Financial Statements

Condensed Consolidated Income Statement

NOK thousands	Notes	2026	2025	2026	2025
		1 Jan - 31 Mar (unaudited)		Last 12 months ended 31 March	Year ended 31 December
Revenue from contracts with customers	3	231,677	162,505	870,114	800,943
Other operating income		-	-	66	66
Total revenue		231,677	162,505	870,180	801,008
Raw materials and consumables used		(69,196)	(44,212)	(246,654)	(221,670)
Employee benefit expenses		(82,839)	(51,800)	(273,433)	(242,394)
Depreciation and amortisation		(6,938)	(3,471)	(21,875)	(18,407)
Disposal of property, plant and equipment		-	-	(29)	(29)
Other operating expenses		(36,347)	(28,283)	(155,852)	(147,789)
Total operating expenses		(195,320)	(127,766)	(697,843)	(630,289)
Operating profit/(loss)		36,357	34,739	172,337	170,719
Net finance income and finance expenses		(2,502)	(8,102)	4,339	(1,261)
Profit before tax		33,855	26,637	176,676	169,458
Income tax expense		(8,276)	(5,794)	(42,778)	(40,296)
Profit/(loss) for the period		25,579	20,843	133,898	129,162
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(375)	1,382	(2,465)	(709)
Total other comprehensive income		(375)	1,382	(2,465)	(709)
Total comprehensive income for the period attributable to the ordinary shareholders of the parent company		25,204	22,225	131,433	128,453
Earning per share for profit attributable to the ordinary equity holers of the company:
Earnings per share
- Basic earnings per share		0.65	0.56	3.46	3.40
- Diluted earnings per share		0.65	0.56	3.46	3.40
Average number of outstanding shares in thousands
- Basic		39,096	37,506	38,735	37,971
- Diluted		39,096	37,506	38,735	37,971

Condensed Consolidated Balance Sheet

NOK thousands	Notes	2026	2025
		As at 31 March (unaudited)	As at 31 December
ASSETS
Non-current assets
Property, plant and equipment		30,534	30,844
Intangible assets	4	82,839	66,005
Right-of-use assets		61,298	54,142
Deferred tax assets		7,864	7,102
Total non-current assets		182,536	158,093
Current assets
Inventories		71,396	46,577
Trade receivables		149,216	108,839
Other current assets		53,883	45,372
Financial assets at fair value through profit or loss	5	413,455	438,608
Cash and cash equivalents	6	62,157	60,490
Total current assets		750,108	699,886
Total assets		932,644	857,979

NOK thousands	2026	2025
	As at 31 March (unaudited)	As at 31 December
EQUITY AND LIABILITIES
EQUITY
Share capital	1,237	1,237
Share premium	109,232	109,232
Treasury shares	(19)	(19)
Share-based payment reserve	2,998	-
Retained earnings	503,243	477,664
Other reserves	1,050	1,426
Total equity	617,741	589,541
LIABILITIES
Non-current liabilities
Lease liabilities	59,707	53,465
Deferred tax liabilities	3,731	3,504
Other non current liabilities	12,878	16,243
Total non current liabilities	76,317	73,212
Current liabilities
Trade payables	56,936	34,098
Other current liabilities	124,538	106,523
Lease liabilities	9,684	8,642
Tax liabilities	45,085	43,874
Provisions	2,343	2,090
Total current liabilities	238,586	195,226
Total liabilities	314,902	268,438
Total equity and liabilities	932,644	857,979

