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Note 01 General information
Komplett ASA is a public company, registered in
Norway, listed on the Oslo Stock Exchange and
headquartered at \u00d8stre Kuller\u00f8d 4, 3241 Sandefjord,
Norway.
Komplett Group, with its 10 webshops, three differen-
tiated retail brands and 47 stores, is the largest Nordic
online-first electronics retailer. The group offers a
broad range of products and services for consumers,
the business market, and the public sector, and the
product assortment differs between the stores. The
risk profile is relatively similar, but the return profile
varies depending on the main focus of the individual
store. The group has established distribution networks
based on deliveries to the various markets from
warehouses and stores in Norway and Sweden.
The financial statements for 2025 have been prepared
and presented in full compliance with applicable
International Financial Reporting Standards (IFRS), as
adopted by the EU, and the financial statements have
been prepared under the going concern assumption.
The following describes the material accounting
policies used in the preparation of the consolidated
financial statements. These policies are applied in the
same way in all periods presented, unless otherwise
stated in the description.
These financial statements were approved by the board
of directors at 17 March 2026, and it will be submitted
for final approval by the general meeting at 6 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "Komplett ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "public company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "\u00d8stre Kuller\u00f8d 4, 3241 Sandefjord, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "These financial statements were approved by the board of directors at 17 March 2026, and it will be submitted for final approval by the general meeting at 6 May 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
Note 02 Critical accounting estimates and judgements
The preparation of financial statements in accordance
with IFRS requires the management to make
some assessments, calculate estimates, and set
assumptions that affect the amounts reported in the
financial statements and in the corresponding notes.
The management bases its estimates and assessments
on historical experience, as well as a number of other
factors considered relevant in the situation. This in turn
forms the basis for the assessments made related to
the carrying amount of assets and liabilities where this
is not obviously available from other sources. Below are
the main areas where estimates and judgments have
been made. Changes in assumptions in these areas
could have a material effect on the carrying amount of
assets and receivables.
Impairment of intangible assets
If there is any indication, either from internal or external
sources of information, group management make a
formal estimation of recoverable amount to see if an
impairment loss may have occurred. The determination
of recoverable amounts of intangible assets is based
in part on the management\u2019s assessment, including
estimates of future performance, the asset\u2019s revenue
generating capacity, as well as assumptions about
future market conditions. Changes in assumptions and
expected future cash flows can have a material effect
on the recoverable amount.
As a minimum, the group performs an annual
impairment test of goodwill and other intangible
assets that are not depreciated. The test is based on
calculations of the value in use of the cash-generating
units that have goodwill associated with them. For
detailed information about the impairment tests, see
note 11.
Software
Cost of acquiring software, including expenses to
get the applications operational, is capitalised as an
intangible asset according to the accounting principles
discussed below. Whether the cost of buying and
developing software is capitalised as an intangible
asset is based on the management\u2019s evaluation of the
complex recognition criteria in IAS 38.
Cloud computing arrangments (SaaS) are normally
accounted for as a service contract and expensed in
the same period as the supplier provides access to
the application software. Costs for configuration and
customisation of such arrangments are expensed as
long as these services do not create an intangible asset
which the company can control.
Other intangible assets
Other intangible assets mainly relate to brand names
and customer relationships. These assets have
been acquired in business combinations. Customer
relationships are amortised over the expected
economic life. Brand names are considered to have an
indefinite economic life and are not amortised, but are
instead tested annually for impairment.
Provision for service and warranty obligation
The cost of service and warranty repairs is mainly
related to self-produced PCs, sales of private label
products, cases where the supplier guarantee does not
match legal warranty obligation, or for products where
a warranty service agreement has been concluded
with the suppliers. The provision depends on several
parameters, such as time spent per repair, the share of
returned products, and how the return rate develops
through the service and warranty period. These
parameters are based on historical experience and
are constantly reassessed. There may be estimate
uncertainty because the parameters change over time.
Customer loyalty programme
Club members with the NetOnNet card vest bonus
points when they purchase products, either in the
stores or online. These points can be exchanged into
vouchers and used as discounts on future purchases.
The provision depends on estimates on which discount
the points will generate when they are applied and the
likelihood of actually being applied. These parameters
are based on historical experience. The loyalty
programmes in the brands Komplett and Webhallen
have a different structure, which does not require
recognition of any liability.
The right to return purchased products
The group has a policy regarding the right of return
when selling to end users. Number of days might vary
both with entity and time of the year. Provision for
estimated return is recognised at the same time as the
sales transaction. The estimate is based on historical
experience.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Note 02 Critical accounting estimates and judgements The preparation of financial statements in accordance with IFRS requires the management to make some assessments, calculate estimates, and set assumptions that affect the amounts reported in the financial statements and in the corresponding notes. The management bases its estimates and assessments on historical experience, as well as a number of other factors considered relevant in the situation. This in turn forms the basis for the assessments made related to the carrying amount of assets and liabilities where this is not obviously available from other sources. Below are the main areas where estimates and judgments have been made. Changes in assumptions in these areas could have a material effect on the carrying amount of assets and receivables. Impairment of intangible assets If there is any indication, either from internal or external sources of information, group management make a formal estimation of recoverable amount to see if an impairment loss may have occurred. The determination of recoverable amounts of intangible assets is based in part on the management\u2019s assessment, including estimates of future performance, the asset\u2019s revenue generating capacity, as well as assumptions about future market conditions. Changes in assumptions and expected future cash flows can have a material effect on the recoverable amount. As a minimum, the group performs an annual impairment test of goodwill and other intangible assets that are not depreciated. The test is based on calculations of the value in use of the cash-generating units that have goodwill associated with them. For detailed information about the impairment tests, see note 11. Software Cost of acquiring software, including expenses to get the applications operational, is capitalised as an intangible asset according to the accounting principles discussed below. Whether the cost of buying and developing software is capitalised as an intangible asset is based on the management\u2019s evaluation of the complex recognition criteria in IAS 38. Cloud computing arrangments (SaaS) are normally accounted for as a service contract and expensed in the same period as the supplier provides access to the application software. Costs for configuration and customisation of such arrangments are expensed as long as these services do not create an intangible asset which the company can control. Other intangible assets Other intangible assets mainly relate to brand names and customer relationships. These assets have been acquired in business combinations. Customer relationships are amortised over the expected economic life. Brand names are considered to have an indefinite economic life and are not amortised, but are instead tested annually for impairment. Provision for service and warranty obligation The cost of service and warranty repairs is mainly related to self-produced PCs, sales of private label products, cases where the supplier guarantee does not match legal warranty obligation, or for products where a warranty service agreement has been concluded with the suppliers. The provision depends on several parameters, such as time spent per repair, the share of returned products, and how the return rate develops through the service and warranty period. These parameters are based on historical experience and are constantly reassessed. There may be estimate uncertainty because the parameters change over time. Customer loyalty programme Club members with the NetOnNet card vest bonus points when they purchase products, either in the stores or online. These points can be exchanged into vouchers and used as discounts on future purchases. The provision depends on estimates on which discount the points will generate when they are applied and the likelihood of actually being applied. These parameters are based on historical experience. The loyalty programmes in the brands Komplett and Webhallen have a different structure, which does not require recognition of any liability. The right to return purchased products The group has a policy regarding the right of return when selling to end users. Number of days might vary both with entity and time of the year. Provision for estimated return is recognised at the same time as the sales transaction. The estimate is based on historical experience.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "Note 03 Accounting policies NOTE 3.1 ACCOUNTING POLICIES Consolidation policies The consolidated financial statements are prepared according to uniform principles. Intercompany transactions and balances, including internal profits and unrealised gains and losses, have been eliminated. The subsidiaries follow the same accounting policies as the parent company. Associates are accounted for according to the equity method in the consolidated financial statements. The group\u2019s share of profit or loss is included in the consolidated financial statements from the time of acquisition and is classified as financial income. The share of profit or loss is added to (or subtracted from) the carrying amount of the investments in shares in associated companies.Business combinations and goodwill When acquiring a business, the acquisition method is used. The consideration that is provided is measured at the fair value of transferred assets, liabilities incurred and issued equity instruments. Included in the consideration is also the fair value of any contingent consideration agreement. Identified assets, liabilities and contingent liabilities are recognised at fair value at the transaction date. Transaction costs related to acquisitions are expensed when they incur. If the consideration (including any non-controlling interests and fair value of previous holdings) exceeds the fair value of identifiable assets and liabilities in the acquisition, the excess amount is recognised as goodwill. If the consideration (including any non- controlling interests and fair value of previous holdings) constitutes less than the fair value of net assets in the subsidiary as a result of a purchase on favourable terms, the difference is recognised as a gain in the income statement. Functional currency and presentation currency The group\u2019s presentation currency is NOK. This is also the parent company\u2019s functional currency. Subsidiaries with other functional currencies are translated at the balance sheet date\u2019s exchange rate for balance sheet items, and profit and loss items are recorded at the exchange rates prevailing at the dates of the transactions. For practical reasons, the monthly average rates are used as an approximation for the actual date of the transaction. The exchange rates have not fluctuated significantly and, the use of average rates is deemed appropriate. Translation differences are recognised in equity. Foreign currency Transactions in foreign currency are recorded at the exchange rate at the time of the transaction. Monetary items in foreign currency are translated into NOK using the balance sheet date\u2019s exchange rate. Non-monetary items measured at historical exchange rates expressed in foreign currency are translated into NOK using the exchange rate at the time of the transaction. Gains and losses from exchange rate changes are recognised in the income statement on an ongoing basis during the accounting period. Currency gains and losses related to purchase of inventories are classified as cost of goods. This consists mainly of accounts payable in foreign currency. Assets and liabilities in foreign operations are translated into NOK using the balance sheet date\u2019s currency rate. Revenues and expenses in foreign operations are converted into NOK by using average monthly currrency rates. The translation difference resulting from the conversion of foreign operations is recognised in other comprehensive income. Accumulated translation differences in equity are recircled into profit and loss upon divestment of foreign operations. Revenues from contracts with customer Revenue from sale of goods in the B2C segment is recognised in the income statement when the product is delivered to the customer, both with regard to online sales and sales in physical stores. For online sales of goods within the B2B and Distribution segments, revenue is recognised according to applicable incoterms and then normally when goods are handed over the transporter. Revenues are recognised net of discounts and VAT. The group\u2019s policy regarding the \u201cright of return\u201d when selling to end users varies from brand to brand and from country to country depending on the markets where they operate and if the customer is part of a loyalty programme or not. The number of days changes periodically throughout the year, and the different seasons, and varies from 10 to 90 days. Estimated returns are treated as a reduction of revenues. Provisions for estimated returns are based on past experience and recognised at the time of sale. In one of the group\u2019s customer loyalty programmes, the members can vest bonus points when purchasing products. These points can be exchanged to value checks, which can reduce the price on future purchases. Revenues are recognised net of the values of these points. Payment on sales to private individuals is most often made using credit cards, mobile payment apps, credit sales handled by third parties, or the application of the group\u2019s financing solutions. Credit card fees are recognised in the income statement as other operating expenses. Payment on sales to corporate customers may also be made based on an ordinary invoice, provided that the customer has a satisfactory credit rating. Komplett Group previously offered deferred payments to customers based on in-house financing in one of its subsidiaries. The income from this includes establishment fees, reminder fees, and interest charges. The income is accrued based on effective interest rates, and the entire income is classified as other operating revenues. This payment solution was discontinued in 2023 and replaced by an external consumer finance solution, but there is still an open portfolio, from the scheme at the end of 2025. In addition, Komplett offers a financing solution via the partners Walley and Resurs Bank. These financing solutions generate a commission income which is recognised in the income statement as other operating revenues. Komplett also offers the opportunity to purchase insurance through partners when purchasing specific products. Komplett is considered to be an agent in these transactions and receives a commission based on insurance policies sold. NetOnNet offers customers to buy mobile phone subscriptions and streaming services from partners when purchasing products. For this a commission is recognised as income when the corresponding products are sold. Gift certificates and vouchers are recognised as a liability when they are sold, while the income is recognised when the certificates either have been applied to purchase products or when the certificates and vouchers formally expire. Factoring Komplett has factoring arrangements to improve its working capital. Under these arrangements, the companies sell certain accounts receivable and receive immediate payment. During 2025 the magnitude of factoring were reduced to only apply for the distribution segment and not any longer to the business-to- business segment. The group utilises mostly non-recourse factoring where the factor assumes the rights to the cash flow, the risk, and rewards and where the receivable is derecognised in accordance with IFRS 9. Recourse factoring agreement does not meet the criteria of derecognition according to IFRS 9, and the receivable is booked as a regular accounts receivable. In case of recourse factoring, any pre-payments from the factor are booked as debt. As at 31 December 2025, there are no recourse factoring agreements with pre-payments from the factor. The charges from the factor are split between finance and operational. Client limit fees and finance/ interest cost are booked as financial cost. The fixed administration fee items is booked as an operational cost. Classification of balance sheet items Current assets and current liabilities include items due for payment within a year after the balance sheet date, as well as items that relate to the operating cycle. Other items are classified as fixed asset/long-term liabilities. Receivables from deferred payment are considered as being part of the operating cycle, and consequently classified as a current asset. Financial assets Financial assets are classified, at initial recognition, as subsequently measured at 1) amortised cost, 2) fair value through other comprehensive income (OCI) and 3) fair value through profit or loss. The group classifies its financial assets based on the financial asset\u2019s contractual cash flow characteristics and the group\u2019s business model for managing them. Currently the group only has forward currency contracts classified as fair value through profit or loss, while the most relevant category is final assets at amortised costs. This category includes regular trade receivables, trade receivables - deferred payment arrangements, other receivables, and cash. Neither regular trade receivables nor trade receivables \u2013 deferred payment arrangements contain a significant financing component, hence the group has applied the practical expedient and measured these at the transaction price. In the category fair value through OCI the group has no financial assets. For purposes of subsequent measurement, financial assets are classified in: 1. Financial assets at amortised cost (debt instruments), 2. Financial assets at fair value through profit or loss, 3. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments), 4. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments). The group only has financial assets in the two first categories, hence only these are described below: Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The group\u2019s financial assets measured at amortised cost comprise trade receivables, other receivables as well as cash and cash equivalents. Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities in the consolidated statement of financial position. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Only currency forwards are currently classified in this category. Part of the bank deposits have limitations on disposition rights, see note 16. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. Trade receivables are presented net of provisions, which are recorded in a separate allowance account, with the corresponding loss recognised in profit or loss. When a trade receivable is confirmed to be uncollectable, the gross carrying amount is written off against the related allowance. Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at: 1. fair value through profit or loss, 2. loans and borrowings, 3. payables, or as 4. derivatives designated as hedging instruments in an effective hedge. The group currently has one financial liability measured at fair value through profit or loss, being the purchase liability relating to the remaining shares in Ironstone Holding AS (see note 4). The group has no derivatives designated as hedging instruments. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction costs. The group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and the aforementioned purchase liability of shares. For purposes of subsequent measurement, financial liabilities are classified in two categories: 1) Financial liabilities at amortised cost (loans and borrowings), 2) Financial liabilities at fair value through profit or loss. Financial liabilities at amortised cost (loans and borrowings) is the category most relevant to the company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. The company considers that the nominal value of the current loans and borrowings gives a reasonable approximation of their fair value and does not contain a significant financing component. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. As at 31 December 2025, the company do not have any financial liability held for trading. This category includes derivative financial instruments entered by the company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9, such as the currency forward contracts. Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. Inventories Inventory is reported at the lower of cost and net realisable value. The costs comprise all costs of purchase and include expenditures directly linked to getting the goods to the central warehouses. Net realisable value is the estimated sales price (future selling price) less the estimated transaction costs. The portion of the group\u2019s inventory that is valued at net realisable value is mainly related to products that have been returned from customers. The estimated sales price of these products is assessed and calculated on the basis of historical experience, as well as the condition (quality state) of the products and the discount that needs to be given to be able to re-sell the relevant products. The discount is set based on past experience with similar products and quality following the return. In addition, estimated transaction costs, as explained below, are deducted. In assessing the net realisable value of inventories, the group considers estimated costs necessary to complete and sell the goods. These primarily include, but are not limited to, estimated transaction costs such as payment processing fees (including debit and credit card fees), marketing expenses and distribution costs. Other unsold products are measured at cost less provisions for obsolescence. Expected obsolescence is assessed on an ongoing basis, see note 14. The group\u2019s inventories consist solely of goods purchased for resale. Externally acquired intangible assets Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful economic lives. Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques. The significant intangibles recognised by the group, along with their useful economic lives, are: X Brand names (indefinite) X Customer relationships (five to seven years) Goodwill Goodwill represents the excess of the cost of a business combination over the group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed, and equity instruments issued, plus the amount of any non-controlling interests in the acquiree, plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. For business combinations completed on or after 1 January 2010, direct costs of acquisition are recognised immediately as an expense. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated state ment of comprehensive income on the acquisition date. Impairment of non-financial assets (excluding inventories and deferred tax assets) Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually at the financial year-end. In addition, these assets, together with other non-financial assets, are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognised where the carrying amount of an asset exceeds its recoverable amount, being the higher of value in use and fair value less costs of disposal. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is performed at the level of the smallest group of assets generating separately identifiable cash flows (cash-generating units, or CGUs). Goodwill is allocated on initial recognition to the group\u2019s CGUs that are expected to benefit from the business combination giving rise to the goodwill. Impairment losses are recognised in profit or loss, except to the extent that they reverse a previous revaluation recognised in other comprehensive income. An impairment loss recognised for goodwill is not reversed. Provision for service and warranty obligation Provision for service and warranty obligations covers future warranty obligations and other statutory obligations in connection with goods sold. The provision represents the best estimate, based on historical data and future expectations. Equity Share capital Share capital means Komplett ASA\u2019s fully paid share capital at face value. Share premium Amount subscribed for share capital in excess of nominal value. Less transaction cost related to share issues. Other equity Includes other paid-in equity, retained earnings, and accumulated translation reserves. Cost of equity transactions Transaction costs related to equity transactions are recognised directly in equity, reducing the share premium paid. Dividends and group contributions Dividends and group contributions are first classified as liabilities when adopted by the general meeting. Taxes Tax expense recognised in the income statement comprises both current tax and changes in deferred tax assets and deferred tax liabilities Current tax constitutes the expected tax payable on the year\u2019s taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years. Tax payable and deferred tax/deferred tax assets are calculated at the tax rate in the countries that Komplett Group is liable to pay tax. Deferred tax/deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year-end. Net deferred tax assets are recognised to the extent that there is convincing evidence that there will be taxable income available to utilise the deferred tax asset. Cash flow statement The cash flow statement has been prepared according to the indirect method. Segment reporting The group\u2019s segments are based on the group\u2019s internal management reporting. The company\u2019s top decision- maker, responsible for allocating resources to and assessing earnings in the operating segments, is defined as the group management. Leases All leases are accounted for by recognising a right-of- use asset and a lease liability except for: X Leases of low value assets; and X Leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the group\u2019s incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: X Amounts expected to be payable under any residual value guarantee X The exercise price of any purchase option granted in favour of the group if it is reasonably certain to assess that option X Any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of termination option being exercised. Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: X Lease payments made at or before commencement of the lease X Initial direct costs incurred X The amount of any provision recognised where the group is contractually required to dismantle, remove or restore the leased asset (typically leasehold dilapidations \u2013 see note 19). Subsequent to initial measurement, lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
When the group revises its estimate of the term of
any lease (because, for example, it reassesses the
probability of a lessee extension or termination option
being exercised), it adjusts the carrying amount of the
lease liability to reflect the payments to make over the
revised term, which are discounted using a revised
discount rate. The carrying value of lease liabilities is
similarly revised when the variable element of future
lease payments dependent on a rate or index is revised,
except if the discount rate remains unchanged. In both
cases, an equivalent adjustment is made to the carrying
value of the right-of-use asset, with the revised
carrying amount being amortised over the remaining
(revised) lease term. If the carrying amount of the right-
of-use asset is adjusted to zero, any further reduction is
recognised in profit or loss.
Events after the balance sheet date
New information about the company\u2019s position on
the balance sheet date is included in the financial
statements. Events that occur after the balance sheet
date that do not affect the company\u2019s position on the
balance sheet date, but which affect the company\u2019s
future position are reported if it is of significance.
NOTE 3.2 CHANGES IN ACCOUNTING POLICIES
The following standards and amendments became
mandatory for the first time for the reporting period
commencing on 1 January 2025:
X Lack of Exchangeability - Amendments to IAS 21
This is the only amendment in 2025 and it did not have
any material impact on the financial statements.
From 1 january 2027 the new standard IFRS 18 -
Presentation and Disclosure in Financial Statements
will replace IAS 1. Although the standard becomes
mandatory for reporting periods at a later date, it will
require attention due to the requirement to present
comparative information.
The standard introduces a revised framework for the
statement of profit or loss, establishing new mandatory
categories and defined subtotals. For Komplett Group,
the implementation may impact the presentation of
interest income and expenses related to the cash pool,
as well as the classification of foreign exchange effects
arising from cash and bank deposits.
NOTE 3.3 COMPLIANCE WITH IFRS
The consolidated financial statements have been
prepared in accordance with applicable international
standards for financial reporting (IFRS) and inter-
pretations from the IFRS Interpretation Committee
(IFRIC), as approved by the EU and the company
confirms full compliance with IFRS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "
Consolidation policies
The consolidated financial statements are prepared
according to uniform principles. Intercompany
transactions and balances, including internal profits
and unrealised gains and losses, have been eliminated.
The subsidiaries follow the same accounting policies
as the parent company. Associates are accounted for
according to the equity method in the consolidated
financial statements. The group\u2019s share of profit or loss
is included in the consolidated financial statements
from the time of acquisition and is classified as
financial income. The share of profit or loss is added
to (or subtracted from) the carrying amount of the
investments in shares in associated companies.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "Consolidation policies The consolidated financial statements are prepared according to uniform principles. Intercompany transactions and balances, including internal profits and unrealised gains and losses, have been eliminated. The subsidiaries follow the same accounting policies as the parent company. Associates are accounted for according to the equity method in the consolidated financial statements. The group\u2019s share of profit or loss is included in the consolidated financial statements from the time of acquisition and is classified as financial income. The share of profit or loss is added to (or subtracted from) the carrying amount of the investments in shares in associated companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "Consolidation policies The consolidated financial statements are prepared according to uniform principles. Intercompany transactions and balances, including internal profits and unrealised gains and losses, have been eliminated. The subsidiaries follow the same accounting policies as the parent company. Associates are accounted for according to the equity method in the consolidated financial statements. The group\u2019s share of profit or loss is included in the consolidated financial statements from the time of acquisition and is classified as financial income. The share of profit or loss is added to (or subtracted from) the carrying amount of the investments in shares in associated companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "Consolidation policies The consolidated financial statements are prepared according to uniform principles. Intercompany transactions and balances, including internal profits and unrealised gains and losses, have been eliminated. The subsidiaries follow the same accounting policies as the parent company. Associates are accounted for according to the equity method in the consolidated financial statements. The group\u2019s share of profit or loss is included in the consolidated financial statements from the time of acquisition and is classified as financial income. The share of profit or loss is added to (or subtracted from) the carrying amount of the investments in shares in associated companies.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
Business combinations and goodwill
When acquiring a business, the acquisition method is
used. The consideration that is provided is measured
at the fair value of transferred assets, liabilities
incurred and issued equity instruments. Included in the
consideration is also the fair value of any contingent
consideration agreement. Identified assets, liabilities
and contingent liabilities are recognised at fair value
at the transaction date. Transaction costs related to
acquisitions are expensed when they incur.
