Condensed interim financial statements

Condensed consolidated statement of comprehensive income

NOK thousands	Notes	2025	2024	2025	2024
		Three months ended 31 December (unaudited)		Twelve months ended 31 December (unaudited)
Revenue from contracts with customers	7	184,615	152,851	800,943	605,608
Other operating income		-	-	66	538
Total revenue		184,615	152,851	801,008	606,146
Raw materials and consumables used		(49,876)	(40,865)	(221,670)	(167,784)
Employee benefit expenses		(68,435)	(74,789)	(242,394)	(253,797)
Depreciation and amortisation		(5,937)	(3,845)	(18,407)	(14,146)
Disposal of property, plant and equipment		(29)	(2,391)	(29)	(2,391)
Other operating expenses		(46,580)	(27,698)	(147,789)	(94,881)
Total operating expenses		(170,858)	(149,588)	(630,289)	(532,999)
Operating profit/(loss)		13,757	3,263	170,719	73,147
Net finance income and finance expenses		7,258	11,068	(1,261)	18,149
Profit before tax		21,016	14,331	169,458	91,296
Income tax expense	8	(5,350)	(3,951)	(40,296)	(21,783)
Profit/(loss) for the period		15,666	10,380	129,162	69,513
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations		(1,300)	303	(709)	455
Total other comprehensive income		(1,300)	303	(709)	455
Total comprehensive income for the period attributable to the ordinary shareholders of the parent company		14,366	10,678	128,453	69,968
Earning per share for profit attributable to the ordinary equity holers of the company:
Earnings per share
- Basic earnings per share		0.37	0.28	3.40	1.86
- Diluted earnings per share		0.37	0.28	3.40	1.86
Average number of outstanding shares in thousands
- Basic	9	38,354	37,542	37,744	37,548
- Diluted	9	38,354	37,542	37,744	37,548

Condensed consolidated statement of financial position

NOK thousands	Notes	2025	2024
		As at 31 December (unaudited)	As at 31 December
ASSETS
Non-current assets
Property, plant and equipment		30,844	14,339
Intangible assets	3	66,005	871
Right-of-use assets		54,142	48,653
Deferred tax assets		7,102	-
Total non-current assets		158,093	63,863
Current assets
Inventories		46,577	43,995
Trade receivables		108,839	82,248
Other current assets		45,372	37,963
Financial assets at fair value through profit or loss	4	438,608	133,611
Cash and cash equivalents	5	60,490	96,825
Total current assets		699,886	394,642
Total assets		857,979	458,505

NOK thousands	2025	2024
	As at 31 December (unaudited)	As at 31 December
EQUITY AND LIABILITIES
EQUITY
Share capital	1,237	794
Share premium	109,232	14,445
Treasury shares	(19)	(44)
Other reserves	1,426	2,135
Retained earnings	477,664	250,355
Total equity	589,541	267,685
LIABILITIES
Non-current liabilities
Lease liabilities	53,465	48,886
Deferred tax liabilities	3,504	642
Other non current liabilities	16,243
Total non current liabilities	73,212	49,528
Current liabilities
Trade payables	34,098	13,541
Other current liabilities	106,523	103,666
Derivative financial instruments	-	-
Lease liabilities	8,642	4,183
Tax liabilities	43,874	17,473
Provisions	2,090	2,429
Total current liabilities	195,226	141,292
Total liabilities	268,438	190,820
Total equity and liabilities	857,979	458,505

Condensed consolidated statement of cash flows

NOK thousands	Notes	2025	2024	2025	2024
		Three months ended 31 December (unaudited)		Twelve months ended 31 December (unaudited)
CASHFLOW FROM OPERATING ACTIVITIES
Profit/(loss) before income tax		21,016	14,331	169,458	91,296
Adjustments for
Depreciation and amortisation		5,937	3,845	18,407	14,146
Disposal of property, plant and equipment		29	2,391	29	2,391
Net interest income & finance expenses		(1,310)	(3,158)	887	(1,590)
Net fair value (gains)/losses on money market funds	4	(4,009)	(1,337)	(9,998)	(5,940)
Net fair value (gains)/losses on forward exchange contracts		-	-	-	-
Non-cash items		(518)	(3,209)	(226)	(3,209)
Movement in working capital
Decrease/(increase) in inventories		11,901	(8,791)	(2,872)	(19,747)
Decrease/(increase) in trade receivables		(4,883)	1,692	(26,137)	(27,700)
Decrease/(increase) in other current assets		(10,298)	(7,240)	(7,924)	(10,648)
Increase/(decrease) in trade payables		(8,666)	(14,296)	20,717	(9,304)
Increase/(decrease) in other current liabilities		10,797	16,390	19,049	48,028
Income taxes paid		370	(293)	(18,145)	(916)
Total cash flow from operating activities		20,365	324	163,247	76,807
CASHFLOW FROM INVESTMENT ACTIVITIES
Purchase of property, plant and equipment		(12,621)	(5,875)	(23,860)	(10,153)
Purchase of on intangible assets	3	(19,136)	0	(66,237)	-
Purchase of money market funds	4	(275,000)	(0)	(335,000)	(40,000)
Proceeds from sale of money market funds	4	-	-	40,000	-
Interests received		2,379	4,158	3,141	4,616
Total cash flow from investment activities		(304,378)	(1,717)	(381,956)	(45,537)
CASHFLOW FROM FINANCING ACTIVITIES
Repayment of lease liabilities		(1,992)	(29)	(4,948)	(4,204)
Interests paid		(1,069)	(1,000)	(4,029)	(3,026)
Proceeds from issue of shares		95,229	-	95,229	-
Proceeds from sale/(purchase) of treasury shares		95,680	(579)	98,171	(593)
Total cash flow from financing activities		187,848	(1,609)	184,424	(7,823)
Net change in cash and cash equivalents		(96,164)	(3,002)	(34,285)	23,447
Cash and cash equivalents at the beginning of the period		158,698	99,525	96,825	73,120
Net foreign exchange differences		(2,043)	302	(2,049)	258
Cash and cash equivalents at the end of the period	5	60,490	96,825	60,490	96,825

Condensed consolidated statement of changes in equity

NOK thousands	Notes	Share capital	Share premium	Treasury shares	Other reserves	Retained earnings	Total equity
Twelve-month period 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	69,513	69,968
Purchase of own shares		-	-	(1)	-	(592)	(593)
Balance at 31 December 2024		794	14,445	(44)	2,135	250,355	267,685
Twelve-month period ended 31 December 2025 (unaudited)
Balance at 1 January 2025		794	14,445	(44)	2,135	250,355	267,685
Profit/(loss) for the period		-	-	-	-	129,162	129,162
Other comprehensive income/(loss)		-	-	-	(709)	-	(709)
Total comprehensive profit/(loss)		-	-	-	(709)	129,162	128,453
Transfer between reserves	9	397	(397)	(21)		21	-
Issue of new share	9	45	95,184		-	-	95,229
Sale of own shares	9	-	-	46	-	98,125	98,171
Balance at 31 December 2025		1,236	109,232	(19)	1,426	477,664	589,538