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"scheme:2549005RGU6BUYK07L22", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "tblfact-148": { "value": "16600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-1": { "value": "

Note 1. General information

Hermana Holding ASA (\u201cthe Company\u201d) is a limited liability company incorporated and domiciled in Norway. The address of its registered office is Karenslyst All\u00e9 6, 0278 Oslo. The Company is listed on the Oslo Stock Exchange main list, ticker: HERMA.

Hermana Holding ASA and its subsidiary (together \u201cthe Group\u201d or \u201cHermana\u201d) are engaged in FPSO-related royalty activities, with the Group\u2019s remaining royalty entitlement linked to the Western Isles FPSO. In addition, the Group evaluates potential equity and royalty-based investments for the deployment of available capital.

Hermana Holding ASA was incorporated on 23 August 2023 as a wholly owned subsidiary of Magnora ASA. In connection with the listing of Hermana Holding ASA on the Oslo Stock Exchange on 18 June 2024, Magnora ASA completed a spin-off demerger whereby its FPSO-related licensing business was transferred to Western Isles Holding AS, a wholly owned subsidiary of Hermana Holding ASA. As part of the demerger, Hermana Holding ASA became the parent company of the Hermana Group and sole owner of Western Isles Holding ASA, which holds the license agreement related to the Western isles FPSO. Following completion of the demerger, Hermana ceased to be a wholly owned subsidiary of Magnora ASA. The shareholders of Magnora ASA received 70 percent of the shares in Hermana, while Magnora retained the remaining ownership interest. The demerger was carried out with accounting and tax continuity in accordance with Norwegian law. In June 2025, Magnora ASA sold its remaining shareholding in Hermana Holding ASA.

", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Hermana Holding ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Karenslyst All\u00e9 6, 0278 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "Hermana Holding ASA and its subsidiary (together \u201cthe Group\u201d or \u201cHermana\u201d) are engaged in FPSO-related royalty activities, with the Group\u2019s remaining royalty entitlement linked to the Western Isles FPSO. In addition, the Group evaluates potential equity and royalty-based investments for the deployment of available capital.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Hermana Holding ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Hermana Holding ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "

Note 2. General accounting policies and principles

Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union (EU) and valid as of 31 December 2025.

The consolidated financial statements have been prepared on a going concern basis.

The consolidated financial statements for 2025 present the results and financial position of Hermana Holding ASA and its subsidiary (\u201cthe Group\u201d).

The consolidated financial statements are presented in Norwegian kroner (NOK). Amounts are rounded to the nearest million unless otherwise stated; as a result, individual figures may not sum precisely.

Comparative information

The comparative information for 2024 includes (i) carve-out financial information relating to the FPSO licensing business for the period prior to the legal formation of the Group in June 2024, and (ii) the consolidated results of Hermana Holding ASA and its subsidiary for the period from the legal formation date to 31 December 2024. Accordingly, the comparative information for 2024 is not prepared solely on a consolidated basis for the full comparative period and may not be fully comparable to the current period.

The carve-out financial information included in the 2024 comparatives was prepared using a predecessor accounting approach and required certain allocations of income, expenses, assets and liabilities. The basis for preparation of the carve-out financial information, including key allocation principles and related judgments, is described in detail in the Group\u2019s 2024 annual report.

Basis for measurement

The consolidated financial statements have been prepared on a historical cost basis.

Material accounting policies

The Group presents material accounting policy information together with the relevant line-item disclosures where this enhances the usefulness of the information. Accordingly, certain accounting policies are included within the notes to which they relate rather than in a separate accounting policies note.

Basis and principles for consolidation

The consolidated financial statements comprise the financial statements of the parent company Hermana Holding ASA and its subsidiary, Western Isles Holding AS. The subsidiary is an entity controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

The subsidiary is fully consolidated from the date on which control is obtained until the date on which control ceases. All intra-group balances, transactions, income and expenses are eliminated on consolidation.

In the parent company\u2019s financial statements, the investment in the subsidiary is accounted for at cost. The investment is measured at cost less any accumulated impairment losses. An impairment loss is recognised when there is objective evidence that the carrying amount exceeds the recoverable amount.

Foreign currency translation

The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency of Hermana Holding ASA. Transactions in foreign currencies are translated at the exchange rates at the dates of the transactions. Monetary items are translated at the exchange rate at the reporting date. Non-monetary items measured at historical cost are not retranslated.

Principles of cash flow statement

The cash flow statement has been prepared using the indirect method.

Standards issued but not yet effective

In April 2024, the International Accounting Standards Board issued IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for the presentation of income and expenses in the statement of profit and losses, including defined categories and subtotals, and enhanced disclosure requirements for management-defined performance measures.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, subject to endorsement by the European Union. The Group has not early adopted IFRS 18.

