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General information
Norske Skog ASA (\u201cthe company\u201d) and its subsidiaries (\u201cthe group\u201d) is a
producer of packaging paper and publication paper across four mills in Europe.
Packaging paper includes testliner and fluting and publication paper includes
newsprint and magazine paper. The annual production capacity of packaging
paper will be 0.8 million tonnes when fully ramped up during first half of 2027
and the annual publication paper production capacity is 1.2 million tonnes
.
Packaging paper and publication paper are sold through sales o\ufb00ices and
agents.
The group had 1
652 employees (FTE) at 31 December 2025 and the parent
company, Norske Skog ASA, is a public limited liability company incorporated
in Norway and has its head o\ufb00ice at Sk\u00f8yen, and business address at Sj\u00f8lyst
plass 2, 0278 Oslo. The company is listed on Oslo Stock Exchange with the
ticker NSKOG.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "Norske Skog ASA (\u201cthe company\u201d) and its subsidiaries (\u201cthe group\u201d) is a producer of packaging paper and publication paper across four mills in Europe. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "Norske Skog ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "Norske Skog ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "Norske Skog ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "Sj\u00f8lyst plass 2, 0278 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "Sj\u00f8lyst plass 2, 0278 Oslo.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "2.
Basis of preparation
The consolidated financial statements comprise the financial statements of
Norske Skog ASA and its subsidiaries. The consolidated financial statements
are prepared in accordance with IFRS\u00ae Accounting Standards (IFRS
Accounting Standards) as adopted by the European Union (EU) (IFRS). The
consolidated financial statements are presented in English only. All amounts
are presented in NOK million unless otherwise stated. There may be some
small di\ufb00erences in the summation of columns and rows due to rounding. The
corresponding amounts for prior year are in parenthesis. The consolidated
financial statements were authorised for issue by the board of directors in
Norske Skog ASA on 25 March 2026.
The consolidated financial statements have been prepared based on
historical cost in all areas where there is no requirement to use fair value. The
policies have been consistently applied to all periods presented, unless
otherwise stated. They have been prepared under the assumption of going
concern.
PRESENTATION OF ACCOUNTING POLICIES
Accounting policies are presented as part of the note they are relevant for.
DISCONTINUED OPERATIONS
During 2024, Norske Skog initiated a sales process for its remaining
operations in Australasia. The transaction was completed in April 2025.
Norske Skog Industries Australia Ltd with subsidiaries represented the
segment publication paper Australasia. On 31 December 2024, publication
paper Australasia was classified as a disposal group held for sale and as a
discontinued operation. With publication paper Australasia being classified
as discontinued operations, the segment is no longer presented in the
segment note.
See also Note 26 for further information.
BASIS OF CONSOLIDATION
All subsidiaries, see Note 20, are wholly owned subsidiaries.
FOREIGN CURRENCY TRANSLATION
a) Functional and presentational currency
The financial statements of each of the group\u2019s entities are prepared using
the local currency of the economic location in which the entity operates (the
\u201cfunctional currency\u201d). The consolidated financial statements are presented
in NOK, which is both the functional and presentational currency of the parent
company.
The table below shows the average monthly foreign exchange rates applied in
the income statement and the closing exchange rates applied in the balance
sheet for the most important currencies for the group.
\u00a0
INCOME STATEMENT
BALANCE SHEET
\u00a0
2025
2024
31.12.2025
31.12.2024
EUR
11.72
11.62
11.84
11.80
GBP
13.68
13.74
13.57
14.22
USD
10.39
10.75
10.08
11.35
\n
b) Transactions and balances
Foreign currency transactions are translated into the entity\u2019s functional
currency using the exchange rate prevailing on the date of the transaction.
Foreign exchange gains or losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year-end exchange rates are recognised
in the income statement.
Exchange di\ufb00erences arising from the settlement of trade receivables/
payables and unrealised gains/losses on the same positions are recognised in
operating revenue/cost of materials respectively. Exchange di\ufb00erences
arising from the settlement of other items are recognised within financial
income/financial expenses.
Foreign exchange gains and losses that relate to borrowings and cash and
cash equivalents are presented in the income statement within financial
income/financial expenses.
Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was
determined. Translation di\ufb00erences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
c) Group companies
The results and financial position of all group entities which have a functional
currency di\ufb00erent from the presentational currency are translated into the
presentational currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at
the closing rate at the date of that balance sheet,
ii. Income and expenses for each income statement are translated at average
exchange rates on monthly basis,
iii. All resulting exchange di\ufb00erences are booked to comprehensive income
On consolidation, exchange di\ufb00erences arising from the translation of the net
investment in foreign entities are booked as part of comprehensive income.
When a foreign operation is derecognised, such exchange di\ufb00erences are
booked out of comprehensive income and recognised in the income statement
line other operating income.
NEW AND AMENDED INTERPRETATION AND STANDARDS ADOPTED
BY THE GROUP
a) New standards e\ufb00ective from 1 January 2025
Changes in standards and interpretations during 2025 have not had any
material impact on Norske Skog\u2019s financial reporting.
b) New standards, interpretations and amendments not yet e\ufb00ective
IFRS 18 Presentation and Disclosure in Financial Statements
IFRS 18 Presentation and Disclosure in Financial Statements will replace IAS 1
Presentation of Financial Statements. The new standard will be e\ufb00ective for
annual reporting periods beginning on or after 1 January 2027, with earlier
application permitted. Norske Skog does not plan to adopt the amendments
before the e\ufb00ective date.
The main purpose of IFRS 18 is to change the presentation to reduce diversity
in reporting and improve consistency between entities, particularly regarding
income statements. IFRS 18 does not change how items are recognised or
measured.
The changes from IAS 1 to IFRS 18 can be summarised in three main sections:
\u2022
New categories and subtotals in the income statement
\u2022
Localisation and disaggregation of accounting information
\u2022
Requirements for disclosure of management-defined performance measures
The standard introduces new requirements for presentation of line items and
subtotals in the income statement. It is structured into five defined categories:
Operating (new), Investing (new), Financing (new), Income taxes, and
Discontinued operations, and three mandatory subtotals: Operating profit
(new), Profit before financing and income taxes (new), and Profit or loss.
Norske Skog is currently assessing the impact of IFRS 18, and the three new
categories, and expects the majority of items to be included in the operating
category.
Further, the standard enhances the guidance to whether information should
be presented in the primary statements or in the notes.
In addition, IFRS 18 requires disclosures for management defined performance
measures in a separate note, including reconciliation to the o\ufb00icial IFRS
figures.
Norske Skog is considering whether the new requirements in IFRS 18
will lead to changes in Norske Skog\u2019s\u2019 current alternative performance
measures (which to present, and how they will be defined).
The group does not expect the other issued, but not yet e\ufb00ective, standards
or amendments to such standards, to have a material impact on the group\u2019s
financial reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "The consolidated financial statements have been prepared based on
historical cost in all areas where there is no requirement to use fair value. The
policies have been consistently applied to all periods presented, unless
otherwise stated. They have been prepared under the assumption of going
concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "PRESENTATION OF ACCOUNTING POLICIES Accounting policies are presented as part of the note they are relevant for. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "DISCONTINUED OPERATIONS
During 2024, Norske Skog initiated a sales process for its remaining
operations in Australasia. The transaction was completed in April 2025.
Norske Skog Industries Australia Ltd with subsidiaries represented the
segment publication paper Australasia. On 31 December 2024, publication
paper Australasia was classified as a disposal group held for sale and as a
discontinued operation. With publication paper Australasia being classified
as discontinued operations, the segment is no longer presented in the
segment note.
See also Note 26 for further information.26.
Discontinued operations
Accounting policies
The group classifies non-current assets and disposal groups as held for sale if
their carrying amounts will be recovered principally through a sale transaction
rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group), excluding finance
costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the
sale is highly probable, and the asset or disposal group is available for
immediate sale in its present condition. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be
made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or
amortised once classified as held for sale. Assets and liabilities classified as
held for sale are presented separately as current items in the statement of
financial position.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit or loss.
The group includes proceeds from disposal in cash flows from discontinued
operations.
Additional disclosures are provided below. All other notes to the financial
statements include amounts for continuing operations, unless indicated
otherwise.
In December 2024 a concrete sales process was initiated for the sale of
Norske Skog Industries Australia Ltd with subsidiaries. The plan to sell was
approved by the board on 20 December 2024. On 7 February 2025 an agree-
ment to sell Norske Skog Industries Australia Ltd with subsidiaries was signed
and the entities were sold with e\ufb00ect from 1 April 2025.
The business of Norske Skog Industries Australia Ltd with subsidiaries, which
represented the segment publication paper Australasia, were consequently
classified as a disposal group held for sale and as a discontinued operation in
the 2024 financial statements.
The financial performance and cash flow information presented below are for
the period ended 1 April 2025 and the year ended 31 December 2024.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DISCONTINUED INCOME STATEMENT
NOTE
2025
2024
Operating revenue
\u00a0
442
1 855
Other operating income
\u00a0
1
9
Total operating income
\u00a0
444
1 865
Distribution costs
\u00a0
-62
-247
Cost of materials
\u00a0
-265
-1 176
Employee benefit expenses
\u00a0
-86
-326
Other operating expenses
\u00a0
-52
-196
Restructuring expenses
\u00a0
0
-11
Depreciation
18
0
-37
Impairments
18
-11
-176
Total operating expenses
\u00a0
-476
-2 169
Operating earnings
\u00a0
-32
-305
Financial income
\u00a0
0
5
Financial expense
\u00a0
-5
-19
Gains/(losses) on foreign currency
\u00a0
-1
-2
Profit/(loss) before income taxes
\u00a0
-37
-321
Income taxes
\u00a0
0
0
Profit/(loss) from discontinued operations
\u00a0
-37
-321
\n \n
DISCONTINUED COMPREHENSIVE INCOME
2025
2024
Profit/(loss) from discontinued operations
-37
-321
Items that may be reclassified subsequently to profit or loss
Currency translation di\ufb00erences
4
28
Reclassified translation di\ufb00erences upon divestment of foreign operations
0
-7
Tax expense on translation di\ufb00erences
0
0
Total
4
21
Other comprehensive income discontinued operations
4
21
Total comprehensive income discontinued operations
-34
-300
Earnings per share from discontinued operations (NOK)
Basic earnings per share
-0.44
-3.78
Diluted earnings per share
-0.44
-3.78
\n
The carrying amounts of assets and liabilities as at the date of sale 1 April 2025 were:
\n\n \n
DISCONTINUED BALANCE SHEET AT THE DATE OF SALE
01.04.2025
Assets
Intangible assets
1
Property, plant and equipment
81
Inventories
246
Trade and other receivables
185
Other current assets
1
Cash and cash equivalents
84
Assets held for sale
598
Liabilities
Employee benefit obligations
2
Interest-bearing non-current liabilities
41
Other non-current liabilities
96
Trade and other payables
253
Interest-bearing current liabilities
11
Other current liabilities
26
Liabilities relating to assets classified as held for sale
428
Net assets held for sale
169
\n\n \n
DETAILS OF THE SALE OF
NORSKE SKOG INDUSTRIES AUSTRALIA LTD WITH SUBSIDIARIES
2025
Consideration
169
Carrying amount of net assets sold
169
Gain/loss on sale before incometax
0
\n
The transaction does not trigger any income tax for the group.
The major classes of assets and liabilities of publication paper Australasia classified as held for sale on 31 December are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DISCONTINUED BALANCE SHEET
NOTE
31.12.2025
31.12.2024
Assets
\u00a0 \u00a0 \u00a0
Intangible assets
18
0
1
Property, plant and equipment
18
0
91
Inventories
\u00a0
0
242
Trade and other receivables
\u00a0
0
245
Other current assets
\u00a0
0
1
Cash and cash equivalents
25
0
50
Assets held for sale
\u00a0
0
631
Liabilities
\u00a0 \u00a0 \u00a0
Employee benefit obligations
\u00a0
0
3
Interest-bearing non-current liabilities
\u00a0
0
46
Other non-current liabilities
\u00a0
0
101
Trade and other payables
\u00a0
0
267
Interest-bearing current liabilities
\u00a0
0
12
Other current liabilities
\u00a0
0
33
Liabilities directly associated with assets held for sale
\u00a0
0
462
\n
The net cash flow incurred by publication paper Australasia is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DISCONTINUED STATEMENT OF CASH FLOW
2025
2024
Cash generated from operations
490
1 922
Cash used in operations
-482
-1 950
Interest payments received
0
5
Interest payments made
-4
-14
Net cash flow from operating activities
1)
5
-36
Purchases of property, plant and equipment and intangible assets
-9
-33
Sales of property, plant and equipment and intangible assets
0
0
Sales of shares in companies and other financial instruments
-84
-91
Net cash flow from investing activities
-94
-124
Repayments of loans
-3
-29
Change in cashpool payable
47
30
Net cash flow from financing activities
44
1
Foreign currency e\ufb00ects on cash and cash equivalents
-5
-1
Total change in cash and cash equivalents
-50
-160
Cash and cash equivalents at start of period
50
210
Cash and cash equivalents at end of period
0
50
1)
Reconciliation of net cash flow from operating activities
\u00a0 \u00a0
Profit/(loss) before income taxes from discontinued operations
-37
-321
Change in working capital
29
28
Depreciation and impairments
11
213
Gain and losses from divestment of business activities and property, plant and equipment
0
46
Net financial items without cash e\ufb00ect
2
7
Adjustment for other items
0
-9
Net cash flow from operating activities
5
-36
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "BASIS OF CONSOLIDATION All subsidiaries, see Note 20, are wholly owned subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "FOREIGN CURRENCY TRANSLATION
a) Functional and presentational currency
The financial statements of each of the group\u2019s entities are prepared using
the local currency of the economic location in which the entity operates (the
\u201cfunctional currency\u201d). The consolidated financial statements are presented
in NOK, which is both the functional and presentational currency of the parent
company.
The table below shows the average monthly foreign exchange rates applied in
the income statement and the closing exchange rates applied in the balance
sheet for the most important currencies for the group.
\u00a0
INCOME STATEMENT
BALANCE SHEET
\u00a0
2025
2024
31.12.2025
31.12.2024
EUR
11.72
11.62
11.84
11.80
GBP
13.68
13.74
13.57
14.22
USD
10.39
10.75
10.08
11.35
\n
b) Transactions and balances
Foreign currency transactions are translated into the entity\u2019s functional
currency using the exchange rate prevailing on the date of the transaction.
Foreign exchange gains or losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year-end exchange rates are recognised
in the income statement.
Exchange di\ufb00erences arising from the settlement of trade receivables/
payables and unrealised gains/losses on the same positions are recognised in
operating revenue/cost of materials respectively. Exchange di\ufb00erences
arising from the settlement of other items are recognised within financial
income/financial expenses.
Foreign exchange gains and losses that relate to borrowings and cash and
cash equivalents are presented in the income statement within financial
income/financial expenses.
Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was
determined. Translation di\ufb00erences on assets and liabilities carried at fair
value are reported as part of the fair value gain or loss.
c) Group companies
The results and financial position of all group entities which have a functional
currency di\ufb00erent from the presentational currency are translated into the
presentational currency as follows:
i. Assets and liabilities for each balance sheet presented are translated at
the closing rate at the date of that balance sheet,
ii. Income and expenses for each income statement are translated at average
exchange rates on monthly basis,
iii. All resulting exchange di\ufb00erences are booked to comprehensive income
On consolidation, exchange di\ufb00erences arising from the translation of the net
investment in foreign entities are booked as part of comprehensive income.
When a foreign operation is derecognised, such exchange di\ufb00erences are
booked out of comprehensive income and recognised in the income statement
line other operating income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "a) Functional and presentational currency
The financial statements of each of the group\u2019s entities are prepared using
the local currency of the economic location in which the entity operates (the
\u201cfunctional currency\u201d). The consolidated financial statements are presented
in NOK, which is both the functional and presentational currency of the parent
company.
The table below shows the average monthly foreign exchange rates applied in
the income statement and the closing exchange rates applied in the balance
sheet for the most important currencies for the group.
\u00a0
INCOME STATEMENT
BALANCE SHEET
\u00a0
2025
2024
31.12.2025
31.12.2024
EUR
11.72
11.62
11.84
11.80
GBP
13.68
13.74
13.57
14.22
USD
10.39
10.75
10.08
11.35
\n
b) Transactions and balances
Foreign currency transactions are translated into the entity\u2019s functional
currency using the exchange rate prevailing on the date of the transaction.
Foreign exchange gains or losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year-end exchange rates are recognised
in the income statement.
Exchange di\ufb00erences arising from the settlement of trade receivables/
payables and unrealised gains/losses on the same positions are recognised in
operating revenue/cost of materials respectively. Exchange di\ufb00erences
arising from the settlement of other items are recognised within financial
income/financial expenses.
Foreign exchange gains and losses that relate to borrowings and cash and
cash equivalents are presented in the income statement within financial
income/financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "3.
Important accounting estimates and assumptions
The preparation of consolidated financial statements in conformity with IFRS
requires the use of accounting estimates and assumptions for the future. It
also requires management to exercise its judgment in the process of applying
the group\u2019s accounting policies. Estimates and assumptions, which represent
a significant risk of a material adjustment in the carrying amount of assets and
liabilities during the coming financial year, are discussed below.
a) Accounting treatment of physical energy contracts and other financial
instruments
Norske Skog\u2019s portfolio of energy contracts consists mainly of physical energy
contracts of which some contain embedded derivatives. The fair value of
embedded derivatives in physical contracts is influenced by price index
fluctuations and fluctuations in foreign currency forward prices.
Norske Skog has energy contracts in Norway that do not fulfil the criteria for
use of the \u201cown use exemption\u201d. Therefore, the contracts in whole are treated
as financial derivatives in the scope of IFRS 9 and measured at fair value
through profit or loss. The fair value of the contracts will vary dependent on
the market price for energy in Norway.
The fair value of financial instruments that are not traded in an active market
is determined by using valuation techniques. The group uses its judgment to
select methods and make assumptions that are mainly based on market
conditions existing at each balance sheet date. See Note 12 and Note 21 for
further information.
b) Recoverable amount of intangible assets and property, plant and
equipment (PPE)
The group performs impairment tests to assess whether there has been a
decline in the value of intangible assets and PPE if there are impairment
indicators present. These are written down to their recoverable amount when
the recoverable amount is lower than the carrying value of the asset. The
recoverable amount from assets or cash-generating units is determined by
calculating the higher of fair value less costs to sell and value in use. Value in
use is the present value of the future cash flows expected to be derived from
an asset or cash-generating unit. Calculation of value in use requires use of
estimates. See Note 18 for further information. The group conducts annual
reviews of the remaining economic life of PPE. An increase or decrease in the
remaining economic life will have an impact on future depreciation, as well as
a\ufb00ect the cash flow period for calculating value in use. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "a) Accounting treatment of physical energy contracts and other financial
instruments
Norske Skog\u2019s portfolio of energy contracts consists mainly of physical energy
contracts of which some contain embedded derivatives. The fair value of
embedded derivatives in physical contracts is influenced by price index
fluctuations and fluctuations in foreign currency forward prices.
Norske Skog has energy contracts in Norway that do not fulfil the criteria for
use of the \u201cown use exemption\u201d. Therefore, the contracts in whole are treated
as financial derivatives in the scope of IFRS 9 and measured at fair value
through profit or loss. The fair value of the contracts will vary dependent on
the market price for energy in Norway.
The fair value of financial instruments that are not traded in an active market
is determined by using valuation techniques. The group uses its judgment to
select methods and make assumptions that are mainly based on market
conditions existing at each balance sheet date. See Note 12 and Note 21 for
further information.FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
AND LIABILITIES
The table below classifies financial assets and liabilities by valuation method.
The di\ufb00erent valuation methods are described as levels and are defined as
follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
171
171
0
0
171
Other non-current assets
171
171
0
0
171
Trade receivables
428
428
0
0
428
VAT receivables
88
88
0
0
88
Other receivables
358
358
0
0
358
Trade and other receivables
875
875
0
0
875
Derivatives
0
0
0
0
0
Commodity contracts
144
144
0
0
144
Current investments
0
0
0
0
0
Other current assets
144
144
0
0
144
Cash and cash equivalents
1 082
1 082
0
101
981
Interest-bearing non-current liabilities
4 403
4 337
0
1 316
3 021
Interest-bearing current liabilities
974
974
0
0
974
Total interest-bearing liabilities
5 377
5 310
0
1 316
3 994
Derivatives
79
79
0
0
79
Commodity contracts
0
0
0
0
0
Other non-current liabilities
79
79
0
0
79
Trade payables
1 527
1 527
0
0
1 527
Other payables
624
624
0
0
624
Trade and other payables
2 151
2 151
0
0
2 151
Derivatives
21
21
0
7
15
Commodity contracts
7
7
0
0
7
Financial current liabilities
17
17
0
0
17
Other current liabilities
46
46
0
7
39
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivable
420
420
0
0
420
VAT receivables
126
126
0
0
126
Other receivables
172
172
0
0
172
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
404
723
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n
The fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
assessed by using price indications from banks at the reporting date. There is
some uncertainty associated with the calculated fair value of Level 3 interest-
bearing liabilities. The fair value of other interest-bearing liabilities (Level 3) is
based on amortised cost.
The fair values of cash and cash equivalents, trade receivables and other
receivables, other assets, trade payables and other payables and other current
liabilities remain largely consistent with the book value due to the short
maturities of such positions. The fair value of derivatives and commodity
contracts is described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "4
. Consideration of climate risk for the financial
statements
In preparing the financial statements, the board of directors have assessed
and considered the impact of climate change, particularly in the context of the
risks and opportunities identified in the Double Materiality Assessment in line
with the new EUDR requirements. The time horizons applied for the overall
assessment of risks and opportunities for the group is short term (< 1 year),
medium term (1- 5 years) and long-term (> 5 years).
Norske Skog business units have during the last 50 years been seeking best
environmental practice and have one of the lowest emission levels compared
to industry averages.
The transformation to a larger, more diversified product portfolio with new
products will reduce the dependency on publication paper and thus reduce
the business and market risk. The current packaging production at Norske
Skog Bruck and Norske Skog Golbey is based on renewable resources.
Production of publication and packaging paper is resource intensive and
requires significant quantities of energy. The goal is to continue to reduce
energy consumption in production, eliminate the use of fossil energy sources
and to optimise the use of process chemicals and transport. Our operations
are impacted by unstable energy markets and increasing carbon prices.
Norske Skog has included a reduction of greenhouse gas emissions from fossil
energy sources as a key part of our business strategy.
We have identified the following climate-related risks as the most significant:
\u2022
Regulatory:
Norske Skog is subject to several regulatory requirements
relating to energy and emissions including the EU Emissions Trading
Scheme (ETS), which include both CO2 compensation schemes, and CO2
allowances. Due to the financial impact any changes in such regulations
may have on our business we monitor associated risks closely.
\u2022
Physical:
The availability of sustainable and a\ufb00ordable biomass to produce
publication paper in Norway and Austria may be a\ufb00ected by longer-term
shifts in climate patterns in the future. Some of our mills are in areas where
drought/access to water and/or flooding might become a risk in the future
with a changing climate.
\u2022
Market:
Shifting consumer preferences and trends may impact demand for
Norske Skog products made from biomass. This can impact market
development for publication paper, recycled containerboard, and related
capacity adjustments in the industry.
\u2022
Reputational:
Compliance with environmental regulations and standards is
crucial for avoiding fines, legal fees, and reputational damage. Norske
Skog\u2019s ability to manage regulatory risks may a\ufb00ect its financial stability
and long-term viability.
The financial statements may be impacted by climate related risk in the future
but are not considered to be key areas of judgement or sources of estimation
uncertainty in the current financial year. The e\ufb00ects may be related to:
\u2022
CO2 compensation and CO2 allowances may be cut back and increase our
cost of production. This may a\ufb00ect the value of our main assets in Europe if
the increase in cost cannot be recovered in the prices of our products.
Implementation of the EU Carbon Border Adjustment Mechanism (CBAM)
coming into e\ufb00ect may, if e\ufb00ective, increase the probability of recovery of
any increased cost of carbon emissions.
\u2022 Impairment of our property, plant and equipment due to a change in the
profitability from cost increases for carbon emissions and price of energy or
due to shortened useful life due to physical risks that reduce the appetite
for reinvestment, thereby reducing the time horizon for certain plants. See
also Note 9 and 18.
Whilst there is currently no short-term impact expected from changes in
climate, the board of directors are aware of the risk changes in climate could
pose to the operations and the judgement and estimates made in preparation
of the financial statements.", "dimensions": { "concept": "obq:DisclosureOfConsiderationOfClimateRiskForTheFinancialStatementsExplanatoryTextBlock", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "5.
Financial risk
FINANCIAL RISK MANAGEMENT
The main risk exposures for the group are linked to uncertainty to price and
volume developments for publication and packaging paper and the costs of
key input factors such as energy and fibre. Weaker demand than expected for
the group\u2019s products can a\ufb00ect profitability and associated cash flows in a
negative way. The group operates in a multicurrency environment, where the
main currencies of importance for the business are EUR, GBP and USD.
Currency movements between these currencies, as well as against NOK, may
influence demand as well as product prices and costs of key input factors.
Liquidity is ensured by maintaining su\ufb00icient cash balances and credit lines
linked to trade receivables facilities. Norske Skog continuously assess the
most competitive funding sources for the group.
Uncertainty about future changes in the broader economic climate develop-
ment and more adverse developments than expected may influence all of the
above and future results. The factors are an inherent uncertainty when the
board makes its assessments.
The group has one cash pool which is legally placed in Norske Skog ASA.
FINANCIAL RISK FACTORS
The group is exposed to various financial risk factors through the group\u2019s
operating activities, including market risk (interest rate risk, currency risk and
commodity risk), liquidity risk and credit risk. The group seeks to minimise
losses and volatility on the group\u2019s earnings caused by adverse market
movements. Moreover, the group monitors and manages financial risk based
on internal policies and standards set forth by corporate management and
approved by the board of directors. These written policies provide principles
for the overall risk management as well as standards for managing currency
risk, interest rate risk, credit risk, liquidity risk and the use of financial
derivatives and non-derivative financial instruments.
MARKET RISK
a) Interest rate risk
Interest rate risk is related to the financial risk related to changes in market
interest rates. Interest rate risk management is carried out to secure the
lowest possible interest rate payments over time within acceptable risk limits.
This includes having a portfolio of loans in the group with both floating interest
and fixed interest rates. The group may also use derivatives to manage the
interest rate risk in the group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
INTEREST-
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
BEARING ASSETS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
AND LIABILITIES
FLOATING
FIXED
TOTAL
FLOATING
FIXED
TOTAL
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
4 724
653
5 377
4 521
725
5 246
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
assets
-1 082
0
-1 082
-1 127
0
-1 127
Net exposure
3 642
653
4 295
3 394
725
4 119
\n
All amounts presented in the table are notional amounts. Total interest-
bearing liabilities will therefore di\ufb00er from booked amounts due to bond
discounts/premiums. Floating rate exposure is calculated without accounting
for potential future refinancing.
Interest rate sensitivity analysis
In accordance with IFRS 7 Financial instruments - disclosures, an interest rate
sensitivity analysis is presented showing the e\ufb00ects of changes in market
interest rates on interest costs and interest income, as well as equity where
applicable. The analysis is based on the following assumptions:
\u2022 Floating rate debt is exposed to changes in market interest rates, i.e. the
interest costs or interest income associated with such instruments will
fluctuate based on changes in market rates. The impact of changes is
presented in the sensitivity analysis. The analysis assumes that all other
factors are kept constant.
\u2022 Changes in market rates on fixed rate debt will only a\ufb00ect the income
statement if they are measured at fair value. Thus, fixed rate instruments
recognised at amortised cost will not represent an interest rate risk as
defined by IFRS 7. Such instruments will therefore not have any impact on
the sensitivity analysis.
\u2022
Results are presented net of tax, using the Norwegian statutory tax rate of
22%.
\u2022
The interest rate sensitivity analysis is based on a parallel shift in the yield
curve for each relevant currency to which Norske Skog is exposed.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PROFIT/(LOSS) AFTER TAX
INTEREST RATE
2025
2024
50 basis point downward parallel shift in the yield curve
17
16
50 basis point upward parallel shift in the yield curve
-17
-16
\n
With a 50-basis point upward change in interest rate the annual interest
payments will increase with NOK 17 million (NOK 16 million). The upward
change will have a positive change in the value of derivatives carried at fair
value through profit or loss with NOK 7 million (NOK 9 million).
b) Currency risk
Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP and USD. Transaction risk arises because the
group has a di\ufb00erent currency split on income and expenses. In 2025 Norske
Skog has hedged some of its cash flows in foreign currencies. The result of
the hedging is included in gains/(losses) on foreign currency in the income
statement. The cash flow hedges resulted in a realised gain of NOK 24 million
in 2025 (NOK -3 million). At year end 2025 Norske Skog had hedging
contracts of NOK 0 (NOK -65 million).
Translation risk - net investment hedge
The group does not have any net investment hedges.
Foreign exchange - sensitivity analysis on financial instruments
The following foreign exchange sensitivity analysis calculates the sensitivity
of derivatives and non-derivative financial instruments on net profit and
equity, based on a defined appreciation/depreciation of NOK against relevant
currencies, keeping all other variables constant. The analysis is based on
several assumptions, including:
\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
currencies. Derivative and non-derivative financial instruments of a
monetary nature, denominated in currencies di\ufb00erent from the functional
currency of the entity, create foreign exchange rate exposure on the
consolidated income statement.
\u2022
Financial instruments denominated in the functional currency of the entity
have no currency risk and will therefore not be applicable to this analysis.
Furthermore, the foreign currency exposure of translating financial
accounts of subsidiaries into the group\u2019s presentational currency is not
part of this analysis.
\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
separately under \u201ccommodity risk\u201d.
\u2022
Other currency derivatives that are recognised at fair value through profit
and loss will a\ufb00ect the income statement.
\u2022 Other non-derivative financial instruments accounted for in the analysis
comprise cash and cash equivalents, trade receivables. trade payables and
borrowings denominated in currencies di\ufb00erent from the functional
currency of the entity.
\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
are presented net of tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOK GAIN/(LOSS) FROM 10%
\u00a0
APPRECIATION ON FOREIGN
\u00a0
CURRENCY EXCHANGE RATES
CURRENCIES AGAINST TO WHICH THE GROUP HAS
\u00a0 \u00a0
SIGNIFICANT EXPOSURE
31.12.2025
31.12.2024
EUR
19
12
GBP
4
-70
USD
13
-31
Other
-5
4
Total
31
-85
\n
The e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
by foreign exchange forward contract in GBP, USD and EUR for which there is
no hedge accounting.
c) Commodity risk
A part of the commodity demand is secured through long-term contracts
limiting the exposure to changes in commodity prices. Some of the group
purchases contracts are defined as financial instruments, or contain embedded
derivatives, which fall within the scope of IFRS 9. These financial instruments
and embedded derivatives are measured in the balance sheet at fair value with
value changes recognised through profit or loss. The embedded derivatives
can be in physical commodity contracts and may comprise a wide variety of
derivative characteristics.
Changes in fair value of commodity contracts reflect unrealised gains or
losses and are calculated as the di\ufb00erence between market price and contract
price, discounted to present value. Some commodity contracts are bilateral
contracts or embedded derivatives in bilateral contracts, for which there
exists no active market. Therefore, valuation techniques are used with as
much use as possible of available market information. Techniques that reflect
how the market could be expected to price instruments are used in non-
observable markets. The fair value of embedded derivatives in physical
contracts depends on currency fluctuations.
Sensitivity analysis for commodity contracts
When calculating fair value of future and forward contracts, cash flows are
assumed to occur in the middle of the period. Currency e\ufb00ects arise when
contract values nominated in foreign currencies are translated into the
reporting currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
NET PROFIT
NET PROFIT
COMMODITY CONTRACTS
FAIR VALUE
AFTER TAX
AFTER TAX
WITHIN THE SCOPE OF IFRS 9
31.12.2025
- INCREASE
- DECREASE
Energy price
change 10%
137
55
-55
Currency
change 10%
137
-3
3
Price index
change 2.5%
137
0
0
\n
Sensitivity analysis for embedded derivatives
Embedded derivatives can be features in physical commodity contracts. The
most common embedded derivatives are currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
NET PROFIT
NET PROFIT
\u00a0 \u00a0
FAIR VALUE
AFTER TAX
AFTER TAX
EMBEDDED DERIVATIVES
31.12.2025
- INCREASE
- DECREASE
Currency
change 10%
-94
-104
104
\n
LIQUIDITY RISK
The group is exposed to liquidity risk in a scenario when the group\u2019s cash flow
from operating activities is not su\ufb00icient to cover payments of financial
liabilities. To e\ufb00ectively mitigate liquidity risk, Norske Skog\u2019s liquidity risk
management strategy focuses on maintaining su\ufb00icient cash, as well as
securing available financing through committed credit facilities. Managing
liquidity risk is centralised on a group level.
To uncover future liquidity risk, the group forecasts both short- and long-term
cash flows. Cash flow forecasts include cash flows from operations,
investments, financing activities and financial instruments. The group had
cash and cash equivalents of NOK 1
082 million on 31 December 2025
(NOK 1
127 million). Restricted bank deposits amounted to NOK 231 million
on 31 December 2025 (NOK 255 million).
Scheduled repayments in Note 29 shows contractual maturities of non-
derivative financial liabilities. All amounts disclosed in the table are
undiscounted cash flows. Furthermore, amounts denominated in foreign
currency are translated to NOK using closing rates on 31 December 2025.
These amounts consist of trade payables and interest payments. Variable rate
interest cash flows are calculated using the forward yield curve. Projected
interest payments are based on the maturity schedule on 31 December 2025
without accounting for forecasted refinancing and/or other changes in the
liability portfolio. All other cash flows are based on the group\u2019s positions held
on 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SCHEDULED REPAYMENTS OF
\u00a0 \u00a0 \u00a0 \u00a0
FINANCIAL DEBT AND
\u00a0
OTHER
\u00a0 \u00a0
INTEREST AT 31.12.2025
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
292
942
0
1 234
Later than one year and not
\u00a0 \u00a0 \u00a0 \u00a0
later than five years
568
2 513
1 400
4 481
Later than five years
18
396
0
415
Total
878
3 851
1 400
6 129
Trade payables
\u00a0 \u00a0 \u00a0
1 527
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SCHEDULED REPAYMENTS OF
\u00a0\u00a0\u00a0\u00a0
FINANCIAL DEBT AND
\u00a0
OTHER
\u00a0\u00a0
INTEREST AT 31.12.2024
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
322
749
0
1 071
Later than one year and not
\u00a0\u00a0\u00a0\u00a0
later than five years
810
2 501
1 400
4 711
Later than five years
29
529
0
558
Total
1 161
3 779
1 400
6 340
Trade payables
\u00a0\u00a0\u00a0
1 282
\n
CREDIT RISK
The group makes a credit evaluation of all financial trading counterparties.
Based on the evaluation, a limit on credit exposure is established for each
counterparty. These limits are monitored continuously in relation to unrealised
profit on financial instruments and placements. The maximum credit risk
arising from financial instruments is represented by the carrying amount of
financial assets in the balance sheet.
The group procedures for credit management of trade receivables, and the
authority to approve credit lines to customers of the business units, are
regulated by a policy drafted and maintained by a centralised credit
management function at the head o\ufb00ice. The operational responsibility to act
within the guidelines as set out by this policy lies with each business unit.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "MARKET RISK
a) Interest rate risk
Interest rate risk is related to the financial risk related to changes in market
interest rates. Interest rate risk management is carried out to secure the
lowest possible interest rate payments over time within acceptable risk limits.
This includes having a portfolio of loans in the group with both floating interest
and fixed interest rates. The group may also use derivatives to manage the
interest rate risk in the group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
INTEREST-
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
BEARING ASSETS
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
AND LIABILITIES
FLOATING
FIXED
TOTAL
FLOATING
FIXED
TOTAL
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
liabilities
4 724
653
5 377
4 521
725
5 246
Interest-bearing
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
assets
-1 082
0
-1 082
-1 127
0
-1 127
Net exposure
3 642
653
4 295
3 394
725
4 119
\n
All amounts presented in the table are notional amounts. Total interest-
bearing liabilities will therefore di\ufb00er from booked amounts due to bond
discounts/premiums. Floating rate exposure is calculated without accounting
for potential future refinancing.
Interest rate sensitivity analysis
In accordance with IFRS 7 Financial instruments - disclosures, an interest rate
sensitivity analysis is presented showing the e\ufb00ects of changes in market
interest rates on interest costs and interest income, as well as equity where
applicable. The analysis is based on the following assumptions:
\u2022 Floating rate debt is exposed to changes in market interest rates, i.e. the
interest costs or interest income associated with such instruments will
fluctuate based on changes in market rates. The impact of changes is
presented in the sensitivity analysis. The analysis assumes that all other
factors are kept constant.
\u2022 Changes in market rates on fixed rate debt will only a\ufb00ect the income
statement if they are measured at fair value. Thus, fixed rate instruments
recognised at amortised cost will not represent an interest rate risk as
defined by IFRS 7. Such instruments will therefore not have any impact on
the sensitivity analysis.
\u2022
Results are presented net of tax, using the Norwegian statutory tax rate of
22%.
\u2022
The interest rate sensitivity analysis is based on a parallel shift in the yield
curve for each relevant currency to which Norske Skog is exposed.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PROFIT/(LOSS) AFTER TAX
INTEREST RATE
2025
2024
50 basis point downward parallel shift in the yield curve
17
16
50 basis point upward parallel shift in the yield curve
-17
-16
\n
With a 50-basis point upward change in interest rate the annual interest
payments will increase with NOK 17 million (NOK 16 million). The upward
change will have a positive change in the value of derivatives carried at fair
value through profit or loss with NOK 7 million (NOK 9 million).
b) Currency risk
Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP and USD. Transaction risk arises because the
group has a di\ufb00erent currency split on income and expenses. In 2025 Norske
Skog has hedged some of its cash flows in foreign currencies. The result of
the hedging is included in gains/(losses) on foreign currency in the income
statement. The cash flow hedges resulted in a realised gain of NOK 24 million
in 2025 (NOK -3 million). At year end 2025 Norske Skog had hedging
contracts of NOK 0 (NOK -65 million).
Translation risk - net investment hedge
The group does not have any net investment hedges.
Foreign exchange - sensitivity analysis on financial instruments
The following foreign exchange sensitivity analysis calculates the sensitivity
of derivatives and non-derivative financial instruments on net profit and
equity, based on a defined appreciation/depreciation of NOK against relevant
currencies, keeping all other variables constant. The analysis is based on
several assumptions, including:
\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
currencies. Derivative and non-derivative financial instruments of a
monetary nature, denominated in currencies di\ufb00erent from the functional
currency of the entity, create foreign exchange rate exposure on the
consolidated income statement.
\u2022
Financial instruments denominated in the functional currency of the entity
have no currency risk and will therefore not be applicable to this analysis.
Furthermore, the foreign currency exposure of translating financial
accounts of subsidiaries into the group\u2019s presentational currency is not
part of this analysis.
\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
separately under \u201ccommodity risk\u201d.
\u2022
Other currency derivatives that are recognised at fair value through profit
and loss will a\ufb00ect the income statement.
\u2022 Other non-derivative financial instruments accounted for in the analysis
comprise cash and cash equivalents, trade receivables. trade payables and
borrowings denominated in currencies di\ufb00erent from the functional
currency of the entity.
\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
are presented net of tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOK GAIN/(LOSS) FROM 10%
\u00a0
APPRECIATION ON FOREIGN
\u00a0
CURRENCY EXCHANGE RATES
CURRENCIES AGAINST TO WHICH THE GROUP HAS
\u00a0 \u00a0
SIGNIFICANT EXPOSURE
31.12.2025
31.12.2024
EUR
19
12
GBP
4
-70
USD
13
-31
Other
-5
4
Total
31
-85
\n
The e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
by foreign exchange forward contract in GBP, USD and EUR for which there is
no hedge accounting.
c) Commodity risk
A part of the commodity demand is secured through long-term contracts
limiting the exposure to changes in commodity prices. Some of the group
purchases contracts are defined as financial instruments, or contain embedded
derivatives, which fall within the scope of IFRS 9. These financial instruments
and embedded derivatives are measured in the balance sheet at fair value with
value changes recognised through profit or loss. The embedded derivatives
can be in physical commodity contracts and may comprise a wide variety of
derivative characteristics.
Changes in fair value of commodity contracts reflect unrealised gains or
losses and are calculated as the di\ufb00erence between market price and contract
price, discounted to present value. Some commodity contracts are bilateral
contracts or embedded derivatives in bilateral contracts, for which there
exists no active market. Therefore, valuation techniques are used with as
much use as possible of available market information. Techniques that reflect
how the market could be expected to price instruments are used in non-
observable markets. The fair value of embedded derivatives in physical
contracts depends on currency fluctuations.
Sensitivity analysis for commodity contracts
When calculating fair value of future and forward contracts, cash flows are
assumed to occur in the middle of the period. Currency e\ufb00ects arise when
contract values nominated in foreign currencies are translated into the
reporting currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
NET PROFIT
NET PROFIT
COMMODITY CONTRACTS
FAIR VALUE
AFTER TAX
AFTER TAX
WITHIN THE SCOPE OF IFRS 9
31.12.2025
- INCREASE
- DECREASE
Energy price
change 10%
137
55
-55
Currency
change 10%
137
-3
3
Price index
change 2.5%
137
0
0
\n
Sensitivity analysis for embedded derivatives
Embedded derivatives can be features in physical commodity contracts. The
most common embedded derivatives are currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
NET PROFIT
NET PROFIT
\u00a0 \u00a0
FAIR VALUE
AFTER TAX
AFTER TAX
EMBEDDED DERIVATIVES
31.12.2025
- INCREASE
- DECREASE
Currency
change 10%
-94
-104
104
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP and USD. Transaction risk arises because the
group has a di\ufb00erent currency split on income and expenses. In 2025 Norske
Skog has hedged some of its cash flows in foreign currencies. The result of
the hedging is included in gains/(losses) on foreign currency in the income
statement. The cash flow hedges resulted in a realised gain of NOK 24 million
in 2025 (NOK -3 million). At year end 2025 Norske Skog had hedging
contracts of NOK 0 (NOK -65 million).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "Transaction risk - economic hedge
The group has revenues and expenses in various currencies. The major
currencies are NOK, EUR, GBP and USD. Transaction risk arises because the
group has a di\ufb00erent currency split on income and expenses. In 2025 Norske
Skog has hedged some of its cash flows in foreign currencies. The result of
the hedging is included in gains/(losses) on foreign currency in the income
statement. The cash flow hedges resulted in a realised gain of NOK 24 million
in 2025 (NOK -3 million). At year end 2025 Norske Skog had hedging
contracts of NOK 0 (NOK -65 million).SEGMENT REPORTING
The activities in the group are separated into three reporting segments which
is in line with how the group is managed internally. Norske Skog\u2019s chief
operating decision maker is corporate management, who distribute resources
and assess performance of the group\u2019s operating segments. Norske Skog has
an integrated strategy to maximise profits for each segment. The optimisation
is carried out through co-ordinated sales and operational planning within each
segment.
Accounting policies applied in the segment reporting
Recognition, measurement and classification are applied consistently in
external and internal reporting.
Performance measurement
The group assesses the performance of the reporting segments based on a
measure of EBITDA. These items exclude the e\ufb00ects of expenditure not
deemed to be part of the regular operating activities of the segment, such as
restructuring expenses, impairments, changes in fair value of certain energy
contracts, embedded derivatives in energy contracts. See alternative
performance measures (APM) for further information related to performance
measurement other than financial measure defined or specific in the IFRS
Accounting standards.
Intercompany transactions
The revenue reported per reporting segment includes both sales to external
parties and sales to other segments. Intra-segment sales are eliminated in the
consolidated financial statements. All sales transactions between reporting
segments are carried out at arm\u2019s length prices as if sold or transferred to
independent third parties.
REPORTABLE SEGMENTS
Norske Skog group is a producer of publication paper and packaging paper.
Publication paper includes newsprint and magazine paper. Newsprint
encompasses standard newsprint and other paper qualities used in
newspapers, inserts, catalogues, etc. These paper qualities, measured in
grammes per square meter, will normally be in the range 40-52 g/m2. Magazine
paper encompasses the paper qualities super calendared (SC) and lightweight
coated (LWC). These paper qualities are used in magazines, periodicals,
catalogues and brochures. From 2023 Norske Skog group is also a producer
of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner
3 and fluting are used by corrugators as outer and inner layers of packaging
material and will normally be in the range of 90-170 g/m2 for testliner 3 and
70-170 g/m2 for fluting.
Publication paper
Publication paper encompasses production and sale of newsprint and
magazine paper. The publication paper machines and the regional sales
organisations are included in the reporting segment.
Packaging paper
Packaging paper was established as a new reporting segment in 2023. The
segment encompasses production and sale of recycled containerboard.
Norske Skog Bruck PM3 was included in the segment from 2023. Norske Skog
Golbey PM1 is included in the packaging paper segment from 2025 and
started production and deliveries in the second quarter.
Other activities
Activities in the group that do not fall into the reporting segments publication
paper or packaging paper are presented under other activities. This includes
corporate functions and sourcing solutions.
Norske Skog Recycling GmbH,
that was previously included in sourcing solutions, is from the fourth quarter
of 2025 merged with Norske Skog Bruck GmbH and included in the packaging
paper segment.
REVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
SEGMENTS
Norske Skog manages non-current debt, taxes and cash positions on a group
basis. Consequently, financial items and tax expenses are presented only for
the group.Accounting policies
Revenue from contracts with customers is recognised when control of the
goods or services are transferred to the customer at an amount that reflects
the consideration to which the group expects to be entitled in exchange for
those goods or services.
The timing of revenue recognition is based on the delivery terms for the
di\ufb00erent markets and customers, and where revenue is recognised at a point
in time. It is important to make sure that all performance obligations are
fulfilled, and the customer can benefit on its own. If the customer cannot
obtain control of the good or service, the revenue will not be recognised.
Revenue in the group companies consist almost exclusively of sale of goods.
Contracts with customers are recognised upon satisfaction of a performance
obligation by transferring the promised goods to a customer and measured at
point in time for the sale of products to the customer. Sales of publication
papers, packaging paper and other products are non-interest-bearing
receivables, generally on terms of 20-60 days.
Norske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
o\ufb00icial rules for the interpretation of trade terms issued by the International
Chamber of Commerce. The timing of revenue recognition is largely dependent
on these delivery terms: The sale of publication paper and packaging paper in
Norske Skog is mainly based on delivery terms C and D, with 7% (8%) and 85%
(83%) respectively.
C-terms, where the group arranges and pays for the external transport of the
goods, but the group no longer bears any responsibility for the goods once
they have been handed over to the transporter in accordance with the terms
of the contract. The point of sale is when the goods are handed over to the
transporter contracted by the seller.
D-terms, where the group delivers the goods to the purchaser at the agreed
destination, usually at the purchaser\u2019s premises. The point of sale is when the
goods are delivered to the purchaser. If the customer is invoiced before
delivery of the goods purchased, revenue is only recognised if the customer
has taken over a significant part of the gain and loss potential relating to the
goods.Accounting policies
Government grants
Government grants are recognised as income or as a cost reduction, dependent
on the basis for which the government grant has been awarded. Recognition will
be on a systematic basis over the period they have been granted for, or on a
systematic basis to the costs that they are intended to compensate for.
Government grants in the form of compensation for losses which have already
been incurred, or in the form of direct financial support, which is not directly
related to future costs, are recognised as income in the same period as they
are awarded.
Government grants related to assets are presented in the balance sheet as
deferred income or as a reduction of the cost price of the assets the grant relates
to. The grant is then recognised in the income statement either through future
periodic income recognition or as a future reduction in the depreciation charge.Accounting policies
Cost of material are accounted for as they are consumed as part of the production
of products. Change in inventory reflects the cost of goods sold in the period.Accounting policies
Bonus arrangements
The group accrues for bonus arrangements when there exists a contractual
obligation, or past practice has created a constructive obligation.
Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date.Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair value.
Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently remeasured at their fair value.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market reports
(level 2) which are considered to be an approximation of fair value. For the
embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and discounted
cash flow analyses defined to reflect the issuer\u2019s specific circumstances. Fair
value includes the impact of credit risk and the adjustment for credit risk is
dependent on whether the derivative is in the money (asset) or out of the
money (liability). Credit value adjustment is applied to assets positions based
on credit risk associated with the counterparty. Debit value adjustment is
applied to liability positions, based on the group\u2019s own credit risk.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Changes in value \u2013 commodity contracts
1)
326
-124
Changes in value \u2013 embedded derivatives
32
-47
Realised gains/(losses) on contracts
-2
-7
Total
356
-178
\n
1) Long-term financial contracts and commodity contracts that do not meet the requirement in IFRS 9 related
to own use are measured at fair value.
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The gain in the fair value of commodity contracts in 2025 is mainly a reversal
of the negative fair value of the 2025 contracts volume. The loss in fair value
of commodity contracts in 2024 is mainly due to the forecasted forward
energy prices in Norway decreasing in 2024. Contracts measured at fair value
expire in 2026.
The gain in embedded derivatives in 2025 was mainly due to forward prices of
euro depreciating against NOK during 2025, whereas during 2024 the forward
price appreciated.
Realised gain/(losses) on contracts consist of realised losses on financial
hedging of excess energy during 2025 and 2024. Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2025 with NOK 0 million
(NOK -65 million).
The carrying value of associated companies and joint ventures is NOK 14 million
on 31 December 2025 (NOK 15 million). Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same tax authority and there is a legally enforceable right
to set o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.Accounting policies
Patents and licenses
Patents and licenses have a finite useful life and are recognised at historical
cost less accumulated amortisation. Amortisation is calculated using the
straight-line method to allocate the cost of patents and licences over their
estimated useful lives.
Computer software
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire the specific software and bring it into use and amortised
over their estimated useful lives. Computer software development costs
recognised as assets are amortised over their estimated useful lives. Costs
associated with maintaining computer software are recognised as an expense
as they are incurred.
Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets. Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognised based on ageing
categories of trade receivables that includes all receivables.Accounting policies
Inventories are stated at the lower of cost and net realisable value. Cost is
determined using weighted average cost. The cost of finished goods and
work in progress comprises raw materials, direct labour, other direct costs
and related production overheads (based on normal operating capacity). It
excludes borrowing costs. Net realisable value is the estimated selling price
in the ordinary course of business, less applicable variable selling expenses.
Other production materials include packaging materials, machine clothing,
maintenance materials, operating materials and certain spare parts. Spare
parts held as inventory are spare parts which do not meet the criteria for being
classified as property, plant and equipment.Accounting policies
The group classifies non-current assets and disposal groups as held for sale if
their carrying amounts will be recovered principally through a sale transaction
rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group), excluding finance
costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the
sale is highly probable, and the asset or disposal group is available for
immediate sale in its present condition. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be
made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or
amortised once classified as held for sale. Assets and liabilities classified as
held for sale are presented separately as current items in the statement of
financial position.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit or loss.
The group includes proceeds from disposal in cash flows from discontinued
operations.
Additional disclosures are provided below. All other notes to the financial
statements include amounts for continuing operations, unless indicated
otherwise.
In December 2024 a concrete sales process was initiated for the sale of
Norske Skog Industries Australia Ltd with subsidiaries. The plan to sell was
approved by the board on 20 December 2024. On 7 February 2025 an agree-
ment to sell Norske Skog Industries Australia Ltd with subsidiaries was signed
and the entities were sold with e\ufb00ect from 1 April 2025.
The business of Norske Skog Industries Australia Ltd with subsidiaries, which
represented the segment publication paper Australasia, were consequently
classified as a disposal group held for sale and as a discontinued operation in
the 2024 financial statements.
The financial performance and cash flow information presented below are for
the period ended 1 April 2025 and the year ended 31 December 2024. Accounting policies
Pension obligations
Group companies operate various pension schemes. These are generally
funded through payments to insurance companies, as determined by actuarial
calculations. The group has both defined benefit and defined contribution
plans.
The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets. The defined benefit
obligation is calculated annually by independent actuaries using the projected
unit credit method.
Actuarial gains and losses arising from experience adjustments and changes
in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise. Past-service costs
are recognised immediately in the income statement. The interest component
of the cost is included in financial expenses.
The supplementary collective pension scheme for salaries exceeding 12G is
classified as a defined benefit plan in which the obligation is recognised in the
balance sheet and the corresponding cost recognised in the income statement
in the period in which they accrue.
A defined contribution plan is a pension plan under which the group pays fixed
contributions into a separate entity. These contributions are made to publicly-
or privately administered pension insurance plans on a mandatory, contractual
or voluntary basis. These contributions are recognised as an employee benefit
expense in the period the contribution is related to.Accounting policies
Provisions for environmental restoration, dismantling costs, restructuring
activities and legal claims are recognised when the group has a present legal
or constructive obligation as a result of past events, an outflow of resources is
more likely than not to be required to settle the obligation and the amount can
be reliably estimated.
Where a number of similar obligations exist, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the best estimate of the
expenditure required to settle the present obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks
specific to the obligation. The increase in the provision due to passage of time
is recognised within financial items. Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.Accounting policies
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. Trade payables are
measured at invoice amount unless there is a significant financing component. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "Foreign exchange - sensitivity analysis on financial instruments
The following foreign exchange sensitivity analysis calculates the sensitivity
of derivatives and non-derivative financial instruments on net profit and
equity, based on a defined appreciation/depreciation of NOK against relevant
currencies, keeping all other variables constant. The analysis is based on
several assumptions, including:
\u2022 Norske Skog as a group comprises entities with di\ufb00erent functional
currencies. Derivative and non-derivative financial instruments of a
monetary nature, denominated in currencies di\ufb00erent from the functional
currency of the entity, create foreign exchange rate exposure on the
consolidated income statement.
\u2022
Financial instruments denominated in the functional currency of the entity
have no currency risk and will therefore not be applicable to this analysis.
Furthermore, the foreign currency exposure of translating financial
accounts of subsidiaries into the group\u2019s presentational currency is not
part of this analysis.
\u2022
Sensitivity on commodity contracts and embedded derivatives is presented
separately under \u201ccommodity risk\u201d.
\u2022
Other currency derivatives that are recognised at fair value through profit
and loss will a\ufb00ect the income statement.
\u2022 Other non-derivative financial instruments accounted for in the analysis
comprise cash and cash equivalents, trade receivables. trade payables and
borrowings denominated in currencies di\ufb00erent from the functional
currency of the entity.
\u2022
Correlation e\ufb00ects between currencies are not taken into account. Figures
are presented net of tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOK GAIN/(LOSS) FROM 10%
\u00a0
APPRECIATION ON FOREIGN
\u00a0
CURRENCY EXCHANGE RATES
CURRENCIES AGAINST TO WHICH THE GROUP HAS
\u00a0 \u00a0
SIGNIFICANT EXPOSURE
31.12.2025
31.12.2024
EUR
19
12
GBP
4
-70
USD
13
-31
Other
-5
4
Total
31
-85
\n
The e\ufb00ect of the sensitivity analysis on the income statement is mainly caused
by foreign exchange forward contract in GBP, USD and EUR for which there is
no hedge accounting.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "LIQUIDITY RISK
The group is exposed to liquidity risk in a scenario when the group\u2019s cash flow
from operating activities is not su\ufb00icient to cover payments of financial
liabilities. To e\ufb00ectively mitigate liquidity risk, Norske Skog\u2019s liquidity risk
management strategy focuses on maintaining su\ufb00icient cash, as well as
securing available financing through committed credit facilities. Managing
liquidity risk is centralised on a group level.
To uncover future liquidity risk, the group forecasts both short- and long-term
cash flows. Cash flow forecasts include cash flows from operations,
investments, financing activities and financial instruments. The group had
cash and cash equivalents of NOK 1
082 million on 31 December 2025
(NOK 1
127 million). Restricted bank deposits amounted to NOK 231 million
on 31 December 2025 (NOK 255 million).
Scheduled repayments in Note 29 shows contractual maturities of non-
derivative financial liabilities. All amounts disclosed in the table are
undiscounted cash flows. Furthermore, amounts denominated in foreign
currency are translated to NOK using closing rates on 31 December 2025.
These amounts consist of trade payables and interest payments. Variable rate
interest cash flows are calculated using the forward yield curve. Projected
interest payments are based on the maturity schedule on 31 December 2025
without accounting for forecasted refinancing and/or other changes in the
liability portfolio. All other cash flows are based on the group\u2019s positions held
on 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SCHEDULED REPAYMENTS OF
\u00a0 \u00a0 \u00a0 \u00a0
FINANCIAL DEBT AND
\u00a0
OTHER
\u00a0 \u00a0
INTEREST AT 31.12.2025
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
292
942
0
1 234
Later than one year and not
\u00a0 \u00a0 \u00a0 \u00a0
later than five years
568
2 513
1 400
4 481
Later than five years
18
396
0
415
Total
878
3 851
1 400
6 129
Trade payables
\u00a0 \u00a0 \u00a0
1 527
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SCHEDULED REPAYMENTS OF
\u00a0\u00a0\u00a0\u00a0
FINANCIAL DEBT AND
\u00a0
OTHER
\u00a0\u00a0
INTEREST AT 31.12.2024
INTEREST
LOANS
BONDS
TOTAL
Not later than one year
322
749
0
1 071
Later than one year and not
\u00a0\u00a0\u00a0\u00a0
later than five years
810
2 501
1 400
4 711
Later than five years
29
529
0
558
Total
1 161
3 779
1 400
6 340
Trade payables
\u00a0\u00a0\u00a0
1 282
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "CREDIT RISK
The group makes a credit evaluation of all financial trading counterparties.
Based on the evaluation, a limit on credit exposure is established for each
counterparty. These limits are monitored continuously in relation to unrealised
profit on financial instruments and placements. The maximum credit risk
arising from financial instruments is represented by the carrying amount of
financial assets in the balance sheet.
The group procedures for credit management of trade receivables, and the
authority to approve credit lines to customers of the business units, are
regulated by a policy drafted and maintained by a centralised credit
management function at the head o\ufb00ice. The operational responsibility to act
within the guidelines as set out by this policy lies with each business unit.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "6.
Reporting segments
SEGMENT REPORTING
The activities in the group are separated into three reporting segments which
is in line with how the group is managed internally. Norske Skog\u2019s chief
operating decision maker is corporate management, who distribute resources
and assess performance of the group\u2019s operating segments. Norske Skog has
an integrated strategy to maximise profits for each segment. The optimisation
is carried out through co-ordinated sales and operational planning within each
segment.
Accounting policies applied in the segment reporting
Recognition, measurement and classification are applied consistently in
external and internal reporting.
Performance measurement
The group assesses the performance of the reporting segments based on a
measure of EBITDA. These items exclude the e\ufb00ects of expenditure not
deemed to be part of the regular operating activities of the segment, such as
restructuring expenses, impairments, changes in fair value of certain energy
contracts, embedded derivatives in energy contracts. See alternative
performance measures (APM) for further information related to performance
measurement other than financial measure defined or specific in the IFRS
Accounting standards.
Intercompany transactions
The revenue reported per reporting segment includes both sales to external
parties and sales to other segments. Intra-segment sales are eliminated in the
consolidated financial statements. All sales transactions between reporting
segments are carried out at arm\u2019s length prices as if sold or transferred to
independent third parties.
REPORTABLE SEGMENTS
Norske Skog group is a producer of publication paper and packaging paper.
Publication paper includes newsprint and magazine paper. Newsprint
encompasses standard newsprint and other paper qualities used in
newspapers, inserts, catalogues, etc. These paper qualities, measured in
grammes per square meter, will normally be in the range 40-52 g/m2. Magazine
paper encompasses the paper qualities super calendared (SC) and lightweight
coated (LWC). These paper qualities are used in magazines, periodicals,
catalogues and brochures. From 2023 Norske Skog group is also a producer
of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner
3 and fluting are used by corrugators as outer and inner layers of packaging
material and will normally be in the range of 90-170 g/m2 for testliner 3 and
70-170 g/m2 for fluting.
Publication paper
Publication paper encompasses production and sale of newsprint and
magazine paper. The publication paper machines and the regional sales
organisations are included in the reporting segment.
Packaging paper
Packaging paper was established as a new reporting segment in 2023. The
segment encompasses production and sale of recycled containerboard.
Norske Skog Bruck PM3 was included in the segment from 2023. Norske Skog
Golbey PM1 is included in the packaging paper segment from 2025 and
started production and deliveries in the second quarter.
Other activities
Activities in the group that do not fall into the reporting segments publication
paper or packaging paper are presented under other activities. This includes
corporate functions and sourcing solutions.
Norske Skog Recycling GmbH,
that was previously included in sourcing solutions, is from the fourth quarter
of 2025 merged with Norske Skog Bruck GmbH and included in the packaging
paper segment.
REVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
SEGMENTS
Norske Skog manages non-current debt, taxes and cash positions on a group
basis. Consequently, financial items and tax expenses are presented only for
the group.
OPERATING REVENUE AND EXPENSES PER OPERATING SEGMENT
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PUBLICATION
PACKAGING
OTHER
\u00a0
NORSKE SKOG
2025
PAPER
PAPER
ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
8 056
1 036
827
-474
9 445
Other operating income
826
206
4
0
1 037
Total operating income
8 882
1 243
832
-474
10 482
Distribution costs
-886
-150
0
0
-1 036
Cost of materials
-5 016
-888
-705
377
-6 232
Employee benefit expenses
-1 232
-312
-75
0
-1 619
Other operating expenses
-640
-201
-82
97
-827
EBITDA
1 107
-308
-31
0
769
Restructuring expenses
-5
0
0
0
-5
Depreciation
-331
-217
-9
0
-557
Derivatives and other fair value adjustments
357
0
-1
0
356
Operating earnings
1 129
-525
-41
0
563
Share of operating revenue from external parties (%)
100
100
47
\u00a0
100
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PUBLICATION
PACKAGING
OTHER
\u00a0
NORSKE SKOG
2024
PAPER
PAPER
ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
8 359
721
802
-649
9 233
Other operating income
807
130
4
-2
939
Total operating income
9 166
851
806
-651
10 173
Distribution costs
-904
-101
0
0
-1 005
Cost of materials
-5 274
-527
-671
544
-5 927
Employee benefit expenses
-1 446
-156
-101
2
-1 702
Other operating expenses
-773
-61
-73
104
-803
EBITDA
769
6
-39
0
736
Restructuring expenses
-12
0
-4
0
-16
Depreciation
-354
-118
-8
0
-481
Impairments
-121
0
0
0
-121
Derivatives and other fair value adjustments
-170
0
-8
0
-178
Operating earnings
112
-113
-59
0
-60
Share of operating revenue from external parties (%)
100
100
26
0
100
\n
PROPERTY, PLANT AND EQUIPMENT PER GEOGRAPHICAL REGION
The table below shows property, plant and equipment allocated to Norske
Skog\u2019s country of domicile and other regions in which the group holds assets.
The allocation is based on the location of the production facilities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Norway
1 154
1 184
Rest of Europe
9 095
8 539
Total
10 249
9 723
\n
CASH GENERATED FROM OPERATIONS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Publication paper
8 299
8 847
Packaging paper
1 132
846
Other activities
822
775
Discontinued operations
490
1 922
Eliminations
-474
-651
Total
10 269
11 740
\n
NET CASH FLOW FROM OPERATING ACTIVITIES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Publication paper
836
228
Packaging paper
-395
75
Other activities
16
-76
Discontinued operations
8
-28
Total cash flow allocated to segments
466
200
Net financial items
-230
-216
Taxes paid
-9
1
Net cash flow from operating activities
227
-15
\n
PURCHASES OF PROPERTY, PLANT AND EQUIPMENT AND
INTANGIBLE ASSETS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Publication paper
197
430
Packaging paper
764
1 082
Other activities
12
13
Discontinued operation
9
33
Total
982
1 558
\n
INVENTORIES
Inventories include raw materials, work in progress, finished goods and other
production materials.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Publication paper
1 289
1 301
Packaging paper
80
70
Other activities
2
20
Total
1 371
1 390
\n
TRADE RECEIVABLES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Publication paper
317
402
Packaging paper
83
9
Other activities
81
63
Eliminations
0
0
Total
482
474
Provision for bad debt
-54
-52
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "6.
Reporting segments
SEGMENT REPORTING
The activities in the group are separated into three reporting segments which
is in line with how the group is managed internally. Norske Skog\u2019s chief
operating decision maker is corporate management, who distribute resources
and assess performance of the group\u2019s operating segments. Norske Skog has
an integrated strategy to maximise profits for each segment. The optimisation
is carried out through co-ordinated sales and operational planning within each
segment.
Accounting policies applied in the segment reporting
Recognition, measurement and classification are applied consistently in
external and internal reporting.
Performance measurement
The group assesses the performance of the reporting segments based on a
measure of EBITDA. These items exclude the e\ufb00ects of expenditure not
deemed to be part of the regular operating activities of the segment, such as
restructuring expenses, impairments, changes in fair value of certain energy
contracts, embedded derivatives in energy contracts. See alternative
performance measures (APM) for further information related to performance
measurement other than financial measure defined or specific in the IFRS
Accounting standards.
Intercompany transactions
The revenue reported per reporting segment includes both sales to external
parties and sales to other segments. Intra-segment sales are eliminated in the
consolidated financial statements. All sales transactions between reporting
segments are carried out at arm\u2019s length prices as if sold or transferred to
independent third parties.
REPORTABLE SEGMENTS
Norske Skog group is a producer of publication paper and packaging paper.
Publication paper includes newsprint and magazine paper. Newsprint
encompasses standard newsprint and other paper qualities used in
newspapers, inserts, catalogues, etc. These paper qualities, measured in
grammes per square meter, will normally be in the range 40-52 g/m2. Magazine
paper encompasses the paper qualities super calendared (SC) and lightweight
coated (LWC). These paper qualities are used in magazines, periodicals,
catalogues and brochures. From 2023 Norske Skog group is also a producer
of recycled containerboard, mainly the grades testliner 3 and fluting. Testliner
3 and fluting are used by corrugators as outer and inner layers of packaging
material and will normally be in the range of 90-170 g/m2 for testliner 3 and
70-170 g/m2 for fluting.
Publication paper
Publication paper encompasses production and sale of newsprint and
magazine paper. The publication paper machines and the regional sales
organisations are included in the reporting segment.
Packaging paper
Packaging paper was established as a new reporting segment in 2023. The
segment encompasses production and sale of recycled containerboard.
Norske Skog Bruck PM3 was included in the segment from 2023. Norske Skog
Golbey PM1 is included in the packaging paper segment from 2025 and
started production and deliveries in the second quarter.
Other activities
Activities in the group that do not fall into the reporting segments publication
paper or packaging paper are presented under other activities. This includes
corporate functions and sourcing solutions.
Norske Skog Recycling GmbH,
that was previously included in sourcing solutions, is from the fourth quarter
of 2025 merged with Norske Skog Bruck GmbH and included in the packaging
paper segment.
REVENUES AND EXPENSES NOT ALLOCATED TO OPERATING
SEGMENTS
Norske Skog manages non-current debt, taxes and cash positions on a group
basis. Consequently, financial items and tax expenses are presented only for
the group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "OPERATING REVENUE AND EXPENSES PER OPERATING SEGMENT \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PUBLICATION
PACKAGING
OTHER
\u00a0
NORSKE SKOG
2025
PAPER
PAPER
ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
8 056
1 036
827
-474
9 445
Other operating income
826
206
4
0
1 037
Total operating income
8 882
1 243
832
-474
10 482
Distribution costs
-886
-150
0
0
-1 036
Cost of materials
-5 016
-888
-705
377
-6 232
Employee benefit expenses
-1 232
-312
-75
0
-1 619
Other operating expenses
-640
-201
-82
97
-827
EBITDA
1 107
-308
-31
0
769
Restructuring expenses
-5
0
0
0
-5
Depreciation
-331
-217
-9
0
-557
Derivatives and other fair value adjustments
357
0
-1
0
356
Operating earnings
1 129
-525
-41
0
563
Share of operating revenue from external parties (%)
100
100
47
\u00a0
100
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PUBLICATION
PACKAGING
OTHER
\u00a0
NORSKE SKOG
2024
PAPER
PAPER
ACTIVITIES
ELIMINATIONS
GROUP
Operating revenue
8 359
721
802
-649
9 233
Other operating income
807
130
4
-2
939
Total operating income
9 166
851
806
-651
10 173
Distribution costs
-904
-101
0
0
-1 005
Cost of materials
-5 274
-527
-671
544
-5 927
Employee benefit expenses
-1 446
-156
-101
2
-1 702
Other operating expenses
-773
-61
-73
104
-803
EBITDA
769
6
-39
0
736
Restructuring expenses
-12
0
-4
0
-16
Depreciation
-354
-118
-8
0
-481
Impairments
-121
0
0
0
-121
Derivatives and other fair value adjustments
-170
0
-8
0
-178
Operating earnings
112
-113
-59
0
-60
Share of operating revenue from external parties (%)
100
100
26
0
100
\nCASH GENERATED FROM OPERATIONS \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Publication paper
8 299
8 847
Packaging paper
1 132
846
Other activities
822
775
Discontinued operations
490
1 922
Eliminations
-474
-651
Total
10 269
11 740
\n
NET CASH FLOW FROM OPERATING ACTIVITIES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Publication paper
836
228
Packaging paper
-395
75
Other activities
16
-76
Discontinued operations
8
-28
Total cash flow allocated to segments
466
200
Net financial items
-230
-216
Taxes paid
-9
1
Net cash flow from operating activities
227
-15
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "INVENTORIES
Inventories include raw materials, work in progress, finished goods and other
production materials.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Publication paper
1 289
1 301
Packaging paper
80
70
Other activities
2
20
Total
1 371
1 390
\n24.
Inventories
Accounting policies
Inventories are stated at the lower of cost and net realisable value. Cost is
determined using weighted average cost. The cost of finished goods and
work in progress comprises raw materials, direct labour, other direct costs
and related production overheads (based on normal operating capacity). It
excludes borrowing costs. Net realisable value is the estimated selling price
in the ordinary course of business, less applicable variable selling expenses.
Other production materials include packaging materials, machine clothing,
maintenance materials, operating materials and certain spare parts. Spare
parts held as inventory are spare parts which do not meet the criteria for being
classified as property, plant and equipment.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Raw material
190
278
Work in progress
13
8
Other production materials
614
577
Finished goods
554
527
Total
1 371
1 390
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "TRADE RECEIVABLES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Publication paper
317
402
Packaging paper
83
9
Other activities
81
63
Eliminations
0
0
Total
482
474
Provision for bad debt
-54
-52
23.
Receivables and other non-current assets
Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognised based on ageing
categories of trade receivables that includes all receivables.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOTE
31.12.2025
31.12.2024
Trade and other receivables
\u00a0 \u00a0 \u00a0
Trade receivables
\u00a0
482
474
Provision for bad debt
\u00a0
-54
-52
VAT receivables
\u00a0
88
126
Prepaid expenses
\u00a0
68
64
Other receivables
\u00a0
924
641
Total
\u00a0
1 508
1 253
Other current assets
\u00a0 \u00a0 \u00a0
Derivatives
\u00a0
0
1
Commodity contracts
\u00a0
144
9
Other current assets
\u00a0
7
19
Total
\u00a0
151
29
Other non-current assets
\u00a0 \u00a0 \u00a0
Long-term shareholdings
20
104
106
Pension plan assets
27
8
10
Other non-current receivables
\u00a0
67
61
Total
\u00a0
179
177
\n
Norske Skog Bruck, Norske Skog Golbey, Norske Skog Skogn and Norske
Skog Saugbrugs have factoring facility agreements where the future cash flow
on certain trade receivables is sold. The facility has a limit of EUR 25 million for
Norske Skog Bruck, a limit of EUR 40 million for Norske Skog Golbey and a
combined limit of NOK 400 million for Norske Skog Skogn and Norske Skog
Saugbrugs. There are no financial covenants in these factoring facility
agreements. Trade receivables that have been sold are deducted from trade
receivables in the balance sheet. The utilisation at 31 December 2025 was
NOK 660 million (NOK 668 million).
At 31 December 2025 advances received from contracts with customers
amounted to NOK 0 million and other revenue accruals for invoice not sent
amounted to NOK 0 million (NOK 0 million and NOK 0 million). In addition, received
advances from customers not invoiced NOK 0 million at 31 December 2025
(NOK 0 million).
The credit risk on trade and other receivables is continuously monitored,
independent of due date. The group\u2019s sales are mainly to large customers with
a historically low degree of default. Collateral as security is not normally
requested. Further information regarding the group\u2019s credit policy for sales is
provided in Note 5.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AGEING OF THE GROUP\u2019S CURRENT RECEIVABLES
31.12.2025
31.12.2024
Not due
1 412
1 094
0 to 3 months
101
166
3 to 6 months
0
3
Over 6 months
49
44
Total
1)
1 562
1 305
\n
1) Does not include provision for bad debt.
The maximum credit risk exposure at the year-end is the fair value of each
class of receivable mentioned above.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "7.
Revenue
Accounting policies
Revenue from contracts with customers is recognised when control of the
goods or services are transferred to the customer at an amount that reflects
the consideration to which the group expects to be entitled in exchange for
those goods or services.
The timing of revenue recognition is based on the delivery terms for the
di\ufb00erent markets and customers, and where revenue is recognised at a point
in time. It is important to make sure that all performance obligations are
fulfilled, and the customer can benefit on its own. If the customer cannot
obtain control of the good or service, the revenue will not be recognised.
Revenue in the group companies consist almost exclusively of sale of goods.
Contracts with customers are recognised upon satisfaction of a performance
obligation by transferring the promised goods to a customer and measured at
point in time for the sale of products to the customer. Sales of publication
papers, packaging paper and other products are non-interest-bearing
receivables, generally on terms of 20-60 days.
Norske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
o\ufb00icial rules for the interpretation of trade terms issued by the International
Chamber of Commerce. The timing of revenue recognition is largely dependent
on these delivery terms: The sale of publication paper and packaging paper in
Norske Skog is mainly based on delivery terms C and D, with 7% (8%) and 85%
(83%) respectively.
C-terms, where the group arranges and pays for the external transport of the
goods, but the group no longer bears any responsibility for the goods once
they have been handed over to the transporter in accordance with the terms
of the contract. The point of sale is when the goods are handed over to the
transporter contracted by the seller.
D-terms, where the group delivers the goods to the purchaser at the agreed
destination, usually at the purchaser\u2019s premises. The point of sale is when the
goods are delivered to the purchaser. If the customer is invoiced before
delivery of the goods purchased, revenue is only recognised if the customer
has taken over a significant part of the gain and loss potential relating to the
goods.
MAJOR CUSTOMERS
No customer represents 10% or more of the operating revenue.
Norske Skog had a total sales volume of newsprint and magazine paper of
1 092 000
tonnes in 2025 (1
115 000),
of which sales to the group\u2019s largest
customer constituted approximately 69
000 (58
000) tonnes. Total sales
volume in 2025 of newsprint and magazine paper to the five largest customers
amounted to approximately 206
000 (207
000) tonnes.
Total sales volume of recycled containerboard was 247
000 tonnes in 2025
(162 000).
Total sales volume in 2025 of recycled containerboard to the five
largest customers amounted to 62
000 tonnes (59
000).
OPERATING REVENUE PER GEOGRAPHICAL MARKET
The allocation of operating revenue by market is based on customer location.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Norway
320
440
Rest of Europe
8 551
8 209
North America
206
217
Asia
273
306
Africa
82
61
South America
6
0
Central America
7
0
Total
9 445
9 233
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "Accounting policies
Revenue from contracts with customers is recognised when control of the
goods or services are transferred to the customer at an amount that reflects
the consideration to which the group expects to be entitled in exchange for
those goods or services.
The timing of revenue recognition is based on the delivery terms for the
di\ufb00erent markets and customers, and where revenue is recognised at a point
in time. It is important to make sure that all performance obligations are
fulfilled, and the customer can benefit on its own. If the customer cannot
obtain control of the good or service, the revenue will not be recognised.
Revenue in the group companies consist almost exclusively of sale of goods.
Contracts with customers are recognised upon satisfaction of a performance
obligation by transferring the promised goods to a customer and measured at
point in time for the sale of products to the customer. Sales of publication
papers, packaging paper and other products are non-interest-bearing
receivables, generally on terms of 20-60 days.
Norske Skog\u2019s terms of delivery are based on Incoterms 2020, which are the
o\ufb00icial rules for the interpretation of trade terms issued by the International
Chamber of Commerce. The timing of revenue recognition is largely dependent
on these delivery terms: The sale of publication paper and packaging paper in
Norske Skog is mainly based on delivery terms C and D, with 7% (8%) and 85%
(83%) respectively.
C-terms, where the group arranges and pays for the external transport of the
goods, but the group no longer bears any responsibility for the goods once
they have been handed over to the transporter in accordance with the terms
of the contract. The point of sale is when the goods are handed over to the
transporter contracted by the seller.
D-terms, where the group delivers the goods to the purchaser at the agreed
destination, usually at the purchaser\u2019s premises. The point of sale is when the
goods are delivered to the purchaser. If the customer is invoiced before
delivery of the goods purchased, revenue is only recognised if the customer
has taken over a significant part of the gain and loss potential relating to the
goods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "OPERATING REVENUE PER GEOGRAPHICAL MARKET
The allocation of operating revenue by market is based on customer location.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Norway
320
440
Rest of Europe
8 551
8 209
North America
206
217
Asia
273
306
Africa
82
61
South America
6
0
Central America
7
0
Total
9 445
9 233
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "8.
Other operating income
Accounting policies
Government grants
Government grants are recognised as income or as a cost reduction, dependent
on the basis for which the government grant has been awarded. Recognition will
be on a systematic basis over the period they have been granted for, or on a
systematic basis to the costs that they are intended to compensate for.
Government grants in the form of compensation for losses which have already
been incurred, or in the form of direct financial support, which is not directly
related to future costs, are recognised as income in the same period as they
are awarded.
Government grants related to assets are presented in the balance sheet as
deferred income or as a reduction of the cost price of the assets the grant relates
to. The grant is then recognised in the income statement either through future
periodic income recognition or as a future reduction in the depreciation charge.
CO2 allowances
The EU Emissions Trading System (EU ETS) was established in 2005 and is a
cap-and-trade mechanism that limits greenhouse gas emissions from key
sectors by setting a cap on total emissions and allowing companies to buy,
sell, or trade emission allowances. The pulp and paper industry is classified as
being at risk of carbon leakage, meaning it faces significant carbon costs and
international competition that could incentivise relocation to countries with
less stringent climate policies. To address this risk, operators in the pulp and
paper industry are allocated free CO2 allowances based on a carbon intensity
benchmark per tonne paper produced.
Free allowances are used to o\ufb00set emission liabilities and are accounted for at
nil value upon allocation. Entities with a surplus of allowances \u2013 meaning their
verified emissions are lower than their allocated free quotas \u2013 can sell the
excess allowances on the carbon market. The expected revenue from these
sales is accrued monthly as a function of the paper production. At the end of
each month, the value of these allowances is measured at prevailing market
prices, ensuring financial statements reflect current carbon market conditions.
If an entity is in a net deficit of allowances, a provision for the required
additional allowances is recorded monthly at market value to reflect the cost
of compliance.
Consumption of CO2 allowances is included in cost of materials
(see Note 9).
Norske Skog received 328
000 CO2 allowances in 2025 (274
000) and sold
approximately 409
000 (451
000). Sold CO2 quotas include also CO2 quotas
from prior year in addition to quotas purchased during the year. EUs ETS
system currently covers the period 2021 to 2025. Norske Skog has received
written notice from the Norwegian Environment Agency stating that the
Norwegian mills Norske Skog Saugbrugs and Norske Skog Skogn will not be
included in the EUs ETS system from 2026 to 2030. Norske Skog has appealed
the decision of the Norwegian Environment Agency to the Ministry of Climate
and Environment. The company has not received a final decision from the
Ministry of Climate and Environment.
CO2 compensation
CO2 compensation is an arrangement provided to industries at risk of carbon
leakage that face higher electricity costs due to the EU carbon pricing
mechanism. Since power producers pass on the cost of EU ETS allowances to
electricity prices, energy-intensive industries receive compensation to prevent
relocation of production to countries with weaker climate policies. This is
included as reduction in energy cost and described in Note 9.
OTHER OPERATING INCOME
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Public subsidies and grants
16
9
Gate fee
144
125
Gain on sales of non-current assets
5
3
Gain from sale of CO2 allowances
167
222
Insurance settlement
560
458
Other
145
123
Total
1 037
939
\n
Public subsidies and grants in 2025 relate mainly to conversion projects in
Norske Skog Bruck and Norske Skog Golbey.
Other for 2025 and 2024 consist mainly of income from sale of steam, sludge,
electricity grid support and real estate rental.
Insurance settlement
On 27 April 2023 Norske Skog Saugbrugs was impacted by a rockslide that
destroyed parts of the building and damaged machinery and equipment related
to PM6. The damage to the building and infrastructure were extensive and PM6
has been stopped from the time of the impact.
Norske Skog Saugbrugs is covered for both property damage and business
interruption as part of its group insurance programme.
Work has been carried out to secure the site from further rockslide and reinstate
the building. The costs to secure rock formations and property damage to
building structures and cost of reinstatement of these was covered by Norske
Skog Saugbrugs and fully reimbursed by the insurers.
On 31 January 2025 Norske Skog Saugbrugs and its insurance company
agreed on a final settlement of all remaining insurance claims related to the
rockslide at the Saugbrugs site. Following the settlement, an aggregate
amount of NOK 560 million has been recognised in other operating income in
2025 (NOK 448 million).
All of the NOK 560 million recognised in 2025 was related to property damage
(NOK 448 million).
NOK 0 million is expensed in other operating expenses (NOK 2 million).
In 2024 an additional NOK 10 million was recognised as part of an insurance
settlement for property damage in 2022 in Norske Skog Golbey. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Accounting policies
Government grants
Government grants are recognised as income or as a cost reduction, dependent
on the basis for which the government grant has been awarded. Recognition will
be on a systematic basis over the period they have been granted for, or on a
systematic basis to the costs that they are intended to compensate for.
Government grants in the form of compensation for losses which have already
been incurred, or in the form of direct financial support, which is not directly
related to future costs, are recognised as income in the same period as they
are awarded.
Government grants related to assets are presented in the balance sheet as
deferred income or as a reduction of the cost price of the assets the grant relates
to. The grant is then recognised in the income statement either through future
periodic income recognition or as a future reduction in the depreciation charge.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "OTHER OPERATING INCOME \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Public subsidies and grants
16
9
Gate fee
144
125
Gain on sales of non-current assets
5
3
Gain from sale of CO2 allowances
167
222
Insurance settlement
560
458
Other
145
123
Total
1 037
939
\n
Public subsidies and grants in 2025 relate mainly to conversion projects in
Norske Skog Bruck and Norske Skog Golbey.
Other for 2025 and 2024 consist mainly of income from sale of steam, sludge,
electricity grid support and real estate rental. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "9.
Cost of materials
Accounting policies
Cost of material are accounted for as they are consumed as part of the production
of products. Change in inventory reflects the cost of goods sold in the period.
CO2 compensation
CO2 compensation is an arrangement provided to industries at risk of carbon
leakage that face higher electricity costs due to the EU carbon pricing
mechanism. Since power producers pass on the cost of EU ETS allowances to
electricity prices, energy-intensive industries receive compensation to prevent
relocation of production to countries with weaker climate policies. CO2
compensation covers a defined period but may be changed at the discretion
of the government as any compensation is decided on country level. Norske
Skog receives recurring CO2 compensation in Norway and France. The
compensation is dependent on energy consumption and average CO2 market
price in the previous year. As the production and earned CO2 compensation is
quite stable throughout the year, this is accrued for monthly in the year before
it is received. CO2 compensation is recognised as a reduction of energy cost
as the element of energy cost it compensates is consumed and incurred.
In 2024 the Norwegian government entered into an agreement with unions and
trade organisations regarding a new framework for the Norwegian CO2
compensation. The amended regulation applies for the period 2024 to 2030. The
agreement includes removing the price floor that previously existed in addition to
implementing at funding cap of NOK 7 billion and a requirement that the companies
eligible to the compensation spend 40 percent of the compensation on climate-
and energy initiatives. Norske Skog\u2019s CO2 compensation is dependent on the
production for all the companies eligible to CO2 compensation. The group
recognises estimated entitled CO2 compensation as earned based on the
approved regulation and expected compensation level in relation to energy
consumption. Application and payment of compensation is to be done the first few
months in the year following the year of consumption of electricity.
CO2 compensation of NOK 620 million (NOK 478 million) is recorded as a
reduction in energy costs on the cost of materials line, as the grant is primarily
intended to compensate for high energy costs. The total compensation
received, and to be received, under the scheme until 2030 is conditional upon
at least 40% of the compensation being used on climate e\ufb00iciency measures.
The company has submitted and received approval for an action plan, and
expects to comply with the conditions for retaining the compensation based
on commenced and planned energy e\ufb00iciency projects. Hence, recognition of
the compensation is not deferred.
CO2 allowances
Allocation of free CO2 quotas are based on the annual production. The free
quotas are used to settle liabilities arising from emission. If an entity is net
deficit of allowances (emissions exceed CO2 allowances received) provision
for quotas that need to be purchased is done monthly as the production the
quotas is a function of is quite stable. Each month this is measured at market
value.
Consumption of CO2 allowances is included in energy within cost of
materials. See Note 8 for further information.
COST OF MATERIALS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Fiber
3 327
3 023
Chemicals and additives
968
917
Energy
1 302
1 489
Other production material
658
585
Change in inventory
-23
-86
Total
6 232
5 927
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "10.
Employee benefit expenses
Accounting policies
Bonus arrangements
The group accrues for bonus arrangements when there exists a contractual
obligation, or past practice has created a constructive obligation.
Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
EMPLOYEE BENEFIT EXPENSES
NOTE
2025
2024
Salaries including holiday pay
\u00a0
1 212
1 282
Social security contributions
\u00a0
327
332
Pension and other long term employee
\u00a0 \u00a0 \u00a0
benefits
27
52
63
Other employee benefit expenses
\u00a0
28
25
Total
\u00a0
1 619
1 702
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
NUMBER OF EMPLOYEES (FTE)
2025
2024
Europe
1 632
1 748
-
Corporate functions
20
23
Total
1 652
1 771
\n
REMUNERATION FOR MEMBERS OF CORPORATE MANAGEMENT
Pursuant to 6-16 (b) in the Public Limited Liability Companies Act, and
associated regulations, Norske Skog publishes a separate management
remuneration report disclosing detailed information on remuneration to
corporate management and directors of the board. The remuneration report
will be published immediately after the annual general meeting on 16 April
2026 and will include detailed information on management remuneration
complementing the numbers presented below.
In accordance with the code of conduct for corporate governance
recommended by the Oslo Stock Exchange, salary, benefits in kind and bonus
for members of corporate management are specified below. In relation to the
long-term incentive programme for corporate management NOK -1 million
was expensed in 2025 (NOK -4 million) and on 31 December 2025 the
corresponding liability was NOK 0.5 million (NOK 1.4 million)
. The long-term
incentive programme is described in the guidelines for determining salary
and other remuneration to leading personnel, which are available on the
company\u2019s website, www.norskeskog.com.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
\u00a0
Fixed
Variable
\u00a0\u00a0\u00a0
(in NOK 1
000)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0
BENEFITS
\u00a0\u00a0
CONTRIBUTION
\u00a0
RELATIVE
CORPORATE MANAGEMENT
ANNUAL
SALARY
IN KIND
\u00a0\u00a0
TO PENSION
TOTAL
PROPORTION
MEMBER
BASE SALARY
EARNED
1)
ETC.
2)
STI earned
3)
LTI EARNED
4
SCHEMES
REMUNERATION
FIXED/VARIABLE
Geir Drangsland,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
CEO
5 464
5 459
212
500
-1
1 075
7 245
92% / 8%
Tord Steinset Torvund,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
CFO
2 197
2 198
175
250
-373
289
2 539
100% / N/A
Robert A. Wood,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
SVP Commercial
2 548
2 569
23
250
-97
142
2 888
94% / 6%
Einar Blaauw,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
SVP General Counsel
2 554
2 555
197
250
-77
466
3 391
94% / 6%
Even Lund,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
SVP Corporate Finance
2 197
2 198
155
250
-373
287
2 517
100% / N/A
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2024
\u00a0
Fixed
Variable
\u00a0\u00a0\u00a0
(in NOK 1
000)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\u00a0\u00a0\u00a0
BENEFITS
\u00a0\u00a0
CONTRIBUTION
\u00a0
RELATIVE
CORPORATE MANAGEMENT
ANNUAL
SALARY
IN KIND
\u00a0\u00a0
TO PENSION
TOTAL
PROPORTION
MEMBER
BASE SALARY
EARNED
1)
ETC.
2)
STI earned
3)
LTI EARNED
4
SCHEMES
REMUNERATION
FIXED/VARIABLE
Geir Drangsland
, CEO
5 234
5 074
191
-
206
888
6 359
96% / 4%
Tord Steinset Torvund
,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
CFO since 1 March
2 104
1 710
137
-
-1 194
224
876
100% / N/A
Robert A. Wood
,
5)
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
SVP Commercial
2 440
2 495
31
-
-424
184
2 285
100% / N/A
Einar Blaauw
,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
SVP General Counsel in
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
CM since 1 January
2 445
2 421
179
-
-337
440
2 704
100% / N/A
Even Lund
, VP Corporate
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Finance in CM since 1 January
1 894
1 875
144
-
-1 194
225
1 050
100% / N/A
Rune Sollie
, CFO until 1 March
2 325
1 331
85
\u00a0
-605
159
970
100% / N/A
Amund Saxrud
,
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
COO until 20 March
2 325
2 957
143
-
-605
345
2 840
100% / N/A
\n
1) Salary earned includes fixed salary and accrued holiday pay
2)
Benefits in kind includes car allowance, insurance, free telephone etc.
3) Based on performance in the financial year
4) Illustrates the expensed change in accrual of the corresponding liability and is not directly linked to actual payments. For 2025 and 2024 LTI has been negative for most of the corporate management members
5) Robert A. Wood was employed by Norske Skog ASA from 1 April 2024. Prior to this he was employed by Norske Skog UK Ltd. He has during his employment in Norske Skog UK Ltd. worked fully for Norske Skog ASA as SVP
Commercial. Salary in GBP is translated to NOK at the average exchange rate for the relevant period the salary was paid in GBP27.
Pension and other employee obligations
Accounting policies
Pension obligations
Group companies operate various pension schemes. These are generally
funded through payments to insurance companies, as determined by actuarial
calculations. The group has both defined benefit and defined contribution
plans.
The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets. The defined benefit
obligation is calculated annually by independent actuaries using the projected
unit credit method.
Actuarial gains and losses arising from experience adjustments and changes
in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise. Past-service costs
are recognised immediately in the income statement. The interest component
of the cost is included in financial expenses.
The supplementary collective pension scheme for salaries exceeding 12G is
classified as a defined benefit plan in which the obligation is recognised in the
balance sheet and the corresponding cost recognised in the income statement
in the period in which they accrue.
A defined contribution plan is a pension plan under which the group pays fixed
contributions into a separate entity. These contributions are made to publicly-
or privately administered pension insurance plans on a mandatory, contractual
or voluntary basis. These contributions are recognised as an employee benefit
expense in the period the contribution is related to.
Multiemployer defined benefit plans where available information is insu\ufb00icient
to use defined benefit accounting are accounted for as if the plan were a
defined contribution plan, with contributions recognised as employee benefit
expenses in the period in which they accrue and no provision is made for the
obligation.
Other employee obligations
The groups other employee benefits are future benefits that the employees
have earned in return for their service in current and prior periods.
The leave obligations cover the groups liabilities for long service leave and
annual leave which are classified as either other non-current liabilities or
short-term liabilities. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognised in the
income statement in the period in which they arise.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
EMPLOYEE BENEFIT OBLIGATIONS
2025
2024
Pension obligations
248
281
Other long-term employee benefit obligations
11
15
Total employee benefit obligations
259
296
\n
A) PENSION OBLIGATIONS
Norske Skog has various pension schemes in accordance with local conditions
and practices in the countries in which the group operates. A total of 1
625
active and former employees are covered by such schemes. Of these,
576 people are covered by defined benefit plans and 1
224 people by defined
contribution plans.
DESCRIPTION OF THE DEFINED BENEFIT PLANS
The key terms in Norske Skog\u2019s major defined benefit plans are shown in the
table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
BENEFIT IN% OF
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
PENSIONABLE
YEARS OF
PENSIONABLE
EARLY RETIREMENT
ACTIVE
\u00a0
EARNINGS
SERVICE
AGE
AGE
MEMBERS
Norske Skog ASA
65
30
70
62
0
Norske Skog Saugbrugs AS
65
30
70
62
0
Norske Skog Skogn AS
65
30
70
62
0
Norske Skog Golbey SAS
0
43
64
62
366
The defined benefit plan in Norske Skog Bruck GmbH and Norske Skog
Deutschland GmbH is closed.
The defined benefit schemes in Norway cover people born before 1 January
1959 and who were employed before 1 January 2011 when the plan was
closed. The defined benefit obligations in Norway only encompass active
members since they leave the defined benefit scheme (having a paid-up
policy) when they retire.
Plan assets of the pension schemes in Norske Skog ASA, Norske Skog
Saugbrugs AS and Norske Skog Skogn AS are managed by a life insurance
company and invested in accordance with the general guidelines governing
investments by life insurance companies in Norway.
When evaluating plan assets, it is based on the assumptions as at 31 December.
This estimated value is adjusted every year in accordance with the figures for
the market value of the assets provided by the insurance company.
When measuring the incurred obligations, it is based on the assumptions as at
31 December. This estimated obligation is adjusted every year in accordance
with the figures for incurred pension obligations provided by the actuary.
In addition to the benefit obligation funded through insurance plans, the group
has unfunded benefit obligations. The unfunded obligations include estimated
future obligations relating to the former Norwegian early retirement scheme
and pensions for senior management and directors. Obligations relating to
senior management pensions are partly funded through a supplementary
retirement plan with a life insurance company.
In addition to defined benefit plans, there are also various defined contribution
plans. Norwegian entities have a defined contribution scheme with a
contribution of 5% for earnings up to 7.1 G and 17% between 7.1 and 12 G
.
The group participates in a pension plan that gives the majority of its
Norwegian employees a life-long supplement to the ordinary pension. The
plan is a defined benefit pension plan, and the benefits are financed through a
pooled arrangement by private sector employers (Avtalefestet pensjon, AFP).
The premium is a percentage of the salary between 1G and 7.1G
. The
information required to calculate or measure the groups\u2019 share of the plan as
a defined benefit plan is not available. The plan is therefore accounted for as a
defined contribution plan. The employer contributions are included in
Multiemployer plans.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
ASSUMPTIONS MADE WHEN CALCULATING FUTURE BENEFIT OBLIGATIONS
2025
2024
Discount rate
3.61%
3.07%
Expected return on plan assets
4.00%
3.03%
Salary adjustment
3.75%
3.25%
Inflation rate
3.20%
2.90%
Pension adjustment
2.41%
2.08%
\n
The discount rate applied for the pension schemes in Norway for 2025 is
based on the interest rate for covered bonds. Subsidiaries can deviate from
these assumptions if local conditions require this. The discount rates applied
vary from 1.8% to 4.0% and pension adjustments vary from 2.0% to 2.7%
.
Norske Skog has used the mortality table K2013BE in Norway, Richttafeln
2018G in Germany and AVO 2018-P in Austria.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
PENSION EXPENSE
2025
2024
Pension expense, defined benefit plan
2
21
Pension expense, defined contribution plan
39
42
Pension expense, multiemployer plan
11
14
Total pension expense
53
77
Net interest expense
11
10
\n
High expense for defined benefit pension in 2024 is due to corrections of
prior periods.
Estimated payments to the group\u2019s defined benefit pension schemes in 2026
amounts to NOK 13 million (NOK 6 million).
PENSION PLANS IN THE BALANCE SHEET
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SPESIFICATION OF PENSION PLANS IN THE BALANCE SHEET
2025
2024
Pension assets in the balance sheet
8
10
Pension liabilities in the balance sheet
-248
-281
Net pension obligations
-239
-272
Net unfunded pension plans
-238
-275
Net partly or fully funded pension plans
7
9
\n
Pension assets is included in line other non-current assets and pension
liabilities is included in the line employee benefit obligations.
UNFUNDED PENSION PLANS
\n\n \n
CHANGES IN PENSION OBLIGATIONS FOR UNFUNDED PENSION PLANS, PROJECTED BENEFIT OBLIGATIONS
INCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2025
2024
Balance 1 January
-275
-255
Adjustment to opening balance
(due to reclassification)
0
-3
Current year's service cost
0
-4
Current year's interest cost
-8
-10
Pensions benefits paid
29
24
Remeasurements (loss)/gain OCI
16
-14
Other changes
0
-1
Currency translation di\ufb00erences
0
-13
Balance 31 December
-238
-275
\n
PARTLY OR FULLY FUNDED PENSION PLANS
\n\n \n
CHANGES IN PENSION OBLIGATIONS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PROJECTED BENEFIT
OBLIGATIONS INCLUDING NATIONAL INSURANCE CONTRIBUTIONS
2025
2024
Balance 1 January
-105
-106
Current year's service cost
0
-1
Current year's interest cost
-5
-4
Past service cost - curtailment/plan amendment
-1
0
Settlement and (loss)/gain on settlement
72
0
Pension benefits paid
6
5
Remeasurements (loss)/gain OCI
8
2
Other changes
0
-2
Balance 31 December
-24
-105
\n\n \n
CHANGES IN PLAN ASSETS FOR PARTLY OR FULLY FUNDED PENSION PLANS, PLAN ASSETS AT FAIR VALUE
2025
2024
Balance 1 January
114
111
Return on plan assets (interest income)
1
4
Settlement
-72
0
Employer contribution including payroll tax
2
4
Pension benefits paid
-5
-5
Remeasurements (loss)/gain OCI
-5
0
Other changes
-1
0
Balance 31 December
32
114
Net assets/obligations (-) partly or fully funded pension plans
7
9
\n\n \n
SPECIFICATION OF REMEASUREMENT GAINS/LOSSES IN OTHER COMPREHENSIVE INCOME (OCI)
2025
2024
Actuarial loss/(gain) - change in discount rate
-4
0
Actuarial loss/(gain) - change in other financial assumptions
0
9
Actuarial loss/(gain) - experience obligation
-7
0
Actuarial loss/(gain) - experience assets
-8
4
Asset ceiling - asset adjustment
0
1
Remeasurements loss/(gain) in OCI
-19
14
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
INVESTMENT PROFILE FOR PENSION FUNDS
FUNDS
DISTRIBUTION
FUNDS
DISTRIBUTION
Shares
5
17%
16
14%
Bonds
20
63%
77
68%
Properties and real estate
5
14%
17
15%
Money market
1
2%
1
1%
Other
1
4%
3
3%
Total
32
100%
114
100%
\n
SENSITIVITY ANALYSIS
Norske Skog has performed sensitivity analyses of material group companies
for the most important assumptions related to defined benefit schemes to
predict how fluctuations will impact pension liabilities in the consolidated
balance sheet. In relation to the assumptions made in the calculation of
pension obligations the amount is most sensitive to changes in discount rate
and pension growth rate. The sensitivity of the pension obligation is shown in
the table below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SENSITIVITY
INCREASE
DECREASE
Discount rate - 0.5%
-1
1
Future pension - 0.5%
1
-1
\n
The above sensitivity analyses are based on a change in an assumption while
holding all other assumptions constant. In practice, this is unlikely to occur,
and changes in some of the assumptions may be correlated. No data is
available for decrease of future pension adjustment. The sensitivity analysis is
based on actuarial calculations for the Norwegian schemes.
OTHER EMPLOYEE OBLIGATIONS
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
OTHER EMPLOYEE BENEFIT EXPENSE
2025
2024
Net expense/remeasurement
0
-14
Net interest expense
0
1
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CHANGES IN OTHER EMPLOYEE BENEFITS
2025
2024
Balance 1 January
-15
-70
Adjustments to opening balance due to reclassification
0
-2
Current year's service cost
0
-1
Current year's interest cost
0
-1
Remeasurements (loss)/gain
0
15
Payments made
4
4
Other changes
0
5
Discontinued operations
0
37
Currency translation di\ufb00erences
1
-2
Balance 31 December
-11
-15
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
OTHER EMPLOYEE BENEFITS IN THE BALANCE SHEET
2025
2024
Other non-current employee benefit obligations
11
15
Total other employee benefits 31 December
11
15
\n
The obligation classified as current relates to employees that have completed
the required period of service and the group does not have an unconditional
right to defer settlement for these obligations. Based on previous experience,
the group does not expect all employees to take the full amount of accrued
leave or require payment within the next 12 months.
The current part is included in the balance sheet line other current liabilities.
The non-current employee benefit obligations is included in the balance sheet
line employee benefit obligations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "Accounting policies
Bonus arrangements
The group accrues for bonus arrangements when there exists a contractual
obligation, or past practice has created a constructive obligation.
Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date.Accounting policies
Pension obligations
Group companies operate various pension schemes. These are generally
funded through payments to insurance companies, as determined by actuarial
calculations. The group has both defined benefit and defined contribution
plans.
The liability recognised in the balance sheet in respect of defined benefit
pension plans is the present value of the defined benefit obligation at the
balance sheet date less the fair value of plan assets. The defined benefit
obligation is calculated annually by independent actuaries using the projected
unit credit method.
Actuarial gains and losses arising from experience adjustments and changes
in actuarial assumptions are charged or credited to equity in other
comprehensive income in the period in which they arise. Past-service costs
are recognised immediately in the income statement. The interest component
of the cost is included in financial expenses.
The supplementary collective pension scheme for salaries exceeding 12G is
classified as a defined benefit plan in which the obligation is recognised in the
balance sheet and the corresponding cost recognised in the income statement
in the period in which they accrue.
A defined contribution plan is a pension plan under which the group pays fixed
contributions into a separate entity. These contributions are made to publicly-
or privately administered pension insurance plans on a mandatory, contractual
or voluntary basis. These contributions are recognised as an employee benefit
expense in the period the contribution is related to.
Multiemployer defined benefit plans where available information is insu\ufb00icient
to use defined benefit accounting are accounted for as if the plan were a
defined contribution plan, with contributions recognised as employee benefit
expenses in the period in which they accrue and no provision is made for the
obligation.
Other employee obligations
The groups other employee benefits are future benefits that the employees
have earned in return for their service in current and prior periods.
The leave obligations cover the groups liabilities for long service leave and
annual leave which are classified as either other non-current liabilities or
short-term liabilities. Actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions are recognised in the
income statement in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "Share-based remuneration
Norske Skog has a long-term incentive programme which falls within the
scope of IFRS 2 Share-based payments. The long-term incentive programme
is a cash-settled share-based programme in which the entity acquires services
by incurring a liability to transfer cash to the employee for those services for
amounts that are based on the price of the shares in the company. The
ultimate cost of a cash-settled share-based transaction is the actual cash paid
to the counterparty, which will be the fair value at settlement date.
The periodic determination of this liability is at each reporting date between
grant and settlement the fair value of the award. The fair value of the award is
determined in accordance with the specific requirements in IFRS 2. During the
vesting period, the liability recognised at each reporting date is the fair value
of the award at that date multiplied by the expired portion of the vesting
period. All changes in the liability are recognised in profit or loss. The fair value
of the liability is determined by applying an option pricing model, considering
the terms and conditions on which the cash-settled transaction was granted,
and the extent to which the employees have rendered services to date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
NUMBER OF EMPLOYEES (FTE)
2025
2024
Europe
1 632
1 748
-
Corporate functions
20
23
Total
1 652
1 771
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "REMUNERATION FOR MEMBERS OF CORPORATE MANAGEMENT
Pursuant to 6-16 (b) in the Public Limited Liability Companies Act, and
associated regulations, Norske Skog publishes a separate management
remuneration report disclosing detailed information on remuneration to
corporate management and directors of the board. The remuneration report
will be published immediately after the annual general meeting on 16 April
2026 and will include detailed information on management remuneration
complementing the numbers presented below.
In accordance with the code of conduct for corporate governance
recommended by the Oslo Stock Exchange, salary, benefits in kind and bonus
for members of corporate management are specified below. In relation to the
long-term incentive programme for corporate management NOK -1 million
was expensed in 2025 (NOK -4 million) and on 31 December 2025 the
corresponding liability was NOK 0.5 million (NOK 1.4 million)
. The long-term
incentive programme is described in the guidelines for determining salary
and other remuneration to leading personnel, which are available on the
company\u2019s website, www.norskeskog.com.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "11.
Other operating expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOTE
2025
2024
Maintenance materials and services
8
448
429
Marketing expenses
\u00a0
20
21
Variable lease, short term and low value lease expenses
19
27
21
Administration, insurance, travel expenses etc.
\u00a0
105
105
Losses from divestments of property, plant and equipment
\u00a0
3
0
Other expenses
\u00a0
223
227
Total
\u00a0
827
803
Specification of losses on trade receivable included in other expenses
\u00a0 \u00a0 \u00a0
Receivables written o\ufb00 during the period
\u00a0
-3
2
Change in provision for bad debt
\u00a0
2
0
Total
\u00a0
-2
2
\n
AUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PARENT COMPANY
SUBSIDIARIES
\u00a0
(in NOK 1
000, excluding VAT)
GROUP AUDITORS
GROUP AUDITORS
OTHER AUDITORS
TOTAL
Audit fee
2 328
3 766
373
6 467
Audit-related assistance
1)
3 062
20
0
3 081
Tax assistance
0
0
0
0
Other fees
0
86
0
86
Total
5 390
3 872
373
9 634
\n1) Audit-related assistance includes services which only auditors can provide, such as the review of interim financial statements, agreed upon control procedures etc.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "11.
Other operating expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOTE
2025
2024
Maintenance materials and services
8
448
429
Marketing expenses
\u00a0
20
21
Variable lease, short term and low value lease expenses
19
27
21
Administration, insurance, travel expenses etc.
\u00a0
105
105
Losses from divestments of property, plant and equipment
\u00a0
3
0
Other expenses
\u00a0
223
227
Total
\u00a0
827
803
Specification of losses on trade receivable included in other expenses
\u00a0 \u00a0 \u00a0
Receivables written o\ufb00 during the period
\u00a0
-3
2
Change in provision for bad debt
\u00a0
2
0
Total
\u00a0
-2
2
\n
AUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PARENT COMPANY
SUBSIDIARIES
\u00a0
(in NOK 1
000, excluding VAT)
GROUP AUDITORS
GROUP AUDITORS
OTHER AUDITORS
TOTAL
Audit fee
2 328
3 766
373
6 467
Audit-related assistance
1)
3 062
20
0
3 081
Tax assistance
0
0
0
0
Other fees
0
86
0
86
Total
5 390
3 872
373
9 634
\n1) Audit-related assistance includes services which only auditors can provide, such as the review of interim financial statements, agreed upon control procedures etc.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "AUDITORS\u2019 FEE INCLUDED IN OTHER OPERATING EXPENSES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
PARENT COMPANY
SUBSIDIARIES
\u00a0
(in NOK 1
000, excluding VAT)
GROUP AUDITORS
GROUP AUDITORS
OTHER AUDITORS
TOTAL
Audit fee
2 328
3 766
373
6 467
Audit-related assistance
1)
3 062
20
0
3 081
Tax assistance
0
0
0
0
Other fees
0
86
0
86
Total
5 390
3 872
373
9 634
1) Audit-related assistance includes services which only auditors can provide, such as the review of interim financial statements, agreed upon control procedures etc.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "12.
Derivatives and other fair value adjustment
Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair value.
Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently remeasured at their fair value.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market reports
(level 2) which are considered to be an approximation of fair value. For the
embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and discounted
cash flow analyses defined to reflect the issuer\u2019s specific circumstances. Fair
value includes the impact of credit risk and the adjustment for credit risk is
dependent on whether the derivative is in the money (asset) or out of the
money (liability). Credit value adjustment is applied to assets positions based
on credit risk associated with the counterparty. Debit value adjustment is
applied to liability positions, based on the group\u2019s own credit risk.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Changes in value \u2013 commodity contracts
1)
326
-124
Changes in value \u2013 embedded derivatives
32
-47
Realised gains/(losses) on contracts
-2
-7
Total
356
-178
\n
1) Long-term financial contracts and commodity contracts that do not meet the requirement in IFRS 9 related
to own use are measured at fair value.
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The gain in the fair value of commodity contracts in 2025 is mainly a reversal
of the negative fair value of the 2025 contracts volume. The loss in fair value
of commodity contracts in 2024 is mainly due to the forecasted forward
energy prices in Norway decreasing in 2024. Contracts measured at fair value
expire in 2026.
The gain in embedded derivatives in 2025 was mainly due to forward prices of
euro depreciating against NOK during 2025, whereas during 2024 the forward
price appreciated.
Realised gain/(losses) on contracts consist of realised losses on financial
hedging of excess energy during 2025 and 2024. 21.
Derivatives
Fair value of derivatives
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The commodity contracts and embedded derivatives
classified as financial instruments within the scope of IFRS 9 contracts are
related to energy contracts in Norway. Fair value of commodity contracts is
sensitive to estimates of future energy prices. For further details about gains
and losses relating to level 3 instruments see Note 12.
The fair value of derivatives that are not traded in an active market (over-the-
counter derivatives) is determined using various valuation techniques. Interest
rate swaps, cross-currency swaps, forward rate agreements and foreign
currency forward contracts are all valued by estimating the present value of
future cash flows. Quoted cash and swap rates are used as input for calculating
zero coupon curves used for discounting.
The fair value of commodity contracts recognised in the balance sheet is
calculated by using quotes from actively traded markets when available.
Otherwise, price forecasts from acknowledged external sources are used.
Commodity contracts that fail to meet the own use exemption criteria in IFRS
9 are recognised in the balance sheet and valued on the same principle as
financial contracts. Some of these are long-term energy contracts. In
calculating the fair value of embedded derivatives, valuation techniques are
used in the absence of observable market inputs.
The table below classifies financial instruments within the scope of IFRS 9
measured in the balance sheet at fair value, by valuation method. The di\ufb00erent
valuation methods are described as levels and are defined as follows:
Level 1:
Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2:
Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3:
Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
0
0
0
Commodity contracts and embedded derivatives
0
0
144
144
Total
0
0
144
144
Financial liabilities at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
-7
0
-7
Commodity contracts and embedded derivatives
0
0
-101
-101
Total
0
-7
-101
-108
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
1
0
1
Commodity contracts and embedded derivatives
0
0
9
9
Total
0
1
9
10
Financial liabilities at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
-1
0
-1
Derivatives used for hedging
0
-71
0
-71
Commodity contracts and embedded derivatives
0
0
-324
-324
Total
0
-72
-324
-396
The following table shows the changes in level 3 instruments.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
ASSETS
LIABILITIES
Balance 1 January
9
-324
Gain and losses recognised in profit or loss
135
222
Balance 31 December
144
-101
The following table is presented in accordance with IFRS 13.94, showing the fair
value of all commodity contracts in level 3 within the scope of IFRS 9 given a
change in assumptions to a reasonably possible alternative.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FAIR VALUE OF DERIVATIVES IN LEVEL 3 GIVEN A REASONABLY POSSIBLE
\u00a0 \u00a0 \u00a0
ALTERNATIVE
\u00a0
31.12.2025
31.12.2024
Assets
\u00a0 \u00a0 \u00a0
Commodity contracts
Energy price -20%
38
0
Embedded derivatives
NOK appreciation 5%
0
0
Total
\u00a0
38
0
Liabilities
\u00a0 \u00a0 \u00a0
Commodity contracts
Energy price -20%
-42
-482
Embedded derivatives
NOK appreciation 5%
-27
-57
Total
\u00a0
-70
-539
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair value.
Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently remeasured at their fair value.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market reports
(level 2) which are considered to be an approximation of fair value. For the
embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and discounted
cash flow analyses defined to reflect the issuer\u2019s specific circumstances. Fair
value includes the impact of credit risk and the adjustment for credit risk is
dependent on whether the derivative is in the money (asset) or out of the
money (liability). Credit value adjustment is applied to assets positions based
on credit risk associated with the counterparty. Debit value adjustment is
applied to liability positions, based on the group\u2019s own credit risk.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Changes in value \u2013 commodity contracts
1)
326
-124
Changes in value \u2013 embedded derivatives
32
-47
Realised gains/(losses) on contracts
-2
-7
Total
356
-178
\n
1) Long-term financial contracts and commodity contracts that do not meet the requirement in IFRS 9 related
to own use are measured at fair value.
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The gain in the fair value of commodity contracts in 2025 is mainly a reversal
of the negative fair value of the 2025 contracts volume. The loss in fair value
of commodity contracts in 2024 is mainly due to the forecasted forward
energy prices in Norway decreasing in 2024. Contracts measured at fair value
expire in 2026.
The gain in embedded derivatives in 2025 was mainly due to forward prices of
euro depreciating against NOK during 2025, whereas during 2024 the forward
price appreciated.
Realised gain/(losses) on contracts consist of realised losses on financial
hedging of excess energy during 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair value.
Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently remeasured at their fair value.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market reports
(level 2) which are considered to be an approximation of fair value. For the
embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and discounted
cash flow analyses defined to reflect the issuer\u2019s specific circumstances. Fair
value includes the impact of credit risk and the adjustment for credit risk is
dependent on whether the derivative is in the money (asset) or out of the
money (liability). Credit value adjustment is applied to assets positions based
on credit risk associated with the counterparty. Debit value adjustment is
applied to liability positions, based on the group\u2019s own credit risk.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Changes in value \u2013 commodity contracts
1)
326
-124
Changes in value \u2013 embedded derivatives
32
-47
Realised gains/(losses) on contracts
-2
-7
Total
356
-178
\n
1) Long-term financial contracts and commodity contracts that do not meet the requirement in IFRS 9 related
to own use are measured at fair value.
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The gain in the fair value of commodity contracts in 2025 is mainly a reversal
of the negative fair value of the 2025 contracts volume. The loss in fair value
of commodity contracts in 2024 is mainly due to the forecasted forward
energy prices in Norway decreasing in 2024. Contracts measured at fair value
expire in 2026.
The gain in embedded derivatives in 2025 was mainly due to forward prices of
euro depreciating against NOK during 2025, whereas during 2024 the forward
price appreciated.
Realised gain/(losses) on contracts consist of realised losses on financial
hedging of excess energy during 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Accounting policies
The group has derivatives in the form of currency forward contracts, used to
hedge currency risk, embedded derivatives related to currency in certain
energy contracts that are separated from its host contract and certain energy
contracts that are accounted for at fair value.
Derivatives are initially recognised at fair value on the date a derivative
contract is entered into and are subsequently remeasured at their fair value.
Changes in the fair value of any of these derivative instruments are recognised
in the income statement. The group has selected to not designate any financial
instruments for hedge accounting.
The fair value of currency forward contracts is based on mark-to-market reports
(level 2) which are considered to be an approximation of fair value. For the
embedded derivatives and contracts valued at fair value there is no active
market, and the group applies valuation techniques to establish the fair value
(level 3). These may include the use of recent arm\u2019s length transactions,
reference to other instruments which are substantially the same, and discounted
cash flow analyses defined to reflect the issuer\u2019s specific circumstances. Fair
value includes the impact of credit risk and the adjustment for credit risk is
dependent on whether the derivative is in the money (asset) or out of the
money (liability). Credit value adjustment is applied to assets positions based
on credit risk associated with the counterparty. Debit value adjustment is
applied to liability positions, based on the group\u2019s own credit risk.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Changes in value \u2013 commodity contracts
1)
326
-124
Changes in value \u2013 embedded derivatives
32
-47
Realised gains/(losses) on contracts
-2
-7
Total
356
-178
\n
1) Long-term financial contracts and commodity contracts that do not meet the requirement in IFRS 9 related
to own use are measured at fair value.
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The fair value of commodity contracts is especially sensitive
to future changes in energy prices. A sensitivity analysis of the impact on
profit after tax of fluctuations in energy prices, currency and price indices is
given in Note 5. The valuation techniques used are described in Note 21.
The gain in the fair value of commodity contracts in 2025 is mainly a reversal
of the negative fair value of the 2025 contracts volume. The loss in fair value
of commodity contracts in 2024 is mainly due to the forecasted forward
energy prices in Norway decreasing in 2024. Contracts measured at fair value
expire in 2026.
The gain in embedded derivatives in 2025 was mainly due to forward prices of
euro depreciating against NOK during 2025, whereas during 2024 the forward
price appreciated.
Realised gain/(losses) on contracts consist of realised losses on financial
hedging of excess energy during 2025 and 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "13.
Associated companies and joint ventures
Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2025 with NOK 0 million
(NOK -65 million).
The carrying value of associated companies and joint ventures is NOK 14 million
on 31 December 2025 (NOK 15 million).
Circa Group AS
Norske Skog holds a 26% share of Circa Group AS that has been suspended
from trading on Euronext Growth following its filed petition for bankruptcy on
7 October 2024. Norske Skog impaired the shares in 2024 to reflect the
market value of nil. Total loss in 2024 amounted to NOK 65 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "13.
Associated companies and joint ventures
Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2025 with NOK 0 million
(NOK -65 million).
The carrying value of associated companies and joint ventures is NOK 14 million
on 31 December 2025 (NOK 15 million).
Circa Group AS
Norske Skog holds a 26% share of Circa Group AS that has been suspended
from trading on Euronext Growth following its filed petition for bankruptcy on
7 October 2024. Norske Skog impaired the shares in 2024 to reflect the
market value of nil. Total loss in 2024 amounted to NOK 65 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2025 with NOK 0 million
(NOK -65 million).
The carrying value of associated companies and joint ventures is NOK 14 million
on 31 December 2025 (NOK 15 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2025 with NOK 0 million
(NOK -65 million).
The carrying value of associated companies and joint ventures is NOK 14 million
on 31 December 2025 (NOK 15 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "Accounting policies
Associates are all entities over which the group exercises significant influence
but not control, generally accompanying a shareholding of 20% to 50% of the
voting rights. Investments in associates are accounted for using the equity
method of accounting.
Net profit from associated companies is included in 2025 with NOK 0 million
(NOK -65 million).
The carrying value of associated companies and joint ventures is NOK 14 million
on 31 December 2025 (NOK 15 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognised in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FINANCIAL ITEMS
2025
2024
Financial income
\u00a0 \u00a0
Interest income
47
84
Total
47
84
Financial expenses
\u00a0 \u00a0
Interest expense
-249
-212
Other financial expenses
-85
-139
Total
-333
-351
Gains/(losses) on foreign currency
77
-175
Financial items
-209
-441
\n
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognised in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FINANCIAL ITEMS
2025
2024
Financial income
\u00a0 \u00a0
Interest income
47
84
Total
47
84
Financial expenses
\u00a0 \u00a0
Interest expense
-249
-212
Other financial expenses
-85
-139
Total
-333
-351
Gains/(losses) on foreign currency
77
-175
Financial items
-209
-441
\n
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognised in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FINANCIAL ITEMS
2025
2024
Financial income
\u00a0 \u00a0
Interest income
47
84
Total
47
84
Financial expenses
\u00a0 \u00a0
Interest expense
-249
-212
Other financial expenses
-85
-139
Total
-333
-351
Gains/(losses) on foreign currency
77
-175
Financial items
-209
-441
\n
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognised in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FINANCIAL ITEMS
2025
2024
Financial income
\u00a0 \u00a0
Interest income
47
84
Total
47
84
Financial expenses
\u00a0 \u00a0
Interest expense
-249
-212
Other financial expenses
-85
-139
Total
-333
-351
Gains/(losses) on foreign currency
77
-175
Financial items
-209
-441
\n
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognised in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FINANCIAL ITEMS
2025
2024
Financial income
\u00a0 \u00a0
Interest income
47
84
Total
47
84
Financial expenses
\u00a0 \u00a0
Interest expense
-249
-212
Other financial expenses
-85
-139
Total
-333
-351
Gains/(losses) on foreign currency
77
-175
Financial items
-209
-441
\n
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "14.
Financial items
Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.
Currency contracts
Forward currency contracts are recognised in the balance sheet and measured
at fair value at each balance sheet date with the resulting gain or loss
recognised in gain/(losses) on foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FINANCIAL ITEMS
2025
2024
Financial income
\u00a0 \u00a0
Interest income
47
84
Total
47
84
Financial expenses
\u00a0 \u00a0
Interest expense
-249
-212
Other financial expenses
-85
-139
Total
-333
-351
Gains/(losses) on foreign currency
77
-175
Financial items
-209
-441
\n
Other financial expenses mainly consist of commitments fee and other
financing expenses. See Note 29. In 2024 other financial expenses include
NOK 43 million in transaction cost regarding refinancing of the 150 million
senior secured bond. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "Accounting policies
Interest income and expenses are recognised in the income statement as they
are accrued, based on the e\ufb00ective interest method. This is the interest rate
that gives a net present value of the cash flows from the loan that is equal to
carrying value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "15.
Income tax
Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same tax authority and there is a legally enforceable right
to set o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.
Pillar Two
The Pillar Two model rules (Global Anti-Base Erosion rules) (\u201cthe rules\u201d)
introduces a global minimum corporate tax of 15%. The rules will be applicable
in all jursidictions of operations. The rules will partially come into e\ufb00ect from
2024, with the first filing i 2026.
For the financial year beginning 1 January 2024 Norske Skog is subject to the
rules in the jurisdictions where Norske Skog\u2019s has operations. The group has
assessed the potential impact on income taxes of rules in relation to \u201ctop up tax\u201d.
The assessment is based on tax reporting and country-by-country reporting
to local tax authorities and the financial statement of the entities applied to
the rules. The assessment has concluded that the e\ufb00ective tax rate of the
entities is above the threshold of 15% or within safe harbour rules. No Pillar
Two income taxes have been expensed in 2024 or 2025.
Under IFRS there is a temporary exception to the requirements of IAS 12.
Norske Skog has applied this exemption to not recognise or disclose
information about deferred tax asset and liabilities related to Base Erosion and
Profit Shifting (BEPS) Pillar Two rules.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
TAX EXPENSE
2025
2024
Current tax expense
-11
-4
Change in deferred tax
98
-91
Total
88
-94
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
RECONCILIATION OF THE GROUP TAX EXPENSE
2025
2024
Profit/(loss) before income taxes
354
-566
Computed tax at nominal tax group rate of 22%
-78
125
Di\ufb00erences due to di\ufb00erent tax rates
13
3
Non taxable income/non deductible expenses
-12
-3
Adjustment previous years
7
0
Other items
-1
-8
Change in deferred tax asset not recognised
157
-211
Total tax (expense)/income
88
-94
E\ufb00ective tax rate
-25%
-17%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CURRENT TAX LIABILITY
31.12.2025
31.12.2024
Norway
0
0
Rest of Europe
-11
-11
Total
-11
-11
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DEFERRED TAX - MOVEMENTS
2025
2024
Net deferred tax asset/(liability) 1 January
-96
4
Change in deferred tax in the income statement
98
-91
Tax on other comprehensive income
-4
1
Currency translation di\ufb00erences
0
-10
Net deferred tax asset/(liability) 31 December
-1
-96
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DEFERRED TAX ASSET AND DEFERRED TAX LIABILITY
31.12.2025
31.12.2024
Norway
134
111
Rest of Europe
0
0
Deferred tax assets
134
111
Norway
-44
0
Rest of Europe
-91
-207
Deferred tax liability
-135
-207
Net deferred tax assets/(liability)
-1
-96
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DEFERRED TAX DETAILS
31.12.2025
31.12.2024
Fixed assets
-124
-74
Pension and other employee obligations
7
10
Other non-current items
54
39
Currency translation di\ufb00erences and financial instruments
-12
67
Current items
-4
-15
Financial instruments
1
16
Interest carry forward (Interest limitation rules)
74
70
Tax losses to carry forward
472
415
Tax losses and other deferred tax assets not recognised
-471
-629
Tax credits
1
5
Net deferred tax assets/(liability)
-1
-96
\nLOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES
31.12.2025 BY REGION
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NORWAY
REST OF EUROPE
TOTAL
Tax losses to carry forward
460
1 571
2 031
Temporary di\ufb00erences
1 057
-391
666
Tax losses and temporary di\ufb00erences not recognised
-908
-1 180
-2 088
Total tax losses and tax credits to carry forward (recognised)
609
0
609
Deferred tax asset
134
0
134
Tax rate
22%
23-32%
\u00a0
LOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES 31.12.2024 BY REGION
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NORWAY
REST OF EUROPE
TOTAL
Tax losses to carry forward
869
967
1 836
Temporary di\ufb00erences
1 492
-10
1 483
Tax losses and temporary di\ufb00erences not recognised
-1 855
-957
-2 812
Total tax losses and tax credits to carry forward (recognised)
505
0
505
Deferred tax asset
111
0
111
Tax rate
22%
23-32%
\u00a0
Norske Skog has not recognised any deferred tax asset arising from the tax
losses carried forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "15.
Income tax
Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same tax authority and there is a legally enforceable right
to set o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.
Pillar Two
The Pillar Two model rules (Global Anti-Base Erosion rules) (\u201cthe rules\u201d)
introduces a global minimum corporate tax of 15%. The rules will be applicable
in all jursidictions of operations. The rules will partially come into e\ufb00ect from
2024, with the first filing i 2026.
For the financial year beginning 1 January 2024 Norske Skog is subject to the
rules in the jurisdictions where Norske Skog\u2019s has operations. The group has
assessed the potential impact on income taxes of rules in relation to \u201ctop up tax\u201d.
The assessment is based on tax reporting and country-by-country reporting
to local tax authorities and the financial statement of the entities applied to
the rules. The assessment has concluded that the e\ufb00ective tax rate of the
entities is above the threshold of 15% or within safe harbour rules. No Pillar
Two income taxes have been expensed in 2024 or 2025.
Under IFRS there is a temporary exception to the requirements of IAS 12.
Norske Skog has applied this exemption to not recognise or disclose
information about deferred tax asset and liabilities related to Base Erosion and
Profit Shifting (BEPS) Pillar Two rules.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
TAX EXPENSE
2025
2024
Current tax expense
-11
-4
Change in deferred tax
98
-91
Total
88
-94
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
RECONCILIATION OF THE GROUP TAX EXPENSE
2025
2024
Profit/(loss) before income taxes
354
-566
Computed tax at nominal tax group rate of 22%
-78
125
Di\ufb00erences due to di\ufb00erent tax rates
13
3
Non taxable income/non deductible expenses
-12
-3
Adjustment previous years
7
0
Other items
-1
-8
Change in deferred tax asset not recognised
157
-211
Total tax (expense)/income
88
-94
E\ufb00ective tax rate
-25%
-17%
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CURRENT TAX LIABILITY
31.12.2025
31.12.2024
Norway
0
0
Rest of Europe
-11
-11
Total
-11
-11
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DEFERRED TAX - MOVEMENTS
2025
2024
Net deferred tax asset/(liability) 1 January
-96
4
Change in deferred tax in the income statement
98
-91
Tax on other comprehensive income
-4
1
Currency translation di\ufb00erences
0
-10
Net deferred tax asset/(liability) 31 December
-1
-96
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DEFERRED TAX ASSET AND DEFERRED TAX LIABILITY
31.12.2025
31.12.2024
Norway
134
111
Rest of Europe
0
0
Deferred tax assets
134
111
Norway
-44
0
Rest of Europe
-91
-207
Deferred tax liability
-135
-207
Net deferred tax assets/(liability)
-1
-96
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
DEFERRED TAX DETAILS
31.12.2025
31.12.2024
Fixed assets
-124
-74
Pension and other employee obligations
7
10
Other non-current items
54
39
Currency translation di\ufb00erences and financial instruments
-12
67
Current items
-4
-15
Financial instruments
1
16
Interest carry forward (Interest limitation rules)
74
70
Tax losses to carry forward
472
415
Tax losses and other deferred tax assets not recognised
-471
-629
Tax credits
1
5
Net deferred tax assets/(liability)
-1
-96
\n
LOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES
31.12.2025 BY REGION
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NORWAY
REST OF EUROPE
TOTAL
Tax losses to carry forward
460
1 571
2 031
Temporary di\ufb00erences
1 057
-391
666
Tax losses and temporary di\ufb00erences not recognised
-908
-1 180
-2 088
Total tax losses and tax credits to carry forward (recognised)
609
0
609
Deferred tax asset
134
0
134
Tax rate
22%
23-32%
\u00a0
LOSSES TO CARRY FORWARD AND TEMPORARY DIFFERENCES 31.12.2024 BY REGION
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NORWAY
REST OF EUROPE
TOTAL
Tax losses to carry forward
869
967
1 836
Temporary di\ufb00erences
1 492
-10
1 483
Tax losses and temporary di\ufb00erences not recognised
-1 855
-957
-2 812
Total tax losses and tax credits to carry forward (recognised)
505
0
505
Deferred tax asset
111
0
111
Tax rate
22%
23-32%
\u00a0
Norske Skog has not recognised any deferred tax asset arising from the tax
losses carried forward. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same tax authority and there is a legally enforceable right
to set o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Accounting policies
The group\u2019s income tax expense includes current tax based on taxable profit
for each jurisdiction. This is adjusted by;
\u2022 changes in deferred tax assets and liabilities attributable to temporary
di\ufb00erences arising between the carrying amount of assets and liabilities in
the consolidated financial statements and their tax bases and;
\u2022
changes to unused tax losses that are expected to be utilised.
Tax is recognised in the income statement, except to the extent that it relates
to items recognised in other comprehensive income or directly in equity. In
this case, the tax is also recognised in other comprehensive income or directly
in equity, respectively. Deferred tax assets are o\ufb00set against deferred tax
liabilities only when the deferred tax assets and liabilities relate to income
taxes levied by the same tax authority and there is a legally enforceable right
to set o\ufb00 current tax assets against current deferred tax liabilities.
The tax charge is calculated based on the tax laws enacted or substantively
enacted at the balance sheet date in the countries where the company\u2019s
subsidiaries and associates operate and generate taxable income. The groups
operations are located in countries with ordinary tax regimes and there are no
special tax arrangements requiring special consideration or complexity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "16.
Earnings and dividend per share
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOTE
2025
2024
Profit/(loss) from continuing operations
\u00a0
442
-661
Profit/(loss) from discontinued operations
26
-37
-321
Profit/(loss) attributable to owners of the parent
\u00a0
404
-982
Weighted average number of shares in million
\u00a0
84.8
84.8
Basic earnings per share (NOK)
\u00a0 \u00a0 \u00a0
From continuing operations
\u00a0
5.21
-7.79
From discontinued operations
26
-0.44
-3.78
Total basic earnings per share
\u00a0
4.76
-11.57
Diluted earnings/(loss) per share (NOK)
\u00a0 \u00a0 \u00a0
From continuing operations
\u00a0
5.21
-7.79
From discontinued operations
26
-0.44
-3.78
Total diluted earnings per share
\u00a0
4.76
-11.57
The board of directors has decided not to propose the general meeting any
dividend for the financial year 2025. No dividend was paid in 2025 for the
financial year 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "The board of directors has decided not to propose the general meeting any
dividend for the financial year 2025. No dividend was paid in 2025 for the
financial year 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "17.
Intangible assets
Accounting policies
Patents and licenses
Patents and licenses have a finite useful life and are recognised at historical
cost less accumulated amortisation. Amortisation is calculated using the
straight-line method to allocate the cost of patents and licences over their
estimated useful lives.
Computer software
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire the specific software and bring it into use and amortised
over their estimated useful lives. Computer software development costs
recognised as assets are amortised over their estimated useful lives. Costs
associated with maintaining computer software are recognised as an expense
as they are incurred.
Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
OTHER INTANGIBLE
LICENCES AND
\u00a0
INTANGIBLE ASSETS
ASSETS
PATENTS
TOTAL
Acquisition cost 1 January 2024
54
97
151
Additions
1
2
3
Reclassified to assets held for sale
-53
0
-53
Reclassified from plant under construction
0
2
2
Currency translation di\ufb00erences
1
3
4
Acquisition cost 31 December 2024
4
104
107
Accumulated depreciation and impairments 1 January 2024
50
89
139
Depreciation
1
4
5
Reclassified to assets held for sale
-52
0
-52
Currency translation di\ufb00erence
1
3
4
Accumulated depreciation and impairments 31 December 2024
0
96
97
Carrying value 31 December 2024
3
8
11
Acquisition cost 1 January 2025
4
104
107
Additions
0
12
12
Currency translation di\ufb00erences
-1
1
0
Acquisition cost 31 December 2025
3
117
120
Accumulated depreciation and impairments 1 January 2025
0
96
97
Depreciation
0
6
6
Accumulated depreciation and impairments 31 December 2025
0
103
103
Carrying value 31 December 2025
3
14
17
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "Accounting policies
Patents and licenses
Patents and licenses have a finite useful life and are recognised at historical
cost less accumulated amortisation. Amortisation is calculated using the
straight-line method to allocate the cost of patents and licences over their
estimated useful lives.
Computer software
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire the specific software and bring it into use and amortised
over their estimated useful lives. Computer software development costs
recognised as assets are amortised over their estimated useful lives. Costs
associated with maintaining computer software are recognised as an expense
as they are incurred.
Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Impairment
Norske Skog has no cash generating units (CGUs) with allocated goodwill or
assets with indefinite useful life that need to be tested for impairment annually,
or more frequently when there is an indication that the unit may be impaired.Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.
Impairment
Review of impairment indicators are performed regularly, and if impairment
indicators are identified an impairment test of property, plant and equipment is
performed. Indicators of impairment will typically be changes in market
conditions and changes in the competitive situation. For the purpose of
assessing impairment, assets are grouped at the lowest level for which cash
flows are separately identifiable cash generating units (CGU).
An impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell and its value in use.
There is judgement required to determine CGU for impairment testing. For
property, plant and equipment the CGU can be a single machine or a combination
of machines on the facts and circumstances.
At the end of 2025 the market balance for publication paper were slightly
better compared to the last two years as a result of capacity closures across all
grades. However, there is still overcapacity in the publication paper markets
resulting form the structural demand decline. The containerboard market is
also experiencing some overcapacity as new entrants is expected to outpace
the growth in demand the coming years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
OTHER INTANGIBLE
LICENCES AND
\u00a0
INTANGIBLE ASSETS
ASSETS
PATENTS
TOTAL
Acquisition cost 1 January 2024
54
97
151
Additions
1
2
3
Reclassified to assets held for sale
-53
0
-53
Reclassified from plant under construction
0
2
2
Currency translation di\ufb00erences
1
3
4
Acquisition cost 31 December 2024
4
104
107
Accumulated depreciation and impairments 1 January 2024
50
89
139
Depreciation
1
4
5
Reclassified to assets held for sale
-52
0
-52
Currency translation di\ufb00erence
1
3
4
Accumulated depreciation and impairments 31 December 2024
0
96
97
Carrying value 31 December 2024
3
8
11
Acquisition cost 1 January 2025
4
104
107
Additions
0
12
12
Currency translation di\ufb00erences
-1
1
0
Acquisition cost 31 December 2025
3
117
120
Accumulated depreciation and impairments 1 January 2025
0
96
97
Depreciation
0
6
6
Accumulated depreciation and impairments 31 December 2025
0
103
103
Carrying value 31 December 2025
3
14
17
\n
Other intangible assets, and licences and patents are depreciated over a period
from three to five years. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
MACHINERY
\u00a0
FIXTURES
\u00a0 \u00a0 \u00a0
\u00a0
BIOLOGICAL
AND
LAND AND
AND
PLANT UNDER
RIGHT-OF-
\u00a0
PROPERTY, PLANT AND EQUIPMENT
ASSETS
EQUIPMENT
BUILDINGS
FITTINGS
CONSTRUCTION
USE ASSETS
TOTAL
Acquisition cost 1 January 2024
2
25 831
7 040
568
4 085
230
37 755
Additions
0
39
106
0
1 436
107
1 688
Disposals
0
-2
0
0
0
-94
-96
Reclassified to assets held for sale
-2
-4 802
-538
-21
-42
-63
-5 467
Reclassified from plant under construction
0
303
149
3
-456
0
-2
Currency translation di\ufb00erences
0
639
185
23
187
8
1 042
Acquisition cost 31 December 2024
0
22 008
6 942
574
5 210
188
34 921
Accumulated depreciation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2024
0
22 510
5 936
521
75
146
29 188
Depreciation
0
361
92
14
0
45
513
Impairment
2
205
28
0
37
25
297
Disposals
0
0
0
0
0
-92
-92
Reclassified to assets held for sale
-2
-4 772
-514
-21
-37
-30
-5 376
Currency translation di\ufb00erence
0
500
141
21
0
6
668
Accumulated depreciation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2024
0
18 805
5 683
536
75
100
25 198
Carrying value 31 December 2024
0
3 203
1 259
38
5 135
88
9 723
Acquisition cost 1 January 2025
0
22 008
6 942
574
5 210
188
34 921
Additions
0
20
2
2
926
83
1 033
Disposals
0
-3
-7
0
0
-21
-30
Reclassified to assets held for sale
0
0
0
0
0
0
0
Reclassified from plant under construction
0
5 200
737
9
-5 946
0
0
Currency translation di\ufb00erences
0
51
15
2
27
-1
94
Acquisition cost 31 December 2025
0
27 276
7 689
587
217
249
36 018
Accumulated depreciation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
1 January 2025
0
18 805
5 683
536
75
100
25 198
Depreciation
0
414
95
12
0
30
551
Impairment
0
30
0
0
-30
0
0
Disposals
0
-2
-5
0
0
-21
-28
Reclassified to assets held for sale
0
0
0
0
0
0
0
Currency translation di\ufb00erence
0
28
18
3
0
-1
47
Accumulated depreciation and impairments
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
31 December 2025
0
19 274
5 791
550
45
108
25 768
Carrying value 31 December 2025
0
8 001
1 898
36
172
141
10 249
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SPECIFICATION OF DEPRECIATION AND IMPAIRMENTS
NOTE
2025
2024
Property, plant and equipment
\u00a0
551
513
Intangible assets
\u00a0
6
5
Depreciation from discontinued operations
26
0
-37
Depreciation from continuing operation
\u00a0
557
481
Property, plant and equipment
\u00a0
0
297
Impairments from discontinued operations
26
0
-176
Impairments from continuing operation
\u00a0
0
121
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "18.
Property, plant and equipment
Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.
Impairment
Review of impairment indicators are performed regularly, and if impairment
indicators are identified an impairment test of property, plant and equipment is
performed. Indicators of impairment will typically be changes in market
conditions and changes in the competitive situation. For the purpose of
assessing impairment, assets are grouped at the lowest level for which cash
flows are separately identifiable cash generating units (CGU).
An impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell and its value in use.
There is judgement required to determine CGU for impairment testing. For
property, plant and equipment the CGU can be a single machine or a combination
of machines on the facts and circumstances.
At the end of 2025 the market balance for publication paper were slightly
better compared to the last two years as a result of capacity closures across all
grades. However, there is still overcapacity in the publication paper markets
resulting form the structural demand decline. The containerboard market is
also experiencing some overcapacity as new entrants is expected to outpace
the growth in demand the coming years.
Assumptions applied when calculating the recoverable amount
Intangible non-current assets and property, plant and equipment (PPE) are
written down to their recoverable amount when this is lower than the carrying
value of the asset. The recoverable amount of an asset or CGU is the higher of
its fair value less costs to sell and its value in use. Value in use is the present
value of future cash flows expected to arise from an asset or cash-generating
unit. Norske Skog applies the value in use approach when calculating
recoverable amount for its CGUs. Norske Skog has identified the following
CGUs: Skogn newsprint (Norske Skog Skogn), Golbey newsprint (Norske Skog
Golbey PM2), Saugbrugs super calendared (Norske Skog Saugbrugs), Bruck
lightweight coated (Norske Skog Bruck PM4), Bruck containerboard (Norske
Skog Bruck PM3) and Golbey containerboard (Norske Skog Golbey PM1).
These represent the six cash generating units that the group is focusing on in
its follow-up operationally and commercially as communication with customers,
suppliers, employees.
The production machines have a long technical life, while useful lives are linked
to industry cost curves and the size of the market. The estimated remaining
useful life of the individual paper machines forms the basis for determining the
length of the cash flow period used in the value in use calculation. Estimated
useful life for the individual publication paper machines in the group varies
from 1 to 8 years for publication paper machines and 27 to 30 years for
packaging paper machines. Sales volumes are reduced in accordance with the
estimated end of useful lives of the di\ufb00erent paper machines in the group.
Norske Skog models the cash flows throughout the useful life of the paper
machines. The timing of capacity closures is based on an assessment of the
position on Fastmarkets RISI cost curve and market demand projections for
the produced grade. Fastmarkets RISI is the leading global source for forest
products information and data (www.fastmarkets.com).
Nominal cash flow is estimated in the functional currency in which it will be
generated. The value is calculated by discounting based on a required rate of
return on capital that is relevant for the cash-generating unit. The required rate
of return, or weighted average cost of capital (WACC), is based on the interest
rate on ten-year government bonds in the currency of the cash flow estimate,
an industry debt yield premium, industry beta and an equity risk premium. A
country-specific risk premium relevant to the cash-generating unit is also
included in the required rate of return on capital.
The key drivers of profitability in publication paper and packaging paper and
thus asset values for the group are product prices relative to production costs
i.e. EBITDA margin. EBITDA levels represents the operating profit (loss) before
depreciation and amortisation. The starting point for any impairment test is the
financial budget for 2026 approved by the board of directors. The key
assumptions used in reaching the forecast figures are sales prices, volumes
and operating costs. Contracted prices/costs are reflected when applicable in
the budget.
The are no observable market prices for the group\u2019s products, but there are
external sources such as Fastmarkets RISI and PPPC for which estimate prices
for publication paper and packaging paper, and these are used as a reference.
For operating cost related to raw materials and energy contract prices are used
when they cover longer periods, or a best estimate of cost based on historical
experience and any expected changes. Operating costs are based on budgeted
levels and adjusted for any approved e\ufb00iciency initiatives.
The calculation of value in use takes into consideration any future changes in
both the CO2 quotas and the income from CO2 compensation going forward in
line with the relevant regulatory framework. Other than that no climate
legislation has currently been approved that impacts the group. There are
however expectations that new climate related legislation will be passed in the
future that may increase costs or reduce income and thereby impacting on
profitability is costs are not able to be passed on to customer or fully or partially
compensated by incentive schemes.
Expected useful life
In connection with the year-end closing process for 2025, Norske Skog
performed a review of the expected remaining useful lives of property, plant
and equipment. The useful life of most of the machines were consistent with
last year assumptions.
Sensitivity to estimates of recoverable amount
The key uncertainty in the cash flows and profitability relates to future market
prices for Norske Skog\u2019s products and input factors in the production and
prices and cost relative to each other. The estimation of recoverable amount is
based on assumptions regarding the future development of several factors.
These include price development for finished goods, sales volumes, currency
rates and interest rates. In relation to the assumptions made in a calculation of
the present value of future cash flows, recoverable amount is most sensitive to
changes in prices of finished goods, but also sales volumes and the discount
rate used but to a lesser extent.
Property, plant and equipment allocated to cash-generating units
The table below shows machinery and equipment, and land and buildings
allocated to Norske Skog\u2019s cash-generating units as of 31 December 2025.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
MACHINERY AND
LAND AND
\u00a0
EQUIPMENT
BUILDINGS
Skogn newsprint
164
210
Golbey newsprint
773
188
Saugbrugs super calendared
302
329
Bruck lightweight coated
85
62
Bruck containerboard
1 840
572
Golbey containerboard
4 837
538
Carrying value 31 December 2025
8 001
1 898
\n
Impairment test
Norske Skog has identified impairment indicators related to the containerboard
and super calendared cash generating units. The impairment test found a value
in use higher than the book value of the relevant CGU\u2019s and thus no impairment
charge was recognised. \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SPECIFICATION OF DEPRECIATION AND IMPAIRMENTS
NOTE
2025
2024
Property, plant and equipment
\u00a0
551
513
Intangible assets
\u00a0
6
5
Depreciation from discontinued operations
26
0
-37
Depreciation from continuing operation
\u00a0
557
481
Property, plant and equipment
\u00a0
0
297
Impairments from discontinued operations
26
0
-176
Impairments from continuing operation
\u00a0
0
121
\n
Machinery and equipment are depreciated over a period from five to 30 years.
Land and buildings comprise mainly mills, machinery and o\ufb00ice premises.
Buildings and other property are depreciated over a period from ten to 40 years.
Fixtures and fittings are depreciated over a period from three to ten years. Land
and plant under construction are not depreciated.
Right-of-use assets is further described in Note 19.
The di\ufb00erence between total additions in the table above and purchases of
property, plant, equipment and intangible assets in the consolidated statement
of cash flows is due to leases, capitalised borrowing costs and accruals for
payments. Norske Skog has capitalised borrowing costs of NOK 74 million in
2025 (NOK 105 million).
Disposals in 2025 and 2024 were primarily related to scrapping of fully
depreciated assets that no longer have any technical values.
At year end 2025 the group has contractual commitments for acquisition of
property, plant and equipment of NOK
230 million (NOK 530 million) that relate
to future periods. In 2025 total payments related to acquisition of property, plant
and equipment to committed amount was NOK 530 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Accounting policies
Property, plant and equipment (PPE) is presented at historical cost less
subsequent depreciation, write downs and impairments. Historical cost
includes expenditure directly attributable to the acquisition of the items. The
residual value of production equipment is defined as the realisable value after
deduction of the estimated cost of dismantling and removal of the asset. If the
estimated cost exceeds the estimated value, the net liability is added to the
cost of the related asset, and a provision is recognised as a liability in the
balance sheet.
Borrowing costs, which are directly related to qualifying assets, are recognised
as part of the acquisition cost for the qualifying asset.
Subsequent costs are included in the asset\u2019s carrying amount or recognised as
a separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the group and the cost of the item
can be measured reliably. The carrying amount of the replaced part is
derecognised. All other repair and maintenance costs are charged to the
income statement during the financial period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to
allocate their cost or revalued amounts to their residual values over their
estimated useful lives. Land is not depreciated.
The residual value and useful life of property, plant and equipment are reviewed
and adjusted if required.
Gains and losses on disposals are determined by comparing the proceeds with
the carrying amount and is included in the income statement line other
operating income/other operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "Borrowing costs, which are directly related to qualifying assets, are recognised as part of the acquisition cost for the qualifying asset. The di\ufb00erence between total additions in the table above and purchases of
property, plant, equipment and intangible assets in the consolidated statement
of cash flows is due to leases, capitalised borrowing costs and accruals for
payments. Norske Skog has capitalised borrowing costs of NOK 74 million in
2025 (NOK 105 million). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Impairment
Review of impairment indicators are performed regularly, and if impairment
indicators are identified an impairment test of property, plant and equipment is
performed. Indicators of impairment will typically be changes in market
conditions and changes in the competitive situation. For the purpose of
assessing impairment, assets are grouped at the lowest level for which cash
flows are separately identifiable cash generating units (CGU).
An impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell and its value in use.
There is judgement required to determine CGU for impairment testing. For
property, plant and equipment the CGU can be a single machine or a combination
of machines on the facts and circumstances.
At the end of 2025 the market balance for publication paper were slightly
better compared to the last two years as a result of capacity closures across all
grades. However, there is still overcapacity in the publication paper markets
resulting form the structural demand decline. The containerboard market is
also experiencing some overcapacity as new entrants is expected to outpace
the growth in demand the coming years.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Machinery and equipment are depreciated over a period from five to 30 years.
Land and buildings comprise mainly mills, machinery and o\ufb00ice premises.
Buildings and other property are depreciated over a period from ten to 40 years.
Fixtures and fittings are depreciated over a period from three to ten years. Land
and plant under construction are not depreciated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "19.
Leases
Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets.
The group\u2019s leased assets are categorised and presented in the table below:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
MACHINERY
\u00a0 \u00a0 \u00a0
\u00a0
AND
LAND AND
FIXTURES AND
\u00a0
LEASES
EQUIPMENT
BUILDINGS
FITTINGS
TOTAL
Carrying value 1 January 2024
43
34
6
84
Additions
101
6
0
107
Disposals
-2
0
0
-2
Reclassified to assets held for sale
-32
0
0
-33
Depreciations
-34
-10
-1
-45
Impairments
-25
0
0
-25
Currency translation di\ufb00erences
1
0
0
2
Carrying value 31 December 2024
52
30
5
88
Additions
49
34
1
83
Depreciations
-16
-12
-1
-30
Carrying value 31 December 2025
85
52
4
141
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
LEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2025
31.12.2024
Not later than one year
\u00a0
38
28
Later than one year and not later than five years
\u00a0
86
55
Later than five years
\u00a0
39
22
Total
\u00a0
163
105
Future finance charges
\u00a0
17
13
Present value of liabilities
29
146
92
Interest expense on lease liabilities amounts to NOK 6 million in 2025 (NOK 6 million).
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CASH PAYMENT MADE FROM LEASES
2025
2024
Principal payments on recognised lease liabilities
30
32
Interest payments on recognised lease liabilities
6
6
Payments on leases expensed in the period
27
21
Principal, interest and leases expense payments from discontinued operations
4
18
Total
67
76
The group has decided not to recognise a lease liability for short term leases
or for leases of low value assets. Payments made under such leases are
included in operating expenses. Certain variable lease payments are not
permitted to be recognised as leases liabilities and are expensed as incurred.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
VARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2025
2024
Expense relating to variable lease payments not included in the measurement of lease liabilities
\u00a0
8
5
Short term leases exemption
\u00a0
1
1
Low-value leases exemption
\u00a0
18
14
Total
11
27
21
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets.
The group\u2019s leased assets are categorised and presented in the table below:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
MACHINERY
\u00a0 \u00a0 \u00a0
\u00a0
AND
LAND AND
FIXTURES AND
\u00a0
LEASES
EQUIPMENT
BUILDINGS
FITTINGS
TOTAL
Carrying value 1 January 2024
43
34
6
84
Additions
101
6
0
107
Disposals
-2
0
0
-2
Reclassified to assets held for sale
-32
0
0
-33
Depreciations
-34
-10
-1
-45
Impairments
-25
0
0
-25
Currency translation di\ufb00erences
1
0
0
2
Carrying value 31 December 2024
52
30
5
88
Additions
49
34
1
83
Depreciations
-16
-12
-1
-30
Carrying value 31 December 2025
85
52
4
141
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
LEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2025
31.12.2024
Not later than one year
\u00a0
38
28
Later than one year and not later than five years
\u00a0
86
55
Later than five years
\u00a0
39
22
Total
\u00a0
163
105
Future finance charges
\u00a0
17
13
Present value of liabilities
29
146
92
Interest expense on lease liabilities amounts to NOK 6 million in 2025 (NOK 6 million).
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CASH PAYMENT MADE FROM LEASES
2025
2024
Principal payments on recognised lease liabilities
30
32
Interest payments on recognised lease liabilities
6
6
Payments on leases expensed in the period
27
21
Principal, interest and leases expense payments from discontinued operations
4
18
Total
67
76
The group has decided not to recognise a lease liability for short term leases
or for leases of low value assets. Payments made under such leases are
included in operating expenses. Certain variable lease payments are not
permitted to be recognised as leases liabilities and are expensed as incurred.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
VARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2025
2024
Expense relating to variable lease payments not included in the measurement of lease liabilities
\u00a0
8
5
Short term leases exemption
\u00a0
1
1
Low-value leases exemption
\u00a0
18
14
Total
11
27
21
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "Accounting policies
Norske Skog recognises a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term (\u201cright-
of-use asset\u201d). Exceptions for short term leases and low value leases have been
adapted by the group. At initial recognition the lease assets is measured at an
amount equal to the lease liability. Norske Skog separately recognises the
interest expense on the lease liability and the depreciation expense on the
leased assets.
The group\u2019s leased assets are categorised and presented in the table below:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
MACHINERY
\u00a0 \u00a0 \u00a0
\u00a0
AND
LAND AND
FIXTURES AND
\u00a0
LEASES
EQUIPMENT
BUILDINGS
FITTINGS
TOTAL
Carrying value 1 January 2024
43
34
6
84
Additions
101
6
0
107
Disposals
-2
0
0
-2
Reclassified to assets held for sale
-32
0
0
-33
Depreciations
-34
-10
-1
-45
Impairments
-25
0
0
-25
Currency translation di\ufb00erences
1
0
0
2
Carrying value 31 December 2024
52
30
5
88
Additions
49
34
1
83
Depreciations
-16
-12
-1
-30
Carrying value 31 December 2025
85
52
4
141
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
LEASE PAYMENTS MATURITY ANALYSIS
NOTE
31.12.2025
31.12.2024
Not later than one year
\u00a0
38
28
Later than one year and not later than five years
\u00a0
86
55
Later than five years
\u00a0
39
22
Total
\u00a0
163
105
Future finance charges
\u00a0
17
13
Present value of liabilities
29
146
92
Interest expense on lease liabilities amounts to NOK 6 million in 2025 (NOK 6 million).
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
CASH PAYMENT MADE FROM LEASES
2025
2024
Principal payments on recognised lease liabilities
30
32
Interest payments on recognised lease liabilities
6
6
Payments on leases expensed in the period
27
21
Principal, interest and leases expense payments from discontinued operations
4
18
Total
67
76
The group has decided not to recognise a lease liability for short term leases
or for leases of low value assets. Payments made under such leases are
included in operating expenses. Certain variable lease payments are not
permitted to be recognised as leases liabilities and are expensed as incurred.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
VARIABLE LEASE, SHORT TERM AND LOW VALUE LEASE EXPENSES
NOTE
2025
2024
Expense relating to variable lease payments not included in the measurement of lease liabilities
\u00a0
8
5
Short term leases exemption
\u00a0
1
1
Low-value leases exemption
\u00a0
18
14
Total
11
27
21
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "20.
Shares
SHARES IN SUBSIDIARIES OWNED BY
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
SHARE CAPITAL
\u00a0
THE PARENT COMPANY
CONSOLIDATED COMPANIES
CURRENCY
(IN 1
000)
OWNERSHIP%
Norske Skog Bruck GmbH, Bruck, Austria
\u00a0
EUR
67 000
100%
Norske Skog Golbey SAS, Golbey, France
\u00a0
EUR
62 365
100%
\u00a0
GV Bois SAS, Golbey, France
EUR
100
90%
\u00a0
Green Valley Energy SASU, France
EUR
2 301
64%
Norske Skog Skogn AS, Levanger, Norway
\u00a0
NOK
115 230
100%
\u00a0
Norske Skog Skogn Eiendom AS, Levanger, Norway
NOK
100
100%
Norske Skog Saugbrugs AS, Halden, Norway
\u00a0
NOK
115 230
100%
\u00a0
Saugbrugs Bioenergi AS, Halden, Norway
NOK
3 000
100%
Nornews AS, Oslo, Norway
\u00a0
NOK
300
100%
\u00a0
Norske Skog Deutschland GmbH, Augsburg, Germany
EUR
520
100%
\u00a0
Norske Skog France SARL, Paris, France
EUR
135
100%
\u00a0
Norske Skog (\u00d6sterreich) GmbH, Graz, Austria
EUR
35
100%
\u00a0
Norske Skog (UK) Ltd., London, United Kingdom
GBP
100
100%
Cebina AS, Oslo, Norway
\u00a0
NOK
30
100%
Cebico AS, Oslo, Norway
\u00a0
NOK
30
100%
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
SHARE CAPITAL
\u00a0
CARRYING
SHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES
CURRENCY
(in 1
000)
OWNERSHIP%
VALUE (NOK)
Owned by consolidated companies
\u00a0 \u00a0 \u00a0 \u00a0
Porsnes Utvikling AS, Halden, Norway
NOK
300
50%
7
Green Valley Energie, France
EUR
300
10%
4
NorFibre Logistics SAS, France
EUR
500
20%
1
SEM, France
EUR
879
10%
1
Other
\u00a0 \u00a0 \u00a0
1
Total shares in associated companies and joint ventures
\u00a0 \u00a0 \u00a0
14
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
SHARE CAPITAL
\u00a0
CARRYING
OTHER SHARES
NOTE
CURRENCY
(in 1
000)
OWNERSHIP%
VALUE (NOK)
Owned by the parent company
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ocean GeoLoop AS, Skogn, Norway
\u00a0
NOK
527
2%
2
3K6 Skoginvest AS, Trondheim, Norway
\u00a0
NOK
165
2%
2
Owned by consolidated companies
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Exeltium SAS, Paris, France
\u00a0
EUR
12 358
5%
99
Other
\u00a0 \u00a0 \u00a0 \u00a0
1
Total other shares
23
\u00a0 \u00a0 \u00a0
104
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
SHARE CAPITAL
\u00a0
CARRYING
SHARES IN ASSOCIATED COMPANIES AND JOINT VENTURES
CURRENCY
(in 1
000)
OWNERSHIP%
VALUE (NOK)
Owned by consolidated companies
\u00a0 \u00a0 \u00a0 \u00a0
Porsnes Utvikling AS, Halden, Norway
NOK
300
50%
7
Green Valley Energie, France
EUR
300
10%
4
NorFibre Logistics SAS, France
EUR
500
20%
1
SEM, France
EUR
879
10%
1
Other
\u00a0 \u00a0 \u00a0
1
Total shares in associated companies and joint ventures
\u00a0 \u00a0 \u00a0
14
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "Fair value of derivatives
Norske Skog\u2019s portfolio of commodity contracts consists mainly of physical
energy contracts. The commodity contracts and embedded derivatives
classified as financial instruments within the scope of IFRS 9 contracts are
related to energy contracts in Norway. Fair value of commodity contracts is
sensitive to estimates of future energy prices. For further details about gains
and losses relating to level 3 instruments see Note 12.
The fair value of derivatives that are not traded in an active market (over-the-
counter derivatives) is determined using various valuation techniques. Interest
rate swaps, cross-currency swaps, forward rate agreements and foreign
currency forward contracts are all valued by estimating the present value of
future cash flows. Quoted cash and swap rates are used as input for calculating
zero coupon curves used for discounting.
The fair value of commodity contracts recognised in the balance sheet is
calculated by using quotes from actively traded markets when available.
Otherwise, price forecasts from acknowledged external sources are used.
Commodity contracts that fail to meet the own use exemption criteria in IFRS
9 are recognised in the balance sheet and valued on the same principle as
financial contracts. Some of these are long-term energy contracts. In
calculating the fair value of embedded derivatives, valuation techniques are
used in the absence of observable market inputs.
The table below classifies financial instruments within the scope of IFRS 9
measured in the balance sheet at fair value, by valuation method. The di\ufb00erent
valuation methods are described as levels and are defined as follows:
Level 1:
Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2:
Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices).
Level 3:
Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
0
0
0
Commodity contracts and embedded derivatives
0
0
144
144
Total
0
0
144
144
Financial liabilities at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
-7
0
-7
Commodity contracts and embedded derivatives
0
0
-101
-101
Total
0
-7
-101
-108
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
LEVEL 1
LEVEL 2
LEVEL 3
TOTAL
Financial assets at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
0
0
0
Derivatives used for hedging
0
1
0
1
Commodity contracts and embedded derivatives
0
0
9
9
Total
0
1
9
10
Financial liabilities at fair value through profit or loss
\u00a0 \u00a0 \u00a0 \u00a0
Trading derivatives
0
-1
0
-1
Derivatives used for hedging
0
-71
0
-71
Commodity contracts and embedded derivatives
0
0
-324
-324
Total
0
-72
-324
-396
The following table shows the changes in level 3 instruments.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
2025
ASSETS
LIABILITIES
Balance 1 January
9
-324
Gain and losses recognised in profit or loss
135
222
Balance 31 December
144
-101
The following table is presented in accordance with IFRS 13.94, showing the fair
value of all commodity contracts in level 3 within the scope of IFRS 9 given a
change in assumptions to a reasonably possible alternative.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
FAIR VALUE OF DERIVATIVES IN LEVEL 3 GIVEN A REASONABLY POSSIBLE
\u00a0 \u00a0 \u00a0
ALTERNATIVE
\u00a0
31.12.2025
31.12.2024
Assets
\u00a0 \u00a0 \u00a0
Commodity contracts
Energy price -20%
38
0
Embedded derivatives
NOK appreciation 5%
0
0
Total
\u00a0
38
0
Liabilities
\u00a0 \u00a0 \u00a0
Commodity contracts
Energy price -20%
-42
-482
Embedded derivatives
NOK appreciation 5%
-27
-57
Total
\u00a0
-70
-539
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "22.
Financial instruments
Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.
CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
104
67
171
8
179
Trade and other receivables
23
0
875
875
633
1 508
Cash and cash equivalents
25
0
1 082
1 082
0
1 082
Other current assets
23
144
0
144
7
151
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 403
4 403
0
4 403
Interest-bearing current liabilities
29
0
974
974
0
974
Other non-current liabilities
30
79
0
79
409
488
Trade and other payables
30
0
2 151
2 151
213
2 363
Other current liabilities
30
46
0
46
208
254
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\n
The group does not have any financial assets at fair value through other comprehensive income.
FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
AND LIABILITIES
The table below classifies financial assets and liabilities by valuation method.
The di\ufb00erent valuation methods are described as levels and are defined as
follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
171
171
0
0
171
Other non-current assets
171
171
0
0
171
Trade receivables
428
428
0
0
428
VAT receivables
88
88
0
0
88
Other receivables
358
358
0
0
358
Trade and other receivables
875
875
0
0
875
Derivatives
0
0
0
0
0
Commodity contracts
144
144
0
0
144
Current investments
0
0
0
0
0
Other current assets
144
144
0
0
144
Cash and cash equivalents
1 082
1 082
0
101
981
Interest-bearing non-current liabilities
4 403
4 337
0
1 316
3 021
Interest-bearing current liabilities
974
974
0
0
974
Total interest-bearing liabilities
5 377
5 310
0
1 316
3 994
Derivatives
79
79
0
0
79
Commodity contracts
0
0
0
0
0
Other non-current liabilities
79
79
0
0
79
Trade payables
1 527
1 527
0
0
1 527
Other payables
624
624
0
0
624
Trade and other payables
2 151
2 151
0
0
2 151
Derivatives
21
21
0
7
15
Commodity contracts
7
7
0
0
7
Financial current liabilities
17
17
0
0
17
Other current liabilities
46
46
0
7
39
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivable
420
420
0
0
420
VAT receivables
126
126
0
0
126
Other receivables
172
172
0
0
172
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
404
723
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n
The fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
assessed by using price indications from banks at the reporting date. There is
some uncertainty associated with the calculated fair value of Level 3 interest-
bearing liabilities. The fair value of other interest-bearing liabilities (Level 3) is
based on amortised cost.
The fair values of cash and cash equivalents, trade receivables and other
receivables, other assets, trade payables and other payables and other current
liabilities remain largely consistent with the book value due to the short
maturities of such positions. The fair value of derivatives and commodity
contracts is described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "22.
Financial instruments
Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.
CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
104
67
171
8
179
Trade and other receivables
23
0
875
875
633
1 508
Cash and cash equivalents
25
0
1 082
1 082
0
1 082
Other current assets
23
144
0
144
7
151
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 403
4 403
0
4 403
Interest-bearing current liabilities
29
0
974
974
0
974
Other non-current liabilities
30
79
0
79
409
488
Trade and other payables
30
0
2 151
2 151
213
2 363
Other current liabilities
30
46
0
46
208
254
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\n
The group does not have any financial assets at fair value through other comprehensive income.
FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
AND LIABILITIES
The table below classifies financial assets and liabilities by valuation method.
The di\ufb00erent valuation methods are described as levels and are defined as
follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
171
171
0
0
171
Other non-current assets
171
171
0
0
171
Trade receivables
428
428
0
0
428
VAT receivables
88
88
0
0
88
Other receivables
358
358
0
0
358
Trade and other receivables
875
875
0
0
875
Derivatives
0
0
0
0
0
Commodity contracts
144
144
0
0
144
Current investments
0
0
0
0
0
Other current assets
144
144
0
0
144
Cash and cash equivalents
1 082
1 082
0
101
981
Interest-bearing non-current liabilities
4 403
4 337
0
1 316
3 021
Interest-bearing current liabilities
974
974
0
0
974
Total interest-bearing liabilities
5 377
5 310
0
1 316
3 994
Derivatives
79
79
0
0
79
Commodity contracts
0
0
0
0
0
Other non-current liabilities
79
79
0
0
79
Trade payables
1 527
1 527
0
0
1 527
Other payables
624
624
0
0
624
Trade and other payables
2 151
2 151
0
0
2 151
Derivatives
21
21
0
7
15
Commodity contracts
7
7
0
0
7
Financial current liabilities
17
17
0
0
17
Other current liabilities
46
46
0
7
39
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivable
420
420
0
0
420
VAT receivables
126
126
0
0
126
Other receivables
172
172
0
0
172
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
404
723
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n
The fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
assessed by using price indications from banks at the reporting date. There is
some uncertainty associated with the calculated fair value of Level 3 interest-
bearing liabilities. The fair value of other interest-bearing liabilities (Level 3) is
based on amortised cost.
The fair values of cash and cash equivalents, trade receivables and other
receivables, other assets, trade payables and other payables and other current
liabilities remain largely consistent with the book value due to the short
maturities of such positions. The fair value of derivatives and commodity
contracts is described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "22.
Financial instruments
Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.
CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
104
67
171
8
179
Trade and other receivables
23
0
875
875
633
1 508
Cash and cash equivalents
25
0
1 082
1 082
0
1 082
Other current assets
23
144
0
144
7
151
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 403
4 403
0
4 403
Interest-bearing current liabilities
29
0
974
974
0
974
Other non-current liabilities
30
79
0
79
409
488
Trade and other payables
30
0
2 151
2 151
213
2 363
Other current liabilities
30
46
0
46
208
254
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\n
The group does not have any financial assets at fair value through other comprehensive income.
FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
AND LIABILITIES
The table below classifies financial assets and liabilities by valuation method.
The di\ufb00erent valuation methods are described as levels and are defined as
follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
171
171
0
0
171
Other non-current assets
171
171
0
0
171
Trade receivables
428
428
0
0
428
VAT receivables
88
88
0
0
88
Other receivables
358
358
0
0
358
Trade and other receivables
875
875
0
0
875
Derivatives
0
0
0
0
0
Commodity contracts
144
144
0
0
144
Current investments
0
0
0
0
0
Other current assets
144
144
0
0
144
Cash and cash equivalents
1 082
1 082
0
101
981
Interest-bearing non-current liabilities
4 403
4 337
0
1 316
3 021
Interest-bearing current liabilities
974
974
0
0
974
Total interest-bearing liabilities
5 377
5 310
0
1 316
3 994
Derivatives
79
79
0
0
79
Commodity contracts
0
0
0
0
0
Other non-current liabilities
79
79
0
0
79
Trade payables
1 527
1 527
0
0
1 527
Other payables
624
624
0
0
624
Trade and other payables
2 151
2 151
0
0
2 151
Derivatives
21
21
0
7
15
Commodity contracts
7
7
0
0
7
Financial current liabilities
17
17
0
0
17
Other current liabilities
46
46
0
7
39
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivable
420
420
0
0
420
VAT receivables
126
126
0
0
126
Other receivables
172
172
0
0
172
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
404
723
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n
The fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
assessed by using price indications from banks at the reporting date. There is
some uncertainty associated with the calculated fair value of Level 3 interest-
bearing liabilities. The fair value of other interest-bearing liabilities (Level 3) is
based on amortised cost.
The fair values of cash and cash equivalents, trade receivables and other
receivables, other assets, trade payables and other payables and other current
liabilities remain largely consistent with the book value due to the short
maturities of such positions. The fair value of derivatives and commodity
contracts is described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "22.
Financial instruments
Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.
CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
104
67
171
8
179
Trade and other receivables
23
0
875
875
633
1 508
Cash and cash equivalents
25
0
1 082
1 082
0
1 082
Other current assets
23
144
0
144
7
151
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 403
4 403
0
4 403
Interest-bearing current liabilities
29
0
974
974
0
974
Other non-current liabilities
30
79
0
79
409
488
Trade and other payables
30
0
2 151
2 151
213
2 363
Other current liabilities
30
46
0
46
208
254
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\n
The group does not have any financial assets at fair value through other comprehensive income.
FAIR VALUE MEASUREMENT HIERARCHY FOR FINANCIAL ASSETS
AND LIABILITIES
The table below classifies financial assets and liabilities by valuation method.
The di\ufb00erent valuation methods are described as levels and are defined as
follows:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or
liabilities.
Level 2: Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3: Inputs for the asset or liability are not based on observable market
data (i.e. unobservable inputs).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
171
171
0
0
171
Other non-current assets
171
171
0
0
171
Trade receivables
428
428
0
0
428
VAT receivables
88
88
0
0
88
Other receivables
358
358
0
0
358
Trade and other receivables
875
875
0
0
875
Derivatives
0
0
0
0
0
Commodity contracts
144
144
0
0
144
Current investments
0
0
0
0
0
Other current assets
144
144
0
0
144
Cash and cash equivalents
1 082
1 082
0
101
981
Interest-bearing non-current liabilities
4 403
4 337
0
1 316
3 021
Interest-bearing current liabilities
974
974
0
0
974
Total interest-bearing liabilities
5 377
5 310
0
1 316
3 994
Derivatives
79
79
0
0
79
Commodity contracts
0
0
0
0
0
Other non-current liabilities
79
79
0
0
79
Trade payables
1 527
1 527
0
0
1 527
Other payables
624
624
0
0
624
Trade and other payables
2 151
2 151
0
0
2 151
Derivatives
21
21
0
7
15
Commodity contracts
7
7
0
0
7
Financial current liabilities
17
17
0
0
17
Other current liabilities
46
46
0
7
39
\n
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivable
420
420
0
0
420
VAT receivables
126
126
0
0
126
Other receivables
172
172
0
0
172
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
404
723
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n
The fair value of bonds (interest-bearing non-current liabilities) (Level 2) is
assessed by using price indications from banks at the reporting date. There is
some uncertainty associated with the calculated fair value of Level 3 interest-
bearing liabilities. The fair value of other interest-bearing liabilities (Level 3) is
based on amortised cost.
The fair values of cash and cash equivalents, trade receivables and other
receivables, other assets, trade payables and other payables and other current
liabilities remain largely consistent with the book value due to the short
maturities of such positions. The fair value of derivatives and commodity
contracts is described in Note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
104
67
171
8
179
Trade and other receivables
23
0
875
875
633
1 508
Cash and cash equivalents
25
0
1 082
1 082
0
1 082
Other current assets
23
144
0
144
7
151
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 403
4 403
0
4 403
Interest-bearing current liabilities
29
0
974
974
0
974
Other non-current liabilities
30
79
0
79
409
488
Trade and other payables
30
0
2 151
2 151
213
2 363
Other current liabilities
30
46
0
46
208
254
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\nThe group does not have any financial assets at fair value through other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Accounting policies
The group classifies its financial assets or liabilities in the following two
categories: at fair value through profit or loss and at amortised cost. This
classification depends on the purpose for which the financial asset or liability
was acquired. Management determines the classification of its financial asset
or liability at initial recognition and re-evaluates this designation at every
reporting date.
a) Fair value through profit or loss
This category has two sub-categories: held for trading, and those designated
at fair value through profit or loss at inception. A financial asset or liability is
classified in this category if it was acquired principally for the purpose of
short-term sale or if so designated by management. Derivatives are also
categorised as held for trading unless designated as hedges. Assets or
liabilities in this category are classified as current assets if they either are held
for trading or are expected to be realised within 12 months of the balance
sheet date.
Non-financial commodity contracts where the relevant commodity is readily
convertible to cash, and where the contracts are not for own use, fall within the
scope of IFRS 9 and such contracts are treated as derivatives. Embedded
derivatives are separated from the host contract and accounted for as a
derivative if the economic characteristics are not closely related to the
economic characteristics and risk of the host contract. See Note 5 and 21 for
more information. Commodity contracts within the scope of IFRS 9 are
classified as current assets unless they are expected to be realised more than
12 months after the balance sheet date. In that case, they are classified as
non-current assets.
b) Amortised cost
Amortised cost includes cash, loans, and receivables, and are non-derivative
financial assets with fixed or determinable payments that are not quoted in an
active market. Items classified as amortised cost are current items maturing
less than 12 months after the balance sheet date and are presented as Trade
and other receivables or Cash and cash equivalents in the balance sheet.
Items maturing later than 12 months after the balance sheet date are
presented within other non-current assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
104
67
171
8
179
Trade and other receivables
23
0
875
875
633
1 508
Cash and cash equivalents
25
0
1 082
1 082
0
1 082
Other current assets
23
144
0
144
7
151
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2025
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 403
4 403
0
4 403
Interest-bearing current liabilities
29
0
974
974
0
974
Other non-current liabilities
30
79
0
79
409
488
Trade and other payables
30
0
2 151
2 151
213
2 363
Other current liabilities
30
46
0
46
208
254
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
ASSETS
ASSETS
TOTAL
Other non-current assets
23
106
61
167
10
177
Trade and other receivables
23
0
718
718
535
1 253
Cash and cash equivalents
25
0
1 127
1 127
0
1 127
Other current assets
23
10
0
10
19
29
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
FAIR VALUE
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
THROUGH PROFIT
\u00a0
TOTAL FINANCIAL
NON-FINANCIAL
\u00a0
31.12.2024
NOTE
OR LOSS
AMORTISED COST
LIABILITIES
LIABILITIES
TOTAL
Interest-bearing non-current liabilities
29
0
4 475
4 475
0
4 475
Interest-bearing current liabilities
29
0
771
771
0
771
Other non-current liabilities
30
204
0
204
321
525
Trade and other payables
30
0
1 889
1 889
229
2 118
Other current liabilities
30
196
0
196
22
218
\nThe group does not have any financial assets at fair value through other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2025
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
171
171
0
0
171
Other non-current assets
171
171
0
0
171
Trade receivables
428
428
0
0
428
VAT receivables
88
88
0
0
88
Other receivables
358
358
0
0
358
Trade and other receivables
875
875
0
0
875
Derivatives
0
0
0
0
0
Commodity contracts
144
144
0
0
144
Current investments
0
0
0
0
0
Other current assets
144
144
0
0
144
Cash and cash equivalents
1 082
1 082
0
101
981
Interest-bearing non-current liabilities
4 403
4 337
0
1 316
3 021
Interest-bearing current liabilities
974
974
0
0
974
Total interest-bearing liabilities
5 377
5 310
0
1 316
3 994
Derivatives
79
79
0
0
79
Commodity contracts
0
0
0
0
0
Other non-current liabilities
79
79
0
0
79
Trade payables
1 527
1 527
0
0
1 527
Other payables
624
624
0
0
624
Trade and other payables
2 151
2 151
0
0
2 151
Derivatives
21
21
0
7
15
Commodity contracts
7
7
0
0
7
Financial current liabilities
17
17
0
0
17
Other current liabilities
46
46
0
7
39
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31.12.2024
CARRYING AMOUNT
FAIR VALUE
LEVEL 1
LEVEL 2
LEVEL 3
Derivatives
0
0
0
0
0
Commodity contracts
0
0
0
0
0
Miscellaneous other non-current assets
167
167
0
0
167
Other non-current assets
167
167
0
0
167
Trade receivable
420
420
0
0
420
VAT receivables
126
126
0
0
126
Other receivables
172
172
0
0
172
Trade and other receivables
718
718
0
0
718
Derivatives
1
1
0
0
1
Commodity contracts
9
9
0
1
8
Current investments
0
0
0
0
0
Other current assets
10
10
0
1
9
Cash and cash equivalents
1 127
1 127
0
404
723
Interest-bearing non-current liabilities
4 475
4 457
0
1 365
3 092
Interest-bearing current liabilities
771
771
0
0
771
Total interest-bearing liabilities
5 246
5 229
0
1 365
3 864
Derivatives
111
111
0
0
111
Commodity contracts
93
93
0
0
93
Other non-current liabilities
204
204
0
0
204
Trade payables
1 282
1 282
0
0
1 282
Other payables
607
607
0
0
607
Trade and other payables
1 889
1 889
0
0
1 889
Derivatives
87
87
0
0
87
Commodity contracts
105
105
0
72
33
Financial current liabilities
4
4
0
0
4
Other current liabilities
196
196
0
72
123
\n23.
Receivables and other non-current assets
Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognised based on ageing
categories of trade receivables that includes all receivables.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOTE
31.12.2025
31.12.2024
Trade and other receivables
\u00a0 \u00a0 \u00a0
Trade receivables
\u00a0
482
474
Provision for bad debt
\u00a0
-54
-52
VAT receivables
\u00a0
88
126
Prepaid expenses
\u00a0
68
64
Other receivables
\u00a0
924
641
Total
\u00a0
1 508
1 253
Other current assets
\u00a0 \u00a0 \u00a0
Derivatives
\u00a0
0
1
Commodity contracts
\u00a0
144
9
Other current assets
\u00a0
7
19
Total
\u00a0
151
29
Other non-current assets
\u00a0 \u00a0 \u00a0
Long-term shareholdings
20
104
106
Pension plan assets
27
8
10
Other non-current receivables
\u00a0
67
61
Total
\u00a0
179
177
\n
Norske Skog Bruck, Norske Skog Golbey, Norske Skog Skogn and Norske
Skog Saugbrugs have factoring facility agreements where the future cash flow
on certain trade receivables is sold. The facility has a limit of EUR 25 million for
Norske Skog Bruck, a limit of EUR 40 million for Norske Skog Golbey and a
combined limit of NOK 400 million for Norske Skog Skogn and Norske Skog
Saugbrugs. There are no financial covenants in these factoring facility
agreements. Trade receivables that have been sold are deducted from trade
receivables in the balance sheet. The utilisation at 31 December 2025 was
NOK 660 million (NOK 668 million).
At 31 December 2025 advances received from contracts with customers
amounted to NOK 0 million and other revenue accruals for invoice not sent
amounted to NOK 0 million (NOK 0 million and NOK 0 million). In addition, received
advances from customers not invoiced NOK 0 million at 31 December 2025
(NOK 0 million).
The credit risk on trade and other receivables is continuously monitored,
independent of due date. The group\u2019s sales are mainly to large customers with
a historically low degree of default. Collateral as security is not normally
requested. Further information regarding the group\u2019s credit policy for sales is
provided in Note 5.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
AGEING OF THE GROUP\u2019S CURRENT RECEIVABLES
31.12.2025
31.12.2024
Not due
1 412
1 094
0 to 3 months
101
166
3 to 6 months
0
3
Over 6 months
49
44
Total
1)
1 562
1 305
\n
1) Does not include provision for bad debt.
The maximum credit risk exposure at the year-end is the fair value of each
class of receivable mentioned above.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "23.
Receivables and other non-current assets
Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognised based on ageing
categories of trade receivables that includes all receivables.\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31.12.2025
31.12.2024
Raw material
190
278
Work in progress
13
8
Other production materials
614
577
Finished goods
554
527
Total
1 371
1 390
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "Accounting policies
Trade receivables are amounts due from customers for goods sold or services
performed in the ordinary course of business. Trade receivables are held to
due date except for those that are covered by the factoring agreements
outlined below. Trade receivables are recognised at invoiced amount, less
provision for bad debt. The impairment model for financial assets under IFRS
9 require recognition of uncertain receivables allowances based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognised based on ageing
categories of trade receivables that includes all receivables.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
NOTE
31.12.2025
31.12.2024
Trade and other receivables
\u00a0 \u00a0 \u00a0
Trade receivables
\u00a0
482
474
Provision for bad debt
\u00a0
-54
-52
VAT receivables
\u00a0
88
126
Prepaid expenses
\u00a0
68
64
Other receivables
\u00a0
924
641
Total
\u00a0
1 508
1 253
Other current assets
\u00a0 \u00a0 \u00a0
Derivatives
\u00a0
0
1
Commodity contracts
\u00a0
144
9
Other current assets
\u00a0
7
19
Total
\u00a0
151
29
Other non-current assets
\u00a0 \u00a0 \u00a0
Long-term shareholdings
20
104
106
Pension plan assets
27
8
10
Other non-current receivables
\u00a0
67
61
Total
\u00a0
179
177
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "Accounting policies
Inventories are stated at the lower of cost and net realisable value. Cost is
determined using weighted average cost. The cost of finished goods and
work in progress comprises raw materials, direct labour, other direct costs
and related production overheads (based on normal operating capacity). It
excludes borrowing costs. Net realisable value is the estimated selling price
in the ordinary course of business, less applicable variable selling expenses.
Other production materials include packaging materials, machine clothing,
maintenance materials, operating materials and certain spare parts. Spare
parts held as inventory are spare parts which do not meet the criteria for being
classified as property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "25.
Cash and cash equivalents
Accounting policies
Cash and cash equivalents include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities
of three months or less.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
31.12.2025
31.12.2024
Bank and other deposits
\u00a0
750
469
Restricted cash
\u00a0
231
255
Money market fund
\u00a0
101
404
Total
\u00a0
1 082
1 127
Cash and cash equivalents attributable to
\u00a0 \u00a0 \u00a0
discontinued operations
26
0
50
Total
\u00a0
1 082
1 177
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
SALES OF SHARES IN SUBSIDIARIES
2025
2024
Proceeds from sale of shares in subsidiaries
167
0
Disposal of subsidiary, net of cash disposed
-84
-91
Net proceeds from sale of shares in subsidiaries
83
-91
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "Accounting policies
Cash and cash equivalents include cash in hand, deposits held at call with
banks and other short-term, highly liquid investments with original maturities
of three months or less.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "Accounting policies
The group classifies non-current assets and disposal groups as held for sale if
their carrying amounts will be recovered principally through a sale transaction
rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group), excluding finance
costs and income tax expense.
The criteria for held for sale classification is regarded as met only when the
sale is highly probable, and the asset or disposal group is available for
immediate sale in its present condition. Actions required to complete the sale
should indicate that it is unlikely that significant changes to the sale will be
made or that the decision to sell will be withdrawn. Management must be
committed to the plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not depreciated or
amortised once classified as held for sale. Assets and liabilities classified as
held for sale are presented separately as current items in the statement of
financial position.
Discontinued operations are excluded from the results of continuing
operations and are presented as a single amount as profit or loss after tax
from discontinued operations in the statement of profit or loss.
The group includes proceeds from disposal in cash flows from discontinued
operations.
Additional disclosures are provided below. All other notes to the financial
statements include amounts for continuing operations, unless indicated
otherwise.
In December 2024 a concrete sales process was initiated for the sale of
Norske Skog Industries Australia Ltd with subsidiaries. The plan to sell was
approved by the board on 20 December 2024. On 7 February 2025 an agree-
ment to sell Norske Skog Industries Australia Ltd with subsidiaries was signed
and the entities were sold with e\ufb00ect from 1 April 2025.
The business of Norske Skog Industries Australia Ltd with subsidiaries, which
represented the segment publication paper Australasia, were consequently
classified as a disposal group held for sale and as a discontinued operation in
the 2024 financial statements.
The financial performance and cash flow information presented below are for
the period ended 1 April 2025 and the year ended 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "DESCRIPTION OF THE DEFINED BENEFIT PLANS
The key terms in Norske Skog\u2019s major defined benefit plans are shown in the
table below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
BENEFIT IN% OF
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
PENSIONABLE
YEARS OF
PENSIONABLE
EARLY RETIREMENT
ACTIVE
\u00a0
EARNINGS
SERVICE
AGE
AGE
MEMBERS
Norske Skog ASA
65
30
70
62
0
Norske Skog Saugbrugs AS
65
30
70
62
0
Norske Skog Skogn AS
65
30
70
62
0
Norske Skog Golbey SAS
0
43
64
62
366
The defined benefit plan in Norske Skog Bruck GmbH and Norske Skog
Deutschland GmbH is closed.
The defined benefit schemes in Norway cover people born before 1 January
1959 and who were employed before 1 January 2011 when the plan was
closed. The defined benefit obligations in Norway only encompass active
members since they leave the defined benefit scheme (having a paid-up
policy) when they retire.
Plan assets of the pension schemes in Norske Skog ASA, Norske Skog
Saugbrugs AS and Norske Skog Skogn AS are managed by a life insurance
company and invested in accordance with the general guidelines governing
investments by life insurance companies in Norway.
When evaluating plan assets, it is based on the assumptions as at 31 December.
This estimated value is adjusted every year in accordance with the figures for
the market value of the assets provided by the insurance company.
When measuring the incurred obligations, it is based on the assumptions as at
31 December. This estimated obligation is adjusted every year in accordance
with the figures for incurred pension obligations provided by the actuary.
In addition to the benefit obligation funded through insurance plans, the group
has unfunded benefit obligations. The unfunded obligations include estimated
future obligations relating to the former Norwegian early retirement scheme
and pensions for senior management and directors. Obligations relating to
senior management pensions are partly funded through a supplementary
retirement plan with a life insurance company.
In addition to defined benefit plans, there are also various defined contribution
plans. Norwegian entities have a defined contribution scheme with a
contribution of 5% for earnings up to 7.1 G and 17% between 7.1 and 12 G
.
The group participates in a pension plan that gives the majority of its
Norwegian employees a life-long supplement to the ordinary pension. The
plan is a defined benefit pension plan, and the benefits are financed through a
pooled arrangement by private sector employers (Avtalefestet pensjon, AFP).
The premium is a percentage of the salary between 1G and 7.1G
. The
information required to calculate or measure the groups\u2019 share of the plan as
a defined benefit plan is not available. The plan is therefore accounted for as a
defined contribution plan. The employer contributions are included in
Multiemployer plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "28.
Provisions
Accounting policies
Provisions for environmental restoration, dismantling costs, restructuring
activities and legal claims are recognised when the group has a present legal
or constructive obligation as a result of past events, an outflow of resources is
more likely than not to be required to settle the obligation and the amount can
be reliably estimated.
Where a number of similar obligations exist, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the best estimate of the
expenditure required to settle the present obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks
specific to the obligation. The increase in the provision due to passage of time
is recognised within financial items.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
RESTRUCTURING
ENVIRONMENTAL
\u00a0
PROVISION
PROVISION
Balance 1 January 2024
29
169
Changes and new provisions
16
7
Utilised during the year
-23
0
Classified as liabilities relating to assets held for sale
-8
-143
Currency translation di\ufb00erences
-7
1
Balance 31 December 2024
7
34
Changes and new provisions
5
-1
Utilised during the year
-8
0
Balance 31 December 2025
4
33
\n
RESTRUCTURING PROVISION
Restructuring provision is included in the balance sheet line other current
liabilities. This includes for example severance (redundancy) payments, early
retirement or other arrangements for employees leaving the company,
external costs to lawyers and legal advisors in relation to the restructuring
process, lease termination costs and onerous contracts. The restructuring
provision of NOK 4 million at 31 December 2025 includes various restructuring
activities included provision for severance payments and other costs
(Publication paper NOK 4 million (NOK 7 million)). The amount expensed in
2025 in relation to restructuring activities amounted to NOK 5 million
(Corporate functions NOK 0 million (NOK 4 million), and publication paper
NOK 5 (NOK 12 million)).
ENVIRONMENTAL PROVISION
The group\u2019s provision for environmental obligations is presented in the
balance sheet as other non-current liabilities. The provision is related to
estimated future costs for cleaning up any environmental pollution caused by
Norske Skog production units. The provision will mainly be realised in a future
period upon a potential shut down of the production activities of any of the
Norske Skog production units. Increased environmental requirements from
local governments may also lead to realisation of this provision at an earlier
point in time.
Provisions for future environmental obligations amounted to NOK 33 million
at 31 December 2025 compared to NOK 34 million at 31 December 2024.
Resources spent on environmental activities during 2025 was NOK 0 million
(NOK 0 million).
The carrying value of the provision is the best estimate made by measuring
the expected value of the specific obligations, discounted to present value
using a long-term risk-free interest rate when the time value of money is
material. Changes in factors included in the expected value will impact the
carrying value of the obligation. To illustrate the sensitivity, a reduction in the
future discount rate by one percentage point would increase the provision by
approximately NOK 1 million. Changes in accounting estimates not related to
assets are classified as operating items in the income statement, and the
periodic unwinding of the discount is recognised within the income statement
line financial expenses.
DISMANTLING PROVISION
Provisions related to future dismantling costs arising from a future closing
down of production facilities amounted to NOK 0 million at 31 December 2025,
compared to NOK 0 million at 31 December 2024.
The total amount is normally classified as non-current and will only be realised
at the time of a future shut down of any of the Norske Skog production units.
The provision is the net present value of the future estimated costs, calculated
using a long-term risk-free interest rate. The periodic unwinding of the discount
is recognised in the income statement line financial expenses. The opposite
entry for dismantling provision and change in provision estimates is property,
plant and equipment.
CONTINGENT LIABILITIES
Norske Skog is an international company that, through its ongoing business
operations, will be exposed to litigation and claims from public authorities and
contracting parties as well as assessments from public authorities in each
country it operates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "Accounting policies
Provisions for environmental restoration, dismantling costs, restructuring
activities and legal claims are recognised when the group has a present legal
or constructive obligation as a result of past events, an outflow of resources is
more likely than not to be required to settle the obligation and the amount can
be reliably estimated.
Where a number of similar obligations exist, the likelihood that an outflow will
be required in settlement is determined by considering the class of obligations
as a whole. A provision is recognised even if the likelihood of an outflow with
respect to any one item included in the same class of obligations may be small.
Provisions are measured at the present value of the best estimate of the
expenditure required to settle the present obligation using a pre-tax rate that
reflects current market assessments of the time value of money and the risks
specific to the obligation. The increase in the provision due to passage of time
is recognised within financial items. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "CONTINGENT LIABILITIES
Norske Skog is an international company that, through its ongoing business
operations, will be exposed to litigation and claims from public authorities and
contracting parties as well as assessments from public authorities in each
country it operates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "29.
Interest-bearing liabilities
Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
INTEREST-BEARING DEBT
31.12.2025
31.12.2024
Bonds
1 400
1 400
Debt to financial institutions
3 851
3 752
Factoring facilities
0
27
Total
5 251
5 179
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
CURRENCY AMOUNT
NOK
NOK
INTEREST-BEARING DEBT
31.12.2025
31.12.2025
31.12.2024
EUR
245
2 897
3 214
Total interest-bearing debt in foreign currencies
\u00a0
2 897
3 214
NOK
\u00a0
2 354
1 964
Total interest-bearing debt
\u00a0
5 251
5 179
\n
In July 2025, Norske Skog Skogn and Norske Skog Golbey received approval
from lenders to revise the repayment schedules for the main financing
facilities at the mills. Furthermore, Norske Skog Skogn extended the maturity
of its NOK 500 million term loan with 12 months to September 2028.
In December 2025, Norske Skog Skogn issued a new term loan under its
existing financing facility of NOK 400 million, increasing the total outstanding
amount to NOK 900 million. On 31 December 2025, the new loan was fully
drawn.
Norske Skog has entered into credit facility agreements in an aggregate
amount of EUR 265 million to finance its investment to convert two paper
machines into producing packaging paper. EUR 193 million relates to Norske
Skog Golbey and EUR 72 million relates to Norske Skog Bruck. The borrowing
entities are Norske Skog Golbey SAS and Norske Skog Bruck GmbH, and the
facilities are fully guaranteed by Norske Skog ASA. The facilities have been
drawn and repayment has commenced.
The incineration boiler is financed by a EUR 54 million credit facility. The
facility is repaid in quarterly instalments up until the final maturity date in
2028. The borrower under the facility is Norske Skog Bruck GmbH and
Norske Skog ASA has provided a guarantee of EUR 20 million. The facility has
been drawn and repayment has commenced.
The financial covenants applicable to Norske Skog on a consolidated basis
are (i) freely available and unrestricted cash and cash equivalents of minimum
NOK 100 million, (ii) EBITDA to net interest costs of minimum 2.0:1, (iii) book
equity to total assets of minimum 25%, and (iv) minimum last twelve months
(LTM) EBITDA of NOK 400 million. In addition, there are various company
specific financial covenants applicable to the subsidiaries acting as borrowers
under the respective credit facilities.
The group does not expect to breach any financial covenants in the coming
12-month period.
The EBITDA used in the calculation of financial covenants may di\ufb00er from the
EBITDA shown in the financial reporting due to adjustment requirements in
the facility agreements.
The remaining financing arrangements for the group includes leasing,
factoring, and other credit facilities in the mill owning entities.
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
parts of its property and assets in favour of the combined NOK 900 million
term loan agreements at Norske Skog Skogn AS. Saugbrugs Bioenergi AS, a
wholly owned subsidiary of Norske Skog Saugbrugs AS, has pledged certain
parts of its property and assets in favour of the lenders under a credit facility
financing its biogas facility. Norske Skog Golbey SAS has pledged certain
parts of its property and assets and Norske Skog ASA has pledged shares in
Norske Skog Golbey SAS in favour of the lenders under the packaging
conversion facilities. Norske Skog Bruck GmbH has pledged certain parts of
its property and assets in favour of the lenders under the incineration boiler
facility and the packaging conversion facilities.
Norske Skog issued a NOK 1
600 million senior unsecured bond in June 2024
to refinance its existing EUR 150 million senior secured bond. The bond matures
in June 2029 and has an interest rate of NIBOR (zero floor) + 4.5% with quarterly
interest payments. On 31 December 2025, Norske Skog had an issued and
outstanding amount of NOK 1
400 million under the bond agreement.
The average interest rate on 31 December 2025 was 5.8% (6.2%)
.
\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
DEBT AND INTEREST AT 31.12.2025
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2026
292
942
0
1 234
2027
242
713
0
954
2028
204
1 135
0
1 338
2029
97
334
1 400
1 832
2030
25
331
0
356
2031
13
308
0
321
2032
5
71
0
76
2033 ->
1
17
0
18
Total
878
3 851
1 400
6 129
\n\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
DEBT AND INTEREST AT 31.12.2024
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2025
322
749
0
1 071
2026
279
616
0
895
2027
242
958
0
1 200
2028
189
638
0
827
2029
100
289
1 400
1 789
2030
22
282
0
304
2031
7
243
0
250
2032 ->
0
4
0
4
Total
1 161
3 779
1 400
6 340
\n
1)
\n
Including full instalments for the EUR 54 million credit facility
\n
The debt amounts set out above may di\ufb00er from the carrying value in the
\n
balance sheet due to the amortised cost principle and exclusion of debt items
\n
related to leases. On 31 December 2025, the financial statements included
\n
amortised cost in an amount of NOK 20 million (NOK 24 million), and the
\n
amount of interest-bearing debt related to leases was NOK 146 million
\n
(NOK 92 million). See Note 19.
\n
Trade payables amounted to NOK 1
527 million on 31 December 2025
\n
(NOK 1
282 million).
\n
Drawn amounts from factoring arrangements is classified as interest-bearing
\n
current liabilities. This amounts to NOK 0 million (NOK 27 million) in scheduled
\n
repayments in 2026. The financed amount represents a group of individual
\n
loans, which are settled individually at maturity of the trade receivable. New
\n
loans are initiated on a consecutive basis based on new trade receivable
\n
included under the factoring agreement. The liability is in its nature current
\n
and Norske Skog does not have an unconditional right to defer settlement
\n
beyond twelve months. The liabilities are liabilities that are settled through its
\n
normal operating cycle. The corresponding trade receivable is derecognised
\n
when the customer pays it.
\n
On 31 December 2025, Norske Skog ASA and its subsidiaries had issued
\n
bank guarantees on its behalf in an amount of NOK 82 million (NOK 282 million).
\n
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
\n
parts of its assets and machinery, in an amount of up to NOK 200 million, to
\n
its energy suppliers under long term energy supply agreements. The security
\n
has priority behind the NOK 500 million loan at Norske Skog Skogn AS.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
INTEREST-BEARING NON-CURRENT LIABILITIES
NOTE
31.12.2025
31.12.2024
Bond (amortised cost)
\u00a0
1 380
1 376
Debt to financial institutions
\u00a0
2 908
3 029
Leasing obligations
19
115
70
Total
22
4 403
4 475
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
INTEREST-BEARING CURRENT LIABILITIES
NOTE
31.12.2025
31.12.2024
Debt to financial institutions and bond (amortised cost)
\u00a0
943
749
Leasing obligations related to right-of-use assets
19
31
22
Total
22
974
771
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2025
2024
Balance 1 January
5 246
5 053
New loans raised
528
1 981
Repayments
-501
-2 086
New leasing debt
83
107
Loss early repayment of bond and amortisation of transaction costs debt issuance
6
49
Liabilities relating to assets classified as held for sale
0
-58
Currency translation di\ufb00erences
15
199
Balance 31 December
5 377
5 246
Current
974
771
Non-current
4 403
4 475
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "29.
Interest-bearing liabilities
Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
INTEREST-BEARING DEBT
31.12.2025
31.12.2024
Bonds
1 400
1 400
Debt to financial institutions
3 851
3 752
Factoring facilities
0
27
Total
5 251
5 179
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
CURRENCY AMOUNT
NOK
NOK
INTEREST-BEARING DEBT
31.12.2025
31.12.2025
31.12.2024
EUR
245
2 897
3 214
Total interest-bearing debt in foreign currencies
\u00a0
2 897
3 214
NOK
\u00a0
2 354
1 964
Total interest-bearing debt
\u00a0
5 251
5 179
\n
In July 2025, Norske Skog Skogn and Norske Skog Golbey received approval
from lenders to revise the repayment schedules for the main financing
facilities at the mills. Furthermore, Norske Skog Skogn extended the maturity
of its NOK 500 million term loan with 12 months to September 2028.
In December 2025, Norske Skog Skogn issued a new term loan under its
existing financing facility of NOK 400 million, increasing the total outstanding
amount to NOK 900 million. On 31 December 2025, the new loan was fully
drawn.
Norske Skog has entered into credit facility agreements in an aggregate
amount of EUR 265 million to finance its investment to convert two paper
machines into producing packaging paper. EUR 193 million relates to Norske
Skog Golbey and EUR 72 million relates to Norske Skog Bruck. The borrowing
entities are Norske Skog Golbey SAS and Norske Skog Bruck GmbH, and the
facilities are fully guaranteed by Norske Skog ASA. The facilities have been
drawn and repayment has commenced.
The incineration boiler is financed by a EUR 54 million credit facility. The
facility is repaid in quarterly instalments up until the final maturity date in
2028. The borrower under the facility is Norske Skog Bruck GmbH and
Norske Skog ASA has provided a guarantee of EUR 20 million. The facility has
been drawn and repayment has commenced.
The financial covenants applicable to Norske Skog on a consolidated basis
are (i) freely available and unrestricted cash and cash equivalents of minimum
NOK 100 million, (ii) EBITDA to net interest costs of minimum 2.0:1, (iii) book
equity to total assets of minimum 25%, and (iv) minimum last twelve months
(LTM) EBITDA of NOK 400 million. In addition, there are various company
specific financial covenants applicable to the subsidiaries acting as borrowers
under the respective credit facilities.
The group does not expect to breach any financial covenants in the coming
12-month period.
The EBITDA used in the calculation of financial covenants may di\ufb00er from the
EBITDA shown in the financial reporting due to adjustment requirements in
the facility agreements.
The remaining financing arrangements for the group includes leasing,
factoring, and other credit facilities in the mill owning entities.
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
parts of its property and assets in favour of the combined NOK 900 million
term loan agreements at Norske Skog Skogn AS. Saugbrugs Bioenergi AS, a
wholly owned subsidiary of Norske Skog Saugbrugs AS, has pledged certain
parts of its property and assets in favour of the lenders under a credit facility
financing its biogas facility. Norske Skog Golbey SAS has pledged certain
parts of its property and assets and Norske Skog ASA has pledged shares in
Norske Skog Golbey SAS in favour of the lenders under the packaging
conversion facilities. Norske Skog Bruck GmbH has pledged certain parts of
its property and assets in favour of the lenders under the incineration boiler
facility and the packaging conversion facilities.
Norske Skog issued a NOK 1
600 million senior unsecured bond in June 2024
to refinance its existing EUR 150 million senior secured bond. The bond matures
in June 2029 and has an interest rate of NIBOR (zero floor) + 4.5% with quarterly
interest payments. On 31 December 2025, Norske Skog had an issued and
outstanding amount of NOK 1
400 million under the bond agreement.
The average interest rate on 31 December 2025 was 5.8% (6.2%)
.
\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
DEBT AND INTEREST AT 31.12.2025
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2026
292
942
0
1 234
2027
242
713
0
954
2028
204
1 135
0
1 338
2029
97
334
1 400
1 832
2030
25
331
0
356
2031
13
308
0
321
2032
5
71
0
76
2033 ->
1
17
0
18
Total
878
3 851
1 400
6 129
\n\n \n
SCHEDULED REPAYMENTS OF THE GROUP\u2019S FINANCIAL
DEBT AND INTEREST AT 31.12.2024
INTEREST
OTHER LOANS
1)
BONDS
TOTAL
2025
322
749
0
1 071
2026
279
616
0
895
2027
242
958
0
1 200
2028
189
638
0
827
2029
100
289
1 400
1 789
2030
22
282
0
304
2031
7
243
0
250
2032 ->
0
4
0
4
Total
1 161
3 779
1 400
6 340
\n
1)
\n
Including full instalments for the EUR 54 million credit facility
\n
The debt amounts set out above may di\ufb00er from the carrying value in the
\n
balance sheet due to the amortised cost principle and exclusion of debt items
\n
related to leases. On 31 December 2025, the financial statements included
\n
amortised cost in an amount of NOK 20 million (NOK 24 million), and the
\n
amount of interest-bearing debt related to leases was NOK 146 million
\n
(NOK 92 million). See Note 19.
\n
Trade payables amounted to NOK 1
527 million on 31 December 2025
\n
(NOK 1
282 million).
\n
Drawn amounts from factoring arrangements is classified as interest-bearing
\n
current liabilities. This amounts to NOK 0 million (NOK 27 million) in scheduled
\n
repayments in 2026. The financed amount represents a group of individual
\n
loans, which are settled individually at maturity of the trade receivable. New
\n
loans are initiated on a consecutive basis based on new trade receivable
\n
included under the factoring agreement. The liability is in its nature current
\n
and Norske Skog does not have an unconditional right to defer settlement
\n
beyond twelve months. The liabilities are liabilities that are settled through its
\n
normal operating cycle. The corresponding trade receivable is derecognised
\n
when the customer pays it.
\n
On 31 December 2025, Norske Skog ASA and its subsidiaries had issued
\n
bank guarantees on its behalf in an amount of NOK 82 million (NOK 282 million).
\n
Norske Skog Skogn AS and Norske Skog Saugbrugs AS have pledged certain
\n
parts of its assets and machinery, in an amount of up to NOK 200 million, to
\n
its energy suppliers under long term energy supply agreements. The security
\n
has priority behind the NOK 500 million loan at Norske Skog Skogn AS.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
INTEREST-BEARING NON-CURRENT LIABILITIES
NOTE
31.12.2025
31.12.2024
Bond (amortised cost)
\u00a0
1 380
1 376
Debt to financial institutions
\u00a0
2 908
3 029
Leasing obligations
19
115
70
Total
22
4 403
4 475
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
INTEREST-BEARING CURRENT LIABILITIES
NOTE
31.12.2025
31.12.2024
Debt to financial institutions and bond (amortised cost)
\u00a0
943
749
Leasing obligations related to right-of-use assets
19
31
22
Total
22
974
771
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2025
2024
Balance 1 January
5 246
5 053
New loans raised
528
1 981
Repayments
-501
-2 086
New leasing debt
83
107
Loss early repayment of bond and amortisation of transaction costs debt issuance
6
49
Liabilities relating to assets classified as held for sale
0
-58
Currency translation di\ufb00erences
15
199
Balance 31 December
5 377
5 246
Current
974
771
Non-current
4 403
4 475
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "Accounting policies
Borrowings are recognised initially at fair value, net of transaction costs incurred.
Borrowings are subsequently carried at amortised cost using the e\ufb00ective
interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
RECONCILIATION OF LIABILITIES ARISING FROM FINANCING ACTIVITIES
2025
2024
Balance 1 January
5 246
5 053
New loans raised
528
1 981
Repayments
-501
-2 086
New leasing debt
83
107
Loss early repayment of bond and amortisation of transaction costs debt issuance
6
49
Liabilities relating to assets classified as held for sale
0
-58
Currency translation di\ufb00erences
15
199
Balance 31 December
5 377
5 246
Current
974
771
Non-current
4 403
4 475
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "Accounting policies
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. Trade payables are
measured at invoice amount unless there is a significant financing component. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Trade and other payables
\u00a0 \u00a0
Trade Payables
1 527
1 282
Accrued labour cost and taxes
307
331
Accrued expenses
505
485
Other interest-free liabilities
24
20
Total
2 363
2 118
Other current liabilities
\u00a0 \u00a0
Restructuring provision
4
7
Accrued financial expenses
17
4
Derivatives
21
87
Commodity contracts
7
105
Other current liabilities
191
15
Total
254
218
Other non-current liabilities
\u00a0 \u00a0
Derivatives
79
111
Commodity contracts
0
93
Environmental provision
33
34
Deferred recognition of government grants
375
287
Total
488
525
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Trade and other payables
\u00a0 \u00a0
Trade Payables
1 527
1 282
Accrued labour cost and taxes
307
331
Accrued expenses
505
485
Other interest-free liabilities
24
20
Total
2 363
2 118
Other current liabilities
\u00a0 \u00a0
Restructuring provision
4
7
Accrued financial expenses
17
4
Derivatives
21
87
Commodity contracts
7
105
Other current liabilities
191
15
Total
254
218
Other non-current liabilities
\u00a0 \u00a0
Derivatives
79
111
Commodity contracts
0
93
Environmental provision
33
34
Deferred recognition of government grants
375
287
Total
488
525
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Trade and other payables
\u00a0 \u00a0
Trade Payables
1 527
1 282
Accrued labour cost and taxes
307
331
Accrued expenses
505
485
Other interest-free liabilities
24
20
Total
2 363
2 118
Other current liabilities
\u00a0 \u00a0
Restructuring provision
4
7
Accrued financial expenses
17
4
Derivatives
21
87
Commodity contracts
7
105
Other current liabilities
191
15
Total
254
218
Other non-current liabilities
\u00a0 \u00a0
Derivatives
79
111
Commodity contracts
0
93
Environmental provision
33
34
Deferred recognition of government grants
375
287
Total
488
525
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "31.
Related parties
Investor AS and subsidiaries Drangsland Kapital AS and Byggma ASA are
related parties to Norske Skog through the ownership in Norske Skog ASA
and the CEO Geir Drangsland being the ultimate owner for these companies.
Balances and transactions between the group and subsidiaries listed in Note 20
have been eliminated on consolidation and are not disclosed in this note.
Remuneration for corporate management is presented in Note 10. Remuneration
for leading personnel is presented in the remuneration report available at
www.norskeskog.com.
Any transactions with related parties are conducted on normal commercial
terms. There have not been any transactions with related parties in 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "32.
Events after the balance sheet date
There have been no events after the balance sheet date with significant
impact on the financial statements for 2025.
On 27 February 2026, Norske Skog Saugbrugs AS entered into an agreement
with Norsk Nukle\u00e6r Dekommisjonering (NND), a Norwegian government
agency, for the sale of certain properties at the Saugbrugs industrial site in
Halden. The properties will be used by NND for the decommissioning of the
Halden research reactor, with handover expected in the second half of 2028,
during which period Saugbrugs will lease the properties and has certain
related obligations. The transaction will be carried out as an asset sale, subject
to customary conditions and public approval, and is expected to generate a
total accounting gain of approximately NOK 700 million, with net cash
proceeds of around NOK 720 million expected in the second quarter of 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900MYY60WXHHY3039", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }