Condensed interim financial statements

Condensed consolidated statement of comprehensive income

NOK thousands	Notes	2025	2024	2025	2024	2025	2024
		Three months ended 30 September (unaudited)		Nine months ended 30 September (unaudited)		Last 12 months ended 30 September	Year ended 31 December
Revenue from contracts with customers	7	183,064	140,815	616,327	452,757	769,178	605,608
Other operating income		-	12	66	538	66	538
Total revenue		183,064	140,827	616,393	453,295	769,244	606,146
Raw materials and consumables used		(47,906)	(36,691)	(171,793)	(126,919)	(212,659)	(167,784)
Employee benefit expenses		(51,460)	(49,575)	(173,959)	(179,008)	(248,748)	(253,797)
Depreciation and amortisation		(4,797)	(3,551)	(12,470)	(10,301)	(16,315)	(14,146)
Disposal of property, plant and equipment		-	-	-	-	(2,391)	(2,391)
Other operating expenses		(33,751)	(21,906)	(101,209)	(67,183)	(128,907)	(94,881)
Total operating expenses		(137,913)	(111,723)	(459,432)	(383,411)	(609,020)	(532,999)
Operating profit/(loss)		45,151	29,104	156,962	69,884	160,225	73,147
Net finance income and finance expenses		(3,374)	2,986	(8,520)	7,081	2,548	18,149
Profit before tax		41,777	32,090	148,442	76,965	162,773	91,296
Income tax expense	8	(12,851)	(6,909)	(34,946)	(17,832)	(38,897)	(21,783)
Profit/(loss) for the period		28,926	25,181	113,496	59,133	123,876	69,513
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		393	117	591	152	894	455
Total other comprehensive income		393	117	591	152	894	455
Total comprehensive income for the period attributable to the ordinary shareholders of the parent company		29,319	25,298	114,087	59,286	124,770	69,968
Earning per share for profit attributable to the ordinary equity holers of the company:
Earnings per share
- Basic earnings per share		0.78	0.67	3.04	1.58	3.32	1.86
- Diluted earnings per share		0.78	0.67	3.04	1.58	3.32	1.86
Average number of outstanding shares in thousands
- Basic	9	37,596	37,549	37,540	37,550	37,529	37,548
- Diluted	9	37,596	37,549	37,540	37,550	37,529	37,548

Condensed consolidated statement of financial position

NOK thousands	Notes	2025	2024	2024
		As at 30 September (unaudited)		As at 31 December
ASSETS
Non-current assets
Property, plant and equipment		19,962	12,605	14,339
Intangible assets	3	47,295	905	871
Right-of-use assets		56,291	50,639	48,653
Deferred tax assets		489	3,543	-
Total non-current assets		124,036	67,692	63,863
Current assets
Inventories		57,301	35,204	43,995
Trade receivables		97,898	83,940	82,248
Other current assets		34,300	30,722	37,963
Financial assets at fair value through profit or loss	4	159,599	132,273	133,611
Cash and cash equivalents	5	158,698	99,525	96,825
Total current assets		507,796	381,665	394,642
Total assets		631,832	449,357	458,505

NOK thousands	2025	2024	2024
	As at 30 September (unaudited)		As at 31 December
EQUITY AND LIABILITIES
EQUITY
Share capital	794	794	794
Share premium	14,444	14,444	14,445
Treasury shares	(43)	(43)	(44)
Other reserves	2,726	1,832	2,135
Retained earnings	366,342	240,554	250,355
Total equity	384,265	257,582	267,685
LIABILITIES
Non-current liabilities
Lease liabilities	55,487	50,048	48,886
Deferred tax liabilities	1,715	436	642
Other non current liabilities	15,678	-
Total non current liabilities	72,880	50,484	49,528
Current liabilities
Trade payables	36,227	27,837	13,541
Other current liabilities	94,391	87,276	103,666
Derivative financial instruments	-	-	-
Lease liabilities	8,551	2,976	4,183
Tax liabilities	33,131	17,563	17,473
Provisions	2,387	5,638	2,429
Total current liabilities	174,686	141,291	141,292
Total liabilities	247,568	191,775	190,820
Total equity and liabilities	631,832	449,357	458,505

Condensed consolidated statement of cash flows

NOK thousands	Notes	2025	2024	2025	2024	2025	2024
		Three months ended 30 September (unaudited)		Nine months ended 30 September (unaudited)		Last 12 months ended 30 September	Year ended 31 December
CASHFLOW FROM OPERATING ACTIVITIES
Profit/(loss) before income tax		41,777	32,090	148,442	76,965	162,773	91,296
Adjustments for
Depreciation and amortisation		4,797	3,551	12,470	10,301	16,315	14,146
Disposal of property, plant and equipment		-	-	-	-	2,391	2,391
Net finance income & finance expenses		812	637	2,198	1,567	(959)	(1,590)
Net fair value (gains)/losses on money market funds	4	(1,894)	(2,081)	(5,988)	(4,603)	(7,326)	(5,940)
Net fair value (gains)/losses on forward exchange contracts		(1,231)	-	-	-	-	-
Non-cash items		(25)	(9)	292	0	(2,917)	(3,209)
Movement in working capital
Decrease/(increase) in inventories		(19,777)	(4,696)	(14,773)	(10,956)	(23,564)	(19,747)
Decrease/(increase) in trade receivables		152,210	42,515	(21,255)	(29,392)	(19,563)	(27,700)
Decrease/(increase) in other current assets		3,171	3,869	2,374	(3,407)	(4,866)	(10,648)
Increase/(decrease) in trade payables		(20,535)	(29,992)	29,384	4,992	15,088	(9,304)
Increase/(decrease) in other current liabilities		(22,976)	(18,967)	8,926	31,638	25,316	48,028
Income taxes paid		(1,620)	448	(18,515)	(625)	(18,806)	(916)
Total cash flow from operating activities		134,708	27,364	143,555	76,481	143,882	76,807
CASHFLOW FROM INVESTMENT ACTIVITIES
Purchase of property, plant and equipment		(3,765)	(1,242)	(11,239)	(4,482)	(16,910)	(10,153)
Purchase of on intangible assets	3	(17,447)	5	(47,101)	1	(47,102)	-
Purchase of money market funds	4	0	(40,000)	(20,000)	(40,000)	(20,000)	(40,000)
Interests received		229	114	762	459	4,920	4,616
Total cash flow from investment activities		(20,983)	(41,123)	(77,578)	(44,022)	(79,092)	(45,537)
CASHFLOW FROM FINANCING ACTIVITIES
Repayment of lease liabilities		(1,511)	(979)	(2,956)	(4,167)	(2,993)	(4,204)
Interests paid		(1,041)	(751)	(2,960)	(2,025)	(3,961)	(3,026)
Proceeds from sale/(purchase) of treasury shares		-	(13)	2,491	(13)	1,910	(593)
Total cash flow from financing activities		(2,552)	(1,743)	(3,425)	(6,205)	(5,043)	(7,823)
Net change in cash and cash equivalents		111,173	(15,501)	62,553	26,253	59,747	23,447
Cash and cash equivalents at the beginning of the period		48,404	114,909	96,825	73,120	99,525	73,120
Net foreign exchange differences		(879)	117	(680)	151	(573)	258
Cash and cash equivalents at the end of the period	5	158,698	99,525	158,698	99,525	158,698	96,825

Condensed consolidated statement of changes in equity

NOK thousands	Share capital	Share premium	Treasury shares	Other reserves	Retained earnings	Total equity
Year ended 31 December 2024
Balance at 1 January 2024	794	14,445	(43)	1,680	181,434	198,310
Profit/(loss) for the year	-	-	-	-	69,513	69,513
Other comprehensive income/(loss)	-	-	-	455	-	455
Total comprehensive profit/(loss)	-	-	-	455	-	20,634
Purchase of own shares	-	-	(1)	-	(592)	(593)
Balance at 31 December 2024	794	14,445	(44)	2,135	250,355	267,685
Nine months ended 30 September 2024 (unaudited)
Balance at 1 January 2024	794	14,445	(43)	1,680	181,434	198,310
Profit/(loss) for the period	-	-	-	-	59,133	59,133
Other comprehensive income/(loss)	-	-	-	152	-	152
Total comprehensive profit/(loss)	-	-	-	152	59,133	59,285
Purchase of own shares	-	-	-	-	(13)	(13)
Balance at 30 September 2024	794	14,445	(43)	1,832	240,554	257,582
Nine months ended 30 September 2025 (unaudited)
Balance at 1 January 2025	794	14,445	(44)	2,135	250,355	267,685
Profit/(loss) for the period	-	-	-	-	113,496	113,496
Other comprehensive income/(loss)	-	-	-	591	-	591
Total comprehensive profit/(loss)	-	-	-	591	113,496	114,087
Sale of own shares	-	-	1	-	2,490	2,491
Balance at 30 September 2025	794	14,445	(43)	2,726	366,342	384,263