Based on a preliminary assessment, IFRS 18 is expected to affect the presentation and disclosure of the consolidated statement of profit or loss when adopted but is not expected to affect the recognition or measurement of the Group\u2019s assets, liabilities, income or expenses.

The Group has neither early adopted any other standards, interpretations or amendments that have been issued but are not yet effective, and management is not aware of any other forthcoming changes in IFRS that are expected to have a material impact on the Group\u2019s consolidated financial statements.

Change in accounting policies

There were no changes in the Group\u2019s accounting policies during 2025.

Future changes in standards

The Group monitors IFRS standards and interpretations issued but not yet effective. Based on current assessment, management does not expect these to have a significant impact on the Group\u2019s consolidated financial statements.

Approval of financial statements

These consolidated financial statements were approved for issuance by the Board of Directors on 11 February 2026 and are subject to approval by the Annual General Meeting to be held on 24 March 2026.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "
Basis of preparation

The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union (EU) and valid as of 31 December 2025.

The consolidated financial statements have been prepared on a going concern basis.

The consolidated financial statements for 2025 present the results and financial position of Hermana Holding ASA and its subsidiary (\u201cthe Group\u201d).

The consolidated financial statements are presented in Norwegian kroner (NOK). Amounts are rounded to the nearest million unless otherwise stated; as a result, individual figures may not sum precisely.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union (EU) and valid as of 31 December 2025", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "Comparative information", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "
Basis and principles for consolidation

The consolidated financial statements comprise the financial statements of the parent company Hermana Holding ASA and its subsidiary, Western Isles Holding AS. The subsidiary is an entity controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

The subsidiary is fully consolidated from the date on which control is obtained until the date on which control ceases. All intra-group balances, transactions, income and expenses are eliminated on consolidation.

In the parent company\u2019s financial statements, the investment in the subsidiary is accounted for at cost. The investment is measured at cost less any accumulated impairment losses. An impairment loss is recognised when there is objective evidence that the carrying amount exceeds the recoverable amount.

", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "The consolidated financial statements comprise the financial statements of the parent company Hermana Holding ASA and its subsidiary, Western Isles Holding AS. The subsidiary is an entity controlled by the Group. Control exists when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.The subsidiary is fully consolidated from the date on which control is obtained until the date on which control ceases. All intra-group balances, transactions, income and expenses are eliminated on consolidation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "
Foreign currency translation

The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency of Hermana Holding ASA. Transactions in foreign currencies are translated at the exchange rates at the dates of the transactions. Monetary items are translated at the exchange rate at the reporting date. Non-monetary items measured at historical cost are not retranslated.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency of Hermana Holding ASA.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "
Principles of cash flow statement

The cash flow statement has been prepared using the indirect method.

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "
Principles of cash flow statement

The cash flow statement has been prepared using the indirect method.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "
Change in accounting policies

There were no changes in the Group\u2019s accounting policies during 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "These consolidated financial statements were approved for issuance by the Board of Directors on 11 February 2026 and are subject to approval by the Annual General Meeting to be held on 24 March 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "

Note 3. Key accounting estimates and judgements

Preparation of the consolidated financial statements requires management to apply estimates and judgements that affect the reported amounts of assets, liabilities, income and expenses. The principal area involving significant estimation uncertainty for the Group relates to the recognition of deferred tax asset.

Key sources of estimation uncertainty and areas of significant judgement

Deferred tax asset recognition

Deferred tax assets are recognised for unused tax losses only when it is considered probable that future taxable profits will be available against which the losses can be utilised. This assessment involves significant judgement, particularly in estimating the timing and magnitude of future taxable income. Based on current forecasts of operating income and cost levels, the recognised deferred tax asset is expected to be utilised over a period of 5 years. The recognised amount represents only a limited portion of the total accumulated tax losses carried forward of NOK 423 million.

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-25": { "value": "
Deferred tax asset recognition

Deferred tax assets are recognised for unused tax losses only when it is considered probable that future taxable profits will be available against which the losses can be utilised. This assessment involves significant judgement, particularly in estimating the timing and magnitude of future taxable income. Based on current forecasts of operating income and cost levels, the recognised deferred tax asset is expected to be utilised over a period of 5 years. The recognised amount represents only a limited portion of the total accumulated tax losses carried forward of NOK 423 million.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss. Deferred income tax is determined using tax rates (and legislation) that have been enacted or substantially enacted by balance sheet date and are expected to apply when the deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The tax base included in the calculation of deferred income tax is calculated in local currency and translated into NOK at foreign exchange rates prevailing at balance sheet date. Deferred income tax asset and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.Deferred income tax assets and liabilities are offset when a legally enforceable right to offset current tax assets against current tax liabilities exists. For 2025 a tax rate of 22% (for 2024: 22%) has been used when calculating the deferred tax assets and liabilities. The Group is not affected by Pillar 2.Deferred income tax assets are recognised for tax losses carried forward and deductible temporary differences to the extent that the realisation of the tax benefit through future taxable profits is probable. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The recognised deferred tax asset is most sensitive to expected future taxable profits.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-29": { "value": "

Note 4. Key risk factors

The Group is exposed to a limited range of risks due to the nature and scale of its activities. Risk management aims to ensure that the Group maintains a strong liquidity position and an appropriate risk profile relative to its operations. The key risks relevant to the Group are summarised below.