If the consideration (including any non-controlling
interests and fair value of previous holdings) exceeds
the fair value of identifiable assets and liabilities in
the acquisition, the excess amount is recognised
as goodwill. If the consideration (including any non-
controlling interests and fair value of previous holdings)
constitutes less than the fair value of net assets in
the subsidiary as a result of a purchase on favourable
terms, the difference is recognised as a gain in the
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "Business combinations and goodwill When acquiring a business, the acquisition method is used. The consideration that is provided is measured at the fair value of transferred assets, liabilities incurred and issued equity instruments. Included in the consideration is also the fair value of any contingent consideration agreement. Identified assets, liabilities and contingent liabilities are recognised at fair value at the transaction date. Transaction costs related to acquisitions are expensed when they incur. If the consideration (including any non-controlling interests and fair value of previous holdings) exceeds the fair value of identifiable assets and liabilities in the acquisition, the excess amount is recognised as goodwill. If the consideration (including any non- controlling interests and fair value of previous holdings) constitutes less than the fair value of net assets in the subsidiary as a result of a purchase on favourable terms, the difference is recognised as a gain in the income statement.
Goodwill
Goodwill represents the excess of the cost of a business
combination over the group\u2019s interest in the fair value of
identifiable assets, liabilities and contingent liabilities
acquired. Cost comprises the fair value of assets given,
liabilities assumed, and equity instruments issued,
plus the amount of any non-controlling interests in
the acquiree, plus, if the business combination is
achieved in stages, the fair value of the existing equity
interest in the acquiree. Contingent consideration is
included in cost at its acquisition date fair value and,
in the case of contingent consideration classified as
a financial liability, remeasured subsequently through
profit or loss. For business combinations completed
on or after 1 January 2010, direct costs of acquisition
are recognised immediately as an expense. Goodwill is
capitalised as an intangible asset with any impairment
in carrying value being charged to the consolidated
statement of comprehensive income.
Where the fair value of identifiable assets, liabilities
and contingent liabilities exceed the fair value of
consideration paid, the excess is credited in full to the consolidated state ment of comprehensive income on the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "If the consideration (including any non-controlling interests and fair value of previous holdings) exceeds the fair value of identifiable assets and liabilities in the acquisition, the excess amount is recognised as goodwill. If the consideration (including any non- controlling interests and fair value of previous holdings) constitutes less than the fair value of net assets in the subsidiary as a result of a purchase on favourable terms, the difference is recognised as a gain in the income statement. Goodwill Goodwill represents the excess of the cost of a business combination over the group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed, and equity instruments issued, plus the amount of any non-controlling interests in the acquiree, plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. For business combinations completed on or after 1 January 2010, direct costs of acquisition are recognised immediately as an expense. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the consolidated state ment of comprehensive income on the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
Functional currency and presentation currency
The group\u2019s presentation currency is NOK. This is also
the parent company\u2019s functional currency. Subsidiaries
with other functional currencies are translated at
the balance sheet date\u2019s exchange rate for balance
sheet items, and profit and loss items are recorded
at the exchange rates prevailing at the dates of the
transactions. For practical reasons, the monthly
average rates are used as an approximation for the
actual date of the transaction. The exchange rates have
not fluctuated significantly and, the use of average
rates is deemed appropriate. Translation differences
are recognised in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
Foreign currency
Transactions in foreign currency are recorded at the
exchange rate at the time of the transaction. Monetary
items in foreign currency are translated into NOK using
the balance sheet date\u2019s exchange rate. Non-monetary
items measured at historical exchange rates expressed
in foreign currency are translated into NOK using the
exchange rate at the time of the transaction. Gains and
losses from exchange rate changes are recognised in
the income statement on an ongoing basis during the
accounting period.
Currency gains and losses related to purchase of
inventories are classified as cost of goods. This
consists mainly of accounts payable in foreign
currency.
Assets and liabilities in foreign operations are
translated into NOK using the balance sheet date\u2019s
currency rate. Revenues and expenses in foreign
operations are converted into NOK by using average
monthly currrency rates. The translation difference
resulting from the conversion of foreign operations
is recognised in other comprehensive income.
Accumulated translation differences in equity are
recircled into profit and loss upon divestment of foreign
operations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
Revenues from contracts with customer
Revenue from sale of goods in the B2C segment is
recognised in the income statement when the product
is delivered to the customer, both with regard to online
sales and sales in physical stores. For online sales
of goods within the B2B and Distribution segments,
revenue is recognised according to applicable
incoterms and then normally when goods are handed
over the transporter. Revenues are recognised net of
discounts and VAT.
The group\u2019s policy regarding the \u201cright of return\u201d when
selling to end users varies from brand to brand and
from country to country depending on the markets
where they operate and if the customer is part of a
loyalty programme or not. The number of days changes
periodically throughout the year, and the different
seasons, and varies from 10 to 90 days. Estimated
returns are treated as a reduction of revenues.
Provisions for estimated returns are based on past
experience and recognised at the time of sale.
In one of the group\u2019s customer loyalty programmes,
the members can vest bonus points when purchasing
products. These points can be exchanged to value
checks, which can reduce the price on future
purchases. Revenues are recognised net of the values
of these points.
Payment on sales to private individuals is most often
made using credit cards, mobile payment apps, credit
sales handled by third parties, or the application of the
group\u2019s financing solutions.
Credit card fees are recognised in the income
statement as other operating expenses.
Payment on sales to corporate customers may also be
made based on an ordinary invoice, provided that the
customer has a satisfactory credit rating.
Komplett Group previously offered deferred payments
to customers based on in-house financing in one
of its subsidiaries. The income from this includes
establishment fees, reminder fees, and interest
charges. The income is accrued based on effective
interest rates, and the entire income is classified
as other operating revenues. This payment solution
was discontinued in 2023 and replaced by an external
consumer finance solution, but there is still an open
portfolio, from the scheme at the end of 2025.
In addition, Komplett offers a financing solution via
the partners Walley and Resurs Bank. These financing
solutions generate a commission income which is
recognised in the income statement as other operating
revenues.
Komplett also offers the opportunity to purchase
insurance through partners when purchasing specific
products. Komplett is considered to be an agent in
these transactions and receives a commission based on
insurance policies sold.
NetOnNet offers customers to buy mobile phone
subscriptions and streaming services from partners
when purchasing products. For this a commission
is recognised as income when the corresponding
products are sold.
Gift certificates and vouchers are recognised as
a liability when they are sold, while the income is
recognised when the certificates either have been
applied to purchase products or when the certificates
and vouchers formally expire.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
Financial assets
Financial assets are classified, at initial recognition,
as subsequently measured at 1) amortised cost, 2) fair
value through other comprehensive income (OCI) and
3) fair value through profit or loss. The group classifies
its financial assets based on the financial asset\u2019s
contractual cash flow characteristics and the group\u2019s
business model for managing them. Currently the
group only has forward currency contracts classified
as fair value through profit or loss, while the most
relevant category is final assets at amortised costs.
This category includes regular trade receivables, trade
receivables - deferred payment arrangements, other
receivables, and cash. Neither regular trade receivables
nor trade receivables \u2013 deferred payment arrangements
contain a significant financing component, hence the
group has applied the practical expedient and measured
these at the transaction price. In the category fair value
through OCI the group has no financial assets.
For purposes of subsequent measurement, financial
assets are classified in:
1.
Financial assets at amortised cost (debt instruments),
2. Financial assets at fair value through profit or loss,
3.
Financial assets at fair value through OCI with recycling
of cumulative gains and losses (debt instruments),
4. Financial assets designated at fair value through OCI
with no recycling of cumulative gains and losses upon
derecognition (equity instruments).
The group only has financial assets in the two first
categories, hence only these are described below:
Financial assets at amortised cost (debt instruments)
Financial assets at amortised cost are subsequently
measured using the effective interest (EIR) method
and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is
derecognised, modified or impaired. The group\u2019s
financial assets measured at amortised cost comprise
trade receivables, other receivables as well as cash and
cash equivalents. Cash and cash equivalents include
cash in hand and deposits held at call with banks. Bank
overdrafts are shown within loans and borrowings in
current liabilities in the consolidated statement of
financial position.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are
carried in the statement of financial position at fair
value with net changes in fair value recognised in the
statement of profit or loss. Only currency forwards are
currently classified in this category.
Part of the bank deposits have limitations on disposition
rights, see note 16.
Impairment provisions for current and non-current
trade receivables are recognised based on the
simplified approach within IFRS 9 using a provision
matrix in the determination of the lifetime expected
credit losses.
During this process, the probability of the non-payment
of the trade receivables is assessed. This probability
is then multiplied by the amount of the expected
loss arising from default to determine the lifetime
expected credit loss for the trade receivables. Trade
receivables are presented net of provisions, which are
recorded in a separate allowance account, with the
corresponding loss recognised in profit or loss. When a
trade receivable is confirmed to be uncollectable, the
gross carrying amount is written off against the related
allowance.
Financial liabilities
Financial liabilities are classified, at initial recognition,
as financial liabilities at:
1. fair value through profit or loss,
2. loans and borrowings,
3. payables, or as
4.
derivatives designated as hedging instruments in an
effective hedge.
The group currently has one financial liability measured
at fair value through profit or loss, being the purchase
liability relating to the remaining shares in Ironstone
Holding AS (see note 4). The group has no derivatives
designated as hedging instruments. All financial
liabilities are recognised initially at fair value and in
the case of loans and borrowings and payables, net of
directly attributable transaction costs.
The group\u2019s financial liabilities include trade and
other payables, loans and borrowings including bank
overdrafts and the aforementioned purchase liability of
shares.
For purposes of subsequent measurement, financial
liabilities are classified in two categories: 1) Financial
liabilities at amortised cost (loans and borrowings), 2)
Financial liabilities at fair value through profit or loss.
Financial liabilities at amortised cost (loans and
borrowings) is the category most relevant to the
company. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at
amortised cost using the effective interest method
(EIR) method. Gains and losses are recognised in profit
or loss when the liabilities are derecognised as well as
through the EIR amortisation process. Amortised cost
is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included
as finance costs in the statement of profit or loss.
The company considers that the nominal value of
the current loans and borrowings gives a reasonable
approximation of their fair value and does not contain a
significant financing component.
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or
loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition
at fair value through profit or loss. Financial liabilities
are classified as held for trading if they are incurred
for the purpose of repurchasing in the near term.
As at 31 December 2025, the company do not have
any financial liability held for trading. This category
includes derivative financial instruments entered
by the company that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9,
such as the currency forward contracts.
Trade payables and other short-term monetary
liabilities are initially recognised at fair value and
subsequently carried at amortised cost using the
effective interest method.
Gains or losses on liabilities held for trading are
recognised in the statement of profit or loss. Financial
liabilities designated upon initial recognition at fair
value through profit or loss are designated at the initial
date of recognition, and only if the criteria in IFRS 9 are
satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Financial assets Financial assets are classified, at initial recognition, as subsequently measured at 1) amortised cost, 2) fair value through other comprehensive income (OCI) and 3) fair value through profit or loss. The group classifies its financial assets based on the financial asset\u2019s contractual cash flow characteristics and the group\u2019s business model for managing them. Currently the group only has forward currency contracts classified as fair value through profit or loss, while the most relevant category is final assets at amortised costs. This category includes regular trade receivables, trade receivables - deferred payment arrangements, other receivables, and cash. Neither regular trade receivables nor trade receivables \u2013 deferred payment arrangements contain a significant financing component, hence the group has applied the practical expedient and measured these at the transaction price. In the category fair value through OCI the group has no financial assets. For purposes of subsequent measurement, financial assets are classified in: 1. Financial assets at amortised cost (debt instruments), 2. Financial assets at fair value through profit or loss, 3. Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments), 4. Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition (equity instruments). The group only has financial assets in the two first categories, hence only these are described below: Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The group\u2019s financial assets measured at amortised cost comprise trade receivables, other receivables as well as cash and cash equivalents. Cash and cash equivalents include cash in hand and deposits held at call with banks. Bank overdrafts are shown within loans and borrowings in current liabilities in the consolidated statement of financial position. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Only currency forwards are currently classified in this category. Part of the bank deposits have limitations on disposition rights, see note 16. Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. Trade receivables are presented net of provisions, which are recorded in a separate allowance account, with the corresponding loss recognised in profit or loss. When a trade receivable is confirmed to be uncollectable, the gross carrying amount is written off against the related allowance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Only currency forwards are currently classified in this category. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. As at 31 December 2025, the company do not have any financial liability held for trading. This category includes derivative financial instruments entered by the company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9, such as the currency forward contracts. Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "Financial assets at fair value through profit or loss Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. Trade receivables are presented net of provisions, which are recorded in a separate allowance account, with the corresponding loss recognised in profit or loss. When a trade receivable is confirmed to be uncollectable, the gross carrying amount is written off against the related allowance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "Financial assets at fair value through profit or loss Impairment provisions for current and non-current trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process, the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. Trade receivables are presented net of provisions, which are recorded in a separate allowance account, with the corresponding loss recognised in profit or loss. When a trade receivable is confirmed to be uncollectable, the gross carrying amount is written off against the related allowance. Impairment of non-financial assets (excluding inventories and deferred tax assets) Goodwill and other intangible assets with indefinite useful lives are tested for impairment at least annually at the financial year-end. In addition, these assets, together with other non-financial assets, are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment loss is recognised where the carrying amount of an asset exceeds its recoverable amount, being the higher of value in use and fair value less costs of disposal. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is performed at the level of the smallest group of assets generating separately identifiable cash flows (cash-generating units, or CGUs). Goodwill is allocated on initial recognition to the group\u2019s CGUs that are expected to benefit from the business combination giving rise to the goodwill. Impairment losses are recognised in profit or loss, except to the extent that they reverse a previous revaluation recognised in other comprehensive income. An impairment loss recognised for goodwill is not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at: 1. fair value through profit or loss, 2. loans and borrowings, 3. payables, or as 4. derivatives designated as hedging instruments in an effective hedge. The group currently has one financial liability measured at fair value through profit or loss, being the purchase liability relating to the remaining shares in Ironstone Holding AS (see note 4). The group has no derivatives designated as hedging instruments. All financial liabilities are recognised initially at fair value and in the case of loans and borrowings and payables, net of directly attributable transaction costs. The group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and the aforementioned purchase liability of shares. For purposes of subsequent measurement, financial liabilities are classified in two categories: 1) Financial liabilities at amortised cost (loans and borrowings), 2) Financial liabilities at fair value through profit or loss. Financial liabilities at amortised cost (loans and borrowings) is the category most relevant to the company. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. The company considers that the nominal value of the current loans and borrowings gives a reasonable approximation of their fair value and does not contain a significant financing component. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. As at 31 December 2025, the company do not have any financial liability held for trading. This category includes derivative financial instruments entered by the company that are not designated as hedging instruments in hedge relationships as defined by IFRS 9, such as the currency forward contracts. Trade payables and other short-term monetary liabilities are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. Gains or losses on liabilities held for trading are recognised in the statement of profit or loss. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
Inventories
Inventory is reported at the lower of cost and net
realisable value. The costs comprise all costs of
purchase and include expenditures directly linked
to getting the goods to the central warehouses. Net
realisable value is the estimated sales price (future
selling price) less the estimated transaction costs.
The portion of the group\u2019s inventory that is valued at net
realisable value is mainly related to products that have
been returned from customers. The estimated sales
price of these products is assessed and calculated
on the basis of historical experience, as well as the
condition (quality state) of the products and the
discount that needs to be given to be able to re-sell the
relevant products. The discount is set based on past
experience with similar products and quality following
the return. In addition, estimated transaction costs, as
explained below, are deducted.
In assessing the net realisable value of inventories,
the group considers estimated costs necessary to
complete and sell the goods. These primarily include,
but are not limited to, estimated transaction costs such
as payment processing fees (including debit and credit
card fees), marketing expenses and distribution costs.
Other unsold products are measured at cost less
provisions for obsolescence. Expected obsolescence is
assessed on an ongoing basis, see note 14.
The group\u2019s inventories consist solely of goods
purchased for resale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "
Externally acquired intangible assets
Externally acquired intangible assets are initially
recognised at cost and subsequently amortised
on a straight-line basis over their useful economic
lives. Intangible assets are recognised on business
combinations if they are separable from the acquired
entity or give rise to other contractual/legal rights. The
amounts ascribed to such intangibles are arrived at by
using appropriate valuation techniques. The significant
intangibles recognised by the group, along with their
useful economic lives, are:
X Brand names (indefinite)
X Customer relationships (five to seven years)
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "Externally acquired intangible assets Externally acquired intangible assets are initially recognised at cost and subsequently amortised on a straight-line basis over their useful economic lives. Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques. The significant intangibles recognised by the group, along with their useful economic lives, are: X Brand names (indefinite) X Customer relationships (five to seven years) Goodwill Goodwill represents the excess of the cost of a business combination over the group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed, and equity instruments issued, plus the amount of any non-controlling interests in the acquiree, plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. For business combinations completed on or after 1 January 2010, direct costs of acquisition are recognised immediately as an expense. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the consolidated statement of comprehensive income. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of
consideration paid, the excess is credited in full to the
consolidated state ment of comprehensive income on
the acquisition date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
Impairment of non-financial assets (excluding
inventories and deferred tax assets)
Goodwill and other intangible assets with indefinite
useful lives are tested for impairment at least annually
at the financial year-end. In addition, these assets,
together with other non-financial assets, are tested
for impairment whenever events or changes in
circumstances indicate that their carrying amounts
may not be recoverable.
An impairment loss is recognised where the carrying
amount of an asset exceeds its recoverable amount,
being the higher of value in use and fair value less
costs of disposal. Where it is not possible to estimate
the recoverable amount of an individual asset, the
impairment test is performed at the level of the
smallest group of assets generating separately
identifiable cash flows (cash-generating units, or
CGUs).
Goodwill is allocated on initial recognition to the
group\u2019s CGUs that are expected to benefit from the
business combination giving rise to the goodwill.
Impairment losses are recognised in profit or loss,
except to the extent that they reverse a previous
revaluation recognised in other comprehensive income.
An impairment loss recognised for goodwill is not
reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
Provision for service and warranty obligation
Provision for service and warranty obligations covers
future warranty obligations and other statutory
obligations in connection with goods sold. The provision
represents the best estimate, based on historical data
and future expectations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
Equity
Share capital
Share capital means Komplett ASA\u2019s fully paid share
capital at face value.
Share premium
Amount subscribed for share capital in excess of
nominal value. Less transaction cost related to share
issues.
Other equity
Includes other paid-in equity, retained earnings, and
accumulated translation reserves.
Cost of equity transactions
Transaction costs related to equity transactions are
recognised directly in equity, reducing the share
premium paid.
Dividends and group contributions
Dividends and group contributions are first classified as
liabilities when adopted by the general meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "Dividends and group contributions Dividends and group contributions are first classified as liabilities when adopted by the general meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
Taxes
Tax expense recognised in the income statement
comprises both current tax and changes in deferred tax
assets and deferred tax liabilities
Current tax constitutes the expected tax payable on the
year\u2019s taxable result at the applicable tax rates on the
balance sheet date and any corrections of tax payable
for previous years.
Tax payable and deferred tax/deferred tax assets are
calculated at the tax rate in the countries that Komplett
Group is liable to pay tax.
Deferred tax/deferred tax assets are calculated on the
basis of the temporary differences that exist between
accounting and tax bases of assets and liabilities, as
well as tax losses carried forward at year-end. Net
deferred tax assets are recognised to the extent that
there is convincing evidence that there will be taxable
income available to utilise the deferred tax asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Taxes Tax expense recognised in the income statement comprises both current tax and changes in deferred tax assets and deferred tax liabilities Current tax constitutes the expected tax payable on the year\u2019s taxable result at the applicable tax rates on the balance sheet date and any corrections of tax payable for previous years. Tax payable and deferred tax/deferred tax assets are calculated at the tax rate in the countries that Komplett Group is liable to pay tax. Deferred tax/deferred tax assets are calculated on the basis of the temporary differences that exist between accounting and tax bases of assets and liabilities, as well as tax losses carried forward at year-end. Net deferred tax assets are recognised to the extent that there is convincing evidence that there will be taxable income available to utilise the deferred tax asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
Cash flow statement
The cash flow statement has been prepared according
to the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
Segment reporting
The group\u2019s segments are based on the group\u2019s internal
management reporting. The company\u2019s top decision-
maker, responsible for allocating resources to and
assessing earnings in the operating segments, is
defined as the group management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
Leases
All leases are accounted for by recognising a right-of-
use asset and a lease liability except for:
X Leases of low value assets; and
X Leases with a duration of 12 months or less.
Lease liabilities are measured at the present value
of the contractual payments due to the lessor over
the lease term, with the discount rate determined by
reference to the rate inherent in the lease unless (as
is typically the case) this is not readily determinable,
in which case the group\u2019s incremental borrowing rate
on commencement of the lease is used. Variable lease
payments are only included in the measurement of
the lease liability if they depend on an index or rate.
In such cases, the initial measurement of the lease
liability assumes the variable element will remain
unchanged throughout the lease term. Other variable
lease payments are expensed in the period to which
they relate.
On initial recognition, the carrying value of the lease
liability also includes:
X Amounts expected to be payable under any residual
value guarantee
X The exercise price of any purchase option granted
in favour of the group if it is reasonably certain to
assess that option
X Any penalties payable for terminating the lease,
if the term of the lease has been estimated on the
basis of termination option being exercised.
Right of use assets are initially measured at the amount
of the lease liability, reduced for any lease incentives
received, and increased for:
X Lease payments made at or before commencement
of the lease
X Initial direct costs incurred
X The amount of any provision recognised where the
group is contractually required to dismantle, remove
or restore the leased asset (typically leasehold
dilapidations \u2013 see note 19).
Subsequent to initial measurement, lease liabilities
increase as a result of interest charged at a constant
rate on the balance outstanding and are reduced
for lease payments made. Right-of-use assets are
amortised on a straight-line basis over the remaining
term of the lease or over the remaining economic life of
the asset if, rarely, this is judged to be shorter than the
lease term.
When the group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except if the discount rate remains unchanged. In both cases, an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right- of-use asset is adjusted to zero, any further reduction is recognised in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "Events after the balance sheet date New information about the company\u2019s position on the balance sheet date is included in the financial statements. Events that occur after the balance sheet date that do not affect the company\u2019s position on the balance sheet date, but which affect the company\u2019s future position are reported if it is of significance.
Note 26 Events after the reporting date
Webhallen\u2019s store in Fru\u00e4ngen, Stockholm closed in January 2026, when its lease agreement ended.This
closure did not result in any material restructuring costs.
Vebj\u00f8rn Torsetnes was appointed CEO of Komplett ASA effective from 16 March 2026, succeeding Ros-Marie Grus\u00e9n.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "NOTE 3.2 CHANGES IN ACCOUNTING POLICIES The following standards and amendments became mandatory for the first time for the reporting period commencing on 1 January 2025: X Lack of Exchangeability - Amendments to IAS 21 This is the only amendment in 2025 and it did not have any material impact on the financial statements. From 1 january 2027 the new standard IFRS 18 - Presentation and Disclosure in Financial Statements will replace IAS 1. Although the standard becomes mandatory for reporting periods at a later date, it will require attention due to the requirement to present comparative information. The standard introduces a revised framework for the statement of profit or loss, establishing new mandatory categories and defined subtotals. For Komplett Group, the implementation may impact the presentation of interest income and expenses related to the cash pool, as well as the classification of foreign exchange effects arising from cash and bank deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "NOTE 3.2 CHANGES IN ACCOUNTING POLICIES The following standards and amendments became mandatory for the first time for the reporting period commencing on 1 January 2025: X Lack of Exchangeability - Amendments to IAS 21 This is the only amendment in 2025 and it did not have any material impact on the financial statements. From 1 january 2027 the new standard IFRS 18 - Presentation and Disclosure in Financial Statements will replace IAS 1. Although the standard becomes mandatory for reporting periods at a later date, it will require attention due to the requirement to present comparative information. The standard introduces a revised framework for the statement of profit or loss, establishing new mandatory categories and defined subtotals. For Komplett Group, the implementation may impact the presentation of interest income and expenses related to the cash pool, as well as the classification of foreign exchange effects arising from cash and bank deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "NOTE 3.3 COMPLIANCE WITH IFRS The consolidated financial statements have been prepared in accordance with applicable international standards for financial reporting (IFRS) and inter- pretations from the IFRS Interpretation Committee (IFRIC), as approved by the EU and the company confirms full compliance with IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "NOTE 3.3 COMPLIANCE WITH IFRS The consolidated financial statements have been prepared in accordance with applicable international standards for financial reporting (IFRS) and inter- pretations from the IFRS Interpretation Committee (IFRIC), as approved by the EU and the company confirms full compliance with IFRS.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
Note 04 Financial instruments \u2013 risk management
General objectives, policies, and processes
The group is exposed to financial risk in various areas,
such as currency risk, interest rate risk, credit risk and
liquidity risk. Financing, liquidity, and interest rate risk
are generally managed centrally by group finance and
treasury, while currency and credit risk are managed by
local finance teams, based on group and local policies.
For detailed information about the respective risks, see
below.
Capital management and financing
The group assesses its capital based on the desired
equity ratio following risk assessments in the
respective subsidiaries. The objective of capital
management is that the group shall have an adequate
capital base for the ongoing operations and potential
new projects.
The group maintained a controlled financial position
and sufficient liquidity in 2025. The cash flow for the
year was net positive and net cash flow from operating
activities exceeded net cash used in investing
activities.
Access to competitive external financing and adequate
short- and long-term liquidity is important for business
efficiency and to minimise finance costs.
Funding and liquidity
Funding is primarily handled centrally. The parent
company, Komplett ASA, has a NOK 1.3 billion
syndicated revolving credit facility with its two core
banks. The agreement was signed in December 2022
and will mature in December 2027, following the
utilisation of two extension options. In addition, the
group has a NOK 400 million overdraft limit linked to
the group cash pool. Finally, Komplett Services has a
factoring agreement with a limit on sold receivables
of NOK 648 million split on four different legal entities.
Effectively, only receivables from Komplett Distribusjon
AS and Komplett Services AS have been sold. Further-
more, an addendum to the agreement to cease sales
from the latter is near signing, bringing the total
limit down to NOK 450 million. The utilisation varied
between NOK 300 to 380 million in 2025. Komplett
ASA extends loans or equity to its subsidiaries to fund
capital requirements. All the subsidiaries, except for
Ironstone AS, are included in the cash pool and have
access to an overdraft limit. Ironstone AS has received
an internal loan from Komplett ASA, executed on an
arm\u2019s length basis . The subsidiaries are not allowed
to enter into individual loan agreements. There are
also restrictions imposed on Komplett ASA in the
aforementioned RCF agreement.
Capital management measures
The financial covenants include NIBD/LTM EBITDA
(adjusted for certain exceptional items), and the equity
ratio. These ratios are also used by the management to
measure the financial solidity and development of the
company. The leverage ratio requirement was amended
for the period Q1 through Q3, but resumed normal levels
at the end from of 2025, which implies that the ratio will
be 3.0x for ordinary quarters and 3.5x for Q1 reflecting
seasonality in the business. The equity covenant was
amended for the period Q4 to 25 per cent, effective until
the termination of the credit facilities.
Shareholder return
Komplett ASA aims to have a clear and predictable
dividend policy. Komplett targets stable growing
dividends year-on-year, and a pay-out ratio of 60-80 per
cent of net profit adjusted for one-off costs and special
items. The execution of the dividend policy remains
subject to the financial requirements of the group. No
dividend payment is foreseen for 2025.
Currency risk
The group is exposed to currency exchange risk arising
from importing goods into Norway and Sweden and
subsequently selling these in local currency in the
Nordic market (transactional exposure). The purchases
are mainly settled in USD and EUR, while the group
has limited income in these currencies. Additional
currency risks are related to the subsidiaries with
functional currency (SEK) which differs from the
reporting currency (NOK) in the consolidated financial
statement (translation exposure). To mitigate the
transaction risk, the group continuously matches the
selling price of the products against developments in
the purchase of goods measured in NOK or SEK. Many of
the group\u2019s products are purchased and sold in a market
where prices can change up to several times per day.
Further, partly by securing currency at the same time as
goods purchased in foreign currency are placed in the warehouse and then use this to pay the supplier. Finally, by entering into forward contracts for the business in Sweden to reduce the company\u2019s foreign exchange risk and thereby reduce the operating market risk. The best hedging of currency fluctuations has historically been close follow-up and change of selling price, combined with high turnover rate of goods exposed to currency risk. The table below state a sensitivity analysis for pur- chases in the two major currencies, considering a 5 per cent change in foreign exchanges rate towards NOK (amounts in NOK)
All figures in local currencies in million
2025
Currency
EUR
+/- 241
USD
+/- 148
Total
+/- 389
The exposure depends on the magnitude of purchase of products in foreign currency and there is uncertainty on how product prices in foreign currency from supplier will be affected by changes in the currency rate. Further, it is uncertain how much of the change in currency rates which will be countered by price adjustments to end customer. The net exposure in the balance sheet at 31 December 2025 for each currency is as stated in the table below. The exposure is split on the functional currency of each subsidiary in the group. If SEKNOK changes by five per cent, the effect on profit before tax from the net exposure below will be approx. NOK 4 million. Included in the figures below are outstanding currency forwards, but as the group does not apply hedge accounting, there will not be any direct effect against equity for the aforementioned change in SEKNOK. The table below shall be read so that the entities with functional currency of SEK has a net exposure against NOK in the magnitude of NOK 91 million in their balance sheet at 31 December 2025.
Functional
31.12.20 25 currency
All figures in local currencies in million
NOK
SEK
Exposed currency
NOK
N/A
(91.2)
SEK
5.5
N/A
EUR
0.7
15.5
USD
(1.1)
15.9
DKK
(1.2)
1.8
GBP
0.0
0.0
PLN
(0.7)
-
Interest rate risk The overdraft facility linked to the multi-currency cash pool was not utilised at the end of 2025, while NOK 800 million of the revolving credit facililty was drawn. There are floating interest rates for both bank deposits, overdraft and the revolving credit facility. If interest rates change by one percentage point, net interest expenses change by approximately NOK 13.6 million per year. The group has income from credit via partial payment and deferred payment from a discontinued scheme in one of the subsdiaries, and changes in interest rates will affect these. A change in interest rates by one percentage point will result in a change in revenues of NOK 0.5 million per year. Credit risk The risk of selling to private end customers is limited by the average order size, and by the fact that in most cases, the customer pays the goods with a payment type where settlement is guaranteed. End-customers are normally not granted credit by the company, but can get credit via external partners. New customers in the B2B and Distribution segments are credit-rated by a dedicated credit department following local credit policies. Careful credit limits are set, and customers are manually assessed as soon as the credit limit is reached, or they have overdue payments. New customers are always manually assessed before being granted credit. Most receivables issued to customer in the Distribution segment are sold to Resurs Bank via a factoring agreement, while the practice of selling receivables from the B2B segment has ceased during 2025. The factoring agreement covers approximately 90 per cent of the receivables from the Distribution segments in Norway, while the factoring agreement does not apply to the Swedish operations. Only one debt collection notice is issued prior to submission to an external debt collector. All major customers are assessed manually at each quarter-end closing. Upon review, specific provisions are made based on assessments made by the head of the credit department. This review assesses the customer\u2019s payment history. A new credit rating of the customer is prepared applying updated credit information from our partner Dun & Bradstreet. Provisions in Komplett Services are made for all ongoing debt collection cases based on expected collection, derived from the experience of the debt collector. Currently, this amounts to 50 per cent. The provision increases to 100 per cent if the cases reach the surveillance stage. Retail to business customers, i.e. minor business customers with consumer-like behaviour, included in the B2C segment, are granted credit after a careful credit assessment based on local credit policy. For these receivables, the simplified approach within IFRS 9, using a provision matrix in the determination of the lifetime expected credit losses, is applied. The model is based on the customer\u2019s payment history, the actual credit loss history, and the actual number of days overdue. At the end of the year, the net receivables from deferred payment amounted to NOK 21 million. All customers applying for deferred payment go through the group\u2019s automatic credit rating scorecard system. The scorecard systems are built together with a debt collection partner and credit reference agencies. Provisions are made based on the share for debt collection, and the debt collection company\u2019s expectations for the rate of collection. Liquidity risk At the end of 2025, the group had a liquidity reserve of NOK 900 million, whereof NOK 500 million is related to the RCF and NOK 400 million is the unused overdraft facility. Net working capital, as defined by the group\u2019s APMs, was negative with NOK 471 million. The group has large seasonal fluctuations in relation to turnover. The forward currency contracts, which are purchases of EUR and USD against NOK or SEK, are valued according to Level 2 in the fair value hierarchy in IFRS 13. At 31 December 2025 the fair value of these contracts is a unrealised loss of NOK 10 million. The financial liability, which is purchase obligation of the remaining share in Ironstone Holding AS, is valued according to Level 3 in fair value hierarchy. The value is based on a discounted cash flow model, where the input factors are identical to the input factors applied in impairment tests of the related cash-flow generating unit and the valuation method is unchanged from prior years. The liability has increased with NOK 3 million during 2025 and at 31 December 2025 the fair value is NOK 36 million. MATURITY STRUCTURE OF THE GROUP\u2019S FINANCIAL LIABILITIES
0-6 6-12 1-3 3-5 After 5
Amounts in NOK million
Tot al
months months years years years
31 December 2025
Long-term loans
1)
915
29
29
857
-
-
Other non-current liabilities
1)
124
1
1
121
-
-
Short-term loans
-
-
-
-
-
-
Trade payables
2 661
2 661
-
-
-
-
Public duties payable
551
551
-
-
-
-
Other short-term liabilities
1)
652
572
80
-
-
-
Tota l
4 903
3 815
111
978
-
-
1) Including future interest payments.
0-6 6-12 1-3 3-5 After 5
Amounts in NOK million
Tot al
months months years years years
31 December 2024
Long-term loans
1)
995
33
33
930
-
-
Other non-current liabilities
1)
278
4
3
271
-
-
Short-term loans
-
-
-
-
-
-
Trade payables
2 073
2 073
-
-
-
-
Public duties payable
490
490
-
-
-
-
Other short-term liabilities
1)
491
415
77
-
-
-
Tota l
4 328
3 015
113
1 200
-
-
1) Including future interest payments. FINANCIAL INSTRUMENTS BASED ON CATEGORY
Financial Financial Financial
Financial assets at liabilities liabilities at
assets at amortised at fair amortised
Amounts in NOK million fair value cost value cost
31 December 2025
Assets
Non-current receivables
-
8
-
-
Trade receivables
-
176
-
-
Trade receivables - deferred payment arrangements
-
21
-
-
Other current receivables
-
921
-
-
Cash and cash equivalents
-
814
-
-
Liabilities
-
-
-
Long-term loans
-
-
-
800
Other non-current liabilities
-
-
-
120
Provisions and other liabilities
-
-
36
16
Trade payable, public duties payable, and other current liabilities
-
-
-
3 852
Forward currency contracts
1)
-
-
10
-
1) Unrealised gain and losses on forward currency contracts are classified as Other current liabilities.
Financial Financial Financial
Financial assets at liabilities liabilities at
assets at amortised at fair amortised
Amounts in NOK million fair value cost value cost
31 December 2024
Assets
Non-current receivables
-
9
-
-
Trade receivables - regular
-
153
-
-
Trade receivables - deferred payment arrangements
-
27
-
-
Other current financial assets
-
709
-
-
Cash and cash equivalents
-
726
-
-
Liabilities
-
-
-
800
Long-term loans
-
-
-
263
Other non-current liabilities
-
-
34
11
Provisions and other liabilities
-
-
-
3 053
Trade payable, public duties payable, and other current liabilities
2
-
-
-
Forward currency contracts 1) - - - - 1) Unrealised gain and losses on forward currency contracts are classified as Other current liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "Note 04 Financial instruments \u2013 risk management General objectives, policies, and processes The group is exposed to financial risk in various areas, such as currency risk, interest rate risk, credit risk and liquidity risk. Financing, liquidity, and interest rate risk are generally managed centrally by group finance and treasury, while currency and credit risk are managed by local finance teams, based on group and local policies. For detailed information about the respective risks, see below. Capital management and financing The group assesses its capital based on the desired equity ratio following risk assessments in the respective subsidiaries. The objective of capital management is that the group shall have an adequate capital base for the ongoing operations and potential new projects. The group maintained a controlled financial position and sufficient liquidity in 2025. The cash flow for the year was net positive and net cash flow from operating activities exceeded net cash used in investing activities. Access to competitive external financing and adequate short- and long-term liquidity is important for business efficiency and to minimise finance costs. Funding and liquidity Funding is primarily handled centrally. The parent company, Komplett ASA, has a NOK 1.3 billion syndicated revolving credit facility with its two core banks. The agreement was signed in December 2022 and will mature in December 2027, following the utilisation of two extension options. In addition, the group has a NOK 400 million overdraft limit linked to the group cash pool. Finally, Komplett Services has a factoring agreement with a limit on sold receivables of NOK 648 million split on four different legal entities. Effectively, only receivables from Komplett Distribusjon AS and Komplett Services AS have been sold. Further- more, an addendum to the agreement to cease sales from the latter is near signing, bringing the total limit down to NOK 450 million. The utilisation varied between NOK 300 to 380 million in 2025. Komplett ASA extends loans or equity to its subsidiaries to fund capital requirements. All the subsidiaries, except for Ironstone AS, are included in the cash pool and have access to an overdraft limit. Ironstone AS has received an internal loan from Komplett ASA, executed on an arm\u2019s length basis . The subsidiaries are not allowed to enter into individual loan agreements. There are also restrictions imposed on Komplett ASA in the aforementioned RCF agreement. Capital management measures The financial covenants include NIBD/LTM EBITDA (adjusted for certain exceptional items), and the equity ratio. These ratios are also used by the management to measure the financial solidity and development of the company. The leverage ratio requirement was amended for the period Q1 through Q3, but resumed normal levels at the end from of 2025, which implies that the ratio will be 3.0x for ordinary quarters and 3.5x for Q1 reflecting seasonality in the business. The equity covenant was amended for the period Q4 to 25 per cent, effective until the termination of the credit facilities. Shareholder return Komplett ASA aims to have a clear and predictable dividend policy. Komplett targets stable growing dividends year-on-year, and a pay-out ratio of 60-80 per cent of net profit adjusted for one-off costs and special items. The execution of the dividend policy remains subject to the financial requirements of the group. No dividend payment is foreseen for 2025. Currency risk The group is exposed to currency exchange risk arising from importing goods into Norway and Sweden and subsequently selling these in local currency in the Nordic market (transactional exposure). The purchases are mainly settled in USD and EUR, while the group has limited income in these currencies. Additional currency risks are related to the subsidiaries with functional currency (SEK) which differs from the reporting currency (NOK) in the consolidated financial statement (translation exposure). To mitigate the transaction risk, the group continuously matches the selling price of the products against developments in the purchase of goods measured in NOK or SEK. Many of the group\u2019s products are purchased and sold in a market where prices can change up to several times per day. Further, partly by securing currency at the same time as goods purchased in foreign currency are placed in the warehouse and then use this to pay the supplier. Finally, by entering into forward contracts for the business in Sweden to reduce the company\u2019s foreign exchange risk and thereby reduce the operating market risk. The best hedging of currency fluctuations has historically been close follow-up and change of selling price, combined with high turnover rate of goods exposed to currency risk. The table below state a sensitivity analysis for pur- chases in the two major currencies, considering a 5 per cent change in foreign exchanges rate towards NOK (amounts in NOK)
All figures in local currencies in million
2025
Currency
EUR
+/- 241
USD
+/- 148
Total
+/- 389
The exposure depends on the magnitude of purchase of products in foreign currency and there is uncertainty on how product prices in foreign currency from supplier will be affected by changes in the currency rate. Further, it is uncertain how much of the change in currency rates which will be countered by price adjustments to end customer. The net exposure in the balance sheet at 31 December 2025 for each currency is as stated in the table below. The exposure is split on the functional currency of each subsidiary in the group. If SEKNOK changes by five per cent, the effect on profit before tax from the net exposure below will be approx. NOK 4 million. Included in the figures below are outstanding currency forwards, but as the group does not apply hedge accounting, there will not be any direct effect against equity for the aforementioned change in SEKNOK. The table below shall be read so that the entities with functional currency of SEK has a net exposure against NOK in the magnitude of NOK 91 million in their balance sheet at 31 December 2025.
Functional
31.12.20 25 currency
All figures in local currencies in million
NOK
SEK
Exposed currency
NOK
N/A
(91.2)
SEK
5.5
N/A
EUR
0.7
15.5
USD
(1.1)
15.9
DKK
(1.2)
1.8
GBP
0.0
0.0
PLN
(0.7)
-
Interest rate risk The overdraft facility linked to the multi-currency cash pool was not utilised at the end of 2025, while NOK 800 million of the revolving credit facililty was drawn. There are floating interest rates for both bank deposits, overdraft and the revolving credit facility. If interest rates change by one percentage point, net interest expenses change by approximately NOK 13.6 million per year. The group has income from credit via partial payment and deferred payment from a discontinued scheme in one of the subsdiaries, and changes in interest rates will affect these. A change in interest rates by one percentage point will result in a change in revenues of NOK 0.5 million per year. Credit risk The risk of selling to private end customers is limited by the average order size, and by the fact that in most cases, the customer pays the goods with a payment type where settlement is guaranteed. End-customers are normally not granted credit by the company, but can get credit via external partners. New customers in the B2B and Distribution segments are credit-rated by a dedicated credit department following local credit policies. Careful credit limits are set, and customers are manually assessed as soon as the credit limit is reached, or they have overdue payments. New customers are always manually assessed before being granted credit. Most receivables issued to customer in the Distribution segment are sold to Resurs Bank via a factoring agreement, while the practice of selling receivables from the B2B segment has ceased during 2025. The factoring agreement covers approximately 90 per cent of the receivables from the Distribution segments in Norway, while the factoring agreement does not apply to the Swedish operations. Only one debt collection notice is issued prior to submission to an external debt collector. All major customers are assessed manually at each quarter-end closing. Upon review, specific provisions are made based on assessments made by the head of the credit department. This review assesses the customer\u2019s payment history. A new credit rating of the customer is prepared applying updated credit information from our partner Dun & Bradstreet. Provisions in Komplett Services are made for all ongoing debt collection cases based on expected collection, derived from the experience of the debt collector. Currently, this amounts to 50 per cent. The provision increases to 100 per cent if the cases reach the surveillance stage. Retail to business customers, i.e. minor business customers with consumer-like behaviour, included in the B2C segment, are granted credit after a careful credit assessment based on local credit policy. For these receivables, the simplified approach within IFRS 9, using a provision matrix in the determination of the lifetime expected credit losses, is applied. The model is based on the customer\u2019s payment history, the actual credit loss history, and the actual number of days overdue. At the end of the year, the net receivables from deferred payment amounted to NOK 21 million. All customers applying for deferred payment go through the group\u2019s automatic credit rating scorecard system. The scorecard systems are built together with a debt collection partner and credit reference agencies. Provisions are made based on the share for debt collection, and the debt collection company\u2019s expectations for the rate of collection. Liquidity risk At the end of 2025, the group had a liquidity reserve of NOK 900 million, whereof NOK 500 million is related to the RCF and NOK 400 million is the unused overdraft facility. Net working capital, as defined by the group\u2019s APMs, was negative with NOK 471 million. The group has large seasonal fluctuations in relation to turnover. The forward currency contracts, which are purchases of EUR and USD against NOK or SEK, are valued according to Level 2 in the fair value hierarchy in IFRS 13. At 31 December 2025 the fair value of these contracts is a unrealised loss of NOK 10 million. The financial liability, which is purchase obligation of the remaining share in Ironstone Holding AS, is valued according to Level 3 in fair value hierarchy. The value is based on a discounted cash flow model, where the input factors are identical to the input factors applied in impairment tests of the related cash-flow generating unit and the valuation method is unchanged from prior years. The liability has increased with NOK 3 million during 2025 and at 31 December 2025 the fair value is NOK 36 million.
MATURITY STRUCTURE OF THE GROUP\u2019S FINANCIAL LIABILITIES
0-6 6-12 1-3 3-5 After 5
Amounts in NOK million
Tot al
months months years years years
31 December 2025
Long-term loans
1)
915
29
29
857
-
-
Other non-current liabilities
1)
124
1
1
121
-
-
Short-term loans
-
-
-
-
-
-
Trade payables
2 661
2 661
-
-
-
-
Public duties payable
551
551
-
-
-
-
Other short-term liabilities
1)
652
572
80
-
-
-
Tota l
4 903
3 815
111
978
-
-
1) Including future interest payments.
0-6 6-12 1-3 3-5 After 5
Amounts in NOK million
Tot al
months months years years years
31 December 2024
Long-term loans
1)
995
33
33
930
-
-
Other non-current liabilities
1)
278
4
3
271
-
-
Short-term loans
-
-
-
-
-
-
Trade payables
2 073
2 073
-
-
-
-
Public duties payable
490
490
-
-
-
-
Other short-term liabilities
1)
491
415
77
-
-
-
Tota l
4 328
3 015
113
1 200
-
-
1)
Including future interest payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Capital management and financing The group assesses its capital based on the desired equity ratio following risk assessments in the respective subsidiaries. The objective of capital management is that the group shall have an adequate capital base for the ongoing operations and potential new projects. The group maintained a controlled financial position and sufficient liquidity in 2025. The cash flow for the year was net positive and net cash flow from operating activities exceeded net cash used in investing activities. Access to competitive external financing and adequate short- and long-term liquidity is important for business efficiency and to minimise finance costs. Funding and liquidity Funding is primarily handled centrally. The parent company, Komplett ASA, has a NOK 1.3 billion syndicated revolving credit facility with its two core banks. The agreement was signed in December 2022 and will mature in December 2027, following the utilisation of two extension options. In addition, the group has a NOK 400 million overdraft limit linked to the group cash pool. Finally, Komplett Services has a factoring agreement with a limit on sold receivables of NOK 648 million split on four different legal entities. Effectively, only receivables from Komplett Distribusjon AS and Komplett Services AS have been sold. Further- more, an addendum to the agreement to cease sales from the latter is near signing, bringing the total limit down to NOK 450 million. The utilisation varied between NOK 300 to 380 million in 2025. Komplett ASA extends loans or equity to its subsidiaries to fund capital requirements. All the subsidiaries, except for Ironstone AS, are included in the cash pool and have access to an overdraft limit. Ironstone AS has received an internal loan from Komplett ASA, executed on an arm\u2019s length basis . The subsidiaries are not allowed to enter into individual loan agreements. There are also restrictions imposed on Komplett ASA in the aforementioned RCF agreement. Capital management measures The financial covenants include NIBD/LTM EBITDA (adjusted for certain exceptional items), and the equity ratio. These ratios are also used by the management to measure the financial solidity and development of the company. The leverage ratio requirement was amended for the period Q1 through Q3, but resumed normal levels at the end from of 2025, which implies that the ratio will be 3.0x for ordinary quarters and 3.5x for Q1 reflecting seasonality in the business. The equity covenant was amended for the period Q4 to 25 per cent, effective until the termination of the credit facilities. Shareholder return Komplett ASA aims to have a clear and predictable dividend policy. Komplett targets stable growing dividends year-on-year, and a pay-out ratio of 60-80 per cent of net profit adjusted for one-off costs and special items. The execution of the dividend policy remains subject to the financial requirements of the group. No dividend payment is foreseen for 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Currency risk The group is exposed to currency exchange risk arising from importing goods into Norway and Sweden and subsequently selling these in local currency in the Nordic market (transactional exposure). The purchases are mainly settled in USD and EUR, while the group has limited income in these currencies. Additional currency risks are related to the subsidiaries with functional currency (SEK) which differs from the reporting currency (NOK) in the consolidated financial statement (translation exposure). To mitigate the transaction risk, the group continuously matches the selling price of the products against developments in the purchase of goods measured in NOK or SEK. Many of the group\u2019s products are purchased and sold in a market where prices can change up to several times per day. Further, partly by securing currency at the same time as
goods purchased in foreign currency are placed in the
warehouse and then use this to pay the supplier. Finally,
by entering into forward contracts for the business in
Sweden to reduce the company\u2019s foreign exchange risk
and thereby reduce the operating market risk. The best
hedging of currency fluctuations has historically been
close follow-up and change of selling price, combined
with high turnover rate of goods exposed to currency
risk.
The table below state a sensitivity analysis for pur-
chases in the two major currencies, considering a 5 per
cent change in foreign exchanges rate towards NOK
(amounts in NOK)
All figures in local currencies in million
2025
Currency
EUR
+/- 241
USD
+/- 148
Total
+/- 389
The exposure depends on the magnitude of purchase
of products in foreign currency and there is uncertainty
on how product prices in foreign currency from
supplier will be affected by changes in the currency
rate. Further, it is uncertain how much of the change
in currency rates which will be countered by price
adjustments to end customer.
The net exposure in the balance sheet at 31 December
2025 for each currency is as stated in the table below.
The exposure is split on the functional currency of each
subsidiary in the group.
If SEKNOK changes by five per cent, the effect on
profit before tax from the net exposure below will be
approx. NOK 4 million. Included in the figures below are
outstanding currency forwards, but as the group does
not apply hedge accounting, there will not be any direct
effect against equity for the aforementioned change in
SEKNOK.
The table below shall be read so that the entities with
functional currency of SEK has a net exposure against
NOK in the magnitude of NOK 91 million in their balance
sheet at 31 December 2025.
Functional
31.12.20 25 currency
All figures in local currencies in million
NOK
SEK
Exposed currency
NOK
N/A
(91.2)
SEK
5.5
N/A
EUR
0.7
15.5
USD
(1.1)
15.9
DKK
(1.2)
1.8
GBP
0.0
0.0
PLN
(0.7)
-
Interest rate risk
The overdraft facility linked to the multi-currency cash
pool was not utilised at the end of 2025, while NOK
800 million of the revolving credit facililty was drawn.
There are floating interest rates for both bank deposits,
overdraft and the revolving credit facility.
If interest rates change by one percentage point, net
interest expenses change by approximately NOK 13.6
million per year.
The group has income from credit via partial payment
and deferred payment from a discontinued scheme in
one of the subsdiaries, and changes in interest rates
will affect these. A change in interest rates by one
percentage point will result in a change in revenues of
NOK 0.5 million per year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "
Credit risk
The risk of selling to private end customers is limited
by the average order size, and by the fact that in most
cases, the customer pays the goods with a payment
type where settlement is guaranteed. End-customers
are normally not granted credit by the company, but can
get credit via external partners.
New customers in the B2B and Distribution segments
are credit-rated by a dedicated credit department
following local credit policies. Careful credit limits are
set, and customers are manually assessed as soon
as the credit limit is reached, or they have overdue
payments.
New customers are always manually assessed before
being granted credit. Most receivables issued to
customer in the Distribution segment are sold to Resurs
Bank via a factoring agreement, while the practice
of selling receivables from the B2B segment has
ceased during 2025. The factoring agreement covers
approximately 90 per cent of the receivables from the
Distribution segments in Norway, while the factoring
agreement does not apply to the Swedish operations.
Only one debt collection notice is issued prior to
submission to an external debt collector.
All major customers are assessed manually at each
quarter-end closing. Upon review, specific provisions
are made based on assessments made by the head
of the credit department. This review assesses the
customer\u2019s payment history. A new credit rating of
the customer is prepared applying updated credit
information from our partner Dun & Bradstreet.
Provisions in Komplett Services are made for all
ongoing debt collection cases based on expected
collection, derived from the experience of the debt
collector. Currently, this amounts to 50 per cent. The
provision increases to 100 per cent if the cases reach
the surveillance stage.
Retail to business customers, i.e. minor business
customers with consumer-like behaviour, included in
the B2C segment, are granted credit after a careful
credit assessment based on local credit policy. For
these receivables, the simplified approach within IFRS
9, using a provision matrix in the determination of the
lifetime expected credit losses, is applied. The model
is based on the customer\u2019s payment history, the actual
credit loss history, and the actual number of days
overdue. At the end of the year, the net receivables
from deferred payment amounted to NOK 21 million.
All customers applying for deferred payment go
through the group\u2019s automatic credit rating scorecard
system. The scorecard systems are built together
with a debt collection partner and credit reference
agencies. Provisions are made based on the share for
debt collection, and the debt collection company\u2019s
expectations for the rate of collection.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "
Liquidity risk
At the end of 2025, the group had a liquidity reserve of
NOK 900 million, whereof NOK 500 million is related to
the RCF and NOK 400 million is the unused overdraft
facility. Net working capital, as defined by the group\u2019s
APMs, was negative with NOK 471 million.
The group has large seasonal fluctuations in relation to
turnover.
The forward currency contracts, which are purchases
of EUR and USD against NOK or SEK, are valued
according to Level 2 in the fair value hierarchy in
IFRS 13. At 31 December 2025 the fair value of these
contracts is a unrealised loss of NOK 10 million. The
financial liability, which is purchase obligation of the
remaining share in Ironstone Holding AS, is valued
according to Level 3 in fair value hierarchy. The value
is based on a discounted cash flow model, where the
input factors are identical to the input factors applied
in impairment tests of the related cash-flow generating
unit and the valuation method is unchanged from prior
years. The liability has increased with NOK 3 million
during 2025 and at 31 December 2025 the fair value is
NOK 36 million.
MATURITY STRUCTURE OF THE GROUP\u2019S FINANCIAL LIABILITIES
0-6 6-12 1-3 3-5 After 5
Amounts in NOK million
Tot al
months months years years years
31 December 2025
Long-term loans
1)
915
29
29
857
-
-
Other non-current liabilities
1)
124
1
1
121
-
-
Short-term loans
-
-
-
-
-
-
Trade payables
2 661
2 661
-
-
-
-
Public duties payable
551
551
-
-
-
-
Other short-term liabilities
1)
652
572
80
-
-
-
Tota l
4 903
3 815
111
978
-
-
1) Including future interest payments.
0-6 6-12 1-3 3-5 After 5
Amounts in NOK million
Tot al
months months years years years
31 December 2024
Long-term loans
1)
995
33
33
930
-
-
Other non-current liabilities
1)
278
4
3
271
-
-
Short-term loans
-
-
-
-
-
-
Trade payables
2 073
2 073
-
-
-
-
Public duties payable
490
490
-
-
-
-
Other short-term liabilities
1)
491
415
77
-
-
-
Tota l
4 328
3 015
113
1 200
-
-
1) Including future interest payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "
FINANCIAL INSTRUMENTS BASED ON CATEGORY
Financial Financial Financial
Financial assets at liabilities liabilities at
assets at amortised at fair amortised
Amounts in NOK million fair value cost value cost
31 December 2025
Assets
Non-current receivables
-
8
-
-
Trade receivables
-
176
-
-
Trade receivables - deferred payment arrangements
-
21
-
-
Other current receivables
-
921
-
-
Cash and cash equivalents
-
814
-
-
Liabilities
-
-
-
Long-term loans
-
-
-
800
Other non-current liabilities
-
-
-
120
Provisions and other liabilities
-
-
36
16
Trade payable, public duties payable, and other current liabilities
-
-
-
3 852
Forward currency contracts
1)
-
-
10
-
1)
Unrealised gain and losses on forward currency contracts are classified as Other current liabilities.
Financial Financial Financial
Financial assets at liabilities liabilities at
assets at amortised at fair amortised
Amounts in NOK million fair value cost value cost
31 December 2024
Assets
Non-current receivables
-
9
-
-
Trade receivables - regular
-
153
-
-
Trade receivables - deferred payment arrangements
-
27
-
-
Other current financial assets
-
709
-
-
Cash and cash equivalents
-
726
-
-
Liabilities
-
-
-
800
Long-term loans
-
-
-
263
Other non-current liabilities
-
-
34
11
Provisions and other liabilities
-
-
-
3 053
Trade payable, public duties payable, and other current liabilities
2
-
-
-
Forward currency contracts
1)
- - - -
1)
Unrealised gain and losses on forward currency contracts are classified as Other current liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "FINANCIAL INSTRUMENTS BASED ON CATEGORY
Financial Financial Financial
Financial assets at liabilities liabilities at
assets at amortised at fair amortised
Amounts in NOK million fair value cost value cost
31 December 2025
Assets
Non-current receivables
-
8
-
-
Trade receivables
-
176
-
-
Trade receivables - deferred payment arrangements
-
21
-
-
Other current receivables
-
921
-
-
Cash and cash equivalents
-
814
-
-
Liabilities
-
-
-
Long-term loans
-
-
-
800
Other non-current liabilities
-
-
-
120
Provisions and other liabilities
-
-
36
16
Trade payable, public duties payable, and other current liabilities
-
-
-
3 852
Forward currency contracts
1)
-
-
10
-
1) Unrealised gain and losses on forward currency contracts are classified as Other current liabilities.
Financial Financial Financial
Financial assets at liabilities liabilities at
assets at amortised at fair amortised
Amounts in NOK million fair value cost value cost
31 December 2024
Assets
Non-current receivables
-
9
-
-
Trade receivables - regular
-
153
-
-
Trade receivables - deferred payment arrangements
-
27
-
-
Other current financial assets
-
709
-
-
Cash and cash equivalents
-
726
-
-
Liabilities
-
-
-
800
Long-term loans
-
-
-
263
Other non-current liabilities
-
-
34
11
Provisions and other liabilities
-
-
-
3 053
Trade payable, public duties payable, and other current liabilities
2
-
-
-
Forward currency contracts 1) - - - - 1) Unrealised gain and losses on forward currency contracts are classified as Other current liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
Note 05 Segment information
Through its well-known brands, Komplett, NetOnNet, Webhallen, Itegra, and Ironstone, the group is serving customers
in the B2C, B2B, and distribution segments. Building on decades of know-how, expertise, and deep customer
commitment, the group enjoys industry leading customer satisfaction and a loyal and growing customer base.
The customers are served from 10 webshops, 13 physical shops, and 34 complementary self-service, logistics and
warehouse shops. With its flexible logistics and delivery platform, the group is at the forefront when it comes to same-
day delivery and last-mile service from its warehouses in Sandefjord, Norway and Bor\u00e5s, Sweden.
For management purposes, the segments are divided relative to whether the customer is a consumer (B2C) or a
company. Further, sales to companies are divided into sale to resellers (Distribution) and sales to companies as the
end user (B2B). The segmentation is independent of the legal structure of Komplett Group and does not necessarily
reflect the legal company in a different country. The main reason for the segmentation is the characterisation of the
consumer, how to drive sales, different gross margins, and different cost structure.
Komplett Services has a significant infrastructure serving all three segments. The cost related to the infrastructure is
allocated to the different segments in proportion to the usage. Webhallen and NetOnNet have since the middle of 2025
been supported by the same infrastructure in Bor\u00e5s. Costs for these operations are allocated between NetOnNet and
Webhallen, but both entities are fully reporting under the B2C segment.
B2C
Komplett Group\u2019s operations in the B2C segment cover sales to private consumers across Norway, Sweden, and
Denmark through the brands Komplett, NetOnNet, and Webhallen.
The group serves the private consumer market for electronics, technology products, and consumer goods through
six online shops, selling products sourced from third-party brands and its own private labels. Komplett serves its
B2C customers on the platforms Komplett.no, Komplett.se and Komplett.dk. Komplett also operates one pick-up
point located at the warehouse in Sandefjord, while the pick-up point in Oslo was closed in 2025. Webhallen is an
omnichannel provider within consumer electronics, with the online platform Webhallen.com and 13 retail stores in
Sweden, located strategically around Stockholm and other bigger cities. NetOnNet has two online shops in Sweden
and Norway, NetOnNet.se and NetOnNet.no, and a total of 34 complementary self-service, logistics and warehouse
shops located in Sweden and Norway.
B2B
Komplett B2B is an online market player for corporate customers in the Nordics focusing on the small and medium-
sized enterprises and small office home office segments.
Komplett B2B offers its customers a fully digital customer journey through its web shops Komplettbedrift.no and
Komplettforetag.se serving the Norwegian and Swedish market, respectively.
Ironstone is a pure cloud technology company offering IT services to corporate customers that complement
traditional hardware purchases. The services Ironstone provides are \u201cYour Employees\u201d and \u201cYour IT-system\u201d and they
are serving both the Norwegian and Swedish markets. The operations in Ironstone are reflected in the B2B segment.
Distribution
The group\u2019s activities in the distribution segment consist of large-scale distribution contracts for sale to resellers and
other big entities not covered by B2B, which are operated under the Itegra brand and its own platform. Itegra is present
in Norway and Sweden and serves its customers through the websites Itegra.no and Itegra.se, respectively.
Other
The \u201cOther\u201d segment represents group costs not allocated to the business segments. Typical cost elements under this
segment include management costs and group strategic initiatives.
IFRS
The different effects of \u201cIFRS 16\u201d (International Financial Reporting Standards) are not part of the operational
measures and the effects of IFRS 16 are captured in this segment.
The segmentation above is according to the internal reporting with the segments having separate management and
employees to run their business.
Transactions between the segments and the legal companies in the group are on arm\u2019s length terms. In all internal and
external reporting, these transactions are eliminated.
Information about the group\u2019s segments is presented on the following page.
PROFIT AND LOSS - 2025
Amounts in NOK million
B2C
B2B
Distribution
Other
IFRS 16
To t al
Operating income
Revenues from contract with customers
11 201
1 409
2 795
-
-
15 405
Other operating revenues
234
133
2
0
0
370
Total operating income
11 435
1 542
2 798
0
0
15 775
Operating expenses
Cost of goods sold
(9 609)
(1 269)
(2 640)
(1)
-
(13 518)
Employee benefit expenses
(825)
(87)
(58)
(124)
-
(1 094)
Depreciation and amortisation
(108)
(16)
(14)
(55)
(215)
(408)
Impairment
-
-
-
(536)
(3)
(538)
Other operating expenses
(831)
(78)
(50)
(52)
239
(772)
Total operating expenses
(11 373)
(1 449)
(2 762)
(767)
21
(16 330)
Operating result
62
93
35
(767)
21
(556)
Financial income and financial expenses
Share of profit or loss from associates
-
-
-
1
-
1
Financial income
-
-
-
22
-
22
Financial expenses
-
-
-
(171)
(22)
(192)
Net financial items
-
-
-
(148)
(22)
(169)
Profit or loss before taxes
62
93
35
(914)
(0)
(725)
NON-CURRENT OPERATING ASSETS BASED ON GEOGRAPHIC LOCATION \u2013 2025
Amounts in NOK million
Tota l
Norway
619
Sweden
2 689
Tota l
3 307
PROFIT AND LOSS - 2024
Amounts in NOK million
B2C
B2B
Distribution
Other
IFRS 16
To t al
Operating income
Revenues from contract with customers
10 636
1 392
2 904
-
-
14 932
Other operating revenues
241
128
3
(0)
(2)
369
Total operating income
10 877
1 519
2 907
(0)
(2)
15 301
Operating expenses
Cost of goods sold
(9 199)
(1 259)
(2 753)
(1)
-
(13 211)
Employee benefit expenses
(759)
(89)
(62)
(103)
-
(1 013)
Depreciation and amortisation
(103)
(14)
(10)
(53)
(204)
(384)
Impairment
-
-
-
-
-
-
Other operating expenses
(812)
(83)
(56)
(32)
222
(760)
Total operating expenses
(10 873)
(1 445)
(2 881)
(188)
18
(15 368)
Operating result
4
74
26
(188)
16
(67)
Financial income and financial expenses
Share of profit or loss from associates
-
-
-
1
-
1
Financial income
-
-
-
14
-
14
Financial expenses
-
-
-
(162)
(23)
(185)
Net financial items
-
-
-
(147)
(23)
(169)
Profit or loss before taxes
4
74
26
(335)
(7)
(236)
NON-CURRENT OPERATING ASSETS BASED ON GEOGRAPHIC LOCATION \u2013 2024
Amounts in NOK million
Tota l
Norway
906
Sweden
2 885
Tota l
3 791
Non-current assets for this purpose consist of intangible assets, leasehold improvements, machinery and fixtures and
right-of-use assets. These are broken down by geographical markets based on the companies\u2019 location.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
Note 06 Revenues from contracts with customers
Disaggregation of revenue
The group revenues are disaggregated into various categories in the following table which is intended to: Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date, and to enable users to
understand the relationship with revenue segment information provided in note 5.
DISAGGREGATION BASED ON TYPE OF CUSTOMERS 2025
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Sale to consumers (B2C)
11 435
-
-
-
11 435
Sale to corporates (B2B)
-
1 542
-
-
1 542
Sale to resellers (Distribution)
-
-
2 798
-
2 798
Other
-
-
-
-
-
Tota l
11 435
1 542
2 798
-
15 775
REVENUES BASED ON GEOGRAPHIC LOCATION OF CUSTOMERS 2025
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Norway
3 596
1 367
2 593
-
7 557
Sweden
7 561
175
205
-
7 940
Denmark
279
-
-
-
279
Tota l
11 435
1 542
2 798
-
15 775
REVENUES BY PRODUCT OR SERVICE 2025
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Sale of goods
11 201
1 409
2 795
0
15 405
Consumer finance
123
2
2
-
127
Commision from insurance
80
1
-
-
81
Services
31
130
-
-
161
Other
0
-
-
0
0
Tota l
11 435
1 542
2 798
0
15 775
DISAGGREGATION BASED ON TYPE OF CUSTOMERS 2024
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Sale to consumers (B2C)
10 877
-
-
-
10 877
Sale to corporates (B2B)
-
1 519
-
-
1 519
Sale to resellers (Distribution)
-
-
2 907
-
2 907
Other
-
-
-
(2)
(2)
Tota l
10 877
1 519
2 907
(2)
15 301
REVENUES BASED ON GEOGRAPHIC LOCATION OF CUSTOMERS 2024
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Norway
3 214
1 353
2 734
(2)
7 299
Sweden
7 358
166
173
-
7 698
Denmark
305
-
-
-
305
Tota l
10 877
1 519
2 907
(2)
15 301
REVENUES BY PRODUCT OR SERVICE 2024
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Sale of goods
10 636
1 392
2 904
-
14 932
Consumer finance
127
0
-
-
127
Commision from insurance
74
1
-
-
76
Services
40
126
3
-
168
Other
0
-
-
(2)
(2)
Tota l
10 877
1 519
2 907 (2) 15 301
Important assessments
The group used the following assessments which have a significant impact on the amount and time of recognition of
income from contracts with customers:
Sale of goods
Liabilities and assets related to sales to consumers with open purchase rights: In the event of ordinary sales to
customers, the group allows the customer to return the item for a full refund. The terms vary from brand to brand and
from country to country depending on the markets but are within the range of 10-90 days (open purchase). Based on
this, a refund liability is recognised (included in the line \u201cRevenues from sale of goods\u201d) and a right to returned goods
(included in the line \u201ccost of goods sold\u201d). Historical data is used to estimate the extent of returns at the time of sale.
Since the proportion of returns has been stable over time it is very unlikely that a significant reversal of income will
occur because of changes in the return grade. The estimates of returns are reassessed on each balance sheet day.
The group\u2019s liabilities for repair and/or exchange of defective products under ordinary guarantees are recognised as a
liability included in the line \u201cOther current liabilities\u201d in the financial statements (see note 21).
Customer loyalty programmes
Komplett has a customer loyalty programme related to sales to consumers where the customer accumulates points
based on completed purchases. Total vested points will put the customer at different levels, which give different
benefits.
Club members in Klubbhyllan, with the NetOnNet card, vest bonus points when they purchase products either in the
stores or online. These points can be exchanged to vouchers and used as discounts on future purchases. The provision
depends on estimates on which discount the points will be generated when they are applied and the likelihood of
actually being applied. These parameters are based on historical experience.
Commissions
The group receives commissions for the distribution of financing via partners Walley and Resurs Bank. The
consideration consists of a fixed part based on volume and a variable part based on the funding period. Since the
finances are not timed, the income recognition of the variable part is postponed until the group is entitled to the
consideration.
All the three brands offer insurance when purchasing specific products, and Komplett acts as an agent in these
transactions and receive a commission from the insurance companies.
Gift certificates & vouchers
Gift certificates can be purchased in webshops and physical stores. The value and the expiration time of the gift
certificates may vary. Until the gift certificate has been used to purchase products, or expired, the value is recognised
as a liability in the balance sheet.
Vouchers are issued to customers when they return a product to the physical stores and, as for gift certificates, these
are recognised as a liability in the balance sheet until they have been used to purchase a new product or expired.
CONTRACT BALANCES FOR CONTRACTS WITH CUSTOMERS
Amounts in NOK million
2025
2024
Net refund liabilities
9
9
Customer loyalty programme
5
6
Gift certificates & vouchers
32
27
Tota l
46
42
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Disaggregation of revenue The group revenues are disaggregated into various categories in the following table which is intended to: Depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic date, and to enable users to understand the relationship with revenue segment information provided in note 5. DISAGGREGATION BASED ON TYPE OF CUSTOMERS 2025
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Sale to consumers (B2C)
11 435
-
-
-
11 435
Sale to corporates (B2B)
-
1 542
-
-
1 542
Sale to resellers (Distribution)
-
-
2 798
-
2 798
Other
-
-
-
-
-
Tota l
11 435
1 542
2 798
-
15 775
DISAGGREGATION BASED ON TYPE OF CUSTOMERS 2024
Amounts in NOK million
B2C
B2B
Distribution
Other
To t a l
Sale to consumers (B2C)
10 877
-
-
-
10 877
Sale to corporates (B2B)
-
1 519
-
-
1 519
Sale to resellers (Distribution)
-
-
2 907
-
2 907
Other
-
-
-
(2)
(2)
Tota l
10 877
1 519
2 907
(2)
15 301
REVENUES BASED ON GEOGRAPHIC LOCATION OF CUSTOMERS 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "Note 07 Employee benefit expenses and audit fees Audit fees The table below shows total charges for auditing and other services. All amounts are exclusive of VAT. AUDIT FEE TO THE AUDITORS IN THE GROUP ENTITIES IS AS FOLLOWS (EXCLUDING VAT)
Amounts in NOK million
2025
2024
Statutory audit
5
5
Other assurance services
1)
2
1
Other non-assurance services
0
0
Tota l
7
6
1) Includes fee for attestation of CSRD reporting EMPLOYEE BENEFIT EXPENSES
Amounts in NOK million
2025
2024
Salaries
694
666
Social security expenses
192
179
Contribution to pension schemes
54
48
Fees for external staff
82
90
Share option plan (see note 18)
(1)
8
Bonuses
22
11
Other expenses
50
11
Tota l
1 094
1 013
The number of full-time equivalents that has been employed during the financial year
1 122
1 157
Pension plans For the Norwegian entities the main pension plan is a defined contribution plan, but the conditions differ between different legal entities. For the main scheme, the contribution to each individual pension plan is 3 per cent of annual salary up to 7.1G and 8 per cent of annual salary bewteen 7.1 - 12G. 1G refers to the Norwegian national insurance scheme\u2019s basic amount, which is NOK 130.160 as of 1 May 2025. Group management is included in the group\u2019s ordinary defined contribution pension schemes. In addition, Norwegian employees have a supplementary scheme for salary above 12G. As of 1 January 2023, the group established an additional defined contribution pension scheme (the 12G pension plan) for the group management with annual salary above 12G employed in the Norwegian entities, with a conribution of 23 per cent of annual salary. In addition, Komplett Services AS and NetOnNet NUF participates in the early retirement scheme AFP. This is a multi-employer plan accounted for as a defined contribution plan in accordance with the Ministry of Finance\u2019s conclusion, hence there is no provision for this in the balance sheet. This year, recognised expenses for defined contribution plans (including multi-employer plans) amount to NOK 11.0 million and the yearly pension premium to AFP is NOK 4.1 million or 2.7 per cent in 2025. The cost for the unfunded pension scheme above 12G is NOK 3.8 million. The company\u2019s retirement schemes meet the minimum requirement of the Norwegian Act of Mandatory Occupational Pension. In Sweden, there are two pension schemes: ITP1 and ITP2. Employees born in 1978 or before are members of ITP2, while the remaining employees are part of ITP1. ITP2 is a mixed scheme with one part based on final salary and one part based on defined contribution. ITP2 is a multi-employer plan and fully recognised as a defined contribution plan. This is in accordance with UFR10 \u201cUttalande fr\u00e5n r\u00e5det f\u00f6r finansiell rapportering\u201d. ITP1 is a regular defined contribution plan and this year\u2019s recognised expenses for the two plans amount to NOK 33.3 million. Short-term incentive plan The bonus scheme for group management consists of the following elements: 1. budgeted EBIT, 2. budgeted sale, 3. working capital % 4. discretionary evaluation. The company provides severance pay that is regulated by the employment contract and which is considered to be fair and reasonable for the position in question and the scope of responsibility the position holds. In special situations, the final consideration can be increased if the reason for the termination of the employment implies it. Long-term incentive plan Effective since June 2021, a long-term incentive programme (the \u201cLTI programme\u201d) has been established for the executive management team, key employees and certain identified young talents. At 31 December 2025, 23 employees were included in the option programme. The share option plan is further presented in note 18. The options vest gradually over three years after grant, of which 20 per cent of the options vest after one year, 20 per cent vest after two years, and the remaining 60 per cent vest after three years. All options granted before 2025 expires five years after the date of grant. Options granted after May 7 2025 will expire four years after the date of grant. The maximum benefit from the 2025 option programme is four times the base salary at the year of grant. KEY MANAGEMENT COMPENSATION
2025
2024
Extra- Value of Extra- Value of
Bonuses ordinary Other options Bonuses ordinary Other options
Amounts in NOK million
Salary
earned
items
Pension
benefits
granted
Tot a l
Salary
earned
items
Pension
benefits
granted
Tot a l
Ros-Marie Grus\u00e8n, group CEO
3.00
0.89
-
0.58
0.40
4.36
9.23
-
-
-
-
-
-
-
Thomas R\u00f8kke, group CFO
4.02
1.20
-
0.69
0.47
1.21
7.60
3.87
0.58
-
0.65
0.47
2.36
7.93
Trygve Hillesland, managing director Webhallen / group CCO
2.44
0.25
-
0.30
0.20
0.69
3.89
2.12
0.33
-
0.24
0.20
0.91
3.80
Markus Solvik, group CSO
2.52
0.75
-
0.33
0.19
0.76
4.55
2.43
0.36
-
0.31
0.19
1.00
4.29
Kristian Kjernsmo, group COO
1.65
0.74
-
0.20
0.13
0.74
3.46
-
-
-
-
-
-
-
Morten Johnsen, managing director Komplett Services
3.10
1.26
-
0.45
0.01
0.94
5.75
-
-
-
-
-
-
-
Kim Andersson, managing director Webhallen
0.43
0.0 1
-
0.09
-
0.21
0.74
-
-
-
-
-
-
-
Robin Malmqvist, managing director NetOnNet
0.64
0.01
0.26
0.12
-
-
1.03
-
-
-
-
-
-
-
Josefin Dalum, managing director NetOnNet
2.64
-
0.66
0.79
0.08
-
4.17
2.52
0.37
-
0.88
0.08
0.99
4.83
Jaan Ivar Semlitsch, group CEO
3.94
-
1.00
0.75
0.11
-
5.81
6.76
-
-
1.34
0.19
4.13
12.41
Andreas Westgaard, group CCO
3.77
-
4.30
0.62
0.42
-
9.11
3.95
0.59
-
0.66
0.19
2.41
7.81
Kristin H. Torgersen, group CHRO
2.42
-
0.83
0.30
0.16
-
3.71
2.33
0.35
-
0.29
0.16
0.96
4.08
Erlend Stefansson, managing director Komplett Services
1.82
-
2.08
0.26
0.13
-
4.30
3.12
0.46
-
0.47
0.19
1.29
5.53
Anders Torell, managing director Webhallen
-
-
-
-
-
-
-
0.25
-
0.05
0.01
-
0.30
Tota l
32.39
5.12
9.13
5.49
2.31
8.89
63.33
27.34
3.04
-
4.88
1.67
14.05
50.97
Below is an overview of management share options. KEY MANAGEMENT SHARE OPTIONS
Opening Average exercise Ending Average exercise Average
balance
Granted
Forfeited
Exercised
price (A) balance price (B) maturity
Ros-Marie Grus\u00e9n, group CEO (Aug-Dec)
-
1 000 000
-
-
-
1 000 000
11.13
3.59
Jaan Ivar Semlitsch, group CEO (Jan-Jul)
1 672 279
(1 672 279)
-
-
-
-
-
Thomas R\u00f8kke, group CFO
1 031 988
244 620
-
-
-
1 276 608
12.29
3.17
Andreas Westgaard, group CCO (Jan-Nov)
1 101 113
(880 891)
(220 222)
9.20
-
Markus Solvik, group CSO
478 348
153 340
-
-
-
631 688
12.73
3.16
Kristian Kjernsmo, group COO (May-Dec)
-
150 465
-
-
-
150 465
15.68
3.73
Kristin H. Torgersen, group CHRO
775 583
(775 583)
-
-
-
-
-
Morten Johnsen, managing director Komplett Services (Feb-Dec)
-
189 677
-
-
-
189 677
15.68
3.73
Erlend Stefansson, managing director Komplett Services (Jan)
620 167
(445 296)
(174 871)
9.20
-
-
-
Josefin Dalum, managing director NetOnNet (Jan-Aug)
281 209
(281 209)
-
-
-
-
-
Trygve Hillesland, group CCO
258 059
139 096
-
-
-
397 155
11.72
3.49
Kim Andersson, managing director Webhallen (Oct-Dec)
-
39 211
-
-
-
39 211
15.68
3.73
Tota l
6 218 746
1 916 409
(4 055 258)
(395 093)
-
3 684 804
-
-
(A) - average exercise price for options exercised during the year. (B) - average exercise price for options at the end of the year.
COMPENSATION TO THE BOARD OF DIRECTORS 2025
Amounts in NOK million
Role
Committee
2025
2024
Jaan Ivar Semlitsch, group CEO (2025-2027)
Chair
-
0.28
-
Jo Lunder (2022-2024)
Chair
-
0.38
0.63
Jan Ole Stangeland (2023-2027)
Director
Audit and remuneration
0.57
0.57
Ingvild N\u00e6ss (2023-2027)
Director
Audit
0.45
0.45
Fabian Bengtsson (2022-2026)
Director
Audit and remuneration
0.63
0.63
Susanne Ehnb\u00e5ge (2023-2026)
Director
Remuneration
0.46
0.48
Anders Odden (2019-2027)
Worker director
-
0.17
0.16
Emelie Victorin (2024-2027)
Worker director
-
0.17
0.10
Anna Fernmo (2021-2024)
Worker director
-
-
0.07
Ingrid Haugen Fougner (2025-2026)
Observator
-
0.10
-
Sverre Kj\u00e6r (2021-2026)
Chair
Nomination
0.08
0.08
Nina C. Hagen (2021-2026)
-
Nomination
0.04
0.04
Martin Bengtson (2023-2026)
-
Nomination
0.04
0.04
Tota l
3.38
3.23
SHARES HELD BY GROUP MANAGEMENT AND
BOARD MEMBERS AT 31 DECEMBER 2025
Number of shares
Ros-Marie Grus\u00e9n, group CEO (Aug-Dec)
218 000
Trygve Hillesland, group CCO
45 000
Jaan Ivar Semlitsch, chair
180 000
Jan Ole Stangeland, director
76 296
Fabian Bengtson, director (SIBA Invest AB)
55 581 404
Tota l
56 100 700
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
Audit fees
The table below shows total charges for auditing and other services. All amounts are exclusive of VAT.
AUDIT FEE TO THE AUDITORS IN THE GROUP ENTITIES IS AS FOLLOWS (EXCLUDING VAT)
Amounts in NOK million
2025
2024
Statutory audit
5
5
Other assurance services
1)
2
1
Other non-assurance services
0
0
Tota l
7
6
1)
Includes fee for attestation of CSRD reporting
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
KEY MANAGEMENT COMPENSATION
2025
2024
Extra- Value of Extra- Value of
Bonuses ordinary Other options Bonuses ordinary Other options
Amounts in NOK million
Salary
earned
items
Pension
benefits
granted
Tot a l
Salary
earned
items
Pension
benefits
granted
Tot a l
Ros-Marie Grus\u00e8n, group CEO
3.00
0.89
-
0.58
0.40
4.36
9.23
-
-
-
-
-
-
-
Thomas R\u00f8kke, group CFO
4.02
1.20
-
0.69
0.47
1.21
7.60
3.87
0.58
-
0.65
0.47
2.36
7.93
Trygve Hillesland, managing director Webhallen / group CCO
2.44
0.25
-
0.30
0.20
0.69
3.89
2.12
0.33
-
0.24
0.20
0.91
3.80
Markus Solvik, group CSO
2.52
0.75
-
0.33
0.19
0.76
4.55
2.43
0.36
-
0.31
0.19
1.00
4.29
Kristian Kjernsmo, group COO
1.65
0.74
-
0.20
0.13
0.74
3.46
-
-
-
-
-
-
-
Morten Johnsen, managing director Komplett Services
3.10
1.26
-
0.45
0.01
0.94
5.75
-
-
-
-
-
-
-
Kim Andersson, managing director Webhallen
0.43
0.0 1
-
0.09
-
0.21
0.74
-
-
-
-
-
-
-
Robin Malmqvist, managing director NetOnNet
0.64
0.01
0.26
0.12
-
-
1.03
-
-
-
-
-
-
-
Josefin Dalum, managing director NetOnNet
2.64
-
0.66
0.79
0.08
-
4.17
2.52
0.37
-
0.88
0.08
0.99
4.83
Jaan Ivar Semlitsch, group CEO
3.94
-
1.00
0.75
0.11
-
5.81
6.76
-
-
1.34
0.19
4.13
12.41
Andreas Westgaard, group CCO
3.77
-
4.30
0.62
0.42
-
9.11
3.95
0.59
-
0.66
0.19
2.41
7.81
Kristin H. Torgersen, group CHRO
2.42
-
0.83
0.30
0.16
-
3.71
2.33
0.35
-
0.29
0.16
0.96
4.08
Erlend Stefansson, managing director Komplett Services
1.82
-
2.08
0.26
0.13
-
4.30
3.12
0.46
-
0.47
0.19
1.29
5.53
Anders Torell, managing director Webhallen
-
-
-
-
-
-
-
0.25
-
0.05
0.01
-
0.30
Tota l
32.39
5.12
9.13
5.49
2.31
8.89
63.33
27.34
3.04
-
4.88
1.67
14.05
50.97
Below is an overview of management share options.
KEY MANAGEMENT SHARE OPTIONS
Opening Average exercise Ending Average exercise Average
balance
Granted
Forfeited
Exercised
price (A) balance price (B) maturity
Ros-Marie Grus\u00e9n, group CEO (Aug-Dec)
-
1 000 000
-
-
-
1 000 000
11.13
3.59
Jaan Ivar Semlitsch, group CEO (Jan-Jul)
1 672 279
(1 672 279)
-
-
-
-
-
Thomas R\u00f8kke, group CFO
1 031 988
244 620
-
-
-
1 276 608
12.29
3.17
Andreas Westgaard, group CCO (Jan-Nov)
1 101 113
(880 891)
(220 222)
9.20
-
Markus Solvik, group CSO
478 348
153 340
-
-
-
631 688
12.73
3.16
Kristian Kjernsmo, group COO (May-Dec)
-
150 465
-
-
-
150 465
15.68
3.73
Kristin H. Torgersen, group CHRO
775 583
(775 583)
-
-
-
-
-
Morten Johnsen, managing director Komplett Services (Feb-Dec)
-
189 677
-
-
-
189 677
15.68
3.73
Erlend Stefansson, managing director Komplett Services (Jan)
620 167
(445 296)
(174 871)
9.20
-
-
-
Josefin Dalum, managing director NetOnNet (Jan-Aug)
281 209
(281 209)
-
-
-
-
-
Trygve Hillesland, group CCO
258 059
139 096
-
-
-
397 155
11.72
3.49
Kim Andersson, managing director Webhallen (Oct-Dec)
-
39 211
-
-
-
39 211
15.68
3.73
Tota l
6 218 746
1 916 409
(4 055 258)
(395 093)
-
3 684 804
-
-
(A) - average exercise price for options exercised during the year.
(B) - average exercise price for options at the end of the year.
COMPENSATION TO THE BOARD OF DIRECTORS 2025
Amounts in NOK million
Role
Committee
2025
2024
Jaan Ivar Semlitsch, group CEO (2025-2027)
Chair
-
0.28
-
Jo Lunder (2022-2024)
Chair
-
0.38
0.63
Jan Ole Stangeland (2023-2027)
Director
Audit and remuneration
0.57
0.57
Ingvild N\u00e6ss (2023-2027)
Director
Audit
0.45
0.45
Fabian Bengtsson (2022-2026)
Director
Audit and remuneration
0.63
0.63
Susanne Ehnb\u00e5ge (2023-2026)
Director
Remuneration
0.46
0.48
Anders Odden (2019-2027)
Worker director
-
0.17
0.16
Emelie Victorin (2024-2027)
Worker director
-
0.17
0.10
Anna Fernmo (2021-2024)
Worker director
-
-
0.07
Ingrid Haugen Fougner (2025-2026)
Observator
-
0.10
-
Sverre Kj\u00e6r (2021-2026)
Chair
Nomination
0.08
0.08
Nina C. Hagen (2021-2026)
-
Nomination
0.04
0.04
Martin Bengtson (2023-2026)
-
Nomination
0.04
0.04
Tota l
3.38
3.23
SHARES HELD BY GROUP MANAGEMENT AND BOARD MEMBERS AT 31 DECEMBER 2025
Number of shares
Ros-Marie Grus\u00e9n, group CEO (Aug-Dec)
218 000
Trygve Hillesland, group CCO
45 000
Jaan Ivar Semlitsch, chair
180 000
Jan Ole Stangeland, director
76 296
Fabian Bengtson, director (SIBA Invest AB)
55 581 404
Tota l
56 100 700
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
Note 08 Finance income and expenses
FINANCE INCOME
Amounts in NOK million
2025
2024
Interest income
20
12
Foreign exchange gains
1
2
Other finance income
1
0
Total financial income
22
14
FINANCE EXPENSES
Amounts in NOK million
2025
2024
Interest on debts and borrowings
154
120
Interest on leases
22
23
Foreign exchange losses
11
0
Other finance expenses
6
41
Total finance expenses
192
185
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "Note 08 Finance income and expenses FINANCE INCOME
Amounts in NOK million
2025
2024
Interest income
20
12
Foreign exchange gains
1
2
Other finance income
1
0
Total financial income
22
14
FINANCE EXPENSES
Amounts in NOK million
2025
2024
Interest on debts and borrowings
154
120
Interest on leases
22
23
Foreign exchange losses
11
0
Other finance expenses
6
41
Total finance expenses
192
185
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "FINANCE INCOME
Amounts in NOK million
2025
2024
Interest income
20
12
Foreign exchange gains
1
2
Other finance income
1
0
Total financial income
22
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "FINANCE INCOME
Amounts in NOK million
2025
2024
Interest income
20
12
Foreign exchange gains
1
2
Other finance income
1
0
Total financial income
22
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "FINANCE EXPENSES
Amounts in NOK million
2025
2024
Interest on debts and borrowings
154
120
Interest on leases
22
23
Foreign exchange losses
11
0
Other finance expenses
6
41
Total finance expenses
192
185
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "FINANCE EXPENSES
Amounts in NOK million
2025
2024
Interest on debts and borrowings
154
120
Interest on leases
22
23
Foreign exchange losses
11
0
Other finance expenses
6
41
Total finance expenses
192
185
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
Note 09 Income tax
TAXABLE INCOME
Amounts in NOK million
2025
2024
Profit before tax
(725)
(236)
Non taxable items
1)
577
31
Use of tax loss carried forward
62
(4)
Changes in temporary differences
183
66
Taxable income
96
(144)
Income tax expense:
Current income tax
3
-
Correction of previous years current income taxes
0
(3)
Changes in deferred tax
(69)
(41)
Total income tax expense
(65)
(44)
Income tax expense Norwegian operations
(32)
(29)
Income tax expense foreign operations
(33)
(15)
Total income tax expense
(65)
(44)
1)
Includes non-deductible costs such as transaction costs, representation, gifts and non-taxable income such as capital gains and dividends
from associated companies. The majority of non-deductible cost in 2025 relates to impairment.
RECONCILIATION OF EFFECTIVE TAX RATE
Amounts in NOK million
2025
2024
Profit before tax
(725)
(236)
Income tax based on applicable tax rate (22%)
(159)
(52)
Effect from foreign currency and different tax rates
2
1
Changes in not recognised tax loss carried forward
(35)
1
Effect of income from associated company after tax
0
-
Correction of previous years current income taxes
(1)
(4)
Effect of double tax on branch
3
3
Not deductible expenses
127
7
Effect of used not capitalised deferred tax asset
(1)
-
Income tax expense
(65)
(44)
Effective tax rate
9.0%
18.6%
TEMPORARY DIFFERENCES AND TAX POSITIONS
Amounts in NOK million
2025
2024
Intangible assets
1 483
1 449
Property, plant, and equipment
(58)
(58)
Inventories
(12)
(26)
Receivables
(6)
(5)
Provisions
(77)
(32)
Tax losses carried forward
2)
(626)
(535)
Total temporary differences and tax positions
704
794
Temporary differences and tax positions not included in the basis for deferred tax
2)
79
227
Basis for deferred tax
782
1 021
Net deferred tax
154
206
Specification in the statement of financial position:
Deferred tax asset
107
270
Deferred tax
261
63
Net deferred tax
154
206
Tax payable in the statement of financial position:
Current income tax payable
3
0
Prepaid tax/prior income tax payable
(1)
8
Net tax payable
2
8
2)
The tax loss carried forward has occurred in the period 2002\u20132025. When calculating the group\u2019s deferred tax assets, tax loss carried forward
is only included to the extent that there is convincing evidences that tax losses can be utilised. It is the company\u2019s assessment that the
activated tax benefit can be exploited. Under current tax rules, there is no expiration date related to the tax-reducing temporary differences.
A portion of the tax income recognised in 2025 relates to the utilisation of tax loss carryforwards that had previously
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "TEMPORARY DIFFERENCES AND TAX POSITIONS
Amounts in NOK million
2025
2024
Intangible assets
1 483
1 449
Property, plant, and equipment
(58)
(58)
Inventories
(12)
(26)
Receivables
(6)
(5)
Provisions
(77)
(32)
Tax losses carried forward
2)
(626)
(535)
Total temporary differences and tax positions
704
794
Temporary differences and tax positions not included in the basis for deferred tax
2)
79
227
Basis for deferred tax
782
1 021
Net deferred tax
154
206
Specification in the statement of financial position:
Deferred tax asset
107
270
Deferred tax
261
63
Net deferred tax
154
206
Tax payable in the statement of financial position:
Current income tax payable
3
0
Prepaid tax/prior income tax payable
(1)
8
Net tax payable
2
8
2) The tax loss carried forward has occurred in the period 2002\u20132025. When calculating the group\u2019s deferred tax assets, tax loss carried forward is only included to the extent that there is convincing evidences that tax losses can be utilised. It is the company\u2019s assessment that the activated tax benefit can be exploited. Under current tax rules, there is no expiration date related to the tax-reducing temporary differences. A portion of the tax income recognised in 2025 relates to the utilisation of tax loss carryforwards that had previously ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "TEMPORARY DIFFERENCES AND TAX POSITIONS
Amounts in NOK million
2025
2024
Intangible assets
1 483
1 449
Property, plant, and equipment
(58)
(58)
Inventories
(12)
(26)
Receivables
(6)
(5)
Provisions
(77)
(32)
Tax losses carried forward
2)
(626)
(535)
Total temporary differences and tax positions
704
794
Temporary differences and tax positions not included in the basis for deferred tax
2)
79
227
Basis for deferred tax
782
1 021
Net deferred tax
154
206
Specification in the statement of financial position:
Deferred tax asset
107
270
Deferred tax
261
63
Net deferred tax
154
206
Tax payable in the statement of financial position:
Current income tax payable
3
0
Prepaid tax/prior income tax payable
(1)
8
Net tax payable
2
8
2) The tax loss carried forward has occurred in the period 2002\u20132025. When calculating the group\u2019s deferred tax assets, tax loss carried forward is only included to the extent that there is convincing evidences that tax losses can be utilised. It is the company\u2019s assessment that the activated tax benefit can be exploited. Under current tax rules, there is no expiration date related to the tax-reducing temporary differences. A portion of the tax income recognised in 2025 relates to the utilisation of tax loss carryforwards that had previously ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
Note 10 Earnings per share
Amounts in NOK million
2025
2024
Result allocated to the holders of ordinary shares
Profit for the year
(660)
(192)
Result allocated to the holders of ordinary shares
(660)
(192)
Average number of shares
Shares at the beginning of the period
175 341 161
175 341 161
Effect of new shares
-
-
Average number of shares
175 341 161
175 341 161
Earnings per share (basic and diluted) - in NOK
(3.76)
(1.10)
The basic earnings per share are calculated as the
ratio of the profit for the period that is due to the
shareholders of the parent divided by the weighted
average number of ordinary shares outstanding.
Diluted earnings per share
The group has an option programme (see note 18),
but since earnings per share are negative, this has no
dilutive effect. There are also no other instruments that
will have a dilutive effect on earnings per share at 31
December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
Note 11 Intangible assets
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tot al
Cost at 31 December 2023
2 389
878
527
1 207
5 002
Additions
-
102
-
-
102
Disposals
-
(143)
-
-
(143)
Foreign currency effects
15
3
6
19
43
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Additions
-
86
-
-
86
Disposals
-
(21)
-
-
(21)
Foreign currency effects
41
17
22
77
157
Cost at 31 December 2025
2 445
921
555
1 304
5 225
Acc. amortisation and impairments at 31 December 2023
(1 051)
(569)
(262)
-
(1 882)
Amortisation charge
-
(80)
(52)
-
(132)
Disposals
-
143
-
-
143
Impairments
-
-
-
-
-
Foreign currency effects
0
(1)
(2)
-
(3)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Amortisation charge
-
(89)
(53)
-
(142)
Disposals
-
21
-
-
21
Impairments
(534)
(1)
-
-
(536)
Foreign currency effects
(4)
(9)
(11)
-
(23)
Acc. amortisation and impairments at 31 December 2025
(1 589)
(584)
(381)
-
(2 554)
Carrying amount at 31 December 2023
1 338
309
265
1 207
3 120
Carrying amount at 31 December 2024
1 353
333
217
1 227
3 130
Carrying amount at 31 December 2025
856
337
174
1 304
2 671
Carrying amount of assets with indefinite life
856
-
-
1 304
2 160
Amortisation rate
15\u201325%
14\u201320%
The group amortises all intangible asset based on the linear method.
USEFUL ECONOMIC LIFE
2025
2024
Customer relationships
5 - 7 years
5 - 7 years
Software
3 - 7 years
3 - 7 years
Brand names are considered to have an indefinite lifetime and are therefore not depreciated but are subject to annual impairment testing. The depreciation period for customer relationships is based on the best estimate for economic life for the assets. Goodwill acquired through acquisitions is allocated to six individual cash-generating unit (CGU). INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2025
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
153
80
-
-
233
Komplett B2B
218
30
-
-
248
Itegra
68
60
-
5
133
Webhallen
-
63
-
56
119
Ironstone
78
12
2
5
98
NetOnNet
339
91
173
1 237
1 840
Total at 31 December 2024
856
337
174
1 304
2 671
INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2024
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
164
79
-
-
243
Komplett B2B
218
33
-
-
251
Itegra
68
69
-
5
141
Webhallen
86
63
-
53
203
Ironstone
78
15
5
5
103
NetOnNet
739
74
212
1 164
2 188
Total at 31 December 2025
1 353
333
217
1 227
3 130
Impairment test of goodwill and intangible assets
Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) as presented above. The recoverable amount of each
CGU is determined based on value in use, calculated using discounted future cash flows.
The impairment tests are based on the budget for 2026 and projections derived from the group\u2019s long-term strategic
plan. Budgeted figures for 2026 reflect historical performance and management\u2019s expectations regarding market
developments. Growth rates for the period 2027\u20132030, are in accordance with the management\u2019s long-term plan
and are used to make projection with basis in the 2026 budget. After 2030, 2 per cent perpetual growth is applied and
estimations are based on cash flows in the year 2030.
The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. Interest rates
are built on 10-year governmental bonds in the same country as the relevant CGU and other relevant assumptions
have been benchmarked against external sources. Both growth rates and margin rates have been reviewed in light of
industry peers as well as the entity\u2019s own historical performance. The group has considered whether climate-related
matters have an impact on the impairment testing of goodwill, including future cash flows estimates, as well as the
useful life of other assets. No significant such impacts have been identified affecting the impairment test in 2025.
Overall assessment of impairment charges
The recovery of the market is progressing at a slower pace than initially projected, and both Webhallen and NetOnNet
have underperformed relative to expectations. As at the end of 2024, there was minimal headroom for impairment
charges. Given actual performance has fallen short of the estimates used in last year\u2019s impairment assessment,
combined with a downward adjustment of the financial assumptions used in the forecast period, it has been
determined that a reduction in the carrying value of goodwill is necessary. The impairment charges are for CGU
NetOnNet NOK 443 million and CGU Webhallen NOK 91 million. Several measures have been implemented, including
consolidation of logistics and back-office functions for the two entities, other costs measure as well as commercial
measures. Positive impact from these actions is expected to increase into 2026 for both entities.
KEY ASSUMPTIONS APPLIED
Long term EBIT-margin Discount rate
Cash generating unit growth rate in sales terminal value (after tax)
NetOnNet
2.0%
3.5%
10.0%
Webhallen
2.0%
1.7%
10.0%
Ironstone
2.0%
10.0%
12.0%
Komplett B2C
2.0%
4.0%
11.5%
Komplett B2B
2.0%
6.0%
11.5%
Itegra
2.0%
1.5%
11.5%
Sensitivity analysis
A sensitivity analysis based on changes in revenue growth in the terminal value, the EBIT margin in the terminal value,
and the change in discount rate has been carried out for each CGU. For the CGUs Ironstone, Komplett B2C, Komplett
B2B, and Itegra no reasonable changes in key assumptions would result in the value in use being lower than the
carrying amount.
For the CGUs NetOnNet and Webhallen, where impairment charges have been recognised in 2025, and where all
reasonable changes in key assumption has been considered, the headroom is nil and technically any adverse changes
in key assumptions will decrease the value in use and would result in additional impairment charges. The table below
shows a sensitivity analysis of the effect in NOK million for selected changes in key assumptions for these two CGUs.
The impairment charges recognised in 2023 and 2025 have materially reduced balance sheet exposure. However,
the remaining carrying amounts remain dependent on a demonstrated improvement and normalisation of future
performance in the two Swedish entities.
CASH GENERATING UNIT
Amounts in NOK million
Growth in terminal value
EBIT-margin in TV
Discount rate
Changes in assumptions
-0.5 pp
-1.0 pp
- 0.5 pp
- 1.0 pp
+ 0.5 p
+ 1.0 p
NetOnNet
(89)
(1 691)
(237)
(473)
(132)
(249)
Webhallen
(9)
(17)
(74)
(148)
(18)
(35)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "Note 11 Intangible assets
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tot al
Cost at 31 December 2023
2 389
878
527
1 207
5 002
Additions
-
102
-
-
102
Disposals
-
(143)
-
-
(143)
Foreign currency effects
15
3
6
19
43
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Additions
-
86
-
-
86
Disposals
-
(21)
-
-
(21)
Foreign currency effects
41
17
22
77
157
Cost at 31 December 2025
2 445
921
555
1 304
5 225
Acc. amortisation and impairments at 31 December 2023
(1 051)
(569)
(262)
-
(1 882)
Amortisation charge
-
(80)
(52)
-
(132)
Disposals
-
143
-
-
143
Impairments
-
-
-
-
-
Foreign currency effects
0
(1)
(2)
-
(3)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Amortisation charge
-
(89)
(53)
-
(142)
Disposals
-
21
-
-
21
Impairments
(534)
(1)
-
-
(536)
Foreign currency effects
(4)
(9)
(11)
-
(23)
Acc. amortisation and impairments at 31 December 2025
(1 589)
(584)
(381)
-
(2 554)
Carrying amount at 31 December 2023
1 338
309
265
1 207
3 120
Carrying amount at 31 December 2024
1 353
333
217
1 227
3 130
Carrying amount at 31 December 2025
856
337
174
1 304
2 671
Carrying amount of assets with indefinite life
856
-
-
1 304
2 160
Amortisation rate
15\u201325%
14\u201320%
The group amortises all intangible asset based on the linear method.
USEFUL ECONOMIC LIFE
2025
2024
Customer relationships
5 - 7 years
5 - 7 years
Software
3 - 7 years
3 - 7 years
Brand names are considered to have an indefinite lifetime and are therefore not depreciated but are subject to annual
impairment testing. The depreciation period for customer relationships is based on the best estimate for economic
life for the assets. Goodwill acquired through acquisitions is allocated to six individual cash-generating unit (CGU).
INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2025
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
153
80
-
-
233
Komplett B2B
218
30
-
-
248
Itegra
68
60
-
5
133
Webhallen
-
63
-
56
119
Ironstone
78
12
2
5
98
NetOnNet
339
91
173
1 237
1 840
Total at 31 December 2024
856
337
174
1 304
2 671
INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2024
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
164
79
-
-
243
Komplett B2B
218
33
-
-
251
Itegra
68
69
-
5
141
Webhallen
86
63
-
53
203
Ironstone
78
15
5
5
103
NetOnNet
739
74
212
1 164
2 188
Total at 31 December 2025
1 353
333
217
1 227
3 130
Impairment test of goodwill and intangible assets Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) as presented above. The recoverable amount of each CGU is determined based on value in use, calculated using discounted future cash flows. The impairment tests are based on the budget for 2026 and projections derived from the group\u2019s long-term strategic plan. Budgeted figures for 2026 reflect historical performance and management\u2019s expectations regarding market developments. Growth rates for the period 2027\u20132030, are in accordance with the management\u2019s long-term plan and are used to make projection with basis in the 2026 budget. After 2030, 2 per cent perpetual growth is applied and estimations are based on cash flows in the year 2030. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. Interest rates are built on 10-year governmental bonds in the same country as the relevant CGU and other relevant assumptions have been benchmarked against external sources. Both growth rates and margin rates have been reviewed in light of industry peers as well as the entity\u2019s own historical performance. The group has considered whether climate-related matters have an impact on the impairment testing of goodwill, including future cash flows estimates, as well as the useful life of other assets. No significant such impacts have been identified affecting the impairment test in 2025. Overall assessment of impairment charges The recovery of the market is progressing at a slower pace than initially projected, and both Webhallen and NetOnNet have underperformed relative to expectations. As at the end of 2024, there was minimal headroom for impairment charges. Given actual performance has fallen short of the estimates used in last year\u2019s impairment assessment, combined with a downward adjustment of the financial assumptions used in the forecast period, it has been determined that a reduction in the carrying value of goodwill is necessary. The impairment charges are for CGU NetOnNet NOK 443 million and CGU Webhallen NOK 91 million. Several measures have been implemented, including consolidation of logistics and back-office functions for the two entities, other costs measure as well as commercial measures. Positive impact from these actions is expected to increase into 2026 for both entities. KEY ASSUMPTIONS APPLIED
Long term EBIT-margin Discount rate
Cash generating unit growth rate in sales terminal value (after tax)
NetOnNet
2.0%
3.5%
10.0%
Webhallen
2.0%
1.7%
10.0%
Ironstone
2.0%
10.0%
12.0%
Komplett B2C
2.0%
4.0%
11.5%
Komplett B2B
2.0%
6.0%
11.5%
Itegra
2.0%
1.5%
11.5%
Sensitivity analysis A sensitivity analysis based on changes in revenue growth in the terminal value, the EBIT margin in the terminal value, and the change in discount rate has been carried out for each CGU. For the CGUs Ironstone, Komplett B2C, Komplett B2B, and Itegra no reasonable changes in key assumptions would result in the value in use being lower than the carrying amount. For the CGUs NetOnNet and Webhallen, where impairment charges have been recognised in 2025, and where all reasonable changes in key assumption has been considered, the headroom is nil and technically any adverse changes in key assumptions will decrease the value in use and would result in additional impairment charges. The table below shows a sensitivity analysis of the effect in NOK million for selected changes in key assumptions for these two CGUs. The impairment charges recognised in 2023 and 2025 have materially reduced balance sheet exposure. However, the remaining carrying amounts remain dependent on a demonstrated improvement and normalisation of future performance in the two Swedish entities. CASH GENERATING UNIT
Amounts in NOK million
Growth in terminal value
EBIT-margin in TV
Discount rate
Changes in assumptions
-0.5 pp
-1.0 pp
- 0.5 pp
- 1.0 pp
+ 0.5 p
+ 1.0 p
NetOnNet
(89)
(1 691)
(237)
(473)
(132)
(249)
Webhallen
(9)
(17)
(74)
(148)
(18)
(35)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "Note 11 Intangible assets
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tot al
Cost at 31 December 2023
2 389
878
527
1 207
5 002
Additions
-
102
-
-
102
Disposals
-
(143)
-
-
(143)
Foreign currency effects
15
3
6
19
43
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Additions
-
86
-
-
86
Disposals
-
(21)
-
-
(21)
Foreign currency effects
41
17
22
77
157
Cost at 31 December 2025
2 445
921
555
1 304
5 225
Acc. amortisation and impairments at 31 December 2023
(1 051)
(569)
(262)
-
(1 882)
Amortisation charge
-
(80)
(52)
-
(132)
Disposals
-
143
-
-
143
Impairments
-
-
-
-
-
Foreign currency effects
0
(1)
(2)
-
(3)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Amortisation charge
-
(89)
(53)
-
(142)
Disposals
-
21
-
-
21
Impairments
(534)
(1)
-
-
(536)
Foreign currency effects
(4)
(9)
(11)
-
(23)
Acc. amortisation and impairments at 31 December 2025
(1 589)
(584)
(381)
-
(2 554)
Carrying amount at 31 December 2023
1 338
309
265
1 207
3 120
Carrying amount at 31 December 2024
1 353
333
217
1 227
3 130
Carrying amount at 31 December 2025
856
337
174
1 304
2 671
Carrying amount of assets with indefinite life
856
-
-
1 304
2 160
Amortisation rate
15\u201325%
14\u201320%
The group amortises all intangible asset based on the linear method. USEFUL ECONOMIC LIFE
2025
2024
Customer relationships
5 - 7 years
5 - 7 years
Software
3 - 7 years
3 - 7 years
Brand names are considered to have an indefinite lifetime and are therefore not depreciated but are subject to annual impairment testing. The depreciation period for customer relationships is based on the best estimate for economic life for the assets. Goodwill acquired through acquisitions is allocated to six individual cash-generating unit (CGU). INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2025
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
153
80
-
-
233
Komplett B2B
218
30
-
-
248
Itegra
68
60
-
5
133
Webhallen
-
63
-
56
119
Ironstone
78
12
2
5
98
NetOnNet
339
91
173
1 237
1 840
Total at 31 December 2024
856
337
174
1 304
2 671
INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2024
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
164
79
-
-
243
Komplett B2B
218
33
-
-
251
Itegra
68
69
-
5
141
Webhallen
86
63
-
53
203
Ironstone
78
15
5
5
103
NetOnNet
739
74
212
1 164
2 188
Total at 31 December 2025
1 353
333
217
1 227
3 130
Impairment test of goodwill and intangible assets Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) as presented above. The recoverable amount of each CGU is determined based on value in use, calculated using discounted future cash flows. The impairment tests are based on the budget for 2026 and projections derived from the group\u2019s long-term strategic plan. Budgeted figures for 2026 reflect historical performance and management\u2019s expectations regarding market developments. Growth rates for the period 2027\u20132030, are in accordance with the management\u2019s long-term plan and are used to make projection with basis in the 2026 budget. After 2030, 2 per cent perpetual growth is applied and estimations are based on cash flows in the year 2030. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. Interest rates are built on 10-year governmental bonds in the same country as the relevant CGU and other relevant assumptions have been benchmarked against external sources. Both growth rates and margin rates have been reviewed in light of industry peers as well as the entity\u2019s own historical performance. The group has considered whether climate-related matters have an impact on the impairment testing of goodwill, including future cash flows estimates, as well as the useful life of other assets. No significant such impacts have been identified affecting the impairment test in 2025. Overall assessment of impairment charges The recovery of the market is progressing at a slower pace than initially projected, and both Webhallen and NetOnNet have underperformed relative to expectations. As at the end of 2024, there was minimal headroom for impairment charges. Given actual performance has fallen short of the estimates used in last year\u2019s impairment assessment, combined with a downward adjustment of the financial assumptions used in the forecast period, it has been determined that a reduction in the carrying value of goodwill is necessary. The impairment charges are for CGU NetOnNet NOK 443 million and CGU Webhallen NOK 91 million. Several measures have been implemented, including consolidation of logistics and back-office functions for the two entities, other costs measure as well as commercial measures. Positive impact from these actions is expected to increase into 2026 for both entities. KEY ASSUMPTIONS APPLIED
Long term EBIT-margin Discount rate
Cash generating unit growth rate in sales terminal value (after tax)
NetOnNet
2.0%
3.5%
10.0%
Webhallen
2.0%
1.7%
10.0%
Ironstone
2.0%
10.0%
12.0%
Komplett B2C
2.0%
4.0%
11.5%
Komplett B2B
2.0%
6.0%
11.5%
Itegra
2.0%
1.5%
11.5%
Sensitivity analysis A sensitivity analysis based on changes in revenue growth in the terminal value, the EBIT margin in the terminal value, and the change in discount rate has been carried out for each CGU. For the CGUs Ironstone, Komplett B2C, Komplett B2B, and Itegra no reasonable changes in key assumptions would result in the value in use being lower than the carrying amount. For the CGUs NetOnNet and Webhallen, where impairment charges have been recognised in 2025, and where all reasonable changes in key assumption has been considered, the headroom is nil and technically any adverse changes in key assumptions will decrease the value in use and would result in additional impairment charges. The table below shows a sensitivity analysis of the effect in NOK million for selected changes in key assumptions for these two CGUs. The impairment charges recognised in 2023 and 2025 have materially reduced balance sheet exposure. However, the remaining carrying amounts remain dependent on a demonstrated improvement and normalisation of future performance in the two Swedish entities. CASH GENERATING UNIT
Amounts in NOK million
Growth in terminal value
EBIT-margin in TV
Discount rate
Changes in assumptions
-0.5 pp
-1.0 pp
- 0.5 pp
- 1.0 pp
+ 0.5 p
+ 1.0 p
NetOnNet
(89)
(1 691)
(237)
(473)
(132)
(249)
Webhallen
(9)
(17)
(74)
(148)
(18)
(35)
Note 12 Property, plant and equipment
Leasehold Machinery and
Amounts in NOK million improvements
equipment
To t al
Cost as at 31 December 2023
52
431
483
Additions
7
60
67
Disposals
(1)
(110)
(111)
Impairment
-
-
-
Foreign currency effects
0
(3)
(3)
Cost as at 31 December 2024
58
378
436
Cost as at 31 December 2024
58
378
436
Additions
1
43
44
Disposals
-
(6)
(6)
Impairment
-
-
-
Foreign currency effects
1
20
20
Cost as at 31 December 2025
60
436
495
Acc. depreciation and impairments as at 31 December 2023
(35)
(319)
(354)
Depreciation
(6)
(42)
(48)
Disposals
1
109
110
Foreign currency effects
(0)
4
4
Acc. depreciation and impairments as at 31 December 2024
(41)
(248)
(289)
Acc. preciation and impairments as at 31 December 2024
(41)
(248)
(289)
Depreciation
(7)
(45)
(51)
Disposals
-
6
6
Foreign currency effects
(0)
(15)
(15)
Acc. preciation and impairments as at 31 December 2025
(48)
(303)
(350)
Carrying amount as at 31 December 2023
16
112
128
Carrying amount as at 31 December 2024
17
130
147
Carrying amount as at 31 December 2025
12
133
145
Economic life
3 - 5 years
3 - 7 years
Depreciation rate
20%
15 - 25%
Depreciation method
Linear
Linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Note 11 Intangible assets
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tot al
Cost at 31 December 2023
2 389
878
527
1 207
5 002
Additions
-
102
-
-
102
Disposals
-
(143)
-
-
(143)
Foreign currency effects
15
3
6
19
43
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Cost at 31 December 2024
2 404
839
533
1 227
5 003
Additions
-
86
-
-
86
Disposals
-
(21)
-
-
(21)
Foreign currency effects
41
17
22
77
157
Cost at 31 December 2025
2 445
921
555
1 304
5 225
Acc. amortisation and impairments at 31 December 2023
(1 051)
(569)
(262)
-
(1 882)
Amortisation charge
-
(80)
(52)
-
(132)
Disposals
-
143
-
-
143
Impairments
-
-
-
-
-
Foreign currency effects
0
(1)
(2)
-
(3)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Acc. amortisation and impairments at 31 December 2024
(1 051)
(506)
(316)
-
(1 874)
Amortisation charge
-
(89)
(53)
-
(142)
Disposals
-
21
-
-
21
Impairments
(534)
(1)
-
-
(536)
Foreign currency effects
(4)
(9)
(11)
-
(23)
Acc. amortisation and impairments at 31 December 2025
(1 589)
(584)
(381)
-
(2 554)
Carrying amount at 31 December 2023
1 338
309
265
1 207
3 120
Carrying amount at 31 December 2024
1 353
333
217
1 227
3 130
Carrying amount at 31 December 2025
856
337
174
1 304
2 671
Carrying amount of assets with indefinite life
856
-
-
1 304
2 160
Amortisation rate
15\u201325%
14\u201320%
The group amortises all intangible asset based on the linear method. USEFUL ECONOMIC LIFE
2025
2024
Customer relationships
5 - 7 years
5 - 7 years
Software
3 - 7 years
3 - 7 years
Brand names are considered to have an indefinite lifetime and are therefore not depreciated but are subject to annual impairment testing. The depreciation period for customer relationships is based on the best estimate for economic life for the assets. Goodwill acquired through acquisitions is allocated to six individual cash-generating unit (CGU). INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2025
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
153
80
-
-
233
Komplett B2B
218
30
-
-
248
Itegra
68
60
-
5
133
Webhallen
-
63
-
56
119
Ironstone
78
12
2
5
98
NetOnNet
339
91
173
1 237
1 840
Total at 31 December 2024
856
337
174
1 304
2 671
INTANGIBLE ASSETS BY CASH GENERATING UNITS AT 31 DECEMBER 2024
Customer Brand
Amounts in NOK million
Goodwill
Software
relationships
names
Tota l
Cash generating units
Komplett B2C
164
79
-
-
243
Komplett B2B
218
33
-
-
251
Itegra
68
69
-
5
141
Webhallen
86
63
-
53
203
Ironstone
78
15
5
5
103
NetOnNet
739
74
212
1 164
2 188
Total at 31 December 2025
1 353
333
217
1 227
3 130
Impairment test of goodwill and intangible assets Goodwill is allocated to the Group\u2019s cash-generating units (CGUs) as presented above. The recoverable amount of each CGU is determined based on value in use, calculated using discounted future cash flows. The impairment tests are based on the budget for 2026 and projections derived from the group\u2019s long-term strategic plan. Budgeted figures for 2026 reflect historical performance and management\u2019s expectations regarding market developments. Growth rates for the period 2027\u20132030, are in accordance with the management\u2019s long-term plan and are used to make projection with basis in the 2026 budget. After 2030, 2 per cent perpetual growth is applied and estimations are based on cash flows in the year 2030. The discount rate used is after tax and reflects specific risks to the relevant operating segment/CGU. Interest rates are built on 10-year governmental bonds in the same country as the relevant CGU and other relevant assumptions have been benchmarked against external sources. Both growth rates and margin rates have been reviewed in light of industry peers as well as the entity\u2019s own historical performance. The group has considered whether climate-related matters have an impact on the impairment testing of goodwill, including future cash flows estimates, as well as the useful life of other assets. No significant such impacts have been identified affecting the impairment test in 2025. Overall assessment of impairment charges The recovery of the market is progressing at a slower pace than initially projected, and both Webhallen and NetOnNet have underperformed relative to expectations. As at the end of 2024, there was minimal headroom for impairment charges. Given actual performance has fallen short of the estimates used in last year\u2019s impairment assessment, combined with a downward adjustment of the financial assumptions used in the forecast period, it has been determined that a reduction in the carrying value of goodwill is necessary. The impairment charges are for CGU NetOnNet NOK 443 million and CGU Webhallen NOK 91 million. Several measures have been implemented, including consolidation of logistics and back-office functions for the two entities, other costs measure as well as commercial measures. Positive impact from these actions is expected to increase into 2026 for both entities. KEY ASSUMPTIONS APPLIED
Long term EBIT-margin Discount rate
Cash generating unit growth rate in sales terminal value (after tax)
NetOnNet
2.0%
3.5%
10.0%
Webhallen
2.0%
1.7%
10.0%
Ironstone
2.0%
10.0%
12.0%
Komplett B2C
2.0%
4.0%
11.5%
Komplett B2B
2.0%
6.0%
11.5%
Itegra
2.0%
1.5%
11.5%
Sensitivity analysis A sensitivity analysis based on changes in revenue growth in the terminal value, the EBIT margin in the terminal value, and the change in discount rate has been carried out for each CGU. For the CGUs Ironstone, Komplett B2C, Komplett B2B, and Itegra no reasonable changes in key assumptions would result in the value in use being lower than the carrying amount. For the CGUs NetOnNet and Webhallen, where impairment charges have been recognised in 2025, and where all reasonable changes in key assumption has been considered, the headroom is nil and technically any adverse changes in key assumptions will decrease the value in use and would result in additional impairment charges. The table below shows a sensitivity analysis of the effect in NOK million for selected changes in key assumptions for these two CGUs. The impairment charges recognised in 2023 and 2025 have materially reduced balance sheet exposure. However, the remaining carrying amounts remain dependent on a demonstrated improvement and normalisation of future performance in the two Swedish entities. CASH GENERATING UNIT
Amounts in NOK million
Growth in terminal value
EBIT-margin in TV
Discount rate
Changes in assumptions
-0.5 pp
-1.0 pp
- 0.5 pp
- 1.0 pp
+ 0.5 p
+ 1.0 p
NetOnNet
(89)
(1 691)
(237)
(473)
(132)
(249)
Webhallen
(9)
(17)
(74)
(148)
(18)
(35)
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
Note 12 Property, plant and equipment
Leasehold Machinery and
Amounts in NOK million improvements
equipment
To t al
Cost as at 31 December 2023
52
431
483
Additions
7
60
67
Disposals
(1)
(110)
(111)
Impairment
-
-
-
Foreign currency effects
0
(3)
(3)
Cost as at 31 December 2024
58
378
436
Cost as at 31 December 2024
58
378
436
Additions
1
43
44
Disposals
-
(6)
(6)
Impairment
-
-
-
Foreign currency effects
1
20
20
Cost as at 31 December 2025
60
436
495
Acc. depreciation and impairments as at 31 December 2023
(35)
(319)
(354)
Depreciation
(6)
(42)
(48)
Disposals
1
109
110
Foreign currency effects
(0)
4
4
Acc. depreciation and impairments as at 31 December 2024
(41)
(248)
(289)
Acc. preciation and impairments as at 31 December 2024
(41)
(248)
(289)
Depreciation
(7)
(45)
(51)
Disposals
-
6
6
Foreign currency effects
(0)
(15)
(15)
Acc. preciation and impairments as at 31 December 2025
(48)
(303)
(350)
Carrying amount as at 31 December 2023
16
112
128
Carrying amount as at 31 December 2024
17
130
147
Carrying amount as at 31 December 2025
12
133
145
Economic life
3 - 5 years
3 - 7 years
Depreciation rate
20%
15 - 25%
Depreciation method
Linear
Linear
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
Note 13 Investments in associates
The following entities have been included in the consolidated financial statements using the equity method:
Name
Country
Industry
Proportion of ownership
Fabres Sp. Z.o.o.
Poland
Consulting
40.0%
Based on an overall assessment where size and complexity are taken into account, Fabres Sp. Z.o.o. is considered to
be significant associates. Further information regarding this company is disclosed below.
Fabres Sp. Z.o.o.:
Book value
Amounts in NOK million
2025
2024
At 1 January
8
12
Share of profit after tax
1
1
Dividend
(2)
(5)
At 31 December
8
8
Fabres Sp. Z.o.o. is domiciled in Poland with office in Poznan.
The company is a consulting firm providing IT and finance services.
Fabres Sp. Z.o.o.
Summarised financial information
Amounts in PLN million
2025
2024
Assets
10
11
Liabilities
1
1
Equity
9
9
Revenues
18
19
Total operating expenses
(16)
(17)
Net financial items
(0)
(0)
Profit of the year
1
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Note 13 Investments in associates The following entities have been included in the consolidated financial statements using the equity method:
Name
Country
Industry
Proportion of ownership
Fabres Sp. Z.o.o.
Poland
Consulting
40.0%
Based on an overall assessment where size and complexity are taken into account, Fabres Sp. Z.o.o. is considered to be significant associates. Further information regarding this company is disclosed below. Fabres Sp. Z.o.o.: Book value
Amounts in NOK million
2025
2024
At 1 January
8
12
Share of profit after tax
1
1
Dividend
(2)
(5)
At 31 December
8
8
Fabres Sp. Z.o.o. is domiciled in Poland with office in Poznan. The company is a consulting firm providing IT and finance services. Fabres Sp. Z.o.o. Summarised financial information
Amounts in PLN million
2025
2024
Assets
10
11
Liabilities
1
1
Equity
9
9
Revenues
18
19
Total operating expenses
(16)
(17)
Net financial items
(0)
(0)
Profit of the year
1
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Note 13 Investments in associates The following entities have been included in the consolidated financial statements using the equity method:
Name
Country
Industry
Proportion of ownership
Fabres Sp. Z.o.o.
Poland
Consulting
40.0%
Based on an overall assessment where size and complexity are taken into account, Fabres Sp. Z.o.o. is considered to be significant associates. Further information regarding this company is disclosed below. Fabres Sp. Z.o.o.: Book value
Amounts in NOK million
2025
2024
At 1 January
8
12
Share of profit after tax
1
1
Dividend
(2)
(5)
At 31 December
8
8
Fabres Sp. Z.o.o. is domiciled in Poland with office in Poznan. The company is a consulting firm providing IT and finance services. Fabres Sp. Z.o.o. Summarised financial information
Amounts in PLN million
2025
2024
Assets
10
11
Liabilities
1
1
Equity
9
9
Revenues
18
19
Total operating expenses
(16)
(17)
Net financial items
(0)
(0)
Profit of the year
1
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
Note 14 Trade and other receivables
TRADE RECEIVABLES
Amounts in NOK million
2025
2024
Trade receivables at face value at 31 December
183
160
Less: Provision for expected credit loss
(6)
(7)
Net trade receivables
176
153
Receivables written off during the years
8
11
Collected on receivables written of in prior periods
(7)
(5)
Changes in provision during the year
(2)
(3)
Net write off during the year
(0)
2
Ageing of trade receivables at face value and provision for expected credit loss are as follows:
At 31 December 2025
To t al
Current
0-30d
30-60d
60-90d
>90d
Trade receivables at face value
183
103
55
6
2
17
Provision for expected credit loss
(6)
-
-
(0)
(0)
(6)
Net trade receivables
176
103
55
6
2
11
At 31 December 2024
Tot a l
Current
0-30d
30-60d
60-90d
>90d
Trade receivables at face value
160
95
33
4
5
22
Provision for expected credit loss
(7)
(0)
-
-
-
(6)
Net trade receivables
153
95
33
4
5
16
Komplett has factoring agreements with credit limits of NOK 550 million and SEK 90 million, allowing the group to
sell certain trade receivables and receive immediate payment. During 2025, utilisation of factoring decreased as the
group limited its use to the Distribution segment and discontinued its use in the B2B segment. The group primarily
utilises non-recourse factoring, whereby the factor assumes the rights to the cash flows and the associated risks
and rewards. These receivables are derecognised in accordance with IFRS 9. Recourse factoring arrangements
do not meet the derecognition criteria under IFRS 9. The related receivables therefore remain recognised as trade
receivables, and any prepayments from the factor are recognised as debt. As at 31 December 2025, the group had no
recourse factoring arrangements with prepayments from the factor. Trade receivables of NOK 350 million had been
derecognised under non-recourse factoring agreements, compared with NOK 420 million at the end of 2024.
RECEIVABLES FROM DEFERRED PAYMENT ARRANGEMENTS
Amounts in NOK million
2025
2024
Gross amount receivable at 1 January
56
107
Less provision at 1 January
(29)
(28)
Carrying amount 1 January
27
79
Additions during the year
-
0
Down payments
(8)
(52)
Interest income
1
3
Net losses during the year
(1)
(2)
Change in loss provision
2
(1)
Carrying amount
1)
at 31 December
21
27
Receivables due during next twelve months
50
49
Receivables due after twelve months
-
7
Less provision for losses
(29)
(29)
Tota l
21
27
1)
Carrying amount = gross receivables - loss provision
OTHER CURRENT RECEIVABLES
Amounts in NOK million
2025
2024
Public duties receivable (VAT)/Tax
22
39
Receivables from suppliers
523
567
Prepaid payroll element on option
1
1
Other receivables and prepaid expenses
374
102
Sum
921
709
NON-CURRENT RECEIVABLES
Amounts in NOK million
2025
2024
Rent deposits
0
1
Warranty - The Swedish Customs
4
4
Pension premium fund
4
4
Sum
8
9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Note 14 Trade and other receivables TRADE RECEIVABLES
Amounts in NOK million
2025
2024
Trade receivables at face value at 31 December
183
160
Less: Provision for expected credit loss
(6)
(7)
Net trade receivables
176
153
Receivables written off during the years
8
11
Collected on receivables written of in prior periods
(7)
(5)
Changes in provision during the year
(2)
(3)
Net write off during the year
(0)
2
Ageing of trade receivables at face value and provision for expected credit loss are as follows:
At 31 December 2025
To t al
Current
0-30d
30-60d
60-90d
>90d
Trade receivables at face value
183
103
55
6
2
17
Provision for expected credit loss
(6)
-
-
(0)
(0)
(6)
Net trade receivables
176
103
55
6
2
11
At 31 December 2024
Tot a l
Current
0-30d
30-60d
60-90d
>90d
Trade receivables at face value
160
95
33
4
5
22
Provision for expected credit loss
(7)
(0)
-
-
-
(6)
Net trade receivables
153
95
33
4
5
16
Komplett has factoring agreements with credit limits of NOK 550 million and SEK 90 million, allowing the group to sell certain trade receivables and receive immediate payment. During 2025, utilisation of factoring decreased as the group limited its use to the Distribution segment and discontinued its use in the B2B segment. The group primarily utilises non-recourse factoring, whereby the factor assumes the rights to the cash flows and the associated risks and rewards. These receivables are derecognised in accordance with IFRS 9. Recourse factoring arrangements do not meet the derecognition criteria under IFRS 9. The related receivables therefore remain recognised as trade receivables, and any prepayments from the factor are recognised as debt. As at 31 December 2025, the group had no recourse factoring arrangements with prepayments from the factor. Trade receivables of NOK 350 million had been derecognised under non-recourse factoring agreements, compared with NOK 420 million at the end of 2024. RECEIVABLES FROM DEFERRED PAYMENT ARRANGEMENTS
Amounts in NOK million
2025
2024
Gross amount receivable at 1 January
56
107
Less provision at 1 January
(29)
(28)
Carrying amount 1 January
27
79
Additions during the year
-
0
Down payments
(8)
(52)
Interest income
1
3
Net losses during the year
(1)
(2)
Change in loss provision
2
(1)
Carrying amount
1)
at 31 December
21
27
Receivables due during next twelve months
50
49
Receivables due after twelve months
-
7
Less provision for losses
(29)
(29)
Tota l
21
27
1) Carrying amount = gross receivables - loss provision ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
Note 15 Inventories
Amounts in NOK million
2025
2024
Inventories carried at cost
2 321
2 088
Provision not allocated to specific goods
(25)
(40)
Booked value
2 297
2 048
Amounts in NOK million
2025
2024
Write-down of inventories included in cost of cost sold
6
1
The group makes provision for obsolescence. These provisions are based on a detailed assessment of the age
distribution of inventory items, whether the goods are part of an active or expired product range, if items are likely to
be sold with negative product margin and historical scarping rates. These provisions are estimate-based and require
in-depth knowledge about goods and markets as well as historical data.
The decrease in provision for inventory obsolescence is partly due to a minor adjustment in the calculation model,
resulting in less risk being allocated to this provision and more to the provision for service and guarantee obligations,
see note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "Note 16 Cash and bank deposits
Amounts in NOK million
2025
2024
Cash at hand and on demand bank deposits
814
726
RESTRICTED FUNDS
Amounts in NOK million
2025
2024
Bank deposits bound for payment of tax due
8
5
The company does not have any cash equivalents, only cash in the physical stores and bank deposits. A minor part of the bank deposits are restricted for security of withholding tax on salary.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
RESTRICTED FUNDS
Amounts in NOK million
2025
2024
Bank deposits bound for payment of tax due
8
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "
Note 17 Share capital, shareholder information, and dividend
Number of shares
2025
2024
Ordinary shares
175 341 161
175 341 161
Number Nominal Type of Share premium
Date/year of shares value NOK
change
Share capital
reserve
31 December 2019
14 451 031
2.00
29
1 075
31 December 2020
14 451 031
2.00
29
1 075
May 2021
72 255 155
0.40
Split
1)
29
1 075
31 December 2021
72 255 155
0.40
29
1 075
04 April 2022
107 497 579
0.40
43
2 780
16 November 2022
134 997 579
0.40
54
3 170
08 December 2022
175 297 579
0.40
70
3 741
03 February 2023
175 341 161
0.40
70
3 741
1)
In May 2021, the shareholders at the shareholders meeting resolved a 1 to 5 split of the shares in the company.
All issued shares have equal voting rights and the right to receive dividend.
For computation of earning per share and diluted earning per share, see note 10.
THE 20 LARGEST SHAREHOLDERS AT 31 DECEMBER 2025
Shareholder
Holding
% of capital
Type of account
1
Canica Invest AS
74 376 317
42.42 %
Ordinary
2
Siba Invest AB
55 581 404
31.70 %
Ordinary
3
Sole Active AS
6 165 112
3.52 %
Ordinary
4
The Bank Of New York Mellon Sa/Nv
6 116 715
3.49 %
Ordinary
5
Verdipapirfondet Alfred Berg Gamba
5 478 731
3.12 %
Nominee
6
The Northern Trust Comp, London Br
4 232 010
2.41 %
Nominee
7
Verdipapirfondet Holberg Norge
4 226 644
2.41 %
Ordinary
8
Verdipapirfondet Storebrand Norge
2 349 136
1.34 %
Ordinary
9
Skandinaviska Enskilda Banken AB
2 306 840
1.32 %
Ordinary
10
Wenaasgruppen AS
877 943
0.50 %
Nominee
11
Verdipapirfondet Storebrand Norge
581 918
0.33 %
Ordinary
12
Emis AS
550 000
0.31 %
Ordinary
13
Euroclear Bank S.A./N.V.
505 778
0.29 %
Ordinary
14
Verdipapirfondet Storebrand Norge
491 321
0.28 %
Nominee
15
Cigalep AS
391 777
0.22 %
Ordinary
16
Lt Invest AS
378 646
0.22 %
Ordinary
17
Storebrand Livsforsikring AS
353 972
0.20 %
Ordinary
18
Nordnet Livsforsikring AS
319 435
0.18 %
Ordinary
19
Nordea Bank Abp
308 500
0.18 %
Ordinary
20
Verdipapirfondet Storebrand Aksje
295 845
0.17 %
Ordinary
Total top 20
165 888 044
94.61 %
Other
9 453 117
5.39 %
Total number of shares
175 341 161
100.00 %
SHARES HELD BY BOARD DIRECTORS AND CEO AT 31 DECEMBER 2025
Shareholder
Title
Number of shares
Ros-Marie Grus\u00e9n
CEO
218 000
Fabian Bengtsson (SIBA Invest AB)
Director
55 581 404
Jan Ole Stangeland (Stangeland Invest AS)
Director
76 296
Jaan Ivar G. Semlitsch
Chair
180 000
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "Note 17 Share capital, shareholder information, and dividend
Number of shares
2025
2024
Ordinary shares
175 341 161
175 341 161
Number Nominal Type of Share premium
Date/year of shares value NOK
change
Share capital
reserve
31 December 2019
14 451 031
2.00
29
1 075
31 December 2020
14 451 031
2.00
29
1 075
May 2021
72 255 155
0.40
Split
1)
29
1 075
31 December 2021
72 255 155
0.40
29
1 075
04 April 2022
107 497 579
0.40
43
2 780
16 November 2022
134 997 579
0.40
54
3 170
08 December 2022
175 297 579
0.40
70
3 741
03 February 2023
175 341 161
0.40
70
3 741
1) In May 2021, the shareholders at the shareholders meeting resolved a 1 to 5 split of the shares in the company. All issued shares have equal voting rights and the right to receive dividend. For computation of earning per share and diluted earning per share, see note 10.
THE 20 LARGEST SHAREHOLDERS AT 31 DECEMBER 2025
Shareholder
Holding
% of capital
Type of account
1
Canica Invest AS
74 376 317
42.42 %
Ordinary
2
Siba Invest AB
55 581 404
31.70 %
Ordinary
3
Sole Active AS
6 165 112
3.52 %
Ordinary
4
The Bank Of New York Mellon Sa/Nv
6 116 715
3.49 %
Ordinary
5
Verdipapirfondet Alfred Berg Gamba
5 478 731
3.12 %
Nominee
6
The Northern Trust Comp, London Br
4 232 010
2.41 %
Nominee
7
Verdipapirfondet Holberg Norge
4 226 644
2.41 %
Ordinary
8
Verdipapirfondet Storebrand Norge
2 349 136
1.34 %
Ordinary
9
Skandinaviska Enskilda Banken AB
2 306 840
1.32 %
Ordinary
10
Wenaasgruppen AS
877 943
0.50 %
Nominee
11
Verdipapirfondet Storebrand Norge
581 918
0.33 %
Ordinary
12
Emis AS
550 000
0.31 %
Ordinary
13
Euroclear Bank S.A./N.V.
505 778
0.29 %
Ordinary
14
Verdipapirfondet Storebrand Norge
491 321
0.28 %
Nominee
15
Cigalep AS
391 777
0.22 %
Ordinary
16
Lt Invest AS
378 646
0.22 %
Ordinary
17
Storebrand Livsforsikring AS
353 972
0.20 %
Ordinary
18
Nordnet Livsforsikring AS
319 435
0.18 %
Ordinary
19
Nordea Bank Abp
308 500
0.18 %
Ordinary
20
Verdipapirfondet Storebrand Aksje
295 845
0.17 %
Ordinary
Total top 20
165 888 044
94.61 %
Other
9 453 117
5.39 %
Total number of shares
175 341 161
100.00 %
SHARES HELD BY BOARD DIRECTORS AND CEO AT 31 DECEMBER 2025
Shareholder
Title
Number of shares
Ros-Marie Grus\u00e9n
CEO
218 000
Fabian Bengtsson (SIBA Invest AB)
Director
55 581 404
Jan Ole Stangeland (Stangeland Invest AS)
Director
76 296
Jaan Ivar G. Semlitsch
Chair
180 000
Dividends
The company has not paid any dividends in either 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "Dividends The company has not paid any dividends in either 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
Note 18 Share option plan
The company has a long-term incentive programme, implemented as a share option programme, for members of the
management, key employees and certain identified young talents. The programme has been adopted by the board of
directors of Komplett ASA (\u201cthe company\u201d) to reward employees by enabling them to acquire shares of the company.
At 31 December 2025, 23 employees were included in the option programme.
The strike price for the options granted are based on the final offer price including a premium of 3 per cent annually
from grant date until the options are vested.
The programme is measured at fair value at the date of the grant and the value of the issued options is expensed over
the vesting period, which in this case is gradually over three years after grant. The Black-Scholes option-pricing model
has been used to calculate the fair value.
The cost of the employee share-based transaction is expensed over the average vesting period. The value of the
issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares)
is recognised as salary and personnel cost in profit and loss and in other equity. Social security tax on options is
recorded as a liability and is recognised over the estimated vesting period.
As a result of the termination of unvested options, a reversal of previously recognised costs has been recorded,
resulting in a negative expense for 2025.
TOTAL COSTS AND SOCIAL SECURITY PROVISIONS
Amounts in NOK million
2025
2024
Total IFRS cost
(0.77)
8.34
Total social security provisions
0.65
-
GRANTED INSTRUMENTS 2025
Instrument
Option
Quantity 31 December 2025 (instruments)
2 277 374
Quantity 31 December 2025 (shares)
2 277 374
Contractual life
1)
 4.00
Strike price
1)
 13.60
Share price
1)
 13.06
Expected lifetime
1)
 3.23
Volatility
1)
 0.51
Interest rate
1)
 0.04
Dividend
1)
 -
FV per instrument
1)
 4.74
1)
Weighted average parameters at grant of instrument
QUANTITY AND WEIGHTED AVERAGE PRICES 2025
Activity
Number of instruments
Weighted average strike price
Outstanding options 1.1
7 485 205
13.44
Granted
2 277 374
13.68
Exercised
(395 093)
11.34
Terminated
(4 132 117)
12.37
Outstanding options 31.12
5 235 369
14.55
Vested CB
836 823
24.12
OUTSTANDING INSTRUMENTS OVERVIEW AT 31 DECEMBER 2025
Outstanding instruments
Vested instruments
Weighted Weighted Vested Weighted
Vesting/ Strike Number of average remaining average instruments average
expiry date price instruments contractual life strike price 31.12.20 25 strike price
2025/2029
9.20
242 694
3.36
9.20
242 694
9.20
2026/2029
9.48
242 697
3.36
9.48
-
-
2027/2029
9.76
1 188 012
3.36
9.76
-
-
2027/2029
10.98
66 932
3.67
10.98
-
-
2026/2029
11.10
150 000
3.59
11.10
-
-
2027/2029
11.10
150 000
3.59
11.10
-
-
2028/2029
11.10
450 000
3.59
11.10
-
-
2026/2029
11.20
50 000
3.59
11.20
-
-
2027/2029
11.20
50 000
3.59
11.20
-
-
2028/2029
11.20
150 000
3.59
11.20
-
-
2024/2028
14.40
145 170
2.42
14.40
145 170
14.40
2024/2028
14.83
145 173
2.42
14.83
145 173
14.83
2026/2029
15.04
255 471
3.73
15.04
-
-
2026/2028
15.28
435 519
2.42
15.28
-
-
2027/2029
15.49
255 473
3.73
15.49
-
2028/2029
15.95
766 430
3.73
15.95
-
-
2024/2028
17.86
62 670
2.30
17.86
62 670
17.86
2025/2028
18.40
62 670
2.30
18.40
62 670
18.40
2026/2028
18.95
188 012
2.30
18.95
-
-
2022/2026
61.80
48 535
0.48
61.80
48 535
61.80
2023/2026
63.65
41 193
0.48
63.65
41 193
63.65
2024/2026
65.56
88 718
0.48
65.56
88 718
65.56
Tota l
5 235 369
836 823
QUANTITY AND WEIGHTED AVERAGE PRICES 2024
Activity
Number of instruments
Weighted average strike price
Outstanding options 1.1
3 619 588
20.12
Granted
4 561 699
9.63
Exercised
-
-
Terminated
(696 082)
23.19
Outstanding options 31.12
7 485 205
13.44
Vested CB
753 904
28.97
OUTSTANDING INSTRUMENTS OVERVIEW AT 31 DECEMBER 2024
Outstanding instruments
Vested instruments
Weighted Weighted Vested Weighted
Vesting/ Strike Number of average remaining average instruments average
expiry date price instruments contractual life strike price 31.12.20 24 strike price
2025/2029
9.20
798 205
4.36
9.20
-
-
2026/2029
9.48
798 211
4.36
9.48
-
-
2027/2029
9.76
2 898 351
4.36
9.76
-
-
2027/2029
10.98
66 932
4.67
10.98
-
-
2024/2028
12.73
83 156
4.59
12.73
83 156
12.73
2025/2028
13.11
83 156
4.59
13.11
-
-
2026/2028
13.51
249 469
4.59
13.51
-
-
2024/2028
14.40
233 899
4.42
14.40
233 899
14.40
2025/2028
14.83
233 903
4.42
14.83
-
-
2026/2028
15.28
701 710
4.42
15.28
-
-
2024/2028
16.07
100 000
4.11
16.07
100 000
16.07
2025/2028
16.55
100 000
4.11
16.55
-
-
2026/2028
17.05
300 000
4.11
17.05
-
-
2024/2028
17.86
125 340
4.30
17.86
125 340
17.86
2025/2028
18.40
125 340
4.30
18.40
-
-
2026/2028
18.95
376 024
4.30
18.95
-
-
2022/2026
61.80
55 147
2.48
61.80
55 147
61.80
2023/2026
63.65
47 805
2.48
63.65
47 805
63.65
2024/2026
65.56
108 557
2.48
65.56
108 557
65.56
Tota l
7 485 205
753 904
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "
Note 19 Leases
SUMMARY OF THE RIGHT-OF-USE ASSETS
Amounts in NOK million
Land and buildings
Vehicles
To t al
At 1 January 2024
597
3
600
Additions incl.adjustments to existing contracts
108
1
109
Amortisation
(204)
(1)
(204)
Foreign currency effects
9
-
9
At 31 December 2024
511
3
514
At 1 January 2025
511
3
514
Additions incl. adjustments to existing contracts
168
1
169
Amortisation
(214)
(1)
(215)
Impairment
(3)
-
(3)
Foreign currency effects
26
-
9
At 31 December 2025
490
1
491
Economic life/lease term
1-9 years
Amortisation method
Straight line
The group\u2019s leased assets include offices, stores, warehouses and vehicles.
The group\u2019s right of use assets are categorised and presented in the table above.
An impairment charge of NOK 3 million was recognised in 2025 for a lease agreement, as operations at the premises
have ceased and the location is now vacant. Further impairment charges were evaluated, particularly with respect to
impairment charges for goodwill, but no additional need for impairment was identified.
The additions of right-of-use assets, and the corresponding increase in lease liabilities, do not involve any cash flow
transactions.
LEASE LIABILITIIES
Amounts in NOK million
31.12.2025
3 1.12.20 24
Undiscounted lease payments and year of payment
Less than 1 year
216
212
1-2 years
169
161
2-3 years
108
97
3-4 years
49
63
4-5 years
20
41
More than 5 years
12
12
Total undiscounted lease payments
574
586
SUMMARY OF THE LEASE LIABILITIES
Amounts in NOK million
2025
2024
At 1 January
518
608
Additions
174
111
Interest expenses
22
23
Lease payments
(238)
(230)
Foreign currency effects
23
6
Total lease liabilities at 31 December
498
518
Whereof:
Current lease liabilities
194
186
Non-current lease liabilities
304
331
Total cash outflows for leases
238
230
The lease contracts do not include any restrictions with regards to the group\u2019s dividend policy or financing
opportunities.
SUMMARY OF OTHER LEASE EXPENSES RECOGNISED IN STATEMENT OF COMPREHENSIVE INCOME
Amounts in NOK million
2025
2024
Expensed lease payments for short-term leases and low value leases
12
12
Variable lease payments
30
26
The material part of the variable lease payments is related to turnover-based rent.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "
Note 20 Other current liabilities and long-term debt
OTHER CURRENT LIABILITIES
Amounts in NOK million
2025
2024
Provision for service and guarantee obligations
46
32
Accrued employee benefit expenses
135
118
Provision for contracts with customers
83
89
Tax deferred payment - Sweden
160
150
Other short term liabilities
226
99
Total other current liabilities
650
487
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "Note 20 Other current liabilities and long-term debt OTHER CURRENT LIABILITIES
Amounts in NOK million
2025
2024
Provision for service and guarantee obligations
46
32
Accrued employee benefit expenses
135
118
Provision for contracts with customers
83
89
Tax deferred payment - Sweden
160
150
Other short term liabilities
226
99
Total other current liabilities
650
487
LONG TERM DEBT
Amounts in NOK million
2025
2024
Long-term loans
800
800
Lease liabilities
304
331
Tax deferred payment - Sweden
120
263
Total long term debt
1 224
1 394
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "Note 20 Other current liabilities and long-term debt OTHER CURRENT LIABILITIES
Amounts in NOK million
2025
2024
Provision for service and guarantee obligations
46
32
Accrued employee benefit expenses
135
118
Provision for contracts with customers
83
89
Tax deferred payment - Sweden
160
150
Other short term liabilities
226
99
Total other current liabilities
650
487
LONG TERM DEBT
Amounts in NOK million
2025
2024
Long-term loans
800
800
Lease liabilities
304
331
Tax deferred payment - Sweden
120
263
Total long term debt
1 224
1 394
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
LONG TERM DEBT
Amounts in NOK million
2025
2024
Long-term loans
800
800
Lease liabilities
304
331
Tax deferred payment - Sweden
120
263
Total long term debt
1 224
1 394
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "
Note 21 Provision for service and guarantee obligations
Amounts in NOK million
2025
2024
At 1 January
32
30
Utilised during the year
(36)
(28)
Additions services and guarantee obligations for the year
45
30
At 31 December
40
32
Provisions for service and warranty obligations are made on an ongoing basis, based on obligations from sales. The
provision is based on estimated costs for service and warranty repairs and an expectation of returns of products sold
based on historical data. The manufacturer is responsible for service and warranties on its products. Komplett is
responsible for its own brands and handles differences in guarantees, offers, and local rules. The provision describes
the responsibilities of the Komplett group
The rise in provision for service and guarantee obligations is partly due a minor adjustment in the calculation model,
resulting in more risk being allocated to this provision and less to the provision for inventory obsolescence, see note 15
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Note 21 Provision for service and guarantee obligations
Amounts in NOK million
2025
2024
At 1 January
32
30
Utilised during the year
(36)
(28)
Additions services and guarantee obligations for the year
45
30
At 31 December
40
32
Provisions for service and warranty obligations are made on an ongoing basis, based on obligations from sales. The provision is based on estimated costs for service and warranty repairs and an expectation of returns of products sold based on historical data. The manufacturer is responsible for service and warranties on its products. Komplett is responsible for its own brands and handles differences in guarantees, offers, and local rules. The provision describes the responsibilities of the Komplett group The rise in provision for service and guarantee obligations is partly due a minor adjustment in the calculation model, resulting in more risk being allocated to this provision and less to the provision for inventory obsolescence, see note 15 Note 23 Pledges and guarantees
MORTGAGE-BACKED LIABILITIES
Utilised Utilised
Amounts in NOK million
Classification
Total facility
Covenants (C) /Pledge (P)
31.12.2025 31.12.20 24
Type
Revolving
Long-term
NOK 1 300 million
C - leverage ratio < 3.00 and
800
8 0 0
credit facility equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Overdraft facility
Short-term
NOK 400 million
C - leverage ratio < 3.00 and
-
-
equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Tota l
800
800
Komplett ASA has a NOK 1.3 billion syndicated revolving credit facility with its two core banks. The agreement was signed in December 2022 and now matures in December 2027, following the utilisation of both extension options. In addition, the group has NOK 400 million overdraft limit linked to the group cash pool. In accordance with its financing partners, the group has assessed that the practice of increasing the overdraft facility to NOK 500 million in the fourth quarter will no longer be needed, hence this part has been terminated in 2025. As at 31 December 2025, the overdraft has not been utilised. The aforementioned agreements with the banks include covenants for a minimum equity ratio and a maximum ratio of net debt to EBITDA. The equity ratio covenant has in 2025 been amended to 25 per cent, effective until the termination date of the credit facilities. The leverage ratio covenant is 3.0x as at 31 December 2025, which is the same as for ordinary quarters, but is 3.5x for Q1 due to seasonality in the business. Covenants are measured at consolidated financial figures. FINANCIAL GUARANTEES
Amounts in NOK million
2025
2024
Guarantees related to leases
24
27
Guarantees to the tax collector
12
12
Guarantees related to suppliers
27
25
Tota l
63
64
Total mortgage-backed liabilities and financial guarantees
863
864
The banks have pledges in property, plant and equipment, receivables, and inventory. The pledge in Komplett ASA, Komplett Services AS, Komplett Distribusjon AS, and NetOnNet NUF is NOK 2 160 million in respective companies. In Sweden, the banks have pledges over registered business mortgages (Sw: f\u00f6retagsinteckningar) of SEK 650 million in NetOnNet AB, SEK 45 million in Webhallen Sverige AB and SEK 5 million in Komplett Services Sweden AB. The group was in compliance with financial covenants in 2025. In addition to the aforementioned credit facilities, a factoring agreement exists with Resurs Bank Aktiebolag (publ). There is a pledge in trade receivables in Komplett Services AS and Komplett Distribusjon AS of respectively NOK 20 million and NOK 55 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "Note 21 Provision for service and guarantee obligations
Amounts in NOK million
2025
2024
At 1 January
32
30
Utilised during the year
(36)
(28)
Additions services and guarantee obligations for the year
45
30
At 31 December
40
32
Provisions for service and warranty obligations are made on an ongoing basis, based on obligations from sales. The provision is based on estimated costs for service and warranty repairs and an expectation of returns of products sold based on historical data. The manufacturer is responsible for service and warranties on its products. Komplett is responsible for its own brands and handles differences in guarantees, offers, and local rules. The provision describes the responsibilities of the Komplett group The rise in provision for service and guarantee obligations is partly due a minor adjustment in the calculation model, resulting in more risk being allocated to this provision and less to the provision for inventory obsolescence, see note 15 Note 23 Pledges and guarantees
MORTGAGE-BACKED LIABILITIES
Utilised Utilised
Amounts in NOK million
Classification
Total facility
Covenants (C) /Pledge (P)
31.12.2025 31.12.20 24
Type
Revolving
Long-term
NOK 1 300 million
C - leverage ratio < 3.00 and
800
8 0 0
credit facility equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Overdraft facility
Short-term
NOK 400 million
C - leverage ratio < 3.00 and
-
-
equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Tota l
800
800
Komplett ASA has a NOK 1.3 billion syndicated revolving credit facility with its two core banks. The agreement was signed in December 2022 and now matures in December 2027, following the utilisation of both extension options. In addition, the group has NOK 400 million overdraft limit linked to the group cash pool. In accordance with its financing partners, the group has assessed that the practice of increasing the overdraft facility to NOK 500 million in the fourth quarter will no longer be needed, hence this part has been terminated in 2025. As at 31 December 2025, the overdraft has not been utilised. The aforementioned agreements with the banks include covenants for a minimum equity ratio and a maximum ratio of net debt to EBITDA. The equity ratio covenant has in 2025 been amended to 25 per cent, effective until the termination date of the credit facilities. The leverage ratio covenant is 3.0x as at 31 December 2025, which is the same as for ordinary quarters, but is 3.5x for Q1 due to seasonality in the business. Covenants are measured at consolidated financial figures. FINANCIAL GUARANTEES
Amounts in NOK million
2025
2024
Guarantees related to leases
24
27
Guarantees to the tax collector
12
12
Guarantees related to suppliers
27
25
Tota l
63
64
Total mortgage-backed liabilities and financial guarantees
863
864
The banks have pledges in property, plant and equipment, receivables, and inventory. The pledge in Komplett ASA, Komplett Services AS, Komplett Distribusjon AS, and NetOnNet NUF is NOK 2 160 million in respective companies. In Sweden, the banks have pledges over registered business mortgages (Sw: f\u00f6retagsinteckningar) of SEK 650 million in NetOnNet AB, SEK 45 million in Webhallen Sverige AB and SEK 5 million in Komplett Services Sweden AB. The group was in compliance with financial covenants in 2025. In addition to the aforementioned credit facilities, a factoring agreement exists with Resurs Bank Aktiebolag (publ). There is a pledge in trade receivables in Komplett Services AS and Komplett Distribusjon AS of respectively NOK 20 million and NOK 55 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "Note 21 Provision for service and guarantee obligations
Amounts in NOK million
2025
2024
At 1 January
32
30
Utilised during the year
(36)
(28)
Additions services and guarantee obligations for the year
45
30
At 31 December
40
32
Provisions for service and warranty obligations are made on an ongoing basis, based on obligations from sales. The provision is based on estimated costs for service and warranty repairs and an expectation of returns of products sold based on historical data. The manufacturer is responsible for service and warranties on its products. Komplett is responsible for its own brands and handles differences in guarantees, offers, and local rules. The provision describes the responsibilities of the Komplett group The rise in provision for service and guarantee obligations is partly due a minor adjustment in the calculation model, resulting in more risk being allocated to this provision and less to the provision for inventory obsolescence, see note 15 Note 23 Pledges and guarantees
MORTGAGE-BACKED LIABILITIES
Utilised Utilised
Amounts in NOK million
Classification
Total facility
Covenants (C) /Pledge (P)
31.12.2025 31.12.20 24
Type
Revolving
Long-term
NOK 1 300 million
C - leverage ratio < 3.00 and
800
8 0 0
credit facility equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Overdraft facility
Short-term
NOK 400 million
C - leverage ratio < 3.00 and
-
-
equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Tota l
800
800
Komplett ASA has a NOK 1.3 billion syndicated revolving credit facility with its two core banks. The agreement was signed in December 2022 and now matures in December 2027, following the utilisation of both extension options. In addition, the group has NOK 400 million overdraft limit linked to the group cash pool. In accordance with its financing partners, the group has assessed that the practice of increasing the overdraft facility to NOK 500 million in the fourth quarter will no longer be needed, hence this part has been terminated in 2025. As at 31 December 2025, the overdraft has not been utilised. The aforementioned agreements with the banks include covenants for a minimum equity ratio and a maximum ratio of net debt to EBITDA. The equity ratio covenant has in 2025 been amended to 25 per cent, effective until the termination date of the credit facilities. The leverage ratio covenant is 3.0x as at 31 December 2025, which is the same as for ordinary quarters, but is 3.5x for Q1 due to seasonality in the business. Covenants are measured at consolidated financial figures. FINANCIAL GUARANTEES
Amounts in NOK million
2025
2024
Guarantees related to leases
24
27
Guarantees to the tax collector
12
12
Guarantees related to suppliers
27
25
Tota l
63
64
Total mortgage-backed liabilities and financial guarantees
863
864
The banks have pledges in property, plant and equipment, receivables, and inventory. The pledge in Komplett ASA, Komplett Services AS, Komplett Distribusjon AS, and NetOnNet NUF is NOK 2 160 million in respective companies. In Sweden, the banks have pledges over registered business mortgages (Sw: f\u00f6retagsinteckningar) of SEK 650 million in NetOnNet AB, SEK 45 million in Webhallen Sverige AB and SEK 5 million in Komplett Services Sweden AB. The group was in compliance with financial covenants in 2025. In addition to the aforementioned credit facilities, a factoring agreement exists with Resurs Bank Aktiebolag (publ). There is a pledge in trade receivables in Komplett Services AS and Komplett Distribusjon AS of respectively NOK 20 million and NOK 55 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "
Note 22 Notes supporting the cash flows
Transactions without cash flow effects from financing activities are presented in the reconciliation of the movement
in financial liabilities in the subsequent tables.
At end of 2025 the group holds currency forwards, measured at fair value, with an unrealised loss of NOK 10 million (see
note 4). These are reported as other current liabilities
2025
Non-current Other non- Current Financial
loans and current loans and liabilities at
Amounts in NOK million borrowings liabilities borrowings
fair value
Tot a l
At 1 January 2025
(800)
(263)
-
(34)
(1 097)
Net cash flow
-
154
-
-
154
Non-cash flows
Foreign currency effects
-
(11)
-
-
(11)
Miscellaneous provisions
-
-
-
-
-
Fair value adjustments
-
-
-
(2)
(2)
At 31 December 2025
(800)
(120)
-
(36)
(956)
2024
Non-current Other non- Current Financial
loans and current loans and liabilities at
Amounts in NOK million borrowings liabilities borrowings
fair value
Tot a l
At 1 January 2024
(800)
-
-
(37)
(837)
Net cash flow
-
41
-
-
41
Non-cash flows
Reclassification from other current
-
(304)
-
-
( 3 0 4)
liabilities
Miscellaneous provisions
-
-
-
-
-
Fair value adjustments
-
-
-
3
3
At 31 December 2024
(800)
(263)
-
(34)
(1 097)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "
Note 23 Pledges and guarantees
MORTGAGE-BACKED LIABILITIES
Utilised Utilised
Amounts in NOK million
Classification
Total facility
Covenants (C) /Pledge (P)
31.12.2025 31.12.20 24
Type
Revolving
Long-term
NOK 1 300 million
C - leverage ratio < 3.00 and
800
8 0 0
credit facility equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Overdraft facility
Short-term
NOK 400 million
C - leverage ratio < 3.00 and
-
-
equity ratio > 25%
P - receivables, inventory and
tangible fixed assets
Tota l
800
800
Komplett ASA has a NOK 1.3 billion syndicated revolving credit facility with its two core banks. The agreement was
signed in December 2022 and now matures in December 2027, following the utilisation of both extension options. In
addition, the group has NOK 400 million overdraft limit linked to the group cash pool. In accordance with its financing
partners, the group has assessed that the practice of increasing the overdraft facility to NOK 500 million in the fourth
quarter will no longer be needed, hence this part has been terminated in 2025. As at 31 December 2025, the overdraft
has not been utilised.
The aforementioned agreements with the banks include covenants for a minimum equity ratio and a maximum ratio of
net debt to EBITDA. The equity ratio covenant has in 2025 been amended to 25 per cent, effective until the termination
date of the credit facilities. The leverage ratio covenant is 3.0x as at 31 December 2025, which is the same as for
ordinary quarters, but is 3.5x for Q1 due to seasonality in the business. Covenants are measured at consolidated
financial figures.
FINANCIAL GUARANTEES
Amounts in NOK million
2025
2024
Guarantees related to leases
24
27
Guarantees to the tax collector
12
12
Guarantees related to suppliers
27
25
Tota l
63
64
Total mortgage-backed liabilities and financial guarantees
863
864
The banks have pledges in property, plant and equipment, receivables, and inventory. The pledge in Komplett ASA,
Komplett Services AS, Komplett Distribusjon AS, and NetOnNet NUF is NOK 2 160 million in respective companies.
In Sweden, the banks have pledges over registered business mortgages (Sw: f\u00f6retagsinteckningar) of SEK 650 million
in NetOnNet AB, SEK 45 million in Webhallen Sverige AB and SEK 5 million in Komplett Services Sweden AB.
The group was in compliance with financial covenants in 2025. In addition to the aforementioned credit facilities, a
factoring agreement exists with Resurs Bank Aktiebolag (publ). There is a pledge in trade receivables in Komplett
Services AS and Komplett Distribusjon AS of respectively NOK 20 million and NOK 55 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "
Note 24 Related party transactions
In addition to subsidiaries and associated companies, the group\u2019s related parties include its majority shareholders,
all members of the board of directors, and key management, as well as companies in which any of these parties
have either controlling interests, board appointments or are senior staff. All transactions have been entered into in
accordance with the arm\u2019s length principle, meaning that prices and other main terms and conditions are deemed to
be commercial.
All significant transactions with related parties that are not eliminated in the group accounts are presented below:
PARTIES
Amounts in NOK million
2025
2024
Kuller\u00f8d Eiendom AS\u00b9
Lease of office and warehouse
30
29
F&H Asia Limited\u00b9
Purchase of products for resale
16
23
Resurs Bank & Solid\u00b2
Sales of products
9
9
Resurs Bank & Solid\u00b2
Commision of services sold
165
168
Resurs Bank\u00b2
Purchase of factoring services
35
39
SIBA Fastigheter AB\u00b2
Lease of office and warehouse
26
25
Tota l
281
294
1)
Related entities owned by the company\u2019s ultimate parent company in the greater Canica group of companies.
2)
Related entities owned by the company\u2019s ultimate parent company in the greater Siba group of companies.
Komplett Services leases both offices and warehouse from Kuller\u00f8d Eiendom AS at the premises in Sandefjord and
source private label products from the company F&H Asia Limited.
NetOnNet sells products from its normal assortment to both Resurs Bank and SOLID F\u00f6rs\u00e4kringar.
In addition, group companies act as agents for Resurs Bank related to consumer finance in Sweden and Komplett
Services has a factoring agreement with Resurs Bank for customers in the B2B and Distribution segments. NetOnNet
also acts as an agent for SOLID F\u00f6rs\u00e4kringar and rents premises for some of its physical stores from SIBA Fastigheter.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "
Note 25 Consolidated companies
The following companies are included in the consolidated financial statement for 2025:
Parent company
Komplett ASA
Subsidiaries
Country of incorporation
Proportion of ownership
Komplett Services AS
Norway
100.0%
Komplett Services Sweden AB
Sweden
100.0%
Komplett Distribusjon AS
Norway
100.0%
Komplett Distribution Sweden AB
Sweden
100.0%
NetOnNet AB
Sweden
100.0%
Webhallen Sverige AB
Sweden
100.0%
Ironstone Holding AS
Norway
7 3.1%
Ironstone AS
1)
Norway
-
Ironstone AB
1)
Sweden
-
Subsidiaries without activity
Marked Gruppen AS
Norway
100.0%
1)
100 per cent owned by Ironstone Holding AS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:254900PS6TE65C9V4D71", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }