Condensed interim consolidated financial statements

Note: Numbers are unaudited

Interim consolidated statement of profit and loss

NOK million	Note	Q2 2026	Q2 2025	YTD 2026	YTD 2025	2025
Operating revenue	5	1,6	2,3	3,8	52,0	97,7
Other income	6	0,5	6,7	0,5	19,6	24,1
Direct costs of service		-0,5	-	-0,9	-	-
Operating expense	9	-18,5	-14,5	-31,4	-24,4	-45,1
Development and M&A expense		-17,6	-19,0	-44,6	-30,4	-71,2
EBITDA		-34,6	-24,5	-72,7	16,7	5,5
Depreciation and amortisation		-0,7	-0,3	-1,4	-0,5	-1,5
Profit/loss from associated companies	8	-1,1	-3,1	-1,5	-7,1	-7,0
Operating profit/(loss)		-36,4	-27,8	-75,6	9,0	-3,0
Financial income/(expense)		-2,8	0,4	-3,1	6,1	5,5
FX gain/(loss)		4,4	5,2	-0,9	1,3	9,6
Net financial items		1,6	5,6	-3,9	7,3	15,2
Profit/(loss) before tax		-34,8	-22,2	-79,6	16,4	12,2
Tax income/(expense)		-0,1	-	-0,1	-	-2,7
Net profit/(loss)		-34,9	-22,2	-79,7	16,4	9,5
Net profit/(loss) attributable to:
Equity holders of the parent		-28,9	-18,7	-71,9	22,1	20,1
Non-controlling interest		-6,1	-3,5	-7,7	-5,8	-10,6

Interim consolidated statement of comprehensive income

NOK million	Q2 2026	Q2 2025	YTD 2026	YTD 2025	2025
Net profit/(loss)	-34,9	-22,2	-79,7	16,4	9,5
Other comprehensive income
Items which may be reclassified to profit/(loss)
Foreign currency translation	10,5	-1,3	-7,0	2,7	-5,6
Total comprehensive income	-24,5	-23,5	-86,7	19,0	3,9
Total comprehensive income attributable to:
Equity holders of the parent	-19,8	-18,4	-78,0	26,1	15,8
Non-controlling interest	-4,7	-3,8	-8,7	-5,8	-11,9

Earnings per share

	Q2 2026	Q2 2025	YTD 2026	YTD 2025	2025
Earnings per share (NOK):
- Basic	-0,41	-0,28	-1,06	0,33	0,31
- Diluted	-0,41	-0,28	-1,06	0,33	0,30
Weighted avg. no. of shares outstanding	69 757 649	65 781 825	67 780 720	65 781 825	65 781 825
Weighted diluted avg. no. of shares outstanding	69 757 649	65 781 825	67 780 720	66 482 896	66 309 807

Interim consolidated statement of financial position

NOK million	Note	30.06.2026	30.06.2025	31.12.2025
ASSETS
Deferred tax assets		-	2,7	-
Goodwill		9,1	8,4	8,6
Intangible assets		145,3	144,5	141,8
Fixed assets		4,8	0,6	5,0
Right-of-use asset		3,6	0,8	4,4
Investment in associated companies	8	21,0	27,0	25,1
Loans to associates		32,7	30,0	32,8
Other non-current assets		37,9	39,8	37,9
Total non-current assets		254,3	253,7	255,7
Trade and other receivables		7,1	7,9	7,8
Other current financial assets		12,6	23,2	16,8
Cash and cash equivalents	3, 12	814,1	223,4	166,4
Total current assets		833,9	254,4	190,9
TOTAL ASSETS		1 088,2	508,2	446,7
EQUITY AND LIABILITIES
Share capital		36,2	32,9	32,9
Share premium		332,8	168,7	156,7
Total paid-in capital		369,0	201,6	189,6
Treasury shares		-0,4	-0,8	-0,7
Other reserves		22,3	16,7	26,6
Other equity	3	330,1	180,6	161,9
Total equity attributable to owners of the parent		720,9	398,0	377,4
Non-controlling interest	3	289,2	-4,1	-7,8
TOTAL EQUITY		1 010,0	393,9	369,4
Borrowings		2,8	-	3,4
Lease liability		2,4	-	2,6
Deferred tax liability		0,7	0,4	0,7
Total non-current liabilities		5,9	0,4	6,7
Trade and other payables		7,0	4,5	11,7
Provisions		9,2	13,2	3,2
Lease liability		1,3	0,8	1,9
Other current liabilities	11	54,8	95,3	53,8
Total current liabilities		72,3	113,7	70,6
TOTAL LIABILITIES		78,2	114,2	77,3
TOTAL EQUITY AND LIABILITIES		1 088,2	508,2	446,7

Interim consolidated statement of changes in equity

NOK million	Note	Share capital	Share premium	Treasury shares	Currency translation reserve	Share-based payment	Other equity	Total	Non-controlling interest	Total equity
		Paid-in capital			Other reserves
Equity as of 1 January 2026		32,9	156,7	-0,7	9,7	16,9	161,9	377,4	-7,8	369,4
Total comprehensive income		-	-	-	-6,1	-	-71,9	-78,0	-8,7	-86,7
Private placement, net of transaction costs	3	3,3	176,1	0,7	-	-	46,6	226,6	-	226,6
Capital increase IPO	3	-	-	-	-	-	213,2	213,2	303,2	516,3
Share-based payments	9	-	-	-	-	1,7	-	1,7	-	1,7
Sale shares in share incentive programme	9	-	-	-	-	-	4,4	4,4	-	4,4
Acquired treasury shares	10	-	-	-0,3	-	-	-21,5	-21,8	-	-21,8
Trasactions with non-controlling interests		-	-	-	-	-	-2,6	-2,6	2,6	-
Equity as of 30 June 2026		36,2	332,8	-0,4	3,6	18,6	330,1	720,9	289,2	1 010,0
Equity as of 1 January 2025		26,2	192,6	-0,7	14,0	14,8	153,6	400,4	1,7	402,2
Total comprehensive income		-	-	-	-4,2	-	20,1	15,8	-11,9	3,9
Share-based payments	9	-	-	-	-	2,1	-	2,1	-	2,1
Acquired treasury shares	10	-	-	-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	156,7	-0,7	9,7	16,9	161,9	377,4	-7,8	369,4

Interim consolidated statement of cash flow

NOK million	Note	Q2 2026	Q2 2025	YTD 2026	YTD 2025	2025
Cash flows from operating activities
Profit/(loss) before tax		-34,8	-22,2	-79,6	16,4	12,2
Profit/(loss) from associated companies		1,1	3,1	1,5	7,1	7,0
Share-based payments	9	1,3	0,7	1,7	1,5	3,0
Depreciation and amortisation		0,7	0,3	1,4	0,5	1,5
Gains from divestments	4	-	-3,2	-	-16,0	-20,4
Unrealised effects included in operating profit/(loss)		-4,4	-5,1	0,9	-	-1,0
Changes in working capital:
Changes in trade and other receivables		3,5	0,3	0,7	-42,2	2,0
Changes in trade and other payables		-6,1	0,4	-4,7	-1,1	5,9
Changes in other current liabilities and provisions		3,3	-2,5	5,1	-10,0	-20,2
Net cash flow from from operating activities		-35,5	-28,2	-73,0	-43,9	-10,0
Cash flows from investing activities
Investment in intangible assets		-5,7	-	-5,7	-	-
Investment in associated companies	8	-	-4,1	-	-4,3	-5,4
Investment in fixed assets		-	-	-	-	-0,2
Proceeds from divestments	6	-	39,9	-	46,6	57,5
Business acquisition, net of cash acquired		-	-	-	-	0,7
Net cash flow from investing activities		-5,7	35,8	-5,7	42,3	52,6
Cash flows from financing activities
Payment for shares bought back	10	-18,7	-1,6	-18,7	-4,8	-4,8
Lease payments		-0,3	-0,2	-0,7	-0,5	-1,2
Payment of demerger liability		-	-	-	-	-88,7
Dividends paid		-	-11,9	-	-23,9	-35,9
Net proceeds from IPO	3	515,5	-	515,5	-	-
Capital increase (Private placement)	3	226,2	-	226,2	-	-
Proceeds employee share incentive programme		4,4	-	4,4	-	-
Repayment bank loans		-0,6	-	-0,6	-	-
Net cash flow from financing activities		726,7	-13,7	726,2	-29,2	-130,5
Net change in cash and cash equivalents		685,4	-6,1	647,5	-30,8	-88,1
Effect of exchange rate changes on cash and cash equivalents		0,2	-	0,2	-	0,3
Cash and cash equivalents at start of period		128,4	229,6	166,4	254,1	254,1
Cash and cash equivalents at end of period		814,1	223,4	814,1	223,4	166,4