5,5	327,9	-11,8	316,2
Equity as of 1 January 2025		26,2	-0,7	361,0	14,0	400,5	1,7	402,2
Total comprehensive income		-	-	20,1	-4,2	15,8	-11,9	3,9
Share-based payments	8	-	-	2,1	-	2,1	-	2,1
Acquired treasury shares	9	-	-0,1	-4,7	-	-4,8	-	-4,8
Dividends declared		-	-	-35,9	-	-35,9	-	-35,9
Increase in par value of outstanding shares		6,7	-	-6,7	-	-	-	-
Transactions with non-controlling interest		-	-	-0,4	-	-0,4	2,3	1,9
Equity as of 31 December 2025		32,9	-0,7	335,5	9,7	377,3	-7,8	369,4

(Numbers are unaudited)

NOK million	Note	31.03.2026	31.03.2025	31.12.2025
Cash flows from operating activities
Profit/(loss) before tax		-44,7	38,6	12,2
Profit/(loss) from associated companies		0,4	4,0	7,0
Share-based payments	8	0,4	0,7	3,0
Depreciation and amortisation		0,7	0,3	1,5
Gains from divestments	4	-	-12,8	-20,4
Unrealised effects included in operating profit/(loss)		5,3	5,3	-1,0
Changes in working capital:
Changes in trade and other receivables		-2,8	-42,5	2,0
Changes in trade and other payables		1,5	-1,5	5,9
Changes in other current liabilities and provisions		1,8	-7,5	-20,2
Net cash flow from from operating activities		-37,5	-15,4	-10,0
Cash flows from investing activities
Investment in associated companies	6	-	-0,2	-5,4
Investment in fixed assets		-	-	-0,2
Proceeds from divestments	4	-	6,7	57,5
Business acquisition, net of cash acquired		-	-	0,7
Net cash flow from investing activities		-	6,5	52,6
Cash flows from financing activities
Payment for shares bought back	9	-	-3,2	-4,8
Lease payments		-0,4	-0,3	-1,2
Payment of demerger liability		-	-	-88,7
Dividends paid		-	-12,0	-35,9
Net cash flow from financing activities		-0,4	-15,5	-130,5
Net change in cash and cash equivalents		-37,9	-24,4	-88,1
Effect of exchange rate changes on cash and cash equivalents			-	0,3
Cash and cash equivalents at start of period		166,4	254,1	254,1
Cash and cash equivalents at end of period		128,4	229,6	166,4