Annual Report 2025

Snowball Software Group
20-04-2026

The board of directors' report 2025 for Snowball Software Group AS
Consolidated statement of profit and loss
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
Notes to the consolidated financial statement
Parent company annual report
Notes to the financial statements
Responsibility statement
Independent Auditor’s report

The board of directors' report 2025 for Snowball Software Group AS

Operations and locations

Snowball Software Group (SSG) is a Nordic cloud software group with companies located in Norway, Sweden, Denmark, Greenland, Iceland, Croatia, Estonia, Lithuania, Latvia, Spain and Germany. The main office is in Oslo, Norway. See note 1 in the consolidated financial statement for a complete list of entities included in the Group.

The businesses in SSG operate in niche B2B software markets, offering various mission-critical cloud-based solutions and services for administration, storage, transfer, documentation, IT infrastructure, operations, marketing, CRM, ERP/logistics, and tendering to their end-customers. The end-customers are spread across large enterprise clients, platform partners and SMBs within the private and public domain, operating in segments such as health, public administration, retail, telco, real estate, legal, maritime and automotive. We are pleased with the robustness of the group, and we view the long-term growth drivers and outlook as supportive.

Comments related to the financial statements

Group

The Group’s revenues increased from 774,9 MNOK last year to 2 676,3 MNOK in 2025. Profit (loss) after tax in 2025 was 416,5 MNOK, compared to (46,1) MNOK last year. The profit is largely impacted by the gain from the sale of Jotta AS (see note 7 in the consolidated financial statement for more information). In addition, the income statement is affected by the increased net interest of the Group, amortisation of identified excess values in the acquired companies, and financing costs related to the increased debt financing.

The Revenue increase is related to both organic growth in existing companies, and purchases of new companies. The revenue per segment and country is presented in the note 3 to the Group’s financial statements. The 3 largest categories are Niche business services (51 % of total), Managed Services (26 %), and General business services (8 %). The Group’s revenue from Norway has decreased from 65 % in 2024 to 33% in 2025, due to the investment in several subsidiaries in other countries.

The operating profit of the group has increased from 121 MNOK in 2024 to 1 083 MNOK in 2025. This includes a gain on disposal of subsidiary of 911 MNOK in 2025.

Profits and loss figures from purchased entities are presented from the Group has obtained control, as presented in the accounting principles of the financial statements.

During 2025, the Group has invested substantial amounts in research and development, of which 87 MNOK was capitalized development projects. In addition, development projects with a fair value of 273 MNOK was capitalized as part of business combinations.

Total cash flow from operating activities on a Group level was 473,3 MNOK in 2025, and the operating profit constituted 1082,9 MNOK. The difference mainly concerns gain from sale of shares in subsidiaries, as well as ordinary depreciation, amortization, and impairment. The Group’s net payments for acquisition of subsidiaries during 2025 amounted to 2310,5 MNOK. This was primarily financed through bond issues of 2,500 MNOK. The Group has had capital investments in property plant and equipment, and intangible assets during 2025 of 6,2 MNOK and 86,7 MNOK, respectively.

The Group’s liquidity reserve as of 31.12.2025 amounted to 1 201.1 MNOK. The Board considers the Group’s ability to self-finance investments to be satisfactory.

The Group’s short-term debt as of 31.12.2025 constituted 20 % of the Group’s total debt, compared to 18 % as of 31.12.2024. The Group’s financial position is sound and adequate to settle short-term debt as of 31.12.2025 with the Group’s most liquid assets.

Total assets at year-end amounted to 8240,2 MNOK, compared to 4080,2 MNOK last year. The equity ratio was 19 % as of 31.12.2025, compared to 15 % the year before.

The Group’s assets are largely non-current in nature, and a large share of the assets are Intangible assets and goodwill (5 741 MNOK), approximately 70% of the total assets of the Group. The treatment of intangible assets and goodwill are presented in the notes to the financial statements.

Parent company

The parent company had no operating revenue in 2025 and 2024. Profit (loss) after tax in 2025 was 824,6 MNOK, compared to (21,8) MNOK last year.

Total cash flow from operating activities on a company level was (13,4) MNOK in 2025, and the operating profit (loss) constituted (10,3) MNOK. The difference between operating profits and the cash flow from operating activities is explained by change in trade creditors and other provisions. In 2025 the company provided a capital increase in its subsidiaries of 7.000 MNOK, received a dividend of 1.552 MNOK and a payment of 934 MNOK for the sale of Jotta AS to SH Int AS. The company’s net payments on receivables to/from group companies during 2025 amounted to 86 MNOK received. Furthermore, the net cash pool receivable to subsidiaries was reduced from 1.670 MNOK on 31 December 2024 to 12,6 MNOK at 31.12.2025, net change of 1 657 MNOK, resulting in a net cash flow from investments of (2 771) MNOK. Cash Pool receivables and liabilities are presented as gross figures in the statutory Parent company Cash Flow statement as investing activities and financing activities, respectively. The company issued a new bond loan in 2025, leading to a net proceed from borrowing activities of 2.573 MNOK, including financing costs. Furthermore, the Parent entity received group contributions of 62,6 MNOK in 2025. The change in Cash pool Liabilities amounted to 434 MNOK, and the net interest paid amounted to 258,6 MNOK. Additionally, the parent of Snowball Software Group AS, Hawk Infinity AS, has paid in 623,8 MNOK in equity financing during 2025. This results in a net cash flow from financing of 3 195 MNOK. The net change in cash and cash equivalent is thus calculated to 410,4 MNOK. The parent company’s cash and cash equivalents amounted to 458 MNOK as of 31.12.2025, increased from 47 MNOK as of 2024.

The company’s short-term debt as of 31.12.2025 constituted 12,3 % of the company’s total debt, compared to 9,4 % as of 2024.

Total assets at year-end amounted to 7 774 MNOK, compared to 3 201 MNOK last year. The equity ratio was 29,6 % as of 31.12.2025, compared to 20,1 % the year before.

Treasury stock

Refer to the statement of changes in equity and note 23 Share capital and shareholder information in the notes to the consolidated financial statements for further information on changes in the holdings of treasury stock.

Operational outlook

The Board believes it is challenging to make accurate forecasts many years ahead in our industry of continued changes within both technology, market conditions, and competitive landscape. However, the rapid development of new technology, including artificial intelligence, also gives significant opportunities for innovation, while at the same time presenting new competitive dynamics that require careful attention.

During 2025, the Group has continued its strategy of acquiring niche B2B software businesses, completing 16 acquisitions throughout the year. Including the four acquisitions announced and closed in January 2026 SSG is now comprised of 44 software businesses. The completion of these transactions marks the end of the Group's active M&A expansion phase, which has seen 44 acquisitions since 2020. The primary focus of the Group going forward will be on organic development, de-leveraging, and positioning the Group for a successful debt refinancing. Future M&A activity is expected to be limited and primarily funded through operating cash flow.

The businesses in the Group operate in niche B2B software markets, offering various mission-critical cloud-based solutions and services to customers across large enterprises, platform partners, and SMBs in the private and public domain. The Group has a general positive outlook with respect to future market expectations and observes strong underlying drivers for cloud-based SaaS and PaaS, which are the material operational categories in the Group. The efforts to increase scale and diversification across industries and geographies have been key priorities in recent years, and the Group is now well positioned in this regard.

The Group is increasingly conscious of the opportunities and risks presented by the rapid development of artificial intelligence. The tools available for building and maintaining software have improved significantly within a short period of time, and this is expected to affect competition, barriers to entry, and price points in certain software niches. SSG is implementing group-wide policies to ensure effective adoption of AI tools in software development and actively facilitates sharing of best practices across its portfolio companies. The Board expects that some companies in the Group will benefit significantly from this development, while others may face headwinds, and management is working deliberately to maximize the opportunities and mitigate the risks across the portfolio.

The Group will continue to focus on recurring revenue growth to ensure long-term financial success through development of products and services, and remains committed to delivering value to its shareholders, employees, and customers.

Risk factors

Overall view on objectives and strategy

The Group is exposed to financial risk in different areas, especially interest rate risk. The goal is to reduce the financial risk as much as possible. The company’s current strategy does not include the use of derivative financial instruments.

Market risk

The Group is exposed to interest rate risk, as the company debt has a floating interest rate. Changes in the interest rate will impact the Group’s cashflow and potentially future investment opportunities. Refer to note 18 Financial risk management for an estimate of the impact of a change in the interest rate.

The Group is also exposed to exchange rate risk, with investments in a number of foreign subsidiaries, materially in Sweden, Denmark, Iceland, Lithuania and Germany, with some additional revenue in foreign currencies.

The Group operates internationally and is mainly exposed to foreign exchange risk, primarily to EUR, SEK, DKK and ISK. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the functional currency of the relevant Group entity. The Group`s currency risk exposure is limited as most of the sales are paid in cash, by credit card companies. In total approximately 22 % of the Group’s revenues are in other currencies than the functional currency of the relevant Group entity. Refer to note 18 Financial risk management for an estimate of the impact of a change in the exchange rate. The Group has not entered into derivative or other agreements to reduce the exchange rate risk and the related market risk.

Credit risk

The Group's historical credit losses on trade receivables are considered insignificant. Expected credit loss is also insignificant, there is no forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. Booked expected credit loss is 4,1 MNOK, refer to note 20 for further information. Gross credit risk exposure per 31.12.2025 is 500,7 MNOK for the Group and NOK 0 for the parent company. This is an increase from 2024 when the exposure was MNOK 134,9 for the Group and NOK 0 for the parent company. The above figures do not include intercompany receivables. The Group has not made any set-off or other derivative agreements to reduce the credit risk.

Liquidity risk

The Group’s liquidity is still considered satisfactory, but with the continuing higher level of interest rates liquidity management will remain crucial for the Group going forward. To improve liquidity management, the Group entered a cash pool agreement for most of the Norwegian companies in 2023. The Group is in the process of expanding this to a global cash pool which will include several of companies in the Nordic countries outside of Norway. The Group's strategy for managing liquidity risk is to always have sufficient liquidity to meet its financial liabilities at maturity, both under normal and exceptional circumstances, without risking unacceptable losses or at the expense of the Group's reputation. The Group's forecasts indicate that this strategy will be achieved in 2026.

The Group has raised new debt financing through the bond market of 2 500 MNOK (gross) in 2025 through the issuance of a new Bond structure and increase of the structure existing on January 1^st 2025, which was used to finance a total of 16 acquisitions in 2025. The maturity date of the bonds are in October 2028, October 2029 and July 2030, respectively.

Operational risk

The Group is exposed to a range of operational risks that may affect its ability to deliver services to customers and achieve its strategic objectives.

Cybersecurity represents a key risk area for the Group. As a provider of cloud-based, mission-critical software solutions, the Group's operations depend on the availability, integrity and confidentiality of its IT systems and data. Threat actors are becoming increasingly sophisticated, and the rapid development of artificial intelligence is expected to further accelerate this trend by enabling more advanced and targeted attacks. The Group cannot fully eliminate the risk of data breaches, ransomware attacks or other cyber incidents that could disrupt operations or affect customer trust.

The rapid development of artificial intelligence presents both opportunities and risks for the Group. While AI enables productivity improvements and product innovation, it also introduces risks related to software quality, data handling, regulatory compliance and competitive disruption. The Group monitors these developments closely, as described further in the Operational outlook section above.

Geopolitical instability represents a further operational risk. SSG operates across multiple European jurisdictions, and ongoing conflicts, shifting trade policies and changes in sanctions regimes may affect the Group's operations, customer base or ability to conduct cross-border transactions. Several of the Group's subsidiaries operate in the Baltic states and Central Europe, which increases exposure to geopolitical developments in the broader European region. The Group monitors the geopolitical landscape on an ongoing basis and takes appropriate precautionary measures where relevant.

Going concern

In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared under the assumption of going concern. This assumption is based on profit forecasts for the year 2026 and the Group’s long-term strategic forecasts. The Group’s economic and financial position is sound.

Allocation of net income

The net profit for Snowball Software Group AS was MNOK 824,6 in 2025. The Board of Directors has proposed the net profit to be attributed to other equity. The Group’s net profit for the period was MNOK 416,5. The Board has proposed that there will be no payment of dividend for 2025.

The working environment and the employees

We recognize that employees are the primary strategic asset for most companies in our industry. As a result, we devote significant energy and resources to ensure our employees are satisfied, including regularly measuring their satisfaction and implementing improvements according to the measurement results.

The Group’s working environment is considered to be good. Nevertheless, we strive to continuously improve our working environment and keep employee illness leave within or below industry average.

When employees are sick, we work diligently to find solutions that will enable a fast return to work, such as adjusting work time, tasks, furniture, or other relevant temporary and permanent changes. Leave of absence totaled approximately 4 671 days for the Group in 2025.

Snowball Software Group is exposed to an industry that carries minimal risk of physical work accidents, as our work primarily takes place in office environments and does not involve operating heavy machinery or factory work. In 2025, there were no incidents or work-related accidents resulting in significant material damage or personal injury reported within the group.

We offer our employees a range of benefits, such as pension programs, health insurance, travel insurance, and a selection of available welfare leave.

Equal opportunities and discrimination

The Group has 966 employees at year-end –305 women (32%) and 661 men (68%). The Board of Directors consists of two men.

We always hire the best qualified candidate for any given position, regardless of gender, age, religious beliefs, ethnicity, sexual orientation or disabilities. All employees have a total compensation that is competitive and aligned with market conditions. Women and men have equal opportunities for parental leave in the Group.

There are very few employees in the Group working part-time, none of which is involuntarily.

The parent company has no employees.

Environmental report

The Group’s operations are not regulated by licenses or impositions. The potential environmental impact from the Group’s operations is mainly related to energy required to run servers in data centers. The data centers from our primary supplier are run with 100% renewable energy with green certification to reduce carbon dioxide emissions, which helps reduce the environmental impact from the Group’s operations.

Insurance for board members and general manager

Insurance has been taken out for the board members and the general manager to cover their potential responsibilities to the company and third-parties.

The Group holds directors’ and officers’ liability insurance, covering claims against board members and executives, including reimbursement of the Group's indemnification obligations. The insurance excludes claims related to stock exchange regulations, intentional misconduct, and criminal acts. Coverage applies worldwide, except for the USA and Canada.

Shareholder information

The company is a private limited liability company (AS), and 98.93% of its shares are owned by Hawk Infinity AS. The share capital amounts to NOK 2,192,855.70, divided into 214,436,821 Class A shares and 4,848,749 Class B shares, all fully paid at NOK 0.01 per share.

Class A shares represent 100% of the voting rights in the company and are entirely held by Hawk Infinity AS. The company is incorporated as an ordinary private limited liability company under Norwegian law. The company’s articles of association do not deviate from the standard provisions of the Norwegian Private Limited Liability Companies Act (Aksjeloven) regarding the transferability of shares. Accordingly, shares are, as a general rule, freely transferable, subject to the statutory provisions on board consent and pre-emption rights, as applicable.

Corporate Governance Statement

The corporate governance model is the Board of Directors’ most important instrument for ensuring that the Group’s resources are managed in an optimal manner and contribute to long-term value creation for all stakeholders. The principles apply for all companies within Hawk Infinity Software group and among other things describe suggested minimum requirements for ordinary board meetings, accounting and reporting, board composition and intercompany transactions.

Key governance objectives includes:

Ensure accountability through effective internal control and risk management systems, with clear reporting lines and regular oversight by the board. The Group Finance function has facilitated this by monthly financial reporting and running meetings with finance functions in the operative companies in the Group. Furthermore, the Group has implemented and shared a Group Accounting manual to ensure alignment to the reporting requirements for Hawk Infinity Software.
Ensure board composition reflects relevant competence, independence, and diversity, tailored to the company’s sector, size, and strategic direction. Hawk Infinity AS partners are represented in all boards included in the Group financial statements.
Promote ethical business conduct and compliance, including anti-corruption measures, fair competition, and sound labor practices.
Ensure transparency in financial and non-financial reporting.

There are no significant deviations from standard articles of association under applicable law for any Group companies regarding change of control, board representation, or share capital increases of subsidiaries, or for Snowball Software Group AS.

Corporate Social Responsibility Statement

The Group and its employees strive to conduct business in an ethical and socially responsible way. The corporate governance and code of conduct constitute fundamental steering principles in the Group. The Group takes a zero-tolerance approach for any discrimination based on gender, religious beliefs, ethnicity, sexual orientation, or disabilities. We are committed to acting professionally and with integrity in all our relationships and business dealings.

The Group has not implemented specific guidelines for social responsibility.

Transparency Act

The Group’s account of due diligence in accordance with the OECD Guidelines for Multinational Enterprises is available on the website snowballsoftwaregroup.com.

Oslo, 29. April 2026

Johan Bernt Michelsen
Chairman
(This document is signed electronically)

Joakim Stavnes Karlsen
CEO
(This document is signed electronically)

Jon Erik Reinhardsen

Board member
(This document is signed electronically)

Consolidated statement of profit and loss

Amounts in NOKt	Note	2025	2024
Revenue from contracts with customers	2,3	2 676 339	774 876
Cost of goods and services sold	4	1 109 076	191 970
Salary and personnel costs	5	616 332	203 603
Other operating expenses	6,25	321 161	113 730
Depreciation and amortization	12,13	323 799	144 722
Impairment	12,13	134 366	0
Gain on disposal of subsidiary	7	911 312	0
Operating profit		1 082 917	120 851
FINANCIAL ITEMS
Finance income	8	58 895	16 104
Finance expenses	8	-708 145	-185 275
Share of (loss)/profit of associated companies	15	-15 379	-1 243
Total net financial items		-664 629	-170 414
Profit before tax		418 288	-49 563
Income tax expense	9	-1 818	3 463
Net profit		416 471	-46 100
Profit for the year attributable to:
Equity holders of the parent company		404 266	-56 282
Non-controlling interests		12 205	10 183
Total		416 471	-46 100

Consolidated statement of comprehensive income

Amounts in NOKt	2025	2024
Net profit/loss (-)	416 471	-46 100
Items which may be reclassified to profit or loss in subsequent periods
Exchange differences on translation of foreign operations	13 006	7 358
Other comprehensive income for the period, net of tax	13 006	7 358
Total comprehensive income for the year	429 477	-38 742
Total comprehensive income attributable to:
Equity holders of the parent company	417 363	-49 191
Non-controlling interests	12 114	10 450
Total	429 477	-38 742

Consolidated statement of financial position

Amounts in NOKt	Note	2025	2024
Goodwill	10,12,13	4 058 424	2 528 522
Other intangible assets	12,13	1 682 082	877 155
Right-of-use assets	17	46 388	46 408
Property, plant and equipment	13	46 678	32 248
Investments in associated companies	14,15	588 788	31 753
Other non-current assets	18	5 183	2 507
Total non-current assets		6 427 543	3 518 594
Accounts receivable	18,2	496 583	132 216
Other current assets		86 163	41 398
Inventory		28 768	8 144
Cash and cash equivalents	18,21	1 201 154	379 840
Total current assets		1 812 669	561 597
TOTAL ASSETS		8 240 211	4 080 190

	Note	2025	2024
EQUITY AND LIABILITIES
Interest-bearing loans	16,18,19	4 803 487	2 319 248
Lease liabilities	17,18,19	30 621	28 286
Deferred tax liabilities	9	330 693	181 059
Other non-current liabilities	10,18,19	165 715	315 700
Total non-current liabilities		5 330 515	2 844 293
Trade and other payables	18,19,22	786 639	221 516
Contract liabilities	3	168 501	88 981
Debt to parent company	24	0	1 210
Liabilities for current tax	9	39 401	39 568
Borrowings	16,18,19	0	145 000
Current lease liabilities	17,18,19	18 462	21 695
Deferred consideration	11,18,19	302 673	105 012
Total current liabilities		1 315 676	622 983
TOTAL LIABILITIES		6 646 191	3 467 276
Share capital	23	1 962	1 352
Share premium		1 123 361	275 556
Other paid in capital		316 596	326 183
Other equity		30 893	-203 470
Total equity		1 472 812	399 620
Non-controlling interests		121 209	213 294
TOTAL EQUITY		1 594 020	612 914
TOTAL EQUITY AND LIABILITIES		8 240 211	4 080 190

