Condensed interim consolidated financial statements

Interim consolidated statement of profit and loss

(Numbers are unaudited)

NOK million	Note	Q2 2025	Q1 2025	YTD 2025	Q2 2024	YTD 2024	2024
Continued operations
Operating revenue	3	2,3	49,7	52,0	2,8	3,1	2,3
Other income	4, 6	6,7	12,8	19,6	58,9	73,8	358,6
Operating expense		-14,5	-9,9	-24,4	-17,3	-29,2	-51,7
Development and M&A expense		-19,0	-11,5	-30,4	-13,1	-27,6	-69,9
EBITDA		-24,4	41,1	16,7	31,3	20,0	239,3
Depreciation and amortisation		-0,3	-0,3	-0,5	-0,5	-0,5	-1,1
Profit/loss from associated companies		-3,1	-4,0	-7,1	37,9	47,2	43,3
Operating profit/(loss)		-27,8	36,9	9,0	68,7	66,7	281,5
Financial income/(expense)		0,4	5,6	6,1	1,2	1,6	-0,4
FX gain/(loss)		5,2	-3,9	1,3	-4,3	-9,3	-11,9
Net financial items		5,6	1,7	7,3	-3,1	-7,7	-12,3
Profit/(loss) before tax		-22,2	38,6	16,4	65,6	59,0	269,2
Tax income/(expense)		-	-	-	-5,5	-5,5	-5,5
Net profit/(loss) continued operations		-22,2	38,6	16,4	60,1	53,5	263,7
Discontinued operations
Gain from distribution of Hermana Holding ASA to shareholders		-	-	-	311,6	311,6	311,6
Net profit/(loss) discontinued operations		-	-	-	2,5	4,2	4,2
Net profit/(loss)		-22,2	38,6	16,4	374,2	369,3	579,4
Net profit/(loss) attributable to:
Equity holders of the parent		-18,8	40,9	22,1	376,8	375,5	593,6
Non-controlling interest		-3,5	-2,3	-5,8	-2,6	-6,2	-14,2

Interim consolidated statement of comprehensive income

(Numbers are unaudited)

NOK million	Q2 2025	Q1 2025	YTD 2025	Q2 2024	YTD 2024	2024
Net profit/(loss)	-22,2	38,6	16,4	374,2	369,3	579,4
Other comprehensive income
Items which may be reclassified to profit/(loss)
Foreign currency translation	-1,3	4,0	2,7	1,7	5,3	7,2
Total comprehensive income	-23,5	42,6	19,0	376,0	374,6	586,6
Total comprehensive income attributable to:
Equity holders of the parent	-18,4	44,5	26,1	377,9	379,3	599,0
Non-controlling interest	-3,8	-2,0	-5,8	-2,0	-4,7	-12,3

Earnings per share

(Numbers are unaudited)

Earnings per share (NOK):
	Q2 2025	Q1 2025	YTD 2025	Q2 2024	YTD 2024	2024
- Basic	-0,29	0,62	0,33	5,73	5,67	0,06
- Diluted	-0,28	0,61	0,33	5,68	5,62	0,06
Weighted avg. no. of shares outstanding	65 781 825	65 781 825	65 781 825	65 751 825	66 287 252	66 287 252
Weighted diluted avg. no. of shares outstanding	65 781 825	66 605 894	66 482 896	66 368 506	66 870 300	66 870 300

Interim consolidated statement of financial position

(Numbers are unaudited)

NOK million	Note	30.06.2025	30.06.2024	31.12.2024
ASSETS
Deferred tax assets	2	2,7	2,7	2,7
Goodwill		8,4	8,4	8,4
Intangible assets		144,5	140,7	148,5
Fixed assets		0,6	0,4	0,5
Right-of-use asset		0,8	0,7	1,2
Investment in associated companies	6	27,0	58,3	59,9
Loans to associates		30,0	28,1	31,6
Other non-current assets		39,8	12,6	39,5
Total non-current assets		253,7	251,8	292,3
Trade and other receivables		7,9	16,6	7,0
Other current financial assets	7	23,2	25,4	21,9
Cash and cash equivalents		223,4	311,3	254,1
Assets held for sale		-	72,6	-
Total current assets		254,4	425,9	283,0
Total assets		508,2	677,7	575,3
EQUITY AND LIABILITIES
Share capital		32,9	26,2	26,2
Treasury shares		-0,8	-	-0,7
Other reserves		16,7	12,3	14,0
Other equity		349,3	471,7	361,0
Total equity attributable to owners of the parent		398,0	510,3	400,5
Non-controlling interest		-4,1	9,3	1,7
Total equity		393,9	519,6	402,2
Deferred tax liability		0,4	0,4	0,4
Total non-current liabilities		0,4	0,4	0,4
Trade and other payables		4,5	10,5	4,7
Provisions		13,2	13,0	13,2
Lease liability		0,8	0,8	1,2
Other current liabilities	11	95,3	133,4	153,5
Total current liabilities		113,7	157,7	172,6
Total liabilities		114,2	158,1	173,1
Total equity and liabilities		508,2	677,7	575,3

Interim consolidated statement of changes in equity

(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 2025		26,2	-0,7	361,0	14,0	400,5	1,7	402,2
Total comprehensive income for the period		-	-	22,1	2,7	24,8	-5,8	18,9
Share-based payments	8	-	-	1,5	-	1,5	-	1,5
Acquired treasury shares	10	-	-0,1	-4,8	-	-4,9	-	-4,8
Dividends declared	9	-	-	-23,9	-	-23,9	-	-23,9
Increase in par value of outstanding shares		6,7	-	-6,7	-	-	-	-
Equity as of 30 June 2025		32,9	-0,8	349,2	16,7	398,0	-4,1	393,9
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

Interim consolidated statement of cash flow

(Numbers are unaudited)

NOK million	Note	Q2 2025	Q1 2025	YTD 2025	Q2 2024	YTD 2024	2024
Cash flows from operating activities
Profit/(loss) before tax from continued operations		-22,2	38,6	16,3	65,6	59,0	269,2
Profit/(loss) before tax from discontinued operations		-	-	-	314,1	315,8	315,8
Profit/(loss) from associated companies		3,1	4,0	7,1	-37,9	-47,2	-43,3
Share-based payments	8	0,7	0,7	1,5	1,3	3,5	3,4
Depreciation and amortisation		0,3	0,3	0,5	0,3	0,5	1,1
Gains from divestments	4	-3,2	-12,8	-16,0	-61,0	-73,8	-358,6
Gains demerger non-cash		-	-	-	-311,6	-311,6	-311,6
Unrealised effects included in operating profit/(loss)		-5,1	5,1	0,0	2,4	0,7	7,5
Changes in trade and other receivables		0,3	-42,5	-42,2	1,1	-8,0	4,1
Changes in trade and other payables		0,4	-1,5	-1,1	-4,4	6,0	0,5
Changes in other current liabilities and provisions		-2,5	-7,5	-10,0	6,9	9,3	7,1
Net cash flow from from operating activities		-28,2	-15,6	-43,9	-23,2	-45,9	-104,9
Cash flows from investing activities
Investment in associated companies		-4,1	-0,2	-4,3	-10,1	-15,5	-22,2
Investment in fixed assets		-	-	-	-0,1	-0,1	-0,1
Proceeds from divestments	4, 6	39,9	6,7	46,6	61,2	61,2	395,1
Net cash as part of distribution to owners		-	-	-	-23,4	-23,4	-23,4
Dividends received		-	-	-	0,0	0,0	2,6
Net cash flow from investing activities		35,8	6,5	42,3	27,6	22,2	352,1
Cash flows from financing activities
Facility drawdown		-	-	-	-0,9	-	-
Proceeds from project loan		-	-	-	-	-	3,4
Payment for shares bought back	10	-1,6	-3,2	-4,8	-	-	-42,7
Lease payments		-0,2	-0,3	-0,5	-0,2	-0,4	-1,1
Dividends paid	9	-11,9	-12,0	-23,9	0,0	-12,3	-299,8
Net cash flow from financing activities		-13,7	-15,5	-29,2	-1,1	-12,7	-340,2
Net change in cash and cash equivalents		-6,2	-24,5	-30,8	3,3	-36,3	-93,0
Effect of exchange rate changes on cash and cash equivalents							-0,5
Cash and cash equivalents at start of period		229,6	254,1	254,1	308,0	347,6	347,6
Cash and cash equivalents at end of period		223,4	229,6	223,3	311,3	311,3	254,1