Condensed interim consolidated financial statements
Note: Numbers are unaudited
Interim consolidated statement of profit and loss
| NOK million | Note | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
|---|---|---|---|---|---|---|
| Operating revenue | 4 | 1.3 | 0.5 | 5.0 | 52.4 | 97.7 |
| Other income | 5 | - | 5.9 | 0.5 | 25.6 | 24.1 |
| Direct costs of service | -0.6 | - | -1.5 | - | - | |
| Operating expense | -11.3 | -13.2 | -40.9 | -36.1 | -42.1 | |
| Share-based payments expense (non-cash) | 8 | -3.6 | -0.5 | -5.3 | -2.0 | -3.0 |
| Development and M&A expense | -18.1 | -13.2 | -62.8 | -43.6 | -71.2 | |
| EBITDA | -32.4 | -20.4 | -105.0 | -3.7 | 5.5 | |
| Depreciation and amortisation | -0.7 | -0.3 | -2.1 | -0.8 | -1.5 | |
| Profit/loss from associated companies | 7 | - | 0.7 | -1.6 | -6.4 | -7.0 |
| Operating profit/(loss) | -33.1 | -20.0 | -108.7 | -11.0 | -3.0 | |
| Financial income/(expense) | 7.3 | -0.2 | 4.2 | 5.9 | 5.5 | |
| FX gain/(loss) | -2.6 | 3.8 | -3.4 | 5.1 | 9.6 | |
| Net financial items | 4.7 | 3.6 | 0.8 | 11.0 | 15.2 | |
| Profit/(loss) before tax | -28.4 | -16.4 | -107.9 | - | 12.2 | |
| Tax income/(expense) | - | - | -0.1 | - | -2.7 | |
| Net profit/(loss) | -28.4 | -16.4 | -108.0 | - | 9.5 | |
| Net profit/(loss) attributable to: | ||||||
| Equity holders of the parent | -16.2 | -15.0 | -88.1 | 7.3 | 20.1 | |
| Non-controlling interest | -12.1 | -1.5 | -19.9 | -7.3 | -10.6 |
Interim consolidated statement of comprehensive income
| NOK million | Note | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
|---|---|---|---|---|---|---|
| Net profit/(loss) | -28.4 | -16.4 | -108.0 | - | 9.5 | |
| Other comprehensive income | ||||||
| Items which may be reclassified to profit/(loss) | ||||||
| Foreign currency translation | 2.0 | -9.1 | -5.1 | -6.4 | -5.6 | |
| Total comprehensive income | -26.4 | -25.5 | -113.1 | -6.4 | 3.9 | |
| Total comprehensive income attributable to: | ||||||
| Equity holders of the parent | -17.3 | -21.8 | -95.4 | 2.4 | 15.8 | |
| Non-controlling interest | -9.0 | -3.7 | -17.7 | -9.0 | -11.9 |
Earnings per share
| Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 | |
|---|---|---|---|---|---|
| Earnings per share (NOK): | |||||
| - Basic | -0.23 | -0.23 | -1.30 | 0.11 | 0.31 |
| - Diluted | -0.23 | -0.23 | -1.30 | 0.11 | 0.30 |
| Weighted avg. no. of shares outstanding | 71,245,674 | 65,781,825 | 67,922,056 | 65,781,825 | 65,781,825 |
| Weighted diluted avg. no. of shares outstanding | 71,245,674 | 65,781,825 | 67,922,056 | 66,384,915 | 66,309,807 |
Interim consolidated statement of financial position
| NOK million | Note | 30.09.2026 | 30.09.2025 | 31.12.2025 |
|---|---|---|---|---|
| ASSETS | ||||
| Deferred tax assets | - | 2.7 | - | |
| Goodwill | 9.1 | 8.4 | 8.6 | |
| Intangible assets | 144.2 | 140.3 | 141.8 | |
| Fixed assets | 6.3 | 0.7 | 5.0 | |
| Right-of-use asset | 5.2 | 0.7 | 4.4 | |
| Investment in associated companies | 7 | 23.1 | 26.2 | 25.1 |
| Loans to associates | 31.9 | 30.1 | 32.8 | |
| Other non-current assets | 37.9 | 40.3 | 37.9 | |
| Total non-current assets | 257.8 | 249.4 | 255.7 | |
| Trade and other receivables | 18.3 | 8.7 | 7.8 | |
| Other current financial assets | 15.8 | 16.4 | 16.8 | |
| Cash and cash equivalents | 11 | 742.1 | 192.6 | 166.4 |
| Total current assets | 776.2 | 217.7 | 190.9 | |
| TOTAL ASSETS | 1,034.0 | 467.0 | 446.7 | |
| EQUITY AND LIABILITIES | ||||
| Share capital | 36.2 | 32.9 | 32.9 | |
| Share premium | 332.8 | 156.7 | 156.7 | |
| Total paid-in capital | 369.0 | 189.6 | 189.6 | |
| Treasury shares | -0.6 | -0.7 | -0.7 | |
| Other reserves | 24.9 | 9.3 | 26.6 | |
| Other equity | 263.0 | 166.2 | 161.9 | |
| Total equity attributable to owners of the parent | 656.2 | 364.4 | 377.4 | |
| Non-controlling interest | 296.1 | -7.3 | -7.8 | |
| TOTAL EQUITY | 952.3 | 357.1 | 369.4 | |
| Borrowings | 3.2 | - | 3.4 | |
| Lease liability | 3.8 | - | 2.6 | |
| Deferred tax liability | 0.7 | 0.4 | 0.7 | |
| Total non-current liabilities | 7.7 | 0.4 | 6.7 | |
| Trade and other payables | 8.4 | 4.9 | 11.7 | |
| Provisions | 8.7 | 9.6 | 3.2 | |
| Lease liability | 1.5 | 0.6 | 1.9 | |
| Other current liabilities | 10 | 55.4 | 94.4 | 53.8 |
| Total current liabilities | 74.0 | 109.4 | 70.6 | |
| TOTAL LIABILITIES | 81.7 | 109.8 | 77.3 | |
| TOTAL EQUITY AND LIABILITIES | 1,034.0 | 467.0 | 446.7 |
Interim consolidated statement of changes in equity
| Paid-in capital | Other reserves | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NOK million | Note | Share capital | Share premium | Treasury shares | Currency translation reserve | Share-based payment | Other equity | Total | Non-controlling interest | Total equity |
| 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 | - | - | - | -7.2 | - | -88.1 | -95.4 | -17.7 | -113.1 | |
| Private placement, net of transaction costs | 3.3 | 176.1 | 0.7 | - | - | 46.4 | 226.4 | - | 226.4 | |
| Capital increase IPO | - | - | - | - | - | 208.2 | 208.2 | 302.3 | 510.5 | |
| Share-based payments | 8 | - | - | - | - | 5.3 | - | 5.3 | - | 5.3 |
| Sale shares in share incentive programme | 8 | - | - | - | - | - | 4.4 | 4.4 | - | 4.4 |
| Acquired treasury shares | 9 | - | - | -0.5 | - | - | -28.8 | -29.3 | - | -29.3 |
| Share issue to non-controlling interests | - | - | - | - | - | - | - | 19.8 | 19.8 | |
| Transactions with non-controlling interests | - | - | - | - | - | -38.3 | -38.3 | -3.0 | -41.3 | |
| Movement between controlling and non-controlling interests | - | - | - | - | - | -2.6 | -2.6 | 2.6 | 0.0 | |
| Equity as of 30 September 2026 | 36.2 | 332.8 | -0.6 | 2.5 | 22.2 | 263.0 | 656.2 | 296.1 | 952.3 | |
| 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 | 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 | 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 | Q3 2026 | Q3 2025 | YTD 2026 | YTD 2025 | 2025 |
|---|---|---|---|---|---|---|
| Cash flows from operating activities | ||||||
| Profit/(loss) before tax | -28.4 | -16.4 | -107.9 | - | 12.2 | |
| Profit/(loss) from associated companies | - | -0.7 | 1.6 | 6.4 | 7.0 | |
| Share-based payments | 8 | 3.6 | 0.5 | 5.3 | 2.0 | 3.0 |
| Depreciation and amortisation | 0.7 | 0.3 | 2.1 | 0.8 | 1.5 | |
| Gains from divestments | 5 | - | -5.9 | - | -18.2 | -20.4 |
| Unrealised effects included in operating profit/(loss) | 0.2 | 2.7 | 1.1 | 3.3 | -1.0 | |
| Changes in working capital: | ||||||
| Changes in trade and other receivables | 1.3 | 4.2 | 1.9 | -42.5 | 2.0 | |
| Changes in trade and other payables | 1.4 | -1.4 | -3.3 | -2.5 | 5.9 | |
| Changes in other current liabilities and provisions | -4.6 | -12.6 | 0.5 | -22.6 | -20.2 | |
| Net cash flow from operating activities | -25.8 | -29.4 | -98.7 | -73.3 | -10.0 | |
| Cash flows from investing activities | ||||||
| Investment in intangible assets | - | - | -5.7 | - | - | |
| Investments in associated companies | 7 | - | - | - | -4.3 | -5.4 |
| Investments in and loans to projects and joint ventures | -25.3 | - | -25.3 | - | - | |
| Loans to projects | -10.0 | - | -10.0 | - | - | |
| Investment in fixed assets | -1.3 | - | -1.3 | - | -0.2 | |
| Proceeds from divestments | 5 | - | 11.0 | - | 57.6 | 57.5 |
| Business acquisition, net of cash acquired | - | - | - | - | 0.7 | |
| Net cash flow from investing activities | -36.6 | 11.0 | -42.3 | 53.3 | 52.6 | |
| Cash flows from financing activities | ||||||
| Payment for shares bought back | 9 | -7.4 | - | -26.1 | -4.8 | -4.8 |
| Lease payments | -0.5 | -0.2 | -1.2 | -0.7 | -1.2 | |
| Payment of demerger liability | - | - | - | - | -88.7 | |
| Dividends paid | - | -11.9 | - | -35.9 | -35.9 | |
| Net proceeds from IPO | -1.6 | - | 513.9 | - | - | |
| Capital increase (Private placement) | - | - | 226.2 | - | - | |
| Proceeds employee share incentive programme | - | - | 4.4 | - | - | |
| Repayment bank loans | -0.1 | - | -0.7 | - | - | |
| Net cash flow from financing activities | -9.7 | -12.1 | 716.5 | -41.4 | -130.5 | |
| Net change in cash and cash equivalents | -72.1 | -30.7 | 575.5 | -61.4 | -88.1 | |
| Effect of exchange rate changes on cash and cash equivalents | 0.0 | - | 0.2 | - | 0.3 | |
| Cash and cash equivalents at start of period | 814.1 | 223.4 | 166.4 | 254.1 | 254.1 | |
| Cash and cash equivalents at end of period | 742.2 | 192.6 | 742.1 | 192.6 | 166.4 |