Oslo, 29. April 2026

Johan Bernt Michelsen
Chairman
(This document is signed electronically)

Joakim Stavnes Karlsen
CEO
(This document is signed electronically)

Jon Erik Reinhardsen
Board member
(This document is signed electronically)

Consolidated statement of cash flows

Amounts in NOKt	Note	2025	2024
Profit before income tax		418 288	-49 563
Depreciation, amortisation and impairment		458 165	144 722
Net (gain)/loss on sale of shares in subsidiaries		-911 312	5 629
Share of loss/(profits) of associates and joint ventures		15 379	1 243
Finance costs – net		649 250	169 171
Net exchange differences		-35 736	0
Change in trade receivables		-217 117	-7 300
Change in trade creditors		155 696	-16 086
Increase in contract liabilities		7 851	4 598
Increase in other operating liabilities		-16 378	4 972
Change in other provisions		31 625	17 871
Cash generated from operations		555 711	275 256
Income taxes paid	9	-82 392	-9 654
Net cash flow from operating activities		473 319	265 602
Cash flows from investing activities
Payment for acquisition of subsidiaries, net of cash received	10	-2 310 474	-1 885 229
Payments for contingent liability	11	-147 486	-20 400
Payments for property, plant and equipment	13	-6 245	-13 216
Payments for sale of subsidiary, net of cash in subsidiary	7	353 539	0
Payment of software development costs	13	-87 042	-51 987
Receipt of government grants " Skattefunn"		0	3 079
Net cash flow used in investing activities		-2 197 707	-1 967 753
Cash flows from financing activities
Proceeds from issue of share capital and other equity securities		623 808	510 608
Proceeds from borrowings	16	2 569 760	1 726 888
Repayment of borrowings	16	-269 049	-50 925
Interest received	8	43 283	7 912
Interest paid	16	-382 045	-136 586
Interest paid leases	17	-2 759	-2 892
Share issue and buy-back transaction costs		-6 202	140
Modification loss (2024)		0	-20 250
Lease payments	17	-18 603	-19 178
Dividends paid to non-controlling interests in subsidiaries		-12 492	-4 689
Net cash flow from financing activities		2 545 702	2 011 028
Net increase/(decrease) in cash and cash equivalents		821 315	308 877
Cash and cash equivalents at beginning of period		379 840	70 962
Cash and cash equivalents at end of period		1 201 154	379 840

Consolidated statement of changes in equity

Amounts in NOKt		Attributable to equity holders of the parent company
Note		Share capital	Share premium	Other paid-in equity	Retained earnings	Translation differences	Total	Non-controlling interests	Total equity
	Balance at 01.01 2024	1 218	89 690	1 527	-88 915	906	4 426	105 188	109 613
26	Net profit	0	0	0	-56 282	0	-56 282	10 183	-46 100
	Other comprehensive income	0	0	0	0	7 091	7 091	267	7 358
	Total comprehensive income	0	0	0	-56 282	7 091	-49 191	10 450	-38 742
23	Acquisition of treasury shares	0	0	0	-419	0	-420	0	-420
23	Sale of treasury shares	0	0	48	511	0	560	0	560
23	Capital increase	134	185 866	324 608	0	0	510 608	0	510 608
14	Sale of subsidiary	0	0	0	699	0	699	-699	0
	Non-controlling interest in acquired subsidiaries	0	0	0	0	0	0	187 291	187 291
	Acquisition of minority shares in subsidiaries	0	0	0	-67 061	0	-67 061	-84 247	-151 308
	Dividends	0	0	0	0	0	0	-4 689	-4 689
	Total transactions with owners in their capacity as owners	134	185 866	324 656	-66 270	0	444 386	97 657	542 043
	Balance at 31.12 2024	1 352	275 556	326 183	-211 467	7 997	399 620	213 294	612 914
		Attributable to equity holders of the parent company
Note		Share capital	Share premium	Other paid-in equity	Retained earnings	Translation differences	Total	Non-controlling interests	Total equity
	Balance at 01.01 2025	1 352	275 556	326 183	-211 467	7 997	399 620	213 294	612 914
	Net profit	0	0	0	404 266	0	404 266	12 205	416 471
	Other comprehensive income	0	0	0	0	13 097	13 097	-91	13 006
	Total comprehensive income	0	0	0	404 266	13 097	417 363	12 114	429 477
23	Acquisition of treasury shares	-3	0	0	-6 199	0	-6 202	0	-6 202
22	Sale of treasury shares	0	0	0	0	0	0	0	0
23	Non-registered capital increase	0	0	315 021	0	0	315 021	0	315 021
23	Capital increase	613	847 805	-324 608	0	0	523 810	0	523 810
10	Adjustment of business combinations 2024	0	0	0	-5 529	0	-5 529	0	-5 529
	Non-controlling interest in acquired subsidiaries	0	0	0	0	0	0	97 536	97 536
15	Acquisition of minority shares in subsidiaries	0	0	0	-171 271	0	-171 271	-189 244	-360 515
	Dividends	0	0	0	0	0	0	-12 492	-12 492
	Total transactions with owners in their capacity as owners	609	847 805	-9 587	-183 000	0	655 828	-104 199	551 629
	Balance at 31.12 2025	1 962	1 123 361	316 596	9 799	21 094	1 472 812	121 209	1 594 020
	The notes on the following pages are an integral part of these financial statements.

Notes to the consolidated financial statement

Corporate information

Snowball Software Group is a Nordic cloud software group founded in 2019 and has its headquarters and registered office at Bygdøy allé 23, 0262 Oslo, Norway. The ultimate parent company is Hawk Infinity AS. With effect from 17. December 2025, the Company changed its name from Hawk Infinity Software AS to Snowball Software Group AS. All references to the Company in these financial statements are made under the new name Snowball Software Group AS

Snowball Software Group AS has outstanding bonds under ISIN NO0013023226, NO0013358069 and ISIN NO0013525006 which are listed on Oslo Stock Exchange. Due to the listing on Oslo Stock Exchange the company is considered to be a Public Interest Entity under Norwegian and EU-regulations.

The most important accounting principles applied in the preparation of the annual financial statements are described below. These principles are applied in the same way for all periods presented, unless otherwise indicated in the description.

The financial statements were authorised for issue by the board on 29. April 2026.

Summary of significant accounting policies and estimates

Basis for preparation

The consolidated financial statements of Snowball Software Group AS have been prepared in accordance with the IFRS® Accounting Standards (IFRS) and interpretations by the IFRS Interpretation Committee (IFRIC), as adopted by the EU, as well as certain disclosure requirements pursuant to the Norwegian Accounting Act.

In the opinion of the board of directors, the sustainability statement, the consolidated statements of profit or loss, comprehensive income, financial position, changes in equity, cash flow and the accompanying notes provide a true and fair view of the financial position of the group as of 31 December 2025, its financial performance and cash flows for the year then ended.

The consolidated financial statements have been prepared on the assumption of the business being a going concern. The consolidated financial statements have been prepared on an historical cost basis except for certain assets and liabilities, mainly contingent consideration as detailed in note 11.

The consolidated financial statements are presented in Norwegian kroner (NOK), which is both the functional and presentation currency of the parent. Amounts are rounded to the nearest thousand NOK, unless stated otherwise. As a result of such rounding, amounts and percentages presented may not add up to the total.

Changes in accounting policies and disclosures

No significant changes in IFRS effective for the 2025 financial statements are relevant this financial year.

Basis for consolidation

The Group’s consolidated financial statements comprise the parent company and its subsidiaries in the reporting period.

When the Group achieves control of an entity in which it has invested, the entity is considered as a subsidiary. Control is achieved when the group is exposed or has rights to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. Refer to notes 10 and 15 for more information regarding accounting principles for consolidation of subsidiaries, joint ventures and associates.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Contingent liabilities are subsequently remeasured at fair value through profit or loss in accordance with IFRS 9 Financial Instruments. The costs associated with the business combination are expensed when they are incurred.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flow relating to transactions between members of the Group are eliminated in full on consolidation.

Non-controlling interests are presented separately under equity in the Group’s statement of financial position.

Functional and presentation currency

Items included in the financial statements of each of the group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’).

Foreign currency translation

Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end are generally recognised in profit or loss, within finance costs.

Group companies

The results and financial position of foreign operations that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

Balance sheet items are translated at the closing rate at the date of that balance sheet
Statement of profit or loss are translated at average exchange rates
All resulting exchange differences are recognised in other comprehensive income

Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate.

Statement of cash flows

The group reports cash flows from operating activities using the indirect method. Interest received and paid is presented within financing cash flows.

Significant management judgement in applying accounting policies

The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the evaluations related to acquisitions and impairment of goodwill and other intangible assets. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods.

Use of estimates and judgments

The management has, when preparing the financial statements; made certain significant assessments based on critical judgment when it comes to application of the accounting principles. The following areas of accounting includes estimates subject to significant estimation uncertainty

Goodwill and impairment, note 12
Business combinations, note 10
Deferred and contingent consideration, Note 11

Government grants

Government grants are recognised when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognized systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalised and recognised systematically over the asset’s useful life.

Investment grants are recognised either as deferred income or as a deduction of the asset’s carrying amount.

Research and development grants, “SkatteFUNN”, are included in the “other receivables” line item. There are no unfulfilled conditions or other contingencies attached to these grants. The group did not benefit directly from any other forms of government assistance.

New standard and interpretations not yet effective

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Adopting the standards not yet effective is not expected to have any material impact on the Group’s financial statements.

IFRS 18 Presentation and Disclosures in Financial Statements

IFRS 18 was issued by the IASB in April 2024 and will replace IAS 1 Presentation of Financial Statements. The standard introduces new requirements for the structure of the statement of profit or loss, including the classification of income and expenses into five categories: operating, investing, financing, income taxes and discontinued operations. IFRS 18 does not change recognition or measurement requirements, but it will affect the presentation and disclosure of financial performance.

The standard also introduces defined subtotals in the statement of profit or loss and new disclosure requirements for management-defined performance measures presented within the financial statements.

The Group is currently assessing the impact of IFRS 18. Based on a preliminary assessment, IFRS 18 is expected to affect the classification of certain items in the consolidated statement of profit or loss. In particular, gains or losses on disposal of subsidiaries and share of results from associates are expected to be presented within the investing category rather than within operating profit. The Group does not expect IFRS 18 to have a material impact on recognition, measurement or total equity.

IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027 and is subject to endorsement by the EU. The Group does not intend to adopt the standard early.

Note 1 Group structure

Snowball Software Group consists of the following entities and legal organisation number:

Company name	Ownership %	Parent company	Org. number
Snowball Software Group AS	100%	Hawk Infinity AS	922 182 795
SH Int AS	100%	Snowball Software Group AS	934 158 954
Filemail AS	90.01%	SH Int AS	893 823 972
HIS Holding AB	100%	SH INT AS	559485-2369
Saas Holding AS	100%	SH Int AS	927 958 457
Viscenario AS	50.3%	Saas Holding AS	998 718 287
Storegate AB	100%	HIS Holding AB	556623-6179
CuroTech AS	100%	Saas Holding AS	979 573 464
FDVweb AS	100%	Curotech AS	919 861 991
Norbits AS	100%	Saas Holding AS	982 528 054
Byggstart AS	100%	Saas Holding AS	916 957 629
Marketplace AS	100%	Saas Holding AS	924 526 130
FDVhuset AS	100%	Saas Holding AS	883 759 702
Rushfiles A/S	67%	Storegate AB	3462 3422
Cars Software AS	100%	Saas Holding AS	928 788 709
Unisoft AS	100%	Saas Holding AS	830 517 502
Nytt Foretak AS	100%	Saas Holding AS	914 545 080
Sunnsoft Publishing AS	100%	Saas Holding AS	912 186 601
DF Holdco AS	100%	Saas Holding AS	933 232 158
Digiflow AS	100%	DF Holdco AS	994 625 365
Cb Bidco A/S	100%	Saas Holding AS	4492 8078
Comby A/S	100%	Cb Bidco A/S	1201 0427
Comby Denmark A/S	100%	Comby A/S	4088 1751
Comby Greenland A/S	100%	Comby A/S	1235 6358
Bazoom Group ApS	100%	Saas Holding AS	4163 8745
Infosoft AS	100%	Saas Holding AS	985 548 773
Infosoft AB	100%	Infosoft AS	556684-8296
Info-Sys AS	100%	Infosoft AS	944 729 984
Infosoft DK A/S	100%	Infosoft AS	35482792
Capnor AS	100%	Saas Holding AS	980 364 801
Capnor Poland Sp. Z.o.o.	100%	Capnor AS	0000244389
MotionTech	80%	Saas Holding AS	925 378 666
Mikon AS	100%	Saas Holding AS	827 378 372
Virosoft OÜ	100%	Saas Holding AS	17088766
Andevis OÜ	100%	Virosoft OÜ	14862478
OsmiBit d.o.o.	100%	Saas Holding AS	64656332276
Genera Networks AB	100%	HIS Holding AB	556676-1812
Barcontrol Systems AS	100%	Saas Holding AS	997 689 011
Regla Ehf	82%	Saas Holding AS	521208‑0230
Symplify Technologies AB	100%	HIS Holding AB	556589-7294
Baze Technology AS	100%	Saas Holding AS	991 658 920
ROQC Data Management AS	100%	Saas Holding AS	885 383 432
Satvision Software AS	100%	Saas Holding AS	834 400 332
Synega AS	50.1%	Saas Holding AS	925 548 804
Synega Regnskap AS	100%	Synega AS	914 549 140
Synega Operations AS	100%	Synega AS	924 779 942
UAB UCS Baltic	100%	Saas Holding AS	110825653
SIA UCS	100%	Saas Holding AS	40003753650
Robolabs UAB	100%	Saas Holding AS	304222026
WhiteBit UAB	94.7%	Saas Holding AS	304522397
Sportstiming Aps	100%	Saas Holding AS	29691401
FBA Indaga Soft S.L.	100%	Saas Holding AS	B70056148
EM Systemer AS	100%	Saas Holding AS	963 942 281
Laugstol Energiservice AS	100%	EM Systemer AS	928 722 619
ATOM Tech SIA	80%	Saas Holding AS	40203185808
Vistra Ingenieure GmbH	100%	Saas Holding AS	HRB 123107
Apicon GmbH	100%	Saas Holding AS	HRB 3953
Opticom SIA	93%	Saas Holding AS	40003231409

JT Holdco AS (org. number 934 921 135) is owned 50% by SH Int AS and has its business office in Øvre Slottsgate 5, Oslo
Servebolt AS (org. number 914 823 900) is owned 36% by SaaS Holding AS and has its business office in Kongens gate 6, Oslo

Snowball Software Group is a Nordic cloud software group.

Jotta AS (joint venture)

Jottacloud is the Group’s cloud storage Software as a Service (“SaaS”) solution for private customers and businesses. In addition, Jotta offers a cloud storage Platform as a Service (“PaaS”) solution for selected blue-chip partners (such as Telenor, Telia, Obos, Elkjøp and Mediamarkt), enabling them to offer cloud storage services under their own brand to their customers via Jotta's PaaS solution.

Filemail AS

Filemail is the Group’s managed file transfer SaaS solution for private customers and businesses.

Storegate AB

Storegate is an easy to use and trusted cloud storage service with a competitive price point aimed at business customers. The service is GDPR compliant with a broad range of functionalities tailor-made for business users.

Viscenario AS

Viscenario provides a cloud-based documentation and workflow software solution to manage and document the construction process of new buildings and management of operations in residential, office buildings and hotels.

Servebolt AS (associated company)

Servebolt provides high performance managed cloud hosting with a strong focus on scalability and security. This enables developers to focus entirely on development as Servebolt takes care of hosting software and hardware.

CuroTech AS

CuroTech provides cloud-based workflow and documentation SaaS for commercial real estate buildings. The customers get all relevant documentation related to a building in a one-stop solution which enables them to save time and easily access required documents e.g. for regulatory inspections.

Norbits AS

Norbits provides cloud workflow solutions for auto services and retail chains. This includes automation of stock control, labour hours and other logable procedures, in addition to software customisation and integration.

FDVhuset AS

FDVhuset provides B2B cloud-based facility management for commercial and municipal real-estate which enables customers to manage their properties accurately and efficiently in the cloud.

Marketplace AS

Marketplace provides cloud-based PaaS tender platforms for B2B2C across multiple industry niches in Norway and Sweden.

Cars Software AS

Cars provides a B2B SaaS ERP solution for automotive businesses, digitising manual processes and increasing efficiency for its customers.

Unisoft AS

Unisoft is a software provider towards the B2B healthcare segment in Norway. The offering includes proprietary software and managed IT-services.

Rushfiles A/S

Rushfiles provides B2B cloud-based and on-premise storage solutions tailored for businesses of all sizes.

Nytt Foretak AS

Nytt Foretak provides a B2B SaaS platform simplifying the registration and formation of limited liability companies in Norway. Offers value-added services to streamline business establishment processes

Sunnsoft Publishing AS

Sunnsoft provides digital solutions for the healthcare sector.

Digiflow AS

Digiflow provides managed services to the Norwegian SMB market, has its headquarters in Lysaker.

Comby

Comby is a managed services provider in Greenland and has also operations in Denmark. Comby is providing tailored IT-outsourcing solutions for both public and private customers.

Bazoom Group ApS

Bazoom is a digital platform provider of search engine optimization and online advertising software.

Infosoft

Infosoft has leveraged extensive media industry experience to develop the subscription management software INFO-Subscription. INFO-Subscription is a market leading platform for handling high-volume, complex revenue models like subscriptions and rentals.

Capnor

Capnor is a supplier of 3D scanning and digital twin data for the energy and construction industry.

Genera

Genera provides regulated and state-owned gaming operators with market optimized gaming platforms and unique game formats.

Andevis

Andevis is a supplier of human resource management software for some of Estonia’s largest public and private enterprises.

MotionTech

MotionTech is a supplier of advanced motion technology and cyber-physical systems for a range of industrial applications.

Mikon

Mikon delivers software solutions for production and manufacturing reporting needs.

Barcontrol

Barcontrol is a supplier of checkout and logistics systems to the restaurant industry.

OsmiBit

OsmiBIT has its core expertise in ERP, Business intelligence, Human Resources and Document Management systems, and serves domestic and multinational companies especially within retail, wholesale and marina.

Regla

Regla is a leading SaaS accounting and sales system provider to small and medium sized businesses in the Icelandic market

This year's acquisition of new companies in the Group:

Symplify

Symplify provides customer engagement SaaS platform with omni-channel CRM, marketing automation, and AI tools. Serves 200+ SME clients in fintech, retail, NGOs, education, and sports betting.

Baze Technology

Baze is a software company providing SaaS and hardware infotainment and IPTV solutions to maritime, hospitality, and energy sectors. Bazeport is the leading infotainment system in the maritime sector.

ROQC Data Management

ROQC is a software & consultancy firm specializing in subsurface data management for the energy sector. The company is based in Sandnes, Norway and serves large global offshore and energy clients.

Satvision Software

Satvision is a Norwegian provider of industrial SaaS solutions for plant and field operations. SATOS, its core platform, ensures safe and efficient execution of daily operations, digitally and in real time. The company is based in Oslo, Norway.

Synega Group

Synega is a Norwegian SaaS and professional services firm offering digital-first accounting, payroll, and tax compliance solutions tailored to local regulatory needs.

Robolabs

Robolabs is a Lithuanian SaaS fintech provider offering cloud-based document processing, automated bookkeeping, and real-time business analytics via the ROBO platform.

UCS Baltic

Lithuanian software company providing POS and business management solutions for the hospitality, wellness, and leisure industries, including restaurants, hotels, and fitness centers.

UCS SIA

Latvian software company providing POS and business management solutions for the hospitality, wellness, and leisure industries, including restaurants, hotels, and fitness centers.

WhiteBit

WhiteBit is a Lithuanian IT integrator delivering cybersecurity, networking, and virtualization solutions to critical sectors like defense, telecom, and finance.