Market risk
Oil and gas prices

The Group has a licensing agreement for the Western Isles FPSO, and the activity level on the oil and gas field is dependent on the prevailing and expected future oil and gas prices. A significant decline in the prices can increase the time period the FPSO is not in operation and/or the volume it produces, which directly impacts the Group\u2019s revenues from the licensing agreement.

Climate risk

The Group is exposed to physical and transitional climate risk. Physical risk can include rising global temperatures, increased frequency of extreme weather events, and shifting environmental conditions affecting offshore operations. While the Western Isles FPSO is designed to operate in harsh environments, physical climate risk could still impact uptime. Transitional climate risk is closely linked to political and regulatory risk and may involve regulatory frameworks, taxation, energy policy, and licensing regimes. Changes in licensing and permissions practices can for instance cause delays in field development and the deployment of FPSOs. A key mitigating factor is the mobility of the Western Isles FPSO, which allows for relocation to more favourable jurisdictions or projects. It is also technically adaptable for future electrification.

Financial risks
Interest rate risk

The Group has no interest-bearing debt and is therefore not directly exposed to interest rate risk at the reporting date.

Foreign exchange risk

The Group\u2019s revenue in 2025 was denominated in NOK, and the Group therefore had no material foreign currency exposure at the reporting date. The only foreign currency exposure in 2024\u20132025 was related to a USD-denominated receivable, which was fully settled during 2025. Future exposure will come from royalty income or investments if denominated in USD.

Liquidity risk

The Group manages liquidity risk by maintaining adequate cash balances. The Group has no borrowings, and trade receivables and payables are current and typically due within 30 days. Liquidity needs are monitored through regular cash flow forecasting. Hermana maintains a strong liquidity position relative to its activity level, with a cash balance of NOK 104.3 million per year-end 2025.

Credit risk

Credit risk arises from cash deposits held with financial institutions and, when applicable, from counterparties to royalty or investments. Cash is held with a bank rated AA-. While key counterparties are generally established oil companies, unforeseen financial difficulties on their part could affect future cash flows.

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-30": { "value": "
Market risk
Oil and gas prices

The Group has a licensing agreement for the Western Isles FPSO, and the activity level on the oil and gas field is dependent on the prevailing and expected future oil and gas prices. A significant decline in the prices can increase the time period the FPSO is not in operation and/or the volume it produces, which directly impacts the Group\u2019s revenues from the licensing agreement.

Climate risk

The Group is exposed to physical and transitional climate risk. Physical risk can include rising global temperatures, increased frequency of extreme weather events, and shifting environmental conditions affecting offshore operations. While the Western Isles FPSO is designed to operate in harsh environments, physical climate risk could still impact uptime. Transitional climate risk is closely linked to political and regulatory risk and may involve regulatory frameworks, taxation, energy policy, and licensing regimes. Changes in licensing and permissions practices can for instance cause delays in field development and the deployment of FPSOs. A key mitigating factor is the mobility of the Western Isles FPSO, which allows for relocation to more favourable jurisdictions or projects. It is also technically adaptable for future electrification.

", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-31": { "value": "
Liquidity risk

The Group manages liquidity risk by maintaining adequate cash balances. The Group has no borrowings, and trade receivables and payables are current and typically due within 30 days. Liquidity needs are monitored through regular cash flow forecasting. Hermana maintains a strong liquidity position relative to its activity level, with a cash balance of NOK 104.3 million per year-end 2025.

", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-32": { "value": "
Credit risk

Credit risk arises from cash deposits held with financial institutions and, when applicable, from counterparties to royalty or investments. Cash is held with a bank rated AA-. While key counterparties are generally established oil companies, unforeseen financial difficulties on their part could affect future cash flows.

", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-33": { "value": "

Note 5. Financial instruments

Accounting principle

The financial assets and financial liabilities are recognised when the Group becomes a party to the contractual provisions of the instrument. They are initially measured at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest method.

Financial assets are assessed for impairment at each reporting date based on the expected credit loss (ECL) model in IFRS 9. Impairment losses and reversals are recognised in profit or loss.

Financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. Financial assets are derecognised when the contractual rights to cash flows expire or are transferred.

As of 31 December 2025, the Group\u2019s financial assets consist primarily of cash and cash equivalents and accrued interest income. These assets are measured at amortised cost, as they are held to collect contractual cash flows that represent solely payments of principal and interest. Cash and cash equivalents consist solely of bank deposits.