Condensed Consolidated Statement of Equity

NOK thousands	Share capital	Share premium	Treasury shares	Share-based payment reserve	Retained earnings	Other reserves	Total equity
Twelve-month period ended 31 December 2025
Balance at 1 January 2025	794	14,445	(44)	-	250,355	2,135	267,685
Profit/(loss) for the period	-	-	-	-	129,162	-	129,162
Other comprehensive income/(loss)	-	-	-	-	-	(709)	(709)
Total comprehensive profit/(loss)	-	-	-	-	129,162	(709)	128,453
Transfer between reserves	397	(397)	(21)	-	21		-
Issue of new share	45	95,184	-	-	-	-	95,229
Sale of own shares	-	-	46	-	98,125	-	98,171
Balance at 31 March 2025	1,236	109,232	(19)	-	477,664	1,426	589,538
Three-month period ended 31 March 2025 (unaudited)
Balance at 1 January 2025	794	14,445	(44)	-	250,355	2,135	267,685
Profit/(loss) for the period	-	-	-	-	20,843	-	129,162
Other comprehensive income/(loss)	-	-	-	-	-	1,382	(709)
Total comprehensive profit/(loss)	794	14,445	(44)	-	271,198	3,517	396,138
Transfer between reserves	-	-	-	-	-	-	-
Issue of new share	-	-	-	-	-	-	-
Sale of own shares	-	-	-	-	-	-	-
Balance at 31 March 2025	794	14,445	(44)	-	271,198	3,517	396,138
Three-month period ended 31 March 2026 (unaudited)
Balance at 1 January 2026	1,236	109,232	(19)	-	477,664	1,426	589,538
Profit/(loss) for the period	-	-	-	-	25,579	-	25,579
Other comprehensive income/(loss)	-	-	-	-	-	(375)	(375)
Total comprehensive profit/(loss)	1,236	109,232	(19)	-	503,243	1,051	614,743
Transfer between reserves	-	-	-	-	-	-	-
Share-based payment charge	-	-	-	2,998	-	-	2,998
Issue of new share	-	-	-	-	-	-	-
Sale of own shares	-	-	-	-	-	-	-
Balance at 31 March 2026	1,236	109,232	(19)	2,998	503,243	1,051	617,741

Condensed Consolidated Cash Flow Statement

NOK thousands	Notes	2026	2025	2026	2025
		1 Jan - 31 Mar (unaudited)		Last 12 months ended 31 March	Year ended 31 December
CASHFLOW FROM OPERATING ACTIVITIES
Profit/(loss) before income tax		33,855	26,637	176,676	169,458
Adjustments for
Depreciation and amortisation		6,938	3,471	21,875	18,407
Disposal of property, plant and equipment		-	-	29	29
Net interest income & finance expenses		940	577	1,250	887
Net fair value (gains)/losses on money market funds	5	(4,846)	(1,473)	(13,370)	(9,998)
Share-based payment charge		2,998	-	2,998	-
Non-cash items		2,510	(476)	2,760	(226)
Decrease/(increase) in inventories		(27,241)	532	(30,645)	(2,872)
Decrease/(increase) in trade receivables		(39,707)	(5,078)	(60,766)	(26,137)
Decrease/(increase) in other current assets		(8,468)	(3,157)	(13,235)	(7,924)
Increase/(decrease) in trade payables		22,381	11,704	31,394	20,717
Increase/(decrease) in other current liabilities		13,067	(4,814)	36,929	19,049
Income taxes paid		(7,606)	(170)	(25,581)	(18,145)
Total cash flow from operating activities		(5,180)	27,753	130,314	163,247
CASHFLOW FROM INVESTMENT ACTIVITIES			-
Purchase of property, plant and equipment		(2,032)	(3,090)	(22,802)	(23,860)
Purchase of on intangible assets	4	(17,753)	(16,278)	(67,712)	(66,237)
Purchase of money market funds	5	-	(20,000)	(315,000)	(335,000)
Proceeds from sale of money market funds	5	30,000	-	70,000	40,000
Interests received		53	292	2,902	3,141
Total cash flow from investment activities		10,268	(39,076)	(332,612)	(381,956)
CASHFLOW FROM FINANCING ACTIVITIES			-
Repayment of lease liabilities		(2,146)	(641)	(6,452)	(4,948)
Interests paid		(993)	(869)	(4,152)	(4,029)
Proceeds from issue of shares		-	-	95,229	95,229
Proceeds from sale/(purchase) of treasury shares		-	-	98,171	98,171
Total cash flow from financing activities		(3,139)	(1,511)	182,795	184,424
Net change in cash and cash equivalents		1,950	(12,833)	(19,503)	(34,285)
			-
Cash and cash equivalents at the beginning of the period		60,490	96,825	83,006	96,825
Net foreign exchange differences		(283)	(986)	(1,346)	(2,049)
Cash and cash equivalents at the end of the period		62,157	83,006	62,157	60,490