Sportstiming

Sportstiming is a Danish software company offering timing, registration, and result services for sports events. Combines a proprietary platform with hardware and services for race organizers.

FBA Indaga

FBA is a Spanish SaaS tech solutions company providing solutions to measure and manage experience of patients, doctors and workers, mainly in healthcare.

EM Systemer

EM Systemer is a Norwegian company providing building automation systems with software for energy-efficient control, monitoring, and optimization of HVAC, lighting, and other technical installations.

ATOM Tech

ATOM Mobility is based in Latvia and builds a white-label software platform that enables businesses, or cities to launch and manage their own shared mobility, rental and ride-hailing services

Apicon

Apicon is based in Germany and develops and delivers certified add-ons and integration solutions for SAP ERP specializing in master-data management, data migration, and system integration

Vistra

Vistra is based in Germany and provides compliance software helping companies implement and maintain quality, safety and compliance, often leading them to certification

Opticom

Opticom specializes in developing and servicing Latvian companies' IT infrastructure and cyber security solutions to a wide range of applications.

Note 2 Segment information

The Group's board, chief executive officer and the chief financial officer have previously examined the Group's performance from a product perspective with two main segments. Following the significant increase in number of Group companies and the overall service offering, this segment reporting is no longer applied by the Group. Internally the Group monitors performance for the different subsidiaries, and each subsidiary is considered an operating segment. Subsidiaries where the reported revenue, profit and loss and assets are less than 10 % of Group revenue, Group profit and loss and total asset for the Group, are combined and reported as "other”.

The table below shows the contribution to the reported figures from the most significant subsidiaries in the Group, based on revenue in 2025. Note that some of these were acquired in 2025 and the figures reflect the contribution in the ownership period, including amortisation of identified intangible assets in the purchase price allocation, see note 10 Business Combinations.

See note 1 for a description of the products and services provided by each subsidiary. All revenues included in the table below are from external customers.

2025

Amounts in NOKt	Revenues	Cost of goods sold	Salary and personnel costs	Other operating expenses	Operating profit	Depreciation, amortisation and write-downs	EBITDA
Digiflow AS	356 043	160 905	99 563	23 832	47 556	24 187	71 743
Symplify*	460 263	373 624	32 048	29 438	-77 243	102 397	25 153
Capnor	149 317	5 065	76 687	17 008	23 349	27 208	50 557
Genera Networks AB	61 507	36 913	3 471	6 084	9 842	5 197	15 039
WhiteBit*	139 431	93 512	5 055	3 273	27 992	9 599	37 592
Jotta AS**	35 746	0	10 742	5 307	10 249	9 449	19 698
Comby	168 728	42 447	43 918	19 479	31 419	31 465	62 884
Bazoom Group ApS	444 492	246 364	46 050	34 298	89 226	28 554	117 781
Unisoft	35 759	5 011	4 477	1 986	12 431	11 854	24 285
Regla Ehf	50 622	840	26 433	9 402	5 906	8 040	13 946
Baze Technology*	145 352	50 618	36 937	11 352	20 693	25 752	46 445
FDVhuset AS	40 122	2 839	15 364	8 194	2 256	11 470	13 726
Norbits AS	43 213	4 123	12 580	3 451	12 656	10 404	23 059
Curotech AS	36 674	45	13 417	4 170	7 265	11 776	19 041
Filemail AS	33 908	3 948	124	6 753	16 884	5 780	22 664
Other	475 159	82 820	189 467	137 136	-68 877	135 033	66 155
Sum	2 676 339	1 109 076	616 332	321 161	171 605	458 165	629 770

*Acquired in 2025.

2024

Amounts in NOKt	Revenues	Cost of goods sold	Salary and personnel costs	Other operating expenses	Operating profit	Depreciation, amortisation and write-downs	EBITDA
Digiflow AS*	172 152	84 953	50 320	9 572	13 716	13 591	27 306
Jotta AS	101 257	0	30 517	14 512	32 918	23 310	56 228
Comby*	75 964	20 543	20 830	6 546	11 742	16 302	28 044
Bazoom Group ApS*	63 036	37 920	7 828	5 648	7 057	4 582	11 639
Marketplace	53 640	253	4 479	16 394	27 524	4 990	32 514
FDVhuset AS	38 235	3 731	12 556	7 893	3 480	10 574	14 055
Norbits AS	36 657	4 223	11 507	2 945	8 523	9 459	17 982
Curotech AS	35 483	111	12 403	4 081	7 737	11 151	18 888
Filemail AS	31 301	2 957	0	6 353	17 474	4 517	21 991
Other	167 152	37 278	53 163	39 786	-9 321	46 246	36 925
Sum	774 876	191 970	203 603	113 730	120 851	144 722	265 572

*Acquired in 2024.

Note 3 Revenue from contracts with customers

Accounting principles

Snowball Software Group's revenues are split into four main revenue streams:

1) Subscription-based software and platforms

Subscription-based software and platform revenues are paid for either in advance for 1 year, or on a monthly basis. Revenue is recognized when services are rendered. For example, a prepaid two-year contract is recognized linearly over 24 months, regardless of upfront payment. In some cases the subscriptions are sold online with 2 months free of charge if the customers pay in advance and commit for 1 year. The contract value of online 1 year subscriptions sale is recognised on a straight-line basis over 12 months.

Significant financing component

The Group receives short-term advances from its customers for subscription revenue. Using the practical expedient in IFRS 15, the Group does not adjust the promised amount of consideration for the effects of a financing component if it expects, at contract inception, that the period between the transfer of the promised good or service to the customer and when the customer pays for that good or service will be one year or less. Certain customers pay in advance for up to 3 years, but the extent is not significant.

Contract liabilities

The Group receives short-term advances from its customers for subscription revenue. A contract liability is recognised when the payment is made. Contract liabilities are recognised as revenue when the Group fulfils the performance obligation (s) under the contract.

2) Consultant

Consultant revenues consist of income from professional and operational services provided in connection with the installation, implementation, operation and maintenance of software and technology solutions, as well as other project-based or service-based engagements.

Such services may be delivered on a time and material basis, fixed-price contracts or other agreed pricing models. Revenue related to consultancy and service engagements is recognised when the services are provided and the Group is entitled to payment from the customer.

At the balance sheet date, work performed but not yet invoiced is recognised as a contract asset.

The Group has concluded that there is no significant financing component for these contracts, as the duration of the projects or services is generally short and the agreed invoicing reflects the progression of the work performed.

3) Revenue from sale of hardware

Hardware revenues consist of sales of physical equipment and devices, including related or embedded technology where the physical component represents the primary performance obligation.

Each hardware sale is identified as a single performance obligation. The performance obligation is satisfied at a point in time when control of the equipment has been transferred to the customer, which is typically upon delivery. At this point, the customer can direct the use of and obtain substantially all the remaining benefits from the equipment. Revenue is accordingly recognised at the point of delivery.

4) Data-driven queries

Data-driven queries consist of revenues generated from services and offerings where the value is based on the use, access to or exploitation of data, digital content or intellectual property. The services may include predefined or customized data, content or rights-based offerings, where pricing is linked to usage, volume, reach or reported activity.

Revenue is recognized when the service is provided or the usage has occurred and the Group is entitled to payment from the customer.

The distribution between the revenue streams is shown in the table below.

2025	Share %	Subscription-based	Consultant	Hardware	Data-driven queries	Sum
Digiflow AS	13 %	187 071	16 333	152 640		356 043
Symplify*	17 %	184 105	25 314		250 843	460 263
Capnor	6 %	20 647	128 670			149 317
Genera Networks AB	2 %	61 507				61 507
WhiteBit*	5 %	52 984	11 154	75 293	0	139 431
Jotta AS**	1 %	35 746				35 746
Comby	6 %	124 394	32 328	12 006		168 728
Bazoom Group ApS*	17 %				444 492	444 492
Unisoft	1 %	35 759				35 759
Regla Ehf	2 %	50 622				50 622
Baze Technology	5 %	94 031	3 168	48 154	0	145 352
FDVhuset AS	1 %	40 122				40 122
Norbits AS	2 %	34 111	9 102	0	0	43 213
Curotech AS	1 %	28 087	8 586	0	0	36 674
Filemail AS	1 %	33 908				33 908
Other	18 %	236 039	144 496	37 887	56 737	475 159
Sum	100 %	1 219 134	379 153	325 979	752 072	2 676 339

2024	Share %	Subscription-based	Consultant	Hardware	Data-driven	Sum
Digiflow AS*	22 %	83 613	8 420	80 119	0	172 152
Jotta AS	13 %	101 257				101 257
Comby*	10 %	55 863	14 267	5 834		75 964
Bazoom Group ApS*	8 %				63 036	63 036
Marketplace	7 %				53 640	53 640
FDVhuset AS	5 %	38 235				38 235
Norbits AS	5 %	27 820	8 837			36 657
Curotech AS	5 %	26 019	9 464			35 483
Filemail AS	4 %	31 301				31 301
Other	22 %	127 552	31 372	0	8 227	167 152
Sum	100 %	491 660	72 360	85 954	124 903	774 876

Geographical distribution	2025	2024
Norway	886 667	504 168
Nordics outside of Norway	708 772	178 625
Rest of the world	1 080 901	92 083
Total revenue	2 676 339	774 876

The Group companies provide software services within various categories as described below.

Cloud Storage & Transfer comprises SaaS solutions focused on secure cloud storage, reliable file transfer, and comprehensive data protection, along with specialized tools to manage a wide range of file types and formats for both B2B and B2C markets.

PropTech includes B2B Saas Solutions designed to optimize workflows and document management for commercial and municipal real estate as well as ongoing operations of residential, office and hospitality properties by streamlining operations, ensuring compliance, and enhancing overall management capabilities.

Operations Automation includes B2B SaaS platforms that facilitate workflow automation. The solutions streamline processes such as sales, inventory, labor management, order handling and general operational tasks across various industries, driving increased efficiency and scalability.

eHealth platforms cater to the healthcare sector, providing B2B SaaS solutions that support patient management, communication and administrative operations. These platforms are tailored to improve operational efficiency and address the unique needs of healthcare providers, including integration with health records and health handbooks

Managed Service offerings comprises end-to-end IT solutions, including cloud service, cybersecurity, hosting, IT support and operational management. These services are designed to enhance organizational performance, security and technology infrastructure.

General Business Services consist of B2B SaaS platforms to general entities which include payroll and HR management, subscription management for the media industry, simplifying the registration and formation of limited liability companies, providing expertise in ERP, HR and document management solutions and providing accounting and sales systems.

Niche Business Services comprises specialized entities targeting specific markets. Offerings include SEO and digital advertising services, 3D scanning and advanced data analytics for global clients, production reporting tools for industrial sectors, and infotainment solutions tailored to the marine-, hospital-, and hotel industries. These B2B SaaS platforms deliver targeted, value-driven solutions that address complex, industry-specific challenges.

2025	Cloud Storage & Transfer	PropTech	Operations Automation	eHealth	Managed Services	General Business Services	Niche Business Services	Sum
Digiflow AS					356 043			356 043
Symplify*							460 263	460 263
Capnor							149 317	149 317
Genera Networks AB							61 507	61 507
WhiteBit*					139 431			139 431
Jotta AS**	35 746							35 746
Comby					168 728			168 728
Bazoom Group ApS*							444 492	444 492
Unisoft				35 759				35 759
Regla Ehf						50 622		50 622
Baze Technology							145 352	145 352
FDVhuset AS		40 122						40 122
Norbits AS			43 213					43 213
Curotech AS		36 674						36 674
Filemail AS	33 908							33 908
Other	38 136	64 758	80 330	12 451	28 589	158 721	92 175	475 159
Sum	107 791	141 554	123 543	48 210	692 791	209 343	1 353 107	2 676 339

2024	Cloud Storage & Transfer	PropTech	Operations Automation	eHealth	Managed Services	General Business Services	Niche Business Services	Sum
Digiflow AS*					172 152			172 152
Jotta AS	101 257							101 257
Comby*					75 964			75 964
Bazoom Group ApS*							63 036	63 036
Marketplace							53 640	53 640
FDVhuset AS		38 235						38 235
Norbits AS			36 657					36 657
Curotech AS		35 483						35 483
Filemail AS	31 301							31 301
Other	40 220	9 588	16 521	29 706	0	36 086	35 031	167 151
Sum	172 779	83 305	53 178	29 706	248 116	36 086	151 707	774 876

Contract liabilities at 31.12

The Group has liabilities related to contracts with customers. The following table shows contract liabilities at 31. December and how much of the revenue recognised in the current reporting period relates to carried-forward contract liabilities. Contract liabilities at 31 December primarily stem from the revenue streams subscription-based revenues and data-driven queries.

Amounts in NOKt	2025	2024
Contract liabilities at 01.01	88 981	59 383
New contracts entered into	2 715 098	620 674
Contract liabilities from acquired companies	119 759	19 371
Contract liabilities at disposal	-51 048	0
Revenue recognised that was included in the contract entered into this year	-2 626 415	-562 180
Revenue recognised that was included in the contract liability balance at the beginning of the period	-77 875	-48 267
Contract liabilities at 31.12	168 501	88 981

	2026	2027	2028	Sum
The Group's order backlog will be mainly recognised within 3 years	153 330	11 050	4 122	168 501

Contract assets at 31.12

Amounts in NOKt	2025	2024
Contract assets at 01.01	15 260	4 625
Changes in the period	81 670	10 635
Contract assets at 31.12	96 930	15 260

Contract assets are primarily related to project deliveries, where the relevant Group company has performed services under fixed-price or milestone-based contracts but has not yet reached the contractual invoicing point. Revenue is recognised as performance obligations are satisfied over time, while invoicing occurs at agreed milestones or upon project completion, giving rise to contract assets representing work performed but not yet invoiced. All contract assets at 31.12 are expected to be paid within 1 year from the balance sheet date.

Note 4 Cost of goods and services sold

Amounts in NOKt	2025	2024
Cost of hardware sold	293 802	105 497
Acquired content	242 650	37 920
Cost of other services sold	572 623	48 554
Total cost of goods and services sold	1 109 076	191 970

In 2024 the cost of acquired content was included as part of other operating expenses. To improve comparability with the 2025-figures this amount has been reclassified to cost of goods and services sold.

Note 5 Personnel costs and remunerations

Amounts in NOKt	2025	2024
Wages and salaries	557 971	193 594
Social Security costs	54 005	24 420
Pension costs	25 539	8 746
Capitalised internal hours (development)	-17 599	-20 356
Other remuneration	-3 584	-2 800
Total personnel costs	616 332	203 603
Average number of FTEs	763	245

The Group has defined contribution pension plans for its employees which satisfy the statutory requirements in the respective jurisdictions of the Group entities. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The pension cost is expensed, and the Group has no further payment obligations once the contributions have been paid.

No loan or collateral has been granted to the CEO, the Chairman of the Board or other related parties.

The Group CEO and CFO are employed in the parent company, Hawk Infinity AS. An agreement has been entered into with Hawk Infinity for the services of Joakim Karlsen as Group CEO and Lars Revling as Group CFO, with agreed annual fees of TNOK 900 and TNOK 600 respectively.

Board remuneration received in 2025 is shown in the table below.

Amounts in NOKt	2025
Johan Bernt Michelsen (chairman of the board)	0
Joakim Karlsen	0
Roland Rabben	23
Reiulf Johansen	23
Jon Erik Reinhardsen	104
Total	149

Note 6 Cost of Other operating expenses

Amounts in NOKt	2025	2024
Rent and office expenses	42 925	16 477
Legal, accounting and other consultants	107 925	52 541
IT equipment, hosting and platform	45 369	11 094
Travel and transport	20 266	7 204
Loss from sale of subsidiary	0	5 629
Other operating expenses	104 677	20 786
Total other operating expenses	321 161	113 730

Note 7 Disposal of subsidiary

On 30 April 2025, Snowball Software Group AS ("SSG") completed the disposal of 100% of the shares in Jotta AS to JT Holdco AS (org. no. 934 921 135), a newly established holding company ("JT Holdco") owned 50% by SSG and 50% by Telenor Communication II AS ("Telenor"). As part of the transaction, Telenor contributed its ownership in Telenor Software Lab AS ("TSL") to JT Holdco. Following completion, JT Holdco held both Jotta AS and TSL. During 2025, Jotta AS and TSL were merged, and the combined entity now operates under the name Jotta Group AS.

Loss of control and derecognition (IFRS 10)

Prior to the transaction, Jotta AS was 100%-owned by SSG and fully consolidated in the Group's financial statements in accordance with IFRS 10. Upon completion on 30 April 2025, SSG transferred control of Jotta AS to Newco and ceased to consolidate Jotta AS. The loss of control has been accounted for in accordance with IFRS 10.25.

The carrying amount of Jotta AS's net assets at the date of disposal amounted to NOK 22.5 million, comprising primarily intangible assets (goodwill of NOK 40 million and capitalised R&D of NOK 28 million), a deferred tax asset of NOK 5 million, and other net assets and liabilities. These amounts were derecognised in full upon loss of control in accordance with IFRS 10.B98(a).

Prior to closing, the subsidiaries previously held by Jotta AS were transferred to SH Int AS, a wholly-owned subsidiary of SSG, in order to ensure continuity of the Group's obligation structure under the bond terms. Jotta AS's role as an OpCo and guarantor under SSG's outstanding bonds was consequently replaced by SH Int AS.

Gain on disposal

The total consideration received comprised (i) a cash settlement of approximately NOK 360 million paid to SSG and (ii) a 50% ownership interest in JT Holdco AS, recognised at fair value at the date of loss of control in accordance with IFRS 10.25(b). The fair value of the 50% interest was determined based on the agreed enterprise value of Jotta AS of NOK 930 million, established on arm's length terms with Telenor, together with the fair value of TSL contributed by Telenor, resulting in a combined enterprise value of Newco of approximately NOK 1,500 million and an equity value of approximately NOK 1,140 million. SSG's 50% interest in JT Holdco was accordingly recognised at a fair value of approximately NOK 573 million at the date of loss of control.

The total consideration received, including the fair value of the retained 50% interest in JT Holdco, amounted to NOK 933.8 million. After derecognition of Jotta AS's net assets of NOK 22.5 million, the transaction resulted in a gain on disposal of NOK 911 million, recognised in the statement of profit and loss as a separate line item. The gain is presented separately to enhance transparency, as it does not form part of the Group's ordinary recurring operations.

Subsequent accounting – joint venture (IFRS 11 / IAS 28)

SSG has assessed the governance structure of JT Holdco and concluded that the arrangement constitutes a joint venture in accordance with IFRS 11, as SSG and Telenor exercise joint control over JT Holdco AS. The arrangement is classified as a jointly controlled entity under IFRS 11.16, with each party holding rights to the net assets of JT Holdco.

SSG's 50% interest in JT Holdco AS is accordingly accounted for using the equity method in accordance with IFRS 11.24 and IAS 28, with the investment initially recognised at the fair value of NOK 573 million at the date of loss of control. A purchase price allocation ("PPA") has been performed to allocate the initial carrying amount of the investment across the identifiable assets and liabilities of Jotta Group AS, including identified intangible assets. Details of the PPA, including identified fair value uplifts and the resulting amortisation charges, are provided in Note 15 – Interests in associates and joint ventures.

In subsequent periods, SSG will recognise its share of JT Holdco’s profit or loss under the equity method, adjusted for amortisation of fair value uplifts identified in the PPA and for any impairment assessed in accordance with IAS 28 and IAS 36.

Note 8 Financial items

Amounts in NOKt	2025	2024
Interest income	43 283	7 912
Agio	14 965	5 382
Other finance income	647	2 810
Total interest and other finance income	58 895	16 104

Amounts in NOKt	2025	2024
Interest expenses	422 029	154 416
Disagio	50 701	3 762
Interest expenses leasing liabilities	2 759	2 806
Amortisation of capitalised borrowing costs	12 034	3 721
Modification loss	0	20 250
Other finance expenses	220 622	319
Total interest and other finance expenses	708 145	185 275

Interest expenses are primarily related to the bond loans (NOKm 405 in 2025 and NOKm 147 in 2024) and the Revolving Credit Facility (NOKm 15 in 2025 and NOKm 6.5 in 2024).

The modification loss from 2024 is related to the modification of the Company's 5-year senior secured bond issue due October 3, 2028 with ISIN NO 0013023226. The purpose of the modification to the bond terms was to allow for further new bond issues with later maturity than the existing Bonds. As this cost is not directly related to the issue of new bonds, the fee was expensed in full in 2024.

Other finance expenses in 2025 primarily consist of fair-value adjustments of contingent considerations of NOKm 180.

Note 9 Tax

Accounting principles

The income tax expense consists of tax payable and deferred tax. The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Current and deferred tax is recognised in profit or loss, 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.

Amounts in NOKt	2025	2024
INCOME TAX EXPENSE
Tax payable*	65 640	16 648
Deferred tax expense/(income)	-63 823	-20 111
Income tax expense	1 818	-3 463
*Tax expense in 2024 is impacted by adjustment of comparative figures as described in note 26.
TEMPORARY DIFFERENCES
Amounts in NOKt	2025	2024
Fixed assets and R&D	-10 883	-7 321
Right-of-use asset	-2 696	-3 574
Accounts receivable	-4 092	-2 640
Other differences	116 428	126 889
Customer relations, Brand name and Software business combinations	1 509 171	764 274
Net temporary differences	1 607 928	877 628
Tax losses carried forward	-110 000	-59 912
Basis for deferred tax	1 497 928	817 716
Deferred tax	329 544	179 898
Deferred tax asset not capitalised	1 148	1 161
Deferred tax in the balance sheet	330 693	181 059
The part of deferred tax asset which is not capitalised is related to government grants ("Skattefunn") capitalised as part of R&D.
Change in net deferred tax assets and deferred tax liabilities
Amounts in NOKt	2025	2024
Balance at January 1	181 059	31 025
Change in deferred tax from business combinations	209 371	165 103
Change in deferred tax on profit and loss	-63 823	-20 111
Currency effects	4 085	5 041
Balance at December 31.	330 693	181 059
Payable taxes in the balance sheet
Payable tax expense	65 640	16 648
Tax payable on profit outside ownership period	1 832	23 778
Prepaid tax	-27 748	0
Government grant (Skattefunn)	-324	-858
Payable tax in the balance sheet	39 401	39 568

Reconciliation of the tax expense

Amounts in NOKt		2025	2024
Profit before tax		418 288	-49 563
Estimated income tax 22%		92 023	-10 904
Tax expense in the statement of profit and loss		1 818	-3 463
Difference		-90 206	7 441
Explanation of difference:
Permanent differences		-87 520	5 447
Effect of different income tax rates in other jurisdictions		-3 835	510
Other differences		1 148	1 483
Total explained difference	0 %	-90 206	7 441
1)Most of the Group's activities are based in Norway, the effective tax rate reconciliation is based on the applicable tax rate in Norway

Permanent differences in 2025 primarily relate to the gain on disposal of Jotta AS, which is exempt from tax under the Norwegian participation exemption (fritaksmetoden).

Effective tax rate

The table reconciles the reported income tax expense to the expected income tax expense according to the Norwegian corporate income tax rate of 22%. It also discloses the main elements of the tax expense.

Note 10 Business combination

Accounting principles

Business combinations are accounted for using the acquisition method. The consideration paid and the net identifiable assets acquired in a business combination are measured at fair value at the acquisition date.

Provisions for any deferred consideration is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value are recognised in profit or loss. The assumptions for estimating these provisions are described in note 11 .

As part of business combinations, the group is required to allocate the purchase price to identifiable assets acquired and liabilities assumed, including intangible assets such as brand, customer relationships and contracts. This process involves significant management judgement, particularly in selecting appropriate valuation methodologies for brand, customer relationships and contracts, and in determining key assumptions used in the valuation models, including expected cash flows, discount rates and the estimated economic lives of the assets.

Transactions under common control

During the year, the Group acquired two companies, EM Systemer AS and Robolabs UAB, from entities under common control of the ultimate parent Hawk Infinity AS. Transactions under common control are outside the scope of IFRS 3.

In accordance with IAS 8, the Group has established a consistent accounting policy for such transactions. The Group applies the recognition and measurement principles of IFRS 3 by analogy when accounting for acquisitions of entities under common control. Accordingly, the consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on their estimated fair values at the transaction date.

Summary of acquisitions

The group made 16 acquisitions in 2025, summarized below. For each of these acquisitions a purchase price allocation (PPA) has been performed. The PPAs are prepared based on available information and management expectations at the time of acquisition. The listed acquisition-date for each acquisition corresponds to the date the consideration was transferred, and control was obtained

For acquisitions completed after the balance sheet date, refer to Note 28 – Events after the balance sheet date.

Entity	Acquisition date	Ownership and voting share
Symplify Technologies AB	10 February 2025	100 %
Baze Technology AS	17 February 2025	100 %
ROQC Data Management AS	28 February 2025	100 %
Satvision Software AS	10 April 2025	100 %
Synega Group	03 June 2025	51 %
Robolabs UAB	18 June 2025	100 %
UCS Baltic	13 June 2025	100 %
SIA UCS	13 June 2025	100 %
WhiteBit UAB	02 July 2025	94.7%
Sportstiming ApS	10 July 2025	100%
FBA Indaga Soft S.L.	07 July 2025	100%
EM Systemer AS	29 August 2025	100%
ATOM Tech SIA	16 September 2025	80%
Apicon GmbH	15 September 2025	100%
Vistra Ingenieure GmbH	15 September 2025	100%
Opticom SIA	21 November 2025	93%

The Group is focused on acquiring niche B2B software businesses. The businesses acquired in 2025 provide mission-critical software solutions to B2B customers. Following the acquisitions the group has been able to diversify its operations both geographically and in terms of services offered.

A total acquisition cost of c. NOKm 40 has been incurred in 2025.

PPAs are shown below. The transactions considered to be most significant, based on enterprise value and revenue- and EBITDA-contribution, are specified per entity while the remaining transactions are collated in one column. All figures are in NOKt.

Amounts in NOKt	Symplify	Baze Technology	ROQC Data Management	WhiteBit	Sportstiming	Vistra	Robolabs	ATOM	Other	Total
Cash paid	249 110	365 200	236 917	346 960	221 466	161 791	116 099	120 536	416 827	2 234 906
Subordinated seller credits						69 339			61 519	130 858
Subordinated earn-out		400		72 133		0	10 300	1 564	36 245	120 641
Total purchase consideration	249 110	365 600	236 917	419 092	221 466	231 130	126 399	122 100	514 591	2 486 406

Subordinated earn-outs and seller credits are settled partly in cash and partly in shares in the parent company.

The assets and liabilities recognised as a result of the acquisitions are as follows:

Amounts in NOKt	Symplify	Baze Technology	ROQC Data Management	WhiteBit	Sportstiming	Vistra	Robolabs	ATOM	Other	Total
Cash	21 823	22 965	9 811	62 205	117 948	10 973	9 326	4 032	61 161	320 243
Intangible assets: software and technology	60 355	42 977	12 425		24 565	26 430	25 280	18 034	61 686	271 751
Intangible assets: Customer relationships and contracts	42 870	141 216	77 856	167 631	65 470	60 901	17 619	47 537	176 683	797 783
Other intangible assets		330	1 771						2	2 103
Fixed assets	28	13 171	250	661	546	780	219	73	9 465	25 191
Inventory		13 916		2 199					11 823	27 938
Trade receivables	41 704	32 441	20 374	5 076	1 621	3 039	8 728	2 733	42 534	158 251
Other current receivables	4 654	6 029	735	65 106	5 456	328	738	7 395	11 777	102 217
Long term debt	-23 014	-7 839					-53		-872	-31 778
Trade payables	-19 214	-12 504	-928	-10 053		-323	-1 264	-363	-22 119	-66 768
Other current liabilities	-49 660	-42 943	-40 191	-113 899	-114 489	-12 318	-7 958	-4 244	-51 658	-437 359
Tax payable	-1 939	276	-5 367	-4 045	-7 059		-1 377	-5 056	-6 229	-30 796
Deferred tax liabilities	-17 510	-32 845	-16 520	-18 773	-19 865	-26 251	-6 596	-12 882	-58 130	-209 371
Net identifiable assets acquired	60 096	177 189	60 217	156 108	74 194	63 556	44 663	57 258	236 124	929 405
Goodwill	189 013	188 411	176 701	286 267	147 272	167 574	81 737	95 367	321 842	1 654 183
Net equity acquired	249 110	365 600	236 917	442 375	221 466	231 130	126 399	152 625	557 966	2 583 589
Less: non-controlling interests				-23 283				-30 525	-43 375	-97 183
Parent company interests	249 110	365 600	236 917	419 092	221 466	231 130	126 399	122 100	514 591	2 486 406

Outflow of cash to acquire subsidiary, net of cash acquired	Symplify	Baze Technology	ROQC Data Management	WhiteBit	Sportstiming	Vistra	Robolabs	ATOM	Other	Total
Cash consideration	249 110	365 200	236 917	346 960	221 466	161 791	116 099	120 536	416 827	2 234 906
Less: Balances acquired	-21 823	-22 965	-9 811	-62 205	-117 948	-10 973	-9 326	-4 032	-61 161	-320 243
Net outflow of cash – investing activities	227 287	342 235	227 106	284 755	103 518	150 818	106 774	116 504	355 666	1 914 663

Revenue and profit contribution in the ownership period	Symplify	Baze Technology	ROQC Data Management	WhiteBit	Sportstiming	Vistra	Robolabs	ATOM	Other	Total
Revenues	460 263	145 352	33 442	135 660	21 236	10 626	36 641	10 352	118 216	971 788
Net profit to the Group	1 273	25 432	-15 414	24 581	5 285	3 227	6 783	5 123	4 636	60 925
Revenue and profit contribution if the acquisitions had occurred on 1 January 2025
Revenues	545 890	176 940	39 638	244 810	42 644	37 205	72 777	32 805	398 617	1 591 327
Net profit to the Group	4 803	21 290	-10 523	41 449	11 123	11 299	9 686	9 750	31 049	129 926

These amounts have been calculated using the subsidiaries’ results, adjusted for differences in accounting policies between the Group and the subsidiary. The net profit has been adjusted for depreciation and amortisation that would have been charged assuming the fair value adjustments to property, plant and equipment and intangible assets had been applied from the time of acquisition, together with the consequential tax effects

Symplify

Symplify is providing a market leading software for Customer Engagement, a comprehensive CRM with omni-channel marketing automation, CRO- and AI-capabilities. The software is used by more than 200 SME and Enterprise customers globally, mainly within the verticals FinTech, Retail, NGO, Education and Sports-betting. The company was founded in 2000 and has since grown with offices in Canada, Denmark and Spain.

The subordinated earn-out will be granted if certain relatively ambitious free cash flow growth targets are met in 2025 to 2028. The value included in the table above is a probability-weighted and discounted estimate. The maximum undiscounted earn-out amount is SEKm 170.

The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes.

Baze Technology

Baze is a software company providing BazePort, a specialized advanced infotainment solution to the maritime-, hotel- and hospitality industries. BazePort is the leading infotainment system in the maritime sector with more than 1275 installations installed globally. Founded in 2007, the company is based in Porsgrunn, Norway, with an organisation that has proven scalability.

The subordinated earn-out will be granted if certain relatively ambitious free cash flow growth targets are met in 2025 and 2026. The value included in the table above is a probability-weighted and discounted estimate. The maximum undiscounted earn-out amount is NOKm 80.

The goodwill is attributable to the workforce. It will not be deductible for tax purposes

ROQC Data Management

ROQC is a software company providing proprietary subsurface data management tools alongside specialised enhancements to subsurface software technology platforms. Founded in 2003, the company is based in Sandnes, Norway, with an organisation that has long tenure and solid track-record in the data management domain. ROQC has successfully developed the company’s recurring revenue SaaS business model and commercialisation of R&D and has a solid foundation for future long-term growth.

The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes

WhiteBit

WhiteBit, established in 2017 in Lithuania, is a leading integrator of IT networks, cyber security, and virtualization solutions. Partnering with leading global solution suppliers, the Company provides design, installation, and maintenance of mission-critical IT infrastructure in public and private sectors, services key institutions and the largest enterprises from the government, defense, telecommunication, energy & utility, financial, and retail sectors.

The subordinated earn-out will be granted if certain free cash flow growth targets are met in 2025, 2026 and 2027. The value included in the table above is a probability-weighted and discounted estimate. The maximum undiscounted earn-out amount is EURm 9.1.

The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes.

Sportstiming

Sportstiming is a software company providing proprietary solutions aimed at the sports event industry. Founded in 2001, the company is based in Viby, Denmark, with an organization that has long tenure and solid track-record in the sports timing and event management industry. Sportstiming has the developed an online platform technology for registration, timing, and result communication services for events of all types and sizes, as well as services for race organizers. Both fixed and transactional revenue streams from the online platform combined with hardware and other services creates a robust revenue profile with significant upside potential.

The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes.

Vistra

Vistra, established in 1994 and headquartered in Karlsruhe, delivers compliance solutions tailored to organizations of all sizes. Vistra’s proprietary web application enables users to manage assigned duties and legal requirements efficiently. Additionally, Vistra is a provider of integrated management systems, offering clients guidance and customized solutions for their compliance processes.

The goodwill is attributable to the workforce and the high profitability of the acquired business. It will be deductible for tax purposes.

Robolabs

Robolabs is a Lithuanian SaaS fintech provider offering cloud-based document processing, automated bookkeeping, and real-time business analytics via the ROBO platform. Founded in 2016, the company serves businesses across major Lithuanian cities including Vilnius, Kaunas, Klaipeda and throughout Lithuania.

The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes.

Atom Mobility

ATOM Mobility is based in Latvia and builds a white-label software platform that enables businesses, or cities to launch and manage their own shared mobility, rental and ride-hailing services.

The goodwill is attributable to the workforce and the high profitability of the acquired business. It will not be deductible for tax purposes.

Other acquisitions

The combined effect of the remaining acquisitions is shown in a separate column in the table above. All amounts are in NOKm, and where applicable converted from foreign currencies based on the exchange rate on the acquisition date. See note 1 for general information regarding each of the acquired entities.

In several of the acquisitions a subordinated earn-outs will be granted if certain relatively ambitious free cash flow growth targets are met in the coming years. The value included in the table above is a probability-weighted and discounted estimate.

The goodwill is attributable to the workforce and the high profitability of the acquired businesses. It will not be deductible for tax purposes

Summary of additions

Amounts in NOKt	Additions deferred tax	Additions Goodwill	Additions customer relations	Additions trademark	Additions software and technology	Net outflow of cash – investing activities
Symplify	17 510	189 013	42 870		60 355	227 287
Baze	32 845	188 411	141 216	330	42 977	342 235
ROQC	16 520	176 701	77 856		14 196	227 106
WhiteBit	18 773	286 267	167 631			284 755
Sportstiming	19 865	147 272	65 470		24 565	103 518
Vistra	26 251	167 574	60 901		26 430	150 818
Robolabs	6 596	81 737	17 619		25 280	106 774
ATOM	12 882	95 367	47 537		18 034	116 504
Other	58 130	321 842	176 683		61 688	355 666
Total	209 371	1 654 183	797 783	330	273 525	1 914 663

Pro-forma financials

If the acquisitions had occurred on 1 January 2025, consolidated pro-forma revenue and profit for the year ended 31 December 2025 would have been:

Pro-forma financials
Revenues	3 295 877
Profit after tax	485 471

Accounting policy choice for non-controlling interests

The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets. This decision is made on an acquisition-by-acquisition basis.

For the acquisitions of WhiteBit, Synega, ATOM Tech SIA and Opticom SIA the Group has elected to recognise the non-controlling interests at fair value.

Measurement period

The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is presented within 12 months of the acquisition date.

Business combinations in 2024

The Group completed 14 acquisitions during 2024, for which purchase price allocations were presented on a preliminary basis in the 2024 financial statements. In accordance with IFRS 3, the measurement period for each acquisition does not exceed 12 months from the respective acquisition date. The purchase price allocations for all 2024 acquisitions have been finalised during 2025.

The finalisation process involved completion of valuations of identified intangible assets, primarily technology, customer relationships and brand names, across the acquired entities. As a large proportion of the 2024 acquisitions were completed close to year-end, the preliminary allocations were based on management's best estimates at the time of the 2024 financial statements.

The final purchase price allocations are summarised in the table below. The most significant adjustments relate to reallocation from trade name to customer relationships and contracts and goodwill for some of the acquired entities. The adjustments had no effect on total consideration paid or cash flows

Amounts in NOKt	Digiflow	Comby	Capnor	Bazoom	Regla	Other	Total
Cash	43 741	39 701	15 595	52 736	18 384	48 690	218 846
Intangible assets: software and technology	19 178	30 104	21 783	28 094	10 761	34 976	144 896
Intangible assets: Customer relationships and contracts	91 466	24 352	63 678	101 919	25 856	99 955	407 225
Intangible assets: Trade name		0	7 029	9 492	4 087	5 407	26 016
Other intangible assets
Fixed assets	1 329	15 336	4 526	6		2 334	23 531
Inventory	1 709	3 702				254	5 665
Financial assets		728		473	243	9 341	10 785
Trade receivables	16 381	19 222	35 221	5 082	2 027	17 832	95 766
Other current receivables	12 135	37 174	8 208			10 237	67 753
Long term debt						-12 501	-12 501
Trade payables	-21 369	-6 956	-2 093	-7 058	-539	-6 181	-44 195
Other current liabilities	-30 796	-11 163	-27 081	-20 281	-3 522	-24 724	-117 567
Tax payable	-11 014	-596	-3 624	-14 683	-250	-5 436	-35 602
Deferred tax liabilities	-24 220	-45 581	-16 760	-30 691	-8 548	-31 849	-157 649
Net identifiable assets acquired	98 539	106 021	106 483	125 090	48 499	148 338	632 971
Goodwill	521 461	231 299	215 172	436 881	138 370	329 729	1 872 913
Net equity acquired	620 000	337 321	321 655	561 971	186 869	478 067	2 505 884
Less: non-controlling interests	-140 250	-31 484			-8 487	-7 100	-187 322
Parent company interests	479 750	305 837	321 655	561 971	178 382	470 967	2 318 562

Amounts in NOKt	Digiflow	Comby	Capnor	Bazoom	Regla	Other	Total
Cash paid (incl. Non-controlling interests)	575 000	306 297	321 655	433 307	156 724	417 354	2 210 337
Subordinated earn-out and seller credits	45 000	60 508		128 664	21 658	53 613	309 443
Total purchase consideration	620 000	366 805	321 655	561 971	178 382	470 967	2 519 780
Outflow of cash to acquire subsidiary, net of cash acquired
Cash consideration	575 000	306 297	321 655	433 307	156 724	417 354	2 210 337
Less: Balances acquired	-43 741	-39 701	-15 595	-52 736	-18 384	-48 690	-218 846
Net outflow of cash – investing activities	531 259	266 596	306 060	380 572	138 340	368 664	1 991 491

Note 11 Contingent consideration

Accounting policies

Some of the Group’s acquisitions include contingent consideration in accordance with IFRS 3 Business Combinations. Contingent consideration is recognised at fair value at the acquisition date as part of the purchase consideration and is subsequently remeasured at fair value through profit or loss in accordance with IFRS 9 Financial Instruments.

The contingent consideration arrangements are typically based on the future financial performance of the acquired entities, primarily linked to free cash flow growth targets (typically EBITDA adjusted for capital expenditure and/or changes in net working capital). The consideration is settled partly in cash and partly in shares in the parent company.

The fair value measurement of contingent consideration involves the use of estimates and judgement, including assumptions related to expected future performance and discount rates. Changes in these assumptions may result in material adjustments to the recognised liability.

Contingent considerations recognised

In several of the acquisitions the Group has conducted in 2025 and previous years, part of the consideration is contingent upon the acquired entities achieving specified free cash flow growth targets over the earn-out period, primarily relating to the years 2026 to 2028.

Contingent consideration is initially measured at fair value at the time of acquisition and is a probability-weighted and discounted estimate of future payments. Subsequent changes in the fair value are recognised in the income statement.

Of the contingent consideration booked at 31.12.2024, approximately NOKm 140 was paid in 2025.

Amounts in NOKt	Fair value 01.01.	New	Paid	Fair-value adjustments	Fair value 31.12
Estimated deferred consideration Regla (due in 2026-2027)	18 451		-12 588	-5 863
Estimated deferred consideration Comby (due in 2026-2027)	60 508		-72 217	16 899	5 189
Estimated deferred consideration Bazoom (due in 2026-2027)	128 664			35 885	164 549
Estimated deferred consideration Digiflow (due in 2025-2026)	45 000	0	-50 000	5 000	0
Estimated deferred consideration WhiteBit (due in 2026-2028)		70 868	-7 135	43 191	106 924
Estimated deferred consideration Baze (due in 2027-2028)		400		48 191	48 591
Estimated deferred consideration Sunnsoft (due in 2026-2029)	10 000			23 333	33 333
Estimated deferred consideration Genera (due in 2026-2028)	7 696			23 027	30 723
Estimated deferred consideration other (due in 2026-2027)	24 844	48 264	-5 546	-9 138	58 424
Contingent liability	295 163	119 531	-147 486	180 524	447 732

Note 12 Goodwill and impairment

Accounting principles

Goodwill arises in business combinations as the excess of the consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date.

Goodwill as of 31 December 2025 is MNOK 4.058,4 and relates to historical acquisitions in the group. See split below for allocation per acquired entity. See note 16 Business combination for further details. Goodwill is monitored and tested for impairment at the operating segment level (see note 2).

Impairment testing is performed in accordance with IAS 36 when impairment indicators are identified, and at least annually for goodwill and intangible assets with indefinite useful lives.

The recoverable amount of the CGUs is determined based on value-in-use calculations using discounted cash flow models. These calculations require the use of significant management assumptions and estimates.

The discounted cash flow models are based on cash flow projections covering a five-year period based on financial budgets and forecasts approved by management. The forecasts reflect historical performance, signed customer contracts, pipeline activity and expected development in existing customer relationships, as well as management’s expectations of future market conditions.

Key assumptions include revenue growth, operating margins, capital expenditure, changes in net working capital and the discount rate. The discount rate is based on the Group’s weighted average cost of capital (WACC), which is derived using a capital asset pricing model (CAPM). The WACC reflects a risk-free interest rate, an equity risk premium, company-specific risk adjustments and a cost of debt adjusted for the Group’s credit risk. The discount rate is adjusted to reflect the specific risks associated with each CGU.

Cash flows beyond the five-year period are extrapolated using the long-term inflation target of 2%.

The valuation is based on unobservable inputs and is therefore classified as Level 3 in the fair value hierarchy.

Sensitivity analyses are performed on various changes in assumptions in the impairment tests to consider if the impairment tests are sensitive for reasonable changes in key assumptions.

A segment-level summary of the goodwill allocation is presented below:

2025

Amounts in NOKt	Total
Filemail AS	69 420
Storegate AB	29 418
Rushfiles A/S	1 106
Viscenario AS	0
Curotech AS	157 699
Norbits AS	64 636
FDVhuset AS	85 765
Marketplace	138 176
Cars Software AS	34 224
Unisoft AS	72 111
Nytt Foretak AS	40 777
Digiflow AS	521 461
Sunnsoft Publishing AS	54 917
Comby	230 555
Capnor	215 172
Bazoom	434 368
Infosoft	15 236
Andevis	20 222
OsmiBit	16 367
MotionTech	7 647
Mikon	17 425
Genera	70 882
Barcontrol	29 799
Regla	137 686
Symplify	116 159
ROQC Data Management AS	176 701
Baze Technology AS	188 366
Robolabs	84 295
Satvision	14 145
Synega	55 136
UCS Baltic	30 298
UCS SIA	11 616
Sportstiming	147 617
FBA Indaga	52 689
WhiteBit	286 424
EM Systemer AS	48 646
Apicon	51 781
Vistra	171 728
ATOM	97 449
Opticom	60 305
Total	4 058 424

Changes in goodwill from 2024 to 2025 are due to acquired entities in 2025, see note 10 Business combinations, impairment, exchange differences, and the sale of the Group’s shares in Jotta AS.

2024

Amounts in NOKt	Total
Jotta AS	39 995
Filemail AS	69 420
Storegate AB	27 668
Rushfiles A/S	1 103
Viscenario AS	6 343
Curotech AS	157 699
Norbits AS	64 636
FDVhuset AS	85 765
Marketplace	138 176
Cars Software AS	34 224
Unisoft AS	72 111
Nytt Foretak AS	44 390
Digiflow AS	503 267
Sunnsoft Publishing AS	54 917
Comby	231 064
Capnor	211 548
Bazoom	418 130
Infosoft	35 236
Andevis	30 021
OsmiBit	28 363
MotionTech	7 647
Mikon	17 425
Genera	55 351
Barcontrol	29 799
Regla	140 251
Total	2 504 552

Management has calculated value in use and performed impairment tests for all CGUs in the Group.

Key assumptions for significant CGUs

CGUs which comprise c 5% or more of the total goodwill in the Group are described as significant CGUs in the table above. The assumptions are based on budgets for 2026 and management inputs for the remaining forecast period, in addition to industry- and company-specific risk factors. These include, but are not limited to strategic, operational, financial and climate factors. Growth in the terminal period is set to 2 % based on the long-term inflation target. CAGR and EBITDA-margin assumptions are based on the existing customer base, signed contracts and pipeline for the respective CGUs, and reflect management's expectations of future market conditions. For the majority of CGUs, EBITDA-margins applied in the budget period are consistent with historically achieved levels. CAGR assumptions are generally set somewhat below recent historical growth rates, reflecting the expectation that the companies are transitioning towards a more mature phase with more stable, recurring revenue growth. For CGUs where impairment has been recognised, the assumptions reflect the revised outlook as described in the impairment summary below.

Discount rate is based on weighted average capital cost (WACC). The discount rates reflect the market return requirement at the time of testing in the industry in which the cash-generating unit is located. Risk-free interest rate based on government bonds in the respective countries, the local tax rate and a market risk premium of 5,0% are applied.

Significant CGUs - applied assumptions
	Discount rate (post-tax)	CAGR in the budget period	EBITDA-margin in the budget and terminal period	CF-yield (post-tax)
Digiflow	10,6 %	11 %	19 %	15 %
Bazoom	9,2 %	5 %	28 %	21 %
Comby	10,6 %	6 %	38 %	27 %
WhiteBit	10,6 %	8 %	23 %	18 %
Capnor	10,6 %	6 %	30 %	17 %
Symplify	10,6 %	3 %	5 %	3 %
Baze	10,6 %	15 %	42 %	26 %
ROQC	10,6 %	13 %	43 %	32 %

Summary of impairment per CGU

During 2025, impairment losses were recognised for five CGUs following a reassessment of expected future cash flows. The impairments were primarily driven by weaker trading performance for these CGUs and the loss of key customers for one CGU. The recoverable amounts were determined using value in use calculations. Total impairment losses recognized in 2025 amounted to NOK 134m and are summarized below. Refer to note 13 for impairment charge per asset group.

Amounts in NOKt	Trigger for impairment	Carrying amount	Recoverable amount	Impairment
Symplify	Margin contraction	256 575	174 495	82 080
Infosoft	Lost key customer	48 869	28 869	20 000
OsmiBit	Weak performance	35 588	23 944	11 644
Andevis	Weak performance	37 921	28 496	9 425
Viscenario	Construction industry	6 989	0	6 989
Cars Software	Termination of specific project			4 227
Total				134 366

Sensitivity analysis for key assumptions:

Sensitivity analyses were performed of various changes in assumptions in the impairment tests, including a reduction in long-term growth assumptions, an increase in the discount rate, reduction in the EBITDA-margin and a reduction in the revenue growth in 2025.

For Digiflow a reduction of EBITDA-margin to 12 %, a decrease in revenue of 30 % or an increase in the discount rate to 15,5 % would have resulted in an impairment loss for goodwill.

For Bazoom a reduction of EBITDA-margin to 9 %, a decrease in revenue of 30% or an increase in the discount rate to 28 % would have resulted in an impairment loss for goodwill.

For Comby a reduction of EBITDA-margin to 20 %, a decrease in revenue of 50% or an increase in the discount rate to 21 % would have resulted in an impairment loss for goodwill.

For WhiteBit a reduction of EBITDA-margin to 12 %, a decrease in revenue of 40% or an increase in the discount rate to 20 % would have resulted in an impairment loss for goodwill.

For Capnor a reduction of EBITDA-margin to 24, a decrease in revenue of 6 % or an increase in the discount rate to 13,5 % would have resulted in an impairment loss for goodwill.

For ROQC a reduction of EBITDA-margin to 41%, a decrease in revenue of 4 % or an increase in the discount rate to 11 % would have resulted in an impairment loss for goodwill.

For Baze a reduction of EBITDA-margin to 17%, a decrease in revenue of 60 % or an increase in the discount rate to 29 % would have resulted in an impairment loss for goodwill.

For Symplify an impairment loss was charged in 2025 and thus changes in key assumptions would have resulted in additional impairment loss of goodwill.

For the CGUs with an impairment loss in 2025, changes in key assumptions would have resulted in additional impairment loss of goodwill.

For the acquisitions closed in the second half of 2025, there have in general been limited changes since the acquisition date, and thus changes in key assumptions could have resulted in impairment loss for goodwill.

Note 13 Intangible assets and other property, plant and equipment

Accounting principles

Software and technology

The Group develops software solutions related to its service offerings. Development costs are capitalised when the recognition criteria in IAS 38 are met, including when technical feasibility has been demonstrated and the asset is expected to generate probable future economic benefits.

Capitalised development costs mainly consist of internally incurred development costs, together with certain external consulting services.

Capitalised software development costs are amortised on a straight-line basis over their estimated useful lives, which are typically between three and five years. Amortisation starts when the asset is available for use. The estimated useful life reflects the period over which the Group expects to derive economic benefits from the software.

Development costs that do not meet the capitalisation criteria are recognised as an expense as incurred. Costs related to maintenance of software are expensed as incurred. Capitalised development costs are tested for impairment when indicators of impairment exist. No material research or development costs have been expensed in 2025.

Intangible assets acquired in a business combination are initially recognised at fair value at the acquisition date and subsequently measured at cost less accumulated amortisation and impairment losses.

Customer relations and contracts

Book values related to customer relations and contracts stem from acquisitions made in 2025 and previous years. As part of the Purchase Price Allocations following business combinations significant values are allocated to customer relations and recognised at fair value at the acquisition date. The value estimates are based on expected future cash flow from existing customer relationships at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortization and impairment losses. The amortisation period is the expected lifetime of the customer relationship, and the amortisation method is based on historical experience of churn (customers ending their relationship) for the different businesses.

Useful lives are assessed individually for each acquired portfolio and typically range from 5 to 10 years, reflecting the expected retention rates of the customer base at the acquisition date. Given the consistent historical churn rates observed across the acquired entities, customer relations and contracts are amortised on a straight-line basis.

See note 10 for further details regarding the acquisitions made in 2025.

Brand name

Book values related to brand name stem from acquisitions made in 2025 and previous years. As part of the Purchase Price Allocations following business combinations a fair value estimate of the acquired company’s brand name is calculated. The value estimates are based on expected excess future earnings due to the existing brand name at the acquisition date. Brand names have a finite useful life and are amortised on a straight-line basis over their estimated useful lives, which typically range from 5 to 10 years. The estimated useful life reflects management's assessment of the period over which the brand is expected to contribute to the generation of future economic benefits. See note 10 for further details regarding the acquisitions made in 2025.

Goodwill

Goodwill has an indefinite useful life, is not amortised and amounts to NOKm 4 058. See note 10 for specification of goodwill per acquired company. For additions related to the business combinations in 2025 see note 10 . Brand name and customer relations are amortised on a straightline basis.

See note 12 for impairment test of goodwill and specification of impairment loss in 2025.

Property, plant and equipment

Property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Property, plant and equipment acquired as part of a business combination is measured at fair value at the acquisition date.

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

Amounts in NOKt	Software and technology	Customer relations	Brand name	Sum other intangible assets	Goodwill	Equipment
Cost at 1 January 2024	226 780	160 894	2 260	389 934	724 758	21 001
Accumulated depreciation	-111 879	-40 460	-1 207	-153 546	-23 850	-15 653
Net book amount 1 January 2024	114 900	120 434	1 054	236 388	700 908	5 348
Additions	51 987	0	0	51 987	0	13 216
Additions - Business Combinations	139 807	512 621	54 011	706 439	1 809 150	23 531
Adjustments - Business Combinations					23 970
Currency effects	359	988	148	1 494	-1 251
Reduction " Skattefunn"	-858	0	0	-858	0	0
Disposals	0	0	0		-4 255	-4 015
Depreciation charge	-54 113	-61 677	-2 506	-118 295	0	-5 832
Net book amount 31 December 2024	252 083	572 365	52 707	877 155	2 528 522	32 248
Cost at 1 January 2025	418 075	674 503	56 419	1 148 997	2 552 372	53 733
Accumulated depreciation	-165 992	-102 138	-3 712	-271 842	-23 850	-21 485
Net book amount 1 January 2025	252 083	572 365	52 707	877 155	2 528 522	32 248
Additions	87 042	0	0	87 042	0	6 245
Additions - Business Combinations*	273 525	797 783	330	1 071 638	1 654 183	25 191
Adjustments - Business Combinations	5 765	-11 931	-28 376	-34 542	23 293
Currency effects	367	3 258	-86	3 539	21 336
Reduction " Skattefunn"	-324	0	0	-324	0	0
Disposals	-27 854	0	0	-27 854	-39 995	-349
Impairment charge	-4 240	-1 210	0	-5 450	-128 915	0
Depreciation charge	-113 429	-171 647	-4 046	-289 122	0	-16 657
Net book amount 31 December 2025	472 934	1 188 619	20 529	1 682 082	4 058 424	46 678
Cost at 31 December 2025	756 596	1 463 613	28 287	2 248 496	4 211 190	84 820
Accumulated depreciation	-283 662	-274 994	-7 758	-566 414	-152 765	-38 142
Economic life	3-5 year	5-10 year	5-12 year		N/A	3-5 year
Depreciation plan	Straight line	Straight line	Straight line			Straight line

Software and technology consists of additions from business combinations, internally incurred development costs and external development costs. Internally incurred development costs make up an addition of NOKm 45.2 in 2025 (NOKm 32.0 in 2024), with a net book amount of NOKm 99.7 as of 31.12.2025 (NOKm 71.7 as of 31.12.2024).

Internally developed assets are typically transferred to the appropriate asset category shortly after completion, as development projects are released on a continuous basis. As a result, assets under development represent an insignificant portion of the net book amount at year-end and are not presented separately.

Note 14 Subsidiaries and Associates

The Group comprises of the following legal entities at 31 December 2025.

Company	Country	Business office	Ownership and voting share	Net profit 2025*	Equity at 31.12.25*
Amounts in NOKt
Filemail AS	Norway	Oslo	90,1 %	13 574	1 604
Storegate AB	Sweden	Karlshamn	100 %	8 547	25 988
SaaS Holding AS	Norway	Oslo	100 %	-174 554	4 502 534
Rushfiles A/S	Denmark	Horsens	67,2 %	-3 366	4 926
Viscenario AS	Norway	Oslo	50,3%	-1 063	3 243
Norbits AS	Norway	Voss	100 %	15 716	2 258
CuroTech AS	Norway	Kristiansand	100 %	13 699	10 094
FDVhuset AS	Norway	Sortland	100 %	6 020	17 822
Marketplace AS	Norway	Oslo	100 %	8 052	10 265
Cars Software AS	Norway	Lier	100 %	4 318	4 319
Unisoft AS	Norway	Kvelde	100 %	17 295	998
Nytt Foretak AS	Norway	Oslo	100 %	14 114	7 247
Sunnsoft Publishing AS	Norway	Arendal	100 %	5 687	97
DF Holdco AS	Norway	Lysaker	100 %	36 082	410 400
Digiflow AS	Norway	Lysaker	100 %	50 787	24 557
Cb Bidco ApS	Denmark	Nordhavn	100 %	-14 018	140 664
Comby ApS ²⁾	Denmark	Nuussuaq	100 %	17 397	89 495
Comby Denmark ApS ²⁾	Denmark	Slagelse	100 %	27 374	25 977
Comby Greenland ApS ²⁾	Denmark	Nuussuaq	100 %	25 090	102 375
Capnor AS	Norway	Sandnes	100 %	34 362	61 453
Capnor Polen	Poland	Krakow	100 %	15 651	19 772
Bazoom Group Aps	Denmark	Aarhus	100 %	86 607	86 676
Infosoft AS	Norway	Oslo	100 %	5 889	14 720
Infosoft AB	Sweden	Kungälv	100 %	50	163
Info-sys AS	Norway	Oslo	100 %	414	600
Infosoft DK ApS	Denmark	Kolding	100 %	347	717
MotionTech AS	Norway	Grimstad	80 %	4 313	4 385
Mikon AS	Norway	Oslo	100 %	2 394	2 477
SH Int AS	Norway	Oslo	100 %	-29 786	6 970 239
Virosoft OÜ	Estonia	Tallinn	100 %	0	118
Andevis OÜ ²⁾	Estonia	Tallinn	100 %	680	8 580
OsmiBit d.o.o.	Croatia	Zagreb	100 %	432	4 415
Genera Networks AB	Sweden	Stockholm	100 %	8 598	17 237
HIS Holding AB	Sweden	Karlshamn	100 %	-22 580	-22 828
Barcontrol Systems AS	Norway	Oslo	100 %	5 320	1 734
Regla Ehf	Iceland	Reykjavik	82 %	12 472	14 288
Symplify Technologies AB¹⁾	Sweden	Stockholm	100 %	13 691	119 190
Baze Technology AS¹⁾	Norway	Porsgrunn	100 %	32 986	45 975
ROQC Data Management AS¹⁾	Norway	Sandnes	100 %	-5 255	-5 155
Satvision Software AS¹⁾	Norway	Oslo	100 %	260	5 870
Synega AS¹⁾	Norway	Oslo	50,1 %	48	-335
Synega Regnskap AS¹⁾	Norway	Oslo	50,1 %	3 107	9 992
Synega Operations AS¹⁾	Norway	Oslo	50,1 %	1 065	1 681
UCS Baltic UAB¹⁾	Lithuania	Vilnius	100 %	-4 885	10 970
UCS SIA¹⁾	Latvia	Riga	100 %	3 251	7 026
Robolabs UAB¹⁾	Lithuania	Vilnius	100 %	15 138	18 195
WhiteBit UAB¹⁾	Lithuania	Vilnius	94,7 %	47 324	3
Sportstiming ApS¹⁾	Denmark	Viby	100 %	18 163	12 552
FBA Indaga Soft S.L.¹⁾	Spain	Santiago de Compostela	100 %	8 502	8 800
EM Systemer AS¹⁾	Norway	Bergen	100 %	11 500	28 278
Laugstol Energiservice AS¹⁾	Norway	Froland	100 %	2 679	3 407
ATOM Tech SIA¹⁾	Latvia	Riga	80 %	15 016	12 168
Vistra Ingenieure GmbH¹⁾	Germany	Karlsruhe	100 %	-3 638	233 518
Apicon GmbH¹⁾	Germany	Sennfeld	100 %	2 099	2 523
Opticom SIA¹⁾	Latvia	Riga	93 %	7 107	11 252

* Numbers based on local GAAP in the respective countries

1) The table shows full-year net profit for the entities acquired in 2024
2) The company’s accounting year differs from the calendar year. The figures listed are from the latest available financial statements.

Associates and joint ventures
JT Holdco Group	Norway	Oslo	50,0%	-24 764	1 141 202
Servebolt AS	Norway	Oslo	36,0%	-2 030	5 399

Non-controlling interests

Non-controlling interests
	Opening	Additions	Sales/ disposal	Dividends	Results	Currency	Closing
Filemail AS	9 297			-1 852	1 667		9 112
Rushfiles A/S	3 235				-1 104	-139	1 992
Viscenario AS	4 686			-1 223	-1 862		1 601
Nytt Foretak AS	3 365		-3 953		588
Digiflow*	145 090		-147 271	-4 925	7 106
Comby	33 686		-37 137		3 365	85
MotionTech AS	4 755		-883	-1 890	687		2 669
Regla Ehf	9 180			-2 601	1 411	-52	7 939
Synega		36 204			208		36 412
WhiteBit		23 294			-171	1	23 123
ATOM		30 885			50	11	30 946
Opticom		7 154			260	3	7 417
Total	213 294	97 536	-189 244	-12 492	12 205	-91	121 209

*Opening balance for 2024 are impacted by adjustment of comparative figures as described in note 26.

Acquisitions of non-controlling interests

During the year, the Group acquired additional ownership interests in certain subsidiaries in which control was already held. These transactions did not result in a change of control and have accordingly been accounted for as equity transactions in accordance with IFRS 10.23, with no remeasurement of the subsidiaries' assets and liabilities. The difference between the consideration paid and the carrying amount of the non-controlling interests acquired has been recognised directly in equity attributable to owners of the parent.

The table below summarises the effect of these transactions:

Entity	Ownership before	Ownership after	Consideration paid	Carrying amount of NCI acquired	Difference recognised in equity
Comby	80 %	100 %	68 822	37 137	31 685
MotionTech	55 %	80 %	10 057	883	9 173
Nytt Foretak	90,1 %	100,0 %	14 970	3 953	11 017
Digiflow	67 %	100 %	266 667	147 271	119 396
Total			360 515	189 244	171 271

The consideration paid reflects the agreed enterprise value of the acquired interests on an arm's length basis. Where the consideration paid exceeded the carrying amount of the non-controlling interests acquired, the resulting difference represents a premium paid to acquire increased ownership and has been charged to retained earnings. No gain or loss has been recognised in profit or loss in connection with these transactions.

Note 15 Interests in associates and joint ventures

Accounting principles

Associates are entities over which the Group has significant influence but not control or joint control. Joint ventures are joint arrangements whereby the parties that have joint control have rights to the net assets of the arrangement.

Investments in associates and joint ventures are accounted for using the equity method in accordance with IAS 28. The investment is initially recognised at cost and subsequently adjusted to recognise the Group’s share of the investee’s profit or loss and other comprehensive income. Dividends received reduce the carrying amount of the investment. When the Group’s share of losses equals or exceeds its interest in the investee, the Group does not recognise further losses unless it has incurred obligations on behalf of the investee.

In 2025 the Group established a strategic joint venture with the Group and Telenor within cloud storage services. The Group has an ownership and voting share of 50% of the strategic joint venture.

At 31 December 2025 the Group holds the following interests in joint ventures and associates:

Amounts in NOKt	Ownership and voting share	2025	2024
Carrying amount joint ventures and associates
JT Holdco Group	50 %	558 219	0
Servebolt AS	36 %	30 569	31 753
Total		588 788	31 753

JT Holdco Group – Joint venture

As described in Note 7, SSG holds a 50% ownership interest in JT Holdco AS (org. no. 934 921 135), established on 30 April 2025 and incorporated in Norway. JT Holdco AS holds 100% of Jotta Group AS, which operates the combined cloud storage business following the merger of Jotta AS and Telenor Software Lab AS during 2025.

Assessment of joint control

SSG has assessed the governance arrangements of JT Holdco and concluded that the arrangement constitutes a joint venture in accordance with IFRS 11. Joint control exists as all significant financial and operating decisions require unanimous consent of both SSG and Telenor Communication II AS, each holding 50% of the shares and voting rights, with two board members appointed by each party. SSG has reviewed the shareholder agreement and all other underlying arrangements and has not identified any provisions that would confer control to either party individually, or otherwise modify the assessment of joint control. The arrangement is accordingly classified as a jointly controlled entity under IFRS 11.16.

Initial recognition and purchase price allocation

The investment was initially recognised at a fair value of NOK 573 million at 30 April 2025, representing SSG's 50% share of the agreed enterprise value of JT Holdco of approximately NOK 1,500 million, with an equity value of approximately NOK 1,140 million. A purchase price allocation has been performed at the level of JT Holdco AS, identifying fair value uplifts primarily attributable to technology and customer relationships, with estimated useful lives of 7 and 10 years respectively. Fair value uplift of brand name and Goodwill arising from the allocation is included in the carrying amount of the investment and is not separately amortised, but is assessed for impairment as part of the overall investment in accordance with IAS 28.40-43. The PPA is preliminary as of the date of these financial statements, and the final allocation is expected to be completed within 12 months of the transaction date.

SSG's share of Newco's results is recognised as a single line item in the statement of profit and loss, net of amortisation of identified fair value uplifts.

Amounts in NOKt	2025
Carrying amount JT Holdco AS
Carrying amount at beginning of period	0
Ordinary shares acquired	572 446
Dividend received	0
Share of net profit (loss) in period	-14 226
Carrying amount at end of period	558 219

Summarised profit and loss (100% basis)	2025
Revenue	133 929
Net profit	-28 453

Reconciliation to carrying amounts:
Opening net assets 01.01.
Profit for the period 01.01-31.12	-28 453
Other comprehensive income	0
Capital increase	1 144 891
Dividends paid	0
Closing net assets	1 116 438
Group’s share in %	50,0 %
Group’s share	558 219
Carrying amount	558 219

Summarised balance sheet	31.12.2025
Current assets
Cash and cash equivalents	49 908
Other current assets	26 318
Total current assets	76 226
Non-current assets
Goodwill	1 204 184
Other non-current assets	433 422
Total non-current assets	1 637 606
Current liabilities
Trade payables	40 816
Other current liabilities	74 624
Total current liabilities	115 440
Non-current liabilities
Financial liabilities (excluding trade payables)	410 123
Other non-current liabilities	71 831
Total non-current liabilities	481 954
Net assets	1 116 438

Servebolt AS is an associate of the Group as at 31 December 2025. The investment is not considered material to the Group. The Group holds 36% of the ordinary shares and voting rights. The company is incorporated and operates in Norway.

Note 16 Loans and borrowings

Accounting principles

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs.

Non-current liabilities

Amounts in NOKt	2025	2024
Interest-bearing loans (bond)	4 800 541	2 317 614
Other Interest-bearing loans	2 946	1 958
Deferred tax liabilities	330 693	181 059
Lease liabilities, see note 18	30 621	28 286
Deferred consideration, non-current*	0	20 136
Contingent consideration, non-current	165 061	295 163
Other non-current liabilities	654	78
Total	5 330 515	2 844 293

*Deferred consideration, non-current is included in Other non-current liabilities in the statement of financial position.

Current liabilities

Amounts in NOKt	2025	2024
Revolving Credit Facility (Borrowings)	0	145 000
Lease liabilities see note 18	18 462	21 695
Deferred consideration, current	20 000	105 012
Contingent consideration, current	282 673	0
Accrued interest	82 142	25 485
Trade and other payables, excl. accrued interest	704 496	196 031
Contract liabilities	168 501	88 981
Debt to parent company	0	1 210
Liabilities for current tax	39 401	39 568
Total	1 315 676	622 983

Details of the Group's exposure to risk arising from current and non-current borrowings are set out in note 18. The senior secured bond loans include a financial covenant which states that the Group must always maintain a minimum liquidity of MNOK 50. This includes unutilized credit facilities. For unutilized credit facilities see note 21 . The Group was in compliance with all financial covenants throughout 2025. There were no breaches or waivers during the year.

Terms and repayment schedule

The terms and conditions of outstanding loans are as follows:

2025
Amounts in NOKt	Currency	Nominal interest rate	Year of maturity	Face value	Carrying amount
Bond loan: NO0013023226	NOK	NIBOR + 6,5%	2028	1 350 000	1 350 000
Bond loan: NO0013358069	NOK	NIBOR + 6,5%	2029	1 500 000	1 500 000
Bond loan: NO0013525006	NOK	NIBOR + 6,5%	2030	2 000 000	2 000 000
Bond - Capitalised borrowing costs					-49 459
Accrued interest					82 142
Total secured bond loans				4 850 000	4 882 683
Deferred consideration, current		10,0 %	2026	20 000	20 000
Total deferred consideration, current					20 000
Other non-current liabilities		CIBOR + 5%	2027		1 596
Other non-current liabilities		8,0 %	2026		1 350
Total other non-current liabilities					2 946
Lease liabilities					49 083
Total interest-bearing liabilities					49 083
				Commitment	Drawn amount
Revolving Credit Facility		NIBOR + 4,0%	2028	235 000	0
Total secured bank loans					0
Outstanding debt					4 954 713
Less current portion					-120 605
Total					4 834 108

2024
Amounts in NOKt	Currency	Nominal interest rate	Year of maturity	Face value	Carrying amount
Bond loans	NOK	NIBOR + 6,5%	2028	1 350 000	1 350 000
Bond loans	NOK	NIBOR + 6,5%	2029	1 000 000	1 000 000
Bond - capitalised borrowing costs					-32 386
Accrued interest					25 485
Total secured bond loans				2 350 000	2 343 099
Deferred consideration, non-current		10,0 %	2026	20 000	20 136
Total deferred consideration, non-current					20 136
Other non-current liabilities		CIBOR + 5%	2027		1 958
Total other non-current liabilities					1 958
Lease liabilities					49 981
Total interest-bearing liabilities					49 981
				Commitment	Drawn amount
Revolving Credit Facility		NIBOR + 4,0%	2028	235 000	145 000
Total secured bank loans					145 000
Outstanding debt					2 560 174
Less current portion					-192 181
Total					2 367 994

Snowball Software Group AS has issued three Bond loans, with outstanding amounts and year of maturity as shown in the table above. The interest rate related to all three bond loans is based on 3 months NIBOR + 6,5%. The interest is paid in quarterly instalments.

The bond loans are denominated in NOK.

Shares in all subsidiaries are charged as collateral for the bond loans. In addition, the entities listed below are guarantors of the loans at 31.12.2025. This implies that operating assets, inventory and receivables of these entities are also charged as collateral for the bond loans.

Snowball Software Group AS
Barcontrol Systems AS
Baze Technology AS
Bazoom Group ApS
Capnor AS
Cars Software AS
CB Bidco ApS
Comby A/S
Comby Denmark A/S
Comby Greenland A/S
Curotech AS
DF Holdco AS
Digiflow AS
EM Systemer AS
Filemail AS
Genera Networks AB
HIS Holding AB
Infosoft AS
Marketplace AS
Mikon AS
Norbits AS
ROQC Data Management AS
SaaS Holding AS
SH INT AS
Sportstiming ApS
Storegate AB
Sunnsoft Publishing AS
Symplify Technologies AB
Unisoft AS

Reconciliation of movements of liabilities to cash flows arising from financing activities

	Secured bond and bank loans	Lease liabilities	Other loans	Total
Amounts in NOKt
Balance as of 01.01.2024	796 813	41 462	40 536	878 811
Changes from financing cash flows:
Proceeds from loans and borrowings	1 726 888			1 726 888
Repayment of borrowings	-50 925		-20 400	-71 325
Payment of lease liabilities		-19 178		-19 178
Total changes from financing cash flows	1 675 963	-19 178	-20 400	1 636 384
Non-cash movements:
New lease liabilities		27 294		27 294
Changes in liabilities	-1 739	403		-1 336
Proceeds from loans and borrowings Business combination			105 012	105 012
Amortisation of capitalised borrowing costs	3 721			3 721
Interest expense	151 885	2 892	2 531	157 308
Interest paid	-136 586	-2 892	-2 531	-142 009
Total non-cash movement changes	17 281	27 698	105 012	149 991
Balance as of 31.12.2024	2 490 057	49 981	125 148	2 665 186
Interest-bearing loans and borrowing	2 319 572
Borrowings	145 000
Accrued interest	25 485
Balance as of 31.12.2024	2 490 057

	Secured bond and bank loans	Lease liabilities	Other loans	Total
Amounts in NOKt
Balance as of 01.01.2025	2 490 057	49 981	125 148	2 665 186
Changes from financing cash flows:
Proceeds from loans and borrowings	2 573 307			2 573 307
Repayment of borrowings	-230 000			-230 000
Payment of lease liabilities		-18 603		-18 603
Total changes from financing cash flows	2 343 307	-18 603	0	2 324 704
Non-cash movements:
New lease liabilities		18 000		18 000
Changes in liabilities*		-295	-105 012	-105 307
Amortisation of capitalised borrowing costs	12 034			12 034
Interest expense	419 925	2 759	2 105	424 788
Interest paid	-379 804	-2 759	-2 241	-384 803
Total non-cash movement changes	52 155	17 705	-105 148	-35 288
Balance as of 31.12.2025	4 885 519	49 083	20 000	4 954 602
Interest-bearing loans and borrowing	4 803 487
Borrowings	0
Accrued interest	82 142
Balance as of 31.12.2025	4 885 629

*Change in other loans of NOKm 105 relates to seller credits settled in shares in the parent company, resulting in a corresponding equity contribution in Snowball Software Group.

Amounts in NOKt	Maturity date	Interest	Principal	Outstanding principal beginning of period
Maturity table
Secured bond loan
Bond loan Interest 3MNIBOR + 6,5%	2026	512 645	0	4 850 000
Bond loan Interest 3MNIBOR + 6,5%	2027	512 645	0	4 850 000
Bond loan Interest 3MNIBOR + 6,5%	2028	476 971	1 350 000	4 850 000
Bond loan Interest 3MNIBOR + 6,5%	2029	330 313	1 500 000	3 500 000
Bond loan Interest 3MNIBOR + 6,5%	10.07.2030	79 275	2 000 000	2 000 000
Revolving Credit Facility
RCF Interest 3MNIBOR + 4%	2026	0	0	0
Deferred consideration, current
Interest 10%	2026	1 000	20 000	20 000
Other non-current liabilities
Interest 7 - 8%	2026	206	1 350	2 946
Interest 7 - 8%	2027	112	1 596	1 596
Total			2 946	0
*At the balance sheet date, 3MNIBOR was 4.07%

Note 17 Leasing liabilities

Accounting principles

The Group recognises a right-of-use asset and a corresponding lease liability at the commencement date of a lease.

Lease liabilities are measured at the present value of future lease payments over the lease term. The lease term includes non-cancellable periods together with extension or termination options when the Group is reasonably certain to exercise such options.

Right-of-use assets are measured at cost less accumulated depreciation and impairment losses and are depreciated on a straight-line basis over the lease term or the useful life of the underlying asset, if shorter.

The Group applies the recognition exemptions permitted by IFRS 16 for short-term leases (lease term of 12 months or less) and leases of low-value assets. Payments associated with such leases are recognised as an expense on a straight-line basis in profit or loss. Low-value assets primarily comprise IT equipment and small office furniture. However, leases of server cabinets are recognised on the balance sheet.

The Group's lease portfolio primarily consists of office premises across Norway and the Nordics, server infrastructure including dedicated server cabinets, and operational equipment used in the Group's subsidiaries. Office leases typically have lease terms of three to five years, with some leases containing extension options of one to three years. Lease contracts for servers and equipment typically have lease terms of three to five years. Some contracts contain both lease and non-lease components. The Group generally allocates consideration between lease and non-lease components based on their relative stand-alone prices. For server cabinet contracts, the Group accounts for the lease and non-lease components as a single lease component.

The lease liability is measured using the interest rate implicit in the lease when this is readily determinable. If not, the Group uses its incremental borrowing rate, which reflects the Group’s credit risk and is adjusted for lease-specific factors such as term, currency and security. Given the Group's presence across multiple jurisdictions, incremental borrowing rates are determined for each significant lease, reflecting country-specific risk-free rates, the Group's credit risk profile and lease-specific adjustments for term and currency.

Amounts recognised in the balance sheet

The balance sheet shows the following amounts relating to leases (amounts in NOKt):

Right of use assets	2025	2024
Buildings	41 206	19 725
Server cabinet	0	2 931
Equipment	5 182	23 752
Other	0	0
Total	46 388	46 408

Additions
Additions to the right-of-use assets	18 000	27 047

Lease liabilities	2025	2024
Current	18 462	21 695
Non-Current	30 621	28 286
Total	49 083	49 981

Amounts recognised in the statement of profit or loss

The statement of profit or loss shows the following amounts relating to leases (amounts in NOKt):

Depreciation charge of right-of-use assets	2025	2024
Buildings	12 263	8 754
Server cabinet	1 458	2 983
Equipment	4 299	8 857
Total	18 021	20 594

Cash outflow for leases	2025	2024
Expenses relating to leases of low-value and short-term leases	20 502	5 932
Interest expense financial lease	2 759	2 892
Cash outflow for financial leases, excl. Interest expense	18 603	19 178
Total	41 864	28 002

Note 18 Financial risk management

Financial risk

The Group uses bond loans and cash credits as financial instruments for financing. The purpose of these financial instruments is to ensure that the Group has financial flexibility for investments that are necessary for the Group's investment strategy and growth objectives. In addition, the Group has financial instruments such as trade receivables, trade payables etc. which are directly related to the business's daily operations.

The Group’s objectives when managing capital are to

safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
maintain an optimal capital structure to reduce the cost of capital.

The Group is exposed to financial risk linked to interest rate risk, liquidity risk, currency risk and credit risk. The Group's management has a continuous assessment to identify and evaluate financial risks, and sets guidelines for how to handle them

(i) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Group is mainly exposed to credit risk related to other current receivables. The majority of the Group's customers pay in advance, which helps to minimize accounts receivable risk.

The Group's historical credit losses on trade receivables are insignificant, in 2025, 2024 and 2023 booked credit losses were TNOK 2 975, TNOK 1 363 and TNOK 978. Expected credit loss is also insignificant, with less than 1 % of outstanding accounts receivable (TNOK 4 092 see note 20 .). There is no forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables.

Maturities of trade receivables, contract assets and other receivables

31.12.2025		Maturities of receivables that have not been impaired
Amounts in NOKt		Not due	0-30 days	30-60 days	60-90 days	>90 days
Trade receivables	403 746	350 342	20 208	13 013	7 211	12 972
Contract asset	96 930	96 930	0	0	0	0
Other non-current assets	5 183	5 183	0	0	0	0
Other current receivables	86 163	86 163	0	0	0	0
Expected credit loss	-4 092	0	-1 549	-997	-553	-994
Total trade and other receivables	587 929	538 617	18 660	12 016	6 658	11 978

31.12.2024		Maturities of receivables that have not been impaired
Amounts in NOKt		Not due	0-30 days	30-60 days	60-90 days	>90 days
Trade receivables	130 319	113 081	6 523	4 200	2 327	4 187
Contract asset	4 537	4 537	0	0	0	0
Other non-current assets	2 507	2 507	0	0	0	0
Other current receivables	41 398	41 398	0	0	0	0
Expected credit loss	-2 640	0	-999	-643	-357	-641
Total trade and other receivables	176 121	161 524	5 524	3 557	1 971	3 546

(ii) Market risk – interest rate

The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk.

The following table shows the Group's sensitivity to potential changes in interest rates. The calculation takes into account all interest-bearing financial instruments. The calculation in the table shows the annual effect based on interest-bearing financial instruments at the balance sheet date.

	Change in interest rate	Effect on profit before tax (NOK 1000)
2025	+ 0,50 %	-24 250
	- 0,50 %	24 250
2024	+ 0,50 %	-12 475
	- 0,50 %	12 475

(iii) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. The Group's strategy for managing liquidity risk is to have sufficient liquidity at all times in order to meet its financial liabilities at maturity, both under normal and exceptional circumstances, without risking unacceptable losses or at the expense of the Group's reputation. All financial liabilities are non-derivative The senior secured bond loans include a financial covenant which states that the Group must always maintain a minimum liquidity of MNOK 50. This includes unutilized credit facilities. For unutilized credit facilities see note 21 .

The table below provides an overview of the maturity profile of all financial liabilities (undiscounted). In cases where the counterparty may claim earlier redemption, the amount is placed in the earliest period the payment may be required from the counterparty.

Amounts in NOKt	Under 6 months	6-12 months	1-3 years	3-5 years	Later than 5 years	Total
31.12.2025	Remaining term
Interest-bearing bond*	256 323	256 323	2 339 616	3 909 588		6 761 849
Revolving Credit Facility	0					0
Other liabilities**	103	1 453	1 708			3 264
Deferred consideration	21 000	0				21 000
Contingent consideration	282 673	0	447 734			730 407
Leasing liability***	9 462	9 462	25 910	8 720		53 555
Trade payable	786 639	0				786 639
Total	1 356 200	267 238	2 814 969	3 918 307	0	8 356 714

*Estimated interest payments have been included applying 3M NIBOR/3M CIBOR at the balance sheet date.

**Estimated interest payments have been included applying 3M CIBOR at the balance sheet date. Payments made in DKK have been converted to NOK applying the exchange rate at the balance sheet date.

***Leasing payments in SEK, DKK and EUR have been converted to NOK applying the exchange rate at the balance sheet date.

Amounts in NOKt	Under 6 months	6-12 months	1-3 years	3-5 years	Later than 5 years	Total
31.12.2024	Remaining term
Interest-bearing bond*	131 365	131 365	525 460	2 658 848		3 447 038
Revolving Credit Facility		148 147				148 147
Other liabilities**	87	87	2 306			2 480
Deferred consideration	107 012	0	21 000			128 012
Contingent consideration	68 500	0	233 252			301 752
Leasing liability***	11 014	11 014	25 381	7 110		54 519
Trade payable	221 516					221 516
Total	539 494	290 613	807 399	2 665 957	0	4 303 463

(iv) Currency risk

The Group operates internationally and is mainly exposed to foreign exchange risk, primarily to EUR, SEK, USD and DKK. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the functional currency of the relevant Group entity.

Based on the Group's outstanding receivables in other currencies than the functional currency of the relevant Group entity, a calculation has been performed to estimate the effect on profit/loss given a change in the exchange rates. The calculation illustrates the effect on profit / loss given a strengthening of NOK relative to the relevant exchange rates.

Effect on profit before tax (NOK 1000)		NOK/EUR	NOK/DKK	NOK/SEK	NOK/USD
2025	+ 10 %	68 249	8 984	27 301	-3 939
	- 10 %	(68 249)	(8 984)	(27 301)	3 939
2024	+ 10 %	3 399	-795	6 021	-1 122
	- 10 %	-3 399	795	-6 021	1 122

The Group’s exposure to foreign currency risk at the end of the reporting period, expressed in NOK, was as follows:

Amounts in NOKt	Trade receivables	Bank accounts	Trade receivables	Bank accounts
	31.12.2025		31.12.2024
SEK	11 497	-205 872	10 864	-34 881
EUR	268 157	-648 911	7 381	-31 177
DKK	61 867	197 687	18 360	167 732
ISK	463	20 566	1 087	22 791
PLN	0	2 243	0	3 163
USD	27 833	11 560	9 382	1 841
Net position	369 817	-622 728	47 073	129 470

Note 19 Information about financial instruments

Due to the short-term nature of the trade receivables, other current receivables and cash and cash equivalents, their carrying amount is considered to be the same as their fair value.

Interest bearing loans with variable interest rates are valued at amortised cost. The carrying amount of trade and other payables are considered to be the same as their fair values, due to their short-term nature.

The fair value of interest-bearing loans recognised at amortised cost is estimated to be NOKm 4.670.825. The estimate is based on transactions in the bond market close to the balance sheet date.

Categories of financial assets and financial liabilities

Amounts in NOKt	Note	Fair-value level	Financial instruments at fair value through P&L	Financial instruments at amortised cost	Total book value	Fair value
31.12.2025
Assets¹⁾
Debt instruments
Other non-current assets		3	0	5 183	5 183	5 183
Accounts receivable	20	3	0	496 583	496 583	496 583
Cash and cash equivalents	21	3	0	1 201 154	1 201 154	1 201 154
Total Financial assets			0	1 702 921	1 702 921	1 702 921
Liabilities²⁾
Interest bearing loans and borrowings
Interest bearing loans		1	0	4 803 487	4 803 487	4 774 685
Revolving credit facility		3	0	0	0	0
Other non-current liabilities	11	3	0	0	0	0
Other financial liabilities
Trade and other payables	22	3	0	786 639	786 639	786 639
Contingent consideration (level 3)	11	3	447 734	0	447 734	447 734
Other current liabilities		3	0	20 000	20 000	20 000
Lease liabilities	17	3	0	49 083	49 083	49 083
Total financial liabilities			447 734	5 659 209	6 106 943	6 078 141
1) Intangible assets, PP&E, inventory and prepayments are not included as they are not financial instruments
2) Deferred tax, provisions, current tax liabilities and contract liabilities are not included as they are not financial instruments

Amounts in NOKt	Note	Fair-value level	Financial instruments at fair value through P&L	Financial instruments at amortised cost	Total book value	Fair value
31.12.2024
Assets¹⁾
Debt instruments
Other non-current assets		3	0	2 507	2 507	2 507
Accounts receivable	20	3	0	132 216	132 216	132 216
Cash and cash equivalents	21	3	0	379 840	379 840	379 840
Total Financial assets			0	514 563	514 563	514 563
Liabilities²⁾
Interest bearing loans and borrowings
Interest bearing loans		1	0	2 319 248	2 319 248	2 350 000
Revolving credit facility		3	0	145 000	145 000	145 000
Other non-current liabilities	23	3	0	20 136	20 136	20 136
Other financial liabilities
Trade and other payables	22	3	0	221 516	221 516	221 516
Contingent consideration (level 3)	11	3	295 163	0	295 163	295 163
Other current liabilities		3	0	105 012	105 012	105 012
Lease liabilities	17	3	0	49 981	49 981	49 981
Total financial liabilities			295 163	2 860 894	3 156 057	3 186 808
1) Intangible assets, PP&E, inventory and prepayments are not included as they are not financial instruments
2) Deferred tax, provisions, current tax liabilities and contract liabilities are not included as they are not financial instruments

Fair-value hierarchy

Level 1

Fair values are based on prices quoted in an active market for identical assets or liabilities.

Level 2

Fair values are based on price inputs other than quoted prices derived from observable market transactions in an active market for identical assets or liabilities.

Level 3

Fair values are based on unobservable inputs, mainly based on internal assumptions used in the absence of quoted prices from an active market or other observable price inputs.

Note 20 Accounts receivable

Accounting principles

Accounts receivable are amounts due from customers for subscriptions, products and services sold in the ordinary course of business. They are generally due for settlement within 30-60 days and therefore are all classified as current. Accounts receivable are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, in which case they are recognised at fair value. Subsequent measurement is done at amortised cost after deduction of provision for expected credit losses. Other receivables are measured at fair value upon initial recognition, and thereafter at amortised cost. Interest is ignored if it is insignificant. The group applies the IFRS 9 simplified approach in measuring expected credit losses and uses a lifetime expected loss allowance for all trade receivables.

Provisions for loss allowance on trade receivables are included in other operating expenses in the statement of profit or loss.

Amounts in NOKt	2025	2024
Accounts receivable, gross	553 805	139 829
Less invoiced prepayments, not due	-53 130	-4 973
Expected credit loss	-4 092	-2 640
Net trade receivables	496 583	132 216

Note 21 Cash and equivalents

Amounts in NOKt	2025	2024
Restricted bank deposits		1 322
Withholding tax account	8 903	5 094
Total restricted bank deposits	8 903	6 416

Accounting policies

Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

Restricted bank deposits relate to the withholding tax account. These deposits are subject to regulatory restrictions and are therefore not available for general use by the entities within the Group. The Group has entered a bank guarantee agreement which covers employee tax deductions for Jotta AS (NOK 3 million), Curotech AS (NOK 0,7 million), Norbits AS (NOK 0,9 million) and FDVhuset AS (NOK 1,4 million). From 2026 the practice of using a withholding tax account has been terminated for Norwegian companies and thus the bank guarantee agreement mentioned above has also been terminated.

Amounts in NOKt	2025	2024
Revolving Facility Commitment (maturity date 03.10.2028)	235 000	235 000
Drawn amount	0	145 000

The Group has an active cash pool arrangement with Nordea. Snowball Software Group AS holds the master account in the cash pooling arrangement.

Note 22 Trade and other payables

Amounts in NOKt	2025	2024
Trade payables	256 122	37 407
Holiday pay	48 601	31 192
Unpaid government taxes and duties	98 660	50 060
Accrued interest (note 21)	82 142	25 485
Accrued salary and bonus	36 032	24 521
Other liabilities	265 081	52 851
Total trade other payables	786 639	221 516

Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.

Note 23 Share capital and shareholder information

In 2023 Snowball Software Group established an incentive program, a share purchase programme to give the employees an opportunity to participate in the long-term value creation in the Company and to align the interests of the employees and the shareholders. Acquisition of treasury shares is due to repurchase of shares bought under the share purchase programme following end of employment or a desire to sell the shares after the lock-up period. In 2025 the Company acquired 310 110 treasury shares as part of the termination of the share purchase programme. There have been no expenses related to the share purchase programme in 2024 and 2025.

Number of shares from 01.01.2025 to 31.12.2025

	01.01.2025	Capital increase	31.12.2025	Non-registered capital increase
A shares	153 871 387	37 820 217	191 691 604	22 745 217
B shares	4 848 749	0	4 848 749	0
Sum	158 720 136	37 820 217	196 540 353	22 745 217

All issued shares listed in the table above have been fully paid.

As of 31 December 2025 Snowball Software Group's share capital consists of

	Number of shares	Nominal value (NOK)	Book value (NOKt)
A shares	191 691 604	0,01	1 917
B shares	4 848 749	0,01	48
Sum	196 540 353		1 965
Treasury shares	-366 524	0,01	-4
Sum	196 173 829		1 962
Non-registered capital increase (A-shares)	22 745 217	0,01	227
Sum	218 919 046		2 189

The A-shares have all the rights.

The holder of the B shares does not have a preferential right to new B shares, nor does he have the right to subscribe for any other shares issued by the Company. The company's board decides who will offered to subscribe for new B shares and in what subscription ratio. B shares are entitled to dividends.

The non-registered capital increase was done in December 2025 and formally registered in January 2026.

List of major shareholders at 31.12.

Shareholders	A shares	B shares	Number of voting rights.	Ownership	Voting share
Hawk Infinity AS	214 436 821	3 540 273	214 436 821	99,4 %	100,0 %
Snowball Software Group AS	0	366 524	0	0,2 %	0,0 %
Other owners (ownership <1%)	0	941 952	0	0,5 %	0,0 %
Total number of shares	214 436 821	4 848 749	214 436 821	100 %	100 %

Shares owned by the board of directors	Ownership
CEO - Joakim Karlsen	1,30 %
Chairman of the board - Johan Bernt Michelsen	29,46 %
Board member - Jon Erik Reinhardsen	0,01 %

Note 24 Related parties

Transactions with Hawk Infinity AS

During the year, the Group paid a total of NOK 5,7 million to the parent company for administrative services. This includes services provided by Joakim Karlsen as Group CEO and Lars Revling as Group CFO, as well as cost allocations for shared systems and other group resources within the Group. This includes shared IT systems and accounting personnel.

Amounts in NOKt	2025	2024
Related party balances
Liabilities to Hawk Infinity AS	0	1 210

The liabilities to the parent company in 2024 were due to joint VAT-registration with Hawk Infinity AS.

Note 25 Auditors fee

Amounts in NOKt	2025	2024
Statutory audit	8 233	3 143
Tax advice (incl. Technical assistance with tax return)*	85	65
Other assurance services	236	206
Other assistance	155	26
Total auditors fee	8 710	3 441

*Non-auditing services provided by other providers than the group auditor BDO

Note 26 Adjustment of comparative figures

Based on updated information obtained in relation to the purchase price allocations for acquisitions completed in 2024, the comparative figures for 2024 have been amended. The updates relate to revised estimates of tax payable for the acquired entities at the acquisition date.

The net effect for the Group is a reduction in tax expense and corresponding increase in goodwill and other equity of NOKm 24.0 in FY24. The adjustment has no impact on tax or cash payable for the Group.

Note 27 Events after the balance sheet date

Announcement of acquisitions

On January 16^th 2026 Snowball Software Group AS (“SSG”) announced the agreements for and closing of the acquisitions of 100% of ExamCookie ApS (“ExamCookie”), 100% of Get Ideal Holdings Limited (“FatJoe”), 100% of Clastify Sp. z o.o. (”Clastify”), and 100% of Catfarm Music Group AB (“Catfarm”).

ExamCookie is a Danish software company providing solutions for monitoring exams and tests to avoid cheating. The software is used by more than 300 Danish schools, with more than 140,000 students.

FatJoe is a UK-based digital marketing technology and service provider that stands out for its innovative use of automated technology to enhance SEO and content marketing services. Founded in 2013, the company has developed a suite of proprietary tools designed to streamline and optimize the process of link building, content creation, and SEO management.

Clastify is a leading educational platform designed to support International Baccalaureate (IB) students by providing access to high-quality content and top-class review services. Clastify was founded in 2022 in Warsaw, Poland and is used by IB students around the world.

Catfarm is a Swedish digital music service provider and owner established in 2010 that targets B2B partnerships with digital streaming providers and distributors of music. Catfarm addresses niches such as mood music with its service offering that have been growing more than the general music industry over the last decade.

The acquired companies have a combined LTM pro forma EBITDA of NOK 218m as of Nov-2025, with strong underlying year-over-year growth on top line and bottom line. The acquired companies will have an accretive effect on the pro-forma EBITDA margin and EBITDA cash conversion of the group.

The acquisitions were closed at an upfront enterprise value of NOK 1,290m. A limited additional contingent consideration will be granted for some of the acquisitions if certain relatively ambitious free cash flow growth targets are met over the coming years, and where >90% of the contingent consideration can be settled in shares in the parent company of SSG. The acquisitions have been funded by available liquidity, release from the escrow account and an equity issue in SSG towards Hawk Infinity AS.

SSG has also entered into an agreement to sell its 80% stake in Motiontech AS together with the minority shareholder of 20% to an affiliated company in the parent Hawk Infinity AS. The background for the sale is that Motiontech currently is somewhat sub-scale and will merge with another similar software business owned by Hawk Infinity AS. The 80% stake in Motiontech was acquired by SSG for a total consideration of NOK 20.6m in Oct-2024 (55% stake) and Jul-25 (25% stake) with FY 2024 EBITDA of NOK 5.0m. The 80% stake will be sold by SSG for a cash consideration of approx. NOK 29m, and the LTM EBITDA of the company as of Nov-2025 was NOK 4.8m.

On April 17^th 2026 Snowball Software Group AS (“SSG”) announced the agreement for and closing of the acquisitions of 80% of AW Cloud Nomads Ltd (“Cloud Nomads”).

Cloud Nomads is an Amazon Web Services (AWS) Platform-as-a-Service (PaaS) company that provides a range of technology solutions and services, with a focus on automation tools and recurring service delivery through its internal intellectual property. Through its partnership with AWS, Cloud Nomads delivers cloud and integration solutions, as well as comprehensive project management and consulting services. The company is based in Cyprus and was founded in 2020. Cloud Nomads has an LTM EBITDA per March-2026 of 56 MNOK. The acquisition was closed at an enterprise value of 365 MNOK (100% basis), and there is no earn-out commitment.

Business combinations after the balance sheet date

Amounts in NOKt	Catfarm	Fatjoe	CloudNomads	Other	Total
Cash	23 076	78 908	1 653	11 294	114 930
Other intangible assets	204 500	151 759	142 210	38 370	536 839
Fixed assets	60	668	43		771
Financial assets	0	59	0	2 292	2 351
Trade receivables	1 197	-3	15 331	755	17 281
Other current receivables	80	653	13 619	2 850	17 204
Trade payables	-82	0	0		-82
Other current liabilities	-4 937	-3 472	-23 233	-3 178	-34 821
Tax payable	-3 395	2 668	0	-1 465	-2 192
Deferred tax liabilities	-44 990	-33 427	-31 232	-8 441	-118 091
Net identifiable assets acquired	175 508	197 812	118 391	42 477	534 189
Goodwill	618 447	184 680	244 180	97 972	1 145 280
Net equity acquired	793 955	382 492	362 572	140 450	1 679 469
Less: non-controlling interests			-72 514
Parent company interests	793 955	382 492	290 057	140 450	1 679 469
Cash paid	449 841	248 133	290 057	58 445	1 046 476
Subordinated seller credits	344 114		0	47 476	391 590
Subordinated earn-out		134 360	0	34 528	168 888
Total purchase consideration	793 955	382 492	290 057	140 450	1 606 955
Outflow of cash to acquire subsidiary, net of cash acquired
Cash consideration	449 841	248 133	290 057	58 445	1 046 476
Less: Balances acquired	-23 076	-78 908	-1 653	-11 294	-114 930
Net outflow of cash – investing activities	426 766	169 225	288 405	47 151	931 546

Parent company annual report

Statement of profit and loss

	Note	2025	2024
Other expenses	1	10 333 245	5 612 100
Total expenses		10 333 245	5 612 100
Operating profit		-10 333 245	-5 612 100
Financial income and expenses
Income from subsidiaries	3	1 137 925 652	118 466 403
Other interest income	2, 3	150 477 233	42 771 681
Other financial income	2, 3	29 463 711	294 378
Other interest expenses	2, 3	467 796 177	156 457 782
Other financial expenses	3	32 269 813	27 480 176
Net financial items		817 800 605	-22 405 496
Net profit before tax		807 467 360	-28 017 595
Income tax expense	4	-17 095 481	-6 172 349
Net profit after tax		824 562 841	-21 845 246
Net profit or loss	5	824 562 841	-21 845 246
Attributable to
Other equity		824 562 841	0
Loss brought forward		0	21 845 246
Total	5	824 562 841	-21 845 246

Statement of financial position

Assets	Note	2025	2024
Snowball Software Group AS
Intangible assets
Deferred tax assets	4	27 602 896	10 507 415
Total intangible assets		27 602 896	10 507 415
Non-current financial assets
Investments in subsidiaries	2, 6	5 902 561 689	503 191 807
Loan to group companies	2	0	0
Total non-current financial assets		5 902 561 689	503 191 807
Total non-current assets		5 930 164 585	513 699 222
Current assets
Debtors
Other short-term receivables		677 402	1 566 593
Receivables from group companies		1 385 250 877	2 638 696 405
Total receivables		1 385 928 279	2 640 262 997
Cash and cash equivalents		457 679 355	47 247 069
Total current assets		1 843 607 635	2 687 510 066
Total assets		7 773 772 220	3 201 209 288

Equity and liabilities	Note	2025	2024
Equity
Paid-in capital
Share capital	5, 7	1 965 403	1 352 827
Treasury stock	5	-3 665,24	-564,14
Share premium reserve	5	1 212 150 003	364 344 584
Non-registered capital increase	5	315 021 255	324 607 990
Other paid-up equity	5	1 574 863	1 574 863
Total paid-up equity		1 530 707 860	691 879 700
Retained earnings
Other equity	5	769 158 382	-49 205 360
Total retained earnings		769 158 382	-49 205 360
Total equity		2 299 866 242	642 674 340
Liabilities
Deferred tax		0	0
Other non-current liabilities
Bonds	6, 8	4 800 540 913	2 317 613 581
Total non-current liabilities		4 800 540 913	2 317 613 581
Current liabilities
Liabilities to financial institutions	6	0	145 000 000
Trade payables		2 988 617	1 603 932
Liabilities to group companies	2	588 178 830	68 489 484
Public duties payable		71 284	342 349
Other current liabilities		82 126 333	25 485 601
Total current liabilities		673 365 064	240 921 367
Total liabilities		5 473 905 978	2 558 534 948
Total equity and liabilities		7 773 772 220	3 201 209 288

Oslo, 29. April 2026

Johan Bernt Michelsen
Chairman
(This document is signed electronically)

Joakim Stavnes Karlsen
CEO
(This document is signed electronically)

Jon Erik Reinhardsen
Board member
(This document is signed electronically)

Statement of cash flows

	2025	2024
Cash flow from operations
Profit before income taxes	807 467 360	-28 017 595
Change in trade debtors	0	0
Change in trade creditors	1 384 685	1 399 609
Currency loss/(gain)	-11 092 771	-10 840
Interest expense	467 796 177	156 457 782
Interest income	-150 477 233	-42 771 681
Financing cost	0	20 250 000
Group contribution received	-253 263 340	-118 466 403
Other finance items	-870 763 439	6 946 638
Change in other provisions	-4 423 059	-457 872
Net cash flow from operations	-13 371 619	-4 670 362
Cash flow from investments
Capital increase in subsidiaries	-6 999 999 000	0
Dividends from subsidiaries	1 551 588 056	0
Sale of subsidiary	933 803 374	0
Cash pool receivable group companies	1 657 060 526	-1 649 418 865
Payments on loan receivables group (short / long term)	86 053 875	-426 867 440
Net cash flow from investments	-2 771 493 170	-2 076 286 304
Cash flow from financing
Proceeds from borrowings	2 573 306 991	1 715 250 000
Repayment of borrowings	-230 000 000	-50 000 000
Cash pool liabilities group companies	433 959 048	17 131 707
Group contribution received	62 588 399	37 770 055
Interest received	150 477 233	42 771 681
Paid interest	-409 094 261	-133 033 365
Paid financing cost	-3 546 586	-23 500 000
New equity received	623 808 450	510 608 020
Proceeds from sale of own shares	0	559 539
Purchase of own shares	-6 202 200	-419 655
Payment of dividend	0	0
Net cash flow from financing	3 195 297 075	2 117 137 983
Exchange gains / (losses) on cash and cash equivalents
Net change in cash and cash equivalents	410 432 286	36 181 316
Cash and cash equivalents at the beginning of the period	47 247 069	11 065 752
Cash and cash equivalents at the end of the period	457 679 355	47 247 069

Notes to the financial statements

Accounting principles

The annual accounts have been prepared in compliance with the Norwegian Accounting Act and Norwegian generally accepted accounting principles (NGAAP) in effect at December 31. 2025.

Consolidation

The consolidated financial statements of Snowball Software Group AS have been prepared in a separate statement. Please see further description of the consolidated financial statements in the accounting principles note to the consolidated financial statements.

Use of estimates

The preparation of financial statements in compliance with the Accounting Act requires the use of estimates.

The application of the company's accounting principles also require management to apply assessments.

Areas which to a great extent contain such assessments, a high degree of complexity, or areas in which assumptions and estimates are significant for the financial statements, are described in the notes.

Foreign currency

Foreign currency transactions are translated at the exchange rate on the date of the transaction. Monetary foreign currency items are translated to NOK at the exchange rate on the balance sheet date. Non-monetary items that are measured at historical cost in a foreign currency are translated to NOK using the exchange rate on the transaction date. Non-monetary items that are measured at fair value in a foreign currency are translated to NOK using the exchange rate on the measurement date. Exchange rate fluctuations are posted to the profit and loss account as they arise under other financial items.

Taxes

The tax charge in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated at 22 % on the basis of the temporary differences which exist between accounting and tax values, and any carryforward losses for tax purposes at the year-end. Tax enhancing or tax reducing temporary differences, which are reversed or may be reversed in the same period, have been eliminated. The disclosure of deferred tax benefits on net tax reducing differences which have not been eliminated, and carryforward losses, is based on estimated future earnings. Deferred tax and tax benefits which may be shown in the balance sheet are presented net.

Classification of balance sheet items

Assets intended for long term ownership or use have been classified as fixed assets. Assets relating to the trading cycle have been classified as current assets. Other receivables are classified as current assets if they are to be repaid within one year after the transaction date. Similar criteria apply to liabilities. First year's instalment on long term liabilities and long term receivables are, however, not classified as short term liabilities and current assets.

Land is not depreciated. Other fixed assets are reflected in the balance sheet and depreciated to residual value over the asset's expected useful life on a straight-line basis. If changes in the depreciation plan occur the effect is distributed over the remaining depreciation period. Direct maintenance of an asset is expensed under operating expenses as and when it is incurred. Additions or improvements are added to the asset's cost price and depreciated together with the asset. The split between maintenance and additions/improvements is calculated in proportion to the asset's condition at the acquisition date.

Leased assets are reflected in the balances sheet as assets if the leasing contract is considered a financial lease.

Subsidiaries and associated companies

Subsidiaries and associated companies are valued using the cost method in the company accounts. The investment is valued at acquisition cost for the shares unless a write-down has been necessary. A writedown to fair value is made when a fall in value is due to reasons that cannot be expected to be temporary and such write-down must be considered as necessary in accordance with good accounting practice.

Writedowns are reversed when the basis for the write-down is no longer present.

Dividends, group contributions and other distributions from subsidiaries are posted to income in the same year as provided for in the distributor’s accounts. To the extent that dividends/ group contributions exceed the share of profits earned after the date of acquisition, the excess amounts represents a repayment of invested capital, and distributions are deducted from the investment’s value in the balance sheet of the parent company.

Receivables

Receivables from customers and other receivables are entered at par value after deducting a provision for expected losses. The provision for losses is made on the basis of an individual assessment of the respective receivables. In addition an unspecified provision is made to cover expected losses on claims in respect of customer receivables.

Cash flow statement

The cash flow statement has been prepared according to the indirect method. Cash and cash equivalents include cash, bank deposits, and other short term investments which immediately and with minimal exchange risk can be converted into known cash amounts.

Borrowings

Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any noncash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.

Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet.

Cash pool

The Group has an active cash pool arrangement with Nordea. Snowball Software Group AS holds the master account in the cash pooling arrangement and classifies the account itself as a bank deposit in the balance sheet. Snowball Software Group will have receivables or liabilities towards other companies in the arrangement. Receivables and liabilities towards different companies is presented gross in the balance sheet

Note 1 Personnel costs

The company has not had any employees during the year.

The company is not obliged to have an occupational pension scheme under the Act on Mandatory Occupational Pensions.

Management remuneration

No loan or collateral has been granted to the CEO, the Chairman of the Board or other related parties. A total board remuneration of NOK 360 has been paid in 2024. The Group CEO and CFO are employed in the parent company, Hawk Infinity AS. An agreement has been entered into with Hawk Infinity for the services of Joakim Karlsen as Group CEO and Lars Revling as Group CFO, with agreed annual fees of TNOK 900 and TNOK 600 respectively.

Auditors fee	2025	2024
Statutory audit	2 956 456	1 302 542
Other assurance services	45 219	141 445
Tax advice (incl. Technical assistance with tax return)	20 313	0
Other assistance	96 810	25 922
Total auditors fee	3 118 797	1 469 909

Note 2 Subsidiaries

Subsidiaries	Location	Ownership/ voting right	Equity 2025 (100%)	Result 2025 (100%)
SH Int AS	Oslo	100 %	5 872 675 638	-29 785 690

The following internal transactions has been made during the financial year between Snowball Software Group AS and other group companies:

	2025	2024
Interest income from subsidiaries	0	0
Interest expense to subsidiaries	0	0

Balances with company in the same group:

	2025	2024
Jotta AS	0	0
Saas Holding AS	0	0
Long-term receivables from company in the same group	0	0
Saas Holding AS	571 175 618	361609273,3
Jotta AS	-	302 046 150
Filemail AS	15 234 193	16 684 475
Curotech AS	17 562 622	18 560 073
Unisoft AS	38 267 037	16 052 308
Cars Software AS	6 632 236	12 049 070
Marketplace AS	19 068 945	22 967 754
Sunnsoft Publishing AS	9 364 983	3 464 983
Infosoft AS	3 694 320	4 500 000
Mikon AS	4 733 801	2 180 258
Barcontrol Systems AS	11 541 361	4 948 000
HIS Holding AB	511 018 752	133 063 900
SH Int AS	-	70 952 264
DF Holdco AS	52 722 106	-
Norbits AS	20 731 331	-
Baze Technology AS	43 493 839	-
Capnor AS	16 366 496	-
FDVHuset AS	9 419 926	-
EM Systemer AS	16 366 496	-
Laugstol Energiservice AS	18 974 928
Short-term receivables from company in the same group	1 386 368 990	969 078 508

Cash pool arrangement

The company operates a cash pool arrangement with Nordea, where it acts as the main account holder. The following companies within the group are part of the cash pool:

	2025	2024
Curotech AS	25 517 986	27 049 650
SAAS Holding AS	182 212 532	-
FDVhuset AS	4 193 111	4 037 794
Cars Software AS	21 260	20 496
DF Holdco AS	-	9 814 674
Marketplace AS	17 005 228	-
SH Int AS	243 907 771	-
Unisoft AS	24 488 290	11 212 591
Filemail AS	5 102 353	16 354 280
Liability to group companies:	502 448 532	68 489 484
Jotta AS	-	1 498 198 235
SAAS Holding AS	-	171 417 322
DF Holdco AS	12 557 371	-
Comby	-	2 340
Receivables from group companies:	12 557 371	1 669 617 897

As of 31.12.25, Snowball Software Group AS had a balance of NOK -32 211 913 in the cash pool arrangement. The net receivable of the cash pool arrangement of NOK 458 796 140 is presented as cash and cash equivalents. The benefits of the group account scheme include better liquidity management for the participating companies.

Note 3 Financial items

Financial income	2025	2024
Interest income from subsidiaries	0	0
Dividend from subsidiary	1 551 588 056	0
Gain from sale of subsidiary	430 637 351	0
Common control adjustment	-1 097 563 095	0
Interest income from group cash pool	128 138 611	37 379 882
Other interest income	22 338 621	5 391 799
Other financial income	29 463 711	294 378
Income related to group contributions	253 263 340	118 466 403
Total interest and other finance income	1 317 866 595	161 532 462

The gain on disposal of subsidiary includes an adjustment arising from the fact that the transaction was carried out between entities under common control. In accordance with the Group's accounting policy, the transaction has been accounted for on a continuity basis, and the adjustment reflects the difference between the consideration received and the carrying amount of the investment at the date of disposal.

Interest expenses	2025	2024
Interest expense from group cash pool	20 449 340	2 658 537
Other interest expense	445 838 906	153 799 245
Interest expense to subsidiaries	1 507 932	0
Bond amortisation	12 034 329	3 721 481
Other finance expense	20 235 484	23 758 695
Total interest and other finance expense	500 065 991	183 937 958

Note 4 Taxes

Temporary differences	2025	2024
Tax losses carried forward	-174 926 794	-80 147 398
Other differences	49 459 087	32 386 419
Basis for deferred tax	-125 467 707	-47 760 979
Deferred tax / (deferred tax benefit) (22 %)	-27 602 896	-10 507 415

This years tax expense	2025	2024
Result before taxes	807 467 360	-28 017 595
Permanent differences	-880 749 776	59 642
Adjustment relating to prior year group contributions	-4 424 312	0
Change in other temporary differences	-17 072 668	-22 795 956
Transfer to/use of (-) tax losses carried forward	94 779 396	50 753 909
Taxable income	0	0
Components of the income tax expense:
Payable tax on this year's result	0	0
Change in deferred tax asset	-17 095 480	-6 172 349
Tax on directly balance-sheeted differences included in the calculation of deferred tax	-	-
Tax expense	-17 095 480	-6 172 349
Payable taxes in the balance sheet
Payable tax in the tax charge	55 717 935	24 066 965
Tax effect of group contribution	-55 717 935	-24 066 965
Payable tax in the balance sheet	0	0

Note 5 Equity

Equity changes in the year	Share capital	Treasury shares	Share premium	Other paid-in equity	Non-registered capital increase	Other equity	Total
Equity 01.01.	1 352 827	-564	364 344 584	1 574 862	324 607 990	-49 205 360	642 674 339
Profit for the year	0	0	0	0	0	824 562 841	824 562 841
Capital increase	612 576		847 805 419		-9 586 735		838 831 261
Purchase of own shares		-3 101	0	0	0	-6 199 099	-6 202 200
Sale of own shares							0
Equity 31.12.	1 965 403	-3 665	1 212 150 003	1 574 862	315 021 255	769 158 382	2 299 866 241

Note 6 Charges and guarantees

Debt secured by charges, mortgages and guarantees	2025	2024
Bond loans	4 850 000 000	2 350 000 000
Engagement fee and commitment fee	-49 459 087	-32 386 419
Total	4 800 540 913	2 317 613 581
Revolving Facility Commitment (due 2028-10-03)	235 000 000	235 000 000
Drawn amount	0	145 000 000

Booked value of charged assets	2025	2024
Shares in subsidiaries	5 902 561 689	503 191 807
Receivables	1 398 926 361	2 638 696 405
Total	7 301 488 050	3 141 888 212

Snowball Software AS has issued three series of senior secured bonds. All bonds are carried at amortised cost using the effective interest method. Debt issuance costs are recognised as part of the carrying amount and amortised over the term of each instrument. The interest rate related to the bond loans is based on 3 months NIBOR + 6,5%. The interest is paid in quarterly instalments

The bond loans are denominated in NOK.

The following table summarises the terms of each bond series outstanding at the reporting date:

ISIN	Issue date	Maturity	Structure	Total facility (NOK)	Outstanding (NOK)
NO0013023226	03.10.2023	Oct 2028	FRN senior secured	1 350 000 000	1 350 000 000
NO0013358069	15.10.2024	Oct 2029	FRN senior secured	1 500 000 000	1 500 000 000
NO0013525006 *	26.03.2025	Jul 2030	FRN senior secured	2 000 000 000	2 000 000 000
Total				4 850 000 000	4 850 000 000

Bond I – NO0013023226

The Company issued a senior secured bond of NOK 750,000,000 on 3 October 2023. Tap issues totalling NOK 600,000,000 were carried out in Q2 2024, bringing the total outstanding to NOK 1,350,000,000.

Bond II – NO0013358069

The Company issued a senior secured bond of NOK 1,000,000,000 on 15 October 2024. On 27 January 2025, a tap issue of NOK 500,000,000 was carried out at par, bringing the total outstanding to NOK 1,500,000,000.

Bond III – NO0013525006

On 26 March 2025, the Company established a senior secured bond framework of NOK 2,000,000,000 with maturity in July 2030. The bond was drawn in four tranches: NOK 600,000,000 in April 2025, NOK 130,000,000 on 12 June 2025, NOK 500,000,000 on 2 September 2025, and a final tranche of NOK 770,000,000 on 15 October 2025. All tranches were issued at par. Following the final drawdown, the total outstanding amount is NOK 2,000,000,000.

Security and guarantee structure

All three bond series are secured by fixed and floating charges over the assets of the Group and are guaranteed by material subsidiaries within the Group.

Guarantors of the loans at 31.12.25 are:
Snowball Software Group AS
Barcontrol Systems AS
Baze Technology AS
Bazoom Group ApS
Capnor AS
Cars Software AS
CB Bidco ApS
Comby A/S
Comby Denmark A/S
Comby Greenland A/S
Curotech AS
DF Holdco AS
Digiflow AS
EM Systemer AS
Filemail AS
Genera Networks AB
HIS Holding AB
Infosoft AS
Marketplace AS
Mikon AS
Norbits AS
ROQC Data Management AS
SaaS Holding AS
SH INT AS
Sportstiming ApS
Storegate AB
Sunnsoft Publishing AS
Symplify Technologies AB
Unisoft AS

Note 7 Share capital and shareholder information

The share capital consists of:	Number of shares	Nominal value	Book value	Non-registered capital increase (number of shares)
A shares	191 691 604	0,01	1 916 916	22 745 217
B shares	4 848 749	0,01	48 487	-
Total	196 540 353		1 965 404	22 745 217

The A-shares have all rights.

List of major shareholders at 31.12

Shareholders	A shares	B shares	Number of voting rights.	Ownership	Voting share
Hawk Infinity AS	214 436 821	3 540 273	214 436 821	99,4 %	100,00 %
Snowball Software Group AS	0	366 524	0	0,2 %	0,00 %
Other owners (ownership < 1%)	0	941 952	0	0,4 %	0,00 %
Total number of shares	214 436 821	4 848 749	214 436 821	100 %	100 %

Snowball Software Group AS has purchased own shares during the year (310 110 B-shares for a total of NOK 6 199 099).

Shares owned by the board of directors	Ownership
CEO - Joakim Karlsen	1,30 %
Chairman of the board - Johan Bernt Michelsen	29,46 %
Board member - Jon Erik Reinhardsen	0,01 %

The board of directors indirectly own shares in Snowball Software Group AS through their ownership of the parent company Hawk Infinity AS.

Note 8 Long term debt and bond loans

Debt that falls due less than five years after the balance sheet date	2025	2024
Bond loan	-4 850 000 000	-2 350 000 000
Total	-4 850 000 000	-2 350 000 000

Information about convertible loan, bond loan and loans from credit institutions

Information about convertible loan, bond loan and loans from credit institutions
	Currency	Average interest rate	Maturity	Due date	Loan amount currency	Loan amount in NOK
Bond loan	NOK	3MNIBOR + 6,5%	5 years	2028‑10‑03	1 350 000 000	1 350 000 000
Bond loan	NOK	3MNIBOR + 6,5%	5 years	2029‑10‑15	1 500 000 000	1 500 000 000
Bond loan	NOK	3MNIBOR + 6,5%	5 years	2030‑07‑12	2 000 000 000	2 000 000 000
Total					4 850 000 000	4 850 000 000

Note 9 Events after the balance sheet date

No subsequent events with material impact on the financial statements or disclosures.

Responsibility statement

We confirm that, to the best of our knowledge, the financial statements for the period 1 January to 31 December 2025 have been prepared in accordance with IFRS Accounting Standards as adopted by the EU, and that the financial statements give a true and fair view of the Group’s assets, liabilities, financial position and result for the period.

We also confirm, to the best of our knowledge, that the board of directors' report includes a fair review of the development and performance of the business and the position of Snowball Software Group AS and the Group taken as a whole, together with a description of the principal risks and uncertainties facing the Group.

Oslo, 29. April 2026

Johan Bernt Michelsen
Chairman
(This document is signed electronically)

Joakim Stavnes Karlsen
CEO
(This document is signed electronically)

Jon Erik Reinhardsen

Board member
(This document is signed electronically)

Annual Report 2025

Table of Contents

The board of directors' report 2025 for Snowball Software Group AS

Operations and locations

Comments related to the financial statements

Group

Parent company

Treasury stock

Operational outlook

Risk factors

Overall view on objectives and strategy

Market risk

Credit risk

Liquidity risk

Operational risk

Going concern

Allocation of net income

The working environment and the employees

Equal opportunities and discrimination

Environmental report

Insurance for board members and general manager

Shareholder information

Corporate Governance Statement

Corporate Social Responsibility Statement

Transparency Act

Consolidated statement of profit and loss

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of cash flows

Consolidated statement of changes in equity

Notes to the consolidated financial statement

Corporate information

Summary of significant accounting policies and estimates

Basis for preparation

Changes in accounting policies and disclosures

Basis for consolidation

Functional and presentation currency

Foreign currency translation

Transactions and balances

Group companies

Statement of cash flows

Significant management judgement in applying accounting policies

Use of estimates and judgments

Government grants

New standard and interpretations not yet effective

IFRS 18 Presentation and Disclosures in Financial Statements

Note 1 Group structure

Note 2 Segment information

2025

2024

Note 3 Revenue from contracts with customers

Accounting principles

1) Subscription-based software and platforms

Significant financing component

Contract liabilities

2) Consultant

3) Revenue from sale of hardware

4) Data-driven queries

Contract liabilities at 31.12

Contract assets at 31.12

Note 4 Cost of goods and services sold

Note 5 Personnel costs and remunerations

Note 6 Cost of Other operating expenses

Note 7 Disposal of subsidiary

Note 8 Financial items

Note 9 Tax

Accounting principles

Reconciliation of the tax expense

Effective tax rate

Note 10 Business combination

Accounting principles

Transactions under common control

Summary of acquisitions

Symplify

Baze Technology

ROQC Data Management

WhiteBit

Sportstiming

Vistra

Robolabs