The Group\u2019s financial instruments with their carrying amounts recognised on 31 December 2025:

NOK million20252024
Category:Asset:
Financial assets at amortised costTrade receivables0.498.0
Financial asset at amortised costCash and cash equivalents104.316.6
Total financial assets104.8114.6
NOK million20252024
Category:Liability:
Financial liability at amortised costTrade payables0.70.3
Financial liability at amortised costOther current liabilities-0.6
Total financial liabilities0.70.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-34": { "value": "Financial assets are assessed for impairment at each reporting date based on the expected credit loss (ECL) model in IFRS 9. Impairment losses and reversals are recognised in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-35": { "value": "Financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. Financial assets are derecognised when the contractual rights to cash flows expire or are transferred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-36": { "value": "

Note 6. Operating revenue

Accounting principle

Revenue from contracts with customers is recognised in accordance with IFRS 15 at a point in time when control of the goods or services is transferred to the customer and at an amount that reflects the consideration to which the Group expects to be entitled.

The Group operates as a single operating and reportable segment, as all activities are managed on an integrated basis and primarily relate to the FPSO-related licensing agreement held by Western Isles Holding AS. The Group also provides advisory services.

Royalty income is recognised when the underlying sale or usage occurs and the related performance obligation has been satisfied. Royalties under the Western Isles FPSO agreement are based on the production and offloading of oil and gas and are recognised as the offloading occurs.
Revenue from advisory services is recognised as the services are performed in accordance with the relevant contractual arrangement.

Operating revenue in 2025 consisted solely of advisory service fees, while operating revenue in 2024 consisted solely of royalty income from the Western Isles FPSO.

Total revenue:

NOK million20252024
Licence fee-3.9
Advisory services revenue1.2-
Total operating revenue1.23.9

Total revenue by country:

NOK million20252024
Norway1.2-
United Kingdom -3.9
Total operating revenue1.23.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-37": { "value": "Revenue from contracts with customers is recognised in accordance with IFRS 15 at a point in time when control of the goods or services is transferred to the customer and at an amount that reflects the consideration to which the Group expects to be entitled", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-38": { "value": "Royalty income is recognised when the underlying sale or usage occurs and the related performance obligation has been satisfied. Royalties under the Western Isles FPSO agreement are based on the production and offloading of oil and gas and are recognised as the offloading occurs.
Revenue from advisory services is recognised as the services are performed in accordance with the relevant contractual arrangement.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-42": { "value": "

Note 7. Other operating expenses

NOK million20252024
Legal fees0.13.5
Consulting fees0.13.2
Management services5.12.6
Auditor fees0.71.9
Other expenses\u00b9-0.41.6
Board remuneration\u00b20.90.3
Total other operating expenses6.413.1
\u00b9Other expenses includes NOK 30k relating to fees paid to the Nomination Committee, and VAT refunded.
\u00b2Board remuneration includes share-based payment expenses. See Note 8 for further details.

Expenses related to auditor fees:

NOK million20252024
Statutory audit0.71.5
Other certification services-0.4
Total auditor fees0.71.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-41": { "value": "

Note 7. Other operating expenses

NOK million20252024
Legal fees0.13.5
Consulting fees0.13.2
Management services5.12.6
Auditor fees0.71.9
Other expenses\u00b9-0.41.6
Board remuneration\u00b20.90.3
Total other operating expenses6.413.1
\u00b9Other expenses includes NOK 30k relating to fees paid to the Nomination Committee, and VAT refunded.
\u00b2Board remuneration includes share-based payment expenses. See Note 8 for further details.

Expenses related to auditor fees:

NOK million20252024
Statutory audit0.71.5
Other certification services-0.4
Total auditor fees0.71.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-40": { "value": "

Note 7. Other operating expenses

NOK million20252024
Legal fees0.13.5
Consulting fees0.13.2
Management services5.12.6
Auditor fees0.71.9
Other expenses\u00b9-0.41.6
Board remuneration\u00b20.90.3
Total other operating expenses6.413.1
\u00b9Other expenses includes NOK 30k relating to fees paid to the Nomination Committee, and VAT refunded.
\u00b2Board remuneration includes share-based payment expenses. See Note 8 for further details.

Expenses related to auditor fees:

NOK million20252024
Statutory audit0.71.5
Other certification services-0.4
Total auditor fees0.71.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-39": { "value": "

Note 7. Other operating expenses

NOK million20252024
Legal fees0.13.5
Consulting fees0.13.2
Management services5.12.6
Auditor fees0.71.9
Other expenses\u00b9-0.41.6
Board remuneration\u00b20.90.3
Total other operating expenses6.413.1
\u00b9Other expenses includes NOK 30k relating to fees paid to the Nomination Committee, and VAT refunded.
\u00b2Board remuneration includes share-based payment expenses. See Note 8 for further details.

Expenses related to auditor fees:

NOK million20252024
Statutory audit0.71.5
Other certification services-0.4
Total auditor fees0.71.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-67": { "value": "
NOK million20252024
Statutory audit0.71.5
Other certification services-0.4
Total auditor fees0.71.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-43": { "value": "

Note 8. Board remuneration

The Group has no employees. All personnel-related expenses recognised in the consolidated financial statements relates to the Board of Directors, consisting of fixed Board fees and share-based payments.

Remuneration of the Board as proposed by the Nomination Committee was approved by the Annual General Meeting (AGM) on 29 April 2025 and the Extraordinary General Meeting (EGM) on 6 August 2025 concurrently with changes in Board composition. Attendance in the Board meetings during the year was 100% for all serving Board members.

Board remuneration in 2025:

NOK thousandFunctionMember fromMember toBoard feesOption cost\u00b2Total remuneration
Erik SneveChairman of the BoardMarch 2024-141.7319.4461.0
Torstein Sanness\u00b9Board member/ observerMarch 2024August 202566.7-66.7
Hilde \u00c5dlandBoard memberMarch 2024August 202525.0-25.0
Nina SkageBoard memberMay 2024April 2025---
Lars \u00d8rving EriksenBoard memberMay 2024-83.349.1132.5
Hannah H\u00f8ydalBoard memberAugust 2025-83.312.395.6
Total400.0380.8780.8
\u00b9 Torstein Sanness was Board member March 2024 - August 2025 and after that observer in the Board.
\u00b2The option cost disclosed represents the portion of the grant-date fair value of share options allocated to the reporting period in accordance with the vesting schedule.

Board remuneration in 2024:

NOK thousandFunctionMember fromMember toBoard feesOption cost\u00b2Total remuneration
Erik SneveChairman of the BoardMarch 2024---0,0
Torstein Sanness Board memberMarch 2024August 2025--0,0
Hilde \u00c5dlandBoard memberMarch 2024August 2025--0,0
Nina SkageBoard memberMay 2024April 2025150.0-150.0
Lars \u00d8rving EriksenBoard memberMay 2024-150.0-150.0
Total300.0-300.0
Share-based remuneration

The Group operates an equity-settled share option programme accounted in accordance with IFRS 2. Equity-settled awards are measured at fair value at the grant date using the Black\u2013Scholes valuation model and recognised as an expense on a straight-line basis over the vesting period. The expense is adjusted for expected forfeitures based on non-market vesting conditions.

The EGM held on 6 August 2025 granted 775,000 options to members of the Board of Directors. The options vest over three years and are exercisable at NOK 15.10 per share. The programme is equity-settled.

The share-based payment expense recognised for 2025 was NOK 0.4 million, included in other operating expenses. On 31 December 2025 there were 775,000 options outstanding (2024: none), of which none were exercisable.

Reference is made to the Hermana Holding Remuneration Report 2025 for further information on Board remuneration.

Share options outstanding and movements during the year:

Share option movements for the year2025
Outstanding at the beginning of the year-
Granted during the year775,000
Forefeited during the year-
Exercised during the year-
Outstanding at the end of the year775,000
Exercisable at the end of the year-

Valuation assumptions:
The following table shows the inputs used in the Black-Scholes valuation model for the share option programme during 2025:

Strike price (NOK)No. of optionsGrant dateExpiry dateWeighted average remaining contractual life (years)Vested options 31 Dec 2025Share price on grant date (NOK)
Options #115.10775,0006 Aug 20256 Aug 20337.6-13.00
\"\"

Shares owned or controlled by Board members and senior management, as of year-end in 2025 and 2024, respectively:

Year-end 2025FunctionShares owned or controlledOptions owned or controlled
Erik SneveChairman of the Board495,470650,000
Lars \u00d8rving EriksenBoard member118,889100,000
Hannah H\u00f8ydalBoard member17,53425,000
Morten Str\u00f8mgren\u00b9CEO & CFO18,000-
Total649,893775,000
\u00b9Hired in from Magnora ASA.
Year-end 2024FunctionShares owned or controlledOptions owned or controlled
Erik SneveChairman of the Board167,692-
Torstein SannessBoard member89,920-
Hilde \u00c5dlandBoard member5,572-
Nina SkageBoard member--
Lars \u00d8rving EriksenBoard member--
Stein Bj\u00f8rnstad\u00b9CEO14,286-
B\u00e5rd Olsen\u00b9CFO23,270-
Total 300,740-
\u00b2Hired in from Magnora ASA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-44": { "value": "
Share-based remuneration

The Group operates an equity-settled share option programme accounted in accordance with IFRS 2. Equity-settled awards are measured at fair value at the grant date using the Black\u2013Scholes valuation model and recognised as an expense on a straight-line basis over the vesting period. The expense is adjusted for expected forfeitures based on non-market vesting conditions.

The EGM held on 6 August 2025 granted 775,000 options to members of the Board of Directors. The options vest over three years and are exercisable at NOK 15.10 per share. The programme is equity-settled.

The share-based payment expense recognised for 2025 was NOK 0.4 million, included in other operating expenses. On 31 December 2025 there were 775,000 options outstanding (2024: none), of which none were exercisable.

Reference is made to the Hermana Holding Remuneration Report 2025 for further information on Board remuneration.

Share options outstanding and movements during the year:

Share option movements for the year2025
Outstanding at the beginning of the year-
Granted during the year775,000
Forefeited during the year-
Exercised during the year-
Outstanding at the end of the year775,000
Exercisable at the end of the year-

Valuation assumptions:
The following table shows the inputs used in the Black-Scholes valuation model for the share option programme during 2025:

Strike price (NOK)No. of optionsGrant dateExpiry dateWeighted average remaining contractual life (years)Vested options 31 Dec 2025Share price on grant date (NOK)
Options #115.10775,0006 Aug 20256 Aug 20337.6-13.00
\"\"

Shares owned or controlled by Board members and senior management, as of year-end in 2025 and 2024, respectively:

Year-end 2025FunctionShares owned or controlledOptions owned or controlled
Erik SneveChairman of the Board495,470650,000
Lars \u00d8rving EriksenBoard member118,889100,000
Hannah H\u00f8ydalBoard member17,53425,000
Morten Str\u00f8mgren\u00b9CEO & CFO18,000-
Total649,893775,000
\u00b9Hired in from Magnora ASA.
Year-end 2024FunctionShares owned or controlledOptions owned or controlled
Erik SneveChairman of the Board167,692-
Torstein SannessBoard member89,920-
Hilde \u00c5dlandBoard member5,572-
Nina SkageBoard member--
Lars \u00d8rving EriksenBoard member--
Stein Bj\u00f8rnstad\u00b9CEO14,286-
B\u00e5rd Olsen\u00b9CFO23,270-
Total 300,740-
\u00b2Hired in from Magnora ASA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-45": { "value": "The Group operates an equity-settled share option programme accounted in accordance with IFRS 2. Equity-settled awards are measured at fair value at the grant date using the Black\u2013Scholes valuation model and recognised as an expense on a straight-line basis over the vesting period. The expense is adjusted for expected forfeitures based on non-market vesting conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-46": { "value": "

Note 9. Net financial items

Accounting principle

Financial income and expenses are recognised in accordance with IFRS 9. Interest income is recognised as it accrues using the effective interest method. Foreign exchange gains and losses on monetary items are recognised in profit or loss as they arise. The Group has no interest-bearing liabilities and no other significant financial instruments.

For 2025, financial income comprised interest income on bank deposits.

The table below presents the breakdown of the net financial items for 2025.

Financial income:

NOK million20252024
Interest income0.9-
Foreign exchange gains-10.2
Total financial income0.910.2

Financial expense:

NOK million20252024
Interest expense--
Foreign exchange losses-9.3-
Total financial expense-9.3-
Net financial items
Net financial items-8.410.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-47": { "value": "Financial income and expenses are recognised in accordance with IFRS 9. Interest income is recognised as it accrues using the effective interest method. Foreign exchange gains and losses on monetary items are recognised in profit or loss as they arise. The Group has no interest-bearing liabilities and no other significant financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-48": { "value": "Financial income:
NOK million20252024
Interest income0.9-
Foreign exchange gains-10.2
Total financial income0.910.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-50": { "value": "Financial expense:
NOK million20252024
Interest expense--
Foreign exchange losses-9.3-
Total financial expense-9.3-
Net financial items
Net financial items-8.410.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-52": { "value": "

Note 10. Income taxes

Accounting principle

The tax expense for the period comprises current and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss. Deferred income tax is determined using tax rates (and legislation) that have been enacted or substantially enacted by balance sheet date and are expected to apply when the deferred income tax asset is realised, or the deferred income tax liability is settled. Deferred income tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The tax base included in the calculation of deferred income tax is calculated in local currency and translated into NOK at foreign exchange rates prevailing at balance sheet date. Deferred income tax asset and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities related to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

Deferred income tax assets and liabilities are offset when a legally enforceable right to offset current tax assets against current tax liabilities exists. For 2025 a tax rate of 22% (for 2024: 22%) has been used when calculating the deferred tax assets and liabilities. The Group is not affected by Pillar 2.

Deferred income tax assets are recognised for tax losses carried forward and deductible temporary differences to the extent that the realisation of the tax benefit through future taxable profits is probable. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits. The recognised deferred tax asset is most sensitive to expected future taxable profits.

At balance sheet date, the recognition criteria in IAS 12 were met. The deferred tax asset recognised is expected to be utilised in the future based upon on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total of NOK 423 million losses carried forward. Reference is made to the Deferred tax asset recognition section of Note 3 for further information.

For 2025 a tax rate of 22% (for 2024: 22%) has been used when calculating the tax income/(expense).

Specification of booked deferred tax assets/(liabilities):

NOK million20252024
Specification net deferred tax assets/(liabilities):
Deferred tax asset 93.090.0
Net deferred tax assets/(liabilities) 93.090.0
Deferred tax assets not recognised in the balance sheet85.082.2
Net deferred tax /(liabilities) recognised in the balance sheet8.07.8

Reconciliation of deferred tax assets:

NOK million20252024
Opening balance7.80
Transferred in demerger-6.9
Income statement charge relating to deferred tax assets 0.20.9
Book value 31 December8.07.8

Reconciliation of nominal tax rate and effective tax rate:

NOK million20252024
Profit/(loss) before tax:-13.70.9
Nominal tax rate22\u00a0%22\u00a0%
Expected tax income/(expense)3.0-0.2
Effect on taxes of:
Permanent differences0.4-
Change in recognised tax assets4.61.1
Tax income/(expense)8.00.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-53": { "value": "The tax expense for the period comprises current and changes in deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-54": { "value": "At balance sheet date, the recognition criteria in IAS 12 were met. The deferred tax asset recognised is expected to be utilised in the future based upon on the Group\u2019s contract portfolio and cost base as of today. The book value of the deferred tax asset represents a minor part of the total of NOK 423 million losses carried forward. Reference is made to the Deferred tax asset recognition section of Note 3 for further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-55": { "value": "

Note 11. Trade and other receivables

Trade receivables and other receivables are recognised in accordance with IFRS 9 and measured at amortised cost, as they give rise to contractual cash flows that represent solely payments of principal and interest. The Group applies the simplified expected credit loss model for trade receivables, recognising lifetime expected credit losses where applicable.

As of 31 December 2025, trade and other receivables consist solely of accrued income from advisory services. All receivables are denominated in NOK and were current at year-end. No expected credit loss provision was recognised.

Total trade and other receivables as of 31 December 2025:

NOK million20252024
Accrued income-0.1
Other receivables0.497.9
Total trade and other receivables0.498.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-56": { "value": "Trade receivables and other receivables are recognised in accordance with IFRS 9 and measured at amortised cost, as they give rise to contractual cash flows that represent solely payments of principal and interest. The Group applies the simplified expected credit loss model for trade receivables, recognising lifetime expected credit losses where applicable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-57": { "value": "

Note 12. Cash and cash equivalents

Accounting principle

Cash and cash equivalents consist solely of bank deposits and are measured at amortised cost.

During 2025, cash flow related to the Shell Penguins FPSO was received, in the form of settlement of a demerger receivable from Magnora, totalling NOK 88.7 million.

The table below shows the total cash and cash equivalents as of 31 December 2025:

NOK million20252024
Cash at bank104.316.6
Total cash and cash equivalents104.316.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-58": { "value": "

Note 13. Share capital

The Group has one class of shares, ordinary shares with equal rights for all shares, classified as equity. The holders of ordinary shares are entitled to receive dividends and entitled to one vote per share at General Meetings. Incremental costs directly attributable to the issue of new shares is shown in equity as a deduction, net of tax, from the proceeds. The Group holds no treasury shares.

During the third quarter, Hermana Holding ASA issued 324,444 ordinary shares to the Board members and the observer in the Board.

The shares were issued at NOK 11.25 per share, for a total consideration of NOK 3.6 million.

The transaction was approved by the Extraordinary General Meeting held on 6 August 2025 and was conducted at arm\u2019s length.

The total authorised number of ordinary shares was 13,743,184 (2024: 13,418,740) with a par value of NOK 1 (2024: NOK 1) per share. All issued shares were fully paid at the balance sheet date.

NOK millionNumber of sharesShare capitalShare premiumTotal
1 January 202513,418,74013.432.445.8
Share issue324,4440.33.33.6
31 December 202513,743,18413.735.749.5
1 January 20241---
Demerger65,751,8256.7-6.7
Contribution in kind28,179,3522.932.435.3
Share consolidation\u00b9-80,512,438---
Bonus issue\u00b2-3.9-3.9
31 December 202413,418,74013.432.445.8
\u00b9 A share consolidation in the ratio of 7:1 was performed on 21 November 2024, reducing the number of outstanding shares from 93,931,178 shares to 13,418,740 shares.
\u00b2 The Group's share capital was increased by NOK 3.9 million immediately after completion of the share consolidation by transfer of NOK 3.9 million from the Group's unrestricted equity to the Group's share capital.

The 20 largest shareholders of Hermana Holding ASA as at 31 December 2025:

ShareholdersNumber of sharesShare of ownership
F2 Funds AS1,246,8689.1%
Alden AS1,172,5558.5%
King Kong Invest AS681,5705.0%
SIX SIS AG500,9933.6%
Tigerstaden AS500,0003.6%
Livermore Invest AS428,5953.1%
DNB Bank ASA420,0503.1%
F1 Funds AS396,7012.9%
Guttis AS380,4942.8%
Ginny Invest AS352,7342.6%
Fender Eiendom AS309,5622.3%
Ballista AS258,6231.9%
Pirol AS250,0001.8%
Helg\u00f8 Forvaltning243,3711.8%
Erik Sneve236,3481.7%
Philip Holding AS235,4821.7%
JPMorgan Chase Bank204,3301.5%
MP Pensjon PK163,2471.2%
Stian Sj\u00f8lund157,5001.1%
Citadell AS157,3001.1%
Total 20 largest shareholders8,296,32360.4%
Other shareholders5,446,86139.6%
Total number of shares13,743,184100.0%
Foreign ownership1,562,84311.6%
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-59": { "value": "

Note 14. Current liabilities

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Specification of trade payables and other current liabilities:

NOK million20252024
Trade payables0.70.3
Other current liabilities-0.6
Total current liabilities0.70.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-60": { "value": "

Note 15. Earnings per share

Basic earnings per share

Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares on issue during the year.

Diluted earnings per share

Diluted earnings per share are calculated using the same profit figure as for basic earnings per share, adjusted for the effects of all dilutive potential ordinary shares outstanding during the period, such as share options.

20252024
Basic earnings per share (NOK)-0.990.13
Diluted earnings per share (NOK)-0.990.13
Weighted avg. no. of ordinary shares outstanding (thousands)13,53713,419
Weighted diluted avg. no. of ordinary shares outstanding (thousands)13,53713,419
\"\"
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-61": { "value": "
Basic earnings per share

Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Group by the weighted average number of ordinary shares on issue during the year.

Diluted earnings per share

Diluted earnings per share are calculated using the same profit figure as for basic earnings per share, adjusted for the effects of all dilutive potential ordinary shares outstanding during the period, such as share options.

20252024
Basic earnings per share (NOK)-0.990.13
Diluted earnings per share (NOK)-0.990.13
Weighted avg. no. of ordinary shares outstanding (thousands)13,53713,419
Weighted diluted avg. no. of ordinary shares outstanding (thousands)13,53713,419
\"\"
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-63": { "value": "

Note 16. Related party transactions

Hermana was part of the Magnora Group until 16 June 2024. Following the demerger completed in 2024, Magnora ASA held a 30 percent ownership in Hermana Holding ASA until June 2025, when Magnora sold its remaining shares in Hermana.

Magnora ASA was a related party throughout the reporting period. Until June 2025, the relationship was based on its ownership interest in Hermana Holding ASA. After the disposal of its shareholding, Magnora continued to be a related party as it provides key management personnel services to Hermana under a management services agreement at agreed hourly rates. In addition, the Chair of Hermana\u2019s Board serves as the CEO of Magnora ASA.

Certain members of the Board hold shares in the Company, either directly or through affiliated companies. These ownership interests are considered when assessing related party transactions. Apart from ordinary shareholdings and Board remuneration, no additional transactions with these individuals or their related parties have taken place during 2025.

During the year, Hermana recognised a total operating expenses of NOK 5.1 million (2024: NOK 2.6 million) for services from Magnora.

Hermana also provided advisory services to Magnora, however, these services were provided on a limited scale and amounted to NOK 1.2 million (2024: NOK 0 million).

", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-64": { "value": "Hermana was part of the Magnora Group until 16 June 2024. Following the demerger completed in 2024, Magnora ASA held a 30 percent ownership in Hermana Holding ASA until June 2025, when Magnora sold its remaining shares in Hermana.Magnora ASA was a related party throughout the reporting period. Until June 2025, the relationship was based on its ownership interest in Hermana Holding ASA. After the disposal of its shareholding, Magnora continued to be a related party as it provides key management personnel services to Hermana under a management services agreement at agreed hourly rates. In addition, the Chair of Hermana\u2019s Board serves as the CEO of Magnora ASA.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-66": { "value": "

Note 17. Subsequent events

There have been no significant events after the reporting period that would materially affect the Group\u2019s financial position or operations.

Oslo, Norway, 11 February 2026
The Board of Directors of Hermana Holding ASA

\"A

Erik Sneve
Chairman of the Board

\"A

Lars \u00d8rving Eriksen
Board member

\"A

Hannah H\u00f8ydal
Board member

\"A

Morten Str\u00f8mgren
CEO

", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2549005RGU6BUYK07L22", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }